N-Q 1 d318607dnq.htm JPMORGAN TRUST I JPMorgan Trust I

 

 

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