UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: August 31

Date of reporting period: November 30, 2014

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of November 30, 2014

(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., 2014.

JPMorgan Diversified Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Common Stocks — 2.8%
	Consumer Staples — 1.1%
		Food Products — 1.1%
	94	AAK AB, (Sweden)		5,159
	2,625	Archer-Daniels-Midland Co.		138,285
	1,433	Associated British Foods plc, (United Kingdom)		71,581
	408	Austevoll Seafood ASA, (Norway)		2,447
	148	Bakkafrost P/F, (Faroe Islands)		3,651
	5	Barry Callebaut AG, (Switzerland) (a)		5,351
	2,676	BRF S.A., (Brazil), ADR		69,603
	608	Bunge Ltd.		55,188
	126	Cal-Maine Foods, Inc.		5,277
	10,000	China Agri-Industries Holdings Ltd., (Hong Kong)		3,878
	7,000	China Yurun Food Group Ltd., (China) (a)		3,163
	37	CJ CheilJedang Corp., (South Korea)		11,753
	635	Darling Ingredients, Inc. (a)		11,811
	3,000	First Resources Ltd., (Singapore)		4,462
	139	Fresh Del Monte Produce, Inc.		4,693
	666	Glanbia plc, (Ireland)		10,303
	28,000	Golden Agri-Resources Ltd., (Singapore)		9,872
	775	GrainCorp Ltd., (Australia), Class A		5,353
	100	Hokuto Corp., (Japan)		1,685
	3,000	Indofood Agri Resources Ltd., (Singapore)		1,736
	308	Ingredion, Inc.		25,635
	318	Maple Leaf Foods, Inc., (Canada)		5,248
	1,219	Marine Harvest ASA, (Norway)		17,287
	200	Maruha Nichiro Corp., (Japan)		2,810
	1,000	NH Foods Ltd., (Japan)		20,113
	1,000	Nichirei Corp., (Japan)		4,340
	1,000	Nippon Flour Mills Co., Ltd., (Japan)		4,480
	1,200	Nippon Suisan Kaisha Ltd., (Japan) (a)		4,181
	279	Nutreco N.V., (Netherlands)		15,953
	244	Pilgrim’s Pride Corp. (a)		7,881
	199	Salmar ASA, (Norway)		3,417
	89	Sanderson Farms, Inc.		7,726
	2	Seaboard Corp. (a)		6,900
	281	Suedzucker AG, (Germany)		4,366
	1,886	Tate & Lyle plc, (United Kingdom)		17,789
	1,226	Tyson Foods, Inc., Class A		51,909
	17	Vilmorin & Cie S.A., (France)		1,738
	10,000	Wilmar International Ltd., (Singapore)		24,611
		Total Consumer Staples		651,635
	Industrials — 0.4%
		Machinery — 0.4%
	341	AGCO Corp.		14,387
	912	CNH Industrial N.V., (United Kingdom)		7,104
	1,459	Deere & Co.		126,379
	1,000	Iseki & Co., Ltd., (Japan)		1,920
	5,000	Kubota Corp., (Japan)		78,271
	52	Lindsay Corp.		4,572
	135	Titan International, Inc.		1,336
		Total Industrials		233,969
	Materials — 1.3%
		Chemicals — 1.3%
	585	Agrium, Inc., (Canada)		57,032
	97	American Vanguard Corp.		1,056
	63	Auriga Industries A/S, (Denmark), Class B (a)		3,222
	204	CF Industries Holdings, Inc.		54,703
	8,000	China BlueChemical Ltd., (China), Class H		2,893
	186	Intrepid Potash, Inc. (a)		2,654
	1,705	Israel Chemicals Ltd., (Israel)		11,629
	8	Israel Corp., Ltd. (The), (Israel) (a)		3,920
	703	K+S AG, (Germany)		21,078
	2,146	Monsanto Co.		257,327
	1,334	Mosaic Co. (The)		61,057
	633	Nufarm Ltd., (Australia)		2,472
	288	PhosAgro OAO, (Russia), Reg. S, GDR		3,197
	3,395	Potash Corp. of Saskatchewan, Inc., (Canada)		118,194
	184	Scotts Miracle-Gro Co. (The), Class A		11,229
	358	Sociedad Quimica y Minera de Chile S.A., (Chile), ADR		9,022
	376	Syngenta AG, (Switzerland)		123,882
	793	Uralkali OJSC, (Russia), Reg. S, GDR		10,579
	716	Yara International ASA, (Norway)		30,377
		Total Materials		785,523
		Total Common Stocks (Cost $1,476,860)		1,671,127
	Exchange Traded Funds — 14.9%
	International Equity — 14.9%
	40,662	iShares Global Energy ETF		1,552,475
	133,037	iShares Global Infrastructure ETF		5,748,529
	59,733	iShares MSCI Global Metals & Mining Producers ETF		1,009,488
	31,865	Market Vectors Gold Miners ETF		584,085
		Total Exchange Traded Funds (Cost $8,167,720)		8,894,577

JPMorgan Diversified Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Investment Companies — 81.1% (b)
	Alternative Assets — 20.5%
	340,352	JPMorgan Commodities Strategy Fund, Class R6 Shares		4,043,384
	582,968	JPMorgan Realty Income Fund, Class R5 Shares		8,243,173
		Total Alternative Assets		12,286,557
	Fixed Income — 60.6%
	788,360	JPMorgan Floating Rate Income Fund, Class R6 Shares		7,820,532
	366,002	JPMorgan High Yield Fund, Class R6 Shares (m)		2,891,419
	1,631,323	JPMorgan Inflation Managed Bond Fund, Class R6 Shares		16,998,391
	846,995	JPMorgan Real Return Fund, Institutional Class Shares (m)		8,554,649
		Total Fixed Income		36,264,991
		Total Investment Companies (Cost $46,813,733)		48,551,548
	Short-Term Investment — 1.3%
	Investment Company — 1.3%
	773,598	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $773,598)		773,598
		Total Investments — 100.1% (Cost $57,231,911)		59,890,850
		Liabilities in Excess of Other Assets — (0.1)%		(37,858	)
		NET ASSETS — 100.0%	$	59,852,992

Percentages indicated are based on net assets.

JPMorgan Diversified Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
ETF	—	Exchange Traded Fund
GDR	—	Global Depositary Receipt
MSCI	—	Morgan Stanley Capital International
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.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Fund is 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, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments are $554,919 and 0.9%, respectively.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

As of November 30, 2014, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	3,835,058
Aggregate gross unrealized depreciation		(1,176,119	)
Net unrealized appreciation/depreciation	$	2,658,939
Federal income tax cost of investments	$	57,231,911

JPMorgan Diversified Real Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Consumer Staples	$	406,109	$	245,526	$	—	$	651,635
Industrials		153,778		80,191		—		233,969
Materials		586,050		199,473		—		785,523
Total Common Stocks		1,145,937		525,190		—		1,671,127
Exchange Traded Funds		8,894,577		—		—		8,894,577
Investment Companies		48,551,548		—		—		48,551,548
Short-Term Investment
Investment Company		773,598		—		—		773,598
Total Investments in Securities	$	59,365,660	$	525,190	$	—	$	59,890,850

There were no transfers among any levels during the period ended November 30, 2014.

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 15.2%
	Consumer Discretionary — 2.7%
		Auto Components — 0.1%
	1,168	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		1,238
		Automobiles — 0.3%
	5,725	Chrysler Group LLC/CG Co-Issuer, Inc., 8.000%, 06/15/19		6,068
	3,417	Jaguar Land Rover Automotive plc, (United Kingdom), 4.125%, 12/15/18 (e)		3,494
				9,562
		Hotels, Restaurants & Leisure — 0.3%
	9,400	MTR Gaming Group, Inc., 11.500%, 08/01/19		10,317
		Household Durables — 1.1%
	4,250	Brookfield Residential Properties, Inc., (Canada), 6.500%, 12/15/20 (e)		4,505
	900	K. Hovnanian Enterprises, Inc., 7.000%, 01/15/19 (e)		880
	4,000	KB Home, 9.100%, 09/15/17		4,525
		Lennar Corp.,
	3,210	4.500%, 06/15/19		3,210
	8,823	Series B, 12.250%, 06/01/17		10,698
	4,448	M/I Homes, Inc., 8.625%, 11/15/18		4,648
		Standard Pacific Corp.,
	3,150	8.375%, 05/15/18		3,587
	2,702	10.750%, 09/15/16		3,094
				35,147
		Media — 0.6%
	6,285	Cenveo Corp., 6.000%, 08/01/19 (e)		5,719
	9,856	DISH DBS Corp., 7.875%, 09/01/19		11,260
	1,400	iHeartCommunications, Inc., 9.000%, 03/01/21		1,365
	2,000	Univision Communications, Inc., 7.875%, 11/01/20 (e)		2,158
				20,502
		Specialty Retail — 0.3%
		Claire’s Stores, Inc.,
	1,872	6.125%, 03/15/20 (e)		1,736
	8,128	9.000%, 03/15/19 (e)		8,210
				9,946
		Total Consumer Discretionary		86,712
	Consumer Staples — 0.2%
		Food & Staples Retailing — 0.1%
	2,800	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17		2,884
		Food Products — 0.1%
	2,777	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		2,902
		Total Consumer Staples		5,786
	Energy — 2.6%
		Energy Equipment & Services — 0.8%
	10,520	Ocean Rig UDW, Inc., 7.250%, 04/01/19 (e)		8,206
	1,869	Petroleum Geo-Services ASA, (Norway), 7.375%, 12/15/18 (e)		1,589
	6,194	PHI, Inc., 5.250%, 03/15/19		5,729
	9,680	SESI LLC, 7.125%, 12/15/21		10,648
				26,172
		Oil, Gas & Consumable Fuels — 1.8%
		Chesapeake Energy Corp.,
	3,500	3.250%, 03/15/16		3,491
	13,964	VAR, 3.481%, 04/15/19		13,859
		Energy XXI Gulf Coast, Inc.,
	5,935	7.750%, 06/15/19		4,748
	2,000	9.250%, 12/15/17		1,790
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	4,500	6.875%, 05/01/19		4,691
	3,000	9.375%, 05/01/20		3,278
	NOK 11,000	Exmar Netherlands B.V., (Netherlands), VAR, 6.150%, 07/07/17		1,564
	1,700	Hilcorp Energy I LP/Hilcorp Finance Co., 7.625%, 04/15/21 (e)		1,768
	2,925	Sabine Oil & Gas LLC/Sabine Oil & Gas Finance Corp., 9.750%, 02/15/17		2,735
	4,157	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		3,949
	6,018	Ultra Petroleum Corp., (Canada), 5.750%, 12/15/18 (e)		5,845
	6,699	Westmoreland Coal Co./Westmoreland Partners, 10.750%, 02/01/18		7,027
	5,500	WPX Energy, Inc., 5.250%, 01/15/17		5,720
				60,465
		Total Energy		86,637
	Financials — 1.3%
		Consumer Finance — 1.0%
	34,115	Ally Financial, Inc., VAR, 2.911%, 07/18/16		34,430
		Insurance — 0.3%
	GBP 6,275	Towergate Finance plc, (United Kingdom), VAR, 6.053%, 02/15/18 (e)		8,331
		Total Financials		42,761

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
	Health Care — 1.4%
		Health Care Equipment & Supplies — 0.5%
	2,425	ConvaTec Finance International S.A., (Luxembourg), 8.250% (cash), 01/15/19 (e) (v)		2,461
	14,577	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		15,434
				17,895
		Health Care Providers & Services — 0.3%
	890	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		939
	168	Omnicare, Inc., 7.750%, 06/01/20		179
		Tenet Healthcare Corp.,
	4,383	6.000%, 10/01/20		4,662
	3,660	8.000%, 08/01/20		3,889
				9,669
		Pharmaceuticals — 0.6%
	1,100	Endo Finance LLC & Endo Finco, Inc., 7.000%, 07/15/19 (e)		1,152
		Valeant Pharmaceuticals International, Inc., (Canada),
	10,449	6.750%, 08/15/18 (e)		11,167
	2,000	6.875%, 12/01/18 (e)		2,073
	4,000	7.000%, 10/01/20 (e)		4,200
				18,592
		Total Health Care		46,156
	Industrials — 2.0%
		Aerospace & Defense — 0.2%
		Bombardier, Inc., (Canada),
	3,648	4.750%, 04/15/19 (e)		3,721
	3,500	7.500%, 03/15/18 (e)		3,870
				7,591
		Air Freight & Logistics — 0.2%
	5,281	CEVA Group plc, (United Kingdom), 4.000%, 05/01/18 (e)		4,806
		Airlines — 0.3%
	660	Continental Airlines 2003-ERJ1 Pass- Through Trust, 7.875%, 07/02/18		700
	3,398	Continental Airlines 2004-ERJ1 Pass- Through Trust, 9.558%, 09/01/19		3,755
	1,300	Continental Airlines 2006-ERJ1 Pass- Through Trust, 9.318%, 11/01/19 (e)		1,443
	3,648	Continental Airlines 2012-3 Class C Pass- Through Certificates, 6.125%, 04/29/18		3,876
				9,774
		Commercial Services & Supplies — 0.8%
	8,950	ADT Corp. (The), 4.125%, 04/15/19		8,915
	18,115	ILFC E-Capital Trust I, VAR, 4.840%, 12/21/65 (e)		17,209
	266	R.R. Donnelley & Sons Co., 7.250%, 05/15/18		294
				26,418
		Electrical Equipment — 0.0% (g)
	1,415	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		1,500
		Industrial Conglomerates — 0.2%
	4,730	J.M. Huber Corp., 9.875%, 11/01/19 (e)		5,238
		Machinery — 0.2%
	5,200	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		5,044
		Marine — 0.1%
	2,037	Ridgebury Crude Tankers LLC, 7.625%, 03/20/17 (e)		2,057
		Road & Rail — 0.0% (g)
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	518	9.750%, 03/15/20		567
	903	VAR, 2.984%, 12/01/17		898
				1,465
		Total Industrials		63,893
	Information Technology — 0.4%
		Communications Equipment — 0.3%
	9,600	Avaya, Inc., 7.000%, 04/01/19 (e)		9,384
		Semiconductors & Semiconductor Equipment — 0.1%
	4,355	Advanced Micro Devices, Inc., 6.750%, 03/01/19		4,029
		Total Information Technology		13,413
	Materials — 2.2%
		Chemicals — 0.7%
	6,325	Ashland, Inc., 3.000%, 03/15/16		6,365
		INEOS Group Holdings S.A., (Luxembourg),
	1,713	5.875%, 02/15/19 (e)		1,666
	3,000	6.125%, 08/15/18 (e)		2,951
	8,500	PolyOne Corp., 7.375%, 09/15/20		9,042
	1,000	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		1,030
				21,054
		Construction Materials — 0.9%
		Cemex S.A.B. de C.V., (Mexico),
	22,365	VAR, 4.981%, 10/15/18 (e)		23,036

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Construction Materials — continued
	6,120	VAR, 5.233%, 09/30/15 (e)		6,181
				29,217
		Containers & Packaging — 0.3%
	1,915	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, (Luxembourg), 5.625%, 12/15/16 (e)		1,920
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	4,750	8.500%, 05/15/18		4,892
	4,000	9.000%, 04/15/19		4,170
				10,982
		Metals & Mining — 0.3%
	1,000	Aleris International, Inc., 7.625%, 02/15/18		1,025
	1,000	APERAM S.A., (Luxembourg), 7.750%, 04/01/18 (e)		1,033
	7,000	ArcelorMittal, (Luxembourg), 10.350%, 06/01/19		8,523
				10,581
		Total Materials		71,834
	Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.8%
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,023	7.000%, 01/15/19		1,065
	3,602	7.375%, 06/01/20		3,859
	7,057	8.125%, 04/30/20		7,480
	204	Cincinnati Bell, Inc., 8.750%, 03/15/18		211
		Intelsat Jackson Holdings S.A., (Luxembourg),
	1,000	7.250%, 04/01/19		1,046
	1,000	7.250%, 10/15/20		1,062
	5,000	Intelsat Luxembourg S.A., (Luxembourg), 6.750%, 06/01/18		5,125
	23,113	Level 3 Communications, Inc., 11.875%, 02/01/19		24,818
		Level 3 Financing, Inc.,
	2,415	8.125%, 07/01/19		2,572
	3,635	VAR, 3.826%, 01/15/18		3,655
	3,022	PAETEC Holding Corp., 9.875%, 12/01/18		3,188
	EUR 3,390	Wind Acquisition Finance S.A., (Luxembourg), VAR, 4.082%, 07/15/20 (e)		4,148
		Total Telecommunication Services		58,229
	Utilities — 0.6%
		Independent Power & Renewable Electricity Producers — 0.6%
	13,000	AES Corp., VAR, 3.234%, 06/01/19		12,935
		GenOn Energy, Inc.,
	4,000	7.875%, 06/15/17		4,090
	3,000	9.875%, 10/15/20		3,105
		Total Utilities		20,130
		Total Corporate Bonds (Cost $502,809)		495,551
SHARES
	Preferred Stock — 0.4%
	Financials — 0.4%
		Insurance — 0.4%
	17	XLIT Ltd., (Cayman Islands), Series D, VAR, 3.351%, 12/29/14 ($1,000 par value) @ (Cost $13,773)		13,963
PRINCIPAL AMOUNT
	Loan Assignments — 80.0%
	Consumer Discretionary — 21.5%
		Auto Components — 0.9%
	24,233	Cooper-Standard Automotive, Inc., Term Loan, VAR, 4.000%, 04/04/21		24,033
	6,258	Key Safety Systems, Inc., 1st Lien Term Loan B, VAR, 3.750%, 08/29/21 ^		6,269
				30,302
		Automobiles — 1.2%
	13,037	Chrysler Group LLC, New Term Loan B, VAR, 3.500%, 05/24/17		12,969
	25,544	Chrysler Group LLC, Tranche Term Loan B, VAR, 3.250%, 12/31/18		25,366
				38,335
		Distributors — 0.1%
	4,882	VWR Funding, Inc., New USD B1 Term Loan, VAR, 3.406%, 04/03/17		4,845
		Diversified Consumer Services — 0.5%
	16,503	Spin Holdco, Inc., New Initial 1st Lien Term Loan, VAR, 4.250%, 11/14/19		16,386
		Hotels, Restaurants & Leisure — 5.5%
	13,803	American Casino & Entertainment Properties LLC, Term Loan, VAR, 4.500%, 07/03/19		13,820

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Hotels, Restaurants & Leisure — continued
	13,750	CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		13,819
	2,783	Dave & Buster’s Entertainment, Inc., 1st Lien Term Loan B, VAR, 4.500%, 07/25/20		2,780
	5,312	Golden Nugget, Inc., Delayed Draw Term Loan, VAR, 5.500%, 11/21/19		5,342
	12,394	Golden Nugget, Inc., Term Loan, VAR, 5.500%, 11/21/19		12,466
	8,018	Graton Economic Development Authority, Term Loan, VAR, 9.000%, 08/22/18		8,248
	10,182	Hilton Worldwide Finance LLC, Term Loan, VAR, 3.500%, 10/26/20		10,087
	21,189	Intrawest Resorts Holdings, Inc., Term Loan, VAR, 5.500%, 12/09/20		21,256
	13,833	Landry’s, Inc., Term B Loan, VAR, 4.000%, 04/24/18		13,801
	19,300	MGM Resorts International, Term Loan B, VAR, 3.500%, 12/20/19		18,999
	10,099	Scientific Games International, Inc., Term Loan, VAR, 4.940%, 10/18/20 ^		9,949
	3,060	Seminole Hard Rock Entertainment, Inc., Term Loan B, VAR, 3.500%, 05/14/20		3,014
	22,310	Shingle Springs Tribal Gaming Authority, Term Loan B, VAR, 6.250%, 08/29/19		22,533
	23,950	Station Casinos LLC, 1st Lien Term Loan B, VAR, 4.250%, 03/02/20		23,754
				179,868
		Household Durables — 0.4%
	4,683	PolarPark, Inc., Term Loan, VAR, 4.500%, 06/07/20		4,660
	4,951	Tempur Sealy International, Inc., New Term Loan B, VAR, 3.500%, 03/18/20		4,902
	2,437	Waddington Ltd./WNA Holdings, Term Loan, VAR, 4.500%, 06/07/20		2,424
				11,986
		Internet & Catalog Retail — 0.1%
	4,164	Sitel, Inc., Tranche A Extended U.S. Term Loan, VAR, 7.479%, 01/30/17		4,012
		Leisure Products — 1.1%
	28,575	Delta 2 Sarl, 1st Lien Term Loan, VAR, 4.750%, 07/30/21 ^		28,347
	7,198	FGI Operating Co. LLC, 1st Lien Term Loan B, VAR, 5.500%, 04/19/19		7,132
				35,479
		Media — 6.8%
	5,223	Cengage Learning Acquisitions, Inc., Term Loan 2020, VAR, 7.000%, 03/31/20		5,222
	246	DigitalGlobe, Inc., Term Loan B, VAR, 3.750%, 01/31/20		245
	26,461	iHeartCommunications, Inc., Term Loan, VAR, 6.906%, 01/30/19		24,863
	3,112	iHeartCommunications, Inc., Term Loan B- 1, VAR, 3.806%, 01/29/16		3,079
	5,795	iHeartCommunications, Inc., Term Loan E, VAR, 7.656%, 07/30/19		5,551
	12,933	Interactive Data Corp., 1st Lien Term Loan B, VAR, 4.500%, 05/02/21		12,988
	2,454	McGraw-Hill Education Holding Inc., Term B Loan, VAR, 5.750%, 03/22/19		2,457
	1,653	Media General, Inc., Term Loan B, VAR, 4.250%, 07/31/20		1,655
	7,290	Media General, Inc., Term Loan B-2, VAR, 07/31/20 ^		7,272
	3,645	Mission Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		3,625
	8,616	MTL Publishing LLC, 1st Lien Term Loan B-2, VAR, 3.750%, 06/29/18		8,545
	7,147	NEP/NCP Holdco Inc., New Term Loan B, VAR, 4.250%, 01/22/20		7,046
	4,134	Nexstar Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		4,111
	9,686	Numericable Group S.A., Term Loan B1, VAR, 4.500%, 05/21/20		9,689
	8,379	Numericable Group S.A., Tranche B-2 Term Loan, VAR, 4.500%, 05/21/20		8,383
	7,505	NVA Holdings, Inc., 1st Lien Term Loan, VAR, 4.750%, 08/14/21 ^		7,500
	3,592	Radio One, Inc., 1st Lien Term Loan B, VAR, 7.500%, 03/31/16		3,582
	38,161	Tribune Co., Term Loan, VAR, 4.000%, 12/27/20		37,970
	780	TWCC Holding Corp., 1st Lien Term Loan, VAR, 3.500%, 02/13/17		768
	30,189	Univision Communications, Inc., 1st Lien Term Loan C-4, VAR, 4.000%, 03/01/20		29,878
	6,912	Univision Communications, Inc., Term Loan, VAR, 4.000%, 03/01/20		6,837
	1,968	Vertis, Inc., Extended Term Loan, VAR, 12/21/15 (d) (i)		2
	1,250	Visant Corp., 1st Lien Term Loan B, VAR, 7.000%, 09/23/21		1,229
	29,501	WMG Acquisition Corp., Term Loan, VAR, 3.750%, 07/01/20		28,819
				221,316

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Multiline Retail — 1.8%
	35,865	J.C. Penney Co., Inc., 1st Lien Term Loan, VAR, 6.000%, 05/22/18		35,163
	23,812	Neiman Marcus Group, Inc., Term Loan, VAR, 4.250%, 10/25/20		23,649
				58,812
		Specialty Retail — 1.7%
	3,826	Hillman Group, Inc. (The), Term Loan B, VAR, 4.500%, 06/30/21		3,829
	40,204	J. Crew Group, Inc., 1st Lien Term Loan B, VAR, 4.000%, 03/05/21		38,176
	1,995	Michaels Stores, Inc., Term B Loan, VAR, 3.750%, 01/28/20		1,977
	4,602	Party City Holdings, Inc., Term Loan B, VAR, 4.000%, 07/27/19		4,550
	7,859	Serta Simmons Holdings LLC, Term Loan B, VAR, 4.250%, 10/01/19		7,826
				56,358
		Textiles, Apparel & Luxury Goods — 1.4%
	6,522	Cole Haan LLC, Term Loan, VAR, 5.000%, 01/31/20		6,331
	24,958	Lands’ End, Inc., Term Loan B, VAR, 4.250%, 04/02/21		24,740
	4,988	Nine West Holdings, Inc., 1st Lien Term Loan B, VAR, 4.750%, 10/08/19		4,788
	8,479	Stuart Weitzman Holdings LLC, Term Loan, VAR, 4.500%, 04/08/20		8,277
				44,136
		Total Consumer Discretionary		701,835
	Consumer Staples — 12.7%
		Beverages — 0.3%
	11,602	DS Waters of America Inc., New Term Loan, VAR, 5.250%, 08/30/20		11,602
		Food & Staples Retailing — 7.1%
	7,995	AdvancePierre Foods, Inc., 1st Lien Term Loan B, VAR, 5.750%, 07/10/17		7,991
	18,000	Albertsons LLC, Term Loan B4, VAR, 4.500%, 08/25/21 ^		18,045
	51,200	New Albertsons, Inc., 1st Lien Term Loan B, VAR, 4.750%, 06/27/21		50,944
	48,782	New Albertsons, Inc., 2019 Term Loan, VAR, 4.750%, 03/21/19		48,713
	28,333	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		28,310
	10,945	Rite Aid Corp., Tranche 7 Term Loan, VAR, 3.500%, 02/21/20		10,860
	68,350	SUPERVALU, Inc., Term Loan B, VAR, 4.500%, 03/21/19		67,989
				232,852
		Food Products — 4.9%
	20,592	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.501%, 11/01/18		20,494
	46,073	H. J. Heinz Co., USD Term B-2 Loan, VAR, 3.500%, 06/05/20		46,030
	22,359	Hearthside Food Solutions LLC, 1st Lien Term Loan, VAR, 4.500%, 06/02/21		22,359
	14,338	Hostess Brands LLC, Term Loan, VAR, 6.750%, 04/09/20		14,634
	34,426	Pinnacle Foods Finance LLC, Term Loan G, VAR, 3.250%, 04/29/20		33,921
	13,298	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.000%, 04/29/20		13,104
	8,347	Post Holdings, Inc., 1st Lien Term Loan B, VAR, 3.750%, 06/02/21		8,332
				158,874
		Household Products — 0.4%
	1,743	Armored Autogroup, Inc., New Term Loan, VAR, 6.000%, 11/05/16		1,740
	11,219	Reynolds Group Holdings Ltd., Incremental Term Loan, VAR, 4.000%, 12/01/18		11,176
				12,916
		Total Consumer Staples		416,244
	Energy — 4.2%
		Energy Equipment & Services — 1.6%
	6,968	Drillships Financing Holding, Inc., Term Loan B1, VAR, 6.000%, 03/31/21 ^		6,410
	6,548	Floatel International Ltd., 1st Lien Term Loan B, VAR, 6.000%, 06/27/20		6,221
	8,320	Pacific Drilling S.A., Term Loan, VAR, 4.500%, 06/03/18		7,693
	21,579	Seadrill Partners LP, Term Loan B, VAR, 4.000%, 02/21/21		19,457
	6,334	Seventy Seven Operating LLC, 1st Lien Term Loan B, VAR, 3.750%, 06/25/21		6,096
	8,252	Stallion Oilfield Holdings, Inc., Term Loan, VAR, 8.000%, 06/19/18		7,695
				53,572
		Oil, Gas & Consumable Fuels — 2.6%
	1,310	Alon USA Partners LP, Term Loan B, VAR, 9.250%, 11/26/18		1,321
	6,198	CITGO Petroleum Corp., 1st Lien Term Loan B, VAR, 4.500%, 07/29/21		6,214
	18,338	Energy Transfer Equity LP, New Term Loan, VAR, 3.250%, 12/02/19		18,111
	11,990	Fieldwood Energy LLC, 2nd Lien Term Loan, VAR, 8.375%, 09/30/20 ^		10,856

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Oil, Gas & Consumable Fuels — continued
	5,733	MEG Energy Corp., Term Loan B, VAR, 3.750%, 03/31/20		5,570
	5,331	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., Term Loan, VAR, 5.250%, 06/27/18 ^		5,338
	9,606	Overseas Shipholding Group, 1st Lien Term Loan B, VAR, 5.250%, 08/05/19		9,600
	10,461	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20		10,134
	9,390	Sabine Oil & Gas (NFR Energy), 2nd Lien Term Loan, VAR, 8.750%, 12/31/18		8,608
	9,197	Southcross Holdings LP, 1st Lien Term Loan, VAR, 6.000%, 08/04/21		8,984
				84,736
		Total Energy		138,308
	Financials — 3.0%
		Capital Markets — 0.1%
	4,204	Duff & Phelps Corp., Term Loan, VAR, 4.500%, 04/23/20		4,190
		Consumer Finance — 0.5%
	17,910	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		17,335
		Diversified Financial Services — 1.7%
	3,459	Ascensus, Inc., 1st Lien Initial Term Loan, VAR, 5.000%, 12/02/19		3,452
	700	Ascensus, Inc., 2nd Lien Initial Term Loan, VAR, 9.000%, 12/02/20		700
	6,225	Onex USI Acquisition Corp., Term Loan B, VAR, 4.250%, 12/27/19		6,157
	38,680	ROC Finance LLC, 1st Lien Term Loan, VAR, 5.000%, 06/20/19		36,928
	7,187	Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, VAR, 3.750%, 03/01/21 ^		7,038
	1,135	Sedgwick Claims Management Services, Inc., 2nd Lien Term Loan, VAR, 6.750%, 02/28/22		1,109
				55,384
		Insurance — 0.4%
	7,155	HUB International Ltd., Term Loan B, VAR, 4.250%, 10/02/20		7,074
	4,223	National Financial Partners Corp, 1st Lien Term Loan B, VAR, 4.500%, 07/01/20		4,188
				11,262
		Real Estate Management & Development — 0.3%
	8,276	CityCenter Holdings LLC, Term Loan B, VAR, 4.250%, 10/16/20		8,261
	314	Realogy Group LLC, Extended Term Loan, VAR, 0.002%, 10/10/16		307
				8,568
		Total Financials		96,739
	Health Care — 7.0%
		Biotechnology — 0.7%
	7,229	Ikaria, Inc.,1st Lien Term Loan, VAR, 5.000%, 02/12/21		7,249
	15,872	Sage Products Holdings III LLC, 1st Lien Term Loan, VAR, 4.250%, 12/13/19		15,852
				23,101
		Health Care Equipment & Supplies — 1.4%
	6,027	Biomet, Inc., Term Loan B2, VAR, 3.655%, 07/25/17		6,015
	7,082	Kinetic Concepts, Inc., Term Loan E1, VAR, 4.000%, 05/04/18 ^		7,045
	8,298	Mallinckrodt International Finance S.A., Term Loan B1, VAR, 3.500%, 03/19/21		8,222
	7,660	Mallinckrodt International Finance, 1st Lien Term Loan, VAR, 3.500%, 03/19/21		7,610
	7,184	Onex Carestream Finance LP, 1st Lien Term Loan, VAR, 5.000%, 06/07/19		7,187
	10,973	Ortho-Clinical Diagnostics, Inc., Term Loan B, VAR, 4.750%, 06/30/21		10,863
				46,942
		Health Care Providers & Services — 3.0%
	7,210	Alliance Healthcare Services, Inc., Term Loan, VAR, 4.250%, 06/03/19		7,127
	7,591	Amsurg Corp., Initial Term Loan B, VAR, 3.754%, 07/16/21		7,564
	17,747	CHG Healthcare Services, Inc., 1st Lien Term Loan, VAR, 4.250%, 11/19/19		17,696
	3,474	CHS/Community Health Systems, Inc., Term Loan D, VAR, 4.250%, 01/27/21		3,479
	5,377	DaVita HealthCare Partners, Inc., 1st Lien Term Loan B, VAR, 3.500%, 06/24/21		5,353
	9,232	HCA, Inc., Term Loan B4, VAR, 2.983%, 05/01/18		9,197
	7,670	IASIS Healthcare Corp., New Term Loan B2, VAR, 4.500%, 05/03/18		7,679
	17,122	inVentiv Health, Inc., Term Loan B-4, VAR, 7.750%, 05/15/18		16,894
	22,965	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.750%, 01/31/21		22,862
				97,851

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Life Sciences Tools & Services — 0.5%
	4,870	INC Research Holdings, Inc., 2014 Term Loan B, VAR, 4.750%, 11/12/21 ^		4,872
	11,181	STHI Holding Corp., 1st Lien Term Loan, VAR, 4.500%, 08/06/21		11,148
				16,020
		Pharmaceuticals — 1.4%
	295	Catalent Pharma Solutions, Inc., USD Term Loan, VAR, 6.500%, 12/31/17		294
	1,179	Ceva Logistics Holdings, Inc., Term Loan B, VAR, 6.500%, 03/19/21		1,115
	13,253	Grifols Worldwide Operations Ltd., Term Loan B, VAR, 3.156%, 02/27/21		13,125
	14,596	Par Pharmaceutical Cos., Inc., Term Loan B2, VAR, 4.000%, 09/30/19		14,380
	3,249	Phibro Animal Health Corp., Term Loan, VAR, 4.000%, 04/16/21		3,213
	12,705	Salix Pharmaceuticals Ltd., Term Loan, VAR, 4.250%, 01/02/20		12,536
				44,663
		Total Health Care		228,577
	Industrials — 11.1%
		Aerospace & Defense — 0.6%
	6,015	Accudyne Industries Borrower/Accudyne Industries LLC, (FKA Silver II U.S. Holdings, LLC) 1st Lien Term Loan, VAR, 4.000%, 12/13/19		5,866
	14,040	Consolidated Precision Products Corp., 1st Lien Term Loan B, VAR, 4.750%, 12/28/19		13,977
	237	Ducommun, Inc., Term Loan B, VAR, 4.750%, 06/28/17		237
				20,080
		Air Freight & Logistics — 0.1%
	147	Ceva Group plc, Canadian Term Loan, VAR, 6.500%, 03/19/21		139
	855	Ceva Group plc, Dutch BV Term Loan, VAR, 6.500%, 03/19/21		808
	815	Ceva Group plc, Synthetic Letter of Credit, Term Loan, VAR, 6.500%, 03/19/21		770
				1,717
		Airlines — 1.9%
	40,544	Delta Air Lines, Inc., Term Loan B1, VAR, 3.250%, 10/18/18 ^		40,012
	457	Landmark Aviation, Canadian Term Loan, VAR, 4.750%, 10/25/19		456
	11,520	Landmark US Member LLC, 1st Lien Term Loan, VAR, 4.750%, 10/25/19		11,488
	9,529	U.S. Airways, Inc., Term Loan B1, VAR, 3.500%, 05/23/19		9,357
				61,313
		Building Products — 1.1%
	19,530	Continental Building Products, Inc., 1st Lien Term Loan, VAR, 4.000%, 08/28/20		19,205
	8,734	Norcraft Cos., Inc., Initial Term Loan, VAR, 5.250%, 12/13/20		8,712
	6,901	Summit Materials LLC, New Term Loan B, VAR, 5.000%, 01/30/19		6,909
				34,826
		Commercial Services & Supplies — 2.6%
	2,062	AWAS Finance Luxembourg S.A., 1st Lien Term Loan, VAR, 3.500%, 07/16/18		2,042
	13,570	Garda World Security Corp., Term Loan B, VAR, 4.000%, 11/06/20		13,375
	3,469	Garda World Security Corp., Term Loan DD, VAR, 4.000%, 11/06/20		3,419
	17,850	Harland Clarke Holdings Corp., Extended Tranche B-2 Term Loan, VAR, 5.483%, 06/30/17		17,828
	3,712	Harland Clarke Holdings Corp., Tranche B- 4 Term Loan, VAR, 6.000%, 08/04/19		3,720
	9,955	Marine Acquisition Corp., Term Loan B, VAR, 5.250%, 01/30/21		9,955
	4,974	Multi Packaging Solutions, Inc., Term Loan B, VAR, 4.250%, 09/30/20		4,902
	4,813	Packers Holdings LLC, 1st Lien Term Loan B, VAR, 11/25/21 ^		4,825
	8,066	University Support Services LLC (St. George’s University Scholastic Services LLC), 2nd Lien Term Loan, VAR, 5.750%, 08/06/21		8,026
	5,385	Wand Intermediate I LP, 1st Lien Term Loan, VAR, 4.750%, 09/17/21		5,405
	6,616	Wastequip, Inc., New Term Loan, VAR, 5.500%, 08/09/19		6,616
	4,714	WTG Holdings III Corp., 1st Lien Term Loan, VAR, 4.750%, 01/15/21		4,685
				84,798
		Electrical Equipment — 0.2%
	2,792	Alliance Laundry Systems LLC, 1st Lien Term Loan, VAR, 4.250%, 12/10/18		2,777
	3,640	WireCo World Group, Inc., Term Loan B, VAR, 6.000%, 02/15/17		3,645
				6,422

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Industrial Conglomerates — 0.3%
	1,842	Autoparts Holdings Ltd., 1st Lien Term Loan, VAR, 6.500%, 07/29/17		1,843
	9,298	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		9,162
				11,005
		Machinery — 2.8%
	5,930	Filtration Group Canada Corp., 1st Lien Term Loan B1, VAR, 4.500%, 11/20/20		5,925
	6,110	Gardner Denver, Inc., New Term Loan B, VAR, 4.250%, 07/30/20		5,955
	16,906	Gates Global LLC, 1st Lien Term Loan, VAR, 4.250%, 07/05/21		16,731
	9,810	Hilex Poly Co. LLC, 1st Lien Term Loan A, VAR, 5.000%, 06/30/21		9,746
	22,023	Intelligrated, Inc., 1st Lien Term Loan, VAR, 4.503%, 07/30/18		21,830
	20,889	Rexnord LLC/RBS Global Inc., 1st Lien Term Loan B, VAR, 4.000%, 08/21/20		20,736
	5,324	UTEX Industries, Inc., 1st Lien Term Loan B, VAR, 5.000%, 05/21/21		5,244
	5,143	Wabash National Corp., 1st Lien Term Loan B, VAR, 4.500%, 05/08/19		5,155
				91,322
		Marine — 0.4%
	6,412	Drillships Ocean Ventures, Inc., 1st Lien Term Loan B, VAR, 5.500%, 07/25/21 ^		5,942
	8,800	Shelf Drilling Holdings Ltd., Term Loan, VAR, 10.000%, 10/08/18		8,580
				14,522
		Professional Services — 0.2%
	6,226	PGX Holdings, Inc., Term Loan, VAR, 6.250%, 09/29/20		6,187
		Road & Rail — 0.2%
	2,848	Hertz Corp. (The), 1st Lien Term Loan, VAR, 3.750%, 03/11/18		2,811
	3,646	Ozburn-Hessey Logistics LLC, Term Loan, VAR, 6.753%, 05/23/19		3,621
				6,432
		Trading Companies & Distributors — 0.7%
	1,667	Flying Fortress, Inc., New Term Loan, VAR, 3.500%, 06/30/17		1,662
	7,275	HD Supply, Inc., Term Loan B, VAR, 4.000%, 06/28/18		7,248
	12,296	McJunkin Red Man Corp., Term Loan B, VAR, 5.000%, 11/08/19		12,199
	3,485	SunSource Holdings, Inc., Term Loan, VAR, 4.753%, 02/12/21		3,485
				24,594
		Total Industrials		363,218
	Information Technology — 9.2%
		Communications Equipment — 1.8%
	40,413	Avaya, Inc., 1st Lien Term Loan B3, VAR, 4.654%, 10/26/17		39,226
	20,576	Avaya, Inc., Term Loan B6, VAR, 6.500%, 03/31/18		20,467
				59,693
		Electronic Equipment, Instruments & Components — 1.6%
	13,290	CDW LLC/CDW Finance Corp., Term Loan, VAR, 3.250%, 04/29/20		13,101
	37,342	Dell International LLC, USD Term Loan B, VAR, 4.500%, 04/29/20		37,354
	1,200	Zebra Technologies Corp., 1st Lien Term Loan B, VAR, 4.750%, 10/27/21 ^		1,209
				51,664
		Internet Software & Services — 0.5%
	14,427	Go Daddy Group, Inc. (The), Term Loan B, VAR, 4.750%, 05/13/21		14,391
		IT Services — 1.3%
	22,500	First Data Corp., 2018 Dollar Term Loan, VAR, 3.655%, 03/23/18		22,205
	13,904	First Data Corp., 2018B 2nd Lien Term Loan, VAR, 3.655%, 09/24/18		13,710
	7,935	First Data Corp., 2021 Dollar Term Loan, VAR, 4.155%, 03/24/21		7,887
				43,802
		Semiconductors & Semiconductor Equipment — 3.4%
	61,581	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		61,550
	1,848	Entegris, Inc., Term Loan B, VAR, 3.500%, 04/30/21		1,835
	25,572	Freescale Semiconductor, Inc., 7 Years Term Loan B-4, VAR, 4.250%, 02/28/20		25,341
	14,812	Freescale Semiconductor, Inc., Term Loan B-5, VAR, 5.000%, 01/15/21		14,828
	7,031	On Semiconductor Corp., Term Loan, VAR, 1.985%, 01/02/18		6,855
				110,409
		Software — 0.6%
	13,227	Emdeon, Inc., 2013 Term Loan B-2, VAR, 3.750%, 11/02/18		13,147

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Software — continued
	7,081	Infor (US), Inc., Tranche B-5 Term Loan, VAR, 3.750%, 06/03/20 ^		6,975
				20,122
		Total Information Technology		300,081
	Materials — 3.8%
		Chemicals — 1.1%
	8,958	Arizona Chemical U.S., Inc., 1st Lien Term Loan B, VAR, 4.500%, 06/11/21		8,947
	7,946	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B, VAR, 3.750%, 02/01/20		7,832
	7,343	Gemini HDPE LLC, 1st Lien Term Loan, VAR, 4.750%, 08/06/21		7,343
	7,017	OCI Beaumont LLC, Term B-3 Loan, VAR, 5.000%, 08/20/19		7,008
	6,269	Tronox Ltd., New Term Loan B, VAR, 4.000%, 03/19/20		6,222
				37,352
		Construction Materials — 0.7%
	893	Quikrete Holdings, Inc., 2nd Lien Initial Loan, VAR, 7.000%, 03/26/21		897
	22,750	Quikrete Holdings, Inc., Term Loan, VAR, 4.000%, 09/28/20		22,551
				23,448
		Containers & Packaging — 0.7%
	6,642	Ardagh Holdings USA, Inc., New Term Loan, VAR, 4.000%, 12/17/19		6,614
	3,226	Berry Plastics Corp., Term Loan E, VAR, 3.750%, 01/06/21		3,179
	2,903	Devix Topco S.A., 1st Lien Term Loan, VAR, 4.250%, 05/03/21		2,893
	3,040	Southern Graphics, Inc., New Term Loan, VAR, 4.250%, 10/17/19		3,015
	5,687	Viskase Corp., Inc., Term Loan, VAR, 4.250%, 01/30/21 ^		5,552
				21,253
		Metals & Mining — 1.1%
	5,835	Atkore International, Inc., 1st Lien Term Loan, VAR, 4.500%, 04/09/21		5,795
	4,415	Atkore International, Inc., 2nd Lien Term Loan, VAR, 7.750%, 10/09/21		4,338
	—  (h)	Fairmount Minerals Ltd., 1st Lien Term Loan B-2, VAR, 4.500%, 09/05/19 ^		—	(h)
	20,712	FMG Resources Pty, Ltd. (Fortescue Metals Group), Term Loan, VAR, 3.750%, 06/30/19		19,401
	7,030	Murray Energy Corp., Term Loan, VAR, 5.250%, 12/05/19		7,006
				36,540
		Paper & Forest Products — 0.2%
	5,739	Unifrax I LLC/Unifrax Holding Co., New Term Loan, VAR, 4.250%, 11/28/18		5,671
		Total Materials		124,264
	Telecommunication Services — 2.7%
		Diversified Telecommunication Services — 2.3%
	25,393	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		25,457
	9,873	Cincinnati Bell, Inc., Term Loan B, VAR, 4.000%, 09/10/20		9,823
	2,978	Integra Telecom Holdings, Inc., Term Loan B, VAR, 5.250%, 02/22/19		2,955
	9,917	Level 3 Financing, Inc., 2019 Term Loan B3, VAR, 4.000%, 08/01/19		9,894
	11,879	UPC Financing Partnership, Facility AH, VAR, 3.250%, 06/30/21		11,700
	5,965	Virgin Media Finance plc, Term Loan, VAR, 3.500%, 06/07/20		5,900
	1,824	XO Communications LLC, 1st Lien Term Loan, VAR, 4.250%, 03/20/21		1,811
	6,623	Zayo Group LLC, Term Loan B, VAR, 4.000%, 07/02/19		6,605
				74,145
		Wireless Telecommunication Services — 0.4%
	9,207	Syniverse Holdings, Inc., Tranche B Term Loan 2019, VAR, 4.000%, 04/23/19		9,046
	3,719	Syniverse Holdings, Inc.,1st Lien Term Loan, VAR, 4.000%, 04/23/19		3,651
				12,697
		Total Telecommunication Services		86,842
	Utilities — 4.8%
		Electric Utilities — 3.7%
	8,957	Calpine Construction Finance Co., New Term Loan, VAR, 3.250%, 01/31/22		8,763
	32,242	Calpine Construction Finance Co./CCFC Finance Corp., Term Loan B1, VAR, 3.000%, 05/03/20		31,492
	3,055	Energy Future Holdings Corp., 1st Lien Term Loan, VAR, 4.250%, 06/19/16		3,057
	8,932	InterGen N.V., Term Advance, VAR, 5.500%, 06/15/20 ^		8,888
	82,050	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.650%, 10/10/17 (d) ^		59,420

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Electric Utilities — continued
	11,000	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.650%, 10/10/16 (d)		7,910
				119,530
		Independent Power & Renewable Electricity Producers — 1.1%
	6,426	Calpine Corp., New Term Loan, VAR, 4.000%, 10/31/20		6,386
	10,972	Dynegy, Inc., Tranche B-2 Term Loan, VAR, 4.000%, 04/23/20		10,930
	20,610	NRG Energy, Inc., Incremental Term Loan, VAR, 2.750%, 07/01/18		20,394
				37,710
		Total Utilities		157,240
		Total Loan Assignments (Cost $2,638,017)		2,613,348
SHARES
	Short-Term Investment — 3.0%
		Investment Company — 3.0%
	98,701	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m) (Cost $98,701)		98,701
		Total Investments — 98.6% (Cost $3,253,300)		3,221,563
		Other Assets in Excess of Liabilities — 1.4%		47,379
		NET ASSETS — 100.0%	$	3,268,942

Percentages indicated are based on net assets.

Forward Foreign Currency Exchange Contracts

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
1,911	EUR	Deutsche Bank AG	12/22/14		2,398		2,376		22
4,884	GBP	Union Bank of Switzerland AG	12/22/14		7,623		7,628		(5	)
					10,021		10,004		17

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

EUR	—	Euro
GBP	—	British Pound
NOK	—	Norwegian Krone
PIK	—	Payment-in-Kind
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2014.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of November 30, 2014.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of November 30, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
^	—	All or a portion of the security is unsettled as of November 30, 2014. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

As of November 30, 2014, 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	14,117
Aggregate gross unrealized depreciation	(45,854	)
Net unrealized appreciation/depreciation	(31,737	)
Federal income tax cost of investments	3,253,300

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

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

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

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

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Consumer Discretionary	$	—	$	86,712		$	—	$	86,712
Consumer Staples		—		5,786			—		5,786
Energy		—		86,637			—		86,637
Financials		—		42,761			—		42,761
Health Care		—		46,156			—		46,156
Industrials		—		54,119			9,774		63,893
Information Technology		—		13,413			—		13,413
Materials		—		71,834			—		71,834
Telecommunication Services		—		58,229			—		58,229
Utilities		—		20,130			—		20,130
Total Corporate Bonds		—		485,777			9,774		495,551
Preferred Stock
Financials		—		13,963			—		13,963
Loan Assignments
Consumer Discretionary		—		701,833			2		701,835
Consumer Staples		—		416,244			—		416,244
Energy		—		138,308			—		138,308
Financials		—		96,739			—		96,739
Health Care		—		228,577			—		228,577
Industrials		—		363,218			—		363,218
Information Technology		—		300,081			—		300,081
Materials		—		124,264			—		124,264
Telecommunication Services		—		86,842			—		86,842
Utilities		—		157,240			—		157,240
Total Loan Assignments		—		2,613,346			2		2,613,348
Short-Term Investment
Investment Company	$	98,701	$	—		$	—	$	98,701
Total Investments in Securities	$	98,701	$	3,113,086		$	9,776	$	3,221,563
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	22		$	—	$	22
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—	$	(5	)	$	—	$	(5	)

There were no transfers among any levels during the period ended November 30, 2014.

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

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

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

Note (1) below describe the derivatives used by the Fund.

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

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

As of November 30, 2014, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 5.3%
		Cayman Islands — 1.0%
	420	Apidos CLO XIV, Series 2013-14A, Class A, VAR, 1.381%, 04/15/25 (e)		409
	525	Benefit Street Partners CLO Ltd., Series 2014-IVA, Class A1A, VAR, 1.721%, 07/20/26 (e)		521
	250	Carlyle Global Market Strategies Commodities Funding Ltd., Series 2014-1A, Class A, VAR, 2.131%, 10/15/21 (e) (i)		250
	525	Cent CLO 19 Ltd., Series 2013-19A, Class A1A, VAR, 1.563%, 10/29/25 (e)		516
	1,000	Flatiron CLO Ltd., Series 2013-1A, Class A1, VAR, 1.628%, 01/17/26 (e)		995
	530	ING IM CLO Ltd., Series 2013-3A, Class A1, VAR, 1.681%, 01/18/26 (e)		525
	250	LCM LP, Series 16A, Class A, VAR, 1.758%, 07/15/26 (e)		249
	525	LCM XIII LP, Series 13A, Class A, VAR, 1.531%, 01/19/23 (e)		521
	250	OZLM Funding IV Ltd., Series 2013-4A, Class A1, VAR, 1.382%, 07/22/25 (e)		246
	290	Rockwall CDO II Ltd., Series 2007-1A, Class A1LA, VAR, 0.482%, 08/01/24 (e)		280
	420	Sound Point CLO IV Ltd., Series 2013-3A, Class A, VAR, 1.601%, 01/21/26 (e)		413
	336	Symphony CLO Ltd., Series 2014-14A, Class A2, VAR, 1.756%, 07/14/26 (e)		335
	250	THL Credit Wind River CLO Ltd., Series 2014-1A, Class A, VAR, 1.751%, 04/18/26 (e)		250
	420	Venture CDO Ltd., Series 2014-17A, Class A, VAR, 1.711%, 07/15/26 (e)		417
				5,927
		Ireland — 0.1%
	785	Trafigura Securitisation Finance PLC, Series 2014-1A, Class B, VAR, 2.405%, 10/15/21 (e)		785
		Italy — 0.0% (g)
	EUR 35	Atlante Finance Srl, Series 1, Class A, Reg. S, VAR, 0.275%, 07/28/47		44
	EUR 74	Italfinance Securitisation Vehicle Srl, Series 2005-1, Class A, Reg. S, VAR, 0.234%, 03/14/23		91
				135
		United States — 4.2%
	152	ABFC Trust, Series 2004-OPT2, Class M2, VAR, 1.655%, 07/25/33		144
	129	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M2, VAR, 1.730%, 04/25/34		119
		Argent Securities, Inc.,
	141	Series 2004-W3, Class A3, VAR, 0.975%, 02/25/34		126
	146	Series 2003-W7, Class M2, VAR, 2.780%, 03/25/34		131
	73	Bear Stearns Asset Backed Securities Trust, Series 2002-1, Class 1A5, SUB, 6.890%, 12/25/34		75
		Countrywide Asset-Backed Certificates,
	265	Series 2004-2, Class M1, VAR, 0.905%, 05/25/34		251
	100	Series 2002-4, Class M1, VAR, 1.280%, 12/25/32		92
	153	Series 2004-BC1, Class M3, VAR, 2.255%, 10/25/33		128
	400	Credit-Based Asset Servicing and Securitization LLC, Series 2005-CB5, Class AV3, VAR, 0.545%, 08/25/35		384
		Exeter Automobile Receivables Trust,
	444	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		445
	100	Series 2013-2A, Class C, 4.350%, 01/15/19 (e)		102
	188	First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A1, VAR, 0.875%, 08/25/34		178
	198	Flagship Credit Auto Trust, Series 2014-2, Class C, 3.950%, 12/15/20 (e)		199
	111	Fremont Home Loan Trust, Series 2004-2, Class M2, VAR, 1.085%, 07/25/34		104
	250	Gallatin CLO VI LLC, Series 2013-2A, Class A1, VAR, 1.681%, 01/15/25 (e)		247
	282	GCAT, Series 2014-1, Class A1, VAR, 3.228%, 07/25/19 (e)		283
	340	GMAT Trust, Series 2013-1A, Class M, VAR, 5.000%, 11/25/43 (e)		322
	42	Home Equity Asset Trust, Series 2004-6, Class M2, VAR, 1.055%, 12/25/34		37
	120	LV Tower 52 Issuer LLC, Series 2013-1, Class M, 7.500%, 06/15/18 (e) (i)		120
	294	Merrill Lynch Mortgage Investors Trust, Series 2003-OPT1, Class M1, VAR, 1.130%, 07/25/34		266
	180	Mid-State Capital Corp. Trust, Series 2006-1, Class M2, 6.742%, 10/15/40 (e)		188

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	187	Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE1, Class M1, VAR, 1.010%, 01/25/34		172
	101	New Century Home Equity Loan Trust, Series 2003-4, Class M2, VAR, 2.885%, 10/25/33		97
	1,920	Oak Hill Advisors Residential Loan Trust, Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		1,858
		OneMain Financial Issuance Trust,
	300	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		303
	182	Series 2014-2A, Class C, 4.330%, 09/18/24 (e)		181
	151	Series 2014-2A, Class D, 5.310%, 09/18/24 (e)		153
	139	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-2, Class M1, VAR, 1.130%, 04/25/33		119
	262	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 0.995%, 02/25/33		243
	340	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2005-WCH1, Class M3, VAR, 0.715%, 01/25/36		317
	412	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M1, VAR, 1.055%, 10/25/34		389
		RASC Trust,
	4,564	Series 2006-KS5, Class A3, VAR, 0.315%, 07/25/36		4,366
	131	Series 2005-KS2, Class M1, VAR, 0.800%, 03/25/35		119
		Renaissance Home Equity Loan Trust,
	1,868	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		1,896
	1,149	Series 2004-1, Class M1, VAR, 0.735%, 05/25/34		1,035
	349	Saxon Asset Securities Trust, Series 2004-3, Class M1, VAR, 1.055%, 12/26/34		317
	99	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		98
	800	SpringCastle America Funding LLC, Series 2014-AA, Class C, 5.590%, 10/25/33 (e)		792
	262	Structured Asset Investment Loan Trust, Series 2003-BC10, Class A4, VAR, 1.155%, 10/25/33		247
	1,400	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		1,400
		Truman Capital Mortgage Loan Trust,
	270	Series 2014-NPL3, Class A2, SUB, 4.000%, 04/25/53 (e)		264
	840	Series 2014-NPL1, Class A2, SUB, 4.250%, 07/25/53 (e)		828
		Vericrest Opportunity Loan Transferee LLC,
	349	Series 2014-NPL4, Class A2, SUB, 4.000%, 04/27/54 (e)		344
	1,840	Series 2014-NPL7, Class A2, VAR, 4.750%, 08/27/57 (e)		1,806
	250	VOLT XIX LLC, Series 2013-NPL5, Class A2, VAR, 5.500%, 04/25/55 (e)		250
	186	VOLT XV LLC, Series 2014-3A, Class A2, SUB, 4.500%, 05/26/54 (e)		182
	242	VOLT XVI LLC, Series 2014-NPL5, Class A2, SUB, 4.000%, 09/25/58 (e)		237
	240	VOLT XX LLC, Series 2013-NPL6, Class A2, SUB, 5.250%, 03/25/54 (e)		241
	240	VOLT XXI LLC, Series 2013-NPL7, Class A2, SUB, 5.250%, 11/25/53 (e)		240
	234	VOLT XXII LLC, Series 2014-NPL1, Class A2, SUB, 4.750%, 10/27/53 (e)		234
	214	VOLT XXIII LLC, Series 2014-NPL2, Class A2, SUB, 4.750%, 11/25/53 (e)		215
	750	VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		735
	186	Westlake Automobile Receivables Trust, Series 2014-2A, Class D, 2.860%, 07/15/21 (e)		187
				23,806
		Total Asset-Backed Securities (Cost $30,532)		30,653
	Collateralized Mortgage Obligations — 8.5%
		Agency CMO — 3.2%
		United States — 3.2%
		Federal Home Loan Mortgage Corp. REMIC
	500	Series 3736, Class QB, 4.000%, 05/15/37		525
	1,170	Series 4236, Class DS, IF, IO, 5.895%, 08/15/43		184
	3,473	Series 4372, Class SY, IF, IO, 5.945%, 08/15/44		598

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	370	Series 3110, Class SL, IF, IO, 5.995%, 02/15/26		52
	1,525	Series 3459, Class JS, IF, IO, 6.095%, 06/15/38		205
	1,893	Series 3160, Class SA, IF, IO, 6.995%, 05/15/36		371
	1,210	Series 4304, Class DI, IO, 2.500%, 01/15/27		110
	4,670	Series 4043, Class PI, IO, 2.500%, 05/15/27		446
	2,914	Series 4057, Class UI, IO, 3.000%, 05/15/27		331
	399	Series 4056, Class BI, IO, 3.000%, 05/15/27		46
	3,647	Series 4097, Class CI, IO, 3.000%, 08/15/27		417
	2,051	Series 4120, Class UI, IO, 3.000%, 10/15/27		247
	449	Series 4136, Class IN, IO, 3.000%, 11/15/27		52
	421	Series 4146, Class AI, IO, 3.000%, 12/15/27		48
	3,735	Series 4311, Class QI, IO, 3.000%, 10/15/28		405
	1,794	Series 4324, Class AI, IO, 3.000%, 11/15/28		196
	3,420	Series 4313, Class UI, IO, 3.000%, 03/15/29		421
	2,604	Series 3775, Class LI, IO, 3.500%, 12/15/20		210
	1,293	Series 4030, Class IL, IO, 3.500%, 04/15/27		154
	652	Series 4323, Class IW, IO, 3.500%, 04/15/28		85
	2,680	Series 4280, Class KI, IO, 3.500%, 09/15/31		335
	976	Series 4119, Class LI, IO, 3.500%, 06/15/39		154
	1,156	Series 4215, Class LI, IO, 3.500%, 07/15/41		215
	866	Series 4073, Class IQ, IO, 4.000%, 07/15/42		205
	1,877	Series 4173, Class I, IO, 4.000%, 03/15/43		437
	540	Series 3716, Class PI, IO, 4.500%, 04/15/38		65
	876	Series 4018, Class HI, IO, 4.500%, 03/15/41		161
	12,124	Series 4351, Class GI, IO, 5.000%, 11/15/19		699
	1,883	Series 3907, Class AI, IO, 5.000%, 05/15/40		360
	801	Federal Home Loan Mortgage Corp. STRIPS, Series 305, Class IO, IO, 3.500%, 03/15/28		117
		Federal National Mortgage Association REMIC
	1,823	Series 2009-101, Class SI, IF, IO, 5.595%, 12/25/39		227
	748	Series 2012-14, Class BS, IF, IO, 5.745%, 03/25/42		145
	1,860	Series 2012-93, Class SG, IF, IO, 5.945%, 09/25/42		388
	626	Series 2012-144, Class SK, IF, IO, 5.945%, 01/25/43		142
	3,202	Series 2013-18, Class NS, IF, IO, 5.945%, 03/25/43		703
	1,079	Series 2012-34, Class PS, IF, IO, 6.445%, 07/25/41		201
	1,915	Series 2011-144, Class SA, IF, IO, 6.495%, 11/25/25		288
	1,517	Series 2013-15, Class IO, IO, 2.500%, 03/25/28		142
	420	Series 2012-128, Class KI, IO, 3.000%, 11/25/27		49
	429	Series 2012-144, Class EI, IO, 3.000%, 01/25/28		49
	4,682	Series 2012-145, Class EI, IO, 3.000%, 01/25/28		536
	477	Series 2012-150, Class BI, IO, 3.000%, 01/25/28		56
	478	Series 2013-5, Class YI, IO, 3.000%, 02/25/28		53
	286	Series 2013-10, Class YI, IO, 3.000%, 02/25/28		32
	389	Series 2013-9, Class IO, IO, 3.000%, 02/25/28		45
	568	Series 2013-15, Class QI, IO, 3.000%, 03/25/28		65
	2,230	Series 2013-18, Class AI, IO, 3.000%, 03/25/28		265
	487	Series 2013-26, Class IJ, IO, 3.000%, 04/25/28		56
	2,273	Series 2013-31, Class DI, IO, 3.000%, 04/25/28		276
	4,567	Series 2014-35, Class KI, IO, 3.000%, 06/25/29		596

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States – continued
	2,901	Series 2014-44, Class QI, IO, 3.000%, 08/25/29		350
	1,869	Series 2012-120, Class DI, IO, 3.000%, 03/25/31		279
	409	Series 2012-25, Class AI, IO, 3.500%, 03/25/27		50
	436	Series 2012-98, Class GI, IO, 3.500%, 07/25/27		58
	617	Series 2012-107, Class IG, IO, 3.500%, 10/25/27		88
	480	Series 2013-9, Class YI, IO, 3.500%, 02/25/28		62
	460	Series 2013-31, Class YI, IO, 3.500%, 04/25/28		63
	1,368	Series 2013-129, Class LI, IO, 3.500%, 03/25/31		177
	518	Series 2012-148, Class JI, IO, 3.500%, 12/25/39		83
	508	Series 2012-118, Class DI, IO, 3.500%, 01/25/40		78
	507	Series 2013-5, Class BI, IO, 3.500%, 03/25/40		83
	613	Series 2010-102, Class IP, IO, 5.000%, 12/25/39		72
		Federal National Mortgage Association STRIPS
	1,401	Series 409, Class 23, IO, 3.500%, 04/25/27		166
	5,929	Series 401, Class C6, IO, 4.500%, 10/25/29		586
	24,616	Series 410, Class C12, IO, 5.500%, 07/25/24		2,394
		Government National Mortgage Association
	1,586	Series 2011-13, Class S, IF, IO, 5.795%, 01/16/41		266
	1,780	Series 2010-20, Class SE, IF, IO, 6.095%, 02/20/40		326
	1,675	Series 2010-26, Class QS, IF, IO, 6.095%, 02/20/40		309
	1,957	Series 2003-69, Class SB, IF, IO, 6.445%, 08/16/33		390
	2,470	Series 2002-24, Class AG, IF, IO, 7.795%, 04/16/32		569
				18,614
	Non-Agency CMO — 5.3%
		Italy — 0.0% (g)
	EUR 120	Intesa Sec S.p.A., Series 3, Class B, Reg. S, VAR, 0.288%, 10/30/33		143
		Spain — 0.1%
	EUR 148	TDA 13-Mixto Fondo de Titulizacion de Activos, Series 13, Class A2, VAR, 0.395%, 09/30/32		183
		United States — 5.2%
	139	Alternative Loan Trust, Series 2005-6CB, Class 1A6, 5.500%, 04/25/35		138
	100	CAM Mortgage Trust, Series 2014-2, Class M, VAR, 4.450%, 05/15/48 (e)		101
	247	Chase Mortgage Finance Trust, Series 2007-A1, Class 2A3, VAR, 2.464%, 02/25/37		246
	2,260	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, VAR, 0.414%, 08/19/45		2,023
	76	First Horizon Mortgage Pass-Through Trust, Series 2005-5, Class 1A6, 5.500%, 10/25/35		74
	230	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		188
	338	HarborView Mortgage Loan Trust, Series 2007-6, Class 2A1A, VAR, 0.344%, 08/19/37		279
	856	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-1, Class A1, VAR, 2.482%, 02/25/35		853
		Wells Fargo Mortgage Backed Securities Trust
	1,165	Series 2005-AR16, Class A1, VAR, 2.610%, 03/25/35		1,141
	3,682	Series 2005-AR2, Class A1, VAR, 2.614%, 03/25/35		3,674
	2,670	Series 2004-BB, Class A5, VAR, 2.615%, 01/25/35		2,646
		Wells Fargo Mortgage-Backed Securities Trust
	163	Series 2007-2, Class 3A5, 5.250%, 03/25/37		168
	5,500	Series 2004-N, Class A7, VAR, 2.595%, 08/25/34		5,507
	5,501	Series 2004-N, Class A6, VAR, 2.595%, 08/25/34		5,507
	834	Series 2005-AR4, Class 2A2, VAR, 2.609%, 04/25/35		843

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	837	Series 2005-AR2, Class 2A2, VAR, 2.614%, 03/25/35		850
	5,541	Series 2004-M, Class A1, VAR, 2.615%, 08/25/34		5,623
				29,861
				30,187
		Total Collateralized Mortgage Obligations (Cost $49,216)		48,801
	Commercial Mortgage-Backed Securities — 3.6%
		Cayman Islands — 0.0% (g)
	112	ACRE Commercial Mortgage Trust, Series 2014-FL2, Class D, VAR, 3.555%, 08/15/31 (e)		112
	255	PFP III Ltd., Series 2014-1, Class AS, VAR, 1.805%, 06/14/31 (e)		254
				366
		United States — 3.6%
	250	A10 Securitization LLC, 6.040%, 01/09/20		250
	200	Banc of America Commercial Mortgage Trust, Series 2006-2, Class B, VAR, 5.952%, 05/10/45		207
	100	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-4, Class B, VAR, 5.118%, 07/10/45		102
		Bear Stearns Commercial Mortgage Securities Trust,
	1,350	Series 2006-PW14, Class AJ, 5.273%, 12/11/38		1,359
	2,600	Series 2006-PW13, Class B, 5.660%, 09/11/41 (e)		2,534
	1,210	Series 2007-PW16, Class AJ, VAR, 5.898%, 06/11/40		1,228
	410	Series 2007-PW17, Class AJ, VAR, 6.090%, 06/11/50		417
	1,720	CD Commercial Mortgage Trust, Series 2007-CD4, Class AMFX, VAR, 5.366%, 12/11/49		1,798
	100	Commercial Mortgage Trust, Series 2004-GG1, Class H, VAR, 6.226%, 06/10/36 (e)		100
	3,010	Credit Suisse Commercial Mortgage Trust, Series 2006-C1, Class E, VAR, 5.643%, 02/15/39		3,037
	230	CSMC, Series 2014-ICE, Class D, VAR, 2.305%, 04/15/27 (e)		230
	2,120	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		2,189
	100	GS Mortgage Securities Trust, Series 2006-GG8, Class AJ, 5.622%, 11/10/39		103
		JP Morgan Chase Commercial Mortgage Securities Trust,
	120	Series 2005-LDP2, Class D, VAR, 4.941%, 07/15/42		120
	160	Series 2005-LDP5, Class D, VAR, 5.559%, 12/15/44		165
	125	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class AJ, 5.239%, 12/12/49		126
		Morgan Stanley Capital I Trust,
	1,650	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		1,726
	255	Series 2006-HQ8, Class D, VAR, 5.673%, 03/12/44		220
		Wachovia Bank Commercial Mortgage Trust,
	100	Series 2005-C21, Class F, VAR, 5.417%, 10/15/44 (e)		93
	730	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		759
	1,020	Series 2006-C23, Class D, VAR, 5.703%, 01/15/45		1,051
	2,530	Series 2007-C33, Class AJ, VAR, 6.140%, 02/15/51		2,674
	250	Series 2007-C34, Class AJ, VAR, 6.145%, 05/15/46		262
				20,750
		Total Commercial Mortgage-Backed Securities (Cost $21,140)		21,116
	Convertible Bonds — 1.8%
		Netherlands — 0.2%
	840	NXP Semiconductor N.V., 1.000%, 12/01/19 (e)		858
		United Kingdom — 0.0% (g)
	200	Billion Express Investments Ltd., Reg. S, 0.750%, 10/18/15		202
		United States — 1.6%
	675	Dealertrack Technologies, Inc., 1.500%, 03/15/17		923
	250	Finisar Corp., 0.500%, 12/15/33 (e)		230
	1,195	General Cable Corp., SUB, 4.500%, 11/15/29		809
	815	Griffon Corp., 4.000%, 01/15/17 (e)		897
	920	HealthSouth Corp., 2.000%, 12/01/43		1,067

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Convertible Bonds — continued
		United States — continued
	225	Hologic, Inc., SUB, 2.000%, 12/15/37		284
	190	Iconix Brand Group, Inc., 1.500%, 03/15/18		258
	900	Intel Corp., 2.950%, 12/15/35		1,195
	25	Ixia, 3.000%, 12/15/15		25
		Jarden Corp.,
	245	1.125%, 03/15/34 (e)		259
	200	1.875%, 09/15/18		295
	1,035	Live Nation Entertainment, Inc., 2.500%, 05/15/19 (e)		1,106
	485	Newpark Resources, Inc., 4.000%, 10/01/17		573
	85	Terex Corp., 4.000%, 06/01/15		152
	40	TRW Automotive, Inc., 3.500%, 12/01/15		139
	980	Web.com Group, Inc., 1.000%, 08/15/18		870
	110	WebMD Health Corp., 1.500%, 12/01/20 (e)		106
				9,188
		Total Convertible Bonds (Cost $10,228)		10,248
	Corporate Bonds — 57.6%
		Argentina — 0.2%
	990	YPF S.A., Reg. S, 8.875%, 12/19/18		1,044
		Australia — 0.0% (g)
	110	Bluescope Steel Finance Ltd./Bluescope Steel Finance USA LLC, 7.125%, 05/01/18 (e)		114
		FMG Resources August 2006 Pty Ltd.,
	22	6.875%, 02/01/18 (e)		21
	75	6.875%, 04/01/22 (e)		67
	35	Nufarm Australia Ltd., 6.375%, 10/15/19 (e)		35
				237
		Bahamas — 0.0% (g)
	135	Ultrapetrol Bahamas Ltd., 8.875%, 06/15/21		144
		Bermuda — 0.1%
	550	Aircastle Ltd., 7.625%, 04/15/20		621
	200	Seadrill Ltd., 6.625%, 09/15/20 (e)		174
	36	Viking Cruises Ltd., 8.500%, 10/15/22 (e)		40
				835
		Brazil — 0.2%
	584	Banco Daycoval S.A., 5.750%, 03/19/19 (e)		590
	500	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		512
				1,102
		Canada — 1.4%
	555	1011778 B.C. ULC/New Red Finance, Inc., 6.000%, 04/01/22 (e)		569
		Baytex Energy Corp.,
	100	5.125%, 06/01/21 (e)		92
	75	5.625%, 06/01/24 (e)		67
		Bombardier, Inc.,
	40	4.750%, 04/15/19 (e)		41
	500	6.125%, 01/15/23 (e)		514
	25	Brookfield Residential Properties, Inc., 6.500%, 12/15/20 (e)		26
	50	Cascades, Inc., 5.500%, 07/15/22 (e)		49
		First Quantum Minerals Ltd.,
	318	6.750%, 02/15/20 (e)		305
	18	7.000%, 02/15/21 (e)		18
	25	Garda World Security Corp., 7.250%, 11/15/21 (e)		25
	20	KGHM International Ltd., 7.750%, 06/15/19 (e)		21
	100	Lundin Mining Corp., 7.875%, 11/01/22 (e)		103
	180	Masonite International Corp., 8.250%, 04/15/21 (e)		193
	21	Mattamy Group Corp., 6.500%, 11/15/20 (e)		21
	800	MEG Energy Corp., 6.375%, 01/30/23 (e)		706
	180	New Gold, Inc., 6.250%, 11/15/22 (e)		175
	171	NOVA Chemicals Corp., 5.000%, 05/01/25 (e)		177
	230	Novelis, Inc., 8.750%, 12/15/20		250
	350	Precision Drilling Corp., 5.250%, 11/15/24 (e)		297
	1,070	Quebecor Media, Inc., 5.750%, 01/15/23		1,097
	115	Taseko Mines Ltd., 7.750%, 04/15/19		109
	400	Ultra Petroleum Corp., 6.125%, 10/01/24 (e)		364
		Valeant Pharmaceuticals International, Inc.,
	75	6.750%, 08/15/18 (e)		80
	100	6.750%, 08/15/21 (e)		105
	50	6.875%, 12/01/18 (e)		52
	500	7.000%, 10/01/20 (e)		525

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
	1,770	7.250%, 07/15/22 (e)		1,876
				7,857
		Cayman Islands — 0.3%
	600	MAF Global Securities Ltd., Reg. S, 4.750%, 05/07/24		620
	750	UPCB Finance V Ltd., 7.250%, 11/15/21 (e)		822
				1,442
		Chile — 0.6%
	1,980	Empresa Electrica Angamos S.A., 4.875%, 05/25/29 (e)		1,972
	870	ENTEL Chile S.A., 4.750%, 08/01/26 (e)		866
	560	GNL Quintero S.A., 4.634%, 07/31/29 (e)		575
				3,413
		Colombia — 0.3%
	2,000	Ecopetrol S.A., 4.125%, 01/16/25		1,930
		Croatia — 0.3%
	EUR 1,050	Agrokor dd, Reg. S, 9.125%, 02/01/20		1,429
	400	Hrvatska Elektroprivreda, Reg. S, 6.000%, 11/09/17		418
				1,847
		Denmark — 0.1%
	GBP 195	Danske Bank A/S, VAR, 5.375%, 09/29/21		319
		France — 2.1%
	EUR 600	Crown European Holdings S.A., Reg. S, 4.000%, 07/15/22		787
	EUR 1,200	Holding Medi-Partenaires SAS, Reg. S, 7.000%, 05/15/20		1,583
	EUR 700	Labeyrie Fine Foods SAS, Reg. S, 5.625%, 03/15/21		883
	EUR 1,100	Lafarge S.A., Reg. S, 4.750%, 09/30/20		1,610
	EUR 1,100	Novafives SAS, Reg. S, 4.500%, 06/30/21		1,359
		Numericable-SFR,
	EUR 1,150	5.375%, 05/15/22 (e)		1,501
	400	6.000%, 05/15/22 (e)		406
	250	6.250%, 05/15/24 (e)		255
	EUR 1,000	Renault S.A., 3.125%, 03/05/21		1,362
	EUR 1,000	Rexel S.A., Reg. S, 5.125%, 06/15/20		1,334
	EUR 700	SMCP SAS, Reg. S, 8.875%, 06/15/20		902
				11,982
		Germany — 2.0%
	EUR 950	Bayer AG, VAR, 3.000%, 07/01/75		1,217
	EUR 850	CeramTec Group GmbH, Reg. S, 8.250%, 08/15/21		1,141
	EUR 1,100	Deutsche Raststaetten Gruppe IV GmbH, Reg. S, 6.750%, 12/30/20		1,457
	EUR 400	HP Pelzer Holding GmbH, Reg. S, 7.500%, 07/15/21		523
	EUR 600	KraussMaffei Group GmbH, Reg. S, 8.750%, 12/15/20		813
	EUR 725	Pfleiderer GmbH, Reg. S, 7.875%, 08/01/19		872
	EUR 750	Techem GmbH, Reg. S, 6.125%, 10/01/19		1,002
	EUR 1,350	Trionista TopCo GmbH, Reg. S, 6.875%, 04/30/21		1,784
		Unitymedia KabelBW GmbH,
	200	6.125%, 01/15/25 (e)		209
	EUR 1,000	Reg. S, 9.500%, 03/15/21		1,399
	EUR 950	WEPA Hygieneprodukte GmbH, Reg. S, 6.500%, 05/15/20		1,288
				11,705
		Hong Kong — 0.2%
	860	CITIC Ltd., Reg. S, 6.800%, 01/17/23		1,008
		Indonesia — 0.4%
		Pertamina Persero PT,
	1,400	Reg. S, 4.300%, 05/20/23		1,375
	1,000	Reg. S, 6.450%, 05/30/44		1,079
				2,454
		Ireland — 1.4%
		Ardagh Packaging Finance plc,
	1,100	9.125%, 10/15/20 (e)		1,185
	EUR 1,200	Reg. S, 9.250%, 10/15/20		1,598
	300	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., 6.000%, 06/30/21 (e)		297
	EUR 820	Bank of Ireland, 3.250%, 01/15/19		1,089
	EUR 280	Cloverie plc for Swiss Reinsurance Co., Ltd., Reg. S, VAR, 6.625%, 09/01/42		445
		Perrigo Finance plc,
	375	3.500%, 12/15/21		377
	1,385	3.900%, 12/15/24		1,397
	EUR 1,350	Smurfit Kappa Acquisitions, Reg. S, 5.125%, 09/15/18		1,854
				8,242
		Israel — 0.8%
	1,480	Israel Chemicals Ltd., 4.500%, 12/02/24 (e)		1,505

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Israel — continued
	3,060	Israel Electric Corp., Ltd., 5.000%, 11/12/24 (e)		3,114
				4,619
		Italy — 1.8%
	EUR 1,400	Assicurazioni Generali S.p.A., VAR, 7.750%, 12/12/42		2,204
	EUR 455	Banco Popolare SC, 3.500%, 03/14/19		593
	EUR 950	Cerved Group S.p.A., Reg. S, 8.000%, 01/15/21		1,285
		Enel S.p.A.,
	EUR 1,550	VAR, 6.500%, 01/10/74		2,130
	GBP 200	VAR, 7.750%, 09/10/75		343
	EUR 350	Intesa Sanpaolo S.p.A., 6.625%, 09/13/23		536
	EUR 950	Rhino Bondco S.p.A, Reg. S, 7.250%, 11/15/20		1,223
	EUR 1,210	UniCredit S.p.A., Reg. S, 6.950%, 10/31/22		1,822
				10,136
		Japan — 0.0% (g)
	200	SoftBank Corp., 4.500%, 04/15/20 (e)		200
		Kazakhstan — 0.6%
	3,600	KazMunayGas National Co. JSC, 6.000%, 11/07/44 (e)		3,402
		Luxembourg — 4.0%
		Altice S.A.,
	EUR 1,650	7.250%, 05/15/22 (e)		2,134
		ArcelorMittal,
	EUR 1,000	2.875%, 07/06/20		1,268
	50	5.111%, 02/25/17		52
	875	6.750%, 02/25/22		951
	50	10.350%, 06/01/19		61
	45	Beverage Packaging Holdings Luxembourg II S.A./Beverage Packaging Holdings II Is, 5.625%, 12/15/16 (e)		45
	100	Capsugel S.A., 7.000% (cash), 05/15/19 (e) (v)		101
	EUR 550	CNH Industrial Finance Europe S.A., 2.750%, 03/18/19		693
	EUR 850	Fiat Chrysler Finance Europe, 6.750%, 10/14/19		1,226
	EUR 950	Galapagos S.A., Reg. S, 5.375%, 06/15/21		1,159
	EUR 950	Geo Debt Finance S.C.A., Reg. S, 7.500%, 08/01/18		996
	EUR 900	Gestamp Funding Luxembourg S.A., Reg. S, 5.875%, 05/31/20		1,190
	EUR 750	INEOS Group Holdings S.A., Reg. S, 5.750%, 02/15/19		921
		Intelsat Jackson Holdings S.A.,
	295	6.625%, 12/15/22		307
	500	7.250%, 10/15/20		531
	1,445	7.500%, 04/01/21		1,550
		Intelsat Luxembourg S.A.,
	5	6.750%, 06/01/18		5
	150	7.750%, 06/01/21		155
	240	8.125%, 06/01/23		251
	200	Mallinckrodt International Finance S.A., 4.750%, 04/15/23		190
	311	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, 5.750%, 08/01/22 (e)		318
	EUR 500	Matterhorn Midco & Cy S.C.A., Reg. S, 7.750%, 02/15/20		651
	910	Minerva Luxembourg S.A., 7.750%, 01/31/23 (e)		940
	EUR 850	Monitchem HoldCo 2 S.A., Reg. S, 6.875%, 06/15/22		996
	49	NII International Telecom S.C.A., 7.875%, 08/15/19 (d) (e)		36
		Ontex IV S.A.,
	EUR 400	Reg. S, 7.500%, 04/15/18		517
	EUR 400	Reg. S, 9.000%, 04/15/19		534
	EUR 1,350	Play Finance 1 S.A., Reg. S, 6.500%, 08/01/19		1,790
	EUR 450	Spie BondCo 3 SCA, Reg. S, 11.000%, 08/15/19		616
	EUR 950	Telenet Finance V Luxembourg S.C.A., Reg. S, 6.250%, 08/15/22		1,296
		Wind Acquisition Finance S.A.,
	EUR 1,200	7.000%, 04/23/21 (e)		1,507
				22,987
		Mexico — 1.0%
	1,850	Alfa S.A.B. de C.V., Reg. S, 6.875%, 03/25/44		2,053
	1,950	Cemex S.A.B. de C.V., 5.700%, 01/11/25 (e)		1,892
	1,940	Elementia S.A.B. de C.V., 5.500%, 01/15/25 (e)		1,948
				5,893
		Morocco — 0.5%
		OCP S.A.,
	1,900	Reg. S, 5.625%, 04/25/24		2,009

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Morocco — continued
	600	Reg. S, 6.875%, 04/25/44		659
				2,668
		Netherlands — 2.1%
	EUR 820	ABN AMRO Bank N.V., 6.375%, 04/27/21		1,264
	600	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		641
	900	Bluewater Holding B.V., Reg. S, 10.000%, 12/10/19 (e)		873
	400	EDP Finance B.V., 5.250%, 01/14/21 (e)		421
	EUR 1,000	InterXion Holding N.V., Reg. S, 6.000%, 07/15/20		1,325
	1,000	NXP B.V./NXP Funding LLC, 5.750%, 02/15/21 (e)		1,058
		Schaeffler Finance B.V.,
	600	4.750%, 05/15/21 (e)		598
	EUR 400	Reg. S, 7.750%, 02/15/17		562
	1,600	Sensata Technologies B.V., 5.625%, 11/01/24 (e)		1,698
	EUR 1,900	UPC Holding B.V., Reg. S, 6.375%, 09/15/22		2,558
	800	VTR Finance B.V., 6.875%, 01/15/24 (e)		831
				11,829
		Norway — 0.2%
	EUR 950	Lock A.S., Reg. S, 7.000%, 08/15/21		1,223
		Peru — 0.2%
	900	Minsur S.A., Reg. S, 6.250%, 02/07/24		988
		Singapore — 0.0% (g)
	200	Flextronics International Ltd., 5.000%, 02/15/23		204
		South Korea — 0.3%
	1,900	Woori Bank, 4.750%, 04/30/24 (e)		1,980
		Spain — 0.4%
	EUR 500	Bankia S.A., 3.500%, 01/17/19		673
	EUR 1,200	CaixaBank S.A., VAR, 5.000%, 11/14/23		1,610
				2,283
		Sri Lanka — 0.0% (g)
	250	National Savings Bank, 5.150%, 09/10/19 (e)		252
		Sweden — 0.3%
	EUR 400	Eileme 2 AB, Reg. S, 11.750%, 01/31/20		571
	EUR 850	TVN Finance Corp. III AB, Reg. S, 7.375%, 12/15/20		1,163
				1,734
		Switzerland — 0.6%
	EUR 450	Credit Suisse AG, VAR, 5.750%, 09/18/25		630
		UBS AG,
	450	Reg. S, VAR, 4.750%, 05/22/23		455
	EUR 1,900	VAR, 4.750%, 02/12/26		2,525
				3,610
		Turkey — 1.1%
	2,600	Turk Telekomunikasyon A.S., Reg. S, 4.875%, 06/19/24		2,646
	1,940	Turkiye Halk Bankasi A.S., 4.750%, 06/04/19 (e)		1,993
	1,680	Turkiye Is Bankasi, 5.000%, 04/30/20 (e)		1,731
				6,370
		United Arab Emirates — 0.2%
	860	Abu Dhabi National Energy Co., 3.875%, 05/06/24 (e)		873
		United Kingdom — 3.7%
	GBP 500	Anglian Water Osprey Financing plc, 7.000%, 01/31/18		833
	GBP 750	Boparan Finance plc, Reg. S, 5.250%, 07/15/19		1,060
	175	CEVA Group plc, 4.000%, 05/01/18 (e)		159
	EUR 1,150	EC Finance plc, Reg. S, 5.125%, 07/15/21		1,473
	GBP 550	Heathrow Finance plc, 7.125%, 03/01/17		924
		Ineos Finance plc,
	760	7.500%, 05/01/20 (e)		798
	400	8.375%, 02/15/19 (e)		427
		Jaguar Land Rover Automotive plc,
	500	4.125%, 12/15/18 (e)		511
	200	4.250%, 11/15/19 (e)		204
	GBP 700	Reg. S, 5.000%, 02/15/22		1,148
	GBP 560	Kelda Finance No. 3 plc, Reg. S, 5.750%, 02/17/20		899
	GBP 700	Lowell Group Financing plc, Reg. S, 5.875%, 04/01/19		1,031
		Matalan Finance plc,
	GBP 800	6.875%, 06/01/19 (e)		1,197
	GBP 710	NGG Finance plc, Reg. S, VAR, 5.625%, 06/18/73		1,172
	GBP 1,000	Priory Group No. 3 plc, Reg. S, 8.875%, 02/15/19		1,629
		R&R Ice Cream plc,
	GBP 1,100	5.500%, 05/15/20 (e)		1,675
	850	Royal Bank of Scotland Group plc, 6.125%, 12/15/22		929

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	400	Sea Trucks Group Ltd., Reg. S, 9.000%, 03/26/18 (e)		352
	400	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		407
	GBP 600	Twinkle Pizza plc, Reg. S, 6.625%, 08/01/21		956
		Vedanta Resources plc,
	450	Reg. S, 6.750%, 06/07/16		465
	200	Reg. S, 7.125%, 05/31/23		192
	GBP 1,150	Virgin Media Secured Finance plc, Reg. S, 6.000%, 04/15/21		1,896
	GBP 550	Vougeot Bidco plc, Reg. S, 7.875%, 07/15/20		895
				21,232
		United States — 30.2%
	200	Academy Ltd./Academy Finance Corp., 9.250%, 08/01/19 (e)		213
	100	Acadia Healthcare Co., Inc., 6.125%, 03/15/21		104
	530	ACCO Brands Corp., 6.750%, 04/30/20		566
	15	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		10
		ADT Corp. (The),
	520	4.125%, 06/15/23		472
	310	6.250%, 10/15/21		325
	11	Advanced Micro Devices, Inc., 7.500%, 08/15/22		10
		AECOM Technology Corp.,
	365	5.750%, 10/15/22 (e)		383
	125	5.875%, 10/15/24 (e)		132
	130	AK Steel Corp., 8.750%, 12/01/18		138
	130	Alabama Power Co., 4.150%, 08/15/44		133
	250	Albertsons Holdings LLC/Saturn Acquisition Merger Sub, Inc., 7.750%, 10/15/22 (e)		251
	15	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		15
		Alcoa, Inc.,
	375	5.125%, 10/01/24		395
	250	5.400%, 04/15/21		271
	200	5.900%, 02/01/27		218
	125	Aleris International, Inc., 7.875%, 11/01/20		128
	100	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		100
	8	Alliant Techsystems, Inc., 5.250%, 10/01/21 (e)		8
		Ally Financial, Inc.,
	250	4.750%, 09/10/18		259
	375	7.500%, 09/15/20		440
	240	8.000%, 12/31/18		274
	910	8.000%, 03/15/20		1,078
		Altria Group, Inc.,
	3,155	2.625%, 01/14/20		3,173
	1,815	4.250%, 08/09/42		1,719
	448	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		483
	445	American International Group, Inc., 6.250%, 03/15/37		501
		Amkor Technology, Inc.,
	515	6.375%, 10/01/22		507
	300	6.625%, 06/01/21		300
	100	Amsurg Corp., 5.625%, 11/30/20		103
	250	Antero Resources Finance Corp., 5.375%, 11/01/21		247
	500	A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.875%, 12/15/20 (e)		516
	425	Ashland, Inc., 4.750%, 08/15/22		427
	1,750	AT&T, Inc., 4.300%, 12/15/42		1,658
		Audatex North America, Inc.,
	614	6.000%, 06/15/21 (e)		637
	520	6.125%, 11/01/23 (e)		540
		Avaya, Inc.,
	60	7.000%, 04/01/19 (e)		59
	16	10.500%, 03/01/21 (e)		14
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	60	5.125%, 06/01/22 (e)		59
	795	5.500%, 04/01/23 (e)		803
	60	9.750%, 03/15/20		66
	10	B/E Aerospace, Inc., 6.875%, 10/01/20		11
	1,040	Bank of America Corp., 4.250%, 10/22/26		1,046
	25	Basic Energy Services, Inc., 7.750%, 02/15/19		21
	400	Berry Plastics Corp., 5.500%, 05/15/22		402
	533	Big Heart Pet Brands, 7.625%, 02/15/19		522
		Biomet, Inc.,
	800	6.500%, 08/01/20		856
	100	6.500%, 10/01/20		106
	279	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		282

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	230	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		239
	500	BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.875%, 04/15/22		445
	231	Building Materials Corp. of America, 5.375%, 11/15/24 (e)		231
	157	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		164
	1,340	Burlington Northern Santa Fe LLC, 4.550%, 09/01/44		1,393
		Cablevision Systems Corp.,
	233	7.750%, 04/15/18		259
	230	8.000%, 04/15/20		264
	250	Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20		196
	795	California Resources Corp., 6.000%, 11/15/24 (e)		709
	437	Calpine Corp., 7.875%, 01/15/23 (e)		484
	235	Casella Waste Systems, Inc., 7.750%, 02/15/19		238
		CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp.,
	5	5.250%, 02/15/22 (e)		5
	35	5.625%, 02/15/24 (e)		36
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	601	6.500%, 04/30/21		633
	225	7.250%, 10/30/17		234
	1,300	7.375%, 06/01/20		1,393
	9	8.125%, 04/30/20		9
		CCOH Safari LLC,
	140	5.500%, 12/01/22		142
	150	5.750%, 12/01/24		151
	200	Cemex Finance LLC, 9.375%, 10/12/22 (e)		229
	400	Central Garden & Pet Co., 8.250%, 03/01/18		396
	845	CenturyLink, Inc., Series W, 6.750%, 12/01/23		938
	226	Cequel Communications Holdings I LLC/Cequel Capital Corp., 5.125%, 12/15/21 (e)		218
	1,025	Chesapeake Energy Corp., 6.625%, 08/15/20		1,130
	65	Chinos Intermediate Holdings A, Inc., 8.500% (cash), 05/01/19 (e) (v)		61
	445	Chiquita Brands International, Inc./Chiquita Brands LLC, 7.875%, 02/01/21		483
		Chrysler Group LLC/CG Co-Issuer, Inc.,
	400	8.000%, 06/15/19		424
	1,415	8.250%, 06/15/21		1,578
		CHS/Community Health Systems, Inc.,
	200	5.125%, 08/01/21		205
	200	6.875%, 02/01/22		212
	2	Cincinnati Bell, Inc., 8.750%, 03/15/18		2
	1,305	Cisco Systems, Inc., 5.500%, 01/15/40		1,560
		CIT Group, Inc.,
	855	5.000%, 08/15/22		882
	40	5.250%, 03/15/18		42
	795	5.500%, 02/15/19 (e)		843
		Claire’s Stores, Inc.,
	250	6.125%, 03/15/20 (e)		232
	68	8.875%, 03/15/19		57
	880	9.000%, 03/15/19 (e)		889
		Clear Channel Worldwide Holdings, Inc.,
	1,530	Series B, 6.500%, 11/15/22		1,595
	915	Series B, 7.625%, 03/15/20		953
	100	Clearwater Paper Corp., 4.500%, 02/01/23		98
	55	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 6.375%, 03/15/24		54
	155	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		108
	37	Coeur Mining, Inc., 7.875%, 02/01/21		29
	10	Columbus McKinnon Corp., 7.875%, 02/01/19		10
		Commercial Metals Co.,
	100	4.875%, 05/15/23		97
	25	7.350%, 08/15/18		28
	80	Compressco Partners LP/Compressco Finance, Inc., 7.250%, 08/15/22 (e)		73
	150	Comstock Resources, Inc., 9.500%, 06/15/20		148
	530	Concho Resources, Inc., 5.500%, 04/01/23		522
		CONSOL Energy, Inc.,
	450	5.875%, 04/15/22 (e)		449
	20	8.250%, 04/01/20		21
	17	Constellation Brands, Inc., 4.750%, 11/15/24		17
	140	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		154

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Corrections Corp. of America,
	250	4.125%, 04/01/20		246
	300	4.625%, 05/01/23		291
	110	Crestview DS Merger Sub II, Inc., 10.000%, 09/01/21		130
	261	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22		260
	260	Crown Castle International Corp., 5.250%, 01/15/23		265
	250	CSC Holdings LLC, 6.750%, 11/15/21		277
		CVS Health Corp.,
	1,054	3.375%, 08/12/24		1,059
	1,195	5.300%, 12/05/43		1,409
	85	Darling Ingredients, Inc., 5.375%, 01/15/22		86
	53	Denali Borrower LLC/Denali Finance Corp., 5.625%, 10/15/20 (e)		56
	835	Denbury Resources, Inc., 4.625%, 07/15/23		701
	205	Diamondback Energy, Inc., 7.625%, 10/01/21		213
		DISH DBS Corp.,
	215	5.125%, 05/01/20		218
	1,215	5.875%, 07/15/22		1,256
	915	5.875%, 11/15/24 (e)		922
	950	6.750%, 06/01/21		1,032
	15	7.875%, 09/01/19		17
	300	DJO Finance LLC/DJO Finance Corp., 8.750%, 03/15/18		315
	2,905	Dominion Resources, Inc., 3.625%, 12/01/24		2,949
	695	Duke Energy Progress, Inc., 4.150%, 12/01/44		720
	4	DuPont Fabros Technology LP, 5.875%, 09/15/21		4
		Dynegy Finance I, Inc./Dynegy Finance II, Inc.,
	115	6.750%, 11/01/19 (e)		119
	910	7.375%, 11/01/22 (e)		958
	35	7.625%, 11/01/24 (e)		37
	43	E*TRADE Financial Corp., 5.375%, 11/15/22		43
	175	Eagle Spinco, Inc., 4.625%, 02/15/21		172
	885	Embarq Corp., 7.995%, 06/01/36		985
	125	Endo Finance LLC & Endo Finco, Inc., 7.000%, 07/15/19 (e)		131
		Energy XXI Gulf Coast, Inc.,
	75	6.875%, 03/15/24 (e)		56
	75	7.500%, 12/15/21		59
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	550	6.875%, 05/01/19		573
	300	7.750%, 09/01/22		306
	850	9.375%, 05/01/20		929
		Equinix, Inc.,
	38	5.375%, 01/01/22		38
	300	5.375%, 04/01/23		301
	27	5.750%, 01/01/25		28
		EXCO Resources, Inc.,
	200	7.500%, 09/15/18		164
	150	8.500%, 04/15/22		128
	151	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		161
		First Data Corp.,
	391	6.750%, 11/01/20 (e)		416
	1,075	7.375%, 06/15/19 (e)		1,131
	912	8.250%, 01/15/21 (e)		976
	26	11.750%, 08/15/21		30
	30	12.625%, 01/15/21		36
	250	8.750% (cash), 01/15/22 (e) (v)		269
	385	FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		406
	2,740	Freeport-McMoRan, Inc., 4.000%, 11/14/21		2,780
	12	Freescale Semiconductor, Inc., 6.000%, 01/15/22 (e)		12
		Fresenius Medical Care U.S. Finance II, Inc.,
	420	4.125%, 10/15/20 (e)		423
	295	4.750%, 10/15/24 (e)		296
	250	5.875%, 01/31/22 (e)		271
		Frontier Communications Corp.,
	250	6.250%, 09/15/21		256
	610	6.875%, 01/15/25		613
	210	9.250%, 07/01/21		246
	700	GCI, Inc., 8.625%, 11/15/19		732
	1,315	General Electric Capital Corp., VAR, 6.375%, 11/15/67		1,418
		General Motors Co.,
	40	3.500%, 10/02/18		41

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	55	4.000%, 04/01/25		55
	100	4.875%, 10/02/23		106
	25	5.200%, 04/01/45		26
	20	6.250%, 10/02/43		23
	2,395	General Motors Financial Co., Inc., 4.250%, 05/15/23		2,449
	125	GenOn Energy, Inc., 9.875%, 10/15/20		129
	1,000	Geo Group, Inc. (The), 6.625%, 02/15/21		1,045
	1,100	Gilead Sciences, Inc., 4.500%, 02/01/45		1,152
	2,175	Goldman Sachs Group, Inc. (The), 3.850%, 07/08/24		2,228
	35	Goodman Networks, Inc., 12.125%, 07/01/18		37
		Goodyear Tire & Rubber Co. (The),
	475	7.000%, 05/15/22		514
	17	8.250%, 08/15/20		18
	1,000	8.750%, 08/15/20		1,175
	325	Gray Television, Inc., 7.500%, 10/01/20		336
	100	H.J. Heinz Co., 4.250%, 10/15/20		101
	200	Halcon Resources Corp., 9.250%, 02/15/22		158
		Harland Clarke Holdings Corp.,
	30	6.875%, 03/01/20 (e)		30
	10	9.250%, 03/01/21 (e)		10
		HCA, Inc.,
	300	5.000%, 03/15/24		304
	100	6.500%, 02/15/20		110
	2,275	7.500%, 02/15/22		2,605
		HD Supply, Inc.,
	1,250	5.250%, 12/15/21 (e)		1,276
	200	7.500%, 07/15/20		211
	10	8.125%, 04/15/19		11
	25	Headwaters, Inc., 7.250%, 01/15/19		26
	175	Hecla Mining Co., 6.875%, 05/01/21		163
		Hertz Corp. (The),
	25	6.750%, 04/15/19		26
	1,492	7.375%, 01/15/21		1,574
	1,420	Hexion U.S. Finance Corp., 6.625%, 04/15/20		1,374
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	350	5.000%, 12/01/24 (e)		324
	125	7.625%, 04/15/21 (e)		130
	790	Hologic, Inc., 6.250%, 08/01/20		818
	800	Huntsman International LLC, 4.875%, 11/15/20		814
	300	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		315
	456	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 02/01/22		465
	325	iHeartCommunications, Inc., 9.000%, 12/15/19		319
	30	IHS, Inc., 5.000%, 11/01/22 (e)		30
	500	ILFC E-Capital Trust I, VAR, 4.840%, 12/21/65 (e)		475
	550	IMS Health, Inc., 6.000%, 11/01/20 (e)		565
	500	Infor Software Parent LLC/Infor Software Parent, Inc., 7.875% (cash), 05/01/21 (e) (v)		499
	500	Infor U.S., Inc., 9.375%, 04/01/19		541
		International Lease Finance Corp.,
	1,235	3.875%, 04/15/18		1,245
	870	5.875%, 08/15/22		942
	515	6.250%, 05/15/19		562
	320	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		339
	515	Iron Mountain, Inc., 5.750%, 08/15/24		522
	100	Isle of Capri Casinos, Inc., 8.875%, 06/15/20		106
	15	Jarden Corp., 7.500%, 05/01/17		16
		JBS USA LLC/JBS USA Finance, Inc.,
	37	5.875%, 07/15/24 (e)		37
	522	7.250%, 06/01/21 (e)		553
	10	8.250%, 02/01/20 (e)		11
	10	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22 (e)		9
	200	Jurassic Holdings III, Inc., 6.875%, 02/15/21 (e)		197
		K. Hovnanian Enterprises, Inc.,
	3	7.000%, 01/15/19 (e)		3
	25	7.250%, 10/15/20 (e)		26
	30	9.125%, 11/15/20 (e)		33
	5	11.875%, 10/15/15		5
	50	Key Energy Services, Inc., 6.750%, 03/01/21		38
	770	Kinder Morgan Energy Partners LP, 5.400%, 09/01/44		768
	735	Kinder Morgan, Inc., 3.050%, 12/01/19		739
	50	Lamar Media Corp., 5.875%, 02/01/22		52
		Lennar Corp.,
	5	4.500%, 06/15/19		5
	225	Series B, 12.250%, 06/01/17		273

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Level 3 Communications, Inc.,
	1,488	5.750%, 12/01/22 (e)		1,495
	338	11.875%, 02/01/19		363
	188	Level 3 Escrow II, Inc., 5.375%, 08/15/22 (e)		190
		Level 3 Financing, Inc.,
	800	7.000%, 06/01/20		855
	364	8.125%, 07/01/19		388
	5	VAR, 3.826%, 01/15/18		5
	800	Linn Energy LLC/Linn Energy Finance Corp., 7.750%, 02/01/21		712
	56	M/I Homes, Inc., 8.625%, 11/15/18		59
		MarkWest Energy Partners LP/MarkWest Energy Finance Corp.,
	500	4.500%, 07/15/23		488
	444	4.875%, 12/01/24		437
	550	MasTec, Inc., 4.875%, 03/15/23		527
	4	Mcron Finance Sub LLC/Mcron Finance Corp., 8.375%, 05/15/19 (e)		4
	75	Memorial Resource Development Corp., 5.875%, 07/01/22 (e)		71
		Mercer International, Inc.,
	125	7.000%, 12/01/19 (e)		126
	227	7.750%, 12/01/22 (e)		231
	75	Meritage Homes Corp., 7.150%, 04/15/20		82
	435	MetLife, Inc., 6.400%, 12/15/36		484
		MGM Resorts International,
	295	6.750%, 10/01/20		318
	1,445	7.750%, 03/15/22		1,625
		Micron Technology, Inc.,
	35	5.500%, 02/01/25 (e)		35
	600	5.875%, 02/15/22 (e)		635
	1,390	Microsoft Corp., 4.875%, 12/15/43		1,609
	35	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		36
		Momentive Performance Materials, Inc.,
	350	3.880%, 10/24/21		306
	350	8.875%, 10/15/20 (d) (i)		–
	3,110	Morgan Stanley, 3.700%, 10/23/24		3,158
	271	MPG Holdco I, Inc., 7.375%, 10/15/22 (e)		282
	250	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		261
	155	MSCI, Inc., 5.250%, 11/15/24 (e)		161
	65	Mustang Merger Corp., 8.500%, 08/15/21 (e)		64
	500	National Financial Partners Corp., 9.000%, 07/15/21 (e)		529
	65	National Mentor Holdings, Inc., 12.500%, 02/15/18 (e)		69
	375	Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc., 8.125%, 11/15/21 (e)		382
	265	Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc., 7.375%, 01/15/22 (e)		256
	100	Navios South American Logistics, Inc./Navios Logistics Finance US, Inc., 7.250%, 05/01/22 (e)		102
	5	NCR Corp., 6.375%, 12/15/23		5
	1,075	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		1,145
	180	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.625%, 03/15/20 (e)		188
	22	New Albertsons, Inc., 8.700%, 05/01/30		21
	665	Nexstar Broadcasting, Inc., 6.875%, 11/15/20		692
	1,385	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		1,395
	69	NII Capital Corp., 7.625%, 04/01/21 (d)		12
	500	NRG Energy, Inc., 8.250%, 09/01/20		536
	165	Nucor Corp., 5.200%, 08/01/43		178
	5	Oasis Petroleum, Inc., 6.875%, 03/15/22		5
	200	Ocean Rig UDW, Inc., 7.250%, 04/01/19 (e)		156
		Omnicare, Inc.,
	280	4.750%, 12/01/22		284
	190	5.000%, 12/01/24		194
	955	Oracle Corp., 4.500%, 07/08/44		1,010
	30	PAETEC Holding Corp., 9.875%, 12/01/18		32
	200	Par Pharmaceutical Cos., Inc., 7.375%, 10/15/20		210
	50	Parker Drilling Co., 7.500%, 08/01/20		42
	800	Party City Holdings, Inc., 8.875%, 08/01/20		862
	79	Peabody Energy Corp., 6.250%, 11/15/21		74
		Philip Morris International, Inc.,
	1,355	3.250%, 11/10/24		1,360
	1,540	4.125%, 03/04/43		1,499
		Phillips 66,
	350	4.300%, 04/01/22		374

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	675	4.875%, 11/15/44		687
	77	Pilgrim’s Pride Corp., 7.875%, 12/15/18		80
	200	Pinnacle Entertainment, Inc., 8.750%, 05/15/20		213
	3	Pittsburgh Glass Works LLC, 8.000%, 11/15/18 (e)		3
	175	PolyOne Corp., 5.250%, 03/15/23		176
		Post Holdings, Inc.,
	57	6.750%, 12/01/21 (e)		56
	1,000	7.375%, 02/15/22		1,010
	775	PPL Capital Funding, Inc., Series A, VAR, 6.700%, 03/30/67		785
	10	Prestige Brands, Inc., 5.375%, 12/15/21 (e)		10
		Prudential Financial, Inc.,
	660	4.600%, 05/15/44		676
	235	VAR, 5.875%, 09/15/42		249
	75	QEP Resources, Inc., 5.250%, 05/01/23		71
	15	Quad/Graphics, Inc., 7.000%, 05/01/22 (e)		15
		Qwest Capital Funding, Inc.,
	24	6.875%, 07/15/28		24
	11	7.750%, 02/15/31		11
	75	Radio Systems Corp., 8.375%, 11/01/19 (e)		81
	50	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		52
	144	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		154
	1,250	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 05/15/17 (e)		1,244
	345	Regal Entertainment Group, 5.750%, 03/15/22		329
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	48	5.000%, 10/01/22		47
	450	5.500%, 04/15/23		450
	500	Revlon Consumer Products Corp., 5.750%, 02/15/21		506
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	1,000	6.875%, 02/15/21		1,056
	100	7.875%, 08/15/19		106
	600	9.000%, 04/15/19		626
	400	9.875%, 08/15/19		431
	200	Rite Aid Corp., 8.000%, 08/15/20		215
	113	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		121
	150	RJS Power Holdings LLC, 5.125%, 07/15/19 (e)		149
	400	Rosetta Resources, Inc., 5.875%, 06/01/22		384
	15	RR Donnelley & Sons Co., 6.500%, 11/15/23		16
	31	RSP Permian, Inc., 6.625%, 10/01/22 (e)		30
	75	Sabine Oil & Gas LLC/Sabine Oil & Gas Finance Corp., 9.750%, 02/15/17		70
	500	Sabine Pass Liquefaction LLC, 5.625%, 04/15/23		510
	150	Sabre GLBL, Inc., 8.500%, 05/15/19 (e)		162
	100	Samson Investment Co., 9.750%, 02/15/20		58
	25	SandRidge Energy, Inc., 7.500%, 03/15/21		20
	250	SBA Communications Corp., 4.875%, 07/15/22 (e)		243
	65	Scientific Games International, Inc., 7.000%, 01/01/22 (e)		65
	200	Sealed Air Corp., 8.375%, 09/15/21 (e)		225
	225	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		223
	26	Seneca Gaming Corp., 8.250%, 12/01/18 (e)		27
	1,533	Serta Simmons Holdings LLC, 8.125%, 10/01/20 (e)		1,633
	850	Service Corp. International, 5.375%, 01/15/22		878
	25	SESI LLC, 6.375%, 05/01/19		26
	145	SGMS Escrow Corp., 10.000%, 12/01/22 (e)		136
	127	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		143
		Sirius XM Radio, Inc.,
	100	4.625%, 05/15/23 (e)		96
	580	5.750%, 08/01/21 (e)		606
	400	5.875%, 10/01/20 (e)		423
	500	6.000%, 07/15/24 (e)		516
		SITEL LLC/Sitel Finance Corp.,
	11	11.000%, 08/01/17 (e)		11
	22	11.500%, 04/01/18		18
	300	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		301
	500	SM Energy Co., 6.500%, 11/15/21		509

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Smithfield Foods, Inc.,
	118	5.250%, 08/01/18 (e)		121
	460	5.875%, 08/01/21 (e)		488
		Spectrum Brands, Inc.,
	500	6.625%, 11/15/22		533
	250	6.750%, 03/15/20		264
	825	Sprint Capital Corp., 8.750%, 03/15/32		867
		Sprint Communications, Inc.,
	340	7.000%, 03/01/20 (e)		374
	52	7.000%, 08/15/20		54
		Sprint Corp.,
	12	7.125%, 06/15/24		12
	22	7.250%, 09/15/21		22
	2,189	7.875%, 09/15/23		2,293
	30	Standard Pacific Corp., 8.375%, 01/15/21		35
	131	Station Casinos LLC, 7.500%, 03/01/21		138
		Steel Dynamics, Inc.,
	15	5.125%, 10/01/21 (e)		15
	15	5.500%, 10/01/24 (e)		16
	250	6.375%, 08/15/22		269
	25	7.625%, 03/15/20		26
	200	Stone Energy Corp., 7.500%, 11/15/22		181
	500	SunGard Data Systems, Inc., 0.000%, 03/08/20		499
	20	6.625%, 11/01/19		20
	505	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45		520
	34	SUPERVALU, Inc., 7.750%, 11/15/22		34
	100	Swift Energy Co., 7.875%, 03/01/22		82
	145	Synchrony Financial, 3.750%, 08/15/21		149
	75	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		71
	500	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.250%, 05/01/23		510
	1,153	Target Corp., 3.500%, 07/01/24		1,187
	600	Tempur Sealy International, Inc., 6.875%, 12/15/20		644
		Tenet Healthcare Corp.,
	100	4.500%, 04/01/21		98
	500	4.750%, 06/01/20		506
	200	6.000%, 10/01/20		213
	200	6.750%, 02/01/20		209
	650	8.000%, 08/01/20		691
	500	8.125%, 04/01/22		559
	500	Terex Corp., 6.000%, 05/15/21		508
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	156	5.500%, 10/15/19 (e)		159
	150	6.250%, 10/15/22 (e)		153
	1,335	Time Warner, Inc., 4.650%, 06/01/44		1,352
		T-Mobile USA, Inc.,
	4	5.250%, 09/01/18		4
	21	6.000%, 03/01/23		21
	5	6.125%, 01/15/22		5
	221	6.375%, 03/01/25		224
	203	6.464%, 04/28/19		211
	327	6.625%, 04/01/23		339
	515	6.633%, 04/28/21		531
	348	6.731%, 04/28/22		360
	203	6.836%, 04/28/23		211
	100	Tops Holding Corp./Tops Markets LLC, 8.875%, 12/15/17		103
	50	Tronox Finance LLC, 6.375%, 08/15/20		51
	6	tw telecom holdings, Inc., 6.375%, 09/01/23		7
	85	U.S. Concrete, Inc., 8.500%, 12/01/18		91
	200	UCI International, Inc., 8.625%, 02/15/19		192
	225	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		230
	350	Unit Corp., 6.625%, 05/15/21		336
		United Rentals North America, Inc.,
	700	6.125%, 06/15/23		740
	1,250	7.625%, 04/15/22		1,381
	250	8.250%, 02/01/21		272
	300	United Surgical Partners International, Inc., 9.000%, 04/01/20		323
		Universal Health Services, Inc.,
	34	3.750%, 08/01/19 (e)		34
	47	4.750%, 08/01/22 (e)		47
	200	Univision Communications, Inc., 6.750%, 09/15/22 (e)		220
	1,523	Verizon Communications, Inc., 3.850%, 11/01/42		1,369
	123	VWR Funding, Inc., 7.250%, 09/15/17		129
		Walgreens Boots Alliance, Inc.,
	1,000	2.700%, 11/18/19		1,011
	1,045	3.800%, 11/18/24		1,067
	895	4.800%, 11/18/44		942

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,440	Wal-Mart Stores, Inc., 4.300%, 04/22/44		1,542
	25	WCI Communities, Inc., 6.875%, 08/15/21		25
	71	Westmoreland Coal Co./Westmoreland Partners, 10.750%, 02/01/18		74
	509	WhiteWave Foods Co. (The), 5.375%, 10/01/22		534
	250	Whiting Petroleum Corp., 5.750%, 03/15/21		252
	180	Williams Cos., Inc. (The), 5.750%, 06/24/44		172
		Windstream Corp.,
	115	7.500%, 06/01/22		118
	1,000	7.500%, 04/01/23		1,017
	35	7.750%, 10/15/20		37
	300	7.750%, 10/01/21		314
	390	WMG Acquisition Corp., 5.625%, 04/15/22 (e)		394
	400	WPX Energy, Inc., 6.000%, 01/15/22		408
	78	XPO Logistics, Inc., 7.875%, 09/01/19 (e)		83
	130	Zayo Group LLC/Zayo Capital, Inc., 10.125%, 07/01/20		146
	795	Zebra Technologies Corp., 7.250%, 10/15/22 (e)		850
				173,827
		Total Corporate Bonds (Cost $334,800)		331,871
	Foreign Government Securities — 10.0%
		Australia — 1.9%
	AUD 11,500	Australia Government Bond, 4.500%, 04/21/33 (m)		11,131
		Bahrain — 0.4%
	2,030	Government of Bahrain, 6.000%, 09/19/44 (e) (m)		2,066
		Brazil — 0.2%
	930	Federative Republic of Brazil, 4.250%, 01/07/25 (m)		951
		Croatia — 0.2%
	EUR 775	Republic of Croatia, 3.875%, 05/30/22 (m)		1,003
		Hungary — 0.8%
		Republic of Hungary,
	1,600	5.375%, 03/25/24 (m)		1,750
	HUF 584,000	5.500%, 06/24/25 (m)		2,774
	370	5.750%, 11/22/23 (m)		409
				4,933
		Iceland — 0.2%
	900	Republic of Iceland, Reg. S, 5.875%, 05/11/22 (m)		1,013
		Indonesia — 1.0%
	IDR 63,200,000	Republic of Indonesia, 9.000%, 03/15/29 (m)		5,624
		Mexico — 1.8%
		United Mexican States,
	MXN 17,593	Series M 10, 7.750%, 12/14/17 (m)		1,393
	MXN 47,400	7.750%, 11/13/42 (m)		3,853
	MXN 55,250	10.000%, 12/05/24 (m)		5,243
				10,489
		South Africa — 1.5%
		Republic of South Africa,
	ZAR 47,100	6.750%, 03/31/21 (m)		4,173
	ZAR 47,000	8.750%, 02/28/48 (m)		4,361
				8,534
		Spain — 1.5%
	EUR 6,035	Spain Government Bond, 3.800%, 04/30/24 (e) (m)		8,789
		Turkey — 0.5%
	TRY 6,140	Republic of Turkey, 9.000%, 07/24/24 (m)		3,023
		Total Foreign Government Securities (Cost $57,102)		57,556
	Loan Assignments — 4.8%
		Canada — 0.0% (g)
	150	MEG Energy Corp., Term Loan B, VAR, 3.750%, 03/31/20		145
		Luxembourg — 0.1%
	350	Delta 2 Sarl, 1st Lien Term Loan, VAR, 4.750%, 07/30/21 ^		347
		Singapore — 0.1%
	499	Avago Technologies Ltd., 1st Lien Term Loan B, VAR, 3.750%, 05/06/21		499
		United States — 4.6%
	150	Albertsons LLC, Term Loan B4, VAR, 4.500%, 08/25/21 ^		150

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	114	Alliance Healthcare Services, Inc., Term Loan, VAR, 4.250%, 06/03/19		113
	799	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		802
	30	Amsurg Corp., Initial Term Loan B, VAR, 3.754%, 07/16/21		30
	750	Arizona Chemical U.S., Inc., 1st Lien Term Loan B, VAR, 4.500%, 06/11/21 ^		749
	5	Ascensus, Inc., 2nd Lien Initial Term Loan, VAR, 9.000%, 12/02/20		5
	874	Avaya, Inc., 1st Lien Term Loan B3, VAR, 4.654%, 10/26/17		848
	75	Avaya, Inc., Term Loan B6, VAR, 6.500%, 03/31/18		74
	938	Axalta Coating Systems U.S. Holdings, Inc., Term Loan B, VAR, 3.750%, 02/01/20 ^		924
	205	Berry Plastics Corp., Term Loan E, VAR, 3.750%, 01/06/21		202
	11	Catalent Pharma Solutions, Inc., USD Term Loan, VAR, 6.500%, 12/31/17		11
	149	Cengage Learning Acquisitions, Inc., Term Loan 2020, VAR, 7.000%, 03/31/20		149
	449	CHG Healthcare Services, Inc., 1st Lien Term Loan, VAR, 4.250%, 11/19/19		448
	500	CHS/Community Health Systems, Inc., Term Loan D, VAR, 4.250%, 01/27/21		501
	199	Cincinnati Bell, Inc., Term Loan B, VAR, 4.000%, 09/10/20		198
	300	CITGO Petroleum Corp., 1st Lien Term Loan B, VAR, 4.500%, 07/29/21		301
	236	Continental Building Products, Inc., 1st Lien Term Loan, VAR, 4.000%, 08/28/20		232
	500	Cumulus Media Holdings, Term Loan, VAR, 4.250%, 12/23/20		492
	50	DaVita HealthCare Partners, Inc., 1st Lien Term Loan B, VAR, 3.500%, 06/24/21		50
	997	Dell International LLC, USD Term Loan B, VAR, 4.500%, 04/29/20		998
	124	Delta Air Lines, Inc., Term Loan B1, VAR, 3.250%, 10/18/18		123
	98	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.501%, 11/01/18		97
	320	Drillships Ocean Ventures, Inc., 1st Lien Term Loan B, VAR, 5.500%, 07/25/21 ^		297
	250	Duff & Phelps Corp., Term Loan, VAR, 4.500%, 04/23/20		249
	20	EFS Cogen Holdings I LLC, Term Loan, VAR, 3.750%, 12/17/20		20
	510	Energy Future Holdings Corp., 1st Lien Term Loan, VAR, 4.250%, 06/19/16		510
	200	Entegris, Inc., Term Loan B, VAR, 3.500%, 04/30/21		199
	100	EWT Holdings III Corp., 2nd Lien Term Loan, VAR, 8.500%, 01/15/22		98
	200	Fieldwood Energy LLC, 2nd Lien Term Loan, VAR, 8.375%, 09/30/20		181
	300	First Data Corp., 2018 Dollar Term Loan, VAR, 3.655%, 03/23/18		296
	500	First Data Corp., 2021 Dollar Term Loan, VAR, 4.155%, 03/24/21 ^		497
	649	FMG Resources Pty, Ltd. (Fortescue Metals Group), Term Loan, VAR, 3.750%, 06/30/19 ^		608
	499	Freescale Semiconductor, Inc., 7 Years Term Loan B-4, VAR, 4.250%, 02/28/20		495
	50	Gardner Denver, Inc., New Term Loan B, VAR, 4.250%, 07/30/20		48
	370	Go Daddy Group, Inc. (The), Term Loan B, VAR, 4.750%, 05/13/21		369
	173	H. J. Heinz Co., USD Term B-2 Loan, VAR, 3.500%, 06/05/20		173
	100	Halyard Health, Inc., 1st Lien Term Loan B, VAR, 4.000%, 11/01/21		100
	50	HD Supply, Inc., Term Loan B, VAR, 4.000%, 06/28/18		50
	100	Hilex Poly Co. LLC, 1st Lien Term Loan A, VAR, 5.000%, 06/30/21 ^		99
	375	Hostess Brands LLC, Term Loan, VAR, 6.750%, 04/09/20 ^		383
	500	HUB International Ltd., Term Loan B, VAR, 4.250%, 10/02/20		494
	400	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		394
	725	IASIS Healthcare Corp., New Term Loan B2, VAR, 4.500%, 05/03/18 ^		726
	50	iHeartCommunications, Inc., Term Loan, VAR, 6.906%, 01/30/19		47
	13	iHeartCommunications, Inc., Term Loan B-1, VAR, 3.806%, 01/29/16		13
	24	iHeartCommunications, Inc., Term Loan E, VAR, 7.656%, 07/30/19		23

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	328	Ikaria, Inc.,1st Lien Term Loan, VAR, 5.000%, 02/12/21		329
	140	INC Research Holdings, Inc., 2014 Term Loan B, VAR, 4.750%, 11/12/21 ^		140
	300	Intrawest Resorts Holdings, Inc., Term Loan, VAR, 5.500%, 12/09/20		301
	193	inVentiv Health, Inc., Term Loan B-4, VAR, 7.750%, 05/15/18		190
	498	J.C. Penney Co., Inc., 1st Lien Term Loan, VAR, 6.000%, 05/22/18		489
	175	Landry’s, Inc., Term B Loan, VAR, 4.000%, 04/24/18 ^		175
	40	Mallinckrodt International Finance, 1st Lien Term Loan, VAR, 3.500%, 03/19/21		40
	100	Mauser AG (FKA Pertus Sechzehnte GmbH), 1st Lien Term Loan, VAR, 4.500%, 07/31/21		99
	82	McGraw-Hill Education Holding Inc., Term B Loan, VAR, 5.750%, 03/22/19		82
	447	Media General, Inc., Term Loan B, VAR, 4.250%, 07/31/20 ^		447
	205	Media General, Inc., Term Loan B-2, VAR, 07/31/20 ^		204
	389	MPH Acquisition Holdings, Senior Secured Term Loan, VAR, 3.750%, 03/31/21 ^		382
	250	National Financial Partners Corp, 1st Lien Term Loan B, VAR, 4.500%, 07/01/20 ^		248
	270	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.750%, 01/31/21 ^		268
	71	New Albertsons, Inc., 1st Lien Term Loan B, VAR, 4.750%, 06/27/21		71
	100	New Albertsons, Inc., 2019 Term Loan, VAR, 4.750%, 03/21/19		99
	97	NVA Holdings, Inc., 1st Lien Term Loan, VAR, 4.750%, 08/14/21		97
	31	OCI Beaumont LLC, Term B-3 Loan, VAR, 5.000%, 08/20/19		31
	479	Onex USI Acquisition Corp., Term Loan B, VAR, 4.250%, 12/27/19		474
	40	Ortho-Clinical Diagnostics, Inc., Term Loan B, VAR, 4.750%, 06/30/21		40
	20	Overseas Shipholding Group, 1st Lien Term Loan B, VAR, 5.250%, 08/05/19		20
	250	Pacific Drilling S.A., Term Loan, VAR, 4.500%, 06/03/18		231
	292	Packers Holdings LLC, 1st Lien Term Loan B, VAR, 11/25/21 ^		293
	499	Party City Holdings, Inc., Term Loan B, VAR, 4.000%, 07/27/19 ^		494
	299	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20		290
	247	PGX Holdings, Inc., Term Loan, VAR, 6.250%, 09/29/20		245
	196	Pinnacle Foods Finance LLC, Term Loan G, VAR, 3.250%, 04/29/20		193
	48	Post Holdings, Inc., 1st Lien Term Loan B, VAR, 3.750%, 06/02/21		48
	25	Quikrete Holdings, Inc., 2nd Lien Initial Loan, VAR, 7.000%, 03/26/21		25
	119	Quikrete Holdings, Inc., Term Loan, VAR, 4.000%, 09/28/20		118
	17	R.H. Donnelley, Inc., Exit Term Loan, VAR, 9.750%, 12/31/16		13
	500	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21 ^		500
	199	ROC Finance LLC, 1st Lien Term Loan, VAR, 5.000%, 06/20/19		190
	362	Sage Products Holdings III LLC, 1st Lien Term Loan, VAR, 4.250%, 12/13/19		361
	799	Scientific Games International, Inc., Term Loan, VAR, 4.940%, 10/18/20 ^		788
	200	Seadrill Partners LP, Term Loan B, VAR, 4.000%, 02/21/21 ^		180
	499	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18 ^		483
	120	Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, VAR, 3.750%, 03/01/21		117
	600	Seventy Seven Operating LLC, 1st Lien Term Loan B, VAR, 3.750%, 06/25/21		578
	48	Stallion Oilfield Holdings, Inc., Term Loan, VAR, 8.000%, 06/19/18		45
	499	Station Casinos LLC, 1st Lien Term Loan B, VAR, 4.250%, 03/02/20 ^		495
	300	STHI Holding Corp., 1st Lien Term Loan, VAR, 4.500%, 08/06/21 ^		299
	100	SUPERVALU, Inc., Term Loan B, VAR, 4.500%, 03/21/19		99
	250	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.650%, 10/10/17 (d) ^		181
	125	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.650%, 10/10/16 (d)		90

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	731	Tribune Co., Term Loan, VAR, 4.000%, 12/27/20 ^		727
	500	TWCC Holding Corp., 1st Lien Term Loan, VAR, 3.500%, 02/13/17		492
	299	Univision Communications, Inc., 1st Lien Term Loan C-4, VAR, 4.000%, 03/01/20		296
	173	Univision Communications, Inc., Term Loan, VAR, 4.000%, 03/01/20		171
	63	UPC Financing Partnership, Facility AH, VAR, 3.250%, 06/30/21		62
	58	UTEX Industries, Inc., 1st Lien Term Loan B, VAR, 5.000%, 05/21/21		57
	20	Visant Corp., 1st Lien Term Loan B, VAR, 7.000%, 09/23/21		20
	50	WMG Acquisition Corp., Term Loan, VAR, 3.750%, 07/01/20		49
	100	XO Communications LLC, 1st Lien Term Loan, VAR, 4.250%, 03/20/21		99
	134	Zayo Group LLC, Term Loan B, VAR, 4.000%, 07/02/19		134
				26,555
		Total Loan Assignments (Cost $27,703)		27,546
	Preferred Securities — 6.1% (x)
		Belgium — 0.1%
	EUR 520	KBC Groep N.V., VAR, 5.625%, 03/19/19		637
		Cayman Islands — 0.3%
	2,000	Emirates NBD Tier 1 Ltd., VAR, 5.750%, 05/30/19		1,970
		Denmark — 0.4%
		Danske Bank A/S,
	EUR 950	VAR, 4.878%, 05/15/17		1,230
	EUR 670	VAR, 5.750%, 04/06/20		851
				2,081
		France — 0.9%
	EUR 550	BNP Paribas S.A., Reg. S, VAR, 7.781%, 07/02/18		795
		BPCE S.A.,
	EUR 550	VAR, 6.117%, 10/30/17		743
	EUR 200	VAR, 9.000%, 03/17/15		253
		Credit Agricole S.A.,
	EUR 1,000	VAR, 6.500%, 06/23/21		1,272
	GBP 450	VAR, 8.125%, 10/26/19		796
	400	Electricite de France S.A., VAR, 5.250%, 01/29/23 (e)		415
		Orange S.A.,
	EUR 700	VAR, 4.250%, 02/07/20		911
	EUR 200	VAR, 5.250%, 02/07/24		269
				5,454
		Germany — 0.1%
	EUR 300	Allianz SE, VAR, 4.750%, 10/24/23		414
		Hong Kong — 0.3%
	2,000	CRCC Yupeng Ltd., VAR, 3.950%, 08/01/19		2,019
		Italy — 0.4%
	EUR 1,400	Intesa Sanpaolo S.p.A., VAR, 8.375%, 10/14/19		2,058
		Norway — 0.0% (g)
	GBP 125	DNB Bank ASA, Reg. S, VAR, 6.012%, 03/29/17		204
		Spain — 0.4%
		Banco Bilbao Vizcaya Argentaria S.A.,
	EUR 400	Reg. S, VAR, 7.000%, 02/19/19		509
	1,400	VAR, 9.000%, 05/09/18		1,516
				2,025
		Sweden — 0.2%
	EUR 700	Skandinaviska Enskilda Banken AB, VAR, 7.092%, 12/21/17		989
		Switzerland — 0.2%
	1,190	Credit Suisse Group AG, VAR, 6.250%, 12/18/24 (e)		1,157
	EUR 220	UBS AG, VAR, 4.280%, 04/15/15		274
				1,431
		United Kingdom — 1.5%
	GBP 580	HBOS Capital Funding LP, VAR, 6.461%, 11/30/18		945
	1,995	HSBC Holdings plc, VAR, 6.375%, 09/17/24		2,041
	GBP 1,000	Legal & General Group plc, VAR, 6.385%, 05/02/17		1,640
		Lloyds Banking Group plc,
	EUR 1,550	VAR, 6.375%, 06/27/20		1,987
	212	VAR, 7.500%, 06/27/24		218
	GBP 550	Nationwide Building Society, VAR, 6.875%, 06/20/19		844
	GBP 638	Standard Life plc, VAR, 6.750%, 07/12/27		1,110
				8,785

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		United States — 1.3%
		Bank of America Corp.,
	2,970	Series X, VAR, 6.250%, 09/05/24		2,953
	750	Series Z, VAR, 6.500%, 10/23/24		772
	50	Series K, VAR, 8.000%, 01/30/18		53
		Citigroup, Inc.,
	40	VAR, 5.950%, 01/30/23		40
	1,500	Series M, VAR, 6.300%, 05/15/24		1,490
	225	Goldman Sachs Group, Inc. (The), VAR, 5.700%, 05/10/19		230
	335	Morgan Stanley, VAR, 5.450%, 07/15/19		338
	1,350	SunTrust Banks, Inc., VAR, 5.625%, 12/15/19		1,357
				7,233
		Total Preferred Securities (Cost $35,940)		35,300
	Preferred Stocks — 0.0% (g)
		Cayman Islands — 0.0% (g)
	—  (h)	XLIT Ltd., Series D, VAR, 3.351%, 12/29/14 @ ($1,000 par value)		51
		United Kingdom — 0.0% (g)
	—  (h)	Royal Bank of Scotland Group plc, 6.350%, 12/31/14 @ ($25 par value)		2
	—  (h)	Royal Bank of Scotland Group plc, 6.400%, 12/29/14 @ ($25 par value)		9
				11
		United States — 0.0% (g)
	—  (h)	Ally Financial, Inc., Series G, 7.000%, 12/29/14 (e) @		133
		Total Preferred Stocks (Cost $191)		195
SHARES
	Short-Term Investments— 0.9%
		Investment Companies — 0.9%
	490	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.050% (b) (l) (m)		490
	4,700	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.030% (b) (l) (m)		4,700
		Total Short-Term Investments (Cost $5,190)		5,190
		Total Investments — 98.6% (Cost $572,042)		568,476
		Other Assets in Excess of Liabilities — 1.4% (c)		7,958
		NET ASSETS — 100.0%	$	576,434

Percentages indicated are based on net assets.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT NOVEMBER 30, 2014			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	3		Euro Bobl		12/08/14		478			3
	47		Euro Btp		12/08/14		7,832			23
			Short Futures Outstanding
	(20	)	Euro Bund		12/08/14		(3,801	)		(81	)
	(135	)	10 Year U.S. Treasury Note		03/20/15		(17,151	)		(127	)
	(18	)	U.S. Long Bond		03/20/15		(2,567	)		(32	)
	(24	)	Ultra Long Term U.S. Treasury Bond		03/20/15		(3,860	)		(72	)
	(19	)	Long Gilt		03/27/15		(3,488	)		(39	)
	(4	)	Short Gilt		03/27/15		(646	)		(1	)
	(470	)	5 Year U.S. Treasury Note		03/31/15		(56,161	)		(236	)
										(562	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
282	EUR	Barclays Bank plc	12/17/14		354		351		(3	)
1,196	EUR	Standard Chartered Bank	12/17/14		1,493		1,488		(5	)
111	EUR	State Street Corp.	12/17/14		138		138		—	(h)
5,928	EUR	TD Bank Financial Group	12/17/14		7,385		7,371		(14	)
7,084	GBP	Deutsche Bank AG	12/17/14		11,180		11,064		(116	)
320,148	INR	Westpac Banking Corp.†	12/17/14		5,172		5,131		(41	)
40,898	MXN	HSBC Bank, N.A.	12/17/14		2,971		2,936		(35	)
9,320	MXN	Westpac Banking Corp.	12/17/14		685		669		(16	)
10,865	NZD	HSBC Bank, N.A.	12/17/14		8,507		8,510		3
12,240	TRY	Goldman Sachs International	12/17/14		5,518		5,494		(24	)
					43,403		43,152		(251	)
CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
11,899	AUD	Royal Bank of Canada	12/17/14		10,191		10,114		77
775	AUD	Westpac Banking Corp.	12/17/14		669		658		11
21,356	BRL	Goldman Sachs International†	12/17/14		8,136		8,263		(127	)
527	EUR	Barclays Bank plc	12/17/14		659		655		4
998	EUR	BNP Paribas	12/17/14		1,246		1,242		4
74	EUR	Credit Suisse International	12/17/14		92		92		—	(h)
3,954	EUR	Deutsche Bank AG	12/17/14		4,948		4,917		31
70,274	EUR	HSBC Bank, N.A.	12/17/14		87,601		87,391		210
733	EUR	Royal Bank of Canada	12/17/14		909		912		(3	)
2,139	EUR	State Street Corp.	12/17/14		2,662		2,661		1
255	EUR	Union Bank of Switzerland AG	12/17/14		317		316		1
16,762	EUR	Westpac Banking Corp.	12/17/14		20,782		20,844		(62	)
7,059	GBP	Australia and New Zealand Banking Group Limited	12/17/14		11,061		11,025		36
12,339	GBP	HSBC Bank, N.A.	12/17/14		19,436		19,271		165
691	GBP	Standard Chartered Bank	12/17/14		1,088		1,079		9

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO SELL	CURRENCY	COUNTERPARTY	SETTLEMENT DATE	SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2014		NET UNREALIZED APPRECIATION (DEPRECIATION)
826	GBP	State Street Corp.	12/17/14		1,315		1,290		25
81	GBP	Union Bank of Switzerland AG	12/17/14		129		127		2
68,659	HUF	Deutsche Bank AG	12/17/14		277		278		(1	)
580,061	HUF	Royal Bank of Canada	12/17/14		2,317		2,352		(35	)
551,974	JPY	Royal Bank of Canada	12/17/14		4,789		4,650		139
89,973	JPY	State Street Corp.	12/17/14		781		758		23
6,324,618	KRW	HSBC Bank, N.A.†	12/17/14		5,674		5,677		(3	)
9,320	MXN	Deutsche Bank AG	12/17/14		682		670		12
69,261	MXN	Goldman Sachs International	12/17/14		5,001		4,973		28
9,847	NZD	Royal Bank of Canada	12/17/14		7,544		7,712		(168	)
1,018	NZD	State Street Corp.	12/17/14		781		798		(17	)
19,216	PLN	Goldman Sachs International	12/17/14		5,680		5,706		(26	)
6,811	ZAR	Deutsche Bank AG	12/17/14		607		613		(6	)
39,807	ZAR	Royal Bank of Canada	12/17/14		3,498		3,586		(88	)
43,828	ZAR	Westpac Banking Corp.	12/17/14		3,866		3,947		(81	)
					212,738		212,577		161

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CDO	—	Collateralized Debt Obligation
CLO	—	Collateralized Loan Obligation
CMO	—	Collateralized Mortgage Obligation
EUR	—	Euro
GBP	—	British Pound
GMAC	—	General Motors Acceptance Corp.
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
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, 2014. 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.
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
MXN	—	Mexican Peso
NZD	—	New Zealand Dollar
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMIC	—	Real Estate Mortgage Investment Conduit
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, 2014.
TRY	—	Turkish Lira
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2014.
ZAR	—	South African Rand

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

(Amounts in thousands)

@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of November 30, 2014.
(b)	—	Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.1%.
(h)	—	Amount rounds to less than one thousand (shares or dollars).
(i)	—	Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)	—	The rate shown is the current yield as of November 30, 2014.
(m)	—	All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown reflect the next call date. The coupon rates shown are the rates in effect as of November 30, 2014.
†	—	Non-deliverable forward.
^	—	All or a portion of the security is unsettled as of November 30, 2014. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

As of November 30, 2014, 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	4,460
Aggregate gross unrealized depreciation	(8,026	)
Net unrealized appreciation/depreciation	(3,566	)
Federal income tax cost of investments	572,042

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amount 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
Cayman Islands	$	—	$	5,677	$	250	$	5,927
Ireland		—		—		785		785
Italy		—		135		—		135
United States		—		1,421		22,385		23,806
Total Asset-Backed Securities		—		7,233		23,420		30,653
Collateralized Mortgage Obligations
Agency CMO
United States		—		18,614		—		18,614
Non-Agency CMO
Italy		—		—		143		143
Spain		—		183		—		183
United States		—		29,760		101		29,861
Total Collateralized Mortgage Obligations		—		48,557		244		48,801
Commercial Mortgage-Backed Securities
Cayman Islands		—		254		112		366
United States		—		13,121		7,629		20,750
Total Commercial Mortgage-Backed Securities		—		13,375		7,741		21,116
Convertible Bonds
Netherlands		—		858		—		858
United Kingdom		—		202		—		202
United States		—		9,188		—		9,188
Total Convertible Bonds		—		10,248		—		10,248
Corporate Bonds
Argentina		—		1,044		—		1,044
Australia		—		237		—		237
Bahamas		—		144		—		144
Bermuda		—		835		—		835
Brazil		—		1,102		—		1,102
Canada		—		7,857		—		7,857
Cayman Islands		—		1,442		—		1,442
Chile		—		3,413		—		3,413
Colombia		—		1,930		—		1,930
Croatia		—		1,847		—		1,847
Denmark		—		319		—		319

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
France	$	—	$	11,982		—	$	11,982
Germany		—		11,705		—		11,705
Hong Kong		—		1,008		—		1,008
Indonesia		—		2,454		—		2,454
Ireland		—		8,242		—		8,242
Israel		—		4,619		—		4,619
Italy		—		10,136		—		10,136
Japan		—		200		—		200
Kazakhstan		—		3,402		—		3,402
Luxembourg		—		22,987		—		22,987
Mexico		—		5,893		—		5,893
Morocco		—		2,668		—		2,668
Netherlands		—		11,829		—		11,829
Norway		—		1,223		—		1,223
Peru		—		988		—		988
Singapore		—		204		—		204
South Korea		—		1,980		—		1,980
Spain		—		2,283		—		2,283
Sri Lanka		—		252		—		252
Sweden		—		1,734		—		1,734
Switzerland		—		3,610		—		3,610
Turkey		—		6,370		—		6,370
United Arab Emirates		—		873		—		873
United Kingdom		—		21,232		—		21,232
United States		—		173,673		154		173,827
Total Corporate Bonds		—		331,717		154		331,871
Foreign Government Securities		—		57,556		—		57,556
Preferred Securities
Belgium		—		637		—		637
Cayman Islands		—		1,970		—		1,970
Denmark		—		2,081		—		2,081
France		—		5,454		—		5,454
Germany		—		414		—		414
Hong Kong		—		2,019		—		2,019
Italy		—		2,058		—		2,058
Norway		—		204		—		204
Spain		—		2,025		—		2,025
Sweden		—		989		—		989
Switzerland		—		1,431		—		1,431
United Kingdom		—		8,785		—		8,785
United States		—		7,233		—		7,233
Total Preferred Securities		—		35,300		—		35,300
Preferred Stocks
Cayman Islands		—		51		—		51
United Kingdom		11		—		—		11
United States		—		133		—		133
Total Preferred Stocks		11		184		—		195
Loan Assignments
Canada		—		145		—		145
Luxembourg		—		347		—		347
Singapore		—		499		—		499
United States		—		26,555		—		26,555
Total Loan Assignments		—		27,546		—		27,546

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Short-Term Investments
Investment Companies	$	5,190		$	—		$	—	$	5,190
Total Investments in Securities	$	5,201		$	531,716		$	31,559	$	568,476
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	781		$	—	$	781
Futures Contracts		26			—			—		26
Total Appreciation in Other Financial Instruments	$	26		$	781		$	—	$	807
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(871	)	$	—	$	(871	)
Futures Contracts		(588	)		—			—		(588	)
Total Depreciation in Other Financial Instruments	$	(588	)	$	(871	)	$	—	$	(1,459	)

There were no transfers between Levels 1 and 2 during the period ended November 30, 2014.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at November 30, 2014.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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 August 31, 2014		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2014
Asset-Backed Securities - Cayman Islands	$	250	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	250
Asset-Backed Securities - Ireland		—		—			—			—			785		—			—		—			785
Asset-Backed Securities - United States		8,916		(2	)		(72	)		7			14,611		(834	)		—		(241	)		22,385
Collateralized Mortgage Obligations - Non-Agency CMO - Italy		149		—			(6	)		—	(a)		—		—			—		—			143
Collateralized Mortgage Obligations - Non-Agency CMO - United States		101		—			—	(a)		—			—		—			—		—			101
Commercial Mortgage-Backed Securities - Cayman Islands		112		—			—	(a)		—			—		—			—		—			112
Commercial Mortgage-Backed Securities - United States		1,488		—			(8	)		—	(a)		6,630		—			—		(481	)		7,629
Corporate Bond - United States		160		—			(3	)		—	(a)		—		(3	)		—		—	(a)		154
	$	11,176	$	(2	)	$	(89	)	$	7		$	22,026	$	(837	)	$	—	$	(722	)	$	31,559

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

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

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

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

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, 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, 2014, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(90,000).

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

Global Bond Opportunities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(amounts in thousands)

	Fair Value at November 30, 2014		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	19,331	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.00% (1.34%)
				Constant Default Rate		0.00% - 35.00% (12.58%)
				Yield (Discount Rate of Cash Flows)		0.00% - 6.45% (4.21%)
Asset-Backed Securities		19,331
		244	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 3.20% (1.88%)
				Constant Default Rate		0.50% - 50.00% (20.90%)
				Yield (Discount Rate of Cash Flows)		1.09% - 4.13% (2.34)
Collateralized Mortgage Obligations		244
		7,740	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.80% - 19.05% (5.71%)
Commercial Mortgage-Backed Securities		7,740
Total	$	27,315

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At November 30, 2014, the value of these investments was approximately $4,244,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a predetermined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

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

Notes (1) — (2) below describe the various derivatives used by the Fund

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

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

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

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty, and net amounts owed or due across transactions).

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

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2014 (Unaudited) (continued)

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

As of November 30, 2014, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	January 28, 2015

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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	January 28, 2015
By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	January 28, 2015