UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of November 30, 2016

(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., 2016.

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 102.3%
		U.S. Treasury Bills — 54.6% (n)
	2,038,000	0.151%, 12/01/16		2,038,000
	2,673,908	0.272%, 12/29/16		2,673,344
	3,001,266	0.287%, 12/15/16		3,000,932
	645,249	0.318%, 12/08/16		645,209
	350,000	0.331%, 01/05/17		349,887
	2,000,000	0.336%, 01/19/17		1,999,087
	325,000	0.458%, 02/23/17		324,653
	2,250,000	0.501%, 03/02/17		2,247,122
	500,000	0.507%, 02/16/17		499,458
	250,000	0.617%, 05/25/17		249,253
	250,000	0.634%, 05/18/17		249,263
				14,276,208
		U.S. Treasury Notes — 47.7%
	269,000	0.500%, 02/28/17		269,017
	750,000	0.625%, 12/15/16		750,047
	71,000	0.750%, 10/31/17		70,948
	1,480,000	0.875%, 12/31/16		1,480,569
	100,000	0.875%, 01/31/17		100,078
	100,000	0.875%, 02/28/17		100,099
	275,500	0.875%, 04/15/17		275,840
	150,000	0.875%, 04/30/17		150,213
	650,000	0.875%, 06/15/17		651,003
	150,000	0.875%, 07/15/17		150,170
	350,000	1.875%, 08/31/17		353,163
	246,000	1.875%, 10/31/17		248,330
	370,000	3.000%, 02/28/17		372,262
	300,000	3.125%, 01/31/17		301,320
	120,000	3.125%, 04/30/17		121,262
	535,000	3.250%, 12/31/16		536,229
	1,125,000	4.625%, 02/15/17		1,134,710
	925,000	VAR, 0.565%, 12/01/16		924,927
	1,011,469	VAR, 0.568%, 12/01/16		1,011,387
	1,145,000	VAR, 0.575%, 12/01/16		1,145,007
	875,000	VAR, 0.659%, 12/01/16		875,050
	100,000	VAR, 0.665%, 12/01/16		100,037
	810,000	VAR, 0.681%, 12/01/16		810,723
	539,000	VAR, 0.763%, 12/01/16		539,861
				12,472,252
		Total U.S. Treasury Obligations (Cost $ 26,748,460)		26,748,460
		Total Investments — 102.3% (Cost $26,748,460)*		26,748,460
		Liabilities in Excess of Other Assets — (2.3)%		(604,080	)
		NET ASSETS — 100.0%	$	26,144,380

Percentages indicated are based on net assets.

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
*	—	The cost of securities is substantially the same for federal income tax purposes.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

• Level 1 – Quoted prices in active markets for identical securities.

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

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

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

The following is a summary of the inputs used as of November 30, 2016, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	26,748,460	$	—	$	26,748,460

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

There were no transfers among any levels during the period ended November 30, 2016

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Daily Demand Notes — 7.4%
		California — 7.4%
		California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co.,
	1,450	Series 2009 A, Rev., VRDO, LOC: Union Bank N.A., 0.580%, 12/01/16		1,450
	10,000	Series B, Rev., VRDO, LOC: Union Bank N.A., 0.580%, 12/01/16		10,000
	1,250	California Municipal Finance Authority, Recovery Zone Facility, Chevron U.S.A., Inc. Project, Series 2010 A, Rev., VRDO, 0.470%, 12/01/16		1,250
	1,000	California Pollution Control Financing Authority, Pacific Gas & Electric Co., Series C, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.600%, 12/01/16		1,000
	1,400	City of Irvine, Improvement Bond Act of 1915, Assessment District No. 87-8, VRDO, LOC: State Street Bank & Trust, 0.550%, 12/01/16		1,400
	5,500	City of Irvine, Improvement Bond Act of 1915, Assessment District No. 97-17, Special Assessment, VRDO, LOC: State Street Bank & Trust, 0.550%, 12/01/16 (e)		5,500
	5,000	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XL0015, Rev., VRDO, LIQ: Barclays Bank plc, 0.580%, 12/01/16 (e)		5,000
		Total Daily Demand Notes (Cost $25,600)		25,600
	Weekly Demand Notes — 82.5%
		California — 82.5%
	1,000	ABAG Finance Authority for Nonprofit Corps., Multi-Family Housing, Reardon Heights Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		1,000
	3,830	Alameda County IDA, Plyproperties Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.620%, 12/07/16		3,830
	200	Alameda Public Financing Authority, Multi-Family Housing, Eagle Village/Parrot Village Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.540%, 12/07/16		200
	12,043	Bay Area Toll Authority, California Toll Bridge, Series 2015-XF2179, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.580%, 12/07/16 (e)		12,043
	4,580	Beverly Hills Public Financing Authority, Series 2016-XF2281, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		4,580
	3,675	California Health Facilities Financing Authority, Scripps Health, Series 2008 G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.540%, 12/07/16		3,675
	6,400	California Health Facilities Financing Authority, City of Hope, Series C, Rev., VRDO, 0.560%, 12/07/16		6,400
	10,100	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program, Series I, Rev., VRDO, LOC: Mizuho Corporate Bank, 0.620%, 12/07/16		10,100
	6,500	California Health Facilities Financing Authority, Memorial Health Services, Series A, Rev., VRDO, 0.570%, 12/07/16		6,500
	7,500	California Health Facilities Financing Authority, Stanford Hospital & Clinics, Series B-1, Rev., VRDO, 0.560%, 12/07/16		7,500
	3,549	California Housing Finance Agency, Series 2016-XF2308, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.780%, 12/07/16 (e)		3,548
	4,620	California Housing Finance Agency, Multi-Family Housing, Mission Gardens Apartments Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.560%, 12/07/16		4,620
	3,435	California Infrastructure & Economic Development Bank, Industrial Development, M.A. Silva Corks USA LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.720%, 12/07/16		3,435
	9,245	California Infrastructure & Economic Development Bank, Santa Barbara Center for the Performing Arts, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16 (p)		9,245
	10,655	California Statewide Communities Development Authority, Series J, Rev., VRDO, 0.560%, 12/07/16		10,655
	2,950	California Statewide Communities Development Authority, Kaiser Permanente, Series C-2, Rev., VRDO, 0.560%, 12/07/16		2,950
	505	California Statewide Communities Development Authority, Multi-Family Housing, Avian Glen Apartments Project, Series OO, Rev., VRDO, LOC: Citibank N.A., 0.850%, 12/07/16		505

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		California — continued
	1,970	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.530%, 12/07/16		1,970
	2,700	California Statewide Communities Development Authority, Multi-Family Housing, Hermosa Vista Apartments, Series XX, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		2,700
	14,840	California Statewide Communities Development Authority, Rady Children’s Hospital, Series C, Rev., VRDO, LOC: Northern Trust Co., 0.520%, 12/07/16		14,840
	600	City & County of San Francisco, Multi-Family Housing, Folsom-Dore Apartment Project, Series 2002 A, Rev., VRDO, LOC: Citibank N.A., 0.550%, 12/07/16		600
	2,000	City of Livermore, Series A, COP, VRDO, LOC: U.S. Bank N.A., 0.510%, 12/07/16		2,000
	4,120	City of Manhattan Beach, COP, VRDO, LOC: Union Bank N.A., 0.590%, 12/07/16 (p)		4,120
	3,025	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.540%, 12/07/16		3,025
		City of Palo Alto,
	6,240	Series 2016-XF2252, GO, VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		6,240
	4,160	Series 2016-XF2266, GO, VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		4,160
	635	County of Contra Costa, City of Richmond, Wastewater, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.600%, 12/07/16		635
	210	County of Orange, Apartment Development, Villas La Paz, Series F, Rev., VRDO, FNMA, LIQ: FNMA, 0.550%, 12/07/16		210
	3,300	Irvine Ranch Water District, Nos. 105, 140, 240, 250, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.510%, 12/07/16		3,300
	5,000	Los Angeles City Department of Water & Power, Power System, Series B, Subseries B-5, Rev., VRDO, 0.520%, 12/07/16		5,000
	1,386	Los Angeles Community Redevelopment Agency, Multi-Family Housing, Views at 270, Series A, Rev., VRDO, LOC: Citibank N.A., 0.670%, 12/07/16		1,386
	14,400	Los Angeles County Housing Authority, Multi-Family Housing, Sand Canyon, Series F, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.560%, 12/07/16		14,400
	7,800	Los Angeles Department of Water & Power, Waterworks, Series B, Subseries B-3, Rev., VRDO, 0.510%, 12/07/16		7,800
		Metropolitan Water District of Southern California,
	5,800	Series A-1, Rev., VRDO, 0.510%, 12/07/16		5,800
	1,630	Series A-2, Rev., VRDO, 0.510%, 12/07/16		1,630
	5,240	Orange County Water District, Series 2016-ZM0155, COP, VRDO, LIQ: Morgan Stanley Bank, 0.580%, 12/07/16 (e)		5,240
	4,910	Puttable Floating Option Tax-Exempt Receipts, Series MT-841, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		4,910
	1,000	Regents of the University of California, Series AL-1, Rev., VRDO, 0.510%, 12/07/16		1,000
	1,675	Riverside County Transportation Commission, Series 2016-XF2297, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		1,675
		Sacramento County Housing Authority, Multi-Family Housing,
	3,630	Series C, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		3,630
	1,700	Series D, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		1,700
	600	Sacramento County Housing Authority, Multi-Family Housing, Sierra Sunrise Senior Apartments, Series D, Rev., VRDO, LOC: Citibank N.A., 0.550%, 12/07/16		600
	10,000	Sacramento County of California, Multi-Family Housing, Series B, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 12/07/16		10,000
	10,000	Sacramento County Sanitation Districts Financing Authority, Municipal Securities Trust Receipts, Series SGC-47, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, 0.570%, 12/07/16		10,000
	490	Sacramento County Sanitation Districts Financing Authority, Sub-Lien, Sacramento Regional County Sanitation District, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.520%, 12/07/16		490

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		California — continued
	5,000	Sacramento Housing Authority, Multi-Family Housing, The Lofts at Natomas Apartments, Series F, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		5,000
	3,400	San Diego Housing Authority, Multi-Family Housing, Studio 15, Series B, Rev., VRDO, LOC: Citibank N.A., 0.550%, 12/07/16		3,400
	200	San Francisco City & County Redevelopment Agency, Multi-Family Housing, Mercy Terrace Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		200
	7,760	San Marcos Unified School District, Series ROCS RR II R-11998X, GO, VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		7,760
	1,270	Santa Clara County Financing Authority, Housing Authority Office Project, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		1,270
	14,000	Santa Clara Valley Transportation Authority, Sales Tax, Series C, Rev., VRDO, LOC: State Street Bank & Trust, 0.550%, 12/07/16		14,000
	500	State of California, Kindergarten, Series B5, GO, VRDO, LOC: U.S. Bank N.A., 0.490%, 12/07/16		500
	5,000	State of California, Municipal Securities Trust Receipts, Series SGC-6, Class A, GO, VRDO, LIQ: Societe Generale, 0.570%, 12/07/16		5,000
		Tender Option Bond Trust Receipts/CTFS Various State,
	2,675	Series 2016-XF0524, Rev., VRDO, LIQ: Toronto-Dominion Bank, 0.590%, 12/07/16 (e)		2,675
	7,500	Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.580%, 12/07/16 (e)		7,500
	15,000	Series 2016-XG0043, Rev., VRDO, LIQ: TD Bank N.A., 0.590%, 12/07/16 (e)		15,000
	6,000	Series 2016-XM0301, Rev., VRDO, LIQ: Royal Bank of Canada, 0.570%, 12/07/16 (e)		6,000
	2,020	Series 2016-ZF0348, Rev., VRDO, LIQ: Bank of America N.A., 0.600%, 12/07/16 (e)		2,020
	5,355	Upland Housing Authority, Multi-Family Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.560%, 12/07/16		5,355
		Total Weekly Demand Notes (Cost $285,527)		285,527
SHARES		SECURITY DESCRIPTION	VALUE($)
	Variable Rate Demand Preferred Shares — 9.8%
		Nuveen California Quality Municipal Income Fund
	7,000	Series 1, VRDO, LIQ: Societe Generale, 0.700%, 12/07/16 # (e)		7,000
	7,000	Series 4, VRDO, LIQ: Royal Bank of Canada, 0.670%, 12/07/16 # (e)		7,000
	6,000	Series 6, VRDO, LIQ: Citibank N.A., 0.700%, 12/07/16 # (e)		6,000
	14,000	Series 8, VRDO, LIQ: Barclays Bank plc, 0.700%, 12/07/16 # (e)		14,000
		Total Variable Rate Demand Preferred Shares (Cost $34,000)		34,000
		Total Investments — 99.7% (Cost $345,127) *		345,127
		Other Assets in Excess of Liabilities — 0.3%		1,155
		NET ASSETS — 100.0%	$	346,282

Percentages indicated are based on net assets.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

COP	—	Certificate of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
Rev.	—	Revenue
ROCS	—	Reset Option Certificates
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2016.
(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.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
*	—	The cost of securities is substantially the same for federal income tax purposes.
#	—	Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2016.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

• Level 1 – Quoted prices in active markets for identical securities.

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

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

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

The following is a summary of the inputs used as of November 30, 2016, in valuing the Portfolio’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	345,127	$	—	$	345,127

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

There were no transfers among any levels during the period ended November 30, 2016.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.2% (t)
		California — 93.6%
		Certificate of Participation/Lease — 0.9%
	1,250	City & County of San Francisco, Multiple Capital Improvement Projects, Series A, COP, 5.000%, 04/01/22		1,343
	1,500	County of Monterey, 2009 Refinancing Project, COP, AGM, 5.000%, 08/01/20		1,644
				2,987
		Education — 7.0%
	1,000	California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/24		1,072
		California Educational Facilities Authority, Stanford University,
	1,500	Series T-5, Rev., 5.000%, 03/15/23		1,756
	1,500	Series U-2, Rev., 5.000%, 10/01/32		1,823
	1,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/23		1,177
	2,000	California State Public Works Board, California State University, Series A, Rev., NATL-RE, FGIC, 5.250%, 10/01/17		2,069
		California State University, Systemwide,
	2,000	Series A, Rev., 5.000%, 11/01/32		2,284
	1,000	Series C, Rev., AGM, 5.000%, 11/01/19		1,098
		Regents of the University of California,
	2,000	Series L, Rev., 5.000%, 05/15/29		2,301
	2,000	Series L, Rev., 5.000%, 05/15/27		2,328
		University of California,
	1,000	Series AB, Rev., 5.000%, 05/15/26		1,124
	1,500	Series AM, Rev., 5.000%, 05/15/28		1,719
	2,500	Series AR, Rev., 5.000%, 05/15/33		2,856
	1,500	Series AR, Rev., 5.000%, 05/15/34		1,707
				23,314
		General Obligation — 26.7%
	1,250	Counties of Santa Barbara, San Luis Obispo & Ventura, Allan Hancock Joint Community College District, GO, 5.000%, 08/01/30		1,421
	1,000	Counties of Sonoma, Mendocino & Marin, Sonoma County Junior College District, GO, 5.000%, 08/01/27		1,142
	1,210	County of Contra Costa, Mount Diablo Unified School District, Election of 2010, Series E, GO, 5.000%, 08/01/26		1,378
	1,500	County of Contra Costa, West Contra Costa Unified School District, Election of 2002, Series D, GO, NATL-RE, FGIC, Zero Coupon, 08/01/17		1,487
	1,500	County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation, GO, Zero Coupon, 08/01/23		1,265
	1,000	County of Los Angeles, Glendale Community College District, Election of 2002, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 10/01/17		989
	3,205	County of Los Angeles, Mount San Antonio Community College District, Election of 2008, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/30		1,719
		County of Napa, Napa Valley Community College District, Election 2002,
	315	Series C, GO, NATL-RE, Zero Coupon, 08/01/21 (p)		257
	1,185	Series C, GO, NATL-RE, Zero Coupon, 08/01/21		967
	2,000	County of Napa, Napa Valley Unified School District, Election of 2006, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/27		1,355
	1,000	County of Riverside, Murrieta Valley Unified School District, Election of 2006, Capital Appreciation, GO, AGM, Zero Coupon, 09/01/24		792
	1,000	County of Sacramento, San Juan Unified School District, Election of 2002, GO, 5.000%, 08/01/29		1,135
	1,000	County of San Diego, Carlsbad Unified School District, Election of 2006, Capital Appreciation, Series B, GO, Zero Coupon, 05/01/18		979
	1,500	County of San Diego, Escondido Union High School District, Election of 2008, Capital Appreciation, Series A, GO, AGC, Zero Coupon, 08/01/25		1,120
	1,800	County of San Mateo, South San Francisco Unified School District, Capital Appreciation, Series C, GO, Zero Coupon, 09/01/28		1,177
	1,700	County of Santa Clara, Campbell Union High School District, GO, 5.000%, 08/01/27		1,968
	1,000	County of Santa Clara, Cupertino Union School District, Series A, GO, 5.000%, 08/01/27		1,151

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,915	County of Santa Clara, Evergreen Elementary School District, Election of 2006, Capital Appreciation, Series B, GO, AGC, Zero Coupon, 08/01/24		1,533
	1,000	County of Santa Clara, Foothill-De Anza Community College District, GO, 5.000%, 08/01/21		1,140
		County of Santa Clara, Palo Alto Unified School District, Election of 2008, Capital Appreciation,
	1,500	GO, Zero Coupon, 08/01/22		1,309
	1,015	GO, Zero Coupon, 08/01/25		780
	1,500	GO, Zero Coupon, 08/01/26		1,098
		County of Santa Clara, San Jose Unified School District,
	1,610	GO, 5.000%, 08/01/24		1,825
	1,750	GO, 5.000%, 08/01/28		1,993
	900	Series C, GO, 5.000%, 08/01/30		1,023
	1,560	Series C, GO, 5.000%, 08/01/31		1,765
		Los Angeles Community College District,
	1,140	GO, 5.000%, 08/01/32		1,310
	1,500	Series A, GO, 5.000%, 08/01/31		1,714
	2,500	Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series A, GO, 5.000%, 07/01/17		2,560
	1,000	Los Angeles Unified School District, Election of 2004, Series I, GO, 5.000%, 07/01/25		1,087
		Menlo Park City School District, Crossover Capital Appreciation,
	500	GO, Zero Coupon, 07/01/31		289
	880	GO, Zero Coupon, 07/01/32		484
	1,500	Palomar Pomerado Health, Election of 2004, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 08/01/18		1,457
		San Diego Unified School District, Election of 1998,
	2,010	Series C-2, GO, AGM, 5.500%, 07/01/24		2,439
	2,500	Series F-1, GO, AGM, 5.250%, 07/01/28		3,051
	2,000	San Francisco Bay Area Rapid Transit District, Election of 2004, Series D, GO, 5.000%, 08/01/32		2,305
	2,500	San Francisco City & County, Earthquake Safety & Emergency, Series D, GO, 3.000%, 06/15/25		2,561
	2,000	San Mateo County Community College District, Series A, GO, NATL-RE, Zero Coupon, 09/01/29		1,286
	1,005	San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.000%, 09/01/30		1,137
	2,500	Sequoia Union High School District, County of San Mateo, GO, 4.000%, 07/01/28		2,659
		State of California,
	1,000	GO, 5.000%, 09/01/19		1,003
	1,350	GO, NATL-RE, 5.000%, 11/01/19		1,399
	1,000	GO, 5.000%, 09/01/21		1,133
	3,500	GO, 5.000%, 11/01/21		3,625
	2,980	GO, 5.000%, 08/01/22		2,999
	2,000	GO, 5.000%, 04/01/24		2,098
	1,575	GO, 5.250%, 09/01/27		1,800
	90	GO, NATL-RE-IBC, 6.250%, 10/01/02		92
	1,640	State of California, Economic Recovery, Series A, GO, 4.250%, 07/01/17 (p)		1,673
	2,000	State of California, School Facilities, GO, 4.000%, 09/01/32		2,057
		State of California, Various Purpose,
	2,000	GO, 5.000%, 09/01/26		2,377
	2,000	GO, 5.000%, 12/01/29		2,273
	1,000	GO, 5.000%, 09/01/30		1,126
	1,500	GO, 5.000%, 08/01/31		1,693
	3,000	GO, 5.000%, 10/01/32		3,391
	2,310	GO, 5.250%, 10/01/22		2,540
	1,000	GO, 5.500%, 04/01/23		1,089
				89,475
		Hospital — 6.8%
	1,000	ABAG Finance Authority for Nonprofit Corps., Sharp Healthcare, Series A, Rev., 5.000%, 08/01/31		1,111
	1,500	California Health Facilities Financing Authority, Adventist Health System, Series A, Rev., 5.000%, 03/01/26		1,697
		California Health Facilities Financing Authority, Cedars-Sinai Medical Center,
	1,000	Rev., 5.000%, 08/15/18		1,063
	250	Rev., 5.000%, 11/15/30		281
	400	Rev., 5.000%, 11/15/32		444
	2,000	Series A, Rev., 5.000%, 08/15/33		2,222
		California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford,
	580	Series A, Rev., 5.000%, 08/15/27		660
	850	Series A, Rev., 5.000%, 08/15/28		961
	1,000	Series A, Rev., 5.000%, 08/15/30		1,138
	655	Series A, Rev., 5.000%, 08/15/30		722

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
		California Health Facilities Financing Authority, Providence St. Joseph Health,
	1,250	Series A, Rev., 4.000%, 10/01/24		1,386
	1,400	Series A, Rev., 4.000%, 10/01/34		1,374
	1,000	California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., 5.000%, 07/01/28		1,119
		California Health Facilities Financing Authority, Sutter Health,
	1,500	Series A, Rev., 5.000%, 11/15/31		1,659
	1,150	Series A, Rev., 5.000%, 11/15/32		1,266
	1,000	Series A, Rev., 5.500%, 08/15/18		1,074
	3,000	Series C, Rev., 1.000%, 08/15/19		2,938
	1,000	Series D, Rev., 5.000%, 08/15/25		1,123
	515	California Statewide Communities Development Authority, Sutter Health, Series A, Rev., 5.000%, 08/15/19		564
				22,802
		Housing — 0.2%
	530	City of San Bernardino, Single Family Mortgage, GNMA Mortgage-Backed Securities, Series A, Rev., GNMA COLL, 7.500%, 05/01/23 (p)		629
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	1,500	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-1, Rev., AMT, 3.000%, 11/01/25		1,454
		Other Revenue — 7.7%
	1,000	Anaheim Public Financing Authority, Anaheim Public Improvements Project, Capital Appreciation, Series C, Rev., AGM, Zero Coupon, 09/01/19		947
	1,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Refunding, Kern County Tobacco Funding Corporation, Rev., 5.000%, 06/01/20		1,089
	1,000	California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series A, Rev., 5.000%, 10/01/28		1,167
	1,000	California State Public Works Board, Department of General Services, Series F, Rev., 5.000%, 05/01/30		1,126
	1,000	California State Public Works Board, Judicial Council of California, New Stockton Courthouse, Series B, Rev., 5.000%, 10/01/20		1,112
	1,000	California Statewide Communities Development Authority, Kaiser Permanente, Series C, Rev., VAR, 5.000%, 05/01/17		1,017
		City of Chula Vista, Municipal Financing Authority,
	1,485	Rev., 4.000%, 05/01/23		1,617
	1,435	Rev., 4.000%, 05/01/24		1,553
	1,500	Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park & Open Space, Series A, Rev., NATL-RE, 5.000%, 10/01/19		1,645
		Midpeninsula Regional Open Space District, 2004 Project Lease,
	500	Rev., 5.000%, 09/01/30		577
	270	Rev., 5.000%, 09/01/31		311
	2,370	San Diego Regional Building Authority, County Operations Center, Series A, Rev., 5.000%, 10/15/33		2,655
	2,500	San Francisco Bay Area Rapid Transit District, Sales Tax, Series A, Rev., 4.000%, 07/01/34		2,570
	715	San Marcos Public Facilities Authority, Rev., Zero Coupon, 01/01/19 (p)		692
	2,190	San Mateo County Joint Powers Financing Authority, Capital Projects Program, Series A, Rev., 5.250%, 07/15/21		2,404
	2,000	San Mateo County Joint Powers Financing Authority, Youth Services Campus, Series A, Rev., 5.000%, 07/15/31		2,286
	750	Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Series A, Rev., NATL-RE, 6.250%, 07/01/24 (p)		901
	750	Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Unrefunded Balance, Series A, Rev., NATL-RE, 6.250%, 07/01/24		906
	1,000	Ventura County Public Financing Authority, Series A, Rev., 5.000%, 11/01/29		1,129
				25,704
		Prerefunded — 12.6%
	1,535	Anaheim Public Financing Authority, Anaheim Electric Systems Distribution Facilities, Series A, Rev., 5.000%, 04/01/19 (p)		1,663
	1,500	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F-1, Rev., 5.000%, 04/01/19 (p)		1,624

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	1,500	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p)		1,638
		California State Department of Water Resources, Central Valley Project, Water System,
	1,675	Series AF, Rev., 5.000%, 12/01/18 (p)		1,801
	1,355	Series AG, Rev., 5.000%, 12/01/19 (p)		1,496
	1,500	California State Public Works Board, Department of Developmental Services, Porterville Developmental Center Housing Expansion & Recreation Complex, Series C, Rev., 6.000%, 04/01/19 (p)		1,659
	1,500	California State Public Works Board, University of California, UC Irvine Medical Center Replacement Hospital, Series A, Rev., 5.000%, 03/01/18 (p)		1,572
	20	City of Los Angeles, Department of Water & Power, Power System, Series B, Rev., 5.250%, 07/01/19 (p)		22
	1,000	County of Los Angeles, Pasadena Unified School District, Election of 2008, Series A-1, GO, 5.000%, 08/01/19 (p)		1,094
	1,500	County of Los Angeles, Torrance Unified School District, Election of 2008, GO, 5.375%, 08/01/19 (p)		1,654
	3,000	County of Monterey, Monterey Peninsula Community College District, Election of 2008, Capital Appreciation, Series C, GO, AGM, Zero Coupon, 02/01/18 (p)		2,274
	1,000	County of San Diego, San Diego Community College District, Election of 2006, Series B, GO, 5.000%, 08/01/21 (p)		1,141
	1,500	County of Santa Clara, San Jose-Evergreen Community College District, Election of 2004, Series B, GO, AGM, 5.000%, 09/01/18 (p)		1,600
	1,565	County of Tulare, Sierra View Local Health Care District, Rev., 5.100%, 07/01/17 (p)		1,604
	5,040	Irvine Ranch Water District, COP, 5.000%, 03/01/20 (p)		5,579
	1,000	Los Angeles Unified School District, Election of 2004, Series H, GO, AGM, 5.000%, 07/01/17 (p)		1,024
	1,115	Mendocino & Lake Counties, Mendocino-Lake Community College District, Election of 2006, Series A, GO, NATL-RE, 5.000%, 08/01/17 (p)		1,146
	1,240	Sacramento City Financing Authority, Community Reinvestment Capital Improvement Program, Series A, Rev., AMBAC, 5.000%, 12/01/16 (p)		1,240
		San Diego Public Facilities Financing Authority, Sewer Waste Water System,
	1,000	Series A, Rev., 5.000%, 08/01/18 (p)		1,063
	1,500	Series A, Rev., 5.000%, 05/15/19 (p)		1,631
	2,000	Series B, Rev., 5.000%, 08/01/19 (p)		2,185
	385	San Francisco City & County Airports Commission, San Francisco International Airport, Series D, Rev., 5.000%, 05/03/21 (p)		437
	2,380	San Francisco City & County Public Utilities Commission, Water, Sub Series A, Rev., 5.000%, 05/01/20 (p)		2,646
	1,030	San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.000%, 09/01/23 (p)		1,214
	20	State of California, GO, 5.000%, 02/01/17 (p)		20
	1,000	State of California, Department of Water Resources, Power Supply, Series H, Rev., 5.000%, 05/01/18 (p)		1,055
	2,000	University of California, Series Q, Rev., 5.250%, 05/15/17 (p)		2,060
				42,142
		Special Tax — 0.4%
	1,310	South Orange County Public Financing Authority, Foothill Area, Special Tax, Series A, Rev., NATL-RE, FGIC, 5.250%, 08/15/18		1,315
		Transportation — 14.7%
	2,000	Alameda Corridor Transportation Authority, Tax-Exempt Second Subordinate Lien, Series B, Rev., AGM, 5.000%, 10/01/35		2,211
		Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area,
	1,175	Series F-1, Rev., 5.000%, 04/01/27		1,335
	1,855	Series F-1, Rev., 5.000%, 04/01/29		2,102
		City of Long Beach Harbor,
	1,000	Series A, Rev., AMT, 5.000%, 05/15/23		1,145
	1,000	Series A, Rev., 5.000%, 05/15/25		1,109
	250	Series B, Rev., 5.000%, 05/15/24		294
	250	Series B, Rev., 5.000%, 05/15/26		289
	1,500	Series B, Rev., 5.000%, 05/15/26		1,663
	225	Series B, Rev., 5.000%, 05/15/27		259
	2,500	Series C, Rev., 5.000%, 11/15/18		2,683
		City of Los Angeles, Department of Airports, Los Angeles International Airport,
	2,000	Series A, Rev., 5.000%, 05/15/26		2,213

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation –– continued
	1,000	Series A, Rev., 5.000%, 05/15/27		1,106
	1,250	Series C, Rev., 5.000%, 05/15/31		1,410
		City of Los Angeles, Harbor Department,
	1,000	Series A, Rev., AMT, 5.000%, 08/01/21		1,122
	1,500	Series A, Rev., AMT, 5.000%, 08/01/24		1,735
	1,500	Series A, Rev., AMT, 5.000%, 08/01/31		1,660
	1,000	Series B, Rev., 5.000%, 08/01/25		1,133
	2,000	Contra Costa County Transportation Authority, Sales Tax, Series A, Rev., 5.000%, 03/01/32		2,279
		County of Los Angeles, Metropolitan Transportation Authority,
	1,500	Series A, Rev., 5.000%, 07/01/20		1,674
	2,000	Series A, Rev., 5.250%, 07/01/23		2,241
	1,500	County of Sacramento, Airport System, Series A, Rev., AGM, 5.000%, 07/01/22		1,582
	1,795	Foothill Eastern Transportation Corridor Agency, Senior Lien, Capital Appreciation, Series A, Rev., Zero Coupon, 01/01/26 (p)		1,392
	2,000	Los Angeles Department of Airports, Senior Bonds, Los Angeles International Airport, Series A, Rev., AMT, 5.000%, 05/15/29		2,219
	2,000	San Bernardino County Transportation Authority, Series A, Rev., 5.000%, 03/01/29		2,250
	1,000	San Diego County Regional Airport Authority, Senior Airport, Series B, Rev., AMT, 5.000%, 07/01/28		1,112
	1,500	San Francisco Bay Area Rapid Transit District, Sales Tax, Rev., 5.000%, 07/01/27		1,651
	1,615	San Francisco City & County Airports Commission, San Francisco International Airport, Rev., 5.000%, 05/01/26		1,818
		San Francisco City & County Airports Commission, San Francisco International Airport, Second Series,
	1,000	Series 32F, Rev., NATL-RE, FGIC, 5.250%, 05/01/18		1,055
	1,500	Series 34E, Rev., AMT, AGM, 5.750%, 05/01/22		1,586
	2,000	Series A, Rev., AMT, 5.000%, 05/01/29		2,228
	1,200	Series B, Rev., 5.000%, 05/01/18		1,262
	1,500	Series C-1, Rev., AGM, 5.000%, 05/01/17		1,525
				49,343
		Utility — 7.8%
	2,860	City of Burbank, Water & Power Electric, Series A, Rev., 5.000%, 06/01/22		3,129
		City of Los Angeles, Department of Water & Power, Power System,
	1,500	Series B, Rev., 5.000%, 07/01/23		1,633
	1,500	Series B, Rev., 5.000%, 07/01/34		1,697
	1,500	Series B, Rev., 5.250%, 07/01/23		1,644
	1,480	Series B, Rev., 5.250%, 07/01/24		1,621
	1,500	Series C, Rev., 5.000%, 07/01/27		1,732
		City of Los Angeles, Department of Water and Power, Water System,
	1,000	Series A, Rev., 5.000%, 07/01/33		1,136
	1,000	Series A, Rev., 5.000%, 07/01/34		1,131
	1,500	Counties of Alameda & Contra Costa, East Bay Municipal Utility District, Series A, Rev., 5.000%, 06/01/27		1,663
	1,500	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/20		1,633
	1,600	Santa Clara Valley Water District and Water Utilities System, Series A, Rev., 5.000%, 06/01/30		1,854
	1,000	Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.000%, 07/01/30		1,135
	500	Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.000%, 07/01/25		565
	2,135	Southern California Public Power Authority, Gas Project, Project No.1, Series A, Rev., 5.000%, 11/01/18		2,259
	3,000	State of California, Department of Water Resources, Power Supply, Series O, Rev., 5.000%, 05/01/22		3,463
				26,295
		Water & Sewer — 8.4%
	2,000	California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Rev., 5.000%, 10/01/23		2,361
		California State Department of Water Resources, Central Valley Project, Water System,
	1,625	Series AF, Rev., 5.000%, 12/01/24		1,742
	1,700	Series AF, Rev., 5.000%, 12/01/25		1,823
	145	Series AG, Rev., 5.000%, 12/01/24		160
	2,000	City of Bakersfield, Wastewater, Series A, Rev., 5.000%, 09/15/31		2,279
	1,500	City of Los Angeles, Wastewater System, Series B, Rev., 5.000%, 06/01/33		1,697

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	1,500	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		1,220
	1,185	County of Marin, Marin Water District Financing Authority, Sub Lien, Series A, Rev., 5.000%, 07/01/28		1,340
	790	County of San Mateo, Silicon Valley Clean Water, Rev., 5.000%, 02/01/30		892
		Metropolitan Water District of Southern California, Water,
	1,500	Series A, Rev., 5.000%, 10/01/29		1,712
	1,000	Series D, Rev., 5.000%, 07/01/20		1,087
	2,000	Series F, Rev., 5.000%, 07/01/28		2,299
	3,660	Santa Margarita/Dana Point Authority, Water District Improvement, Series A, GO, 5.000%, 08/01/19		3,999
		Southern California Water Replenishment District Financing Authority, Replenishment Assessment,
	1,050	Rev., 5.000%, 08/01/30		1,208
	1,420	Rev., 5.000%, 08/01/31		1,627
	2,410	Rev., 5.000%, 08/01/32		2,746
				28,192
		Total California		313,652
		Kentucky — 0.3%
		Other Revenue — 0.3%
	1,000	Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.250%, 10/01/18		1,067
		Pennsylvania — 0.3%
		Hospital — 0.3%
	1,000	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.000%, 09/01/17		1,030
		Total Municipal Bonds (Cost $310,871)		315,749
SHARES
	Short-Term Investment — 4.6%
		Investment Company — 4.6%
	15,493	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $15,493)		15,493
		Total Investments — 98.8% (Cost $326,364)		331,242
		Other Assets in Excess of Liabilities — 1.2%		3,917
		NET ASSETS — 100.0%	$	335,159

Percentages indicated are based on net assets.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IBC	—	Insured Bond Certificates
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market 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, 2016.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.

As of November 30, 2016, 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	$	11,065
Aggregate gross unrealized depreciation		(6,187	)
Net unrealized appreciation/depreciation	$	4,878
Federal income tax cost of investments	$	326,364

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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”) 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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 Underlying Fund’s net asset value per share as of the report date.

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

The various inputs that are used in determining the 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 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 (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,493	$	315,749	$	—	$	331,242

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

There were no transfers among any levels during the period ended November 30, 2016.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 92.3%
		Consumer Discretionary — 6.1%
		Auto Components — 0.1%
		Dana, Inc.,
	1,500	5.500%, 12/15/24		1,507
	1,000	6.000%, 09/15/23		1,040
				2,547
		Automobiles — 0.8%
		Daimler Finance North America LLC,
	8,735	1.500%, 07/05/19 (e)		8,584
	9,690	2.250%, 03/02/20 (e)		9,649
				18,233
		Diversified Consumer Services — 0.0% (g)
	500	Service Corp. International, 7.500%, 04/01/27		580
		Hotels, Restaurants & Leisure — 0.5%
	1,000	Caesars Entertainment Operating Co., Inc., 8.500%, 02/15/20 (d)		1,030
	1,000	International Game Technology plc, (United Kingdom), 6.250%, 02/15/22 (e)		1,063
		McDonald’s Corp.,
	5,190	3.700%, 02/15/42		4,572
	1,705	4.875%, 12/09/45		1,802
		MGM Resorts International,
	500	6.000%, 03/15/23		538
	2,000	7.750%, 03/15/22		2,285
	500	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		507
	500	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (e)		493
				12,290
		Household Durables — 0.0% (g)
	1,000	Tempur Sealy International, Inc., 5.625%, 10/15/23		1,020
		Internet & Direct Marketing Retail — 0.1%
	1,135	Amazon.com, Inc., 3.800%, 12/05/24		1,188
		Media — 3.8%
		21st Century Fox America, Inc.,
	1,455	4.750%, 09/15/44		1,451
	5,060	4.950%, 10/15/45		5,199
	500	AMC Networks, Inc., 5.000%, 04/01/24		501
	18,525	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 07/23/25 (e)		19,311
		Clear Channel Worldwide Holdings, Inc.,
	3,100	Series B, 6.500%, 11/15/22		3,127
	500	Series B, 7.625%, 03/15/20		493
		Comcast Corp.,
	1,750	2.350%, 01/15/27		1,614
	2,870	3.150%, 03/01/26		2,847
	3,125	3.400%, 07/15/46		2,676
	6,670	4.600%, 08/15/45		6,885
	2,860	4.750%, 03/01/44		3,012
		DISH DBS Corp.,
	2,500	5.000%, 03/15/23		2,469
	1,000	5.875%, 11/15/24		1,014
	1,705	NBCUniversal Media LLC, 4.450%, 01/15/43		1,725
	500	Nexstar Broadcasting, Inc., 6.875%, 11/15/20		515
	500	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		495
	500	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		510
	1,000	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		1,028
	1,000	Sinclair Television Group, Inc., 5.125%, 02/15/27 (e)		930
		Sirius XM Radio, Inc.,
	2,000	5.750%, 08/01/21 (e)		2,092
	1,500	6.000%, 07/15/24 (e)		1,560
		Time Warner Cable, Inc.,
	1,140	5.000%, 02/01/20		1,208
	1,655	5.500%, 09/01/41		1,647
		Time Warner, Inc.,
	2,110	3.800%, 02/15/27		2,097
	4,700	4.850%, 07/15/45		4,617
	1,185	4.900%, 06/15/42		1,166
	715	5.350%, 12/15/43		750
	7,676	Viacom, Inc., 4.375%, 03/15/43		6,699
	1,000	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		1,020
		Walt Disney Co. (The),
	2,940	1.850%, 07/30/26		2,628
	3,290	3.000%, 07/30/46		2,726
				84,012
		Multiline Retail — 0.2%
	4,270	Macy’s Retail Holdings, Inc., 4.300%, 02/15/43		3,455

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Specialty Retail — 0.6%
		Home Depot, Inc. (The),
	4,460	3.500%, 09/15/56		3,874
	3,900	4.250%, 04/01/46		4,011
	1,710	Lowe’s Cos., Inc., 4.375%, 09/15/45		1,735
	2,200	PetSmart, Inc., 7.125%, 03/15/23 (e)		2,252
	450	Sally Holdings LLC/Sally Capital, Inc., 5.750%, 06/01/22		466
				12,338
		Total Consumer Discretionary		135,663
		Consumer Staples — 8.7%
		Beverages — 2.9%
		Anheuser-Busch InBev Finance, Inc.,
	7,295	1.900%, 02/01/19		7,294
	785	2.625%, 01/17/23		766
	5,765	2.650%, 02/01/21		5,783
	31,585	3.650%, 02/01/26		31,737
	2,550	4.900%, 02/01/46		2,722
		Molson Coors Brewing Co.,
	2,030	2.100%, 07/15/21		1,977
	2,980	3.000%, 07/15/26		2,803
	660	4.200%, 07/15/46		608
	8,020	PepsiCo, Inc., 3.450%, 10/06/46		7,150
	4,310	Pernod-Ricard S.A., (France), 3.250%, 06/08/26 (e)		4,139
				64,979
		Food & Staples Retailing — 2.7%
		CVS Health Corp.,
	15,100	2.125%, 06/01/21		14,795
	1,973	2.750%, 12/01/22		1,934
	6,490	2.875%, 06/01/26		6,137
	2,302	3.875%, 07/20/25		2,359
	585	CVS Pass-Through Trust, 4.704%, 01/10/36 (e)		599
		Kroger Co. (The),
	11,890	3.300%, 01/15/21		12,186
	1,380	3.850%, 08/01/23		1,435
	2,015	3.875%, 10/15/46		1,786
	1,305	Sysco Corp., 2.500%, 07/15/21		1,294
		Walgreens Boots Alliance, Inc.,
	2,505	2.600%, 06/01/21		2,492
	6,054	3.800%, 11/18/24		6,148
	8,260	Wal-Mart Stores, Inc., 4.000%, 04/11/43		8,237
				59,402
		Food Products — 0.8%
		Kraft Heinz Foods Co.,
	2,815	3.000%, 06/01/26		2,654
	4,805	4.375%, 06/01/46		4,550
	3,564	5.200%, 07/15/45		3,787
	4,215	Mondelez International Holdings Netherlands B.V., (Netherlands), 2.000%, 10/28/21 (e)		4,060
	1,000	Post Holdings, Inc., 7.750%, 03/15/24 (e)		1,102
				16,153
		Tobacco — 2.3%
		Altria Group, Inc.,
	9,175	2.850%, 08/09/22		9,168
	2,125	3.875%, 09/16/46		1,960
	7,940	4.000%, 01/31/24		8,376
		B.A.T. International Finance plc, (United Kingdom),
	3,220	2.750%, 06/15/20 (e)		3,240
	856	3.250%, 06/07/22 (e)		865
	1,660	Imperial Tobacco Finance plc, (United Kingdom), 4.250%, 07/21/25 (e)		1,706
		Philip Morris International, Inc.,
	7,953	2.125%, 05/10/23		7,590
	2,665	3.250%, 11/10/24		2,683
	2,690	4.250%, 11/10/44		2,644
	12,470	Reynolds American, Inc., 4.450%, 06/12/25		13,193
				51,425
		Total Consumer Staples		191,959
		Energy — 7.5%
		Energy Equipment & Services — 0.3%
	6,350	Halliburton Co., 3.800%, 11/15/25		6,368
		Oil, Gas & Consumable Fuels — 7.2%
		Apache Corp.,
	739	2.625%, 01/15/23		702
	3,670	3.250%, 04/15/22		3,688
	1,880	Boardwalk Pipelines LP, 5.950%, 06/01/26		2,003
		BP Capital Markets plc, (United Kingdom),
	2,275	2.750%, 05/10/23		2,220
	3,010	3.062%, 03/17/22		3,041
	2,035	3.119%, 05/04/26		1,972
	4,940	3.216%, 11/28/23		4,932
	5,495	3.535%, 11/04/24		5,538

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	2,195	3.814%, 02/10/24		2,267
		Buckeye Partners LP,
	1,390	3.950%, 12/01/26		1,331
	2,830	5.600%, 10/15/44		2,728
		Canadian Natural Resources Ltd., (Canada),
	3,316	3.800%, 04/15/24		3,234
	5,993	3.900%, 02/01/25		5,879
	1,670	Cenovus Energy, Inc., (Canada), 5.200%, 09/15/43		1,515
		Chevron Corp.,
	3,345	2.100%, 05/16/21		3,306
	3,515	2.419%, 11/17/20		3,538
	2,370	2.566%, 05/16/23		2,328
		Columbia Pipeline Group, Inc.,
	1,807	4.500%, 06/01/25		1,875
	2,690	5.800%, 06/01/45		3,016
	6,832	ConocoPhillips Co., 4.950%, 03/15/26		7,426
		Devon Energy Corp.,
	375	3.250%, 05/15/22		364
	2,395	5.000%, 06/15/45		2,227
		Energy Transfer Partners LP,
	1,840	3.600%, 02/01/23		1,787
	3,059	5.150%, 02/01/43		2,731
		Enterprise Products Operating LLC,
	3,000	2.550%, 10/15/19		3,027
	1,555	3.750%, 02/15/25		1,554
	3,524	3.900%, 02/15/24		3,596
	3,798	4.850%, 03/15/44		3,625
	5,100	4.900%, 05/15/46		4,951
	9,515	Exxon Mobil Corp., 2.726%, 03/01/23		9,492
		Hess Corp.,
	2,775	4.300%, 04/01/27		2,623
	3,420	5.800%, 04/01/47		3,293
		Kinder Morgan Energy Partners LP,
	365	5.000%, 08/15/42		332
	1,110	5.000%, 03/01/43		1,014
	3,935	5.625%, 09/01/41		3,743
	2,985	Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 (e)		3,106
		Magellan Midstream Partners LP,
	555	4.250%, 09/15/46		501
	2,420	5.000%, 03/01/26		2,646
	2,710	MPLX LP, 4.000%, 02/15/25		2,575
		Noble Energy, Inc.,
	1,765	5.050%, 11/15/44		1,672
	3,095	5.250%, 11/15/43		3,003
	500	Oasis Petroleum, Inc., 6.875%, 01/15/23		512
	2,395	ONEOK Partners LP, 6.125%, 02/01/41		2,522
	6,432	Phillips 66, 4.875%, 11/15/44		6,601
	1,435	Phillips 66 Partners LP, 4.900%, 10/01/46		1,337
	3,310	Plains All American Pipeline LP/PAA Finance Corp., 5.750%, 01/15/20		3,584
	7,355	Schlumberger Holdings Corp., 4.000%, 12/21/25 (e)		7,623
		Spectra Energy Partners LP,
	1,430	3.375%, 10/15/26		1,352
	725	4.500%, 03/15/45		663
	3,440	Suncor Energy, Inc., (Canada), 6.100%, 06/01/18		3,643
		Sunoco Logistics Partners Operations LP,
	870	5.300%, 04/01/44		810
	5,625	5.350%, 05/15/45		5,228
	1,610	Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)		1,656
	238	Total Capital International S.A., (France), 2.700%, 01/25/23		235
	472	Transcanada Trust, (Canada), VAR, 5.625%, 05/20/75		473
		Western Gas Partners LP,
	1,998	3.950%, 06/01/25		1,931
	1,350	4.650%, 07/01/26		1,366
	725	5.450%, 04/01/44		705
				160,642
		Total Energy		167,010
		Financials — 31.8%
		Banks — 17.4%
	4,145	ABN AMRO Bank N.V., (Netherlands), 2.450%, 06/04/20 (e)		4,134
	5,455	Australia & New Zealand Banking Group Ltd., (Australia), 4.400%, 05/19/26 (e)		5,484
		Bank of America Corp.,
	10,895	2.503%, 10/21/22		10,573
	2,000	2.625%, 10/19/20		1,999
	4,520	3.300%, 01/11/23		4,523
	7,290	3.875%, 08/01/25		7,412
	5,065	4.450%, 03/03/26		5,196

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	1,760	5.000%, 01/21/44		1,900
	2,775	Series L, 2.250%, 04/21/20		2,749
	11,521	Series L, 2.600%, 01/15/19		11,623
	10,789	Series L, 3.950%, 04/21/25		10,683
	12,175	Bank of Montreal, (Canada), 1.900%, 08/27/21		11,823
		Bank of Nova Scotia (The), (Canada),
	14,380	1.650%, 06/14/19		14,232
	2,816	2.450%, 03/22/21		2,804
	7,806	Barclays Bank plc, (United Kingdom), 6.050%, 12/04/17 (e)		8,091
	2,780	Branch Banking & Trust Co., 2.850%, 04/01/21		2,821
		Capital One Bank USA N.A.,
	1,280	2.250%, 02/13/19		1,285
	15,925	3.375%, 02/15/23		15,795
		Citigroup, Inc.,
	5,000	2.650%, 10/26/20		5,016
	5,220	2.700%, 03/30/21		5,214
	2,830	3.400%, 05/01/26		2,747
	10,490	3.700%, 01/12/26		10,454
	4,935	4.400%, 06/10/25		5,034
	1,160	4.450%, 09/29/27		1,173
	4,320	4.600%, 03/09/26		4,446
	1,910	4.750%, 05/18/46		1,879
	2,555	Citizens Financial Group, Inc., 2.375%, 07/28/21		2,494
	10,535	Commonwealth Bank of Australia, (Australia), 1.750%, 11/07/19 (e)		10,407
		Cooperatieve Rabobank UA, (Netherlands),
	4,175	2.250%, 01/14/20		4,168
	3,400	3.750%, 07/21/26		3,293
		Credit Agricole S.A., (France),
	3,570	2.375%, 07/01/21 (e)		3,513
	1,220	2.750%, 06/10/20 (e)		1,226
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	2,870	3.125%, 12/10/20		2,835
	4,800	3.450%, 04/16/21		4,797
	3,385	4.550%, 04/17/26		3,432
		Discover Bank,
	2,515	3.200%, 08/09/21		2,531
	3,390	3.450%, 07/27/26		3,251
	5,520	4.200%, 08/08/23		5,726
	4,725	Fifth Third Bank, 3.850%, 03/15/26		4,756
		HSBC Bank plc, (United Kingdom),
	545	1.500%, 05/15/18 (e)		542
	12,215	4.125%, 08/12/20 (e)		12,800
	3,110	4.750%, 01/19/21 (e)		3,335
		HSBC Holdings plc, (United Kingdom),
	7,230	3.600%, 05/25/23		7,256
	5,665	4.375%, 11/23/26		5,626
	2,575	Huntington National Bank (The), 2.200%, 11/06/18		2,583
	3,935	Intesa Sanpaolo S.p.A., (Italy), 3.875%, 01/15/19		4,010
	4,300	KeyBank N.A., 3.400%, 05/20/26		4,179
	5,060	Lloyds Bank plc, (United Kingdom), 2.050%, 01/22/19		5,055
	555	MUFG Americas Holdings Corp., 3.000%, 02/10/25		535
	3,050	MUFG Union Bank N.A., 2.250%, 05/06/19		3,058
		Royal Bank of Canada, (Canada),
	8,725	1.500%, 07/29/19		8,608
	5,715	1.625%, 04/15/19		5,666
	4,195	2.000%, 12/10/18		4,210
	2,590	Santander UK Group Holdings plc, (United Kingdom), 5.625%, 09/15/45 (e)		2,499
	6,860	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		6,895
		Skandinaviska Enskilda Banken AB, (Sweden),
	5,000	1.750%, 03/19/18 (e)		4,994
	1,480	2.375%, 11/20/18 (e)		1,492
	8,995	2.625%, 11/17/20 (e)		9,025
	3,250	SunTrust Bank, 3.300%, 05/15/26		3,141
	9,065	Svenska Handelsbanken AB, (Sweden), 2.400%, 10/01/20		9,038
		Toronto-Dominion Bank (The), (Canada),
	4,425	2.125%, 04/07/21		4,368
	5,305	2.500%, 12/14/20		5,340
	2,305	VAR, 3.625%, 09/15/31		2,216
		U.S. Bancorp,
	2,110	3.100%, 04/27/26		2,057
	4,215	Series V, 2.375%, 07/22/26		3,913
		UBS Group Funding Jersey Ltd., (Jersey),
	8,545	2.650%, 02/01/22 (e)		8,295
	7,775	4.125%, 04/15/26 (e)		7,836

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
		Wells Fargo & Co.,
	8,695	2.500%, 03/04/21		8,665
	6,915	3.000%, 10/23/26		6,599
	3,005	4.400%, 06/14/46		2,899
	2,000	4.650%, 11/04/44		1,987
	3,330	4.900%, 11/17/45		3,450
		Westpac Banking Corp., (Australia),
	9,720	2.000%, 08/19/21		9,461
	4,460	VAR, 4.322%, 11/23/31		4,412
				387,564
		Capital Markets — 5.6%
		Bank of New York Mellon Corp. (The),
	1,235	2.500%, 04/15/21		1,234
	9,425	Series G, 2.150%, 02/24/20		9,406
		Credit Suisse AG, (Switzerland),
	10,715	1.700%, 04/27/18		10,682
	4,580	1.750%, 01/29/18		4,574
		Goldman Sachs Group, Inc. (The),
	7,715	2.350%, 11/15/21		7,491
	6,340	2.375%, 01/22/18		6,379
	18,696	3.500%, 01/23/25		18,590
	5,435	2.625%, 04/25/21		5,400
	725	3.625%, 01/22/23		741
	2,775	3.750%, 02/25/26		2,784
	2,195	4.250%, 10/21/25		2,219
	2,205	4.750%, 10/21/45		2,296
	3,285	5.150%, 05/22/45		3,376
		Morgan Stanley,
	2,395	2.500%, 04/21/21		2,367
	8,160	2.625%, 11/17/21		8,065
	1,870	2.650%, 01/27/20		1,881
	10,190	2.800%, 06/16/20		10,273
	925	3.700%, 10/23/24		936
	5,075	3.875%, 01/27/26		5,134
	2,000	3.950%, 04/23/27		1,977
	3,510	4.000%, 07/23/25		3,587
	2,090	4.300%, 01/27/45		2,070
	2,270	4.350%, 09/08/26		2,318
	3,855	Series F, 3.875%, 04/29/24		3,953
	802	State Street Corp., 2.550%, 08/18/20		809
	6,000	UBS AG, (Switzerland), 1.800%, 03/26/18		6,001
				124,543
		Consumer Finance — 3.1%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	2,000	2.750%, 05/15/17		2,005
	9,235	3.950%, 02/01/22		9,350
	2,000	Ally Financial, Inc., 4.250%, 04/15/21		1,970
	1,780	American Express Co., 1.550%, 05/22/18		1,777
		Ford Motor Credit Co. LLC,
	4,515	3.200%, 01/15/21		4,505
	7,170	3.664%, 09/08/24		6,983
	7,845	4.134%, 08/04/25		7,756
	2,970	4.375%, 08/06/23		3,044
	1,870	4.389%, 01/08/26		1,892
		General Motors Financial Co., Inc.,
	4,115	2.400%, 04/10/18		4,117
	5,895	3.100%, 01/15/19		5,946
	235	3.250%, 05/15/18		237
	2,710	4.000%, 01/15/25		2,630
	10,645	4.000%, 10/06/26		10,129
		John Deere Capital Corp.,
	3,090	2.375%, 07/14/20		3,100
	1,575	2.450%, 09/11/20		1,576
	1,195	Synchrony Financial, 4.250%, 08/15/24		1,213
				68,230
		Diversified Financial Services — 2.9%
		Berkshire Hathaway, Inc.,
	10,615	2.750%, 03/15/23		10,568
	3,910	3.125%, 03/15/26		3,870
	4,345	EDP Finance B.V., (Netherlands), 5.250%, 01/14/21 (e)		4,583
	12,705	GE Capital International Funding Co., Unlimited Co., (Ireland), 4.418%, 11/15/35		13,200
		National Rural Utilities Cooperative Finance Corp.,
	2,390	2.700%, 02/15/23		2,382
	2,245	2.850%, 01/27/25		2,212
	4,265	Protective Life Global Funding, 1.722%, 04/15/19 (e)		4,245
		Shell International Finance B.V., (Netherlands),
	1,968	3.750%, 09/12/46		1,761
	6,350	4.000%, 05/10/46		5,876
	4,830	4.550%, 08/12/43		4,843

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	3,460	2.000%, 09/15/23 (e)		3,253
	2,760	2.350%, 10/15/26 (e)		2,553
		Voya Financial, Inc.,
	1,723	2.900%, 02/15/18		1,743
	1,285	3.650%, 06/15/26		1,239
	2,635	4.800%, 06/15/46		2,480
				64,808
		Insurance — 2.8%
		American International Group, Inc.,
	2,385	3.900%, 04/01/26		2,412
	583	4.125%, 02/15/24		606
	1,900	4.500%, 07/16/44		1,848
	3,715	4.800%, 07/10/45		3,802
	527	4.875%, 06/01/22		573
		Arch Capital Finance LLC,
	1,570	4.011%, 12/15/26		1,570
	1,145	5.031%, 12/15/46		1,149
	1,570	Guardian Life Global Funding, 2.000%, 04/26/21 (e)		1,538
	7,605	Jackson National Life Global Funding, 2.250%, 04/29/21 (e)		7,504
	4,140	MassMutual Global Funding II, 2.000%, 04/15/21 (e)		4,052
		MetLife, Inc.,
	410	4.050%, 03/01/45		392
	3,325	4.125%, 08/13/42		3,199
	1,100	6.400%, 12/15/36		1,191
		Metropolitan Life Global Funding I,
	1,460	2.000%, 04/14/20 (e)		1,442
	4,625	3.000%, 01/10/23 (e)		4,641
		New York Life Global Funding,
	4,000	1.950%, 02/11/20 (e)		3,964
	2,200	2.000%, 04/13/21 (e)		2,162
		Pricoa Global Funding I,
	1,545	1.600%, 05/29/18 (e)		1,544
	695	2.200%, 05/16/19 (e)		699
	2,460	2.550%, 11/24/20 (e)		2,465
		Prudential Financial, Inc.,
	1,030	3.500%, 05/15/24		1,050
	4,285	5.100%, 08/15/43		4,663
	3,060	5.375%, 06/21/20		3,344
	1,160	VAR, 5.200%, 03/15/44		1,156
	3,990	Reliance Standard Life Global Funding II, 2.375%, 05/04/20 (e)		3,950
	1,145	Swiss Re Treasury U.S. Corp., 4.250%, 12/06/42 (e)		1,092
				62,008
		Total Financials		707,153
		Health Care — 9.1%
		Biotechnology — 2.2%
		AbbVie, Inc.,
	6,367	2.500%, 05/14/20		6,349
	6,675	3.600%, 05/14/25		6,577
	5,945	4.450%, 05/14/46		5,556
		Amgen, Inc.,
	2,235	2.600%, 08/19/26		2,068
	7,005	4.400%, 05/01/45		6,664
		Baxalta, Inc.,
	1,320	3.600%, 06/23/22		1,337
	3,270	4.000%, 06/23/25		3,294
	3,045	Biogen, Inc., 5.200%, 09/15/45		3,259
	1,885	Celgene Corp., 5.000%, 08/15/45		1,938
		Gilead Sciences, Inc.,
	4,575	2.950%, 03/01/27		4,343
	3,305	4.500%, 02/01/45		3,251
	660	4.600%, 09/01/35		677
	3,390	4.750%, 03/01/46		3,476
				48,789
		Health Care Equipment & Supplies — 1.6%
		Abbott Laboratories,
	4,625	2.900%, 11/30/21		4,597
	6,035	3.750%, 11/30/26		5,940
	1,830	4.900%, 11/30/46		1,842
	3,485	Becton, Dickinson & Co., 3.734%, 12/15/24		3,565
	325	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		335
	500	Kinetic Concepts, Inc./KCI USA, Inc., 7.875%, 02/15/21 (e)		527
		Medtronic, Inc.,
	6,765	3.150%, 03/15/22		6,930
	7,750	3.500%, 03/15/25		7,942
		Stryker Corp.,
	800	3.500%, 03/15/26		802
	2,125	4.625%, 03/15/46		2,111
				34,591

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Health Care Providers & Services — 2.0%
		Aetna, Inc.,
	2,025	3.200%, 06/15/26		1,982
	2,970	3.500%, 11/15/24		2,978
	4,135	3.950%, 09/01/20		4,331
	1,695	4.250%, 06/15/36		1,679
		Anthem, Inc.,
	620	2.300%, 07/15/18		623
	3,635	3.500%, 08/15/24		3,626
	1,130	3.700%, 08/15/21		1,171
	650	4.625%, 05/15/42		642
	2,495	5.100%, 01/15/44		2,607
	1,905	Cigna Corp., 4.000%, 02/15/22		1,987
	3,030	Express Scripts Holding Co., 3.400%, 03/01/27		2,867
		HCA, Inc.,
	2,000	5.375%, 02/01/25		1,958
	1,000	5.875%, 03/15/22		1,074
	2,000	5.875%, 02/15/26		1,992
	500	HealthSouth Corp., 5.750%, 11/01/24		501
		McKesson Corp.,
	1,035	2.850%, 03/15/23		1,008
	1,930	3.796%, 03/15/24		1,970
		Tenet Healthcare Corp.,
	280	4.500%, 04/01/21		272
	720	6.000%, 10/01/20		732
	250	6.750%, 02/01/20		234
	2,750	8.125%, 04/01/22		2,509
		UnitedHealth Group, Inc.,
	3,955	3.100%, 03/15/26		3,915
	1,900	3.750%, 07/15/25		1,971
	1,545	3.950%, 10/15/42		1,471
	1,455	4.750%, 07/15/45		1,590
				45,690
		Life Sciences Tools & Services — 0.4%
		Thermo Fisher Scientific, Inc.,
	3,070	2.950%, 09/19/26		2,896
	5,800	4.150%, 02/01/24		6,052
				8,948
		Pharmaceuticals — 2.9%
		Actavis Funding SCS, (Luxembourg),
	6,051	2.350%, 03/12/18		6,087
	6,270	3.800%, 03/15/25		6,297
	6,095	4.550%, 03/15/35		5,972
	935	Forest Laboratories LLC, 4.375%, 02/01/19 (e)		972
		Mylan N.V., (Netherlands),
	9,265	3.950%, 06/15/26 (e)		8,675
	1,585	5.250%, 06/15/46 (e)		1,452
	1,440	Mylan, Inc., 2.600%, 06/24/18		1,447
	1,455	Perrigo Finance Unlimited Co., (Ireland), 3.900%, 12/15/24		1,419
	6,540	Pfizer, Inc., 3.000%, 12/15/26		6,431
		Shire Acquisitions Investments Ireland DAC, (Ireland),
	2,760	2.875%, 09/23/23		2,623
	6,395	3.200%, 09/23/26		5,992
		Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands),
	5,010	2.800%, 07/21/23		4,730
	8,345	3.150%, 10/01/26		7,681
	2,260	4.100%, 10/01/46		1,938
		Valeant Pharmaceuticals International, Inc., (Canada),
	1,250	6.750%, 08/15/21 (e)		1,044
	1,600	7.250%, 07/15/22 (e)		1,312
	500	7.500%, 07/15/21 (e)		422
				64,494
		Total Health Care		202,512
		Industrials — 4.5%
		Aerospace & Defense — 0.7%
	1,125	L-3 Communications Corp., 3.850%, 12/15/26		1,122
		Lockheed Martin Corp.,
	1,390	3.550%, 01/15/26		1,425
	4,210	3.800%, 03/01/45		3,911
	2,378	Northrop Grumman Corp., 3.850%, 04/15/45		2,244
	1,370	Textron, Inc., 3.875%, 03/01/25		1,379
		United Technologies Corp.,
	4,315	3.750%, 11/01/46		4,029
	811	4.150%, 05/15/45		807
				14,917
		Air Freight & Logistics — 0.2%
	4,185	FedEx Corp., 4.100%, 02/01/45		3,868
		Airlines — 0.8%
	3,510	Air Canada 2015-1 Class A Pass-Through Trust, (Canada), 3.600%, 03/15/27 (e)		3,517

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Airlines — continued
	1,369	American Airlines 2013-1 Class A Pass-Through Trust, 4.000%, 07/15/25		1,410
	499	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		535
	4,015	American Airlines 2016-3 Class AA Pass-Through Trust, 3.000%, 10/15/28		3,867
	643	Delta Air Lines 2007-1 Class A Pass-Through Trust, 6.821%, 08/10/22		753
	841	Delta Air Lines 2010-1 Class A Pass-Through Trust, 6.200%, 07/02/18		889
	537	U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25		554
	4,700	United Airlines 2016-1 Class A Pass-Through Trust, 3.450%, 07/07/28		4,747
	875	United Airlines 2016-1 Class AA Pass-Through Trust, 3.100%, 07/07/28		857
				17,129
		Building Products — 0.1%
		Masco Corp.,
	1,530	3.500%, 04/01/21		1,538
	1,860	4.375%, 04/01/26		1,874
				3,412
		Commercial Services & Supplies — 0.1%
	1,000	ADT Corp. (The), 3.500%, 07/15/22		941
	500	Herc Rentals, Inc., 7.750%, 06/01/24 (e)		513
				1,454
		Industrial Conglomerates — 0.5%
	5,750	General Electric Co., 4.500%, 03/11/44		6,035
	6,785	Honeywell International, Inc., 2.500%, 11/01/26		6,401
				12,436
		Machinery — 0.3%
	4,340	Illinois Tool Works, Inc., 2.650%, 11/15/26		4,149
	1,250	SPX FLOW, Inc., 5.875%, 08/15/26 (e)		1,222
	1,000	Terex Corp., 6.000%, 05/15/21		1,013
				6,384
		Road & Rail — 1.1%
	1,250	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		1,308
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	1,000	5.125%, 06/01/22 (e)		965
	750	5.500%, 04/01/23		725
		Burlington Northern Santa Fe LLC,
	1,600	3.650%, 09/01/25		1,668
	4,215	3.900%, 08/01/46		4,041
	1,298	4.100%, 06/01/21		1,384
	765	4.150%, 04/01/45		760
	2,080	4.450%, 03/15/43		2,143
	3,530	CSX Corp., 2.600%, 11/01/26		3,303
		Hertz Corp. (The),
	1,750	6.250%, 10/15/22		1,649
	500	7.375%, 01/15/21		502
	5,670	JB Hunt Transport Services, Inc., 3.300%, 08/15/22		5,699
				24,147
		Trading Companies & Distributors — 0.7%
		Air Lease Corp.,
	3,505	3.000%, 09/15/23		3,345
	4,460	3.375%, 06/01/21		4,531
		International Lease Finance Corp.,
	6,549	3.875%, 04/15/18		6,677
	1,000	5.875%, 04/01/19		1,065
		United Rentals North America, Inc.,
	475	5.750%, 11/15/24		492
	443	7.625%, 04/15/22		468
				16,578
		Total Industrials		100,325
		Information Technology — 6.6%
		Communications Equipment — 1.2%
		Cisco Systems, Inc.,
	6,150	2.200%, 02/28/21		6,114
	8,396	2.600%, 02/28/23		8,290
	1,000	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		1,041
		Harris Corp.,
	5,445	2.700%, 04/27/20		5,454
	3,450	3.832%, 04/27/25		3,490
	2,070	5.054%, 04/27/45		2,143
				26,532
		Electronic Equipment, Instruments & Components — 0.1%
	1,750	Zebra Technologies Corp., 7.250%, 10/15/22		1,892

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		IT Services — 0.5%
		First Data Corp.,
	2,000	5.375%, 08/15/23 (e)		2,070
	1,000	5.750%, 01/15/24 (e)		1,013
	649	6.750%, 11/01/20 (e)		673
	8,075	Visa, Inc., 3.150%, 12/14/25		8,074
				11,830
		Semiconductors & Semiconductor Equipment — 0.7%
		Amkor Technology, Inc.,
	1,500	6.375%, 10/01/22		1,543
	235	6.625%, 06/01/21		240
		Analog Devices, Inc.,
	3,255	3.125%, 12/05/23		3,243
	3,490	3.500%, 12/05/26		3,468
	490	4.500%, 12/05/36		487
	3,140	Intel Corp., 4.100%, 05/19/46		3,083
	1,545	Micron Technology, Inc., 5.250%, 01/15/24 (e)		1,510
	750	NXP B.V./NXP Funding LLC, (Netherlands), 5.750%, 03/15/23 (e)		793
	1,000	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		1,048
				15,415
		Software — 2.2%
	1,500	Infor U.S., Inc., 6.500%, 05/15/22		1,545
		Microsoft Corp.,
	4,875	2.400%, 08/08/26		4,616
	7,855	3.700%, 08/08/46		7,269
	5,435	3.750%, 02/12/45		5,082
	1,525	4.450%, 11/03/45		1,601
		Oracle Corp.,
	7,775	1.900%, 09/15/21		7,590
	8,295	2.400%, 09/15/23		8,013
	1,645	2.500%, 05/15/22		1,628
	2,415	2.950%, 05/15/25		2,371
	1,625	4.000%, 07/15/46		1,540
	6,805	4.125%, 05/15/45		6,548
				47,803
		Technology Hardware, Storage & Peripherals — 1.9%
		Apple, Inc.,
	15,490	3.250%, 02/23/26		15,564
	8,255	3.450%, 02/09/45		7,234
	1,515	3.850%, 05/04/43		1,420
	1,475	4.650%, 02/23/46		1,556
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	4,660	4.420%, 06/15/21 (e)		4,793
	2,885	5.450%, 06/15/23 (e)		3,006
	6,085	6.020%, 06/15/26 (e)		6,372
	835	8.350%, 07/15/46 (e)		971
	2,000	Western Digital Corp., 7.375%, 04/01/23 (e)		2,160
				43,076
		Total Information Technology		146,548
		Materials — 1.1%
		Chemicals — 0.7%
	2,615	Air Liquide Finance S.A., (France), 1.750%, 09/27/21 (e)		2,521
	750	Ashland LLC, 4.750%, 08/15/22		771
		CF Industries, Inc.,
	2,395	3.400%, 12/01/21 (e)		2,372
	895	4.500%, 12/01/26 (e)		878
	2,445	5.375%, 03/15/44		1,950
	1,250	Hexion, Inc., 6.625%, 04/15/20		1,075
	1,000	Huntsman International LLC, 5.125%, 11/15/22		1,015
		INEOS Group Holdings S.A., (Luxembourg),
	1,000	5.625%, 08/01/24 (e)		977
	585	5.875%, 02/15/19 (e)		594
	3,775	LYB International Finance B.V., (Netherlands), 4.875%, 03/15/44		3,846
				15,999
		Containers & Packaging — 0.1%
	1,000	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 5.750%, 10/15/20		1,029
		Metals & Mining — 0.3%
		BHP Billiton Finance USA Ltd., (Australia),
	1,090	4.125%, 02/24/42		1,055
	1,185	5.000%, 09/30/43		1,315
	550	Newcrest Finance Pty Ltd., (Australia), 5.750%, 11/15/41 (e)		527
	3,663	Nucor Corp., 5.200%, 08/01/43		4,084
				6,981
		Total Materials		24,009

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Real Estate — 3.3%
		Equity Real Estate Investment Trusts (REITs) — 3.3%
		American Tower Corp.,
	6,730	3.375%, 10/15/26		6,360
	1,875	3.400%, 02/15/19		1,918
	2,510	3.450%, 09/15/21		2,550
	770	4.000%, 06/01/25		776
	1,310	4.400%, 02/15/26		1,343
	1,680	4.500%, 01/15/18		1,728
	1,135	AvalonBay Communities, Inc., 3.625%, 10/01/20		1,180
		Boston Properties LP,
	2,635	3.650%, 02/01/26		2,620
	1,210	3.850%, 02/01/23		1,242
	3,775	Brixmor Operating Partnership LP, 3.875%, 08/15/22		3,845
	1,000	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		1,037
		Crown Castle International Corp.,
	1,615	3.400%, 02/15/21		1,642
	2,631	3.700%, 06/15/26		2,551
	2,814	4.450%, 02/15/26		2,891
	4,740	DDR Corp., 3.500%, 01/15/21		4,805
	5,740	Duke Realty LP, 3.875%, 02/15/21		5,985
		GEO Group, Inc. (The),
	1,000	5.125%, 04/01/23		945
	1,000	5.875%, 01/15/22		997
		HCP, Inc.,
	4,095	3.400%, 02/01/25		3,913
	2,285	4.000%, 06/01/25		2,264
	1,415	4.200%, 03/01/24		1,433
	910	Liberty Property LP, 4.400%, 02/15/24		952
		Realty Income Corp.,
	955	3.000%, 01/15/27		898
	2,070	4.125%, 10/15/26		2,127
	3,265	Simon Property Group LP, 3.500%, 09/01/25		3,309
	6,095	UDR, Inc., 2.950%, 09/01/26		5,750
	340	Ventas Realty LP, 4.375%, 02/01/45		315
	2,513	Vereit Operating Partnership LP, 4.600%, 02/06/24		2,567
		Welltower, Inc.,
	1,320	3.750%, 03/15/23		1,341
	4,170	4.000%, 06/01/25		4,258
		Total Real Estate		73,542
		Telecommunication Services — 4.9%
		Diversified Telecommunication Services — 4.6%
		AT&T, Inc.,
	12,440	3.400%, 05/15/25		11,955
	6,280	4.125%, 02/17/26		6,322
	2,250	4.300%, 12/15/42		1,962
	3,205	4.350%, 06/15/45		2,798
	10,155	4.500%, 03/09/48 (e)		9,043
	3,405	4.800%, 06/15/44		3,187
	1,565	5.150%, 03/15/42		1,543
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	750	5.125%, 05/01/23 (e)		769
	2,750	5.875%, 04/01/24 (e)		2,911
	750	6.625%, 01/31/22		779
		CenturyLink, Inc.,
	250	Series T, 5.800%, 03/15/22		247
	1,750	Series W, 6.750%, 12/01/23		1,750
	4,690	Deutsche Telekom International Finance B.V., (Netherlands), 2.485%, 09/19/23 (e)		4,468
	1,250	Frontier Communications Corp., 11.000%, 09/15/25		1,253
	1,750	Intelsat Jackson Holdings S.A., (Luxembourg), 7.250%, 10/15/20		1,275
	1,000	Level 3 Financing, Inc., 5.375%, 05/01/25		995
	540	SES GLOBAL Americas Holdings GP, 2.500%, 03/25/19 (e)		537
	500	SFR Group S.A., (France), 6.000%, 05/15/22 (e)		504
	2,850	Sprint Capital Corp., 8.750%, 03/15/32		2,992
		Verizon Communications, Inc.,
	7,311	2.625%, 02/21/20		7,360
	6,408	2.625%, 08/15/26		5,902
	7,824	3.850%, 11/01/42		6,739
	5,235	4.125%, 08/15/46		4,674
	4,016	4.272%, 01/15/36		3,826
	4,985	4.500%, 09/15/20		5,321
	10,386	4.862%, 08/21/46		10,411
	675	Virgin Media Secured Finance plc, (United Kingdom), 5.375%, 04/15/21 (e)		696
	2,000	Windstream Services LLC, 7.750%, 10/01/21		1,990

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	1,000	Zayo Group LLC/Zayo Capital, Inc., 6.000%, 04/01/23		1,043
				103,252
		Wireless Telecommunication Services — 0.3%
	1,905	America Movil S.A.B. de C.V., (Mexico), 3.125%, 07/16/22		1,869
		Sprint Corp.,
	1,000	7.625%, 02/15/25		1,016
	1,250	7.875%, 09/15/23		1,291
	1,750	T-Mobile USA, Inc., 6.731%, 04/28/22		1,828
				6,004
		Total Telecommunication Services		109,256
		Utilities — 8.7%
		Electric Utilities — 5.7%
	2,175	AEP Transmission Co. LLC, 3.100%, 12/01/26 (e)		2,150
		Alabama Power Co.,
	1,845	3.750%, 03/01/45		1,754
	600	4.150%, 08/15/44		599
		Commonwealth Edison Co.,
	4,470	2.550%, 06/15/26		4,253
	2,670	4.350%, 11/15/45		2,795
	1,445	Duke Energy Carolinas LLC, 3.875%, 03/15/46		1,392
		Duke Energy Corp.,
	2,195	2.650%, 09/01/26		2,034
	5,031	3.050%, 08/15/22		5,085
	3,000	3.950%, 10/15/23		3,162
	1,715	Duke Energy Indiana LLC, 3.750%, 05/15/46		1,602
	4,420	Duke Energy Progress LLC, 4.150%, 12/01/44		4,372
	2,410	Edison International, 2.950%, 03/15/23		2,399
	1,175	Electricite de France S.A., (France), 4.875%, 01/22/44 (e)		1,152
		Emera US Finance LP,
	2,790	3.550%, 06/15/26 (e)		2,737
	4,210	4.750%, 06/15/46 (e)		4,138
	2,000	Entergy Arkansas, Inc., 3.050%, 06/01/23		2,014
	3,105	Entergy Corp., 4.000%, 07/15/22		3,255
	4,510	Entergy Louisiana LLC, 2.400%, 10/01/26		4,200
	1,940	Entergy Mississippi, Inc., 2.850%, 06/01/28		1,846
		Exelon Corp.,
	580	2.450%, 04/15/21		573
	3,500	4.450%, 04/15/46		3,384
	4,500	FirstEnergy Transmission LLC, 4.350%, 01/15/25 (e)		4,652
	6,330	Florida Power & Light Co., 3.125%, 12/01/25		6,417
		ITC Holdings Corp.,
	1,975	3.250%, 06/30/26		1,905
	2,010	3.650%, 06/15/24		2,013
	1,575	5.300%, 07/01/43		1,676
	3,405	Jersey Central Power & Light Co., 4.300%, 01/15/26 (e)		3,494
	805	Metropolitan Edison Co., 4.000%, 04/15/25 (e)		806
	1,315	Oklahoma Gas & Electric Co., 4.550%, 03/15/44		1,390
		Oncor Electric Delivery Co. LLC,
	1,645	2.150%, 06/01/19		1,647
	498	2.950%, 04/01/25		493
		Pacific Gas & Electric Co.,
	1,925	2.950%, 03/01/26		1,885
	3,155	3.400%, 08/15/24		3,225
	1,195	3.500%, 06/15/25		1,224
	4,085	4.300%, 03/15/45		4,142
	4,235	PacifiCorp, 2.950%, 02/01/22		4,305
		PPL Capital Funding, Inc.,
	3,330	3.100%, 05/15/26		3,199
	1,105	Series A, VAR, 6.700%, 03/30/67		970
		Public Service Electric & Gas Co.,
	3,995	2.250%, 09/15/26		3,730
	2,120	3.800%, 03/01/46		2,079
	7,205	Sierra Pacific Power Co., 2.600%, 05/01/26		6,869
	2,930	Southern California Edison Co., Series C, 3.600%, 02/01/45		2,727
	3,565	Southwestern Electric Power Co., Series J, 3.900%, 04/01/45		3,282
	1,945	Trans-Allegheny Interstate Line Co., 3.850%, 06/01/25 (e)		1,981
		Xcel Energy, Inc.,
	2,830	3.300%, 06/01/25		2,831
	2,920	3.350%, 12/01/26		2,913
	1,955	4.700%, 05/15/20		2,087
				126,838

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Gas Utilities — 0.5%
	3,855	Dominion Gas Holdings LLC, 4.600%, 12/15/44		3,804
	3,520	KeySpan Gas East Corp., 2.742%, 08/15/26 (e)		3,352
	3,105	Piedmont Natural Gas Co., Inc., 3.640%, 11/01/46		2,733
	1,000	Sabine Pass Liquefaction LLC, 5.875%, 06/30/26 (e)		1,054
				10,943
		Independent Power & Renewable Electricity Producers — 0.6%
	3,345	Exelon Generation Co. LLC, 2.950%, 01/15/20		3,388
	1,000	NRG Energy, Inc., 6.625%, 01/15/27 (e)		925
		Oglethorpe Power Corp.,
	3,545	4.250%, 04/01/46		3,364
	700	4.550%, 06/01/44		686
		Southern Power Co.,
	385	5.250%, 07/15/43		387
	2,680	Series F, 4.950%, 12/15/46		2,570
	1,120	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		1,081
				12,401
		Multi-Utilities — 1.9%
	3,650	Berkshire Hathaway Energy Co., 4.500%, 02/01/45		3,746
	1,385	CMS Energy Corp., 2.950%, 02/15/27		1,313
		Consolidated Edison Co. of New York, Inc.,
	2,315	3.850%, 06/15/46		2,189
	1,835	4.500%, 12/01/45		1,913
	2,165	Series C, 4.300%, 12/01/56		2,124
		Dominion Resources, Inc.,
	2,430	3.625%, 12/01/24		2,445
	2,585	3.900%, 10/01/25		2,642
	2,880	SUB, 4.104%, 04/01/21		3,006
	2,208	Series D, 2.850%, 08/15/26		2,064
	3,975	New York State Electric & Gas Corp., 3.250%, 12/01/26 (e)		3,948
	4,330	NiSource Finance Corp., 4.800%, 02/15/44		4,458
	4,040	Puget Sound Energy, Inc., Series A, VAR, 6.974%, 06/01/67		3,434
	1,955	San Diego Gas & Electric Co., 2.500%, 05/15/26		1,871
		Sempra Energy,
	830	2.400%, 03/15/20		830
	3,704	2.875%, 10/01/22		3,690
	2,910	Southern Co. Gas Capital Corp., 3.250%, 06/15/26		2,843
				42,516
		Total Utilities		192,698
		Total Corporate Bonds (Cost $2,086,627)		2,050,675
	Preferred Securities — 2.7% (x)
		Financials — 2.7%
		Banks — 1.1%
	1,780	Australia & New Zealand Banking Group Ltd., (Australia), VAR, 6.750%, 06/15/26 (e)		1,885
	2,260	Bank of America Corp., Series X, VAR, 6.250%, 09/05/24		2,249
		Citigroup, Inc.,
	2,395	Series N, VAR, 5.800%, 11/15/19		2,383
	4,765	Series O, VAR, 5.875%, 03/27/20		4,765
	5,521	HSBC Holdings plc, (United Kingdom), VAR, 6.875%, 06/01/21		5,700
	1,325	PNC Financial Services Group, Inc. (The), Series R, VAR, 4.850%, 06/01/23		1,259
	6,775	Societe Generale S.A., (France), VAR, 7.375%, 09/13/21 (e)		6,521
				24,762
		Capital Markets — 1.4%
		Bank of New York Mellon Corp. (The),
	2,210	Series E, VAR, 4.950%, 06/20/20		2,202
	7,782	Series F, VAR, 4.625%, 09/20/26		7,130
		Goldman Sachs Group, Inc. (The),
	4,500	Series L, VAR, 5.700%, 05/10/19		4,539
	2,000	Series M, VAR, 5.375%, 05/10/20		1,983
	9,780	Morgan Stanley, Series H, VAR, 5.450%, 07/15/19		9,584
	4,315	State Street Corp., Series F, VAR, 5.250%, 09/15/20		4,396
				29,834
		Insurance — 0.2%
	4,639	MetLife, Inc., Series C, VAR, 5.250%, 06/15/20		4,581
		Total Preferred Securities (Cost $59,392)		59,177

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Short-Term Investments— 2.1%
		U.S. Treasury Obligations— 0.1%
		U.S. Treasury Bills,
	750	0.306%, 01/05/17 (k) (n)		750
	2,410	0.414%, 03/23/17 (k) (n)		2,406
		Total U.S. Treasury Obligations		3,156
SHARES
		Investment Company — 2.0%
	44,575	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l)		44,588
		Total Short-Term Investments (Cost $47,733)		47,744
		Total Investments — 97.1% (Cost $2,193,752)		2,157,596
		Other Assets in Excess of Liabilities — 2.9%		63,356
		NET ASSETS — 100.0%		2,220,952

Percentages indicated are based on net assets.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	1,544	U.S. Treasury Long Bond		03/22/17		USD		233,578			(956	)
	214	5 Year U.S. Treasury Note		03/31/17		USD		25,219			(10	)
	590	2 Year U.S. Treasury Note		03/31/17		USD		127,919			(75	)
		Short Futures Outstanding
	(2,626)	10 Year U.S. Treasury Note		03/22/17		USD		(326,978	)		120
	(745)	U.S. Ultra Bond		03/22/17		USD		(120,248	)		226
											(695	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

1,193

EUR

Citibank, N.A.

12/13/16

1,261

1,265

4

3

EUR

Deutsche Bank AG

12/13/16

4

4

–

(h)

2

EUR

HSBC Bank, N.A.

12/13/16

2

2

–

(h)

11

EUR

National Australia Bank

12/13/16

11

11

–

(h)

5

EUR

Royal Bank of Canada

12/13/16

6

6

–

(h)

9

EUR

Societe Generale

12/13/16

9

9

–

(h)

1,293

1,297

4

CONTRACTS TO SELL

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

806

EUR

Australia and New Zealand Banking Group Limited

12/13/16

867

855

12

402

EUR

Credit Suisse International

12/13/16

433

426

7

5

EUR

Deutsche Bank AG

12/13/16

5

5

–

(h)

4

EUR

HSBC Bank, N.A.

12/13/16

4

4

–

(h)

3

EUR

Standard Chartered Bank

12/13/16

3

3

–

(h)

4

EUR

State Street Corp.

12/13/16

4

4

–

(h)

1,316

1,297

19

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

EUR	—	Euro
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market fund is 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 0.05%
(h)	—	Amount rounds to less than 500.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(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, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.

As of November 30, 2016, 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	11,987
Aggregate gross unrealized depreciation	(48,143	)
Net unrealized appreciation/depreciation	(36,156	)
Federal income tax cost of investments	2,193,752

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments —The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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 Investment Management, Inc. (the “Administrator”) 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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 Underlying Fund’s net asset values per share as of the report date.

Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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

The various inputs that are used in determining the 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 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 (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	44,588		$	2,113,008	$	—	$	2,157,596
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	23	$	—	$	23
Futures Contracts		346			—		—		346
Total Appreciation in Other Financial Instruments	$	346		$	23	$	—	$	369
Depreciation in Other Financial Instruments
Futures Contracts	$	(1,041	)	$	—	$	—	$	(1,041	)

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no transfers among any levels during the period ended November 30, 2016.

B. Derivatives — The Fund used derivative instruments including futures and forward foreign currency exchange contracts, in connection with its investment strategy. 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. Derivatives may also be used 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 may 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 FundNotes (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used 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. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

The Fund may be exposed 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 subject 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, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought 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. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions. As of November 30, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 0.6%
		Canada — 0.6%
	12	Pacific Exploration & Production Corp. (a)		461
	22	Pacific Exploration & Production Corp. (a)		863
		Total Common Stocks (Cost $1,325)		1,324
PRINCIPAL AMOUNT
	Convertible Bonds — 0.4%
		United Arab Emirates — 0.4%
		Aabar Investments PJSC,
EUR	500	Reg. S, 0.500%, 03/27/20		411
EUR	600	Reg. S, 1.000%, 03/27/22		444
		Total Convertible Bonds (Cost $975)		855
	Corporate Bonds — 88.1%
		Argentina — 1.9%
	1,010	Cia General de Combustibles S.A., 9.500%, 11/07/21 (e)		1,019
	1,010	Petrobras Argentina S.A., 7.375%, 07/21/23 (e)		981
		YPF S.A.,
	1,130	Reg. S, 8.500%, 07/28/25		1,147
	1,210	Reg. S, 8.750%, 04/04/24		1,246
				4,393
		Austria — 1.0%
	1,630	Eldorado International Finance GmbH, 8.625%, 06/16/21 (e)		1,310
	990	Suzano Austria GmbH, 5.750%, 07/14/26 (e)		943
				2,253
		Barbados — 1.2%
		Columbus Cable Barbados Ltd.,
	2,680	Reg. S, 7.375%, 03/30/21		2,851
		Bermuda — 2.7%
		Digicel Group Ltd.,
	1,610	Reg. S, 7.125%, 04/01/22		1,200
	3,099	Reg. S, 8.250%, 09/30/20		2,608
	1,290	Inkia Energy Ltd., Reg. S, 8.375%, 04/04/21		1,335
	1,060	Tengizchevroil Finance Co. International Ltd., 4.000%, 08/15/26 (e)		984
				6,127
		Brazil — 2.8%
	1,040	Banco ABC Brasil S.A., Reg. S, 7.875%, 04/08/20		1,084
		Banco do Brasil S.A.,
	626	3.875%, 10/10/22		575
	630	Reg. S, 5.875%, 01/26/22		627
	920	Cia Brasileira de Aluminio, Reg. S, 4.750%, 06/17/24		833
	200	Globo Comunicacao e Participacoes S.A., Reg. S, SUB, 5.307%, 05/11/22		200
		Itau Unibanco Holding S.A.,
	200	Reg. S, 5.500%, 08/06/22		201
	740	Reg. S, 5.650%, 03/19/22		757
	600	Reg. S, 6.200%, 12/21/21		630
	1,691	Votorantim Cimentos S.A., Reg. S, 7.250%, 04/05/41		1,534
				6,441
		Canada — 0.4%
	883	Pacific Exploration & Production Corp., (Cash), 10.000%, 11/02/21 (v)		955
		Cayman Islands — 10.5%
	1,130	Agile Group Holdings Ltd., Reg. S, 9.000%, 05/21/20		1,218
	560	Agricola Senior Trust, 6.750%, 06/18/20 (e)		562
		Agromercantil Senior Trust,
	140	6.250%, 04/10/19 (e)		143
	580	Reg. S, 6.250%, 04/10/19		594
	1,270	Amber Circle Funding Ltd., Reg. S, 3.250%, 12/04/22		1,281
	550	BOS Funding Ltd., Reg. S, 3.374%, 06/08/20		545
	1,112	CAR, Inc., Reg. S, 6.125%, 02/04/20		1,161
	675	Cementos Progreso Trust, Reg. S, 7.125%, 11/06/23		704
	2,410	Comcel Trust Via Comunicaciones Celulares S.A., Reg. S, 6.875%, 02/06/24		2,404
	200	Country Garden Holdings Co., Ltd., Reg. S, 7.250%, 04/04/21		211
	370	DIP Sukuk Ltd., Reg. S, 4.291%, 02/20/19		376
	1,010	EMG Sukuk Ltd., Reg. S, 4.564%, 06/18/24		1,033
	400	ENN Energy Holdings Ltd., Reg. S, 3.250%, 10/23/19		403
	830	GrupoSura Finance S.A., 5.500%, 04/29/26 (e)		839
	330	Hutchison Whampoa International 14 Ltd., Reg. S, 3.625%, 10/31/24		333
	470	Industrial Senior Trust, Reg. S, 5.500%, 11/01/22		447
	1,790	Kuwait Projects Co., 5.000%, 03/15/23		1,839

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Cayman Islands — continued
	230	KWG Property Holding Ltd., 8.250%, 08/05/19		245
	840	MAF Sukuk Ltd., Reg. S, 4.500%, 11/03/25		848
		Rakfunding Cayman Ltd.,
	200	3.250%, 06/24/19		200
	340	Reg. S, 3.250%, 06/24/19		340
	560	Sable International Finance Ltd., Reg. S, 6.875%, 08/01/22		581
		Semiconductor Manufacturing International Corp.,
	200	4.125%, 10/07/19 (e)		206
	1,020	Reg. S, 4.125%, 10/07/19		1,049
	2,060	Shimao Property Holdings Ltd., Reg. S, 8.375%, 02/10/22		2,281
		Tencent Holdings Ltd.,
	200	3.375%, 05/02/19 (e)		205
	1,210	Reg. S, 3.800%, 02/11/25		1,230
	200	Texhong Textile Group Ltd., Reg. S, 6.500%, 01/18/19		206
		Vale Overseas Ltd.,
	1,055	5.875%, 06/10/21		1,104
	1,590	6.250%, 08/10/26		1,654
				24,242
		Chile — 3.9%
	480	Banco Santander, Reg. S, 3.875%, 09/20/22		491
		Cencosud S.A.,
	400	5.150%, 02/12/25 (e)		401
	1,160	Reg. S, 6.625%, 02/12/45		1,114
	500	Embotelladora Andina S.A., Reg. S, 5.000%, 10/01/23		535
		Empresa Electrica Angamos S.A.,
	200	4.875%, 05/25/29 (e)		189
	2,660	Reg. S, 4.875%, 05/25/29		2,507
	1,030	Empresa Electrica Guacolda S.A., 4.560%, 04/30/25 (e)		924
		Empresa Nacional de Telecomunicaciones S.A.,
	1,270	Reg. S, 4.750%, 08/01/26		1,249
	250	Reg. S, 4.875%, 10/30/24		250
	794	Enel Americas S.A., 4.000%, 10/25/26		759
	570	Engie Energia Chile S.A., Reg. S, 5.625%, 01/15/21		608
				9,027
		China — 1.2%
	1,560	China Construction Bank Corp., Reg. S, VAR, 3.875%, 05/13/25		1,566
	600	China Uranium Development Co., Ltd., Reg. S, 3.500%, 10/08/18		613
	460	Industrial & Commercial Bank of China Macau Ltd., Reg. S, VAR, 3.875%, 09/10/24		468
				2,647
		Colombia — 2.6%
	1,220	Banco de Bogota S.A., 6.250%, 05/12/26 (e)		1,206
	1,066	Bancolombia S.A., 5.950%, 06/03/21		1,143
		Ecopetrol S.A.,
	384	4.125%, 01/16/25		347
	2,610	5.375%, 06/26/26		2,512
	840	7.375%, 09/18/43		807
				6,015
		Hong Kong — 0.8%
	1,750	CITIC Ltd., Reg. S, 6.375%, 04/10/20		1,937
		India — 4.3%
	770	Adani Transmission Ltd., 4.000%, 08/03/26 (e)		733
	1,450	Axis Bank Ltd., Reg. S, 3.250%, 05/21/20		1,453
		Bharat Petroleum Corp., Ltd.,
	1,100	Reg. S, 4.625%, 10/25/22		1,155
		NTPC Ltd.,
	200	Reg. S, 4.250%, 02/26/26		199
	680	Reg. S, 4.375%, 11/26/24		695
	700	Reg. S, 4.750%, 10/03/22		744
	830	Oil India Ltd., Reg. S, 3.875%, 04/17/19		853
	910	ONGC Videsh Ltd., Reg. S, 4.625%, 07/15/24		935
		Power Grid Corp. of India Ltd.,
	1,180	Reg. S, 3.875%, 01/17/23		1,188
	2,010	Tata Motors Ltd., Reg. S, 4.625%, 04/30/20		2,065
				10,020
		Ireland — 0.8%
	1,690	MMC Norilsk Nickel OJSC via MMC Finance DAC, 6.625%, 10/14/22 (e)		1,848
		Israel — 1.8%
		Israel Chemicals Ltd.,
	1,298	Reg. S, 4.500%, 12/02/24 (e)		1,264
		Israel Electric Corp., Ltd.,
	640	5.000%, 11/12/24 (e)		658
	1,320	Reg. S, 5.000%, 11/12/24 (e)		1,358
	710	Reg. S, 6.875%, 06/21/23		808
				4,088

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — 5.2%
	890	Altice Financing S.A., Reg. S, 7.500%, 05/15/26		905
		Gazprom OAO Via Gaz Capital S.A.,
	490	Reg. S, 3.850%, 02/06/20		491
	800	Reg. S, 4.950%, 07/19/22		808
	1,570	Reg. S, 6.510%, 03/07/22		1,696
	318	Klabin Finance S.A., Reg. S, 5.250%, 07/16/24		302
	940	Millicom International Cellular S.A., 6.000%, 03/15/25 (e)		909
		Sberbank of Russia Via SB Capital S.A.,
	820	Reg. S, 5.250%, 05/23/23		803
	1,410	Reg. S, 6.125%, 02/07/22		1,516
		Severstal OAO Via Steel Capital S.A.,
	1,620	Reg. S, 5.900%, 10/17/22		1,721
	525	Tupy Overseas S.A., Reg. S, 6.625%, 07/17/24		507
	1,100	Ultrapar International S.A., 5.250%, 10/06/26 (e)		1,077
	1,190	VTB Bank OJSC Via VTB Capital S.A., Reg. S, 6.950%, 10/17/22		1,245
				11,980
		Malaysia — 0.9%
	1,420	Malayan Banking Bhd, VAR, 3.905%, 10/29/26		1,410
		SSG Resources Ltd.,
	650	Reg. S, 4.250%, 10/04/22		670
				2,080
		Mauritius — 1.4%
	1,990	MTN Mauritius Investment Ltd., 5.373%, 02/13/22 (e)		1,955
	1,380	UPL Corp., Ltd., 3.250%, 10/13/21 (e)		1,351
				3,306
		Mexico — 5.6%
	400	Alfa S.A.B. de C.V., 6.875%, 03/25/44 (e)		367
	1,090	Alpek S.A.B. de C.V., 5.375%, 08/08/23 (e)		1,104
	1,200	Banco Mercantil del Norte S.A., VAR, 5.750%, 10/04/31 (e)		1,093
	340	Banco Nacional de Comercio Exterior SNC, VAR, 3.800%, 08/11/26 (e)		317
	1,176	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22		1,254
	460	Comision Federal de Electricidad, 4.750%, 02/23/27 (e)		434
	220	El Puerto de Liverpool S.A.B. de C.V., 3.950%, 10/02/24 (e)		205
		Elementia S.A.B. de C.V.,
	200	5.500%, 01/15/25 (e)		185
	750	Reg. S, 5.500%, 01/15/25		696
	736	Grupo KUO S.A.B. de C.V., Reg. S, 6.250%, 12/04/22		707
	1,580	Grupo Televisa S.A.B., 5.000%, 05/13/45		1,318
	1,072	Mexichem S.A.B. de C.V., Reg. S, 5.875%, 09/17/44		927
		Mexico Generadora de Energia S. de R.L.,
	1,608	Reg. S, 5.500%, 12/06/32		1,560
	760	Sigma Alimentos S.A. de C.V., Reg. S, 6.875%, 12/16/19		850
	1,265	Sixsigma Networks Mexico S.A. de C.V., Reg. S, 8.250%, 11/07/21		1,176
	250	Trust F/1401, 5.250%, 01/30/26 (e)		240
	550	Unifin Financiera S.A.B. de C.V. SOFOM ENR, 7.250%, 09/27/23 (e)		522
				12,955
		Morocco — 0.9%
	2,170	OCP S.A., Reg. S, 4.500%, 10/22/25		2,056
		Netherlands — 10.3%
		Bharti Airtel International Netherlands B.V.,
EUR	100	3.375%, 05/20/21 (e)		114
EUR	450	Reg. S, 3.375%, 05/20/21		513
	2,070	Reg. S, 5.125%, 03/11/23		2,159
	1,700	Equate Petrochemical B.V., 3.000%, 03/03/22 (e)		1,607
	660	GTH Finance B.V., 7.250%, 04/26/23 (e)		702
	1,720	Ihs Netherlands Holdco B.V., 9.500%, 10/27/21 (e)		1,733
	620	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.375%, 10/06/20		657
	863	Listrindo Capital B.V., 4.950%, 09/14/26 (e)		837
		Lukoil International Finance B.V.,
	1,640	Reg. S, 4.563%, 04/24/23		1,633
		Petrobras Global Finance B.V.,
	4,910	5.375%, 01/27/21		4,780
	5,710	8.750%, 05/23/26		6,130
		VimpelCom Holdings B.V.,
	1,670	Reg. S, 5.950%, 02/13/23		1,729
	393	Reg. S, 7.504%, 03/01/22		434
	751	VTR Finance B.V., Reg. S, 6.875%, 01/15/24		762
				23,790
		Nigeria — 0.6%
	1,270	Access Bank plc, 10.500%, 10/19/21 (e)		1,270

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Norway — 0.3%
	700	DNO ASA, Reg. S, 8.750%, 06/18/20 (e)		609
		Panama — 1.5%
	410	AES El Salvador Trust II, Reg. S, 6.750%, 03/28/23		376
		ENA Norte Trust,
	1,231	Reg. S, 4.950%, 04/25/23		1,272
		Global Bank Corp.,
	1,066	4.500%, 10/20/21 (e)		1,031
	200	5.125%, 10/30/19 (e)		204
	650	Reg. S, 5.125%, 10/30/19		662
				3,545
		Paraguay — 0.1%
	150	Banco Regional SAECA, 8.125%, 01/24/19 (e)		159
		Peru — 3.6%
	1,620	Banco de Credito del Peru, Reg. S, VAR, 6.125%, 04/24/27		1,733
	400	Banco Internacional del Peru SAA, Reg. S, 5.750%, 10/07/20		431
	956	BBVA Banco Continental S.A., Reg. S, 5.000%, 08/26/22		1,010
	430	Cementos Pacasmayo SAA, Reg. S, 4.500%, 02/08/23		428
	220	Consorcio Transmantaro S.A., Reg. S, 4.375%, 05/07/23		220
	843	Corp. Lindley S.A., Reg. S, 6.750%, 11/23/21		948
	690	Kallpa Generacion S.A., 4.875%, 05/24/26 (e)		687
	1,750	Transportadora de Gas del Peru S.A., Reg. S, 4.250%, 04/30/28		1,726
	999	Union Andina de Cementos SAA, Reg. S, 5.875%, 10/30/21		1,009
				8,192
		Singapore — 2.1%
	1,720	Olam International Ltd., 4.500%, 02/05/20		1,707
	1,210	Oversea-Chinese Banking Corp., Ltd., Reg. S, 4.250%, 06/19/24		1,228
	210	TBG Global Pte Ltd., Reg. S, 4.625%, 04/03/18		212
	1,800	United Overseas Bank Ltd., VAR, 3.500%, 09/16/26		1,791
				4,938
		South Korea — 2.3%
	1,180	GS Caltex Corp., Reg. S, 3.250%, 10/01/18		1,201
	530	KT Corp., Reg. S, 2.625%, 04/22/19		535
	550	Shinhan Bank, 3.875%, 03/24/26 (e)		536
		Woori Bank,
	500	4.750%, 04/30/24 (e)		508
	2,540	Reg. S, 4.750%, 04/30/24		2,578
				5,358
		Sweden — 0.5%
		Powszechna Kasa Oszczednosci Bank Polski S.A. Via PKO Finance AB,
	1,080	Reg. S, 4.630%, 09/26/22		1,134
		Thailand — 0.7%
	1,520	PTT Global Chemical PCL, Reg. S, 4.250%, 09/19/22		1,593
		Turkey — 6.9%
		Akbank TAS,
	2,040	5.125%, 03/31/25 (e)		1,849
	450	Reg. S, 5.000%, 10/24/22		423
		Anadolu Efes Biracilik Ve Malt Sanayii AS,
	563	Reg. S, 3.375%, 11/01/22		499
		KOC Holding AS,
	680	5.250%, 03/15/23 (e)		660
	800	Reg. S, 5.250%, 03/15/23		777
	1,050	Tupras Turkiye Petrol Rafinerileri AS, Reg. S, 4.125%, 05/02/18		1,051
	1,810	Turk Telekomunikasyon AS, Reg. S, 4.875%, 06/19/24		1,695
	2,340	Turkiye Garanti Bankasi AS, Reg. S, 5.250%, 09/13/22		2,252
	1,330	Turkiye Halk Bankasi AS, 5.000%, 07/13/21 (e)		1,244
		Turkiye Is Bankasi,
	1,030	5.500%, 04/21/22 (e)		966
	1,200	Reg. S, 6.000%, 10/24/22		1,128
		Turkiye Sise ve Cam Fabrikalari AS,
	1,830	Reg. S, 4.250%, 05/09/20		1,773
		Turkiye Vakiflar Bankasi TAO,
	1,170	5.500%, 10/27/21 (e)		1,107
	600	Reg. S, 6.000%, 11/01/22		557
				15,981
		United Arab Emirates — 1.4%
	1,180	Abu Dhabi National Energy Co. PJSC, Reg. S, 3.875%, 05/06/24		1,165
		Dolphin Energy Ltd.,
	800	Reg. S, 5.500%, 12/15/21		888
	1,100	DP World Ltd., Reg. S, 6.850%, 07/02/37		1,122
				3,175

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — 6.1%
	1,010	Franshion Brilliant Ltd., Reg. S, 5.750%, 03/19/19		1,066
	320	Franshion Development Ltd., Reg. S, 6.750%, 04/15/21		363
	890	Fresnillo plc, Reg. S, 5.500%, 11/13/23		926
	648	GTL Trade Finance, Inc., Reg. S, 5.893%, 04/29/24		635
	1,360	Hikma Pharmaceuticals plc, Reg. S, 4.250%, 04/10/20		1,380
	1,240	Hongkong Electric Finance Ltd., 2.875%, 05/03/26		1,169
	1,110	King Power Capital Ltd., Reg. S, 5.625%, 11/03/24		1,220
	440	Nan Fung Treasury Ltd., Reg. S, 4.500%, 09/20/22		462
	1,720	NWD MTN Ltd., Reg. S, 5.250%, 02/26/21		1,810
	1,200	Proven Honour Capital Ltd., 4.125%, 05/06/26		1,192
	430	Sino-Ocean Land Treasure Finance II Ltd., Reg. S, 4.450%, 02/04/20		437
	1,040	Star Energy Geothermal Wayang Windu Ltd., Reg. S, 6.125%, 03/27/20		1,058
		Vedanta Resources plc,
	1,330	Reg. S, 6.000%, 01/31/19		1,327
	1,010	Reg. S, 7.125%, 05/31/23		957
				14,002
		United States — 1.8%
	930	Cemex Finance LLC, Reg. S, 9.375%, 10/12/22		1,008
	760	Hyundai Capital America, Reg. S, 2.450%, 06/15/21		742
		Reliance Holding USA, Inc.,
	1,260	Reg. S, 5.400%, 02/14/22		1,363
	1,040	Southern Copper Corp., 5.875%, 04/23/45		990
				4,103
		Total Corporate Bonds (Cost $203,044)		203,070
	Foreign Government Security — 0.5%
		Oman — 0.5%
	1,240	Republic of Oman, 4.750%, 06/15/26 (Cost $1,237) (e)		1,206
	Preferred Securities — 4.1% (x)
		Cayman Islands — 0.7%
		MAF Global Securities Ltd.,
	1,520	Reg. S, VAR, 7.125%, 10/29/18		1,581
		Singapore — 1.3%
	3,060	DBS Group Holdings Ltd., VAR, 3.600%, 09/07/21		2,959
		South Korea — 0.8%
	2,110	Woori Bank, VAR, 4.500%, 09/27/21 (e)		2,034
		United Kingdom — 1.3%
	1,530	CCCI Treasure Ltd., Reg. S, VAR, 3.500%, 04/21/20		1,541
	1,350	Central Plaza Development Ltd., VAR, 7.125%, 12/02/19		1,431
				2,972
		Total Preferred Securities (Cost $9,669)		9,546
	Supranational — 0.5%
	1,060	Africa Finance Corp., 4.375%, 04/29/20 (Cost $1,053) (e)		1,083
	U.S. Treasury Obligation — 0.2%
	360	U.S. Treasury Note, 0.500%, 03/31/17 (k) (Cost $360)		360
SHARES
	Short-Term Investment — 4.2%
		Investment Company — 4.2%
	9,772	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $9,774)		9,775
		Total Investments — 98.6% (Cost $227,437)		227,219
		Other Assets in Excess of Liabilities — 1.4%		3,198
		NET ASSETS — 100.0%		230,417

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	20	U.S. Treasury Long Bond		03/22/17		USD		3,026			(1	)
	93	2 Year U.S. Treasury Note		03/31/17		USD		20,163			(7	)
		Short Futures Outstanding
	(91)	10 Year U.S. Treasury Note		03/22/17		USD		(11,331	)		(4	)
	(23)	5 Year U.S. Treasury Note		03/31/17		USD		(2,710	)		3
											(9	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

756

EUR

Citibank, N.A.

12/30/16

851

803

(48

)

CONTRACTS TO SELL

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

1,915

EUR

Citibank, N.A.

12/30/16

2,159

2,033

126

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION

FUND PAYS FIXED RATE (r)

TERMINATION DATE

IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [2]

NOTIONAL AMOUNT  [3]

VALUE

UPFRONT PREMIUMS (PAID)/RECEIVED [4]

Deutsche Bank AG:

Republic of China, 7.500%, 10/28/27

1.000% quarterly

12/20/21

1.170

%

3,800

23

(16

)

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

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

EUR	—	Euro
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(r)	—	Rates shown are per annum and payments are as described.
(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, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.

As of November 30, 2016, 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	3,306
Aggregate gross unrealized depreciation	(3,524	)
Net unrealized appreciation/depreciation	(218	)
Federal income tax cost of investments	227,437

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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 Investment Management, Inc. (the “Administrator”) 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values per share as of the report date.

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

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

The various inputs that are used in determining the valuation of the Funds’ 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 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 Funds’ 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 (“SOI”) (amounts in thousands):

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Common Stocks
Canada	$	1,324	$	—	$	—	$	1,324
Debt Securities
Convertible Bonds
United Arab Emirates		—		855		—		855
Corporate Bonds
Argentina		—		4,393		—		4,393
Austria		—		2,253		—		2,253
Barbados		—		2,851		—		2,851
Bermuda		—		6,127		—		6,127
Brazil		—		6,441		—		6,441
Canada		—		955		—		955
Cayman Islands		—		24,242		—		24,242
Chile		—		9,027		—		9,027
China		—		2,647		—		2,647
Colombia		—		6,015		—		6,015
Hong Kong		—		1,937		—		1,937
India		—		10,020		—		10,020
Ireland		—		1,848		—		1,848
Israel		—		4,088		—		4,088
Luxembourg		—		11,980		—		11,980
Malaysia		—		2,080		—		2,080
Mauritius		—		3,306		—		3,306

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted  prices			Level 2 Other  significant observable inputs			Level 3 Significant  unobservable inputs		Total
Mexico	$	—		$	12,955		$	—	$	12,955
Morocco		—			2,056			—		2,056
Netherlands		—			23,790			—		23,790
Nigeria		—			1,270			—		1,270
Norway		—			609			—		609
Panama		—			3,545			—		3,545
Paraguay		—			159			—		159
Peru		—			8,192			—		8,192
Singapore		—			4,938			—		4,938
South Korea		—			5,358			—		5,358
Sweden		—			1,134			—		1,134
Thailand		—			1,593			—		1,593
Turkey		—			15,981			—		15,981
United Arab Emirates		—			3,175			—		3,175
United Kingdom		—			14,002			—		14,002
United States		—			4,103			—		4,103
Total Corporate Bonds		—			203,070			—		203,070
Foreign Government Securities		—			1,206			—		1,206
Preferred Securities
Cayman Islands		—			1,581			—		1,581
Singapore		—			2,959			—		2,959
South Korea		—			2,034			—		2,034
United Kingdom		—			2,972			—		2,972
Total Preferred Securities		—			9,546			—		9,546
Supranational		—			1,083			—		1,083
U.S. Treasury Obligations		—			360			—		360
Short-Term Investment
Investment Company		9,775			—			—		9,775
Total Investments in Securities	$	11,099		$	216,120		$	—	$	227,219
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	126		$	—	$	126
Futures Contracts		3			—			—		3
Swaps		—			7			—		7
Total Appreciation in Other Financial Instruments	$	3		$	133		$	—	$	136
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(48	)	$	—	$	(48	)
Futures Contracts		(12	)		—			—		(12	)
Total Depreciation in Other Financial Instruments	$	(12	)	$	(48	)	$	—	$	(60	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no transfers among any levels during the period ended November 30, 2016.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. 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. Derivatives may also be used 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 may 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) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used 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. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

The Fund may be exposed 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 subject 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, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought 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. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same

counterparty upon settlement. The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions. As of May 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including credit default swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement. The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund. The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation. The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically. Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default. If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — 26.9%
		Argentina — 1.5%
		Petrobras Argentina S.A.,
	3,800	7.375%, 07/21/23 (e)		3,691
	3,300	Reg. S, 7.375%, 07/21/23		3,205
		YPF S.A.,
	2,256	Reg. S, 8.500%, 03/23/21		2,371
	14,531	Reg. S, 8.750%, 04/04/24		14,970
				24,237
		Azerbaijan — 0.8%
	12,600	State Oil Co. of the Azerbaijan Republic,
		Reg. S, 6.950%, 03/18/30		12,632
		Brazil — 1.3%
	21,100	Caixa Economica Federal, Reg. S, 4.500%, 10/03/18		21,269
		Cayman Islands — 0.3%
	4,700	Shimao Property Holdings Ltd., Reg. S, 8.375%, 02/10/22		5,205
		Chile — 1.5%
		Corp. Nacional del Cobre de Chile,
	1,140	Reg. S, 3.000%, 07/17/22		1,091
	2,000	Reg. S, 3.875%, 11/03/21		2,023
	15,400	Reg. S, 4.500%, 08/13/23		15,883
	6,150	Reg. S, 4.500%, 09/16/25		6,181
				25,178
		Colombia — 1.1%
		Ecopetrol S.A.,
	9,486	5.375%, 06/26/26		9,130
	11,050	5.875%, 05/28/45		8,951
				18,081
		Croatia — 0.1%
	2,000	Hrvatska Elektroprivreda, Reg. S, 5.875%, 10/23/22		2,108
		Georgia — 0.4%
	6,215	Georgian Railway JSC,
		Reg. S, 7.750%, 07/11/22		6,559
		Hong Kong — 0.2%
	3,050	CITIC Ltd., Reg. S, 6.800%, 01/17/23		3,571
		Hungary — 0.2%
		MFB Magyar Fejlesztesi Bank Zrt,
	1,220	6.250%, 10/21/20 (e)		1,349
	2,000	Reg. S, 6.250%, 10/21/20		2,210
				3,559
		India — 0.6%
		Export-Import Bank of India,
	800	Reg. S, 2.750%, 08/12/20		792
	5,100	Reg. S, 4.000%, 01/14/23		5,189
	3,800	IDBI Bank Ltd., Reg. S, 3.750%, 01/25/19		3,842
				9,823
		Indonesia — 1.4%
		Pertamina Persero PT,
	8,750	Reg. S, 4.875%, 05/03/22		9,002
	1,600	Reg. S, 5.250%, 05/23/21		1,680
	3,354	Reg. S, 6.000%, 05/03/42		3,270
	2,400	Reg. S, 6.450%, 05/30/44		2,475
	2,300	Reg. S, 6.500%, 05/27/41		2,374
	4,100	Perusahaan Listrik Negara PT, Reg. S, 5.500%, 11/22/21		4,423
				23,224
		Ireland — 1.2%
		Vnesheconombank Via VEB Finance plc,
	4,100	Reg. S, 4.224%, 11/21/18		4,126
	850	Reg. S, 5.375%, 02/13/17		855
	7,900	Reg. S, 5.942%, 11/21/23		7,999
	7,300	Reg. S, 6.025%, 07/05/22		7,528
				20,508
		Kazakhstan — 1.5%
		KazMunayGas National Co. JSC,
	3,491	Reg. S, 4.400%, 04/30/23		3,334
	5,727	Reg. S, 6.375%, 04/09/21		6,057
	10,650	Reg. S, 7.000%, 05/05/20		11,488
	3,875	Reg. S, 9.125%, 07/02/18		4,190
				25,069
		Luxembourg — 0.6%
	4,800	Russian Agricultural Bank OJSC Via RSHB Capital S.A., Reg. S, 7.750%, 05/29/18		5,094
	4,050	Sberbank of Russia Via SB Capital S.A., Reg. S, 6.125%, 02/07/22		4,354
				9,448
		Malaysia — 0.5%
	6,700	Petroliam Nasional Bhd,
		Reg. S, 7.625%, 10/15/26		8,818
		Mexico — 4.1%
		Banco Nacional de Comercio Exterior SNC,
	3,200	Reg. S, 4.375%, 10/14/25		3,104
	3,010	VAR, 3.800%, 08/11/26 (e)		2,810
	5,476	BBVA Bancomer S.A., Reg. S, 6.750%, 09/30/22		5,839
		Petroleos Mexicanos,
	190	3.500%, 07/18/18		192

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Mexico –– continued
	2,770	5.500%, 01/21/21		2,804
	1,410	5.500%, 06/27/44		1,091
	7,260	5.625%, 01/23/46		5,607
	2,100	6.375%, 02/04/21 (e)		2,210
	7,374	6.375%, 01/23/45		6,259
	8,040	6.500%, 06/02/41		7,078
	1,320	6.625%, 06/15/35		1,208
	1,580	6.750%, 09/21/47 (e)		1,378
	17,900	Reg. S, 6.375%, 02/04/21		18,840
	9,127	Reg. S, 6.875%, 08/04/26		9,344
	420	VAR, 2.902%, 07/18/18		421
				68,185
		Morocco — 0.1%
	2,250	OCP S.A., Reg. S, 6.875%, 04/25/44		2,216
		Netherlands — 2.7%
	3,550	Bharti Airtel International Netherlands B.V., Reg. S, 5.125%, 03/11/23		3,701
	5,410	Kazakhstan Temir Zholy Finance B.V., Reg. S, 6.950%, 07/10/42		5,072
	1,380	Majapahit Holding B.V., Reg. S, 7.750%, 01/20/20		1,559
		Petrobras Global Finance B.V.,
	16,750	5.375%, 01/27/21		16,306
	9,750	8.375%, 05/23/21		10,457
	7,500	8.750%, 05/23/26		8,052
				45,147
		Peru — 0.8%
		Cia Minera Milpo SAA,
	920	4.625%, 03/28/23 (e)		903
	7,821	Reg. S, 4.625%, 03/28/23		7,674
		Consorcio Transmantaro S.A.,
	720	4.375%, 05/07/23 (e)		720
	600	Reg. S, 4.375%, 05/07/23		600
	2,900	Fondo MIVIVIENDA S.A., Reg. S, 3.500%, 01/31/23		2,849
				12,746
		Philippines — 0.5%
	6,560	Power Sector Assets & Liabilities Management Corp., Reg. S, 7.390%, 12/02/24		8,504
		South Africa — 1.0%
		Eskom Holdings SOC Ltd.,
	1,326	Reg. S, 5.750%, 01/26/21		1,299
	4,300	Reg. S, 6.750%, 08/06/23		4,214
	6,300	Reg. S, 7.125%, 02/11/25		6,174
	4,600	Transnet SOC Ltd., Reg. S, 4.000%, 07/26/22		4,261
				15,948
		Sri Lanka — 0.5%
	1,630	Bank of Ceylon, 6.875%, 05/03/17 (e)		1,644
	6,350	National Savings Bank, Reg. S, 8.875%, 09/18/18		6,724
				8,368
		Trinidad — 0.3%
	5,150	Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.750%, 08/14/19		5,562
		Tunisia — 0.2%
	2,621	Banque Centrale de Tunisie International Bond, Reg. S, 5.750%, 01/30/25		2,402
		Turkey — 0.8%
	3,588	Turkiye Garanti Bankasi AS, Reg. S, 5.250%, 09/13/22		3,453
	7,160	Turkiye Is Bankasi, 5.500%, 04/21/22 (e)		6,713
	3,306	Turkiye Vakiflar Bankasi TAO, 5.500%, 10/27/21 (e)		3,128
				13,294
		United Arab Emirates — 0.2%
	3,600	DP World Ltd., Reg. S, 6.850%, 07/02/37		3,672
		United Kingdom — 1.4%
	3,900	Franshion Development Ltd., Reg. S, 6.750%, 04/15/21		4,427
	4,400	Oschadbank Via SSB #1 plc, Reg. S, SUB, 9.375%, 03/10/23		4,070
	4,110	Sinochem Overseas Capital Co., Ltd., Reg. S, 4.500%, 11/12/20		4,321
	4,350	Sinopec Group Overseas Development 2013 Ltd., Reg. S, 5.375%, 10/17/43		4,931
	2,000	Sinopec Group Overseas Development 2015 Ltd., Reg. S, 4.100%, 04/28/45		1,857
	3,843	Ukreximbank Via Biz Finance plc, Reg. S, 9.750%, 01/22/25		3,483
				23,089
		United States — 0.4%
	7,314	Southern Copper Corp., 5.875%, 04/23/45		6,961
		Venezuela — 0.7%
		Petroleos de Venezuela S.A.,
	13,853	Reg. S, 5.375%, 04/12/27		4,924
	12,496	Reg. S, 6.000%, 11/15/26		4,516
	3,081	Reg. S, 9.000%, 11/17/21		1,479

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Venezuela — continued
	3,090	Reg. S, 9.750%, 05/17/35		1,383
				12,302
		Total Corporate Bonds (Cost $461,012)		447,685
	Foreign Government Securities — 67.9%
		Angola — 0.4%
	8,040	Republic of Angola, Reg. S, 9.500%, 11/12/25		7,457
		Argentina — 5.8%
		Provincia de Buenos Aires,
	800	Reg. S, 9.375%, 09/14/18		852
	13,720	Reg. S, 9.950%, 06/09/21		15,063
	4,300	Provincia de Cordoba, Reg. S, 7.125%, 06/10/21		4,311
		Republic of Argentina,
	13,810	8.280%, 12/31/33		14,121
	19,310	Reg. S, 6.250%, 04/22/19		20,203
	23,579	Reg. S, 6.875%, 04/22/21		24,581
	10,650	Reg. S, 7.500%, 04/22/26		10,741
	10,450	SUB, 2.500%, 12/31/38		6,165
				96,037
		Armenia — 0.4%
	6,672	Republic of Armenia, Reg. S, 7.150%, 03/26/25		6,812
		Azerbaijan — 0.7%
	12,380	Republic of Azerbaijan, Reg. S, 4.750%, 03/18/24		12,241
		Belarus — 0.3%
	5,000	Republic of Belarus, Reg. S, 8.950%, 01/26/18		5,194
		Belize — 0.1%
	2,514	Republic of Belize, Reg. S, SUB, 5.000%, 02/20/38		980
		Bermuda — 0.6%
		Government of Bermuda,
	5,000	3.717%, 01/25/27 (e)		4,750
	2,000	Reg. S, 4.138%, 01/03/23		2,067
	3,100	Reg. S, 4.854%, 02/06/24		3,247
				10,064
		Brazil — 2.8%
		Federative Republic of Brazil,
	3,650	4.875%, 01/22/21		3,755
	4,748	6.000%, 04/07/26		4,962
	2,600	7.125%, 01/20/37		2,717
	29,890	8.250%, 01/20/34		34,747
				46,181
		Cameroon — 0.3%
	4,500	Republic of Cameroon, Reg. S, 9.500%, 11/19/25		4,742
		Colombia — 1.7%
		Republic of Colombia,
	5,790	4.000%, 02/26/24		5,768
	7,000	4.500%, 01/28/26		7,112
	1,490	6.125%, 01/18/41		1,565
	9,821	7.375%, 09/18/37		11,663
	1,100	8.125%, 05/21/24		1,361
	673	10.375%, 01/28/33		984
				28,453
		Costa Rica — 1.8%
	3,409	Instituto Costarricense de Electricidad, Reg. S, 6.375%, 05/15/43		2,932
		Republic of Costa Rica,
	3,932	Reg. S, 4.250%, 01/26/23		3,608
	3,100	Reg. S, 5.625%, 04/30/43		2,495
	9,156	Reg. S, 7.000%, 04/04/44		8,446
	10,300	Reg. S, 7.158%, 03/12/45		9,605
	3,000	Republic of Instituto Costarricense de Electricidad, Reg. S, 6.375%, 05/15/43		2,580
				29,666
		Croatia — 1.7%
		Republic of Croatia,
	400	Reg. S, 5.500%, 04/04/23		420
	3,200	Reg. S, 6.375%, 03/24/21		3,472
	9,750	Reg. S, 6.625%, 07/14/20		10,579
	12,720	Reg. S, 6.750%, 11/05/19		13,782
				28,253
		Dominican Republic — 2.4%
		Government of Dominican Republic,
	4,086	Reg. S, 5.500%, 01/27/25		3,923
	4,412	Reg. S, 5.875%, 04/18/24		4,417
	1,600	Reg. S, 6.600%, 01/28/24		1,666
	10,050	Reg. S, 6.875%, 01/29/26		10,427
	19,336	Reg. S, 7.450%, 04/30/44		19,481
				39,914
		Ecuador — 1.7%
		Republic of Ecuador,
	22,006	Reg. S, 7.950%, 06/20/24		20,081
	3,291	Reg. S, 10.500%, 03/24/20		3,439
	4,900	Reg. S, 10.750%, 03/28/22		5,108
				28,628

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Egypt — 0.6%
	10,669	Arab Republic of Egypt, Reg. S, 5.875%, 06/11/25		9,722
		El Salvador — 1.2%
		Republic of El Salvador,
	2,950	Reg. S, 5.875%, 01/30/25		2,581
	2,184	Reg. S, 6.375%, 01/18/27		1,917
	840	Reg. S, 7.375%, 12/01/19		857
	4,624	Reg. S, 7.650%, 06/15/35		4,034
	5,850	Reg. S, 7.750%, 01/24/23		5,879
	4,380	Reg. S, 8.250%, 04/10/32		4,336
				19,604
		Gabon — 0.4%
	6,800	Gabonese Republic, Reg. S, 6.375%, 12/12/24		5,958
		Ghana — 1.1%
		Republic of Ghana,
	6,510	9.250%, 09/15/22 (e)		6,608
	10,760	Reg. S, 10.750%, 10/14/30		12,078
				18,686
		Honduras — 0.5%
	7,926	Republic of Honduras, Reg. S, 8.750%, 12/16/20		8,649
		Hungary — 1.7%
		Republic of Hungary,
	9,222	5.375%, 02/21/23		10,040
	11,100	5.375%, 03/25/24		12,139
	5,672	5.750%, 11/22/23		6,324
				28,503
		Indonesia — 2.4%
		Republic of Indonesia,
	4,000	Reg. S, 3.375%, 04/15/23		3,935
	1,860	Reg. S, 4.125%, 01/15/25		1,876
	1,321	Reg. S, 5.875%, 03/13/20		1,443
	7,760	Reg. S, 5.875%, 01/15/24		8,682
	3,804	Reg. S, 5.950%, 01/08/46		4,322
	11,300	Reg. S, 6.625%, 02/17/37		13,518
	4,285	Reg. S, 6.750%, 01/15/44		5,308
				39,084
		Iraq — 0.4%
	7,603	Republic of Iraq, Reg. S, 5.800%, 01/15/28		6,044
		Ivory Coast — 0.8%
		Republic of Ivory Coast,
	800	Reg. S, 5.375%, 07/23/24		768
	4,352	Reg. S, 6.375%, 03/03/28		4,221
	9,757	Reg. S, SUB, 5.750%, 12/31/32		9,026
				14,015
		Jamaica — 1.3%
		Jamaica Government International Bond,
	8,400	6.750%, 04/28/28		8,925
	2,700	7.625%, 07/09/25		3,010
	3,550	7.875%, 07/28/45		3,750
	3,120	8.000%, 03/15/39		3,381
	1,759	9.250%, 10/17/25		2,208
				21,274
		Jordan — 0.5%
		Kingdom of Jordan,
	6,100	5.750%, 01/31/27 (e)		5,755
	3,150	6.125%, 01/29/26 (e)		3,186
				8,941
		Kazakhstan — 1.1%
		Republic of Kazakhstan,
	2,150	Reg. S, 3.875%, 10/14/24		2,152
	1,500	Reg. S, 4.875%, 10/14/44		1,373
	9,200	Reg. S, 5.125%, 07/21/25		9,729
	5,040	Reg. S, 6.500%, 07/21/45		5,574
				18,828
		Kenya — 0.8%
	14,300	Republic of Kenya, Reg. S, 6.875%, 06/24/24		13,603
		Lebanon — 3.2%
		Republic of Lebanon,
	11,770	6.375%, 03/09/20		11,638
	5,970	6.600%, 11/27/26		5,537
	4,870	9.000%, 03/20/17		4,894
	12,644	Reg. S, 5.450%, 11/28/19		12,296
	10,500	Reg. S, 6.650%, 02/26/30		9,542
	9,385	Reg. S, 8.250%, 04/12/21		9,831
				53,738
		Mexico — 1.7%
		United Mexican States,
	EUR 2,060	3.375%, 02/23/31		2,181
	3,950	3.600%, 01/30/25		3,782
	4,210	4.000%, 10/02/23		4,199
	18,350	5.550%, 01/21/45		18,258
				28,420

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Mongolia — 0.9%
		Mongolia Government International Bond,
	10,843	Reg. S, 5.125%, 12/05/22		8,837
	5,600	Reg. S, 10.875%, 04/06/21		5,628
				14,465
		Morocco — 0.3%
		Kingdom of Morocco,
	3,050	Reg. S, 4.250%, 12/11/22		3,088
	1,600	Reg. S, 5.500%, 12/11/42		1,616
				4,704
		Namibia — 0.3%
		Republic of Namibia,
	2,200	5.250%, 10/29/25 (e)		2,167
	2,900	Reg. S, 5.500%, 11/03/21		3,009
				5,176
		Netherlands — 0.4%
	7,234	Republic of Angola Via Northern Lights III B.V., Reg. S, 7.000%, 08/16/19		7,214
		Oman — 0.4%
	6,400	Republic of Oman, Reg. S, 4.750%, 06/15/26		6,224
		Pakistan — 0.7%
		Republic of Pakistan,
	3,450	Reg. S, 7.250%, 04/15/19		3,624
	7,660	Reg. S, 8.250%, 04/15/24		8,280
				11,904
		Panama — 2.5%
		Republic of Panama,
	8,040	3.875%, 03/17/28		7,930
	4,800	4.000%, 09/22/24		4,902
	12,900	6.700%, 01/26/36		15,835
	1,700	7.125%, 01/29/26		2,114
	4,290	8.875%, 09/30/27		5,926
	2,850	9.375%, 04/01/29		4,043
				40,750
		Paraguay — 0.9%
		Republic of Paraguay,
	7,300	5.000%, 04/15/26 (e)		7,337
	3,400	Reg. S, 4.625%, 01/25/23		3,387
	5,080	Reg. S, 6.100%, 08/11/44		5,042
				15,766
		Peru — 2.2%
		Republic of Peru,
	19,975	5.625%, 11/18/50		22,772
	PEN 47,661	6.350%, 08/12/28 (e)		13,810
				36,582
		Philippines — 1.7%
		Republic of Philippines,
	1,184	3.700%, 03/01/41		1,161
	3,400	3.950%, 01/20/40		3,417
	1,400	4.200%, 01/21/24		1,521
	8,200	6.375%, 10/23/34		10,752
	2,550	7.750%, 01/14/31		3,621
	1,100	9.500%, 02/02/30		1,738
	4,275	10.625%, 03/16/25		6,626
				28,836
		Poland — 0.9%
		Republic of Poland,
	9,300	3.250%, 04/06/26		8,998
	5,330	4.000%, 01/22/24		5,479
				14,477
		Romania — 0.9%
		Republic of Romania,
	4,500	Reg. S, 4.375%, 08/22/23		4,629
	3,976	Reg. S, 4.875%, 01/22/24		4,225
	5,266	Reg. S, 6.750%, 02/07/22		6,022
				14,876
		Russia — 1.7%
		Russian Federation,
	9,400	Reg. S, 4.500%, 04/04/22		9,701
	5,000	Reg. S, 4.875%, 09/16/23		5,255
	5,200	Reg. S, 5.000%, 04/29/20		5,473
	2,800	Reg. S, 5.625%, 04/04/42		2,954
	2,800	Reg. S, 5.875%, 09/16/43		3,042
	1,290	Reg. S, 11.000%, 07/24/18		1,462
				27,887
		Senegal — 0.2%
	3,750	Republic of Senegal, Reg. S, 6.250%, 07/30/24		3,731
		Serbia — 2.2%
		Republic of Serbia,
	4,420	5.250%, 11/21/17 (e)		4,531
	600	5.875%, 12/03/18 (e)		626
	6,900	Reg. S, 4.875%, 02/25/20		7,012
	21,800	Reg. S, 7.250%, 09/28/21		24,307
				36,476

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		South Africa — 1.2%
		Republic of South Africa,
	2,200	5.000%, 10/12/46		2,008
	2,640	5.375%, 07/24/44		2,574
	7,600	5.500%, 03/09/20		8,048
	4,240	5.875%, 09/16/25		4,537
	2,100	6.250%, 03/08/41		2,289
				19,456
		Sri Lanka — 2.9%
		Republic of Sri Lanka,
	690	6.000%, 01/14/19 (e)		712
	11,770	6.825%, 07/18/26 (e)		11,785
	2,350	6.850%, 11/03/25 (e)		2,355
	3,400	Reg. S, 5.750%, 01/18/22		3,374
	4,300	Reg. S, 5.875%, 07/25/22		4,273
	1,000	Reg. S, 6.125%, 06/03/25		959
	7,584	Reg. S, 6.250%, 10/04/20		7,859
	16,360	Reg. S, 6.250%, 07/27/21		16,708
				48,025
		Tunisia — 0.1%
	1,107	Republic of Banque Centrale de Tunisie, Reg. S, 5.750%, 01/30/25		1,014
		Turkey — 2.6%
		Republic of Turkey,
	1,500	4.250%, 04/14/26		1,344
	2,200	4.875%, 04/16/43		1,749
	4,560	5.625%, 03/30/21		4,674
	3,445	5.750%, 03/22/24		3,475
	4,050	6.000%, 01/14/41		3,711
	3,280	6.250%, 09/26/22		3,428
	5,400	6.625%, 02/17/45		5,339
	2,155	6.875%, 03/17/36		2,198
	1,608	7.000%, 06/05/20		1,727
	12,380	7.375%, 02/05/25		13,664
	2,150	8.000%, 02/14/34		2,470
				43,779
		Ukraine — 2.2%
		Republic of Ukraine,
	6,700	Reg. S, 7.750%, 09/01/19		6,491
	4,200	Reg. S, 7.750%, 09/01/20		3,995
	11,600	Reg. S, 7.750%, 09/01/21		10,889
	3,700	Reg. S, 7.750%, 09/01/22		3,432
	3,900	Reg. S, 7.750%, 09/01/24		3,520
	2,400	Reg. S, 7.750%, 09/01/25		2,151
	6,700	Reg. S, 7.750%, 09/01/27		5,946
				36,424
		United Kingdom — 1.0%
	18,600	1MDB Global Investments Ltd., Reg. S, 4.400%, 03/09/23		15,624
		Uruguay — 0.9%
		Republic of Uruguay,
	7,229	5.100%, 06/18/50		6,470
	3,648	7.625%, 03/21/36		4,597
	3,646	7.875%, 01/15/33		4,667
				15,734
		Venezuela — 1.1%
		Republic of Venezuela,
	4,420	9.250%, 09/15/27		2,144
	3,622	9.375%, 01/13/34		1,594
	3,980	Reg. S, 7.000%, 03/31/38		1,622
	1,153	Reg. S, 7.650%, 04/21/25		484
	5,785	Reg. S, 7.750%, 10/13/19		2,878
	3,990	Reg. S, 8.250%, 10/13/24		1,706
	2,667	Reg. S, 9.000%, 05/07/23		1,187
	1,840	Reg. S, 9.250%, 05/07/28		800
	4,770	Reg. S, 11.750%, 10/21/26		2,540
	4,380	Reg. S, 11.950%, 08/05/31		2,321
	2,510	Reg. S, 12.750%, 08/23/22		1,443
				18,719
		Vietnam — 0.2%
	2,300	Republic of Vietnam, Reg. S, 6.750%, 01/29/20		2,510
		Zambia — 1.1%
	18,725	Republic of Zambia, Reg. S, 8.970%, 07/30/27		17,601
		Total Foreign Government Securities (Cost $1,160,885)		1,127,645
	U.S. Treasury Obligation — 0.1%
	1,600	U.S. Treasury Note, 0.500%, 03/31/17 (Cost $1,600)		1,600

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 10.8%
		Investment Company — 10.8%
	178,388	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $178,415)		178,442
		Total Investments — 105.7% (Cost $1,801,912)		1,755,372
		Liabilities in Excess of Other Assets — (5.7)%		(94,203	)
		NET ASSETS — 100.0%		1,661,169

Percentages indicated are based on net assets.

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	7,940	AUD	Standard Chartered Bank		12/20/16		5,966		5,860		(106	)
	67,057	BRL	Credit Suisse International†		12/20/16		20,548		19,719		(829	)
	38,318	BRL	Goldman Sachs International†		12/20/16		11,877		11,268		(609	)
	27,919	BRL	TD Bank Financial Group†		12/20/16		8,539		8,210		(329	)
	37,509	BRL	BNP Paribas†		12/30/16		10,915		10,996		81
	122,174	BRL	Citibank, N.A.†		12/30/16		37,317		35,816		(1,501	)
	54,996	BRL	Deutsche Bank AG†		12/30/16		16,031		16,122		91
	100,930	BRL	HSBC Bank, N.A.†		12/30/16		29,849		29,588		(261	)
	8,653	CAD	BNP Paribas		12/20/16		6,413		6,443		30
	9,118,385	CLP	Goldman Sachs International†		12/20/16		13,877		13,471		(406	)
	55,592	CNY	HSBC Bank, N.A.†		12/20/16		8,016		8,042		26
	45,655,191	COP	Credit Suisse International†		12/20/16		15,401		14,795		(606	)
	24,418,922	COP	HSBC Bank, N.A.†		12/20/16		8,138		7,914		(224	)
	12,816	EUR	Citibank, N.A.		12/20/16		14,150		13,596		(554	)
	25,769	EUR	Goldman Sachs International		12/20/16		28,475		27,339		(1,136	)
	7,522	EUR	HSBC Bank, N.A.		12/20/16		8,485		7,980		(505	)
	794,059	INR	Goldman Sachs International†		12/20/16		11,785		11,557		(228	)
	1,066,701	INR	HSBC Bank, N.A.†		12/20/16		15,934		15,526		(408	)
	1,192,222	JPY	Goldman Sachs International		12/20/16		11,888		10,432		(1,456	)
	432,613	JPY	HSBC Bank, N.A.		12/20/16		4,244		3,786		(458	)
	167,856	JPY	Standard Chartered Bank		12/20/16		1,651		1,469		(182	)
	29,993,753	KRW	HSBC Bank, N.A.†		12/20/16		25,863		25,474		(389	)
	16,206	NZD	Goldman Sachs International		12/20/16		11,796		11,470		(326	)
	45,447	PLN	HSBC Bank, N.A.		12/20/16		11,826		10,810		(1,016	)
	2,773,276	RUB	Credit Suisse International†		12/20/16		43,011		43,047		36
	554,046	RUB	Goldman Sachs International†		12/20/16		8,413		8,600		187
	90,189	RUB	HSBC Bank, N.A.†		12/20/16		1,360		1,400		40
	175,751	RUB	Credit Suisse International†		12/30/16		2,752		2,721		(31	)
	1,115,307	RUB	Goldman Sachs International†		12/30/16		17,393		17,263		(130	)
	2,169	SGD	Australia and New Zealand Banking Group Limited		12/20/16		1,589		1,513		(76	)
	2,569	SGD	Morgan Stanley		12/20/16		1,886		1,792		(94	)
	11,297	SGD	Royal Bank of Canada		12/20/16		8,344		7,882		(462	)
	16,300	TRY	BNP Paribas		12/20/16		4,809		4,724		(85	)
	41,342	TRY	Credit Suisse International		12/20/16		12,138		11,982		(156	)
	39,545	TRY	Goldman Sachs International		12/20/16		11,439		11,461		22

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	35,228	TRY	HSBC Bank, N.A.		12/20/16		11,566		10,210		(1,356	)
	36,403	TRY	Barclays Bank plc		12/30/16		11,935		10,525		(1,410	)
	36,403	TRY	Citibank, N.A.		12/30/16		11,745		10,525		(1,220	)
							487,364		471,328		(16,036	)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	11,775	BRL	Citibank, N.A.†		12/20/16		3,435		3,462		(27	)
	43,437	BRL	Credit Suisse International†		12/20/16		13,498		12,773		725
	193,436	BRL	Citibank, N.A.†		12/30/16		58,918		56,707		2,211
	109,579	BRL	Credit Suisse International†		12/30/16		33,440		32,124		1,316
	12,595	BRL	Deutsche Bank AG†		12/30/16		3,776		3,692		84
	4,346	CAD	BNP Paribas		12/20/16		3,302		3,236		66
	2,091	CAD	Citibank, N.A.		12/20/16		1,589		1,557		32
	18,850	CAD	Goldman Sachs International		12/20/16		14,076		14,036		40
	5,071	CAD	Merrill Lynch International		12/20/16		3,852		3,776		76
	13,584	CAD	State Street Corp.		12/20/16		10,317		10,114		203
	11,083	CAD	TD Bank Financial Group		12/20/16		8,626		8,252		374
	10,461,020	CLP	Credit Suisse International†		12/20/16		15,548		15,454		94
	7,997,465	CLP	Goldman Sachs International†		12/20/16		11,851		11,816		35
	320,104	CNY	HSBC Bank, N.A.†		12/20/16		47,588		46,306		1,282
	50,345	CNY	Australia and New Zealand Banking Group Limited†		12/20/16		7,477		7,283		194
	35,444,417	COP	Credit Suisse International†		12/20/16		11,139		11,486		(347	)
	34,629,697	COP	Goldman Sachs International†		12/20/16		11,834		11,222		612
	12,976	EUR	BNP Paribas		12/20/16		13,816		13,766		50
	7,671	EUR	Credit Suisse International		12/20/16		8,702		8,139		563
	10,849	EUR	Goldman Sachs International		12/20/16		11,502		11,510		(8	)
	12,954	EUR	Merrill Lynch International		12/20/16		14,332		13,743		589
	2,430	EUR	Citibank, N.A.		12/30/16		2,739		2,579		160
	977,180	INR	HSBC Bank, N.A.†		12/20/16		14,200		14,222		(22	)
	1,165,182	JPY	Goldman Sachs International		12/20/16		11,276		10,196		1,080
	45,307,885	KRW	HSBC Bank, N.A.†		12/20/16		39,904		38,480		1,424
	16,206	NZD	Goldman Sachs International		12/20/16		11,750		11,470		280
	54,342	PLN	BNP Paribas		12/20/16		13,065		12,926		139
	47,951	PLN	Credit Suisse International		12/20/16		11,473		11,406		67
	5,367	PLN	Deutsche Bank AG		12/20/16		1,391		1,277		114
	7,287	PLN	HSBC Bank, N.A.		12/20/16		1,887		1,734		153
	32,793	PLN	Royal Bank of Canada		12/20/16		8,468		7,800		668
	783,288	RUB	Goldman Sachs International†		12/20/16		12,159		12,158		1
	415,569	RUB	Standard Chartered Bank†		12/20/16		6,413		6,451		(38	)
	1,291,057	RUB	Credit Suisse International†		12/30/16		19,986		19,983		3

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	44,150	TRY	Credit Suisse International		12/20/16		14,017		12,796		1,221
	43,533	TRY	Goldman Sachs International		12/20/16		14,061		12,618		1,443
	117,093	TRY	HSBC Bank, N.A.		12/20/16		37,473		33,937		3,536
	5,717	TRY	Merrill Lynch International		12/20/16		1,886		1,657		229
	72,806	TRY	Citibank, N.A.		12/30/16		23,851		21,049		2,802
							554,617		533,193		21,424

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [2]			NOTIONAL AMOUNT [3]		VALUE		UPFRONT PREMIUMS (PAID)/RECEIVED [4]
Bank of America N.A.
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170	%		18,000		109		41
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			22,000		134		60
Barclays Bank plc
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			23,000		140		36
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			23,000		140		49
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			23,000		140		113
United Mexican States, 5.950%, 03/19/19		1.000% quarterly		12/20/21		1.794			31,000		1,095		1,347
Citibank, N.A.
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			22,000		134		102
											1,892		1,748

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

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

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLP	—	Chilean Peso
CNY	—	China yuan
COP	—	Colombian Peso
EUR	—	Euro
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	Korean Republic Won
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
TRY	—	Turkish Lira
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
†	—	Non-deliverable forward.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(r)	—	Rates shown are per annum and payments are as described.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

As of November 30, 2016, 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	14,421
Aggregate gross unrealized depreciation	(60,961	)
Net unrealized appreciation/depreciation	46,540	)
Federal income tax cost of investments	1,801,912

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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 Investment Management, Inc. (the “Administrator”) 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

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

Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

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 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 Schedules of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)		178,442		1,576,930			—		1,755,372
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		22,379			—		22,379
Swaps		—		3,640			—		3,640
Total Appreciation in Other Financial Instruments		—		26,019			—		26,019
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts		—		(16,991	)		—		(16,991	)
Total Depreciation in Other Financial Instruments		—		(16,991	)		—		(16,991	)

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

Transfers between fair value levels are valued utilizing values as of the beginning of the period.

There were no transfers among any levels during the period ended November 30, 2016.

B. Derivatives — The Fund used derivative instruments including forward foreign currency exchange contracts and swaps, in connection with its investment strategy. 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. Derivatives may also be used 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.

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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 may 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). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought 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. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions. As of November 30, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(2). Swaps — The Fund engaged in various swap transactions, including credit default swaps, to manage credit (e.g., duration, yield curve) within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

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

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

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 83.2%
		Federal Farm Credit Bank — 6.7%
	25,000	DN, 0.481%, 12/02/16 (n)		25,000
	12,500	VAR, 0.510%, 12/01/16		12,488
	50,000	VAR, 0.535%, 12/01/16		49,939
	25,000	VAR, 0.643%, 12/05/16		24,999
	40,000	VAR, 0.688%, 12/12/16		39,995
	25,000	VAR, 0.692%, 12/27/16		25,000
	25,000	VAR, 0.705%, 12/08/16		25,003
				202,424
		Federal Home Loan Bank — 76.5%
	20,000	0.700%, 02/24/17		20,009
	90,800	DN, 0.278%, 12/21/16 (n)		90,786
	75,000	DN, 0.280%, 12/13/16 (n)		74,993
	246,000	DN, 0.280%, 12/16/16 (n)		245,971
	187,400	DN, 0.281%, 12/09/16 (n)		187,388
	345,730	DN, 0.290%, 12/14/16 (n)		345,694
	147,725	DN, 0.297%, 12/23/16 (n)		147,698
	50,000	DN, 0.300%, 12/06/16 (n)		49,998
	50,000	DN, 0.300%, 12/08/16 (n)		49,997
	63,000	DN, 0.334%, 12/02/16 (n)		63,000
	116,600	DN, 0.349%, 12/07/16 (n)		116,593
	59,236	DN, 0.430%, 01/20/17 (n)		59,201
	10,000	DN, 0.460%, 01/13/17 (n)		9,995
	13,000	DN, 0.461%, 02/03/17 (n)		12,989
	78,148	DN, 0.470%, 01/25/17 (n)		78,092
	9,800	DN, 0.470%, 02/01/17 (n)		9,792
	51,000	DN, 0.480%, 02/08/17 (n)		50,953
	44,900	DN, 0.511%, 02/17/17 (n)		44,850
	50,000	DN, 0.526%, 02/24/17 (n)		49,938
	31,800	DN, 0.612%, 04/17/17 (n)		31,726
	80,000	DN, 0.635%, 05/17/17 (n)		79,765
	25,000	VAR, 0.527%, 12/26/16		25,000
	25,000	VAR, 0.536%, 12/22/16		25,000
	35,000	VAR, 0.577%, 12/21/16		34,987
	50,000	VAR, 0.612%, 12/28/16		50,000
	50,000	VAR, 0.650%, 12/19/16		50,000
	40,000	VAR, 0.682%, 12/27/16		40,000
	25,000	VAR, 0.737%, 02/13/17		25,000
	25,000	VAR, 0.746%, 12/14/16		25,000
	15,000	VAR, 0.781%, 01/23/17		15,000
	25,000	VAR, 0.784%, 02/02/17		25,000
	50,000	VAR, 0.793%, 12/27/16		50,000
	25,000	VAR, 0.815%, 12/07/16		25,016
	25,000	VAR, 0.820%, 12/12/16		24,999
	50,000	VAR, 0.841%, 12/08/16		49,995
	35,000	VAR, 0.916%, 02/22/17		35,000
				2,319,425
		Total U.S. Government Agency Securities (Cost $ 2,521,849)		2,521,849
	U.S. Treasury Obligations — 16.2%
		U.S. Treasury Bills — 5.6% (n)
	25,782	0.288%, 12/15/16		25,779
	125,554	0.301%, 12/22/16		125,531
	16,756	0.344%, 12/08/16		16,755
				168,065
		U.S. Treasury Notes — 10.6%
	25,000	0.625%, 08/31/17		24,996
	10,000	0.750%, 10/31/17		9,993
	25,000	0.875%, 12/31/16		25,008
	50,000	1.875%, 08/31/17		50,452
	35,000	1.875%, 10/31/17		35,331
	46,000	3.000%, 02/28/17		46,281
	54,000	3.125%, 01/31/17		54,237
	50,000	3.250%, 12/31/16		50,115
	25,000	4.625%, 02/15/17		25,217
				321,630
		Total U.S. Treasury Obligations (Cost $ 489,695)		489,695
		Total Investments — 99.4% (Cost $3,011,544)*		3,011,544
		Other Assets in Excess of Liabilities — 0.6%		17,666
		NET ASSETS — 100.0%	$	3,029,210

Percentages indicated are based on net assets.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

DN	—	Discount Notes
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
*	—	The cost of securities is substantially the same for federal income tax purposes.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price the Fund would receive if it sold the security. The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring 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 on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

• Level 1 – Quoted prices in active markets for identical securities.

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

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

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

The following is a summary of the inputs used as of November 30, 2016, in valuing the Fund’s assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,011,544	$	—	$	3,011,544

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

There were no transfers among any levels during the period ended November 30, 2016.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 9.4%
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	81,058	Series 2003-13, Class AF5, SUB, 4.965%, 01/25/34		82,510
	141,530	Series 2003-13, Class AF6, SUB, 4.965%, 01/25/34		146,944
	350,000	CarFinance Capital Auto Trust, Series 2015-1A, Class E, 5.490%, 01/18/22 (e)		352,901
	244,572	Centex Home Equity Loan Trust, Series 2003-B, Class AF4, SUB, 3.735%, 02/25/32		245,402
	434,000	CPS Auto Receivables Trust, Series 2014-B, Class D, 4.620%, 05/15/20 (e)		431,060
	175,000	DT Auto Owner Trust, Series 2016-1A, Class D, 4.660%, 12/15/22 (e)		178,110
	66,504	Equity One Mortgage Pass-Through Trust, Series 2004-2, Class M1, SUB, 5.692%, 07/25/34		65,020
	350,000	Exeter Automobile Receivables Trust, Series 2015-2A, Class D, 5.790%, 05/16/22 (e)		351,247
	192,628	LV Tower 52 Issuer LLC, Series 2013-1, Class A, 5.500%, 07/15/19 (e)		190,586
	196,485	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		192,109
	128,000	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		125,163
		OneMain Financial Issuance Trust,
	100,000	Series 2014-2A, Class C, 4.330%, 09/18/24 (e)		99,321
	100,000	Series 2014-2A, Class D, 5.310%, 09/18/24 (e)		100,676
	150,000	Series 2015-1A, Class C, 5.120%, 03/18/26 (e)		150,164
	273,714	Popular ABS Mortgage Pass-Through Trust, Series 2005-3, Class M1, SUB, 5.105%, 07/25/35		270,859
	250,000	Progreso Receivables Funding IV LLC, Series 2015-B, Class B, 5.000%, 07/28/20 (e)		251,250
	250,000	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		250,000
	124,165	RAMP Trust, Series 2003-RZ5, Class M1, SUB, 5.830%, 12/25/33		123,775
	645,000	Renaissance Home Equity Loan Trust, Series 2005-2, Class M1, SUB, 5.051%, 08/25/35		526,101
	274,000	Tidewater Auto Receivables Trust, Series 2014-AA, Class D, 3.570%, 05/15/21 (e)		275,768
	161,466	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		162,747
	413,721	VOLT XXII LLC, Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		405,443
	350,000	Westlake Automobile Receivables Trust, Series 2016-1A, Class E, 6.520%, 06/15/22 (e)		354,637
		Total Asset-Backed Securities (Cost $5,303,145)		5,331,793
	Collateralized Mortgage Obligations — 12.1%
		Agency CMO — 8.6%
		Federal Home Loan Mortgage Corp. REMIC,
	369,118	Series 3907, Class SW, IF, IO, 6.112%, 07/15/26		53,566
	555,850	Series 3926, Class MS, IF, IO, 6.212%, 11/15/25		50,664
	404,394	Series 3958, Class MS, IF, IO, 6.162%, 08/15/26		54,180
	228,213	Series 4091, Class TS, IF, IO, 6.012%, 08/15/42		59,182
	385,071	Series 4116, Class LS, IF, IO, 5.662%, 10/15/42		84,357
	979,222	Series 4149, Class IO, IO, 3.000%, 01/15/33		145,483
	702,815	Series 4184, Class SN, 6.112%, 03/15/43		163,027
	682,657	Series 4505, Class SA, IF, IO, 5.612%, 08/15/45		159,620
	523,183	Series 4570, Class ST, 5.462%, 04/15/46		126,491
	794,591	Series 4572, Class SA, 5.512%, 04/15/46		180,804
	633,545	Series 4599, Class SA, 5.462%, 07/15/46		144,315
		Federal Home Loan Mortgage Corp. STRIPS,
	665,222	Series 264, Class S1, IF, IO, 5.412%, 07/15/42		133,496
	853,096	Series 326, Class S2, 5.412%, 03/15/44		180,291
		Federal National Mortgage Association REMIC,
	407,248	Series 2008-36, Class LI, IO, 6.000%, 05/25/23		52,321
	558,165	Series 2011-131, Class ST, IF, IO, 5.956%, 12/25/41		125,060
	388,512	Series 2012-9, Class SM, IF, IO, 6.116%, 12/25/26		56,674
	369,802	Series 2012-35, Class SE, IF, IO, 5.916%, 04/25/42		85,242
	531,511	Series 2012-51, Class SA, IF, IO, 5.916%, 05/25/42		125,928
	387,596	Series 2012-64, Class ES, IF, IO, 5.416%, 06/25/42		89,923
	350,000	Series 2012-68, Class LY, 3.000%, 07/25/42		329,849

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	387,082	Series 2012-93, Class SK, IF, IO, 5.466%, 09/25/42		76,392
	621,771	Series 2012-133, Class HS, IF, IO, 5.566%, 12/25/42		149,048
	580,357	Series 2012-144, Class SK, IF, IO, 5.516%, 01/25/43		139,875
	546,072	Series 2014-91, Class ST, 5.566%, 01/25/45		129,894
	699,213	Series 2015-48, Class ST, IF, IO, 5.036%, 07/25/45		153,044
	600,000	Series 2016-28, Class DW, 3.500%, 05/25/36		616,031
	536,935	Series 2016-33, Class PS, 5.416%, 06/25/46		122,015
	380,408	Series 2016-38, Class SA, 5.416%, 06/25/46		92,565
	296,197	Series 2016-63, Class AS, 5.416%, 09/25/46		69,389
		Government National Mortgage Association,
	665,283	Series 2012-77, Class MS, IF, IO, 5.538%, 06/20/42		154,934
	640,584	Series 2014-119, Class JS, IF, IO, 5.588%, 08/20/44		151,170
	260,000	Series 2014-140, Class BW, 3.500%, 09/20/44		282,284
	700,240	Series 2014-161, Class PS, IF, IO, 5.038%, 11/20/44		121,125
	308,141	Series 2015-144, Class SA, 5.638%, 10/20/45		75,354
	796,375	Series 2016-107, Class SN, 5.538%, 04/20/46		166,208
				4,899,801
		Non-Agency CMO — 3.5%
		Alternative Loan Trust,
	62,475	Series 2004-18CB, Class 5A1, 6.250%, 09/25/34		63,146
	41,036	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		42,433
	54,777	Series 2005-23CB, Class A7, 5.250%, 07/25/35		50,944
	187,000	Angel Oak Mortgage Trust LLC, Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		186,914
	211,674	Banc of America Alternative Loan Trust, Series 2005-3, Class 2A1, 5.500%, 04/25/20		214,600
	250,000	Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes, Series 2014-DN2, Class M3, VAR, 4.184%, 04/25/24		254,749
	137,427	GMACM Mortgage Loan Trust, Series 2004-J2, Class A8, 5.750%, 06/25/34		141,025
	219,565	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, VAR, 7.500%, 10/25/36 (e)		178,993
		MASTR Asset Securitization Trust,
	10,873	Series 2003-8, Class 1A1, 5.500%, 09/25/33		11,022
	168,868	Series 2003-8, Class 3A13, 5.250%, 09/25/33		170,372
	245,678	RAAC Series Trust, Series 2005-SP1, Class 4A1, 7.000%, 09/25/34		255,214
	196,788	RALI Trust, Series 2002-QS18, Class A1, 5.500%, 12/25/17		195,984
	88,651	Specialty Underwriting & Residential Finance Trust, Series 2004-AA1, Class 2A2, 5.500%, 10/25/34		90,695
		Wells Fargo Mortgage-Backed Securities Trust,
	89,074	Series 2005-14, Class 1A1, 5.500%, 12/25/35		92,269
	26,835	Series 2007-14, Class 1A1, 6.000%, 10/25/37		26,354
				1,974,714
		Total Collateralized Mortgage Obligations (Cost $7,077,905)		6,874,515
	Commercial Mortgage-Backed Securities — 14.2%
	250,000	A10 Term Asset Financing LLC, Series 2014-1, Class D, 5.080%, 04/15/33 (e)		246,129
	64,897	ACRE Commercial Mortgage Trust, (Cayman Islands), Series 2014-FL2, Class D, VAR, 3.955%, 08/15/31 (e)		64,877
		Banc of America Commercial Mortgage Trust,
	205,000	Series 2007-1, Class AM, 5.416%, 01/15/49 (e)		204,150
	125,000	Series 2007-1, Class AMFX, 5.482%, 01/15/49		124,898
	100,000	Series 2007-3, Class B, VAR, 5.732%, 06/10/49		100,256
		Bear Stearns Commercial Mortgage Securities Trust,
	23,150	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		23,133
	110,000	Series 2006-PW13, Class B, VAR, 5.660%, 09/11/41 (e)		106,981

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	165,000	Series 2006-PW14, Class AJ, 5.273%, 12/11/38		165,980
	282,000	Series 2007-PW16, Class AJ, VAR, 5.900%, 06/11/40		279,895
	275,000	Series 2007-PW17, Class AJ, VAR, 6.083%, 06/11/50		277,822
		Citigroup Commercial Mortgage Trust,
	250,000	Series 2014-GC23, Class D, VAR, 4.657%, 07/10/47 (e)		204,681
	200,000	Series 2015-P1, Class D, 3.225%, 09/15/48 (e)		151,673
		COMM Mortgage Trust,
	315,000	Series 2006-C8, Class AJ, 5.377%, 12/10/46		312,065
	105,000	Series 2014-CR15, Class D, VAR, 4.914%, 02/10/47 (e)		92,944
	170,000	Series 2014-LC17, Class C, VAR, 4.713%, 10/10/47		169,090
	100,000	Commercial Mortgage Trust, Series 2007-GG11, Class AJ, VAR, 6.236%, 12/10/49		99,924
	200,000	FORT CRE LLC, Series 2016-1A, Class D, VAR, 6.412%, 05/21/36 (e)		199,999
	240,000	GS Mortgage Securities Corp. Trust, Series 2016-GS2, Class C, VAR, 4.681%, 05/10/49		245,270
	150,000	GS Mortgage Securities Trust, Series 2016-GS2, Class D, 2.753%, 05/10/49 (e)		107,328
		JP Morgan Chase Commercial Mortgage Securities Trust,
	225,000	Series 2005-LDP5, Class F, 5.717%, 12/15/44		223,708
	160,724	Series 2006-LDP8, Class B, VAR, 5.520%, 05/15/45		160,577
	95,000	Series 2006-LDP8, Class C, VAR, 5.549%, 05/15/45		95,257
	230,000	Series 2007-LD11, Class AM, VAR, 5.938%, 06/15/49		234,120
	395,000	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		388,286
	170,000	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, VAR, 6.116%, 07/15/44		166,600
		LB-UBS Commercial Mortgage Trust,
	191,064	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		177,706
	60,000	Series 2007-C1, Class AJ, 5.484%, 02/15/40		60,032
	200,000	Series 2007-C1, Class B, 5.514%, 02/15/40		199,824
	155,000	Series 2007-C6, Class AJ, VAR, 6.380%, 07/15/40		156,394
	138,610	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class AJ, 5.239%, 12/12/49		138,863
		Morgan Stanley Bank of America Merrill Lynch Trust,
	165,000	Series 2013-C9, Class D, VAR, 4.293%, 05/15/46 (e)		150,696
	170,000	Series 2014-C15, Class D, VAR, 5.057%, 04/15/47 (e)		149,971
		Morgan Stanley Capital I Trust,
	98,049	Series 2005-HQ7, Class D, VAR, 5.312%, 11/14/42		97,766
	135,000	Series 2006-HQ9, Class D, VAR, 5.862%, 07/12/44		134,722
	96,921	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		96,679
	277,000	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		275,548
	100,050	Series 2016-BNK2, Class D, VAR, 3.000%, 11/15/49 (e)		71,890
		Wachovia Bank Commercial Mortgage Trust,
	215,000	Series 2005-C21, Class D, 5.465%, 10/15/44		212,969
	3,781	Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45		3,776
	185,000	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		187,031
	245,000	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		247,817
	250,000	Series 2007-C31, Class B, VAR, 5.700%, 04/15/47		247,250
	120,000	Series 2007-C33, Class AJ, VAR, 6.170%, 02/15/51		119,816
	250,000	Series 2007-C33, Class B, VAR, 6.170%, 02/15/51		243,027
	140,000	Series 2007-C33, Class C, VAR, 6.170%, 02/15/51		130,189
	250,000	Series 2007-C34, Class B, VAR, 6.213%, 05/15/46		248,465
	100,000	Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class D, 3.000%, 08/15/49 (e)		72,672
	155,000	WFRBS Commercial Mortgage Trust, Series 2012-C9, Class D, VAR, 4.960%, 11/15/45 (e)		147,239
		Total Commercial Mortgage-Backed Securities (Cost $8,107,329)		8,015,985

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Common Stock — 0.1%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	2,000	Pacific Exploration & Production Corp., (Canada) (a) (Cost $74,705)		78,163
	Corporate Bonds — 49.2%
		Consumer Discretionary — 11.3%
		Auto Components — 1.1%
		Dana, Inc.,
	30,000	5.500%, 12/15/24		30,150
	125,000	6.000%, 09/15/23		130,000
	36,000	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 02/01/22		34,785
	60,000	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		63,000
	29,000	MPG Holdco I, Inc., 7.375%, 10/15/22		29,725
	200,000	Schaeffler Finance B.V., (Netherlands), 4.250%, 05/15/21 (e)		204,680
	100,000	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		103,000
	70,000	UCI International LLC, 8.625%, 02/15/19 (d)		14,525
				609,865
		Automobiles — 1.5%
	200,000	Fiat Chrysler Automobiles N.V., (Netherlands), 5.250%, 04/15/23		198,250
	115,000	Ford Motor Co., 4.750%, 01/15/43		107,732
		General Motors Co.,
	220,000	6.250%, 10/02/43		236,772
	100,000	6.750%, 04/01/46		115,050
	210,000	Jaguar Land Rover Automotive plc, (United Kingdom), 5.625%, 02/01/23 (e)		216,562
				874,366
		Diversified Consumer Services — 0.5%
	135,000	New York University, 4.142%, 07/01/48		125,058
	120,000	Service Corp. International, 7.500%, 04/01/27		139,200
				264,258
		Hotels, Restaurants & Leisure — 1.4%
	65,000	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope, 8.000%, 10/01/20		67,925
	35,000	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		33,863
	25,000	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		26,125
	20,000	Golden Nugget, Inc., 8.500%, 12/01/21 (e)		20,950
	200,000	International Game Technology plc, (United Kingdom), 6.500%, 02/15/25 (e)		212,500
	6,000	Landry’s, Inc., 6.750%, 10/15/24 (e)		6,000
	80,000	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		81,600
		MGM Resorts International,
	70,000	6.000%, 03/15/23		75,250
	165,000	7.750%, 03/15/22		188,512
	20,000	Ruby Tuesday, Inc., 7.625%, 05/15/20		19,050
	35,000	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		34,475
	20,000	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		21,600
	20,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (e)		19,725
				807,575
		Household Durables — 0.4%
	70,000	Apex Tool Group LLC, 7.000%, 02/01/21 (e)		63,000
	30,000	M/I Homes, Inc., 6.750%, 01/15/21		31,200
	20,000	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		19,900
	30,000	Meritage Homes Corp., 7.000%, 04/01/22		32,625
	65,000	Tempur Sealy International, Inc., 5.500%, 06/15/26		64,675
				211,400
		Media — 5.4%
	200,000	Altice S.A., (Luxembourg), 7.750%, 05/15/22 (e)		209,500
	95,000	AMC Entertainment Holdings, Inc., 5.750%, 06/15/25		95,712
	66,000	Cablevision Systems Corp., 8.000%, 04/15/20		70,950
		Charter Communications Operating LLC/Charter Communications Operating Capital,
	296,000	6.384%, 10/23/35 (e)		331,179
	345,000	6.484%, 10/23/45 (e)		386,395
		Clear Channel Worldwide Holdings, Inc.,
	64,000	Series B, 6.500%, 11/15/22		64,560
	260,000	Series B, 7.625%, 03/15/20		256,425
	10,000	CSC Holdings LLC, 6.750%, 11/15/21		10,512
		DISH DBS Corp.,
	55,000	5.000%, 03/15/23		54,312
	225,000	5.875%, 11/15/24		228,094
	50,000	7.750%, 07/01/26		55,188
	14,000	Gray Television, Inc., 5.875%, 07/15/26 (e)		13,366
	55,000	iHeartCommunications, Inc., 9.000%, 12/15/19		43,313

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Media — continued
	200,000	Nexstar Broadcasting, Inc., 6.125%, 02/15/22 (e)		204,000
	100,000	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		102,750
	40,000	Regal Entertainment Group, 5.750%, 02/01/25		40,200
		Sinclair Television Group, Inc.,
	55,000	5.625%, 08/01/24 (e)		54,313
	50,000	6.125%, 10/01/22		51,875
	98,000	Sirius XM Radio, Inc., 6.000%, 07/15/24 (e)		101,920
	75,000	Time, Inc., 5.750%, 04/15/22 (e)		75,562
	220,000	Unitymedia GmbH, (Germany), 6.125%, 01/15/25 (e)		223,850
	37,000	Univision Communications, Inc., 5.125%, 05/15/23 (e)		35,659
	50,000	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		51,020
		WMG Acquisition Corp.,
	31,000	5.625%, 04/15/22 (e)		31,930
	30,000	6.750%, 04/15/22 (e)		31,425
	240,000	Ziggo Bond Finance B.V., (Netherlands), 5.875%, 01/15/25 (e)		235,800
				3,059,810
		Multiline Retail — 0.2%
	5,000	J.C. Penney Corp., Inc., 5.875%, 07/01/23 (e)		5,125
	160,000	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		126,400
				131,525
		Specialty Retail — 0.8%
	34,000	Caleres, Inc., 6.250%, 08/15/23		35,530
	51,000	Claire’s Stores, Inc., 9.000%, 03/15/19 (e)		24,799
	35,000	Guitar Center, Inc., 6.500%, 04/15/19 (e)		30,887
	100,000	L Brands, Inc., 6.750%, 07/01/36		98,750
	10,000	Penske Automotive Group, Inc., 5.500%, 05/15/26		9,638
	195,000	PetSmart, Inc., 7.125%, 03/15/23 (e)		199,631
	25,000	Radio Systems Corp., 8.375%, 11/01/19 (e)		25,938
				425,173
		Total Consumer Discretionary		6,383,972
		Consumer Staples — 3.3%
		Beverages — 0.4%
	165,000	Anheuser-Busch InBev Finance, Inc., 4.900%, 02/01/46		176,109
	25,000	DS Services of America, Inc., 10.000%, 09/01/21 (e)		27,500
				203,609
		Food & Staples Retailing — 0.8%
	100,000	Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 06/15/24 (e)		103,360
	55,000	New Albertsons, Inc., 8.000%, 05/01/31		53,350
		SUPERVALU, Inc.,
	10,000	6.750%, 06/01/21		9,900
	75,000	7.750%, 11/15/22		74,250
	205,000	Tesco plc, (United Kingdom), 6.150%, 11/15/37 (e)		195,680
				436,540
		Food Products — 1.4%
	30,000	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		29,625
	200,000	FAGE International S.A./FAGE USA Dairy Industry, Inc., (Luxembourg), 5.625%, 08/15/26 (e)		200,000
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	82,000	5.750%, 06/15/25 (e)		80,360
	45,000	5.875%, 07/15/24 (e)		44,713
	25,000	7.250%, 06/01/21 (e)		25,594
	142,000	Kraft Heinz Foods Co., 5.200%, 07/15/45		150,888
		Lamb Weston Holdings, Inc.,
	6,000	4.625%, 11/01/24 (e)		5,985
	6,000	4.875%, 11/01/26 (e)		5,970
	23,000	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		22,942
		Post Holdings, Inc.,
	51,000	6.750%, 12/01/21 (e)		54,315
	50,000	7.750%, 03/15/24 (e)		55,125
		Smithfield Foods, Inc.,
	25,000	5.875%, 08/01/21 (e)		25,969
	35,000	6.625%, 08/15/22		36,881
	30,000	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		30,900
				769,267
		Household Products — 0.2%
	80,000	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		80,000
		Spectrum Brands, Inc.,
	20,000	5.750%, 07/15/25		20,750
	25,000	6.625%, 11/15/22		26,500
				127,250
		Personal Products — 0.1%
	15,000	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		14,794
	60,000	Revlon Consumer Products Corp., 5.750%, 02/15/21		59,625
				74,419

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Tobacco — 0.4%
		Reynolds American, Inc.,
	100,000	4.450%, 06/12/25		105,794
	125,000	5.850%, 08/15/45		147,664
				253,458
		Total Consumer Staples		1,864,543
		Energy — 5.4%
		Energy Equipment & Services — 0.2%
	25,000	Drill Rigs Holdings, Inc., 6.500%, 10/01/17 (e)		10,687
	5,000	Precision Drilling Corp., (Canada), 6.500%, 12/15/21		4,950
	20,000	Transocean, Inc., (Cayman Islands), 9.000%, 07/15/23 (e)		20,200
	20,000	Unit Corp., 6.625%, 05/15/21		18,200
		Weatherford International Ltd., (Bermuda),
	27,000	7.750%, 06/15/21		26,393
	27,000	8.250%, 06/15/23		26,426
				106,856
		Oil, Gas & Consumable Fuels — 5.2%
	25,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		24,125
	4,000	California Resources Corp., 8.000%, 12/15/22 (e)		3,220
	25,000	Cenovus Energy, Inc., (Canada), 4.450%, 09/15/42		20,562
	25,000	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		25,375
	35,000	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.125%, 03/01/22		35,350
	575,000	Ecopetrol S.A., (Colombia), 5.875%, 05/28/45		465,750
	25,000	Energy Transfer Equity LP, 5.875%, 01/15/24		25,813
	275,000	Enterprise Products Operating LLC, 4.900%, 05/15/46		266,960
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	47,000	7.750%, 09/01/22		32,900
	50,000	9.375%, 05/01/20		41,890
	25,000	Genesis Energy LP/Genesis Energy Finance Corp., 6.750%, 08/01/22		25,563
	30,000	Halcon Resources Corp., 8.625%, 02/01/20 (e)		30,765
	105,000	Kinder Morgan Energy Partners LP, 6.500%, 09/01/39		109,554
	140,000	MEG Energy Corp., (Canada), 6.375%, 01/30/23 (e)		123,550
	100,000	Oasis Petroleum, Inc., 6.875%, 01/15/23		102,500
	80,000	Pacific Exploration & Production Corp., (Canada), Series AI, (cash), 10.000%, 11/02/21 (v)		86,500
	200,000	Pertamina Persero PT, (Indonesia), Reg. S, 5.625%, 05/20/43		188,135
		Petrobras Global Finance B.V., (Netherlands),
	100,000	8.375%, 05/23/21		107,250
	485,000	8.750%, 05/23/26		520,696
	525,000	Petroleos Mexicanos, (Mexico), 6.750%, 09/21/47 (e)		457,863
	18,000	QEP Resources, Inc., 5.375%, 10/01/22		17,550
	35,000	Regency Energy Partners LP/Regency Energy Finance Corp., 5.500%, 04/15/23		36,178
	74,000	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		76,960
	44,000	SM Energy Co., 6.500%, 01/01/23		44,220
	50,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 6.250%, 10/15/22		53,500
		WPX Energy, Inc.,
	15,000	5.250%, 09/15/24		14,606
	20,000	6.000%, 01/15/22		20,494
				2,957,829
		Total Energy		3,064,685
		Financials — 3.7%
		Banks — 1.3%
	250,000	Citigroup, Inc., 4.600%, 03/09/26		257,298
	250,000	Santander UK Group Holdings plc, (United Kingdom), 5.625%, 09/15/45 (e)		241,179
	250,000	Societe Generale S.A., (France), 5.625%, 11/24/45 (e)		255,634
				754,111
		Capital Markets — 0.4%
	215,000	Goldman Sachs Group, Inc. (The), 5.150%, 05/22/45		220,984
		Consumer Finance — 0.6%
		Ally Financial, Inc.,
	60,000	5.750%, 11/20/25		59,250
	83,000	8.000%, 11/01/31		94,205
	200,000	Ford Motor Credit Co. LLC, 4.134%, 08/04/25		197,733
				351,188
		Diversified Financial Services — 0.4%
	113,000	Nationstar Mortgage LLC/Nationstar Capital Corp., 6.500%, 06/01/22		110,740
	150,000	Voya Financial, Inc., 4.800%, 06/15/46		141,154

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Financial Services — continued
				251,894
		Insurance — 0.8%
	150,000	American International Group, Inc., 4.800%, 07/10/45		153,510
	61,000	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		68,320
	140,000	MetLife, Inc., 6.400%, 12/15/36		151,550
	47,000	NFP Corp., 9.000%, 07/15/21 (e)		48,645
				422,025
		Thrifts & Mortgage Finance — 0.2%
	102,000	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		97,920
		Total Financials		2,098,122
		Health Care — 4.5%
		Health Care Equipment & Supplies — 0.6%
	60,000	Alere, Inc., 6.375%, 07/01/23 (e)		60,525
	100,000	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		103,000
	60,000	Kinetic Concepts, Inc./KCI USA, Inc, 9.625%, 10/01/21 (e)		56,550
	9,000	Mallinckrodt International Finance S.A., (Luxembourg), 4.750%, 04/15/23		7,605
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	5,000	5.500%, 04/15/25 (e)		4,250
	90,000	5.625%, 10/15/23 (e)		81,450
	8,000	5.750%, 08/01/22 (e)		7,510
	45,000	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		45,225
				366,115
		Health Care Providers & Services — 1.8%
	15,000	Acadia Healthcare Co., Inc., 5.625%, 02/15/23		14,775
	30,000	Amsurg Corp., 5.625%, 07/15/22		30,707
		CHS/Community Health Systems, Inc.,
	15,000	5.125%, 08/01/21		13,566
	25,000	6.875%, 02/01/22		16,687
	12,000	8.000%, 11/15/19		9,450
		HCA, Inc.,
	40,000	5.375%, 02/01/25		39,150
	60,000	Series 1, 5.875%, 05/01/23		61,650
	190,000	5.875%, 02/15/26		189,288
	75,000	HealthSouth Corp., 5.750%, 09/15/25		74,891
	87,000	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		76,125
	125,000	Kindred Healthcare, Inc., 8.750%, 01/15/23		111,250
	76,000	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		79,895
	50,000	Team Health, Inc., 7.250%, 12/15/23 (e)		56,313
		Tenet Healthcare Corp.,
	69,000	6.750%, 06/15/23		58,995
	5,000	7.500%, 01/01/22 (e)		5,147
	221,000	8.125%, 04/01/22		201,662
				1,039,551
		Health Care Technology — 0.1%
	50,000	Change Healthcare Holdings, Inc., 11.000%, 12/31/19		51,750
		Pharmaceuticals — 2.0%
		Actavis Funding SCS, (Luxembourg),
	200,000	3.800%, 03/15/25		200,880
	140,000	4.750%, 03/15/45		138,506
	75,000	Concordia International Corp., (Canada), 9.500%, 10/21/22 (e)		32,625
	50,000	Endo Finance LLC, 5.750%, 01/15/22 (e)		45,062
	216,000	Mylan N.V., (Netherlands), 5.250%, 06/15/46 (e)		197,905
	250,000	Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands), 3.150%, 10/01/26		230,110
		Valeant Pharmaceuticals International, Inc., (Canada),
	40,000	5.500%, 03/01/23 (e)		29,400
	85,000	6.125%, 04/15/25 (e)		62,900
	175,000	7.250%, 07/15/22 (e)		143,500
	35,000	7.500%, 07/15/21 (e)		29,575
				1,110,463
		Total Health Care		2,567,879
		Industrials — 2.8%
		Aerospace & Defense — 0.5%
	40,000	Arconic, Inc., 5.900%, 02/01/27		40,600
	25,000	Bombardier, Inc., (Canada), 7.750%, 03/15/20 (e)		25,219
	72,000	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		70,020
		TransDigm, Inc.,
	65,000	5.500%, 10/15/20		66,706
	35,000	6.375%, 06/15/26 (e)		35,612
	50,000	Triumph Group, Inc., 4.875%, 04/01/21		45,750
				283,907
		Building Products — 0.3%
	45,000	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		48,713
	65,000	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		65,975
	25,000	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		23,875

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Building Products — continued
				138,563
		Commercial Services & Supplies — 0.4%
	80,000	ADT Corp. (The), 4.125%, 06/15/23		76,000
	2,000	Harland Clarke Holdings Corp., 9.750%, 08/01/18 (e)		2,045
	100,000	Herc Rentals, Inc., 7.750%, 06/01/24 (e)		102,500
	47,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		50,525
	10,000	Quad/Graphics, Inc., 7.000%, 05/01/22		9,525
				240,595
		Construction & Engineering — 0.2%
	48,000	AECOM, 5.875%, 10/15/24		50,280
	67,000	MasTec, Inc., 4.875%, 03/15/23		65,493
				115,773
		Machinery — 0.3%
	28,000	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		26,880
	40,000	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		40,700
	125,000	Terex Corp., 6.000%, 05/15/21		126,562
				194,142
		Marine — 0.0% (g)
	10,000	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		2,000
		Road & Rail — 0.6%
	145,000	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.500%, 04/01/23		140,106
	185,000	Hertz Corp. (The), 6.250%, 10/15/22		174,363
	60,000	Jack Cooper Holdings Corp., 9.250%, 06/01/20		20,850
				335,319
		Trading Companies & Distributors — 0.5%
	110,000	H&E Equipment Services, Inc., 7.000%, 09/01/22		115,775
		United Rentals North America, Inc.,
	25,000	5.875%, 09/15/26		25,562
	110,000	6.125%, 06/15/23		115,665
				257,002
		Total Industrials		1,567,301
		Information Technology — 3.2%
		Communications Equipment — 0.8%
	49,000	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		51,328
		Avaya, Inc.,
	189,000	7.000%, 04/01/19 (e)		164,430
	10,000	10.500%, 03/01/21 (e)		4,700
	125,000	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		130,156
	32,000	CommScope, Inc., 5.500%, 06/15/24 (e)		32,755
	80,000	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		83,400
				466,769
		Electronic Equipment, Instruments & Components — 0.1%
	70,000	Zebra Technologies Corp., 7.250%, 10/15/22		75,694
		IT Services — 0.5%
	271,000	First Data Corp., 7.000%, 12/01/23 (e)		283,704
		Semiconductors & Semiconductor Equipment — 1.1%
	175,000	Amkor Technology, Inc., 6.375%, 10/01/22		180,032
		Micron Technology, Inc.,
	120,000	5.250%, 01/15/24 (e)		117,313
	57,000	5.625%, 01/15/26 (e)		55,575
	22,000	Microsemi Corp., 9.125%, 04/15/23 (e)		25,465
	215,000	QUALCOMM, Inc., 4.800%, 05/20/45		227,265
				605,650
		Software — 0.4%
	15,000	Camelot Finance S.A., (Luxembourg), 7.875%, 10/15/24 (e)		15,347
	125,000	Infor Software Parent LLC/Infor Software Parent, Inc., (cash), 7.125%, 05/01/21 (e) (v)		125,312
	95,000	Informatica LLC, 7.125%, 07/15/23 (e)		89,300
				229,959
		Technology Hardware, Storage & Peripherals — 0.3%
	155,000	Western Digital Corp., 10.500%, 04/01/24 (e)		179,413
		Total Information Technology		1,841,189
		Materials — 3.9%
		Chemicals — 1.3%
		Blue Cube Spinco, Inc.,
	50,000	9.750%, 10/15/23		58,750
	30,000	10.000%, 10/15/25		35,700
	30,000	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		33,975
	225,000	Hexion, Inc., 6.625%, 04/15/20		193,500
		Huntsman International LLC,
	65,000	4.875%, 11/15/20		66,950
	110,000	5.125%, 11/15/22		111,650
		LYB International Finance B.V., (Netherlands),
	85,000	4.875%, 03/15/44		86,601

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Chemicals — continued
	110,000	LyondellBasell Industries N.V., (Netherlands), 4.625%, 02/26/55		99,578
	25,000	PolyOne Corp., 5.250%, 03/15/23		24,875
				711,579
		Construction Materials — 0.1%
	65,000	U.S. Concrete, Inc., 6.375%, 06/01/24		67,762
		Containers & Packaging — 0.2%
	25,000	Cascades, Inc., (Canada), 5.750%, 07/15/23 (e)		25,219
	35,000	Owens-Brockway Glass Container, Inc., 5.375%, 01/15/25 (e)		35,131
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	25,000	5.750%, 10/15/20		25,719
	35,000	7.000%, 07/15/24 (e)		36,977
				123,046
		Metals & Mining — 2.2%
	90,000	AK Steel Corp., 7.500%, 07/15/23		97,875
	100,000	Aleris International, Inc., 9.500%, 04/01/21 (e)		107,250
		ArcelorMittal, (Luxembourg),
	175,000	6.500%, 03/01/21		189,875
	68,000	7.250%, 02/25/22		76,309
		Freeport-McMoRan, Inc.,
	30,000	3.875%, 03/15/23		28,031
	33,000	5.400%, 11/14/34		28,875
	32,000	5.450%, 03/15/43		27,360
	65,000	Glencore Finance Canada Ltd., (Canada), 6.000%, 11/15/41 (e)		63,050
	13,000	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		13,098
	75,000	Steel Dynamics, Inc., 5.500%, 10/01/24		79,313
	530,000	Vedanta Resources plc, (United Kingdom), 8.250%, 06/07/21 (e)		546,040
				1,257,076
		Paper & Forest Products — 0.1%
	25,000	Clearwater Paper Corp., 5.375%, 02/01/25 (e)		24,813
		Total Materials		2,184,276
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
	80,000	Communications Sales & Leasing, Inc./CSL Capital LLC, 8.250%, 10/15/23		83,800
	200,000	Crown Castle International Corp., 4.450%, 02/15/26		205,451
	25,000	FelCor Lodging LP, 6.000%, 06/01/25		25,438
	100,000	GEO Group, Inc. (The), 6.000%, 04/15/26		96,000
		Total Real Estate		410,689
		Telecommunication Services — 9.2%
		Diversified Telecommunication Services — 6.7%
	515,000	Altice Financing S.A., (Luxembourg), 7.500%, 05/15/26 (e)		523,600
		AT&T, Inc.,
	132,000	4.500%, 03/09/48 (e)		117,546
	125,000	4.750%, 05/15/46		116,443
	120,000	5.150%, 03/15/42		118,305
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	110,000	5.375%, 05/01/25 (e)		111,788
	178,000	5.875%, 04/01/24 (e)		188,457
	85,000	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		85,213
	148,000	Embarq Corp., 7.995%, 06/01/36		142,095
		Frontier Communications Corp.,
	25,000	6.250%, 09/15/21		23,453
	20,000	8.500%, 04/15/20		20,775
	10,000	9.250%, 07/01/21		10,250
	20,000	10.500%, 09/15/22		20,600
	225,000	11.000%, 09/15/25		225,563
	115,000	GCI, Inc., 6.750%, 06/01/21		118,019
		Intelsat Jackson Holdings S.A., (Luxembourg),
	45,000	7.250%, 04/01/19		35,325
	140,000	7.500%, 04/01/21		101,412
	20,000	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		6,925
		Level 3 Financing, Inc.,
	35,000	5.375%, 08/15/22		35,612
	55,000	5.375%, 05/01/25		54,725
	307,000	Qwest Capital Funding, Inc., 7.750%, 02/15/31		290,882
	200,000	SFR Group S.A., (France), 6.000%, 05/15/22 (e)		201,500
	105,000	Sprint Capital Corp., 6.875%, 11/15/28		100,999
	200,000	Telecom Italia S.p.A., (Italy), 5.303%, 05/30/24 (e)		197,000
		Verizon Communications, Inc.,
	180,000	4.672%, 03/15/55		168,050
	120,000	4.862%, 08/21/46		120,291
	200,000	Virgin Media Secured Finance plc, (United Kingdom), 5.500%, 01/15/25 (e)		201,000
	200,000	Wind Acquisition Finance S.A., (Luxembourg), 7.375%, 04/23/21 (e)		204,000

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Windstream Services LLC,
	70,000	6.375%, 08/01/23		60,900
	75,000	7.500%, 06/01/22		70,852
	15,000	7.500%, 04/01/23		13,950
		Zayo Group LLC/Zayo Capital, Inc.,
	80,000	6.000%, 04/01/23		83,400
	35,000	6.375%, 05/15/25		36,488
				3,805,418
		Wireless Telecommunication Services — 2.5%
	525,000	Comcel Trust via Comunicaciones Celulares S.A., (Cayman Islands), 6.875%, 02/06/24 (e)		523,687
		Sprint Communications, Inc.,
	24,000	6.000%, 12/01/16		24,000
	102,000	7.000%, 03/01/20 (e)		109,713
	8,000	8.375%, 08/15/17		8,323
	3,000	9.125%, 03/01/17		3,046
		Sprint Corp.,
	235,000	7.625%, 02/15/25		238,819
	65,000	7.875%, 09/15/23		67,112
		T-Mobile USA, Inc.,
	50,000	6.125%, 01/15/22		52,359
	181,000	6.500%, 01/15/24		193,386
	80,000	6.500%, 01/15/26		86,400
	80,000	United States Cellular Corp., 6.700%, 12/15/33		78,400
				1,385,245
		Total Telecommunication Services		5,190,663
		Utilities — 1.2%
		Electric Utilities — 0.4%
	170,000	FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		178,613
	54,000	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		57,645
				236,258
		Gas Utilities — 0.1%
	50,000	Sabine Pass Liquefaction LLC, 5.625%, 03/01/25		52,125
		Independent Power & Renewable Electricity Producers — 0.6%
	49,000	AES Corp., 5.500%, 03/15/24		48,265
	110,000	Dynegy, Inc., 7.375%, 11/01/22		104,500
	35,000	GenOn Energy, Inc., 9.500%, 10/15/18		24,413
	50,000	NRG Energy, Inc., 6.250%, 05/01/24		48,375
	25,000	Talen Energy Supply LLC, 4.625%, 07/15/19 (e)		23,781
	61,000	TerraForm Power Operating LLC, SUB, 6.625%, 06/15/25 (e)		63,287
				312,621
		Multi-Utilities — 0.1%
	75,000	NRG Yield Operating LLC, 5.375%, 08/15/24		74,625
		Total Utilities		675,629
		Total Corporate Bonds (Cost $27,865,188)		27,848,948
	Foreign Government Securities — 5.2%
	285,000	Government of Dominican Republic, (Dominican Republic), Reg. S, 6.600%, 01/28/24		296,756
	200,000	Government of Jamaica, (Jamaica), 6.750%, 04/28/28		212,500
	240,000	Instituto Costarricense de Electricidad, (Costa Rica), Reg. S, 6.375%, 05/15/43		206,400
		Provincia de Buenos Aires, (Argentina),
	317,000	9.125%, 03/16/24 (e)		333,337
	350,000	9.950%, 06/09/21 (e)		384,270
	200,000	Republic of Costa Rica, (Costa Rica), 7.158%, 03/12/45 (e)		186,500
	500,000	Republic of Ecuador, (Ecuador), 10.750%, 03/28/22 (e)		521,250
	100,000	Republic of Indonesia, (Indonesia), Reg. S, 6.625%, 02/17/37		119,625
	150,000	Republic of Lebanon, (Lebanon), 6.375%, 03/09/20		148,312
	140,000	Republic of Pakistan, (Pakistan), Reg. S, 6.875%, 06/01/17		142,040
	200,000	Republic of Paraguay, (Paraguay), Reg. S, 6.100%, 08/11/44		198,500
	200,000	Republic of Serbia, (Serbia), Reg. S, 7.250%, 09/28/21		223,000
		Total Foreign Government Securities (Cost $3,003,823)		2,972,490
	Mortgage Pass-Through Security — 1.9%
	1,049,213	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 3.000%, 03/01/31 (Cost $1,093,211)		1,078,442
	Municipal Bonds — 1.6% (t)
		California — 0.7%
	100,000	Los Angeles Community College District, GO, 6.750%, 08/01/49		143,753
	45,000	State of California, Various Purpose, GO, 7.500%, 04/01/34		63,360

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		California — continued
		University of California,
	100,000	Series AN, Rev., 4.765%, 05/15/44		105,487
	100,000	Series J, Rev., 4.131%, 05/15/45		99,866
				412,466
		Colorado — 0.3%
	175,000	Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.000%, 01/15/45		168,410
		Illinois — 0.1%
	25,000	Illinois Finance Authority, Series A, Rev., 4.000%, 10/01/49		23,378
		Louisiana — 0.1%
	75,000	Louisiana Local Government Environmental Facilties & Community Development Authority,East Baton Rouge Sewerage Commission Projects, Series A, Rev., 4.000%, 02/01/48		73,554
		New Jersey — 0.1%
	25,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.000%, 06/15/42		24,574
		South Carolina — 0.1%
	50,000	State of South Carolina Ports Authority, Rev., 5.250%, 07/01/55		52,970
		Utah — 0.2%
	100,000	Utah Transit Authority, Sales Tax, Series B, Rev., 5.937%, 06/15/39		127,444
		Total Municipal Bonds (Cost $901,163)		882,796
	Preferred Securities — 1.3% (x)
		Financials — 1.3%
		Banks — 0.2%
	92,000	Bank of America Corp., Series AA, VAR, 6.100%, 03/17/25		92,046
	39,000	Citigroup, Inc., VAR, 5.950%, 01/30/23		39,049
				131,095
		Capital Markets — 1.1%
	250,000	Credit Suisse Group AG, (Switzerland), VAR, 6.250%, 12/18/24 (e)		235,000
	95,000	Goldman Sachs Group, Inc. (The), Series M, VAR, 5.375%, 05/10/20		94,168
	250,000	UBS Group AG, (Switzerland), Reg. S, VAR, 7.000%, 02/19/25		260,500
				589,668
		Total Preferred Securities (Cost $723,398)		720,763
	Loan Assignments — 0.7%
		Consumer Discretionary — 0.0% (g)
		Hotels, Restaurants & Leisure — 0.0% (g)
	5,400	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		5,428
		Consumer Staples — 0.0% (g)
		Food Products — 0.0% (g)
	4,963	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.334%, 01/13/23		5,003
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	100,000	EP Energy LLC/Everest Acquisition Finance, Inc., 1st Lien Term Loan, VAR, 9.750%, 06/30/21		101,188
		Health Care — 0.3%
		Pharmaceuticals — 0.3%
	200,000	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 5.500%, 04/01/22		198,188
		Information Technology — 0.2%
		Internet Software & Services — 0.2%
	100,000	Genesys Telecommunications Laboratories, Inc., Term Loan, 6.250%, 11/17/23		100,500
		Total Loan Assignments (Cost $412,608)		410,307
NUMBER OF CONTRACTS
	Options Purchased — 0.3%
		Call Options Purchased — 0.0% (g)
	66	10 Year U.S. Treasury Note, expiring 12/23/16 at $126.50, American Style (Cost $10,451)		9,282
		Put Option Purchased — 0.3%
	174	10 Year U.S. Treasury Note, expiring 02/24/17 at $123.00, American Style (Cost $125,428)		152,250
		Total Options Purchased (Cost $135,879)		161,532

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

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

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	1,647,337	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $1,647,652)		1,647,831
		Total Investments — 98.9% (Cost $56,346,006)		56,023,565
		Other Assets in Excess of Liabilities — 1.1%		637,026
		NET ASSETS — 100.0%	$	56,660,591

Percentages indicated are based on net assets.

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	4	Ultra Long Term U.S. Treasury Bond		03/22/17		USD		645,625			(1,259	)
	34	5 Year U.S. Treasury Note		03/31/17		USD		4,006,688			(13,072	)
		Short Futures Outstanding
	(72)	10 Year U.S. Treasury Note		03/22/17		USD		(8,965,125	)		1,529
	(3)	U.S. Treasury Long Bond		03/22/17		USD		(453,844	)		1,845
	(4)	Ultra Long Term U.S. Treasury Bond		03/22/17		USD		(645,625	)		1,147
											(9,810	)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—	Collateralized Mortgage Obligation
GO	—	General Obligation
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, 2016. 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.
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
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is 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 0.05%.
(l)	—	The rate shown is the current yield as of November 30, 2016.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(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, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as off November 30, 2016.

As of November 30, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,132,052
Aggregate gross unrealized depreciation		(1,454,493	)
Net unrealized appreciation/depreciation	$	(322,441	)
Federal income tax cost of investments	$	56,346,006

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“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, Inc. (the “Administrator”) 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 affiliated and unaffiliated 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 Underlying Fund’s net asset values or 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.

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, 2016.

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (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 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 Schedules of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	1,865,804	$	3,465,989	$	5,331,793
Collateralized Mortgage Obligations
Agency CMO		—		4,899,801		—		4,899,801
Non-Agency CMO		—		1,533,051		441,663		1,974,714
Total Collateralized Mortgage Obligations		—		6,432,852		441,663		6,874,515
Commercial Mortgage-Backed Securities		—		5,301,702		2,714,283		8,015,985
Common Stocks
Energy		78,163		—		—		78,163
Corporate Bonds
Consumer Discretionary		—		6,369,447		14,525		6,383,972
Consumer Staples		—		1,864,543		—		1,864,543
Energy		—		3,046,485		18,200		3,064,685
Financials		—		2,098,122		—		2,098,122
Health Care		—		2,567,879		—		2,567,879
Industrials		—		1,544,451		22,850		1,567,301
Information Technology		—		1,841,189		—		1,841,189
Materials		—		2,184,276		—		2,184,276
Real Estate		—		410,689		—		410,689
Telecommunication Services		—		5,148,413		42,250		5,190,663
Utilities		—		675,629		—		675,629
Total Corporate Bonds		—		27,751,123		97,825		27,848,948
Foreign Government Securities		—		2,972,490		—		2,972,490
Mortgage Pass-Through Security		—		1,078,442		—		1,078,442
Municipal Bonds		—		882,796		—		882,796
Preferred Securities
Financials		—		720,763		—		720,763
Loan Assignments
Consumer Discretionary		—		5,428		—		5,428
Consumer Staples		—		5,003		—		5,003
Energy		—		101,188		—		101,188
Health Care		—		198,188		—		198,188
Information Technology		—		100,500		—		100,500
Total Loan Assignments		—		410,307		—		410,307

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Options Purchased
Call Options Purchased	$	9,282		$	—	$	—	$	9,282
Put Options Purchased		152,250			—		—		152,250
Total Options Purchased		161,532			—		—		161,532
Short-Term Investment
Investment Company		1,647,831			—		—		1,647,831
Total Investments in Securities	$	1,887,526		$	47,416,279	$	6,719,760	$	56,023,565
Appreciation in Other Financial Instruments
Futures Contracts	$	4,521		$	—	$	—	$	4,521
Depreciation in Other Financial Instruments
Futures Contracts	$	(14,331	)	$	—	$	—	$	(14,331	)

There were no transfers between levels 1 and 2 during the period ended November 30, 2016.

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

	Balance as of February 29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities:
Asset-Backed Securities	$	1,598,952	$	4,175		$	64,140		$	2,462		$	519,225	$	(794,193	)	$	2,071,228	$	—		$	3,465,989
Collateralized Mortgage Obligations — Non- Agency CMO		425,427		—			32,676			1,221			—		(17,661	)		—		—			441,663
Commercial Mortgage- Backed Securities		1,592,960		—			11,948			1,046			1,215,362		(107,033	)		—		—			2,714,283
Corporate Bonds — Consumer Discretionary		14,000		—			489			36			—		—			—		—			14,525
Corporate Bonds — Energy		—		(2,580	)		11,388			21			—		(2,379	)		11,750		—			18,200
Corporate Bonds — Industrials		21,150		—			(23,323	)		(727	)		—		—			45,000		(19,250	)		22,850
Corporate Bonds — Information Technology		41,925		(66,513	)		24,646			(58	)		—		—			—		—			—
Corporate Bonds — Telecommunication Services		—		—			325			1,190			11,485		—			29,250		—			42,250
	$	3,694,414	$	(64,918	)	$	122,289		$	5,191		$	1,746,072	$	(921,266	)	$	2,157,228	$	(19,250	)	$	6,719,760

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

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

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2016.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3), amounted to $121,127.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November  30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	3,024,154	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (4.81%)
				Constant Default Rate	0.00% - 27.00% (4.11%)
				Yield (Discount Rate of Cash Flows)	3.50% - 7.57% (5.56%)
Asset-Backed Securities		3,024,154
		441,663	Discounted Cash Flow	Constant Prepayment Rate	5.00% - 10.00% (7.88%)
				Yield (Discount Rate of Cash Flows)	3.93% - 6.67% (5.09%)
Collateralized Mortgage Obligations		441,663
		2,714,284	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 100.00% (9.07%)
				Yield (Discount Rate of Cash Flows)	4.24% - 115.51% (11.43%)
Commercial Mortgage-Backed Securities		2,714,284
		81,300	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	9.13% - 51.21% (26.93%)
Corporate Bonds		81,300
Total	$	6,261,401

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was $458,359. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

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

The Fund’s exchange traded option 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). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used 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. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

The Fund may be exposed 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 subject 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).

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.0%
		Ally Auto Receivables Trust,
	476	Series 2015-1, Class A3, 1.390%, 09/16/19		477
	167	Series 2015-SN1, Class A3, 1.210%, 12/20/17		167
	509	Series 2016-1, Class A3, 1.470%, 04/15/20		510
	800	Series 2016-2, Class A3, 1.350%, 05/15/20		799
		American Express Credit Account Master Trust,
	1,847	Series 2014-2, Class A, 1.260%, 01/15/20		1,849
	619	Series 2014-3, Class A, 1.490%, 04/15/20		620
		AmeriCredit Automobile Receivables Trust,
	206	Series 2015-4, Class A3, 1.700%, 07/08/20		207
	428	Series 2016-2, Class A3, 1.600%, 11/09/20		427
	1,404	AXIS Equipment Finance Receivables IV LLC, Series 2016-1A, Class A, 2.210%, 11/20/21 (e)		1,400
	604	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		600
		BMW Vehicle Lease Trust,
	1,500	Series 2015-2, Class A3, 1.400%, 09/20/18		1,501
	290	Series 2016-2, Class A3, 1.430%, 09/20/19		289
	301	BMW Vehicle Owner Trust, Series 2014-A, Class A3, 0.970%, 11/26/18		301
	463	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		463
		Capital Auto Receivables Asset Trust,
	1,600	Series 2015-1, Class A3, 1.610%, 06/20/19		1,603
	617	Series 2015-2, Class A3, 1.730%, 09/20/19		619
	279	CarFinance Capital Auto Trust, Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		279
		CarMax Auto Owner Trust,
	105	Series 2013-4, Class A3, 0.800%, 07/16/18		105
	983	Series 2014-2, Class A3, 0.980%, 01/15/19		983
	527	Series 2015-2, Class A3, 1.370%, 03/16/20		527
	337	Series 2016-1, Class A3, 1.610%, 11/16/20		337
	711	Series 2016-2, Class A3, 1.520%, 02/16/21		711
	540	Series 2016-4, Class A3, 1.400%, 08/15/21		536
	883	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		885
	181	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		181
		Citibank Credit Card Issuance Trust,
	3,200	Series 2014-A8, Class A8, 1.730%, 04/09/20		3,218
	1,120	Series 2016-A1, Class A1, 1.750%, 11/19/21		1,120
		CNH Equipment Trust,
	36	Series 2013-C, Class A3, 1.020%, 08/15/18		36
	228	Series 2013-D, Class A3, 0.770%, 10/15/18		228
	544	Series 2014-A, Class A3, 0.840%, 05/15/19		544
	919	Series 2014-B, Class A3, 0.910%, 05/15/19		919
	75	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		75
		CPS Auto Receivables Trust,
	18	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		18
	140	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		140
	329	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		329
	436	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		436
	906	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		906
	405	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		406
	1,479	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 03/15/22 (e)		1,482
	18	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)		18
	1,500	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		1,500

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	607	DT Auto Owner Trust, Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		608
		Exeter Automobile Receivables Trust,
	155	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		155
	632	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		632
	318	Fifth Third Auto Trust, Series 2015-1, Class A3, 1.420%, 03/16/20		318
	1,288	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		1,284
		Flagship Credit Auto Trust,
	398	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		398
	401	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		399
	624	Series 2016-2, Class A1, 2.280%, 05/15/20 (e)		625
		Ford Credit Auto Owner Trust,
	64	Series 2013-D, Class A3, 0.670%, 04/15/18		64
	509	Series 2014-B, Class A3, 0.900%, 10/15/18		509
	735	Series 2014-C, Class A3, 1.060%, 05/15/19		734
	622	Series 2015-A, Class A3, 1.280%, 09/15/19		623
	658	Series 2015-B, Class A3, 1.160%, 11/15/19		658
	585	Series 2015-C, Class A3, 1.410%, 02/15/20		586
	373	Series 2016-B, Class A3, 1.330%, 10/15/20		372
	1,396	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,398
	300	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		295
		GLS Auto Receivables Trust,
	697	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		698
	881	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		881
		GM Financial Automobile Leasing Trust,
	963	Series 2015-1, Class A3, 1.530%, 09/20/18		965
	974	Series 2015-3, Class A3, 1.690%, 03/20/19		977
	248	Series 2016-2, Class A3, 1.620%, 09/20/19		248
	606	GMAT Trust, Series 2013-1A, Class A, SUB, 6.967%, 11/25/43 (e)		607
	231	Green Tree Agency Advance Funding Trust I, Series 2016-T1, Class AT1, 2.380%, 10/15/48 (e)		230
		Harley-Davidson Motorcycle Trust,
	1,498	Series 2015-1, Class A3, 1.410%, 06/15/20		1,500
	716	Series 2015-2, Class A3, 1.300%, 03/16/20		717
		Honda Auto Receivables Owner Trust,
	290	Series 2014-1, Class A3, 0.670%, 11/21/17		290
	647	Series 2015-1, Class A3, 1.050%, 10/15/18		647
	389	Series 2016-1, Class A3, 1.220%, 12/18/19		389
	392	Series 2016-3, Class A3, 1.160%, 05/18/20		390
		Hyundai Auto Receivables Trust,
	197	Series 2014-A, Class A3, 0.790%, 07/16/18		197
	718	Series 2014-B, Class A3, 0.900%, 12/17/18		717
	570	Series 2015-A, Class A3, 1.050%, 04/15/19		570
	343	Series 2015-C, Class A3, 1.460%, 02/18/20		344
		John Deere Owner Trust,
	880	Series 2014-B, Class A3, 1.070%, 11/15/18		880
	384	Series 2015-B, Class A3, 1.440%, 10/15/19		385
	1,199	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		1,227
	392	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A3, 1.260%, 02/16/21		390
	279	Nationstar HECM Loan Trust, Series 2016-3A, Class A, 2.013%, 08/25/26 (e)		279
	1,000	Nissan Auto Lease Trust, Series 2015-A, Class A3, 1.400%, 06/15/18		1,001
		Nissan Auto Receivables Owner Trust,
	210	Series 2013-C, Class A3, 0.670%, 08/15/18		210
	332	Series 2014-A, Class A3, 0.720%, 08/15/18		332
	394	Series 2014-B, Class A3, 1.110%, 05/15/19		394

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	823	Series 2015-C, Class A3, 1.370%, 05/15/20		823
	305	Series 2016-B, Class A3, 1.320%, 01/15/21		304
	914	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		916
		OneMain Financial Issuance Trust,
	551	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		551
	1,140	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		1,141
	1,295	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		1,305
	1,750	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		1,749
	84	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		84
	1,472	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		1,477
	1,100	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		1,100
	154	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.892%, 03/25/36		154
	165	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		166
	550	SoFi Consumer Loan Program LLC, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		550
	1,003	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		1,003
		Toyota Auto Receivables Owner Trust,
	339	Series 2014-A, Class A3, 0.670%, 12/15/17		339
	314	Series 2014-C, Class A3, 0.930%, 07/16/18		314
	600	Series 2016-A, Class A3, 1.250%, 03/16/20		599
	348	Series 2016-B, Class A3, 1.300%, 04/15/20		348
	670	Series 2016-D, Class A3, 1.230%, 10/15/20		666
	877	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.488%, 10/15/18 (e)		873
	760	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		760
	314	Volkswagen Auto Loan Enhanced Trust, Series 2013-2, Class A3, 0.700%, 04/20/18		313
	625	VOLT L LLC, Series 2016-NP10, Class A1, SUB, 3.500%, 09/25/46 (e)		625
	158	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		159
	946	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		953
	346	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		347
	248	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		249
	514	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		513
	1,291	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		1,289
	794	VOLT XXVI LLC, Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		792
	836	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		837
	579	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		579
	476	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		477
	1,095	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,099
	504	VOLT XXXV, Series 2016-NPL9, Class A1, SUB, 3.500%, 09/25/46 (e)		504
	776	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		776
	181	Westgate Resorts LLC, Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		179
	1,372	Westlake Automobile Receivables Trust, Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		1,374
		World Omni Auto Receivables Trust,
	437	Series 2015-A, Class A3, 1.340%, 05/15/20		438

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,286		Series 2015-B, Class A3, 1.490%, 12/15/20		1,286
			World Omni Automobile Lease Securitization Trust,
	459		Series 2014-A, Class A3, 1.160%, 09/15/17		459
	1,093		Series 2015-A, Class A3, 1.540%, 10/15/18		1,094
			Total Asset-Backed Securities (Cost $82,342)		82,438
	Collateralized Mortgage Obligations — 17.0%
			Agency CMO — 16.5%
			Federal Home Loan Mortgage Corp. REMIC,
	27		Series 1578, Class K, 6.900%, 09/15/23		29
	227		Series 2110, Class PG, 6.000%, 01/15/29		261
	—	(h)	Series 2391, Class QR, 5.500%, 12/15/16		—	(h)
	1		Series 2427, Class LW, 6.000%, 03/15/17		1
	35		Series 2436, Class MC, 7.000%, 04/15/32		39
	44		Series 2441, Class GF, 6.500%, 04/15/32		50
	270		Series 2505, Class D, 5.500%, 09/15/32		295
	872		Series 2525, Class AM, 4.500%, 04/15/32		943
	135		Series 2544, Class KE, 5.500%, 12/15/32		153
	317		Series 2557, Class HL, 5.300%, 01/15/33		347
	6		Series 2558, Class BD, 5.000%, 01/15/18		6
	30		Series 2564, Class NK, 5.000%, 02/15/18		31
	98		Series 2575, Class PE, 5.500%, 02/15/33		111
	411		Series 2586, Class WG, 4.000%, 03/15/33		435
	4		Series 2594, Class JB, 4.500%, 04/15/18		4
	17		Series 2595, Class HJ, 5.000%, 03/15/23		17
	351		Series 2596, Class QD, 4.000%, 03/15/33		369
	109		Series 2611, Class KH, 5.000%, 05/15/18		111
	389		Series 2621, Class QH, 5.000%, 05/15/33		417
	523		Series 2624, Class QH, 5.000%, 06/15/33		578
	1,347		Series 2626, Class JC, 5.000%, 06/15/23		1,432
	595		Series 2632, Class AB, 4.500%, 06/15/18		606
	21		Series 2648, Class BK, 5.000%, 07/15/33		22
	39		Series 2649, Class PJ, 3.500%, 06/15/33		41
	14		Series 2649, Class QH, 4.500%, 07/15/18		14
	227		Series 2649, Class WB, 3.500%, 07/15/23		233
	834		Series 2673, Class PE, 5.500%, 09/15/33		920
	1,013		Series 2685, Class DT, 5.000%, 10/15/23		1,103
	234		Series 2687, Class JH, 5.000%, 10/15/23		251
	649		Series 2696, Class DG, 5.500%, 10/15/33		718
	84		Series 2699, Class TC, 4.000%, 11/15/18		85
	1,523		Series 2701, Class AC, 5.000%, 11/15/23		1,641
	284		Series 2725, Class TA, 4.500%, 12/15/33		314
	727		Series 2733, Class ME, 5.000%, 01/15/34		797
	20		Series 2744, Class TU, 5.500%, 05/15/32		20
	2		Series 2750, Class JB, 4.500%, 02/15/19		2
	202		Series 2752, Class JB, 4.500%, 02/15/19		206
	158		Series 2760, Class KT, 4.500%, 09/15/32		165
	274		Series 2764, Class UE, 5.000%, 10/15/32		280
	275		Series 2768, Class PK, 5.000%, 03/15/34		291
	101		Series 2773, Class OC, 5.000%, 04/15/19		104
	152		Series 2804, Class AM, 5.000%, 03/15/34		153
	84		Series 2828, Class JE, 4.500%, 07/15/19		87

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	17	Series 2843, Class BC, 5.000%, 08/15/19		17
	166	Series 2864, Class NB, 5.500%, 07/15/33		171
	157	Series 2875, Class HB, 4.000%, 10/15/19		161
	441	Series 2899, Class HB, 4.000%, 12/15/19		451
	91	Series 2910, Class BE, 4.500%, 12/15/19		94
	124	Series 2920, Class KT, 4.500%, 01/15/20		127
	120	Series 2929, Class KG, 4.500%, 02/15/20		123
	553	Series 2934, Class KG, 5.000%, 02/15/35		605
	19	Series 2950, Class JA, 4.500%, 03/15/20		20
	1,577	Series 2960, Class JH, 5.500%, 04/15/35		1,740
	40	Series 2968, Class MD, 5.500%, 12/15/33		41
	112	Series 2981, Class BC, 4.500%, 05/15/20		115
	52	Series 2988, Class TY, 5.500%, 06/15/25		58
	1,274	Series 2989, Class TG, 5.000%, 06/15/25		1,378
	14	Series 2993, Class PM, 4.500%, 05/15/35		15
	18	Series 3017, Class MK, 5.000%, 12/15/34		19
	24	Series 3028, Class ME, 5.000%, 02/15/34		24
	43	Series 3036, Class TE, 5.500%, 12/15/34		43
	10	Series 3057, Class PE, 5.500%, 11/15/34		10
	39	Series 3077, Class TO, PO, 04/15/35		35
	110	Series 3082, Class PW, 5.500%, 12/15/35		125
	2,509	Series 3084, Class BH, 5.500%, 12/15/35		2,836
	141	Series 3087, Class KX, 5.500%, 12/15/25		154
	2,373	Series 3098, Class KG, 5.500%, 01/15/36		2,617
	1,987	Series 3102, Class CE, 5.500%, 01/15/26		2,199
	55	Series 3121, Class JD, 5.500%, 03/15/26		62
	189	Series 3123, Class HT, 5.000%, 03/15/26		204
	103	Series 3136, Class CO, PO, 04/15/36		96
	81	Series 3145, Class AJ, 5.500%, 04/15/36		91
	753	Series 3150, Class EQ, 5.000%, 05/15/26		811
	145	Series 3200, Class PO, PO, 08/15/36		128
	47	Series 3219, Class PD, 6.000%, 11/15/35		47
	84	Series 3270, Class AT, 5.500%, 01/15/37		96
	16	Series 3272, Class PA, 6.000%, 02/15/37		18
	2	Series 3289, Class ND, 5.500%, 06/15/35		2
	1,843	Series 3294, Class DB, 4.500%, 03/15/22		1,901
	97	Series 3337, Class MD, 5.500%, 06/15/27		108
	129	Series 3348, Class HT, 6.000%, 07/15/37		149
	313	Series 3349, Class HE, 5.500%, 07/15/36		320
	36	Series 3372, Class BD, 4.500%, 10/15/22		38
	671	Series 3501, Class A, 4.500%, 01/15/39		705
	24	Series 3508, Class PK, 4.000%, 02/15/39		25
	40	Series 3513, Class A, 4.500%, 02/15/39		43
	652	Series 3521, Class B, 4.000%, 04/15/24		692
	115	Series 3544, Class BC, 4.000%, 06/15/24		121
	5,262	Series 3546, Class NB, 4.000%, 06/15/24		5,535
	2,355	Series 3562, Class JC, 4.000%, 08/15/24		2,478
	1,597	Series 3563, Class BD, 4.000%, 08/15/24		1,663
	61	Series 3563, Class LB, 4.000%, 08/15/29		65
	265	Series 3571, Class MY, 4.000%, 09/15/24		282
	1,666	Series 3575, Class EB, 4.000%, 09/15/24		1,758

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,589	Series 3577, Class B, 4.000%, 09/15/24		2,703
	411	Series 3578, Class KB, 4.000%, 09/15/24		432
	258	Series 3605, Class NB, 5.500%, 06/15/37		263
	316	Series 3647, Class GA, 5.000%, 11/15/28		324
	7	Series 3652, Class A, 4.500%, 11/15/24		7
	288	Series 3653, Class B, 4.500%, 04/15/30		312
	1,968	Series 3653, Class HJ, 5.000%, 04/15/40		2,100
	135	Series 3659, Class BD, 5.000%, 01/15/37		139
	530	Series 3659, Class VG, 5.000%, 09/15/34		580
	2,435	Series 3677, Class KB, 4.500%, 05/15/40		2,615
	2,100	Series 3677, Class PB, 4.500%, 05/15/40		2,258
	91	Series 3688, Class GT, VAR, 7.287%, 11/15/46		104
	260	Series 3715, Class PC, 4.500%, 08/15/40		277
	800	Series 3740, Class BP, 4.500%, 04/15/38		833
	149	Series 3747, Class HI, IO, 4.500%, 07/15/37		7
	722	Series 3747, Class PA, 4.000%, 04/15/38		747
	102	Series 3755, Class ML, 5.500%, 06/15/29		107
	1,750	Series 3787, Class AY, 3.500%, 01/15/26		1,835
	1,275	Series 3794, Class LB, 3.500%, 01/15/26		1,334
	375	Series 3797, Class PA, 4.500%, 08/15/39		385
	1,661	Series 3816, Class HA, 3.500%, 11/15/25		1,741
	1,499	Series 3819, Class ZQ, 6.000%, 04/15/36		1,684
	500	Series 3824, Class EY, 3.500%, 03/15/31		528
	1,320	Series 3827, Class BM, 5.500%, 08/15/39		1,400
	245	Series 3828, Class PU, 4.500%, 03/15/41		257
	865	Series 3852, Class TP, IF, 5.500%, 05/15/41		901
	2,800	Series 3874, Class DW, 3.500%, 06/15/21		2,925
	1,600	Series 3885, Class AC, 4.000%, 06/15/26		1,674
	821	Series 3898, Class KH, 3.500%, 06/15/26		863
	1,037	Series 3904, Class EC, 2.000%, 08/15/40		1,027
	1,600	Series 3911, Class B, 3.500%, 08/15/26		1,676
	509	Series 3955, Class HB, 3.000%, 12/15/40		523
	2,500	Series 3956, Class EB, 3.250%, 11/15/41		2,561
	2,500	Series 3959, Class PB, 3.000%, 11/15/26		2,513
	1,650	Series 3963, Class JB, 4.500%, 11/15/41		1,812
	222	Series 4026, Class MQ, 4.000%, 04/15/42		236
	577	Series 4085, Class FB, VAR, 0.938%, 01/15/39		581
	3,136	Series 4219, Class JA, 3.500%, 08/15/39		3,264
	3,650	Series 4238, Class UY, 3.000%, 08/15/33		3,666
	2,524	Series 4337, Class VJ, 3.500%, 06/15/27		2,668
	1,778	Federal Home Loan Mortgage Corp. STRIPS, Series 262, Class 35, 3.500%, 07/15/42		1,831
		Federal National Mortgage Association-ACES,
	1,732	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,812
	1,957	Series 2011-M4, Class A1, 2.548%, 06/25/21		1,989
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,857
	3,953	Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		3,960
	3,500	Series 2014-M1, Class A2, VAR, 3.363%, 07/25/23		3,639
	3,108	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		3,261
	3,100	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		3,259
	4,756	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		4,858

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,800	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,832
	1,973	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		2,005
	4,631	Series 2015-M1, Class A2, 2.532%, 09/25/24		4,557
	4,500	Series 2015-M3, Class A2, 2.723%, 10/25/24		4,482
	1,400	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		1,406
	800	Series 2016-M6, Class A2, 2.488%, 05/25/26		774
		Federal National Mortgage Association REMIC,
	320	Series 1997-57, Class PN, 5.000%, 09/18/27		346
	130	Series 2001-63, Class TC, 6.000%, 12/25/31		143
	331	Series 2001-81, Class HE, 6.500%, 01/25/32		375
	1	Series 2002-24, Class AJ, 6.000%, 04/25/17		1
	254	Series 2002-75, Class GB, 5.500%, 11/25/32		269
	114	Series 2002-85, Class PE, 5.500%, 12/25/32		126
	118	Series 2003-5, Class EQ, 5.500%, 02/25/23		128
	72	Series 2003-21, Class OU, 5.500%, 03/25/33		81
	88	Series 2003-23, Class CH, 5.000%, 04/25/33		96
	800	Series 2003-26, Class EB, 3.500%, 04/25/33		815
	142	Series 2003-41, Class BK, 5.000%, 05/25/18		144
	138	Series 2003-48, Class TC, 5.000%, 06/25/23		147
	119	Series 2003-55, Class HY, 5.000%, 06/25/23		128
	243	Series 2003-63, Class YB, 5.000%, 07/25/33		263
	438	Series 2003-69, Class N, 5.000%, 07/25/33		471
	432	Series 2003-80, Class QG, 5.000%, 08/25/33		475
	75	Series 2003-84, Class GE, 4.500%, 09/25/18		78
	304	Series 2003-85, Class QD, 5.500%, 09/25/33		334
	18	Series 2003-87, Class TJ, 4.500%, 09/25/18		18
	85	Series 2003-94, Class CE, 5.000%, 10/25/33		90
	449	Series 2003-129, Class ME, 5.000%, 08/25/23		456
	92	Series 2003-134, Class MH, 5.000%, 06/25/33		95
	530	Series 2004-44, Class KT, 6.000%, 06/25/24		585
	174	Series 2004-53, Class NC, 5.500%, 07/25/24		188
	362	Series 2004-70, Class EB, 5.000%, 10/25/24		389
	10	Series 2004-81, Class HA, 4.250%, 10/25/24		10
	513	Series 2005-5, Class CK, 5.000%, 01/25/35		544
	1,147	Series 2005-29, Class WC, 4.750%, 04/25/35		1,242
	117	Series 2005-33, Class QD, 5.000%, 01/25/34		118
	294	Series 2005-48, Class TD, 5.500%, 06/25/35		328
	765	Series 2005-53, Class MJ, 5.500%, 06/25/35		842
	97	Series 2005-58, Class EP, 5.500%, 07/25/35		106
	87	Series 2005-62, Class CP, 4.750%, 07/25/35		91
	250	Series 2005-68, Class BE, 5.250%, 08/25/35		289
	343	Series 2005-68, Class PG, 5.500%, 08/25/35		381
	71	Series 2005-86, Class AX, 5.500%, 10/25/35		71
	996	Series 2005-102, Class PG, 5.000%, 11/25/35		1,083
	764	Series 2005-110, Class GL, 5.500%, 12/25/35		866
	27	Series 2005-110, Class MB, 5.500%, 09/25/35		29
	403	Series 2006-22, Class CE, 4.500%, 08/25/23		425
	26	Series 2006-41, Class MC, 5.500%, 07/25/35		26
	126	Series 2006-49, Class PA, 6.000%, 06/25/36		143
	780	Series 2006-114, Class HE, 5.500%, 12/25/36		861

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	66	Series 2007-33, Class HE, 5.500%, 04/25/37		73
	23	Series 2007-65, Class KI, IF, IO, 6.036%, 07/25/37		3
	511	Series 2007-71, Class GB, 6.000%, 07/25/37		583
	265	Series 2007-71, Class KP, 5.500%, 07/25/37		289
	135	Series 2007-113, Class DB, 4.500%, 12/25/22		140
	160	Series 2008-65, Class CD, 4.500%, 08/25/23		166
	1,033	Series 2008-70, Class BY, 4.000%, 08/25/23		1,066
	46	Series 2008-72, Class BX, 5.500%, 08/25/38		51
	19	Series 2008-74, Class B, 5.500%, 09/25/38		21
	749	Series 2009-19, Class PW, 4.500%, 10/25/36		801
	37	Series 2009-37, Class KI, IF, IO, 5.416%, 06/25/39		5
	209	Series 2009-39, Class LB, 4.500%, 06/25/29		226
	872	Series 2009-62, Class HJ, 6.000%, 05/25/39		961
	128	Series 2009-71, Class MB, 4.500%, 09/25/24		135
	40	Series 2009-78, Class J, 5.000%, 09/25/19		41
	31	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		5
	90	Series 2009-86, Class OT, PO, 10/25/37		79
	2,094	Series 2009-92, Class AD, 6.000%, 11/25/39		2,331
	59	Series 2009-96, Class CB, 4.000%, 11/25/49		62
	319	Series 2009-96, Class DB, 4.000%, 11/25/29		338
	245	Series 2009-112, Class ST, IF, IO, 5.666%, 01/25/40		36
	120	Series 2010-9, Class MD, 5.000%, 02/25/38		128
	3,880	Series 2010-22, Class PE, 5.000%, 03/25/40		4,223
	500	Series 2010-28, Class DE, 5.000%, 04/25/30		545
	116	Series 2010-35, Class SB, IF, IO, 5.836%, 04/25/40		15
	2,924	Series 2010-37, Class CY, 5.000%, 04/25/40		3,200
	700	Series 2010-41, Class DC, 4.500%, 05/25/25		740
	1,989	Series 2010-49, Class KB, 4.000%, 05/25/25		2,076
	116	Series 2010-54, Class EA, 4.500%, 06/25/40		125
	32	Series 2010-56, Class BD, 5.000%, 12/25/38		32
	22	Series 2010-64, Class DM, 5.000%, 06/25/40		24
	390	Series 2010-71, Class HJ, 5.500%, 07/25/40		428
	4,000	Series 2010-103, Class GB, 4.000%, 09/25/20		4,171
	87	Series 2010-111, Class AE, 5.500%, 04/25/38		89
	4,850	Series 2010-123, Class BP, 4.500%, 11/25/40		5,239
	871	Series 2010-135, Class HE, 3.000%, 01/25/21		884
	463	Series 2011-22, Class MA, 6.500%, 04/25/38		502
	1,266	Series 2011-39, Class ZA, 6.000%, 11/25/32		1,426
	1,006	Series 2011-41, Class KL, 4.000%, 05/25/41		1,048
	500	Series 2011-50, Class LP, 4.000%, 06/25/41		524
	1,801	Series 2011-61, Class V, 4.500%, 08/25/22		1,811
	3,000	Series 2011-75, Class BL, 3.500%, 08/25/21		3,134
	1,000	Series 2012-14, Class DE, 3.500%, 03/25/42		999
	474	Series 2012-103, Class DA, 3.500%, 10/25/41		484
	1,227	Series 2012-137, Class CF, VAR, 0.884%, 08/25/41		1,221
	1,730	Series 2013-83, Class CA, 3.500%, 10/25/37		1,794
	2,250	Series 2013-104, Class CY, 5.000%, 10/25/43		2,520
		Federal National Mortgage Association STRIPS,
	48	Series 293, Class 1, PO, 12/25/24		42
	92	Series 314, Class 1, PO, 07/25/31		82

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
		Government National Mortgage Association,
	58	Series 2002-44, Class JC, 6.000%, 07/20/32		66
	546	Series 2002-79, Class KL, 5.500%, 11/20/32		602
	147	Series 2003-10, Class KJ, 5.500%, 02/20/33		166
	553	Series 2003-29, Class PD, 5.500%, 04/16/33		618
	338	Series 2003-33, Class NE, 5.500%, 04/16/33		370
	193	Series 2003-65, Class AP, 5.500%, 08/20/33		215
	761	Series 2003-77, Class TK, 5.000%, 09/16/33		835
	1,665	Series 2004-16, Class GC, 5.500%, 02/20/34		1,871
	45	Series 2004-54, Class BG, 5.500%, 07/20/34		51
	899	Series 2004-93, Class PD, 5.000%, 11/16/34		1,004
	934	Series 2004-101, Class BE, 5.000%, 11/20/34		1,018
	450	Series 2005-11, Class PL, 5.000%, 02/20/35		488
	1,879	Series 2005-26, Class XY, 5.500%, 03/20/35		2,096
	498	Series 2005-33, Class AY, 5.500%, 04/16/35		569
	163	Series 2005-49, Class B, 5.500%, 06/20/35		181
	406	Series 2005-51, Class DC, 5.000%, 07/20/35		446
	63	Series 2005-56, Class BD, 5.000%, 07/20/35		69
	40	Series 2006-7, Class ND, 5.500%, 08/20/35		45
	459	Series 2007-37, Class LB, 5.500%, 06/16/37		522
	355	Series 2007-79, Class BL, 5.750%, 08/20/37		397
	450	Series 2008-7, Class PQ, 5.000%, 02/20/38		502
	1,007	Series 2008-9, Class PW, 5.250%, 02/20/38		1,117
	262	Series 2008-23, Class YA, 5.250%, 03/20/38		287
	953	Series 2008-33, Class PB, 5.500%, 04/20/38		1,083
	293	Series 2008-34, Class PG, 5.250%, 04/20/38		325
	264	Series 2008-35, Class NF, 5.000%, 04/20/38		289
	227	Series 2008-38, Class BE, 5.000%, 07/16/36		235
	1,007	Series 2008-38, Class BG, 5.000%, 05/16/38		1,115
	324	Series 2008-43, Class NB, 5.500%, 05/20/38		360
	816	Series 2008-56, Class PX, 5.500%, 06/20/38		904
	866	Series 2008-58, Class PD, 5.500%, 08/16/37		911
	1,247	Series 2008-58, Class PE, 5.500%, 07/16/38		1,421
	6	Series 2008-62, Class SA, IF, IO, 5.588%, 07/20/38		1
	185	Series 2008-76, Class US, IF, IO, 5.338%, 09/20/38		25
	179	Series 2008-95, Class DS, IF, IO, 6.738%, 12/20/38		35
	290	Series 2009-14, Class AG, 4.500%, 03/20/39		310
	41	Series 2009-15, Class NA, 5.000%, 12/20/38		42
	43	Series 2009-61, Class AP, 4.000%, 08/20/39		46
	437	Series 2009-72, Class SM, IF, IO, 5.708%, 08/16/39		77
	315	Series 2009-106, Class ST, IF, IO, 5.438%, 02/20/38		54
	175	Series 2010-7, Class EA, 5.000%, 06/16/38		190
	48	Series 2010-14, Class QP, 6.000%, 12/20/39		50
	391	Series 2010-130, Class BD, 4.000%, 12/20/39		408
	366	Series 2010-157, Class OP, PO, 12/20/40		306
	2,015	Series 2011-97, Class WA, VAR, 6.110%, 11/20/38		2,262
	1,966	Series 2014-H11, Class VA, VAR, 1.031%, 06/20/64		1,950
	2,951	Series 2015-H20, Class FA, VAR, 1.001%, 08/20/65		2,922
	2,001	Series 2015-H26, Class FG, VAR, 1.051%, 10/20/65		1,987
	1,138	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33		1,255
				226,394

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — 0.5%
	568	Bear Stearns ALT-A Trust, Series 2004-6, Class 1A, VAR, 1.232%, 07/25/34		558
	17	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.500%, 06/25/19		18
	31	Citigroup Mortgage Loan Trust, Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		31
		Citigroup Mortgage Loan Trust, Inc.,
	32	Series 2003-1, Class 3A4, 5.250%, 09/25/33		32
	72	Series 2004-HYB4, Class WA, VAR, 3.243%, 12/25/34		72
	44	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		44
	238	GMACM Mortgage Loan Trust, Series 2004-J5, Class A7, 6.500%, 01/25/35		246
	242	GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4, 5.500%, 05/25/34		249
		JP Morgan Mortgage Trust,
	823	Series 2006-A2, Class 5A3, VAR, 3.144%, 11/25/33		835
	150	Series 2007-A1, Class 5A5, VAR, 3.090%, 07/25/35		150
	209	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 3.052%, 04/21/34		214
	11	MASTR Alternative Loan Trust, Series 2004-5, Class 5A1, 4.750%, 06/25/19		11
	157	MASTR Asset Securitization Trust, Series 2003-11, Class 8A1, 5.500%, 12/25/33		159
		Merrill Lynch Mortgage Investors Trust,
	289	Series 2003-F, Class A1, VAR, 1.232%, 10/25/28		282
	335	Series 2004-B, Class A1, VAR, 1.092%, 05/25/29		326
	75	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.673%, 04/25/34		79
	67	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		68
	8	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		8
	14	RALI Trust, Series 2004-QS3, Class CB, 5.000%, 03/25/19		14
	678	Sequoia Mortgage Trust, Series 2004-11, Class A1, VAR, 1.162%, 12/20/34		663
	401	Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		401
	273	Structured Asset Mortgage Investments II Trust, Series 2003-AR4, Class A1, VAR, 1.262%, 01/19/34		262
	475	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 2.433%, 12/25/44		470
		WaMu Mortgage Pass-Through Certificates Trust,
	279	Series 2003-AR11, Class A6, VAR, 2.831%, 10/25/33		280
	3	Series 2003-S6, Class 2A1, 5.000%, 07/25/18		4
	901	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-P, Class 2A1, VAR, 2.994%, 09/25/34		928
				6,404
		Total Collateralized Mortgage Obligations (Cost $230,892)		232,798
	Commercial Mortgage-Backed Securities — 2.9%
	1,325	A10 Term Asset Financing LLC, Series 2014-1, Class A2, 3.020%, 04/15/33 (e)		1,314
	28	Banc of America Commercial Mortgage Trust, Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		28
	29	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		29
	1,400	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		1,429
	57	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		57
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,045	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,153
	4,000	Series K037, Class A2, 3.490%, 01/25/24		4,240
	1,000	Series K038, Class A2, 3.389%, 03/25/24		1,053

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	2,503	Series K046, Class A2, 3.205%, 03/25/25		2,595
	2,000	Series K048, Class A2, VAR, 3.284%, 06/25/25		2,081
	469	Series K049, Class A2, 3.010%, 07/25/25		478
	1,186	Series KF12, Class A, VAR, 1.231%, 09/25/22		1,188
	327	Series KJ02, Class A2, 2.597%, 09/25/20		335
	556	Series KJ08, Class A2, 2.356%, 08/25/22		555
	1,750	Series KPLB, Class A, 2.770%, 05/25/25		1,736
	5,000	Series KSMC, Class A2, 2.615%, 01/25/23		5,047
	735	FREMF Mortgage Trust, Series 2016-K722, Class B, VAR, 3.835%, 07/25/49 (e)		710
	1,344	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		1,351
	542	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 02/15/40		544
	3,313	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.839%, 12/12/49 (e)		5
	2,200	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,309
		Morgan Stanley Capital I Trust,
	21,144	Series 2007-HQ11, Class X, IO, VAR, 0.461%, 02/12/44 (e)		2
	526	Series 2011-C3, Class A3, 4.054%, 07/15/49		549
	141	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		141
	1,726	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 2.000%, 07/14/34 (e)		1,724
	337	RAIT Trust, Series 2015-FL4, Class A, VAR, 1.888%, 12/15/31 (e)		337
	866	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		889
		UBS-Barclays Commercial Mortgage Trust,
	1,040	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,090
	1,486	Series 2013-C6, Class A4, 3.244%, 04/10/46		1,522
	2,750	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		2,900
	1,800	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440%, 04/15/45		1,886
		Total Commercial Mortgage-Backed Securities (Cost $39,733)		40,277
	Corporate Bonds — 32.9%
		Consumer Discretionary — 2.1%
		Automobiles — 0.3%
	250	BMW U.S. Capital LLC, 1.850%, 09/15/21 (e)		242
		Daimler Finance North America LLC,
	2,100	2.250%, 07/31/19 (e)		2,103
	153	2.250%, 03/02/20 (e)		153
	1,166	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		1,166
				3,664
		Hotels, Restaurants & Leisure — 0.1%
	1,250	McDonald’s Corp., 3.375%, 05/26/25		1,228
	326	Starbucks Corp., 2.700%, 06/15/22		329
				1,557
		Internet & Direct Marketing Retail — 0.1%
	1,217	Amazon.com, Inc., 3.800%, 12/05/24		1,274
		Media — 1.2%
		21st Century Fox America, Inc.,
	30	7.250%, 05/18/18		32
	600	7.430%, 10/01/26		756
	200	7.700%, 10/30/25		260
	1,019	CBS Corp., 3.700%, 08/15/24		1,021
	450	Comcast Cable Communications LLC, 8.875%, 05/01/17		464
	335	Comcast Corp., 6.500%, 01/15/17		337
	422	Discovery Communications LLC, 4.375%, 06/15/21		445
	285	Grupo Televisa S.A.B., (Mexico), 4.625%, 01/30/26		286
	1,715	Historic TW, Inc., 9.150%, 02/01/23		2,212
	400	NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 (e)		401
	2,000	NBCUniversal Media LLC, 2.875%, 01/15/23		1,999
		Time Warner Cable LLC,
	50	8.250%, 04/01/19		56

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	3,425	8.750%, 02/14/19		3,878
	500	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		642
		Time Warner, Inc.,
	400	3.400%, 06/15/22		402
	200	3.550%, 06/01/24		199
		Viacom, Inc.,
	700	3.125%, 06/15/22		695
	189	3.250%, 03/15/23		184
	1,411	3.875%, 04/01/24		1,413
	806	Walt Disney Co. (The), 1.100%, 12/01/17		805
				16,487
		Multiline Retail — 0.2%
		Macy’s Retail Holdings, Inc.,
	1,240	2.875%, 02/15/23		1,177
	160	3.625%, 06/01/24		156
	26	4.500%, 12/15/34		23
	14	6.700%, 07/15/34		15
	175	Nordstrom, Inc., 4.000%, 10/15/21		184
	868	Target Corp., 3.500%, 07/01/24		900
				2,455
		Specialty Retail — 0.2%
	262	Bed Bath & Beyond, Inc., 3.749%, 08/01/24		264
		Home Depot, Inc. (The),
	531	2.000%, 06/15/19		536
	450	2.700%, 04/01/23		448
	986	3.750%, 02/15/24		1,037
		Lowe’s Cos., Inc.,
	1,004	3.125%, 09/15/24		1,012
	238	3.375%, 09/15/25		243
				3,540
		Total Consumer Discretionary		28,977
		Consumer Staples — 2.3%
		Beverages — 0.6%
		Anheuser-Busch InBev Finance, Inc.,
	1,384	3.300%, 02/01/23		1,399
	2,000	3.700%, 02/01/24		2,070
	893	Coca-Cola Co. (The), 1.150%, 04/01/18		892
	1,000	Diageo Investment Corp., 2.875%, 05/11/22		1,008
		PepsiCo, Inc.,
	1,257	1.250%, 08/13/17		1,258
	200	2.375%, 10/06/26		188
	1,450	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		1,514
				8,329
		Food & Staples Retailing — 0.7%
	1,094	Costco Wholesale Corp., 2.250%, 02/15/22		1,086
		CVS Health Corp.,
	1,100	2.750%, 12/01/22		1,079
	1,357	4.000%, 12/05/23		1,414
		Kroger Co. (The),
	92	5.400%, 07/15/40		100
	700	6.150%, 01/15/20		777
	1,000	6.400%, 08/15/17		1,034
	208	Sysco Corp., 3.750%, 10/01/25		209
	1,692	Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		1,669
		Wal-Mart Stores, Inc.,
	1,650	2.550%, 04/11/23		1,633
	200	3.300%, 04/22/24		206
	930	3.625%, 07/08/20		982
				10,189
		Food Products — 0.8%
		Bunge Ltd. Finance Corp.,
	31	3.500%, 11/24/20		32
	1,192	8.500%, 06/15/19		1,371
		Cargill, Inc.,
	900	3.300%, 03/01/22 (e)		925
	400	6.000%, 11/27/17 (e)		418
	1,000	7.350%, 03/06/19 (e)		1,116
		General Mills, Inc.,
	2,075	3.150%, 12/15/21		2,127
	100	5.650%, 02/15/19		107
		Kellogg Co.,
	513	3.250%, 05/21/18		524
	1,606	4.000%, 12/15/20		1,698
		Kraft Heinz Foods Co.,
	1,419	3.500%, 06/06/22		1,450
	310	5.375%, 02/10/20		336
	425	6.875%, 01/26/39		536
	89	Mead Johnson Nutrition Co., 4.125%, 11/15/25		91
	171	Tyson Foods, Inc., 2.650%, 08/15/19		173
				10,904

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Household Products — 0.2%
		Kimberly-Clark Corp.,
	200	2.400%, 03/01/22		200
	1,800	2.400%, 06/01/23		1,765
				1,965
		Total Consumer Staples		31,387
		Energy — 3.1%
		Energy Equipment & Services — 0.3%
	150	Diamond Offshore Drilling, Inc., 3.450%, 11/01/23		131
		Halliburton Co.,
	350	3.500%, 08/01/23		352
	550	6.150%, 09/15/19		606
	750	8.750%, 02/15/21		916
	800	Nabors Industries, Inc., 4.625%, 09/15/21		782
		Schlumberger Investment S.A., (Luxembourg),
	233	3.300%, 09/14/21 (e)		240
	737	3.650%, 12/01/23		764
				3,791
		Oil, Gas & Consumable Fuels — 2.8%
	1,025	Anadarko Petroleum Corp., 8.700%, 03/15/19		1,162
	400	Apache Corp., 6.900%, 09/15/18		432
		BP Capital Markets plc, (United Kingdom),
	1,000	2.241%, 09/26/18		1,008
	317	2.750%, 05/10/23		309
	712	3.245%, 05/06/22		726
	500	Buckeye Partners LP, 3.950%, 12/01/26		479
	900	Burlington Resources, Inc., 8.200%, 03/15/25		1,160
		Canadian Natural Resources Ltd., (Canada),
	800	5.700%, 05/15/17		814
	500	5.900%, 02/01/18		522
	1,200	Cenovus Energy, Inc., (Canada), 3.800%, 09/15/23		1,151
		Chevron Corp.,
	1,000	2.355%, 12/05/22		979
	285	3.191%, 06/24/23		290
	833	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		855
	375	ConocoPhillips Holding Co., 6.950%, 04/15/29		459
	725	Devon Energy Corp., 3.250%, 05/15/22		703
		Ecopetrol S.A., (Colombia),
	467	4.125%, 01/16/25		422
	773	5.375%, 06/26/26		744
		Energy Transfer Partners LP,
	537	3.600%, 02/01/23		522
	182	4.050%, 03/15/25		176
		EnLink Midstream Partners LP,
	281	2.700%, 04/01/19		279
	633	4.150%, 06/01/25		599
		Enterprise Products Operating LLC,
	225	3.350%, 03/15/23		225
	651	3.700%, 02/15/26		642
	150	3.750%, 02/15/25		150
	263	3.900%, 02/15/24		268
	333	3.950%, 02/15/27		334
		EOG Resources, Inc.,
	240	2.625%, 03/15/23		232
	600	4.150%, 01/15/26		623
	2,200	Exxon Mobil Corp., 2.709%, 03/06/25		2,146
	1,294	Magellan Midstream Partners LP, 4.250%, 02/01/21		1,369
	400	Marathon Oil Corp., 2.800%, 11/01/22		369
	964	Marathon Petroleum Corp., 3.625%, 09/15/24		925
	118	Noble Energy, Inc., 5.625%, 05/01/21		122
		Occidental Petroleum Corp.,
	441	2.700%, 02/15/23		432
	727	3.500%, 06/15/25		734
	1,800	ONEOK Partners LP, 4.900%, 03/15/25		1,897
		Petroleos Mexicanos, (Mexico),
	731	4.500%, 01/23/26		648
	270	4.875%, 01/18/24		252
	466	6.375%, 02/04/21 (e)		491
	173	Phillips 66, 4.300%, 04/01/22		186
		Plains All American Pipeline LP/PAA Finance Corp.,
	705	2.600%, 12/15/19		706
	875	3.850%, 10/15/23		853
		Spectra Energy Capital LLC,
	503	3.300%, 03/15/23		481
	50	6.200%, 04/15/18		53
	710	8.000%, 10/01/19		805
		Statoil ASA, (Norway),
	1,200	1.150%, 05/15/18		1,194
	1,179	2.650%, 01/15/24		1,150

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Suncor Energy, Inc., (Canada),
	350	3.600%, 12/01/24		350
	200	6.100%, 06/01/18		212
		Sunoco Logistics Partners Operations LP,
	156	4.250%, 04/01/24		155
	700	5.500%, 02/15/20		753
	1,153	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		1,118
	821	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		809
		Total Capital International S.A., (France),
	138	1.550%, 06/28/17		138
	200	2.700%, 01/25/23		198
	1,003	3.750%, 04/10/24		1,049
		TransCanada PipeLines Ltd., (Canada),
	455	2.500%, 08/01/22		444
	2,345	3.750%, 10/16/23		2,420
	300	7.125%, 01/15/19		328
				39,052
		Total Energy		42,843
		Financials — 10.9%
		Banks — 4.4%
	1,629	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		1,644
		Bank of America Corp.,
	427	2.000%, 01/11/18		428
	53	3.300%, 01/11/23		53
	1,154	4.000%, 01/22/25		1,152
	737	4.125%, 01/22/24		767
	556	4.450%, 03/03/26		570
	780	5.000%, 05/13/21		847
	865	5.625%, 07/01/20		953
	585	5.650%, 05/01/18		615
	600	6.400%, 08/28/17		621
	2,000	6.875%, 04/25/18		2,134
	2,600	7.625%, 06/01/19		2,927
		Bank of Montreal, (Canada),
	567	1.400%, 09/11/17		567
	1,153	2.375%, 01/25/19		1,162
	100	2.550%, 11/06/22		99
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		1,993
	630	2.800%, 07/21/21		637
	952	Barclays plc, (United Kingdom), 3.650%, 03/16/25		908
		BB&T Corp.,
	166	2.450%, 01/15/20		167
	500	2.625%, 06/29/20		504
	3,360	Capital One Bank USA N.A., 3.375%, 02/15/23		3,333
		Citigroup, Inc.,
	1,000	1.550%, 08/14/17		1,000
	845	1.800%, 02/05/18		845
	2,000	2.050%, 12/07/18		2,001
	650	3.400%, 05/01/26		631
	778	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		794
	903	Cooperatieve Rabobank UA, (Netherlands), 3.875%, 02/08/22		954
	447	Discover Bank, 4.200%, 08/08/23		464
	470	Fifth Third Bancorp, 2.875%, 07/27/20		475
		Fifth Third Bank,
	250	2.375%, 04/25/19		252
	425	2.875%, 10/01/21		431
		HSBC Bank plc, (United Kingdom),
	523	1.500%, 05/15/18 (e)		520
	1,100	4.750%, 01/19/21 (e)		1,180
		HSBC Holdings plc, (United Kingdom),
	1,100	4.000%, 03/30/22		1,138
	800	4.250%, 03/14/24		802
	251	4.300%, 03/08/26		257
	352	Huntington Bancshares, Inc., 3.150%, 03/14/21		356
		KeyCorp,
	42	2.900%, 09/15/20		42
	1,657	5.100%, 03/24/21		1,816
	1,000	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,049
	909	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		917
	100	National City Corp., 6.875%, 05/15/19		110
	591	Nordea Bank AB, (Sweden), 4.250%, 09/21/22 (e)		618
	356	PNC Bank N.A., 1.950%, 03/04/19		357
		PNC Financial Services Group, Inc. (The),
	362	4.375%, 08/11/20		386
	50	5.125%, 02/08/20		54
	50	5.625%, 02/01/17		50
	363	6.700%, 06/10/19		405

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	402	Regions Financial Corp., 3.200%, 02/08/21		409
		Royal Bank of Canada, (Canada),
	1,302	1.200%, 09/19/17		1,302
	1,193	2.000%, 10/01/18		1,200
	600	2.200%, 07/27/18		605
	250	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		248
	799	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		803
	442	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		440
	1,800	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,848
		SunTrust Banks, Inc.,
	1,500	2.750%, 05/01/23		1,466
	800	3.500%, 01/20/17		801
		Toronto-Dominion Bank (The), (Canada),
	400	1.500%, 03/13/17 (e)		400
	1,041	1.750%, 07/23/18		1,043
		U.S. Bancorp,
	307	1.650%, 05/15/17		307
	500	2.200%, 04/25/19		504
	215	2.950%, 07/15/22		217
	732	4.125%, 05/24/21		787
		Wachovia Corp.,
	1,000	5.750%, 06/15/17		1,023
	3,895	5.750%, 02/01/18		4,072
		Wells Fargo & Co.,
	428	2.550%, 12/07/20		429
	368	3.000%, 02/19/25		356
	1,000	3.500%, 03/08/22		1,031
	1,000	Wells Fargo Bank N.A., 6.000%, 11/15/17		1,041
	506	Westpac Banking Corp., (Australia), 2.000%, 03/03/20 (e)		504
				60,821
		Capital Markets — 3.0%
	2,150	Ameriprise Financial, Inc., 4.000%, 10/15/23		2,257
		Bank of New York Mellon Corp. (The),
	92	2.600%, 08/17/20		93
	1,440	4.150%, 02/01/21		1,530
	155	4.600%, 01/15/20		165
	200	BlackRock, Inc., 6.250%, 09/15/17		208
	470	Blackstone Holdings Finance Co. LLC, 4.750%, 02/15/23 (e)		503
	500	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		535
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
	1,666	CME Group, Inc., 3.000%, 09/15/22		1,707
		Credit Suisse AG, (Switzerland),
	833	1.750%, 01/29/18		832
	520	3.625%, 09/09/24		522
		Deutsche Bank AG, (Germany),
	610	1.875%, 02/13/18		602
	350	6.000%, 09/01/17		358
		Goldman Sachs Group, Inc. (The),
	500	3.625%, 01/22/23		511
	92	4.250%, 10/21/25		93
	196	5.250%, 07/27/21		216
	900	5.375%, 03/15/20		977
	5,150	7.500%, 02/15/19		5,734
	1,195	Series D, 6.000%, 06/15/20		1,329
	1,502	Intercontinental Exchange, Inc., 4.000%, 10/15/23		1,594
	436	Invesco Finance plc, (United Kingdom), 3.750%, 01/15/26		442
	1,850	Jefferies Group LLC, 6.875%, 04/15/21		2,107
	334	Legg Mason, Inc., 4.750%, 03/15/26		345
		Macquarie Bank Ltd., (Australia),
	810	1.600%, 10/27/17 (e)		810
	481	2.600%, 06/24/19 (e)		485
	800	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		889
		Morgan Stanley,
	600	2.650%, 01/27/20		603
	1,081	3.875%, 01/27/26		1,094
	880	4.350%, 09/08/26		898
	622	5.000%, 11/24/25		664
	154	5.500%, 07/24/20		169
	2,500	5.625%, 09/23/19		2,716
	687	5.750%, 01/25/21		764
	1,000	6.625%, 04/01/18		1,061
	1,700	7.300%, 05/13/19		1,899
		State Street Corp.,
	1,724	3.100%, 05/15/23		1,721
	1,154	3.700%, 11/20/23		1,205
		Thomson Reuters Corp., (Canada),
	1,700	3.950%, 09/30/21		1,768

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	800	4.300%, 11/23/23		837
				40,284
		Consumer Finance — 1.2%
	400	American Express Centurion Bank, 6.000%, 09/13/17		414
		American Express Co.,
	200	6.150%, 08/28/17		207
	1,820	7.000%, 03/19/18		1,940
		American Honda Finance Corp.,
	250	2.250%, 08/15/19		252
	1,450	7.625%, 10/01/18 (e)		1,603
		Caterpillar Financial Services Corp.,
	176	2.250%, 12/01/19		177
	510	2.750%, 08/20/21		513
	900	2.850%, 06/01/22		907
	675	7.150%, 02/15/19		751
		Ford Motor Credit Co. LLC,
	484	1.724%, 12/06/17		483
	792	2.375%, 03/12/19		790
	627	3.000%, 06/12/17		632
		General Motors Financial Co., Inc.,
	522	3.100%, 01/15/19		527
	615	3.700%, 05/09/23		604
	280	4.000%, 10/06/26		266
		John Deere Capital Corp.,
	753	1.600%, 07/13/18		753
	65	1.700%, 01/15/20		64
	650	3.150%, 10/15/21		669
		PACCAR Financial Corp.,
	591	1.600%, 03/15/17		592
	1,400	2.200%, 09/15/19		1,411
		Toyota Motor Credit Corp.,
	429	1.375%, 01/10/18		429
	1,700	2.125%, 07/18/19		1,708
	800	2.625%, 01/10/23		792
				16,484
		Diversified Financial Services — 0.8%
	7,238	GE Capital International Funding Co., Unlimited Co., (Ireland), 2.342%, 11/15/20		7,232
	650	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		754
		Shell International Finance B.V., (Netherlands),
	788	2.875%, 05/10/26		758
	150	3.400%, 08/12/23		153
	1,555	4.300%, 09/22/19		1,650
	40	4.375%, 03/25/20		43
				10,590
		Insurance — 1.5%
	651	Allstate Corp. (The), 3.150%, 06/15/23		662
	818	American International Group, Inc., 4.125%, 02/15/24		850
		Berkshire Hathaway Finance Corp.,
	323	1.300%, 05/15/18		322
	2,160	5.400%, 05/15/18		2,278
	61	Chubb Corp. (The), 5.750%, 05/15/18		65
	1,900	Chubb INA Holdings, Inc., 2.700%, 03/13/23		1,883
		CNA Financial Corp.,
	499	3.950%, 05/15/24		505
	364	4.500%, 03/01/26		375
	1,135	Jackson National Life Global Funding, 3.050%, 04/29/26 (e)		1,084
		Liberty Mutual Group, Inc.,
	950	4.250%, 06/15/23 (e)		998
	900	4.950%, 05/01/22 (e)		975
	864	Lincoln National Corp., 4.200%, 03/15/22		916
	1,000	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		1,045
	824	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		824
	1,216	MassMutual Global Funding II, 2.100%, 08/02/18 (e)		1,230
		Metropolitan Life Global Funding I,
	710	1.500%, 01/10/18 (e)		710
	1,600	3.000%, 01/10/23 (e)		1,606
	426	3.875%, 04/11/22 (e)		452
		New York Life Global Funding,
	323	1.950%, 02/11/20 (e)		320
	1,024	2.150%, 06/18/19 (e)		1,030
	471	Principal Financial Group, Inc., 3.125%, 05/15/23		464
	650	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		846
		Reliance Standard Life Global Funding II,
	650	2.500%, 01/15/20 (e)		645
	373	3.050%, 01/20/21 (e)		377
				20,462
		Total Financials		148,641

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care — 1.9%
		Biotechnology — 0.5%
		AbbVie, Inc.,
	302	2.850%, 05/14/23		293
	1,304	2.900%, 11/06/22		1,285
		Amgen, Inc.,
	1,100	3.875%, 11/15/21		1,153
	1,350	4.100%, 06/15/21		1,431
	117	Baxalta, Inc., 3.600%, 06/23/22		118
	612	Biogen, Inc., 3.625%, 09/15/22		630
		Celgene Corp.,
	1,000	3.250%, 08/15/22		1,011
	700	3.950%, 10/15/20		733
	88	Gilead Sciences, Inc., 2.500%, 09/01/23		85
				6,739
		Health Care Equipment & Supplies — 0.2%
	484	Abbott Laboratories, 3.400%, 11/30/23		478
	246	Becton, Dickinson & Co., 2.675%, 12/15/19		250
	2,400	Medtronic, Inc., 3.500%, 03/15/25		2,460
				3,188
		Health Care Providers & Services — 0.3%
	381	Aetna, Inc., 1.750%, 05/15/17		382
		Anthem, Inc.,
	100	2.375%, 02/15/17		100
	700	3.300%, 01/15/23		697
	131	Cardinal Health, Inc., 3.750%, 09/15/25		134
	150	McKesson Corp., 2.700%, 12/15/22		146
		UnitedHealth Group, Inc.,
	365	2.750%, 02/15/23		363
	145	2.875%, 03/15/22		147
	1,500	2.875%, 03/15/23		1,503
	187	3.375%, 11/15/21		195
	255	4.700%, 02/15/21		277
				3,944
		Life Sciences Tools & Services — 0.0% (g)
	441	Thermo Fisher Scientific, Inc., 3.600%, 08/15/21		457
		Pharmaceuticals — 0.9%
	316	Actavis Funding SCS, (Luxembourg), 3.450%, 03/15/22		321
	250	Actavis, Inc., 3.250%, 10/01/22		250
	1,210	Bristol-Myers Squibb Co., 2.000%, 08/01/22		1,177
	555	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		599
	1,875	GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23		1,872
	1,657	Johnson & Johnson, 2.050%, 03/01/23		1,614
		Merck & Co., Inc.,
	1,400	1.300%, 05/18/18		1,399
	215	2.350%, 02/10/22		214
	1,800	Mylan, Inc., 3.125%, 01/15/23 (e)		1,700
	1,153	Novartis Capital Corp., 3.400%, 05/06/24		1,189
	498	Teva Pharmaceutical Finance Co. B.V., (Netherlands), Series 2, 3.650%, 11/10/21		503
	800	Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands), 2.800%, 07/21/23		755
	174	Zoetis, Inc., 1.875%, 02/01/18		174
				11,767
		Total Health Care		26,095
		Industrials — 3.5%
		Aerospace & Defense — 0.7%
	864	BAE Systems Holdings, Inc., 3.800%, 10/07/24 (e)		885
		Boeing Co. (The),
	540	4.875%, 02/15/20		589
	750	7.950%, 08/15/24		989
	2,000	General Dynamics Corp., 2.250%, 11/15/22		1,973
		Lockheed Martin Corp.,
	380	3.350%, 09/15/21		394
	850	4.250%, 11/15/19		906
	325	Northrop Grumman Corp., 5.050%, 08/01/19		350
		Precision Castparts Corp.,
	1,500	2.500%, 01/15/23		1,476
	800	3.250%, 06/15/25		809
	476	Raytheon Co., 3.150%, 12/15/24		484
	500	United Technologies Corp., 1.950%, 11/01/21		490
				9,345
		Air Freight & Logistics — 0.3%
	796	FedEx Corp., 3.200%, 02/01/25		793
		United Parcel Service, Inc.,
	1,457	2.450%, 10/01/22		1,449
	1,600	3.125%, 01/15/21		1,659
	425	5.125%, 04/01/19		458
				4,359

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — 0.2%
	378	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		395
	65	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		69
	825	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		883
	126	American Airlines 2016-2 Class A Pass-Through Trust, 3.650%, 06/15/28		126
	302	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		332
	252	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		260
	27	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		28
	54	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		57
	366	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		388
				2,538
		Building Products — 0.1%
		Johnson Controls, Inc.,
	138	3.625%, 07/02/24		142
	1,135	4.250%, 03/01/21		1,206
	40	5.000%, 03/30/20		43
				1,391
		Commercial Services & Supplies — 0.2%
		Republic Services, Inc.,
	417	3.550%, 06/01/22		432
	1,200	5.500%, 09/15/19		1,310
		Waste Management, Inc.,
	862	2.900%, 09/15/22		866
	242	4.600%, 03/01/21		262
	150	4.750%, 06/30/20		162
				3,032
		Construction & Engineering — 0.1%
	350	ABB Finance USA, Inc., 2.875%, 05/08/22		354
	526	Fluor Corp., 3.375%, 09/15/21		540
				894
		Electrical Equipment — 0.0% (g)
	272	Eaton Corp., 1.500%, 11/02/17		272
		Industrial Conglomerates — 0.6%
		General Electric Co.,
	636	1.600%, 11/20/17		638
	200	2.100%, 12/11/19		201
	125	4.375%, 09/16/20		135
	1,919	4.650%, 10/17/21		2,114
	95	5.300%, 02/11/21		106
	529	5.500%, 01/08/20		584
	80	5.625%, 09/15/17		83
	70	5.875%, 01/14/38		87
	1,200	Honeywell International, Inc., 4.250%, 03/01/21		1,300
	490	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		497
		Koninklijke Philips N.V., (Netherlands),
	1,200	3.750%, 03/15/22		1,261
	480	5.750%, 03/11/18		503
	208	Roper Technologies, Inc., 3.000%, 12/15/20		210
				7,719
		Machinery — 0.2%
	30	Caterpillar, Inc., 7.900%, 12/15/18		34
		Deere & Co.,
	298	2.600%, 06/08/22		298
	700	4.375%, 10/16/19		747
	1,400	Illinois Tool Works, Inc., 3.500%, 03/01/24		1,457
	228	Parker-Hannifin Corp., 3.300%, 11/21/24		231
	111	Xylem, Inc., 3.250%, 11/01/26		107
				2,874
		Professional Services — 0.0% (g)
	264	Equifax, Inc., 2.300%, 06/01/21		259
		Road & Rail — 1.1%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		130
	2,000	4.100%, 06/01/21		2,132
		Canadian Pacific Railway Co., (Canada),
	1,146	4.500%, 01/15/22		1,236
	600	7.250%, 05/15/19		673

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
		ERAC USA Finance LLC,
	120	2.800%, 11/01/18 (e)		122
	1,500	3.300%, 10/15/22 (e)		1,504
	650	3.850%, 11/15/24 (e)		662
	315	4.500%, 08/16/21 (e)		337
		Norfolk Southern Corp.,
	812	2.903%, 02/15/23		806
	250	3.000%, 04/01/22		252
	829	3.250%, 12/01/21		852
	750	3.850%, 01/15/24		783
	300	5.750%, 04/01/18		316
	263	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 06/15/19 (e)		264
		Ryder System, Inc.,
	555	2.450%, 09/03/19		558
	145	2.500%, 03/01/17		145
	145	2.500%, 03/01/18		146
	535	3.500%, 06/01/17		540
		Union Pacific Corp.,
	850	3.250%, 01/15/25		866
	1,200	3.750%, 03/15/24		1,263
	1,931	4.163%, 07/15/22		2,094
				15,681
		Total Industrials		48,364
		Information Technology — 1.6%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	90	2.450%, 06/15/20		91
	181	2.900%, 03/04/21		185
	90	4.450%, 01/15/20		96
	975	4.950%, 02/15/19		1,042
				1,414
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	155	6.000%, 04/01/20		168
	1,350	7.500%, 01/15/27		1,593
				1,761
		Internet Software & Services — 0.2%
	2,673	eBay, Inc., 2.600%, 07/15/22		2,581
		IT Services — 0.2%
		International Business Machines Corp.,
	252	1.800%, 05/17/19		253
	1,150	2.250%, 02/19/21		1,148
	40	8.375%, 11/01/19		47
	329	Total System Services, Inc., 3.750%, 06/01/23		329
	864	Xerox Corp., 5.625%, 12/15/19		928
				2,705
		Semiconductors & Semiconductor Equipment — 0.3%
	122	Analog Devices, Inc., 3.125%, 12/05/23		122
		Intel Corp.,
	987	2.700%, 12/15/22		993
	728	3.100%, 07/29/22		748
	773	3.300%, 10/01/21		804
	790	Texas Instruments, Inc., 2.750%, 03/12/21		807
				3,474
		Software — 0.4%
	942	Intuit, Inc., 5.750%, 03/15/17		954
		Microsoft Corp.,
	486	2.375%, 05/01/23		476
	1,500	4.200%, 06/01/19		1,597
		Oracle Corp.,
	540	1.900%, 09/15/21		527
	1,285	2.500%, 10/15/22		1,269
	720	5.750%, 04/15/18		762
	50	6.500%, 04/15/38		65
				5,650
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	818	2.150%, 02/09/22		803
	1,006	2.850%, 05/06/21		1,028
	1,154	3.200%, 05/13/25		1,161
	567	HP, Inc., 4.375%, 09/15/21		596
				3,588
		Total Information Technology		21,173
		Materials — 1.0%
		Chemicals — 0.7%
	168	Agrium, Inc., (Canada), 3.375%, 03/15/25		163
	484	CF Industries, Inc., 3.400%, 12/01/21 (e)		479
		Dow Chemical Co. (The),
	594	3.000%, 11/15/22		594
	800	3.500%, 10/01/24		810
	52	4.125%, 11/15/21		55
	17	8.550%, 05/15/19		20

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		Ecolab, Inc.,
	279	1.450%, 12/08/17		279
	167	2.250%, 01/12/20		167
	330	3.250%, 01/14/23		334
	2,243	Mosaic Co. (The), 4.250%, 11/15/23		2,236
		Potash Corp. of Saskatchewan, Inc., (Canada),
	100	3.625%, 03/15/24		99
	1,050	6.500%, 05/15/19		1,150
		PPG Industries, Inc.,
	550	3.600%, 11/15/20		569
	230	6.650%, 03/15/18		244
	1,250	Praxair, Inc., 2.200%, 08/15/22		1,226
	315	Rohm & Haas Co., 7.850%, 07/15/29		423
	400	Union Carbide Corp., 7.500%, 06/01/25		484
				9,332
		Construction Materials — 0.0% (g)
	250	CRH America, Inc., 3.875%, 05/18/25 (e)		254
		Containers & Packaging — 0.0% (g)
	350	International Paper Co., 3.800%, 01/15/26		353
		Metals & Mining — 0.3%
	382	BHP Billiton Finance USA Ltd., (Australia), 2.050%, 09/30/18		385
		Freeport-McMoRan, Inc.,
	352	2.150%, 03/01/17		351
	400	3.550%, 03/01/22		379
	2,267	3.875%, 03/15/23		2,118
		Nucor Corp.,
	305	4.000%, 08/01/23		317
	172	5.850%, 06/01/18		183
				3,733
		Total Materials		13,672
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
	360	American Tower Corp., 3.500%, 01/31/23		361
	909	Boston Properties LP, 3.800%, 02/01/24		923
	672	Duke Realty LP, 4.375%, 06/15/22		717
	600	Equity Commonwealth, 6.650%, 01/15/18		615
	1,047	ERP Operating LP, 4.625%, 12/15/21		1,137
		HCP, Inc.,
	469	3.875%, 08/15/24		465
	1,629	4.250%, 11/15/23		1,661
		Prologis LP,
	127	3.750%, 11/01/25		130
	457	4.250%, 08/15/23		486
		Realty Income Corp.,
	600	3.250%, 10/15/22		606
	400	3.875%, 07/15/24		408
	400	Scentre Group Trust 1/Scentre Group Trust 2, (Australia), 3.500%, 02/12/25 (e)		396
	1,200	Simon Property Group LP, 4.375%, 03/01/21		1,285
	106	UDR, Inc., 2.950%, 09/01/26		100
		Ventas Realty LP,
	90	3.500%, 02/01/25		89
	470	3.750%, 05/01/24		474
	158	4.125%, 01/15/26		161
		Welltower, Inc.,
	600	3.750%, 03/15/23		610
	2,007	4.500%, 01/15/24		2,110
		Total Real Estate		12,734
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	475	3.000%, 06/30/22		466
	1,100	3.600%, 02/17/23		1,100
	1,232	3.800%, 03/15/22		1,257
	775	3.875%, 08/15/21		802
	360	4.450%, 04/01/24		374
	2,800	5.500%, 02/01/18		2,915
		British Telecommunications plc, (United Kingdom),
	1,500	1.250%, 02/14/17		1,501
	350	2.350%, 02/14/19		352
	900	Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18		974
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
	50	Orange S.A., (France), 9.000%, 03/01/31		75
		Telefonica Emisiones S.A.U., (Spain),
	420	3.192%, 04/27/18		427

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	409	5.134%, 04/27/20		437
	114	5.462%, 02/16/21		124
		Verizon Communications, Inc.,
	822	2.625%, 02/21/20		827
	528	3.450%, 03/15/21		544
	886	4.150%, 03/15/24		928
	529	4.500%, 09/15/20		565
	1,000	5.150%, 09/15/23		1,106
				15,041
		Wireless Telecommunication Services — 0.2%
	379	America Movil S.A.B. de C.V., (Mexico), 3.125%, 07/16/22		372
	608	Rogers Communications, Inc., (Canada), 3.625%, 12/15/25		616
	391	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.360%, 09/20/21 (e)		392
		Vodafone Group plc, (United Kingdom),
	1,400	2.950%, 02/19/23		1,362
	500	5.625%, 02/27/17		505
				3,247
		Total Telecommunication Services		18,288
		Utilities — 4.3%
		Electric Utilities — 3.2%
	800	Appalachian Power Co., 4.600%, 03/30/21		850
	372	Arizona Public Service Co., 3.350%, 06/15/24		379
	1,595	Baltimore Gas & Electric Co., 2.800%, 08/15/22		1,605
	237	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		241
		DTE Electric Co.,
	197	2.650%, 06/15/22		198
	1,000	3.375%, 03/01/25		1,024
	1,500	3.650%, 03/15/24		1,568
	200	3.900%, 06/01/21		213
		Duke Energy Carolinas LLC,
	1,250	3.900%, 06/15/21		1,330
	50	6.450%, 10/15/32		63
	233	Duke Energy Corp., 3.550%, 09/15/21		242
	160	Duke Energy Indiana LLC, 3.750%, 07/15/20		168
	461	Duke Energy Progress LLC, 2.800%, 05/15/22		467
	720	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		723
	400	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		430
	765	Entergy Arkansas, Inc., 3.050%, 06/01/23		770
	65	Entergy Corp., 2.950%, 09/01/26		61
	269	Entergy Mississippi, Inc., 2.850%, 06/01/28		256
	550	Fortis, Inc., (Canada), 3.055%, 10/04/26 (e)		515
	3,700	Georgia Power Co., 4.250%, 12/01/19		3,944
	1,663	Great Plains Energy, Inc., 4.850%, 06/01/21		1,775
	1,000	Hydro-Quebec, (Canada), Series HY, 8.400%, 01/15/22		1,256
		Indiana Michigan Power Co.,
	25	7.000%, 03/15/19		27
	100	Series J, 3.200%, 03/15/23		101
	200	Kentucky Utilities Co., 3.300%, 10/01/25		203
	94	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		95
		Nevada Power Co.,
	1,000	6.500%, 08/01/18		1,079
	1,000	7.125%, 03/15/19		1,117
		NextEra Energy Capital Holdings, Inc.,
	518	2.400%, 09/15/19		522
	1,539	2.700%, 09/15/19		1,562
	200	6.000%, 03/01/19		216
	938	Niagara Mohawk Power Corp., 3.508%, 10/01/24 (e)		952
	300	NSTAR Electric Co., 2.375%, 10/15/22		294
	1,200	Ohio Power Co., Series M, 5.375%, 10/01/21		1,342
	300	Oncor Electric Delivery Co. LLC, 7.000%, 09/01/22		367
		Pacific Gas & Electric Co.,
	794	2.450%, 08/15/22		787
	424	3.250%, 09/15/21		435
	1,500	3.250%, 06/15/23		1,530
	400	3.400%, 08/15/24		409
	350	3.850%, 11/15/23		370
	50	6.050%, 03/01/34		62
	200	PacifiCorp, 5.650%, 07/15/18		213
	1,500	Pennsylvania Electric Co., 6.050%, 09/01/17		1,546

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	752	PPL Capital Funding, Inc., 4.200%, 06/15/22		798
	224	PPL Electric Utilities Corp., 2.500%, 09/01/22		221
	560	Progress Energy, Inc., 4.400%, 01/15/21		595
	74	Public Service Co. of Colorado, 3.200%, 11/15/20		76
	283	Public Service Co. of New Hampshire, 3.500%, 11/01/23		290
	220	Public Service Co. of Oklahoma, 4.400%, 02/01/21		234
	1,100	Public Service Electric & Gas Co., 2.000%, 08/15/19		1,107
		Southern California Edison Co.,
	958	3.875%, 06/01/21		1,018
	650	5.500%, 08/15/18		694
	1,860	Southwestern Electric Power Co., 6.450%, 01/15/19		2,026
	1,500	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		1,698
		Virginia Electric & Power Co.,
	1,600	2.750%, 03/15/23		1,587
	1,099	2.950%, 01/15/22		1,118
		Wisconsin Electric Power Co.,
	1,000	1.700%, 06/15/18		1,004
	545	2.950%, 09/15/21		558
				44,331
		Gas Utilities — 0.2%
	1,365	Atmos Energy Corp., 8.500%, 03/15/19		1,559
	843	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		884
				2,443
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	77	4.000%, 10/01/20		80
	103	4.250%, 06/15/22		107
		PSEG Power LLC,
	1,290	4.150%, 09/15/21		1,338
	221	4.300%, 11/15/23		229
				1,754
		Multi-Utilities — 0.6%
	500	CenterPoint Energy, Inc., 6.500%, 05/01/18		530
	170	CMS Energy Corp., 2.950%, 02/15/27		161
		Consumers Energy Co.,
	137	2.850%, 05/15/22		140
	1,060	5.650%, 04/15/20		1,171
	350	Dominion Resources, Inc., Series B, 2.750%, 09/15/22		346
	784	DTE Energy Co., Series F, 3.850%, 12/01/23		813
		NiSource Finance Corp.,
	300	3.850%, 02/15/23		309
	500	5.450%, 09/15/20		546
	940	6.125%, 03/01/22		1,085
	100	6.800%, 01/15/19		110
	6	San Diego Gas & Electric Co., 5.350%, 05/15/40		7
		Sempra Energy,
	192	4.050%, 12/01/23		201
	1,400	9.800%, 02/15/19		1,630
		Southern Co. Gas Capital Corp.,
	939	3.500%, 09/15/21		968
	550	5.250%, 08/15/19		591
				8,608
		Water Utilities — 0.2%
		American Water Capital Corp.,
	364	3.400%, 03/01/25		373
	1,400	3.850%, 03/01/24		1,480
				1,853
		Total Utilities		58,989
		Total Corporate Bonds (Cost $444,535)		451,163
	Foreign Government Securities — 0.4%
		Republic of Panama, (Panama),
	460	3.750%, 03/16/25		460
	347	4.000%, 09/22/24		354
		Republic of Poland, (Poland),
	800	3.250%, 04/06/26		774
	467	4.000%, 01/22/24		480
		United Mexican States, (Mexico),
	568	3.500%, 01/21/21		576
	1,076	3.600%, 01/30/25		1,030
	694	4.000%, 10/02/23		692
	332	4.125%, 01/21/26		328
		Total Foreign Government Securities (Cost $4,721)		4,694

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — 9.0%
	31	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24		33
	147	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 5.500%, 05/01/27		163
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	1,763	4.500%, 05/01/41		1,909
	261	5.000%, 10/01/33		292
	3	6.000%, 12/01/36		3
	1,780	Federal Home Loan Mortgage Corp. Gold Pools, Other, 3.500%, 06/01/42		1,835
	1,723	Federal National Mortgage Association, 4.250%, 10/01/28		1,889
		Federal National Mortgage Association, 15 Year, Single Family,
	26	6.000%, 10/01/19 - 01/01/24		27
	1,443	Federal National Mortgage Association, 20 Year, Single Family, 3.500%, 08/01/32		1,502
		Federal National Mortgage Association, 30 Year, Single Family,
	1,167	5.000%, 08/01/40		1,291
	726	6.000%, 12/01/32 - 04/01/35		835
	983	6.500%, 10/01/36 - 10/01/38		1,114
	599	7.000%, 04/01/37 - 11/01/38		705
		Federal National Mortgage Association, Other,
	2,485	ARM, 0.881%, 01/01/23		2,476
	1,367	ARM, 0.901%, 05/01/24		1,371
	3,000	1.400%, 07/01/17		2,999
	2,377	1.735%, 05/01/20		2,363
	1,916	1.940%, 07/01/19		1,924
	4,800	2.010%, 06/01/20		4,816
	1,422	2.140%, 04/01/19		1,437
	924	2.190%, 12/01/22		917
	2,527	2.340%, 12/01/22		2,528
	2,375	2.350%, 05/01/23		2,367
	1,548	2.395%, 01/01/22		1,561
	4,809	2.400%, 12/01/22 - 07/01/23		4,799
	3,733	2.410%, 01/01/23		3,743
	850	2.490%, 05/01/26		829
	3,000	2.520%, 05/01/23		3,001
	2,056	2.530%, 03/01/23		2,069
	1,000	2.590%, 11/01/21		1,018
	860	2.610%, 06/01/26		838
	1,310	2.630%, 09/01/21		1,336
	3,176	2.640%, 06/01/26		3,104
	2,000	2.650%, 08/01/22		2,029
	2,000	2.670%, 07/01/22		2,027
	2,048	2.680%, 05/01/25		2,041
	2,487	2.705%, 04/01/23		2,528
	2,200	2.810%, 04/01/25		2,207
	1,101	2.900%, 06/01/22		1,131
	1,467	3.020%, 06/01/25		1,497
	3,676	3.030%, 12/01/21 - 04/01/27		3,740
	1,911	3.050%, 10/01/20		1,979
	2,500	3.100%, 09/01/25		2,557
	1,339	3.110%, 10/01/21		1,389
	1,476	3.370%, 11/01/20		1,550
	5,000	3.380%, 01/01/18 - 12/01/23		5,116
	1,263	3.450%, 11/01/23		1,327
	987	3.480%, 12/01/20		1,036
	5,787	3.500%, 05/01/43 - 06/01/43		5,974
	1,664	3.590%, 10/01/20		1,756
	1,150	3.690%, 11/01/23		1,225
	4,299	3.738%, 06/01/18		4,385
	3,400	3.770%, 09/01/21		3,615
	2,264	3.804%, 05/01/22		2,407
	1,191	3.860%, 07/01/21		1,272
	3,216	4.000%, 07/01/42		3,412
	1,000	4.040%, 10/01/20		1,068
	996	4.260%, 07/01/21		1,079
	3,239	4.295%, 06/01/21		3,515
	1,846	4.330%, 04/01/21		1,990
	726	4.369%, 02/01/20		775
	929	4.640%, 01/01/21		1,012
	294	Government National Mortgage Association II, 30 Year, Single Family, 6.000%, 09/20/38		334
		Total Mortgage Pass-Through Securities (Cost $122,231)		123,067
	U.S. Government Agency Securities — 12.2%
	16,450	Federal Home Loan Bank, 1.125%, 06/21/19		16,348
		Federal Home Loan Mortgage Corp.,
	20,000	1.250%, 10/02/19		19,890
	16,000	2.375%, 01/13/22		16,285
		Federal National Mortgage Association,
	8,333	1.250%, 08/17/21		8,081
	14,000	1.875%, 09/24/26		12,938
	1,335	2.125%, 04/24/26		1,272

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
	91,000	2.625%, 09/06/24		92,254
	735	Tennessee Valley Authority, 1.750%, 10/15/18		742
		Total U.S. Government Agency Securities (Cost $167,397)		167,810
	U.S. Treasury Obligations — 16.3%
		U.S. Treasury Inflation Indexed Bonds,
	32,000	1.750%, 01/15/28		41,381
	17,250	3.625%, 04/15/28		34,050
		U.S. Treasury Inflation Indexed Notes,
	26,705	0.125%, 04/15/17		28,386
	46,000	0.125%, 01/15/22		49,127
	10,000	0.125%, 07/15/22		10,526
	2,000	0.250%, 01/15/25		2,007
	9,100	1.375%, 01/15/20		10,667
	40,000	1.625%, 01/15/18		47,252
		Total U.S. Treasury Obligations (Cost $225,880)		223,396
SHARES
	Short-Term Investments— 5.1%
		Investment Companies— 5.1%
	65,398	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) †		65,408
	4,990	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) †		4,990
		Total Short-Term Investments (Cost $70,395)		70,398
		Total Investments — 101.8% (Cost $1,388,126)		1,396,041
		Liabilities in Excess of Other Assets — (1.8)%		(24,377	)
		NET ASSETS — 100.0%	$	1,371,664

Percentages indicated are based on net assets.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps

(Amounts in thousands)

	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.590% at termination		CPI-U at termination		12/31/19	$	3,000	$	(252	)
Barclays Bank plc	1.823% at termination		CPI-U at termination		11/08/21		25,000		351
Barclays Bank plc	2.439% at termination		CPI-U at termination		05/15/24		5,000		(318	)
Barclays Bank plc	2.705% at termination		CPI-U at termination		09/02/44		9,000		(1,400	)
Barclays Bank plc	2.700% at termination		CPI-U at termination		09/03/44		4,000		(615	)
BNP Paribas	2.530% at termination		CPI-U at termination		02/22/18		53,000		(3,275	)
BNP Paribas	2.100% at termination		CPI-U at termination		08/26/18		22,000		(797	)
BNP Paribas	2.105% at termination		CPI-U at termination		08/26/18		11,000		(402	)
BNP Paribas	2.098% at termination		CPI-U at termination		09/09/18		10,000		(362	)
BNP Paribas	2.248% at termination		CPI-U at termination		01/15/19		20,000		(991	)
BNP Paribas	2.190% at termination		CPI-U at termination		09/03/19		11,000		(449	)
Citibank, N.A.	1.478% at termination		CPI-U at termination		04/02/17		4,000		22
Citibank, N.A.	2.190% at termination		CPI-U at termination		09/02/19		20,000		(817	)
Citibank, N.A.	1.592% at termination		CPI-U at termination		06/24/21		15,000		393
Citibank, N.A.	1.865% at termination		CPI-U at termination		10/24/21		25,000		299
Citibank, N.A.	2.458% at termination		CPI-U at termination		05/21/24		13,000		(858	)
Citibank, N.A.	2.492% at termination		CPI-U at termination		08/27/24		40,000		(2,810	)
Citibank, N.A.	2.477% at termination		CPI-U at termination		09/02/24		3,000		(206	)
Citibank, N.A.	2.623% at termination		CPI-U at termination		10/07/24		10,000		(173	)
Credit Suisse International	2.085% at termination		CPI-U at termination		06/01/17		25,000		(1,135	)
Credit Suisse International	2.178% at termination		CPI-U at termination		05/28/18		34,000		(1,534	)
Credit Suisse International	2.315% at termination		CPI-U at termination		07/15/20		50,000		(2,662	)
Deutsche Bank AG, New York	2.500% at termination		CPI-U at termination		02/25/18		23,000		(1,382	)
Deutsche Bank AG, New York	2.500% at termination		CPI-U at termination		03/06/18		49,000		(2,926	)
Deutsche Bank AG, New York	2.140% at termination		CPI-U at termination		09/10/19		41,000		(1,551	)
Deutsche Bank AG, New York	1.565% at termination		CPI-U at termination		01/30/20		35,000		143
Deutsche Bank AG, New York	1.748% at termination		CPI-U at termination		04/02/20		32,000		266
Deutsche Bank AG, New York	1.525% at termination		CPI-U at termination		10/13/20		18,000		291
Deutsche Bank AG, New York	1.823% at termination		CPI-U at termination		11/08/21		25,000		351
Deutsche Bank AG, New York	2.477% at termination		CPI-U at termination		02/21/24		10,000		(673	)
Deutsche Bank AG, New York	2.415% at termination		CPI-U at termination		12/15/24		42,000		(269	)
Deutsche Bank AG, New York	1.978% at termination		CPI-U at termination		04/02/25		37,000		499
Deutsche Bank AG, New York	2.000% at termination		CPI-U at termination		10/13/45		3,000		299
Goldman Sachs International	2.211% at termination		CPI-U at termination		08/29/19		27,000		(1,135	)
Goldman Sachs International	2.185% at termination		CPI-U at termination		09/02/19		26,000		(1,055	)
Goldman Sachs International	2.194% at termination		CPI-U at termination		09/02/19		29,000		(1,190	)
Goldman Sachs International	2.100% at termination		CPI-U at termination		09/12/19		41,000		(1,461	)
Morgan Stanley Capital Services	2.195% at termination		CPI-U at termination		04/22/18		28,000		(1,299	)
Morgan Stanley Capital Services	2.145% at termination		CPI-U at termination		11/22/18		24,000		(912	)
Morgan Stanley Capital Services	1.442% at termination		CPI-U at termination		09/17/20		93,000		1,752
Morgan Stanley Capital Services	2.500% at termination		CPI-U at termination		02/04/24		15,000		(1,044	)
Morgan Stanley Capital Services	2.673% at termination		CPI-U at termination		09/12/44		2,000		(286	)
Royal Bank of Scotland	2.475% at termination		CPI-U at termination		03/17/24		2,000		(134	)
Royal Bank of Scotland	2.733% at termination		CPI-U at termination		02/10/44		5,000		(826	)
								$	(30,533	)

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ACES	—	Alternative Credit Enhancement Securities
ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November 30, 2016.
CMO	—	Collateralized Mortgage Obligation
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, 2016. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
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, 2016.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(r)	—	Rates shown are per annum and payments are as described.
†	—	Approximately $34,414 of this investment is restricted as collateral for swaps to various brokers.

As of November 30, 2016, 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	$	15,673
Aggregate gross unrealized depreciation		(7,758	)
Net unrealized appreciation/depreciation	$	7,915
Federal income tax cost of investments	$	1,388,126

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘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 Investment Management, Inc. (the “Administrator”) 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 affiliated and unaffiliated 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 Underlying Fund’s NAV per share as of the report date.

Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2016.

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

The various inputs that are used in determining the valuation of the Funds’ 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 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 Funds’ 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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	71,574	$	10,864	$	82,438
Collateralized Mortgage Obligations
Agency CMO		—		226,394		—		226,394
Non-Agency CMO		—		6,332		72		6,404
Total Collateralized Mortgage Obligations		—		232,726		72		232,798
Commercial Mortgage-Backed Securities		—		40,213		64		40,277
Corporate Bonds
Consumer Discretionary		—		28,977		—		28,977
Consumer Staples		—		31,387		—		31,387
Energy		—		42,843		—		42,843
Financials		—		148,641		—		148,641
Health Care		—		26,095		—		26,095

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

Industrials		—		48,364			—		48,364
Information Technology		—		21,173			—		21,173
Materials		—		13,672			—		13,672
Real Estate		—		12,734			—		12,734
Telecommunication Services		—		18,288			—		18,288
Utilities		—		58,989			—		58,989
Total Corporate Bonds		—		451,163			—		451,163
Foreign Government Securities		—		4,694			—		4,694
Mortgage Pass-Through Securities		—		123,067			—		123,067
U.S. Government Agency Securities		—		167,810			—		167,810
U.S. Treasury Obligations		—		223,396			—		223,396
Short-Term Investments
Investment Company		70,398		—			—		70,398
Total Investments in Securities	$	70,398	$	1,314,643		$	11,000	$	1,396,041
Appreciation in Other Financial Instruments
Swaps	$	—	$	4,666		$	—	$	4,666
Depreciation in Other Financial Instruments
Swaps	$	—	$	(35,199	)	$	—	$	(35,199	)

There were no transfers between levels 1 and 2 during the period ended November 30, 2016.

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

JPMorgan Inflation Managed Bond Fund	Balance as of February  29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2016
Investments in Securities:
Asset-Backed Securities	$	3,402	$	—	$	149		$	1		$	—	$	(5,704	)	$	13,016	$	—	$	10,864
Collateralized Mortgage Obligation - Non-Agency CMO		82		—		—	(a)		—	(a)		—		(10	)		—		—		72
Commercial Mortgage-Backed Securities		559		—		(5	)		(153	)		—		(337	)		—		—		64
	$	4,043	$	—	$	144		$	(152	)	$	—	$	(6,051	)	$	13,016	$	—	$	11,000

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 500.

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

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the period ended November 30, 2016.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3), amounted to approximately $158,000.

Inflation Managed Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	10,864	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 15.00% (1.24%)
				Constant Default Rate	0.00% - 33.00% (23.85%)
				Yield (Discount Rate of Cash Flows)	2.18% - 4.18% (3.53%)
Asset-Backed Securities		10,864
		72	Discounted Cash Flow	Constant Prepayment Rate	8.00% (8.00%)
				Constant Default Rate	0.25% (0.25%)
				Yield (Discount Rate of Cash Flows)	4.25% (4.25%)
Collateralized Mortgage Obligations		72
		7	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 90.00% (26.01%)
				Yield (Discount Rate of Cash Flows)	2.70% - 4.85% (4.23%)
Commercial Mortgage-Backed Securities		7
Total	$	10,943

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $57,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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.

Derivatives — The Fund used derivative instruments including swaps, in connection with its investment strategy. 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. Derivatives may also be used 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 may 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.

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

(1) Swaps — The Fund engaged in various swap transactions, including inflation- linked swaps to manage credit inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

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

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Inflation-Linked Swaps

The Fund used inflation-linked swaps to provide inflation protection within its portfolio.

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 93.4% (t)
		Alabama — 0.8%
		Education — 0.1%
		Alabama Public School & College Authority, Capital Improvement,
	2,000	Series A, Rev., 5.000%, 02/01/23		2,300
	2,000	Series A, Rev., 5.000%, 02/01/24		2,326
	2,000	Series A, Rev., 5.000%, 02/01/25		2,321
				6,947
		Other Revenue — 0.6%
	3,910	Montgomery County Public Building Authority, Facilities Project, Rev., 5.000%, 03/01/29		4,414
		Montgomery County Public Building Authority, Warrants, Facilities Project,
	1,735	Rev., 5.000%, 03/01/26		1,995
	3,590	Rev., 5.000%, 03/01/27		4,093
	14,410	Uab Medicine Financing Authority, Series B, Rev., 4.000%, 09/01/41		13,670
				24,172
		Prerefunded — 0.1%
	120	City of Daleville, Rev., AGC, 4.125%, 10/01/17 (p)		123
	1,790	City of Huntsville, Capital Improvement & Refunding Warrants, Series A, GO, 5.000%, 09/01/18 (p)		1,907
	2,000	City of Huntsville, School Capital Improvement Warrants, Series B, GO, 5.000%, 09/01/18 (p)		2,131
				4,161
		Total Alabama		35,280
		Alaska — 0.6%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	9,000	Alaska Industrial Development & Export Authority, Providence Health & Services, Series A, Rev., 5.500%, 10/01/41		9,916
		Other Revenue — 0.0% (g)
	140	Alaska Municipal Bond Bank Authority, Rev., 5.250%, 09/01/23		149
		Prerefunded — 0.4%
		Alaska Municipal Bond Bank Authority,
	860	Rev., 5.250%, 09/01/18 (p)		921
	1000	Rev., 5.375%, 09/01/18 (p)		1,072
	1000	Rev., 5.500%, 09/01/18 (p)		1,074
	12,275	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Rev., AGC, 5.500%, 09/01/19 (p)		13,593
				16,660
		Total Alaska		26,725
		Arizona — 2.2%
		Certificate of Participation/Lease — 0.5%
	15,000	Arizona School Facilities Board, COP, 5.750%, 09/01/18		16,125
		Arizona State University, Board of Regents,
	2,000	COP, NATL-RE, 5.000%, 07/01/17		2,045
	2,000	COP, NATL-RE, 5.000%, 07/01/18		2,042
	2,000	State of Arizona, Series A, COP, AGM, 5.250%, 10/01/23		2,188
				22,400
		Education — 0.1%
	2,700	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 5.000%, 07/01/18		2,851
	1,000	University of Arizona, Board of Regents, Series A, Rev., 5.000%, 06/01/30		1,113
				3,964
		General Obligation — 0.2%
	4,000	City of Chandler, GO, 5.000%, 07/01/23		4,695
	905	Maricopa County Dysart Unified School District No. 89, GO, NATL-RE, FGIC, 5.250%, 07/01/20		1,006
	1,000	Maricopa County Phoenix Union High School District No. 210, GO, AGM, 5.250%, 07/01/19		1,093
	2,100	Town of Gilbert, Projects of 2006 & 2007, GO, 5.000%, 07/01/18		2,225
				9,019
		Hospital — 0.0% (g)
	1,000	Yavapai County IDA, Hospital, Yavapai Regional Medical Center, Series A, Rev., 5.250%, 08/01/33		1,077
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	1,000	Yavapai County IDA, Solid Waste Disposal, Waste Management, Inc. Project, Rev., VAR, 2.125%, 06/01/18		1,008
		Other Revenue — 0.1%
		Scottsdale Municipal Property Corp., Excise Tax,
	500	Rev., 5.000%, 07/01/17		512
	1,570	Rev., 5.000%, 07/01/26		1,876
				2,388

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.7%
		Arizona Health Facilities Authority, Banner Health,
	1,200	Series A, Rev., 5.000%, 01/01/17 (p)		1,204
	7,500	Series D, Rev., 5.000%, 01/01/18 (p)		7,813
	1,000	Arizona School Facilities Board, COP, 5.250%, 09/01/18 (p)		1,071
	2,000	Arizona Transportation Board, Highway, Series A, Rev., 5.000%, 07/01/18 (p)		2,120
		Arizona Water Infrastructure Finance Authority, Water Quality,
	3,025	Series A, Rev., 5.000%, 10/01/18 (p)		3,231
	3,935	Series A, Rev., 5.000%, 10/01/19 (p)		4,315
		County of Pima, Sewer System,
	1,000	Series B, Rev., 5.000%, 07/01/21 (p)		1,138
	770	Series C, Rev., 5.000%, 07/01/21 (p)		876
	6,600	Salt River Project Agricultural Improvement & Power District, Salt River Project Electric System, Series A, Rev., 5.000%, 01/01/18 (p)		6,879
				28,647
		Transportation — 0.1%
		Phoenix Civic Improvement Corp., Airport, Junior Lien,
	1,000	Series A, Rev., 5.000%, 07/01/23		1,107
	2,000	Series A, Rev., 5.000%, 07/01/27		2,201
	1,000	Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund, Rev., 5.250%, 07/01/25		1,172
	1,670	Tucson Airport Authority, Inc., Airport, Sub Lien, Rev., AMT, NATL-RE, 5.000%, 12/01/18		1,675
				6,155
		Utility — 0.2%
	2,500	Arizona Power Authority, Power Resource, Hoover Uprating Project, Series A, Rev., 5.250%, 10/01/17		2,587
	3,000	City of Mesa, Utility Systems, Rev., NATL-RE, FGIC, 5.000%, 07/01/20		3,325
		Salt River Project Agricultural Improvement & Power District, Salt River Project Electric System,
	500	Series A, Rev., 5.000%, 01/01/21		536
	1,000	Series A, Rev., 5.000%, 12/01/28		1,137
				7,585
		Water & Sewer — 0.3%
	1,000	City of Glendale, Water & Sewer, Senior Lien, Rev., 5.000%, 07/01/28		1,128
		City of Scottsdale, Water & Sewer,
	1,430	Rev., 5.250%, 07/01/21		1,640
	1,875	Rev., 5.250%, 07/01/23		2,235
	1,380	County of Pima, Sewer System, Series C, Rev., 5.000%, 07/01/22		1,567
	2,000	Phoenix Civic Improvement Corp., Water System, Junior Lien, Series A, Rev., 5.000%, 07/01/25		2,173
	2,000	Phoenix Civic Improvement Corp., Wastewater System, Senior Lien, Rev., 5.500%, 07/01/20		2,132
				10,875
		Total Arizona		93,118
		California — 17.5%
		Certificate of Participation/Lease — 0.3%
	10,445	Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project, COP, AMBAC, Zero Coupon, 08/01/25		8,020
	1,250	Deserts Sands, Unified School District, COP, 5.000%, 03/01/22		1,420
	1,250	Los Angeles Unified School District, Headquarters Building Projects, Series B, COP, 5.000%, 10/01/30		1,395
				10,835
		Education — 2.1%
		California Educational Facilities Authority, Claremont McKenna College,
	3,000	Series A, Rev., 4.000%, 01/01/33		3,053
	1,000	Series A, Rev., 5.000%, 01/01/28		1,170
	880	Series A, Rev., 5.000%, 01/01/29		1,018
	1,185	Series A, Rev., 5.000%, 01/01/30		1,361
	2,450	Series A, Rev., 5.000%, 01/01/31		2,797
	2,000	Series A, Rev., 5.000%, 01/01/32		2,275
	775	California Educational Facilities Authority, Pepperdine University, Rev., 5.000%, 09/01/24		884
		California State University, Systemwide,
	3,500	Series A, Rev., 3.000%, 11/01/33		3,126
	2,000	Series A, Rev., 4.000%, 11/01/35		2,020
	3,225	Series A, Rev., 5.000%, 11/01/24		3,796
	1,500	Series A, Rev., 5.000%, 11/01/28		1,760
	2,625	Series A, Rev., 5.000%, 11/01/29		3,045
	5,000	Series A, Rev., 5.000%, 11/01/30		5,771
	2,285	Series A, Rev., 5.000%, 11/01/30		2,591
	4,880	Series A, Rev., 5.000%, 11/01/31		5,607

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	4,000	Series A, Rev., 5.000%, 11/01/32		4,567
		County of Ventura, Simi Valley School Financing Authority, Unified School District,
	3,250	Rev., AGM, 5.000%, 08/01/17		3,399
		Regents of the University of California, Limited Project,
	3,500	Series I, Rev., 5.000%, 05/15/22		4,028
	2,000	Series I, Rev., 5.000%, 05/15/23		2,329
	4,500	Series I, Rev., 5.000%, 05/15/24		5,299
		University of California,
	4,500	Series AF, Rev., 5.000%, 05/15/25		5,189
	2,000	Series AR, Rev., 5.000%, 05/15/31		2,311
	4,000	Series AR, Rev., 5.000%, 05/15/32		4,594
	2,500	Series AR, Rev., 5.000%, 05/15/33		2,856
	1,500	Series AR, Rev., 5.000%, 05/15/34		1,707
	1,455	Series AR, Rev., 5.000%, 05/15/35		1,652
	8,500	University of California, Limited Project, Series G, Rev., 5.000%, 05/15/29		9,595
				87,800
		General Obligation — 7.9%
	5,450	Counties of Fresno, Madera, Tulare & Kings, State Center Community College District, GO, 5.250%, 08/01/28		6,212
	2,750	Counties of Los Angeles & Orange, Rowland Unified School District, 2012 Election, Series A, GO, 5.250%, 08/01/43		3,091
		Counties of Santa Clara & Santa Cruz, West Valley-Mission Community College District, Unrefunded Balance,
	455	GO, AGM, 5.000%, 08/01/23		457
	910	GO, AGM, 5.000%, 08/01/25		913
	1,390	County of Orange, Garden Grove Unified School District, 2010 Election, Series C, GO, 5.000%, 08/01/30		1,570
	1,400	County of Riverside, Murrieta Valley Unified School District, GO, AGM, 5.000%, 09/01/25		1,617
		County of Sacramento, San Juan Unified School District, Election of 2002,
	1,670	GO, 5.000%, 08/01/27		1,908
	3,540	GO, 5.000%, 08/01/30		3,999
	4,000	GO, 5.000%, 08/01/31		4,511
	2,000	County of San Diego, Carlsbad Unified School District, Election of 2006, Capital Appreciation, Series B, GO, Zero Coupon, 05/01/18		1,957
	19,585	County of San Diego, Grossmont-Cuyamaca Community College District, Election of 2002, Series C, GO, AGC, Zero Coupon, 08/01/26		14,101
	5,975	County of Santa Clara, Election of 2008, Series B, GO, 5.000%, 08/01/25		6,867
		County of Santa Clara, Mountain View-Los Altos Union High School District, Election of 2010,
	2,000	Series C, GO, Zero Coupon, 08/01/23		1,682
	1,000	Series C, GO, Zero Coupon, 08/01/27		709
	2,390	Dublin Unified School District, Capital Appreciation, Election of 2004, Series C, GO, NATL-RE, Zero Coupon, 08/01/32 (p)		1,113
		Long Beach Community College District, Election of 2002, Capital Appreciation,
	3,265	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/20		3,031
	4,365	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/21		3,931
	5,265	Series D, GO, NATL-RE, FGIC, Zero Coupon, 05/01/22		4,599
	9,300	Long Beach Unified School District, County of Los Angeles, GO, 4.000%, 08/01/30		9,702
		Los Angeles Community College District,
	2,300	Series A, GO, 4.000%, 08/01/33		2,335
	9,000	Series A, GO, 5.000%, 08/01/30		10,324
	15,000	Series A, GO, 5.000%, 08/01/31		17,141
	10,430	Los Angeles Community College District, Election of 2008, Series G, GO, 4.000%, 08/01/39		10,498
		Los Angeles Unified School District,
	11,670	Series C, GO, 5.000%, 07/01/24		13,750
	36,915	Series C, GO, 5.000%, 07/01/25		43,034
	5,505	Series C, GO, 5.000%, 07/01/26		6,399
	3,000	Series C, GO, 5.000%, 07/01/27		3,471
	6,120	Los Angeles Unified School District, Election of 2004, Series I, GO, 5.250%, 07/01/23		6,702
		Los Angeles Unified School District, Election of 2008,
	2,100	Series A, GO, 5.000%, 07/01/28		2,377
	1,545	Series A, GO, 5.000%, 07/01/29		1,748
	1,365	Series A, GO, 5.000%, 07/01/31		1,518
		Menlo Park City School District, Crossover Capital Appreciation,
	1,000	GO, Zero Coupon, 07/01/33		524
	725	GO, Zero Coupon, 07/01/35		345
	1,150	GO, Zero Coupon, 07/01/36		519

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,950	GO, Zero Coupon, 07/01/37		838
	1,250	GO, Zero Coupon, 07/01/41		446
		Riverside County, California, Desert Sands Unified School District,
	3,750	GO, 5.000%, 08/01/25		4,422
	1,750	GO, 5.000%, 08/01/26		2,053
	4,890	San Diego Community College District, GO, 5.000%, 08/01/24		5,633
	465	San Diego Unified School District, Election of 2012, Series F, GO, 4.000%, 07/01/33		473
	3,000	San Francisco Bay Area Rapid Transit District, Election of 2004, Series D, GO, 5.000%, 08/01/30		3,485
	1,000	Santa Barbara Community College District, Santa Barbara County, Series C, GO, 4.000%, 08/01/40		1,007
		State of California, Various Purpose,
	4,695	GO, 3.000%, 09/01/32		4,202
	7,280	GO, 4.000%, 09/01/33		7,457
	14,100	GO, 5.000%, 04/01/17		14,297
	12,120	GO, 5.000%, 03/01/25		14,260
	2,000	GO, 5.000%, 09/01/27		2,263
	100	GO, 5.000%, 10/01/29		105
	24,000	GO, 5.000%, 08/01/30		27,175
	4,000	GO, 5.000%, 09/01/30		4,505
	3,500	GO, 5.000%, 09/01/31		3,935
	5	GO, 5.125%, 04/01/23		5
	6,790	GO, 5.500%, 04/01/18		7,180
	6,800	GO, 5.500%, 04/01/21		7,409
	15,000	GO, 5.625%, 04/01/26		16,354
	6,685	GO, 6.500%, 04/01/33		7,401
	1,565	GO, AMBAC, 5.000%, 02/01/27		1,864
	6,580	Temple City Unified School District, GO, NATL-RE, FGIC, 5.250%, 08/01/22		7,615
				337,039
		Hospital — 0.5%
	6,500	California Health Facilities Financing Authority, Cedars-Sinal Medical Center, Rev., 5.000%, 11/15/27		7,482
	1,500	California Health Facilities Financing Authority, Memorial Health Services, Series A, Rev., 5.000%, 10/01/26		1,693
		California Health Facilities Financing Authority, Sutter Health,
	1,450	Series A, Rev., 3.250%, 11/15/36		1,263
	650	Series A, Rev., 5.000%, 11/15/26		754
	1,000	Series A, Rev., 5.000%, 11/15/29		1,126
	500	Series A, Rev., 5.000%, 11/15/30		556
	5,000	Series A, Rev., 5.000%, 11/15/33		5,480
	2,000	Series D, Rev., 5.000%, 08/15/25		2,246
				20,600
		Other Revenue — 2.3%
		California Infrastructure & Economic Development Bank, Refuding Academy Motion Picture Arts & Sciences,
	1,630	Series A, Rev., 5.000%, 11/01/24		1,901
	1,000	Series A, Rev., 5.000%, 11/01/26		1,152
		California State Public Works Board, Department of Forestry & Fire Protection, Various Forestry Projects,
	2,785	Series C, Rev., AGM, 5.000%, 04/01/22		2,794
	2,105	Series C, Rev., AGM, 5.000%, 04/01/24		2,112
		California State Public Works Board, Department of General Services,
	2,500	Series F, Rev., 5.000%, 05/01/22		2,849
	3,000	Series F, Rev., 5.000%, 05/01/23		3,459
	5,395	Series F, Rev., 5.000%, 05/01/24		6,266
	6,445	Series F, Rev., 5.000%, 05/01/25		7,532
	3,100	Series F, Rev., 5.000%, 05/01/26		3,591
	5,000	Series F, Rev., 5.000%, 05/01/27		5,752
		California State Public Works Board, Department of Justice, Various Replacement Laboratory Projects,
	1,285	Series D, Rev., AGM, 5.000%, 04/01/21		1,289
	1,415	Series D, Rev., AGM, 5.000%, 04/01/23		1,420
	1,560	Series D, Rev., AGM, 5.000%, 04/01/25		1,565
		Contra Costa County Transportation Authority, Sales Tax,
	1,195	Series A, Rev., 4.000%, 03/01/26		1,301
	2,000	Series A, Rev., 5.000%, 03/01/24		2,357
	1,250	Series A, Rev., 5.000%, 03/01/25		1,479
	5,000	County of Los Angeles, Huntington Park Redevelopment Agency, Merged Redevelopment Project, Rev., Zero Coupon, 01/01/19 (p)		4,836
		Golden State Tobacco Securitization Corp., Tobacco Settlement,
	1,500	Series A, Rev., 5.000%, 06/01/19		1,621
	1,250	Series A, Rev., 5.000%, 06/01/20		1,375
	1,000	Series A, Rev., 5.000%, 06/01/21		1,116
	4,000	Series A, Rev., 5.000%, 06/01/32		4,422
	10,855	Series A, Rev., 5.000%, 06/01/33		11,960
	10,000	Series A, Rev., 5.000%, 06/01/34		10,972

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	355	Series A, Rev., 5.000%, 07/01/24		421
	510	Series A, Rev., 5.000%, 07/01/25		608
	475	Series A, Rev., 5.000%, 07/01/26		563
	1,250	Series A, Rev., 5.000%, 07/01/32		1,391
		San Marcos Public Facilities Authority,
	1,000	Rev., Zero Coupon, 01/01/19 (p)		967
	2,850	Rev., Zero Coupon, 09/01/19 (p)		2,720
	8,400	Santa Clara County Financing Authority, Multiple Facilities Projects, Series P, Rev., 5.000%, 05/15/29		9,633
				99,424
		Prerefunded — 1.6%
	2,000	California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/18 (p)		2,139
		California Health Facilities Financing Authority, Providence Health & Services,
	2,000	Series C, Rev., 6.250%, 10/01/18 (p)		2,185
	2,485	Series C, Rev., 6.500%, 10/01/18 (p)		2,725
	1,965	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health & Services, Series C, Rev., 6.500%, 10/01/18 (p)		2,155
	13,405	California State Public Works Board, California State University, Various University Projects, Series H, Rev., 5.000%, 09/01/23 (p)		15,739
		San Diego Public Facilities Financing Authority, Sewer Waste Water System,
	11,865	Series A, Rev., 5.000%, 05/15/19 (p)		12,899
	1,000	Series B, Rev., 5.500%, 05/15/19 (p)		1,099
	25,000	University of California, Series O, Rev., 5.750%, 05/15/19 (p)		27,637
				66,578
		Transportation — 0.2%
		City of Los Angeles, Harbor Department,
	475	Series A, Rev., 5.000%, 08/01/22		550
	425	Series A, Rev., 5.000%, 08/01/23		498
	450	Series A, Rev., 5.000%, 08/01/24		532
	1,770	County of Los Angeles, Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.000%, 07/01/26		2,078
	4,525	Riverside County Transportation Commission, Limited Tax, Series A, Rev., 5.250%, 06/01/33		5,169
				8,827
		Utility — 1.2%
		City of Los Angeles, Department of Water & Power, Power System,
	1,500	Series A, Rev., 5.000%, 07/01/28		1,755
	3,400	Series B, Rev., 5.000%, 07/01/31		3,822
	3,075	Series B, Rev., 5.000%, 07/01/32		3,440
	1,250	Series D, Rev., 5.000%, 07/01/28		1,437
	2,710	Series D, Rev., 5.000%, 07/01/30		3,079
	2,500	Series D, Rev., 5.000%, 07/01/31		2,830
	390	Series D, Rev., 5.000%, 07/01/33		437
	4,750	Series D, Rev., 5.000%, 07/01/34		5,308
	250	Series D, Rev., 5.000%, 07/01/35		279
		City of Los Angeles, Department of Water & Power, Water System,
	1,350	Series A, Rev., 5.000%, 07/01/31		1,551
	2,560	Series A, Rev., 5.000%, 07/01/32		2,923
	1,360	Series A, Rev., 5.000%, 07/01/33		1,545
	1,250	Series A, Rev., 5.000%, 07/01/34		1,414
	1,125	Series A, Rev., 5.000%, 07/01/35		1,270
		Long Beach Bond Finance Authority, Natural Gas,
	2,500	Series A, Rev., 5.250%, 11/15/21		2,734
	9,545	Series A, Rev., 5.250%, 11/15/22		10,490
	5,650	State of California, Department of Water Resources, Power Supply, Series O, Rev., 5.000%, 05/01/22		6,522
				50,836
		Water & Sewer — 1.4%
	300	City of Bakersfield, Wastewater, Series A, Rev., 5.000%, 09/15/23		351
		City of Los Angeles, Wastewater System,
	12,500	Series A, Rev., 5.000%, 06/01/26		14,309
	2,000	Series C, Rev., 5.000%, 06/01/26		2,277
	5,000	City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23		4,065
		City of Vallejo, Water,
	3,010	Rev., NATL-RE, 5.000%, 05/01/22		3,018
	3,160	Rev., NATL-RE, 5.000%, 05/01/23		3,168
	3,320	Rev., NATL-RE, 5.000%, 05/01/24		3,328

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	3,490	Rev., NATL-RE, 5.000%, 05/01/25		3,501
		San Diego County Water Authority,
	13,095	Series A, Rev., 5.000%, 05/01/29		14,925
	10,000	Series A, Rev., 5.000%, 05/01/30		11,344
				60,286
		Total California		742,225
		Colorado — 2.1%
		Certificate of Participation/Lease — 0.0% (g)
		Adams County, Colorado Refunding and Improvement,
	1,100	COP, 5.000%, 12/01/31		1,231
	500	COP, 5.000%, 12/01/34		549
				1,780
		General Obligation — 1.2%
	6,845	City & County of Denver, Better Denver & Zoo, Series A, GO, 5.250%, 08/01/20		7,499
		Dawson Ridge Metropolitan District No.1,
	10,000	Series A, GO, Zero Coupon, 10/01/22 (p)		8,722
	2,000	Series B, GO, Zero Coupon, 10/01/22 (p)		1,744
	100	Douglas County School District No Re-1, Douglas & Elbert Counties, Series B, GO, 5.000%, 12/15/16		100
	100	El Paso Country, School District, Series B, GO, NATL-RE, 4.250%, 12/01/16		100
		Jefferson County School District No. R-1,
	18,325	GO, 5.000%, 12/15/20		20,590
	9,500	GO, 5.000%, 12/15/22		10,982
				49,737
		Hospital — 0.1%
	4,500	Colorado Health Facilities Authority, SCL Health System, Series A, Rev., 5.500%, 01/01/35		5,075
		Other Revenue — 0.0% (g)
	100	City of Grand Junction, Rev., 5.000%, 03/01/17		101
		Prerefunded — 0.8%
	23,470	Counties of Adams & Arapahoe, Joint School District No. 281, GO, 6.250%, 12/01/18 (p)		25,808
	5,000	State of Colorado, Higher Education Capital Construction, Lease Purchase Financing Program, COP, 5.250%, 11/01/18 (p)		5,382
		University of Colorado, Enterprise System,
	1,980	Series A, Rev., 5.500%, 06/01/19 (p)		2,177
	750	Series A, Rev., 5.750%, 06/01/19 (p)		829
				34,196
		Total Colorado		90,889
		Connecticut — 0.8%
		Education — 0.2%
	4,165	Connecticut State Health & Educational Facility Authority, Connecticut State University System Issue, Series N, Rev., 5.000%, 11/01/25		4,786
	1,030	Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program, Series A, Rev., 5.250%, 11/15/22		1,152
				5,938
		General Obligation — 0.3%
		State of Connecticut,
	7,000	Series A, GO, 5.000%, 04/15/22		7,339
	6,000	Series B, GO, AMBAC, 5.250%, 06/01/20		6,663
				14,002
		Housing — 0.1%
		Connecticut Housing Finance Authority,
	1,260	Series SNH-7, Rev., AGM, 5.000%, 06/15/17		1,287
	1,320	Series SNH-7, Rev., AGM, 5.000%, 06/15/18		1,347
				2,634
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
		City of Stamford, Water Pollution Control System & Facility,
	100	Series A, Rev., 5.000%, 08/15/24		116
	350	Series A, Rev., 5.000%, 08/15/25		404
	150	Series A, Rev., 5.000%, 08/15/26		172
	250	Series A, Rev., 5.000%, 08/15/27		286
	300	Series A, Rev., 5.000%, 08/15/29		340
	100	Series A, Rev., 5.500%, 08/15/23		121
				1,439
		Special Tax — 0.2%
		State of Connecticut, Transportation Infrastructure Purposes
	5,000	Series A, Rev., 5.000%, 08/01/26		5,807
	2,000	Series A, Rev., 5.000%, 09/01/30		2,270
				8,077
		Total Connecticut		32,090

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Delaware — 0.7%
		General Obligation — 0.2%
		State of Delaware,
	351	GO, 5.000%, 07/01/22		391
	350	GO, 5.000%, 07/01/23		389
	4,000	Series B, GO, 5.000%, 07/01/22		4,638
	3,710	Series B, GO, 5.000%, 07/01/23		4,367
	1,000	Series C, GO, 5.000%, 10/01/25		1,203
				10,988
		Prerefunded — 0.1%
	3,299	State of Delaware, GO, 5.000%, 07/01/20 (p)		3,685
		Transportation — 0.4%
		Delaware Transportation Authority Transportation System,
	6,305	Rev., 5.000%, 07/01/25		7,463
	7,710	Rev., 5.000%, 07/01/27		9,120
				16,583
		Total Delaware		31,256
		District of Columbia — 0.3%
		Other Revenue — 0.1%
		District of Columbia, Income Tax Secured,
	5,000	Series A, Rev., 5.000%, 12/01/22		5,537
	170	Series C, Rev., 5.000%, 12/01/16		170
				5,707
		Water & Sewer — 0.2%
		District of Columbia, Water & Sewer Authority, Public Utility, Subordinate Lien,
	1,475	Series A, Rev., 5.000%, 10/01/29		1,703
	4,860	Series A, Rev., 5.000%, 10/01/30		5,582
				7,285
		Total District of Columbia		12,992
		Florida — 2.4%
		General Obligation — 0.8%
	2,095	County of Miami-Dade, Series DD, GO, AMBAC, 7.750%, 10/01/18		2,332
		Florida State Board of Education, Public Education Capital Outlay,
	4,500	Series A, GO, 5.000%, 06/01/23		5,004
	1,250	Series A, GO, 5.000%, 06/01/25		1,388
	14,600	Series D, GO, 5.000%, 06/01/24		16,463
	4,515	Series E, GO, 5.000%, 06/01/19		4,905
	4,740	Series E, GO, 5.000%, 06/01/20		5,271
				35,363
		Hospital — 0.1%
		Brevard County Health Facilities Authority, Health First, Inc. Project,
	1,000	Rev., 5.000%, 04/01/22		1,116
	1,250	Rev., 5.000%, 04/01/24		1,411
				2,527
		Housing — 0.0% (g)
	1,010	Florida Housing Finance Corp., Homeowner Mortgage, Series I, Rev., GNMA/FNMA/FHLMC, 5.375%, 01/01/39		1,047
	545	Florida Housing Finance Corp., Homeowner Mortgage, Special Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		565
				1,612
		Other Revenue — 1.2%
		County of Palm Beach,
	7,790	Rev., 5.000%, 05/01/35		8,774
	8,190	Rev., 5.000%, 05/01/36		9,203
	7,810	Rev., 5.000%, 05/01/37		8,756
	2,000	Rev., 5.000%, 05/01/38		2,239
		County of Tallahassee, City of Leon, Blueprint 2000 Intergovernmental Agency,
	1,500	Rev., NATL-RE, 5.250%, 10/01/18		1,604
	2,060	Rev., NATL-RE, 5.250%, 10/01/19		2,264
		Palm Beach County, Public Improvement,
	3,955	Rev., 5.000%, 05/01/23		4,570
	2,000	Rev., 5.000%, 05/01/24		2,335
	4,905	Rev., 5.000%, 05/01/25		5,747
	3,400	Rev., 5.000%, 05/01/27		3,978
				49,470
		Prerefunded — 0.1%
	3,700	County of Miami-Dade, Miami International Airport, Series D, Rev., AGM, 5.250%, 10/01/17 (p)		3,830
		Utility — 0.2%
	5,000	Florida Municipal Power Agency, St. Lucie Project, Series A, Rev., 5.000%, 10/01/20		5,545
	1,395	JEA Electric System, Series A, Rev., 5.000%, 10/01/23		1,618
				7,163

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.0% (g)
	500	City of Tampa, Water & Sewer Improvement System, Rev., 5.000%, 10/01/23		567
		Total Florida		100,532
		Georgia — 2.9%
		Education — 0.1%
	2,000	Private Colleges & Universities Authority, Emory University, Series A, Rev., 5.000%, 10/01/43		2,211
		General Obligation — 0.3%
		Barrow County School District,
	2,190	GO, 5.000%, 02/01/25		2,440
	1,755	GO, 5.000%, 02/01/26		1,953
	2,005	Gwinnett County School District, GO, 5.000%, 02/01/17 (p)		2,019
	6,880	State of Georgia, Series E, GO, 5.000%, 12/01/25		8,289
				14,701
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	4,000	Monroe County Development Authority, Pollution Control, Gulf Power Co. Plant Scherer Project, Rev., VAR, 1.700%, 06/21/17		4,010
		Prerefunded — 0.4%
		Barrow County School District,
	555	GO, 5.000%, 02/01/21 (p)		626
	5,000	Gwinnett County School District, GO, 5.000%, 02/01/18 (p)		5,225
	10,000	State of Georgia, Series B, GO, 5.000%, 01/01/19 (p)		10,748
				16,599
		Transportation — 0.4%
	9,500	City of Atlanta, Airport, Series A, Rev., 5.000%, 01/01/20		10,418
		Georgia State Road & Tollway Authority, Federal Highway,
	2,465	Series A, Rev., GAN, AGM, 5.000%, 06/01/19		2,597
	5,000	Series A, Rev., GAN, AGM, 5.000%, 06/01/20		5,259
	695	Metropolitan Atlanta Rapid Transit Authority, Series N, Rev., NATL-RE-IBC-Bank of New York, 6.250%, 07/01/18		730
				19,004
		Utility — 0.1%
		Camden County Public Service Authority, City of St. Mary’s Project,
	1,005	Rev., 5.000%, 12/01/21		1,112
	1,960	Rev., 5.000%, 12/01/22		2,185
	1,000	Rev., 5.000%, 12/01/23		1,113
	1,475	Main Street Natural Gas, Inc., Gas Project, Series A, Rev., 5.500%, 09/15/21		1,653
				6,063
		Water & Sewer — 1.5%
		City of Atlanta, Water & Wastewater,
	2,110	Rev., 5.000%, 11/01/29		2,392
	4,250	Rev., 5.000%, 11/01/30		4,787
		City of Columbus, Georgia Water and Sewerage,
	280	Rev., 5.000%, 05/01/31		324
	350	Rev., 5.000%, 05/01/34		399
	350	Rev., 5.000%, 05/01/35		398
	2,000	Series A, Rev., 5.000%, 05/01/22		2,297
	445	Series A, Rev., 5.000%, 05/01/27		511
	595	Series A, Rev., 5.000%, 05/01/28		680
		County of Cobb, Water & Sewerage Improvement,
	6,155	Rev., 5.000%, 07/01/20		6,688
	6,565	Rev., 5.000%, 07/01/21		7,122
		County of DeKalb, Water & Sewerage,
	4,800	Series B, Rev., 5.250%, 10/01/22		5,583
	8,660	Series B, Rev., 5.250%, 10/01/23		10,195
	5,500	Series B, Rev., 5.250%, 10/01/26		6,631
	7,000	County of Fulton, Water & Sewerage, Rev., 5.000%, 01/01/22		7,861
	5,000	County of Henry, Water & Sewerage Authority, Rev., BHAC-CR, FSA-CR, NATL-RE, 5.250%, 02/01/28		6,068
				61,936
		Total Georgia		124,524
		Hawaii — 0.8%
		General Obligation — 0.4%
		City & County of Honolulu,
	300	Series B, GO, 5.000%, 12/01/16		300
	8,695	Series B, GO, 5.000%, 10/01/27		10,160
	3,000	Series C, GO, 5.000%, 10/01/25		3,547
	3,000	Series C, GO, 5.000%, 10/01/27		3,506
	100	State of Hawaii, Series DR, GO, 5.000%, 06/01/17		102
				17,615

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.2%
	115	City & County of Honolulu, Series A, GO, AGM, 5.000%, 07/01/17 (p)		118
	1,000	State of Hawaii, Series DK, GO, 5.000%, 05/01/18 (p)		1,054
		State of Hawaii, Highway,
	5,120	Rev., 5.250%, 01/01/19 (p)		5,529
	2,450	Rev., 6.000%, 01/01/19 (p)		2,684
				9,385
		Transportation — 0.2%
		State of Hawaii, Highway,
	5,915	Rev., 5.000%, 01/01/20		6,317
	520	Rev., 5.250%, 01/01/18		544
				6,861
		Total Hawaii		33,861
		Idaho — 0.5%
		Prerefunded — 0.3%
	12,000	Idaho Health Facilities Authority, Trinity Health Group, Series B, Rev., 6.000%, 12/01/18 (p)		13,116
		Transportation — 0.2%
		Idaho Housing & Finance Association, Federal Highway Trust,
	2,550	Series A, Rev., GRAN, 5.000%, 07/15/25		2,913
	4,800	Series A, Rev., GRAN, 5.000%, 07/15/26		5,495
				8,408
		Total Idaho		21,524
		Illinois — 2.1%
		Education — 0.0% (g)
	1,750	Illinois Finance Authority, University of Chicago, Series A, Rev., 5.000%, 10/01/29		1,951
		General Obligation — 0.9%
	6,345	Chicago Board of Education, School Reform, Dedicated Tax Revenues, Series B-1, GO, NATL-RE, FGIC, Zero Coupon, 12/01/17		6,150
	7,500	City of Chicago, Series A, GO, AGM, 5.000%, 01/01/20		7,525
	1,400	Counties of Kane & Cook, City of Elgin, GO, 4.000%, 12/15/21		1,494
	5,000	County of Cook, School District No. 122, GO, AGM-CR, NATL-RE, Zero Coupon, 12/01/21 (p)		4,474
	1,000	County of Cook, Township High School District No. 205, GO, AGC, 5.500%, 12/01/19		1,076
		County of Dupage, Courthouse Project,
	250	GO, 5.000%, 01/01/26		294
	525	GO, 5.000%, 01/01/27		610
	255	GO, 5.000%, 01/01/28		295
	730	GO, 5.000%, 01/01/29		836
		Kane, Cook & DuPage Counties School District No. 46, Elgin,
	1,500	Series D, GO, 5.000%, 01/01/27		1,658
	1,700	Series D, GO, 5.000%, 01/01/34		1,801
	2,195	Village of Bolingbrook, Capital Appreciation, Series C, GO, NATL-RE, Zero Coupon, 01/01/23		1,797
		Will County, Community Unit School District No. 365-U,
	2,700	GO, 3.000%, 07/01/36		2,241
	1,000	GO, 4.000%, 01/01/30		1,014
	500	GO, 4.000%, 01/01/31		505
	1,500	GO, 4.000%, 01/01/32		1,507
	1,000	GO, 4.000%, 01/01/33		1,001
	1,000	GO, 4.000%, 01/01/34		994
		Will Grundy Etc. Counties Community College District No. 525, Joliet Junior College,
	900	GO, 5.750%, 06/01/25		954
	830	GO, 5.750%, 06/01/27		879
	620	GO, 5.750%, 06/01/28		654
				37,759
		Hospital — 0.1%
		Illinois Finance Authority, Rush University Medical Center Obligated Group,
	1,000	Series A, Rev., 5.000%, 11/15/21		1,127
	2,000	Series A, Rev., 5.000%, 11/15/23		2,311
	1,000	Series A, Rev., 5.000%, 11/15/24		1,162
				4,600
		Other Revenue — 0.1%
		City of Chicago, Motor Fuel Tax,
	75	Rev., 5.000%, 01/01/20		78
	200	Rev., 5.000%, 01/01/21		207
	150	Rev., 5.000%, 01/01/22		156
	1,650	City of Chicago, Pilsen Redevelopment Project, Series A, Rev., 5.000%, 06/01/22		1,798
	250	State of Illinois, Rev., 4.000%, 06/15/17		254
				2,493

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.5%
	19,475	Illinois Municipal Electric Agency Power Supply System, Series A, Rev., NATL-RE, 5.125%, 02/01/17 (p)		19,617
	1,175	Will Grundy Etc. Counties Community College District No. 525, Joliet Junior College, GO, 5.750%, 06/01/18 (p)		1,255
				20,872
		Transportation — 0.1%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,430
		Utility — 0.3%
		City of Springfield, Senior Lien Electric,
	3,500	Rev., AGM, 3.500%, 03/01/30		3,412
	4,500	Rev., 5.000%, 03/01/27		5,104
	4,000	Rev., 5.000%, 03/01/28		4,511
				13,027
		Water & Sewer — 0.1%
		City of Chicago, Second Lien Wastewater Transmission,
	1,210	Rev., 5.000%, 01/01/20		1,298
	700	Rev., 5.000%, 01/01/22		766
		City of Chicago, Second Lien Water, Project,
	1,500	Rev., 5.000%, 11/01/21		1,646
	600	Rev., 5.000%, 11/01/22		664
	1,000	Rev., 5.000%, 11/01/27		1,107
	500	Rev., 5.000%, 11/01/30		543
				6,024
		Total Illinois		90,156
		Indiana — 1.2%
		Education — 0.1%
		Indiana University,
	2,000	Series A, Rev., 5.000%, 06/01/28		2,292
	1,000	Series A, Rev., 5.000%, 06/01/32		1,113
		Plainfield Community High School Building Corp.,
	285	Rev., 5.000%, 01/15/22		324
	750	Rev., 5.000%, 07/15/23		870
	1,255	Rev., 5.000%, 07/15/24		1,467
				6,066
		Other Revenue — 0.9%
		Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project,
	1,215	Rev., 5.000%, 02/01/24		1,394
	1,150	Rev., 5.000%, 08/01/24		1,316
	500	Rev., 5.000%, 02/01/25		570
	1,140	Rev., 5.000%, 08/01/26		1,287
		Indiana Finance Authority, State Revolving Fund Program,
	2,300	Series A, Rev., 5.000%, 02/01/23		2,637
	5,205	Series A, Rev., 5.000%, 02/01/30		5,761
	18,805	Series C, Rev., 5.000%, 02/01/21		20,712
	3,000	Series C, Rev., 5.000%, 02/01/30		3,341
	1,000	Indianapolis Local Public Improvement Bond Bank, Series B, Rev., 6.000%, 01/10/20		1,059