UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: November 30, 2016

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of November 30, 2016

(Unaudited)

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

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

JPMorgan Distribution Services, Inc.

^© JPMorgan Chase & Co., 2016.

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

Percentages indicated are based on net assets.

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

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

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

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

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

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

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

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

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

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

COP	—	Certificate of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
Rev.	—	Revenue
ROCS	—	Reset Option Certificates
VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2016.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the next put date, next demand date or final maturity date.
*	—	The cost of securities is substantially the same for federal income tax purposes.
#	—	Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature. The interest rate shown is the rate in effect as of November 30, 2016.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

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

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

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

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

JPMorgan California Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGC	—	Insured by Assured Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
IBC	—	Insured Bond Certificates
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(p)	—	Security is prerefunded or escrowed to maturity.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.

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

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

JPMorgan California Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

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

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

1,193

EUR

Citibank, N.A.

12/13/16

1,261

1,265

4

3

EUR

Deutsche Bank AG

12/13/16

4

4

–

(h)

2

EUR

HSBC Bank, N.A.

12/13/16

2

2

–

(h)

11

EUR

National Australia Bank

12/13/16

11

11

–

(h)

5

EUR

Royal Bank of Canada

12/13/16

6

6

–

(h)

9

EUR

Societe Generale

12/13/16

9

9

–

(h)

1,293

1,297

4

CONTRACTS TO SELL

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

806

EUR

Australia and New Zealand Banking Group Limited

12/13/16

867

855

12

402

EUR

Credit Suisse International

12/13/16

433

426

7

5

EUR

Deutsche Bank AG

12/13/16

5

5

–

(h)

4

EUR

HSBC Bank, N.A.

12/13/16

4

4

–

(h)

3

EUR

Standard Chartered Bank

12/13/16

3

3

–

(h)

4

EUR

State Street Corp.

12/13/16

4

4

–

(h)

1,316

1,297

19

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

EUR	—	Euro
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%
(h)	—	Amount rounds to less than 500.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.

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

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Corporate Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the FundNotes (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

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

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

756

EUR

Citibank, N.A.

12/30/16

851

803

(48

)

CONTRACTS TO SELL

CURRENCY

COUNTERPARTY

SETTLEMENT DATE

SETTLEMENT VALUE

VALUE AT NOVEMBER 30, 2016

NET UNREALIZED APPRECIATION (DEPRECIATION)

1,915

EUR

Citibank, N.A.

12/30/16

2,159

2,033

126

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION

FUND PAYS FIXED RATE (r)

TERMINATION DATE

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

NOTIONAL AMOUNT  [3]

VALUE

UPFRONT PREMIUMS (PAID)/RECEIVED [4]

Deutsche Bank AG:

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

1.000% quarterly

12/20/21

1.170

%

3,800

23

(16

)

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

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

Investments in open-end investment companies, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values per share as of the report date.

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

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

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

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

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

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

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not

otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts.

Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash

without the delivery of foreign currency.

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

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

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

JPMorgan Emerging Markets Corporate Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

Credit Default Swaps

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

Forward Foreign Currency Exchange Contracts

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

Credit Default Swaps - Buy Protection [1]

Corporate and Sovereign Issuers:

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

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

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

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

Credit Default Swaps

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

JPMorgan Emerging Markets Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by certain money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Fund.

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

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

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

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

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

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

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

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

Percentages indicated are based on net assets.

Futures Contracts

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

CMO	—	Collateralized Mortgage Obligation
GO	—	General Obligation
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2016. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(l)	—	The rate shown is the current yield as of November 30, 2016.

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as off November 30, 2016.

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

Quantitative Information about Level 3 Fair Value Measurements #

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

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

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

B. Derivatives — The Fund used derivative instruments including futures and options in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

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

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

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

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

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

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

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

JPMorgan Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

Percentages indicated are based on net assets.

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

Inflation-Linked Swaps

(Amounts in thousands)

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

(a) Amount rounds to less than 500.

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

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

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

Inflation Managed Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

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

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

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

Derivatives — The Fund used derivative instruments including swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

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

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

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

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

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

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

Inflation-Linked Swaps

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

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.5%
	19,475	Illinois Municipal Electric Agency Power Supply System, Series A, Rev., NATL-RE, 5.125%, 02/01/17 (p)		19,617
	1,175	Will Grundy Etc. Counties Community College District No. 525, Joliet Junior College, GO, 5.750%, 06/01/18 (p)		1,255
				20,872
		Transportation — 0.1%
	3,000	Illinois State Toll Highway Authority, Series A, Rev., 5.000%, 12/01/22		3,430
		Utility — 0.3%
		City of Springfield, Senior Lien Electric,
	3,500	Rev., AGM, 3.500%, 03/01/30		3,412
	4,500	Rev., 5.000%, 03/01/27		5,104
	4,000	Rev., 5.000%, 03/01/28		4,511
				13,027
		Water & Sewer — 0.1%
		City of Chicago, Second Lien Wastewater Transmission,
	1,210	Rev., 5.000%, 01/01/20		1,298
	700	Rev., 5.000%, 01/01/22		766
		City of Chicago, Second Lien Water, Project,
	1,500	Rev., 5.000%, 11/01/21		1,646
	600	Rev., 5.000%, 11/01/22		664
	1,000	Rev., 5.000%, 11/01/27		1,107
	500	Rev., 5.000%, 11/01/30		543
				6,024
		Total Illinois		90,156
		Indiana — 1.2%
		Education — 0.1%
		Indiana University,
	2,000	Series A, Rev., 5.000%, 06/01/28		2,292
	1,000	Series A, Rev., 5.000%, 06/01/32		1,113
		Plainfield Community High School Building Corp.,
	285	Rev., 5.000%, 01/15/22		324
	750	Rev., 5.000%, 07/15/23		870
	1,255	Rev., 5.000%, 07/15/24		1,467
				6,066
		Other Revenue — 0.9%
		Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project,
	1,215	Rev., 5.000%, 02/01/24		1,394
	1,150	Rev., 5.000%, 08/01/24		1,316
	500	Rev., 5.000%, 02/01/25		570
	1,140	Rev., 5.000%, 08/01/26		1,287
		Indiana Finance Authority, State Revolving Fund Program,
	2,300	Series A, Rev., 5.000%, 02/01/23		2,637
	5,205	Series A, Rev., 5.000%, 02/01/30		5,761
	18,805	Series C, Rev., 5.000%, 02/01/21		20,712
	3,000	Series C, Rev., 5.000%, 02/01/30		3,341
	1,000	Indianapolis Local Public Improvement Bond Bank, Series B, Rev., 6.000%, 01/10/20		1,059
				38,077
		Transportation — 0.1%
	3,000	Indianapolis Airport Authority, Special Facilities, FedEx Corp. Project, Rev., 5.100%, 01/15/17 (p)		3,015
		Utility — 0.1%
		Indianapolis Local Public Improvement Bond Bank, Stormwater Project,
	725	Series D, Rev., 5.000%, 01/01/21		812
	1,245	Series D, Rev., 5.000%, 01/01/24		1,415
				2,227
		Water & Sewer — 0.0% (g)
		City of Evansville, Waterworks District,
	325	Series B, Rev., 5.000%, 01/01/22		364
	375	Series B, Rev., 5.000%, 01/01/23		420
	1,000	Indiana State Finance Authority, Wastewater Utility, First Lien, Series A, Rev., 5.250%, 10/01/31		1,123
				1,907
		Total Indiana		51,292
		Iowa — 0.7%
		General Obligation — 0.2%
	6,850	City of Des Moines, Capital Loan Notes, Series H, GO, 5.000%, 06/01/21		7,208
	1,095	Davenport Iowa Corp., GO, 4.000%, 06/01/21		1,165
				8,373
		Other Revenue — 0.5%
		Iowa Finance Authority, State Revolving Fund,
	5,420	Rev., 5.000%, 08/01/26		6,145
	12,905	Rev., 5.000%, 08/01/29		14,614
	500	State of Iowa, Vision Iowa Special Fund, Rev., NATL-RE, 5.500%, 02/15/20		557
				21,316
		Total Iowa		29,689

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Kansas — 1.6%
		General Obligation — 0.0% (g)
	1,000	City of Lenexa, Series B, GO, 5.000%, 09/01/25		1,188
	650	County of Shawnee, Unified School District No. 345, Seaman, Series A, GO, 5.000%, 09/01/24		746
				1,934
		Other Revenue — 0.1%
	3,450	Public Building Commission of Johnson County, Kansas Lease Purchase, Series B, Rev., 5.000%, 09/01/25		4,141
		Transportation — 1.5%
		Kansas State Department Transportation Highway,
	9,500	Series A, Rev., 5.000%, 09/01/17		9,792
	2,500	Series A, Rev., 5.000%, 09/01/18		2,666
	7,000	Series A, Rev., 5.000%, 09/01/19		7,672
	7,000	Series A, Rev., 5.000%, 09/01/20		7,841
	4,405	Series B, Rev., 5.000%, 09/01/26		5,238
	10,000	Series B, Rev., 5.000%, 09/01/30		11,646
	4,625	Series B, Rev., 5.000%, 09/01/35		5,290
	5,750	Series C, Rev., 5.000%, 09/01/24		6,626
		Kansas Turnpike Authority,
	2,000	Series A, Rev., 5.000%, 09/01/21		2,217
	3,800	Series A, Rev., 5.000%, 09/01/22		4,211
				63,199
		Total Kansas		69,274
		Kentucky — 0.7%
		Education — 0.2%
	6,110	Oldham County, Kentucky School District Finance Corp., School Building, Rev., 5.000%, 06/01/27		7,081
		Other Revenue — 0.1%
	1,000	Jefferson County Capital Projects Corp., Series A, Rev., AGM, 4.250%, 06/01/22		1,014
	1,500	Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.250%, 10/01/18		1,601
		Kentucky State Property & Buildings Commission, Project No. 84,
	1,000	Rev., NATL-RE, 5.000%, 08/01/21		1,114
	1,175	Rev., NATL-RE, 5.000%, 08/01/22		1,327
		Kentucky State Property & Buildings Commission, Unrefunded Balance, Project No. 87,
	10	Rev., NATL-RE, 5.000%, 03/01/19		10
	30	Rev., NATL-RE, 5.000%, 03/01/20		30
	115	Kentucky State Property & Buildings Commission, Unrefunded Balance, Project No. 90, Rev., 5.375%, 11/01/23		124
				5,220
		Prerefunded — 0.3%
		Kentucky Asset/Liability Commission, University of Kentucky Project,
	1,500	Series A, Rev., AMBAC, 5.000%, 10/01/17 (p)		1,552
	1,000	Series B, Rev., 5.000%, 10/01/17 (p)		1,034
	2,900	Kentucky Municipal Power Agency, Prairie State Project, Series A, Rev., NATL-RE, 5.250%, 09/01/17 (p)		2,994
	2,330	Kentucky State Property & Buildings Commission, Project No. 87, Rev., NATL-RE, 5.000%, 03/01/17 (p)		2,355
	1,500	Kentucky State Property & Buildings Commission, Project No. 89, Rev., AGM, 5.000%, 11/01/18 (p)		1,607
	885	Kentucky State Property & Buildings Commission, Project No. 90, Rev., 5.375%, 11/01/18 (p)		953
	1,500	Louisville & Jefferson County Metropolitan Sewer District, Sewer & Drainage System, Series A, Rev., AGC, 5.000%, 05/15/18 (p)		1,583
				12,078
		Transportation — 0.1%
	5,145	Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects, Series A, Rev., 5.000%, 07/01/27		5,757
		Total Kentucky		30,136
		Louisiana — 1.3%
		General Obligation — 0.1%
	1,665	City of New Orleans, Capital Appreciation, GO, AMBAC, Zero Coupon, 09/01/17		1,635
	1,000	City of Shreveport, GO, AGM, 4.000%, 04/01/18		1,034
	1,000	State of Louisiana, St. Tammany Parishwide School District No. 12, GO, AGC, 5.000%, 03/01/18		1,046
				3,715

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.4%
	173	East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		177
	490	Louisiana Housing Finance Agency, Single Family Mortgage, Homeownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.125%, 06/01/41		515
	18,150	Louisiana Public Facilities Authority, Multi-Family Housing, CR, Series A, Rev., Zero Coupon, 02/01/20 (p)		17,076
				17,768
		Other Revenue — 0.7%
	18,000	Louisiana Public Facilities Authority, CR, Series B, Rev., Zero Coupon, 12/01/19 (p)		17,042
		Parish of East Baton Rouge, Road & Street Improvement Sales Tax,
	4,270	Rev., AGC, 5.000%, 08/01/20		4,617
	2,125	Rev., AGC, 5.000%, 08/01/21		2,305
	3,490	Rev., AGC, 5.250%, 08/01/19		3,816
				27,780
		Prerefunded — 0.1%
	1,775	Louisiana Local Government Environmental Facilities & Community Development Authority, Lake Charles Public Improvement Project, Rev., AMBAC, 5.000%, 05/01/17 (p)		1,806
	1,275	Louisiana Local Government Environmental Facilities & Community Development Authority, Shreveport Airport System PFC Project, Series B, Rev., AMT, AGM, 5.625%, 01/01/19 (p)		1,378
	1,000	Louisiana Public Facilities Authority, Hurricane Recovery Program, Rev., AMBAC, 5.000%, 06/01/17 (p)		1,020
	2,000	Parish of East Baton Rouge, Road & Street Improvement Sales Tax, Rev., AGC, 5.000%, 08/01/19 (p)		2,183
				6,387
		Utility — 0.0% (g)
	1,400	City of Alexandria, Utilities, Series A, Rev., 5.000%, 05/01/43		1,528
		Total Louisiana		57,178
		Maryland — 0.7%
		Education — 0.2%
		State of Maryland, Health & Higher Educational Facilities Authority, Lifebridge Health Issue,
	1,000	Rev., 4.000%, 07/01/35		981
	1,000	Rev., 4.000%, 07/01/36		976
	4,785	University of Maryland, Auxiliary Facilities & Tuition System, Series A, Rev., 5.000%, 04/01/19		5,173
				7,130
		General Obligation — 0.3%
	2,400	Baltimore County, Consolidated Public Improvement, GO, 5.000%, 08/01/26		2,856
	4,490	County of Montgomery, Series B, GO, 5.000%, 12/01/23		5,305
	5,000	State of Maryland, State & Local Facilities Loan of 2010, First Series, Series B, GO, 5.000%, 03/01/21		5,527
				13,688
		Transportation — 0.2%
	10,000	Maryland State Transportation Authority, Rev., GRAN, 5.000%, 03/01/18		10,098
		Total Maryland		30,916
		Massachusetts — 5.1%
		Education — 0.2%
		Massachusetts Health & Educational Facilities Authority, Institute Of Technology,
	4,070	Series M, Rev., 5.250%, 07/01/25		4,971
	2,100	Series M, Rev., 5.250%, 07/01/29		2,603
				7,574
		General Obligation — 3.3%
	1,000	Commonwealth of Massachusetts, Series A, GO, 5.000%, 03/01/32		1,126
	10,000	Commonwealth of Massachusetts, Consolidated Loan of 2004, Series B, GO, 5.250%, 08/01/23		11,813
	5,000	Commonwealth of Massachusetts, Consolidated Loan of 2006, Series E, GO, AMBAC, 5.000%, 11/01/25		5,920
		Commonwealth of Massachusetts, Consolidated Loan of 2014,
	2,500	Series C, GO, 5.000%, 07/01/23		2,873
	5,000	Series C, GO, 5.000%, 08/01/25		5,906
	10,000	Series F, GO, 5.000%, 11/01/26		11,471
	32,950	Series F, GO, 5.000%, 11/01/27		37,797

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Massachusetts State Construction,
	2,250	Series A, GO, 5.000%, 03/01/31		2,544
	6,750	Series A, GO, 5.000%, 03/01/34		7,544
	9,660	Series D, GO, 4.000%, 09/01/29		10,203
	8,290	Series D, GO, 4.000%, 09/01/30		8,683
	11,450	Series D, GO, 5.000%, 09/01/26		13,448
	15,000	Series D, GO, 5.000%, 09/01/28		17,474
	4,349	Town of Randolph, GO, BAN, 2.000%, 02/28/17		4,361
				141,163
		Other Revenue — 0.3%
		Massachusetts School Building Authority, Sales Tax,
	10,000	Series B, Rev., 5.000%, 08/15/28		11,365
	2,000	Series C, Rev., 5.000%, 08/15/26		2,354
	1,020	Massachusetts State Development Finance Agency, Series B, Rev., 5.000%, 09/01/26		1,082
				14,801
		Prerefunded — 0.4%
	1,000	Commonwealth of Massachusetts, Consolidated Loan of 2008, Series A, GO, 5.000%, 08/01/18 (p)		1,063
	11,890	Commonwealth of Massachusetts, Consolidated Loan of 2011, Series D, GO, 5.000%, 10/01/21 (p)		13,603
	2,795	Massachusetts Bay Transportation Authority, Capital Appreciation, Series A-2, Rev., Zero Coupon, 07/01/17 (p)		2,321
	480	Massachusetts State Development Finance Agency, Series B, Rev., 5.000%, 09/01/18 (p)		511
				17,498
		Transportation — 0.8%
		Massachusetts Bay Transportation Authority,
	1,925	Series A, Rev., 5.000%, 07/01/21		2,191
	1,255	Series A, Rev., 5.000%, 07/01/31		1,499
	2,250	Series A, Rev., 5.250%, 07/01/25		2,707
	10,530	Series A, Rev., 5.250%, 07/01/27		12,820
	5,000	Series A, Rev., 5.250%, 07/01/29		6,140
	5,000	Series A-1, Rev., 5.250%, 07/01/33		6,129
	1,500	Massachusetts Port Authority, Series B, Rev., 5.000%, 07/01/21		1,701
				33,187
		Water & Sewer — 0.1%
	3,110	Massachusetts Water Resources Authority, Series B, Rev., AGM, 5.250%, 08/01/24		3,690
		Total Massachusetts		217,913
		Michigan — 1.9%
		Education — 0.6%
		Regents of the University of Michigan,
	9,000	Rev., 4.000%, 04/01/34		9,219
	4,170	Rev., 4.000%, 04/01/35		4,261
	3,375	Rev., 5.000%, 04/01/31		3,894
	2,190	Rev., 5.000%, 04/01/33		2,500
	3,915	Series A, Rev., 5.000%, 04/01/20		4,227
				24,101
		General Obligation — 0.4%
	1,005	City of Troy, Limited Tax, GO, 5.250%, 11/01/29		1,138
	4,900	Counties of Oakland & Livingston, Huron Valley School District, GO, Q-SBLF, 5.000%, 05/01/23		5,451
	2,000	County of Washtenaw, Ann Arbor Public School District, GO, Q-SBLF, 5.000%, 05/01/21		2,247
	1,000	County of Washtenaw, Ypsilanti School District, GO, AGC, Q-SBLF, 5.000%, 05/01/18		1,050
	1,305	Grand Rapids Community College, GO, 5.000%, 05/01/23		1,460
	1,250	Hudsonville Public Schools, School Building & Site, GO, Q-SBLF, 5.250%, 05/01/25		1,405
	4,300	State of Michigan, Series A, GO, 5.000%, 12/01/28		4,943
				17,694
		Hospital — 0.1%
	1,000	Michigan Finance Authority, Trinity Health Group, Rev., 5.000%, 12/01/31		1,122
	1,500	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1, Rev., VAR, 2.000%, 05/30/18		1,512
				2,634
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	1,170	Michigan Strategic Fund, Detroit Pollution Fund, Limited Obligation, Series BB, Rev., AMBAC, 7.000%, 05/01/21		1,395

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.0% (g)
	1,000	Michigan Finance Authority, Unemployment Obligation Assessment, Series B, Rev., 5.000%, 07/01/21		1,057
		Prerefunded — 0.2%
	5,000	Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/20 (p)		5,617
	1,500	Michigan Strategic Fund, House of Representatives Facilities, Limited Obligation, Series A, Rev., AGC, 5.250%, 10/15/18 (p)		1,612
				7,229
		Transportation — 0.2%
	2,000	Michigan State Comprehensive Transportation, Rev., AGM, 5.250%, 05/15/21		2,284
		State of Michigan, Trunk Line Fund,
	1,150	Rev., 5.000%, 11/15/25		1,297
	610	Rev., 5.000%, 11/15/26		686
	1,035	Rev., 5.000%, 11/15/27		1,162
	2,185	Rev., 5.000%, 11/15/30		2,426
				7,855
		Utility — 0.0% (g)
		Lansing Board of Water & Light, Utility Systems,
	1,000	Series A, Rev., 5.000%, 07/01/26		1,120
	1,000	Series A, Rev., 5.500%, 07/01/41		1,126
				2,246
		Water & Sewer — 0.4%
		City of Grand Rapids, Sanitary Sewer System,
	1,670	Rev., 5.000%, 01/01/23		1,920
	1,000	Rev., 5.000%, 01/01/25		1,136
	400	Rev., 5.000%, 01/01/27		466
	325	Rev., 5.000%, 01/01/28		376
	350	Rev., 5.000%, 01/01/29		402
	370	Rev., 5.000%, 01/01/30		421
	585	Rev., 5.000%, 01/01/31		664
	750	Rev., 5.000%, 01/01/32		847
	1,400	Rev., 5.000%, 01/01/33		1,573
	1,000	Rev., 5.000%, 01/01/34		1,119
	5,935	Series A, Rev., BHAC-CR, AGM-CR FGIC, 5.500%, 01/01/22		6,555
	1,445	State of Michigan, Lansing Board of Water & Light, Series A, Rev., 5.000%, 07/01/19		1,519
				16,998
		Total Michigan		81,209
		Minnesota — 0.7%
		General Obligation — 0.7%
		Circle Pines Independent School District No. 12,
	650	Series A, GO, Zero Coupon, 02/01/22		577
	800	Series A, GO, Zero Coupon, 02/01/23		690
	1,170	City of Marshall, Series B, GO, 5.000%, 02/01/23		1,352
	1,060	Independent School District No. 720, Shakopee Public Schools, Minnesota, Series A, GO, 5.000%, 02/01/23		1,220
	2,380	State of Minnesota, Independent School District No. 885, Wright County, Series A, GO, 4.000%, 02/01/18		2,458
		State of Minnesota, Various Purpose,
	280	Series A, GO, 5.000%, 08/01/19		306
	10,000	Series F, GO, 5.000%, 08/01/20		11,177
	10,000	Series H, GO, 5.000%, 11/01/19		11,005
				28,785
		Hospital — 0.0% (g)
	1,000	City of Rochester, Health Care Facilities, Mayo Clinic, Series A, Rev., VAR, 4.000%, 11/15/18		1,050
		Total Minnesota		29,835
		Missouri — 2.7%
		General Obligation — 0.0% (g)
	620	City of Kansas, Improvement & Refunding, Series A, GO, 5.000%, 02/01/23		694
		Housing — 0.0% (g)
	55	Missouri Housing Development Commission, Single Family Mortgage, Homeownership Loan Program, Series A, Rev., GNMA/FNMA/COLL, 5.000%, 09/01/39		58
	300	Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program, Series E-1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/27		314
				372

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
		Missouri State Environmental Improvement & Energy Resources Authority, State Revolving Funds Program,
	3,645	Series B, Rev., 5.000%, 07/01/22		4,088
	660	Series B, Rev., 5.000%, 07/01/24		738
	175	Series B, Rev., 5.000%, 07/01/29		193
	65	Series B, Rev., 5.000%, 07/01/30		72
	10	Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.000%, 01/01/20 (p)		11
				5,102
		Prerefunded — 0.3%
	2,935	Missouri Highways & Transportation Commission, Second Lien, Rev., 5.250%, 05/01/17 (p)		2,988
	8,795	Missouri State Environmental Improvement & Energy Resources Authority, State Revolving Funds Program, Series B, Rev., 5.000%, 01/01/21 (p)		9,906
				12,894
		Transportation — 1.5%
	4,065	Missouri Highways & Transportation Commission, Federal Reimbursement, Series A, Rev., 5.000%, 05/01/20		4,404
	25,750	Missouri Highways & Transportation Commission, First Lien, Series A, Rev., 5.000%, 05/01/26		31,012
		Missouri Highways & Transportation Commission, Senior Lien,
	7,985	Rev., 5.000%, 02/01/21		8,038
	16,815	Series C, Rev., 5.000%, 02/01/22		19,351
				62,805
		Utility — 0.4%
		Missouri Joint Municipal Electric Utility Commission Power Project, Prairie State Project,
	7,995	Series A, Rev., 4.000%, 12/01/32		8,102
	8,450	Series A, Rev., 4.000%, 12/01/33		8,497
				16,599
		Water & Sewer — 0.4%
		City of Kansas, Sanitary Sewer System,
	3,140	Series A, Rev., 5.000%, 01/01/26		3,495
	2,340	Series A, Rev., 5.000%, 01/01/28		2,695
		Metropolitan St. Louis Sewer District Wastewater System Improvement,
	530	Series B, Rev., 5.000%, 05/01/31		612
	1,900	Series B, Rev., 5.000%, 05/01/32		2,182
	3,430	Series B, Rev., 5.000%, 05/01/33		3,923
	2,000	Series B, Rev., 5.000%, 05/01/34		2,280
	2,125	Series B, Rev., 5.000%, 05/01/35		2,417
				17,604
		Total Missouri		116,070
		Montana — 0.1%
		Prerefunded — 0.1%
	3,100	State of Montana, Department of Transportation, Highway 93 Advance Construction Project, Rev., GAN, 5.000%, 06/01/18 (p)		3,277
		Nebraska — 0.1%
		Water & Sewer — 0.1%
	1,820	City of Omaha, Sewer Revenue, Rev., 5.000%, 11/15/31		2,065
		Nevada — 0.1%
		General Obligation — 0.0% (g)
	705	Clark County School District, Series A, GO, 5.500%, 06/15/17		722
		Water & Sewer — 0.1%
	1,550	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/31		1,759
		Total Nevada		2,481
		New Jersey — 3.9%
		Certificate of Participation/Lease — 0.1%
		State of New Jersey, Equipment Lease Purchase,
	2,500	Series A, COP, 5.000%, 06/15/20		2,617
	3,300	Series A, COP, 5.000%, 06/15/21		3,449
				6,066
		Education — 0.4%
	9,500	New Jersey EDA, School Facilities Construction, Series XX, Rev., 5.000%, 06/15/21		10,078
	5,000	New Jersey Educational Facilities Authority, Princeton University, Series D, Rev., 5.250%, 07/01/17		5,128
				15,206
		General Obligation — 0.5%
	10,400	Borough of Carteret, Middlesex County, GO, 2.000%, 02/03/17		10,418

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation –– continued
	5,000	Borough of Freehold, Monmouth County, Series A, GO, 2.000%, 12/02/16		5,000
	6,686	Clinton Township, GO, 2.000%, 01/25/17		6,696
	100	The Board of Education of the Township of Franklin, County of Somerset, GO, 5.000%, 08/15/17		103
				22,217
		Transportation — 2.7%
		New Jersey Transportation Trust Fund Authority,
	2,500	Series A-1, Rev., 5.000%, 06/15/28		2,644
	7,000	Series A-1, Rev., 5.000%, 06/15/29		7,348
	43,490	Series A-2, Rev., 5.000%, 06/15/22		45,090
	39,430	Series A-2, Rev., 5.000%, 06/15/23		40,838
	7,000	New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1, Rev., 5.000%, 06/15/27		7,446
	5,000	New Jersey Transportation Trust Fund Authority, Transportation Program, Series AA, Rev., 5.000%, 06/15/36		4,951
		New Jersey Transportation Trust Fund Authority, Transportation System,
	500	Series A, Rev., 5.000%, 06/15/42		491
	5,000	Series B, Rev., AMBAC, 5.250%, 12/15/22		5,423
				114,231
		Water & Sewer — 0.2%
		Sussex County Municipal Utilities Authority, Wastewater Facilities, Capital Appreciation,
	1,345	Series B, Rev., AGM, Zero Coupon, 12/01/16		1,345
	1,510	Series B, Rev., AGM, Zero Coupon, 12/01/17		1,491
	1,610	Series B, Rev., AGM, Zero Coupon, 12/01/18		1,556
	1,845	Series B, Rev., AGM, Zero Coupon, 12/01/19		1,738
				6,130
		Total New Jersey		163,850
		New Mexico — 0.6%
		Housing — 0.1%
		New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
	225	Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.650%, 09/01/39		233
	700	Series C-2, Class I, Rev., GNMA/FNMA/FHLMC COLL, 5.700%, 09/01/40		733
	880	Series D, Class I, Rev., GNMA/FNMA/FHLMC, 5.350%, 09/01/40		924
				1,890
		Other Revenue — 0.2%
	1,010	County of Bernalillo, Series B, Rev., NATL-RE-IBC, 5.700%, 04/01/27		1,211
		New Mexico Finance Authority, Senior Lien Public Project Revolving Fund,
	1,775	Series B, Rev., 5.000%, 06/01/20		1,861
	1,645	Series B, Rev., 5.000%, 06/01/21		1,729
	1,890	Series B, Rev., 5.000%, 06/01/26		1,981
	2,050	Series B, Rev., 5.000%, 06/01/28		2,145
				8,927
		Transportation — 0.3%
	10,000	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/20		11,143
	1,500	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.000%, 12/15/21		1,671
				12,814
		Total New Mexico		23,631
		New York — 19.4%
		Education — 0.7%
		New York State Dormitory Authority,
	750	Series B, Rev., 5.000%, 10/01/28		893
	665	Series B, Rev., 5.000%, 10/01/29		787
	1,000	Series B, Rev., 5.000%, 10/01/30		1,179
	500	Series B, Rev., 5.000%, 10/01/31		586
	7,825	New York State Dormitory Authority, City University System, Consolidated Fifth General Resolution, Series B, Rev., 5.000%, 07/01/18		8,301
	3,475	New York State Dormitory Authority, Columbia University, Subseries A-2, Rev., 5.000%, 10/01/46		4,258
	2,000	New York State Dormitory Authority, School Districts Financing Program, Series B, Rev., 5.000%, 10/01/24		2,273
	1,825	New York State Dormitory Authority, Siena College, Rev., NATL-RE, 5.000%, 07/01/22		1,831

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education –– continued
	2,370	New York State Dormitory Authority, St. John’s University, Series C, Rev., NATL-RE, 5.250%, 07/01/20		2,648
	550	New York State Dormitory Authority, State University Dormitory Facilities, Series A, Rev., 5.000%, 07/01/30		614
		New York State Dormitory Authority, Third General Resolution, State University Educational Facilities,
	2,000	Series A, Rev., 5.000%, 05/15/25		2,276
	2,000	Series A, Rev., 5.000%, 05/15/28		2,257
				27,903
		General Obligation — 0.6%
	5,000	City of New York, Fiscal Year 2010, Series E, GO, 5.000%, 08/01/23		5,409
	9,520	City of New York, Fiscal Year 2014, Series G, GO, 5.000%, 08/01/25		10,982
	3,665	City of New York, Unrefunded Balance, Series F, GO, 6.000%, 01/15/21		3,756
	100	Counties of Monroe, Orleans & Genesee, Brockport Central School District, GO, NATL-RE, FGIC, 5.750%, 06/15/18		107
	1,000	Town of Leray, Jefferson County, GO, 2.000%, 12/08/16		1,000
	3,192	Town of Southampton, Suffolk County, GO, 2.000%, 02/23/17		3,200
				24,454
		Other Revenue — 7.1%
	3,475	New York City Municipal Water Finance Authority, Building Aid, Series S-1, Rev., 5.000%, 07/15/33		3,893
		New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007,
	10,000	Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/17		10,057
	7,000	Series S-1, Rev., NATL-RE, FGIC, 5.000%, 07/15/18		7,034
	2,000	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009, Series S-4, Rev., 5.500%, 01/15/39		2,155
	3,000	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2011, Subseries S-1A, Rev., 5.000%, 07/15/19		3,266
	3,500	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/40		3,866
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	1,230	Series B, Rev., 5.000%, 02/01/24		1,371
	3,835	Series B, Rev., 5.000%, 02/01/26		4,267
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010,
	5,000	Series B, Rev., 5.000%, 11/01/21		5,496
	7,020	Series B, Rev., 5.000%, 11/01/22		7,716
	3,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Series E, Subseries E-1, Rev., 5.000%, 02/01/25		3,430
		New York Convention Center Development Corporation, Capital Appreciation Suordinated Lien, Hotel Unit fee Secured,
	1,000	Series B, Rev., Zero Coupon, 11/15/25		737
	1,500	Series B, Rev., Zero Coupon, 11/15/26		1,056
	1,500	Series B, Rev., Zero Coupon, 11/15/27		1,011
	2,000	Series B, Rev., Zero Coupon, 11/15/28		1,292
	2,500	Series B, Rev., Zero Coupon, 11/15/29		1,543
	3,650	Series B, Rev., Zero Coupon, 11/15/30		2,147
	2,085	Series B, Rev., Zero Coupon, 11/15/31		1,168
	2,000	Series B, Rev., Zero Coupon, 11/15/32		1,069
	2,000	Series B, Rev., Zero Coupon, 11/15/33		1,018
		New York Convention Center Development Corporation, Hotel Unit fee Secured,
	4,610	Rev., 5.000%, 11/15/24		5,388
	2,250	Rev., 5.000%, 11/15/25		2,645
		New York Local Government Assistance Corp., Senior Lien,
	1,000	Series A, Rev., 5.000%, 04/01/20		1,049
	10,000	Series B-C/D, Rev., 5.500%, 04/01/19		10,936
	4,050	Series C, Rev., 5.000%, 04/01/17		4,108
	5,920	New York State Dormitory Authority, Consolidated Services Contract, Series A, Rev., 5.000%, 07/01/23		6,419
		New York State Dormitory Authority, State Sales Tax,
	12,400	Series A, Rev., 5.000%, 03/15/25		14,633
	5,500	Series A, Rev., 5.000%, 03/15/30		6,305
	5,000	Series A, Rev., 5.000%, 03/15/31		5,699
	22,225	Series A, Rev., 5.000%, 03/15/32		25,194
	14,815	Series B, Rev., 5.000%, 03/15/27		17,537
	7,420	Series B, Rev., 5.000%, 03/15/29		8,646
	8,000	Series B, Rev., 5.000%, 03/15/30		9,248
	31,675	Series B, Rev., 5.000%, 03/15/31		36,379

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	10,000	Series B, Rev., 5.000%, 03/15/33		11,378
	18,300	Series B, Rev., 5.000%, 03/15/34		20,731
	13,080	Series B, Rev., 5.000%, 03/15/39		14,669
		New York State Urban Development Corp., Service Contract,
	5,000	Series B, Rev., 5.250%, 01/01/25		5,308
	7,820	Series D, Rev., 5.500%, 01/01/19		8,453
		Sales Tax Asset Receivable Corp.,
	2,500	Series A, Rev., 5.000%, 10/15/26		2,955
	3,785	Series A, Rev., 5.000%, 10/15/29		4,435
	12,500	Series A, Rev., 5.000%, 10/15/31		14,556
	815	Sales Tax Asset Receivable Corp., Fiscal Year 2015, Series A, Rev., 5.000%, 10/15/25		965
	255	State of New York, Tobacco Settlement Financing Corp., Series B, Rev., 5.000%, 06/01/21		256
				301,484
		Prerefunded — 0.4%
	100	New York City Transitional Finance Authority, Future Tax Secured, Series B, Rev., 4.750%, 05/01/17 (p)		102
	5,000	New York State Dormitory Authority, State Personal Income Tax, Education, Series A, Rev., 5.000%, 03/15/18 (p)		5,251
	7,425	New York State Thruway Authority, Secondary General Highway & Bridge Trust Fund, Series B, Rev., 5.000%, 10/01/17 (p)		7,676
	5,000	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		5,240
				18,269
		Special Tax — 4.4%
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	20,000	Series A, Rev., 5.000%, 02/15/27		23,410
	7,000	Series A, Rev., 5.000%, 03/15/27		8,164
	10,000	Series A, Rev., 5.000%, 02/15/28		11,662
	20,000	Series A, Rev., 5.000%, 12/15/28		22,562
	5,000	Series A, Rev., 5.000%, 02/15/29		5,799
	4,900	Series A, Rev., 5.000%, 12/15/29		5,519
	3,000	Series A, Rev., 5.000%, 02/15/43		3,272
	9,000	Series B, Rev., 5.000%, 03/15/24		10,126
	20,000	Series C, Rev., 5.000%, 03/15/33		22,518
		New York State Dormitory Authority, State Personal Income Tax, Unrefunded Balance,
	1,425	Series A, Rev., 5.250%, 02/15/27		1,541
	1,255	Series D, Rev., 5.000%, 03/15/17		1,259
	7,265	New York State Environmental Facilities Corp., Environment, Series A, Rev., 5.250%, 12/15/19		8,059
		New York State Thruway Authority, State Personal Income Tax, Transportation,
	2,050	Series A, Rev., 5.000%, 03/15/17		2,075
	11,025	Series A, Rev., 5.000%, 03/15/26		12,232
	17,000	Series A, Rev., 5.250%, 03/15/19		18,450
		New York State Urban Development Corp., State Personal Income Tax, Economic Development & Housing,
	1,000	Series A-1, Rev., 5.000%, 12/15/17		1,042
	1,500	Series A-1, Rev., 5.000%, 12/15/22		1,613
	2,250	Series A-1, Rev., 5.000%, 12/15/23		2,420
	2,340	New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A, Rev., 5.000%, 03/15/31		2,592
	17,770	New York State Urban Development Corp., State Personal Income Tax, State Facilities & Equipment, Series A-2, Rev., NATL-RE, 5.500%, 03/15/21		20,397
				184,712
		Transportation — 2.9%
		Metropolitan Transportation Authority,
	12,630	Series A, Rev., 5.500%, 07/01/17		12,960
	3,000	Subseries C-1, Rev., 5.000%, 11/15/35		3,312
	6,000	Subseries C-1, Rev., 5.250%, 11/15/29		6,873
	18,855	MTA Hudson Rail Yards Trust Obligations, Series A, Rev., 5.000%, 11/15/46		20,022
	5,000	Port Authority of New York & New Jersey, Consolidated, 148th Series, Rev., AGM, 5.000%, 08/15/17		5,147
	3,000	Port Authority of New York & New Jersey, Consolidated, 172nd Series, Rev., 5.000%, 10/01/22		3,370
		Port Authority of New York & New Jersey, Consolidated, 190th Series,
	3,105	Rev., 5.000%, 05/01/31		3,406
	5,000	Rev., 5.000%, 05/01/33		5,473
	13,500	Port Authority of New York & New Jersey, Consolidated, 93rd Series, Rev., 6.125%, 06/01/94		16,285

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation –– continued
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	25,730	Series A, Rev., 5.000%, 01/01/26		29,072
	10,000	Series A-2, Rev., 5.000%, 11/15/28		10,676
	2,500	Series B, Rev., 5.000%, 11/15/30		2,796
	8,860	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Capital Appreciation, Series B, Rev., Zero Coupon, 11/15/32		4,957
				124,349
		Utility — 1.7%
	6,000	Long Island Power Authority, Electric System, Series E, Rev., NATL, 5.000%, 12/01/17		6,001
		Utility Debt Securitization Authority,
	24,730	Rev., 5.000%, 12/15/27		29,165
	9,150	Rev., 5.000%, 12/15/32		10,504
	15,250	Rev., 5.000%, 12/15/36		17,262
	1,500	Series TE, Rev., 5.000%, 12/15/29		1,728
	3,500	Series TE, Rev., 5.000%, 12/15/32		3,982
	4,250	Series TE, Rev., 5.000%, 12/15/41		4,786
				73,428
		Water & Sewer — 1.6%
	16,555	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/24		18,385
	1,275	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2012, Series DD, Rev., 5.000%, 06/15/27		1,456
	4,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series DD, Rev., 5.000%, 06/15/22		4,601
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.000%, 06/15/31		5,704
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution,
	10,000	Series A, Rev., 4.000%, 06/15/28		10,705
	5,635	Series A, Rev., 5.000%, 06/15/25		6,696
	4,345	Series B, Rev., 5.000%, 06/15/27		4,906
	7,280	Series D, Rev., 5.000%, 06/15/25		8,358
	5,325	Series D, Rev., 5.000%, 06/15/27		6,078
	1,000	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Pooled Financing Program, Series B, Rev., 5.500%, 04/15/35 (p)		1,292
				68,181
		Total New York		822,780
		North Carolina — 1.3%
		General Obligation — 0.6%
	2,000	County of Union, Series A, GO, 5.000%, 03/01/21		2,259
	22,100	State of North Carolina, Series A, GO, 5.000%, 03/01/17		22,334
				24,593
		Other Revenue — 0.4%
		City of Raleigh,
	495	Rev., 5.000%, 02/01/24		579
	985	Rev., 5.000%, 02/01/27		1,156
	925	Rev., 5.000%, 02/01/29		1,072
	400	City of Wilmington, Series A, Rev., 5.000%, 06/01/28		455
	1,880	County of Chatham, Rev., 5.000%, 11/01/26		2,180
	540	County of Onslow, Public Facilities Company Ltd., Rev., 4.000%, 10/01/32		555
		County of Wake, Obligation Hammond Road Detention Center, Annual Appropriation,
	5,150	Rev., 5.000%, 06/01/18		5,444
	3,500	Rev., 5.000%, 06/01/19		3,799
				15,240
		Prerefunded — 0.3%
	3,000	Mecklenburg County Public Facilities Corp., Rev., 5.000%, 03/01/19 (p)		3,238
	5,000	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC, 5.250%, 01/01/18 (p)		5,225
	815	North Carolina Medical Care Commission, Health System, Unrefunded Balance, Rev., 5.000%, 10/01/17 (p)		843
	5,000	State of North Carolina, Limited Annual Appropriation, Capital Improvement, Series A, Rev., 5.000%, 05/01/19 (p)		5,420
				14,726
		Total North Carolina		54,559
		Ohio — 1.4%
		General Obligation — 0.0% (g)
	500	City of Dublin, Various Purpose, GO, 5.000%, 12/01/25		602

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.1%
		County of Hamilton, Hospital Facilities, UC Health,
	750	Rev., 5.000%, 02/01/19		800
	750	Rev., 5.000%, 02/01/20		816
		County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group,
	1,200	Series A, Rev., 5.000%, 07/01/28		1,320
	750	Series A, Rev., 5.750%, 07/01/28		862
	1,400	Series A, Rev., 5.750%, 07/01/33		1,575
				5,373
		Industrial Development Revenue/Pollution Control Revenue — 0.6%
		Ohio State Water Development Authority, Water Pollution Control Loan Fund,
	3,360	Rev., 5.000%, 12/01/24		3,985
	1,050	Series A, Rev., 5.000%, 06/01/22		1,211
	2,815	Series A, Rev., 5.000%, 12/01/22		3,276
	9,250	Series A, Rev., 5.000%, 06/01/24		10,917
	4,135	Series A, Rev., 5.000%, 06/01/26		4,932
				24,321
		Other Revenue — 0.2%
		County of Cuyahoga, Sports Facilties Improvement Project,
	835	Rev., 5.000%, 12/01/24		957
	500	Rev., 5.000%, 12/01/25		568
	1,000	Rev., 5.000%, 12/01/26		1,133
	500	Rev., 5.000%, 12/01/27		565
	115	Franklin County Convention Facilities Authority, Unrefunded Balance, Rev., 5.000%, 12/01/21		119
		State of Ohio, Building Authority, State Facilities, Adult Correctional Building Fund Projects,
	2,510	Series B, Rev., 5.000%, 10/01/23		2,751
	2,000	Series B, Rev., 5.000%, 10/01/24		2,190
	1,495	State of Ohio, Capital Facilities Lease, Adult Correctional Building Fund Projects, Series B, Rev., 5.000%, 10/01/29		1,689
				9,972
		Prerefunded — 0.2%
	7,235	City of Columbus, Various Purpose, Series A, GO, 5.000%, 12/15/16 (p)		7,248
	885	Franklin County Convention Facilities Authority, Rev., 5.000%, 12/01/17 (p)		921
	820	Ohio Higher Educational Facility, Rev., 5.000%, 11/01/17 (p)		851
				9,020
		Transportation — 0.1%
	2,000	State of Ohio, Turnpike Commission, Series A, Rev., 5.000%, 02/15/25		2,192
		Water & Sewer — 0.2%
	4,210	County of Hamilton, Sewer System Improvement, The Metropolitan Sewer District of Greater Cincinnati, Series A, Rev., 5.000%, 12/01/21		4,686
	2,030	County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati, Series A, Rev., 5.000%, 12/01/29		2,319
		Northeast Ohio Regional Sewer District, Wastewater Improvement,
	45	Rev., 4.000%, 11/15/49		44
	1,500	Rev., 5.000%, 11/15/26		1,740
	250	Ohio State Water Development Authority, Drinking Water Assistance Fund, Series C, Rev., 5.000%, 12/01/16		250
				9,039
		Total Ohio		60,519
		Oklahoma — 0.4%
		Education — 0.2%
	1,110	Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project, Rev., 5.000%, 09/01/21		1,237
	7,345	Tulsa County Industrial Authority, Educational Facilities Lease, Jenks Public Schools Project, Rev., 5.500%, 09/01/17		7,580
				8,817
		Housing — 0.0% (g)
	80	Oklahoma Housing Finance Agency, Homeownership Loan Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.250%, 09/01/29		82
		Transportation — 0.2%
		Oklahoma Turnpike Authority, Turnpike System, Second Senior,
	4,000	Series A, Rev., 5.000%, 01/01/23		4,475
	5,000	Series A, Rev., 5.000%, 01/01/25		5,586
				10,061
		Total Oklahoma		18,960

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oregon — 0.3%
		General Obligation — 0.0% (g)
	1,125	State of Oregon, Beaverton School District 48J, Counties of Washington & Multnomah, GO, 5.000%, 06/15/21		1,276
		Prerefunded — 0.2%
	2,545	City of Portland, Sewer System, Second Lien, Series B, Rev., 5.000%, 06/15/18 (p)		2,694
	3,885	Oregon State Department of Administrative Services, Series A, COP, 5.000%, 05/01/19 (p)		4,210
				6,904
		Water & Sewer — 0.1%
	5,350	City of Portland, Sewer System, First Lien, Series A, Rev., 5.000%, 06/01/26		6,267
		Total Oregon		14,447
		Pennsylvania — 0.5%
		Education — 0.1%
	5,000	Pennsylvania Higher Educational Facilities Authority, Series A, Rev., 5.000%, 09/01/19 (p)		5,475
		General Obligation — 0.1%
		County of Bucks,
	500	GO, 5.000%, 05/01/24		588
	150	GO, 5.000%, 05/01/25		177
	310	GO, 5.000%, 05/01/26		370
	325	GO, 5.000%, 05/01/27		383
	3,120	Octorara Area School District, Series B, GO, AGM, 4.000%, 06/01/20		3,308
				4,826
		Prerefunded — 0.3%
		County of Allegheny, West Mifflin Area School District,
	4,065	GO, AGM, 5.000%, 10/01/18 (p)		4,346
	2,000	GO, AGM, 5.375%, 10/01/18 (p)		2,152
	500	GO, AGM, 5.500%, 10/01/18 (p)		539
	1,000	County of York, Red Lion Area School District, GO, AGM, 5.000%, 05/01/18 (p)		1,054
	3,465	State Public School Building Authority, Delaware County Community College Project, Rev., AGM, 5.000%, 04/01/18 (p)		3,642
				11,733
		Total Pennsylvania		22,034
		Puerto Rico — 0.3%
		Other Revenue — 0.3%
	10,000	Puerto Rico Public Finance Corp., Series E, Rev., CIFG-TCRS, AGM-CR, 6.000%, 08/01/26 (p)		12,470
		Rhode Island — 0.1%
		General Obligation — 0.0% (g)
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/25		1,153
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	1,750	Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Pooled Loan, Series A, Rev., 5.000%, 10/01/23		2,020
		Total Rhode Island		3,173
		South Carolina — 1.8%
		Education — 0.1%
		Berkeley County School District, Special Obligation,
	1,000	Rev., 5.000%, 12/01/22		1,124
	1,505	Rev., 5.000%, 12/01/23		1,706
				2,830
		General Obligation — 1.1%
	665	Darlington County School District, GO, SCSDE, 5.000%, 03/01/17		672
	1,250	Horry County School District, Series A, GO, SCSDE, 5.000%, 03/01/23		1,452
	250	School District No. 1 of Spartanburg County, Series D, GO, SCSDE, 4.000%, 03/01/17		252
	10,000	State of South Carolina, Highway, Series A, GO, 5.000%, 06/01/19		10,883
		York County School District No. 1,
	3,620	GO, SCSDE, 5.000%, 03/01/20		3,995
	3,790	GO, SCSDE, 5.000%, 03/01/21		4,267
	4,260	GO, SCSDE, 5.000%, 03/01/22		4,873
	4,985	GO, SCSDE, 5.000%, 03/01/23		5,774
	5,960	GO, SCSDE, 5.000%, 03/01/26		7,078
	6,270	GO, SCSDE, 5.000%, 03/01/27		7,401
				46,647
		Housing — 0.0% (g)
	360	South Carolina State Housing Finance & Development Authority, Series 1, Rev., GNMA COLL, 5.000%, 01/01/28		378

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.4%
	4,000	Scago Educational Facilities Corp., Pickens School District Project, Rev., AGM, 5.000%, 12/01/16 (p)		4,000
	10,415	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/19 (p)		11,308
				15,308
		Utility — 0.2%
	8,125	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, 6.750%, 01/01/20		9,252
		Total South Carolina		74,415
		Tennessee — 0.5%
		General Obligation — 0.5%
	4,000	City of Memphis, General Improvement, Series D, GO, 5.000%, 07/01/23		4,432
	7,330	County of Montgomery, GO, 5.000%, 04/01/22		8,434
	5,500	Metropolitan Government of Nashville & Davidson, Public Improvement, Series C, GO, 5.000%, 07/01/30		6,314
				19,180
		Utility — 0.0% (g)
	640	City of Lawrenceburg, Electric System, Rev., NATL-RE, 6.625%, 07/01/18		668
	1,000	Tennessee Energy Acquisition Corp., Gas Project, Series C, Rev., 5.000%, 02/01/17		1,006
				1,674
		Water & Sewer — 0.0% (g)
		The City Of Clarksville, Tennessee Water , Sewer And Gas,
	500	Rev., 5.000%, 02/01/24		582
	500	Rev., 5.000%, 02/01/25		587
	565	Rev., 5.000%, 02/01/26		666
				1,835
		Total Tennessee		22,689
		Texas — 6.1%
		Education — 0.5%
		El Paso County Community College District,
	4,265	Rev., NATL-RE, 5.000%, 04/01/19		4,319
	3,380	Rev., NATL-RE, 5.000%, 04/01/20		3,423
		Tarrant County Cultural Education Facilities Finance Corp., Health Resources,
	3,500	Series A, Rev., 5.000%, 02/15/17		3,530
	2,690	Series A, Rev., 5.000%, 02/15/18		2,713
		Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center,
	550	Rev., 5.000%, 09/01/19		595
	750	Rev., 5.000%, 09/01/20		826
	2,015	Texas A&M University, Permanent University Fund, Series A, Rev., 5.250%, 07/01/28		2,412
	2,030	University of Texas System, Board of Regents, Financing System, Green Bonds, Series B, Rev., 5.000%, 08/15/26		2,424
				20,242
		General Obligation — 1.8%
	6,000	City of Dallas, GO, 5.000%, 02/15/23		6,906
	4,715	City of Garland, Series A, GO, 5.000%, 02/15/24		4,909
		City of Houston, Public Improvement,
	2,700	Series A, GO, 5.000%, 03/01/28		3,076
	2,600	Series A, GO, 5.000%, 03/01/29		2,942
	2,765	City of Lubbock, GO, 5.000%, 02/15/26		3,191
	4,290	Counties of Collin & Denton, City of Frisco, Improvement, GO, 5.000%, 02/15/23		4,808
	5,140	Counties of Harris & Fort Bend, Houston Community College System, Limited Tax, GO, 5.000%, 02/15/25		5,728
	8,120	Counties of Travis, Williamson & Hays, City of Austin, Public Improvement, GO, 5.000%, 09/01/22		9,386
	2,250	County of Collin, Plano Independent School District, GO, PSF-GTD, 5.000%, 02/15/21		2,482
	5,000	County of Harris, Road, Series A, GO, 5.000%, 10/01/22		5,583
	3,870	Longview Independent School District, School Building, Capital Appreciation, GO, PSF-GTD, Zero Coupon, 02/15/17		3,862
		State of Texas, Mobility Fund & Refunding Bonds,
	3,500	Series A, GO, 5.000%, 10/01/22		4,052
	11,250	Series A, GO, 5.000%, 10/01/25		13,231
		State of Texas, Public Finance Authority,
	4,000	Series A, GO, 5.000%, 10/01/17		4,137
	3,475	Series A, GO, 5.000%, 10/01/18		3,716
				78,009
		Prerefunded — 1.5%
	2,080	City of Beaumont, GO, 5.000%, 03/01/20 (p)		2,302

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	1,520	City of Houston, Combined Utility System, First Lien, Series A, Rev., AGM, 5.000%, 11/15/17 (p)		1,579
		Counties of Williamson & Travis, City of Cedar Park,
	1,055	GO, AGM, 4.250%, 02/15/17 (p)		1,063
	1,175	GO, AGM, 4.500%, 02/15/17 (p)		1,184
	1,055	GO, AGM, 4.700%, 02/15/17 (p)		1,063
	6,765	County of El Paso, GO, 5.000%, 02/15/17 (p)		6,824
	2,000	County of Fort Bend, GO, 5.000%, 03/01/18 (p)		2,096
	4,080	County of Harris, Pasadena Independent School District, School Building, GO, PSF-GTD, 4.750%, 02/15/17 (p)		4,113
	1,700	County of Tarrant, Eagle Mountain - Saginaw Independent School District, Unlimited Tax School Building, GO, PSF-GTD, 5.000%, 08/15/17 (p)		1,750
		Dallas Area Rapid Transit, Senior Lien,
	4,180	Rev., AMBAC, 5.000%, 12/01/16 (p)		4,181
	6,195	Rev., 5.000%, 12/01/18 (p)		6,654
	5,000	Series A, Rev., 5.000%, 06/01/19 (p)		5,436
	4,000	Lewisville Independent School District, School Building, GO, 5.000%, 02/15/19 (p)		4,308
	335	Longview Independent School District, School Building, GO, PSF-GTD, 5.000%, 08/15/18 (p)		357
	2,195	Longview Independent School District, School Building, Unrefunded Balance, GO, PSF-GTD, 5.000%, 08/15/18 (p)		2,337
	2,290	North Texas Municipal Water District, Rev., 5.000%, 06/01/18 (p)		2,421
	2,000	State of Texas, Public Finance Authority, Series A, GO, 5.000%, 10/01/19 (p)		2,196
	14,000	University of Texas, Series A, Rev., 5.250%, 08/15/18 (p)		14,962
				64,826
		Transportation — 1.5%
		Dallas Area Rapid Transit, Senior Lien,
	6,825	Series A, Rev., 5.000%, 12/01/17		7,099
	8,950	Series A, Rev., 5.000%, 12/01/18		9,607
	2,500	Series A, Rev., 5.000%, 12/01/26		2,919
	3,000	Series A, Rev., 5.000%, 12/01/28		3,462
	1,500	Series A, Rev., 5.000%, 12/01/29		1,721
	2,500	Series A, Rev., 5.000%, 12/01/30		2,856
	4,250	Series A, Rev., 5.000%, 12/01/36		4,749
		Dallas-Fort Worth International Airport,
	4,000	Series B, Rev., 5.000%, 11/01/35		4,390
	7,000	Series E, Rev., AMT, 5.000%, 11/01/30		7,351
	5,000	Series F, Rev., 5.000%, 11/01/24		5,759
	3,000	North Texas Tollway Authority System, First Tier, Series A, Rev., 5.000%, 01/01/27		3,430
		North Texas Tollway Authority, Special Projects System,
	1,000	Series A, Rev., 5.500%, 09/01/36		1,136
	3,000	Series A, Rev., 5.500%, 09/01/41		3,397
	3,000	Series A, Rev., 6.000%, 09/01/41		3,486
				61,362
		Utility — 0.4%
	1,285	City of Austin, Capital Appreciation, Rev., NATL-RE, FGIC, Zero Coupon, 05/15/17		1,279
		City of Houston, Combined Utility System, First Lien,
	240	Series A, Rev., AGM, 5.000%, 11/15/19		249
	240	Series A, Rev., AGM, 5.000%, 11/15/20		249
	6,000	City of San Antonio, Electric and Gas System, Rev., 5.000%, 02/01/26		7,110
		City of Victoria, Utility System,
	300	Rev., 5.000%, 12/01/27		339
	305	Rev., 5.000%, 12/01/28		343
	360	Rev., 5.000%, 12/01/29		403
	270	Rev., 5.000%, 12/01/30		301
	430	Rev., 5.000%, 12/01/31		477
	540	Rev., 5.000%, 12/01/32		597
	500	Rev., 5.000%, 12/01/34		549
	3,800	Lower Colorado River Authority, Transmission Contract, LCRA Transmission Services Corp. Project, Series A, Rev., 5.000%, 05/15/28		4,154
				16,050
		Water & Sewer — 0.4%
	2,695	City of Austin, Water & Wastewater System, Rev., 5.000%, 11/15/21		3,067
	2,500	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		3,327
		Coastal Water Authority, City of Houston Projects,
	3,160	Rev., 5.000%, 12/15/22		3,522
	5,115	Rev., 5.000%, 12/15/25		5,683

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	1,765	County of El Paso, Water & Sewer, Series A, Rev., 5.000%, 03/01/21		1,935
				17,534
		Total Texas		258,023
		Utah — 0.8%
		Education — 0.2%
		University of Utah,
	500	Series A, Rev., 5.000%, 08/01/24		586
	935	Series A, Rev., 5.000%, 08/01/25		1,104
	1,300	Series A, Rev., 5.000%, 08/01/26		1,524
	2,500	Series A, Rev., 5.000%, 08/01/27		2,916
				6,130
		General Obligation — 0.2%
	1,590	Board of Education of Sevier County School District, GO, 5.000%, 06/01/24		1,849
		Central Utah Water Conservancy District, Limited Tax,
	1,000	Series B, GO, 5.250%, 04/01/22		1,140
	3,950	Series C, GO, 5.000%, 04/01/20		4,361
				7,350
		Prerefunded — 0.2%
	9,400	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/19 (p)		10,251
		Water & Sewer — 0.2%
	6,015	Jordan Valley Water Conservancy District, Series A, Rev., 5.000%, 10/01/41		6,782
	2,000	Metropolitan Water District of Salt Lake & Sandy, Series A, Rev., 5.000%, 07/01/29		2,249
				9,031
		Total Utah		32,762
		Virginia — 1.7%
		Education — 0.2%
	5,045	Virginia College Building Authority, Educational Facilities, Washington & Lee University Project, Rev., NATL-RE, 5.250%, 01/01/26		5,915
		General Obligation — 0.7%
	5,000	City of Hampton, Public Improvement, Series B, GO, 5.000%, 09/01/26		6,016
	1,000	City of Lynchburg, Public Improvement, GO, 5.000%, 12/01/22		1,122
	10,000	Commonwealth of Virginia, Series D, GO, 5.000%, 06/01/20		10,884
	3,575	County of Chesterfield, Public Improvement, Series A, GO, 5.000%, 01/01/18		3,727
	7,810	Fairfax County, Public Improvement, Series A, GO, 5.000%, 10/01/33		9,073
				30,822
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	2,000	Chesterfield County EDA, Pollution Control, Virginia Electric & Power Co. Project, Series A, Rev., 5.000%, 05/01/23		2,159
		Virginia Beach Development Authority, Public Facility,
	1,925	Series A, Rev., 5.000%, 03/01/25		2,277
	5,110	Series B, Rev., 5.000%, 07/15/24		6,027
	2,635	Series B, Rev., 5.000%, 07/15/25		3,129
				13,592
		Prerefunded — 0.1%
	3,080	County of Fairfax, Sewer, Rev., 5.000%, 07/15/19 (p)		3,361
		Transportation — 0.1%
		Northern Virginia Transportation Authority,
	500	Rev., 5.000%, 06/01/23		582
	400	Rev., 5.000%, 06/01/24		470
	2,035	Rev., 5.000%, 06/01/33		2,275
	2,285	Rev., 5.000%, 06/01/34		2,546
				5,873
		Water & Sewer — 0.3%
	3,500	Fairfax County Water Authority, Water, Subseries B, Rev., 5.250%, 04/01/25		4,242
	7,390	Virginia Resources Authority, Clean Water State Revolving Fund, Rev., 5.500%, 10/01/22		8,803
				13,045
		Total Virginia		72,608
		Washington — 2.2%
		General Obligation — 0.7%
	1,050	City of Seattle, Limited Tax, Improvement & Refunding, GO, 5.000%, 09/01/21		1,198
	750	Issaquah School District No. 411 King County, Washington Unlimited Tax, GO, 2.000%, 12/01/16		750
	5,000	State of Washington, Motor Vehicle Fuel Tax, Series R-2015H, GO, 5.000%, 07/01/30		5,663
		State of Washington, Various Purpose,
	1,250	Series B & AT-7, GO, 6.400%, 06/01/17		1,284

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	7,010	Series R-2011A, GO, 5.000%, 01/01/22		7,896
	7,260	Series R-2011B, GO, 5.000%, 07/01/23		8,071
	4,465	Series R-2015A, GO, 4.000%, 07/01/26		4,827
				29,689
		Hospital — 0.1%
		Washington Health Care Facilities Authority, Providence Health & Services,
	2,000	Series B, Rev., VAR, 4.000%, 10/01/21		2,160
	2,500	Series B, Rev., VAR, 5.000%, 10/01/21		2,814
				4,974
		Prerefunded — 0.5%
	975	City of Seattle, Municipal Light & Power, Series B, Rev., 5.000%, 02/01/20 (p)		1,074
	1,300	County of King, Sewer, Rev., AGM, 5.000%, 07/01/17 (p)		1,332
		State of Washington, Various Purpose,
	10,000	Series 2010C, GO, 5.000%, 08/01/19 (p)		10,927
	5,015	Series C, GO, 5.000%, 02/01/19 (p)		5,401
	3,450	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.250%, 08/15/18 (p)		3,685
				22,419
		Transportation — 0.1%
		Port of Seattle, Intermediate Lien,
	4,000	Series B, Rev., 5.000%, 03/01/32		4,407
	1,000	Series B, Rev., 5.000%, 03/01/34		1,094
				5,501
		Utility — 0.6%
	4,025	City of Seattle, Municipal Light & Power, Unrefunded Balance, Series B, Rev., 5.000%, 02/01/24		4,416
	21,835	County of Chelan, Public Utility District No. 1, Hydro-Electric System, Series A, Rev., NATL-RE, Zero Coupon, 06/01/22		18,783
				23,199
		Water & Sewer — 0.2%
		County of King, Sewer,
	1,825	Series A, Rev., 5.000%, 01/01/22		2,083
	1,150	Series A, Rev., 5.000%, 01/01/23		1,330
	2,495	Series A, Rev., 5.000%, 07/01/27		2,902
				6,315
		Total Washington		92,097
		West Virginia — 0.5%
		Education — 0.1%
		West Virginia School Building Authority, Capital Improvement,
	2,000	Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/18		2,045
	2,000	Series A, Rev., NATL-RE, FGIC, 5.000%, 07/01/20		2,045
		West Virginia University, University Projects,
	1,000	Series A, Rev., AMBAC, Zero Coupon, 04/01/17		996
	1,000	Series A, Rev., AMBAC, Zero Coupon, 04/01/18		979
				6,065
		General Obligation — 0.0% (g)
	1,915	Marshall County Board of Education, Public School, GO, NATL-RE, 5.000%, 05/01/18		1,944
		Housing — 0.3%
	12,400	County of Kanawha Putnam, Single Family Mortgage, Series A, Rev., AMBAC, Zero Coupon, 12/01/16 (p)		12,400
		Water & Sewer — 0.1%
	875	West Virginia Water Development Authority, Loan Program II, Series A-II, Rev., NATL-RE, FGIC, 5.000%, 11/01/19		878
	1,420	West Virginia Water Development Authority, Loan Program IV, Series A, Rev., AGM, 5.000%, 11/01/19		1,425
				2,303
		Total West Virginia		22,712
		Wisconsin — 1.0%
		Education — 0.1%
	3,750	Wisconsin Health & Educational Facilities Authority, Carthage College Project, Private Placement, Series D, Rev., 5.950%, 05/01/19		3,863
		General Obligation — 0.1%
	5,000	State of Wisconsin, Series 4, GO, 5.000%, 05/01/27		5,822
		Prerefunded — 0.8%
		State of Wisconsin,
	16,050	Series A, GO, 5.000%, 05/01/21 (p)		18,212
	13,190	Series A, GO, 5.250%, 05/01/21 (p)		15,107
				33,319
		Total Wisconsin		43,004
		Total Municipal Bonds (Cost $3,892,254)		3,971,240

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Quarterly Demand Note — 0.1%
		Pennsylvania — 0.1%
		Hospital — 0.1%
	5,000	Sayre Health Care Facilities Authority, Guthrie Health Issue, Rev., VAR, 1.404%, 03/01/17 (Cost $5,000)		4,924
	Weekly Demand Notes — 1.1%
		Florida — 0.7%
		Hospital — 0.7%
	29,000	Highlands County, Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group, Series I-1, Rev., VRDO, 0.560%, 12/01/16		29,000
		Illinois — 0.4%
		Hospital — 0.4%
	17,000	Illinois Finance Authority, Advocate Health Care, Subseries C3A, Rev., VRDO, 0.550%, 12/01/16		17,000
		Total Weekly Demand Notes (Cost $46,000)		46,000
SHARES
	Short-Term Investment — 4.2%
		Investment Company — 4.2%
	176,954	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $176,954)		176,954
		Total Investments — 98.8% (Cost $4,120,208)		4,199,118
		Other Assets in Excess of Liabilities — 1.2%		49,069
		NET ASSETS — 100.0%	$	4,248,187

Percentages indicated are based on net assets.

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER  30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(1,091)	10 Year U.S. Treasury Note		03/22/17		USD	$	(135,847	)	$	23

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
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CHESLA	—	Connecticut Higher Education Supplemental Loan Authority
CIFG	—	Insured by CDC IXIS Financial Guaranty
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance, Inc.
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GRAN	—	Grant Revenue Anticipation Note
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
IDA	—	Industrial Development Authority
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
TCRS	—	Transferable Custodial Receipts
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
VRDO	—	Variable Rate Demand Obligation. 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.
(g)	—	Amount rounds to less than 0.05%.
(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	$	125,660
Aggregate gross unrealized depreciation		(46,750	)
Net unrealized appreciation/depreciation	$	78,910
Federal income tax cost of investments	$	4,120,208

JPMorgan Intermediate 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.

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

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

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

Futures are generally valued on the basis of available market quotations.

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

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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 – 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 (amounts in thousands):

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Education	$	—	$	6,947	$	—	$	6,947
Other Revenue		—		24,172		—		24,172
Prerefunded		—		4,161		—		4,161
Total Alabama		—		35,280		—		35,280
Alaska
Industrial Development Revenue/Pollution Control Revenue		—		9,916		—		9,916
Other Revenue		—		149		—		149
Prerefunded		—		16,660		—		16,660
Total Alaska		—		26,725		—		26,725
Arizona
Certificate of Participation/Lease		—		22,400		—		22,400
Education		—		3,964		—		3,964
General Obligation		—		9,019		—		9,019
Hospital		—		1,077		—		1,077
Industrial Development Revenue/Pollution Control Revenue		—		1,008		—		1,008
Other Revenue		—		2,388		—		2,388
Prerefunded		—		28,647		—		28,647
Transportation		—		6,155		—		6,155
Utility		—		7,585		—		7,585
Water & Sewer		—		10,875		—		10,875
Total Arizona		—		93,118		—		93,118
California
Certificate of Participation/Lease		—		10,835		—		10,835
Education		—		87,800		—		87,800
General Obligation		—		337,039		—		337,039
Hospital		—		20,600		—		20,600
Other Revenue		—		99,424		—		99,424
Prerefunded		—		66,578		—		66,578
Transportation		—		8,827		—		8,827
Utility		—		50,836		—		50,836
Water & Sewer		—		60,286		—		60,286
Total California		—		742,225		—		742,225
Colorado
Certificate of Participation/Lease		—		1,780		—		1,780
General Obligation		—		49,737		—		49,737
Hospital		—		5,075		—		5,075
Other Revenue		—		101		—		101
Prerefunded		—		34,196		—		34,196
Total Colorado		—		90,889		—		90,889
Connecticut
Education		—		5,938		—		5,938
General Obligation		—		14,002		—		14,002
Housing		—		2,634		—		2,634

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Industrial Development Revenue/Pollution Control Revenue	$	—	$	1,439	$	—	$	1,439
Special Tax		—		5,807		—		5,807
Transportation		—		2,270		—		2,270
Total Connecticut		—		32,090		—		32,090
Delaware
General Obligation		—		10,988		—		10,988
Prerefunded		—		3,685		—		3,685
Transportation		—		16,583		—		16,583
Total Delaware		—		31,256		—		31,256
District of Columbia
Other Revenue		—		5,707		—		5,707
Water & Sewer		—		7,285		—		7,285
Total District of Columbia		—		12,992		—		12,992
Florida
General Obligation		—		35,363		—		35,363
Hospital		—		2,527		—		2,527
Housing		—		1,612		—		1,612
Other Revenue		—		49,470		—		49,470
Prerefunded		—		3,830		—		3,830
Utility		—		7,163		—		7,163
Water & Sewer		—		567		—		567
Total Florida		—		100,532		—		100,532
Georgia
Education		—		2,211		—		2,211
General Obligation		—		14,701		—		14,701
Industrial Development Revenue/Pollution Control Revenue		—		4,010		—		4,010
Prerefunded		—		16,599		—		16,599
Transportation		—		19,004		—		19,004
Utility		—		6,063		—		6,063
Water & Sewer		—		61,936		—		61,936
Total Georgia		—		124,524		—		124,524
Hawaii
General Obligation		—		17,615		—		17,615
Prerefunded		—		9,385		—		9,385
Transportation		—		6,861		—		6,861
Total Hawaii		—		33,861		—		33,861
Idaho
Prerefunded		—		13,116		—		13,116
Transportation		—		8,408		—		8,408
Total Idaho		—		21,524		—		21,524
Illinois
Education		—		1,951		—		1,951
General Obligation		—		37,759		—		37,759
Hospital		—		4,600		—		4,600
Other Revenue		—		2,493		—		2,493
Prerefunded		—		20,872		—		20,872
Transportation		—		3,430		—		3,430
Utility		—		13,027		—		13,027
Water & Sewer		—		6,024		—		6,024
Total Illinois		—		90,156		—		90,156
Indiana
Education		—		6,066		—		6,066
Other Revenue		—		38,077		—		38,077
Transportation		—		3,015		—		3,015
Utility		—		2,227		—		2,227
Water & Sewer		—		1,907		—		1,907
Total Indiana		—		51,292		—		51,292
Iowa
General Obligation		—		8,373		—		8,373
Other Revenue		—		21,316		—		21,316
Total Iowa		—		29,689		—		29,689

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Kansas
General Obligation	$	—	$	1,934	$	—	$	1,934
Other Revenue		—		4,141		—		4,141
Transportation		—		63,199		—		63,199
Total Kansas		—		69,274		—		69,274
Kentucky
Education		—		7,081		—		7,081
Other Revenue		—		5,220		—		5,220
Prerefunded		—		12,078		—		12,078
Transportation		—		5,757		—		5,757
Total Kentucky		—		30,136		—		30,136
Louisiana
General Obligation		—		3,715		—		3,715
Housing		—		17,768		—		17,768
Other Revenue		—		27,780		—		27,780
Prerefunded		—		6,387		—		6,387
Utility		—		1,528		—		1,528
Total Louisiana		—		57,178		—		57,178
Maryland
Education		—		7,130		—		7,130
General Obligation		—		13,688		—		13,688
Transportation		—		10,098		—		10,098
Total Maryland		—		30,916		—		30,916
Massachusetts
Education		—		7,574		—		7,574
General Obligation		—		141,163		—		141,163
Other Revenue		—		14,801		—		14,801
Prerefunded		—		17,498		—		17,498
Transportation		—		33,187		—		33,187
Water & Sewer		—		3,690		—		3,690
Total Massachusetts		—		217,913		—		217,913
Michigan
Education		—		24,101		—		24,101
General Obligation		—		17,694		—		17,694
Hospital		—		2,634		—		2,634
Industrial Development Revenue/Pollution Control Revenue		—		1,395		—		1,395
Other Revenue		—		1,057		—		1,057
Prerefunded		—		7,229		—		7,229
Transportation		—		7,855		—		7,855
Utility		—		2,246		—		2,246
Water & Sewer		—		16,998		—		16,998
Total Michigan		—		81,209		—		81,209
Minnesota
General Obligation		—		28,785		—		28,785
Hospital		—		1,050		—		1,050
Total Minnesota		—		29,835		—		29,835
Missouri
General Obligation		—		694		—		694
Housing		—		372		—		372
Industrial Development Revenue/Pollution Control Revenue		—		5,102		—		5,102
Prerefunded		—		12,894		—		12,894
Transportation		—		62,805		—		62,805
Utility		—		16,599		—		16,599
Water & Sewer		—		17,604		—		17,604
Total Missouri		—		116,070		—		116,070
Montana
Prerefunded		—		3,277		—		3,277
Nebraska
Water & Sewer		—		2,065		—		2,065

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Nevada
General Obligation	$	—	$	722	$	—	$	722
Water & Sewer		—		1,759		—		1,759
Total Nevada		—		2,481		—		2,481
New Jersey
Certificate of Participation/Lease		—		6,066		—		6,066
Education		—		15,206		—		15,206
General Obligation		—		22,217		—		22,217
Transportation		—		114,231		—		114,231
Water & Sewer		—		6,130		—		6,130
Total New Jersey		—		163,850		—		163,850
New Mexico
Housing		—		1,890		—		1,890
Other Revenue		—		8,927		—		8,927
Transportation		—		12,814		—		12,814
Total New Mexico		—		23,631		—		23,631
New York
Education		—		27,903		—		27,903
General Obligation		—		24,454		—		24,454
Other Revenue		—		301,484		—		301,484
Prerefunded		—		18,269		—		18,269
Special Tax		—		184,712		—		184,712
Transportation		—		124,349		—		124,349
Utility		—		73,428		—		73,428
Water & Sewer		—		68,181		—		68,181
Total New York		—		822,780		—		822,780
North Carolina
General Obligation		—		24,593		—		24,593
Other Revenue		—		15,240		—		15,240
Prerefunded		—		14,726		—		14,726
Total North Carolina		—		54,559		—		54,559
Ohio
General Obligation		—		602		—		602
Hospital		—		5,373		—		5,373
Industrial Development Revenue/Pollution Control Revenue		—		24,321		—		24,321
Other Revenue		—		9,972		—		9,972
Prerefunded		—		9,020		—		9,020
Transportation		—		2,192		—		2,192
Water & Sewer		—		9,039		—		9,039
Total Ohio		—		60,519		—		60,519
Oklahoma
Education		—		8,817		—		8,817
Housing		—		82		—		82
Transportation		—		10,061		—		10,061
Total Oklahoma		—		18,960		—		18,960
Oregon
General Obligation		—		1,276		—		1,276
Prerefunded		—		6,904		—		6,904
Water & Sewer		—		6,267		—		6,267
Total Oregon		—		14,447		—		14,447
Pennsylvania
Education		—		5,475		—		5,475
General Obligation		—		4,826		—		4,826
Prerefunded		—		11,733		—		11,733
Total Pennsylvania		—		22,034		—		22,034
Puerto Rico
Other Revenue		—		12,470		—		12,470
Rhode Island
General Obligation		—		1,153		—		1,153
Industrial Development Revenue/Pollution Control Revenue		—		2,020		—		2,020
Total Rhode Island		—		3,173		—		3,173

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
South Carolina
Education	$	—	$	2,830	$	—	$	2,830
General Obligation		—		46,647		—		46,647
Housing		—		378		—		378
Prerefunded		—		15,308		—		15,308
Utility		—		9,252		—		9,252
Total South Carolina		—		74,415		—		74,415
Tennessee
General Obligation		—		19,180		—		19,180
Utility		—		1,674		—		1,674
Water & Sewer		—		1,835		—		1,835
Total Tennessee		—		22,689		—		22,689
Texas
Education		—		20,242		—		20,242
General Obligation		—		78,009		—		78,009
Prerefunded		—		64,826		—		64,826
Transportation		—		61,362		—		61,362
Utility		—		16,050		—		16,050
Water & Sewer		—		17,534		—		17,534
Total Texas		—		258,023		—		258,023
Utah
Education		—		6,130		—		6,130
General Obligation		—		7,350		—		7,350
Prerefunded		—		10,251		—		10,251
Water & Sewer		—		9,031		—		9,031
Total Utah		—		32,762		—		32,762
Virginia
Education		—		5,915		—		5,915
General Obligation		—		30,822		—		30,822
Industrial Development Revenue/Pollution Control Revenue		—		13,592		—		13,592
Prerefunded		—		3,361		—		3,361
Transportation		—		5,873		—		5,873
Water & Sewer		—		13,045		—		13,045
Total Virginia		—		72,608		—		72,608
Washington
General Obligation		—		29,689		—		29,689
Hospital		—		4,974		—		4,974
Prerefunded		—		22,419		—		22,419
Transportation		—		5,501		—		5,501
Utility		—		23,199		—		23,199
Water & Sewer		—		6,315		—		6,315
Total Washington		—		92,097		—		92,097
West Virginia
Education		—		6,065		—		6,065
General Obligation		—		1,944		—		1,944
Housing		—		12,400		—		12,400
Water & Sewer		—		2,303		—		2,303
Total West Virginia		—		22,712		—		22,712
Wisconsin
Education		—		—		3,863		3,863
General Obligation		—		5,822		—		5,822
Prerefunded		—		33,319		—		33,319
Total Wisconsin		—		39,141		3,863		43,004
Total Municipal Bonds				3,967,377		3,863		3,971,240
Quarterly Demand Note
Pennsylvania
Hospital		—		4,924		—		4,924
Weekly Demand Notes
Florida
Hospital		—		29,000		—		29,000

JPMorgan Intermediate Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs		Total
Illinois
Hospital	$	—	$	17,000	$	—	$	17,000
Total Weekly Demand Notes		—		46,000		—		46,000
Short-Term Investment
Investment Company		176,954		—		—		176,954
Total Investments in Securities	$	176,954	$	4,018,301	$	3,863	$	4,199,118
Appreciation in Other Financial Instruments
Futures Contracts	$	23	$	—	$	—	$	23

There were no transfers between level 1 and level 2 and no significant transfers between level 2 and level 3 during the period ended November 30, 2016.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — 62.1%
	Asset-Backed Securities — 13.2%
		Ally Auto Receivables Trust,
	8,056	Series 2016-1, Class A2A, 1.200%, 08/15/18		8,061
	3,421	Series 2016-2, Class A2, 1.170%, 10/15/18		3,423
	19,980	American Express Credit Account Master Trust, Series 2014-3, Class A, 1.490%, 04/15/20		20,033
		AmeriCredit Automobile Receivables Trust,
	3,528	Series 2014-2, Class A3, 0.940%, 02/08/19		3,525
	4,811	Series 2016-1, Class A2A, 1.520%, 06/10/19		4,815
	14,639	Series 2016-2, Class A2A, 1.420%, 10/08/19		14,653
	16,532	Series 2016-3, Class A2A, 1.370%, 11/08/19		16,531
	25,440	Series 2016-4, Class A2A, 1.340%, 04/08/20		25,427
		BMW Vehicle Lease Trust,
	12,150	Series 2015-2, Class A2A, 1.070%, 01/22/18		12,148
	7,924	Series 2016-1, Class A2A, 1.170%, 01/22/18		7,926
	35,399	Series 2016-2, Class A2, 1.230%, 01/22/19		35,417
	27,058	BMW Vehicle Owner Trust, Series 2016-A, Class A2A, 0.990%, 05/25/19		27,025
	2,034	California Republic Auto Receivables Trust, Series 2015-3, Class A2, 1.140%, 07/16/18		2,034
		Capital Auto Receivables Asset Trust,
	2,471	Series 2014-1, Class A3, 1.320%, 06/20/18		2,471
	12,804	Series 2016-2, Class A2A, 1.320%, 01/22/19		12,809
		Capital One Multi-Asset Execution Trust,
	56,900	Series 2014-A2, Class A2, 1.260%, 01/15/20		56,935
	60,985	Series 2014-A5, Class A5, 1.480%, 07/15/20		61,140
	25,000	Series 2015-A1, Class A1, 1.390%, 01/15/21		25,025
		CarMax Auto Owner Trust,
	184	Series 2013-3, Class A3, 0.970%, 04/16/18		184
	3,886	Series 2013-4, Class A3, 0.800%, 07/16/18		3,885
	56,265	Series 2015-2, Class A3, 1.370%, 03/16/20		56,288
	8,186	Series 2015-3, Class A2A, 1.100%, 11/15/18		8,184
	12,096	Series 2015-4, Class A2A, 1.090%, 04/15/19		12,095
	20,526	Series 2016-1, Class A2A, 1.300%, 04/15/19		20,534
	38,557	Series 2016-3, Class A2, 1.170%, 08/15/19		38,532
	42,966	Series 2016-4, Class A2, 1.210%, 11/15/19		42,911
	12,925	Chrysler Capital Auto Receivables Trust, Series 2016-BA, Class A2, 1.360%, 01/15/20 (e)		12,910
	28,450	Citibank Credit Card Issuance Trust, Series 2014-A4, Class A4, 1.230%, 04/24/19		28,469
		CNH Equipment Trust,
	100	Series 2013-B, Class A3, 0.690%, 08/15/18		100
	88	Series 2013-C, Class A3, 1.020%, 08/15/18		88
	1,007	Series 2014-A, Class A3, 0.840%, 05/15/19		1,006
	565	Series 2015-A, Class A2, 0.840%, 06/15/18		565
	5,205	Series 2015-B, Class A2A, 0.840%, 08/15/18		5,203
	27,689	Series 2016-C, Class A2, 1.260%, 02/18/20		27,655
	1,276	Fifth Third Auto Trust, Series 2014-2, Class A3, 0.890%, 11/15/18		1,276
		Ford Credit Auto Lease Trust,
	24	Series 2015-A, Class A2A, 0.790%, 12/15/17		24
	10,108	Series 2015-B, Class A2A, 1.040%, 05/15/18		10,107
		Ford Credit Auto Owner Trust,
	992	Series 2013-D, Class A3, 0.670%, 04/15/18		992
	14,406	Series 2014-C, Class A3, 1.060%, 05/15/19		14,403
	5,197	Series 2015-C, Class A2A, 0.950%, 08/15/18		5,196
	21,503	Series 2016-B, Class A2A, 1.080%, 03/15/19		21,502

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
	Asset-Backed Securities — continued
	26,684	Series 2016-C, Class A2A, 1.040%, 09/15/19		26,631
		Honda Auto Receivables Owner Trust,
	9,486	Series 2015-1, Class A3, 1.050%, 10/15/18		9,480
	7,535	Series 2015-4, Class A2, 0.820%, 07/23/18		7,529
	6,358	Series 2016-1, Class A2, 1.010%, 06/18/18		6,356
	30,293	Series 2016-3, Class A2, 1.010%, 10/18/18		30,274
		Hyundai Auto Lease Securitization Trust,
	920	Series 2014-B, Class A3, 0.980%, 11/15/17 (e)		920
	135	Series 2015-A, Class A2, 1.000%, 10/16/17 (e)		135
	7,459	Series 2016-B, Class A2A, 1.240%, 11/15/18 (e)		7,458
		Hyundai Auto Receivables Trust,
	27,275	Series 2014-B, Class A3, 0.900%, 12/17/18		27,253
	6,022	Series 2015-C, Class A2A, 0.990%, 11/15/18		6,018
	11,171	Series 2016-A, Class A2A, 1.210%, 06/17/19		11,177
	19,945	John Deere Owner Trust, Series 2016-B, Class A2, 1.090%, 02/15/19		19,924
		Mercedes-Benz Auto Lease Trust,
	13,553	Series 2015-B, Class A2A, 1.000%, 01/16/18		13,551
	46,865	Series 2016-A, Class A2A, 1.340%, 07/16/18		46,909
	14,393	Series 2016-B, Class A2, 1.150%, 01/15/19		14,377
	10,647	Mercedes-Benz Auto Receivables Trust, Series 2016-1, Class A2A, 1.110%, 03/15/19		10,645
		Nissan Auto Lease Trust,
	5,213	Series 2015-B, Class A2A, 1.180%, 12/15/17		5,216
	10,175	Series 2016-A, Class A2A, 1.220%, 08/15/18		10,177
		Nissan Auto Receivables Owner Trust,
	9,842	Series 2016-A, Class A2A, 1.060%, 02/15/19		9,841
	7,641	Series 2016-C, Class A2A, 1.070%, 05/15/19		7,629
	11	Porsche Innovative Lease Owner Trust, Series 2015-1, Class A2, 0.790%, 11/21/17 (e)		11
		Santander Drive Auto Receivables Trust,
	487	Series 2015-4, Class A2A, 1.200%, 12/17/18		488
	14,628	Series 2016-3, Class A2, 1.340%, 11/15/19		14,632
		Toyota Auto Receivables Owner Trust,
	7,114	Series 2015-B, Class A3, 1.270%, 05/15/19		7,118
	4,135	Series 2016-C, Class A2A, 1.000%, 01/15/19		4,131
	191	Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		191
		Total Asset-Backed Securities (Cost $950,057)		949,578
	Certificates of Deposit — 1.6%
		Bank of Nova Scotia (The), (Canada),
	26,740	VAR, 1.331%, 11/01/18		26,730
	17,500	VAR, 1.384%, 11/30/18		17,493
	25,000	Nordea Bank Finland plc, (Finland), VAR, 1.331%, 11/07/18		24,991
	28,000	Royal Bank of Canada, (Canada), VAR, 1.566%, 03/22/18		28,061
	20,000	Svenska Handelsbanken AB, (Sweden), VAR, 1.313%, 12/07/17		20,040
		Total Certificates of Deposit (Cost $117,197)		117,315
	Corporate Bonds — 41.6%
		Consumer Discretionary — 2.9%
		Automobiles — 1.9%
		Daimler Finance North America LLC,
	1,475	1.375%, 08/01/17 (e)		1,476
	1,794	1.650%, 05/18/18 (e)		1,789
	13,938	1.875%, 01/11/18 (e)		13,954
	1,700	2.000%, 08/03/18 (e)		1,703
	10,600	VAR, 1.226%, 08/01/17 (e)		10,613
	22,831	VAR, 1.515%, 10/30/19 (e)		22,887
	29,450	VAR, 1.591%, 08/03/17 (e)		29,549
		Hyundai Capital America,
	2,945	1.450%, 02/06/17 (e)		2,944
	20,254	2.125%, 10/02/17 (e)		20,299
	9,710	4.000%, 06/08/17 (e)		9,819

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
		Automobiles — continued
	17,962	Nissan Motor Acceptance Corp., VAR, 1.664%, 04/06/18 (e)		18,066
				133,099
		Media — 0.6%
	9,980	CBS Corp., 1.950%, 07/01/17		10,001
	13,000	Comcast Corp., 5.700%, 05/15/18		13,769
	21,335	NBCUniversal Enterprise, Inc., 1.662%, 04/15/18 (e)		21,359
				45,129
		Multiline Retail — 0.4%
	29,711	Dollar General Corp., 4.125%, 07/15/17		30,171
		Specialty Retail — 0.0% (g)
	841	Home Depot, Inc. (The), VAR, 1.220%, 09/15/17		844
		Total Consumer Discretionary		209,243
		Consumer Staples — 1.5%
		Beverages — 1.0%
	600	Anheuser-Busch InBev Finance, Inc., 1.250%, 01/17/18		599
	13,300	Anheuser-Busch InBev Worldwide, Inc., 1.375%, 07/15/17		13,308
	32,696	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		32,709
		SABMiller Holdings, Inc.,
	5,000	2.200%, 08/01/18 (e)		5,032
	21,000	2.450%, 01/15/17 (e)		21,044
				72,692
		Food & Staples Retailing — 0.4%
		Walgreens Boots Alliance, Inc.,
	16,020	1.750%, 11/17/17		16,069
	8,544	1.750%, 05/30/18		8,556
				24,625
		Tobacco — 0.1%
	7,133	B.A.T. International Finance plc, (United Kingdom), 2.125%, 06/07/17 (e)		7,160
		Total Consumer Staples		104,477
		Energy — 0.7%
		Oil, Gas & Consumable Fuels — 0.7%
	26,800	Chevron Corp., VAR, 1.411%, 05/16/18		26,913
	24,697	Phillips 66, 2.950%, 05/01/17		24,873
		Total Energy		51,786
		Financials — 29.8%
		Banks — 14.4%
		ABN AMRO Bank N.V., (Netherlands),
	8,225	1.800%, 06/04/18 (e)		8,211
	55,622	4.250%, 02/02/17 (e)		55,886
	13,994	American Express Bank FSB, 6.000%, 09/13/17		14,481
	479	Bank of America Corp., 3.875%, 03/22/17		483
	1,390	Bank of America N.A., 1.750%, 06/05/18		1,392
	7,143	Bank of Montreal, (Canada), VAR, 1.497%, 07/31/18		7,171
	17,284	Bank of Nova Scotia (The), (Canada), VAR, 1.710%, 01/15/19		17,440
	2,050	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		2,054
		Banque Federative du Credit Mutuel S.A., (France),
	15,595	1.700%, 01/20/17 (e)		15,606
	31,366	VAR, 1.731%, 01/20/17 (e)		31,406
		BB&T Corp.,
	6,950	1.450%, 01/12/18		6,943
	27,030	1.600%, 08/15/17		27,071
	7,179	2.150%, 03/22/17		7,194
		BNP Paribas S.A., (France),
	55,120	2.375%, 09/14/17		55,488
	22,000	VAR, 1.341%, 05/07/17		22,025
		Branch Banking & Trust Co.,
	7,328	1.000%, 04/03/17		7,326
	13,478	1.350%, 10/01/17		13,483
		Caisse Centrale Desjardins, (Canada),
	22,813	1.550%, 09/12/17 (e)		22,827
	16,600	VAR, 1.552%, 01/29/18 (e)		16,582
		Capital One Bank USA N.A.,
	5,136	1.200%, 02/13/17		5,136
	13,834	1.300%, 06/05/17		13,825
		Capital One N.A.,
	11,874	1.500%, 09/05/17		11,861
	13,967	1.650%, 02/05/18		13,941
	1,002	Citigroup, Inc., 1.700%, 04/27/18		1,000
		Commonwealth Bank of Australia, (Australia),
	33,509	1.400%, 09/08/17		33,519
	19,690	1.900%, 09/18/17		19,768

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
		Banks — continued
	1,598	VAR, 1.212%, 03/13/17 (e)		1,599
	8,000	Cooperatieve Rabobank UA, (Netherlands), VAR, 1.220%, 04/28/17		8,005
		Credit Agricole S.A., (France),
	1,410	2.125%, 04/17/18 (e)		1,414
	12,050	3.000%, 10/01/17 (e)		12,173
	30,300	Huntington National Bank (The), 1.375%, 04/24/17		30,320
		KeyBank N.A.,
	36,197	1.650%, 02/01/18		36,211
	550	1.700%, 06/01/18		550
		Manufacturers & Traders Trust Co.,
	3,705	1.250%, 01/30/17		3,706
	6,076	1.400%, 07/25/17		6,085
	28,924	Mitsubishi UFJ Trust & Banking Corp., (Japan), 1.600%, 10/16/17 (e)		28,898
		Mizuho Bank Ltd., (Japan),
	4,500	1.550%, 10/17/17 (e)		4,494
	2,150	1.700%, 09/25/17 (e)		2,151
	5,035	MUFG Union Bank N.A., 2.125%, 06/16/17		5,059
		National Australia Bank Ltd., (Australia),
	13,470	1.875%, 07/23/18		13,494
	22,585	VAR, 1.118%, 06/30/17 (e)		22,598
	4,935	VAR, 1.227%, 03/17/17 (e)		4,936
	6,750	National Bank of Canada, (Canada), 1.450%, 11/07/17		6,750
		PNC Bank N.A.,
	18,815	1.125%, 01/27/17		18,817
	1,000	1.500%, 10/18/17		1,001
	16,993	1.500%, 02/23/18		16,982
	1,550	VAR, 1.351%, 06/01/18		1,552
		Royal Bank of Canada, (Canada),
	5,016	1.400%, 10/13/17		5,018
	21,048	VAR, 1.427%, 07/30/18		21,092
	7,600	Societe Generale S.A., (France), 2.750%, 10/12/17		7,676
	4,600	Standard Chartered plc, (United Kingdom), 1.500%, 09/08/17 (e)		4,581
		Sumitomo Mitsui Banking Corp., (Japan),
	1,400	1.350%, 07/11/17		1,400
	35,811	1.800%, 07/18/17		35,882
		SunTrust Banks, Inc.,
	21,326	3.500%, 01/20/17		21,346
	6,860	VAR, 1.346%, 02/15/17		6,862
	4,600	Svenska Handelsbanken AB, (Sweden), 2.875%, 04/04/17		4,626
	14,042	Swedbank AB, (Sweden), 2.125%, 09/29/17 (e)		14,117
		Toronto-Dominion Bank (The), (Canada),
	14,326	2.625%, 09/10/18		14,558
	23,000	VAR, 1.422%, 07/23/18		23,055
	22,000	VAR, 1.722%, 01/22/19		22,163
		U.S. Bank N.A.,
	2,000	1.375%, 09/11/17		2,003
	19,404	1.450%, 01/29/18		19,413
	15,500	VAR, 1.045%, 09/11/17		15,509
	15,000	VAR, 1.370%, 08/23/17		15,021
	15,969	VAR, 1.467%, 01/29/18		16,016
		Wachovia Corp.,
	3,500	5.750%, 06/15/17		3,580
	4,864	5.750%, 02/01/18		5,085
	5,615	Wells Fargo & Co., VAR, 1.234%, 06/02/17		5,616
		Wells Fargo Bank N.A.,
	16,947	VAR, 1.383%, 09/07/17		16,990
	45,816	VAR, 1.622%, 01/22/18		46,080
		Westpac Banking Corp., (Australia),
	38,500	1.200%, 05/19/17		38,508
	7,676	2.000%, 08/14/17		7,715
				1,032,826
		Capital Markets — 4.5%
	5,615	Bank of New York Mellon Corp. (The), 1.350%, 03/06/18		5,605
	52,499	Credit Suisse AG, (Switzerland), 1.375%, 05/26/17		52,490
		Goldman Sachs Group, Inc. (The),
	16,023	2.375%, 01/22/18		16,121
	8,300	5.950%, 01/18/18		8,673
	9,160	VAR, 1.567%, 06/04/17		9,173
	13,850	Hutchison Whampoa International 14 Ltd., (Cayman Islands), 1.625%, 10/31/17 (e)		13,819
		ING Bank N.V., (Netherlands),
	12,286	1.800%, 03/16/18 (e)		12,279
	6,635	VAR, 1.404%, 03/16/18 (e)		6,647

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
		Capital Markets — continued
		Macquarie Bank Ltd., (Australia),
	12,244	1.600%, 10/27/17 (e)		12,246
	6,134	1.650%, 03/24/17 (e)		6,138
	47,495	5.000%, 02/22/17 (e)		47,882
		Morgan Stanley,
	5,215	1.875%, 01/05/18		5,222
	2,466	4.750%, 03/22/17		2,492
	15,169	5.550%, 04/27/17		15,421
	20,999	5.950%, 12/28/17		21,938
		UBS AG, (Switzerland),
	56,281	1.375%, 06/01/17		56,283
	5,268	1.800%, 03/26/18		5,269
	25,305	VAR, 1.491%, 06/01/17		25,335
	2,000	VAR, 1.557%, 03/26/18		2,007
				325,040
		Consumer Finance — 3.3%
		American Express Credit Corp.,
	20,412	1.125%, 06/05/17		20,407
	5,500	VAR, 1.166%, 09/22/17		5,504
	6,160	VAR, 1.212%, 06/05/17		6,165
		American Honda Finance Corp.,
	550	1.200%, 07/14/17		550
	3,733	2.125%, 02/28/17 (e)		3,743
	11,313	VAR, 1.191%, 11/19/18		11,322
	15,493	VAR, 1.307%, 09/20/17		15,541
	935	VAR, 1.338%, 07/13/18		938
	20,226	Capital One Financial Corp., 6.750%, 09/15/17		21,028
		Caterpillar Financial Services Corp.,
	4,840	1.250%, 11/06/17		4,840
	12,912	VAR, 1.161%, 11/20/17		12,937
	3,025	Ford Motor Credit Co. LLC, 6.625%, 08/15/17		3,129
		HSBC USA, Inc.,
	18,494	1.300%, 06/23/17		18,479
	1,750	1.625%, 01/16/18		1,748
	1,650	VAR, 1.392%, 03/03/17		1,651
		John Deere Capital Corp.,
	17,016	2.800%, 09/18/17		17,230
	13,049	VAR, 1.326%, 07/11/17		13,077
		Nissan Motor Acceptance Corp.,
	5,544	1.500%, 03/02/18 (e)		5,530
	21,226	1.950%, 09/12/17 (e)		21,306
		Toyota Motor Credit Corp.,
	3,951	1.250%, 10/05/17		3,953
	1,500	VAR, 1.111%, 05/16/17		1,501
	41,532	VAR, 1.192%, 12/05/17		41,532
	1,470	VAR, 1.194%, 01/12/18		1,472
				233,583
		Diversified Financial Services — 2.5%
		Berkshire Hathaway, Inc.,
	6,446	1.150%, 08/15/18		6,414
	1,379	1.550%, 02/09/18		1,382
		Mizuho Securities USA, Inc.,
	36,000	1.490%, 03/24/17 (e)		35,989
	15,000	VAR, 1.251%, 12/21/16 (e)		15,000
	27,636	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		27,851
	3,590	National Rural Utilities Cooperative Finance Corp., 1.100%, 01/27/17		3,591
	20,600	NYSE Holdings LLC, 2.000%, 10/05/17		20,751
	45,950	Protective Life Global Funding, VAR, 1.391%, 06/08/18 (e)		46,024
	22,177	Siemens Financieringsmaatschappij N.V., (Netherlands), VAR, 1.170%, 09/13/19 (e)		22,195
				179,197
		Insurance — 5.1%
		American International Group, Inc.,
	4,587	5.450%, 05/18/17		4,669
	39,505	5.850%, 01/16/18		41,294
		Berkshire Hathaway Finance Corp.,
	17,776	VAR, 1.383%, 03/07/18		17,872
	14,796	VAR, 1.540%, 03/15/19		14,984
		Jackson National Life Global Funding,
	10,000	1.250%, 02/21/17 (e)		10,001
	25,823	VAR, 1.460%, 10/13/17 (e)		25,877
	3,140	MetLife, Inc., 1.903%, 12/15/17		3,152
		Metropolitan Life Global Funding I,
	13,376	1.300%, 04/10/17 (e)		13,384
	25,000	1.350%, 09/14/18 (e)		24,857
	22,643	1.500%, 01/10/18 (e)		22,656
	2,516	1.875%, 06/22/18 (e)		2,526
	2,936	3.650%, 06/14/18 (e)		3,027
	15,000	VAR, 1.190%, 09/14/18 (e)		15,007
	48,504	VAR, 1.256%, 04/10/17 (e)		48,565

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
		Insurance — continued
		New York Life Global Funding,
	1,581	1.300%, 10/30/17 (e)		1,582
	16,139	1.650%, 05/15/17 (e)		16,179
	7,272	VAR, 1.264%, 04/06/18 (e)		7,295
	26,800	Pricoa Global Funding I, VAR, 1.353%, 06/27/18 (e)		26,758
		Principal Life Global Funding II,
	310	1.500%, 09/11/17 (e)		311
	50,694	VAR, 1.211%, 05/21/18 (e)		50,679
	16,694	VAR, 1.431%, 12/01/17 (e)		16,761
				367,436
		Total Financials		2,138,082
		Health Care — 2.2%
		Biotechnology — 0.6%
	33,900	AbbVie, Inc., 1.750%, 11/06/17		34,121
	6,050	Amgen, Inc., 2.125%, 05/15/17		6,077
				40,198
		Health Care Equipment & Supplies — 0.1%
	5,671	CR Bard, Inc., 1.375%, 01/15/18		5,653
		Health Care Providers & Services — 0.5%
	22,697	Aetna, Inc., VAR, 1.491%, 12/08/17		22,783
	16,115	Laboratory Corp. of America Holdings, 2.200%, 08/23/17		16,176
				38,959
		Pharmaceuticals — 1.0%
	11,491	AstraZeneca plc, (United Kingdom), 5.900%, 09/15/17		11,902
	31,900	EMD Finance LLC, VAR, 1.207%, 03/17/17 (e)		31,914
	4,889	Roche Holdings, Inc., VAR, 0.944%, 09/29/17 (e)		4,889
	27,283	Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands), 1.400%, 07/20/18		27,017
				75,722
		Total Health Care		160,532
		Industrials — 0.7%
		Aerospace & Defense — 0.1%
	675	General Dynamics Corp., 1.000%, 11/15/17		674
	6,800	Precision Castparts Corp., 1.250%, 01/15/18		6,785
				7,459
		Building Products — 0.2%
	14,370	Johnson Controls, Inc., 1.400%, 11/02/17		14,360
		Industrial Conglomerates — 0.2%
	3,625	Hutchison Whampoa International 11 Ltd., (Cayman Islands), 3.500%, 01/13/17 (e)		3,632
	750	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 2.000%, 11/08/17 (e)		751
	7,095	Pentair Finance S.A., (Luxembourg), 1.875%, 09/15/17		7,104
				11,487
		Road & Rail — 0.2%
	7,913	ERAC USA Finance LLC, 6.375%, 10/15/17 (e)		8,236
		Ryder System, Inc.,
	2,300	2.500%, 03/01/17		2,298
	5,602	3.500%, 06/01/17		5,653
				16,187
		Total Industrials		49,493
		Information Technology — 1.2%
		Communications Equipment — 0.4%
	30,000	Cisco Systems, Inc., VAR, 1.511%, 02/21/18		30,177
		Internet Software & Services — 0.1%
	5,867	eBay, Inc., 1.350%, 07/15/17		5,867
		IT Services — 0.7%
		International Business Machines Corp.,
	31,816	5.700%, 09/14/17		32,950
	12,400	VAR, 1.071%, 02/06/18		12,415
	3,800	Visa, Inc., 1.200%, 12/14/17		3,804
				49,169
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	1,988	TSMC Global Ltd., (United Kingdom), 1.625%, 04/03/18 (e)		1,980
		Software — 0.0% (g)
	1,174	Oracle Corp., 5.750%, 04/15/18		1,242
		Total Information Technology		88,435
		Materials — 0.0% (g)
		Chemicals — 0.0% (g)
	540	Ecolab, Inc., 1.450%, 12/08/17		540

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Long-Term Investments — continued
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
		Simon Property Group LP,
	9,462	1.500%, 02/01/18 (e)		9,456
	2,018	5.875%, 03/01/17		2,018
	2,140	Ventas Realty LP, 1.250%, 04/17/17		2,139
		Total Real Estate		13,613
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.5%
		AT&T, Inc.,
	6,097	1.600%, 02/15/17		6,102
	5,000	1.750%, 01/15/18		4,997
	2,500	5.500%, 02/01/18		2,602
	19,085	5.600%, 05/15/18		20,072
	10,715	VAR, 1.258%, 03/30/17		10,726
		British Telecommunications plc, (United Kingdom),
	8,538	1.250%, 02/14/17		8,542
	1,217	5.950%, 01/15/18		1,273
	4,014	Deutsche Telekom International Finance B.V., (Netherlands), 2.250%, 03/06/17 (e)		4,023
		Verizon Communications, Inc.,
	17,000	1.350%, 06/09/17		17,029
	18,350	5.500%, 02/15/18		19,172
	11,100	VAR, 1.234%, 06/09/17		11,114
				105,652
		Wireless Telecommunication Services — 0.3%
	2,230	America Movil S.A.B. de C.V., (Mexico), 5.625%, 11/15/17		2,307
		Vodafone Group plc, (United Kingdom),
	3,380	1.250%, 09/26/17		3,370
	10,455	1.625%, 03/20/17		10,461
	8,136	5.625%, 02/27/17		8,215
				24,353
		Total Telecommunication Services		130,005
		Utilities — 0.6%
		Electric Utilities — 0.3%
	2,917	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		3,078
		Duke Energy Corp.,
	1,650	1.625%, 08/15/17		1,652
	8,212	VAR, 1.226%, 04/03/17		8,221
	1,229	Duke Energy Florida LLC, Series A, 5.800%, 09/15/17		1,272
	4,000	Electricite de France S.A., (France), 1.150%, 01/20/17 (e)		4,000
				18,223
		Independent Power & Renewable Electricity Producers — 0.2%
	14,115	Southern Power Co., 1.850%, 12/01/17		14,161
		Multi-Utilities — 0.1%
	8,888	Dominion Resources, Inc., 1.250%, 03/15/17		8,890
		Total Utilities		41,274
		Total Corporate Bonds (Cost $2,987,589)		2,987,480
	U.S. Treasury Obligations — 5.7%
		U.S. Treasury Notes,
	98,000	0.750%, 10/31/17		97,912
	57,100	0.750%, 04/30/18		56,895
	110,000	0.750%, 10/31/18		109,218
	146,000	0.875%, 08/15/17		146,131
		Total U.S. Treasury Obligations (Cost $410,754)		410,156
		Total Long-Term Investments (Cost $4,465,597)		4,464,529
	Short-Term Investments— 38.3%
		Certificates of Deposit— 20.2%
		Bank of Montreal, (Canada)
	20,000	VAR, 1.144%, 06/16/17		20,008
	23,077	VAR, 1.322%, 09/01/17		23,122
		Bank of Nova Scotia, (Canada)
	20,000	1.290%, 05/16/17		20,023
	13,000	VAR, 1.324%, 07/12/17		13,027
	1,750	VAR, 1.434%, 10/26/17		1,756
	29,800	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), VAR, 1.387%, 07/31/17		29,841
	13,640	BNP Paribas S.A., (France), 1.530%, 08/25/17		13,661
		Canadian Imperial Bank of Commerce, (Canada)
	38,000	VAR, 1.109%, 06/02/17		38,045
	23,339	VAR, 1.290%, 05/23/17		23,377
	20,200	VAR, 1.326%, 10/06/17		20,246

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT(S)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Certificates of Deposit — continued
	1,000	VAR, 1.330%, 05/24/17		1,002
		Cooperatieve Rabobank UA, (Netherlands)
	15,000	1.180%, 03/06/17		15,011
	25,000	1.300%, 08/01/17		25,027
	15,000	VAR, 1.382%, 08/11/17		15,027
	53,500	VAR, 1.426%, 10/02/17		53,653
		Credit Agricole Corporate & Investment Bank
	24,100	1.300%, 07/12/17		24,123
	59,700	VAR, 1.333%, 11/03/17		59,748
	11,400	Credit Industriel et Commercial, 1.250%, 06/15/17		11,407
		Credit Suisse AG, (Switzerland)
	900	VAR, 1.645%, 09/12/17		901
	21,575	VAR, 1.656%, 11/21/17		21,592
	27,030	1.680%, 08/25/17		27,049
	41,850	DG Bank, 1.210%, 04/25/17		41,856
		HSBC Bank USA N.A.
	25,000	VAR, 1.342%, 05/12/17		25,031
	35,000	VAR, 1.426%, 08/04/17		35,071
	30,000	Mitsubishi UFJ Trust & Banking Corp., 1.530%, 08/23/17		30,066
	26,700	Mizuho Bank Ltd., 1.300%, 07/13/17		26,716
	40,031	National Bank of Canada, VAR, 1.330%, 05/24/17		40,090
		Natixis, (France)
	5,000	1.220%, 03/27/17		5,003
	25,000	1.350%, 05/31/17		25,026
	44,520	VAR, 1.371%, 11/01/17		44,614
		Norinchukin Bank
	14,050	1.430%, 07/26/17		14,062
	19,350	1.430%, 07/27/17		19,367
	13,450	1.470%, 08/03/17		13,465
	28,000	1.550%, 10/13/17		28,050
	24,100	1.550%, 10/25/17		24,142
		Royal Bank of Canada, (Canada)
	28,000	1.195%, 03/02/17		28,023
	35,540	1.310%, 10/19/17		35,523
	30,000	Shizuoka Bank Ltd (The), 1.000%, 01/03/17		30,013
		Societe Generale S.A., (France)
	50,000	1.220%, 03/27/17		50,045
	12,400	1.450%, 10/20/17		12,410
	6,200	1.470%, 10/19/17		6,206
	28,500	Standard Chartered Bank, 1.400%, 06/02/17		28,508
		State Street Bank & Trust Co.
	10,000	VAR, 1.176%, 04/11/17		10,012
	50,000	VAR, 1.341%, 07/14/17		50,098
		Sumitomo Mitsui Banking Corp., (Japan)
	47,000	1.500%, 10/12/17		47,098
	4,550	1.600%, 09/12/17		4,564
		Sumitomo Mitsui Trust Bank Ltd., (Japan)
	21,330	VAR, 1.361%, 10/27/17		21,333
	12,925	1.450%, 07/19/17		12,948
	54,435	1.500%, 07/20/17		54,552
	23,000	1.530%, 08/08/17		23,056
	5,000	1.530%, 08/16/17		5,013
		Svenska Handelsbanken AB, (Sweden)
	30,000	VAR, 1.146%, 08/01/17		30,022
	27,000	1.190%, 06/08/17		27,014
		Toronto-Dominion Bank (The), (Canada)
	35,000	1.150%, 05/03/17		35,018
	13,300	1.200%, 07/13/17		13,305
	5,000	VAR, 1.402%, 08/11/17		5,012
	10,050	UBS AG, (Switzerland), VAR, 1.511%, 09/20/17		10,078
		Wells Fargo Bank N.A.
	18,500	VAR, 1.261%, 11/16/17		18,509
	16,100	VAR, 1.343%, 09/22/17		16,129
	25,000	VAR, 1.356%, 07/10/17		25,033
	19,950	Westpac Banking Corp., (Australia), 1.230%, 07/14/17		19,959
		Total Certificates of Deposit (Cost $1,447,835)		1,449,686
		Commercial Paper — 11.9%
	22,200	American Express Credit Corp., 1.277%, 04/26/17 (n)		22,103
	1,000	Atmos Energy Corp., 1.106%, 04/17/17 (n)		997
	32,000	Bank of Nova Scotia (The), (Canada), VAR, 1.340%, 05/12/17 (n)		32,054
	6,250	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 1.364%, 07/14/17 (n)		6,198
	13,000	BP Capital Markets plc, (United Kingdom), 1.150%, 02/16/17 (n)		12,976
	14,000	CDP Financial, Inc., (Canada), 1.157%, 02/07/17 (n)		13,984

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT(S)		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — continued
		Commercial Paper — continued
	41,000	Coca-Cola Co. (The), 1.030%, 09/18/17 (n)		40,646
	34,870	Danske Corp., Series A, 1.451%, 08/24/17 (n)		34,504
		Dominion Resources, Inc.
	5,400	1.227%, 04/20/17 (n)		5,375
	35,300	1.228%, 04/17/17 (n)		35,141
	46,850	DZ Bank AG, (Germany), 1.207%, 04/27/17 (n)		46,697
		Electricite de France S.A., (France)
	18,800	1.535%, 01/06/17 (n)		18,784
	39,900	1.535%, 01/09/17 (n)		39,864
	30,000	Eni Finance USA, Inc., 1.471%, 03/14/17 (n)		29,909
		Ford Motor Credit Co. LLC
	17,150	1.677%, 11/06/17 (n)		16,895
	16,000	1.781%, 09/01/17 (n)		15,814
	7,575	HSBC USA, Inc., 1.302%, 07/28/17 (n)		7,508
		ICBCIL Finance Co., Ltd.
	16,177	1.304%, 01/25/17 (n)		16,159
	13,645	1.304%, 02/17/17 (n)		13,620
	16,542	1.305%, 02/08/17 (n)		16,516
	12,000	ING US Funding LLC, 1.384%, 06/09/17 (n)		11,924
	15,000	National Australia Bank Ltd., (Australia), 1.266%, 11/09/17 (n)		14,810
		Natixis, (France),
	3,500	0.882%, 02/02/17 (n)		3,496
	20,000	1.157%, 02/27/17 (n)		19,954
		ONEOK Partners LP
	22,000	1.101%, 12/06/16 (n)		21,997
	4,000	1.131%, 12/27/16 (n)		3,998
	22,300	Ontario Teachers Finance Trust, (Canada), 1.207%, 04/11/17 (n)		22,219
	15,000	Pfizer, Inc., 0.935%, 03/20/17 (n)		14,970
	60,000	Reckitt Benckiser Treasury Services plc, (United Kingdom), 1.369%, 08/30/17 (n)		59,466
	20,000	Schlumberger Holdings Corp, 1.023%, 01/04/17 (n)		19,985
	30,000	Standard Chartered Bank, 1.709%, 09/12/17 (n)		29,644
	850	Suncorp-Metway Ltd., (Australia), 1.054%, 02/06/17 (n)		849
	49,850	Svenska Handelsbanken AB, (Sweden), 1.164%, 07/05/17 (n)		49,515
		Toyota Motor Credit Corp.
	25,000	1.252%, 06/09/17 (n)		24,863
	53,450	1.252%, 06/12/17 (n)		53,150
	28,600	Vodafone Group plc, (United Kingdom), 1.626%, 09/13/17 (n)		28,246
		Westpac Banking Corp., (Australia)
	4,000	1.368%, 09/29/17 (n)		3,957
	15,000	1.389%, 08/04/17 (n)		14,874
	36,500	1.409%, 10/04/17 (n)		36,096
		Total Commercial Papers (Cost $859,123)		859,757
		Repurchase Agreements— 3.2%
	100,000	Citigroup Global Markets Inc., 1.655%, dated 11/30/16, due 03/28/17, repurchase price $100,542, collateralized by Asset-Backed Securities, 0.956% - 5.132%, due 10/06/46 - 02/28/52, with the value of $108,000.		100,000
	100,000	Merrill Lynch PFS, Inc., 1.110%, dated 11/30/16, due 02/16/17, repurchase price $100,240, collateralized by Asset-Backed Securities, 3.475% - 5.437%, due 12/25/25 - 03/25/55, with the value of $108,000.		100,000
	30,000	Morgan Stanley Co. LLC, 1.220%, dated 11/30/16, due 12/01/16, repurchase price $30,001, collateralized by Common Stocks, with the value of $32,400.		30,000
		Total Repurchase Agreements (Cost $230,000)		230,000
SHARES
		Investment Company — 3.0%
	213,627	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $213,645)		213,691
		Total Short-Term Investments (Cost $2,750,603)		2,753,134
		Total Investments — 100.4% (Cost $7,216,200)		7,217,663
		Liabilities in Excess of Other Assets — (0.4)%		(27,400	)
		NET ASSETS — 100.0%	$	7,190,263

Percentages indicated are based on net assets.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.

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	$	5,590
Aggregate gross unrealized depreciation		(4,127	)
Net unrealized appreciation/depreciation	$	1,463
Federal income tax cost of investments	$	7,216,200

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

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

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

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

Investments in open-end investment companies, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each Underlying Fund’s net asset values per share as of the report date.

JPMorgan Managed Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	949,578	$	—		$	949,578
Certificates of Deposit		—		117,315		—			117,315
Corporate Bonds
Consumer Discretionary		—		209,243		—			209,243
Consumer Staples		—		104,477		—			104,477
Energy		—		51,786		—			51,786
Financials		—		2,138,082		—			2,138,082
Health Care		—		160,532		—			160,532
Industrials		—		49,493		—			49,493
Information Technology		—		88,435		—			88,435
Materials		—		540		—			540
Real Estate		—		13,613		—			13,613
Telecommunication Services		—		130,005		—			130,005
Utilities		—		41,274		—			41,274
Total Corporate Bonds		—		2,987,480		—			2,987,480
U.S. Treasury Obligations		—		410,156		—			410,156
Short-Term Investments
Certificates of Deposit		—		1,449,686		—			1,449,686
Commercial Papers		—		859,757		—			859,757
Investment Company		213,691		—		—			213,691
Repurchase Agreements		—		—		230,000			230,000
Total Investments in Securities	$	213,691	$	6,773,972	$	230,000	*	$	7,217,663

* Level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately 230,000,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

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

Managed Income Fund	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases1		Sales2		Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2016
Short-Term Investments:
Repurchase Agreements	$	—	$	—	$	—	$	—	$	230,000	$	—	$	—	$	—	$	230,000

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

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

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

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 9.2%
	1,815	ACE Securities Corp. Home Equity Loan Trust, Series 2004-FM1, Class M1, VAR, 1.492%, 09/25/33		1,702
	1,011	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-12, Class M1, VAR, 1.659%, 01/25/34		942
	209	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W7, Class M2, VAR, 1.434%, 05/25/34		193
	286	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2004-HE7, Class M2, VAR, 2.109%, 10/25/34		271
	11,975	Benefit Street Partners CLO IV Ltd., (Cayman Islands), Series 2014-IVA, Class A1A, VAR, 2.371%, 07/20/26 (e)		11,975
	2,006	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.780%, 10/15/21 (e)		1,524
	1,280	Chase Funding Loan Acquisition Trust, Series 2004-OPT1, Class M2, VAR, 2.092%, 06/25/34		1,237
	964	CHEC Loan Trust, Series 2004-1, Class A3, VAR, 1.592%, 07/25/34		938
	1,742	Consumer Credit Origination Loan Trust, Series 2015-1, Class B, 5.210%, 03/15/21 (e)		1,746
		Countrywide Asset-Backed Certificates,
	135	Series 2002-3, Class M1, VAR, 1.717%, 03/25/32		133
	1,829	Series 2002-4, Class M1, VAR, 1.717%, 12/25/32		1,699
	776	Series 2003-3, Class 3A, VAR, 1.132%, 11/25/33		722
	165	Series 2004-2, Class M1, VAR, 1.342%, 05/25/34		157
	1,327	Series 2004-3, Class M1, VAR, 1.342%, 06/25/34		1,239
	1,318	Series 2004-ECC2, Class M2, VAR, 1.567%, 12/25/34		1,269
	6,379	Series 2005-AB3, Class 1A1, VAR, 0.842%, 02/25/36		5,613
	168	CWABS, Inc., Asset-Backed Certificates, Series 2004-1, Class M2, VAR, 1.417%, 03/25/34		156
	346	CWABS, Inc., Asset-Backed Certificates Trust, Series 2004-5, Class M2, VAR, 1.597%, 07/25/34 DT Auto Owner Trust,		334
	4,229	Series 2015-1A, Class D, 4.260%, 02/15/22 (e)		4,296
	5,142	Series 2016-1A, Class D, 4.660%, 12/15/22 (e)		5,233
	377	Equity One Mortgage Pass-Through Trust, Series 2004-2, Class M1, SUB, 5.692%, 07/25/34		368
		First Franklin Mortgage Loan Trust,
	3,256	Series 2004-FF5, Class A1, VAR, 1.312%, 08/25/34		3,108
	98	Series 2005-FF11, Class A2D, VAR, 1.272%, 11/25/35		97
	2,487	Flagship Credit Auto Trust, Series 2014-2, Class C, 3.950%, 12/15/20 (e)		2,494
	15,000	Flatiron CLO Ltd., (Cayman Islands), Series 2013-1A, Class A1, VAR, 2.280%, 01/17/26 (e)		15,004
	750	Gallatin CLO VI LLC, Series 2013-2A, Class A1, VAR, 2.330%, 01/15/25 (e)		753
	1,022	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		1,006
	8,560	GMAT Trust, Series 2013-1A, Class M, VAR, 5.000%, 11/25/43 (e)		8,151
	6,174	GSAMP Trust, Series 2006-HE3, Class A2C, VAR, 0.752%, 05/25/46		5,734
	9,750	LCM LP, (Cayman Islands), Series 16A, Class A, VAR, 2.180%, 07/15/26 (e)		9,751
	3,752	LV Tower 52 Issuer LLC, Series 2013-1, Class M, 7.500%, 07/15/19 (e)		3,658
	3,677	Mid-State Capital Corp. Trust, Series 2006-1, Class M2, 6.742%, 10/15/40 (e)		3,892
		Morgan Stanley ABS Capital I, Inc. Trust,
	2,112	Series 2004-HE1, Class M1, VAR, 1.447%, 01/25/34		2,014
	338	Series 2004-HE7, Class M2, VAR, 1.537%, 08/25/34		334
	119	Series 2004-HE7, Class M3, VAR, 1.612%, 08/25/34		113
	509	Series 2004-HE8, Class M2, VAR, 1.612%, 09/25/34		494
	153	Series 2004-NC7, Class M3, VAR, 1.567%, 07/25/34		136
	588	Series 2004-OP1, Class M2, VAR, 1.507%, 11/25/34		571
	407	Series 2005-NC1, Class M3, VAR, 1.357%, 01/25/35		330

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		New Century Home Equity Loan Trust,
	87	Series 2004-2, Class M2, VAR, 1.522%, 08/25/34		80
	399	Series 2004-4, Class M2, VAR, 1.387%, 02/25/35		366
	5,823	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		5,693
	10,250	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		10,257
		Ocwen Master Advance Receivables Trust,
	869	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		870
	6,495	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		6,544
		OneMain Financial Issuance Trust,
	5,928	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		5,933
	3,640	Series 2014-2A, Class C, 4.330%, 09/18/24 (e)		3,615
	3,015	Series 2014-2A, Class D, 5.310%, 09/18/24 (e)		3,036
	2,650	Series 2015-1A, Class C, 5.120%, 03/18/26 (e)		2,653
	1,455	Oportun Funding III LLC, Series 2016-B, Class B, 5.160%, 07/08/21 (e)		1,454
	45	Option Mortgage Loan Trust, Series 2004-3, Class M3, VAR, 1.567%, 11/25/34		41
	2,750	OZLM Funding IV Ltd., (Cayman Islands), Series 2013-4A, Class A1, VAR, 2.032%, 07/22/25 (e)		2,746
		Pretium Mortgage Credit Partners I LLC,
	2,665	Series 2015-NPL4, Class A1, SUB, 4.375%, 11/27/30 (e)		2,687
	6,186	Series 2016-NPL1, Class A1, SUB, 4.375%, 02/27/31 (e)		6,243
		Progress Residential Trust,
	3,750	Series 2015-SFR2, Class D, 3.684%, 06/12/32 (e)		3,721
	603	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		618
	3,679	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		3,769
	6,050	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		6,050
	6,035	RASC Trust, Series 2005-EMX1, Class M1, VAR, 1.237%, 03/25/35		5,686
	851	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		851
		Renaissance Home Equity Loan Trust,
	560	Series 2003-3, Class M1, VAR, 1.322%, 12/25/33		514
	151	Series 2004-1, Class M1, VAR, 1.172%, 05/25/34		141
	1,349	Series 2005-1, Class AF6, SUB, 4.970%, 05/25/35		1,379
	2,709	Series 2005-2, Class AV3, VAR, 0.962%, 08/25/35		2,351
	1,990	Series 2005-2, Class M1, SUB, 5.051%, 08/25/35		1,623
	486	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		487
	1,611	Rockwall CDO II Ltd., (Cayman Islands), Series 2007-1A, Class A1LA, VAR, 1.136%, 08/01/24 (e)		1,600
	207	Saxon Asset Securities Trust, Series 2006-2, Class A3C, VAR, 0.742%, 09/25/36		200
	215	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		215
	9,580	Sound Point CLO IV Ltd., (Cayman Islands), Series 2013-3A, Class A, VAR, 2.251%, 01/21/26 (e)		9,575
		Springleaf Funding Trust,
	4,192	Series 2015-AA, Class C, 5.040%, 11/15/24 (e)		4,092
	4,200	Series 2015-AA, Class D, 6.310%, 11/15/24 (e)		4,210
		Structured Asset Investment Loan Trust,
	1,356	Series 2004-1, Class M1, VAR, 1.567%, 02/25/34		1,306
	5,176	Series 2004-6, Class A3, VAR, 1.392%, 07/25/34		4,987
	1,219	Series 2004-7, Class M1, VAR, 1.642%, 08/25/34		1,123
	427	Series 2004-8, Class M2, VAR, 1.522%, 09/25/34		384
	119	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2005-WF2, Class M2, VAR, 1.222%, 05/25/35		96
	7,664	Symphony CLO XIV Ltd., (Cayman Islands), Series 2014-14A, Class A2, VAR, 2.153%, 07/14/26 (e)		7,683
	4,000	THL Credit Wind River CLO Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.402%, 04/18/26 (e)		4,003

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	9,580	Venture XVII CDO Ltd., (Cayman Islands), Series 2014-17A, Class A, VAR, 2.360%, 07/15/26 (e)		9,578
	4,704	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		4,741
	3,163	VOLT XXII LLC, Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		3,100
	8,740	VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		8,569
	4,463	VOLT XXVII LLC, Series 2014-NPL7, Class A2, SUB, 4.750%, 08/27/57 (e)		4,384
	7,469	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.875%, 09/25/45 (e)		7,492
	613	Wells Fargo Home Equity Asset-Backed Securities, Series 2005-3, Class M2, VAR, 1.022%, 11/25/35		611
	1,458	Westgate Resorts LLC, Series 2015-1A, Class B, 3.500%, 05/20/27 (e)		1,450
	2,321	Westlake Automobile Receivables Trust, Series 2014-2A, Class D, 2.860%, 07/15/21 (e)		2,332
		Total Asset-Backed Securities (Cost $259,205)		260,526
	Collateralized Mortgage Obligations — 5.8%
		Agency CMO — 3.3%
		Federal Home Loan Mortgage Corp. REMIC,
	672	Series 2936, Class AS, IF, IO, 5.562%, 02/15/35		95
	1,871	Series 3160, Class SA, IF, IO, 6.612%, 05/15/36		292
	582	Series 3174, Class SA, IF, IO, 7.162%, 04/15/36		119
	1,494	Series 3203, Class SH, IF, IO, 6.602%, 08/15/36		304
	6,812	Series 3716, Class PI, IO, 4.500%, 04/15/38		648
	9,787	Series 3907, Class AI, IO, 5.000%, 05/15/40		918
	5,303	Series 3958, Class MS, IF, IO, 6.162%, 08/15/26		711
	9,448	Series 3998, Class KS, IF, IO, 6.162%, 02/15/27		1,409
	7,213	Series 4010, Class NH, 2.500%, 12/15/41		7,266
	8,237	Series 4018, Class HI, IO, 4.500%, 03/15/41		1,559
	9,684	Series 4043, Class PI, IO, 2.500%, 05/15/27		803
	2,268	Series 4056, Class BI, IO, 3.000%, 05/15/27		223
	2,566	Series 4073, Class IQ, IO, 4.000%, 07/15/42		514
	8,426	Series 4091, Class CI, IO, 3.500%, 06/15/27		833
	4,986	Series 4097, Class CI, IO, 3.000%, 08/15/27		457
	24,897	Series 4119, Class LI, IO, 3.500%, 06/15/39		3,015
	2,797	Series 4120, Class UI, IO, 3.000%, 10/15/27		292
	14,611	Series 4128, Class SA, IF, IO, 5.612%, 11/15/42		3,107
	1,605	Series 4136, Class IN, IO, 3.000%, 11/15/27		169
	3,608	Series 4146, Class AI, IO, 3.000%, 12/15/27		346
	7,528	Series 4173, Class I, IO, 4.000%, 03/15/43		1,550
	1,636	Series 4216, Class MI, IO, 3.000%, 06/15/28		170
	10,537	Series 4347, Class WF, VAR, 0.927%, 01/15/40		10,462
	12,587	Series 4372, Class SY, IF, IO, 5.562%, 08/15/44		2,272
	10,751	Series 4501, Class MB, 3.000%, 04/15/43		11,068
	12,769	Series 4505, Class SA, IF, IO, 5.612%, 08/15/45		2,986
		Federal National Mortgage Association REMIC,
	1,355	Series 2003-130, Class NS, IF, IO, 6.416%, 01/25/34		264
	918	Series 2005-67, Class SI, IF, IO, 6.116%, 08/25/35		173
	274	Series 2005-69, Class AS, IF, IO, 6.116%, 08/25/35		44
	976	Series 2006-24, Class QS, IF, IO, 6.616%, 04/25/36		204
	1,971	Series 2008-67, Class FG, 1.584%, 07/25/38		2,018
	1,609	Series 2009-93, Class SD, IF, IO, 5.616%, 11/25/39		289
	1,150	Series 2009-105, Class SE, IF, IO, 5.566%, 12/25/39		159

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	888	Series 2010-68, Class SJ, IF, IO, 5.966%, 07/25/40		168
	3,782	Series 2010-102, Class IP, IO, 5.000%, 12/25/39		331
	907	Series 2011-68, Class AI, IO, 4.500%, 12/25/20		43
	3,221	Series 2012-25, Class AI, IO, 3.500%, 03/25/27		361
	23,856	Series 2012-35, Class SE, IF, IO, 5.916%, 04/25/42		5,499
	1,839	Series 2012-93, Class SK, IF, IO, 5.466%, 09/25/42		363
	5,778	Series 2012-107, Class GI, IO, 3.500%, 09/25/27		631
	7,893	Series 2012-107, Class IG, IO, 3.500%, 10/25/27		885
	4,062	Series 2012-109, Class WI, IO, 2.500%, 10/25/27		362
	12,407	Series 2012-118, Class DI, IO, 3.500%, 01/25/40		1,420
	1,601	Series 2012-120, Class DI, IO, 3.000%, 03/25/31		175
	11,004	Series 2012-128, Class KI, IO, 3.000%, 11/25/27		1,036
	19,429	Series 2012-133, Class NS, IF, IO, 5.566%, 12/25/42		4,425
	3,392	Series 2012-144, Class EI, IO, 3.000%, 01/25/28		311
	7,576	Series 2012-145, Class EI, IO, 3.000%, 01/25/28		716
	5,785	Series 2012-148, Class JI, IO, 3.500%, 12/25/39		716
	5,090	Series 2012-149, Class MI, IO, 3.000%, 01/25/28		540
	5,815	Series 2012-150, Class BI, IO, 3.000%, 01/25/28		564
	15,064	Series 2013-4, Class ST, IF, IO, 5.566%, 02/25/43		2,781
	11,287	Series 2013-5, Class BI, IO, 3.500%, 03/25/40		1,607
	2,977	Series 2013-9, Class IO, IO, 3.000%, 02/25/28		288
	3,672	Series 2013-9, Class YI, IO, 3.500%, 02/25/28		413
	3,141	Series 2013-15, Class QI, IO, 3.000%, 03/25/28		304
	3,667	Series 2013-18, Class NS, IF, IO, 5.516%, 03/25/43		755
	7,072	Series 2013-26, Class IJ, IO, 3.000%, 04/25/28		706
	15,231	Series 2013-31, Class YI, IO, 3.500%, 04/25/28		1,663
	1,169	Series 2013-123, Class DH, 3.000%, 05/25/43		1,177
	12,890	Series 2015-48, Class ST, IF, IO, 5.036%, 07/25/45		2,821
		Government National Mortgage Association,
	17,157	Series 2012-77, Class MS, IF, IO, 5.538%, 06/20/42		3,996
	810	Series 2014-36, Class WY, 2.000%, 03/16/44		690
	15,643	Series 2014-119, Class JS, IF, IO, 5.588%, 08/20/44		3,692
				94,178
		Non-Agency CMO — 2.5%
		Alternative Loan Trust,
	305	Series 2004-24CB, Class 1A1, 6.000%, 11/25/34		315
	464	Series 2004-28CB, Class 2A4, 5.750%, 01/25/35		452
	845	Series 2004-28CB, Class 3A1, 6.000%, 01/25/35		829
	2,202	Series 2005-21CB, Class A17, 6.000%, 06/25/35		2,202
	29	Series 2006-J3, Class 4A1, 5.750%, 05/25/26		26
	2,606	American Home Mortgage Assets Trust, Series 2006-6, Class A1A, VAR, 0.782%, 12/25/46		1,842
	3,194	Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		3,214
GBP	1,100	Auburn Securities 4 plc, (United Kingdom), Series 4, Class B, Reg. S, VAR, 0.955%, 10/01/41		1,208
		Banc of America Alternative Loan Trust,
	563	Series 2004-9, Class 4A1, 5.500%, 10/25/19		565
	285	Series 2006-2, Class 7A1, 6.000%, 03/25/21		270
	1,123	Banc of America Funding Trust, Series 2006-A, Class 1A1, VAR, 3.045%, 02/20/36		1,112
	578	Banc of America Mortgage Trust, Series 2004-A, Class 2A2, VAR, 2.947%, 02/25/34		570

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
EUR	2,529	Bankinter 3 Fondo de Titulizacion Hipotecaria, (Spain), Series 3, Class A, Reg. S, VAR, 0.000%, 10/16/38		2,656
EUR	947	Berica 8 Residential Mbs Srl, (Italy), Series 8, Class A, Reg. S, VAR, 0.000%, 03/31/48		997
	17	Citigroup Mortgage Loan Trust, Inc., Series 2005-9, Class 2A2, 5.500%, 11/25/35		17
	135	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-4, Class 3A17, 5.500%, 06/25/35		136
	774	CSMC Mortgage-Backed Trust, Series 2007-2, Class 3A13, 5.500%, 03/25/37		698
	321	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA1, Class 1A4, 5.500%, 03/25/35		312
	1,514	First Horizon Mortgage Pass-Through Trust, Series 2005-5, Class 1A6, 5.500%, 10/25/35		1,457
	1,061	GSR Mortgage Loan Trust, Series 2004-15F, Class 1A2, 5.500%, 12/25/34		1,081
		HarborView Mortgage Loan Trust,
	3,254	Series 2005-11, Class 2A1A, VAR, 0.872%, 08/19/45		3,013
	6,652	Series 2007-6, Class 2A1A, VAR, 0.752%, 08/19/37		5,832
	1,785	IndyMac INDX Mortgage Loan Trust, Series 2005-AR10, Class A1, VAR, 0.852%, 06/25/35		1,504
EUR	1,200	Intesa Sec S.p.A., (Italy), Series 3, Class B, Reg. S, VAR, 0.000%, 10/30/33		1,239
	831	JP Morgan Mortgage Trust, Series 2006-S2, Class 1A19, 6.000%, 07/25/36		732
	691	Lehman Mortgage Trust, Series 2005-2, Class 2A5, 5.500%, 12/25/35		604
	3,906	MASTR Alternative Loan Trust, Series 2004-12, Class 3A1, 6.000%, 12/25/34		4,063
		Morgan Stanley Mortgage Loan Trust,
	783	Series 2004-4, Class 2A, VAR, 6.406%, 09/25/34		853
	212	Series 2004-9, Class 1A, VAR, 5.466%, 11/25/34		223
GBP	1,508	Paragon Mortgages No. 7 plc, (United Kingdom), Series 7X, Class A1B, Reg. S, VAR, 0.818%, 05/15/34		1,781
	77	RALI Trust, Series 2006-QS4, Class A2, 6.000%, 04/25/36		66
		Residential Asset Securitization Trust,
	3,891	Series 2005-A3, Class A2, 5.500%, 04/25/35		3,502
	453	Series 2005-A8CB, Class A11, 6.000%, 07/25/35		426
	176	RFMSI Trust, Series 2007-S9, Class 2A1, 5.500%, 09/25/22		176
	930	Sequoia Mortgage Trust, Series 2003-8, Class A1, VAR, 1.202%, 01/20/34		883
	1,751	Structured Asset Securities Corp., Series 2005-1, Class 7A7, 5.500%, 02/25/35		1,775
	488	Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2003-35, Class B1, VAR, 5.482%, 12/25/33		411
EUR	1,553	TDA CAM 4 Fondo de Titulizacion de Activos, (Spain), Series 4, Class A, Reg. S, VAR, 0.000%, 06/26/39		1,616
	250	WaMu Mortgage Pass-Through Certificates, Series 2003-S3, Class 3A2, 5.500%, 05/25/33		252
	42	Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2006-3, Class 5A2, 5.500%, 03/25/21		39
		Wells Fargo Mortgage-Backed Securities Trust,
	4,250	Series 2004-M, Class A1, VAR, 3.003%, 08/25/34		4,338
	5,353	Series 2004-N, Class A6, VAR, 3.008%, 08/25/34		5,337
	6,074	Series 2004-N, Class A7, VAR, 3.008%, 08/25/34		6,056
	386	Series 2005-AR2, Class 2A2, VAR, 2.892%, 03/25/35		389
	2,582	Series 2005-AR4, Class 2A2, VAR, 2.997%, 04/25/35		2,578
	3,657	Series 2005-AR8, Class 1A1, VAR, 3.041%, 06/25/35		3,701
				71,348
		Total Collateralized Mortgage Obligations (Cost $165,393)		165,526

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — 9.9%
	6,000	A10 Securitization LLC, VAR, 6.020%, 01/09/20		6,000
	1,440	ACRE Commercial Mortgage Trust, (Cayman Islands), Series 2014-FL2, Class D, VAR, 3.955%, 08/15/31 (e)		1,440
		Banc of America Commercial Mortgage Trust,
	2,250	Series 2006-1, Class C, VAR, 5.509%, 09/10/45		2,248
	4,175	Series 2006-2, Class B, VAR, 5.854%, 05/10/45		4,169
		Bear Stearns Commercial Mortgage Securities Trust,
	711	Series 2006-PW13, Class AJ, VAR, 5.611%, 09/11/41		710
	3,340	Series 2006-PW13, Class B, VAR, 5.660%, 09/11/41 (e)		3,248
	7,015	Series 2006-PW14, Class AJ, 5.273%, 12/11/38		7,057
	14,808	Series 2007-PW16, Class AJ, VAR, 5.900%, 06/11/40		14,698
	8,170	Series 2007-PW17, Class AJ, VAR, 6.083%, 06/11/50		8,254
	650	CD Mortgage Trust, Series 2006-CD3, Class AJ, 5.688%, 10/15/48		364
	5,923	CG-CCRE Commercial Mortgage Trust, Series 2014-FL2, Class A, VAR, 2.392%, 11/15/31 (e)		5,923
		Citigroup Commercial Mortgage Trust,
	9,365	Series 2015-P1, Class D, 3.225%, 09/15/48 (e)		7,102
	4,240	Series 2016-C3, Class C, 4.140%, 11/15/49		3,997
		COMM Mortgage Trust,
	6,736	Series 2006-C8, Class AJ, 5.377%, 12/10/46		6,673
	3,990	Series 2014-CR15, Class D, VAR, 4.914%, 02/10/47 (e)		3,532
	3,075	Series 2015-CR23, Class B, VAR, 4.183%, 05/10/48		2,982
	6,130	Series 2015-CR23, Class CMC, VAR, 3.807%, 05/10/48 (e)		5,943
	9,605	Series 2015-CR24, Class A5, 3.696%, 08/10/48		9,990
	7,710	Series 2015-PC1, Class A5, 3.902%, 07/10/50		8,079
	797	Commercial Mortgage Trust, Series 2004-GG1, Class J, VAR, 5.450%, 06/10/36 (e)		175
	169	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class AM, VAR, 5.290%, 11/10/45		169
		GS Mortgage Securities Corp. Trust,
	9,437	Series 2007-GG10, Class A4, VAR, 5.988%, 08/10/45		9,522
	8,908	Series 2016-GS2, Class D, 2.753%, 05/10/49 (e)		6,374
	2,322	Series 2016-GS4, Class C, VAR, 3.804%, 11/10/49		2,260
	11,835	Series 2016-ICE2, Class A, VAR, 2.468%, 02/15/33 (e)		11,898
		JP Morgan Chase Commercial Mortgage Securities Trust,
	2,900	Series 2005-LDP2, Class D, VAR, 4.941%, 07/15/42		2,906
	3,680	Series 2005-LDP5, Class D, VAR, 5.717%, 12/15/44		3,673
	1,027	Series 2006-LDP8, Class B, VAR, 5.520%, 05/15/45		1,026
	12,669	Series 2007-LD11, Class AM, VAR, 5.938%, 06/15/49		12,895
	15,615	Series 2007-LDPX, Class AM, VAR, 5.464%, 01/15/49		15,350
		LB-UBS Commercial Mortgage Trust,
	9,067	Series 2006-C6, Class AJ, VAR, 5.452%, 09/15/39		8,433
	4,370	Series 2007-C6, Class AJ, VAR, 6.380%, 07/15/40		4,409
	2,854	LMREC, Inc., Series 2016-CRE2, Class A, VAR, 2.286%, 11/24/31 (e)		2,854
	7,124	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class AJ, 5.239%, 12/12/49		7,137
		Morgan Stanley Bank of America Merrill Lynch Trust,
	4,240	Series 2013-C7, Class D, VAR, 4.416%, 02/15/46 (e)		3,900
	4,625	Series 2014-C15, Class D, VAR, 5.057%, 04/15/47 (e)		4,080
	8,943	Series 2016-C31, Class C, VAR, 4.322%, 10/15/26		8,379
		Morgan Stanley Capital I Trust,
	2,415	Series 2006-HQ8, Class D, VAR, 5.589%, 03/12/44		1,011
	81	Series 2006-HQ9, Class AJ, VAR, 5.793%, 07/12/44		80
	2,402	Series 2006-HQ10, Class AJ, VAR, 5.389%, 11/12/41		2,396
	8,275	Series 2007-HQ11, Class AJ, VAR, 5.508%, 02/12/44		8,232
	2,419	Series 2016-BNK2, Class D, VAR, 3.000%, 11/15/49 (e)		1,738

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		Wachovia Bank Commercial Mortgage Trust,
	3,477	Series 2005-C21, Class F, VAR, 5.465%, 10/15/44 (e)		3,109
	17,011	Series 2006-C29, Class AJ, VAR, 5.368%, 11/15/48		17,198
	15,515	Series 2007-C31, Class AJ, VAR, 5.660%, 04/15/47		15,694
	5,560	Series 2007-C33, Class AJ, VAR, 6.170%, 02/15/51		5,552
	6,915	Series 2007-C33, Class C, VAR, 6.170%, 02/15/51		6,430
	3,250	Series 2007-C34, Class AJ, VAR, 6.138%, 05/15/46		3,259
		Wells Fargo Commercial Mortgage Trust,
	3,345	Series 2015-NXS2, Class A5, VAR, 3.767%, 07/15/58		3,495
	2,783	Series 2016-BNK1, Class D, 3.000%, 08/15/49 (e)		2,023
	4,665	WFRBS Commercial Mortgage Trust, Series 2012-C9, Class D, VAR, 4.960%, 11/15/45 (e)		4,431
		Total Commercial Mortgage-Backed Securities (Cost $287,904)		282,497
	Convertible Bonds — 2.2%
		Consumer Discretionary — 0.5%
		Internet & Direct Marketing Retail — 0.2%
	2,845	Ctrip.com International Ltd., (Cayman Islands), 1.000%, 07/01/20		3,071
	3,320	Shutterfly, Inc., 0.250%, 05/15/18		3,338
				6,409
		Media — 0.3%
	7,465	Live Nation Entertainment, Inc., 2.500%, 05/15/19		8,039
		Total Consumer Discretionary		14,448
		Energy — 0.1%
		Energy Equipment & Services — 0.1%
	2,480	Newpark Resources, Inc., 4.000%, 10/01/17		2,505
		Health Care — 0.1%
		Health Care Providers & Services — 0.1%
	3,415	HealthSouth Corp., 2.000%, 12/01/43		4,058
		Industrials — 0.2%
		Electrical Equipment — 0.2%
	6,508	General Cable Corp., SUB, 4.500%, 11/15/29		4,958
		Machinery — 0.0% (g)
	1,005	Wabash National Corp., 3.375%, 05/01/18		1,295
		Total Industrials		6,253
		Information Technology — 1.3%
		Communications Equipment — 0.2%
	3,068	Finisar Corp., 0.500%, 12/15/33		3,820
		Internet Software & Services — 0.4%
	5,070	Envestnet, Inc., 1.750%, 12/15/19		4,839
	6,025	Web.com Group, Inc., 1.000%, 08/15/18		5,697
				10,536
		Semiconductors & Semiconductor Equipment — 0.6%
	2,880	Cypress Semiconductor Corp., 4.500%, 01/15/22 (e)		3,216
	6,820	NXP Semiconductors N.V., (Netherlands), 1.000%, 12/01/19		7,775
	7,040	ON Semiconductor Corp., 1.000%, 12/01/20		7,031
				18,022
		Software — 0.1%
	3,175	Nuance Communications, Inc., 1.500%, 11/01/35		3,167
		Total Information Technology		35,545
		Total Convertible Bonds (Cost $63,709)		62,809
	Corporate Bonds — 39.9%
		Consumer Discretionary — 7.1%
		Auto Components — 0.9%
	2,600	Adient Global Holdings Ltd., (United Kingdom), 4.875%, 08/15/26 (e)		2,496
		American Axle & Manufacturing, Inc.,
	1,500	6.250%, 03/15/21		1,530
	650	6.625%, 10/15/22		653
	121	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		118
	120	Dana Financing Luxembourg Sarl, (Luxembourg), 6.500%, 06/01/26 (e)		124
		Dana, Inc.,
	2,500	5.500%, 12/15/24		2,512
	1,500	6.000%, 09/15/23		1,560
		Gestamp Funding Luxembourg S.A., (Luxembourg),
EUR	1,351	3.500%, 05/15/23 (e)		1,463
EUR	250	Reg. S, 3.500%, 05/15/23		271
		Goodyear Tire & Rubber Co. (The),
	1,195	5.125%, 11/15/23		1,221
	1,175	7.000%, 05/15/22		1,232

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Auto Components — continued
EUR	850	Grupo Antolin Dutch B.V., (Netherlands), Reg. S, 5.125%, 06/30/22		955
	755	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.875%, 02/01/22		730
EUR	500	LKQ Italia Bondco S.p.A, (Italy), Reg. S, 3.875%, 04/01/24		550
	176	MPG Holdco I, Inc., 7.375%, 10/15/22		180
EUR	6,700	Schaeffler Finance B.V., (Netherlands), Reg. S, 3.500%, 05/15/22		7,288
	106	Tenneco, Inc., 5.375%, 12/15/24		109
	1,610	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		1,658
	1,085	UCI International LLC, 8.625%, 02/15/19 (d)		225
		ZF North America Capital, Inc.,
	370	4.000%, 04/29/20 (e)		383
	279	4.500%, 04/29/22 (e)		288
	407	4.750%, 04/29/25 (e)		408
EUR	800	Reg. S, 2.750%, 04/27/23		882
				26,836
		Automobiles — 0.5%
		Fiat Chrysler Automobiles N.V., (Netherlands),
	475	4.500%, 04/15/20		481
	2,592	5.250%, 04/15/23		2,569
EUR	3,500	Reg. S, 3.750%, 03/29/24		3,737
	5,600	Ford Motor Co., 4.750%, 01/15/43		5,246
GBP	1,211	Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 3.875%, 03/01/23		1,521
EUR	1,250	Volvo Car AB, (Sweden), Reg. S, 3.250%, 05/18/21		1,408
				14,962
		Distributors — 0.0% (g)
EUR	1,100	Alliance Automotive Finance plc, (United Kingdom), Reg. S, 6.250%, 12/01/21		1,239
		Diversified Consumer Services — 0.1%
		Service Corp. International,
	1,137	5.375%, 01/15/22		1,177
	684	5.375%, 05/15/24		711
				1,888
		Hotels, Restaurants & Leisure — 1.4%
	220	1011778 B.C. ULC/New Red Finance, Inc., (Canada), 6.000%, 04/01/22 (e)		229
	1,299	Boyd Gaming Corp., 6.875%, 05/15/23		1,388
		Caesars Entertainment Operating Co., Inc.,
	2,610	8.500%, 02/15/20 (d)		2,688
	1,830	9.125%, 02/15/20 (d)		1,885
	65	CCM Merger, Inc., 9.125%, 05/01/19 (e)		67
	1,005	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		972
	90	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		93
		International Game Technology plc, (United Kingdom),
	4,250	6.250%, 02/15/22 (e)		4,515
EUR	1,000	Reg. S, 4.750%, 02/15/23		1,128
	1,850	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.750%, 11/15/21 (e)		1,855
	139	Landry’s, Inc., 6.750%, 10/15/24 (e)		139
	500	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		510
	3,465	McDonald’s Corp., 4.600%, 05/26/45		3,477
EUR	1,250	Merlin Entertainments plc, (United Kingdom), Reg. S, 2.750%, 03/15/22		1,365
		MGM Resorts International,
	35	4.625%, 09/01/26		33
	165	5.250%, 03/31/20		173
	2,900	6.000%, 03/15/23		3,118
	5,310	7.750%, 03/15/22		6,067
	235	8.625%, 02/01/19		261
GBP	1,550	Pizzaexpress Financing 2 plc, (United Kingdom), Reg. S, 6.625%, 08/01/21		1,935
EUR	1,075	PortAventura Entertainment Barcelona B.V., (Netherlands), Reg. S, 7.250%, 12/01/20		1,180
	890	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		903
		Scientific Games International, Inc.,
	210	7.000%, 01/01/22 (e)		221
	390	10.000%, 12/01/22		366
	475	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		468
	288	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		311
	3,845	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (e)		3,792
				39,139

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Household Durables — 0.3%
	240	CalAtlantic Group, Inc., 8.375%, 01/15/21		279
		Lennar Corp.,
	156	4.500%, 06/15/19		161
	565	6.950%, 06/01/18		596
	2,000	Series B, 12.250%, 06/01/17		2,100
	154	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		153
	360	Meritage Homes Corp., 7.150%, 04/15/20		391
	1,250	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		1,303
		Tempur Sealy International, Inc.,
	1,050	5.500%, 06/15/26		1,045
	1,500	5.625%, 10/15/23		1,530
	106	Toll Brothers Finance Corp., 4.875%, 11/15/25		104
				7,662
		Internet & Direct Marketing Retail — 0.0% (g)
EUR	800	eDreams ODIGEO S.A., (Luxembourg), 8.500%, 08/01/21 (e)		882
		Leisure Products — 0.1%
	1,965	Vista Outdoor, Inc., 5.875%, 10/01/23		2,044
		Media — 3.4%
	3,200	21st Century Fox America, Inc., 4.950%, 10/15/45		3,288
		Altice Luxembourg S.A., (Luxembourg),
	200	7.625%, 02/15/25 (e)		205
	2,755	7.750%, 05/15/22 (e)		2,886
EUR	1,750	Reg. S, 7.250%, 05/15/22		1,975
		Altice U.S. Finance I Corp.,
	400	5.375%, 07/15/23 (e)		405
	402	5.500%, 05/15/26 (e)		397
	2,230	AMC Entertainment Holdings, Inc., 5.750%, 06/15/25		2,247
		Cablevision Systems Corp.,
	1,051	8.000%, 04/15/20		1,130
	75	8.625%, 09/15/17		78
	10,325	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 07/23/25 (e)		10,763
		Clear Channel Worldwide Holdings, Inc.,
	13,455	Series B, 6.500%, 11/15/22		13,573
	3,000	Series B, 7.625%, 03/15/20		2,959
		CSC Holdings LLC,
	205	6.750%, 11/15/21		215
	185	8.625%, 02/15/19		204
	1,195	10.125%, 01/15/23 (e)		1,376
		DISH DBS Corp.,
	3,930	5.000%, 03/15/23		3,881
	6,895	5.875%, 07/15/22		7,136
	2,500	5.875%, 11/15/24		2,534
	1,072	6.750%, 06/01/21		1,153
	505	7.750%, 07/01/26		557
	55	7.875%, 09/01/19		61
	2,210	Hughes Satellite Systems Corp., 5.250%, 08/01/26 (e)		2,091
		Nexstar Broadcasting, Inc.,
	365	6.125%, 02/15/22 (e)		373
	2,540	6.875%, 11/15/20		2,616
	4,000	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		4,080
	300	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.625%, 02/15/24		308
	7,625	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		7,835
	1,340	Regal Entertainment Group, 5.750%, 06/15/23		1,360
		Sinclair Television Group, Inc.,
	361	5.375%, 04/01/21		372
	1,989	6.125%, 10/01/22		2,063
		Sirius XM Radio, Inc.,
	585	4.625%, 05/15/23 (e)		575
	1,000	5.375%, 04/15/25 (e)		1,003
	7,430	6.000%, 07/15/24 (e)		7,727
	895	TEGNA, Inc., 6.375%, 10/15/23		941
	203	Time Warner Cable LLC, 7.300%, 07/01/38		241
	2,000	Time, Inc., 5.750%, 04/15/22 (e)		2,015
EUR	2,100	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany), Reg. S, 4.000%, 01/15/25		2,261
EUR	2,150	UPC Holding B.V., (Netherlands), Reg. S, 6.375%, 09/15/22		2,410

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Media — continued
	1,262	WMG Acquisition Corp., 5.625%, 04/15/22 (e)		1,300
	EUR1,250	Ziggo Bond Finance B.V., (Netherlands), Reg. S, 4.625%, 01/15/25		1,321
				97,915
		Multiline Retail — 0.1%
	2,015	Neiman Marcus Group Ltd. LLC, 8.750% (cash), 10/15/21 (e) (v)		1,521
		Specialty Retail — 0.3%
		Claire’s Stores, Inc.,
	500	6.125%, 03/15/20 (e)		228
	3,295	9.000%, 03/15/19 (e)		1,602
	EUR1,500	Dufry Finance S.C.A., (Luxembourg), Reg. S, 4.500%, 08/01/23		1,677
	4,826	PetSmart, Inc., 7.125%, 03/15/23 (e)		4,940
	267	Radio Systems Corp., 8.375%, 11/01/19 (e)		277
				8,724
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	EUR   475	BiSoho SAS, (France), Reg. S, 5.875%, 05/01/23		537
		Total Consumer Discretionary		203,349
		Consumer Staples — 2.9%
		Beverages — 0.6%
		Anheuser-Busch InBev Finance, Inc.,
	6,745	3.650%, 02/01/26		6,777
	4,940	4.900%, 02/01/46		5,273
	125	Constellation Brands, Inc., 4.750%, 11/15/24		134
	840	DS Services of America, Inc., 10.000%, 09/01/21 (e)		924
	3,270	PepsiCo, Inc., 3.450%, 10/06/46		2,916
				16,024
		Food & Staples Retailing — 0.8%
	1,335	Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 06/15/24 (e)		1,380
		CVS Health Corp.,
	3,950	2.750%, 12/01/22		3,873
	3,541	3.875%, 07/20/25		3,628
	2,000	5.125%, 07/20/45		2,188
	GBP   400	Iceland Bondco plc, (United Kingdom), Reg. S, 6.250%, 07/15/21		492
	6,120	Kroger Co. (The), 2.650%, 10/15/26		5,645
	265	New Albertsons, Inc., 7.450%, 08/01/29		251
	2,500	Rite Aid Corp., 6.125%, 04/01/23 (e)		2,672
	190	SUPERVALU, Inc., 6.750%, 06/01/21		188
	GBP1,200	Tesco plc, (United Kingdom), 5.000%, 03/24/23		1,598
				21,915
		Food Products — 1.0%
	470	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		464
	EUR   750	Campofrio Food Group S.A., (Spain), Reg. S, 3.375%, 03/15/22		823
	4,465	Danone S.A., (France), 2.589%, 11/02/23 (e)		4,306
	70	Darling Ingredients, Inc., 5.375%, 01/15/22		73
	237	Dean Foods Co., 6.500%, 03/15/23 (e)		247
	1,000	FAGE International S.A./FAGE USA Dairy Industry, Inc., (Luxembourg), 5.625%, 08/15/26 (e)		1,000
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	386	5.750%, 06/15/25 (e)		378
	932	7.250%, 06/01/21 (e)		954
	384	8.250%, 02/01/20 (e)		394
	5,705	Kraft Heinz Foods Co., 4.375%, 06/01/46		5,402
	EUR1,000	Labeyrie Fine Foods SAS, (France), Reg. S, 5.625%, 03/15/21		1,075
		Lamb Weston Holdings, Inc.,
	120	4.625%, 11/01/24 (e)		120
	120	4.875%, 11/01/26 (e)		119
	6,675	Mondelez International Holdings Netherlands B.V., (Netherlands), 2.000%, 10/28/21 (e)		6,429
	211	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		210
	85	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24		89
		Post Holdings, Inc.,
	125	6.750%, 12/01/21 (e)		133
	2,735	7.750%, 03/15/24 (e)		3,015
	486	Smithfield Foods, Inc., 5.250%, 08/01/18 (e)		491
	1,620	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		1,685
	96	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		99
				27,506

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Household Products — 0.0% (g)
		Spectrum Brands, Inc.,
	205	5.750%, 07/15/25		213
	86	6.125%, 12/15/24		91
				304
		Personal Products — 0.0% (g)
	870	Albea Beauty Holdings S.A., (Luxembourg), 8.375%, 11/01/19 (e)		905
	355	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		350
		Prestige Brands, Inc.,
	75	5.375%, 12/15/21 (e)		77
	90	6.375%, 03/01/24 (e)		94
				1,426
		Tobacco — 0.5%
		Altria Group, Inc.,
	6,000	2.850%, 08/09/22		5,995
	2,745	3.875%, 09/16/46		2,532
	4,410	Reynolds American, Inc., 5.850%, 08/15/45		5,210
				13,737
		Total Consumer Staples		80,912
		Energy — 2.2%
		Energy Equipment & Services — 0.1%
	400	CSI Compressco LP/CSI Compressco Finance, Inc., 7.250%, 08/15/22		368
	500	Parker Drilling Co., 7.500%, 08/01/20		408
	683	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (d) (e)		212
	400	SESI LLC, 6.375%, 05/01/19		395
	433	Transocean, Inc., (Cayman Islands), 9.000%, 07/15/23 (e)		437
				1,820
		Oil, Gas & Consumable Fuels — 2.1%
	434	Antero Resources Corp., 5.125%, 12/01/22		441
	3,494	Boardwalk Pipelines LP, 5.950%, 06/01/26		3,723
	1,065	Buckeye Partners LP, 3.950%, 12/01/26		1,019
	231	California Resources Corp., 8.000%, 12/15/22 (e)		186
	885	Carrizo Oil & Gas, Inc., 7.500%, 09/15/20		916
	1,400	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		1,449
	10	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12.000%, 11/01/21		10
		Concho Resources, Inc.,
	1,195	5.500%, 04/01/23		1,229
	1,099	6.500%, 01/15/22		1,140
	140	CONSOL Energy, Inc., 5.875%, 04/15/22		134
	2,070	Continental Resources, Inc., 4.500%, 04/15/23		2,013
	5,185	Encana Corp., (Canada), 6.500%, 08/15/34		5,315
	3,070	Enterprise Products Operating LLC, 3.950%, 02/15/27		3,082
	4,270	EP Energy LLC/Everest Acquisition Finance, Inc., 9.375%, 05/01/20		3,577
	4,195	Hess Corp., 5.800%, 04/01/47		4,039
	135	Hilcorp Energy I LP/Hilcorp Finance Co., 5.000%, 12/01/24 (e)		136
	3,000	MEG Energy Corp., (Canada), 6.375%, 01/30/23 (e)		2,648
	3,435	Noble Energy, Inc., 5.250%, 11/15/43		3,333
		Oasis Petroleum, Inc.,
	100	6.875%, 03/15/22		103
	2,000	6.875%, 01/15/23		2,050
	1,865	Phillips 66 Partners LP, 4.900%, 10/01/46		1,737
	750	QEP Resources, Inc., 5.250%, 05/01/23		728
		Range Resources Corp.,
	1,205	5.000%, 08/15/22 (e)		1,166
	610	5.000%, 03/15/23 (e)		585
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	240	5.000%, 10/01/22		254
	1,830	5.500%, 04/15/23		1,891
	EUR 5,800	Repsol International Finance B.V., (Netherlands), Reg. S, VAR, 4.500%, 03/25/75		5,548
	1,492	SM Energy Co., 6.500%, 11/15/21		1,511
	1,985	Spectra Energy Partners LP, 3.375%, 10/15/26		1,876
	1,585	Sunoco Logistics Partners Operations LP, 5.350%, 05/15/45		1,473
	865	Transcanada Trust, (Canada), VAR, 5.625%, 05/20/75		867
	1,725	Western Gas Partners LP, 5.450%, 04/01/44		1,679

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	2,000	Whiting Petroleum Corp., 5.750%, 03/15/21		1,970
	1,654	WPX Energy, Inc., 7.500%, 08/01/20		1,745
				59,573
		Total Energy		61,393
		Financials — 9.1%
		Banks — 2.7%
		Bank of America Corp.,
	4,390	3.248%, 10/21/27		4,193
	8,190	3.500%, 04/19/26		8,092
	1,000	4.250%, 10/22/26		1,006
	3,645	5.650%, 05/01/18		3,830
	EUR 3,350	Barclays Bank plc, (United Kingdom), Reg. S, 6.000%, 01/14/21		4,088
		CIT Group, Inc.,
	400	5.000%, 05/15/17		404
	430	5.000%, 08/15/22		448
		Citigroup, Inc.,
	4,375	1.700%, 04/27/18		4,365
	3,660	3.200%, 10/21/26		3,492
	4,080	3.700%, 01/12/26		4,066
	3,355	4.300%, 11/20/26		3,379
	4,840	4.450%, 09/29/27		4,894
	EUR 1,700	Commerzbank AG, (Germany), 7.750%, 03/16/21		2,117
	EUR 1,749	Intesa Sanpaolo S.p.A., (Italy), Reg. S, 6.625%, 09/13/23		2,129
	4,000	Lloyds Banking Group plc, (United Kingdom), 4.650%, 03/24/26		3,984
	2,160	Royal Bank of Scotland Group plc, (United Kingdom), 6.125%, 12/15/22		2,237
	2,785	Toronto-Dominion Bank (The), (Canada), VAR, 3.625%, 09/15/31		2,678
	2,500	U.S. Bancorp, 3.100%, 04/27/26		2,438
		Wells Fargo & Co.,
	5,505	2.500%, 03/04/21		5,486
	5,970	3.000%, 04/22/26		5,719
	1,970	3.000%, 10/23/26		1,880
	5,212	Westpac Banking Corp., (Australia), 1.950%, 11/23/18		5,224
				76,149
		Capital Markets — 1.7%
	EUR 3,320	Credit Suisse AG, (Switzerland), Reg. S, VAR, 5.750%, 09/18/25		3,791
	147	E*TRADE Financial Corp., 5.375%, 11/15/22		156
		Goldman Sachs Group, Inc. (The),
	5,600	2.625%, 04/25/21		5,564
	6,070	3.850%, 07/08/24		6,209
	3,500	4.250%, 10/21/25		3,537
	GBP 2,150	Reg. S, 4.250%, 01/29/26		2,930
		Morgan Stanley,
	2,875	2.500%, 04/21/21		2,841
	5,380	2.625%, 11/17/21		5,318
	5,875	3.125%, 07/27/26		5,606
		UBS AG, (Switzerland),
	3,815	Reg. S, 5.125%, 05/15/24		3,801
	8,484	Reg. S, VAR, 4.750%, 05/22/23		8,569
	EUR 1,085	Volvo Treasury AB, (Sweden), Reg. S, VAR, 4.200%, 06/10/75		1,183
				49,505
		Consumer Finance — 1.7%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	7,235	4.625%, 10/30/20		7,560
	937	4.625%, 07/01/22		970
		Ally Financial, Inc.,
	192	3.600%, 05/21/18		193
	5,940	4.250%, 04/15/21		5,851
	1,057	4.625%, 05/19/22		1,053
	200	8.000%, 11/01/31		227
	3,760	Capital One Financial Corp., 3.750%, 07/28/26		3,617
	6,000	Ford Motor Credit Co. LLC, 4.389%, 01/08/26		6,071
		General Motors Financial Co., Inc.,
	3,795	3.250%, 05/15/18		3,832
	6,870	4.000%, 10/06/26		6,537
	450	4.750%, 08/15/17		460
	5,300	5.250%, 03/01/26		5,534
		Synchrony Financial,
	2,505	3.750%, 08/15/21		2,580
	3,740	4.250%, 08/15/24		3,797
				48,282

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Financial Services — 1.3%
	641	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		481
	415	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		331
	7,675	EDP Finance B.V., (Netherlands), 5.250%, 01/14/21 (e)		8,096
	3,048	GE Capital International Funding Co., Unlimited Co., (Ireland), 3.373%, 11/15/25		3,083
	1,634	James Hardie International Finance Ltd., (Ireland), 5.875%, 02/15/23 (e)		1,696
	EUR    800	Lincoln Finance Ltd., (United Kingdom), Reg. S, 6.875%, 04/15/21		907
	EUR 1,700	Monitchem HoldCo 3 S.A., (Luxembourg), Reg. S, 5.250%, 06/15/21		1,811
	25	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		26
	EUR    500	ProGroup AG, (Germany), Reg. S, 5.125%, 05/01/22		564
		Shell International Finance B.V., (Netherlands),
	4,855	3.250%, 05/11/25		4,835
	2,129	3.750%, 09/12/46		1,905
	2,960	4.000%, 05/10/46		2,739
	8,515	Siemens Financieringsmaatschappij N.V., (Netherlands), 2.350%, 10/15/26 (e)		7,878
	EUR 1,600	Worldpay Finance plc, (United Kingdom), Reg. S, 3.750%, 11/15/22		1,806
				36,158
		Insurance — 1.1%
		American International Group, Inc.,
	2,626	4.125%, 02/15/24		2,730
	2,374	4.875%, 06/01/22		2,584
	EUR 3,000	Assicurazioni Generali S.p.A., (Italy), Reg. S, VAR, 7.750%, 12/12/42		3,657
		CNO Financial Group, Inc.,
	112	4.500%, 05/30/20		115
	298	5.250%, 05/30/25		298
	480	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		518
		MetLife, Inc.,
	2,500	4.721%, 12/15/44		2,635
	4,320	6.400%, 12/15/36		4,676
		Prudential Financial, Inc.,
	5,000	3.500%, 05/15/24		5,096
	2,500	4.600%, 05/15/44		2,570
	5,495	VAR, 5.875%, 09/15/42		5,812
				30,691
		Thrifts & Mortgage Finance — 0.6%
	17,850	BPCE S.A., (France), VAR, 1.473%, 06/23/17		17,870
		Total Financials		258,655
		Health Care — 3.6%
		Biotechnology — 0.2%
	2,875	Biogen, Inc., 5.200%, 09/15/45		3,077
	3,515	Gilead Sciences, Inc., 4.150%, 03/01/47		3,289
				6,366
		Health Care Equipment & Supplies — 0.4%
	200	Alere, Inc., 7.250%, 07/01/18		203
	EUR 1,000	Auris Luxembourg II S.A., (Luxembourg), Reg. S, 8.000%, 01/15/23		1,147
	953	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		956
	2,215	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		2,282
	1,605	Kinetic Concepts, Inc./KCI USA, Inc., 7.875%, 02/15/21 (e)		1,693
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	325	4.875%, 04/15/20 (e)		318
	2,295	5.500%, 04/15/25 (e)		1,951
	556	5.750%, 08/01/22 (e)		522
	1,300	Stryker Corp., 4.625%, 03/15/46		1,292
				10,364
		Health Care Providers & Services — 1.4%
	175	Amsurg Corp., 5.625%, 07/15/22		179
	295	Centene Corp., 4.750%, 01/15/25		282
	EUR    800	Synlab Bondco plc, (United Kingdom), Reg. S, 6.250%, 07/01/22		914
		HCA, Inc.,
	6,300	5.375%, 02/01/25		6,166
	8,207	7.500%, 02/15/22		9,130
		HealthSouth Corp.,
	900	5.750%, 11/01/24		902
	1,000	5.750%, 09/15/25		999
	900	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		787
		inVentiv Health, Inc.,
	1,845	7.500%, 10/01/24 (e)		1,863
	128	9.000%, 01/15/18 (e)		129
	1,500	Kindred Healthcare, Inc., 8.750%, 01/15/23		1,335
	3,500	McKesson Corp., 3.796%, 03/15/24		3,573

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Health Care Providers & Services — continued
		Tenet Healthcare Corp.,
	2,650	4.500%, 04/01/21		2,571
	254	5.000%, 03/01/19		242
	110	6.000%, 10/01/20		112
	500	6.750%, 02/01/20		469
	3,500	6.750%, 06/15/23		2,992
	75	7.500%, 01/01/22 (e)		77
	2,835	8.000%, 08/01/20		2,716
	2,742	8.125%, 04/01/22		2,502
	1,645	UnitedHealth Group, Inc., 4.750%, 07/15/45		1,798
		Universal Health Services, Inc.,
	83	3.750%, 08/01/19 (e)		85
	117	4.750%, 08/01/22 (e)		118
				39,941
		Life Sciences Tools & Services — 0.1%
	3,490	Thermo Fisher Scientific, Inc., 2.950%, 09/19/26		3,292
		Pharmaceuticals — 1.5%
		Actavis Funding SCS, (Luxembourg),
	3,800	3.800%, 03/15/25		3,817
	3,375	4.850%, 06/15/44		3,346
	35	Capsugel S.A., (Luxembourg), 7.000% (cash), 05/15/19 (e) (v)		35
	1,560	Perrigo Finance Unlimited Co., (Ireland), 3.500%, 12/15/21		1,577
		Shire Acquisitions Investments Ireland DAC, (Ireland),
	6,095	2.400%, 09/23/21		5,890
	7,315	3.200%, 09/23/26		6,854
		Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands),
	5,750	2.800%, 07/21/23		5,428
	2,900	3.150%, 10/01/26		2,669
		Valeant Pharmaceuticals International, Inc., (Canada),
	4,000	5.875%, 05/15/23 (e)		2,957
	3,220	6.750%, 08/15/21 (e)		2,689
	1,630	7.000%, 10/01/20 (e)		1,410
	750	7.250%, 07/15/22 (e)		615
	5,000	7.500%, 07/15/21 (e)		4,225
				41,512
		Total Health Care		101,475
		Industrials — 2.9%
		Aerospace & Defense — 0.3%
	109	Bombardier, Inc., (Canada), 5.500%, 09/15/18 (e)		117
	EUR 1,500	Finmeccanica S.p.A., (Italy), 4.500%, 01/19/21		1,757
	1,920	KLX, Inc., 5.875%, 12/01/22 (e)		1,963
	1,230	L-3 Communications Corp., 3.850%, 12/15/26		1,227
	62	Orbital ATK, Inc., 5.250%, 10/01/21		64
	1,830	TransDigm, Inc., 6.500%, 07/15/24		1,896
	1,370	Triumph Group, Inc., 4.875%, 04/01/21		1,254
				8,278
		Air Freight & Logistics — 0.1%
	2,000	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		1,893
	1,775	XPO Logistics, Inc., 6.500%, 06/15/22 (e)		1,839
				3,732
		Airlines — 0.7%
	2,947	American Airlines 2013-1 Class A Pass-Through Trust, 4.000%, 07/15/25		3,035
	1,950	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		2,089
	4,943	American Airlines 2016-1 Class AA Pass-Through Trust, 3.575%, 01/15/28		5,041
	249	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		257
	114	Continental Airlines 2009-2 Class A Pass-Through Trust, 7.250%, 11/10/19		128
	502	Continental Airlines, 2010-1 Class A Pass-Through Trust, 4.750%, 01/12/21		534
	4,291	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		4,441
	154	Delta Air Lines 2009-1 Class A Pass-Through Trust, Series A, 7.750%, 12/17/19		171
	3,226	U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25		3,327
				19,023

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Building Products — 0.1%
	200	Masonite International Corp., (Canada), 5.625%, 03/15/23 (e)		203
EUR	1,400	Pfleiderer GmbH, (Germany), Reg. S, 7.875%, 08/01/19		1,540
				1,743
		Commercial Services & Supplies — 0.5%
	600	ACCO Brands Corp., 6.750%, 04/30/20		629
		ADT Corp. (The),
	3,045	3.500%, 07/15/22		2,866
	2,420	4.125%, 06/15/23		2,299
	2,300	Clean Harbors, Inc., 5.125%, 06/01/21		2,352
	150	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		139
		Harland Clarke Holdings Corp.,
	165	6.875%, 03/01/20 (e)		156
	140	9.750%, 08/01/18 (e)		143
	1,590	Herc Rentals, Inc., 7.750%, 06/01/24 (e)		1,630
	255	ILFC E-Capital Trust I, VAR, 4.000%, 12/21/65 (e)		222
	1,625	ILFC E-Capital Trust II, VAR, 4.250%, 12/21/65 (e)		1,332
	910	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		978
	155	Quad/Graphics, Inc., 7.000%, 05/01/22		148
EUR	1,400	Verisure Holding AB, (Sweden), Reg. S, 6.000%, 11/01/22		1,604
	60	West Corp., 5.375%, 07/15/22 (e)		58
				14,556
		Construction & Engineering — 0.1%
		AECOM,
	380	5.750%, 10/15/22		398
	240	5.875%, 10/15/24		251
	680	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		670
	405	MasTec, Inc., 4.875%, 03/15/23		396
				1,715
		Electrical Equipment — 0.0% (g)
	500	General Cable Corp., 5.750%, 10/01/22		477
		Industrial Conglomerates — 0.0% (g)
	1,153	General Electric Co., 3.450%, 05/15/24		1,190
		Machinery — 0.4%
	50	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		48
	1,000	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		600
EUR	3,475	Galapagos Holding S.A., (Luxembourg), Reg. S, 7.000%, 06/15/22		2,762
	2,005	Illinois Tool Works, Inc., 2.650%, 11/15/26		1,917
	400	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		407
	103	Oshkosh Corp., 5.375%, 03/01/25		106
	1,680	SPX FLOW, Inc., 5.625%, 08/15/24 (e)		1,650
	3,715	Terex Corp., 6.500%, 04/01/20		3,771
	530	Xylem, Inc., 4.375%, 11/01/46		507
				11,768
		Marine — 0.0% (g)
	803	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		161
		Road & Rail — 0.5%
	3,940	Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.500%, 04/01/23		3,807
EUR	1,450	Europcar Groupe S.A., (France), Reg. S, 5.750%, 06/15/22		1,595
		Hertz Corp. (The),
	2,550	6.250%, 10/15/22		2,403
	5,000	7.375%, 01/15/21		5,020
				12,825
		Trading Companies & Distributors — 0.2%
	2,000	H&E Equipment Services, Inc., 7.000%, 09/01/22		2,105
EUR	600	Rexel S.A., (France), Reg. S, 3.500%, 06/15/23		648
		United Rentals North America, Inc.,
	1,560	6.125%, 06/15/23		1,640
	1,788	7.625%, 04/15/22		1,891
				6,284
		Transportation Infrastructure — 0.0% (g)
EUR	800	Swissport Investments S.A., (Luxembourg), Reg. S, 6.750%, 12/15/21		903
		Total Industrials		82,655
		Information Technology — 2.9%
		Communications Equipment — 0.3%
	39	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		41
		Avaya, Inc.,
	45	10.500%, 03/01/21 (e)		21
	134	10.500%, 03/01/21		63

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Communications Equipment — continued
	2,625	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		2,733
	286	Goodman Networks, Inc., 12.125%, 07/01/18		117
	5,105	Harris Corp., 4.854%, 04/27/35		5,180
	1,240	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		1,293
				9,448
		Electronic Equipment, Instruments & Components — 0.3%
	2,000	Anixter, Inc., 5.500%, 03/01/23		2,065
	800	Belden, Inc., 5.500%, 09/01/22 (e)		816
	4,590	Zebra Technologies Corp., 7.250%, 10/15/22		4,963
				7,844
		IT Services — 0.3%
		Alliance Data Systems Corp.,
	500	5.375%, 08/01/22 (e)		478
	495	5.875%, 11/01/21 (e)		496
	8,420	First Data Corp., 5.750%, 01/15/24 (e)		8,525
				9,499
		Semiconductors & Semiconductor Equipment — 0.8%
	4,850	Amkor Technology, Inc., 6.625%, 06/01/21		4,959
		Analog Devices, Inc.,
	2,920	3.500%, 12/05/26		2,901
	380	4.500%, 12/05/36		378
	2,040	Intel Corp., 4.900%, 07/29/45		2,258
		Micron Technology, Inc.,
	154	5.250%, 08/01/23 (e)		152
	3,460	5.250%, 01/15/24 (e)		3,383
	400	5.500%, 02/01/25		393
	890	7.500%, 09/15/23 (e)		979
		NXP B.V./NXP Funding LLC, (Netherlands),
	3,000	5.750%, 02/15/21 (e)		3,112
	600	5.750%, 03/15/23 (e)		635
	2,495	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		2,613
				21,763
		Software — 0.7%
	1,345	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		1,345
	2,250	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		2,256
	3,400	Infor U.S., Inc., 6.500%, 05/15/22		3,502
	890	Informatica LLC, 7.125%, 07/15/23 (e)		836
		Microsoft Corp.,
	6,495	2.700%, 02/12/25		6,370
	1,815	3.700%, 08/08/46		1,680
	4,920	Oracle Corp., 4.000%, 07/15/46		4,664
	790	Veritas U.S., Inc./Veritas Bermuda Ltd., 7.500%, 02/01/23 (e)		719
				21,372
		Technology Hardware, Storage & Peripherals — 0.5%
	3,945	Apple, Inc., 3.850%, 08/04/46		3,695
	5,125	Diamond 1 Finance Corp./Diamond 2 Finance Corp., 6.020%, 06/15/26 (e)		5,366
		NCR Corp.,
	33	5.000%, 07/15/22		33
	10	5.875%, 12/15/21		10
	30	6.375%, 12/15/23		32
		Western Digital Corp.,
	2,045	7.375%, 04/01/23 (e)		2,209
	2,000	10.500%, 04/01/24 (e)		2,315
				13,660
		Total Information Technology		83,586
		Materials — 1.7%
		Chemicals — 1.1%
	7,225	Air Liquide Finance S.A., (France), 2.500%, 09/27/26 (e)		6,784
	3,455	Ashland LLC, 4.750%, 08/15/22		3,554
	397	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		395
	1,725	CF Industries, Inc., 4.500%, 12/01/26 (e)		1,691
	4,815	Hexion, Inc., 6.625%, 04/15/20		4,141
		Huntsman International LLC,
	3,835	4.875%, 11/15/20		3,950
	250	5.125%, 11/15/22		254
EUR	900	Ineos Finance plc, (United Kingdom), Reg. S, 4.000%, 05/01/23		973
		INEOS Group Holdings S.A., (Luxembourg),
	720	5.625%, 08/01/24 (e)		704
	5,300	5.875%, 02/15/19 (e)		5,379
	500	PolyOne Corp., 5.250%, 03/15/23		497

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Chemicals — continued
EUR	1,000	PSPC Escrow Corp., Reg. S, 6.000%, 02/01/23		1,030
	239	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		237
	1,470	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		1,555
EUR	900	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., (Luxembourg), Reg. S, 6.375%, 05/01/22		1,008
	500	Westlake Chemical Corp., 4.875%, 05/15/23 (e)		519
				32,671
		Construction Materials — 0.1%
	725	Cemex Finance LLC, 9.375%, 10/12/22 (e)		786
	1,071	Cemex S.A.B. de C.V., (Mexico), 7.750%, 04/16/26 (e)		1,142
				1,928
		Containers & Packaging — 0.3%
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., (Ireland),
EUR	1,250	Reg. S, 6.750%, 05/15/24		1,383
	2,000	VAR, 3.850%, 12/15/19 (e)		2,035
EUR	1,150	Crown European Holdings S.A., (France), Reg. S, 4.000%, 07/15/22		1,326
	1,160	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 5.750%, 10/15/20		1,193
EUR	1,500	SIG Combibloc Holdings S.C.A., (Luxembourg), Reg. S, 7.750%, 02/15/23		1,675
				7,612
		Metals & Mining — 0.2%
	209	Aleris International, Inc., 7.875%, 11/01/20		205
	500	ArcelorMittal, (Luxembourg), 7.250%, 02/25/22		561
GBP	100	BHP Billiton Finance Ltd., (Australia), Reg. S, VAR, 6.500%, 10/22/77		135
	581	Coeur Mining, Inc., 7.875%, 02/01/21		603
	20	Freeport-McMoRan, Inc., 3.550%, 03/01/22		19
	1,835	Glencore Finance Canada Ltd., (Canada), 5.550%, 10/25/42 (e)		1,713
	610	Hecla Mining Co., 6.875%, 05/01/21		621
	131	HudBay Minerals, Inc., (Canada), 9.500%, 10/01/20		138
		Lundin Mining Corp., (Canada),
	260	7.500%, 11/01/20 (e)		277
	230	7.875%, 11/01/22 (e)		249
	510	New Gold, Inc., (Canada), 6.250%, 11/15/22 (e)		513
				5,034
		Paper & Forest Products — 0.0% (g)
EUR	1,502	Smurfit Kappa Acquisitions, (Ireland), Reg. S, 3.250%, 06/01/21		1,695
		Total Materials		48,940
		Real Estate — 1.0%
		Equity Real Estate Investment Trusts (REITs) — 1.0%
	2,000	American Tower Corp., 3.125%, 01/15/27		1,845
	4,680	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		4,856
		Crown Castle International Corp.,
	5,585	2.250%, 09/01/21		5,388
	1,840	3.700%, 06/15/26		1,784
	1,640	DDR Corp., 7.875%, 09/01/20		1,913
	925	Equinix, Inc., 5.875%, 01/15/26		960
	1,000	GEO Group, Inc. (The), 5.875%, 01/15/22		997
	130	Iron Mountain, Inc., 5.750%, 08/15/24		132
		Liberty Property LP,
	2,810	3.375%, 06/15/23		2,790
	2,755	4.400%, 02/15/24		2,881
	4,555	Realty Income Corp., 3.000%, 01/15/27		4,282
				27,828
		Real Estate Management & Development — 0.0% (g)
	1,500	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		1,534
		Total Real Estate		29,362
		Telecommunication Services — 4.6%
		Diversified Telecommunication Services — 3.8%
		Altice Financing S.A., (Luxembourg),
	200	6.500%, 01/15/22 (e)		207
	1,579	6.625%, 02/15/23 (e)		1,603
EUR	1,800	Reg. S, 5.250%, 02/15/23		1,991
		AT&T, Inc.,
	6,260	4.800%, 06/15/44		5,859
	1,850	5.150%, 03/15/42		1,824
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,000	5.125%, 05/01/23 (e)		1,025

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	3,867	5.375%, 05/01/25 (e)		3,930
	2,880	5.500%, 05/01/26 (e)		2,909
	30	5.750%, 09/01/23		32
	5,925	5.750%, 02/15/26 (e)		6,088
	755	5.875%, 04/01/24 (e)		799
	500	6.625%, 01/31/22		519
		CenturyLink, Inc.,
	1,650	Series T, 5.800%, 03/15/22		1,629
	4,560	Series W, 6.750%, 12/01/23		4,560
	2,000	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		2,005
EUR	1,000	eircom Finance DAC, (Ireland), Reg. S, 4.500%, 05/31/22		1,094
	2,226	Embarq Corp., 7.995%, 06/01/36		2,137
		Frontier Communications Corp.,
	570	6.250%, 09/15/21		535
	2,500	6.875%, 01/15/25		2,025
	410	8.500%, 04/15/20		426
	597	9.250%, 07/01/21		612
	2,682	10.500%, 09/15/22		2,762
	1,623	11.000%, 09/15/25		1,627
		Intelsat Jackson Holdings S.A., (Luxembourg),
	4,141	5.500%, 08/01/23		2,702
	193	7.250%, 04/01/19		152
	2,715	7.250%, 10/15/20		1,979
	2,750	7.500%, 04/01/21		1,992
	331	8.000%, 02/15/24 (e)		333
	445	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		154
		Level 3 Financing, Inc.,
	140	5.125%, 05/01/23		140
	1,394	5.375%, 08/15/22		1,418
	3,250	5.375%, 05/01/25		3,234
	134	5.625%, 02/01/23		136
	30	VAR, 4.762%, 01/15/18		30
EUR	1,000	Matterhorn Telecom S.A., (Luxembourg), Reg. S, 3.875%, 05/01/22		1,065
EUR	800	OTE plc, (United Kingdom), Reg. S, 3.500%, 07/09/20		862
		Qwest Capital Funding, Inc.,
	298	6.875%, 07/15/28		270
	268	7.750%, 02/15/31		254
	1,120	SBA Communications Corp., 4.875%, 09/01/24 (e)		1,084
		SFR Group S.A., (France),
	2,715	6.000%, 05/15/22 (e)		2,735
	1,080	6.250%, 05/15/24 (e)		1,068
EUR	1,000	Reg. S, 5.375%, 05/15/22		1,102
	6,220	Sprint Capital Corp., 8.750%, 03/15/32		6,531
		Telecom Italia S.p.A., (Italy),
EUR	1,500	Reg. S, 3.250%, 01/16/23		1,617
EUR	1,100	Reg. S, 3.625%, 05/25/26		1,169
EUR	1,500	Telenet Finance V Luxembourg S.C.A., (Luxembourg), Reg. S, 6.250%, 08/15/22		1,683
	2,375	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		2,341
	1,400	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		1,456
		Verizon Communications, Inc.,
	1,710	3.850%, 11/01/42		1,473
	1,305	4.125%, 08/15/46		1,165
	7,450	4.862%, 08/21/46		7,468
		Virgin Media Secured Finance plc, (United Kingdom),
	1,595	5.500%, 08/15/26 (e)		1,555
GBP	1,215	Reg. S, 6.000%, 04/15/21		1,577
		Wind Acquisition Finance S.A., (Luxembourg),
	1,660	7.375%, 04/23/21 (e)		1,693
EUR	700	Reg. S, 7.000%, 04/23/21		766
		Windstream Services LLC,
	1,100	7.500%, 06/01/22		1,039
	3,416	7.500%, 04/01/23		3,177
	221	7.750%, 10/15/20		225
	3,943	7.750%, 10/01/21		3,923
	2,480	Zayo Group LLC/Zayo Capital, Inc., 6.000%, 04/01/23		2,585
				108,351
		Wireless Telecommunication Services — 0.8%
	200	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		204
		Sprint Communications, Inc.,
	250	6.000%, 11/15/22		241
	223	7.000%, 03/01/20 (e)		240
	151	7.000%, 08/15/20		157
	450	9.000%, 11/15/18 (e)		494
		Sprint Corp.,
	98	7.125%, 06/15/24		97
	234	7.250%, 09/15/21		240

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Wireless Telecommunication Services — continued
	12,309	7.875%, 09/15/23		12,709
		T-Mobile USA, Inc.,
	357	5.250%, 09/01/18		363
	327	6.125%, 01/15/22		342
	243	6.464%, 04/28/19		247
	2,300	6.500%, 01/15/24		2,457
	750	6.500%, 01/15/26		810
	32	6.625%, 11/15/20		33
	225	6.625%, 04/01/23		238
	1,622	6.633%, 04/28/21		1,693
	1,137	6.731%, 04/28/22		1,188
	128	6.836%, 04/28/23		136
				21,889
		Total Telecommunication Services		130,240
		Utilities — 1.9%
		Electric Utilities — 0.9%
	1,230	AEP Transmission Co. LLC, 3.100%, 12/01/26 (e)		1,216
	7,130	Emera U.S. Finance LP, 3.550%, 06/15/26 (e)		6,996
GBP	600	Enel Finance International N.V., (Netherlands), Reg. S, 5.625%, 08/14/24		902
EUR	2,544	Enel S.p.A., (Italy), Reg. S, VAR, 6.500%, 01/10/74		2,868
	3,135	Entergy Corp., 2.950%, 09/01/26		2,945
	5,040	FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)		5,295
	6,075	ITC Holdings Corp., 3.250%, 06/30/26		5,857
	2,500	Texas Competitive Electric Holdings Co. LLC, 8.500%, 05/01/20 (d)		92
				26,171
		Gas Utilities — 0.1%
	2,246	Sabine Pass Liquefaction LLC, 5.625%, 04/15/23		2,358
				–
		Independent Power & Renewable Electricity Producers — 0.3%
	1,775	AES Corp., 5.500%, 04/15/25		1,726
		Calpine Corp.,
	601	5.375%, 01/15/23		581
	599	5.750%, 01/15/25		572
		Dynegy, Inc.,
	835	7.375%, 11/01/22		793
	2,540	7.625%, 11/01/24		2,337
	1,470	Exelon Generation Co. LLC, 2.950%, 01/15/20		1,489
	615	GenOn Energy, Inc., 9.875%, 10/15/20		412
		NRG Energy, Inc.,
	1,280	6.625%, 01/15/27 (e)		1,184
	185	7.875%, 05/15/21		192
				9,286
		Multi-Utilities — 0.6%
	1,415	CMS Energy Corp., 2.950%, 02/15/27		1,341
	10,395	Dominion Resources, Inc., 3.625%, 12/01/24		10,461
GBP	1,800	NGG Finance plc, (United Kingdom), Reg. S, VAR, 5.625%, 06/18/73		2,425
	2,360	Sempra Energy, 2.875%, 10/01/22		2,351
				16,578
		Total Utilities		54,393
		Total Corporate Bonds (Cost $1,165,866)		1,134,960
	Foreign Government Security — 2.7%
GBP	58,010	United Kingdom Gilt, (United Kingdom), Reg. S, 2.000%, 09/07/25 (Cost $89,014)		76,953
	Mortgage Pass-Through Security — 9.6%
	273,160	Federal National Mortgage Association, 30 Year, Single Family, 3.000%, 12/25/46 (Cost $280,695)		271,709
	Preferred Securities — 1.5% (x)
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
EUR	3,650	TOTAL S.A., (France), Reg. S, VAR, 3.875%, 05/18/22		4,062
		Financials — 1.2%
		Banks — 0.8%
		Bank of America Corp.,
	5,961	Series AA, VAR, 6.100%, 03/17/25		5,964
	1,725	Series K, VAR, 8.000%, 01/30/18		1,751
		Citigroup, Inc.,
	200	VAR, 5.950%, 01/30/23		200
	1,744	Series M, VAR, 6.300%, 05/15/24		1,725
	5,171	Series O, VAR, 5.875%, 03/27/20		5,171
GBP	2,200	Credit Agricole S.A., (France), Reg. S, VAR, 8.125%, 10/26/19		3,079

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — continued
		Banks — continued
	2,935	Lloyds Banking Group plc, (United Kingdom), VAR, 7.500%, 06/27/24		2,994
	1,504	Societe Generale S.A., (France), VAR, 8.000%, 09/29/25 (e)		1,464
				22,348
		Capital Markets — 0.3%
		Goldman Sachs Group, Inc. (The),
	500	Series L, VAR, 5.700%, 05/10/19		504
	2,645	Series M, VAR, 5.375%, 05/10/20		2,622
	2,020	Morgan Stanley, Series J, VAR, 5.550%, 07/15/20		2,023
		UBS Group AG, (Switzerland),
	1,900	Reg. S, VAR, 7.000%, 02/19/25		1,980
	2,682	Reg. S, VAR, 7.125%, 02/19/20		2,705
				9,834
		Diversified Financial Services — 0.1%
GBP	1,446	HBOS Capital Funding LP, (United Kingdom), Reg. S, VAR, 6.461%, 11/30/18		1,898
		Total Financials		34,080
		Telecommunication Services — 0.2%
		Wireless Telecommunication Services — 0.2%
		Telefonica Europe B.V., (Netherlands),
EUR	200	Reg. S, VAR, 5.875%, 03/31/24		215
EUR	2,500	Reg. S, VAR, 6.500%, 09/18/18		2,779
EUR	2,200	Reg. S, VAR, 7.625%, 09/18/21		2,576
		Total Telecommunication Services		5,570
		Total Preferred Securities (Cost $45,918)		43,712
	U.S. Treasury Obligations — 9.8%
	104,275	U.S. Treasury Inflation Indexed Bonds, 1.000%, 02/15/46		108,246
	174,215	U.S. Treasury Inflation Indexed Notes, 0.125%, 07/15/26		170,295
		Total U.S. Treasury Obligations (Cost $291,950)		278,541
SHARES
	Common Stocks — 0.0% (g)
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	27	NII Holdings, Inc. (a)		47
		Utilities — 0.0% (g)
		Electric Utilities — 0.0% (g)
	42	Vistra Energy Corp. (a)		581
		Total Common Stocks (Cost $1,139)		628
	Preferred Stock — 0.0% (g)
		Financials — 0.0% (g)
		Insurance — 0.0% (g)
	–  (h)	XLIT Ltd., (Cayman Islands), Series D, VAR, 4.000%, 01/03/17 ($1,000 par value) @ (Cost $344)		321
PRINCIPAL AMOUNT
	Loan Assignments — 0.9%
		Consumer Discretionary — 0.4%
		Diversified Consumer Services — 0.0% (g)
	632	Spin Holdco, Inc., 1st Lien Initial Term Loan, VAR, 4.250%, 11/14/19		626
		Hotels, Restaurants & Leisure — 0.2%
	128	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		128
	5,581	Lila Mexican Holdings LLC, Tranche B, VAR, 3.538%, 08/11/22		5,468
	778	Scientific Games International, Inc., Initial Term Loan, VAR, 6.000%, 10/18/20		786
				6,382
		Media — 0.2%
	400	iHeartCommunications, Inc., Term Loan D, VAR, 7.356%, 01/30/19		310
	949	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.106%, 07/30/19		733
	635	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		636
	1,211	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		1,212
	977	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		976
				3,867
		Specialty Retail — 0.0% (g)
	100	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		64
	627	Petsmart, Inc., 1st Lien Term Loan B, VAR, 4.000%, 03/11/22		629
				693
		Total Consumer Discretionary		11,568

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Consumer Staples — 0.1%
		Food & Staples Retailing — 0.0% (g)
	886	Albertson’s LLC, Term Loan B-6, VAR, 4.750%, 06/22/23		888
	594	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		595
				1,483
		Food Products — 0.1%
	825	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.610%, 11/01/18		827
	1,761	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		1,768
	139	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.334%, 01/13/23		140
				2,735
		Total Consumer Staples		4,218
		Energy — 0.0% (g)
		Energy Equipment & Services — 0.0% (g)
	384	Seadrill Partners LP, Initial Term Loan, VAR, 4.000%, 02/21/21		217
		Oil, Gas & Consumable Fuels — 0.0% (g)
	460	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		257
		Total Energy		474
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	126	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		123
		Insurance — 0.0% (g)
	254	National Financial Partners Corp., 2014 Specified Refinancing Term Loan, VAR, 4.500%, 07/01/20		254
		Total Financials		377
		Health Care — 0.1%
		Health Care Equipment & Supplies — 0.0% (g)
	441	Mallinckrodt International Finance S.A., Incremental Term B-1 Loan, VAR, 3.588%, 03/19/21		439
	371	Mallinckrodt International Finance S.A., Initial Term B Loan, VAR, 3.338%, 03/19/21		369
				808
		Health Care Providers & Services — 0.1%
	342	Amsurg Corp., Initial Term Loan, VAR, 5.250%, 07/16/21		342
	673	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.250%, 01/31/21		671
				1,013
		Total Health Care		1,821
		Industrials — 0.1%
		Airlines — 0.1%
	970	U.S. Airways, Inc., Term Loan B-1, VAR, 3.500%, 05/23/19		969
		Commercial Services & Supplies — 0.0% (g)
	99	Garda World Security Corp., Term B Delayed Draw Loan, (Canada), VAR, 4.004%, 11/06/20		97
	386	Garda World Security Corp., Term B Loan, VAR, 4.004%, 11/06/20		379
				476
		Industrial Conglomerates — 0.0% (g)
	190	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		162
		Marine — 0.0% (g)
	401	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		286
	640	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18 (d)		442
				728
		Total Industrials		2,335
		Information Technology — 0.1%
		Communications Equipment — 0.0% (g)
	60	Avaya, Inc., Extending Tranche Term Loan B3, VAR, 5.390%, 10/26/17		53
	130	Avaya, Inc., Term Loan B-6, VAR, 6.500%, 03/31/18		114
	571	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		494
				661
		IT Services — 0.1%
	1,357	First Data Corp., Term Loan, VAR, 3.584%, 03/24/21		1,362
		Total Information Technology		2,023
		Materials — 0.0% (g)
		Chemicals — 0.0% (g)
	339	Gemini HDPE LLC, Advance, VAR, 4.750%, 08/06/21		343
		Containers & Packaging — 0.0% (g)
	259	Ardagh Holdings USA, Inc., New Term Loan, VAR, 4.000%, 12/17/19		261
		Total Materials		604

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	1,258	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20		1,261
	394	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		396
	291	XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		292
		Total Telecommunication Services		1,949
		Total Loan Assignments (Cost $26,330)		25,369
SHARES
	Short-Term Investment — 17.4%
		Investment Company — 17.4%
	493,805	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l) (Cost $493,875)		493,953
		Total Investments — 108.9% (Cost $3,171,342)		3,097,504
		Liabilities in Excess of Other Assets — (8.9)%		(252,897	)
		NET ASSETS — 100.0%	$	2,844,607

Percentages indicated are based on net assets.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY	NOTIONAL VALUE AT NOVEMBER  30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	128		Euro Bobl		12/08/16	EUR		17,830			(8	)
	105		Euro Bund		12/08/16	EUR		17,923			(423	)
	20		Euro Buxl 30-Year Bond		12/08/16	EUR		3,717			(374	)
	921		10 Year Australian Government Bond		12/15/16	AUD		87,634			(4,541	)
	10		U.S. Treasury Long Bond		03/22/17	USD		1,513			(6	)
	28		5 Year U.S. Treasury Note		03/31/17	USD		3,300			(11	)
	2,596		90 Day Eurodollar		06/19/17	USD		641,439			(848	)
			Short Futures Outstanding
	(3,266	)	10 Year U.S. Treasury Note		03/22/17	USD		(406,668	)		1,053
	(300	)	U.S. Treasury Long Bond		03/22/17	USD		(45,384	)		248
	(665	)	U.S. Ultra Bond		03/22/17	USD		(107,335	)		192
	(24	)	Long Gilt		03/29/17	GBP		(3,704	)		6
	(5,667	)	5 Year U.S. Treasury Note		03/31/17	USD		(667,821	)		1,229
	(2,596	)	90 Day Eurodollar		06/18/18	USD		(638,616	)		2,298
											(1,185	)

Forward Foreign Currency Exchange Contracts

CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	43,515,548	COP	Citibank, N.A.†		01/05/17		14,097		14,059		(38	)
	326	EUR	Australia and New Zealand Banking Group Limited		01/05/17		351		346		(5	)
	346	EUR	Goldman Sachs International		01/05/17		371		367		(4	)
	1,932	EUR	National Australia Bank		01/05/17		2,071		2,052		(19	)
	66,632	EUR	Standard Chartered Bank		01/05/17		71,032		70,763		(269	)
	7,512	EUR	State Street Corp.		01/05/17		7,948		7,977		29
	22,735	EUR	TD Bank Financial Group		01/05/17		24,259		24,145		(114	)
	399	GBP	Australia and New Zealand Banking Group Limited		01/05/17		496		499		3
	256	GBP	BNP Paribas		01/05/17		319		321		2
	28,452	GBP	Goldman Sachs International		01/05/17		35,307		35,641		334
	6,975	GBP	National Australia Bank		01/05/17		8,651		8,738		87
	2,951,704	INR	Standard Chartered Bank†		01/05/17		43,957		42,878		(1,079	)
	273,023	MXN	Royal Bank of Canada		01/05/17		14,580		13,213		(1,367	)
							223,439		220,999		(2,440	)
CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,027	AUD	TD Bank Financial Group		01/05/17		4,634		4,446		188
	43,515,548	COP	Credit Suisse International†		01/05/17		14,235		14,059		176
	203,470	EUR	BNP Paribas		01/05/17		219,966		216,084		3,882
	6,120	EUR	Royal Bank of Canada		01/05/17		6,779		6,500		279
	116,468	GBP	Royal Bank of Canada		01/05/17		144,978		145,895		(917	)

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	1,903,753	INR	Credit Suisse International†		01/05/17		27,765		27,654		111
	1,047,951	INR	Goldman Sachs International†		01/05/17		15,522		15,224		298
	273,023	MXN	Goldman Sachs International		01/05/17		13,397		13,213		184
							447,276		443,075		4,201

Credit Default Swaps-Buy Protection [1]

Corporate Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS  FIXED  RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [2]			NOTIONAL AMOUNT [3]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
Iron Mountain, Inc., 5.750%, 08/15/24		5.000% quarterly		12/20/17		0.850	%		4,000		(215	)		495
Deutsche Bank AG, New York:
Freescale Semiconductor, Inc., 8.050%, 02/01/20		5.000% quarterly		09/20/17		0.105			1,000		(50	)		(132	)
TRW Automotive, Inc., 7.250%, 03/15/17		1.000% quarterly		12/20/17		0.131			2,825		(32	)		(209	)
											(297	)		154

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

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

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

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
CDO	—	Collateralized Debt Obligation
CMO	—	Collateralized Mortgage Obligation
COP	—	Colombian Peso
CSMC	—	Credit Suisse Mortgage Trust
EUR	—	Euro
GBP	—	British Pound
GMAC	—	General Motors Acceptance Corp.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2016. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
INR	—	Indian Rupee
MXN	—	Mexican Peso
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outsideof the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMIC	—	Real Estate Mortgage Investment Conduit
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
†	—	Non-deliverable forward.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(r)	—	Rates shown are per annum and payments are as described.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.

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

Aggregate gross unrealized appreciation	27,212
Aggregate gross unrealized depreciation	(101,050	)
Net unrealized appreciation/depreciation	(73,838	)
Federal income tax cost of investments	3,171,342

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

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

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

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

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

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Telecommunication Services	$	47	$	—	$	—	$	47
Utilities		581		—		—		581
Total Common Stocks		628		—		—		628
Preferred Stock
Financials		—		—		321		321
Debt Securities
Asset-Backed Securities		—		136,085		124,441		260,526
Collateralized Mortgage Obligations
Agency CMO		—		94,178		—		94,178
Non-Agency CMO		—		68,490		2,858		71,348
Total Collateralized Mortgage Obligations		—		162,668		2,858		165,526
Commercial Mortgage-Backed Securities		—		217,805		64,692		282,497
Convertible Bonds
Consumer Discretionary		—		14,448		—		14,448
Energy		—		2,505		—		2,505
Health Care		—		4,058		—		4,058
Industrials		—		6,253		—		6,253
Information Technology		—		35,545		—		35,545
Total Convertible Bonds		—		62,809		—		62,809
Corporate Bonds
Consumer Discretionary		—		203,124		225		203,349
Consumer Staples		—		80,912		—		80,912
Energy		—		61,393		—		61,393
Financials		—		258,655		—		258,655
Health Care		—		101,475		—		101,475
Industrials		—		82,494		161		82,655
Information Technology		—		83,586		—		83,586
Materials		—		48,940		—		48,940
Real Estate		—		29,362		—		29,362
Telecommunication Services		—		129,934		306		130,240
Utilities		—		54,301		92		54,393
Total Corporate Bonds		—		1,134,176		784		1,134,960
Foreign Government Security		—		76,953		—		76,953
Mortgage Pass-Through Security		—		271,709		—		271,709
Preferred Securities
Energy		—		4,062		—		4,062
Financials		—		34,080		—		34,080
Telecommunication Services		—		5,570		—		5,570
Total Preferred Securities		—		43,712		—		43,712
U.S. Treasury Obligations		—		278,541		—		278,541

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Loan Assignments
Consumer Discretionary		—			11,568			—		11,568
Consumer Staples		—			4,218			—		4,218
Energy		—			474			—		474
Financials		—			377			—		377
Health Care		—			1,821			—		1,821
Industrials		—			2,335			—		2,335
Information Technology		—			2,023			—		2,023
Materials		—			604			—		604
Telecommunication Services		—			1,949			—		1,949
Total Loan Assignments		—			25,369			—		25,369
Short-Term Investment
Investment Company		493,953			—			—		493,953
Total Investments in Securities	$	494,581		$	2,409,827		$	193,096	$	3,097,504
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	5,573		$	—	$	5,573
Futures Contracts		5,026			—			—		5,026
Swaps		—			280			—		280
Total Appreciation in Other Financial Instruments	$	5,026		$	5,853		$	—	$	10,879
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,812	)	$	—	$	(3,812	)
Futures Contracts		(6,211	)		—			—		(6,211	)
Swaps		—			(423	)		—		(423	)
Total Depreciation in Other Financial Instruments	$	(6,211	)	$	(4,235	)	$	—	$	(10,446	)

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

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

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

JPMorgan Unconstrained Debt Fund	Balance as of February 29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities
Asset-Backed Securities	$	120,318	$	—		$	207		$	151		$	1,602	$	(45,072	)	$	74,635	$	(27,400	)	$	124,441
Collateralized Mortgage Obligations — Non-Agency CMO		2,976		—			(98	)		12			—		(32	)		—		—			2,858
Commercial Mortgage-Backed Securities		33,245		—			(1,448	)		30			27,943		(4,113	)		11,921		(2,886	)		64,692
Corporate Bonds — Consumer Discretionary		553		(2	)		8			—	(a)		—		(334	)		—		—			225
Corporate Bonds — Industrials		963		(13	)		28			(7	)		—		(430	)		—		(380	)		161
Corporate Bonds — Materials		312		—			—			—			—		—			—		(312	)		—
Corporate Bonds — Telecommunication Services		—		(42	)		55			3			—		(102	)		392		—			306
Corporate Bonds — Utilities		—		—			92			—			—		—			—		—			92
Loan Assignments — Industrials		169		(6	)		5			—	(a)		—		(38	)		—		(130	)		—
Loan Assignments — Materials		266		—			27			—	(a)		—		(293	)		—		—			—
Preferred Stock — Financials		—		—			(9	)		—			—		—			330		—			321
	$	158,802	$	(63	)	$	(1,133	)	$	189		$	29,545	$	(50,414	)	$	87,278	$	(31,108	)	$	193,096

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

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

(a) Amount rounds to less than 500.

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $(1,214,000)

Unconstrained Debt Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)		Unobservable Input	Range (Weighted Average)
	$	94,961		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (9.17%)
					Constant Default Rate		0.00% - 30.00% (8.94%)
					Yield (Discount Rate of Cash Flows)		1.26% - 15.00% (5.11%)
Asset-Backed Securities		94,961
		411		Discounted Cash Flow	Constant Prepayment Rate		21.26% (21.26%)
					Constant Default Rate		1.84% (1.84%)
					Yield (Discount Rate of Cash Flows)		10.41% (10.41%)
Collateralized Mortgage Obligations		411
		51,562		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% - 115.51% (20.19%)
Commercial Mortgage-Backed Securities		51,562
		306		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		19.12% - 40.45% (29.87%)
Corporate Bonds		306
Total	$	147,240

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $45,856,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

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

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

Notes (1) — (3) below describe the various derivatives used by the Fund.

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

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

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

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

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

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

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

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

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

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

JPMorgan Unconstrained Debt Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

Credit Default Swaps

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

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

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

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

JPMorgan New York 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 — 15.7%
		New York — 15.7%
	2,100	City of New York, Fiscal Year 1994, Series H, Subseries H-3, GO, VRDO, AGM, 0.600%, 12/01/16		2,100
		City of New York, Fiscal Year 2006,
	4,645	Series E, Subseries E-2, GO, VRDO, LOC: Bank of America N.A., 0.590%, 12/01/16		4,645
	4,000	Series I, Subseries I-8, GO, VRDO, LOC: State Street Bank & Trust, 0.580%, 12/01/16		4,000
		City of New York, Fiscal Year 2008,
	1,700	Series J, Subseries J-5, GO, VRDO, 0.590%, 12/01/16		1,700
	300	Series J, Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.590%, 12/01/16		300
		City of New York, Fiscal Year 2013,
	1,530	Series A, Subseries A-2, GO, VRDO, LOC: Mizuho Corporate Bank, 0.600%, 12/01/16		1,530
	1,600	Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.600%, 12/01/16		1,600
	100	City of New York, Fiscal Year 2016, Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 0.570%, 12/01/16		100
		Metropolitan Transportation Authority,
	5,400	Series 2005 D-2, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.600%, 12/01/16		5,400
	2,770	Series 2015 E-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.550%, 12/01/16		2,770
	3,000	Series 2015 E-5, Rev., VRDO, LOC: U.S. Bank N.A., 0.550%, 12/01/16		3,000
	5,000	New York City Industrial Development Agency, 123 Washington LLC Project, Series 2007, Rev., VRDO, LOC: Bank of China, 0.740%, 12/01/16		5,000
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series BB-2, Rev., VRDO, 0.600%, 12/01/16		5,000
		New York City Transitional Finance Authority,
	8,000	Series A, Subseries A-4, Rev., VRDO, 0.540%, 12/01/16		8,000
	1,000	Series C, Subseries C-4, Rev., 0.590%, 12/01/16		1,000
	1,870	Series C, Subseries C-5, Rev., 0.590%, 12/01/16		1,870
	100	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Subseries A-4, Rev., VRDO, 0.460%, 12/01/16		100
	2,800	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016, Subseries A-4, Rev., VRDO, 0.590%, 12/01/16		2,800
	6,175	New York State Dormitory Authority, Series ROCS-RR-II-R-11816, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/01/16 (e)		6,175
	1,100	New York State Housing Finance Agency, 605 West 42 Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.740%, 12/01/16		1,100
	1,800	New York State Local Government Assistance Corp., Series SG-100, GO, LIQ: Societe Generale, 0.690%, 12/01/16		1,800
	6,950	New York State Mortgage Agency, Homeowner Mortgage, Series 135, Rev., VRDO, 0.640%, 12/01/16		6,950
	7,400	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Subseries 2005 B-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.510%, 12/01/16		7,400
		Total Daily Demand Notes (Cost $74,340)		74,340
	Weekly Demand Notes — 75.4%
		New York — 75.4%
	2,780	Albany Industrial Development Agency, Civic Facility, Living Resources Corp. Project, Series A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		2,780
	1,890	Albany Industrial Development Agency, Civic Facility, Medical Center Project, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.680%, 12/07/16		1,890
	4,385	Dutchess County Industrial Development Agency, Civic Facility, Anderson Foundation Autism Inc., Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.600%, 12/07/16		4,385
	4,605	Franklin County Civic Development Corp., Series A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		4,605
	850	Franklin County Industrial Development Agency, Civic Facility, Trudeau Institute Inc. Project, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.650%, 12/07/16		850

JPMorgan New York 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
		New York — continued
	5,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Subseries B-1, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.550%, 12/07/16		5,000
	4,435	Nassau County Interim Finance Authority, A Public Benefit Corp., of the State of New York, Sales Tax Secured, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.560%, 12/07/16		4,435
	10,385	Nassau Health Care Corp., Nassau County Guaranteed, Series 2009, Subseries C-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		10,385
	2,400	New York City Health & Hospital Corp., Health System, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.560%, 12/07/16		2,400
	6,665	New York City Housing Development Corp., Multi-Family Mortgage, Boricua Village Apartments Site C, Series A, Rev., VRDO, LOC: Citibank N.A., 0.590%, 12/07/16		6,665
	4,350	New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.530%, 12/07/16		4,350
	2,300	New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		2,300
	1,300	New York City Industrial Development Agency, Civic Facility, New York Congregational Nursing Center Project, Series A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		1,300
	9,200	New York City Industrial Development Agency, Korean Air Lines Co., Ltd. Project, Series 1997C, Rev., VRDO, LOC: Kookmin Bank, 0.830%, 12/07/16		9,200
		New York City Trust for Cultural Resources, Metropolitan Museum of Art,
	12,950	Subseries A-1, Rev., VRDO, 0.530%, 12/07/16		12,950
	600	Subseries A-2, Rev., VRDO, 0.530%, 12/07/16		600
	9,220	New York City Trust for Cultural Resources, WNYC Radio, Inc., Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		9,220
		New York Liberty Development Corp.,
	15,525	Series 2015-XF2146, Rev., VRDO, LIQ: Citibank N.A., 0.610%, 12/07/16 (e)		15,525
	7,500	Series 2015-XF2153, Rev., VRDO, LIQ: Citibank N.A., 0.610%, 12/07/16 (e)		7,500
	6,265	New York Municipal Water Finance Authority, Series 2015-ZF0264, Rev., VRDO, LIQ: Toronto-Dominion Bank, 0.590%, 12/07/16 (e)		6,265
	550	New York State Dormitory Authority, Blythedale Children’s Hospital, Rev., VRDO, LOC: TD Bank N.A., 0.550%, 12/07/16		550
	6,755	New York State Dormitory Authority, Catholic Health System, Series 2006A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.580%, 12/07/16		6,755
	10,000	New York State Dormitory Authority, Columbia University, Series B, Rev., VRDO, 0.520%, 12/07/16		10,000
		New York State Dormitory Authority, Cornell University,
	3,925	Series 2004A, Rev., VRDO, 0.520%, 12/07/16		3,925
	6,300	Series 2004B, Rev., VRDO, 0.520%, 12/07/16		6,300
	2,655	New York State Dormitory Authority, Samaritan Medical Center, Series B, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.570%, 12/07/16		2,655
	5,000	New York State Dormitory Authority, St. John’s University, Series B-2, Rev., VRDO, LOC: U.S. Bank N.A., 0.530%, 12/07/16		5,000
	15,220	New York State Dormitory Authority, Teresian House, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.570%, 12/07/16		15,220
	2,800	New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project, Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Corporate Bank, 0.570%, 12/07/16		2,800
	1,750	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.650%, 12/07/16		1,750
		New York State Housing Finance Agency, 42nd and 10th Housing,
	5,040	Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.570%, 12/07/16		5,040
	2,100	Series A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.610%, 12/07/16		2,100

JPMorgan New York 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
		New York — continued
	6,860	New York State Housing Finance Agency, 625 West 57th Street, Series A-1, Rev., VRDO, LOC: Bank of New York Mellon, 0.570%, 12/07/16		6,860
	10,000	New York State Housing Finance Agency, 88 Leonard Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.550%, 12/07/16		10,000
	1,450	New York State Housing Finance Agency, Chelsea Arms, Series A, Rev., FNMA, LIQ: FNMA, 0.590%, 12/07/16		1,450
	4,085	New York State Housing Finance Agency, Clarkstown Maplewood Garden, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.540%, 12/07/16		4,085
	2,000	New York State Housing Finance Agency, Historic Front Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.560%, 12/07/16		2,000
	17,500	New York State Housing Finance Agency, Manhattan West Residential Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.710%, 12/07/16		17,500
	10,000	New York State Housing Finance Agency, Riverside Center 2 Housing, Series A-3, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16		10,000
	10,000	New York State Housing Finance Agency, Tribeca Green, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.550%, 12/07/16		10,000
	3,400	New York State Housing Finance Agency, Tribeca Park, Series A, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.590%, 12/07/16		3,400
	1,500	New York State Housing Finance Agency, Victory Housing, Series A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		1,500
	1,700	New York State Housing Finance Agency, Warren Knolls Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 12/07/16		1,700
	1,600	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.590%, 12/07/16		1,600
	1,700	New York State Housing Finance Agency, West Haverstraw Senior Citizens Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 12/07/16		1,700
	4,800	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series 2016-XF2279, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		4,800
	3,950	New York State, Housing Finance Agency, 42 & 10 Housing, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.570%, 12/07/16		3,950
	4,870	Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project, Series 2007, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		4,870
	3,500	Onondaga County Trust Cultural Resources, Syracuse University Project, Series 2010A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/07/16		3,500
	2,610	Putnam County Industrial Development Authority, Civic Facilities, United Cerebral Palsy of Putnam and Southern Dutchess Project, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.560%, 12/07/16		2,610
	2,835	Saratoga County Capital Resource Corp., The Saratoga Hospital Project, Series 2014, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		2,835
	8,290	Saratoga County, Industrial Development Agency, Civic Facilities, Saragota Hospital Project, Series A, Rev., VRDO, LOC: HSBC Bank USA N.A., 0.590%, 12/07/16		8,290
	5,000	Seneca County Industrial Development Agency, Seneca Meadows, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 12/07/16		5,000
		Tender Option Bond Trust Receipts/CTFS Various State,
	8,760	Series 2015-XF2107, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.580%, 12/07/16 (e)		8,760
	11,625	Series 2015-XM0072, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		11,625
	3,170	Series 2015-ZF0271, Rev., VRDO, LIQ: Royal Bank of Canada, 0.580%, 12/07/16 (e)		3,170
	4,000	Series 2016-XF2344, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		4,000
	2,000	Series 2016-ZF0269, Rev., VRDO, LIQ: Toronto-Dominion Bank, 0.650%, 12/07/16 (e)		2,000
	2,385	Series 2016-ZF0275, Rev., VRDO, LIQ: TD Bank N.A., 0.600%, 12/07/16 (e)		2,385
	1,460	Series 2016-ZF0381, Rev., VRDO, LIQ: Toronto-Dominion Bank, 0.590%, 12/07/16 (e)		1,460

JPMorgan New York 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
		New York — continued
	23,000	Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.620%, 12/07/16 (e)		23,000
	4,635	Series 2016-ZF0505, Rev., VRDO, LIQ: Royal Bank of Canada, 0.580%, 12/07/16 (e)		4,635
	2,230	Series 2016-ZF0506, Rev., VRDO, LIQ: Royal Bank of Canada, 0.580%, 12/07/16 (e)		2,230
	1,930	Series 2016-ZF0507, Rev., VRDO, LIQ: Royal Bank of Canada, 0.520%, 12/07/16 (e)		1,930
	2,500	Series 2016-ZM0138, Rev., VRDO, LIQ: Royal Bank of Canada, 0.580%, 12/07/16 (e)		2,500
	3,500	Series 2016-ZM0139, Rev., VRDO, LIQ: Royal Bank of Canada, 0.580%, 12/07/16 (e)		3,500
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	100	Series 2001B, Rev., VRDO, LOC: State Street Bank & Trust, 0.520%, 12/07/16		100
	4,590	Series 2003B, Subseries 2003 B-1, Rev., VRDO, LOC: PNC Bank, 0.570%, 12/07/16		4,590
		Total Weekly Demand Notes (Cost $358,235)		358,235
SHARES
	Variable Rate Demand Preferred Shares — 8.8%
		Nuveen New York AMT-Free Municipal Income Fund, Inc.
	4,200	Series 2, VRDO, LIQ: Citibank N.A., 0.640%, 12/07/16 # (e)		4,200
	17,700	Series 3, VRDO, LIQ: Citibank N.A., 0.640%, 12/07/16 # (e)		17,700
	20,000	Nuveen New York Dividend Advantage Municipal Fund, Inc., VRDO, LIQ: Toronto-Dominion Bank, 0.690%, 12/07/16 # (e)		20,000
		Total Variable Rate Demand Preferred Shares (Cost $41,900)		41,900
		Total Investments — 99.9% (Cost $474,475) *		474,475
		Other Assets in Excess of Liabilities — 0.1%		299
		NET ASSETS — 100.0%	$	474,774

Percentages indicated are based on net assets.

JPMorgan New York Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MTA	—	Metropolitan Transportation Authority
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.
(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 New York 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)	$	—	$	474,475	$	—	$	474,475

(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 New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.5% (t)
		New Jersey — 0.5%
		Other Revenue — 0.5%
		Hudson County Improvement Authority, Capital Appreciation,
	1,105	Series A-1, Rev., NATL-RE, Zero Coupon, 12/15/17		1,087
	1,435	Series A-1, Rev., NATL-RE, Zero Coupon, 12/15/18		1,380
		Total New Jersey		2,467
		New York — 96.6%
		Education — 5.0%
	2,000	Erie County Industrial Development Agency, School District Project, Series A, Rev., 5.000%, 05/01/23		2,291
	2,160	New York State Dormitory Authority, Consolidated City University System, Series A, Rev., NATL-RE-IBC, Bank of New York, 6.000%, 07/01/20		2,407
		New York State Dormitory Authority, New York University,
	1,455	Series 1, Rev., AMBAC, 5.500%, 07/01/18		1,554
	1,730	Series 1, Rev., AMBAC, 5.500%, 07/01/21		1,994
	1,000	Series 1, Rev., AMBAC, 5.500%, 07/01/22		1,175
	2,900	Series 1, Rev., AMBAC, 5.500%, 07/01/23		3,441
	1,570	Series 1, Rev., AMBAC, 5.500%, 07/01/24		1,893
	2,280	Series 1, Rev., AMBAC, 5.500%, 07/01/25		2,777
	2,000	Series A, Rev., 5.000%, 07/01/32		2,290
	135	New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGC, 5.000%, 10/01/24		147
	330	New York State Dormitory Authority, School Districts, Building Finance Program, Series F, Rev., NATL-RE, 6.500%, 10/01/20		359
	1,050	New York State Dormitory Authority, State University Educational Facilities, Series A, Rev., NATL-RE-IBC, Bank of New York, 5.250%, 05/15/21		1,175
	1,155	Syracuse City Industrial Development Agency, School District Project, Series A, Rev., AGM, 5.000%, 05/01/21		1,209
				22,712
		General Obligation — 12.4%
		Burnt Hills-Ballston Lake Central School District,
	50	GO, NATL-RE, FGIC, 5.500%, 07/15/17		50
	60	GO, NATL-RE, FGIC, 5.500%, 07/15/18		60
	1,000	City of Buffalo, New York, Series B, GO, 5.000%, 11/15/22		1,145
		City of New York, Fiscal Year 2008,
	3,970	Series A-1, GO, 5.000%, 08/01/18		4,074
	3,000	Series L, Subseries L-1, GO, 5.000%, 04/01/22		3,141
		City of New York, Fiscal Year 2009,
	3,000	Series B, Subseries B-1, GO, 5.250%, 09/01/24		3,197
	2,000	Series B, Subseries B-1, GO, 5.250%, 09/01/25		2,131
	2,000	Subseries H-1, GO, 5.125%, 03/01/24		2,144
	1,000	Subseries J-1, GO, 5.000%, 05/15/24		1,075
	7,600	City of New York, Fiscal Year 2012, Series A-1, GO, 5.000%, 08/01/28		8,541
	2,000	City of New York, Fiscal Year 2014, Subseries D-1, GO, 5.000%, 08/01/28		2,279
	685	Counties of Monroe, Orleans & Genesee, Brockport Central School District, GO, NATL-RE, FGIC, 5.750%, 06/15/17		702
	3,050	County of Onondaga, Series A, GO, 5.000%, 03/01/24		3,295
	2,000	County of Suffolk, Town of Brookhaven, GO, 5.000%, 05/01/27		2,339
	2,380	Dutchess County, Arlington Central School District, Series A, GO, 5.000%, 05/15/21		2,585
		Monroe County, Greece Central School District,
	880	Series B, GO, 4.500%, 12/15/21		990
	765	Series B, GO, 5.000%, 12/15/22		891
	500	Series B, GO, 5.000%, 12/15/23		575
	1,000	Monroe County, Public Improvement Refunding, Series A, GO, NATL-RE-IBC, 6.000%, 03/01/18		1,058
	920	Nassau County, Series C, GO, AGM, 5.000%, 07/01/22		976
		Nassau County, General Improvement,
	1,000	Series A, GO, 5.000%, 01/01/25		1,148
	4,220	Series C, GO, AGC, 5.000%, 10/01/24		4,637
	1,350	Nassau County, Mineola Village, GO, 5.000%, 08/15/23		1,485
	80	Nassau County, Unrefunded Balance, Series C, GO, AGM, 5.000%, 07/01/22		84

JPMorgan New York 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
	60	Nassau County, Unrefunded Balance, General Improvement, Series C, GO, AGC, 5.000%, 10/01/24		65
		Orange County, Goshen Central School District,
	1,050	GO, NATL-RE, FGIC, 5.000%, 06/15/17		1,073
	1,000	GO, NATL-RE, FGIC, 5.000%, 06/15/19		1,085
	5,000	State of New York, Series A, GO, 5.000%, 02/15/27		5,373
				56,198
		Hospital — 3.6%
		New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center,
	1,000	Rev., NATL-RE, 5.500%, 07/01/23		1,176
	370	Rev., NATL-RE, 5.750%, 07/01/19		408
	4,875	Series A2, Rev., 5.000%, 07/01/26		5,147
	1,000	New York State Dormitory Authority, Mental Health Services, Facilities Improvement, Series A-1, Rev., 5.375%, 02/15/21		1,083
	3,000	New York State Dormitory Authority, Montefiore Medical Center, Rev., FHA, 5.000%, 08/01/20		3,104
	2,000	New York State Dormitory Authority, Mt. Sinai Hospital Obligated Group, Series A, Rev., 5.000%, 07/01/26		2,182
	3,000	New York State Dormitory Authority, Municipal Health Facilities Improvement Program, Series 2, Subseries 2-2, Rev., 5.000%, 01/15/21		3,123
				16,223
		Housing — 0.3%
	1,335	New York State Mortgage Agency, Homeowner Mortgage, Series 197, Rev., 3.500%, 10/01/44		1,388
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	4,290	New York City Industrial Development Agency, New York Stock Exchange Project, Series A, Rev., 5.000%, 05/01/23		4,628
		Other Revenue — 22.3%
	65	Nassau County Interim Finance Authority, Sales Tax Secured, Series A, Rev., 5.000%, 11/15/20		70
	3,000	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2007, Series S-1, Rev., AGM-CR, FGIC, 5.000%, 07/15/23		3,015
		New York City Transitional Finance Authority, Building Aid, Fiscal Year 2009,
	1,500	Series S-3, Rev., 5.000%, 01/15/24		1,603
	2,800	Series S-3, Rev., 5.250%, 01/15/25		3,008
	1,500	Series S-4, Rev., 5.125%, 01/15/24		1,608
	4,875	Series S-5, Rev., 5.000%, 01/15/20		5,225
	3,000	New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series S-1, Rev., 5.000%, 07/15/28		3,449
	5,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2007, Series C, Subseries C-1, Rev., 5.000%, 11/01/19		5,184
	3,250	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010, Series D, Rev., 5.000%, 11/01/25		3,596
	1,525	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Subseries C-1, Rev., 5.000%, 11/01/27		1,749
	2,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016, Subseries A-1, Rev., 5.000%, 08/01/32		2,266
	1,400	New York City Transitional Finance Authority, Future Tax Secured, Taxable Subordinate, Series I, Subseries I-2, Rev., 5.000%, 11/01/26		1,547
	2,500	New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Multi-Modal, Series B, Rev., 5.000%, 02/01/27		2,782
		New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Subordinate,
	1,000	Series D, Subseries D-1, Rev., 5.000%, 11/01/26		1,128
	1,000	Series D, Subseries D-1, Rev., 5.000%, 11/01/27		1,128
		New York City Transitional Finance Authority, Unrefunded Balance, Future Tax Secured,
	225	Rev., 5.250%, 11/01/19		246
	335	Series B, Rev., 5.000%, 11/01/18		341
	1,465	Series B, Rev., 5.000%, 11/01/20		1,489
	1,545	Subseries A-1, Rev., 5.000%, 05/01/26		1,671
		New York Convention Center Development Corporation, Hotel Unit fee Secured,
	2,000	Rev., 5.000%, 11/15/30		2,275

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue –– continued
	2,090	Series B, Rev., Zero Coupon, 11/15/31		1,172
	2,000	Series B, Rev., Zero Coupon, 11/15/33		1,018
		New York Local Government Assistance Corp., Senior Lien,
	3,000	Series A, Rev., 5.000%, 04/01/18		3,040
	2,500	Series A, Rev., 5.000%, 04/01/20		2,622
	205	New York State Dormitory Authority, Series A, Rev., NATL-IBC, 5.000%, 07/01/20		206
	5,000	New York State Dormitory Authority, Court Facilities, Series A, Rev., AMBAC, 5.500%, 05/15/26		5,989
		New York State Dormitory Authority, State Sales Tax,
	2,500	Series A, Rev., 5.000%, 03/15/29		2,885
	3,100	Series A, Rev., 5.000%, 03/15/31		3,534
	2,000	Series A, Rev., 5.000%, 03/15/32		2,267
	2,500	Series B, Rev., 5.000%, 03/15/32		2,857
	2,500	Series B, Rev., 5.000%, 03/15/33		2,844
	2,550	New York State Environmental Facilities Corp., Master Financing Program, Series C, Rev., 5.000%, 10/15/27		2,806
		New York State Urban Development Corp., Service Contract,
	2,000	Series B, Rev., 5.250%, 01/01/23		2,124
	3,000	Series B, Rev., 5.250%, 01/01/25		3,184
	7,000	Series C, Rev., 5.000%, 01/01/25		7,400
	1,500	Series D, Rev., 5.375%, 01/01/21		1,620
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	5,000	Series A, Rev., 5.000%, 10/15/29		5,858
	2,500	Series A, Rev., 5.000%, 10/15/30		2,921
	530	TSASC, Inc., Tobacco Settlement, Asset-Backed, Rev., 4.750%, 06/01/22		530
		United Nations Development Corp., Senior Lien,
	2,000	Series A, Rev., 5.000%, 07/01/22		2,158
	1,000	Series A, Rev., 5.000%, 07/01/23		1,078
				101,493
		Prerefunded — 12.4%
	30	City of New York, Fiscal Year 2008, Series A-1, GO, 5.000%, 08/01/17 (p)		31
	2,000	Long Island Power Authority, Electric System, Series B, Rev., 5.625%, 04/01/19 (p)		2,190
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	1,000	Series A, Rev., 5.100%, 11/15/18 (p)		1,076
	1,000	Series A, Rev., 5.125%, 11/15/18 (p)		1,076
	3,000	Series B, Rev., 5.250%, 11/15/19 (p)		3,329
		Metropolitan Transportation Authority, Transportation,
	1,615	Series C, Rev., 6.250%, 11/15/18 (p)		1,774
	935	Nassau County Interim Finance Authority, Sales Tax Secured, Series A, Rev., 5.000%, 05/15/19 (p)		1,016
	3,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/18 (p)		3,176
	335	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2007, Series B, Rev., 5.000%, 05/01/17 (p)		341
	865	New York State Dormitory Authority, School Districts Financing Program, Series A, Rev., AGC, 5.000%, 10/01/19 (p)		951
	15	New York State Dormitory Authority, State Personal Income Tax, Series A, Rev., 5.250%, 02/15/19 (p)		16
	3,100	New York State Dormitory Authority, State Personal Income Tax, Education, Series C, Rev., 5.000%, 03/15/18 (p)		3,256
	1,830	New York State Dormitory Authority, State University Dormitory Facilities, Rev., 5.000%, 07/01/17 (p)		1,874
	990	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/18 (p)		1,066
		New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,
	1,500	Series A, Rev., 5.000%, 04/01/18 (p)		1,578
	5,000	Series B, Rev., 5.000%, 10/01/17 (p)		5,169
	5,695	Series B, Rev., 5.000%, 10/01/18 (p)		6,091
	3780	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.000%, 09/15/17 (p)		3904
	3,495	New York State Urban Development Corp., State Personal Income Tax, Series A-1, Rev., 5.000%, 12/15/17 (p)		3,644
		Triborough Bridge & Tunnel Authority,
	6,305	Series A, Rev., 5.000%, 11/15/17 (p)		6,553
	565	Series A-2, Rev., 5.000%, 11/15/18 (p)		607
	3,985	Series C, Rev., 5.000%, 11/15/18 (p)		4,280
	3,085	Subseries D, Rev., 5.000%, 11/15/18 (p)		3,313
				56,311

JPMorgan New York 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
		Special Tax — 12.1%
		New York State Dormitory Authority, State Personal Income Tax,
	1,500	Series A, Rev., 5.000%, 12/15/28		1,692
	3,985	Series A, Rev., 5.250%, 02/15/23		4,314
	2,000	Series B, Rev., 5.000%, 03/15/20		2,163
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	5,000	Series A, Rev., 5.000%, 03/15/30		5,713
	1,715	Series E, Rev., 5.000%, 02/15/29		1,906
	10	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.000%, 12/15/22		11
		New York State Housing Finance Agency, State Personal Income Tax, Economic Development & Housing,
	1,295	Series A, Rev., 5.000%, 03/15/25		1,392
	2,890	Series A, Rev., 5.000%, 03/15/26		3,104
	2,705	Series A, Rev., 5.000%, 03/15/27		2,904
		New York State Thruway Authority, State Personal Income Tax, Transportation,
	2,000	Series A, Rev., 5.000%, 03/15/28		2,217
	3,700	Series A, Rev., 5.250%, 03/15/19		4,015
		New York State Urban Development Corp., State Personal Income Tax,
	3,000	Series A, Rev., 5.000%, 03/15/22		3,435
	2,500	Series A, Rev., 5.000%, 03/15/27		2,930
	3,000	Series A, Rev., 5.000%, 03/15/31		3,437
	2,500	Series A, Rev., 5.000%, 03/15/32		2,844
		New York State Urban Development Corp., State Personal Income Tax, State Facilities & Equipment,
	1,500	Series A-2, Rev., NATL-RE, 5.500%, 03/15/19		1,636
	3,200	Series A-2, Rev., NATL-RE, 5.500%, 03/15/23		3,812
	5,000	Series A-2, Rev., NATL-RE, 5.500%, 03/15/25		6,112
	1,505	New York State Urban Development Corp., Unrefunded Balance, State Personal Income Tax, Series A-1, Rev., 5.000%, 12/15/24		1,565
				55,202
		Transportation — 15.5%
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	4,000	Series A, Rev., Zero Coupon, 11/15/30		2,428
	5,000	Subseries B-1, Rev., 5.000%, 11/15/34		5,640
		Metropolitan Transportation Authority, Transportation,
	2,550	Series A, Subseries A-1, Rev., 5.000%, 11/15/29		2,853
	2,000	Series A-1, Rev., 4.000%, 11/15/33		2,011
	2,000	Series A-1, Rev., 5.000%, 11/15/32		2,230
	385	Series C, Rev., 6.250%, 11/15/23		422
	1,500	Subseries C-1, Rev., 5.250%, 11/15/30		1,715
	2,000	Subseries D-1, Rev., 5.000%, 11/15/31		2,240
		New York State Thruway Authority,
	2,000	Series H, Rev., NATL-RE, 5.000%, 01/01/20		2,079
	1,000	Series K, Rev., 5.000%, 01/01/28		1,148
		New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund,
	6,000	Series A, Rev., 5.000%, 04/01/26		6,606
	3,000	Series A-1, Rev., 5.000%, 04/01/26		3,245
	2,000	New York State Thruway Authority, Junior Indebtedness, Series 2016A, Rev., 5.000%, 01/01/34		2,220
	2,000	New York State Thruway Authority, Local Highway & Bridge Service Contract, Rev., 5.000%, 04/01/19		2,164
	3,000	Port Authority of New York & New Jersey, Consolidated 147, Series 147, Rev., NATL-RE, FGIC, 5.000%, 10/15/21		3,042
	4,000	Port Authority of New York & New Jersey, Consolidated 151, Series 151, Rev., 5.250%, 09/15/23		4,192
	5,000	Port Authority of New York & New Jersey, Consolidated 152, Series 152, Rev., 5.000%, 11/01/22		5,244
	2,020	Port Authority of New York & New Jersey, Consolidated 184, Series 184, Rev., 5.000%, 09/01/30		2,320
		Port Authority of New York & New Jersey, Consolidated 185,
	1,000	Series 185, Rev., AMT, 5.000%, 09/01/28		1,122
	2,000	Series 185, Rev., AMT, 5.000%, 09/01/30		2,215
	2,000	Port Authority of New York & New Jersey, Consolidated 186, Series 186, Rev., AMT, 5.000%, 10/15/27		2,259
	1,000	Port Authority of New York & New Jersey, Consolidated 189, Series 189, Rev., 5.000%, 05/01/30		1,141
		Triborough Bridge & Tunnel Authority,
	935	Series A-2, Rev., 5.000%, 11/15/23		1,000

JPMorgan New York 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
	1,010	Series C, Rev., 5.000%, 11/15/21		1,080
	1,455	Series C, Rev., 5.000%, 11/15/23		1,555
	1,915	Subseries D, Rev., 5.000%, 11/15/23		2,045
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	1,000	Series A, Rev., 5.000%, 11/15/31		1,153
	2,000	Series A, Rev., 5.000%, 11/15/33		2,283
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Capital Appreciation,
	2,000	Series 2013A, Subseries A, Rev., Zero Coupon, 11/15/30		1,190
	3,000	Subseries A, Rev., Zero Coupon, 11/15/32		1,632
				70,474
		Utility — 4.9%
		Long Island Power Authority, Electric System,
	5,000	Series A, Rev., AGM, Zero Coupon, 06/01/21		4,501
	3,300	Series E, Rev., BHAC-CR FGIC, 5.000%, 12/01/21		3,300
	2,500	New York State Power Authority, Series C, Rev., NATL-RE, 5.000%, 11/15/20		2,594
		Utility Debt Securitization Authority,
	2,500	Rev., 5.000%, 12/15/32		2,870
	1,500	Series A, Rev., 5.000%, 12/15/32		1,735
	3,000	Series A, Rev., 5.000%, 12/15/33		3,454
	2,500	Series A, Rev., 5.000%, 12/15/34		2,870
	1,000	Series TE, Rev., 5.000%, 12/15/30		1,147
				22,471
		Water & Sewer — 7.1%
	1,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2010, Series FF, Rev., 5.000%, 06/15/25		1,109
	6,600	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011, Series HH, Rev., 5.000%, 06/15/26		7,468
	4,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2012, Series EE, Rev., 5.000%, 06/15/28		4,536
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	2,000	Series DD, Rev., 5.000%, 06/15/29		2,307
	2,000	Series EE, Rev., 5.000%, 06/15/28		2,321
	1,500	Series GG, Rev., 5.000%, 06/15/31		1,711
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution,
	1,500	Series A, Rev., 5.000%, 06/15/27		1,756
	3,000	Series A, Rev., 5.000%, 06/15/30		3,452
	2,000	Series A, Rev., 5.000%, 06/15/33		2,267
	4,175	Series B, Rev., 5.500%, 10/15/25 (p)		5,133
				32,060
		Total New York		439,160
		Puerto Rico — 0.4%
		Transportation — 0.4%
	1,920	Puerto Rico Highway & Transportation Authority, Series AA, Rev., NATL-RE, 5.500%, 07/01/18 (p)		2,049
		Total Municipal Bonds (Cost $430,489)		443,676
SHARES
	Short-Term Investment — 1.5%
		Investment Company — 1.5%
	6,641	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $6,641)		6,641
		Total Investments — 99.0% (Cost $437,130)		450,317
		Other Assets in Excess of Liabilities — 1.0%		4,334
		NET ASSETS — 100.0%	$	454,651

Percentages indicated are based on net assets.

JPMorgan New York 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
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CR	—	Custodial Receipts
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Federal Housing Administration
GO	—	General Obligation
IBC	—	Insured Bond Certificates
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
RE	—	Reinsured
Rev.	—	Revenue
(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	$	17,892
Aggregate gross unrealized depreciation		(4,705	)
Net unrealized appreciation/depreciation	$	13,187
Federal income tax cost of investments	$	437,130

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.

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

JPMorgan New York Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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 NAV 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)	$	6,641	$	443,676	$	—	$	450,317

(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 Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 37.4%
		ABN AMRO Bank N.V.,
	124,000	0.950%, 12/15/16		123,963
	150,000	0.960%, 12/22/16		149,934
		Banco Del Estado De Chile,
	50,000	0.850%, 01/24/17		50,015
	50,000	VAR, 1.072%, 12/21/16		50,040
	95,000	VAR, 1.078%, 12/14/16		95,089
	120,000	VAR, 1.085%, 12/19/16		120,105
	100,000	Bank of Montreal, 0.930%, 01/17/17		100,022
	150,000	Bank of Nova Scotia (The), VAR, 1.298%, 01/13/17		150,185
	337,000	Bank of Tokyo-Mitsubishi UFJ Ltd., VAR, 1.212%, 12/27/16		337,131
	125,000	Banque Federative du Credit Mutuel S.A., 1.050%, 01/03/17		125,061
		Chiba Bank Ltd.,
	122,000	0.830%, 12/22/16		122,016
	70,000	0.840%, 12/06/16		70,004
	80,000	0.840%, 12/07/16		80,005
		China Construction Bank Corp.,
	100,000	0.900%, 12/13/16		100,000
	300,000	0.900%, 12/14/16		300,000
		Cooperatieve Rabobank,
	50,000	0.920%, 02/02/17		49,931
	150,000	1.010%, 02/27/17		149,680
	25,000	1.050%, 03/24/17		24,923
	125,000	VAR, 1.252%, 01/24/17		125,078
	125,000	VAR, 1.309%, 01/24/17		125,183
		Credit Agricole Corporate and Investment Bank,
	150,000	VAR, 1.148%, 12/14/16		150,175
	35,000	VAR, 1.160%, 12/19/16		35,040
		Credit Industriel et Commercial,
	45,000	1.050%, 01/05/17		44,972
	30,000	1.070%, 03/01/17		29,925
	100,000	1.295%, 05/02/17		99,477
	125,000	1.300%, 04/03/17		124,497
	125,000	1.300%, 04/18/17		124,422
	100,000	VAR, 1.072%, 12/19/16		100,076
	135,000	Dexia Credit Local S.A., VAR, 1.044%, 12/08/16		135,059
		DZ Bank AG,
	200,000	0.950%, 12/22/16		200,041
	100,000	1.050%, 02/21/17		99,791
	250,000	1.245%, 04/21/17		248,860
	100,000	VAR, 0.967%, 12/12/16		99,992
	90,000	VAR, 0.986%, 12/29/16		90,000
	320,000	Industrial & Commercial Bank of China Ltd., 1.050%, 01/06/17		320,050
	200,000	ING Bank N.V., VAR, 1.138%, 12/19/16		200,023
		KBC Bank N.V.,
	300,000	1.050%, 12/30/16		299,810
	150,000	1.050%, 01/13/17		149,831
	25,000	1.050%, 01/26/17		24,957
	150,000	Landesbank Hessen-Thueringen, 1.300%, 03/22/17		150,160
	100,000	Macquarie Bank Ltd., 1.030%, 01/05/17		99,932
		Mitsubishi UFJ Trust & Banking Corp.,
	25,000	0.990%, 12/13/16		24,994
	50,000	1.310%, 03/15/17		49,839
	100,000	1.330%, 04/18/17		99,529
	150,000	VAR, 1.288%, 12/13/16		150,187
		Mizuho Bank Ltd.,
	25,000	1.020%, 02/17/17		24,955
	100,000	1.030%, 12/22/16		99,962
	95,000	VAR, 1.238%, 12/14/16		95,055
	90,000	VAR, 1.250%, 12/19/16		90,054
	180,000	VAR, 1.288%, 12/13/16		180,168
	40,000	National Australia Bank Ltd., VAR, 1.234%, 02/02/17		39,997
		Norinchukin Bank,
	100,000	0.950%, 12/20/16		100,021
	40,000	0.960%, 02/27/17		39,900
	100,000	1.240%, 05/02/17		100,040
	90,000	1.250%, 04/24/17		90,051
	100,000	VAR, 1.233%, 12/07/16		100,145
	100,000	VAR, 1.238%, 12/14/16		100,140
	100,000	Oversea-Chinese Banking Corp. Ltd., 0.880%, 01/23/17		100,037
		Sumitomo Mitsui Banking Corp.,
	30,000	VAR, 1.135%, 12/09/16		30,014
	100,000	VAR, 1.288%, 12/14/16		100,120
		Sumitomo Mitsui Trust Bank Ltd.,
	32,500	0.980%, 02/21/17		32,427
	100,000	1.260%, 05/02/17		99,464
	150,000	VAR, 1.182%, 12/21/16		150,093
	150,000	VAR, 1.238%, 12/14/16		150,148
	150,000	VAR, 1.288%, 12/13/16		150,180
		Svenska Handelsbanken AB,
	200,000	VAR, 1.066%, 12/22/16		200,176
	75,000	VAR, 1.080%, 12/19/16		75,078
	125,000	VAR, 1.146%, 02/16/17		125,043
		Toronto-Dominion Bank (The),
	35,000	VAR, 1.085%, 12/19/16		35,013
	150,000	VAR, 1.280%, 01/17/17		150,302
	100,000	UBS AG, VAR, 1.168%, 12/13/16		100,127
		Wells Fargo Bank N.A.,
	128,700	VAR, 1.215%, 12/12/16		128,865
	135,000	VAR, 1.261%, 01/23/17		135,148

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Certificates of Deposit — continued
	25,000	VAR, 1.263%, 02/08/17		25,021
	125,000	VAR, 1.298%, 01/09/17		125,183
		Total Certificates of Deposit (Cost $8,568,157)		8,572,931
	Commercial Paper — 18.2% (n)
	200,000	Agricultural Bank of China Ltd., 0.871%, 12/01/16 (e)		199,995
	20,000	Albion Capital Corp. S.A./Albion Capital LLC, 0.851%, 01/25/17 (e)		19,982
		Atlantic Asset Securitization LLC,
	100,000	1.003%, 12/15/16 (e)		99,978
	100,000	1.003%, 12/16/16 (e)		99,977
	200,000	Bank of Montreal, 0.932%, 12/14/16		199,964
	85,750	Banque et Caisse d’Epargne de l’Etat, 0.721%, 01/09/17		85,704
	50,000	Barton Capital S.A., 1.002%, 02/13/17 (e)		49,914
	100,000	Bedford Row Funding Corp., VAR, 1.292%, 01/13/17 (e)		100,165
	50,000	BNZ International Funding Ltd., VAR, 1.112%, 12/27/16 (e)		50,026
		Caisse des Depots et Consignations,
	100,000	0.902%, 02/07/17 (e)		99,836
	50,000	0.953%, 03/10/17 (e)		49,861
	75,000	Canadian Imperial Bank of Commerce, VAR, 1.106%, 12/28/16 (e)		75,032
	70,000	Cancara Asset Securitisation LLC, 1.003%, 12/14/16 (e)		69,986
	75,000	China Construction Bank Corp., 1.052%, 01/09/17 (e)		74,921
		Commonwealth Bank of Australia,
	15,000	VAR, 1.028%, 12/23/16 (e)		14,999
	10,000	VAR, 1.063%, 12/28/16 (e)		9,999
	50,000	VAR, 1.151%, 02/21/17 (e)		50,028
	73,000	VAR, 1.234%, 01/27/17 (e)		73,078
		Credit Agricole Corporate and Investment Bank,
	15,000	0.953%, 02/21/17		14,973
	100,000	VAR, 1.162%, 12/19/16 (e)		100,124
		Crown Point Capital Co. LLC,
	185,000	1.334%, 04/24/17 (e)		185,198
	100,000	VAR, 1.300%, 12/14/16 (e)		100,059
	50,000	DBS Bank Ltd., 1.003%, 03/15/17 (e)		49,896
	100,000	DNB Bank ASA, VAR, 1.113%, 12/27/16		100,105
	70,000	Erste Abwicklungsanstalt, VAR, 0.997%, 12/05/16 (e)		70,050
		ING U.S. Funding LLC,
	100,000	VAR, 1.103%, 12/07/16 (e)		100,107
	75,000	VAR, 1.130%, 04/03/17 (e)		75,088
		Kells Funding LLC,
	150,000	0.912%, 02/16/17 (e)		149,733
	100,000	0.942%, 12/15/16 (e)		99,980
	100,000	1.034%, 03/06/17 (e)		99,754
	135,000	1.054%, 02/22/17 (e)		134,729
	125,000	VAR, 0.918%, 12/23/16 (e)		125,006
	136,750	LMA-Americas LLC, 1.338%, 03/01/17 (e)		136,375
	75,000	Manhattan Asset Funding Co. LLC, VAR, 1.238%, 12/14/16 (e)		75,113
	37,516	Mont Blanc Capital Corp., 0.952%, 12/12/16 (e)		37,510
	300,600	Natixis S.A., VAR, 1.163%, 12/01/16 (e)		300,967
	50,000	Nieuw Amsterdam Receivables Corp., 0.942%, 12/13/16 (e)		49,991
	70,000	Ridgefield Funding Co. LLC, Series A,VAR, 1.233%, 12/07/16 (e)		70,098
		Starbird Funding Corp.,
	85,000	VAR, 1.205%, 12/19/16 (e)		85,086
	125,000	VAR, 1.248%, 12/27/16 (e)		125,154
	100,000	VAR, 1.617%, 12/27/16 (e)		100,121
	100,000	Versailles Commercial Paper LLC, 1.053%, 12/19/16 (e)		99,971
	90,200	Victory Receivables Corp., 1.022%, 12/07/16 (e)		90,191
		Westpac Securities NZ Ltd.,
	25,000	VAR, 0.973%, 12/01/16 (e)		25,002
	50,000	VAR, 1.063%, 12/28/16 (e)		50,010
	100,000	Working Capital Management Co., 1.033%, 12/19/16 (e)		99,971
		Total Commercial Paper (Cost $4,171,354)		4,173,807
	Daily Demand Notes — 1.8%
		California — 0.3%
	70,000	California Pollution Control Financing Authority, Pacific Gas & Electric Co., Series B, Rev., VRDO, LOC: Canadian Imperial Bank, 0.550%, 12/01/16		70,000
		Georgia — 0.1%
	18,000	Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/01/16		18,000
		Kentucky — 0.1%
	35,000	Louisville Regional Airport Authority, Special Facilities, BT-OH, LLC Project, Series A, Rev., VRDO, 0.570%, 12/01/16		35,000
		Mississippi — 0.7%
	30,000	County of Jackson, Port Facility, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.520%, 12/01/16		30,000
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project,
	35,000	Series A, Rev., VRDO, 0.520%, 12/01/16		35,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — continued
		Mississippi — continued
	30,000	Series B, Rev., VRDO, 0.550%, 12/01/16		30,000
	32,000	Series E, Rev., VRDO, 0.550%, 12/01/16		32,000
	30,000	Series F, Rev., VRDO, 0.540%, 12/01/16		30,000
				157,000
		New York — 0.6%
	28,200	City of New York, Fiscal Year 2006, Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 0.570%, 12/01/16		28,200
	51,040	City of New York, Fiscal Year 2008, Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.590%, 12/01/16		51,040
	22,000	City of New York, Fiscal Year 2015, Series F, Subseries F-7, GO, VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		22,000
	41,005	Metropolitan Transportation Authority, Dedicated Tax Fund, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		41,005
				142,245
		Total Daily Demand Notes (Cost $422,245)		422,245
	Repurchase Agreements — 14.3%
	50,000	BNP Paribas, 0.650%, dated 11/30/16, due 12/06/16, repurchase price $50,005, collateralized by Asset-Backed Securities, 0.000% - 8.260%, due 03/17/21 - 09/25/36, Corporate Bonds, 0.000% - 9.250%, due 06/01/18 - 12/15/55, and Corporate Notes, 4.500% - 8.450%, due 06/15/18 - 10/03/18, with a value of $54,775.		50,000
	87,500	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 01/19/17, repurchase price $87,655, collateralized by Asset-Backed Securities, 0.000% - 5.132%, due 04/08/39 - 12/26/50, with a value of $94,500.		87,500
	87,500	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 01/19/17, repurchase price $87,655, collateralized by Corporate Bonds, 0.000% - 11.750%, due 06/22/17 - 04/15/22, Corporate Notes, 5.500%, due 08/06/22, Municipal Debt Securities, 0.000%, due 09/01/22 and Sovereign Government Securities, 0.000% - 13.625%, due 12/26/16 - 01/08/46, with a value of $94,500.		87,500
	250,000	Credit Suisse, 0.660%, dated 11/30/16, due 12/07/16, repurchase price $250,032, collateralized by Collateralized Mortgage Obligations, 0.744% - 25.373%, due 10/19/26 - 11/15/48 and Commercial Paper, 0.000%, due 12/01/16 - 01/17/17, with a value of $268,310.		250,000
	300,000	Credit Suisse, 1.042%, dated 11/30/16, due 12/13/16, repurchase price $300,113, collateralized by Collateralized Mortgage Obligations, 0.000% - 50.798%, due 03/25/18 - 01/15/59, with a value of $324,001.		300,000
	350,000	HSBC Securities USA, Inc., 0.660%, dated 11/30/16, due 12/01/16, repurchase price $350,006, collateralized by Corporate Bonds, 3.875% - 12.000%, due 03/01/17 - 10/29/49 and Corporate Notes, 5.750%, due 01/15/25, with a value of $378,000.		350,000
	125,000	Merrill Lynch PFS, Inc., 1.110%, dated 11/30/16, due 01/04/17, repurchase price $125,135, collateralized by Asset-Backed Securities, 0.000% - 0.904%, due 10/27/27 - 09/25/35 and Collateralized Mortgage Obligations, 1.860%, due 09/28/44, with a value of $134,506.		125,000
	455,000	Merrill Lynch PFS, Inc., 1.110%, dated 11/30/16, due 01/04/17, repurchase price $455,491, collateralized by Asset-Backed Securities, 0.000% - 5.920%, due 09/16/19 - 07/25/60, Certificates Of Deposit, 0.000% - 1.600%, due 01/09/17 - 10/12/17, and Collateralized Mortgage Obligations, 0.000% - 6.000%, due 11/17/26 - 09/22/47, with a value of $490,221.		455,000
	250,000	Societe Generale S.A., 0.610%, dated 11/30/16, due 12/01/16, repurchase price $250,004, collateralized by Corporate Bonds, 0.000% - 11.000%, due 01/23/17 - 12/31/99, Corporate Notes, 3.400%, due 03/29/21, and Sovereign Government Securities, 5.500% - 5.875%, due 01/15/19 - 07/12/20, with a value of $270,005.		250,000
	700,000	Societe Generale S.A., 0.640%, dated 11/30/16, due 12/07/16, repurchase price $700,087, collateralized by Corporate Bonds, 0.000% - 11.000%, due 08/15/19 - 09/15/25 and Sovereign Government Securities, 4.250% - 12.250%, due 03/11/19 - 05/30/40, with a value of $756,094.		700,000
	450,000	Wells Fargo Securities LLC, 0.560%, dated 11/30/16, due 12/01/16, repurchase price $450,007, collateralized by Asset-Backed Securities, 0.000% - 6.000%, due 06/15/17 - 07/15/64 and Corporate Bonds, 0.000% - 11.250%, due 06/01/17 - 03/15/24, with a value of $486,008.		450,000
	175,000	Wells Fargo Securities LLC, 0.610%, dated 11/30/16, due 12/06/16, repurchase price $175,018, collateralized by Asset-Backed Securities, 0.000% - 6.830%, due 03/25/21 - 11/26/57, with a value of $189,022.		175,000

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
		Total Repurchase Agreements (Cost $3,280,000)		3,280,000
	Time Deposits — 14.1%
	100,000	ABN AMRO Bank N.V., 0.470%, 12/02/16		100,000
	295,000	Chiba Bank Ltd., 0.440%, 12/01/16		295,000
	350,000	China Construction Bank Corp., 0.500%, 12/02/16		350,000
	100,000	Citibank N.A., 0.430%, 12/07/16		100,000
	240,002	Credit Agricole Corporate and Investment Bank, 0.320%, 12/01/16		240,002
	250,000	Credit Industriel et Commercial, 0.310%, 12/01/16		250,000
	250,000	Industrial & Commercial Bank of China Ltd., 0.450%, 12/01/16		250,000
	150,000	ING Bank N.V., 0.470%, 12/05/16		150,000
	143,000	Natixis S.A., 0.320%, 12/01/16		143,000
		Royal Bank of Canada,
	498,962	0.330%, 12/01/16		498,962
	250,000	0.330%, 12/01/16		250,000
		Skandinaviska Enskilda Banken AB,
	484,974	0.310%, 12/01/16		484,974
	29,959	0.310%, 12/01/16		29,959
	100,000	Standard Chartered Bank, 0.440%, 12/02/16		100,000
		Total Time Deposits (Cost $3,241,897)		3,241,897
	U.S. Treasury Obligation — 1.3%
		U.S. Treasury Note — 1.3%
	300,000	0.500%, 07/31/17 (Cost $299,573)		299,519
	Weekly Demand Notes — 10.3%
		California — 1.5%
	55,000	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West, Series C, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.540%, 12/07/16		55,000
	40,000	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program, Series H, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		40,000
	18,000	City of Riverside, Riverside Renaissance Projects, Series 2008, COP, VRDO, LOC: Bank of America N.A., 0.510%, 12/07/16		18,000
	21,720	Irvine Unified School District, Community Facilities District No. 09-1, Special Tax, Series 2014B, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		21,720
	115,100	Regents of the University of California, Series AL-1, Rev., VRDO, 0.510%, 12/07/16		115,100
		State of California,
	30,000	Series A-6, GO, VRDO, LOC: Citibank N.A., 0.500%, 12/07/16		30,000
	24,825	Series C-1, GO, VRDO, LOC: Bank of America N.A., 0.490%, 12/07/16		24,825
	28,650	State of California, Kindergarten, Series B5, GO, VRDO, LOC: U.S. Bank N.A., 0.490%, 12/07/16		28,650
				333,295
		Colorado — 0.1%
	34,165	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 0.540%, 12/07/16		34,165
		District of Columbia — 0.4%
	35,000	District of Columbia, Medlantic/Helix Issue, Tranche II, Series 1998A, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		35,000
	49,000	Metropolitan Washington Airports Authority, Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.570%, 12/07/16		49,000
				84,000
		Florida — 0.2%
	37,000	County of Miami-Dade, Juvenile Courthouse Project, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		37,000
		Georgia — 0.4%
	88,815	Georgia Municipal Electric Authority, Project One, Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 12/07/16		88,815
		Illinois — 0.6%
	28,200	Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Wells Fargo Bank N.A., 0.580%, 12/07/16		28,200
	100,000	Illinois State Toll Highway Authority, Series A-2B, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.540%, 12/07/16		100,000
				128,200
		Indiana — 0.3%
	21,610	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 0.560%, 12/07/16		21,610
	57,300	Indiana Health Facility Financing Authority, Ascension Health, Series E-6, Rev., VRDO, 0.570%, 12/07/16		57,300
				78,910

JPMorgan Prime 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
		Michigan — 0.1%
	30,000	Kent Hospital Finance Authority, Spectrum Health Systems, Series C, Rev., VRDO, LOC: Bank of New York Mellon, 0.540%, 12/07/16		30,000
		Mississippi — 0.0% (g)
	4,000	Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project, Series B, Rev., VRDO, 0.560%, 12/07/16		4,000
		Nevada — 0.4%
	83,835	Clark County, Nevada Airport System, Series B-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 0.580%, 12/07/16		83,835
		New Jersey — 1.0%
		Jets Stadium Development LLC,
	67,745	Series A-4A, VRDO, 0.720%, 12/07/16 (e)		67,745
	65,800	Series A-4B, VRDO, 0.720%, 12/07/16 (e)		65,800
	20,000	Series A-4C, VRDO, 0.720%, 12/07/16 (e)		20,000
	72,445	Jets Stadium Finance Issuer 2015 LLC, VRDO, 0.720%, 12/07/16 (e)		72,445
				225,990
		New York — 3.7%
	20,000	City of New York, Fiscal Year 2004, Series H, Subseries H-6, GO, VRDO, LOC: California Public Employees Retirement System, 0.560%, 12/07/16		20,000
	50,000	City of New York, Fiscal Year 2006, Series E, Subseries E-3, GO, VRDO, LOC: Bank of America N.A., 0.530%, 12/07/16		50,000
	41,200	City of New York, Fiscal Year 2009, Series B, Subseries B-3, GO, VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		41,200
		City of New York, Fiscal Year 2012,
	230,000	Series G, Subseries G-3, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		230,000
	67,690	Series G, Subseries G-4, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		67,690
	132,100	City of New York, Fiscal Year 2017, Series A, Subseries A-4, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		132,100
	39,615	Metropolitan Transportation Authority, Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.540%, 12/07/16		39,615
	59,770	Metropolitan Transportation Authority, Transportation, Subseries E-3, Rev., VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		59,770
	36,000	New York City Health & Hospital Corp., Health System, Series C, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		36,000
	31,000	New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project, Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.580%, 12/07/16		31,000
	26,000	New York State Housing Finance Agency, Riverside Center 2 Housing, Subseries A-2, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/16		26,000
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	47,910	Series 2001B, Rev., VRDO, LOC: State Street Bank & Trust, 0.520%, 12/07/16		47,910
	39,000	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		39,000
	40,000	Series B, Subseries 2003 B-1, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		40,000
				860,285
		North Carolina — 0.1%
	18,810	North Carolina Medical Care Commission, Health System, Catholic Health East Issue, Rev., VRDO, 0.520%, 12/07/16		18,810
		Ohio — 0.1%
	20,435	Ohio State University, General Receipts, Series 2008 B, Rev., VRDO, 0.540%, 12/07/16		20,435
		Oregon — 0.1%
	28,700	State of Oregon, Facilities Authority, PeaceHealth, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 12/07/16		28,700
		Pennsylvania — 0.4%
	16,700	City of Philadelphia, Gas Works, 1998 General Ordinance, Eight, Series D, Rev., VRDO, LOC: Royal Bank of Canada, 0.550%, 12/07/16		16,700
	40,000	Pennsylvania Economic Development Financing Authority, Exempt Facilities, PSEG Power LLC Project, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		40,000
	18,305	Philadelphia Authority, Industrial Development Multi-Modal Lease, Series B-3, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		18,305
	26,245	Pittsburgh Water & Sewer Authority, Series B-2, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		26,245
				101,250
		Rhode Island — 0.2%
	50,000	Narragansett Bay Commission, Wastewater System, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.570%, 12/07/16		50,000

JPMorgan Prime 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
		Texas — 0.2%
	45,000	University of Texas System, Board of Regents, Permanent University Fund, Series A, Rev., VRDO, 0.510%, 12/07/16		45,000
		Vermont — 0.2%
	50,000	Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Care Project, Series B, Rev., VRDO, AGM, LOC:TD BANK NA, 0.550%, 12/07/16		50,000
		Virginia — 0.2%
	38,300	Loudoun County IDA, Howard Hughes Medical Institute, Series A, Rev., VRDO, 0.560%, 12/07/16		38,300
		West Virginia — 0.1%
	21,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Co., Mitchell Project, Series 2014A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		21,000
		Total Weekly Demand Notes (Cost $2,361,990)		2,361,990
		Total Investments — 97.4% (Cost $22,345,216)		22,352,389
		Other Assets in Excess of Liabilities —2.6%		595,733
		NET ASSETS — 100.0%	$	22,948,122

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
COP	—	Certificate of Participation
EDA	—	Economic Development Authority
GO	—	General Obligation
IDA	—	Industrial Development Authority
LOC	—	Letter of Credit
MTA	—	Metropolitan Transportation Authority
Rev.	—	Revenue
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
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.
(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.
(g)	—	Amount rounds to less than 0.05%.

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

Aggregate gross unrealized appreciation	$	7,270
Aggregate gross unrealized depreciation		(97	)
Net unrealized appreciation/depreciation	$	7,173
Federal income tax cost of investments	$	22,345,216

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. Prior to October 14, 2016, securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act were 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 have resulted in periods during which value, as determined by amortized cost, was higher or lower than the price the Fund would receive if it sold the security.

Effective October 14, 2016, consistent with the amendments to Rule 2a-7 under the 1940 Act, the Prime Money Market Fund values its investments using market quotations that are (1) readily available and (2) for all other investments for which market quotations are readily available shall be valued at their fair value as determined in good faith by the Board.

The market value of securities in the Fund can be expected to vary inversely with changes in prevailing interest rates.

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 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 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.

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 investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, 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 instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents a summary of the inputs used as of November 30, 2016, in valuing the Fund’s assets and liabilities (amounts in thousands):

	Level 1 Quoted prices	Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$            —	$	22,352,389	$	—	$	22,352,389

(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 SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 2.9%
		American Credit Acceptance Receivables Trust,
	61,144	Series 2013-1, Class C, 3.520%, 02/15/19 (e)		61,377
	70,702	Series 2016-1A, Class A, 2.370%, 05/12/20 (e)		70,933
		American Homes 4 Rent Trust,
	115,774	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		119,721
	241,640	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		248,950
	135,969	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		137,910
	230,000	AmeriCredit Automobile Receivables Trust, Series 2014-3, Class C, 2.580%, 09/08/20		233,126
		B2R Mortgage Trust,
	97,346	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		98,460
	198,957	Series 2016-1, Class A, 2.567%, 06/15/49 (e)		195,941
	160,394	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		159,762
	100,000	BCC Funding XIII LLC, Series 2016-1, Class A2, 2.200%, 12/20/21 (e)		99,618
	12,733	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		12,733
	20,264	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		20,267
	120,000	Chrysler Capital Auto Receivables Trust, Series 2013-BA, Class B, 1.780%, 06/17/19 (e)		120,392
	94,216	Citi Held For Asset Issuance, Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		95,612
	163,000	Colony American Finance Ltd., (Cayman Islands), Series 2016-2, Class A, 2.554%, 11/15/48 (e)		159,809
	119,380	CPS Auto Receivables Trust, Series 2016-A, Class B, 3.340%, 05/15/20 (e)		121,375
		Drive Auto Receivables Trust,
	165,000	Series 2015-AA, Class C, 3.060%, 05/17/21 (e)		166,790
	78,680	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		78,787
	156,000	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		157,485
		DT Auto Owner Trust,
	57,276	Series 2014-2A, Class C, 2.460%, 01/15/20 (e)		57,374
	130,000	Series 2015-3A, Class B, 2.460%, 11/15/19 (e)		130,495
	95,000	Series 2016-1A, Class B, 2.790%, 05/15/20 (e)		95,641
		Exeter Automobile Receivables Trust,
	220,000	Series 2015-3A, Class B, 3.590%, 08/16/21 (e)		223,003
	121,396	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		121,739
	174,000	Series 2016-3A, Class B, 2.840%, 08/16/21 (e)		172,985
	225,000	Flagship Credit Auto Trust, Series 2013-2, Class B, 3.210%, 08/15/19 (e)		225,995
	37,495	Nationstar HECM Loan Trust, Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		37,510
	320,000	New Residential Advance Receivables Trust Advance Receivables Backed Notes, Series 2016-T2, Class AT2, 2.575%, 10/15/49 (e)		319,025
	165,000	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		165,591
	122,000	Ocwen Master Advance Receivables Trust, Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		122,044
	100,000	OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		100,205
	100,467	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		100,664
		OneMain Financial Issuance Trust,
	103,455	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		103,527
	145,000	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		144,906
	236,669	Progress Residential Trust, Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		235,776
	124,000	SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class AT3, 2.920%, 07/15/47 (e)		124,156

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	184,000	Tricon American Homes Trust, Series 2016-SFR1, Class A, 2.589%, 11/17/33 (e)		179,752
	200,000	United Auto Credit Securitization Trust, Series 2016-1, Class B, 2.730%, 05/15/18 (e)		200,512
	167,796	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		167,605
	97,120	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		97,140
		Total Asset-Backed Securities (Cost $5,480,459)		5,484,693
	Corporate Bonds — 7.9%
		Consumer Discretionary — 0.5%
		Automobiles — 0.1%
	80,000	Daimler Finance North America LLC, 8.500%, 01/18/31		120,731
	80,000	Ford Motor Co., 6.500%, 08/01/18		85,981
				206,712
		Internet & Direct Marketing Retail — 0.0% (g)
	3,000	Amazon.com, Inc., 3.300%, 12/05/21		3,105
		Media — 0.2%
		21st Century Fox America, Inc.,
	5,000	6.900%, 03/01/19		5,527
	4,000	8.875%, 04/26/23		5,226
	80,000	CBS Corp., 3.375%, 03/01/22		81,563
	95,000	Historic TW, Inc., 6.625%, 05/15/29		115,913
	75,000	NBCUniversal Media LLC, 4.375%, 04/01/21		80,869
		Viacom, Inc.,
	50,000	3.250%, 03/15/23		48,685
	5,000	3.875%, 04/01/24		5,005
				342,788
		Multiline Retail — 0.1%
	75,000	Macy’s Retail Holdings, Inc., 2.875%, 02/15/23		71,193
	160,000	Target Corp., 2.500%, 04/15/26		151,838
				223,031
		Specialty Retail — 0.1%
	50,000	Advance Auto Parts, Inc., 4.500%, 01/15/22		52,281
	50,000	Bed Bath & Beyond, Inc., 3.749%, 08/01/24		50,451
		Lowe’s Cos., Inc.,
	5,000	3.800%, 11/15/21		5,304
	75,000	6.500%, 03/15/29		94,832
				202,868
		Total Consumer Discretionary		978,504
		Consumer Staples — 0.5%
		Beverages — 0.2%
		Anheuser-Busch InBev Finance, Inc.,
	65,000	3.650%, 02/01/26		65,313
	215,000	4.700%, 02/01/36		224,735
		Anheuser-Busch InBev Worldwide, Inc.,
	75,000	5.375%, 01/15/20		81,846
	5,000	7.750%, 01/15/19		5,585
	4,000	Beam Suntory, Inc., 1.875%, 05/15/17		4,006
	19,000	Brown-Forman Corp., 4.500%, 07/15/45		19,893
				401,378
		Food & Staples Retailing — 0.2%
	80,000	Kroger Co. (The), 5.400%, 07/15/40		86,849
	75,000	Walgreen Co., 3.100%, 09/15/22		75,075
	50,000	Wal-Mart Stores, Inc., 5.875%, 04/05/27		61,905
				223,829
		Food Products — 0.1%
	5,000	Bunge Ltd. Finance Corp., 8.500%, 06/15/19		5,751
		Conagra Brands, Inc.,
	79,000	3.200%, 01/25/23		78,824
	5,000	3.250%, 09/15/22		5,006
	125,000	Mead Johnson Nutrition Co., 4.125%, 11/15/25		127,917
				217,498
		Total Consumer Staples		842,705
		Energy — 0.9%
		Energy Equipment & Services — 0.1%
		Halliburton Co.,
	80,000	3.250%, 11/15/21		81,516
	75,000	4.750%, 08/01/43		72,977

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy Equipment & Services — continued
	50,000	Schlumberger Investment S.A., (Luxembourg), 3.650%, 12/01/23		51,852
				206,345
		Oil, Gas & Consumable Fuels — 0.8%
	50,000	Anadarko Petroleum Corp., 8.700%, 03/15/19		56,703
		Apache Corp.,
	75,000	3.625%, 02/01/21		77,060
	2,000	6.900%, 09/15/18		2,160
	85,000	BP Capital Markets plc, (United Kingdom), 2.750%, 05/10/23		82,947
	50,000	Buckeye Partners LP, 4.150%, 07/01/23		50,090
	40,000	Canadian Natural Resources Ltd., (Canada), 3.900%, 02/01/25		39,238
	100,000	ConocoPhillips, 5.900%, 10/15/32		112,143
	50,000	Devon Energy Corp., 3.250%, 05/15/22		48,472
	4,000	Energy Transfer Partners LP, 3.600%, 02/01/23		3,884
	50,000	EnLink Midstream Partners LP, 4.400%, 04/01/24		48,661
		Enterprise Products Operating LLC,
	1,000	3.900%, 02/15/24		1,020
	75,000	5.100%, 02/15/45		74,192
	48,000	Exxon Mobil Corp., 3.043%, 03/01/26		47,513
	50,000	Magellan Midstream Partners LP, 4.250%, 02/01/21		52,893
	75,000	Marathon Oil Corp., 6.800%, 03/15/32		77,609
	80,000	Nexen Energy ULC, (Canada), 6.200%, 07/30/19		87,325
	5,000	Noble Energy, Inc., 5.050%, 11/15/44		4,737
	26,000	Occidental Petroleum Corp., 3.400%, 04/15/26		25,980
	50,000	ONEOK Partners LP, 4.900%, 03/15/25		52,700
	125,000	Petroleos Mexicanos, (Mexico), 4.875%, 01/24/22		121,625
	50,000	Spectra Energy Partners LP, 4.750%, 03/15/24		52,693
		Statoil ASA, (Norway),
	100,000	2.650%, 01/15/24		97,546
	5,000	7.150%, 11/15/25		6,428
	75,000	Suncor Energy, Inc., (Canada), 6.500%, 06/15/38		91,938
		Sunoco Logistics Partners Operations LP,
	3,000	4.400%, 04/01/21		3,167
	53,000	5.350%, 05/15/45		49,260
	108,000	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		106,423
		TransCanada PipeLines Ltd., (Canada),
	75,000	2.500%, 08/01/22		73,146
	5,000	7.125%, 01/15/19		5,477
				1,553,030
		Total Energy		1,759,375
		Financials — 3.0%
		Banks — 1.2%
		Bank of America Corp.,
	455,000	3.300%, 01/11/23		455,330
	105,000	5.000%, 01/21/44		113,356
	15,000	7.625%, 06/01/19		16,887
	5,000	Bank of Montreal, (Canada), 1.400%, 09/11/17		5,003
	77,000	BNP Paribas S.A., (France), 2.700%, 08/20/18		78,075
		Citigroup, Inc.,
	75,000	6.125%, 05/15/18		79,476
	100,000	8.125%, 07/15/39		146,499
	21,000	Citizens Financial Group, Inc., 4.300%, 12/03/25		21,209
	85,000	Cooperatieve Rabobank UA, (Netherlands), 4.500%, 01/11/21		91,533
		HSBC Holdings plc, (United Kingdom),
	210,000	3.600%, 05/25/23		210,740
	115,000	4.875%, 01/14/22		123,656
	125,000	Huntington Bancshares, Inc., 2.300%, 01/14/22		121,463
	79,000	KeyCorp, 5.100%, 03/24/21		86,564
	5,000	MUFG Americas Holdings Corp., 3.000%, 02/10/25		4,817
		PNC Financial Services Group, Inc. (The),
	75,000	3.300%, 03/08/22		77,429
	5,000	3.900%, 04/29/24		5,127
	4,000	Royal Bank of Canada, (Canada), Series CB8, 1.200%, 09/19/17		4,000
	185,000	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		185,937
	50,000	SunTrust Banks, Inc., 6.000%, 09/11/17		51,658

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	75,000	U.S. Bancorp, 3.700%, 01/30/24		78,237
		Wells Fargo & Co.,
	178,000	4.100%, 06/03/26		180,851
	105,000	Series M, 3.450%, 02/13/23		104,686
	5,000	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		5,374
				2,247,907
		Capital Markets — 0.9%
	101,000	Ameriprise Financial, Inc., 2.875%, 09/15/26		96,486
	5,000	BlackRock, Inc., 3.500%, 03/18/24		5,195
	2,000	Blackstone Holdings Finance Co. LLC, 4.750%, 02/15/23 (e)		2,139
	5,000	Charles Schwab Corp. (The), 6.375%, 09/01/17		5,189
		CME Group, Inc.,
	75,000	3.000%, 03/15/25		75,119
	2,000	5.300%, 09/15/43		2,322
	100,000	Credit Suisse AG, (Switzerland), 6.000%, 02/15/18		104,116
		Deutsche Bank AG, (Germany),
	75,000	1.875%, 02/13/18		74,037
	5,000	6.000%, 09/01/17		5,120
		Goldman Sachs Group, Inc. (The),
	4,000	3.850%, 07/08/24		4,091
	6,000	5.250%, 07/27/21		6,601
	255,000	6.125%, 02/15/33		304,577
	100,000	7.500%, 02/15/19		111,335
	90,000	Invesco Finance plc, (United Kingdom), 3.125%, 11/30/22		91,114
		Legg Mason, Inc.,
	80,000	3.950%, 07/15/24		80,323
	17,000	4.750%, 03/15/26		17,551
		Morgan Stanley,
	185,000	3.125%, 07/27/26		176,524
	2,000	4.300%, 01/27/45		1,981
	275,000	5.500%, 07/28/21		305,715
	5,000	Series F, 3.875%, 04/29/24		5,127
	50,000	Raymond James Financial, Inc., 8.600%, 08/15/19		57,512
		State Street Corp.,
	27,000	3.100%, 05/15/23		26,952
	50,000	3.700%, 11/20/23		52,220
		TD Ameritrade Holding Corp.,
	75,000	2.950%, 04/01/22		75,905
	5,000	5.600%, 12/01/19		5,511
				1,692,762
		Consumer Finance — 0.3%
	75,000	American Express Co., 7.000%, 03/19/18		79,948
	5,000	American Express Credit Corp., 2.375%, 03/24/17		5,020
	185,000	Capital One Financial Corp., 4.750%, 07/15/21		200,712
	90,000	Discover Financial Services, 3.850%, 11/21/22		91,072
		General Motors Financial Co., Inc.,
	125,000	3.150%, 01/15/20		125,527
	21,000	4.000%, 10/06/26		19,983
	5,000	John Deere Capital Corp., 2.750%, 03/15/22		5,030
				527,292
		Diversified Financial Services — 0.1%
	5,000	Berkshire Hathaway, Inc., 3.400%, 01/31/22		5,235
	211,000	GE Capital International Funding Co., Unlimited Co., (Ireland), 4.418%, 11/15/35		219,221
	5,000	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		5,801
	75,000	Shell International Finance B.V., (Netherlands), 6.375%, 12/15/38		94,152
				324,409
		Insurance — 0.5%
		American International Group, Inc.,
	2,000	4.125%, 02/15/24		2,079
	100,000	5.850%, 01/16/18		104,529
	3,000	Aon plc, (United Kingdom), 3.500%, 06/14/24		3,014
	5,000	Chubb Corp. (The), 6.800%, 11/15/31		6,400
		Chubb INA Holdings, Inc.,
	100,000	2.700%, 03/13/23		99,122
	5,000	5.900%, 06/15/19		5,478
	80,000	Liberty Mutual Group, Inc., 4.250%, 06/15/23 (e)		84,001
	125,000	Lincoln National Corp., 4.000%, 09/01/23		130,552
		Manulife Financial Corp., (Canada),
	45,000	4.150%, 03/04/26		47,014
	5,000	4.900%, 09/17/20		5,374
	125,000	MetLife, Inc., 5.700%, 06/15/35		146,272

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
		Principal Financial Group, Inc.,
	97,000	3.100%, 11/15/26		93,133
	5,000	3.300%, 09/15/22		5,079
	75,000	Prudential Financial, Inc., 4.500%, 11/16/21		81,351
	75,000	Travelers Cos., Inc. (The), 5.900%, 06/02/19		81,929
				895,327
		Total Financials		5,687,697
		Health Care — 0.6%
		Biotechnology — 0.2%
	85,000	AbbVie, Inc., 3.200%, 11/06/22		84,939
	75,000	Amgen, Inc., 5.700%, 02/01/19		80,837
	5,000	Biogen, Inc., 6.875%, 03/01/18		5,311
		Celgene Corp.,
	75,000	2.875%, 08/15/20		75,806
	5,000	3.625%, 05/15/24		5,026
	55,000	Gilead Sciences, Inc., 3.700%, 04/01/24		56,442
				308,361
		Health Care Providers & Services — 0.2%
	23,000	Aetna, Inc., 4.250%, 06/15/36		22,776
	75,000	Anthem, Inc., 3.700%, 08/15/21		77,682
	50,000	Cardinal Health, Inc., 3.200%, 03/15/23		50,345
	70,000	Laboratory Corp. of America Holdings, 3.600%, 02/01/25		69,703
	75,000	Medco Health Solutions, Inc., 7.125%, 03/15/18		79,873
	75,000	UnitedHealth Group, Inc., 3.375%, 11/15/21		78,166
				378,545
		Life Sciences Tools & Services — 0.0% (g)
	50,000	Life Technologies Corp., 6.000%, 03/01/20		54,706
		Pharmaceuticals — 0.2%
	125,000	Actavis Funding SCS, (Luxembourg), 3.800%, 03/15/25		125,550
	2,000	Actavis, Inc., 6.125%, 08/15/19		2,195
	65,000	Shire Acquisitions Investments Ireland DAC, (Ireland), 2.875%, 09/23/23		61,774
	125,000	Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/36		141,062
		Zoetis, Inc.,
	5,000	1.875%, 02/01/18		4,992
	75,000	3.250%, 02/01/23		74,290
				409,863
		Total Health Care		1,151,475
		Industrials — 0.7%
		Aerospace & Defense — 0.2%
	75,000	Boeing Co. (The), 6.125%, 02/15/33		96,022
	100,000	Lockheed Martin Corp., 3.100%, 01/15/23		101,129
	50,000	Northrop Grumman Corp., 3.250%, 08/01/23		51,128
	100,000	Precision Castparts Corp., 3.250%, 06/15/25		101,072
				349,351
		Air Freight & Logistics — 0.1%
	80,000	FedEx Corp., 3.900%, 02/01/35		75,648
	50,000	United Parcel Service, Inc., 6.200%, 01/15/38		65,441
				141,089
		Building Products — 0.1%
	75,000	Johnson Controls, Inc., 3.625%, 07/02/24		76,997
		Commercial Services & Supplies — 0.1%
	75,000	Republic Services, Inc., 4.750%, 05/15/23		81,761
	5,000	Waste Management, Inc., 4.600%, 03/01/21		5,410
				87,171
		Construction & Engineering — 0.0% (g)
	80,000	ABB Finance USA, Inc., 2.875%, 05/08/22		80,861
		Electrical Equipment — 0.0% (g)
	75,000	Eaton Corp., 6.950%, 03/20/19		83,045
		Industrial Conglomerates — 0.1%
	62,000	General Electric Co., Series A, 6.750%, 03/15/32		81,652
	75,000	Koninklijke Philips N.V., (Netherlands), 3.750%, 03/15/22		78,772
	44,000	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		44,462
	7,000	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		7,227
				212,113
		Road & Rail — 0.1%
		Burlington Northern Santa Fe LLC,
	75,000	5.400%, 06/01/41		86,951
	5,000	6.150%, 05/01/37		6,332

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	75,000	Canadian Pacific Railway Co., (Canada), 7.250%, 05/15/19		84,125
	6,000	Norfolk Southern Corp., 2.903%, 02/15/23		5,955
	4,000	Ryder System, Inc., 2.350%, 02/26/19		4,023
				187,386
		Total Industrials		1,218,013
		Information Technology — 0.3%
		Communications Equipment — 0.0% (g)
	75,000	Cisco Systems, Inc., 4.450%, 01/15/20		80,344
		Electronic Equipment, Instruments & Components — 0.0% (g)
	80,000	Arrow Electronics, Inc., 7.500%, 01/15/27		94,425
		Internet Software & Services — 0.0% (g)
	80,000	eBay, Inc., 2.600%, 07/15/22		77,237
		IT Services — 0.1%
	95,000	Visa, Inc., 4.300%, 12/14/45		98,952
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	29,000	Intel Corp., 3.700%, 07/29/25		30,503
		Software — 0.1%
	5,000	Intuit, Inc., 5.750%, 03/15/17		5,065
	100,000	Oracle Corp., 4.125%, 05/15/45		96,223
				101,288
		Technology Hardware, Storage & Peripherals — 0.1%
	100,000	Apple, Inc., 3.450%, 05/06/24		102,884
		Total Information Technology		585,633
		Materials — 0.2%
		Chemicals — 0.1%
	100,000	Agrium, Inc., (Canada), 3.375%, 03/15/25		97,087
	50,000	Mosaic Co. (The), 4.250%, 11/15/23		49,834
		Potash Corp. of Saskatchewan, Inc., (Canada),
	5,000	3.625%, 03/15/24		4,949
	75,000	4.875%, 03/30/20		79,704
				231,574
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	75,000	3.850%, 09/30/23		79,215
	4,000	6.500%, 04/01/19		4,410
	5,000	Freeport-McMoRan, Inc., 2.150%, 03/01/17		4,987
		Nucor Corp.,
	50,000	4.000%, 08/01/23		51,983
	5,000	5.750%, 12/01/17		5,195
	2,000	Rio Tinto Finance USA Ltd., (Australia), 9.000%, 05/01/19		2,320
				148,110
		Total Materials		379,684
		Real Estate — 0.2%
		Equity Real Estate Investment Trusts (REITs) — 0.2%
	60,000	Boston Properties LP, 3.800%, 02/01/24		60,919
	75,000	Duke Realty LP, 3.750%, 12/01/24		75,919
	5,000	ERP Operating LP, 5.750%, 06/15/17		5,117
		HCP, Inc.,
	2,000	3.875%, 08/15/24		1,982
	50,000	5.375%, 02/01/21		54,733
	2,000	Prologis LP, 6.875%, 03/15/20		2,251
		Simon Property Group LP,
	5,000	4.125%, 12/01/21		5,334
	50,000	10.350%, 04/01/19		60,143
	65,000	UDR, Inc., 2.950%, 09/01/26		61,324
		Ventas Realty LP/Ventas Capital Corp.,
	50,000	2.700%, 04/01/20		50,342
	5,000	3.250%, 08/15/22		5,059
	75,000	Welltower, Inc., 5.250%, 01/15/22		82,779
		Total Real Estate		465,902
		Telecommunication Services — 0.5%
		Diversified Telecommunication Services — 0.4%
		AT&T, Inc.,
	7,000	4.300%, 12/15/42		6,105
	75,000	5.000%, 03/01/21		80,824
	80,000	5.500%, 02/01/18		83,276
	155,000	5.550%, 08/15/41		160,025
	55,000	Deutsche Telekom International Finance B.V., (Netherlands), 8.750%, 06/15/30		80,134
	50,000	Orange S.A., (France), 4.125%, 09/14/21		53,055
	5,000	Telefonica Emisiones S.A.U., (Spain), 5.462%, 02/16/21		5,442

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Verizon Communications, Inc.,
	130,000	3.500%, 11/01/21		133,777
	5,000	5.150%, 09/15/23		5,530
	150,000	5.850%, 09/15/35		169,684
				777,852
		Wireless Telecommunication Services — 0.1%
	5,000	America Movil S.A.B. de C.V., (Mexico), 5.625%, 11/15/17		5,172
	50,000	Rogers Communications, Inc., (Canada), 4.100%, 10/01/23		52,562
	50,000	Vodafone Group plc, (United Kingdom), 5.450%, 06/10/19		54,047
				111,781
		Total Telecommunication Services		889,633
		Utilities — 0.5%
		Electric Utilities — 0.4%
	75,000	Appalachian Power Co., 7.000%, 04/01/38		98,035
	75,000	Baltimore Gas & Electric Co., 2.800%, 08/15/22		75,477
	75,000	CenterPoint Energy Houston Electric LLC, 2.250%, 08/01/22		73,627
	75,000	Duke Energy Progress LLC, 2.800%, 05/15/22		76,025
	2,000	Entergy Arkansas, Inc., 3.050%, 06/01/23		2,014
	50,000	Florida Power & Light Co., 4.125%, 02/01/42		51,269
	3,000	Kansas City Power & Light Co., Series 09A, 7.150%, 04/01/19		3,341
	75,000	Pacific Gas & Electric Co., 6.250%, 03/01/39		95,909
	75,000	Public Service Co. of Colorado, 6.500%, 08/01/38		98,697
		Virginia Electric & Power Co.,
	100,000	2.950%, 01/15/22		101,749
	3,000	4.450%, 02/15/44		3,139
				679,282
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	50,000	4.150%, 01/15/43		48,773
	5,000	8.500%, 03/15/19		5,713
	75,000	Southern California Gas Co., Series KK, 5.750%, 11/15/35		91,050
				145,536
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	1,000	Southern Power Co., 5.250%, 07/15/43		1,005
	56,000	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		54,047
				55,052
		Multi-Utilities — 0.0% (g)
	3,000	Consolidated Edison Co. of New York, Inc., 7.125%, 12/01/18		3,321
		Total Utilities		883,191
		Total Corporate Bonds (Cost $14,957,260)		14,841,812
SHARES
	Exchange Traded Fund — 37.5%
		Fixed Income — 37.5%
	647,183	iShares Core U.S. Aggregate Bond ETF (Cost $71,381,385)		70,051,088
PRINCIPAL AMOUNT($)
	Foreign Government Security — 0.0% (g)
	3,000	United Mexican States, (Mexico), 5.550%, 01/21/45 (Cost $2,985)		2,985
SHARES
	Investment Companies — 41.4% (b)
		Fixed Income — 41.4%
	1,891,960	JPMorgan Corporate Bond Fund, Class R6 Shares		18,692,567
	1,124,427	JPMorgan Emerging Markets Debt Fund, Class R6 Shares		8,894,218
	59,830	JPMorgan Emerging Markets Strategic Debt Fund, Class R6 Shares (a)		478,642
	3,626,720	JPMorgan High Yield Fund, Class R6 Shares		26,329,987
	2,051,024	JPMorgan Mortgage-Backed Securities Fund, Class R6 Shares		22,950,957
		Total Investment Companies (Cost $79,221,920)		77,346,371

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 0.1%
	265,000	Federal National Mortgage Association, 2.026%, 10/09/19 (n)		251,308
	5,000	Tennessee Valley Authority, 5.880%, 04/01/36		6,648
		Total U.S. Government Agency Securities (Cost $256,518)		257,956
	U.S. Treasury Obligations — 8.4%
		U.S. Treasury Bonds,
	335,000	2.875%, 08/15/45		323,432
	800,000	3.875%, 08/15/40		922,500
	75,000	4.500%, 08/15/39		94,585
	800,000	5.375%, 02/15/31		1,069,344
	1,700,000	6.000%, 02/15/26		2,211,262
		U.S. Treasury Coupon STRIPS,
	405,000	1.916%, 11/15/29 (n)		283,525
	800,000	2.075%, 02/15/35 (n)		466,308
	850,000	2.266%, 08/15/32 (n)		543,341
	780,000	2.321%, 02/15/33 (n)		490,184
	800,000	2.377%, 02/15/34 (n)		483,140
		U.S. Treasury Notes,
	875,000	0.500%, 01/31/17 (k)		875,202
	1,500,000	0.875%, 07/31/19		1,482,421
	1,200,000	1.750%, 10/31/18		1,214,344
	1,240,000	1.875%, 09/30/17		1,250,705
	1,000,000	2.000%, 02/15/22		1,002,461
	1,495,000	2.125%, 09/30/21		1,510,768
	1,500,000	2.375%, 08/15/24		1,509,024
		Total U.S. Treasury Obligations (Cost $16,290,847)		15,732,546
SHARES
	Short-Term Investment — 1.2%
		Investment Company — 1.2%
	2,225,785	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $2,225,785)		2,225,785
		Total Investments — 99.4% (Cost $189,817,159)		185,943,236
		Other Assets in Excess of Liabilities — 0.6%		1,111,833
		NET ASSETS — 100.0%	$	187,055,069

Percentages indicated are based on net assets.

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Futures Contracts
NUMBER OF CONTRACTS	DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER 30, 2016			NET  UNREALIZED APPRECIATION (DEPRECIATION)
	Long Futures Outstanding
37	10 Year Australian Government Bond		12/15/16		AUD		3,520,607		$	(52,822	)
13	10 Year U.S. Treasury Note		03/22/17		USD		1,618,703			(919	)
	Short Futures Outstanding
(22)	Euro Bund		12/08/16		EUR		(3,755,388	)		87,467
(35)	10 Year Canadian Government Bond		03/22/17		CAD		(3,618,551	)		(563	)
(25)	Long Gilt		03/29/17		GBP		(3,858,388	)		6,088
(54)	5 Year U.S. Treasury Note		03/31/17		USD		(6,363,563	)		(465	)
									$	38,786

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
ETF	—	Exchange Traded Fund
EUR	—	Euro
GBP	—	British Pound
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
USD	—	United States Dollar
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

As of November 30, 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	$	133,845
Aggregate gross unrealized depreciation		(4,007,768	)
Net unrealized appreciation/depreciation	$	(3,873,923	)
Federal income tax cost of investments	$	189,817,159

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

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

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

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

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

Futures are generally valued on the basis of available market quotations.

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

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

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

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

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

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

JPMorgan SmartAllocation Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	4,810,447	$	674,246	$	5,484,693
Corporate Bonds
Consumer Discretionary		—			978,504		—		978,504
Consumer Staples		—			842,705		—		842,705
Energy		—			1,759,375		—		1,759,375
Financials		—			5,687,697		—		5,687,697
Health Care		—			1,151,475		—		1,151,475
Industrials		—			1,218,013		—		1,218,013
Information Technology		—			585,633		—		585,633
Materials		—			379,684		—		379,684
Real Estate		—			465,902		—		465,902
Telecommunication Services		—			889,633		—		889,633
Utilities		—			883,191		—		883,191
Total Corporate Bonds		—			14,841,812		—		14,841,812
Foreign Government Security		—			2,985		—		2,985
U.S. Government Agency Securities		—			257,956		—		257,956
U.S. Treasury Obligations		—			15,732,546		—		15,732,546
Exchange Traded Fund		70,051,088			—		—		70,051,088
Investment Companies		77,346,371			—		—		77,346,371
Short-Term Investment
Investment Company		2,225,785			—		—		2,225,785
Total Investments in Securities	$	149,623,244		$	35,645,746	$	674,246	$	185,943,236
Appreciation in Other Financial Instruments
Futures Contracts	$	93,555		$	—	$	—	$	93,555
Depreciation in Other Financial Instruments
Futures Contracts	$	(54,769	)	$	—	$	—	$	(54,769	)

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

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

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

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 75.7%
		Consumer Discretionary — 13.9%
		Auto Components — 0.7%
	515	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19		518
	255	IHO Verwaltungs GmbH, (Germany), (cash), 4.125%, 09/15/21 (e) (v)		258
	304	ZF North America Capital, Inc., 4.000%, 04/29/20 (e)		315
				1,091
		Automobiles — 0.8%
	293	Fiat Chrysler Automobiles N.V., (Netherlands), 4.500%, 04/15/20		297
		Jaguar Land Rover Automotive plc, (United Kingdom),
	767	4.125%, 12/15/18 (e)		782
	200	4.250%, 11/15/19 (e)		205
				1,284
		Hotels, Restaurants & Leisure — 4.4%
	236	CCM Merger, Inc., 9.125%, 05/01/19 (e)		245
	300	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		306
		GLP Capital LP/GLP Financing II, Inc.,
	465	4.375%, 11/01/18		481
	40	4.375%, 04/15/21		41
	390	4.875%, 11/01/20		410
	1,085	International Game Technology, 7.500%, 06/15/19		1,185
	400	International Game Technology plc, (United Kingdom), 5.625%, 02/15/20 (e)		419
		MGM Resorts International,
	1,040	5.250%, 03/31/20		1,091
	575	8.625%, 02/01/19		638
	540	NCL Corp., Ltd., (Bermuda), 5.250%, 11/15/19 (e)		548
	143	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125%, 08/15/21 (e)		146
	675	Royal Caribbean Cruises Ltd., (Liberia), 7.250%, 03/15/18		722
	156	Ruby Tuesday, Inc., 7.625%, 05/15/20		149
	314	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		339
		Yum! Brands, Inc.,
	225	3.750%, 11/01/21		227
	155	3.875%, 11/01/20		157
				7,104
		Household Durables — 2.0%
		CalAtlantic Group, Inc.,
	415	8.375%, 05/15/18		450
	225	8.375%, 01/15/21		262
	1,400	Lennar Corp., 4.500%, 06/15/19		1,442
	287	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		286
	250	PulteGroup, Inc., 4.250%, 03/01/21		254
	435	Toll Brothers Finance Corp., 6.750%, 11/01/19		477
				3,171
		Media — 5.5%
		Cablevision Systems Corp.,
	525	8.000%, 04/15/20		564
	346	8.625%, 09/15/17		360
	175	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 03/15/20		173
	1,315	CSC Holdings LLC, 8.625%, 02/15/19		1,449
		DISH DBS Corp.,
	1,205	4.250%, 04/01/18		1,229
	650	4.625%, 07/15/17		657
	1,479	7.875%, 09/01/19		1,637
	871	NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.000%, 08/01/18 (e)		880
	250	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20		254
	860	Sirius XM Radio, Inc., 4.250%, 05/15/20 (e)		875
	250	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		254
	500	TEGNA, Inc., 5.125%, 10/15/19		513
				8,845
		Specialty Retail — 0.5%
	750	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		772
		Total Consumer Discretionary		22,267
		Consumer Staples — 4.7%
		Beverages — 0.2%
	250	Cott Beverages, Inc., 6.750%, 01/01/20		258
	125	DS Services of America, Inc., 10.000%, 09/01/21 (e)		138
				396
		Food & Staples Retailing — 2.6%
		Safeway, Inc.,
	502	3.950%, 08/15/20		485
	2,740	5.000%, 08/15/19		2,775
	855	SUPERVALU, Inc., 6.750%, 06/01/21		846
				4,106
		Food Products — 1.6%
	1,947	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		1,923

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	444	JBS USA LUX S.A./JBS USA Finance, Inc., 8.250%, 02/01/20 (e)		455
	125	Post Holdings, Inc., 6.750%, 12/01/21 (e)		133
	97	Smithfield Foods, Inc., 5.250%, 08/01/18 (e)		98
				2,609
		Personal Products — 0.3%
	250	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		246
	200	Revlon Consumer Products Corp., 5.750%, 02/15/21		199
				445
		Total Consumer Staples		7,556
		Energy — 9.6%
		Energy Equipment & Services — 0.4%
	600	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		591
	81	Weatherford International Ltd., (Bermuda), 7.750%, 06/15/21		79
				670
		Oil, Gas & Consumable Fuels — 9.2%
	543	Antero Resources Corp., 6.000%, 12/01/20		560
	175	Buckeye Partners LP, 6.050%, 01/15/18		182
	266	California Resources Corp., 8.000%, 12/15/22 (e)		214
		Chesapeake Energy Corp.,
	157	7.250%, 12/15/18		163
	55	8.000%, 12/15/22 (e)		57
	400	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 12/15/20		407
	1,640	DCP Midstream Operating LP, 2.500%, 12/01/17		1,632
	1,070	Enable Midstream Partners LP, 2.400%, 05/15/19		1,051
	415	Energy Transfer Equity LP, 7.500%, 10/15/20		464
	415	EnLink Midstream Partners LP, 2.700%, 04/01/19		412
	500	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/20		515
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		512
	270	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		263
		NGPL PipeCo LLC,
	1,600	7.119%, 12/15/17 (e)		1,660
	800	9.625%, 06/01/19 (e)		836
	185	ONEOK Partners LP, 3.200%, 09/15/18		189
	170	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 05/01/18		180
		QEP Resources, Inc.,
	366	6.800%, 04/01/18		376
	162	6.800%, 03/01/20		166
	156	6.875%, 03/01/21		161
	800	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		832
	158	SM Energy Co., 6.500%, 11/15/21		160
		Sunoco LP/Sunoco Finance Corp.,
	1,000	5.500%, 08/01/20		1,005
	211	6.250%, 04/15/21		213
	800	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/19		808
	1,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/19		1,061
	650	Western Gas Partners LP, 2.600%, 08/15/18		648
	77	Whiting Petroleum Corp., 5.000%, 03/15/19		76
				14,803
		Total Energy		15,473
		Financials — 4.3%
		Banks — 1.6%
	2,461	CIT Group, Inc., 3.875%, 02/19/19		2,504
		Consumer Finance — 1.5%
		Ally Financial, Inc.,
	556	3.250%, 11/05/18		556
	1,700	4.750%, 09/10/18		1,747
		Springleaf Finance Corp.,
	26	7.750%, 10/01/21		26
	119	8.250%, 12/15/20		124
				2,453
		Diversified Financial Services — 0.8%
	300	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		239
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	505	6.500%, 08/01/18		511
	485	9.625%, 05/01/19		508
				1,258
		Thrifts & Mortgage Finance — 0.4%
	675	Radian Group, Inc., 5.500%, 06/01/19		700
		Total Financials		6,915
		Health Care — 8.3%
		Health Care Equipment & Supplies — 1.3%
	1,050	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		1,053
	700	Mallinckrodt International Finance S.A., (Luxembourg), 3.500%, 04/15/18		697

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Equipment & Supplies — continued
	270	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg), 4.875%, 04/15/20 (e)		265
				2,015
		Health Care Providers & Services — 5.2%
	450	Centene Corp., 5.625%, 02/15/21		464
		CHS/Community Health Systems, Inc.,
	191	5.125%, 08/15/18		186
	375	7.125%, 07/15/20		264
	700	8.000%, 11/15/19		552
	580	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		626
	325	HCA Holdings, Inc., 6.250%, 02/15/21		341
		HCA, Inc.,
	521	3.750%, 03/15/19		534
	620	4.250%, 10/15/19		639
	700	6.500%, 02/15/20		761
	2,200	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		1,925
		Tenet Healthcare Corp.,
	658	5.000%, 03/01/19		627
	350	6.250%, 11/01/18		365
	70	7.500%, 01/01/22 (e)		72
	965	VAR, 4.350%, 06/15/20		965
				8,321
		Health Care Technology — 1.1%
	1,745	Change Healthcare Holdings, Inc., 11.000%, 12/31/19		1,806
		Pharmaceuticals — 0.7%
		Valeant Pharmaceuticals International, Inc., (Canada),
	355	5.375%, 03/15/20 (e)		297
	635	6.375%, 10/15/20 (e)		536
	300	7.000%, 10/01/20 (e)		260
				1,093
		Total Health Care		13,235
		Industrials — 8.9%
		Aerospace & Defense — 2.2%
	2,140	Arconic, Inc., 5.720%, 02/23/19		2,258
	752	Bombardier, Inc., (Canada), 5.500%, 09/15/18 (e)		803
	79	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		82
	380	TransDigm, Inc., 5.500%, 10/15/20		390
				3,533
		Airlines — 0.9%
	494	Allegiant Travel Co., 5.500%, 07/15/19		504
	359	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		367
	444	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		459
	7	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		7
	77	United Continental Holdings, Inc., 6.000%, 12/01/20		82
				1,419
		Building Products — 0.8%
	750	Standard Industries, Inc., 5.125%, 02/15/21 (e)		780
	541	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		517
				1,297
		Commercial Services & Supplies — 3.4%
	518	ACCO Brands Corp., 6.750%, 04/30/20		543
	1,470	ADT Corp. (The), 6.250%, 10/15/21		1,583
	965	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		893
	1,770	ILFC E-Capital Trust I, VAR, 4.000%, 12/21/65 (e)		1,539
	787	West Corp., 4.750%, 07/15/21 (e)		803
				5,361
		Construction & Engineering — 0.6%
	1,033	Tutor Perini Corp., 7.625%, 11/01/18		1,033
		Electrical Equipment — 0.3%
	450	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		467
		Machinery — 0.4%
	534	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		513
	300	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		180
				693
		Trading Companies & Distributors — 0.3%
	445	Aircastle Ltd., (Bermuda), 6.250%, 12/01/19		481
		Total Industrials		14,284
		Information Technology — 6.4%
		Electronic Equipment, Instruments & Components — 0.4%
	550	Anixter, Inc., 5.625%, 05/01/19		576
		Internet Software & Services — 0.2%
	314	IAC/InterActiveCorp., 4.875%, 11/30/18		319
		IT Services — 1.5%
	2,440	Alliance Data Systems Corp., 5.875%, 11/01/21 (e)		2,446

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — 0.6%
	1,000	NXP B.V./NXP Funding LLC, (Netherlands), 4.125%, 06/15/20 (e)		1,040
		Software — 1.0%
	750	Infor U.S., Inc., 5.750%, 08/15/20 (e)		786
	825	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		843
				1,629
		Technology Hardware, Storage & Peripherals — 2.7%
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	1,060	3.480%, 06/01/19 (e)		1,081
	489	4.420%, 06/15/21 (e)		503
	260	5.875%, 06/15/21 (e)		274
	1,735	EMC Corp., 2.650%, 06/01/20		1,662
	750	NCR Corp., 4.625%, 02/15/21		765
				4,285
		Total Information Technology		10,295
		Materials — 7.4%
		Chemicals — 1.3%
		CF Industries, Inc.,
	119	3.400%, 12/01/21 (e)		118
	370	7.125%, 05/01/20		400
	805	Hexion, Inc., 6.625%, 04/15/20		692
	425	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		421
	400	Westlake Chemical Corp., 4.625%, 02/15/21 (e)		416
				2,047
		Construction Materials — 0.2%
	350	Cemex S.A.B. de C.V., (Mexico), 6.500%, 12/10/19 (e)		368
		Containers & Packaging — 1.5%
	300	Ball Corp., 4.375%, 12/15/20		316
	375	Graphic Packaging International, Inc., 4.750%, 04/15/21		395
	550	Owens-Illinois, Inc., 7.800%, 05/15/18		588
	520	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, VAR, 4.380%, 07/15/21 (e)		531
	500	Sealed Air Corp., 6.500%, 12/01/20 (e)		566
				2,396
		Metals & Mining — 4.4%
		Anglo American Capital plc, (United Kingdom),
	745	3.625%, 05/14/20 (e)		745
	905	4.450%, 09/27/20 (e)		925
	380	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, (Australia), 6.500%, 05/15/21 (e)		400
	71	Commercial Metals Co., 7.350%, 08/15/18		75
	1,105	Freeport-McMoRan, Inc., 2.375%, 03/15/18		1,097
	390	Lundin Mining Corp., (Canada), 7.500%, 11/01/20 (e)		416
	430	New Gold, Inc., (Canada), 7.000%, 04/15/20 (e)		442
	600	Novelis, Inc., (Canada), 8.375%, 12/15/17		602
		Steel Dynamics, Inc.,
	410	5.125%, 10/01/21		427
	550	6.125%, 08/15/19		569
		Teck Resources Ltd., (Canada),
	980	3.000%, 03/01/19		973
	25	8.000%, 06/01/21 (e)		27
	310	United States Steel Corp., 8.375%, 07/01/21 (e)		345
				7,043
		Total Materials		11,854
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
	700	Equinix, Inc., 5.375%, 01/01/22		729
	543	Iron Mountain, Inc., 6.000%, 10/01/20 (e)		572
	104	VEREIT Operating Partnership LP, 4.125%, 06/01/21		107
		Total Real Estate		1,408
		Telecommunication Services — 7.7%
		Diversified Telecommunication Services — 3.5%
	575	CCO Holdings LLC/CCO Holdings Capital Corp., 6.625%, 01/31/22		597
	610	CenturyLink, Inc., Series R, 5.150%, 06/15/17		613
		Frontier Communications Corp.,
	900	7.125%, 03/15/19		934
	845	8.125%, 10/01/18		901
	1,600	8.500%, 04/15/20		1,662
	613	Intelsat Jackson Holdings S.A., (Luxembourg), 7.250%, 04/01/19		481
	440	Sprint Capital Corp., 6.900%, 05/01/19		459
				5,647
		Wireless Telecommunication Services — 4.2%
	350	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		357
	2,200	Sprint Communications, Inc., 9.000%, 11/15/18 (e)		2,415
	414	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.360%, 09/20/21 (e)		415

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Wireless Telecommunication Services — continued
			T-Mobile USA, Inc.,
	525		6.250%, 04/01/21		547
	1,000		6.464%, 04/28/19		1,016
	1,875		6.542%, 04/28/20		1,935
					6,685
			Total Telecommunication Services		12,332
			Utilities — 3.6%
			Electric Utilities — 0.1%
			Texas Competitive Electric Holdings Co. LLC,
	1,750		8.500%, 05/01/20 (d)		65
	1,175		8.500%, 05/01/20 (d)		43
					108
			Independent Power & Renewable Electricity Producers — 3.5%
	965		AES Corp., VAR, 3.931%, 06/01/19		958
	1,500		Calpine Corp., 6.000%, 01/15/22 (e)		1,565
	1,000		Dynegy, Inc., 6.750%, 11/01/19		1,010
	1,000		GenOn Energy, Inc., 9.875%, 10/15/20		670
	388		NRG Energy, Inc., 7.875%, 05/15/21		403
	1,033		Talen Energy Supply LLC, 4.625%, 07/15/19 (e)		983
					5,589
			Total Utilities		5,697
			Total Corporate Bonds (Cost $121,993)		121,316
	Preferred Securities — 0.8% (x)
			Financials — 0.8%
			Banks — 0.7%
	545		Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		554
	575		Citigroup, Inc., Series Q, VAR, 5.950%, 08/15/20		578
					1,132
			Capital Markets — 0.1%
	204		Goldman Sachs Group, Inc. (The), Series L, VAR, 5.700%, 05/10/19		206
			Total Preferred Securities (Cost $1,357)		1,338
SHARES
	Common Stocks — 0.4%
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
	—	(h)	Southcross Holdings LP (a)		34
			Utilities — 0.4%
			Electric Utilities — 0.4%
	48		Vistra Energy Corp. (a)		674
			Total Common Stocks (Cost $828)		708
	Preferred Stocks — 0.9%
			Financials — 0.9%
			Consumer Finance — 0.4%
	23		GMAC Capital Trust I, Series 2, VAR, 6.691%, 02/15/40 ($25 par value)		589
			Insurance — 0.5%
	1		XLIT Ltd., (Cayman Islands), Series D, VAR, 4.000%, 01/03/17 ($1,000 par value) @		794
			Total Preferred Stocks (Cost $1,493)		1,383
PRINCIPAL AMOUNT($)
	Loan Assignments — 18.8%
			Consumer Discretionary — 6.1%
			Auto Components — 0.2%
	395		Key Safety Systems, Inc., Initial Term Loan, VAR, 5.500%, 08/29/21		395
			Hotels, Restaurants & Leisure — 0.9%
	744		CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		740
	595		Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		600
	95		Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		96
					1,436
			Internet & Direct Marketing Retail — 0.6%
	1,280		Lands’ End, Inc., Initial Term B Loan, VAR, 4.250%, 04/04/21		947
			Leisure Products — 0.5%
	760		Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		764
			Media — 3.6%
	305		Charter Communications Operating LLC, Term Loan, VAR, 3.500%, 01/24/23		307
	720		iHeartCommunications, Inc., Term Loan D, VAR, 7.356%, 01/30/19		557

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Media — continued
	142	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.106%, 07/30/19		110
	486	Mission Broadcasting, Inc., Incremental Tranche B-1 Term Loan, VAR, 3.750%, 10/01/20		488
	552	Nexstar Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		553
	680	UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan, VAR, 5.000%, 07/22/23		684
	1,831	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		1,832
	1,398	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,398
				5,929
		Specialty Retail — 0.3%
	507	PetSmart, Inc., 1st Lien Term Loan B, VAR, 4.000%, 03/11/22		508
		Total Consumer Discretionary		9,979
		Consumer Staples — 3.5%
		Food & Staples Retailing — 1.1%
	359	Albertson’s LLC, 2016-1 Term Loan B-4, VAR, 4.500%, 08/25/21		359
	274	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		274
	644	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		647
	420	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		421
				1,701
		Food Products — 2.4%
	2,757	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.610%, 11/01/18		2,762
	357	Hearthside Group Holdings LLC, Term Loan, VAR, 4.500%, 06/02/21		358
	206	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		207
	533	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.250%, 04/29/20		535
				3,862
		Total Consumer Staples		5,563
		Energy — 2.5%
		Energy Equipment & Services — 0.5%
	97	Drillships Ocean Ventures, Inc., Tranche B-1 Term Loan, VAR, 6.000%, 03/31/21		50
	291	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		224
	1,070	Seadrill Partners LP, Initial Term Loan, VAR, 4.000%, 02/21/21		606
				880
		Oil, Gas & Consumable Fuels — 2.0%
	96	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		96
	117	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		118
	404	CITGO Petroleum Corp., Term B Loan, VAR, 4.500%, 07/29/21		403
	875	Energy Transfer Equity LP, Term Loan, VAR, 3.387%, 12/02/19		870
	715	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		399
	797	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20 (d)		749
	201	Sabine Oil & Gas Corp., Term Loan, VAR, 12.000%, 12/31/18 (d) ^		6
	82	Southcross Holdings Borrower LP, Tranche B Term Loan, VAR, 3.500%, 04/13/23		62
	399	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		399
				3,102
		Total Energy		3,982
		Health Care — 1.6%
		Health Care Providers & Services — 0.9%
	139	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, VAR, 3.750%, 02/16/23		139
	478	CHG Healthcare Services, Inc., Term Loan B, VAR, 4.750%, 06/07/23		480
	211	MultiPlan, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		213
	507	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.250%, 01/31/21		506
				1,338
		Pharmaceuticals — 0.7%
	398	Endo Pharmaceutical, 2015 Incremental Term B Loan, VAR, 3.750%, 09/26/22		396
	468	Grifols Worldwide Operations Ltd., U.S. Tranche B Term Loan, VAR, 3.458%, 02/27/21		472
	330	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 5.500%, 04/01/22		327
				1,195
		Total Health Care		2,533
		Industrials — 1.3%
		Airlines — 0.2%
	385	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		387

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Commercial Services & Supplies — 0.5%
	309	Prime Security Services Borrower LLC, 1st Lien Term Loan, VAR, 4.750%, 04/07/22		311
	400	University Support Services LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/06/22		402
				713
		Construction & Engineering — 0.0% (g)
	71	Stonewall Gas Gathering LLC, Term Loan, VAR, 8.750%, 01/28/22		72
		Industrial Conglomerates — 0.2%
	284	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		244
		Marine — 0.4%
	413	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		295
	460	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18 (d)		317
				612
		Total Industrials		2,028
		Materials — 1.1%
		Chemicals — 0.9%
	870	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		872
	498	Gemini HDPE LLC, Advance, VAR, 4.750%, 08/06/21		503
				1,375
		Construction Materials — 0.2%
	400	Forterra Finance LLC, 1st Lien Term Loan, VAR, 6.000%, 10/18/23		400
		Total Materials		1,775
		Real Estate — 0.3%
		Equity Real Estate Investment Trusts (REITs) — 0.3%
	537	MGM Growth Properties, Term Loan B, VAR, 3.500%, 04/25/23		540
		Telecommunication Services — 1.6%
		Diversified Telecommunication Services — 1.6%
	239	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		240
	1,045	Level 3 Financing, Inc., Term Loan B-3, VAR, 4.000%, 08/01/19		1,055
	717	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		720
	379	Virgin Media Investments Holdings Ltd., F Facility, (United Kingdom), VAR, 3.500%, 06/30/23		381
	140	XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		140
		Total Telecommunication Services		2,536
		Utilities — 0.8%
		Electric Utilities — 0.8%
	194	Calpine Construction Finance Co., Term B-1 Loan, VAR, 3.090%, 05/03/20		191
	512	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/30/17		514
	454	Texas Competitive Electric Holdings Co. LLC, Term Loan, VAR, 5.000%, 08/04/23 ^		458
	103	Texas Competitive Electric Holdings Co. LLC, Term Loan C, VAR, 5.000%, 08/04/23		104
		Total Utilities		1,267
		Total Loan Assignments (Cost $32,008)		30,203
SHARES
	Short-Term Investment — 1.7%
		Investment Company — 1.7%
	2,679	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $2,679)		2,679
		Total Investments — 98.3% (Cost $160,358)		157,627
		Other Assets in Excess of Liabilities — 1.7%		2,720
		NET ASSETS — 100.0%	$	160,347

Percentages indicated are based on net assets.

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

GMAC	—	General Motors Acceptance Corp.
MLP	—	Master Limited Partnership.
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
@	—	The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of November 30, 2016.
^	—	All or a portion of the security is unsettled as of November 30, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

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

Aggregate gross unrealized appreciation	$	1,730
Aggregate gross unrealized depreciation		(4,461	)
Net unrealized appreciation/depreciation	$	(2,731	)
Federal income tax cost of investments	$	160,358

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Consumer Discretionary	$	—	$	22,267	$	—	$	22,267
Consumer Staples		—		7,556		—		7,556
Energy		—		15,473		—		15,473
Financials		—		6,915		—		6,915
Health Care		—		13,235		—		13,235
Industrials		—		14,284		—		14,284
Information Technology		—		10,295		—		10,295
Materials		—		11,854		—		11,854
Real Estate		—		1,408		—		1,408
Telecommunication Services		—		11,851		481		12,332
Utilities		—		5,589		108		5,697
Total Corporate Bonds		—		120,727		589		121,316
Preferred Securities
Financials		—		1,338		—		1,338
Common Stocks
Energy		—		—		34		34
Utilities		674		—		—		674
Total Common Stocks		674		—		34		708

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Preferred Stocks
Financials		589		—		794		1,383
Loan Assignments
Consumer Discretionary		—		9,239		740		9,979
Consumer Staples		—		5,563		—		5,563
Energy		—		3,982		—		3,982
Health Care		—		2,533		—		2,533
Industrials		—		2,028		—		2,028
Materials		—		1,775		—		1,775
Real Estate		—		540		—		540
Telecommunication Services		—		2,536		—		2,536
Utilities		—		1,267		—		1,267
Total Loan Assignments		—		29,463		740		30,203
Short-Term Investment
Investment Company		2,679		—		—		2,679
Total Investments in Securities	$	3,942	$	151,528	$	2,157	$	157,627

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

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

JPMorgan Short Duration High Yield Fund	Balance as of February  29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities
Common Stock - Energy	$	—	$	—		$	3		$	—		$	31	$	—		$	—	$	—		$	34
Corporate Bonds - Industrials		525		(16	)		24			(8	)		—		(525	)		—		—			—
Corporate Bonds - Materials		536		—			—			—			—		—			—		(536	)		—
Corporate Bonds - Telecommunication Services		—		(123	)		108			(2	)		73		(290	)		715		—			481
Corporate Bonds - Utilities		—		—			108			—			—		—			—		—			108
Loan Assignments - Consumer Discretionary		—		—	(a)		44			(3	)		—		(6	)		705		—			740
Loan Assignments - Industrials		194		—			—			—			—		—			—		(194	)		—
Loan Assignments - Materials		208		5			21			—	(a)		—		(234	)		—		—			—
Preferred Stock - Financials		—		—			(22	)		—			—		—			816		—			794
Total	$	1,463	$	(134	)	$	286		$	(13	)	$	104	$	(1,055	)	$	2,236	$	(730	)	$	2,157

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

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

(a) Amount rounds to less than 500.

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

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

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $241,000.

Short Duration High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)		Unobservable Input	Range (Weighted Average)
	$	34		Broker Quote	Mid Price		$370.00 - $380.00 ($375.00)
Common Stock		34
		794		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.97% (4.97%)
Preferred Stock		794
Total	$	828

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $1,329,000. The inputs for these invetments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

JPMorgan Strategic Income Opportunities 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
	Long Positions — 99.2%
	Asset-Backed Securities — 4.5%
	26,596	ABFC Trust, Series 2006-OPT2, Class A2, VAR, 0.732%, 10/25/36		22,607
	2,970	Accredited Mortgage Loan Trust, Series 2003-3, Class A1, SUB, 5.210%, 01/25/34		2,904
	31,252	ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1, Class A2B, VAR, 0.682%, 07/25/36		11,429
		Ameriquest Mortgage Securities Trust,
	14,540	Series 2006-M3, Class A2B, VAR, 0.692%, 10/25/36		6,384
	22,847	Series 2006-M3, Class A2C, VAR, 0.752%, 10/25/36		10,120
	8,857	Series 2006-M3, Class A2D, VAR, 0.832%, 10/25/36		3,969
	859	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-7, Class M1, VAR, 1.809%, 08/25/33		838
	13,676	Argent Securities Trust, Series 2006-M2, Class A2D, VAR, 0.832%, 09/25/36		5,402
	6,543	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W4, Class A2D, VAR, 0.972%, 02/25/36		4,591
	1,235	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE7, Class M2, VAR, 3.160%, 12/15/33		1,224
	1,778	Bear Stearns Asset-Backed Securities Trust, Series 2004-SD1, Class M2, VAR, 5.820%, 12/25/42		1,669
	17,621	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A2, VAR, 0.712%, 10/25/36		10,837
	2,768	Centex Home Equity Loan Trust, Series 2005-A, Class M2, VAR, 1.092%, 01/25/35		2,232
	822	Citicorp Residential Mortgage Trust, Series 2006-1, Class A4, SUB, 5.571%, 07/25/36		835
		Countrywide Asset-Backed Certificates,
	12,587	Series 2007-2, Class 2A3, VAR, 0.732%, 08/25/37		11,877
	22,575	Series 2007-7, Class 2A3, VAR, 0.822%, 10/25/47		21,414
		Credit-Based Asset Servicing & Securitization LLC,
	5,412	Series 2006-CB4, Class AV4, VAR, 0.832%, 05/25/36		4,239
	16,686	Series 2006-CB8, Class A1, VAR, 0.732%, 10/25/36		12,791
	9,006	CSAB Mortgage-Backed Trust, Series 2006-2, Class A2, VAR, 0.762%, 09/25/36		3,818
	12,410	CWABS Asset-Backed Certificates Trust, Series 2006-17, Class 2A2, VAR, 0.742%, 03/25/47		11,570
	705	CWABS, Inc., Asset-Backed Certificates, Series 2004-1, Class M2, VAR, 1.417%, 03/25/34		654
	4,533	Fieldstone Mortgage Investment Trust, Series 2006-2, Class 2A3, VAR, 0.804%, 07/25/36		2,692
		First Franklin Mortgage Loan Trust,
	15,032	Series 2006-FF13, Class A2D, VAR, 0.832%, 10/25/36		10,880
	18,351	Series 2006-FF16, Class 2A3, VAR, 0.732%, 12/25/36		11,052
		Fremont Home Loan Trust,
	31,137	Series 2006-B, Class 2A3, VAR, 0.752%, 08/25/36		12,951
	10,465	Series 2006-B, Class 2A4, VAR, 0.832%, 08/25/36		4,415
	9,054	GSAA Home Equity Trust, Series 2007-5, Class 1AV1, VAR, 0.692%, 03/25/47		4,355
		GSAMP Trust,
	17,834	Series 2006-FM1, Class A1, VAR, 0.752%, 04/25/36		12,562
	5,810	Series 2006-FM2, Class A2C, VAR, 0.742%, 09/25/36		2,630
	7,900	Series 2006-FM2, Class A2D, VAR, 0.832%, 09/25/36		3,697
	21,872	Series 2006-HE3, Class A2C, VAR, 0.752%, 05/25/46		20,314
	30,889	Series 2007-HE1, Class A2C, VAR, 0.742%, 03/25/47		26,716
		Home Equity Mortgage Loan Asset-Backed Trust,
	1,187	Series 2004-B, Class M2, VAR, 1.659%, 11/25/34		1,103
	19,249	Series 2006-C, Class 2A, VAR, 0.722%, 08/25/36		15,763
	7,571	Series 2006-C, Class 3A3, VAR, 0.742%, 08/25/36		7,004
	18,541	Series 2006-D, Class 1A, VAR, 0.732%, 11/25/36		14,944

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Asset-Backed Securities — continued
	22,544	Series 2006-E, Class 2A3, VAR, 0.762%, 04/25/37		15,129
	21,265	Series 2007-B, Class 2A3, VAR, 0.792%, 07/25/37		13,232
	3,253	JPMorgan Mortgage Acquisition Trust, Series 2006-CW2, Class AV4, VAR, 0.742%, 08/25/36		3,139
	1,438	Long Beach Mortgage Loan Trust, Series 2004-3, Class M1, VAR, 1.447%, 07/25/34		1,376
	25,850	Marine Park CLO Ltd., (Cayman Islands), Series 2012-1A, Class SUB05/18/23 (e)		12,408
		MASTR Asset-Backed Securities Trust,
	7,253	Series 2006-HE4, Class A2, VAR, 0.702%, 11/25/36		3,394
	9,300	Series 2006-HE4, Class A3, VAR, 0.742%, 11/25/36		4,385
	12,517	Series 2006-NC3, Class A1, VAR, 0.722%, 10/25/36		7,445
	9,414	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3, Class A1, VAR, 0.662%, 04/25/47		5,303
	5,446	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-HE7, Class A2B, VAR, 1.592%, 07/25/37		5,037
	16,457	Nationstar Home Equity Loan Trust, Series 2007-C, Class 1AV1, VAR, 0.767%, 06/25/37		14,163
		New Century Home Equity Loan Trust,
	26	Series 2003-5, Class AI7, VAR, 5.150%, 11/25/33		26
	16,431	Series 2006-2, Class A2B, VAR, 0.752%, 08/25/36		13,727
		NovaStar Mortgage Funding Trust,
	15,298	Series 2006-4, Class A2C, VAR, 0.742%, 09/25/36		8,500
	5,788	Series 2006-4, Class A2D, VAR, 0.842%, 09/25/36		3,268
	23,932	Series 2007-1, Class A1A, VAR, 0.722%, 03/25/37		15,518
	44,120	Series 2007-1, Class A2C, VAR, 0.772%, 03/25/37		22,969
	1,018	Option One Mortgage Loan Trust, Series 2004-3, Class M2, VAR, 1.447%, 11/25/34		921
	9,376	RASC Series Trust, Series 2007-KS3, Class AI3, VAR, 0.842%, 04/25/37		8,923
		Renaissance Home Equity Loan Trust,
	1,200	Series 2004-4, Class AF4, SUB, 4.876%, 02/25/35		1,202
	288	Series 2005-4, Class A3, SUB, 5.565%, 02/25/36		289
	1,763	Saxon Asset Securities Trust, Series 2002-3, Class AF6, SUB, 5.407%, 05/25/31		1,744
		Securitized Asset-Backed Receivables LLC Trust,
	16,055	Series 2006-NC3, Class A1, VAR, 0.732%, 09/25/36		10,910
	23,270	Series 2006-NC3, Class A2B, VAR, 0.742%, 09/25/36		11,659
	5,045	Series 2007-NC2, Class A2B, VAR, 0.732%, 01/25/37		3,276
	13,559	SG Mortgage Securities Trust, Series 2006-FRE1, Class A2B, VAR, 0.772%, 02/25/36		7,675
	20,094	Structured Asset Investment Loan Trust, Series 2006-4, Class A1, VAR, 0.765%, 07/25/36		12,590
		WaMu Asset-Backed Certificates WaMu Trust,
	24,178	Series 2007-HE2, Class 2A4, VAR, 0.952%, 04/25/37		11,482
	25,647	Series 2007-HE4, Class 1A, VAR, 0.762%, 07/25/47		16,279
		Total Asset-Backed Securities (Cost $566,256)		538,451
	Collateralized Mortgage Obligations — 4.4%
		Agency CMO — 0.5%
		Federal Home Loan Mortgage Corp. REMIC,
	627	Series 3171, Class OJ, PO, 06/15/36		502
	16,280	Series 4057, Class BS, IF, IO, 5.512%, 09/15/39		2,204
	25,894	Series 4093, Class SD, IF, IO, 6.162%, 01/15/38		5,304
	16,770	Series 4099, Class BS, IF, IO, 5.512%, 06/15/39		2,844
	1,084	Series 4100, Class KJ, 3.500%, 08/15/42		1,095
	7,138	Series 4113, Class JS, IF, IO, 5.512%, 07/15/39		1,063
	8,294	Series 4123, Class SA, IF, IO, 5.662%, 09/15/39		1,305

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	8,201	Series 4132, Class SE, IF, IO, 5.662%, 12/15/40		1,434
	9,848	Series 4136, Class SA, IF, IO, 5.662%, 12/15/39		1,566
	33,826	Series 4199, Class SD, IF, IO, 5.662%, 06/15/39		5,068
		Federal National Mortgage Association REMIC,
	1,240	Series 2011-18, Class UA, 4.000%, 08/25/38		1,243
	181	Series 2011-70, Class CL, 3.000%, 08/25/26		182
	1,774	Series 2012-20, Class JS, IF, IO, 5.416%, 10/25/38		200
	40,989	Series 2012-73, Class LS, IF, IO, 5.466%, 06/25/39		5,857
	25,713	Series 2012-74, Class AS, IF, IO, 5.466%, 03/25/39		3,483
	7,379	Series 2012-84, Class QS, IF, IO, 6.066%, 09/25/31		1,361
	6,890	Series 2012-84, Class SQ, IF, IO, 6.066%, 08/25/32		1,597
	26,354	Series 2012-98, Class SA, IF, IO, 5.466%, 05/25/39		4,262
	9,116	Series 2012-104, Class QS, IF, IO, 5.516%, 03/25/39		1,571
	14,350	Series 2012-110, Class SB, IF, IO, 6.116%, 10/25/32		3,085
	3,970	Series 2012-111, Class KS, IF, IO, 5.566%, 01/25/40		584
	19,564	Series 2012-114, Class DS, IF, IO, 5.516%, 08/25/39		2,997
	26,925	Series 2012-120, Class SE, IF, IO, 5.616%, 02/25/39		4,811
	19,220	Series 2012-124, Class DS, IF, IO, 5.566%, 04/25/40		3,204
	8,959	Series 2013-131, Class S, IF, IO, 5.466%, 01/25/34		1,863
				58,685
		Non-Agency CMO — 3.9%
		Adjustable Rate Mortgage Trust,
	8,559	Series 2005-5, Class 5A1, VAR, 3.470%, 09/25/35		7,514
	1,804	Series 2005-10, Class 1A21, VAR, 3.215%, 01/25/36		1,550
		Alternative Loan Trust,
	420	Series 2004-5CB, Class 2A1, 5.000%, 05/25/19		425
	575	Series 2004-30CB, Class 1A9, 5.500%, 02/25/35		576
	1,931	Series 2005-20CB, Class 4A1, 5.250%, 07/25/20		1,885
	943	Series 2005-50CB, Class 4A1, 5.000%, 11/25/20		943
	657	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		653
	1,763	Series 2005-J6, Class 2A1, 5.500%, 07/25/25		1,739
	1,673	Series 2005-J11, Class 5A1, 5.500%, 11/25/20		1,634
	1,950	Series 2006-24CB, Class A1, 6.000%, 06/25/36		1,680
	3,520	Series 2006-24CB, Class A23, 6.000%, 06/25/36		3,072
	4,974	Series 2006-25CB, Class A9, 6.000%, 10/25/36		4,293
	819	Series 2006-28CB, Class A17, 6.000%, 10/25/36		658
	2,958	Series 2006-31CB, Class A3, 6.000%, 11/25/36		2,376
	714	Series 2006-41CB, Class 2A17, 6.000%, 01/25/37		589
	5,948	Series 2006-J2, Class A1, VAR, 1.092%, 04/25/36		3,651
	234	Series 2006-J3, Class 2A1, 4.750%, 12/25/20		202
	974	Series 2007-5CB, Class 1A31, 5.500%, 04/25/37		822
	555	American General Mortgage Loan Trust, Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		555
	2,328	American Home Mortgage Assets Trust, Series 2006-2, Class 2A1, VAR, 0.782%, 09/25/46		1,753
		Banc of America Alternative Loan Trust,
	3,983	Series 2004-1, Class 1A1, 6.000%, 02/25/34		4,228
	2,774	Series 2004-12, Class 2CB1, 6.000%, 01/25/35		2,675
	2,301	Series 2005-2, Class 2CB1, 6.000%, 03/25/35		2,085

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	2,235	Series 2006-4, Class 2A1, 6.000%, 05/25/21		2,158
		Banc of America Funding Trust,
	2,242	Series 2005-1, Class 1A1, 5.500%, 02/25/35		2,253
	1,156	Series 2006-1, Class 2A1, 5.500%, 01/25/36		1,102
	2,144	Series 2006-D, Class 5A2, VAR, 3.152%, 05/20/36		1,915
	11,627	Series 2014-R7, Class 1A1, VAR, 0.684%, 05/26/36		11,013
	2,803	Series 2014-R7, Class 2A1, VAR, 0.674%, 09/26/36		2,626
		Banc of America Mortgage Trust,
	442	Series 2005-11, Class 2A1, 5.250%, 12/25/20		443
	6,183	Series 2007-3, Class 1A1, 6.000%, 09/25/37		5,593
	10,876	Bear Stearns ARM Trust, Series 2005-12, Class 22A1, VAR, 2.812%, 02/25/36		10,055
	5,429	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC5, Class A1, SUB, 5.250%, 10/25/34		5,369
	1,815	Chase Mortgage Finance Trust, Series 2005-S1, Class 1A15, 6.000%, 05/25/35		1,897
		CHL Mortgage Pass-Through Trust,
	799	Series 2005-21, Class A2, 5.500%, 10/25/35		776
	2,015	Series 2006-15, Class A1, 6.250%, 10/25/36		1,758
	1,040	Series 2006-20, Class 1A36, 5.750%, 02/25/37		905
	3,111	Series 2007-5, Class A6, VAR, 0.942%, 05/25/37		2,246
		Citicorp Mortgage Securities Trust,
	340	Series 2006-7, Class 2A1, 5.500%, 12/25/21		342
	5,181	Series 2007-5, Class 1A9, 6.000%, 06/25/37		5,258
		Citigroup Mortgage Loan Trust,
	1,114	Series 2006-4, Class 1A1, 5.500%, 12/25/35		1,072
	5,622	Series 2014-10, Class 1A1, VAR, 0.669%, 11/25/36 (e)		5,154
	8,844	Series 2014-10, Class 3A1, VAR, 0.733%, 07/25/36 (e)		8,190
	9,389	Series 2014-10, Class 4A1, VAR, 0.694%, 02/25/37 (e)		8,585
	4,642	Series 2014-10, Class 5A1, VAR, 0.684%, 06/25/36 (e)		4,290
	5,551	Series 2014-11, Class 4A1, VAR, 0.634%, 07/25/36 (e)		4,987
	23,143	Series 2014-12, Class 1A4, VAR, 0.659%, 08/25/36 (e)		21,386
	2,852	Series 2014-12, Class 2A4, VAR, 4.006%, 02/25/37 (e)		2,738
	10,387	Series 2014-C, Class A, VAR, 3.250%, 02/25/54 (e)		9,967
	242	CitiMortgage Alternative Loan Trust, Series 2006-A1, Class 2A1, 5.250%, 03/25/21		248
		Credit Suisse First Boston Mortgage Securities Corp.,
	2,187	Series 2004-5, Class 4A1, 6.000%, 09/25/34		2,226
	461	Series 2005-5, Class 1A1, 5.000%, 07/25/20		459
	162	Series 2005-7, Class 3A1, 5.000%, 08/25/20		156
		CSMC Trust,
	4,664	Series 2011-12R, Class 3A1, VAR, 2.684%, 07/27/36 (e)		4,605
	4,606	Series 2014-10R, Class 4A1, VAR, 0.704%, 12/27/36 (e)		4,463
	3,342	Series 2014-11R, Class 8A1, VAR, 0.874%, 04/27/37 (e)		3,249
	12,938	Series 2014-11R, Class 9A1, VAR, 0.674%, 10/27/36 (e)		12,285
	12,659	Series 2015-3R, Class 5A1, VAR, 0.675%, 09/29/36 (e)		12,078
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust,
	2,829	Series 2005-1, Class 1A1, VAR, 1.092%, 02/25/35		2,639
	1,068	Series 2005-1, Class 2A1, VAR, 5.864%, 02/25/20		1,079
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes,
	15,955	Series 2014-DN1, Class M2, VAR, 2.784%, 02/25/24		16,231
	546	Series 2014-DN3, Class M2, VAR, 2.984%, 08/25/24		549

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	3,640	Series 2014-DN3, Class M3, VAR, 4.584%, 08/25/24		3,769
	7,176	Series 2015-DNA2, Class M2, VAR, 3.184%, 12/25/27		7,284
	16,199	Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C04, Class 1M2, VAR, 6.292%, 04/25/28		17,586
	2,480	First Horizon Alternative Mortgage Securities Trust, Series 2006-FA7, Class A1, 5.750%, 12/25/36		1,836
	2,833	First Horizon Asset Securities, Inc., Series 2007-5, Class A4, 6.250%, 11/25/37		2,342
	2,651	First Horizon Mortgage Pass-Through Trust, Series 2006-2, Class 1A3, 6.000%, 08/25/36		2,437
	3,498	GreenPoint Mortgage Funding Trust, Series 2005-AR4, Class 4A1A, VAR, 1.154%, 10/25/45		2,832
	2,634	GSMSC Resecuritization Trust, Series 2014-1R, Class 1A, VAR, 0.704%, 04/26/37 (e)		2,489
		GSR Mortgage Loan Trust,
	2,944	Series 2006-2F, Class 2A1, 5.750%, 02/25/36		2,739
	2,257	Series 2006-3F, Class 2A7, 5.750%, 03/25/36		2,076
	486	Series 2006-9F, Class 9A1, 6.000%, 08/25/21		466
		HarborView Mortgage Loan Trust,
	3,160	Series 2004-9, Class 2A, VAR, 3.086%, 12/19/34		2,600
	8,931	Series 2006-9, Class 2A1A, VAR, 0.772%, 11/19/36		6,408
	2,699	Impac CMB Trust, Series 2004-6, Class 1A2, VAR, 1.372%, 10/25/34		2,548
	1,683	JP Morgan Mortgage Trust, Series 2005-S2, Class 4A3, 5.500%, 09/25/20		1,642
	1,025	Lehman Mortgage Trust, Series 2006-4, Class 3A1, 5.000%, 08/25/21		996
	350	Lehman XS Trust, Series 2006-18N, Class A2A, VAR, 0.742%, 12/25/36		377
		LSTAR Securities Investment Ltd.,
	3,470	Series 2015-4, Class A1, VAR, 2.533%, 04/01/20 (e)		3,427
	11,967	Series 2015-6, Class A, VAR, 2.533%, 05/01/20 (e)		11,787
	3,277	Series 2015-7, Class A, VAR, 2.527%, 07/01/20 (e)		3,253
	6,179	Series 2016-3, Class A, VAR, 2.533%, 09/01/21 (e)		6,103
		LSTAR Securities Investment Trust,
	20,971	Series 2015-1, Class A, VAR, 2.617%, 01/01/20 (e)		20,888
	20,357	Series 2015-2, Class A, VAR, 2.533%, 01/01/20 (e)		20,326
	9,838	Series 2015-3, Class A, VAR, 2.617%, 03/01/20 (e)		9,811
	10,289	Series 2016-5, Class A1, VAR, 2.546%, 11/01/21 (e)		10,175
		MASTR Alternative Loan Trust,
	1,923	Series 2004-7, Class 10A1, 6.000%, 06/25/34		1,934
	50	Series 2004-13, Class 9A1, 5.500%, 01/25/35		50
	3,391	Series 2005-5, Class 3A1, 5.750%, 08/25/35		2,890
	1,936	NACC Reperforming Loan REMIC Trust, Series 2004-R1, Class A1, 6.500%, 03/25/34 (e)		1,717
	5,613	Nomura Resecuritization Trust, Series 2015-2R, Class 4A1, VAR, 0.764%, 12/26/36 (e)		5,244
	2,768	Prime Mortgage Trust, Series 2005-2, Class 2A1, VAR, 6.595%, 10/25/32		2,868
		RALI Trust,
	1,570	Series 2003-QS16, Class A1, 5.000%, 08/25/18		1,570
	857	Series 2003-QS20, Class CB, 5.000%, 11/25/18		862
	576	Series 2005-QS3, Class 2A1, 5.000%, 03/25/20		579
	502	Series 2006-QS18, Class 3A3, 5.750%, 12/25/21		468
	341	Series 2007-QS4, Class 5A2, 5.500%, 04/25/22		346
		RBSSP Resecuritization Trust,
	2,301	Series 2010-10, Class 2A1, VAR, 0.664%, 09/26/36 (e)		2,206
	7,712	Series 2012-6, Class 10A2, VAR, 0.684%, 08/26/36 (e)		6,802

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Residential Asset Securitization Trust,
	162	Series 2004-A6, Class A1, 5.000%, 08/25/19		162
	7,068	Series 2006-A1, Class 1A6, VAR, 1.092%, 04/25/36		3,743
	23,338	Series 2006-R1, Class A2, VAR, 0.992%, 01/25/46		10,893
		RFMSI Trust,
	5,404	Series 2005-SA2, Class 2A2, VAR, 3.383%, 06/25/35		5,040
	4,607	Series 2006-S9, Class A1, 6.250%, 09/25/36		4,231
	3,725	Series 2006-S10, Class 1A1, 6.000%, 10/25/36		3,518
	5,374	Series 2006-S12, Class 3A9, 5.750%, 12/25/36		4,874
	2,573	Series 2006-SA4, Class 2A1, VAR, 4.327%, 11/25/36		2,241
	1,498	Series 2007-S2, Class A4, 6.000%, 02/25/37		1,402
		Structured Asset Securities Corp. Trust,
	181	Series 2005-6, Class 5A1, 5.000%, 05/25/35		181
	1,186	Series 2005-17, Class 4A5, 5.500%, 10/25/35		1,207
	5,731	Structured Asset Securities Corp., Mortgage Pass-Through Certificates, Series 2003-32, Class 5A1, VAR, 5.805%, 11/25/33		5,882
		Thornburg Mortgage Securities Trust,
	2,545	Series 2002-4, Class 3A, VAR, 2.782%, 12/25/42		2,508
	2,746	Series 2007-4, Class 3A1, VAR, 5.920%, 09/25/37		2,780
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	2,908	Series 2005-7, Class 1A2, VAR, 1.042%, 09/25/35		2,205
	204	Series 2005-8, Class 1A8, 5.500%, 10/25/35		191
	2,181	Wells Fargo Alternative Loan Trust, Series 2005-1, Class 1A2, 5.500%, 02/25/35		2,260
		Wells Fargo Mortgage-Backed Securities Trust,
	682	Series 2005-16, Class A8, 5.750%, 01/25/36		725
	6	Series 2006-11, Class A13, 6.000%, 09/25/36		6
	2,640	Series 2006-11, Class A4, 5.000%, 09/25/36		2,475
	3,198	Series 2006-11, Class A8, 6.000%, 09/25/36		3,082
	1,806	Series 2006-11, Class A9, 6.500%, 09/25/36		1,764
	515	Series 2006-17, Class A1, 5.500%, 11/25/21		527
	287	Series 2007-3, Class 3A1, 5.500%, 04/25/22		293
	2,764	Series 2007-10, Class 1A5, 6.000%, 07/25/37		2,724
	1,329	Series 2007-11, Class A85, 6.000%, 08/25/37		1,280
	267	Series 2007-11, Class A96, 6.000%, 08/25/37		264
				468,094
		Total Collateralized Mortgage Obligations (Cost $511,542)		526,779
	Commercial Mortgage-Backed Securities — 1.9%
		BAMLL Commercial Mortgage Securities Trust,
	13,285	Series 2014-FL1, Class D, VAR, 4.538%, 12/15/31 (e)		12,595
	21,520	Series 2014-FL1, Class E, VAR, 6.038%, 12/15/31 (e)		18,492
	29,010	Series 2014-INLD, Class E, VAR, 3.875%, 12/15/29 (e)		27,739
	6,710	Series 2015-ASHF, Class D, VAR, 3.538%, 01/15/28 (e)		6,465
	7,240	Series 2015-ASHF, Class E, VAR, 4.538%, 01/15/28 (e)		6,929
		CG-CCRE Commercial Mortgage Trust,
	4,063	Series 2014-FL2, Class COL1, VAR, 4.038%, 11/15/31 (e)		4,066
	10,030	Series 2014-FL2, Class COL2, VAR, 5.038%, 11/15/31 (e)		9,968
	9,970	Citigroup Commercial Mortgage Trust, Series 2015-SHP2, Class E, VAR, 4.888%, 07/15/27 (e)		9,340
		Commercial Mortgage Trust,
	9,270	Series 2014-FL5, Class KH1, VAR, 4.188%, 08/15/31 (e)		8,674

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Commercial Mortgage-Backed Securities — continued
	5,920	Series 2014-FL5, Class KH2, VAR, 5.038%, 08/15/31 (e)		5,513
	16,803	Series 2015-CR23, Class CMD, VAR, 3.807%, 05/10/48 (e)		15,662
		CSMC Trust,
	27,930	Series 2015-DEAL, Class E, VAR, 4.538%, 04/15/29 (e)		27,720
	11,080	Series 2015-SAND, Class E, VAR, 4.388%, 08/15/30 (e)		11,004
	24,430	GSCCRE Commercial Mortgage Trust, Series 2015-HULA, Class E, VAR, 4.938%, 08/15/32 (e)		23,855
		Velocity Commercial Capital Loan Trust,
	6,986	Series 2015-1, Class M3, VAR, 7.050%, 06/25/45 (e)		6,694
	5,668	Series 2016-1, Class M3, VAR, 6.807%, 04/25/46 (e)		5,310
	1,360	Series 2016-2, Class M3, VAR, 5.498%, 10/25/46		1,361
	23,372	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class F, VAR, 4.258%, 11/15/29 (e)		23,019
		Total Commercial Mortgage-Backed Securities (Cost $227,376)		224,406
	Convertible Bonds — 0.4%
		Consumer Discretionary — 0.0% (g)
		Household Durables — 0.0% (g)
	5,000	CalAtlantic Group, Inc., 1.250%, 08/01/32		5,193
		Specialty Retail — 0.0% (g)
	1,842	Nebraska Book Holdings, Inc., 2.000% (PIK), 04/01/26 (e) (v)		289
		Total Consumer Discretionary		5,482
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	23,442	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		24,790
	5,280	Oasis Petroleum, Inc., 2.625%, 09/15/23		7,293
		Total Energy		32,083
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	6,166	Clearwire Communications LLC/Clearwire Finance, Inc., 8.250%, 12/01/40 (e)		6,444
		Total Convertible Bonds (Cost $42,701)		44,009
	Corporate Bonds — 50.7%
		Consumer Discretionary — 10.8%
		Auto Components — 1.2%
	4,605	Adient Global Holdings Ltd., (United Kingdom), 4.875%, 08/15/26 (e)		4,421
		American Axle & Manufacturing, Inc.,
	4,138	6.250%, 03/15/21		4,221
	2,928	6.625%, 10/15/22		2,942
	5,340	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		5,193
	4,310	Dana Financing Luxembourg Sarl, (Luxembourg), 6.500%, 06/01/26 (e)		4,450
		Dana, Inc.,
	705	5.375%, 09/15/21		728
	5,595	5.500%, 12/15/24		5,623
	13,072	6.000%, 09/15/23		13,595
		Goodyear Tire & Rubber Co. (The),
	7,318	5.000%, 05/31/26		7,263
	4,933	5.125%, 11/15/23		5,038
	12,825	7.000%, 05/15/22		13,450
	2,160	8.750%, 08/15/20		2,584
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	7,500	4.875%, 03/15/19		7,556
	2,198	6.000%, 08/01/20		2,182
		IHO Verwaltungs GmbH, (Germany),
	4,695	(cash), 4.125%, 09/15/21 (e)		4,742
	2,400	(cash), 4.500%, 09/15/23 (e)		2,340
	3,911	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		4,107
	7,105	MPG Holdco I, Inc., 7.375%, 10/15/22		7,283
		Schaeffler Finance B.V., (Netherlands),
	4,490	4.250%, 05/15/21 (e)		4,595
	3,240	4.750%, 05/15/23 (e)		3,268
	3,440	Tenneco, Inc., 5.000%, 07/15/26		3,381
	7,810	TI Group Automotive Systems LLC, 8.750%, 07/15/23 (e)		8,044
	11,587	UCI International LLC, 8.625%, 02/15/19 (d)		2,404
		ZF North America Capital, Inc.,
	7,503	4.000%, 04/29/20 (e)		7,765
	3,960	4.500%, 04/29/22 (e)		4,089

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Auto Components — continued
	12,250	4.750%, 04/29/25 (e)		12,281
				143,545
		Automobiles — 0.3%
		Fiat Chrysler Automobiles N.V., (Netherlands),
	6,674	4.500%, 04/15/20		6,754
	5,375	5.250%, 04/15/23		5,328
	14,620	General Motors Co., 4.875%, 10/02/23		15,258
		Jaguar Land Rover Automotive plc, (United Kingdom),
	8,103	4.125%, 12/15/18 (e)		8,265
	4,000	4.250%, 11/15/19 (e)		4,100
	1,350	5.625%, 02/01/23 (e)		1,392
		Motors Liquidation Co.,
	175	0.684%, 06/01/49		—	(h)
	1,533	5.250%, 03/06/32		—	(h)
	1,545	6.250%, 07/15/33		—	(h)
	170	7.250%, 04/15/41		—	(h)
	505	7.250%, 07/15/41		—	(h)
	687	7.250%, 02/15/52		—	(h)
	581	7.375%, 05/15/48		—	(h)
	51	7.375%, 10/01/51		—	(h)
				41,097
		Distributors — 0.0% (g)
	1,065	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		1,068
		Diversified Consumer Services — 0.1%
	363	Laureate Education, Inc., 9.250%, 09/01/19 (e)		349
		Service Corp. International,
	155	5.375%, 05/15/24		161
	8,670	7.500%, 04/01/27		10,057
	1,900	8.000%, 11/15/21		2,223
	1,054	Sotheby’s, 5.250%, 10/01/22 (e)		1,028
				13,818
		Hotels, Restaurants & Leisure — 3.0%
	8,155	1011778 B.C. ULC/New Red Finance, Inc., (Canada), 6.000%, 04/01/22 (e)		8,502
		Boyd Gaming Corp.,
	2,830	6.375%, 04/01/26 (e)		2,950
	1,932	6.875%, 05/15/23		2,065
		Caesars Entertainment Operating Co., Inc.,
	11,310	8.500%, 02/15/20 (d)		11,649
	39,275	9.000%, 02/15/20 (d)		40,453
	9,205	11.250%, 06/01/17 (d)		9,263
	4,315	Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Prope, 8.000%, 10/01/20		4,509
	17,372	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (d)		7,123
	7,817	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		7,973
	4,280	GLP Capital LP/GLP Financing II, Inc., 4.875%, 11/01/20		4,494
	1,810	Hilton Domestic Operating Co., Inc., 4.250%, 09/01/24 (e)		1,774
	1,375	Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 6.125%, 12/01/24 (e)		1,413
	8,690	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		8,972
		International Game Technology plc, (United Kingdom),
	6,800	6.250%, 02/15/22 (e)		7,225
	8,815	6.500%, 02/15/25 (e)		9,366
	6,961	Interval Acquisition Corp., 5.625%, 04/15/23		7,135
	10,650	Isle of Capri Casinos, Inc., 5.875%, 03/15/21		11,083
	4,950	Jack Ohio Finance LLC/Jack Ohio Finance 1 Corp., 6.750%, 11/15/21 (e)		4,962
		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
	3,658	5.000%, 06/01/24 (e)		3,695
	3,310	5.250%, 06/01/26 (e)		3,326
	1,933	Landry’s, Inc., 6.750%, 10/15/24 (e)		1,933
	8,455	LTF Merger Sub, Inc., 8.500%, 06/15/23 (e)		8,624
		MGM Resorts International,
	9,160	5.250%, 03/31/20		9,612
	26,313	6.000%, 03/15/23		28,287
	1,250	6.625%, 12/15/21		1,366
	13,100	6.750%, 10/01/20		14,345

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — continued
	46,971	7.750%, 03/15/22		53,664
	875	8.625%, 02/01/19		971
	1,090	11.375%, 03/01/18		1,207
	9,569	Royal Caribbean Cruises Ltd., (Liberia), 7.250%, 03/15/18		10,239
		Sabre GLBL, Inc.,
	4,449	5.250%, 11/15/23 (e)		4,505
	6,545	5.375%, 04/15/23 (e)		6,640
		Scientific Games International, Inc.,
	4,095	7.000%, 01/01/22 (e)		4,320
	6,636	10.000%, 12/01/22		6,221
	7,660	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		7,545
	4,418	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		4,771
	2,260	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		2,192
	24,990	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (e)		24,646
				349,020
		Household Durables — 0.5%
	2,160	Allegion U.S. Holding Co., Inc., 5.750%, 10/01/21		2,246
	3,260	Apex Tool Group LLC, 7.000%, 02/01/21 (e)		2,934
	2,780	CalAtlantic Group, Inc., 8.375%, 01/15/21		3,232
		Lennar Corp.,
	2,862	4.500%, 06/15/19		2,948
	2,000	6.950%, 06/01/18		2,110
	6,355	Series B, 12.250%, 06/01/17		6,673
		Mattamy Group Corp., (Canada),
	2,670	6.500%, 11/15/20 (e)		2,657
	CAD 3,000	6.875%, 11/15/20 (e)		2,250
	4,814	Meritage Homes Corp., 7.000%, 04/01/22		5,235
	9,975	RSI Home Products, Inc., 6.500%, 03/15/23 (e)		10,399
		Tempur Sealy International, Inc.,
	7,150	5.500%, 06/15/26		7,114
	7,254	5.625%, 10/15/23		7,399
				55,197
		Internet & Direct Marketing Retail — 0.1%
	2,838	Acosta, Inc., 7.750%, 10/01/22 (e)		2,348
	5,750	Netflix, Inc., 5.750%, 03/01/24		6,081
				8,429
		Leisure Products — 0.1%
	8,540	FGI Operating Co. LLC/FGI Finance, Inc., 7.875%, 05/01/20		7,088
	6,440	Vista Outdoor, Inc., 5.875%, 10/01/23		6,698
				13,786
		Media — 4.6%
		Altice Luxembourg S.A., (Luxembourg),
	2,008	7.625%, 02/15/25 (e)		2,058
	18,323	7.750%, 05/15/22 (e)		19,194
	5,878	Altice U.S. Finance I Corp., 5.500%, 05/15/26 (e)		5,812
		AMC Entertainment Holdings, Inc.,
	9,585	5.750%, 06/15/25		9,657
	1,245	5.875%, 11/15/26 (e)		1,254
	12,867	AMC Networks, Inc., 5.000%, 04/01/24		12,899
		Cablevision Systems Corp.,
	13,733	8.000%, 04/15/20		14,763
	1,165	8.625%, 09/15/17		1,212
	2,132	CBS Radio, Inc., 7.250%, 11/01/24 (e)		2,240
		Cinemark USA, Inc.,
	5,895	4.875%, 06/01/23		5,954
	1,051	5.125%, 12/15/22		1,080
		Clear Channel Worldwide Holdings, Inc.,
	7,185	Series A, 6.500%, 11/15/22		7,041
	1,185	Series A, 7.625%, 03/15/20		1,108
	55,169	Series B, 6.500%, 11/15/22		55,652
	34,130	Series B, 7.625%, 03/15/20		33,661
		CSC Holdings LLC,
	2,475	6.625%, 10/15/25 (e)		2,673
	10,845	6.750%, 11/15/21		11,401
	2,565	8.625%, 02/15/19		2,828
	11,471	10.125%, 01/15/23 (e)		13,206
	21,124	10.875%, 10/15/25 (e)		24,609
		DISH DBS Corp.,
	705	4.250%, 04/01/18		719
	10,725	5.000%, 03/15/23		10,591
	22,109	5.875%, 07/15/22		22,883
	28,450	5.875%, 11/15/24		28,841

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Media — continued
	18,245	6.750%, 06/01/21		19,614
	5,497	7.750%, 07/01/26		6,067
	10,913	7.875%, 09/01/19		12,086
		Hughes Satellite Systems Corp.,
	5,553	5.250%, 08/01/26 (e)		5,254
	1,335	6.625%, 08/01/26 (e)		1,285
		iHeartCommunications, Inc.,
	7,779	9.000%, 12/15/19		6,126
	6,865	9.000%, 03/01/21		5,063
	4,010	10.625%, 03/15/23		3,007
	4,125	Liberty Interactive LLC, 8.250%, 02/01/30		4,372
		LIN Television Corp.,
	6,847	5.875%, 11/15/22		6,950
	3,700	6.375%, 01/15/21		3,829
	1,000	Live Nation Entertainment, Inc., 4.875%, 11/01/24 (e)		995
		Nexstar Broadcasting, Inc.,
	3,720	6.125%, 02/15/22 (e)		3,794
	12,080	6.875%, 11/15/20		12,443
	2,202	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		2,180
	19,181	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		19,565
	11,300	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		11,611
	1,050	Quebecor, Inc., (Canada), 9.750%, 01/15/16 (d)		—	(h)
		Regal Entertainment Group,
	7,160	5.750%, 03/15/22		7,518
	1,900	5.750%, 06/15/23		1,928
		Sinclair Television Group, Inc.,
	2,050	5.125%, 02/15/27 (e)		1,906
	2,300	5.625%, 08/01/24 (e)		2,271
	707	5.875%, 03/15/26 (e)		702
	12,610	6.125%, 10/01/22		13,083
		Sirius XM Radio, Inc.,
	3,935	4.250%, 05/15/20 (e)		4,004
	15,041	5.375%, 04/15/25 (e)		15,088
	4,460	5.375%, 07/15/26 (e)		4,427
	3,904	5.750%, 08/01/21 (e)		4,084
	14,474	6.000%, 07/15/24 (e)		15,053
		TEGNA, Inc.,
	1,345	4.875%, 09/15/21 (e)		1,384
	965	5.500%, 09/15/24 (e)		979
	2,905	6.375%, 10/15/23		3,056
	7,945	Time, Inc., 5.750%, 04/15/22 (e)		8,005
	2,941	Unitymedia GmbH, (Germany), 6.125%, 01/15/25 (e)		2,992
	4,245	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany), 5.000%, 01/15/25 (e)		4,171
	11,088	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		11,314
		WMG Acquisition Corp.,
	1,875	4.875%, 11/01/24 (e)		1,856
	650	5.000%, 08/01/23 (e)		650
	1,489	5.625%, 04/15/22 (e)		1,534
	7,350	6.750%, 04/15/22 (e)		7,699
	14,917	Ziggo Secured Finance B.V., (Netherlands), 5.500%, 01/15/27 (e)		14,320
				543,601
		Multiline Retail — 0.1%
		J.C. Penney Corp., Inc.,
	7,960	6.375%, 10/15/36		6,487
	357	8.125%, 10/01/19		386
		Neiman Marcus Group Ltd. LLC,
	4,253	8.000%, 10/15/21 (e)		3,360
	8,330	(cash), 8.750%, 10/15/21 (e)		6,289
				16,522
		Specialty Retail — 0.7%
	3,858	Chinos Intermediate Holdings A, Inc., 7.750% (PIK), 05/01/19 (e) (v)		1,215
		Claire’s Stores, Inc.,
	4,833	6.125%, 03/15/20 (e)		2,199
	30,965	9.000%, 03/15/19 (e)		15,057
	1,800	CST Brands, Inc., Series WI, 5.000%, 05/01/23		1,863
	3,919	Guitar Center, Inc., 6.500%, 04/15/19 (e)		3,459
	3,930	Hillman Group, Inc. (The), 6.375%, 07/15/22 (e)		3,675
	6,160	L Brands, Inc., 6.750%, 07/01/36		6,083
	3,297	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		3,394
	703	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		729
	3,876	Penske Automotive Group, Inc., 5.500%, 05/15/26		3,736

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Specialty Retail — continued
	25,216	PetSmart, Inc., 7.125%, 03/15/23 (e)		25,815
	10,449	Radio Systems Corp., 8.375%, 11/01/19 (e)		10,841
		Sally Holdings LLC/Sally Capital, Inc.,
	1,430	5.500%, 11/01/23		1,487
	4,460	5.625%, 12/01/25		4,627
	935	5.750%, 06/01/22		969
				85,149
		Textiles, Apparel & Luxury Goods — 0.1%
		Hanesbrands, Inc.,
	3,100	4.625%, 05/15/24 (e)		3,100
	3,100	4.875%, 05/15/26 (e)		3,092
				6,192
		Total Consumer Discretionary		1,277,424
		Consumer Staples — 2.6%
		Beverages — 0.2%
		Constellation Brands, Inc.,
	1,901	3.750%, 05/01/21		1,975
	2,192	4.250%, 05/01/23		2,282
	2,000	7.250%, 05/15/17		2,050
	7,580	Cott Beverages, Inc., 6.750%, 01/01/20		7,845
	11,806	DS Services of America, Inc., 10.000%, 09/01/21 (e)		12,987
				27,139
		Food & Staples Retailing — 0.4%
	12,020	Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC, 6.625%, 06/15/24 (e)		12,424
	2,127	Fresh Market, Inc. (The), 9.750%, 05/01/23 (e)		1,792
	3,880	Ingles Markets, Inc., 5.750%, 06/15/23		3,968
		New Albertsons, Inc.,
	940	7.750%, 06/15/26		935
	4,356	8.000%, 05/01/31		4,226
	5,840	8.700%, 05/01/30		5,840
	9,415	Rite Aid Corp., 6.125%, 04/01/23 (e)		10,064
	6,100	SUPERVALU, Inc., 7.750%, 11/15/22		6,039
	2,495	U.S. Foods, Inc., 5.875%, 06/15/24 (e)		2,557
				47,845
		Food Products — 1.4%
	4,080	B&G Foods, Inc., 4.625%, 06/01/21		4,162
	18,455	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		18,224
	4,075	Darling Ingredients, Inc., 5.375%, 01/15/22		4,243
	7,606	Dean Foods Co., 6.500%, 03/15/23 (e)		7,910
	871	FAGE International S.A./FAGE USA Dairy Industry, Inc., (Luxembourg), 5.625%, 08/15/26 (e)		871
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	1,000	5.750%, 06/15/25 (e)		980
	11,084	5.875%, 07/15/24 (e)		11,014
	16,473	7.250%, 06/01/21 (e)		16,864
	10,242	8.250%, 02/01/20 (e)		10,498
		Lamb Weston Holdings, Inc.,
	2,698	4.625%, 11/01/24 (e)		2,691
	1,968	4.875%, 11/01/26 (e)		1,958
	3,877	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		3,867
	2,078	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24		2,187
		Post Holdings, Inc.,
	8,740	5.000%, 08/15/26 (e)		8,290
	2,690	6.000%, 12/15/22 (e)		2,793
	8,820	6.750%, 12/01/21 (e)		9,393
	8,435	7.750%, 03/15/24 (e)		9,300
	5,721	8.000%, 07/15/25 (e)		6,408
	12,440	Simmons Foods, Inc., 7.875%, 10/01/21 (e)		12,596
		Smithfield Foods, Inc.,
	3,646	5.250%, 08/01/18 (e)		3,682
	4,898	5.875%, 08/01/21 (e)		5,088
	9,125	6.625%, 08/15/22		9,616
	1,227	7.750%, 07/01/17		1,264
		TreeHouse Foods, Inc.,
	703	4.875%, 03/15/22		720
	2,615	6.000%, 02/15/24 (e)		2,720
	1,128	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		1,162
	2,502	WhiteWave Foods Co. (The), 5.375%, 10/01/22		2,758
				161,259
		Household Products — 0.4%
	4,659	Central Garden & Pet Co., 6.125%, 11/15/23		4,857

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Household Products — continued
	7,610	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		7,610
		HRG Group, Inc.,
	6,374	7.750%, 01/15/22		6,613
	22,511	7.875%, 07/15/19		23,496
		Spectrum Brands, Inc.,
	2,985	5.750%, 07/15/25		3,097
	1,400	6.625%, 11/15/22		1,484
				47,157
		Personal Products — 0.2%
	5,155	Albea Beauty Holdings S.A., (Luxembourg), 8.375%, 11/01/19 (e)		5,361
	4,378	Avon International Operations, Inc., 7.875%, 08/15/22 (e)		4,591
	4,913	Avon Products, Inc., 7.000%, 03/15/23		4,508
	5,205	Nature’s Bounty Co. (The), 7.625%, 05/15/21 (e)		5,133
		Prestige Brands, Inc.,
	3,500	5.375%, 12/15/21 (e)		3,596
	1,385	6.375%, 03/01/24 (e)		1,448
		Revlon Consumer Products Corp.,
	4,462	5.750%, 02/15/21		4,434
	1,960	6.250%, 08/01/24 (e)		1,936
				31,007
		Total Consumer Staples		314,407
		Energy — 4.8%
		Energy Equipment & Services — 0.2%
	3,600	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		3,402
	1,445	CSI Compressco LP/CSI Compressco Finance, Inc., 7.250%, 08/15/22		1,329
		Precision Drilling Corp., (Canada),
	4,177	5.250%, 11/15/24		3,718
	589	6.500%, 12/15/21		583
	9,310	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (e) (d)		2,886
	1,423	Transocean, Inc., (Cayman Islands), 9.000%, 07/15/23 (e)		1,437
		Weatherford International Ltd., (Bermuda),
	461	7.000%, 03/15/38		368
	895	7.750%, 06/15/21		875
	880	8.250%, 06/15/23		861
	2,831	9.875%, 02/15/24 (e)		2,930
	6,164	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		6,626
				25,015
		Oil, Gas & Consumable Fuels — 4.6%
	2,555	Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 09/15/24 (e)		2,612
		Antero Resources Corp.,
	4,754	5.125%, 12/01/22		4,825
	9,180	5.375%, 11/01/21		9,467
	35	5.625%, 06/01/23		36
	1,415	6.000%, 12/01/20		1,459
		Baytex Energy Corp., (Canada),
	1,118	5.125%, 06/01/21 (e)		964
	1,118	5.625%, 06/01/24 (e)		937
	8,390	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		8,096
	3,250	Boardwalk Pipelines LP, 5.950%, 06/01/26		3,463
	3,241	Bonanza Creek Energy, Inc., 5.750%, 02/01/23		1,685
	2,770	BreitBurn Energy Partners LP/BreitBurn Finance Corp., Series WI, 7.875%, 04/15/22 (d)		1,870
		California Resources Corp.,
	98	5.500%, 09/15/21		63
	4,240	8.000%, 12/15/22 (e)		3,413
	1,423	Callon Petroleum Co., 6.125%, 10/01/24 (e)		1,459
		Carrizo Oil & Gas, Inc.,
	2,100	6.250%, 04/15/23		2,142
	705	7.500%, 09/15/20		730
		Cenovus Energy, Inc., (Canada),
	2,204	4.450%, 09/15/42		1,813
	1,728	6.750%, 11/15/39		1,815
		Chaparral Energy, Inc.,
	11,373	7.625%, 11/15/22 (d)		9,440
	3,371	8.250%, 09/01/21 (d)		2,798
	13,269	9.875%, 10/01/20 (d)		10,980
	669	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		716
		Chesapeake Energy Corp.,
	12,615	8.000%, 12/15/22 (e)		13,056

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	5,804	VAR, 4.130%, 04/15/19		5,485
	3,500	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		3,653
	3,211	Clayton Williams Energy, Inc., 7.750%, 04/01/19		3,227
	2,149	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 12.000%, 11/01/21		2,213
	1,420	CONSOL Energy, Inc., 5.875%, 04/15/22		1,363
	6,335	Continental Resources, Inc., 4.500%, 04/15/23		6,161
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	3,832	6.000%, 12/15/20		3,899
	310	6.125%, 03/01/22		313
	4,290	6.250%, 04/01/23		4,354
	9,667	CrownRock LP/CrownRock Finance, Inc., 7.125%, 04/15/21 (e)		10,029
		Denbury Resources, Inc.,
	4,675	4.625%, 07/15/23		3,600
	7,555	5.500%, 05/01/22		6,214
		Endeavor Energy Resources LP/EER Finance, Inc.,
	15,029	7.000%, 08/15/21 (e)		15,405
	2,187	8.125%, 09/15/23 (e)		2,323
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	2,295	7.750%, 09/01/22		1,607
	10,866	8.000%, 11/29/24 (e)		11,192
	38,265	9.375%, 05/01/20		32,058
	10,676	Great Western Petroleum LLC/Great Western Finance Corp., 9.000%, 09/30/21 (e)		11,103
	1,510	Gulfport Energy Corp., 6.000%, 10/15/24 (e)		1,536
	5,246	Halcon Resources Corp., 8.625%, 02/01/20 (e)		5,380
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	8,057	5.000%, 12/01/24 (e)		8,137
	5,989	5.750%, 10/01/25 (e)		6,079
	2,169	Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 (e)		2,257
		Kinder Morgan, Inc.,
	2,187	2.000%, 12/01/17		2,190
	1,458	3.050%, 12/01/19		1,476
	7,485	7.000%, 06/15/17		7,684
	2,560	Laredo Petroleum, Inc., 5.625%, 01/15/22		2,579
	2,879	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		2,793
	4,196	Matador Resources Co., 6.875%, 04/15/23		4,448
		MEG Energy Corp., (Canada),
	8,540	6.375%, 01/30/23 (e)		7,536
	11,304	7.000%, 03/31/24 (e)		9,863
		Memorial Production Partners LP/Memorial Production Finance Corp.,
	12,810	6.875%, 08/01/22		4,467
	10,274	7.625%, 05/01/21		3,673
		MPLX LP,
	2,790	4.875%, 12/01/24		2,817
	11,480	4.875%, 06/01/25		11,533
	3,985	5.500%, 02/15/23		4,132
		Newfield Exploration Co.,
	5,000	5.375%, 01/01/26		5,077
	5,735	5.750%, 01/30/22		5,936
	1,045	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		1,019
	879	Northern Oil and Gas, Inc., 8.000%, 06/01/20		642
		Oasis Petroleum, Inc.,
	9,100	6.500%, 11/01/21		9,191
	5,071	6.875%, 03/15/22		5,223
	15,213	6.875%, 01/15/23		15,593
		Parsley Energy LLC/Parsley Finance Corp.,
	7,173	6.250%, 06/01/24 (e)		7,424
	19,501	PARSLEY FIN CORP (OBLI), 7.500%, 02/15/22 (e)		20,671
	3,633	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		3,470
		Penn Virginia Corp.,
	4,881	7.250%, 04/15/19 (d)		96
	9,129	8.500%, 05/01/20 (d)		179

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		QEP Resources, Inc.,
	3,000	5.375%, 10/01/22		2,925
	2,816	6.875%, 03/01/21		2,908
	4,400	Range Resources Corp., 4.875%, 05/15/25		4,158
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	2,485	5.000%, 10/01/22		2,627
	3,175	5.500%, 04/15/23		3,282
	1,300	5.875%, 03/01/22		1,436
	1,632	Rice Energy, Inc., 7.250%, 05/01/23		1,714
	8,060	RSP Permian, Inc., 6.625%, 10/01/22		8,459
	33,231	Samson Resources Co., 9.750%, 02/15/20 (d)		1,994
		Sanchez Energy Corp.,
	24,525	6.125%, 01/15/23		21,459
	1,085	7.750%, 06/15/21		1,031
	2,500	SemGroup Corp., 7.500%, 06/15/21		2,550
	3,593	Seven Generations Energy Ltd., (Canada), 6.875%, 06/30/23 (e)		3,782
		SM Energy Co.,
	3,000	5.000%, 01/15/24		2,827
	3,110	5.625%, 06/01/25		2,986
	1,430	6.125%, 11/15/22		1,434
	1,637	6.500%, 01/01/23		1,645
		Southwestern Energy Co.,
	1,085	4.100%, 03/15/22		998
	3,450	6.700%, 01/23/25		3,416
	2,317	7.500%, 02/01/18		2,421
	5,673	Sunoco LP/Sunoco Finance Corp., 6.250%, 04/15/21		5,733
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	620	4.250%, 11/15/23		584
	1,495	5.125%, 02/01/25 (e)		1,476
	9,235	6.750%, 03/15/24		9,789
	2,075	Tesoro Corp., 4.250%, 10/01/17		2,109
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	6,155	5.250%, 01/15/25		6,240
	2,265	5.500%, 10/15/19		2,404
	10,957	5.875%, 10/01/20		11,312
	1,470	6.125%, 10/15/21		1,538
	6,660	6.250%, 10/15/22		7,126
	2,405	6.375%, 05/01/24		2,591
	4,014	Triangle USA Petroleum Corp., 6.750%, 07/15/22 (e) (d)		983
	2,880	Ultra Petroleum Corp., (Canada), 6.125%, 10/01/24 (d)		2,765
	5,208	W&T Offshore, Inc., 8.500%, 06/15/19		2,552
		Whiting Petroleum Corp.,
	6,165	5.000%, 03/15/19		6,088
	2,310	5.750%, 03/15/21		2,275
	4,320	6.250%, 04/01/23		4,245
	3,520	Williams Cos., Inc. (The), 7.875%, 09/01/21		4,022
	6,946	Williams Partners LP/ACMP Finance Corp., 6.125%, 07/15/22		7,125
		WPX Energy, Inc.,
	4,832	5.250%, 09/15/24		4,705
	3,614	6.000%, 01/15/22		3,703
	704	7.500%, 08/01/20		743
	8,515	8.250%, 08/01/23		9,388
				544,687
		Total Energy		569,702
		Financials — 3.8%
		Banks — 1.9%
		CIT Group, Inc.,
	11,411	3.875%, 02/19/19		11,611
	7,694	5.000%, 05/15/17		7,781
	43,944	5.250%, 03/15/18		45,448
	11,730	5.500%, 02/15/19 (e)		12,382
	2,520	6.625%, 04/01/18 (e)		2,636
	100,000	Dexia Credit Local S.A., (France), VAR, 1.159%, 06/08/17		100,044
		Royal Bank of Scotland Group plc, (United Kingdom),
	3,499	6.000%, 12/19/23		3,544
	1,145	6.100%, 06/10/23		1,162
	17,655	6.125%, 12/15/22		18,280
		Royal Bank of Scotland plc (The), (United Kingdom),
EUR	4,500	4.350%, 01/23/17		4,793
	16,150	Reg. S, VAR, 9.500%, 03/16/22		16,470
				224,151
		Capital Markets — 0.1%
	5,680	E*TRADE Financial Corp., 5.375%, 11/15/22		6,019

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Consumer Finance — 1.3%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	3,440	3.750%, 05/15/19		3,500
	3,265	4.625%, 10/30/20		3,412
		Ally Financial, Inc.,
	4,740	2.750%, 01/30/17		4,740
	7,205	3.250%, 09/29/17		7,277
	16,315	3.250%, 11/05/18		16,315
	6,010	3.500%, 01/27/19		6,010
	6,045	4.125%, 03/30/20		6,045
	17,940	4.250%, 04/15/21		17,671
	6,900	4.625%, 05/19/22		6,876
	12,806	4.625%, 03/30/25		12,382
	9,335	4.750%, 09/10/18		9,593
	2,255	5.125%, 09/30/24		2,249
	14,410	5.500%, 02/15/17		14,500
	3,995	5.750%, 11/20/25		3,945
	20,729	6.250%, 12/01/17		21,454
	7,237	8.000%, 11/01/31		8,214
		General Motors Financial Co., Inc.,
	3,570	4.250%, 05/15/23		3,579
	4,000	4.750%, 08/15/17		4,086
	2,358	Springleaf Finance Corp., 6.500%, 09/15/17		2,423
				154,271
		Diversified Financial Services — 0.4%
	9,276	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		6,957
	11,976	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		9,551
	3,815	Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.250%, 08/01/22 (e)		3,290
	5,940	James Hardie International Finance Ltd., (Ireland), 5.875%, 02/15/23 (e)		6,166
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	7,522	6.500%, 07/01/21		7,579
	275	7.875%, 10/01/20		281
	1,221	9.625%, 05/01/19		1,279
	3,735	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		3,884
	4,720	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		4,449
				43,436
		Insurance — 0.1%
	4,533	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		4,890
	5,831	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		6,531
	5,825	NFP Corp., 9.000%, 07/15/21 (e)		6,029
GBP	1	Towergate Finance plc, (United Kingdom), 10.500%, 02/15/19 (e)		—	(h)
				17,450
		Total Financials		445,327
		Health Care — 5.0%
		Health Care Equipment & Supplies — 0.9%
		Alere, Inc.,
	4,080	6.375%, 07/01/23 (e)		4,116
	3,949	6.500%, 06/15/20		3,929
	1,310	7.250%, 07/01/18		1,328
	20,013	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		20,079
	15,735	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		13,759
	3,640	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		3,749
	7,605	Hologic, Inc., 5.250%, 07/15/22 (e)		7,890
		Kinetic Concepts, Inc./KCI USA, Inc.,
	3,885	7.875%, 02/15/21 (e)		4,099
	14,670	9.625%, 10/01/21 (e)		13,826
	5,000	Mallinckrodt International Finance S.A., (Luxembourg), 3.500%, 04/15/18		4,975
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	4,645	4.875%, 04/15/20 (e)		4,552
	7,945	5.500%, 04/15/25 (e)		6,753
	9,690	5.625%, 10/15/23 (e)		8,770
	2,235	5.750%, 08/01/22 (e)		2,098
				99,923
		Health Care Providers & Services — 2.7%
	6,253	21st Century Oncology, Inc., (cash), 11.000%, 05/01/23 (e)		3,721
		Acadia Healthcare Co., Inc.,
	5,687	5.625%, 02/15/23		5,602
	350	Series WI, 5.125%, 07/01/22		338

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	2,130	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		2,109
	1,790	Amsurg Corp., 5.625%, 11/30/20		1,839
		CHS/Community Health Systems, Inc.,
	1,205	5.125%, 08/15/18		1,175
	2,885	7.125%, 07/15/20		2,034
	3,000	8.000%, 11/15/19		2,362
	2,508	Covenant Surgical Partners, Inc., 8.750%, 08/01/19 (e)		2,382
	7,530	DaVita, Inc., 5.000%, 05/01/25		7,342
	6,170	Fresenius Medical Care U.S. Finance II, Inc., 5.875%, 01/31/22 (e)		6,818
	3,740	HCA Holdings, Inc., 6.250%, 02/15/21		3,925
		HCA, Inc.,
	4,046	3.750%, 03/15/19		4,145
	4,605	5.000%, 03/15/24		4,617
	5,418	5.250%, 04/15/25		5,459
	4,945	5.250%, 06/15/26		4,950
	33,925	5.375%, 02/01/25		33,204
	21,485	5.875%, 02/15/26		21,404
	37,121	7.500%, 02/15/22		41,297
	2,225	8.000%, 10/01/18		2,414
		HealthSouth Corp.,
	4,350	5.750%, 11/01/24		4,361
	4,301	5.750%, 09/15/25		4,295
	23,019	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		20,142
	4,985	inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.500%, 10/01/24 (e)		5,035
	12,200	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		12,292
	10,780	Kindred Healthcare, Inc., 8.750%, 01/15/23		9,594
	702	LifePoint Health, Inc., 5.375%, 05/01/24 (e)		677
	8,496	Molina Healthcare, Inc., 5.375%, 11/15/22		8,507
		Tenet Healthcare Corp.,
	1,470	4.500%, 04/01/21		1,426
	1,850	4.750%, 06/01/20		1,829
	17,083	5.000%, 03/01/19		16,272
	8,227	5.500%, 03/01/19		7,816
	12,900	6.000%, 10/01/20		13,118
	1,485	6.750%, 02/01/20		1,392
	7,635	6.750%, 06/15/23		6,528
	1,480	7.500%, 01/01/22 (e)		1,523
	17,996	8.000%, 08/01/20		17,242
	33,489	8.125%, 04/01/22		30,559
	4,265	WellCare Health Plans, Inc., 5.750%, 11/15/20		4,372
				324,117
		Health Care Technology — 0.1%
	3,056	Change Healthcare Holdings, Inc., 11.000%, 12/31/19		3,163
	5,625	Quintiles IMS, Inc., 5.000%, 10/15/26 (e)		5,541
				8,704
		Pharmaceuticals — 1.3%
	2,316	Capsugel S.A., (Luxembourg), 7.000% (cash), 05/15/19 (e) (v)		2,317
		Concordia International Corp., (Canada),
	14,490	7.000%, 04/15/23 (e)		5,506
	4,413	9.000%, 04/01/22 (e)		4,060
	7,616	Endo Finance LLC, 5.750%, 01/15/22 (e)		6,864
	2,204	Endo Finance LLC/Endo Finco, Inc., 5.375%, 01/15/23 (e)		1,923
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc., (Ireland),
	8,970	6.000%, 07/15/23 (e)		7,983
	850	6.500%, 02/01/25 (e)		726
	6,425	Grifols Worldwide Operations Ltd., (Ireland), 5.250%, 04/01/22		6,618
		Valeant Pharmaceuticals International, Inc., (Canada),
	28,303	5.375%, 03/15/20 (e)		23,704
	283	5.500%, 03/01/23 (e)		208
	28,908	5.875%, 05/15/23 (e)		21,374
	16,490	6.125%, 04/15/25 (e)		12,202
	7,000	6.375%, 10/15/20 (e)		5,915
	1,054	6.750%, 08/15/18 (e)		999
	8,741	6.750%, 08/15/21 (e)		7,299
	6,150	7.000%, 10/01/20 (e)		5,320
	21,698	7.250%, 07/15/22 (e)		17,792
	30,794	7.500%, 07/15/21 (e)		26,021

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Pharmaceuticals — continued
				156,831
		Total Health Care		589,575
		Industrials — 5.3%
		Aerospace & Defense — 0.8%
		Arconic, Inc.,
	11,617	5.125%, 10/01/24		11,849
	2,969	5.400%, 04/15/21		3,136
	3,650	5.720%, 02/23/19		3,853
	2,136	5.870%, 02/23/22		2,267
	2,564	6.150%, 08/15/20		2,763
	4,920	6.750%, 01/15/28		5,234
		Bombardier, Inc., (Canada),
	2,518	4.750%, 04/15/19 (e)		2,508
	4,583	5.500%, 09/15/18 (e)		4,896
	1,409	6.125%, 01/15/23 (e)		1,215
	9,480	7.500%, 03/15/25 (e)		8,427
	1,022	7.750%, 03/15/20 (e)		1,031
	708	8.750%, 12/01/21 (e)		703
	709	Huntington Ingalls Industries, Inc., 5.000%, 11/15/25 (e)		725
	8,815	KLX, Inc., 5.875%, 12/01/22 (e)		9,013
	7,437	Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		7,232
	3,162	Orbital ATK, Inc., 5.250%, 10/01/21		3,261
		TransDigm, Inc.,
	705	6.000%, 07/15/22		725
	2,531	6.375%, 06/15/26 (e)		2,575
	8,515	6.500%, 05/15/25		8,771
	12,053	Triumph Group, Inc., 4.875%, 04/01/21		11,028
				91,212
		Air Freight & Logistics — 0.2%
	8,100	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		7,665
		XPO Logistics, Inc.,
	1,970	6.125%, 09/01/23 (e)		2,014
	8,715	6.500%, 06/15/22 (e)		9,031
				18,710
		Airlines — 0.4%
	11,255	Allegiant Travel Co., 5.500%, 07/15/19		11,480
	8,580	American Airlines 2013-1 Class A Pass-Through Trust, 5.600%, 07/15/20 (e)		8,859
	2,858	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		2,952
	4,220	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		4,494
	4,715	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		5,187
	2,158	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		2,287
	425	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series B, 6.875%, 05/07/19 (e)		458
	4,628	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		5,194
	3,214	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		3,327
				44,238
		Building Products — 0.1%
	1,330	Allegion plc, (Ireland), 5.875%, 09/15/23		1,412
	2,570	Griffon Corp., 5.250%, 03/01/22		2,557
	3,066	Masonite International Corp., (Canada), 5.625%, 03/15/23 (e)		3,120
	1,980	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		2,143
	3,541	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		3,594
	2,825	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		2,698
				15,524
		Commercial Services & Supplies — 1.0%
	9,012	ACCO Brands Corp., 6.750%, 04/30/20		9,440
		ADT Corp. (The),
	9,745	3.500%, 07/15/22		9,172
	12,905	4.125%, 06/15/23		12,260
	350	APX Group, Inc., 6.375%, 12/01/19		361
	652	Aramark Services, Inc., 5.750%, 03/15/20		667
		Clean Harbors, Inc.,
	3,301	5.125%, 06/01/21		3,375
	7,335	5.250%, 08/01/20		7,500
	9,597	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		8,877
		Harland Clarke Holdings Corp.,
	4,330	6.875%, 03/01/20 (e)		4,103

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Commercial Services & Supplies — continued
	1,435	9.750%, 08/01/18 (e)		1,467
		Herc Rentals, Inc.,
	4,315	7.500%, 06/01/22 (e)		4,450
	8,065	7.750%, 06/01/24 (e)		8,267
	21,560	ILFC E-Capital Trust I, VAR, 4.000%, 12/21/65 (e)		18,757
	14,629	ILFC E-Capital Trust II, VAR, 4.250%, 12/21/65 (e)		11,996
	14,941	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		16,062
	4,940	Quad/Graphics, Inc., 7.000%, 05/01/22		4,705
		Quebecor World Capital Corp., (Canada),
	2,565	6.125%, 01/15/16 (d)		—	(h)
	2,650	6.500%, 08/01/27 (d)		—	(h)
	163	R.R. Donnelley & Sons Co., 7.000%, 02/15/22		157
	2,350	West Corp., 4.750%, 07/15/21 (e)		2,397
				124,013
		Construction & Engineering — 0.3%
		AECOM,
	4,870	5.750%, 10/15/22		5,101
	9,915	5.875%, 10/15/24		10,386
	10,865	Great Lakes Dredge & Dock Corp., 7.375%, 02/01/19		10,702
	1,000	MasTec, Inc., 4.875%, 03/15/23		978
	2,807	Tutor Perini Corp., 7.625%, 11/01/18		2,807
				29,974
		Electrical Equipment — 0.3%
	10,450	General Cable Corp., 5.750%, 10/01/22		9,980
		Novelis Corp.,
	3,506	5.875%, 09/30/26 (e)		3,502
	2,155	6.250%, 08/15/24 (e)		2,230
	9,318	Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc., 8.625%, 06/01/21 (e)		7,175
		Sensata Technologies B.V., (Netherlands),
	3,020	4.875%, 10/15/23 (e)		3,103
	3,812	5.000%, 10/01/25 (e)		3,755
	200	5.625%, 11/01/24 (e)		208
	3,915	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		4,062
				34,015
		Industrial Conglomerates — 0.1%
	11,683	CTP Transportation Products LLC/CTP Finance, Inc., 8.250%, 12/15/19 (e)		9,229
		Machinery — 0.6%
	4,438	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		4,261
	12,100	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		7,260
		CNH Industrial Capital LLC,
	3,413	4.375%, 11/06/20		3,469
	7,893	4.875%, 04/01/21		8,130
	2,000	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		1,970
	5,410	Gates Global LLC/Gates Global Co., 6.000%, 07/15/22 (e)		5,167
	2,480	Manitowoc Foodservice, Inc., 9.500%, 02/15/24		2,827
	8,110	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		8,252
		Oshkosh Corp.,
	4,575	5.375%, 03/01/22		4,769
	3,034	5.375%, 03/01/25		3,125
		SPX FLOW, Inc.,
	2,025	5.625%, 08/15/24 (e)		1,989
	2,860	5.875%, 08/15/26 (e)		2,796
		Terex Corp.,
	14,230	6.000%, 05/15/21		14,408
	5,790	6.500%, 04/01/20		5,877
				74,300
		Marine — 0.0% (g)
	2,800	Shelf Drilling Holdings Ltd., (Cayman Islands), 8.625%, 11/01/18 (e)		2,275
	13,329	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		2,666
				4,941
		Professional Services — 0.1%
	12,295	CEB, Inc., 5.625%, 06/15/23 (e)		11,926
	363	Corporate Risk Holdings LLC, 9.500%, 07/01/19 (e)		371
				12,297

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Road & Rail — 0.5%
	12,249	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		12,816
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	5,585	5.500%, 04/01/23		5,397
	9,680	6.375%, 04/01/24 (e)		9,607
		Hertz Corp. (The),
	4,040	5.500%, 10/15/24 (e)		3,520
	15,051	6.250%, 10/15/22		14,185
	9,696	7.375%, 01/15/21		9,735
	5,063	Jack Cooper Enterprises, Inc., 10.500% (PIK), 03/15/19 (e) (v)		557
	22,182	Jack Cooper Holdings Corp., 9.250%, 06/01/20		7,708
				63,525
		Trading Companies & Distributors — 0.9%
		Aircastle Ltd., (Bermuda),
	1,110	5.000%, 04/01/23		1,117
	637	5.125%, 03/15/21		670
	1,500	6.250%, 12/01/19		1,620
	6,490	6.750%, 04/15/17		6,592
	5,155	7.625%, 04/15/20		5,793
	10,780	H&E Equipment Services, Inc., 7.000%, 09/01/22		11,346
		HD Supply, Inc.,
	7,754	5.250%, 12/15/21 (e)		8,180
	5,755	5.750%, 04/15/24 (e)		5,885
		International Lease Finance Corp.,
	4,490	4.625%, 04/15/21		4,658
	4,295	5.875%, 04/01/19		4,574
	1,408	5.875%, 08/15/22		1,539
	105	6.250%, 05/15/19		113
		United Rentals North America, Inc.,
	7,625	4.625%, 07/15/23		7,854
	2,275	5.500%, 07/15/25		2,292
	4,615	5.500%, 05/15/27		4,598
	703	5.750%, 11/15/24		728
	3,835	5.875%, 09/15/26		3,921
	18,765	6.125%, 06/15/23		19,731
	6,159	7.625%, 04/15/22		6,513
	3,518	Univar USA, Inc., 6.750%, 07/15/23 (e)		3,579
				101,303
		Total Industrials		623,281
		Information Technology — 3.8%
		Communications Equipment — 0.5%
	4,479	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		4,692
	2,725	Aspect Software, Inc., 3.000%, 05/25/23		1,411
		Avaya, Inc.,
	9,652	7.000%, 04/01/19 (e)		8,397
	3,424	10.500%, 03/01/21		1,610
	9,947	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		10,357
		CommScope, Inc.,
	1,893	5.000%, 06/15/21 (e)		1,917
	4,731	5.500%, 06/15/24 (e)		4,842
	10,287	Goodman Networks, Inc., 12.125%, 07/01/18		4,218
	3,763	Nokia OYJ, (Finland), 5.375%, 05/15/19		3,942
	4,590	Plantronics, Inc., 5.500%, 05/31/23 (e)		4,601
	10,730	Riverbed Technology, Inc., 8.875%, 03/01/23 (e)		11,186
				57,173
		Electronic Equipment, Instruments & Components — 0.3%
	4,560	Anixter, Inc., 5.500%, 03/01/23		4,708
		Belden, Inc.,
	1,497	5.250%, 07/15/24 (e)		1,500
	8,090	5.500%, 09/01/22 (e)		8,252
		CDW LLC/CDW Finance Corp.,
	1,432	5.000%, 09/01/23		1,439
	1,635	5.500%, 12/01/24		1,676
	1,300	6.000%, 08/15/22		1,378
	1,085	Sanmina Corp., 4.375%, 06/01/19 (e)		1,118
	14,935	Zebra Technologies Corp., 7.250%, 10/15/22		16,150
				36,221
		Internet Software & Services — 0.0% (g)
	3,320	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden U.S. Ho, 10.000%, 11/30/24 (e)		3,478
	1,142	VeriSign, Inc., 5.250%, 04/01/25		1,179
				4,657

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		IT Services — 0.8%
		Alliance Data Systems Corp.,
	1,534	5.375%, 08/01/22 (e)		1,465
	737	5.875%, 11/01/21 (e)		739
	2,129	Black Knight InfoServ LLC/Black Knight Lending Solutions, Inc., 5.750%, 04/15/23		2,225
		First Data Corp.,
	2,478	5.000%, 01/15/24 (e)		2,500
	19,001	5.375%, 08/15/23 (e)		19,666
	39,475	5.750%, 01/15/24 (e)		39,968
	20,315	7.000%, 12/01/23 (e)		21,267
	705	WEX, Inc., 4.750%, 02/01/23 (e)		693
				88,523
		Semiconductors & Semiconductor Equipment — 0.9%
	3,651	Advanced Micro Devices, Inc., 7.000%, 07/01/24		3,687
		Amkor Technology, Inc.,
	11,447	6.375%, 10/01/22		11,776
	4,755	6.625%, 06/01/21		4,862
	5,789	Entegris, Inc., 6.000%, 04/01/22 (e)		6,021
	8,312	MagnaChip Semiconductor Corp., 6.625%, 07/15/21		7,190
		Micron Technology, Inc.,
	3,228	5.250%, 08/01/23 (e)		3,188
	13,076	5.250%, 01/15/24 (e)		12,783
	969	5.500%, 02/01/25		952
	2,340	5.625%, 01/15/26 (e)		2,281
	1,654	5.875%, 02/15/22		1,712
	5,720	7.500%, 09/15/23 (e)		6,292
	7,905	Microsemi Corp., 9.125%, 04/15/23 (e)		9,150
		NXP B.V./NXP Funding LLC, (Netherlands),
	4,690	4.125%, 06/01/21 (e)		4,890
	8,908	4.625%, 06/01/23 (e)		9,398
	7,555	5.750%, 02/15/21 (e)		7,838
	2,350	5.750%, 03/15/23 (e)		2,485
	10,515	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		11,014
	2,345	Versum Materials, Inc., 5.500%, 09/30/24 (e)		2,392
				107,911
		Software — 0.6%
	3,740	ACI Worldwide, Inc., 6.375%, 08/15/20 (e)		3,833
	5,435	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		5,435
	13,433	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		13,466
	26,263	Infor U.S., Inc., 6.500%, 05/15/22		27,051
	8,150	Informatica LLC, 7.125%, 07/15/23 (e)		7,661
	4,821	Interface Security Systems Holdings, Inc./Interface Security Systems LLC, Series WI, 9.250%, 01/15/18		4,785
	1,750	Open Text Corp., (Canada), 5.625%, 01/15/23 (e)		1,781
	4,990	Veritas U.S., Inc./Veritas Bermuda Ltd., 7.500%, 02/01/23 (e)		4,541
				68,553
		Technology Hardware, Storage & Peripherals — 0.7%
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	40	3.480%, 06/01/19 (e)		41
	2,115	4.420%, 06/15/21 (e)		2,175
	12,048	5.450%, 06/15/23 (e)		12,555
	7,341	5.875%, 06/15/21 (e)		7,736
	10,903	6.020%, 06/15/26 (e)		11,416
	5,131	7.125%, 06/15/24 (e)		5,602
	856	8.100%, 07/15/36 (e)		969
	1,223	8.350%, 07/15/46 (e)		1,422
	6,920	EMC Corp., 1.875%, 06/01/18		6,818
		NCR Corp.,
	1,046	5.000%, 07/15/22		1,046
	495	5.875%, 12/15/21		517
	1,602	6.375%, 12/15/23		1,686
		Western Digital Corp.,
	10,267	7.375%, 04/01/23 (e)		11,088
	20,714	10.500%, 04/01/24 (e)		23,977
				87,048
		Total Information Technology		450,086
		Materials — 4.2%
		Chemicals — 1.7%
		Ashland LLC,
	4,115	3.875%, 04/15/18		4,197
	16,210	4.750%, 08/15/22		16,676

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Chemicals — continued
	2,705	6.875%, 05/15/43		2,773
	2,755	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		2,741
	4,650	Basell Finance Co., B.V., (Netherlands), 8.100%, 03/15/27 (e)		6,002
		Blue Cube Spinco, Inc.,
	3,795	9.750%, 10/15/23		4,459
	3,730	10.000%, 10/15/25		4,439
		Chemours Co. (The),
	6,918	6.625%, 05/15/23		6,831
	2,070	7.000%, 05/15/25		2,039
	10,180	CVR Partners LP/CVR Nitrogen Finance Corp., 9.250%, 06/15/23 (e)		10,078
	3,930	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		4,451
		Hexion, Inc.,
	35,836	6.625%, 04/15/20		30,819
	7,430	8.875%, 02/01/18		7,188
		Huntsman International LLC,
	567	4.875%, 11/15/20		584
	13,052	5.125%, 11/15/22		13,248
		INEOS Group Holdings S.A., (Luxembourg),
	10,465	5.625%, 08/01/24 (e)		10,228
	17,550	5.875%, 02/15/19 (e)		17,813
	9,865	LSB Industries, Inc., SUB, 8.500%, 08/01/19		9,125
		Momentive Performance Materials, Inc.,
	8,000	3.880%, 10/24/21		7,472
	8,000	8.875%, 10/15/20 (d)		—	(h)
	4,687	Nufarm Australia Ltd., (Australia), 6.375%, 10/15/19 (e)		4,792
	5,569	PQ Corp., 6.750%, 11/15/22 (e)		5,889
	3,628	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		3,592
	5,673	Reichhold Industries, Inc., 9.000%, 05/08/17 (e) (d)		—	(h)
		Reichhold International,
	5,556	12.000%, 03/31/17		5,556
	5,013	15.000%, 03/31/17		5,012
	2,495	Reichhold LLC, 12.000%, 03/31/17		2,495
	3,995	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		4,225
	2,910	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., (Luxembourg), 6.750%, 05/01/22 (e)		3,034
	750	Valvoline, Inc., 5.500%, 07/15/24 (e)		774
	610	W.R. Grace & Co.-Conn, 5.625%, 10/01/24 (e)		647
				197,179
		Construction Materials — 0.3%
		Cemex Finance LLC,
	3,000	6.000%, 04/01/24 (e)		2,985
	22,345	9.375%, 10/12/22 (e)		24,216
		Cemex S.A.B. de C.V., (Mexico),
	1,299	6.125%, 05/05/25 (e)		1,280
	3,788	7.750%, 04/16/26 (e)		4,039
	2,498	U.S. Concrete, Inc., 6.375%, 06/01/24		2,604
				35,124
		Containers & Packaging — 0.7%
	4,832	ARD Finance S.A., (Luxembourg), 7.125% (cash), 09/15/23 (e) (v)		4,790
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., (Ireland),
	3,400	6.250%, 01/31/19 (e)		3,455
	2,655	6.750%, 01/31/21 (e)		2,705
	8,575	7.250%, 05/15/24 (e)		8,961
	8,985	VAR, 3.850%, 12/15/19 (e)		9,142
	703	Ball Corp., 5.250%, 07/01/25		732
		Berry Plastics Corp.,
	1,765	5.125%, 07/15/23		1,781
	2,030	6.000%, 10/15/22		2,134
	2,257	Constar International, Inc., 11.000%, 12/31/17 (d)		237
	4,895	Pactiv LLC, 8.375%, 04/15/27		5,372
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	11,055	5.750%, 10/15/20		11,373
	10,077	6.875%, 02/15/21		10,379
	12,326	7.000%, 07/15/24 (e)		13,022
	1,352	8.250%, 02/15/21		1,396
	10,195	VAR, 4.380%, 07/15/21 (e)		10,412
		Sealed Air Corp.,
	1,500	5.125%, 12/01/24 (e)		1,522
	3,000	6.500%, 12/01/20 (e)		3,394
				90,807

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Metals & Mining — 1.4%
	4,855	AK Steel Corp., 7.500%, 07/15/23		5,280
		Alcoa Nederland Holding B.V., (Netherlands),
	1,335	6.750%, 09/30/24 (e)		1,432
	1,305	7.000%, 09/30/26 (e)		1,383
	3,716	Aleris International, Inc., 7.875%, 11/01/20		3,645
	4,558	Anglo American Capital plc, (United Kingdom), 4.875%, 05/14/25 (e)		4,626
		ArcelorMittal, (Luxembourg),
	28,300	7.250%, 02/25/22		31,758
	5,000	8.000%, 10/15/39		5,288
	350	10.850%, 06/01/19		411
	351	Cliffs Natural Resources, Inc., 8.250%, 03/31/20 (e)		385
	8,026	Coeur Mining, Inc., 7.875%, 02/01/21		8,327
	8,235	Commercial Metals Co., 4.875%, 05/15/23		8,247
		Constellium N.V., (Netherlands),
	1,080	5.750%, 05/15/24 (e)		1,004
	3,410	7.875%, 04/01/21 (e)		3,666
	1,510	First Quantum Minerals Ltd., (Canada), 7.250%, 10/15/19 (e)		1,520
	351	FMG Resources August 2006 Pty Ltd., (Australia), 9.750%, 03/01/22 (e)		405
		Freeport-McMoRan, Inc.,
	702	2.300%, 11/14/17		700
	3,990	3.100%, 03/15/20		3,920
	500	3.550%, 03/01/22		474
	13,090	3.875%, 03/15/23		12,231
	1,310	4.550%, 11/14/24		1,245
	631	5.400%, 11/14/34		552
	12,149	5.450%, 03/15/43		10,387
	10,635	Hecla Mining Co., 6.875%, 05/01/21		10,834
	1,970	HudBay Minerals, Inc., (Canada), 9.500%, 10/01/20		2,074
		Lundin Mining Corp., (Canada),
	3,500	7.500%, 11/01/20 (e)		3,731
	4,905	7.875%, 11/01/22 (e)		5,297
	7,465	New Gold, Inc., (Canada), 6.250%, 11/15/22 (e)		7,502
	2,180	Noranda Aluminum Acquisition Corp., 11.000%, 06/01/19 (d)		—	(h)
	1,775	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		1,788
		Steel Dynamics, Inc.,
	3,000	5.125%, 10/01/21		3,128
	1,500	5.250%, 04/15/23		1,556
	480	5.500%, 10/01/24		508
	2,560	6.125%, 08/15/19		2,647
	2,560	6.375%, 08/15/22		2,694
		Teck Resources Ltd., (Canada),
	3,045	3.000%, 03/01/19		3,022
	575	8.000%, 06/01/21 (e)		631
	2,237	8.500%, 06/01/24 (e)		2,612
	4,388	United States Steel Corp., 8.375%, 07/01/21 (e)		4,882
	10,907	Zekelman Industries, Inc., 9.875%, 06/15/23 (e)		11,698
				171,490
		Paper & Forest Products — 0.1%
	1,365	Boise Cascade Co., 5.625%, 09/01/24 (e)		1,338
	8,100	NWH Escrow Corp., 7.500%, 08/01/21 (e)		6,298
	700	Sappi Papier Holding GmbH, (Austria), 7.750%, 07/15/17 (e)		714
				8,350
		Total Materials		502,950
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	4,110	Care Capital Properties LP, 5.125%, 08/15/26 (e)		3,948
		Communications Sales & Leasing, Inc./CSL Capital LLC,
	3,580	6.000%, 04/15/23 (e)		3,714
	2,830	8.250%, 10/15/23		2,965
		CoreCivic, Inc.,
	7,068	4.125%, 04/01/20		7,015
	5,520	4.625%, 05/01/23		5,368
	2,595	5.000%, 10/15/22		2,563
		Crown Castle International Corp.,
	3,634	4.875%, 04/15/22		3,917
	4,070	5.250%, 01/15/23		4,424
	2,591	DuPont Fabros Technology LP, 5.875%, 09/15/21		2,704

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		Equinix, Inc.,
	6,609	5.375%, 01/01/22		6,890
	3,633	5.750%, 01/01/25		3,747
	3,605	5.875%, 01/15/26		3,740
		GEO Group, Inc. (The),
	305	5.125%, 04/01/23		288
	5,290	5.875%, 01/15/22		5,277
	1,570	5.875%, 10/15/24		1,515
	2,795	6.000%, 04/15/26		2,683
	3,482	Iron Mountain U.S. Holdings, Inc., 5.375%, 06/01/26 (e)		3,421
		Iron Mountain, Inc.,
	3,510	4.375%, 06/01/21 (e)		3,589
	2,250	5.750%, 08/15/24		2,283
	703	6.000%, 10/01/20 (e)		740
	6,149	6.000%, 08/15/23		6,518
		MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.,
	2,950	4.500%, 09/01/26 (e)		2,825
	2,345	5.625%, 05/01/24 (e)		2,456
		RHP Hotel Properties LP/RHP Finance Corp.,
	6,788	5.000%, 04/15/21		6,890
	4,580	5.000%, 04/15/23		4,637
	885	VEREIT Operating Partnership LP, 4.125%, 06/01/21		907
				95,024
		Real Estate Management & Development — 0.1%
	2,332	Kennedy-Wilson, Inc., 5.875%, 04/01/24		2,350
	4,844	Realogy Group LLC/Realogy Co.-Issuer Corp., 5.250%, 12/01/21 (e)		4,953
				7,303
		Total Real Estate		102,327
		Telecommunication Services — 8.1%
		Diversified Telecommunication Services — 5.3%
		Altice Financing S.A., (Luxembourg),
	3,113	6.500%, 01/15/22 (e)		3,218
	8,402	6.625%, 02/15/23 (e)		8,528
	24,616	7.500%, 05/15/26 (e)		25,027
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	6,200	5.125%, 02/15/23		6,371
	5,203	5.125%, 05/01/23 (e)		5,333
	4,892	5.375%, 05/01/25 (e)		4,972
	6,840	5.500%, 05/01/26 (e)		6,908
	478	5.750%, 09/01/23		501
	12,275	5.750%, 02/15/26 (e)		12,613
	22,320	5.875%, 04/01/24 (e)		23,631
	3,750	5.875%, 05/01/27 (e)		3,811
	6,997	6.625%, 01/31/22		7,268
		CenturyLink, Inc.,
	1,437	Series T, 5.800%, 03/15/22		1,419
	703	Series V, 5.625%, 04/01/20		732
	15,275	Series W, 6.750%, 12/01/23		15,275
	2,777	Cincinnati Bell, Inc., 7.000%, 07/15/24 (e)		2,909
	9,051	Cogent Communications Finance, Inc., 5.625%, 04/15/21 (e)		9,074
	7,125	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		7,205
	35,284	Embarq Corp., 7.995%, 06/01/36		33,876
		Frontier Communications Corp.,
	9,400	6.250%, 09/15/21		8,818
	4,070	6.875%, 01/15/25		3,297
	7,075	8.500%, 04/15/20		7,349
	8,280	9.250%, 07/01/21		8,487
	9,880	10.500%, 09/15/22		10,176
	28,644	11.000%, 09/15/25		28,716
	17,843	GCI, Inc., 6.750%, 06/01/21		18,311
		Intelsat Jackson Holdings S.A., (Luxembourg),
	23,619	5.500%, 08/01/23		15,411
	14,314	7.250%, 04/01/19		11,237
	32,740	7.250%, 10/15/20		23,859
	10,371	7.500%, 04/01/21		7,513
	5,077	8.000%, 02/15/24 (e)		5,115
	9,128	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		3,161
	4,935	Level 3 Communications, Inc., 5.750%, 12/01/22		5,046
		Level 3 Financing, Inc.,
	944	5.125%, 05/01/23		943
	11,099	5.375%, 01/15/24		11,154

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	11,281	5.375%, 05/01/25		11,225
	7,028	5.625%, 02/01/23		7,133
	704	6.125%, 01/15/21		729
	4,300	VAR, 4.762%, 01/15/18		4,305
		Qwest Capital Funding, Inc.,
	1,426	6.875%, 07/15/28		1,290
	10,386	7.750%, 02/15/31		9,841
	1,000	Qwest Corp., 7.250%, 09/15/25		1,075
	5,515	SBA Communications Corp., 4.875%, 09/01/24 (e)		5,336
		SFR Group S.A., (France),
	29,275	6.000%, 05/15/22 (e)		29,495
	5,291	6.250%, 05/15/24 (e)		5,231
	5,695	7.375%, 05/01/26 (e)		5,681
		Sprint Capital Corp.,
	11,537	6.875%, 11/15/28		11,097
	22,936	6.900%, 05/01/19		23,911
	41,572	8.750%, 03/15/32		43,651
	5,960	Telecom Italia S.p.A., (Italy), 5.303%, 05/30/24 (e)		5,871
	3,440	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		3,390
	5,332	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		5,545
		Virgin Media Secured Finance plc, (United Kingdom),
	8,042	5.375%, 04/15/21 (e)		8,293
	1,485	5.500%, 01/15/25 (e)		1,492
	715	5.500%, 08/15/26 (e)		697
		Wind Acquisition Finance S.A., (Luxembourg),
	11,260	4.750%, 07/15/20 (e)		11,260
	10,845	7.375%, 04/23/21 (e)		11,062
EUR	1,007	VAR, 4.938%, 04/30/19 (e)		1,082
		Windstream Services LLC,
	4,585	6.375%, 08/01/23		3,989
	13,791	7.500%, 06/01/22		13,028
	5,404	7.500%, 04/01/23		5,026
	18,637	7.750%, 10/01/21		18,544
		Zayo Group LLC/Zayo Capital, Inc.,
	23,256	6.000%, 04/01/23		24,245
	5,770	6.375%, 05/15/25		6,015
				626,803
		Wireless Telecommunication Services — 2.8%
	7,651	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		7,804
		Sprint Communications, Inc.,
	3,111	6.000%, 12/01/16		3,111
	5,497	6.000%, 11/15/22		5,304
	5,795	7.000%, 03/01/20 (e)		6,233
	9,990	7.000%, 08/15/20		10,365
	54,265	9.000%, 11/15/18 (e)		59,556
	889	9.125%, 03/01/17		903
	23,613	11.500%, 11/15/21		28,217
		Sprint Corp.,
	7,527	7.125%, 06/15/24		7,471
	9,127	7.250%, 09/15/21		9,355
	14,595	7.625%, 02/15/25		14,832
	61,700	7.875%, 09/15/23		63,705
	3,854	Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.360%, 09/20/21 (e)		3,864
	3,100	Syniverse Holdings, Inc., 9.125%, 01/15/19		2,240
		T-Mobile USA, Inc.,
	4,551	5.250%, 09/01/18		4,624
	708	6.000%, 04/15/24		743
	5,346	6.250%, 04/01/21		5,573
	6,200	6.375%, 03/01/25		6,626
	3,099	6.464%, 04/28/19		3,149
	1,405	6.500%, 01/15/24		1,501
	6,493	6.500%, 01/15/26		7,012
	9,442	6.625%, 11/15/20		9,655
	5,309	6.625%, 04/01/23		5,626
	19,152	6.633%, 04/28/21		19,990
	25,142	6.731%, 04/28/22		26,270
	7,785	6.836%, 04/28/23		8,262
	5,820	United States Cellular Corp., 6.700%, 12/15/33		5,703
				327,694
		Total Telecommunication Services		954,497
		Utilities — 1.4%
		Electric Utilities — 0.0% (g)
	1,000	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		1,068

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Corporate Bonds — continued
		Electric Utilities — continued
		Texas Competitive Electric Holdings Co. LLC,
	37,201	8.500%, 05/01/20 (d)		1,376
	24,805	8.500%, 05/01/20 (d)		918
	5,000	11.500%, 10/01/20 (d)		185
				3,547
		Gas Utilities — 0.6%
		Ferrellgas LP/Ferrellgas Finance Corp.,
	4,917	6.500%, 05/01/21		4,646
	346	6.750%, 01/15/22		326
	9,044	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		8,886
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	2,095	5.625%, 07/15/22		2,011
	7,360	5.625%, 11/15/23		6,992
		Sabine Pass Liquefaction LLC,
	3,505	5.000%, 03/15/27 (e)		3,461
	10,127	5.625%, 03/01/25		10,557
	17,109	5.625%, 04/15/23		17,965
	5,875	5.750%, 05/15/24		6,198
	2,730	5.875%, 06/30/26 (e)		2,877
	9,276	6.250%, 03/15/22		9,995
				73,914
		Independent Power & Renewable Electricity Producers — 0.8%
		AES Corp.,
	647	4.875%, 05/15/23		628
	1,764	5.500%, 03/15/24		1,737
	2,395	6.000%, 05/15/26		2,353
	5,240	7.375%, 07/01/21		5,790
	3,480	VAR, 3.931%, 06/01/19		3,454
		Calpine Corp.,
	4,211	5.250%, 06/01/26 (e)		4,116
	15,000	6.000%, 01/15/22 (e)		15,656
	5,098	7.875%, 01/15/23 (e) (w)		5,328
		Dynegy, Inc.,
	7,710	7.375%, 11/01/22		7,324
	8,355	7.625%, 11/01/24		7,687
	2,650	8.000%, 01/15/25 (e)		2,438
	15,075	GenOn Energy, Inc., 9.875%, 10/15/20		10,100
		NRG Energy, Inc.,
	4,345	6.250%, 07/15/22		4,356
	4,850	6.625%, 01/15/27 (e)		4,486
	5,808	7.250%, 05/15/26 (e)		5,678
	454	7.875%, 05/15/21		471
	2,565	Talen Energy Supply LLC, 4.625%, 07/15/19 (e)		2,440
		TerraForm Power Operating LLC,
	5,424	SUB, 6.375%, 02/01/23 (e)		5,548
	784	SUB, 6.625%, 06/15/25 (e)		813
				90,403
		Total Utilities		167,864
		Total Corporate Bonds (Cost $6,051,189)		5,997,440
	Exchange Traded Funds — 0.8%
		Fixed Income — 0.8%
	355	iShares iBoxx $ High Yield Corporate Bond ETF		30,423
	1,799	SPDR Barclays High Yield Bond ETF		64,974
		Total Exchange Traded Funds (Cost $92,757)		95,397
	Insurance-Linked Securities — 0.1%
		Catastrophe Bonds — 0.1%
	5,850	Armor Re Ltd., (Bermuda), VAR, 4.922%, 12/15/16 (e)		5,852
	2,000	Pelican Re Ltd., (Cayman Islands), VAR, 6.472%, 05/15/17 (e)		2,037
		Total Insurance-Linked Securities (Cost $7,832)		7,889
	Mortgage Pass-Through Securities — 0.3%
	36,560	Federal National Mortgage Association, 30 Year, Single Family, TBA, 3.000%, 12/25/45 (w) (Cost $37,577)		36,366
	Municipal Bonds — 0.1% (t)
		New York — 0.0% (g)
	3,400	City of New York, Series F, Subseries F-1, GO, 5.000%, 03/01/26		3,872
		Oklahoma — 0.1%
		Oklahoma City Economic Development Trust, Tax Apportionment, Increment District #8 Project,
	5,990	Series B, Rev., 5.000%, 03/01/33		6,489
	3,390	Series B, Rev., 5.000%, 03/01/34		3,672

JPMorgan Strategic Income Opportunities 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($)		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Municipal Bonds — continued
				10,161
		Total Municipal Bonds (Cost $13,699)		14,033
	Preferred Securities — 0.7% (x)
		Financials — 0.7%
		Banks — 0.7%
		Bank of America Corp.,
	7,106	Series AA, VAR, 6.100%, 03/17/25		7,109
	41,338	Series K, VAR, 8.000%, 01/30/18		41,958
	10,816	Series M, VAR, 8.125%, 05/15/18		11,019
	2,000	Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		2,035
		Citigroup, Inc.,
	1	VAR, 5.950%, 01/30/23		1
	10,560	Series O, VAR, 5.875%, 03/27/20		10,560
	3,856	Credit Agricole S.A., (France), VAR, 8.125%, 12/23/25 (e)		3,994
	1,315	Royal Bank of Scotland Group plc, (United Kingdom), VAR, 8.625%, 08/15/21		1,294
		Total Preferred Securities (Cost $77,269)		77,970
	Private Placements — 3.4%
		Commercial Loan — 2.3%
	32,000	Ace Hotel Bowery, VAR, 7.013%, 12/01/16		32,000
	62,000	DoubleTree, VAR, 6.518%, 06/01/17		62,000
	11,427	Hotel Waldorf-Astoria Corp. (The), VAR, 7.392%, 06/01/17		11,427
	61,000	Hyatt Centric Funding LLC, VAR, 6.513%, 10/01/17		61,000
	35,000	Raleigh Hotel, VAR, 7.013%, 12/31/16		35,000
	38,397	Scout Harbor, VAR, 7.003%, 01/01/17		38,397
	41,500	Sheraton Needham Hotel, VAR, 5.513%, 07/01/20		41,500
		Total Commercial Loan		281,324
		Residential Loan — 1.1%
	42,000	8995 Collins Funding LLC, VAR, 8.013%, 08/04/17		42,000
	9,781	East 12th Street Mortgage Pass-Through Trust, VAR, 8.003%, 01/01/17		9,781
	37,500	Four Seasons Private Residences, VAR, 8.508%, 05/01/17		37,500
	37,600	Prospect Properties Owners LLC, VAR, 7.181%, 05/01/17		37,600
		Total Residential Loan		126,881
		Total Private Placements (Cost $408,198)		408,205
	Investment Companies — 1.0%
	391	Advent Claymore Convertible Securities and Income Fund II		2,160
	2,848	BlackRock Corporate High Yield Fund, Inc.		29,845
	1,286	BlackRock Debt Strategies Fund, Inc.		14,042
	1,071	Blackstone/GSO Strategic Credit Fund		15,998
	557	Eaton Vance Floating-Rate Income Trust		8,194
	647	Eaton Vance Senior Income Trust		4,203
	702	Invesco Dynamic Credit Opportunities Fund		8,416
	403	Invesco Senior Income Trust		1,810
	1,670	Nuveen Credit Strategies Income Fund		14,463
	499	Nuveen Floating Rate Income Opportunity Fund		5,881
	695	Prudential Global Short Duration High Yield Fund, Inc.		10,237
	452	Voya Prime Rate Trust		2,448
		Total Investment Companies (Cost $105,899)		117,697
	Common Stocks — 0.5%
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	—  (h)	New Cotai LLC/New Cotai Capital Corp., Class B (a) (e)		341
		Specialty Retail — 0.0% (g)
	93	Nebraska Book Holdings, Inc. (a)		4
		Total Consumer Discretionary		345
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	1,280	Halcon Resources Corp. (a)		12,172
	192	Penn Virginia Corp. (a)		8,240
	373	SandRidge Energy, Inc. (a)		8,552
	58	Southwestern Energy Co. (a)		661
		Total Energy		29,625
		Financials — 0.0% (g)
		Mortgage Real Estate Investment Trusts (REITs) — 0.0% (g)
	56	Sutherland Asset Management Corp.		735

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Long Positions — continued
	Common Stocks — continued
		Information Technology — 0.0% (g)
		Communications Equipment — 0.0% (g)
	275	Aspect Software, Inc., Class CR1 (a)		4,263
	15	Aspect Software, Inc., Class CR2 (a)		237
		Total Information Technology		4,500
		Materials — 0.1%
		Chemicals — 0.1%
	9	Reichhold, Inc. (a)		5,970
		Containers & Packaging — 0.0% (g)
	42	Constar International, Inc., Class A (a)		—	(h)
		Total Materials		5,970
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	777	NII Holdings, Inc. (a)		1,320
		Utilities — 0.1%
		Electric Utilities — 0.1%
	1,110	Vistra Energy Corp. (a)		15,484
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	50	Dynegy, Inc. (a)		432
		Total Utilities		15,916
		Total Common Stocks (Cost $65,424)		58,411
	Preferred Stocks — 0.3%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	280	Southwestern Energy Co., Series B, 6.250%, 01/15/18 ($50 par value)		7,650
		Financials — 0.2%
		Consumer Finance — 0.0% (g)
	156	GMAC Capital Trust I, Series 2, VAR, 6.691%, 02/15/40 ($25 par value)		3,913
		Insurance — 0.2%
	28	XLIT Ltd., (Cayman Islands), Series D, VAR, 4.000%, 01/03/17 ($1,000 par value) @		22,230
		Total Financials		26,143
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	4	Constar International, Inc., Class A ($– par value)		—
		Total Preferred Stocks (Cost $42,053)		33,793
PRINCIPAL AMOUNT
	Loan Assignments — 7.1%
		Consumer Discretionary — 1.8%
		Automobiles — 0.2%
	8,842	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		8,849
	10,201	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		10,214
				19,063
		Diversified Consumer Services — 0.0% (g)
	3,930	Spin Holdco, Inc., Initial Term Loan, VAR, 4.250%, 11/14/19		3,887
		Hotels, Restaurants & Leisure — 0.1%
	1,985	CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		1,975
	3,526	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		3,538
	298	Hilton Worldwide Finance LLC, Initial Term Loan, VAR, 3.500%, 10/26/20		299
	3,044	Hilton Worldwide Finance LLC, Series B-2 Term Loan, VAR, 3.084%, 10/25/23		3,064
	2,812	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.500%, 12/09/20		2,832
	1,795	Landry’s, Inc., 1st Lien Term Loan, VAR, 4.000%, 09/22/23		1,804
				13,512
		Leisure Products — 0.1%
	4,000	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		4,020
	5,584	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		5,158
	6,451	Steinway Musical Instruments, Inc., 1st Lien Term Loan, VAR, 4.750%, 09/19/19		6,209
				15,387
		Media — 1.0%
	2,918	AMC Entertainment, Inc., 1st Lien Term Loan, VAR, 3.285%, 12/15/22		2,933

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Loan Assignments — continued
		Media — continued
	11,091	Hercules Achievement, Inc, 1st Lien Initial Term Loan, VAR, 5.000%, 12/10/21		11,186
	15,935	iHeartCommunications, Inc., Term Loan D, VAR, 7.356%, 01/30/19		12,335
	7,542	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.106%, 07/30/19		5,832
	1,834	Sinclair Television Group, Inc., 1st Lien Term Loan B, VAR, 3.000%, 04/09/20		1,830
	8,896	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		8,918
	15,701	UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan, VAR, 5.000%, 07/22/23		15,794
	13,319	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		13,322
	29,191	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		29,180
	13,738	Vertis, Inc., 1st Lien Term Loan, VAR, 12.000%, 12/21/15 (d)		—	(h)
	4,957	WMG Acquisition Corp., Term Loan B, VAR, 3.750%, 10/20/23		4,952
	4,769	Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan, VAR, 8.500%, 08/18/24		4,864
				111,146
		Multiline Retail — 0.1%
	12,740	Neiman Marcus Group, Inc., Other Term Loan, VAR, 4.250%, 10/25/20		11,557
		Specialty Retail — 0.3%
	1,175	Hillman Group, Inc. (The), Initial Term Loan, VAR, 4.500%, 06/30/21		1,177
	29,659	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		19,019
	4,910	Michaels Stores, Inc., Term Loan B-1, VAR, 3.750%, 01/30/23		4,944
	9,960	Petco Animal Supplies, Inc., Tranche B-1 Term Loan, VAR, 5.000%, 01/26/23		10,028
				35,168
		Total Consumer Discretionary		209,720
		Consumer Staples — 1.1%
		Food & Staples Retailing — 0.4%
	4,125	Albertson’s LLC, 2016-1 Term Loan B-4, VAR, 4.500%, 08/25/21		4,128
	9,795	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		9,818
	2,893	Albertson’s LLC, Term Loan B-6, VAR, 4.750%, 06/22/23		2,900
	3,325	Rite Aid Corp., 2nd Lien Term Loan, VAR, 5.750%, 08/21/20		3,335
	14,167	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		14,238
	18,069	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		18,121
				52,540
		Food Products — 0.5%
	10,804	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.610%, 11/01/18		10,824
	1,955	Hearthside Group Holdings LLC, Term Loan, VAR, 4.500%, 06/02/21		1,960
	27,423	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		27,533
	2,278	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.334%, 01/13/23		2,296
	3,888	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.250%, 04/29/20		3,902
	12,291	Wilton Brands, Tranche B Term Loan, VAR, 8.500%, 08/30/18		11,062
				57,577
		Household Products — 0.2%
	11,118	Reynolds Group Holdings Ltd., U.S. Term Loan, VAR, 4.250%, 02/05/23		11,172
	11,301	Zep Inc., Term Loan, VAR, 5.000%, 06/27/22		11,344
				22,516
		Personal Products — 0.0% (g)
	2,478	Revlon Consumer Products Corp., Term Loan B, VAR, 4.250%, 09/07/23		2,480
		Total Consumer Staples		135,113
		Energy — 1.1%
		Energy Equipment & Services — 0.2%
	11,629	Drillships Financing Holding, Inc., Tranche B-1 Term Loan, VAR, 6.000%, 03/31/21		6,033
	2,550	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		1,961

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Loan Assignments — continued
		Energy Equipment & Services — continued
	13,621	Seadrill Partners LP, Initial Term Loan, VAR, 4.000%, 02/21/21		7,704
				15,698
		Oil, Gas & Consumable Fuels — 0.9%
	1,225	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		1,218
	5,770	California Resources Corp., 1st Lien Second Out Term Loan, VAR, 11.375%, 08/05/21 ^		6,275
	11,850	Chesapeake Energy Corp., 1st Lien Last Out, VAR, 8.500%, 08/15/21		12,657
	24,663	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		24,922
	3,500	EP Energy LLC/Everest Acquisition Finance, Inc., 1st Lien Term Loan, VAR, 9.750%, 06/30/21 ^		3,542
	5,234	Exco Resources, Inc., Senior Secured 2nd Lien Term Loan, VAR, 12.500%, 10/19/20		3,402
	11,650	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		6,495
	35,150	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		34,564
	13,071	MEG Energy Corp., Incremental Term Loan, (Canada), VAR, 3.750%, 03/31/20 ^		12,281
	4,875	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20 (d)		4,583
	3,023	Sabine Oil & Gas Corp., Term Loan, VAR, 12.000%, 12/31/18 (d) ^		87
				110,026
		Total Energy		125,724
		Financials — 0.3%
		Consumer Finance — 0.1%
	13,425	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		13,090
		Diversified Financial Services — 0.1%
	11,401	Compass investorsOnex USI Acquisition Corp., Term Loan B, VAR, 4.250%, 12/27/19		11,393
		Insurance — 0.1%
	4,938	Alliant Holdings I, Inc., Initial Term Loan, VAR, 4.753%, 08/12/22		4,932
	5,925	HUB International Ltd., Initial Term Loan, VAR, 4.000%, 10/02/20		5,929
	3,829	National Financial Partners Corp., 2014 Specified Refinancing Term Loan, VAR, 4.500%, 07/01/20		3,833
				14,694
		Total Financials		39,177
		Health Care — 0.9%
		Health Care Equipment & Supplies — 0.1%
	10,343	Ortho-Clinical Diagnostics, Inc., Initial Term Loan, VAR, 4.750%, 06/30/21 ^		10,121
		Health Care Providers & Services — 0.6%
	9,702	21st Century Oncology, Inc., 1st Lien Senior Secured Term Loan B, VAR, 7.125%, 04/30/22		8,756
	9,791	CHG Healthcare Services, Inc., Term Loan B, VAR, 4.750%, 06/07/23		9,835
	2,000	CHS/Community Health Systems, Inc., Incremental 2018 Term F Loan, VAR, 4.165%, 12/31/18 ^		1,936
	3,797	CHS/Community Health Systems, Inc., Incremental 2021 Term H Loan, VAR, 4.000%, 01/27/21		3,584
	9,496	IASIS Healthcare LLC, Term Loan B, VAR, 4.500%, 05/03/18		9,345
	11,040	inVentiv Health, Inc.,Term Loan B, VAR, 4.750%, 09/28/23		11,064
	4,615	MultiPlan, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		4,666
	1,806	NAPA Management Services, 1st Lien Term Loan B, VAR, 6.000%, 04/19/23		1,815
	14,355	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.250%, 01/31/21		14,315
				65,316
		Pharmaceuticals — 0.2%
	8,417	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		7,045
	8,229	Grifols Worldwide Operations Ltd., U.S. Tranche B Term Loan, VAR, 3.458%, 02/27/21		8,292
	13,039	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 5.500%, 04/01/22		12,921
				28,258
		Total Health Care		103,695

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Loan Assignments — continued
		Industrials — 0.8%
		Airlines — 0.2%
	24,784	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		24,942
		Building Products — 0.0% (g)
	6,422	Continental Building Products, 1st Lien Term Loan, VAR, 3.588%, 08/18/23		6,406
		Commercial Services & Supplies — 0.1%
	4,918	Camelot Finance LP, 1st Lien Term Loan B, VAR, 4.750%, 10/03/23 ^		4,927
	62	Garda World Security Corp., Term B Delayed Draw Loan, (Canada), VAR, 4.004%, 11/06/20		61
	244	Garda World Security Corp., Term B Loan, VAR, 4.004%, 11/06/20		239
	1,463	Harland Clarke Holdings Corp., Tranche B-4 Term Loan, VAR, 6.993%, 08/04/19		1,454
	1,147	Packers Holdings LLC, Initial Term Loan, VAR, 4.750%, 12/02/21		1,150
				7,831
		Construction & Engineering — 0.0% (g)
	320	Stonewall Gas Gathering LLC, Term Loan, VAR, 8.750%, 01/28/22		326
		Industrial Conglomerates — 0.1%
	1,804	Autoparts Holdings Ltd., Term Loan, VAR, 7.000%, 07/29/17		1,783
	6,271	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		5,372
				7,155
		Machinery — 0.2%
	12,349	Blount International, Inc., Term Loan, VAR, 7.250%, 04/12/23		12,504
	9,286	Rexnord LLC/RBS Global Inc., Term Loan B, VAR, 4.000%, 08/21/20		9,313
				21,817
		Marine — 0.1%
	9,413	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		8,801
	3,390	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18 (d)		2,339
				11,140
		Trading Companies & Distributors — 0.1%
	11,801	Flying Fortress, Inc., Term Loan, VAR, 3.588%, 04/30/20		11,860
	2,832	Univar, Inc., 1st Lien Term Loan B, VAR, 4.250%, 07/01/22		2,843
				14,703
		Total Industrials		94,320
		Information Technology — 0.6%
		Communications Equipment — 0.1%
	1	Aspect Software, Inc., 1st Lien Term Loan, VAR, 11.278%, 05/25/20		1
	1,025	Avaya, Inc., Term Loan B-3 Extending Tranche, VAR, 5.390%, 10/26/17		904
	2,175	Avaya, Inc., Term Loan B-6, VAR, 6.500%, 03/31/18		1,899
	8,049	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		6,969
	7,618	Riverbed Technology, Inc.,1st Lien Term Loan, VAR, 5.000%, 04/25/22		7,679
				17,452
		Internet Software & Services — 0.2%
	12,004	Evergreen Skills Lux Sarl, 1st Lien Initial Term Loan, VAR, 5.837%, 04/28/21		11,088
	6,995	Evergreen Skills Lux Sarl., 2nd Lien Initial Term Loan, VAR, 9.337%, 04/28/22		5,168
	3,107	Genesys Telecommunications Laboratories, Inc., Term Loan B, VAR, 6.250%, 11/17/23 ^		3,122
	6,906	Go Daddy Operating Co., Initial Term Loan, VAR, 4.250%, 05/13/21		6,949
				26,327
		IT Services — 0.1%
	3,079	First Data Corp., 2022 New Dollar Term Loan, VAR, 4.334%, 07/08/22		3,092
	12,191	First Data Corp., Term Loan, VAR, 3.584%, 03/24/21		12,238
	1,356	Global Knowledge Training LLC, 1st Lien Initial Term Loan, VAR, 6.500%, 01/20/21		1,339
				16,669
		Semiconductors & Semiconductor Equipment — 0.1%
	3,000	Avago Technologies, Term A-2 Loan, (Singapore), VAR, 3.538%, 02/01/23 ^		3,027
	3,000	Micron Technology, Inc., Term Loan B, VAR, 4.360%, 04/26/22 ^		3,032

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Loan Assignments — continued
		Semiconductors & Semiconductor Equipment — continued
	2,081	ON Semiconductor Corp., 1st Lien Term Loan B, VAR, 3.783%, 03/31/23		2,094
				8,153
		Software — 0.1%
	1,956	Emdeon, Inc., Term B-2 Loan, VAR, 3.750%, 11/02/18		1,957
	3,000	Infor U.S., Inc., Tranche B-5 Term Loan, VAR, 3.750%, 06/03/20 ^		2,994
	1,932	Rackspace Hosting, Inc./Inception Merger Sub, Inc., 1st Lien Term Loan B, VAR, 5.000%, 11/03/23		1,948
				6,899
		Total Information Technology		75,500
		Materials — 0.1%
		Chemicals — 0.0% (g)
	3,421	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		3,433
		Containers & Packaging — 0.0% (g)
	1,960	Mauser AG (FKA Pertus Sechzehnte GmbH), 1st Lien Initial Dollar Term Loan, VAR, 4.500%, 07/31/21		1,970
	731	NVLX Acquisition LLC, 1st Lien Term Loan, VAR, 6.000%, 12/05/21		732
				2,702
		Metals & Mining — 0.1%
	4,008	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		4,018
	3,300	Atkore International, Inc., 2nd Lien Initial Term Loan, VAR, 7.750%, 10/09/21		3,300
	1,522	FMG Resources Pty, Ltd., Term Loan B, (Australia), VAR, 3.750%, 06/30/19		1,523
				8,841
		Total Materials		14,976
		Real Estate — 0.0% (g)
		Real Estate Management & Development — 0.0% (g)
	1,734	CityCenter Holdings LLC, Term B Loan, VAR, 4.250%, 10/16/20		1,747
		Telecommunication Services — 0.2%
		Diversified Telecommunication Services — 0.1%
	3,909	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		3,920
	8,833	Integra Telecom Holdings, Inc., Term Loan B, VAR, 5.250%, 08/14/20		8,839
	3,367	Virgin Media Investments Holdings Ltd., F Facility, (United Kingdom), VAR, 3.500%, 06/30/23		3,384
				16,143
		Wireless Telecommunication Services — 0.1%
	5,559	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		5,010
		Total Telecommunication Services		21,153
		Utilities — 0.2%
		Electric Utilities — 0.2%
	6,009	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/30/17		6,037
	12,094	InterGen N.V., Term Advance, VAR, 5.500%, 06/15/20		11,595
	4,678	Texas Competitive Electric Holdings Co. LLC, Term Loan, VAR, 5.000%, 08/04/23 ^		4,721
	1,067	Texas Competitive Electric Holdings Co. LLC, Term Loan C, VAR, 5.000%, 08/04/23		1,077
				23,430
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	1,838	NRG Energy, Inc., Term Loan, VAR, 3.500%, 06/30/23		1,843
		Total Utilities		25,273
		Total Loan Assignments (Cost $897,537)		846,398
NUMBER OF WARRANTS
		Warrants — 0.0%(g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	142	Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—	(h)
	66	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—	(h)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Options contracts)

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE
	Long Positions — continued
		Warrants — continued
		Total Warrants (Cost $2)		—	(h)
NUMBER OF CONTRACTS
	Option Purchased — 0.0% (g)
		Put Option Purchased — 0.0% (g)
	1	Eurodollar, Expiring 12/19/16, at $98.00, American Style (Cost $1,021)		9
PRINCIPAL AMOUNT
	Short-Term Investments— 23.0%
		Certificates of Deposit— 4.0% (n)
	100,000	Canadian Imperial Bank of Commerce, 1.240%, 03/03/17		100,083
		Industrial & Commercial Bank of China Ltd.
	80,000	0.880%, 12/19/16		80,000
	50,000	1.050%, 01/06/17		50,008
	100,000	Natixis S.A., 0.950%, 02/22/17		100,005
	38,950	Norinchukin Bank, 1.230%, 04/25/17		38,973
	100,000	Sumitomo Mitsui Banking Corp., (Japan), 1.250%, 02/24/17		100,092
		Total Certificates of Deposit (Cost $468,955)		469,161
		Commercial Papers — 10.2% (n)
		Barton Capital S.A., (Luxembourg)
	50,000	0.590%, 12/01/16		49,999
	20,000	0.590%, 12/02/16 (e)		20,000
	100,000	BNP Paribas, 0.983%, 12/01/16		99,999
	150,000	Caisse des Depots et Consignations, (France), 0.892%, 02/08/17 (e)		149,748
	76,000	Cancara Asset Securitisation LLC, 0.902%, 02/01/17 (e)		75,900
	75,000	Credit Suisse AG, VAR, 1.245%, 04/04/17		75,114
	31,110	Danske Corp., 0.922%, 02/13/17 (e)		31,050
	181,100	Erste Abwicklungsanstalt, (Germany), 1.004%, 01/06/17 (e)		181,011
	89,000	Kells Funding LLC, 0.994%, 03/13/17 (e)		88,758
	59,700	LMA-Americas LLC, 1.003%, 03/03/17 (e)		59,532
	21,895	Manhattan Asset Funding Co. LLC, 0.952%, 12/01/16		21,895
	39,650	Matchpoint Finance plc, 1.278%, 04/24/17		39,462
	103,550	Mitsubishi UFJ Trust & Banking Corp., 0.922%, 12/05/16		103,544
		Nieuw Amsterdam Receivables Corp.
	53,000	0.882%, 02/03/17		52,927
	59,000	0.882%, 02/10/17 (e)		58,904
	100,000	Svenska Handelsbanken AB, (Sweden), 0.902%, 12/12/16 (e)		99,988
	2,800	United Overseas Bank Ltd., (Singapore), 0.983%, 01/20/17 (e)		2,797
		Total Commercial Papers (Cost $1,210,360)		1,210,628
		Repurchase Agreements— 1.3%
	24,000	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 03/28/17, repurchase price $24,100, collateralized by Asset-Backed Securities, 1.379%, due 04/05/52, with the value of $25,920.		24,000
	24,000	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 03/28/17, repurchase price $24,100, collateralized by Corporate Bonds, 4.607% - 12.250%, due 12/30/16 - 12/01/37, Corporate Notes, 2.200%, due 05/20/36, with the value of $25,970.		24,000
	57,500	Merrill Lynch PFS, Inc., 1.110%, dated 11/30/16, due 02/16/17, repurchase price $57,638, collateralized by Asset-Backed Securities, 1.065% - 1.178%, due 03/11/21 - 10/02/39, Commercial Papers, 0.000%, due 12/01/16 - 01/18/17 and Sovereign Government Securities, 0.000% - 9.375%, due 10/13/19 - 07/28/45, with a value of $61,291.		57,500
	50,000	Wells Fargo Securities, LLC, 1.420%, dated 11/30/16, due 12/19/16, repurchase price $50,037, collateralized by Asset-Backed Securities, 2.781% - 3.875%, due 07/20/27 - 09/29/31, with the value of $54,190.		50,000
		Total Repurchase Agreements (Cost $155,500)		155,500
		U.S. Treasury Obligations — 0.2%
		U.S. Treasury Bills,
	10,137	0.298%, 01/05/17 (k) (n)		10,134

JPMorgan Strategic Income Opportunities 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
	Long Positions — continued
	Short-Term Investments — continued
		U.S. Treasury Obligations — continued
	5,740	0.409%, 03/23/17 (k) (n)		5,731
		Total U.S. Treasury Obligations (Cost $15,867)		15,865
SHARES
		Investment Company — 7.3%
	868,455	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) † (Cost $868,455)		868,455
		Total Short-Term Investments (Cost $2,719,137)		2,719,609
		Total Investments, Before Short Positions — 99.2% (Cost $11,867,469)		11,746,862
		Other Assets in Excess of Liabilities — 0.8%		92,702
		NET ASSETS — 100.0%	$	11,839,564
PRINCIPAL AMOUNT
	Short Positions — 0.3%
	Corporate Bonds — 0.3%
		Consumer Discretionary — 0.1%
		Media — 0.1%
	2,000	Cablevision Systems Corp., 8.000%, 04/15/20		2,160
	11,500	Time, Inc., 5.750%, 04/15/22 (e)		11,701
		Total Consumer Discretionary		13,861
		Consumer Staples — 0.1%
		Food Products — 0.1%
	10,000	Darling Ingredients, Inc., 5.375%, 01/15/22		10,488
		Industrials — 0.1%
		Airlines — 0.1%
	10,000	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		10,312
		Total Securities Sold Short (Proceeds $33,122)		34,661

Percentages indicated are based on net assets.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

	TBA Short Commitment
PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	(18,390)	Federal National Mortgage Association, 30-Year, Single Family, TBA, 3.500%, 12/25/46 (w) (Proceeds received of $19,287)		(18,870	)

Futures Contracts

NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT  NOVEMBER 30, 2016			NET  UNREALIZED APPRECIATION (DEPRECIATION)
			Short Futures Outstanding
	(627	)	90 Day Eurodollar		12/19/16		USD		(155,198	)		375
	(1,188	)	10 Year U.S. Treasury Note		03/22/17		USD		(147,925	)		638
	(19	)	2 Year U.S. Treasury Note		03/31/17		USD		(4,119	)		2
	(1,155	)	5 Year U.S. Treasury Note		03/31/17		USD		(136,109	)		305
	(522	)	90 Day Eurodollar		06/19/17		USD		(128,980	)		(197	)
	(522	)	90 Day Eurodollar		09/18/17		USD		(128,856	)		(241	)
												882

Forward Foreign Currency Exchange Contracts

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT NOVEMBER 30, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,364	CAD	Australia and New Zealand Banking Group Limited		12/19/16		2,497		2,504		(7	)
	7,646	EUR	Deutsche Bank AG		12/19/16		8,197		8,111		86
							10,694		10,615		79

Credit Default Swaps - Buy Protection[1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/ RECEIVED [5]
Bank of America N.A.:
United Mexican States, 5.950%, 03/19/19	1.000% quarterly	12/20/21		1.794	%		124,090		4,386			(3,957	)
Barclays Bank plc:
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	03/20/17		0.717			4,740		(109	)		425
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	03/20/17		0.718			2,325		(54	)		254
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			3,570		(188	)		430
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			4,166		(220	)		597
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			5,993		(316	)		793
CIT Group, Inc., 5.250%, 03/15/18	5.000% quarterly	06/20/17		0.324			722		(26	)		80
CIT Group, Inc., 5.250%, 03/15/18	5.000% quarterly	06/20/17		0.324			3,520		(127	)		433
Frontier Communications Corp., 9.000%, 08/15/31	5.000% quarterly	06/20/17		0.660			1,987		(68	)		214
Springleaf Finance Corp., 6.900%, 12/15/17	5.000% quarterly	09/20/17		1.241			2,358		(95	)		211
BNP Paribas:
Canadian Natural Resources Ltd., 3.450%, 11/15/21	1.000% quarterly	12/20/21		1.686			10,590		319			(553	)
Republic of Turkey, 11.875%, 01/15/30	1.000% quarterly	12/20/21		2.849			193,880		16,029			(14,576	)
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	12/20/20		3.980			2,830		(133	)		(677	)
Standard Chartered Bank, 5.875%, 09/26/17	1.000% quarterly	12/20/21		2.493			EUR 14,070		1,043			(856	)
Citibank, N.A.:
Beazer Homes USA, Inc., 9.125%, 05/15/19	5.000% quarterly	12/20/17		0.601			7,120		(401	)		396
Nabors Industries, Inc., 6.150%, 02/15/18	1.000% quarterly	12/20/21		3.111			8,470		1,446			(1,227	)
People’s Republic of China, 7.500%, 10/28/27	1.000% quarterly	12/20/21		1.170			141,160		858			(182	)
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	06/20/19		2.703			2,770		(183	)		(208	)
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	06/20/19		2.703			3,460		(228	)		(273	)
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	06/20/19		2.703			4,200		(277	)		(352	)
Credit Suisse International:
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			7,205		(380	)		868
Devon Energy Corp., 7.950%, 04/15/32	1.000% quarterly	12/20/21		1.784			7,050		245			(383	)
Goldman Sachs International:
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	03/20/17		0.717			6,880		(158	)		141
Beazer Homes USA, Inc., 9.125%, 05/15/19	5.000% quarterly	12/20/17		0.601			3,580		(202	)		207
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	06/20/19		2.703			6,944		(459	)		(109	)
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	12/20/20		3.980			3,530		(166	)		(146	)
									20,536			(18,450	)

Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE		UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America N.A.:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851	%		6,970		816		(1,309	)
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851			14,170		1,658		(2,771	)
Barclays Bank plc:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851			13,370		1,564		(3,973	)
CDX.EM.26-V1	1.000% quarterly	12/20/21		2.668			137,090		10,017		(8,064	)
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652			7,270		244		119
CMBX.NA.AA.3	0.270% monthly	12/13/49		86.240			14,100		6,417		(7,999	)
Citibank, N.A.:
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652			7,000		235		58
CMBX.NA.BBB-.4	5.000% monthly	02/17/51		237.556			6,900		1,167		(5,854	)
CMBX.NA.BBB-.4	5.000% monthly	02/17/51		237.556			10,550		1,784		(8,433	)
Credit Suisse International:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851			6,600		772		(1,840	)
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851			13,380		1,566		(3,404	)
Goldman Sachs International:
ABX.HE.PENAAA.06-2	0.110% monthly	05/25/46		0.676			1,500		29		(277	)
ABX.HE.PENAAA.06-2	0.110% monthly	05/25/46		0.676			8,800		170		(3,000	)
ABX.HE.PENAAA.06-2	0.110% monthly	05/25/46		0.676			12,100		234		(3,595	)
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652			7,220		242		130
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652			7,230		243		110
Morgan Stanley Capital Services:
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652			7,260		243		114
CMBX.NA.AA.3	0.270% monthly	12/13/49		86.240			7,050		3,208		(4,088	)
									30,609		(54,076	)

Centrally Cleared Credit Default Swaps—Buy Protection[1]

Credit Indices:

REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED  [5]
CDX.NA.HY.27-V1	5.000% quarterly	12/20/21		3.884	%		28,410		(1,644	)		1,511
CDX.NA.IG.25-V1	1.000% quarterly	12/20/20		0.640			177,950		(2,854	)		1,046
CDX.NA.IG.27-V1	1.000% quarterly	12/20/21		0.728			173,360		(2,598	)		2,216
iTraxx Europe 26.1	1.000% quarterly	12/20/21		0.794			EUR175,950		(2,280	)		2,986
									(9,376	)		7,759

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931	%		3,510		37			130
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			3,580		38			132
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			3,580		38			185
Citibank, N.A.:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			2,150		23			174
Goldman Sachs International:
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			3,500		(705	)		1,794
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			3,500		(705	)		1,812
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			3,540		(713	)		1,642
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			3,540		(713	)		1,677
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			7,060		(1,422	)		3,364
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			3,500		37			138
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			3,510		37			170
									(4,048	)		11,218
Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
CMBX.NA.A.3	0.620% monthly	12/13/49		96.157	%		14,100		(4,710	)		9,829
Citibank, N.A.:
ABX.HE.PENAAA.07-2	0.760% monthly	01/25/38		2.544			2,620		(445	)		3,530
ABX.HE.PENAAA.07-2	0.760% monthly	01/25/38		2.544			9,280		(1,575	)		6,193
ABX.HE.PENAAA.07-2	0.760% monthly	01/25/38		2.544			9,360		(1,589	)		6,079
Morgan Stanley Capital Services:
CMBX.NA.A.3	0.620% monthly	12/13/49		96.157			7,050		(2,355	)		4,932
									(10,674	)		30,563

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

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

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

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

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

Centrally Cleared Interest Rate Swaps

RATE TYPE (r)
PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
1.456% semi-annually	3 months LIBOR quarterly		6/21/18		34,400		(290	)
1.541% semi-annually	3 months LIBOR quarterly		12/6/18		33,891		(336	)
							(626	)

Return Swaps

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	PAYMENTS MADE BY THE FUND (r)	PAYMENTS RECEIVED BY THE FUND (r)	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America N.A.:
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		36,060		(171	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		37,530		(178	)
Citibank, N.A.:
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		35,150		(167	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		35,890		(170	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		35,890		(170	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		36,040		(171	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/42		36,060		(171	)
IOS Index 4.500% 30 year Fannie Mae Pools (2010)	4.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/41		75,577		(202	)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/41		46,860		(131	)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/41		46,860		(131	)
Credit Suisse International:
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/41		21,457		(60	)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		1/12/41		88,515		(248	)
								(1,970	)

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

ABX	—	Asset-Backed Securities Index
ACE	—	Adjusted Current Earnings
CAD	—	Canadian Dollar
CDI	—	CHESS Depository Interest
CDX	—	Credit Default Swap Index
CMBX	—	Commercial Mortgage-Backed Securities Index
CMO	—	Collateralized Mortgage Obligation
CSMC	—	Credit Suisse Mortgage Trust
ETF	—	Exchange Traded Fund
EUR	—	Euro
GBP	—	British Pound
GO	—	General Obligation
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2016. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
PIK	—	Payment-in-Kind
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REMIC	—	Real Estate Mortgage Investment Conduit
Rev.	—	Revenue
SPDR	—	Standard & Poor’s Depositary Receipts
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of November 30, 2016.
TBA	—	To Be Announced
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
†	—	Approximately $3,694,000 of this investment is restricted as collateral for swaps to various brokers.
^	—	All or a portion of the security is unsettled as of November 30, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—	The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of November 30, 2016.
(a)	—	Non-income producing security.

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts or centrally cleared swaps.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(r)	—	Rates shown are per annum and payments are as described.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed
(w)	—	When-issued security.
(x)	—	Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of November 30, 2016.

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

Aggregate gross unrealized appreciation	268,479
Aggregate gross unrealized depreciation	(389,086	)
Net unrealized appreciation/depreciation	(120,607	)
Federal income tax cost of investments	11,867,469

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

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

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

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

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

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

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

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

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

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

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

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

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

	Level 1 Quoted  prices		Level 2 Other  significant observable inputs		Level 3 Significant  unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	—	$	—	$	345		$	345
Energy		29,625		—		—			29,625
Financials		735		—		—			735
Information Technology		—		—		4,500			4,500
Materials		—		—		5,970			5,970
Telecommunication Services		1,320		—		—			1,320
Utilities		15,916		—		—			15,916
Total Common Stocks		47,596		—		10,815			58,411
Preferred Stocks
Energy		7,650		—		—			7,650
Financials		3,913		—		22,230			26,143
Materials		—		—		—	(a)		—	(a)
Total Preferred Stocks		11,563		—		22,230			33,793
Debt Securities
Asset-Backed Securities		—		86,467		451,984			538,451
Collateralized Mortgage Obligations
Agency CMO		—		58,685		—			58,685
Non-Agency CMO		—		429,959		38,135			468,094
Total Collateralized Mortgage Obligations		—		488,644		38,135			526,779
Commercial Mortgage-Backed Securities		—		25,216		199,190			224,406
Convertible Bonds
Consumer Discretionary		—		5,193		289			5,482
Energy		—		32,083		—			32,083
Telecommunication Services		—		6,444		—			6,444
Total Convertible Bonds		—		43,720		289			44,009
Corporate Bonds
Consumer Discretionary		—		1,267,897		9,527			1,277,424
Consumer Staples		—		314,407		—			314,407
Energy		—		569,427		275			569,702
Financials		—		445,327		—	(b)		445,327
Health Care		—		585,854		3,721			589,575
Industrials		—		612,350		10,931			623,281
Information Technology		—		448,675		1,411			450,086
Materials		—		489,650		13,300			502,950
Real Estate		—		102,327		—			102,327
Telecommunication Services		—		940,099		14,398			954,497
Utilities		—		165,385		2,479			167,864
Total Corporate Bonds		—		5,941,398		56,042			5,997,440
Insurance-Linked Securities		—		7,889		—			7,889
Mortgage Pass-Through Securities		—		36,366		—			36,366
Municipal Bonds		—		14,033		—			14,033
Preferred Securities
Financials		—		77,970		—			77,970
Private Placements — Commercial Loan		—		—		281,324			281,324

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted  prices			Level 2 Other  significant observable inputs			Level 3 Significant  unobservable inputs			Total
Private Placements — Residential Loan	$	—		$	—		$	126,881		$	126,881
Exchange Traded Funds		95,397			—			—			95,397
Investment Companies		117,697			—			—			117,697
Loan Assignments
Consumer Discretionary		—			207,745			1,975			209,720
Consumer Staples		—			135,113			—			135,113
Energy		—			125,724			—			125,724
Financials		—			39,177			—			39,177
Health Care		—			103,695			—			103,695
Industrials		—			94,320			—			94,320
Information Technology		—			75,500			—			75,500
Materials		—			14,976			—			14,976
Real Estate		—			1,747			—			1,747
Telecommunication Services		—			21,153			—			21,153
Utilities		—			25,273			—			25,273
Total Loan Assignments		—			844,423			1,975			846,398
Option Purchased
Put Option Purchased		9			—			—			9
Warrants
Consumer Discretionary		—			—			—	(b)		—	(b)
Short-Term Investments
Certificates of Deposit		—			469,161			—			469,161
Commercial Papers		—			1,210,628			—			1,210,628
Investment Company		868,455			—			—			868,455
Repurchase Agreements		—			—			155,500			155,500
U.S. Treasury Obligations		—			15,865			—			15,865
Total Short-Term Investments		868,455			1,695,654			155,500			2,719,609
Total Investments in Securities	$	1,140,717		$	9,261,780		$	1,344,365		$	11,746,862
Liabilities
Debt Securities
Corporate Bonds
Consumer Discretionary		—			(13,861	)		—			(13,861	)
Consumer Staples		—			(10,488	)		—			(10,488	)
Industrials		—			(10,312	)		—			(10,312	)
Total Corporate Bonds		—			(34,661	)		—			(34,661	)
TBA Short Commitment		—			(18,870	)		—			(18,870	)
Total Liabilities for Securities Sold Short	$	—		$	(53,531	)	$	—		$	(53,531	)
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	86		$	—		$	86
Futures Contracts		1,320			—			—			1,320
Swaps		—			37,147			—			37,147
Total Appreciation in Other Financial Instruments	$	1,320		$	37,233		$	—		$	38,553
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(7	)	$	—		$	(7	)
Futures Contracts		(438	)		—			—			(438	)
Swaps		—			(35,682	)		—			(35,682	)
Total Depreciation in Other Financial Instruments	$	(438	)	$	(35,689	)	$	—		$	(36,127	)

(a) Value is zero.

(b) Amount rounds to less than 500.

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

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

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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

Strategic Income Opportunities Fund	Balance as of February 29, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November  30, 2016
Investments in Securities
Asset-Backed Securities	$	619,148		$	6,898		$	28,674		$	7,427		$	19,246	$	(214,038	)	$	7,988	$	(23,359	)	$	451,984
Collateralized Mortgage Obligations — Non-Agency CMO		83,566			481			4,359			(10	)		—		(68,968	)		18,707		—			38,135
Commercial Mortgage-Backed Securities		195,047			(175	)		5,602			226			12,763		(14,273	)		—		—			199,190
Common Stocks — Consumer Discretionary		566			—			(221	)		—			—		—			—		—			345
Common Stocks — Financials		767			204			(273	)		—			2,392		(3,090	)		—		—			—
Common Stocks — Information Technology		—			—			1,811			—			2,689		—			—		—			4,500
Common Stocks — Materials		5,441			—			529			—			—		—			—		—			5,970
Convertible Bonds — Consumer Discretionary		—	(a)		(729	)		729			—			289		—	(a)		—		—			289
Convertible Bonds — Utilities		2,384			1,150			(1,142	)		—			—		(2,392	)		—		—			—
Corporate Bonds — Consumer Discretionary		14,017			(1,592	)		(3,151	)		15			1		(10,669	)		10,906		—			9,527
Corporate Bonds — Energy		2,303			—			99			—			176		—			—		(2,303	)		275
Corporate Bonds — Financials		—	(a)		—			—	(a)		—			—		—			—		—			—	(a)
Corporate Bonds — Health Care		—			—			(1,539	)		4			23		—			5,233		—			3,721
Corporate Bonds — Industrials		19,600			(243	)		(11,137	)		166			525		(10,294	)		19,087		(6,773	)		10,931
Corporate Bonds — Information Technology		3,580			(5,609	)		718			(2	)		2,724		—			—		—			1,411
Corporate Bonds — Materials		17,794			—			(264	)		264			497		—			—		(4,991	)		13,300
Corporate Bonds — Telecommunication Services		—			(2,362	)		2,549			95			5,101		(2,701	)		11,716		—			14,398
Corporate Bonds — Utilities		—			—			2,294			—			185		—			—		—			2,479
Loan Assignments — Consumer Discretionary		—	(a)		—			116			(5	)		—		(16	)		1,880		—			1,975
Loan Assignments — Industrials		4,286			—			—			—			—		—			—		(4,286	)		—
Loan Assignments — Materials		3,808			—			387			(1	)		—		(4,194	)		—		—			—
Preferred Stocks — Financials		—			—			(630	)		—			—		—			22,860		—			22,230
Preferred Stocks — Materials		—	(b)		—			—			—			—		—			—		—			—	(b)
Private Placements — Commercial Loans		286,930			—			(82	)		65			1,665		(7,254	)		—		—			281,324
Private Placements — Residential Loans		574,500			—			—			—			22,600		(470,219	)		—		—			126,881
Short-Term Investments — Repurchase Agreements		—			—			—			—			155,500		—			—		—			155,500
Warrants — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — Energy		—	(a)		—	(a)		—	(a)		—			—		—	(a)		—		—			—
Total	$	1,833,737		$	(1,977	)	$	29,428		$	8,244		$	226,376	$	(808,108	)	$	98,377	$	(41,712	)	$	1,344,365

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $26,744,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	10,469	Market Comparable Companies	EBITDA Multiple (a)		7.70x - 7.80x (7.74x)
		—	Pending Distibution Amount (c)	Discount for potential outcome (b)		100.00% (100.00%)
Common Stocks		10,469
		22,230	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.97% (4.97%)
		—	Pending Distibution Amount (c)	Discount for potential outcome (b)		100.00% (100.00%)
Preferred Stocks		22,230
		14,474	Market Comparable Companies	EBITDA Multiple (a)		7.70x - 7.80x (7.74x)
		26,383	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		19.12% - 174.64% (34.96%)
		237	Pending Distribution Amount	Discount for potential outcome (b)		15.00% - 100.00% (25.87%)
Corporate Bonds		41,094
		289	Market Comparable Companies	EBITDA Multiple (a)		1.0x (1.0x)
Convertible Bonds		289
		408,205	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		5.57% - 8.65% (7.12%)
Private Placements		408,205
		439,576	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 10.54% (2.18%)
				Constant Default Rate		2.00% - 15.00% (6.90%)
				Yield (Discount Rate of Cash Flows)		1.65% - 6.67% (4.42%)
Asset-Backed Securities		439,576
		38,135	Discounted Cash Flow	Constant Prepayment Rate		10.00% (10.00%)
				Yield (Discount Rate of Cash Flows)		2.13% - 4.75% (3.52%)
Collateralized Mortgage Obligations		38,135
		159,605	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.83% - 7.79% (6.12%)
Commercial Mortgage-Backed Securities		159,605
		—	Discounted Cash Flow	Projected Principal Writedown		100.00% (100.00%)
Loan Assignments		—
Total	$	1,119,603

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

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Securities senior in the issuing entity capital structure result in this security being valued at zero.

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $224,762,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

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

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

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

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

Notes (1) — (4) below describe the various derivatives used by the Fund.

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

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

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

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

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

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

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

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

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

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

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

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

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

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

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

Credit Default Swaps

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

JPMorgan Strategic Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

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

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

Return Swaps

The Fund used total return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bond — 0.0% (g)
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	24	Constar International, Inc., 11.000%, 12/31/17 (d) (Cost $23)		2
	Municipal Bonds — 81.7% (t)
		Alabama — 0.5%
		Utility — 0.5%
	500	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.000%, 09/01/31		546
		Alaska — 0.5%
		Housing — 0.1%
	110	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 4.000%, 06/01/40		113
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	325	Alaska Industrial Development & Export Authority, Providence Health & Services, Series A, Rev., 5.500%, 10/01/41		358
		Other Revenue — 0.1%
	90	Northern Tobacco Securitization Corp., Series A, Rev., 4.625%, 06/01/23		91
		Total Alaska		562
		Arizona — 1.2%
		Education — 0.3%
	300	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 5.000%, 07/01/18		317
		Prerefunded — 0.1%
	100	Arizona Health Facilities Authority, Banner Health, Series D, Rev., 5.000%, 01/01/18 (p)		104
		Utility — 0.2%
	200	City of Mesa, Utility Systems, Rev., AGM, 5.250%, 07/01/29		239
		Water & Sewer — 0.6%
	500	City of Scottsdale, Water & Sewer, Rev., 5.250%, 07/01/21		573
		Total Arizona		1,233
		California — 3.7%
		Education — 0.1%
	200	California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series A, Rev., AGM, Zero Coupon, 08/01/30		110
		General Obligation — 0.9%
	350	Metropolitan Water District of Southern California, Series A, GO, 5.000%, 03/01/31		390
	160	Pomona Unified School District, Series C, GO, 6.000%, 08/01/29 (p)		214
	100	San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, Zero Coupon, 09/01/28 (p)		63
	175	Sunnyvale Elementary School District, Election 2004, Series C, GO, 5.500%, 09/01/34		221
				888
		Hospital — 0.4%
	375	Palomar Health, Rev., 5.000%, 11/01/26		421
		Housing — 0.0% (g)
	5	California Rural Home Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Security Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.400%, 12/01/36		5
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	250	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-2, Rev., VAR, AMT, 3.125%, 11/03/25		245
		Transportation — 1.3%
	620	Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series A, Rev., Zero Coupon, 01/01/24 (p)		518
	785	Harbor Department of Los Angeles, Series A, Rev., AMT, 5.000%, 08/01/35		860
				1,378
		Utility — 0.8%
		Los Angeles Department of Water & Power, Power System,
	250	Series B, Rev., 5.000%, 07/01/43		275
	290	Subseries A-1, Rev., 5.250%, 07/01/38		305
	250	Los Angeles Department of Water & Power, Water System, Series A, Rev., 5.250%, 07/01/39		281

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
				861
		Total California		3,908
		Colorado — 0.6%
		General Obligation — 0.5%
	435	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.250%, 12/15/22		510
		Housing — 0.0% (g)
	20	El Paso County, Single Family Mortgage, Southern Front Range Region Program, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		20
		Utility — 0.1%
	110	Public Authority for Colorado Energy, Natural Gas Purchase, Series 2008, Rev., 6.125%, 11/15/23		129
		Total Colorado		659
		Connecticut — 1.3%
		Education — 1.1%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	945	Series A, Rev., 4.000%, 11/15/19		980
	200	Series A, Rev., 5.250%, 11/15/24		222
				1,202
		Housing — 0.2%
	180	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Subseries A-1, Rev., 4.000%, 11/15/45		190
		Total Connecticut		1,392
		Delaware — 0.4%
		Housing — 0.4%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	370	Series A-1, Rev., AMT, 4.900%, 07/01/29		394
	30	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.625%, 01/01/23		30
		Total Delaware		424
		District of Columbia — 0.4%
		Education — 0.2%
	200	District of Columbia, Gallaudet University, Rev., 4.000%, 04/01/17		202
		Other Revenue — 0.1%
	95	District of Columbia, Series A, Rev., 5.250%, 12/01/27		105
		Transportation — 0.1%
	100	Metropolitan Washington Airports Authority, Series C, Rev., AMT, 5.000%, 10/01/22		112
		Total District of Columbia		419
		Florida — 10.5%
		Certificate of Participation/Lease — 1.6%
	750	Broward County School Board, Series A, COP, 5.000%, 07/01/24		869
	750	South Florida Water Management District, COP, 5.000%, 10/01/32		831
				1,700
		Education — 0.5%
	500	Lakeland Educational Facilities, Southern College Project, Series A, Rev., 5.000%, 09/01/25		550
		General Obligation — 0.2%
	200	Florida State Board Education, Public Education Capital Outlay, Series A, GO, 5.500%, 06/01/38		213
		Hospital — 1.8%
	995	Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A, Rev., 5.000%, 12/01/26		1,112
	200	County of Sumter, Industrial Development Authority, Central Florida Health Alliance Projects, Series A, Rev., 5.000%, 07/01/18		211
	545	Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Rev., 5.000%, 11/15/29		601
				1,924
		Housing — 0.3%
	65	Florida Housing Finance Corp., Series 1, Rev., AMT, 5.000%, 07/01/41		67
	255	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series A-1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		265
				332
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	500	Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project, Series A, Rev., AMT, AGM, 5.000%, 04/01/24		556
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., VAR, 2.100%, 04/11/19		504
				1,060

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.9%
	900	Orlando Community Redevelopment Agency, Republic Drive, Tax Allocation, Rev., 5.000%, 04/01/17		910
		Prerefunded — 0.1%
	70	City of Charlotte, Rev., AGM, 5.250%, 10/01/21 (p)		81
		Transportation — 2.3%
	300	City of Orlando, Greater Orlando Aviation Authority, Airport Facilities, Series B, Rev., AMT, 5.000%, 10/01/26		329
	100	County of Broward, Port Facilities, Series A, Rev., 5.000%, 09/01/21		109
	155	Orlando-Orange County Expressway Authority, Series B, Rev., AGM, 4.000%, 07/01/21		164
	625	State of Florida, Department of Transportation, Seaport Investment Program, Rev., 5.000%, 07/01/37		688
	1,000	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.000%, 07/01/27		1,118
				2,408
		Utility — 1.8%
	130	City of Charlotte, Rev., AGM, 5.250%, 10/01/24		149
	200	Florida Municipal Power Agency, All Requirements Power Supply Project, Series A, Rev., 5.000%, 10/01/30		226
	500	JEA Electric System Revenue, Subseries B, Rev., 5.000%, 10/01/34		549
	275	Pasco County, Solid Waste Disposal & Resource Recovery System, Rev., AMT, 5.000%, 10/01/20		304
	500	Tampa Bay Water Utility System, Revenue Refunding & Improvement, Series A, Rev., NATL-RE, 6.000%, 10/01/29		640
				1,868
		Total Florida		11,046
		Georgia — 1.7%
		Housing — 0.4%
		Georgia Housing & Finance Authority, Non Single Family,
	75	Series B, Rev., 4.000%, 12/01/29		77
	390	Subseries A-1, Rev., 4.000%, 06/01/44		405
				482
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	500	Burke County Development Authority, Pollution Control, Oglethorpe Power Corp. Vogtle Project, Series A, Rev., VAR, 2.400%, 04/01/20		504
		Other Revenue — 0.3%
	240	Downtown Smyrna Development Authority, Rev., 5.250%, 02/01/28		282
		Transportation — 0.5%
	500	City of Atlanta, Airport, Series C, Rev., AMT, 5.000%, 01/01/42		528
		Total Georgia		1,796
		Guam — 1.1%
		Water & Sewer — 1.1%
		Guam Government Waterworks Authority, Water & Waste Water System,
	200	Rev., 5.000%, 07/01/19		215
	275	Rev., 5.000%, 07/01/24		309
	525	Rev., 5.000%, 07/01/25		591
		Total Guam		1,115
		Hawaii — 0.1%
		Prerefunded — 0.1%
	100	City & County of Honolulu, Series D, GO, 5.250%, 09/01/19 (p)		110
		Idaho — 1.3%
		General Obligation — 0.8%
	750	City of Nampa, GO, 5.000%, 08/01/21		842
		Housing — 0.5%
	480	Idaho Housing & Finance Association, Single Family Mortgage, Series A-2, Class I, Rev., AMT, 4.000%, 07/01/34		497
		Total Idaho		1,339
		Illinois — 2.9%
		General Obligation — 0.3%
	125	Des Plaines Valley Public Library District, GO, 5.500%, 01/01/30		136
	50	Greater Chicago Metropolitan Water Reclamation District, Series C, GO, 5.250%, 12/01/27		58
	150	Lake County Community Consolidated School District No. 50 Woodland, Series C, GO, 5.250%, 01/01/24		167
				361

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.8%
	750	Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A, Rev., 5.000%, 11/15/28		847
		Housing — 0.8%
		Illinois Housing Development Authority, Homeowner Mortgage,
	440	Series C, Rev., 3.500%, 08/01/46		453
	330	Subseries A-2, Rev., AMT, 4.000%, 02/01/35		341
				794
		Other Revenue — 0.3%
		Railsplitter Tobacco Settlement Authority,
	180	Rev., 5.125%, 06/01/19		195
	130	Rev., 5.250%, 06/01/21		146
				341
		Transportation — 0.5%
	200	City of Chicago, O’Hare International Airport, Third Lien, Series C, Rev., AGC, 5.250%, 01/01/25		219
	250	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.000%, 07/01/24		304
				523
		Water & Sewer — 0.2%
	150	City of Chicago, Waterworks, Second Lien, Rev., AMBAC, BHAC-CR, 5.750%, 11/01/30		178
		Total Illinois		3,044
		Indiana — 1.3%
		Hospital — 0.4%
	330	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.000%, 11/15/34		367
		Housing — 0.1%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	40	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28		42
	70	Series C, Rev., GNMA/FNMA/FHLMC, 4.500%, 12/01/27		73
				115
		Other Revenue — 0.5%
	500	Indianapolis Local Public Improvement Bond Bank, Series D, Rev., 5.000%, 06/01/20		550
		Water & Sewer — 0.3%
	250	Indiana State Finance Authority, Wastewater Utility, First Lien, Series A, Rev., 5.250%, 10/01/31		281
		Total Indiana		1,313
		Iowa — 0.0% (g)
		Housing — 0.0% (g)
	20	Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		21
		Kentucky — 0.3%
		Housing — 0.0% (g)
	25	Kentucky Housing Corp., Series A, Rev., 5.000%, 01/01/27		26
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	250	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Co. Project, Series A, Rev., VAR, 1.650%, 04/03/17		250
		Total Kentucky		276
		Louisiana — 0.9%
		Housing — 0.1%
		East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	15	Series A-2, Rev., GNMA/FNMA/FHLMC, 3.900%, 04/01/19		16
	45	Series A-2, Rev., GNMA/FNMA/FHLMC, 4.750%, 10/01/29		46
	10	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		10
				72
		Other Revenue — 0.3%
	225	State of Louisiana, Gas & Fuels Tax, Second Lien, Series B, Rev., 5.000%, 05/01/28		247
		Transportation — 0.1%
	125	New Orleans Aviation Board, Gulf Opportunity Zone, Consolidated Rental Car, Series A, Rev., 5.500%, 01/01/19		133
		Water & Sewer — 0.4%
	400	City of New Orleans, Sewerage Service, Rev., 5.000%, 06/01/21		443
		Total Louisiana		895
		Maine — 1.3%
		Education — 0.3%
	275	Maine Health & Higher Educational Facilities Authority, Series A, Rev., 5.000%, 07/01/25		310

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 1.0%
		Maine State Housing Authority,
	335	Series A, Rev., 4.000%, 11/15/45		353
	385	Series A-1, Rev., AMT, 4.500%, 11/15/28		402
	265	Series B, Rev., 4.000%, 11/15/43		277
				1,032
		Prerefunded — 0.0% (g)
	25	Maine Health & Higher Educational Facilities Authority, Series A, Rev., 5.000%, 07/01/23 (p)		29
		Total Maine		1,371
		Maryland — 0.5%
		Special Tax — 0.4%
	400	County of Anne Arundel, Consolidated Special Taxing District, The Villages of Dorchester and Farmington Village Projects, Rev., 5.000%, 07/01/21		443
		Transportation — 0.1%
	100	Maryland Economic Development Corp., Series A, Rev., 5.125%, 06/01/20		106
		Total Maryland		549
		Massachusetts — 5.9%
		Education — 1.8%
		Massachusetts Educational Financing Authority, Education Loan,
	300	Rev., AMT, 5.000%, 07/01/23		330
	500	Series J, Rev., AMT, 5.000%, 07/01/18		524
	535	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.250%, 07/01/33		668
	350	Massachusetts State College Building Authority, Series B, Rev., XLCA, 5.500%, 05/01/28		407
				1,929
		Housing — 1.1%
		Massachusetts Housing Finance Agency, Single Family Housing,
	245	Series 160, Rev., AMT, 3.750%, 06/01/34		251
	815	Series 169, Rev., 4.000%, 12/01/44		842
				1,093
		Other Revenue — 0.1%
	125	Massachusetts Development Finance Agency, Evergreen Center, Inc., Rev., 5.500%, 01/01/20		125
		Transportation — 1.7%
	300	Massachusetts Bay Transportation Authority, Series B, Rev., NATL-RE, 5.500%, 07/01/28		376
		Massachusetts Port Authority,
	500	Series A, Rev., 5.000%, 07/01/44		551
	770	Series A, Rev., AMT, 5.000%, 07/01/37		829
				1,756
		Water & Sewer — 1.2%
		Massachusetts Water Resources Authority,
	500	Series B, Rev., AGM, 5.250%, 08/01/29		615
	100	Series B, Rev., AGM, 5.250%, 08/01/32		122
	500	Series D, Rev., 5.000%, 08/01/44		551
				1,288
		Total Massachusetts		6,191
		Michigan — 1.1%
		Education — 0.5%
	500	Michigan Finance Authority, Student Loan, Series 25-A, Rev., AMT, 5.000%, 11/01/22		547
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	165	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.000%, 12/01/20		178
		Transportation — 0.4%
	400	Wayne County Airport Authority, Detroit Metropolitan Airport, Series B, Rev., AMT, 5.000%, 12/01/21		443
		Total Michigan		1,168
		Minnesota — 2.1%
		Hospital — 0.2%
	200	Meeker County, Gross Revenue, Hospital Facilities, Memorial Hospital Project, Rev., 5.250%, 11/01/17		204
		Housing — 1.9%
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	16	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		16
	145	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		152

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	70	Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.250%, 07/01/28		72
		Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation,
	100	Rev., 4.000%, 08/01/17		102
	300	Rev., 5.250%, 08/01/26		335
		Minnesota Housing Finance Agency, Residential Housing Finance,
	455	Series A, Rev., 4.000%, 07/01/38		480
	355	Series B, Rev., 4.000%, 01/01/38		374
	405	Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.000%, 01/01/45		423
	30	Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/40		31
				1,985
		Total Minnesota		2,189
		Mississippi — 0.3%
		Other Revenue — 0.3%
		Mississippi Development Bank, Harrison County, Coliseum & Convention Center,
	160	Series A, Rev., 5.250%, 01/01/30		189
	100	Series A, Rev., 5.250%, 01/01/34		119
		Total Mississippi		308
		Missouri — 1.6%
		General Obligation — 0.3%
	250	Independence School District, Direct Deposit Program, Series A, GO, 5.250%, 03/01/31 (p)		283
		Housing — 0.9%
	555	Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.500%, 05/01/41		575
		Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program,
	160	Series A, Rev., GNMA/FNMA/FHLMC, 4.000%, 11/01/41		167
	95	Series E-3, Rev., GNMA/FNMA/FHLMC, 4.625%, 05/01/28		99
	115	Series E-4, Rev., GNMA/FNMA/FHLMC, 4.250%, 11/01/30		119
				960
		Transportation — 0.4%
	400	Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project, Rev., AGM, 5.250%, 07/01/25		469
		Total Missouri		1,712
		Montana — 0.3%
		Housing — 0.2%
	245	Montana Board of Housing, Single Family Homeownership, Series A-2, Rev., AMT, 4.000%, 12/01/38		252
		Transportation — 0.1%
	100	City of Billings, Airport, Series A, Rev., AMT, 5.000%, 07/01/20		105
		Total Montana		357
		Nebraska — 1.0%
		General Obligation — 0.7%
		Omaha City Convention Center/Arena Project,
	295	GO, 5.250%, 04/01/25		354
	285	GO, 5.250%, 04/01/27		349
				703
		Utility — 0.3%
	360	Central Plains Energy Project, Gas Project No. 3, Rev., 5.000%, 09/01/27		387
		Total Nebraska		1,090
		New Hampshire — 0.5%
		Education — 0.4%
		City of Manchester, School Facilities,
	200	Rev., NATL-RE, 5.500%, 06/01/26		244
	100	Rev., NATL-RE, 5.500%, 06/01/27		123
				367
		Housing — 0.1%
		New Hampshire Housing Finance Authority, Single Family Mortgage, Acquisition,
	80	Series A, Rev., 5.250%, 07/01/28		84
	45	Series B, Rev., 5.000%, 07/01/27		46
				130
		Total New Hampshire		497
		New Jersey — 3.1%
		Education — 1.2%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.000%, 07/01/18		264

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education –– continued
		New Jersey Higher Education Student Assistance Authority, Senior Student Loan,
	500	Series 1A, Rev., AMT, 5.000%, 12/01/19		534
	250	Series 1A, Rev., AMT, 5.000%, 12/01/24		272
	200	New Jersey Higher Education Student Assistance Authority, Student Loan, Series 1, Rev., 5.000%, 12/01/16		200
				1,270
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	500	Gloucester County Improvement Authority, Solid Waste Resource Recovery, Waste Management, Inc. Project, Series A, Rev., VAR, 2.125%, 12/01/17		504
		Other Revenue — 1.0%
		New Brunswick Parking Authority, City Guaranteed Parking,
	385	Rev., 5.000%, 09/01/27		437
	590	Rev., 5.000%, 09/01/28		667
				1,104
		Transportation — 0.4%
	380	New Jersey EDA, Motor Vehicle Surplus, Series A, Rev., NATL-RE, 5.250%, 07/01/24		424
		Total New Jersey		3,302
		New Mexico — 0.6%
		Housing — 0.2%
		New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
	75	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.000%, 09/01/30		79
	95	Series B, Class I, Rev., GNMA/FNMA/FHLMC, 5.000%, 03/01/28		99
	5	Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.650%, 09/01/39		5
				183
		Other Revenue — 0.4%
	350	Bernalillo County, Gross Receipts, Rev., AMBAC, 5.250%, 10/01/26		417
		Total New Mexico		600
		New York — 7.3%
		Education — 0.6%
	275	New York State Dormitory Authority, Education, Series B, Rev., AMBAC, 5.500%, 03/15/24		332
	250	Niagara Area Development Corp., Niagara University Project, Series A, Rev., 5.000%, 05/01/18		260
				592
		General Obligation — 0.5%
	500	Town of Oyster Bay, GO, 3.750%, 03/31/17		502
		Housing — 1.5%
		New York Mortgage Agency, Homeowner Mortgage,
	410	Series 191, Rev., AMT, 3.500%, 10/01/34		420
	620	Series 195, Rev., 4.000%, 10/01/46		654
	500	Series 197, Rev., 3.500%, 10/01/44		520
				1,594
		Other Revenue — 1.8%
		New York City Municipal Water Finance Authority, Second General Resolution,
	250	Series BB, Rev., 5.250%, 06/15/44		282
	440	Series EE, Rev., 5.375%, 06/15/43		494
	250	Series FF-2, Rev., 5.500%, 06/15/40		271
	390	New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing, Series B, Rev., 5.500%, 10/15/30 (p)		498
	325	Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Rev., 5.000%, 05/15/21		358
				1,903
		Prerefunded — 0.1%
	90	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.750%, 06/15/18 (p)		96
		Special Tax — 0.5%
	500	New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A-1, Rev., 5.000%, 03/15/43		546
		Transportation — 0.5%
	500	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.000%, 10/15/30		574
		Water & Sewer — 1.8%
	295	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.750%, 06/15/40		313

JPMorgan Tax Aware High Income 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
	500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013, Series DD, Rev., 5.000%, 06/15/34		564
	500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.000%, 06/15/31		570
	305	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Pooled Financing Program, Series B, Rev., 5.500%, 04/15/35 (p)		394
				1,841
		Total New York		7,648
		North Dakota — 0.5%
		Housing — 0.3%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	125	Series A, Rev., 3.750%, 07/01/42		129
	175	Series A, Rev., 4.000%, 07/01/34		184
				313
		Utility — 0.2%
	210	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.875%, 07/01/26		221
		Total North Dakota		534
		Ohio — 3.0%
		Education — 0.9%
		Ohio State University, General Receipts, Special Purpose,
	500	Series A, Rev., 5.000%, 06/01/28		565
	365	Series A, Rev., 5.000%, 06/01/43		399
				964
		General Obligation — 0.3%
	185	County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction & Improvement, GO, NATL-RE, 5.250%, 12/01/25		221
	45	Greene County, Series A, GO, AMBAC, 5.250%, 12/01/28		55
				276
		Hospital — 0.1%
	100	Franklin County Health Care Improvement, Presbyterian Services, Series A, Rev., 5.000%, 07/01/20		100
		Housing — 0.2%
		Ohio Housing Finance Agency, Single Family Mortgage,
	95	Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/28		99
	75	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/28		79
				178
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	190	Ohio Economic Development, Ohio Enterprise Bond Fund, Seepex Project, Series 1, Rev., 2.000%, 06/01/17		190
		Other Revenue — 0.3%
	285	Buckeye Tobacco Settlement Financing Authority, Asset-Backed, Series A-1, Rev., 5.000%, 06/01/17		290
		Prerefunded — 0.5%
	95	American Municipal Power, Inc., Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/18 (p)		100
	395	Cleveland-Cuyahoga County, Port Authority Development, Port of Cleveland Bond Fund, One Community Project, Series C, Rev., 5.000%, 11/15/20 (p)		444
				544
		Utility — 0.5%
	500	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series A, Rev., 5.000%, 02/15/32		553
	5	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/21		5
				558
		Total Ohio		3,100
		Oklahoma — 1.3%
		Transportation — 0.8%
		Tulsa Airports Improvement Trust,
	300	Series A, Rev., AMT, 5.000%, 06/01/24		337
	420	Series A, Rev., AMT, 5.000%, 06/01/25		467
				804
		Water & Sewer — 0.5%
		Oklahoma City Water Utilities Trust, Water & Sewer System,
	285	Rev., 5.000%, 07/01/30		332
	220	Rev., 5.375%, 07/01/40		247
				579
		Total Oklahoma		1,383

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oregon — 1.7%
		Education — 0.5%
	500	University of Oregon, Series A, Rev., 5.000%, 04/01/45		552
		General Obligation — 0.3%
	165	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.250%, 06/01/25		198
	20	Linn County Community School District No. 9 Lebanon, GO, NATL-RE, 5.500%, 06/15/30		25
	105	State of Oregon, University Systems Projects, Series G, GO, 5.250%, 08/01/31		118
				341
		Housing — 0.3%
		Oregon State Housing & Community Services Department, Single Family Mortgage Program,
	190	Series B, Rev., 5.000%, 07/01/20		208
	55	Series B, Rev., AMT, 5.000%, 07/01/30		58
				266
		Other Revenue — 0.4%
	300	Oregon State Department of Administrative Services, Series A, Rev., 5.000%, 04/01/23		349
		Transportation — 0.2%
	215	Port of Portland, International Airport, Subseries 20-C, Rev., AMT, 5.000%, 07/01/19		233
		Total Oregon		1,741
		Pennsylvania — 1.7%
		Education — 0.8%
	160	Allegheny County Higher Education Building Authority, Duquesne University, Series A, Rev., 5.000%, 03/01/20		175
	625	Pennsylvania Higher Educational Facilities Authority, Philadelphia University, Rev., 5.000%, 06/01/17		635
				810
		Housing — 0.5%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	115	Series 112, Rev., 5.000%, 04/01/28		120
	445	Series 118A, Rev., AMT, 3.500%, 04/01/40		458
				578
		Transportation — 0.4%
	350	Allegheny County Airport Authority, Pittsburgh International Airport, Series A-1, Rev., AMT, 5.000%, 01/01/26		377
		Total Pennsylvania		1,765
		Rhode Island — 0.8%
		Education — 0.5%
	500	Rhode Island Student Loan Authority, Series A, Rev., AMT, 5.000%, 12/01/23		543
		Transportation — 0.3%
	250	Rhode Island Economic Development Corp., Series B, Rev., 5.000%, 07/01/22		275
		Total Rhode Island		818
		South Carolina — 1.6%
		Education — 0.6%
	500	Charleston Educational Excellence Financing Corp., Charleston County School District Project, Rev., 5.000%, 12/01/24		582
		Housing — 0.2%
	215	South Carolina State Housing Finance & Development Authority, Mortgage, Series B-2, Rev., AMT, 4.000%, 07/01/43		224
		Transportation — 0.8%
	750	South Carolina State Ports Authority, Rev., AMT, 5.000%, 07/01/31		820
		Total South Carolina		1,626
		South Dakota — 0.6%
		Education — 0.5%
	500	South Dakota State Health & Educational Facilities Authority, Sanford Health, Rev., 5.000%, 11/01/45		536
		Housing — 0.1%
	125	South Dakota Housing Development Authority, Homeownership Mortgage, Series A, Rev., AMT, 4.500%, 05/01/31		132
		Total South Dakota		668
		Tennessee — 1.2%
		Housing — 0.3%
		Tennessee Housing Development Agency, Homeownership Program,
	185	Series 1A, Rev., AMT, 4.500%, 01/01/38		194
	100	Series A, Rev., AMT, 4.500%, 07/01/31		104
				298
		Other Revenue — 0.1%
	120	Memphis-Shelby County Sports Authority, Inc., Arena Project, Series D, Rev., NATL-RE, 5.000%, 11/01/19		131

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.8%
		Tennessee Energy Acquisition Corp., Gas Project,
	370	Series A, Rev., 5.250%, 09/01/21		417
	375	Series A, Rev., 5.250%, 09/01/23		424
				841
		Total Tennessee		1,270
		Texas — 6.0%
		Education — 0.8%
	170	Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center, Series A, Rev., 5.250%, 12/01/39		188
		University of Texas System,
	140	Series B, Rev., 5.250%, 07/01/28		171
	395	Series B, Rev., 5.250%, 07/01/30		481
				840
		General Obligation — 1.6%
	250	Dallas County Utility and Reclamation District, GO, 5.000%, 02/15/23		285
	200	North East Independent School District, GO, PSF-GTD, 5.250%, 02/01/27		242
	1,000	Texas Transportation Commission, State Highway Improvement, Series A, GO, 5.000%, 04/01/30		1,123
				1,650
		Housing — 0.1%
	75	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/29		79
	40	Texas State Affordable Housing Corp., Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		42
				121
		Industrial Development Revenue/Pollution Control Revenue — 1.6%
		Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project,
	100	Rev., 4.700%, 05/01/18		104
	1,000	Rev., 5.000%, 02/01/23		1,080
	500	Mission Economic Development Corp., Solid Waste Disposal, Waste Management, Inc. Project, Rev., 2.500%, 08/01/20		504
				1,688
		Prerefunded — 0.3%
	80	Fort Bend County, Limited Tax, GO, 5.250%, 03/01/18 (p)		84
	100	La Vernia Higher Education Finance Corp., Lifeschool of Dallas, Series A, Rev., 6.250%, 08/15/19 (p)		112
	100	Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc., Series A, Rev., 6.000%, 02/15/20 (p)		114
				310
		Transportation — 1.1%
		Dallas Area Rapid Transit, Senior Lien,
	130	Rev., AMBAC, 5.250%, 12/01/29		157
	700	Series A, Rev., 5.000%, 12/01/32		793
	200	Texas Transportation Commission, Turnpike System, Second Tier, Series C, Rev., 5.000%, 08/15/25		226
				1,176
		Water & Sewer — 0.5%
	425	City of Dallas, Waterworks & Sewer System, Rev., 5.000%, 10/01/42		467
	30	City of Houston, Capital Appreciation, Series A, Rev., AGM, Zero Coupon, 12/01/27 (p)		22
				489
		Total Texas		6,274
		Utah — 1.1%
		Other Revenue — 0.6%
		Utah Transit Authority, Sales Tax,
	40	Series C, Rev., AGM, 5.250%, 06/15/25		48
	450	Series C, Rev., AGM, 5.250%, 06/15/32		553
				601
		Water & Sewer — 0.5%
	500	Central Utah Water Conservancy District, Series C, Rev., 5.000%, 10/01/42		552
		Total Utah		1,153
		Vermont — 2.7%
		Education — 0.8%
	750	Vermont Student Assistance Corp., Education Loan, Series A, Rev., AMT, 5.000%, 06/15/24		813
		Housing — 1.9%
		Vermont Housing Finance Agency, Multiple Purpose,
	750	Series A, Rev., AMT, 4.000%, 11/01/46		778
	380	Series B, Rev., 4.000%, 11/01/44		398

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
			Housing — continued
	615		Series B, Rev., AMT, 3.750%, 11/01/45		634
	180		Series B, Rev., AMT, 4.125%, 11/01/42		186
					1,996
			Total Vermont		2,809
			Virginia — 0.8%
			Industrial Development Revenue/Pollution Control Revenue — 0.3%
	250		York County Economic Development Authority, Pollution Control, Electric & Power Company Project, Series A, Rev., VAR, 1.875%, 05/16/19		251
			Other Revenue — 0.5%
	470		Virginia Resources Authority, Infrastructure, Unrefunded Balance, Pooled Financing Program, Series A, Rev., 5.000%, 11/01/25		531
			Prerefunded — 0.0% (g)
	30		Virginia Resources Authority, Infrastructure, Pooled Financing Program, Series A, Rev., 5.000%, 11/01/21 (p)		34
			Total Virginia		816
			Washington — 2.4%
			General Obligation — 0.2%
	220		State of Washington Motor Vehicle Fuel Tax, Series F, GO, AMBAC, Zero Coupon, 12/01/22		190
			Housing — 0.7%
	105		Washington State Housing Finance Commission, Homeownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 04/01/29		109
	600		Washington State Housing Finance Commission, Single Family Program, Series 2A-R, Rev., AMT, 3.500%, 06/01/44		620
					729
			Transportation — 1.0%
	1,000		Port of Seattle, Series B, Rev., AMT, 5.000%, 09/01/25		1,103
			Utility — 0.5%
	150		Chelan County Public Utility District No.1, Series A, Rev., AMT, 5.500%, 07/01/26		167
	300		City of Seattle, Light & Power Improvement, Series A, Rev., 5.250%, 02/01/33		333
					500
			Total Washington		2,522
			West Virginia — 0.5%
			Hospital — 0.5%
	500		Monongalia County Building Commission, Rev., 5.000%, 07/01/23		572
			Wisconsin — 1.1%
			Education — 0.5%
	500		Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc., Series A, Rev., 5.000%, 07/01/25		557
			Other Revenue — 0.3%
	330		State of Wisconsin, General Fund Annual Appropriation, Series A, Rev., 5.750%, 05/01/29		362
			Transportation — 0.3%
	240		Wisconsin State Department of Transportation, Series 1, Rev., 5.000%, 07/01/27		274
			Total Wisconsin		1,193
			Wyoming — 0.4%
			Hospital — 0.4%
	375		Laramie County, Wyoming Hospital, Cheyenne Regional Medical Center Project, Rev., 4.000%, 05/01/18		389
			Housing — 0.0% (g)
	50		Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.000%, 06/01/32		50
			Total Wyoming		439
			Total Municipal Bonds (Cost $84,815)		85,763
SHARES
	Common Stock — 0.0% (g)
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
	–(h	)	Southcross Holdings LP		12
			Materials — 0.0%
			Containers & Packaging — 0.0%
	451		Constar International, Inc., Class A, ADR (a)		—
			Total Common Stocks (Cost $11)		12
	Preferred Stock — 0.0%
			Materials — 0.0%
			Containers & Packaging — 0.0%
	45		Constar International, Inc., Class A (a) (Cost $10)		—

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — 14.6%
		Consumer Discretionary — 3.4%
		Automobiles — 0.2%
	173	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		173
		Diversified Consumer Services — 0.2%
	240	Spin Holdco, Inc., Initial Term Loan, VAR, 4.250%, 11/14/19		238
		Hotels, Restaurants & Leisure — 0.2%
	50	CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		50
	146	Scientific Games Corp., Initial Term Loan, VAR, 6.000%, 10/18/20		147
				197
		Internet & Direct Marketing Retail — 0.2%
	284	Lands’ End, Inc., Initial Term B Loan, VAR, 4.250%, 04/04/21		210
		Media — 1.3%
	45	Mission Broadcasting, Inc., 1st Lien Term Loan B, VAR, 3.000%, 09/26/23 ^		45
	478	MTL Publishing LLC, Term B-4 Loan, VAR, 3.282%, 08/22/22		479
	505	Nexstar Broadcasting, Inc, 1st Lien Term Loan B, VAR, 3.000%, 09/22/23 ^		507
	317	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		318
	54	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		54
				1,403
		Multiline Retail — 0.4%
	497	Neiman Marcus Group, Inc., Other Term Loan, VAR, 4.250%, 10/25/20		450
		Specialty Retail — 0.8%
	623	Harbor Freight Tools U.S.A., Inc., 1st Lien Term Loan, VAR, 4.137%, 08/11/23		629
	287	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		184
				813
		Textiles, Apparel & Luxury Goods — 0.1%
	169	Nine West Holdings, Inc., Initial Loan, VAR, 4.750%, 10/08/19		102
		Total Consumer Discretionary		3,586
		Consumer Staples — 1.2%
		Food & Staples Retailing — 1.0%
	746	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		748
	99	Albertson’s LLC, Term Loan B-6, VAR, 4.750%, 06/22/23		99
	229	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		230
				1,077
		Food Products — 0.2%
	65	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.387%, 04/29/20		65
	79	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.334%, 01/13/23		80
				145
		Total Consumer Staples		1,222
		Energy — 1.3%
		Oil, Gas & Consumable Fuels — 1.3%
	16	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		16
	125	Energy Transfer Equity LP, Term Loan, VAR, 3.387%, 12/02/19		125
	1,190	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		1,170
	65	Sabine Oil & Gas Corp., Term Loan, VAR, 12.000%, 12/31/18 (d) ^		2
	88	Southcross Energy Partners LP, Term Loan, VAR, 5.250%, 08/04/21		68
	30	Southcross Holdings Borrower LP, Tranche B Term Loan, VAR, 3.500%, 04/13/23		22
		Total Energy		1,403
		Financials — 0.5%
		Consumer Finance — 0.5%
	494	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		481
		Health Care — 1.3%
		Health Care Providers & Services — 0.2%
	49	Amsurg Corp., Initial Term Loan, VAR, 5.250%, 07/16/21		49
	88	CHS/Community Health Systems, Inc., Incremental 2018 Term F Loan, VAR, 4.165%, 12/31/18		85
	95	IASIS Healthcare LLC, Term Loan B, VAR, 4.500%, 05/03/18		93
				227
		Pharmaceuticals — 1.1%
	422	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		353
	778	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 5.500%, 04/01/22		771
				1,124
		Total Health Care		1,351
		Industrials — 0.8%
		Airlines — 0.4%
	296	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		298
	146	U.S. Airways, Inc., Term Loan B-1, VAR, 3.500%, 05/23/19		146

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Airlines — continued
				444
		Industrial Conglomerates — 0.2%
	66	Autoparts Holdings Ltd., Term Loan, VAR, 7.000%, 07/29/17		65
	204	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		174
				239
		Marine — 0.2%
	200	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		143
		Total Industrials		826
		Information Technology — 1.7%
		IT Services — 0.5%
	43	First Data Corp., 2022 New Dollar Term Loan, VAR, 4.334%, 07/08/22		43
	517	First Data Corp., Term Loan, VAR, 3.584%, 03/24/21		519
				562
		Semiconductors & Semiconductor Equipment — 0.7%
	144	Microsemi Corp., Closing Date Term B Loan, VAR, 3.750%, 01/15/23		145
	267	NXP B.V./NXP Funding LLC, Tranche F Loan, (Netherlands), VAR, 3.405%, 12/07/20		268
	330	Versum Materials, Inc., Senior Secured Term Loan B, VAR, 3.340%, 09/22/23		332
				745
		Software — 0.1%
	99	Longview Solutions, Inc., Term B Advance, (Canada), VAR, 7.000%, 04/13/21		86
		Technology Hardware, Storage & Peripherals — 0.4%
	360	Dell Software Group, Term Loan, VAR, 7.000%, 09/15/22		360
		Total Information Technology		1,753
		Materials — 0.7%
		Chemicals — 0.4%
	234	GCP Applied Technologies, Inc., 1st Lien Term Loan, VAR, 4.088%, 02/03/22		235
	219	Gemini HDPE LLC, Advance, VAR, 4.750%, 08/06/21		222
				457
		Containers & Packaging — 0.2%
	214	Berry Plastics Corp., Term Loan H, VAR, 3.750%, 10/01/22		215
		Paper & Forest Products — 0.1%
	78	Unifrax I LLC/Unifrax Holding Co., Term Loan, VAR, 4.250%, 11/28/18		78
		Total Materials		750
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.5%
	150	Intelsat Jackson Holdings S.A., Tranche B-2 Term Loan, (Luxembourg), VAR, 3.750%, 06/30/19		144
	448	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		450
				594
		Wireless Telecommunication Services — 0.1%
	107	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		96
		Total Telecommunication Services		690
		Utilities — 3.1%
		Electric Utilities — 2.6%
	484	Calpine Construction Finance Co., Term B-1 Loan, VAR, 3.090%, 05/03/20		478
	548	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 06/30/17 ^		551
	1,425	Texas Competitive Electric Holdings Co. LLC, Term Loan, VAR, 5.000%, 08/04/23 ^		1,438
	325	Texas Competitive Electric Holdings Co. LLC, Term Loan C, VAR, 5.000%, 08/04/23		328
				2,795
		Independent Power & Renewable Electricity Producers — 0.5%
	500	Dynegy, Inc., 1st Lien Term Loan C, VAR, 5.000%, 06/27/23		502
		Total Utilities		3,297
		Total Loan Assignments (Cost $15,789)		15,359
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	3,053	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l) (Cost $3,053)		3,053
		Total Investments — 99.2% (Cost $103,701)		104,189
		Other Assets in Excess of Liabilities — 0.8%		831
		NET ASSETS — 100.0%	$	105,020

Percentages indicated are based on net assets.

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ADR	—	American Depositary Receipt
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
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CHESLA	—	Connecticut Higher Education Supplemental Loan Authority
COLL	—	Collateral
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EDA	—	Economic Development Authority
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
RE	—	Reinsured
Rev.	—	Revenue
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
XLCA	—	Insured by XL Capital Assurance

(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(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.
^	—	All or a portion of the security is unsettled as of August 31, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

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	$	2,029
Aggregate gross unrealized depreciation		(1,541	)
Net unrealized appreciation/depreciation	$	488
Federal income tax cost of investments	$	103,701

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

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.

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

Fixed income instruments are valued based on prices received from 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 fair value 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 (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Materials	$	—	$	—	$	2	$	2
Municipal Bonds
Alabama
Utility		—		546		—		546
Alaska
Housing		—		113		—		113
Industrial Development Revenue/Pollution Control Revenue		—		358		—		358
Other Revenue		—		91		—		91

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Alaska	$	—	$	562	$	—	$	562
Arizona
Education		—		317		—		317
Prerefunded		—		104		—		104
Utility		—		239		—		239
Water & Sewer		—		573		—		573
Total Arizona		—		1,233		—		1,233
California
Education		—		110		—		110
General Obligation		—		888		—		888
Hospital		—		421		—		421
Housing		—		5		—		5
Industrial Development Revenue/Pollution Control Revenue		—		245		—		245
Transportation		—		1,378		—		1,378
Utility		—		861		—		861
Total California		—		3,908		—		3,908
Colorado
General Obligation		—		510		—		510
Housing		—		20		—		20
Utility		—		129		—		129
Total Colorado		—		659		—		659
Connecticut
Education		—		1,202		—		1,202
Housing		—		190		—		190
Total Connecticut		—		1,392		—		1,392
Delaware
Housing		—		424		—		424
District of Columbia
Education		—		202		—		202
Other Revenue		—		105		—		105
Transportation		—		112		—		112
Total District of Columbia		—		419		—		419
Florida
Certificate of Participation/Lease		—		1,700		—		1,700
Education		—		550		—		550
General Obligation		—		213		—		213
Hospital		—		1,924		—		1,924
Housing		—		332		—		332
Industrial Development Revenue/Pollution Control Revenue		—		1,060		—		1,060
Other Revenue		—		910		—		910
Prerefunded		—		81		—		81
Transportation		—		2,408		—		2,408
Utility		—		1,868		—		1,868
Total Florida		—		11,046		—		11,046
Georgia
Housing		—		482		—		482
Industrial Development Revenue/Pollution Control Revenue		—		504		—		504
Other Revenue		—		282		—		282
Transportation		—		528		—		528
Total Georgia		—		1,796		—		1,796
Guam
Water & Sewer		—		1,115		—		1,115
Hawaii
Prerefunded		—		110		—		110

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Idaho
General Obligation	$	—	$	842	$	—	$	842
Housing		—		497		—		497
Total Idaho		—		1,339		—		1,339
Illinois
General Obligation		—		361		—		361
Hospital		—		847		—		847
Housing		—		794		—		794
Other Revenue		—		341		—		341
Transportation		—		523		—		523
Water & Sewer		—		178		—		178
Total Illinois		—		3,044		—		3,044
Indiana
Hospital		—		367		—		367
Housing		—		115		—		115
Other Revenue		—		550		—		550
Water & Sewer		—		281		—		281
Total Indiana		—		1,313		—		1,313
Iowa
Housing		—		21		—		21
Kentucky
Housing		—		26		—		26
Industrial Development Revenue/Pollution Control Revenue		—		250		—		250
Total Kentucky		—		276		—		276
Louisiana
Housing		—		72		—		72
Other Revenue		—		247		—		247
Transportation		—		133		—		133
Water & Sewer		—		443		—		443
Total Louisiana		—		895		—		895
Maine
Education		—		310		—		310
Housing		—		1,032		—		1,032
Prerefunded		—		29		—		29
Total Maine		—		1,371		—		1,371
Maryland
Special Tax		—		443		—		443
Transportation		—		106		—		106
Total Maryland		—		549		—		549
Massachusetts
Education		—		1,929		—		1,929
Housing		—		1,093		—		1,093
Other Revenue		—		125		—		125
Transportation		—		1,756		—		1,756
Water & Sewer		—		1,288		—		1,288
Total Massachusetts		—		6,191		—		6,191
Michigan
Education		—		547		—		547
Industrial Development Revenue/Pollution Control Revenue		—		178		—		178
Transportation		—		443		—		443
Total Michigan		—		1,168		—		1,168
Minnesota
Hospital		—		204		—		204
Housing		—		1,985		—		1,985
Total Minnesota		—		2,189		—		2,189
Mississippi
Other Revenue		—		308		—		308

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Missouri
General Obligation	$	—	$	283	$	—	$	283
Housing		—		960		—		960
Transportation		—		469		—		469
Total Missouri		—		1,712		—		1,712
Montana
Housing		—		252		—		252
Transportation		—		105		—		105
Total Montana		—		357		—		357
Nebraska
General Obligation		—		703		—		703
Utility		—		387		—		387
Total Nebraska		—		1,090		—		1,090
New Hampshire
Education		—		367		—		367
Housing		—		130		—		130
Total New Hampshire		—		497		—		497
New Jersey
Education		—		1,270		—		1,270
Industrial Development Revenue/Pollution Control Revenue		—		504		—		504
Other Revenue		—		1,104		—		1,104
Transportation		—		424		—		424
Total New Jersey		—		3,302		—		3,302
New Mexico
Housing		—		183		—		183
Other Revenue		—		417		—		417
Total New Mexico		—		600		—		600
New York
Education		—		592		—		592
General Obligation		—		—		502		502
Housing		—		1,594		—		1,594
Other Revenue		—		1,903		—		1,903
Prerefunded		—		96		—		96
Special Tax		—		546		—		546
Transportation		—		574		—		574
Water & Sewer		—		1,841		—		1,841
Total New York		—		7,146		502		7,648
North Dakota
Housing		—		313		—		313
Utility		—		221		—		221
Total North Dakota		—		534		—		534
Ohio
Education		—		964		—		964
General Obligation		—		276		—		276
Hospital		—		100		—		100
Housing		—		178		—		178
Industrial Development Revenue/Pollution Control Revenue		—		190		—		190
Other Revenue		—		290		—		290
Prerefunded		—		544		—		544
Utility		—		558		—		558
Total Ohio		—		3,100		—		3,100
Oklahoma
Transportation		—		804		—		804
Water & Sewer		—		579		—		579
Total Oklahoma		—		1,383		—		1,383
Oregon
Education		—		552		—		552

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
General Obligation	$	—	$	341	$	—	$	341
Housing		—		266		—		266
Other Revenue		—		349		—		349
Transportation		—		233		—		233
Total Oregon		—		1,741		—		1,741
Pennsylvania
Education		—		810		—		810
Housing		—		578		—		578
Transportation		—		377		—		377
Total Pennsylvania		—		1,765		—		1,765
Rhode Island
Education		—		543		—		543
Transportation		—		275		—		275
Total Rhode Island		—		818		—		818
South Carolina
Education		—		582		—		582
Housing		—		224		—		224
Transportation		—		820		—		820
Total South Carolina		—		1,626		—		1,626
South Dakota
Education		—		536		—		536
Housing		—		132		—		132
Total South Dakota		—		668		—		668
Tennessee
Housing		—		298		—		298
Other Revenue		—		131		—		131
Utility		—		841		—		841
Total Tennessee		—		1,270		—		1,270
Texas
Education		—		840		—		840
General Obligation		—		1,650		—		1,650
Housing		—		121		—		121
Industrial Development Revenue/Pollution Control Revenue		—		1,688		—		1,688
Prerefunded		—		310		—		310
Transportation		—		1,176		—		1,176
Water & Sewer		—		489		—		489
Total Texas		—		6,274		—		6,274
Utah
Other Revenue		—		601		—		601
Water & Sewer		—		552		—		552
Total Utah		—		1,153		—		1,153
Vermont
Education		—		813		—		813
Housing		—		1,996		—		1,996
Total Vermont		—		2,809		—		2,809
Virginia
Industrial Development Revenue/Pollution Control Revenue		—		251		—		251
Other Revenue		—		531		—		531
Prerefunded		—		34		—		34
Total Virginia		—		816		—		816
Washington
General Obligation		—		190		—		190
Housing		—		729		—		729
Transportation		—		1,103		—		1,103
Utility		—		500		—		500
Total Washington		—		2,522		—		2,522
West Virginia
Hospital		—		572		—		572

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Wisconsin
Education	$	—	$	557	$	—		$	557
Other Revenue		—		362		—			362
Transportation		—		274		—			274
Total Wisconsin		—		1,193		—			1,193
Wyoming
Hospital		—		389		—			389
Housing		—		50		—			50
Total Wyoming		—		439		—			439
Total Municipal Bonds		—		85,261		502			85,763
Preferred Stocks
Materials		—		—		—	(a)		—	(a)
Common Stocks
Energy		—		—		12			12
Materials		—		—		—	(a)		—	(a)
Loan Assignments
Consumer Discretionary		—		3,536		50			3,586
Consumer Staples		—		1,222		—			1,222
Energy		—		1,403		—			1,403
Financials		—		481		—			481
Health Care		—		1,351		—			1,351
Industrials		—		826		—			826
Information Technology		—		1,753		—			1,753
Materials		—		750		—			750
Telecommunication Services		—		690		—			690
Utilities		—		3,297		—			3,297
Total Loan Assignments		—		15,309		50			15,359
Short-Term Investment Investment Company		3,053		—		—			3,053
Total Investments in Securities	$	3,053	$	100,570	$	566		$	104,189

(a) Value is zero.

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

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

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

	Balance as of February 29, 2016			Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities
Collateralized Mortgage Obligation — Agency CMO	$	—		$	—	$	1		$	—		$	11	$	—		$	—	$	—		$	12
Common Stock — Materials		—	(b)		—		—			—			—		—			—		—			—	(b)
Corporate Bond — Materials		2			—		—			—			—		—			—		—			2
Loan Assignments — Consumer Discretionary		—			—		3			—	(a)		—		—	(a)		47		—			50
Loan Assignments — Industrials		139			—		—			—			—		—			—		(139	)		—
Municipal Bond — New York		—			—		—	(a)		(3	)		505		—			—		—			502
Preferred Stock — Materials		—	(b)		—		—			—			—		—			—		—			—	(b)
	$	141		$	—	$	4		$	(3	)	$	516	$	—		$	47	$	(139	)	$	566

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

There were no significant transfers between level 2 and level 3 during the period ended November 30, 2016.

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

Tax Aware High Income

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	Pending Distribution Amount	Discount for potential outcome (a)	100.00% (100.00%)
Common Stock		—
		—	Pending Distribution Amount	Discount for potential outcome (a)	100.00% (100.00%)
Preferred Stock		—
		3	Pending Distribution Amount	Discount for potential outcome (a)	15.00 - 50.00% (25.86%)
Corporate Bond		3
Total	$	3

# The table above does not include level 3 securities that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was $563. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield, and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement. A significant change in broker pricing information could result in a significantly higher or lower value in such Level 3 instruments.

JPMorgan Tax Aware Income Opportunities 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
	Asset-Backed Securities — 3.5%
	539	ABFC Trust, Series 2006-OPT2, Class A2, VAR, 0.732%, 10/25/36		458
	609	ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1, Class A2B, VAR, 0.682%, 07/25/36		223
		Ameriquest Mortgage Securities Trust,
	258	Series 2006-M3, Class A2B, VAR, 0.692%, 10/25/36		114
	420	Series 2006-M3, Class A2C, VAR, 0.752%, 10/25/36		186
	161	Series 2006-M3, Class A2D, VAR, 0.832%, 10/25/36		72
	287	Argent Securities Trust, Series 2006-M2, Class A2D, VAR, 0.832%, 09/25/36		113
	138	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W4, Class A2D, VAR, 0.972%, 02/25/36		97
	324	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A2, VAR, 0.712%, 10/25/36		199
		Countrywide Asset-Backed Certificates,
	154	Series 2007-2, Class 2A3, VAR, 0.732%, 08/25/37		146
	286	Series 2007-7, Class 2A3, VAR, 0.822%, 10/25/47		271
		Credit-Based Asset Servicing & Securitization LLC,
	93	Series 2006-CB4, Class AV4, VAR, 0.832%, 05/25/36		72
	349	Series 2006-CB8, Class A1, VAR, 0.732%, 10/25/36		268
	178	CSAB Mortgage-Backed Trust, Series 2006-2, Class A2, VAR, 0.762%, 09/25/36		76
	157	CWABS Asset-Backed Certificates Trust, Series 2006-17, Class 2A2, VAR, 0.742%, 03/25/47		146
	81	Fieldstone Mortgage Investment Trust, Series 2006-2, Class 2A3, VAR, 0.804%, 07/25/36		48
		First Franklin Mortgage Loan Trust,
	326	Series 2006-FF13, Class A2D, VAR, 0.832%, 10/25/36		236
	325	Series 2006-FF16, Class 2A3, VAR, 0.732%, 12/25/36		196
		Fremont Home Loan Trust,
	554	Series 2006-B, Class 2A3, VAR, 0.752%, 08/25/36		230
	228	Series 2006-B, Class 2A4, VAR, 0.832%, 08/25/36		97
	155	GSAA Home Equity Trust, Series 2007-5, Class 1AV1, VAR, 0.692%, 03/25/47		75
		GSAMP Trust,
	373	Series 2006-FM1, Class A1, VAR, 0.752%, 04/25/36		263
	121	Series 2006-FM2, Class A2C, VAR, 0.742%, 09/25/36		55
	121	Series 2006-FM2, Class A2D, VAR, 0.832%, 09/25/36		56
	444	Series 2006-HE3, Class A2C, VAR, 0.752%, 05/25/46		412
	646	Series 2007-HE1, Class A2C, VAR, 0.742%, 03/25/47		559
		Home Equity Mortgage Loan Asset-Backed Trust,
	328	Series 2006-C, Class 2A, VAR, 0.722%, 08/25/36		268
	93	Series 2006-C, Class 3A3, VAR, 0.742%, 08/25/36		86
	388	Series 2006-D, Class 1A, VAR, 0.732%, 11/25/36		313
	354	Series 2006-E, Class 2A3, VAR, 0.762%, 04/25/37		238
	437	Series 2007-B, Class 2A3, VAR, 0.792%, 07/25/37		272
	40	JPMorgan Mortgage Acquisition Trust, Series 2006-CW2, Class AV4, VAR, 0.742%, 08/25/36		38
		MASTR Asset-Backed Securities Trust,
	159	Series 2006-HE4, Class A2, VAR, 0.702%, 11/25/36		74
	203	Series 2006-HE4, Class A3, VAR, 0.742%, 11/25/36		96
	271	Series 2006-NC3, Class A1, VAR, 0.722%, 10/25/36		161
	166	Merrill Lynch Mortgage Investors Trust, Series 2007-HE3, Class A1, VAR, 0.662%, 04/25/47		94
	67	Morgan Stanley ABS Capital I, Inc., Trust, Series 2007-HE7, Class A2B, VAR, 1.592%, 07/25/37		62
	296	Nationstar Home Equity Loan Trust, Series 2007-C, Class 1AV1, VAR, 0.767%, 06/25/37		254
	306	New Century Home Equity Loan Trust, Series 2006-2, Class A2B, VAR, 0.752%, 08/25/36		256
		NovaStar Mortgage Funding Trust,
	209	Series 2006-4, Class A2C, VAR, 0.742%, 09/25/36		117
	101	Series 2006-4, Class A2D, VAR, 0.842%, 09/25/36		57
	499	Series 2007-1, Class A1A, VAR, 0.722%, 03/25/37		323

JPMorgan Tax Aware Income Opportunities 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
	Asset-Backed Securities — continued
	773	Series 2007-1, Class A2C, VAR, 0.772%, 03/25/37		402
	118	RASC Trust, Series 2007-KS3, Class AI3, VAR, 0.842%, 04/25/37		112
		Securitized Asset-Backed Receivables LLC Trust,
	335	Series 2006-NC3, Class A1, VAR, 0.732%, 09/25/36		228
	509	Series 2006-NC3, Class A2B, VAR, 0.742%, 09/25/36		255
	87	Series 2007-NC2, Class A2B, VAR, 0.732%, 01/25/37		56
	240	SG Mortgage Securities Trust, Series 2006-FRE1, Class A2B, VAR, 0.772%, 02/25/36		136
	445	Structured Asset Investment Loan Trust, Series 2006-4, Class A1, VAR, 0.765%, 07/25/36		279
		WaMu Asset-Backed Certificates WaMu Trust,
	480	Series 2007-HE2, Class 2A4, VAR, 0.952%, 04/25/37		228
	557	Series 2007-HE4, Class 1A, VAR, 0.762%, 07/25/47		353
		Total Asset-Backed Securities (Cost $9,726)		9,426
	Collateralized Mortgage Obligations — 2.1%
		Non-Agency CMO — 2.1%
	149	Adjustable Rate Mortgage Trust, Series 2005-5, Class 5A1, VAR, 3.470%, 09/25/35		131
	73	Alternative Loan Trust, Series 2006-J2, Class A1, VAR, 1.092%, 04/25/36		45
		Banc of America Funding Trust,
	38	Series 2006-D, Class 5A2, VAR, 3.152%, 05/20/36		34
	239	Series 2014-R7, Class 1A1, VAR, 0.684%, 05/26/36		226
	73	Series 2014-R7, Class 2A1, VAR, 0.674%, 09/26/36		69
	193	Bear Stearns ARM Trust, Series 2005-12, Class 22A1, VAR, 2.812%, 02/25/36		178
	66	CHL Mortgage Pass-Through Trust, Series 2007-5, Class A6, VAR, 0.942%, 05/25/37		47
		Citigroup Mortgage Loan Trust,
	114	Series 2014-10, Class 1A1, VAR, 0.669%, 11/25/36 (e)		105
	163	Series 2014-10, Class 3A1, VAR, 0.733%, 07/25/36 (e)		151
	197	Series 2014-10, Class 4A1, VAR, 0.694%, 02/25/37 (e)		180
	101	Series 2014-10, Class 5A1, VAR, 0.684%, 06/25/36 (e)		94
	110	Series 2014-11, Class 4A1, VAR, 0.634%, 07/25/36 (e)		99
	468	Series 2014-12, Class 1A4, VAR, 0.659%, 08/25/36 (e)		432
	72	Series 2014-12, Class 2A4, VAR, 4.006%, 02/25/37 (e)		69
	227	Series 2014-C, Class A, VAR, 3.250%, 02/25/54 (e)		218
		CSMC Trust,
	93	Series 2011-12R, Class 3A1, VAR, 2.684%, 07/27/36 (e)		91
	96	Series 2014-10R, Class 4A1, VAR, 0.704%, 12/27/36 (e)		93
	69	Series 2014-11R, Class 8A1, VAR, 0.874%, 04/27/37 (e)		67
	274	Series 2014-11R, Class 9A1, VAR, 0.674%, 10/27/36 (e)		260
	255	Series 2015-3R, Class 5A1, VAR, 0.675%, 09/29/36 (e)		243
	49	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 1A1, VAR, 1.092%, 02/25/35		46
	258	Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C04, Class 1M2, VAR, 6.292%, 04/25/28		280
	69	GSMSC Resecuritization Trust, Series 2014-1R, Class 1A, VAR, 0.704%, 04/26/37 (e)		65
	52	GSR Mortgage Loan Trust, Series 2006-2F, Class 2A1, 5.750%, 02/25/36		49
		HarborView Mortgage Loan Trust,
	55	Series 2004-9, Class 2A, VAR, 3.086%, 12/19/34		45
	163	Series 2006-9, Class 2A1A, VAR, 0.772%, 11/19/36		117
	5	Lehman XS Trust, Series 2006-18N, Class A2A, VAR, 0.742%, 12/25/36		6
		LSTAR Securities Investment Ltd., (Cayman Islands),
	72	Series 2015-4, Class A1, VAR, 2.533%, 04/01/20 (e)		71
	236	Series 2015-6, Class A, VAR, 2.533%, 05/01/20 (e)		232
	78	Series 2015-7, Class A, VAR, 2.527%, 07/01/20 (e)		77

JPMorgan Tax Aware Income Opportunities 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
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	97	Series 2016-3, Class A, VAR, 2.533%, 09/01/21 (e)		96
		LSTAR Securities Investment Trust,
	427	Series 2015-1, Class A, VAR, 2.617%, 01/01/20 (e)		426
	415	Series 2015-2, Class A, VAR, 2.533%, 01/01/20 (e)		415
	202	Series 2015-3, Class A, VAR, 2.617%, 03/01/20 (e)		202
	128	Series 2016-5, Class A1, VAR, 2.546%, 11/01/21 (e)		126
	116	Nomura Resecuritization Trust, Series 2015-2R, Class 4A1, VAR, 0.764%, 12/26/36 (e)		109
	41	RBSSP Resecuritization Trust, Series 2010-10, Class 2A1, VAR, 0.664%, 09/26/36 (e)		39
		Residential Asset Securitization Trust,
	143	Series 2006-A1, Class 1A6, VAR, 1.092%, 04/25/36		75
	488	Series 2006-R1, Class A2, VAR, 0.992%, 01/25/46		228
	60	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-7, Class 1A2, VAR, 1.042%, 09/25/35		45
		Total Collateralized Mortgage Obligations (Cost $5,596)		5,581
	Commercial Mortgage-Backed Securities — 1.6%
		BAMLL Commercial Mortgage Securities Trust,
	260	Series 2014-FL1, Class D, VAR, 4.538%, 12/15/31 (e)		246
	420	Series 2014-FL1, Class E, VAR, 6.038%, 12/15/31 (e)		361
	570	Series 2014-INLD, Class E, VAR, 3.875%, 12/15/29 (e)		545
	140	Series 2015-ASHF, Class D, VAR, 3.538%, 01/15/28 (e)		135
	150	Series 2015-ASHF, Class E, VAR, 4.538%, 01/15/28 (e)		144
		CG-CCRE Commercial Mortgage Trust,
	100	Series 2014-FL2, Class COL1, VAR, 4.038%, 11/15/31 (e)		100
	185	Series 2014-FL2, Class COL2, VAR, 5.038%, 11/15/31 (e)		184
	210	Citigroup Commercial Mortgage Trust, Series 2015-SHP2, Class E, VAR, 4.888%, 07/15/27 (e)		197
		Commercial Mortgage Trust,
	170	Series 2014-FL5, Class KH1, VAR, 4.188%, 08/15/31 (e)		159
	110	Series 2014-FL5, Class KH2, VAR, 5.038%, 08/15/31 (e)		102
	340	Series 2015-CR23, Class CMD, VAR, 3.807%, 05/10/48 (e)		317
		CSMC Trust,
	560	Series 2015-DEAL, Class E, VAR, 4.538%, 04/15/29 (e)		556
	240	Series 2015-SAND, Class E, VAR, 4.388%, 08/15/30 (e)		238
	540	GSCCRE Commercial Mortgage Trust, Series 2015-HULA, Class E, VAR, 4.938%, 08/15/32 (e)		527
	100	Velocity Commercial Capital Loan Trust, Series 2016-2, Class M3, VAR, 5.498%, 10/25/46		100
	490	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class F, VAR, 4.258%, 11/15/29 (e)		483
		Total Commercial Mortgage-Backed Securities (Cost $4,441)		4,394
	Convertible Bonds — 0.2%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	286	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		302
	65	Oasis Petroleum, Inc., 2.625%, 09/15/23		90
		Total Energy		392
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	128	Clearwire Communications LLC/Clearwire Finance, Inc., 8.250%, 12/01/40 (e)		134
		Total Convertible Bonds (Cost $498)		526
	Corporate Bonds — 4.5%
		Consumer Discretionary — 0.5%
		Auto Components — 0.1%
	15	American Axle & Manufacturing, Inc., 6.625%, 10/15/22		15
	9	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		9
		Dana, Inc.,
	15	5.375%, 09/15/21		16
	37	6.000%, 09/15/23		38

JPMorgan Tax Aware Income Opportunities 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
		Auto Components — continued
	23	Goodyear Tire & Rubber Co. (The), 5.125%, 11/15/23		23
	15	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20		15
				116
		Diversified Consumer Services — 0.0% (g)
	4	Laureate Education, Inc., 9.250%, 09/01/19 (e)		4
	23	Sotheby’s, 5.250%, 10/01/22 (e)		22
				26
		Hotels, Restaurants & Leisure — 0.0% (g)
	8	Interval Acquisition Corp., 5.625%, 04/15/23		8
	30	MGM Resorts International, 6.000%, 03/15/23		32
	15	Sabre GLBL, Inc., 5.250%, 11/15/23 (e)		15
	8	Scientific Games International, Inc., 10.000%, 12/01/22		8
				63
		Household Durables — 0.0% (g)
	16	Tempur Sealy International, Inc., 5.625%, 10/15/23		16
		Internet & Direct Marketing Retail — 0.0% (g)
	50	Acosta, Inc., 7.750%, 10/01/22 (e)		42
		Media — 0.4%
	7	CBS Radio, Inc., 7.250%, 11/01/24 (e)		8
	23	Cinemark USA, Inc., 5.125%, 12/15/22		24
	15	Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/22		15
		CSC Holdings LLC,
	94	6.750%, 11/15/21		99
	200	10.125%, 01/15/23 (e)		230
	400	10.875%, 10/15/25 (e)		466
	15	DISH DBS Corp., 4.250%, 04/01/18		15
	35	Hughes Satellite Systems Corp., 5.250%, 08/01/26 (e)		33
	8	iHeartCommunications, Inc., 9.000%, 12/15/19		6
	50	LIN Television Corp., 5.875%, 11/15/22		51
	16	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		16
	15	Sirius XM Radio, Inc., 6.000%, 07/15/24 (e)		16
				979
		Multiline Retail — 0.0% (g)
	4	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		3
		Specialty Retail — 0.0% (g)
	20	CST Brands, Inc., 5.000%, 05/01/23		21
	15	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		16
	15	PetSmart, Inc., 7.125%, 03/15/23 (e)		15
				52
		Total Consumer Discretionary		1,297
		Consumer Staples — 0.3%
		Food & Staples Retailing — 0.0% (g)
	54	New Albertsons, Inc., 8.000%, 05/01/31		52
		Food Products — 0.2%
	26	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		26
	15	Dean Foods Co., 6.500%, 03/15/23 (e)		16
	10	Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (e)		10
		Post Holdings, Inc.,
	61	5.000%, 08/15/26 (e)		58
	15	6.000%, 12/15/22 (e)		15
	254	Simmons Foods, Inc., 7.875%, 10/01/21 (e)		257
	15	TreeHouse Foods, Inc., 4.875%, 03/15/22		15
	34	WhiteWave Foods Co. (The), 5.375%, 10/01/22		38
				435
		Household Products — 0.1%
	15	Central Garden & Pet Co., 6.125%, 11/15/23		16
		HRG Group, Inc.,
	29	7.750%, 01/15/22		30
	232	7.875%, 07/15/19		242
				288
		Personal Products — 0.0% (g)
	54	Avon International Operations, Inc., 7.875%, 08/15/22 (e)		57
	107	Avon Products, Inc., 7.000%, 03/15/23		98
				155
		Total Consumer Staples		930
		Energy — 1.3%
		Energy Equipment & Services — 0.1%
	129	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		139
		Oil, Gas & Consumable Fuels — 1.2%
	23	Antero Resources Corp., 5.125%, 12/01/22		23

JPMorgan Tax Aware Income Opportunities 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
	86	Bonanza Creek Energy, Inc., 5.750%, 02/01/23		45
	63	BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.875%, 04/15/22 (d)		42
	7	California Resources Corp., 8.000%, 12/15/22 (e)		6
	18	Callon Petroleum Co., 6.125%, 10/01/24 (e)		18
	15	Carrizo Oil & Gas, Inc., 7.500%, 09/15/20		15
		Chaparral Energy, Inc.,
	187	7.625%, 11/15/22 (d)		155
	70	8.250%, 09/01/21 (d)		58
	189	9.875%, 10/01/20 (d)		157
	72	Chesapeake Energy Corp., VAR, 4.130%, 04/15/19		68
	53	Clayton Williams Energy, Inc., 7.750%, 04/01/19		53
	44	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 12/15/20		45
	112	CrownRock LP/CrownRock Finance, Inc., 7.125%, 04/15/21 (e)		116
		Endeavor Energy Resources LP/EER Finance, Inc.,
	275	7.000%, 08/15/21 (e)		282
	45	8.125%, 09/15/23 (e)		48
	93	EP Energy LLC/Everest Acquisition Finance, Inc., 8.000%, 11/29/24 (e)		96
	132	Great Western Petroleum LLC/Great Western Finance Corp., 9.000%, 09/30/21 (e)		137
	55	Halcon Resources Corp., 8.625%, 02/01/20 (e)		56
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	23	5.000%, 12/01/24 (e)		23
	130	5.750%, 10/01/25 (e)		132
	40	Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 (e)		42
		Kinder Morgan, Inc.,
	40	2.000%, 12/01/17		40
	27	3.050%, 12/01/19		27
	138	7.000%, 06/15/17		142
	60	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		58
	86	Matador Resources Co., 6.875%, 04/15/23		91
	15	MEG Energy Corp., (Canada), 7.000%, 03/31/24 (e)		13
		Memorial Production Partners LP/Memorial Production Finance Corp.,
	98	6.875%, 08/01/22		34
	213	7.625%, 05/01/21		76
	18	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		18
	19	Northern Oil and Gas, Inc., 8.000%, 06/01/20		14
	35	Oasis Petroleum, Inc., 6.500%, 11/01/21		35
		Parsley Energy LLC/Parsley Finance Corp.,
	45	6.250%, 06/01/24 (e)		47
	400	7.500%, 02/15/22 (e)		424
	99	RSP Permian, Inc., 6.625%, 10/01/22		104
	684	Samson Resources Co., 9.750%, 02/15/20 (d)		41
	237	Sanchez Energy Corp., 6.125%, 01/15/23		207
	67	Seven Generations Energy Ltd., (Canada), 6.875%, 06/30/23 (e)		70
	62	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 03/15/24		66
	43	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.250%, 01/15/25		44
	15	Whiting Petroleum Corp., 5.000%, 03/15/19		15
	60	Williams Cos., Inc. (The), 7.875%, 09/01/21		69
	15	WPX Energy, Inc., 7.500%, 08/01/20		16
				3,268
		Total Energy		3,407
		Financials — 0.4%
		Banks — 0.0% (g)
	73	CIT Group, Inc., 5.000%, 05/15/17		74
		Consumer Finance — 0.4%
		Ally Financial, Inc.,
	96	2.750%, 01/30/17		96
	150	3.250%, 09/29/17		151
	77	3.250%, 11/05/18		77
	130	4.750%, 09/10/18		134
	40	5.500%, 02/15/17		40
	253	6.250%, 12/01/17		262
	150	8.000%, 11/01/31		170
	100	Springleaf Finance Corp., 6.500%, 09/15/17		103
				1,033
		Total Financials		1,107

JPMorgan Tax Aware Income Opportunities 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 — 0.3%
		Health Care Providers & Services — 0.2%
		Acadia Healthcare Co., Inc.,
	9	5.125%, 07/01/22		9
	46	5.625%, 02/15/23		45
	26	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		26
	51	Covenant Surgical Partners, Inc., 8.750%, 08/01/19 (e)		49
	30	HCA, Inc., 5.250%, 04/15/25		30
	8	HealthSouth Corp., 5.750%, 09/15/25		8
	184	Molina Healthcare, Inc., 5.375%, 11/15/22		184
	104	Tenet Healthcare Corp., 8.125%, 04/01/22		95
	86	WellCare Health Plans, Inc., 5.750%, 11/15/20		88
				534
		Pharmaceuticals — 0.1%
		Concordia International Corp., (Canada),
	294	7.000%, 04/15/23 (e)		112
	54	9.000%, 04/01/22 (e)		49
		Valeant Pharmaceuticals International, Inc., (Canada),
	271	5.375%, 03/15/20 (e)		227
	23	6.750%, 08/15/18 (e)		22
				410
		Total Health Care		944
		Industrials — 0.4%
		Aerospace & Defense — 0.1%
	8	Arconic, Inc., 5.125%, 10/01/24		8
	8	Bombardier, Inc., (Canada), 5.500%, 09/15/18 (e)		9
	15	Huntington Ingalls Industries, Inc., 5.000%, 11/15/25 (e)		15
	15	TransDigm, Inc., 6.000%, 07/15/22		15
	134	Triumph Group, Inc., 4.875%, 04/01/21		123
				170
		Airlines — 0.1%
	172	Allegiant Travel Co., 5.500%, 07/15/19		176
		Building Products — 0.0% (g)
	76	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		77
		Commercial Services & Supplies — 0.0% (g)
	8	APX Group, Inc., 6.375%, 12/01/19		8
		Electrical Equipment — 0.0% (g)
	9	Novelis Corp., 5.875%, 09/30/26 (e)		9
	186	Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc., 8.625%, 06/01/21 (e)		143
				152
		Industrial Conglomerates — 0.1%
	216	CTP Transportation Products LLC/CTP Finance, Inc., 8.250%, 12/15/19 (e)		171
		Professional Services — 0.1%
	157	CEB, Inc., 5.625%, 06/15/23 (e)		152
	4	Corporate Risk Holdings LLC, 9.500%, 07/01/19 (e)		4
				156
		Road & Rail — 0.0% (g)
	15	Hertz Corp. (The), 6.250%, 10/15/22		14
	219	Jack Cooper Holdings Corp., 9.250%, 06/01/20		76
				90
		Trading Companies & Distributors — 0.0% (g)
	15	HD Supply, Inc., 5.250%, 12/15/21 (e)		16
	30	International Lease Finance Corp., 5.875%, 08/15/22		33
	15	United Rentals North America, Inc., 5.750%, 11/15/24		16
	74	Univar USA, Inc., 6.750%, 07/15/23 (e)		75
				140
		Total Industrials		1,140
		Information Technology — 0.1%
		Electronic Equipment, Instruments & Components — 0.0% (g)
	11	Belden, Inc., 5.500%, 09/01/22 (e)		11
		IT Services — 0.1%
	9	Alliance Data Systems Corp., 5.875%, 11/01/21 (e)		9
	223	First Data Corp., 7.000%, 12/01/23 (e)		233
	15	WEX, Inc., 4.750%, 02/01/23 (e)		15
				257
		Software — 0.0% (g)
	9	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		9
	98	Interface Security Systems Holdings, Inc./Interface Security Systems LLC, 9.250%, 01/15/18		97
				106

JPMorgan Tax Aware Income Opportunities 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
		Technology Hardware, Storage & Peripherals — 0.0% (g)
	8	NCR Corp., 6.375%, 12/15/23		9
		Total Information Technology		383
		Materials — 0.2%
		Chemicals — 0.0% (g)
	11	Chemours Co. (The), 6.625%, 05/15/23		11
		Containers & Packaging — 0.2%
	200	ARD Finance S.A., (Luxembourg), (cash), 7.125%, 09/15/23 (e)		198
	15	Ball Corp., 5.250%, 07/01/25		15
	99	Pactiv LLC, 8.375%, 04/15/27		109
				322
		Metals & Mining — 0.0% (g)
	8	ArcelorMittal, (Luxembourg), 10.850%, 06/01/19		10
	8	Cliffs Natural Resources, Inc., 8.250%, 03/31/20 (e)		9
	8	FMG Resources August 2006 Pty Ltd., (Australia), 9.750%, 03/01/22 (e)		9
				28
		Total Materials		361
		Real Estate — 0.0% (g)
		Equity Real Estate Investment Trusts (REITs) — 0.0% (g)
	20	Equinix, Inc., 5.375%, 01/01/22		21
		Iron Mountain, Inc.,
	15	6.000%, 10/01/20 (e)		15
	31	6.000%, 08/15/23		33
		Total Real Estate		69
		Telecommunication Services — 0.8%
		Diversified Telecommunication Services — 0.4%
	15	CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 05/01/23 (e)		15
	15	CenturyLink, Inc., Series V, 5.625%, 04/01/20		16
	7	Frontier Communications Corp., 11.000%, 09/15/25		7
	233	GCI, Inc., 6.750%, 06/01/21		239
	87	Intelsat Jackson Holdings S.A., (Luxembourg), 7.250%, 04/01/19		68
		Level 3 Financing, Inc.,
	90	5.375%, 01/15/24		90
	15	6.125%, 01/15/21		16
	200	Wind Acquisition Finance S.A., (Luxembourg), 4.750%, 07/15/20 (e)		200
	8	Windstream Services LLC, 7.500%, 06/01/22		8
	300	Ziggo Secured Finance B.V., (Netherlands), 5.500%, 01/15/27 (e)		288
				947
		Wireless Telecommunication Services — 0.4%
		Sprint Communications, Inc.,
	844	9.000%, 11/15/18 (e)		926
	182	11.500%, 11/15/21		218
	23	T-Mobile USA, Inc., 6.500%, 01/15/26		25
				1,169
		Total Telecommunication Services		2,116
		Utilities — 0.2%
		Gas Utilities — 0.1%
	109	Ferrellgas LP/Ferrellgas Finance Corp., 6.500%, 05/01/21		103
	179	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		176
	77	Sabine Pass Liquefaction LLC, 5.625%, 03/01/25		80
				359
		Independent Power & Renewable Electricity Producers — 0.1%
	112	Calpine Corp., 7.875%, 01/15/23 (e)		117
		Total Utilities		476
		Total Corporate Bonds (Cost $12,833)		12,230
	Daily Demand Notes — 3.3%
		California — 0.0% (g)
	50	State of California, Kindergarten, Series B3, GO, VRDO, LOC: Citibank N.A., 0.380%, 12/01/16		50
		Georgia — 0.1%
	200	Athens-Clarke County, Development Authority of Unified Government, University of Georgia Athletic Association Project, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.440%, 12/01/16		200
		Kansas — 0.2%
	450	University of Kansas Hospital Authority, KU Health System, Rev., VRDO, LOC: U.S. Bank N.A., 0.460%, 12/01/16		450
		Michigan — 0.1%
	200	Regents of the University of Michigan, Series A, Rev., VRDO, 0.420%, 12/01/16		200
		Mississippi — 0.0% (g)
	130	County of Jackson, Pollution Control, Chevron USA, Inc., Project, Rev., VRDO, 0.540%, 12/01/16		130

JPMorgan Tax Aware Income Opportunities 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
	Daily Demand Notes — continued
		New York — 0.5%
	350	City of New York, Fiscal Year 2013, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.490%, 12/01/16		350
	275	New York City Municipal Water Finance Authority, Water & Sewer System, Subseries B-3, Rev., VRDO, 0.460%, 12/01/16		275
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013,
	200	Subseries A-5, Rev., VRDO, 0.460%, 12/01/16		200
	200	Subseries A-6, Rev., VRDO, 0.460%, 12/01/16		200
	400	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016, Subseries A-4, Rev., VRDO, 0.510%, 12/01/16		400
		Total New York		1,425
		North Carolina — 0.7%
	700	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.460%, 12/01/16		700
	1,130	University of North Carolina, University Hospital at Chapel Hill, Series B, Rev., VRDO, 0.440%, 12/01/16		1,130
		Total North Carolina		1,830
		Pennsylvania — 1.0%
	950	Geisinger Authority Health System,
		Series B, Rev., VRDO, 0.420%, 12/01/16		950
	1,855	Philadelphia Authority for Industrial Development, NewCourtland Elder Services Project, Rev., VRDO, LOC: PNC Bank N.A., 0.530%, 12/01/16		1,855
		Total Pennsylvania		2,805
		Tennessee — 0.4%
	145	City of Clarksville, Public Building Authority, Morristown Loans, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/01/16		145
	350	Clarksville Public Building Authority, Pooled Financing, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/01/16		350
	600	Montgomery County Public Building Authority, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/01/16		600
		Total Tennessee		1,095
		Vermont — 0.1%
	250	Vermont Educational & Health Buildings Financing Agency, Series A, Rev., VRDO, LOC: TD Banknorth N.A., 0.460%, 12/01/16		250
		Virginia — 0.1%
	400	Virginia College Building Authority, University of Richmond Project, Rev., VRDO, 0.440%, 12/01/16		400
		Washington — 0.1%
	200	Washington Economic Development Finance Authority, Series H, Rev., VRDO, LOC: U.S. Bank N.A., 0.650%, 12/01/16		200
		Total Daily Demand Notes (Cost $9,035)		9,035
	Monthly Demand Notes — 1.4%
		California — 0.9%
	2,500	State of California, Series D, GO, VAR, 1.137%, 01/03/17		2,496
		New York — 0.4%
	1,000	Metropolitan Transportation Authority, Transportation, Subseries 2002D—2A, Rev., VAR, AGM, 0.896%, 01/03/17		1,000
		Vermont — 0.1%
	274	Vermont Student Assistance Corp., Education Loan, Series B, Class A-1, Rev., VAR, 2.442%, 12/01/16		276
		Total Monthly Demand Notes (Cost $3,774)		3,772
	Municipal Bonds — 60.5% (t)
		Alabama — 0.3%
		Education — 0.0% (g)
	75	Alabama Public School & College Authority, Capital Improvement, Rev., 5.000%, 12/01/16		75
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	750	City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co., Barry Plant Project, Series A, Rev., VAR, 1.650%, 03/20/17		752
		Prerefunded — 0.0% (g)
	65	City of Gulf Shores, Series A, GO, AGC, 4.500%, 12/15/17 (p)		67
		Total Alabama		894

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Alaska — 0.6%
		General Obligation — 0.2%
	250	Borough of North Slope, Series A, GO, 5.500%, 06/30/18		266
	100	Matanuska-Susitna Borough School Board, Series A, GO, NATL-RE, 5.000%, 04/01/19		108
				374
		Housing — 0.4%
		Alaska Housing Finance Corp., General Mortgage,
	995	Series A, Rev., 3.500%, 06/01/46		1,029
	150	Series A, Rev., 4.000%, 06/01/40		154
				1,183
		Total Alaska		1,557
		Arizona — 0.4%
		General Obligation — 0.1%
	75	City of Scottsdale, GO, 4.000%, 07/01/17		76
		Other Revenue — 0.0% (g)
	25	City of Tempe, Excise Tax, Rev., 5.000%, 07/01/17		26
		Prerefunded — 0.0% (g)
	25	Arizona Health Facilities Authority, Banner Health, Series A, Rev., 5.000%, 01/01/17 (p)		25
		Transportation — 0.2%
	75	Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund, Rev., 5.000%, 07/01/17		77
	490	Phoenix-Mesa Gateway Airport Authority, Mesa Project, Rev., 4.000%, 07/01/19		514
				591
		Utility — 0.1%
	95	City of Mesa, Utility System, Rev., NATL-RE, 5.250%, 07/01/17		97
	110	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.000%, 01/01/27		118
				215
		Water & Sewer — 0.0% (g)
	50	Arizona Water Infrastructure Finance Authority, Water Quality, Series A, Rev., 5.000%, 10/01/17		52
		Total Arizona		985
		California — 5.6%
		Certificate of Participation/Lease — 0.1%
	100	City of Palm Springs, Subseries B, Rev., Zero Coupon, 04/15/21 (p)		91
	125	Irvine Ranch Water District, COP, 5.000%, 03/01/19		135
				226
		Education — 0.5%
	1,000	University of California, Series K, Rev., 4.000%, 05/15/46		976
	500	University of California, Systemwide, Series A, Rev., 4.000%, 11/01/45		490
				1,466
		General Obligation — 1.1%
	670	Campbell Union High School District, GO, 3.000%, 08/01/30		636
	2,380	Pittsburg Unified School District, GO, 4.000%, 08/01/33		2,424
	10	San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series R-3, GO, 5.000%, 07/01/17		10
				3,070
		Hospital — 3.0%
	450	California Health Facilities Financing Authority, Children Hospital, Series A, Rev., 4.000%, 11/15/17		459
		California Health Facilities Financing Authority, Sutter Health,
	4,750	Series B, Rev., 4.000%, 11/15/41		4,590
	2,500	Series B, Rev., 5.000%, 11/15/46		2,706
	375	Palomar Health, Rev., 4.000%, 11/01/18		385
				8,140
		Other Revenue — 0.3%
	100	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, Rev., 4.500%, 06/01/17		102
	20	Los Angeles County, Metropolitan Transportation Authority, Sales Tax, Series A, Rev., 5.000%, 07/01/17		21
	100	San Diego Public Facilities Financing Authority, Series B, Rev., 5.000%, 05/15/17		102
	550	State of California, Department of Veterans Affairs, Series B, Rev., 3.500%, 12/01/45		570
				795

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Prerefunded — 0.3%
	150	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F-1, Rev., 5.250%, 04/01/19 (p)		163
	25	City of Bakersfield, Wastewater, Series A, Rev., AGM, 5.000%, 09/15/17 (p)		26
	50	Los Angeles Unified School District, Election of 2002, Series B, GO, AMBAC, 5.000%, 07/01/17 (p)		51
		University of California,
	210	Series Q, Rev., 5.000%, 05/15/17 (p)		216
	200	Series Q, Rev., 5.250%, 05/15/17 (p)		206
	100	Vacaville Unified School District, Election of 2001, GO, AMBAC, 5.000%, 08/01/17 (p)		103
				765
		Transportation — 0.0% (g)
	40	Los Angeles County, Metropolitan Transportation Authority, Union Station Gateway Project, Series A, Rev., NATL-RE, 5.000%, 10/01/17		41
		Utility — 0.3%
	625	Northern California Transmission Agency, Transmission Project, Series A, Rev., 5.000%, 05/01/31		713
		Water & Sewer — 0.0% (g)
	20	California State Department of Water Resources, Power Supply, Series H, Rev., AGM, 5.000%, 05/01/17		20
		Total California		15,236
		Colorado — 1.0%
		Certificate of Participation/Lease — 0.1%
	295	County of Pueblo, Judicial Complex Project, COP, AGM, 5.000%, 09/15/20		323
		Education — 0.0% (g)
	25	Colorado State Board Governors University, Enterprise System, Series A, Rev., 4.000%, 03/01/17		25
		Hospital — 0.2%
	520	Colorado Health Facilities Authority, Boulder Community Hospital Project, Rev., 4.000%, 10/01/17		532
		Other Revenue — 0.0% (g)
	30	State of Colorado, Sales & Use Tax, Rev., AGC, 4.000%, 12/01/16		30
		Prerefunded — 0.0% (g)
	25	El Paso County School District, Series A, COP, NATL-RE, 5.000%, 12/15/16 (p)		25
		Water & Sewer — 0.7%
	1,000	City of Aurora, Rev., 5.000%, 08/01/29		1,165
	590	Denver County, Board of Water Commissioners, Master Resolution Water refunding, Series B, Rev., 5.000%, 12/15/16		591
				1,756
		Total Colorado		2,691
		Connecticut — 1.1%
		Education — 0.4%
	945	Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program, Series A, Rev., 4.000%, 11/15/18		975
		General Obligation — 0.0% (g)
	80	Town of Cheshire, GO, 4.000%, 08/01/19		85
		Housing — 0.7%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	185	Subseries A-1, Rev., 4.000%, 11/15/45		195
	760	Subseries B-2, Rev., 4.000%, 11/15/32		804
	1,000	Subseries E-1, Rev., 3.500%, 11/15/46		1,037
				2,036
		Total Connecticut		3,096
		Delaware — 0.4%
		General Obligation — 0.1%
	100	County of New Castle, Series B, GO, 5.000%, 07/15/17		103
	100	State of Delaware, Series B, GO, 5.000%, 07/01/18		106
				209
		Housing — 0.3%
	735	Delaware State Housing Authority, Senior Single Family Mortgage, Series A-1, Rev., AMT, 4.900%, 07/01/29		782
		Total Delaware		991
		District of Columbia — 0.5%
		Other Revenue — 0.3%
		District of Columbia, Ballpark,
	180	Series B-1, Rev., NATL-RE, 5.000%, 02/01/18		180
	240	Series B-1, Rev., NATL-RE, 5.000%, 02/01/19		241
		District of Columbia, Income Tax,
	245	Series A, Rev., 5.000%, 12/01/16		245
	200	Series A, Rev., 5.000%, 12/01/29		221
				887

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Prerefunded — 0.1%
	30	District of Columbia, Medlantic/Helix Issue, Series C, Rev., AGM, 5.500%, 08/15/17 (p)		31
	120	District of Columbia, Water & Sewer Authority, Public Utility, Sub Lien, Series A, Rev., AGM-CR, FGIC, FSA-CR, 5.000%, 10/01/17 (p)		124
				155
		Transportation — 0.1%
		Metropolitan Washington Airports Authority,
	190	Series A, Rev., AMT, AGM-CR, AMBAC, 5.000%, 10/01/18		196
	150	Series C, Rev., 5.000%, 10/01/19		164
	50	Washington Metropolitan Area Transit Authority, Series A, Rev., 5.000%, 07/01/17		51
				411
		Total District of Columbia		1,453
		Florida — 2.3%
		Certificate of Participation/Lease — 0.0% (g)
	120	City of Port St. Lucie, Master Lease/Municipal Complex, COP, AGC, 6.000%, 09/01/17 (p)		125
		Education — 0.1%
	80	Florida State Board of Education, Lottery, Series A, Rev., 5.000%, 07/01/17		82
	125	Florida State Board of Governors, Series A, Rev., 5.000%, 07/01/18		132
				214
		General Obligation — 0.1%
		Florida State Board of Education, Public Education, Capital Outlay,
	100	Series C, GO, 5.000%, 06/01/17		102
	150	Series D, GO, 5.000%, 06/01/19		160
				262
		Hospital — 0.3%
	125	City of Tallahassee, Health Facilities, Tallahassee Memorial Healthcare, Inc., Project, Series A, Rev., 5.000%, 12/01/16		125
	750	Miami Beach Health Facilities Authority, Mt. Sinai Medical Center, Rev., 4.000%, 11/15/17		767
				892
		Housing — 0.5%
	50	Florida Housing Finance Corp., Series 1, Rev., AMT, 5.000%, 07/01/41		52
		Florida Housing Finance Corp., Homeowner Mortgage,
	800	Series C, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/35		831
	240	Series C, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/30		249
	265	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series B, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29		278
				1,410
		Other Revenue — 0.1%
	200	Florida State Municipal Loan Council, Rev., NATL-RE, 2.000%, 10/01/17		201
		Prerefunded — 0.1%
	145	City of Sarasota, GO, NATL-RE, 4.750%, 07/01/17 (p)		148
		Utility — 0.9%
		Florida Municipal Power Agency, St. Lucie Project,
	1,000	Series 2002-1, Rev., VAR, AMBAC, 0.980%, 10/01/21		956
	750	Series A, Rev., 4.000%, 10/01/17		767
	70	Orlando Utilities Commission, Utility System, Series C, Rev., 5.000%, 10/01/17		72
	500	Pasco County, Solid Waste Disposal & Resource Recovery System, Rev., AMT, 5.000%, 10/01/20		553
				2,348
		Water & Sewer — 0.2%
	500	City of Tampa, Water & Sewer Improvement System, Rev., 5.000%, 10/01/23		567
		Total Florida		6,167
		Georgia — 0.9%
		General Obligation — 0.4%
	50	Henry County School District, GO, 5.000%, 12/01/17		52
	100	Paulding County School District, GO, 5.000%, 02/01/17		101
	185	School District of the City of Gainesville, GO, 5.000%, 12/01/16		185
		State of Georgia,
	150	Series C, GO, 4.000%, 09/01/22		166
	150	Series G, GO, 5.000%, 12/01/17		156
	360	Series I, GO, 5.000%, 11/01/21		412
				1,072

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Housing — 0.3%
		Georgia Housing & Finance Authority, Non Single Family,
	325	Series B, Rev., 4.000%, 12/01/29		333
	385	Subseries A-1, Rev., 4.000%, 06/01/44		400
	35	Georgia Housing & Finance Authority, Single Family, Rev., 5.000%, 06/01/29		37
				770
		Prerefunded — 0.1%
	50	Metropolitan Rapid Transit Authority, Sales Tax, Series B, Rev., AGM, 5.000%, 07/01/17 (p)		51
	75	Paulding County Courthouse-Government Complex Project, GO, NATL-RE, 4.250%, 02/01/17 (p)		75
		State of Georgia,
	50	Series E, GO, 5.000%, 08/01/17 (p)		52
	100	Series G, GO, 5.000%, 12/01/17 (p)		104
				282
		Water & Sewer — 0.1%
	200	Cherokee County Water & Sewerage Authority, Series 2006, Rev., AGM, 4.000%, 08/01/17		204
	150	Macon Water Authority, Water & Sewer System, Series B, Rev., 4.000%, 10/01/17		154
				358
		Total Georgia		2,482
		Hawaii — 0.1%
		Certificate of Participation/Lease — 0.1%
	375	State of Hawaii, Department of Transportation, Airport Division, COP, AMT, 5.000%, 08/01/17		384
		Illinois — 3.8%
		Education — 0.4%
	1,000	Illinois Finance Authority, Depaul University, Series A, Rev., 4.000%, 10/01/32		1,003
		General Obligation — 0.8%
		City of Chicago,
	235	Series 2006A, GO, AGM, 4.750%, 01/01/30		236
	30	Series A, GO, AMBAC, 4.000%, 01/01/17 (p)		30
	1,000	Cook County, Series A, GO, 5.000%, 11/15/17		1,033
	135	Cook County, School District No. 109 Indian Springs, GO, 3.000%, 12/01/16		135
	155	Cumberland & Jasper Counties, Community Unit School District No. 77, GO, AGM, 5.950%, 12/01/16		155
	125	DuPage & Will Counties, Community School District No. 204, GO, 4.000%, 12/30/16		125
	55	Kane Kendall Counties Community College District No. 516, Series A, GO, 4.000%, 12/15/16		55
	50	Metropolitan Water Reclamation District of Greater Chicago, Series A, GO, 5.000%, 12/01/16		50
	370	Village of Kenilworth, Series B, GO, 4.000%, 12/01/16		370
				2,189
		Housing — 1.1%
		Illinois Housing Development Authority, Homeowner Mortgage,
	1,335	Series C, Rev., 3.500%, 08/01/46		1,373
	1,635	Subseries A-2, Rev., AMT, 4.000%, 02/01/35		1,693
				3,066
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	1,420	Illinois Finance Authority, National Rural Utilities Cooperative Finance Corp., Guaranteed Solid Waste Disposal, Prairie Power, Inc., Project, Series 2008A, Rev., VAR, 1.300%, 05/08/17		1,419
		Other Revenue — 0.6%
	500	City of Chicago, Motor Fuel Tax, Rev., 5.000%, 01/01/18		510
	500	City of Chicago, Tax Increment, Pilsen Redevelopment Project, Series A, Rev., 5.000%, 06/01/19		532
		Railsplitter Tobacco Settlement Authority,
	250	Rev., 5.000%, 06/01/18		263
	200	Rev., 5.250%, 06/01/21		225
				1,530
		Prerefunded — 0.2%
	250	City of Chicago, Transport Authority, Rev., AMBAC, 5.000%, 12/01/16 (p)		250
	50	Illinois Municipal Electric Agency, Power Supply System, Series A, Rev., BHAC-CR, MBIA, NATL-RE-IBC, FGIC, 5.000%, 02/01/17 (p)		50
	115	Saint Clair County High School District, Series A, GO, AMBAC, 5.750%, 12/01/17 (p)		121
				421

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Transportation — 0.1%
	350	City of Chicago, O’Hare International Airport, Passenger Facility, Series B, Rev., AMT, 5.000%, 01/01/17		351
		Water & Sewer — 0.1%
	50	City of Chicago, Second Lien, Wastewater Transmission, Series B, Rev., NATL-RE, 5.000%, 01/01/17		50
	220	Lake County Water & Sewer System, Rev., NATL-RE, 4.500%, 12/01/16		220
				270
		Total Illinois		10,249
		Indiana — 3.7%
		Education — 0.1%
	100	Fort Wayne Community Schools Building Corp., Rev., 3.000%, 07/15/17		101
	25	Hamilton Southeastern Industrial Construction, School Building Corp., Rev., AGM, 5.000%, 01/15/17 (p)		25
	100	Hammond Multi-School Building Corp., First Mortgage, Rev., NATL-RE, 5.000%, 01/15/20		108
	150	Zionsville Indiana Community Schools Building Corp., Series B, Rev., 3.000%, 07/15/17		152
				386
		Hospital — 0.9%
	250	City of Jasper, Hospital Authority, Memorial Hospital and Health Care Center Project, Rev., 4.000%, 11/01/17		256
	335	Indiana Finance Authority, Marion General Hospital Project, Series A, Rev., 4.000%, 07/01/18		348
		Indiana Health Facility Financing Authority, Ascension Health,
	250	Rev., VAR, 1.600%, 02/01/17		250
	1,570	Series A-5, Rev., VAR, 2.000%, 08/01/17		1,578
				2,432
		Housing — 0.2%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	180	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28		188
	225	Series C, Rev., GNMA/FNMA/FHLMC, 4.500%, 12/01/27		236
				424
		Industrial Development Revenue/Pollution Control Revenue — 1.6%
	1,860	City of Rockport, Pollution Control, Indiana Michigan Power Company Project, Series 2009 A, Rev., VAR, 1.750%, 06/01/18		1,864
	2,500	City of Whiting, Environmental Facilities, BP Products North America, Inc., Project, Rev., VAR, 1.850%, 10/01/19		2,480
				4,344
		Other Revenue — 0.9%
		Indiana Finance Authority, Community Foundation of Northwest,
	70	Rev., 3.000%, 03/01/17		70
	1,300	Rev., 5.000%, 09/01/31		1,415
	750	Indiana Finance Authority, State Revolving Fund Program, Series B, Rev., 5.000%, 02/01/21		827
	100	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.000%, 01/01/21		110
	50	Wayne County, Jail Holding Corp., First Mortgage, Rev., AGM, 4.125%, 01/15/17		50
				2,472
		Total Indiana		10,058
		Iowa — 0.8%
		General Obligation — 0.1%
	75	City of Bettendorf, Series B, GO, 3.000%, 06/01/17		76
		Hospital — 0.0% (g)
	50	Iowa Finance Authority, Health Care Facilities, Genesis Health, Rev., 5.000%, 07/01/17		51
		Housing — 0.7%
	750	Iowa Finance Authority Single Family, Mortgage-Backed Securities Program, Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.500%, 07/01/46		777
		Iowa Finance Authority, Single Family Mortgage,
	180	Series 1, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29		189
	215	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 07/01/28		223
	715	Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/46		756
				1,945

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	25	Cedar Rapids Community School District, School Infrastructure Sales Services & Use Tax, Rev., 4.250%, 07/01/17 (p)		26
		Total Iowa		2,098
		Kansas — 0.2%
		General Obligation — 0.0% (g)
	25	Kansas Unified School District No. 259 Sedgwick County, Series C, GO, 4.000%, 09/01/17		25
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
		Kansas State Development Finance Authority, Water Pollution Control,
	440	Series CW, Rev., 5.000%, 11/01/18 (p)		472
		Other Revenue — 0.0% (g)
	75	Kansas State Development Finance Authority, Series C, Rev., 3.500%, 03/01/17		76
	25	Kansas State Development Finance Authority, Department of Commerce Impact Program, Rev., 4.000%, 06/01/17		25
				101
		Transportation — 0.0% (g)
	25	Kansas State Department of Transportation, Highway, Series A, Rev., 5.000%, 09/01/17		26
		Total Kansas		624
		Kentucky — 1.1%
		Housing — 0.1%
	100	Kentucky Housing Corp., Series A, Rev., 5.000%, 01/01/28		105
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	250	County of Carroll, Pollution Control, Kentucky Utilities Company Project, Series A, Rev., VAR, 1.050%, 09/01/19		244
	2,500	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Series A, Rev., VAR, 2.200%, 08/01/19		2,519
				2,763
		Total Kentucky		2,868
		Louisiana — 1.4%
		General Obligation — 0.1%
	300	City of Shreveport, GO, 5.000%, 05/01/17		305
		Other Revenue — 0.4%
	100	State of Louisiana, Gas & Fuels Tax, Series A-1, Rev., 5.000%, 05/01/20		111
	1,000	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 5.000%, 05/15/17		1,016
				1,127
		Transportation — 0.3%
	955	Lake Charles Harbor & Terminal District, Series B, Rev., AMT, AGM, 4.000%, 01/01/17		957
		Water & Sewer — 0.6%
	500	City of New Orleans, Sewerage Service, Rev., 5.000%, 06/01/18		526
	1,000	Louisiana Offshore Terminal Authority, Deepwater Port, LOOP LLC Project, Series B-1, Rev., VAR, 2.200%, 10/01/17		1,005
				1,531
		Total Louisiana		3,920
		Maine — 0.5%
		Education — 0.0% (g)
	50	Maine Health & Higher Educational Facilities Authority, Series A, Rev., AMBAC, 5.000%, 07/01/17		51
		Housing — 0.5%
		Maine State Housing Authority,
	630	Series A, Rev., 4.000%, 11/15/45		664
	535	Series B, Rev., 4.000%, 11/15/43		558
				1,222
		Other Revenue — 0.0% (g)
	100	Maine Municipal Bond Bank, Series E, Rev., 4.000%, 11/01/21		109
		Prerefunded — 0.0% (g)
	70	Maine Health & Higher Educational Facilities Authority, Series A, Rev., AMBAC, 4.750%, 07/01/17 (p)		71
		Total Maine		1,453
		Maryland — 0.6%
		General Obligation — 0.1%
	25	Charles County, Public Improvement, GO, 5.000%, 10/01/17		26
	150	Harford County, Public Improvement, GO, 5.000%, 03/15/17		152
	100	State of Maryland, State and Local Facilities, Loan of 2009, Series C, GO, 5.000%, 11/01/17		104
				282

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Housing — 0.2%
	485	Montgomery County Housing Opportunities Commission, Single Family Mortgage, Series A, Rev., 4.000%, 01/01/31		499
		Prerefunded — 0.0% (g)
	30	County of Cecil, Consolidated Public Improvement, GO, AGM, 4.125%, 12/01/17 (p)		31
		Transportation — 0.3%
		Maryland Transportation Authority,
	75	Rev., 4.000%, 09/01/17		77
	100	Rev., GRAN, 5.250%, 03/01/17		101
	540	Rev., GRAN, 5.250%, 03/01/19		586
				764
		Total Maryland		1,576
		Massachusetts — 2.5%
		Education — 0.5%
		Massachusetts Educational Financing Authority, Education Loan,
	750	Series J, Rev., AMT, 4.750%, 07/01/19		793
	500	Series J, Rev., AMT, 5.000%, 07/01/18		524
				1,317
		General Obligation — 0.1%
	110	Commonwealth of Massachusetts, Consolidated Loan, Series C, GO, NATL-RE-IBC, MBIA, 5.500%, 11/01/17		114
		Housing — 1.4%
		Massachusetts Housing Finance Agency, Single Family Housing,
	715	Series 167, Rev., 4.000%, 12/01/43		741
	1,645	Series 169, Rev., 4.000%, 12/01/44		1,700
	855	Series 177, Rev., AMT, 4.000%, 06/01/39		896
	500	Series 183, Rev., 3.500%, 12/01/46		518
				3,855
		Prerefunded — 0.5%
	25	City of New Bedford, Qualified Municipal Purpose Loan, GO, AGM, 4.000%, 02/15/17 (p)		25
	510	Commonwealth of Massachusetts, Consolidate Loan of 2007, Series C, GO, AMBAC, 5.000%, 08/01/17 (p)		524
	265	Commonwealth of Massachusetts, Consolidate Loan of 2008, Series A, GO, 5.000%, 08/01/18 (p)		281
	300	Commonwealth of Massachusetts, Consolidated Loan of 2009, Series C, GO, 5.000%, 07/01/19 (p)		327
	100	Massachusetts School Building Authority, Sales Tax, Series A, Rev., AMBAC, 4.750%, 08/15/17 (p)		103
	25	Massachusetts State Health & Educational Facilities Authority, Institute of Technology, Series A, Rev., 5.000%, 07/01/17 (p)		26
				1,286
		Water & Sewer — 0.0% (g)
	100	Massachusetts States Water Pollution, Abatement Trust, Series A, Rev., 5.250%, 08/01/17		103
		Total Massachusetts		6,675
		Michigan — 3.7%
		Education — 0.4%
	1,000	Michigan Finance Authority, Student Loan, Series 25-A, Rev., AMT, 5.000%, 11/01/17		1,027
		General Obligation — 1.3%
	295	Armada Area Schools, GO, Q-SBLF, 4.000%, 05/01/17		299
	100	East China School District, School Bus, Series I, GO, Q-SBLF, 2.500%, 05/01/17		100
	980	Grand Blanc Community Schools, GO, AGM, 3.000%, 05/01/17		987
		Healthsource Saginaw, Inc.,
	575	GO, 4.000%, 05/01/18		595
	650	GO, 5.000%, 05/01/19		700
	930	GO, 5.000%, 05/01/20		1,021
				3,702
		Housing — 1.3%
	220	Michigan State Housing Development Authority, Single Family Homeownership, Series A, Rev., 5.000%, 12/01/27		230
		Michigan State Housing Development Authority, Single-Family Mortgage,
	1,875	Series A, Rev., 4.000%, 06/01/46		1,974
	1,335	Series B, Rev., 3.500%, 06/01/47		1,371
				3,575
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	510	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., VAR, 1.450%, 09/01/21		488

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Other Revenue — 0.4%
	950	Michigan Finance Authority, Sparrow Obligation Group, Rev., 4.000%, 11/15/20		1,023
		Prerefunded — 0.1%
	200	Michigan Municipal Bond Authority, Clean Water State Revolving Fund, Rev., 5.000%, 10/01/19 (p)		220
		Total Michigan		10,035
		Minnesota — 1.7%
		Education — 0.1%
	275	University of Minnesota, Series A, Rev., 5.250%, 12/01/26		312
		General Obligation — 0.2%
	205	Fisher Independent School District No. 600, Series A, GO, 2.000%, 02/01/17		205
	75	Holdingford Minnesota Independent School District No. 738, Series A, GO, 5.000%, 02/01/17		75
	110	Independent School District No. 192 Farmington, School Building Credit Enhancement Program, Series C, GO, 5.000%, 02/01/17		111
	100	State of Minnesota, Trunk Highway, Series B, GO, 5.000%, 10/01/18		107
	150	State of Minnesota, Various Purpose, Series D, GO, 5.000%, 08/01/17		154
				652
		Housing — 1.4%
	210	Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/35		221
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	180	Series A, Rev., GNMA/COLL, 4.500%, 12/01/26		187
	48	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		49
	145	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		151
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	90	Series D, Rev., GNMA/FNMA/FHLMC, 4.500%, 07/01/34		93
	210	Series E, Rev., GNMA/FNMA/FHLMC, 4.000%, 01/01/35		218
	95	Minnesota Housing Finance Agency, Mortgage-Backed Securities Program, Series B, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/31 (w)		99
		Minnesota Housing Finance Agency, Residential Housing Finance,
	470	Series A, Rev., 4.000%, 07/01/38		496
	690	Series B, Rev., 4.000%, 01/01/38		727
	1,190	Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.000%, 01/01/45		1,242
	305	Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/40		315
				3,798
		Total Minnesota		4,762
		Mississippi — 0.4%
		General Obligation — 0.1%
	85	DeSoto County School District, GO, 4.000%, 05/01/17		86
	50	Jackson Public School District, GO, NATL-RE, 5.000%, 04/01/17		51
	150	State of Mississippi, Series A, GO, 5.250%, 11/01/21		173
				310
		Other Revenue — 0.2%
	300	Mississippi Development Bank, Rev., AMBAC, 5.000%, 11/01/17		309
	255	Mississippi Development Bank, Gulfport, Mississippi Public Improvement Project, Rev., AGM, 3.000%, 07/01/17		258
				567
		Utility — 0.1%
	100	Mississippi Development Bank, Power Co., Project, Series A, Rev., AMBAC, 5.000%, 07/01/17		102
		Total Mississippi		979
		Missouri — 1.2%
		Education — 0.1%
	350	Missouri Health & Educational Facilities Authority, Educational Facilities, St. Louis College of Pharmacy, Rev., 5.000%, 05/01/17		355

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Housing — 0.9%
		Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program,
	560	Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.500%, 05/01/41		580
	890	Series B-2, Rev., GNMA/FNMA/FHLMC, 4.000%, 11/01/45		937
		Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program,
	635	Series A, Rev., GNMA/FNMA/FHLMC, 4.000%, 11/01/41		661
	60	Series E-3, Rev., GNMA/FNMA/FHLMC, 4.625%, 05/01/28		63
	105	Series E-4, Rev., GNMA/FNMA/FHLMC, 4.250%, 11/01/30		109
				2,350
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	50	Kansas City, Missouri Industrial Development Authority, Downtown Redevelopment District, Rev., 5.000%, 09/01/18 (p)		53
	35	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 07/01/25		39
				92
		Other Revenue — 0.0% (g)
	95	Jackson County, Rev., 4.000%, 12/01/16		95
				—
		Prerefunded — 0.1%
	190	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 01/01/21 (p)		214
		Transportation — 0.1%
	100	Missouri Highways & Transportation Commission, Second Lien, Rev., 4.250%, 05/01/17		101
	25	Missouri Highways & Transportation Commission, State Road Revenue Federal Reimbursement, Series A, Rev., 5.000%, 05/01/17		26
				127
		Total Missouri		3,233
		Montana — 0.3%
		Housing — 0.3%
		Montana Board of Housing, Single Family Homeownership,
	250	Series A-2, Rev., AMT, 4.000%, 12/01/38		258
	470	Series B2, Rev., AMT, 5.000%, 12/01/27		496
		Total Montana		754
		Nevada — 0.1%
		General Obligation — 0.0% (g)
	25	Clark County, GO, 5.000%, 06/01/17		26
	50	Las Vegas Valley Water District, Series B, GO, 4.000%, 03/01/17		50
				76
		Other Revenue — 0.0% (g)
	30	County of Clark, Sales & Excise Tax, Series B, Rev., 3.000%, 07/01/17		30
	50	State of Nevada, Unemployment Compensation, Rev., 5.000%, 12/01/16		50
				80
		Prerefunded — 0.1%
	100	Clark County School District, Series A, GO, 5.000%, 06/15/18 (p)		106
	25	State of Nevada, Capital Improvement & Cultural Affairs, Series B, GO, NATL-RE, 5.000%, 12/01/17 (p)		26
				132
		Total Nevada		288
		New Hampshire — 0.5%
		Housing — 0.1%
		New Hampshire Housing Finance Authority, Single Family Mortgage,
	105	Series A, Rev., 5.250%, 07/01/28		110
	280	Series C, Rev., 4.000%, 01/01/28		289
				399
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	1,000	New Hampshire Business Finance Authority, Solid Waste Disposal, Waste Management, Inc., Project, Rev., VAR, 2.125%, 06/01/18		1,008
		Total New Hampshire		1,407
		New Jersey — 3.3%
		Education — 0.4%
		New Jersey Economic Development Authority, School Facilities Construction,
	120	Rev., 5.000%, 12/15/17 (p)		125
	35	Series W, Rev., NATL-RE-IBC, 4.000%, 09/01/17 (p)		36

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Education — continued
		New Jersey Educational Facilities Authorities, Ramapo College,
	250	Series A, Rev., 3.000%, 07/01/17		253
	60	Series B, Rev., 4.000%, 07/01/17		61
	500	New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 1A, Rev., AMT, 5.000%, 12/01/17		514
				989
		General Obligation — 0.3%
	25	County of Gloucester, GO, 3.000%, 03/01/17		25
	75	County of Monmouth, Series A, GO, 4.000%, 12/01/16		75
	65	County of Morris, GO, 4.000%, 02/01/17		65
	410	Middletown Township Board Education, GO, 5.000%, 08/01/17		421
	205	Township of Montville, GO, 4.000%, 08/15/20		223
	100	Township of Wayne, GO, 4.000%, 09/01/17		102
				911
		Housing — 0.1%
	225	New Jersey Housing & Mortgage Finance Agency, Single Family Mortgage, Series A, Rev., 4.500%, 10/01/29		229
		Other Revenue — 0.0% (g)
	100	Monmouth County Improvement Authority, Rev., 5.000%, 01/15/20		110
	50	New Jersey Environmental Infrastructure Trust, Series C, Rev., 5.000%, 09/01/17		52
				162
		Prerefunded — 0.1%
	100	Borough of Madison, General Improvement, GO, 5.000%, 10/15/18 (p)		107
	140	New Jersey Economic Development Authority, School Facilities Construction, Series Y, Rev., 4.750%, 09/01/18 (p)		149
				256
		Transportation — 2.4%
	1,500	New Jersey Transit Corp., Series A, Rev., GAN, 5.000%, 09/15/18		1,570
		New Jersey Transportation Trust Fund Authority, Transportation System,
	100	Series A, Rev., AGM-CR, 5.750%, 06/15/17		102
	300	Series B-1, Rev., 3.500%, 12/15/16		300
	2,595	Series B-2, Rev., XLCA, 5.000%, 12/15/16		2,599
	1,885	Series C, Rev., AGM, 5.500%, 12/15/16		1,889
				6,460
		Total New Jersey		9,007
		New Mexico — 0.4%
		Housing — 0.2%
		New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
	410	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 4.250%, 03/01/43		431
	80	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.000%, 09/01/30		84
	45	Series B-3, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 4.200%, 07/01/28		45
				560
		Other Revenue — 0.0% (g)
	25	City of Albuquerque, Series A, Rev., 5.000%, 07/01/17		26
		Special Tax — 0.0% (g)
	100	State of New Mexico, Severance Tax, Series A, Rev., 5.000%, 07/01/17		103
		Transportation — 0.2%
	100	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.000%, 06/15/24		111
		New Mexico Finance Authority, State Transportation, Sub Lien,
	250	Series A-2, Rev., 5.000%, 12/15/16		250
	100	Series A-2, Rev., 5.000%, 12/15/19		110
				471
		Total New Mexico		1,160
		New York — 4.1%
		Education — 0.2%
	300	Erie County Industrial Development Agency, City of Buffalo School District Project, Series A, Rev., 5.000%, 05/01/17		305
	75	New York State Dormitory Authority, St. John’s University, Series A, Rev., 5.000%, 07/01/17		77
	150	Niagara Area Development Corp., Niagara University Project, Series A, Rev., 5.000%, 05/01/18		156
				538

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		General Obligation — 0.6%
	100	New York City, Series E-1, GO, 5.250%, 10/15/17		103
	95	Valhalla Union Free School District, GO, 2.000%, 10/15/17		96
		Village of Freeport, Nassau County, Public Improvement,
	950	Series A, GO, 4.000%, 05/01/24		1,040
	345	Series A, GO, 4.000%, 05/01/25		377
				1,616
		Housing — 1.0%
		New York Mortgage Agency, Homeowner Mortgage,
	1,640	Series 191, Rev., AMT, 3.500%, 10/01/34		1,680
	625	Series 195, Rev., 4.000%, 10/01/46		659
	500	Series 197, Rev., 3.500%, 10/01/44		520
				2,859
		Other Revenue — 0.6%
		Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center,
	625	Series A, Rev., 5.000%, 07/15/26		704
	560	Series A, Rev., 5.000%, 07/15/28		627
		New York City Transitional Finance Authority,
	170	Series C, Rev., 5.000%, 11/01/21		191
	100	Series S-2, Rev., AGM, FGIC, NATL-RE, 5.000%, 01/15/18		100
				1,622
		Prerefunded — 0.4%
	15	Metropolitan Transportation Authority, Series B, Rev., 4.500%, 11/15/17 (p)		15
	50	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.750%, 06/15/18 (p)		54
	700	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.000%, 06/15/18 (p)		741
	25	New York State Dormitory Authority, Personal Income Tax, Education, Series C, Rev., 5.000%, 12/15/16 (p)		25
	55	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series A, Rev., 5.000%, 04/01/17 (p)		56
	105	Triborough Bridge & Tunnel Authority, Series A, Rev., 5.000%, 05/15/18 (p)		111
				1,002
		Special Tax — 0.2%
		New York State Dormitory Authority, Personal Income Tax,
	100	Series A, Rev., 4.000%, 02/15/19		106
	170	Series D, Rev., 5.000%, 06/15/17		174
	50	New York State Dormitory Authority, Personal Income Tax, Education, Series C, Rev., 5.000%, 12/15/16		50
	50	New York State Urban Development Corp., Economic Development & Housing, Series A-1, Rev., 5.000%, 12/15/16		50
	80	New York State Urban Development Corp., State Personal Income Tax, Series C, Rev., 4.000%, 12/15/16		80
				460
		Transportation — 0.8%
	1,750	MTA Hudson Rail Yards Trust Obligations, Series A, Rev., 5.000%, 11/15/46		1,858
	205	New York State Thruway Authority, Series I, Rev., 5.000%, 01/01/17		206
				2,064
		Water & Sewer — 0.3%
		New York City Municipal Water Finance Authority, Water & Sewer System,
	625	Series A, Rev., 4.500%, 06/15/32		685
	180	Series A, Rev., 5.750%, 06/15/40		191
				876
		Total New York		11,037
		North Carolina — 0.6%
		Education — 0.0% (g)
	25	University of North Carolina, Greensboro, Rev., 3.000%, 04/01/17		25
		General Obligation — 0.2%
	50	County of Wake, Public Improvement, Series A, GO, 5.000%, 04/01/17		51
	175	Mecklenburg County, Series C, GO, 5.000%, 12/01/18		188
	200	New Hanover County, GO, 5.000%, 12/01/20		225
				464
		Housing — 0.3%
		North Carolina Housing Finance Agency, Homeownership,
	260	Series 1, Rev., 4.500%, 07/01/28		268
	135	Series 2, Rev., 4.250%, 01/01/28		138
	500	Series A, Rev., AMT, 3.500%, 07/01/39		516
				922

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Utility — 0.1%
	165	North Carolina Eastern Municipal Power Agency No. 1, Catawab Electric, Series A, Rev., 5.250%, 01/01/17		166
	100	North Carolina Eastern Municipal Power Agency, Power System, Series A, Rev., 6.500%, 01/01/18 (p)		106
				272
		Total North Carolina		1,683
		North Dakota — 0.8%
		Housing — 0.8%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	405	Series A, Rev., 3.750%, 07/01/42		418
	540	Series A, Rev., 4.000%, 07/01/34		566
	280	Series B, Rev., 4.500%, 01/01/28		291
	80	Series B, Rev., 5.000%, 07/01/28		84
	625	Series D, Rev., 3.500%, 07/01/46		645
	205	Series D, Rev., 4.250%, 07/01/28		216
		Total North Dakota		2,220
		Ohio — 1.9%
		Education — 0.1%
	200	University of Cincinnati, Series A, Rev., 5.000%, 06/01/18		211
		General Obligation — 0.4%
	145	County of Cuyahoga, GO, 5.000%, 12/01/16		145
	55	Dublin City School District, School Facilities Construction & Improvement, GO, 4.000%, 12/01/17		56
	50	Hamilton Country, GO, 4.000%, 12/01/16		50
	50	Logan Hocking Local School District, GO, 2.000%, 12/01/16		50
		State of Ohio, Higher Education,
	110	Series B, GO, 5.000%, 08/01/23		126
	715	Series C, GO, 5.000%, 08/01/17		735
				1,162
		Hospital — 0.1%
	200	Hancock County, Hospital Revenue Facilities, Blanchard Valley Regional Health, Rev., 4.000%, 12/01/16		200
	25	State of Ohio, Cleveland Clinic Health System Obligated Group, Series B-1, Rev., 5.000%, 01/01/17		25
				225
		Housing — 0.3%
		Ohio Housing Finance Agency, Single Family Mortgage,
	90	Series 1, Rev., GNMA/FNMA/FHLMC, 4.800%, 11/01/28		95
	80	Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/28		84
	350	Series 2, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/28		368
	215	Series 3, Rev., GNMA/FNMA/FHLMC, 4.500%, 11/01/29		224
				771
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	105	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Series C, Rev., 5.000%, 06/01/19		114
		Other Revenue — 0.4%
	1,000	Franklin County, Convention Facilities Authority, Tax & Lease, Rev., RAN, 5.000%, 12/01/20		1,117
		Prerefunded — 0.2%
	185	American Municipal Power, Inc., Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/18 (p)		194
	75	City of Cincinnati, School District, School Improvement Project, COP, AGM, 5.000%, 12/15/16 (p)		75
	160	City of Cleveland, Waterworks, Series O, Rev., NATL-RE, 5.000%, 01/01/17 (p)		161
	200	Hamilton County, Sewer System Improvement, Metropolitan Sewer District, Series A, Rev., NATL-RE, 5.000%, 12/01/16 (p)		200
	25	Uhrichsville Recreational Facilities Construction, GO, AGC, 4.750%, 06/01/17 (p)		26
				656
		Transportation — 0.3%
		Cleveland-Cuyahoga County Port Authority Development, One Community Project,
	120	Series C, Rev., 3.000%, 05/15/17 (p)		121
	175	Series C, Rev., 3.000%, 11/15/17 (p)		178
	340	Series C, Rev., 3.000%, 11/15/18 (p)		352
	70	State of Ohio, Major New State Infrastructure Project, Series 1, Rev., 4.000%, 12/15/16		70
				721

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Utility — 0.0% (g)
	15	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/21		16
		Water & Sewer — 0.0% (g)
	50	City of Cincinnati, Water System, Series A, Rev., 5.000%, 12/01/16		50
		Total Ohio		5,043
		Oklahoma — 0.1%
		Housing — 0.1%
		Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program,
	105	Series A, Rev., GNMA/COLL, 4.750%, 03/01/28		112
	115	Series B, Rev., GNMA/COLL, 4.500%, 09/01/27		120
		Total Oklahoma		232
		Oregon — 1.6%
		General Obligation — 0.2%
	430	Jackson County, School District No. 549C, Series B, GO, AGM, 5.000%, 12/15/16		431
	70	State of Oregon, Alternate Energy Project, Series A, GO, 4.000%, 04/01/17		71
				502
		Hospital — 0.0% (g)
	50	Oregon Health Facilities Authority, Series A, Rev., 4.000%, 03/15/17		50
		Housing — 0.3%
	695	Oregon State Housing & Community Services Department, Mortgage, Single-Family Mortgage Program, Series D, Rev., 4.000%, 07/01/43		721
		Other Revenue — 0.2%
		Oregon State Department of Administrative Services, Lottery,
	30	Series A, Rev., 3.500%, 04/01/17		30
	375	Series A, Rev., 5.000%, 04/01/18		394
	75	Series A, Rev., AGM, 4.000%, 04/01/17		76
				500
		Prerefunded — 0.0% (g)
	100	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 4.500%, 04/01/19 (p)		107
		Transportation — 0.4%
	1,000	Port of Portland, International Airport, Series 21C, Rev., AMT, 5.000%, 07/01/20		1,100
		Utility — 0.5%
		City of Eugene, Electric Utility System,
	325	Series A, Rev., 4.000%, 08/01/31		339
	850	Series A, Rev., 5.000%, 08/01/29		990
				1,329
		Water & Sewer — 0.0% (g)
	45	City of Portland, Sewer System, Series A, Rev., 5.000%, 10/01/17		47
		Total Oregon		4,356
		Pennsylvania — 2.0%
		Education — 0.3%
	260	Allegheny County Higher Education Building Authority, Duquesne University, Series A, Rev., 5.000%, 03/01/22		287
	400	Pennsylvania Higher Educational Facilities Authority, Widener University, Series A, Rev., 5.000%, 07/15/17		409
				696
		General Obligation — 0.3%
	500	Athens Area School District, Series B, GO, AGM, 1.750%, 04/15/17		502
		Commonwealth of Pennsylvania,
	150	Series 2004, GO, AGM, 5.375%, 07/01/20		167
	25	Series 2004, GO, AGM-CR, 5.375%, 07/01/17		26
	125	Council Rock School District, Bucks County, Series B, GO, 3.000%, 11/15/17		127
	50	Hanover Area School District, Luzerne County, Series A, GO, AGM, 3.800%, 02/01/17		50
				872
		Hospital — 0.0% (g)
	60	Lancaster County Hospital Authority, Health System, General Hospital Project, Series B, Rev., 4.000%, 07/01/17 (p)		61
		Housing — 1.3%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	115	Series 112, Rev., 5.000%, 04/01/28		120
	1,320	Series 118A, Rev., AMT, 3.500%, 04/01/40		1,359
	2,000	Series 121, Rev., 3.500%, 10/01/46		2,062
				3,541
		Other Revenue — 0.0% (g)
	100	Delaware Valley, Regional Finance Authority, Local Government, Series B, Rev., AMBAC, 5.600%, 07/01/17		103

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Prerefunded — 0.1%
	150	Commonwealth of Pennsylvania, Series A, GO, 5.000%, 08/01/17 (p)		154
	50	Delaware River Joint Toll Bridge Commission, Series A, Rev., NATL-RE, 4.500%, 07/01/17 (p)		51
	25	Philadelphia Authority for Industrial Development, Cultural & Commercial Corridors Program, Series A, Rev., NATL-RE, 5.000%, 12/01/16 (p)		25
	25	Reading Area Water Authority, Rev., AGM, 5.000%, 06/01/17 (p)		26
				256
		Total Pennsylvania		5,529
		South Carolina — 0.7%
		General Obligation — 0.0% (g)
	25	Lexington County School District No. 1, Series C, GO, SCSDE, 5.000%, 02/01/17		25
	25	School District No. 7 of Spartanburg County, GO, SCSDE, 5.000%, 03/01/17		26
				51
		Housing — 0.1%
	215	South Carolina State Housing Finance & Development Authority, Series B-2, Rev., AMT, 4.000%, 07/01/43		224
		Other Revenue — 0.1%
	175	South Carolina State Public Service Authority, Series C, Rev., 5.000%, 12/01/17		182
		Prerefunded — 0.0% (g)
	50	Town of Fort Mill, School Facilities Corp., Installment Purchase, Rev., 5.250%, 12/01/16 (p)		50
		Transportation — 0.4%
	1,095	South Carolina State Ports Authority, Rev., AMT, 4.000%, 07/01/40		1,064
		Water & Sewer — 0.1%
	250	City of Charleston, Waterworks & Sewer system, Rev., 5.000%, 01/01/17		251
	50	City of Greenville, Waterworks, Rev., 5.000%, 02/01/17		50
				301
		Total South Carolina		1,872
		South Dakota — 0.7%
		Housing — 0.7%
		South Dakota Housing Development Authority, Homeownership Mortgage,
	120	Series A, Rev., AMT, 4.500%, 05/01/31		126
	725	Series D, Rev., 4.000%, 11/01/45		766
	630	Series D, Rev., AMT, 4.000%, 11/01/29		653
	300	South Dakota Housing Development Authority, Single Family Mortgage, Series 2, Rev., 4.250%, 05/01/32		312
		Total South Dakota		1,857
		Tennessee — 0.7%
		General Obligation — 0.0% (g)
	50	Montgomery County School & Public Improvement, GO, 3.000%, 04/01/17		50
		Housing — 0.6%
	935	Tennessee Housing Development Agency Residential Finance Program, Rev., 4.000%, 01/01/46		986
		Tennessee Housing Development Agency, Homeownership Program,
	170	Series 1A, Rev., AMT, 4.500%, 01/01/38		178
	10	Series 1C, Rev., AMT, 3.750%, 01/01/25		10
	185	Series A, Rev., AMT, 4.500%, 07/01/31		193
		Tennessee Housing Development Agency, Housing Finance Program,
	100	Series A, Rev., 4.500%, 01/01/28		104
	195	Series B, Rev., 4.500%, 01/01/28		206
				1,677
		Utility — 0.1%
	230	City of Clarksville, Natural Gas Acquisition Corp., Rev., 5.000%, 12/15/16		231
		Total Tennessee		1,958
		Texas — 4.6%
		Education — 0.2%
	75	Laredo Community College District, Combined Fee, Series D, Rev., AGM, 2.000%, 08/01/17		75
	375	Tarrant County Cultural Education Facilities Finance Corp., Hospital, Hendrick Medical Center, Rev., 4.000%, 09/01/18		391
	100	University of Texas, Financing System, Series A, Rev., 4.000%, 08/15/17		102
				568
		General Obligation — 2.8%
	100	Austin Independent School District, GO, PSF-GTD, 5.000%, 08/01/20		111
	150	City of El Paso, GO, 5.000%, 08/15/18		159
		City of Fort Worth, Tarrant, Denton, Parker & Wise Counties,
	150	GO, 3.000%, 03/01/17		151
	415	GO, 5.000%, 03/01/20		457

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		General Obligation — continued
	50	City of Grand Prairie, Series EE, GO, XLCA, 4.000%, 02/15/17		50
	25	City of Houston, Community College System, GO, 5.000%, 02/15/17		25
	750	County of Brazoria, Alvin Independent School District, Series B, GO, VAR, PSF-GTD, 3.000%, 08/14/17		760
		County of Collin, Wylie Independent School District, Unlimited Tax,
	310	GO, PSF-GTD, Zero Coupon, 08/15/18		302
	815	GO, PSF-GTD, Zero Coupon, 08/15/19		777
	135	GO, PSF-GTD, Zero Coupon, 08/15/20		125
	100	Eagle Mountain & Saginaw Independent School District, Series B, GO, PSF-GTD, 4.000%, 08/15/17		102
	375	Harris County Permanent Improvement, Series A, GO, 5.000%, 10/01/18		401
		Nixon-Smiley Consolidated Independent School District, School Building,
	170	GO, PSF-GTD, 0.900%, 08/15/17		170
	250	GO, PSF-GTD, 1.250%, 08/15/18		250
	3,470	Northside Independent School District, School Building, GO, VAR, PSF-GTD, 2.125%, 08/01/20		3,472
	175	Texas Public Finance Authority, Series A, GO, 5.000%, 10/01/19		192
	50	Wildorado Independent School District, School Building, GO, PSF-GTD, 3.000%, 02/15/17		50
				7,554
		Housing — 0.2%
	465	Texas Department of Housing & Community Affairs, Residential Mortgage, Series B, Rev., GNMA/COLL, 4.250%, 01/01/34		492
		Other Revenue — 0.8%
	50	Sugar Land 4B Corp., Sales Tax, Rev., AGM, 4.000%, 02/15/17		51
	2,000	Texas Public Finance Authority, Unemployment Compensation Obligation Assessment, Series B, Rev., 4.000%, 07/01/17		2,027
				2,078
		Prerefunded — 0.5%
	25	Canton Texas Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/15/17 (p)		25
	200	City of Dallas, Improvement, Series 2007, GO, 5.000%, 02/15/17 (p)		202
	50	City of Laredo, GO, NATL-RE, 5.250%, 02/15/17 (p)		51
	150	City of San Antonio, Electric & Gas, Series A, Rev., 5.250%, 02/01/19 (p)		162
	180	Comal Independent School District, School Building, Series A, GO, PSF-GTD, 5.250%, 02/01/18 (p)		189
	105	Dallas Area Rapid Transit, Sales Tax, Rev., AMBAC, 5.000%, 12/01/16 (p)		105
	190	Fort Worth Independent School District, Unlimited Tax Refunding & School Building, GO, 5.000%, 02/15/19 (p)		205
	170	Keller Independent School District, School Building, GO, 5.250%, 02/15/19 (p)		184
	25	Texas Transportation Commission, Highway Fund, First Tier, Rev., 5.000%, 04/01/17 (p)		25
	100	Tomball Independent School District, School Building, GO, AGC, 5.000%, 02/15/18 (p)		105
	50	Willis Independent School District, GO, PSF-GTD, 4.100%, 02/15/17 (p)		50
				1,303
		Special Tax — 0.1%
	295	City of Irving, Hotel Occupancy Tax, Series B, Rev., 2.000%, 08/15/17		295
		Transportation — 0.0% (g)
	50	Harris County, Toll Road, Senior Lien, Series A, Rev., NATL-RE, 5.000%, 08/15/19		51
	105	Texas Transportation Commission, Highway Fund, First Tier, Series A, Rev., 4.750%, 04/01/17		107
				158
		Utility — 0.0% (g)
	25	Lower Colorado River Authority, Transmission Contract, LCRA Transmission Corp., Project, Series A, Rev., 5.000%, 05/15/17		25
		Total Texas		12,473
		Utah — 0.1%
		General Obligation — 0.1%
	50	Central Utah Water Conservancy District, Series C, GO, 2.500%, 04/01/17		50
	145	State of Utah, Series A, GO, 5.000%, 07/01/20		162
				212

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	25	Weber Basin, Utah Water Conservancy District, Series A, Rev., AMBAC, 5.250%, 10/01/17 (p)		26
		Total Utah		238
		Vermont — 1.0%
		Certificate of Participation/Lease — 0.1%
	360	City of Burlington, Lakeview Garage Project, Series A, COP, 4.000%, 12/01/17		369
		Housing — 0.9%
	240	Vermont Housing Finance Agency, Mortgage-Backed Securities, Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 02/01/26		251
		Vermont Housing Finance Agency, Multiple Purpose,
	450	Series A, Rev., AMT, 4.000%, 11/01/46		466
	1,165	Series B, Rev., AMT, 4.125%, 11/01/42		1,201
	490	Series C, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.000%, 11/01/46		513
				2,431
		Total Vermont		2,800
		Virginia — 0.4%
		Other Revenue — 0.2%
		Virginia Public Building Authority, Public Facilities,
	165	Series A, Rev., 5.000%, 08/01/17		170
	50	Series D, Rev., 5.000%, 08/01/17		51
		Virginia Resources Authority, Infrastructure & State Moral Obligation,
	120	Series B, Rev., 5.000%, 11/01/23		136
	145	Series B, Rev., 5.000%, 11/01/26		164
				521
		Prerefunded — 0.2%
	400	Loudoun County, Public Improvement, Series B, GO, 5.000%, 12/01/16 (p)		400
		Virginia Resources Authority, Infrastructure & State Moral Obligation,
	60	Series B, Rev., 5.000%, 11/01/21 (p)		69
				469
		Total Virginia		990
		Washington — 1.3%
		General Obligation — 0.3%
	75	Bellevue School District No. 405, King County, Series 2011, GO, 5.000%, 12/01/17		78
	50	City of Tacoma, Limited Tax, GO, 4.000%, 12/01/16		50
	220	Island County, School District No. 201 Oak Harbor, GO, AGM, 5.000%, 12/01/16		220
	225	King County, School District No. 414 Lake Washington Ltd., GO, 4.000%, 12/01/16		225
	100	State of Washington, Various Purpose, Series D, GO, 5.000%, 02/01/20		110
				683
		Housing — 0.4%
	500	Washington Housing Finance Commission, Single-Family Program, Series 2A-R, Rev., AMT, 3.500%, 12/01/46		517
	560	Washington State Housing Finance Commission, Homeownership Program, Series B, Rev., GNMA/FNMA/FHLMC, 4.250%, 10/01/32		584
				1,101
		Prerefunded — 0.2%
	50	City of Tacoma, Sewer, Rev., NATL-RE, 5.000%, 12/01/16 (p)		50
	100	County of Spokane, Freeman School District No. 358, GO, AGC, 5.000%, 07/15/18 (p)		106
	230	Pierce & Lewis County, School District No. 404 Eatonville, GO, NATL-RE, 5.250%, 12/01/16 (p)		230
	85	Public Utility District No. 2 of Snohomish County, GO, NATL-RE, 5.000%, 12/01/16 (p)		85
				471
		Transportation — 0.0% (g)
	110	Port of Seattle, Passenger Facilities Charge, Series A, Rev., BHAC-CR, MBIA, 5.500%, 12/01/19		121
		Utility — 0.4%
	350	Chelan County Public Utility District No.1, Series A, Rev., AMT, 5.500%, 07/01/26		391
	50	City of Tacoma, Solid Waste, Rev., 5.000%, 12/01/17		52
	740	Public Utility District No. 1 of Snohomish County, Series A, Rev., 5.000%, 12/01/16		740
				1,183
		Water & Sewer — 0.0% (g)
	50	Spokane County, Wastewater System, Series A, Rev., 4.000%, 12/01/16		50
		Total Washington		3,609

JPMorgan Tax Aware Income Opportunities 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
	Municipal Bonds — continued
		Wisconsin — 0.2%
		Education — 0.1%
	350	Wisconsin Health & Educational Facilities Authority, Fort Healthcare, Inc., Rev., 4.000%, 05/01/17		354
		General Obligation — 0.1%
	95	County of Milwaukee, Corporate Purpose, Series A, GO, 2.000%, 10/01/17		96
	100	State of Wisconsin, Series A, GO, 5.000%, 05/01/17		101
				197
		Total Wisconsin		551
		Wyoming — 0.3%
		Hospital — 0.2%
	625	Laramie County, Wyoming Hospital, Cheyenne Regional Medical Center Project, Rev., 4.000%, 05/01/18		647
		Housing — 0.1%
	165	Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.000%, 06/01/32		166
		Total Wyoming		813
		Total Municipal Bonds (Cost $166,755)		164,343
	Quarterly Demand Notes — 3.3%
		California — 0.9%
	2,500	California Pollution Control Financing Authority, Solid Waste Disposal, Republic Services, Series A, Rev., VRDO, AMT, 0.900%, 02/01/17 (e)		2,500
		Idaho — 0.7%
	2,000	Idaho Health Facilities Authority Hospital, Che Trinity Health Credit Group, Series ID, Rev., VRDO, 0.750%, 03/01/17		2,000
		Pennsylvania — 1.7%
	2,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, Republic Services, Inc., Project, Series A, Rev., VRDO, 1.150%, 01/03/17		2,000
	2,500	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Rev., VRDO, AMT, 0.850%, 02/01/17		2,500
		Total Pennsylvania		4,500
		Total Quarterly Demand Notes (Cost $9,000)		9,000
	Weekly Demand Notes — 16.8%
		Alaska — 0.5%
	1,250	Alaska Housing Finance Corp., Home Mortgage, Series B, Rev., VRDO, 0.560%, 12/01/16		1,250
				—
		California — 1.5%
	2,000	California State Infrastructure and Economy Development Bank, The J. Paul Getty Trust, Series B-1, Rev., VAR, 0.840%, 12/01/16		1,998
	1,000	California Statewide Communities Development Authority, Kaiser Permanente, Series B, Rev., VAR, 1.510%, 12/01/16		1,001
	1,100	Los Angeles Department of Water & Power, Power System, Series B, Subseries B-2, Rev., VRDO, 0.540%, 12/01/16		1,100
		Total California		4,099
		Florida — 1.0%
	1,800	Florida Development Finance Corp., Healthcare Facilities, UF Health-Jacksonville Project, Series B, Rev., VRDO, 1.100%, 12/01/16		1,800
	1,000	The Hillsborough Community College Foundation, Inc., Student Housing, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.580%, 12/01/16		1,000
		Total Florida		2,800
		Georgia — 1.1%
	295	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc., Project, Rev., VRDO, RAN, 0.600%, 12/01/16		295
	2,000	Metropolitan Rapid Transit Authority, Sales Tax, Rev., VAR, 0.840%, 12/01/16		1,997
	700	Private Colleges & Universities Authority, Emory University, Series B, Subseries B-2, Rev., VRDO, 0.520%, 12/01/16		700
		Total Georgia		2,992
		Illinois — 0.5%
	900	Illinois Finance Authority, Northwestern Memorial Hospital, Series A-4, Rev., VRDO, 0.560%, 12/01/16		900
	380	Illinois Finance Authority, University of Chicago Medical Center, Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.580%, 12/01/16		380
		Total Illinois		1,280
		Indiana — 1.3%
	3,000	City of Whiting, Environmental Facilities, BP Products North America, Inc., Project, Rev., VAR, 1.310%, 12/01/16		2,967

JPMorgan Tax Aware Income Opportunities 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
	Weekly Demand Notes — continued
		Indiana — continued
	625	Indiana Finance Authority, Parkview Health System Obligated Group, Series D, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 12/01/16		625
		Total Indiana		3,592
		Massachusetts — 1.0%
	1,300	Massachusetts Bay Transportation Authority, General Transportation System, Series A-1, Rev., VRDO, 0.590%, 12/01/16		1,300
	1,500	Massachusetts Development Finance Agency, Partners HealthCare System, Series K-1, Rev., VRDO, 0.580%, 12/01/16		1,500
		Total Massachusetts		2,800
		Michigan — 0.7%
	1,800	Kent Hospital Finance Authority, Spectrum Health System, Series B-3, Rev., VRDO, 0.600%, 12/01/16		1,800
		Minnesota — 0.8%
	980	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.580%, 12/01/16		980
	1,100	Minnesota Higher Educational Facilities Authority, The College of Saint Catherine, Series 5-N2, Rev., VRDO, LOC: U.S. Bank N.A., 0.580%, 12/01/16		1,100
		Total Massachusetts		2,080
		Missouri — 0.1%
	200	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 0.580%, 12/01/16		200
		New York — 0.9%
	1,000	New York City, Series J-7, GO, VAR, 1.030%, 12/01/16		1,000
	1,400	Onondaga County Cultural Trust, Syracuse University Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/01/16		1,400
		Total New York		2,400
		North Carolina — 3.0%
	2,245	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.580%, 12/01/16		2,245
	960	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.570%, 12/01/16		960
	580	City of Charlotte, Charlotte Douglas International Airport, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/01/16		580
	480	City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.550%, 12/01/16		480
	2,250	City of Raleigh, Downtown Improvement Projects, Series B-1, COP, VRDO, 0.570%, 12/01/16		2,250
	1,350	North Carolina Capital Facilities Finance Agency, Student University Foundation, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/01/16		1,350
	275	North Carolina Medical Care Commission, Health Care Facilities, WakeMed, Series C, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 12/01/16		275
		Total North Carolina		8,140
		Oregon — 0.7%
	1,910	Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.850%, 12/01/16		1,910
		Pennsylvania — 1.4%
	1,750	City of Philadelphia, Water & Wastewater, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/01/16		1,750
	2,000	Pennsylvania Turnpike Commission, Series B-1, Rev., VAR, 1.010%, 12/01/16		1,995
		Total Pennsylvania		3,745
		South Carolina — 0.8%
	865	City of North Charleston, Golf Course Mortgage, Rev., VRDO, 0.610%, 12/01/16		865
	1,320	South Carolina Jobs-Economic Development Authority Hospital, Anmed Health Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/01/16		1,320
		Total South Carolina		2,185
		Texas — 0.6%
	900	City of Houston, Airport System Revenue, Series P-1, Rev., VAR, AMT, AGM, 0.820%, 12/01/16		845
	1,000	University of Texas, Financing System, Series B4, Rev., VRDO, 0.540%, 12/01/16		1,000
		Total Texas		1,845
		Utah — 0.3%
	800	Emery County, Pollution Control, Pacificorp Projects, Rev., VRDO, LOC: Canadian Imperial Bank of Commerce, 0.580%, 12/01/16		800

JPMorgan Tax Aware Income Opportunities 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
	Weekly Demand Notes — continued
		Virginia — 0.4%
	1,000	Industrial Development Authority of Loudoun County, Howard Medical Institute, Series A, Rev., VRDO, 0.570%, 12/01/16		1,000
		Wisconsin — 0.2%
	500	Wisconsin Health & Educational Facilities Authority, Goodwill Industries of North Central Wisconsin, Inc., Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/01/16		500
		Total Weekly Demand Notes (Cost $45,414)		45,418
SHARES
	Common Stock — 0.0% (g)
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	13,459	Halcon Resources Corp. (Cost $142)		128
	Investment Companies — 0.8%
		Fixed Income — 0.8%
	58	BlackRock Corporate High Yield Fund, Inc.		611
	27	BlackRock Debt Strategies Fund, Inc.		294
	20	Blackstone/GSO Strategic Credit Fund		303
	12	Eaton Vance Floating-Rate Income Trust		183
	14	Eaton Vance Senior Income Trust		94
	16	Invesco Dynamic Credit Opportunities Fund		188
	18	Nuveen Credit Strategies Income Fund		153
	9	Nuveen Floating Rate Income Opportunity Fund		101
	14	Prudential Global Short Duration High Yield Fund, Inc.		213
		Total Investment Companies (Cost $1,998)		2,140
PRINCIPAL AMOUNT
	Loan Assignments — 0.5%
		Consumer Discretionary — 0.1%
		Media — 0.1%
	83	UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan, VAR, 5.000%, 07/22/23		84
	59	Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan, VAR, 8.500%, 08/18/24		60
		Total Consumer Discretionary		144
		Consumer Staples — 0.1%
		Household Products — 0.1%
	139	Zep, Inc., Term Loan, VAR, 5.000%, 06/27/22		140
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	260	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		263
	105	Exco Resources, Inc., Senior Secured 2nd Lien Term Loan, VAR, 12.500%, 10/19/20		68
	239	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		235
		Total Energy		566
		Health Care — 0.0% (g)
		Pharmaceuticals — 0.0% (g)
	149	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		125
		Industrials — 0.1%
		Marine — 0.1%
	204	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		190
		Trading Companies & Distributors — 0.0% (g)
	61	Univar, Inc., 1st Lien Term Loan B, VAR, 4.250%, 07/01/22		62
		Total Industrials		252
		Information Technology — 0.0% (g)
		Software — 0.0% (g)
	24	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 1st Lien Term Loan B, VAR, 5.000%, 11/03/23		24
		Total Loan Assignments (Cost $1,298)		1,251
	Short-Term Investments — 0.2%
		U.S. Treasury Obligation — 0.2%
	505	U.S. Treasury Bill, 0.286%, 01/05/17 (k) (n)		505
SHARES
		Investment Company — 0.0% (g)
	129	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l)†		129

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

SECURITY DESCRIPTION	VALUE
Total Short-Term Investments (Cost $634)		634
Total Investments — 98.7% (Cost $271,144)		267,878
Other Assets in Excess of Liabilities — 1.3%		3,536
NET ASSETS — 100.0%	$	271,414

Percentages indicated are based on net assets.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE	TRADING CURRENCY		NOTIONAL VALUE AT  NOVEMBER 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Short Futures Outstanding
	(4)	10 Year U.S. Treasury Note	03/22/17		USD		(498	)		2
	(2)	2 Year U.S. Treasury Note	03/31/17		USD		(434	)		—	(h)
	(4)	5 Year U.S. Treasury Note	03/31/17		USD		(471	)		1
										3

Credit Default Swaps—Buy Protection [1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America N.A.:
United Mexican States, 5.950%, 03/19/19	1.000% quarterly	12/20/21		1.794	%		1,530		54			(49	)
Barclays Bank plc:
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	03/20/17		0.718			40		(1	)		4
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	03/20/17		0.717			96		(2	)		9
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			74		(5	)		11
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			70		(4	)		8
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			109		(6	)		14
CIT Group, Inc., 5.250%, 03/15/18	5.000% quarterly	06/20/17		0.324			60		(2	)		7
CIT Group, Inc., 5.250%, 03/15/18	5.000% quarterly	06/20/17		0.324			13		0			1
Frontier Communications Corp., 9.000%, 08/15/31	5.000% quarterly	06/20/17		0.660			42		(1	)		5
Springleaf Finance Corp., 6.900%, 12/15/17	5.000% quarterly	09/20/17		1.241			100		(5	)		9
BNP Paribas:
Canadian Natural Resources Ltd., 3.450%, 11/15/21	1.000% quarterly	12/20/21		1.686			130		4			(7	)
Republic of Turkey, 11.875%, 01/15/30	1.000% quarterly	12/20/21		2.849			2,390		198			(180	)
Standard Chartered Bank, 5.875%, 11/26/17	1.000% quarterly	12/20/21		2.493			EUR  170		13			(10	)
Citibank, N.A.:
Beazer Homes USA, Inc., 9.125%, 15/05/19	5.000% quarterly	12/20/17		0.601			50		(3	)		3
Nabors Industries, Inc., 6.150%, 02/15/18	1.000% quarterly	12/20/21		3.111			100		18			(14	)
People’s Republic of China, 7.500%, 10/28/27	1.000% quarterly	12/20/21		1.170			1,740		11			(2	)
Credit Suisse International:
Ally Financial, Inc., 7.500%, 09/15/20	5.000% quarterly	12/20/17		0.932			150		(8	)		18
Devon Energy Corp., 7.950%, 04/15/32	1.000% quarterly	12/20/21		1.784			90		3			(5	)
Goldman Sachs International:
Sprint Communications, Inc., 8.375%, 08/15/17	5.000% quarterly	12/20/20		3.980			70		(3	)		(3	)
									261			(181	)

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]		NOTIONAL AMOUNT [4]		VALUE		UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America N.A.:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851		120		14		(23	)
Barclays Bank plc:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851		200		23		(59	)
CDX.EM.26-V1	1.000% quarterly	12/20/21		2.668		1,690		123		(99	)
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652		150		5		2
Citibank, N.A.:
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652		150		5		1
Credit Suisse International:
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851		100		12		(28	)
ABX.HE.AAA.06-2	0.110% monthly	05/25/46		0.851		230		27		(59	)
Goldman Sachs International:
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652		150		5		2
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652		150		5		3
Morgan Stanley Capital Services
CMBX.NA.A.6	2.000% monthly	05/11/63		2.652		150		4		3
								223		(257	)

Centrally Cleared Credit Default Swaps—Buy Protection [1]

Credit Indices:

REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]		NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
CDX.NA.HY.26-V1	5.000% quarterly		12/20/21		3.884		350		(20	)		19
CDX.NA.IG.25-V1	1.000% quarterly		12/20/20		0.640		2,190		(35	)		13
CDX.NA.IG.27-V1	1.000% quarterly		12/20/21		0.728		2,190		(33	)		28
iTraxx Europe 26.1	1.000% quarterly		12/20/21		0.794		EUR  2,190		(28	)		38
									(116	)		98

Credit Default Swaps—Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE	IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Bank of America N.A.:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931	%		80		1			3
Goldman Sachs International:
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			70		(14	)		32
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			70		(14	)		33
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			70		(14	)		36
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			70		(14	)		36
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly	06/20/17		50.627			140		(28	)		67
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			80		1			3
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly	12/20/16		3.931			80		1			4
									(81	)		214

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

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

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

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

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

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ABX	—	Asset-Backed Securities Index
ACE	—	Adjusted Current Earnings
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
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CDX	—	Credit Default Swap Index
CHESLA		Connecticut Higher Education Supplemental Loan Authority
CMBX	—	Commercial Mortgage-Backed Securities Index
CMO	—	Collateralized Mortgage Obligation
COLL	—	Collateral
COP	—	Certificate of Participation
CSMC	—	Credit Suisse Mortgage Trust
CR	—	Custodial Receipts
EUR	—	Euro
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance, Inc.
GAN	—	Grant Anticipation Notes
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GRAN		Grant Revenue Anticipation Notes
GTD	—	Guaranteed
IBC	—	Insured Bond Certificates
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Insurance Corp.
NATL	—	Insured by National Public Finance Guarantee Corp.
PSF	—	Permanent School Fund
Q-SBLF	—	Qualified School Bond Loan Fund
RAN	—	Revenue Anticipation Note
RE	—	Reinsured
Rev.	—	Revenue
SCSDE	—	South Carolina School District Enhancement
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

(Amounts in thousands)

VRDO	—	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of November 30, 2016.
XLCA	—	Insured by XL Capital Assurance
†	—	Approximately $80 of this investment is restricted as collateral for swaps to various brokers.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%
(k)	—	All of a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps. The rate shown is the current yield as of November 30, 2016.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(p)	—	Security is prerefunded or escrowed to maturity.
(r)	—	Rates shown are per annum and payments are as described.
(t)	—	The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
(w)	—	When-issued security.

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

Aggregate gross unrealized appreciation	$	1,813
Aggregate gross unrealized depreciation		(5,079	)
Net unrealized appreciation/depreciation	$	(3,266	)
Federal income tax cost of investments	$	271,144

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

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

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

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

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

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at September 30, 2016.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the 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
Investments in Securities
Debt Securities
Asset-Backed Securities		—		1,344		8,082		9,426
Collateralized Mortgage Obligations
Non-Agency CMO		—		5,301		280		5,581
Commercial Mortgage-Backed Securities		—		627		3,767		4,394
Convertible Bonds
Energy		—		392		—		392
Telecommunication Services		—		134		—		134
Total Convertible Bonds		—		526		—		526
Corporate Bonds
Consumer Discretionary		—		1,297		—		1,297
Consumer Staples		—		930		—		930
Energy		—		3,407		—		3,407
Financials		—		1,107		—		1,107
Health Care		—		944		—		944
Industrials		—		1,064		76		1,140
Information Technology		—		383		—		383
Materials		—		361		—		361
Real Estate		—		69		—		69
Telecommunication Services		—		2,048		68		2,116
Utilities		—		476		—		476
Total Corporate Bonds		—		12,086		144		12,230
Daily Demand Notes
California		—		50		—		50
Georgia		—		200		—		200
Kansas		—		450		—		450

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Michigan		—		200		—		200
Mississippi		—		130		—		130
New York		—		1,425		—		1,425
North Carolina		—		1,830		—		1,830
Pennsylvania		—		2,805		—		2,805
Tennessee		—		1,095		—		1,095
Vermont		—		250		—		250
Virginia		—		400		—		400
Washington		—		200		—		200
Total Daily Demand Notes		—		9,035		—		9,035
Monthly Demand Notes
California		—		2,496		—		2,496
New York		—		1,000		—		1,000
Vermont		—		276		—		276
Total Monthly Demand Notes		—		3,772		—		3,772
Municipal Bonds
Alabama		—		894		—		894
Alaska		—		1,557		—		1,557
Arizona		—		985		—		985
California		—		15,236		—		15,236
Colorado		—		2,691		—		2,691
Connecticut		—		3,096		—		3,096
Delaware		—		991		—		991
District of Columbia		—		1,453		—		1,453
Florida		—		6,167		—		6,167
Georgia		—		2,482		—		2,482
Hawaii		—		384		—		384
Illinois		—		10,249		—		10,249
Indiana		—		10,058		—		10,058
Iowa		—		2,098		—		2,098
Kansas		—		624		—		624
Kentucky		—		2,868		—		2,868
Louisiana		—		3,920		—		3,920
Maine		—		1,453		—		1,453
Maryland		—		1,576		—		1,576
Massachusetts		—		6,675		—		6,675
Michigan		—		10,035		—		10,035
Minnesota		—		4,762		—		4,762
Mississippi		—		979		—		979
Missouri		—		3,233		—		3,233
Montana		—		754		—		754
Nevada		—		288		—		288
New Hampshire		—		1,407		—		1,407
New Jersey		—		9,007		—		9,007
New Mexico		—		1,160		—		1,160
New York		—		11,037		—		11,037
North Carolina		—		1,683		—		1,683
North Dakota		—		2,220		—		2,220
Ohio		—		5,043		—		5,043
Oklahoma		—		232		—		232
Oregon		—		4,356		—		4,356
Pennsylvania		—		5,529		—		5,529

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
South Carolina		—		1,872		—		1,872
South Dakota		—		1,857		—		1,857
Tennessee		—		1,958		—		1,958
Texas		—		12,473		—		12,473
Utah		—		238		—		238
Vermont		—		2,800		—		2,800
Virginia		—		990		—		990
Washington		—		3,609		—		3,609
Wisconsin		—		551		—		551
Wyoming		—		813		—		813
Total Municipal Bonds		—		164,343		—		164,343
Quarterly Demand Notes
California		—		2,500		—		2,500
Idaho		—		2,000		—		2,000
Pennsylvania		—		4,500		—		4,500
Total Quarterly Demand Notes		—		9,000		—		9,000
Weekly Demand Notes
Alaska		—		1,250		—		1,250
California		—		4,099		—		4,099
Florida		—		2,800		—		2,800
Georgia		—		2,992		—		2,992
Illinois		—		1,280		—		1,280
Indiana		—		3,592		—		3,592
Massachusetts		—		2,800		—		2,800
Michigan		—		1,800		—		1,800
Minnesota		—		2,080		—		2,080
Missouri		—		200		—		200
New York		—		2,400		—		2,400
North Carolina		—		8,140		—		8,140
Oregon		—		1,910		—		1,910
Pennsylvania		—		3,745		—		3,745
South Carolina		—		2,185		—		2,185
Texas		—		1,845		—		1,845
Utah		—		800		—		800
Virginia		—		1,000		—		1,000
Wisconsin		—		500		—		500
Total Weekly Demand Notes		—		45,418		—		45,418
Common Stocks
Energy		128		—		—		128
Loan Assignments
Consumer Discretionary		—		144		—		144
Consumer Staples		—		140		—		140
Energy		—		566		—		566
Health Care		—		125		—		125
Industrials		—		252		—		252
Information Technology		—		24		—		24
Total Loan Assignments		—		1,251		—		1,251
Investment Companies		2,140		—		—		2,140
Short-Term Investment
Investment Companies		129		—		—		129

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
U.S. Treasury Obligations	$	—	$	505		$	—	$	505
Total Short-Term Investment		129		505			—		634
Total Investments in Securities	$	2,397	$	253,208		$	12,273	$	267,878
Appreciation in Other Financial Instruments
Futures Contracts	$	3	$	—		$	—	$	3
Swaps		—		293			—		293
Total Appreciation in Other Financial Instruments	$	3	$	293		$	—	$	296
Depreciation in Other Financial Instruments
Swaps	$	—	$	(132	)	$	—	$	(132	)
Total Depreciation in Other Financial Instruments	$	—	$	(132	)	$	—	$	(132	)

Transfers between fair value levels are valued utilizing values as of beginning of the period.

There were no transfers between level 1 and level 2 during the period ended November 30, 2016.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Tax Aware Income Opportunities Fund	Balance as of February 29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of November 30, 2016
Investments in Securities
Asset-Backed Securities	$	10,767	$	41		$	578		$	139		$	237	$	(3,349	)	$	109	$	(440	)	$	8,082
Collateralized Mortgage Obligations — Non-Agency CMO		1,057		(9	)		107			—	(a)		—		(1,173	)		298		—			280
Commercial Mortgage-Backed Securities		3,887		(3	)		126			4			—		(247	)		—		—			3,767
Corporate Bonds — Energy		48		—			—			—			—		—			—		(48	)		—
Corporate Bonds — Industrials		—		—			(91	)		3			—		—			164		—			76
Corporate Bonds — Telecommunication Services		—		—			(3	)		1			61		—			9		—			68
	$	15,759	$	29		$	717		$	147		$	298	$	(4,769	)	$	580	$	(488	)	$	12,273

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than 500.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

There were no significant transfers between level 2 and level 3 during the period ended November 30, 2016.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3) amounted to approximately $518,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	8,082	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 10.54% (2.02%)
				Constant Default Rate	3.95% - 15.00% (6.98%)
				Yield (Discount Rate of Cash Flows)	1.65% - 6.41% (4.41%)
Asset-Backed Securities		8,082
		280	Discounted Cash Flow	Constant Prepayment Rate	10.00% (10.00%)
				Yield (Discount Rate of Cash Flows)	4.75% (4.75%)
Collateralized Mortgage Obligations		280
		3,227	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.83 - 7.79% (6.11%)
Commercial Mortgage-Backed Securities		3,227
		144	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	19.12% - 51.21% (36.03%)
Corporate Bonds		144
Total	$	11,733

B. Derivatives — The Fund used derivative instruments including futures and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default, index, price locks, spread locks and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 93.0%
		Alabama — 0.4%
	29,745	East Alabama Health Care Authority, Series B, Rev., VRDO, 0.550%, 12/07/16		29,745
	775	Mobile County IDA, PCR, ExxonMobil Project, Rev., VRDO, 0.500%, 12/01/16		775
		Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project,
	7,735	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		7,735
	9,700	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.540%, 12/07/16		9,700
				47,955
		Alaska — 0.5%
	12,300	Alaska Housing Finance Corp., Governmental Purpose, University of Alaska, Series A, Rev., VRDO, 0.530%, 12/07/16		12,300
	35,200	Alaska Housing Finance Corp., Home Mortgage, Series A, Rev., VRDO, 0.550%, 12/07/16		35,200
	20,865	City of Valdez, Marine Terminal, Exxon Pipeline Co. Project, Series A, Rev., VRDO, 0.500%, 12/01/16		20,865
				68,365
		Arizona — 1.3%
		Arizona Health Facilities Authority, Banner Health,
	18,195	Series 2008G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/07/16		18,195
	15,000	Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 12/07/16		15,000
	6,025	Arizona State University, Board of Regents, Series A, Rev., VRDO, 0.560%, 12/07/16		6,025
	15,600	City of Mesa, Utility System, Series 2016-XF2216, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		15,600
	60,150	City of Phoenix IDA, Health Care Facilities, Mayo Clinic, Series A, Rev., VRDO, 0.540%, 12/01/16		60,150
	2,000	Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project, Series A, Rev., VRDO, FHLMC COLL, LIQ: FHLMC, 0.620%, 12/07/16		2,000
	34,420	Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		34,420
	29,525	The Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic, Series B, Rev., VRDO, 0.520%, 12/01/16		29,525
				180,915
		California — 9.3%
	22,000	Airports Commission, City & County of San Francisco, San Francisco International Airport, Second, Series 36B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.550%, 12/07/16		22,000
	1,664	California Educational Facilities Authority, Series 2015-XF2188, VRDO, 0.870%, 12/07/16		1,664
		California Health Facilities Financing Authority, Adventist Health System,
	2,400	Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.510%, 12/07/16		2,400
	3,500	Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.510%, 12/07/16		3,500
	10,700	California Health Facilities Financing Authority, City of Hope, Series C, Rev., VRDO, 0.560%, 12/07/16		10,700
	100	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West, Series C, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.540%, 12/07/16		100
	5,560	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program, Series H, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		5,560
	15,570	California Health Facilities Financing Authority, Health Facility, Scripps Health, Series C, Rev., VRDO, LOC: Union Bank N.A., 0.540%, 12/07/16		15,570
	1,100	California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.640%, 12/07/16		1,100
	2,870	California Municipal Finance Authority, La Sierra University, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.520%, 12/07/16		2,870
		California Pollution Control Financing Authority, Pacific Gas & Electric Co.,
	100	Series B, Rev., VRDO, LOC: Canadian Imperial Bank, 0.550%, 12/01/16		100
	72,000	Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.520%, 12/01/16		72,000
		California Statewide Communities Development Authority,
	2,000	Series 08-B, 0.500%, 12/01/16		2,000
	33,000	Series 08-B, 0.500%, 12/01/16		33,000
	47,000	Series 08-B, VRDO, 0.500%, 12/01/16		47,000
	47,000	Series 08-B, Rev., VRDO, 0.610%, 01/11/17		47,000

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	11,000	Series 08-B, Rev., VRDO, 0.680%, 02/08/17		11,000
	27,500	Series 08-C, VRDO, 0.510%, 12/06/16		27,500
	45,865	Series 08-C, VRDO, 0.640%, 12/08/16		45,865
	20,000	Series 09-D, VRDO, 0.500%, 12/06/16		20,000
	30,000	Series 09-D, Rev., VRDO, 0.930%, 12/09/16		30,000
	13,000	Series 9B-1, Rev., VRDO, 0.620%, 01/12/17		13,000
	45,000	Series 9B-1, Rev., VRDO, 0.640%, 02/07/17		45,000
	17,000	Series 9B-1, Rev., VRDO, 0.930%, 12/09/16		17,000
	15,000	Series 9B-2, VRDO, 0.530%, 12/05/16		15,000
	22,000	Series 9B-2, VRDO, 0.550%, 12/01/16		22,000
	3,000	Series 9B-2, Rev., VRDO, 0.740%, 12/01/16		3,000
	27,500	Series 9B-3, Rev., VRDO, 0.620%, 01/12/17		27,500
	19,000	Series 9B-3, Rev., VRDO, 0.660%, 03/07/17		19,000
	45,000	Series 9B-4, Rev., VRDO, 0.620%, 01/12/17		45,000
	10,000	Series 9B-4, Rev., VRDO, 0.660%, 03/07/17		10,000
	10,000	Series 9B-5, Rev., VRDO, 0.630%, 01/24/17		10,000
	58,750	Series B-5, VRDO, 0.520%, 12/05/16		58,750
	10,000	Series D, VRDO, 0.500%, 12/01/16		10,000
	20,500	Series D, VRDO, 0.500%, 12/06/16		20,500
	20,000	Series D, VRDO, 0.550%, 12/01/16		20,000
	23,000	Series D, Rev., VRDO, 0.660%, 03/07/17		23,000
		California Statewide Communities Development Authority, Kaiser Permanente,
	14,200	Series 9C-3, Rev., VRDO, 0.560%, 12/07/16		14,200
	1,825	Series J, Rev., VRDO, 0.560%, 12/07/16		1,825
	5,300	California Statewide Communities Development Authority, Multi-Family Housing, 1030 Post Street Apartments, Series Y, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.550%, 12/07/16		5,300
	3,650	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.530%, 12/07/16		3,650
	8,700	California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court, Series B, Rev., VRDO, FNMA, LIQ: FNMA, 0.570%, 12/07/16		8,700
	4,775	Central Basin Municipal Water District, 2007 Projects, Series 08-B, COP, VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		4,775
	4,920	City of Livermore, Series A, COP, VRDO, LOC: U.S. Bank N.A., 0.510%, 12/07/16		4,920
	1,400	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.540%, 12/07/16		1,400
	1,195	City of Riverside, Riverside Renaissance Projects, Series 2008, COP, VRDO, LOC: Bank of America N.A., 0.510%, 12/07/16		1,195
	900	City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		900
	14,800	City of Whittier, Health Facilities, Presbyterian Intercommunity, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		14,800
	1,200	Irvine Ranch Water District Nos. 105, 140, 240 & 250, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.510%, 12/07/16		1,200
	3,200	Irvine Unified School District, Community Facilities District No. 09, Series C, Rev., VRDO, LOC: U.S. Bank N.A., 0.500%, 12/01/16		3,200
	31,745	Irvine Unified School District, Community Facilities District No. 09-1, Special Tax, Series 2014B, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		31,745
		Los Angeles Community College District,
	10,800	Series 2016-ZF2379, GO, VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		10,800
	11,820	Series 2016-ZF2381, GO, VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		11,820
	25,000	Los Angeles Department of Water & Power, Power System, Series B, Subseries B-2, Rev., VRDO, 0.510%, 12/07/16		25,000
	9,200	Los Angeles Department of Water & Power, Waterworks, Series B, Subseries B-3, Rev., VRDO, 0.510%, 12/07/16		9,200
		Metropolitan Water District of Southern California,
	11,500	Series A-1, Rev., VRDO, 0.510%, 12/07/16		11,500

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	1,850	Series A-2, Rev., VRDO, 0.510%, 12/07/16		1,850
	19,450	Series B-1, Rev., VRDO, 0.500%, 12/01/16		19,450
	30,600	Series B-2, Rev., VRDO, 0.500%, 12/01/16		30,600
	34,850	Regents of the University of California, Series AL-4, Rev., VRDO, 0.510%, 12/07/16		34,850
	5,000	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		5,000
	18,000	San Diego Community College District, Series 2016-ZF2382, GO, VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		18,000
	25,000	San Diego County, Water Authority, Series 9, 0.620%, 01/09/17		25,000
	4,775	San Francisco City & County Airports Commission, San Francisco International Airport, Second Series, Series 36C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.530%, 12/07/16		4,775
	6,040	San Francisco City & County Redevelopment Agency, Multi-Family Housing, Notre Dame Apartments, Series G, Rev., VRDO, LOC: Citibank N.A., 0.590%, 12/07/16		6,040
		State of California,
	13,300	Series 11A5, 0.630%, 01/10/17		13,300
	24,100	Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.600%, 12/07/16		24,100
	61,490	Series A-2, 0.600%, 01/10/17		61,490
	100	Series A6, GO, VRDO, LOC: Citibank N.A., 0.500%, 12/07/16		100
	100	Series C-1, GO, VRDO, LOC: Bank of America N.A., 0.490%, 12/07/16		100
	33,000	State of California, Municipal Securities Trust Receipts, Series SGC-6, Class A, GO, VRDO, LIQ: Societe Generale, 0.570%, 12/07/16		33,000
		Tender Option Bond Trust Receipts/CTFS Various State,
	9,260	Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America N.A., 0.600%, 12/07/16 (e)		9,260
	55,260	Series 2016-XF0431, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		55,260
	14,250	Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		14,250
				1,282,234
		Colorado — 2.9%
	21,525	City of Colorado Springs, Utilities Revenue System, Sub Lien, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		21,525
		City of Colorado Springs, Utilities System Improvement,
	10,500	Series A, Rev., VRDO, 0.540%, 12/07/16		10,500
	42,735	Series A, Rev., VRDO, 0.570%, 12/07/16		42,735
	44,420	Series A, Rev., VRDO, 0.570%, 12/07/16		44,420
	37,275	Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.600%, 12/07/16		37,275
	33,100	City of Colorado Springs, Utilities System, Sub Lien, Series A, Rev., VRDO, 0.540%, 12/07/16		33,100
	57,410	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 0.540%, 12/07/16		57,410
	11,100	Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		11,100
		Colorado Housing & Finance Authority, Single Family Mortgage,
	49,325	Series B-2, Class I, Rev., VRDO, AMT, 0.600%, 12/07/16		49,325
	37,100	Series B-3, Class I, Rev., VRDO, AMT, FHLB, 0.600%, 12/07/16		37,100
	15,010	County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.580%, 12/07/16		15,010
	35,075	Moffat County, PCR, Tri-State Generation and Transmission Association, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16		35,075
				394,575
		Connecticut — 0.3%
	10,000	Connecticut State Health & Educational Facility Authority, Series A, Rev., VRDO, 0.530%, 12/07/16		10,000
	35,000	State of Connecticut, Series C, GO, VRDO, 0.520%, 12/07/16		35,000
				45,000
		Delaware — 0.1%
	19,285	Delaware State Health Facilities Authority, Christiana Care Health Services, Series B, Rev., VRDO, 0.550%, 12/07/16		19,285

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		District of Columbia — 0.4%
	1,660	District of Columbia, American Psychology Association, Rev., VRDO, LOC: Bank of America N.A., 0.580%, 12/07/16		1,660
	28,725	District of Columbia, Georgetown University, Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.550%, 12/07/16		28,725
	3,775	District of Columbia, Medlantic/Helix Issue, Tranche II, Series 1998A, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		3,775
	1,848	District of Columbia, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.740%, 12/07/16		1,848
		Metropolitan Washington Airports Authority,
	6,505	Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.570%, 12/07/16		6,505
	18,315	Subseries D-2, Rev., VRDO, LOC: TD Bank N.A., 0.530%, 12/07/16		18,315
				60,828
		Florida — 3.3%
	31,240	Alachua County Health Facilities Authority, Series 08-A, 0.700%, 12/01/16		31,240
	71,250	City of Gainesville, Florida, Utilities System Revenue Bonds, Series B, Rev., VRDO, 0.580%, 12/07/16		71,250
		County of Hillsborough, IMPT Program,
	17,753	Series A, Rev., 0.560%, 12/15/16		17,753
	13,000	Series A, Rev., 0.800%, 12/08/16		13,000
	5,000	County of Miami-Dade, Juvenile Courthouse Project, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		5,000
	20,495	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0051, Rev., VRDO, LIQ: U.S. Bank N.A., 0.590%, 12/07/16		20,495
	18,765	Florida Gulf Coast University Financing Corp., Housing Project, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.550%, 12/07/16		18,765
	1,200	Florida Housing Finance Corp., Multi-Family Mortgage, Tuscany Lake Apartments, Series K-3, Rev., VRDO, FNMA, LIQ: FNMA, 0.660%, 12/07/16		1,200
	31,475	Florida Municipal Power Agency, All Requirements Power Supply Project, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.600%, 12/01/16		31,475
		Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group,
	15,100	Series 2012I, Rev., VRDO, 0.530%, 12/07/16		15,100
	6,815	Series A, Rev., VRDO, 0.550%, 12/07/16		6,815
	48,000	Series I-2, Rev., VRDO, 0.520%, 12/07/16		48,000
	31,475	Series I-4, Rev., VRDO, 0.540%, 12/07/16		31,475
		JEA, Water and Sewer System,
	19,035	Series A-1, Rev., VRDO, 0.540%, 12/01/16		19,035
	200	Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		200
		Orange County Health Facilities Authority, The Nemours Foundation Project,
	3,575	Series 2009C-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		3,575
	18,185	Series 2009C-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		18,185
	28,820	Series B, Rev., VRDO, LOC: Northern Trust Co., 0.560%, 12/07/16		28,820
	21,420	Orange County School Board, Certificates of Participation, Series 2008C, COP, VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		21,420
	22,285	Orange County Tourist Development Tax, Series 2352, Rev., VRDO, FGIC, LIQ: Wells Fargo & Co., 0.570%, 12/07/16 (e)		22,285
		Tender Option Bond Trust Receipts/CTFS Various State,
	14,900	Series 2015-XF0251, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		14,900
	16,575	Series 2016-XG0002, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		16,575
				456,563
		Georgia — 1.6%
	10,735	DeKalb County Housing Authority, Multi-Family Housing, Timber Trace Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.580%, 12/07/16		10,735
	110,790	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project, Rev., VRDO, 0.600%, 12/07/16		110,790

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Georgia — continued
	1,725	Georgia Municipal Electric Authority, Project One, Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 12/07/16		1,725
	2,770	Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.710%, 12/07/16		2,770
	5,940	Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VRDO, BHAC, AGM-CR, NATL-RE, LIQ: Citibank N.A., 0.590%, 12/07/16		5,940
	17,475	Municipal Electricity Authority, General Resolution Project, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		17,475
		Private Colleges & Universities Authority, Emory University,
	500	Series B-1, Rev., VRDO, 0.530%, 12/07/16		500
	43,295	Series C-1, Rev., VRDO, 0.520%, 12/07/16		43,295
	22,000	Series C-5, Rev., VRDO, 0.520%, 12/07/16		22,000
				215,230
		Idaho — 0.1%
	8,300	Coeur d’Alene Tribe, GO, VRDO, LOC: Bank of America N.A., 0.560%, 12/07/16		8,300
	6,875	Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 0.570%, 12/07/16		6,875
				15,175
		Illinois — 5.0%
	4,300	City of Galesburg, Knox College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		4,300
	24,715	County of Cook, Illinois, Catholic Theological Union Project, Series 2005, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 12/07/16		24,715
	10,200	County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 12/07/16		10,200
	1,040	County of Lake, A.L. Hansen Manufacturing Co. Project, Rev., VRDO, LOC: Harris Trust & Savings Bank, 0.620%, 12/07/16		1,040
	250	County of Will, Environmental Facilities, ExxonMobil Project, Series 2001, Rev., VRDO, 0.520%, 12/01/16		250
	12,615	County of Will, Village of Romeoville, Lewis University, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.510%, 12/01/16		12,615
	6,910	Illinois Development Finance Authority, Evanston Northwestern Healthcare Corp., Series C, Rev., VRDO, 0.510%, 12/01/16		6,910
	10,000	Illinois Development Finance Authority, Residential Rental, F.C. Harris Pavilion Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.620%, 12/07/16		10,000
	13,000	Illinois Development Finance Authority, Village of Oak Park Residence Corporation Project, Series 2001, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16 (p)		13,000
	6,200	Illinois Educational Facilities Authority, Adler Planetarium, Series 1997, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		6,200
	31,730	Illinois Finance Authority, Advocate Healthcare Network, Series C-2A, Rev., VRDO, 0.570%, 12/07/16		31,730
	12,790	Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		12,790
	65,865	Illinois Finance Authority, Chicago Symphony Orchestra, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		65,865
	21,250	Illinois Finance Authority, Edward Hospital Obligated Group, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.570%, 12/07/16		21,250
		Illinois Finance Authority, Northwestern Memorial Hospital,
	25,000	Series A-2, Rev., VRDO, 0.530%, 12/07/16		25,000
	31,535	Series A-4, Rev., VRDO, 0.530%, 12/07/16		31,535
	20,750	Illinois Finance Authority, OSF Healthcare System, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		20,750
		Illinois Finance Authority, University of Chicago,
	75,620	Series 2008, Rev., VRDO, 0.550%, 12/07/16		75,620
	22,134	Series B, Rev., VRDO, 0.550%, 12/07/16		22,134
	39,495	Series C, Rev., VRDO, 0.550%, 12/07/16		39,495
		Illinois Finance Authority, University of Chicago Medical Center,
	10,000	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.550%, 12/01/16		10,000

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — continued
	25,600	Series D-1, Rev., VRDO, LOC: PNC Bank N.A., 0.530%, 12/01/16		25,600
	2,600	Series E-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.510%, 12/01/16		2,600
	6,500	Illinois Housing Development Authority, Homeowner Mortgage, Series C-3, Rev., VRDO, AMT, 0.600%, 12/07/16		6,500
	1,500	Illinois State Toll Highway Authority, Series A-2B, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.540%, 12/07/16		1,500
		Illinois State Toll Highway Authority, Toll Highway,
	30,000	Series A-1B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.540%, 12/07/16		30,000
	50,000	Series A-1B, Rev., VRDO, AGM, 0.560%, 12/07/16		50,000
	51,900	Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.540%, 12/07/16		51,900
	21,300	Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/07/16		21,300
	12,500	Joliet Regional Port District, Marine Terminal, ExxonMobil Project, Rev., VRDO, 0.520%, 12/01/16		12,500
	17,705	Puttable Floating Option Tax-Exempt Receipts, Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.740%, 12/07/16 (e)		17,705
	5,610	Regional Transportation Authority, Series SGC-55, Class A, GO, VRDO, FGIC, LOC: Societe Generale, 0.570%, 12/07/16		5,610
	13,635	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XF0435, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 12/07/16 (e)		13,635
				684,249
		Indiana — 1.7%
	9,600	City of Madison, Economic Development, Arvin Sango, Inc. Project, Series 1987, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.630%, 12/07/16		9,600
	9,100	City of Rockport, PCR, AEP Generating Co. Project, Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.590%, 12/07/16		9,100
	1,720	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 0.560%, 12/07/16		1,720
	18,810	Indiana Health & Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		18,810
		Indiana Health Facility Financing Authority, Ascension Health,
	26,700	Series A-2, Rev., VRDO, 0.570%, 12/07/16		26,700
	510	Series E-6, Rev., VRDO, 0.570%, 12/07/16		510
	33,425	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A-2, Rev., VRDO, 0.550%, 12/07/16		33,425
	36,000	Indiana State Finance Authority, Midwestern Disaster Relief, Ohio Electric Corp. Project, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 12/07/16		36,000
	74,585	Indiana State Finance Authority, Parkview Health System, Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 12/07/16		74,585
	18,600	Indiana State Finance Authority, University Health, Series E, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16		18,600
				229,050
		Iowa — 0.6%
	80,800	Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Company Project, Rev., VRDO, 0.580%, 12/07/16		80,800
	7,450	Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 12/07/16		7,450
				88,250
		Kansas — 0.2%
	28,915	Kansas State Department of Transportation, Highway, Series C-2, Rev., VRDO, 0.580%, 12/07/16		28,915
		Kentucky — 0.4%
	10,100	County of Carroll, Solid Waste Disposal, Colotex Corp. Project, Rev., VRDO, LOC: Bank of America N.A., 0.590%, 12/07/16		10,100
	32,000	County of Louisville & Jefferson, Metropolitan Government Norton Healthcare, Inc., Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		32,000
	12,050	Kentucky Economic Development Finance Authority, Hospital Facilities, Saint Elizabeth Medical Center, Inc, Series B, Rev., VRDO, 0.590%, 12/07/16		12,050
				54,150
		Louisiana — 1.1%
	64,860	East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Series A, Rev., VRDO, 0.520%, 12/01/16		64,860

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — continued
		East Baton Rouge Parish, PCR, ExxonMobil Project,
	27,125	Rev., VRDO, 0.500%, 12/01/16		27,125
	28,675	Rev., VRDO, 0.520%, 12/01/16		28,675
	17,335	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0112, Rev., VRDO, LIQ: U.S. Bank N.A., 0.590%, 12/07/16		17,335
	7,240	State of Louisiana, Gas & Fuels Tax, Series 2016-XG0035, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		7,240
				145,235
		Maryland — 2.0%
	49,900	Baltimore County, Consolidated Public Improvement Bonds, Series 2011, 0.620%, 02/07/17		49,900
	75,000	County of Montgomery, CHE Trinity Health Credit Group, Series MD, Rev., VRDO, 0.700%, 03/01/17		75,000
	15,200	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, MonteVerde Apartments, Series E, Rev., VRDO, FHLMC, LOC: FHLMC, 0.560%, 12/07/16		15,200
	6,400	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Parklane Apartments, Series C, Rev., VRDO, FNMA, LIQ: FNMA, 0.570%, 12/07/16		6,400
	11,700	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Walker Mews Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.570%, 12/07/16		11,700
		Maryland Health & Higher Educational Facilities Authority, John Hopkins University,
	16,100	Series A, Rev., VRDO, 0.540%, 12/07/16		16,100
	31,735	Series B, Rev., 0.850%, 01/17/17		31,735
		Maryland Health & Higher Educational Facilities Authority, Pooled Loan Program,
	26,100	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.550%, 12/07/16		26,100
	6,300	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		6,300
	3,449	Series D, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16		3,449
	1,100	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/01/16		1,100
	30,415	Maryland Stadium Authority, Sports Facilities, Football Stadium Issue, Rev., VRDO, 0.570%, 12/07/16		30,415
	2,000	Montgomery County Housing Opportunities Commission, Oakfield Apartments, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.570%, 12/07/16		2,000
				275,399
		Massachusetts — 3.6%
	15,000	Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Series B, GO, VRDO, 0.550%, 12/01/16		15,000
	74,345	Massachusetts Department of Transportation, Metropolitan Highway System, Subordinated, Commonwealth Contract Assistance Secured, Series A-2, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.560%, 12/07/16		74,345
	13,300	Massachusetts Development Finance Agency, Partners HealthCare System Issue, Series M-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.500%, 12/01/16		13,300
	18,000	Massachusetts Health & Educational Facilities Authority, Series H-2, Rev., VRDO, 0.550%, 12/07/16		18,000
	56,500	Massachusetts Health & Educational Facilities Authority, Museum of Fine Arts, Series A-1, Rev., VRDO, 0.550%, 12/01/16		56,500
	29,700	Massachusetts Health & Educational Facilities Authority, Partners Healthcare System, Series I-2, Rev., VRDO, 0.530%, 12/07/16		29,700
	16,800	Massachusetts Health & Educational Facilities Authority, Tufts University, Series N-1, Rev., VRDO, 0.530%, 12/01/16		16,800
	26,000	Massachusetts Port Authority, Series 12-B, Rev., 0.650%, 02/08/17		26,000
		Massachusetts School Building Authority,
	19,000	Series A, Rev., 0.660%, 03/01/17		19,000
	26,250	Series A, Rev., 0.700%, 01/04/17		26,250
	78,750	Series A, Rev., 0.910%, 12/01/16		78,750
	2,300	Massachusetts State Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.690%, 12/07/16		2,300
	24,200	Massachusetts State Health & Educational Facilities Authority, Amherst College, Series J-1, Rev., VRDO, 0.520%, 12/07/16		24,200

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Massachusetts — continued
		Massachusetts State Health & Educational Facilities Authority, Capital Asset Program,
	22,975	Series M-2, Rev., VRDO, LOC: Bank of America N.A., 0.580%, 12/07/16		22,975
	2,300	Series M-4A, Rev., VRDO, LOC: Bank of America N.A., 0.580%, 12/07/16		2,300
		Massachusetts Water Resources Authority,
	49,000	Series 99, 0.530%, 12/07/16		49,000
	22,000	Series A-3, Rev., VRDO, 0.570%, 12/07/16		22,000
				496,420
		Michigan — 2.6%
	1,645	Kent Hospital Finance Authority, Spectrum Health Systems, Series C, Rev., VRDO, LOC: Bank of New York Mellon, 0.540%, 12/07/16		1,645
	38,000	Michigan State Building Authority, Series 7, Rev., 0.940%, 12/08/16		38,000
		Michigan State Hospital Finance Authority,
	5,545	Series 08-C, Rev., VRDO, 0.550%, 12/01/16		5,545
	72,210	Series 08-C, Rev., VRDO, 0.620%, 02/06/17		72,210
	39,875	Series 08-C, Rev., VRDO, 0.920%, 12/05/16		39,875
	117,735	Series 08-C, Rev., VRDO, 0.960%, 01/10/17		117,735
	23,220	Michigan State University, Series E, 0.700%, 12/16/16		23,220
	11,580	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America N.A., 0.610%, 12/07/16 (e)		11,580
	54,000	University of Michigan, Series B, Rev., VRDO, 0.700%, 12/01/16		54,000
				363,810
		Minnesota — 3.4%
		City of Jacksonville, Health Care Facilities,
	35,000	Series 2016, Rev., VRDO, 0.650%, 01/18/17		35,000
	50,000	Series 2016, Rev., VRDO, 0.680%, 02/08/17		50,000
	75,000	City of Rochester, Health Care Facilities, Series 2014, Rev., VRDO, 0.710%, 12/01/16		75,000
		City of Rochester, Health Care Facilities, Mayo Clinic,
	22,000	Series B, Rev., VRDO, 0.560%, 12/07/16		22,000
	17,000	Series C, Rev., VRDO, 0.620%, 01/17/17		17,000
	33,000	Series C, Rev., VRDO, 0.650%, 01/18/17		33,000
	29,960	Eclipse Funding Trust, VRDO, LOC: U.S. Bank NA, 0.550%, 12/07/16		29,960
	30,515	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0032, Rev., VRDO, LIQ: U.S. Bank N.A., 0.560%, 12/07/16		30,515
	8,200	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.550%, 12/07/16		8,200
	37,320	Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System, Series C-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		37,320
	43,400	Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System,, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 12/07/16		43,400
	6,190	Minnesota Housing Finance Agency, Residential Housing Finance, Series S, Rev., VRDO, AMT, 0.600%, 12/07/16		6,190
	24,990	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-19, Rev., VRDO, LOC: Royal Bank of Canada, 0.580%, 12/07/16 (e)		24,990
		University of Minnesota,
	23,410	Series 05-A, 0.690%, 12/15/16		23,410
	26,590	Series 05-A, 0.930%, 01/10/17		26,590
				462,575
		Mississippi — 2.5%
	27,025	County of Jackson, Pollution Control, Chevron U.S.A., Inc. Project, Series 1992, Rev., VRDO, 0.540%, 12/01/16		27,025
	2,200	County of Jackson, Port Facility, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.520%, 12/01/16		2,200
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project,
	4,060	Series A, Rev., VRDO, 0.520%, 12/01/16		4,060
	97,165	Series A, Rev., VRDO, 0.540%, 12/01/16		97,165
	250	Series B, Rev., VRDO, 0.550%, 12/01/16		250
	4,000	Series B, Rev., VRDO, 0.560%, 12/07/16		4,000
	16,100	Series D, Rev., VRDO, 0.540%, 12/01/16		16,100
	100	Series E, Rev., VRDO, 0.550%, 12/01/16		100

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Mississippi — continued
	14,100	Series F, Rev., VRDO, 0.540%, 12/01/16		14,100
	10,125	Series F, Rev., VRDO, 0.550%, 12/07/16		10,125
	34,570	Series G, Rev., VRDO, 0.520%, 12/01/16		34,570
	62,600	Series H, Rev., VRDO, 0.550%, 12/01/16		62,600
	41,100	Series J, Rev., VRDO, 0.540%, 12/01/16		41,100
	26,400	Series K, Rev., VRDO, 0.550%, 12/01/16		26,400
	10,430	Mississippi Hospital Equipment & Facilities Authority, North Mississippi Health Services, Rev., VRDO, 0.560%, 12/07/16		10,430
				350,225
		Missouri — 3.0%
	59,075	City of Kansas, Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.600%, 12/07/16		59,075
	30,000	Curators of University of Missouri, Series A, 0.500%, 12/07/16		30,000
	725	Kansas City IDA, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.760%, 12/07/16		725
		Missouri State Health & Educational Facilities Authority,
	50,000	Series 14-B, VRDO, 0.600%, 01/05/17		50,000
	20,000	Series 14-C, VRDO, 0.950%, 12/05/16		20,000
	25,000	Series 14-D, VRDO, 0.950%, 12/05/16		25,000
	50,000	Series 14-E, Rev., VRDO, 0.590%, 12/19/16		50,000
	59,000	Missouri State Health & Educational Facilities Authority, BJC Health System, Series D, Rev., VRDO, 0.540%, 12/07/16		59,000
	400	Missouri State Health & Educational Facilities Authority, Educational Facilities, Washington University, Series D, Rev., VRDO, 0.510%, 12/01/16		400
	48,800	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 0.580%, 12/07/16		48,800
	43,600	Missouri State Health & Educational Facilities Authority, SSM Health Care, Series F, Rev., VRDO, 0.580%, 12/07/16		43,600
	28,070	St. Joseph IDA, Health Facilities, Heartland Regional Medical Center, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.530%, 12/01/16		28,070
				414,670
		Nebraska — 0.7%
	29,295	County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center, Series B-2, Rev., VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		29,295
		Lincoln Electric System,
	32,750	Series 95, Rev., 0.740%, 12/06/16		32,750
	40,000	Series 95, Rev., 0.910%, 12/01/16		40,000
				102,045
		Nevada — 1.9%
	19,775	City of Carson, Carson-Tahoe Hospital Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.540%, 12/07/16		19,775
	6,965	Clark County, Nevada Airport System, Series B-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 0.580%, 12/07/16		6,965
	10,000	Clark County, Nevada Airport System, Sub Lien, Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 0.590%, 12/07/16		10,000
	38,705	County of Clark, Airport, Series A, GO, VRDO, AMT, 0.590%, 12/07/16		38,705
		Las Vegas Valley Water District,
	50,000	Series 04-B, 0.580%, 12/02/16		50,000
	100,000	Series 04-B, 0.620%, 02/01/17		100,000
		Nevada Housing Division, Multi-Unit Housing,
	8,450	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 12/07/16		8,450
	13,900	Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.700%, 12/07/16		13,900
	2,815	Series M, Rev., VRDO, LOC: U.S. Bank N.A., 0.610%, 12/07/16		2,815
	3,360	Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 12/07/16		3,360
	12,710	Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 12/07/16		12,710
				266,680
		New Hampshire — 0.2%
	26,000	New Hampshire Health & Education Facilities Authority, Dartmouth College, Series B, Rev., VRDO, 0.540%, 12/01/16		26,000
		New Jersey — 0.1%
	10,920	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series I, Rev., VRDO, AMT, 0.590%, 12/07/16		10,920

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Mexico — 0.3%
	22,275	New Mexico Hospital Equipment Loan Council, Hospital System, Presbyterian Healthcare Services, Series C, Rev., VRDO, 0.570%, 12/07/16		22,275
	16,650	University of New Mexico, Subordinate Lien System, Series B, Rev., VRDO, 0.570%, 12/07/16		16,650
				38,925
		New York — 20.5%
		City of New York, Fiscal Year 2004,
	17,850	Series A, Subseries A-3, GO, VRDO, LOC: Morgan Stanley Bank, 0.590%, 12/07/16		17,850
	3,350	Series H, Subseries H-6, GO, VRDO, LOC: California Public Employees Retirement System, 0.560%, 12/07/16		3,350
	1,325	Series H, Subseries H-4, GO, VRDO, LOC: Bank of New York Mellon, 0.570%, 12/01/16		1,325
		City of New York, Fiscal Year 2006,
	22,770	Series E, Subseries E-3, GO, VRDO, LOC: Bank of America N.A., 0.530%, 12/07/16		22,770
	34,100	Series E, Subseries E-4, GO, VRDO, LOC: Bank of America N.A., 0.530%, 12/07/16		34,100
	36,400	Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.550%, 12/07/16		36,400
	34,200	Series F, Subseries F-4B, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.520%, 12/07/16		34,200
	17,250	Series I, Subseries I-4, GO, VRDO, LOC: TD Bank N.A., 0.540%, 12/01/16		17,250
	42,100	Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 0.570%, 12/01/16		42,100
		City of New York, Fiscal Year 2008,
	37,700	Series D, Subseries D-4, GO, VRDO, LIQ: Credit Agricole Corporate and Investment Bank, 0.530%, 12/07/16		37,700
	61,735	Series J, Subseries J-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.570%, 12/07/16		61,735
	24,700	Series D, Subseries D-3, GO, VRDO, LIQ: Credit Agricole Corporate and Investment Bank, 0.530%, 12/07/16		24,700
	5,000	Series J, Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.590%, 12/01/16		5,000
	13,450	Series J, Subseries L-5, GO, VRDO, 0.590%, 12/01/16		13,450
	100	City of New York, Fiscal Year 2009, Series B, Subseries B-3, GO, VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		100
		City of New York, Fiscal Year 2012,
	630	Series A, Subseries A-5, GO, VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		630
	2,800	Series D, Subseries D-3B, GO, VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		2,800
	5,000	Series G, Subseries G-3, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		5,000
	3,000	Series G, Subseries G-4, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		3,000
		City of New York, Fiscal Year 2013,
	42,770	Series A, Subseries A-2, GO, VRDO, LOC: Mizuho Bank Ltd., 0.600%, 12/01/16		42,770
	12,750	Series A, Subseries A-4, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.540%, 12/07/16		12,750
	95,140	Series F, Subseries F-3, GO, VRDO, 0.590%, 12/01/16		95,140
	28,150	City of New York, Fiscal Year 2014, Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		28,150
	3,450	City of New York, Fiscal Year 2015, Series F, Subseries F-7, GO, VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		3,450
		City of New York, Fiscal Year 2017,
	4,950	Series A, Subseries A-4, GO, VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		4,950
	22,900	Series I, Subseries I-3, GO, VRDO, LOC: Bank of America N.A., 0.610%, 12/01/16		22,900
		Metropolitan Transportation Authority,
	31,380	Series D, Subseries D-2, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.600%, 12/01/16		31,380
	24,400	Series E, Subseries E-1, Rev., VRDO, LOC: Bank of Montreal, 0.580%, 12/01/16		24,400
	4,930	Series E, Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.540%, 12/07/16		4,930
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	48,185	Series A-1A, Rev., BAN, 5.000%, 03/01/17		48,711
	41,310	Series A-1B, Rev., BAN, 2.000%, 03/01/17		41,457
	10,000	Series A-1C, Rev., BAN, 2.000%, 03/01/17		10,035
	98,250	Series A-1D, Rev., BAN, 2.000%, 03/01/17		98,597

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	595	Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.570%, 12/01/16		595
	20,000	Subseries B-1, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.550%, 12/07/16		20,000
		Metropolitan Transportation Authority, Transportation,
	19,800	Series 2012E, Subseries 2005E-3, Rev., VRDO, LOC: Bank of Montreal, 0.540%, 12/07/16		19,800
	100	Subseries E-3, Rev., VRDO, LOC: Citibank N.A., 0.520%, 12/07/16		100
	10,000	Subseries G-2, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		10,000
	37,375	Nassau County Interim Finance Authority, Series 2008C, Rev., VRDO, 0.560%, 12/07/16		37,375
	17,715	Nassau County Interim Finance Authority, A Public Benefit Corp., of the State of New York, Sales Tax Secured, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		17,715
		Nassau Health Care Corp.,
	10,480	Series 2009, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		10,480
	14,750	Subseries B-2, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		14,750
		New York City Health & Hospital Corp., Health System,
	8,750	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.560%, 12/07/16		8,750
	100	Series C, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		100
	4,760	New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.560%, 12/07/16		4,760
	2,800	New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.530%, 12/07/16		2,800
	7,255	New York City Housing Development Corp., Multi-Family Mortgage, 500 East 165th Street Apartments, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.600%, 12/07/16		7,255
	13,600	New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.560%, 12/07/16		13,600
	43,050	New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.530%, 12/07/16		43,050
	10,630	New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		10,630
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008,
	23,805	Series B, Subseries B-4, Rev., VRDO, 0.550%, 12/07/16		23,805
	64,400	Series B-1A, Rev., VRDO, 0.550%, 12/07/16		64,400
	20,200	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2012, Series B, Subseries B-2, Rev., VRDO, 0.550%, 12/01/16		20,200
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2008,
	29,350	Series BB, Subseries BB-1, Rev., VRDO, 0.530%, 12/07/16		29,350
	13,000	Series BB, Subseries BB-4, Rev., VRDO, 0.520%, 12/07/16		13,000
	39,890	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series BB, Subseries BB-1, Rev., VRDO, 0.580%, 12/01/16		39,890
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011,
	8,730	Series DD, Subseries DD-1, Rev., VRDO, 0.540%, 12/01/16		8,730
	29,310	Series FF, Subseries FF-1, Rev., VRDO, 0.590%, 12/01/16		29,310
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013,
	18,750	Series AA, Subseries AA-1, Rev., VRDO, 0.560%, 12/01/16		18,750
	37,700	Series AA, Subseries AA-2, Rev., VRDO, 0.570%, 12/07/16		37,700
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014,
	53,950	Series AA, Subseries AA-3, Rev., VRDO, 0.540%, 12/01/16		53,950
	57,500	Series AA, Subseries AA-4, Rev., VRDO, 0.580%, 12/01/16		57,500

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	20,985	Series BB, Subseries BB-1, Rev., VRDO, 0.590%, 12/01/16		20,985
	56,770	Series BB, Subseries BB-2, Rev., VRDO, 0.580%, 12/01/16		56,770
	42,350	Subseries BB-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 12/07/16		42,350
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2016,
	15,000	Series AA-1, Rev., VRDO, 0.590%, 12/01/16		15,000
	62,515	Series AA-2, Rev., VRDO, 0.560%, 12/01/16		62,515
	37,500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2017, Subseries BB-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 12/07/16		37,500
		New York City Transitional Finance Authority,
	9,695	Series 1, Subseries 1D, Rev., VRDO, 0.570%, 12/01/16		9,695
	1,595	Series 3, Subseries 3F, Rev., VRDO, 0.570%, 12/01/16		1,595
	29,700	Series C, Subseries C-4, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.590%, 12/01/16		29,700
		New York City Transitional Finance Authority, EAGLE,
	48,260	Series 2007-0004, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.590%, 12/07/16		48,260
	36,060	Series 2007-0014, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Landesbank Hessen-Thuringen, 0.590%, 12/07/16		36,060
	8,500	New York City Transitional Finance Authority, Future Tax Secured Tax-Exempt Subordinate, Fiscal Year 2016, Subseries A-4, Rev., VRDO, 0.590%, 12/01/16		8,500
	66,200	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 1999, Series A, Subseries A-1, Rev., VRDO, LOC: JPMorgan Chase Bank, N.A., 0.570%, 12/07/16		66,200
	50,510	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001, Series C, Rev., VRDO, 0.560%, 12/01/16		50,510
	49,275	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Subseries A-4, Rev., VRDO, 0.540%, 12/01/16		49,275
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014,
	38,000	Subseries D-3, Rev., VRDO, 0.580%, 12/01/16		38,000
	58,550	Subseries D-4, Rev., VRDO, 0.560%, 12/01/16		58,550
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015,
	40,460	Subseries A-4, Rev., VRDO, 0.550%, 12/01/16		40,460
	15,700	Subseries E-4, Rev., VRDO, 0.590%, 12/01/16		15,700
		New York City Transitional Finance Authority, New York City Recovery,
	2,070	Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 0.580%, 12/07/16		2,070
	13,010	Series 2, Subseries 2F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking, 0.570%, 12/07/16		13,010
	17,425	Series 3, Subseries 3-G, Rev., VRDO, 0.560%, 12/07/16		17,425
	3,160	New York Liberty Development Corp., Series 2015-XF2146, Rev., VRDO, LIQ: Citibank N.A., 0.610%, 12/07/16 (e)		3,160
	7,400	New York State Dormitory Authority, Series 2016-XF2282, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		7,400
	45,600	New York State Dormitory Authority, City University System, CONS Fifth General Resolution, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		45,600
	69,525	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 12/07/16		69,525
	500	New York State Dormitory Authority, EAGLE, Series 2006-0138, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16		500
	23,585	New York State Dormitory Authority, St. John’s University, Series B-1, Rev., VRDO, LOC: Bank of America N.A., 0.530%, 12/07/16		23,585
	12,700	New York State Energy Research & Development Authority, Consolidated Edison Co. of New York, Inc. Project, Series 2004C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.590%, 12/07/16		12,700

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
		New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project,
	4,100	Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.580%, 12/07/16		4,100
	19,920	Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.570%, 12/07/16		19,920
	2,755	New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.570%, 12/07/16		2,755
	51,100	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.580%, 12/07/16		51,100
	10,000	New York State Housing Finance Agency, 205 East 92nd Street, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.540%, 12/07/16		10,000
	23,250	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.650%, 12/07/16		23,250
	49,000	New York State Housing Finance Agency, 350 West 43rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.620%, 12/01/16		49,000
	3,200	New York State Housing Finance Agency, 360 West 43rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		3,200
	58,310	New York State Housing Finance Agency, 505 West 37th Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.570%, 12/01/16		58,310
	21,500	New York State Housing Finance Agency, 555 Tenth Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.550%, 12/07/16		21,500
	5,500	New York State Housing Finance Agency, 625 West 57th Street, Series A-1, Rev., VRDO, LOC: Bank of New York Mellon, 0.570%, 12/07/16		5,500
	17,760	New York State Housing Finance Agency, 80 Dekalb Avenue, Series B, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.580%, 12/07/16		17,760
	50,000	New York State Housing Finance Agency, 88 Leonard Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.550%, 12/07/16		50,000
	9,550	New York State Housing Finance Agency, Chelsea Arms, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		9,550
	3,900	New York State Housing Finance Agency, Clinton Park Phase II, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		3,900
	7,050	New York State Housing Finance Agency, North End, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.570%, 12/07/16		7,050
	3,000	New York State Housing Finance Agency, Riverside Center 2 Housing, Subseries A-2, Rev., VRDO, LOC: Bank of America N.A., 0.560%, 12/07/16		3,000
	6,680	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 0.620%, 12/07/16		6,680
	11,300	New York State Housing Finance Agency, Theater Row, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.590%, 12/07/16		11,300
	50,065	New York State Housing Finance Agency, Tribeca Green, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.550%, 12/07/16		50,065
	1,800	New York State Housing Finance Agency, Tribeca Landing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		1,800
	10,000	New York State Housing Finance Agency, Victory, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		10,000
	2,100	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		2,100
	100	New York State Housing Finance Agency, Weyant Green Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		100
	3,400	New York State Housing Finance Agency, Worth Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.590%, 12/07/16		3,400
	4,050	New York State Mortgage Agency, Homeowner Mortgage, Series 142, Rev., VRDO, AMT, 0.590%, 12/01/16		4,050
	11,250	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America N.A., 0.640%, 12/07/16 (e)		11,250
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	435	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		435
	17,290	Series B, Subseries 2003 B-1, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		17,290

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	28,890	Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 12/07/16		28,890
				2,821,280
		North Carolina — 3.5%
	25,515	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.550%, 12/07/16		25,515
	51,850	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.540%, 12/07/16		51,850
		City of Charlotte, Charlotte Douglas International Airport,
	13,205	Series B, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		13,205
	6,925	Series C, Rev., VRDO, LOC: Bank of America N.A., 0.540%, 12/07/16		6,925
	7,675	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.530%, 12/07/16		7,675
	12,765	City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.520%, 12/07/16		12,765
	19,580	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 0.530%, 12/07/16		19,580
	5,415	City of Raleigh, Combined Enterprise System, Series B, Rev., VRDO, 0.540%, 12/07/16		5,415
		City of Raleigh, Downtown Improvement Projects,
	40,900	Series A, COP, VRDO, 0.570%, 12/07/16		40,900
	42,325	Series B-2, COP, VRDO, 0.570%, 12/07/16		42,325
	8,330	City of Raleigh, Enterprise System, Series A, Rev., VRDO, 0.540%, 12/07/16		8,330
	18,380	Durham County Industrial Facilities & Pollution Control Financing Authority, Research Triangle Institute, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.560%, 12/07/16		18,380
		Forsyth County,
	6,535	Series A, GO, VRDO, 0.550%, 12/07/16		6,535
	14,600	Series B, GO, VRDO, 0.550%, 12/07/16		14,600
	6,300	Series B, GO, VRDO, 0.550%, 12/07/16		6,300
	15,600	North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		15,600
	14,960	North Carolina Medical Care Commission, Health Care Facilities, WakeMed, Series C, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.540%, 12/07/16		14,960
	1,665	North Carolina Medical Care Commission, Health System, Rev., VRDO, 0.520%, 12/07/16		1,665
	24,655	North Carolina Medical Care Commission, Moses Cone Health System, Series A, Rev., VRDO, 0.570%, 12/07/16		24,655
	38,275	North Carolina State University at Raleigh, Board of Governors, Series B, Rev., VRDO, 0.570%, 12/07/16		38,275
	14,900	Orange Water & Sewer Authority, Series B, Rev., VRDO, 0.550%, 12/07/16		14,900
	17,130	Piedmont Triad Airport Authority, Series A, Rev., VRDO, LOC: Branch Banking & Trust, 0.550%, 12/07/16 (p)		17,130
		University of North Carolina, University Hospital at Chapel Hill,
	25,460	Series A, Rev., VRDO, 0.510%, 12/01/16		25,460
	14,000	Series A, Rev., VRDO, 0.520%, 12/07/16		14,000
	14,900	Series B, Rev., VRDO, 0.510%, 12/01/16		14,900
	20,435	Series B, Rev., VRDO, 0.540%, 12/07/16		20,435
				482,280
		Ohio — 1.0%
	400	City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project, Series 2008, Rev., VRDO, LOC: PNC Bank N.A., 0.560%, 12/07/16		400
	9,715	County of Cuyahoga, Civic Facilities, Rev., VRDO, LOC: PNC Bank N.A., 0.570%, 12/07/16		9,715
	23,505	County of Cuyahoga, Ohio, Hospital Facilities, Sisters of Charity Health System, Series 2000, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		23,505
		Ohio State University, General Receipts,
	500	Rev., VRDO, 0.520%, 12/07/16		500
	2,430	Series 2008 B, Rev., VRDO, 0.540%, 12/07/16		2,430
	45,000	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank N.A., 0.570%, 12/07/16		45,000
	30,700	State of Ohio, Hospital, Ohio Higher Educational Facility Commission, Cleveland Clinic Health System, Series B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 0.540%, 12/01/16		30,700

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Ohio — continued
		State of Ohio, Infrastructure Improvement,
	20,715	Series A, GO, VRDO, 0.560%, 12/07/16		20,715
	10,495	Series B, GO, VRDO, 0.560%, 12/07/16		10,495
				143,460
		Oklahoma — 0.1%
	10,490	Tulsa County Home Finance Authority, Multi-Family Housing, Waterford Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.500%, 12/07/16		10,490
		Oregon — 0.1%
	15,450	Clackamas County Hospital Facility Authority, Legacy Health System, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 12/07/16		15,450
	3,635	State of Oregon, Facilities Authority, PeaceHealth, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 12/07/16		3,635
				19,085
		Pennsylvania — 2.9%
		Bucks County IDA, Grand View Hospital,
	10,835	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.520%, 12/07/16		10,835
	7,000	Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		7,000
	20,125	Butler County General Authority, Series SGC-58, Class A, Rev., VRDO, LIQ: Societe Generale, 0.570%, 12/07/16		20,125
	8,570	Butler County General Authority, North Allegheny School District Project, Series B, Rev., VRDO, 0.570%, 12/07/16		8,570
		City of Philadelphia, Gas Works, 1998 General Ordinance, Eight,
	18,115	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.550%, 12/07/16		18,115
	12,900	Series D, Rev., VRDO, LOC: Royal Bank of Canada, 0.550%, 12/07/16		12,900
	33,775	County of Allegheny, Series C, GO, VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		33,775
		County of Montour, Geisinger Authority, Health System, Geisinger Health System,
	22,175	Series A, Rev., VRDO, 0.510%, 12/01/16		22,175
	22,200	Series B, Rev., VRDO, 0.500%, 12/01/16		22,200
	17,155	Delaware Valley Regional Finance Authority, Local Government, Class A, Rev., VRDO, LIQ: Societe Generale, 0.570%, 12/07/16		17,155
	27,350	Fayette County Hospital Authority, Regional Health System, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		27,350
		Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project,
	4,810	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.560%, 12/07/16		4,810
	2,405	Series A-T2, Rev., VRDO, FNMA, LIQ: FNMA, 0.560%, 12/07/16		2,405
	17,080	Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.560%, 12/07/16		17,080
	24,665	Northeastern Pennsylvania Hospital and Education Authority, The Commonwealth Medical College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		24,665
	4,500	Pennsylvania Economic Development Financing Authority, PSEG Power LLC Project, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		4,500
	12,975	Pennsylvania Housing Finance Agency, Building Development, VRDO, 0.580%, 12/07/16		12,975
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	12,100	Series 2005-88B, Rev., VRDO, AMT, 0.590%, 12/07/16		12,100
	27,495	Series 2005-89, Rev., VRDO, AMT, 0.600%, 12/07/16		27,495
	12,265	Series 2006-94B, Rev., VRDO, AMT, 0.590%, 12/07/16		12,265
	6,265	Series 99-C, Rev., VRDO, AMT, 0.600%, 12/07/16		6,265
	10,000	Philadelphia Authority, Industrial Development Multi-Modal Lease, Series B-3, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		10,000
	20,000	Pittsburgh Water & Sewer Authority, Series B-2, Rev., VRDO, LOC: PNC Bank N.A., 0.550%, 12/07/16		20,000
		University of Pittsburgh-of the Commonwealth System of Higher Education,
	20,000	Series 07-B, VRDO, 0.650%, 01/04/17		20,000
	18,000	Series B-2, VRDO, 0.680%, 02/14/17		18,000
				392,760
		Rhode Island — 0.9%
	1,000	Narragansett Bay Commission, Wastewater System, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.570%, 12/07/16		1,000

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Rhode Island — continued
	1,640	Rhode Island Health & Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America N.A., 0.670%, 12/07/16		1,640
	33,130	Rhode Island Health & Educational Building Corp., Higher Education Facilities, Roger Williams University Issue, Series 2008 B, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 12/07/16		33,130
		Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue,
	47,110	Series 2008A, Rev., VRDO, LOC: U.S. Bank N.A., 0.550%, 12/07/16		47,110
	7,045	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.540%, 12/07/16		7,045
	7,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		7,000
	24,600	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		24,600
	450	Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 0.500%, 12/01/16		450
				121,975
		South Carolina — 0.2%
	10,000	City of Columbia, Waterworks & Sewer System, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.550%, 12/07/16		10,000
	5,325	City of North Charleston, Public Facilities Convention, Convention Center Project, COP, VRDO, LOC: Bank of America N.A., 0.580%, 12/07/16		5,325
	200	South Carolina Educational Facilities Authority, Morris College Project, Rev., VRDO, LOC: Bank of America N.A., 0.730%, 12/01/16		200
	16,080	South Carolina Jobs-Economic Development Authority, Hospital, Anmed Health Project, Series 2009D, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 12/07/16		16,080
				31,605
		South Dakota — 0.3%
	11,700	South Dakota Housing Development Authority, Home Ownership Mortgage, Series F, Rev., VRDO, AMT, 0.600%, 12/07/16		11,700
	28,700	South Dakota Housing Development Authority, Homeownership Mortgage, Series 2007I, Rev., VRDO, AMT, 0.530%, 12/07/16		28,700
				40,400
		Tennessee — 2.0%
	8,075	City of Johnson, Health and Educational Facilities Board, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 12/07/16		8,075
	14,675	Memphis City Health, Educational & Housing Facility Board, Multi-Family Housing, Watergrove Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.570%, 12/07/16		14,675
		Metropolitan Government of Nashville & Davidson County,
	55,110	Series A-1, 0.580%, 12/06/16		55,110
	10,000	Series A-1, 0.640%, 01/18/17		10,000
	55,685	Series A-1, 0.640%, 01/18/17		55,685
	42,640	Series A-1, 0.650%, 01/06/17		42,640
		Metropolitan Government of Nashville & Davidson County, Water & Sewer,
	25,000	Series A, Rev., 0.630%, 02/02/17		25,000
	57,500	Series A, Rev., 0.900%, 01/05/17		57,500
				268,685
		Texas — 5.9%
	9,100	Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 12/07/16		9,100
	44,775	City of Austin, Airport System, Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 0.600%, 12/07/16		44,775
		City of Houston, Combined Utility System, First Lien,
	21,000	Series 2004B-2, Rev., VRDO, LOC: Citibank N.A., 0.570%, 12/07/16		21,000
	10,600	Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 12/07/16		10,600
	41,700	Series 2004B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.570%, 12/07/16		41,700
	88,255	City of San Antonio, Water System, Series B, 0.620%, 12/01/16		88,255
	24,225	County of Harris, Series SGC-31, Class A, Rev., VRDO, LIQ: Societe Generale, 0.570%, 12/07/16		24,225
	600	County of Jefferson, Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 0.690%, 12/07/16		600

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — continued
	33,800	County of Jefferson, Port of Port Arthur Navigation District, PCR, Texaco, Inc. Project, Series 1994, Rev., VRDO, 0.540%, 12/01/16		33,800
	45,755	Crawford Education Facilities Corp., Education, Houston Baptist University Project, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 12/07/16		45,755
	55,000	Garland Texas Electric Utility System, Series 2014, Rev., 0.600%, 12/14/16		55,000
	15,000	Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl L.P. Project, Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.630%, 12/07/16		15,000
	18,500	Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series D, Rev., VRDO, 0.590%, 12/07/16		18,500
	25,900	Harris County Industrial Development Corp., PCR, Series A, Rev., VRDO, 0.520%, 12/01/16		25,900
		Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project,
	1,250	Series A, Rev., VRDO, 0.500%, 12/01/16		1,250
	100	Subseries A-3, Rev., VRDO, 0.500%, 12/01/16		100
	6,750	North Texas Tollway Authority, Series 2016-XG0036, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 12/07/16 (e)		6,750
	8,300	Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.570%, 12/07/16		8,300
	5,295	SunAmerica Taxable Trust, Series 2002-1, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.610%, 12/07/16		5,295
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System,
	18,500	Series 2012-B, Rev., VRDO, 0.570%, 12/07/16		18,500
	55,250	Series A, Rev., VRDO, 0.570%, 12/07/16		55,250
		Tender Option Bond Trust Receipts/CTFS Various State,
	9,335	Series 2015-XM0071, Rev., VRDO, LIQ: Bank of America N.A., 0.620%, 12/07/16 (e)		9,335
	9,495	Series 2016-XF2321, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.580%, 12/07/16 (e)		9,495
	740	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments Project, Series A-1, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.610%, 12/07/16		740
	25,960	Texas Public Finance Authority, Series 2008, 0.640%, 01/11/17		25,960
		University of Texas System,
	25,000	Series A, 0.520%, 12/01/16		25,000
	25,000	Series A, 0.590%, 01/04/17		25,000
	25,000	Series A, 0.600%, 01/12/17		25,000
	14,419	Series A, 0.650%, 01/18/17		14,419
	25,000	Series A, 0.650%, 02/08/17		25,000
	25,000	Series A, 0.660%, 02/09/17		25,000
	25,000	Series A, 0.660%, 02/09/17		25,000
	25,000	Series A, 0.920%, 12/06/16		25,000
	25,000	Series A, 0.930%, 01/10/17		25,000
		University of Texas System, Board of Regents, Permanent University Fund,
	5,000	Series A, Rev., VRDO, 0.510%, 12/07/16		5,000
	11,765	Series A, Rev., VRDO, LIQ: University of Texas Permanent University Fund, 0.540%, 12/07/16		11,765
				806,369
		Utah — 0.8%
	23,700	Central Utah Water Conservancy District, Series A, GO, VRDO, 0.580%, 12/07/16		23,700
		County of Utah Hospital, IHC Health Services,
	7,925	Series B, Rev., VRDO, 0.540%, 12/07/16		7,925
	22,150	Series B, Rev., VRDO, 0.570%, 12/07/16		22,150
	40,000	Series C, Rev., VRDO, 0.570%, 12/07/16		40,000
	8,200	Utah County, Utah Hospital, IHC Health Services, Inc., Series C, Rev., VRDO, 0.540%, 12/07/16		8,200
		Utah Housing Finance Agency, Single Family Mortgage,
	4,365	Series D-1, Rev., VRDO, AMT, LOC: Bayerische Landesbank, 0.620%, 12/07/16		4,365
	4,460	Series E-1, Class I, Rev., VRDO, AMT, LIQ: Bayerische Landesbank, 0.620%, 12/07/16		4,460
	3,970	Series F-2, Class I, Rev., VRDO, 0.610%, 12/07/16		3,970
				114,770

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Vermont — 0.0% (g)
	1,605	Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Care Project, Series B, Rev., VRDO, AGM, LOC:TD BANK NA, 0.550%, 12/07/16		1,605
		Virginia — 1.6%
	20,635	Arlington County IDA, Multi-family Housing, Gates of Ballston Apartments, Series 2005, Rev., VRDO, LOC: PNC Bank N.A., 0.630%, 12/07/16		20,635
	20,300	County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute, Series B, Rev., VRDO, 0.530%, 12/07/16		20,300
	22,930	Fairfax County EDA, Smithsonian Institution Issue, Series A, Rev., VRDO, LOC: Northern Trust Co., 0.530%, 12/07/16		22,930
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	14,779	Series M019, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.580%, 12/07/16		14,779
	18,695	Series M020, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.580%, 12/07/16		18,695
	18,165	Series M024, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.580%, 12/07/16		18,165
	21,110	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		21,110
	11,525	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.590%, 12/07/16		11,525
		Loudoun County IDA, Howard Hughes Medical,
	700	Series C, Rev., VRDO, 0.530%, 12/07/16		700
	15,000	Series D, Rev., VRDO, 0.530%, 12/07/16		15,000
	7,125	Loudoun County IDA, Howard Hughes Medical Institute, Series A, Rev., VRDO, 0.560%, 12/07/16		7,125
	7,170	Loudoun County Sanitation Authority, Water & Sewer System, Rev., VRDO, LOC: Bank of America N.A., 0.550%, 12/07/16		7,170
	17,675	Montgomery County IDA, Virginia Tech Foundation, Series A, Rev., VRDO, 0.530%, 12/07/16		17,675
	2,435	Virginia College Building Authority, Educatioal Facilities, 21st Century College & Equipment Programs, Series C, Rev., VRDO, 0.510%, 12/01/16		2,435
	9,400	Virginia College Building Authority, Educatioal Facilities, Washington and Lee University, Series B, Rev., VRDO, 0.580%, 12/07/16		9,400
	9,975	Virginia College Building Authority, Educational Facilities, University of Richmond Project, Series 2004, Rev., VRDO, 0.550%, 12/07/16 (e)		9,975
				217,619
		Washington — 0.9%
	17,000	Chelan County Public Utility District No.1, Series B, Rev., VRDO, 0.570%, 12/07/16		17,000
	22,000	County of King, Sewer, Series B, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.570%, 12/07/16		22,000
	30,255	King County Housing Authority, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.560%, 12/07/16		30,255
	9,750	University of Washington, Series 2015-XF2183, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.580%, 12/07/16 (e)		9,750
	2,935	Washington State Housing Finance Commission, Franke Tobey Jones Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.540%, 12/07/16		2,935
	1,765	Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.670%, 12/01/16		1,765
	14,660	Washington State Housing Finance Commission, Multi-Family Housing, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.620%, 12/07/16		14,660
	25,015	Washington State Housing Finance Commission, Urban Center Apartments Project, Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 0.570%, 12/07/16		25,015
				123,380
		West Virginia — 0.3%
	44,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Co., Mitchell Project, Series 2014A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.560%, 12/07/16		44,000
		Wisconsin — 1.7%
		State of Wisconsin,
	16,714	Series 05-A, 0.630%, 01/18/17		16,714
	29,415	Series 13-A, 0.620%, 02/01/17		29,415
	13,000	Series 16-A, 0.630%, 02/07/17		13,000
	40,025	Series 16-A, 0.800%, 12/05/16		40,025
		Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Inc.,
	19,000	Series 09-A, Rev., VRDO, LOC: Bank of Montreal, 0.580%, 12/01/16		19,000
	49,840	Series C, Rev., VRDO, 0.650%, 03/01/17		49,840

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Wisconsin — continued
	52,850	Series C, Rev., VRDO, 0.720%, 01/04/17		52,850
	11,205	Wisconsin Housing & EDA, Home Ownership, Series C, Rev., VRDO, 0.560%, 12/07/16		11,205
				232,049
		Wyoming — 0.8%
	51,700	County of Lincoln, Pollution Control, ExxonMobile Project, Series 2014, Rev., VRDO, 0.520%, 12/01/16		51,700
		Sublette County Pollution Control, ExxonMobil Project,
	40,300	Series 2014, Rev., VRDO, 0.520%, 12/01/16		40,300
	22,500	Series 2014, Rev., VRDO, AMT, 0.530%, 12/01/16		22,500
				114,500
		Total Municipal Bonds (Cost $12,809,955)		12,809,955
SHARES
	Variable Rate Demand Preferred Shares — 7.1%
		Nuveen AMT-Free Quality Municipal Income Fund
	87,500	Series 2, LIQ: Citibank N.A., 0.660%, 12/07/16 # (e)		87,500
	153,500	Series 3, LIQ: TD Bank N.A., 0.640%, 12/07/16 # (e)		153,500
		Nuveen California AMT-Free Municipal Income Fund
	26,500	Series 3, VRDO, LIQ: TD Bank N.A., 0.640%, 12/07/16 # (e)		26,500
	49,100	Series 5, VRDO, LIQ: TD Bank N.A., 0.640%, 12/07/16 # (e)		49,100
	30,000	Series 6, VRDO, LIQ: Sumitomo Mitsui Banking, 0.640%, 12/07/16 # (e)		30,000
		Nuveen California Quality Municipal Income Fund
	59,200	Series 1, VRDO, LIQ: Societe Generale, 0.700%, 12/07/16 # (e)		59,200
	27,500	Series 2, VRDO, LIQ: Citibank N.A., 0.700%, 12/07/16 # (e)		27,500
	14,000	Series 4, LIQ: Royal Bank of Canada, 0.670%, 12/07/16 # (e)		14,000
	44,000	Series 5, VRDO, LIQ: Citibank N.A., 0.700%, 12/07/16 # (e)		44,000
	20,000	Series 6, VRDO, LIQ: Citibank N.A., 0.700%, 12/07/16 # (e)		20,000
	280,300	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, Series 3, VRDO, LIQ: Citibank N.A., 0.670%, 12/07/16 # (e)		280,300
		Nuveen New York AMT-Free Municipal Income Fund
	28,600	Series 1, VRDO, LIQ: Citibank N.A., 0.640%, 12/07/16 # (e)		28,600
	47,400	Series 2, VRDO, LIQ: Citibank N.A., 0.640%, 12/07/16 # (e)		47,400
	8,500	Series 3, VRDO, LIQ: Citibank N.A., 0.640%, 12/07/16 # (e)		8,500
	40,000	Series 5, LIQ: TD Bank N.A., 0.640%, 12/07/16 # (e)		40,000
	56,500	Nuveen Virginia Premium Income Municipal Fund, LIQ: TD Bank N.A., 0.700%, 12/07/16 # (e)		56,500
		Total Variable Rate Demand Preferred Shares (Cost $972,600)		972,600
		Total Investments — 100.1% (Cost $13,782,555) *		13,782,555
		Liabilities in Excess of Other Assets — (0.1)%		(7,396	)
		NET ASSETS — 100.0%	$	13,775,159

Percentages indicated are based on net assets.

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AGM	—	Insured by Assured Guaranty Municipal Corp.
AMT	—	Alternative Minimum Tax
BAN	—	Bond Anticipation Note
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
COLL	—	Collateral
CONS	—	Consolidated Bonds
COP	—	Certificate of Participation
CR	—	Custodial Receipts
EAGLE	—	Earnings of accrual generated on local tax-exempt securities
EDA	—	Economic Development Authority
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
IDA	—	Industrial Development Authority
IDA	—	Industrial Development Authority
IDR	—	Industrial Development Revenue
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MTA	—	Metropolitan Transportation Authority
NATL	—	Insured by National Public Finance Guarantee Corp.
PCR	—	Pollution Control Revenue
RE	—	Reinsured
Rev.	—	Revenue
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.
(g)	—	Amount rounds to less than 0.05%.
(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.

JPMorgan Tax Free Money Market 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: 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)	$	—	$	13,782,555	$	—	$	13,782,555

(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 Total Return 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
	Asset-Backed Securities — 1.5%
	314	ABFC Trust, Series 2006-OPT2, Class A2, VAR, 0.732%, 10/25/36		267
	241	ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1, Class A2B, VAR, 0.682%, 07/25/36		88
	168	Argent Securities Trust, Series 2006-M2, Class A2D, VAR, 0.832%, 09/25/36		66
	81	Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2005-W4, Class A2D, VAR, 0.972%, 02/25/36		57
		Countrywide Asset-Backed Certificates,
	285	Series 2007-2, Class 2A3, VAR, 0.732%, 08/25/37		269
	529	Series 2007-7, Class 2A3, VAR, 0.822%, 10/25/47		502
	181	Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB8, Class A1, VAR, 0.732%, 10/25/36		139
	115	CSAB Mortgage-Backed Trust, Series 2006-2, Class A2, VAR, 0.762%, 09/25/36		49
	291	CWABS Asset-Backed Certificates Trust, Series 2006-17, Class 2A2, VAR, 0.742%, 03/25/47		271
		CWABS Revolving Home Equity Loan Trust,
	30	Series 2004-I, Class A, VAR, 0.828%, 02/15/34		28
	30	Series 2004-K, Class 2A, VAR, 0.838%, 02/15/34		27
		CWABS, Inc., Asset-Backed Certificates,
	374	Series 2003-5, Class MF1, VAR, 5.374%, 01/25/34		373
	10	Series 2004-1, Class 3A, VAR, 1.152%, 04/25/34		8
	377	Series 2004-1, Class M1, VAR, 1.342%, 03/25/34		364
	56	Series 2004-1, Class M2, VAR, 1.417%, 03/25/34		52
	215	First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, VAR, 0.832%, 10/25/36		156
	139	Fremont Home Loan Trust, Series 2006-B, Class 2A4, VAR, 0.832%, 08/25/36		59
		GSAMP Trust,
	223	Series 2006-FM1, Class A1, VAR, 0.752%, 04/25/36		157
	48	Series 2006-FM2, Class A2C, VAR, 0.742%, 09/25/36		22
	40	Series 2006-FM2, Class A2D, VAR, 0.832%, 09/25/36		19
	255	Series 2006-HE3, Class A2C, VAR, 0.752%, 05/25/46		237
	337	Series 2007-HE1, Class A2C, VAR, 0.742%, 03/25/47		292
		Home Equity Mortgage Loan Asset-Backed Trust,
	174	Series 2006-C, Class 3A3, VAR, 0.742%, 08/25/36		161
	231	Series 2006-D, Class 1A, VAR, 0.732%, 11/25/36		186
	227	Series 2007-B, Class 2A3, VAR, 0.792%, 07/25/37		141
	74	JPMorgan Mortgage Acquisition Trust, Series 2006-CW2, Class AV4, VAR, 0.742%, 08/25/36		72
		Long Beach Mortgage Loan Trust,
	745	Series 2004-1, Class M1, VAR, 1.342%, 02/25/34		718
	61	Series 2004-1, Class M2, VAR, 1.417%, 02/25/34		58
		MASTR Asset-Backed Securities Trust,
	97	Series 2006-HE4, Class A2, VAR, 0.702%, 11/25/36		45
	124	Series 2006-HE4, Class A3, VAR, 0.742%, 11/25/36		59
	179	Series 2006-NC3, Class A1, VAR, 0.722%, 10/25/36		106
	125	Morgan Stanley ABS Capital I, Inc., Trust, Series 2007-HE7, Class A2B, VAR, 1.592%, 07/25/37		116
		New Century Home Equity Loan Trust,
	740	Series 2005-1, Class M1, VAR, 1.267%, 03/25/35		695
	61	Series 2006-2, Class A2B, VAR, 0.752%, 08/25/36		51
		NovaStar Mortgage Funding Trust,
	185	Series 2006-4, Class A2C, VAR, 0.742%, 09/25/36		103
	19	Series 2006-4, Class A2D, VAR, 0.842%, 09/25/36		11
	307	Series 2007-1, Class A1A, VAR, 0.722%, 03/25/37		199
	93	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.432%, 02/25/33		89
	693	RAMP Trust, Series 2005-EFC6, Class M1, VAR, 1.002%, 11/25/35		688
	218	RASC Trust, Series 2007-KS3, Class AI3, VAR, 0.842%, 04/25/37		207

JPMorgan Total Return 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
	Asset-Backed Securities — continued
		Securitized Asset-Backed Receivables LLC Trust,
	148	Series 2006-NC3, Class A1, VAR, 0.732%, 09/25/36		100
	315	Series 2006-NC3, Class A2B, VAR, 0.742%, 09/25/36		158
	279	Structured Asset Investment Loan Trust, Series 2006-4, Class A1, VAR, 0.765%, 07/25/36		175
		WaMu Asset-Backed Certificates WaMu Trust,
	320	Series 2007-HE2, Class 2A4, VAR, 0.952%, 04/25/37		152
	367	Series 2007-HE4, Class 1A, VAR, 0.762%, 07/25/47		233
		Total Asset-Backed Securities (Cost $7,796)		8,025
	Collateralized Mortgage Obligations — 1.4%
		Agency CMO — 0.1%
		Federal Home Loan Mortgage Corp. REMIC,
	63	Series 2980, Class QB, 6.500%, 05/15/35		73
	121	Series 4057, Class BS, IF, IO, 5.512%, 09/15/39		16
	240	Series 4093, Class SD, IF, IO, 6.162%, 01/15/38		49
	162	Series 4099, Class BS, IF, IO, 5.512%, 06/15/39		28
	55	Series 4113, Class JS, IF, IO, 5.512%, 07/15/39		8
	63	Series 4123, Class SA, IF, IO, 5.662%, 09/15/39		10
	120	Series 4132, Class SE, IF, IO, 5.662%, 12/15/40		21
		Federal National Mortgage Association REMIC,
	683	Series 2012-73, Class LS, IF, IO, 5.466%, 06/25/39		98
	447	Series 2012-74, Class AS, IF, IO, 5.466%, 03/25/39		61
	110	Series 2012-84, Class QS, IF, IO, 6.066%, 09/25/31		20
	124	Series 2012-98, Class SA, IF, IO, 5.466%, 05/25/39		20
	88	Series 2012-104, Class QS, IF, IO, 5.516%, 03/25/39		15
	163	Series 2012-114, Class DS, IF, IO, 5.516%, 08/25/39		25
	214	Series 2012-120, Class SE, IF, IO, 5.616%, 02/25/39		38
	156	Series 2012-124, Class DS, IF, IO, 5.566%, 04/25/40		26
	25	Federal National Mortgage Association Trust, Series 2003-W3, Class 2A5, 5.356%, 06/25/42		27
				535
		Non-Agency CMO — 1.3%
		Alternative Loan Trust,
	624	Series 2005-J3, Class 3A1, 6.500%, 09/25/34		620
	135	Series 2006-J2, Class A1, VAR, 1.092%, 04/25/36		83
	348	Banc of America Alternative Loan Trust, Series 2004-7, Class 3A1, 6.000%, 08/25/34		355
		Banc of America Funding Trust,
	112	Series 2014-R7, Class 1A1, VAR, 0.684%, 05/26/36		106
	73	Series 2014-R7, Class 2A1, VAR, 0.674%, 09/26/36		69
		Banc of America Mortgage Trust,
	202	Series 2005-A, Class 3A1, VAR, 2.906%, 02/25/35		197
	230	Series 2007-3, Class 1A1, 6.000%, 09/25/37		209
	31	CHL Mortgage Pass-Through Trust, Series 2007-5, Class A6, VAR, 0.942%, 05/25/37		22
		Citigroup Mortgage Loan Trust,
	76	Series 2014-10, Class 1A1, VAR, 0.669%, 11/25/36 (e)		70
	102	Series 2014-10, Class 4A1, VAR, 0.694%, 02/25/37 (e)		94
	68	Series 2014-10, Class 5A1, VAR, 0.684%, 06/25/36 (e)		62
	283	Series 2014-12, Class 1A4, VAR, 0.659%, 08/25/36 (e)		261
	72	Series 2014-12, Class 2A4, VAR, 4.006%, 02/25/37 (e)		69
	138	Series 2014-C, Class A, VAR, 3.250%, 02/25/54 (e)		133
		Credit Suisse First Boston Mortgage Securities Corp.,
	50	Series 2003-29, Class 7A1, 6.500%, 12/25/33		51
	202	Series 2004-5, Class 4A1, 6.000%, 09/25/34		205

JPMorgan Total Return 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
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		CSMC Trust,
	40	Series 2011-12R, Class 3A1, VAR, 2.684%, 07/27/36 (e)		40
	39	Series 2014-10R, Class 4A1, VAR, 0.704%, 12/27/36 (e)		38
	34	Series 2014-11R, Class 8A1, VAR, 0.874%, 04/27/37 (e)		33
	137	Series 2014-11R, Class 9A1, VAR, 0.674%, 10/27/36 (e)		130
	160	Series 2015-3R, Class 5A1, VAR, 0.675%, 09/29/36 (e)		153
	11	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 1A1, VAR, 1.092%, 02/25/35		11
	230	Federal National Mortgage Association Connecticut Avenue Securities, Series 2015-C04, Class 1M2, VAR, 6.292%, 04/25/28		250
	69	GSMSC Resecuritization Trust, Series 2014-1R, Class 1A, VAR, 0.704%, 04/26/37 (e)		65
	210	GSR Mortgage Loan Trust, Series 2006-3F, Class 2A7, 5.750%, 03/25/36		193
		HarborView Mortgage Loan Trust,
	11	Series 2004-9, Class 2A, VAR, 3.086%, 12/19/34		10
	108	Series 2006-9, Class 2A1A, VAR, 0.772%, 11/19/36		77
	269	JP Morgan Mortgage Trust, Series 2005-S2, Class 4A3, 5.500%, 09/25/20		263
	1	Lehman XS Trust, Series 2006-18N, Class A2A, VAR, 0.742%, 12/25/36		1
		LSTAR Securities Investment Ltd., (Cayman Islands),
	86	Series 2015-4, Class A1, VAR, 2.533%, 04/01/20 (e)		85
	145	Series 2015-6, Class A, VAR, 2.533%, 05/01/20 (e)		143
	78	Series 2015-7, Class A, VAR, 2.527%, 07/01/20 (e)		77
	137	Series 2016-3, Class A, VAR, 2.533%, 09/01/21 (e)		136
		LSTAR Securities Investment Trust,
	181	Series 2015-1, Class A, VAR, 2.617%, 01/01/20 (e)		180
	188	Series 2015-2, Class A, VAR, 2.533%, 01/01/20 (e)		187
	108	Series 2015-3, Class A, VAR, 2.617%, 03/01/20 (e)		108
	237	Series 2016-5, Class A1, VAR, 2.546%, 11/01/21 (e)		234
	177	MASTR Alternative Loan Trust, Series 2005-5, Class 3A1, 5.750%, 08/25/35		151
	78	Nomura Resecuritization Trust, Series 2015-2R, Class 4A1, VAR, 0.764%, 12/26/36 (e)		72
	1,008	RALI Trust, Series 2006-QS11, Class 1A1, 6.500%, 08/25/36		843
	254	RBSSP Resecuritization Trust, Series 2012-6, Class 10A2, VAR, 0.684%, 08/26/36 (e)		224
	103	RESI Finance LP, (Cayman Islands), Series 2003-D, Class B3, VAR, 1.837%, 12/10/35 (e)		67
		Residential Asset Securitization Trust,
	254	Series 2005-A15, Class 1A7, 6.000%, 02/25/36		242
	91	Series 2006-A1, Class 1A6, VAR, 1.092%, 04/25/36		48
	259	Series 2006-R1, Class A2, VAR, 0.992%, 01/25/46		121
	232	RFMSI Trust, Series 2006-S9, Class A1, 6.250%, 09/25/36		213
	26	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-7, Class 1A2, VAR, 1.042%, 09/25/35		19
	38	Wells Fargo Mortgage-Backed Securities Trust, Series 2005-16, Class A8, 5.750%, 01/25/36		40
				7,060
		Total Collateralized Mortgage Obligations (Cost $7,216)		7,595
	Commercial Mortgage-Backed Securities — 0.9%
		BAMLL Commercial Mortgage Securities Trust,
	200	Series 2014-FL1, Class D, VAR, 4.538%, 12/15/31 (e)		190
	330	Series 2014-FL1, Class E, VAR, 6.038%, 12/15/31 (e)		284
	460	Series 2014-INLD, Class E, VAR, 3.875%, 12/15/29 (e)		440
	150	Series 2015-ASHF, Class D, VAR, 3.538%, 01/15/28 (e)		144
	160	Series 2015-ASHF, Class E, VAR, 4.538%, 01/15/28 (e)		153
		CG-CCRE Commercial Mortgage Trust,
	100	Series 2014-FL2, Class COL1, VAR, 4.038%, 11/15/31 (e)		100

JPMorgan Total Return 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
	Commercial Mortgage-Backed Securities — continued
	143	Series 2014-FL2, Class COL2, VAR, 5.038%, 11/15/31 (e)		142
	250	Citigroup Commercial Mortgage Trust, Series 2015-SHP2, Class E, VAR, 4.888%, 07/15/27 (e)		234
		Commercial Mortgage Trust,
	130	Series 2014-FL5, Class KH1, VAR, 4.188%, 08/15/31 (e)		122
	100	Series 2014-FL5, Class KH2, VAR, 5.038%, 08/15/31 (e)		93
	430	Series 2015-CR23, Class CMD, VAR, 3.807%, 05/10/48 (e)		401
		CSMC Trust,
	690	Series 2015-DEAL, Class E, VAR, 4.538%, 04/15/29 (e)		685
	280	Series 2015-SAND, Class E, VAR, 4.388%, 08/15/30 (e)		278
	680	GSCCRE Commercial Mortgage Trust, Series 2015-HULA, Class E, VAR, 4.938%, 08/15/32 (e)		664
		Velocity Commercial Capital Loan Trust,
	131	Series 2015-1, Class M3, VAR, 7.050%, 06/25/45 (e)		126
	104	Series 2016-1, Class M3, VAR, 6.807%, 04/25/46 (e)		97
	100	Series 2016-2, Class M3, VAR, 5.498%, 10/25/46		100
	546	WFCG Commercial Mortgage Trust, Series 2015-BXRP, Class F, VAR, 4.258%, 11/15/29 (e)		538
		Total Commercial Mortgage-Backed Securities (Cost $4,858)		4,791
	Convertible Bonds — 0.1%
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	534	Chesapeake Energy Corp., 5.500%, 09/15/26 (e)		565
	117	Oasis Petroleum, Inc., 2.625%, 09/15/23		161
		Total Energy		726
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	67	Clearwire Communications LLC/Clearwire Finance, Inc., 8.250%, 12/01/40 (e)		70
		Total Convertible Bonds (Cost $739)		796
	Corporate Bonds — 56.2%
		Consumer Discretionary — 9.2%
		Auto Components — 0.4%
		American Axle & Manufacturing, Inc.,
	430	6.250%, 03/15/21		439
	10	6.625%, 10/15/22		10
	17	Cooper-Standard Automotive, Inc., 5.625%, 11/15/26 (e)		17
	67	Dana Financing Luxembourg Sarl, (Luxembourg), 6.500%, 06/01/26 (e)		69
		Dana, Inc.,
	10	5.375%, 09/15/21		10
	415	5.500%, 12/15/24		417
	523	6.000%, 09/15/23		544
		Goodyear Tire & Rubber Co. (The),
	13	5.000%, 05/31/26		13
	15	5.125%, 11/15/23		15
	9	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.000%, 08/01/20		9
	600	Schaeffler Finance B.V., (Netherlands), 4.750%, 05/15/23 (e)		605
				2,148
		Automobiles — 0.8%
		Daimler Finance North America LLC,
	750	2.200%, 10/30/21 (e)		733
	750	2.250%, 03/02/20 (e)		747
	500	Fiat Chrysler Automobiles N.V., (Netherlands), 5.250%, 04/15/23		495
	1,000	General Motors Co., 4.875%, 10/02/23		1,044
		Nissan Motor Acceptance Corp.,
	750	1.900%, 09/14/21 (e)		726
	750	2.125%, 03/03/20 (e)		742
				4,487
		Diversified Consumer Services — 0.1%
	8	Laureate Education, Inc., 9.250%, 09/01/19 (e)		8
	310	Service Corp. International, 7.500%, 04/01/27		359
	15	Sotheby’s, 5.250%, 10/01/22 (e)		15
				382
		Hotels, Restaurants & Leisure — 1.3%
	500	1011778 B.C. ULC/New Red Finance, Inc., (Canada), 6.000%, 04/01/22 (e)		521
	51	Boyd Gaming Corp., 6.375%, 04/01/26 (e)		53
		Caesars Entertainment Operating Co., Inc.,
	375	8.500%, 02/15/20 (d)		386
	335	11.250%, 06/01/17 (d)		337
	405	Darden Restaurants, Inc., 6.800%, 10/15/37		456

JPMorgan Total Return 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
		Hotels, Restaurants & Leisure — continued
	750	International Game Technology plc, (United Kingdom), 6.250%, 02/15/22 (e)		797
	5	Interval Acquisition Corp., 5.625%, 04/15/23		5
	7	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.000%, 06/01/24 (e)		7
	1,000	Marriott International, Inc., 2.300%, 01/15/22		970
		McDonald’s Corp.,
	500	3.375%, 05/26/25		491
	300	4.600%, 05/26/45		301
		MGM Resorts International,
	1,245	6.000%, 03/15/23		1,338
	250	7.750%, 03/15/22		286
		Sabre GLBL, Inc.,
	10	5.250%, 11/15/23 (e)		10
	300	5.375%, 04/15/23 (e)		305
	5	Scientific Games International, Inc., 10.000%, 12/01/22		5
	500	Starbucks Corp., 2.700%, 06/15/22		505
	500	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (e)		493
				7,266
		Household Durables — 0.4%
	500	Newell Brands, Inc., 2.875%, 12/01/19		508
	610	Tempur Sealy International, Inc., 5.625%, 10/15/23		622
	1,000	Whirlpool Corp., 1.650%, 11/01/17		1,001
				2,131
		Internet & Direct Marketing Retail — 0.5%
	15	Acosta, Inc., 7.750%, 10/01/22 (e)		12
		Amazon.com, Inc.,
	500	3.800%, 12/05/24		523
	400	4.950%, 12/05/44		441
	500	Expedia, Inc., 4.500%, 08/15/24		503
	500	Priceline Group, Inc. (The), 3.650%, 03/15/25		499
	500	QVC, Inc., 4.450%, 02/15/25		476
				2,454
		Leisure Products — 0.2%
	500	Hasbro, Inc., 3.150%, 05/15/21		504
	500	Mattel, Inc., 3.150%, 03/15/23		492
				996
		Media — 4.5%
	525	21st Century Fox America, Inc., 6.400%, 12/15/35		629
	600	Altice Luxembourg S.A., (Luxembourg), 7.750%, 05/15/22 (e)		629
	200	AMC Entertainment Holdings, Inc., 5.750%, 06/15/25		202
	102	AMC Networks, Inc., 5.000%, 04/01/24		102
		CBS Corp.,
	500	2.900%, 01/15/27		461
	500	3.700%, 08/15/24		501
	350	4.600%, 01/15/45		332
	12	CBS Radio, Inc., 7.250%, 11/01/24 (e)		13
	1,000	Charter Communications Operating LLC/Charter Communications Operating Capital, 4.464%, 07/23/22 (e)		1,038
	15	Cinemark USA, Inc., 5.125%, 12/15/22		15
		Clear Channel Worldwide Holdings, Inc.,
	34	Series A, 6.500%, 11/15/22		33
	1,583	Series B, 6.500%, 11/15/22		1,597
	750	Series B, 7.625%, 03/15/20		740
		Comcast Corp.,
	1,000	1.625%, 01/15/22		956
	500	3.375%, 02/15/25		505
	400	4.400%, 08/15/35		413
	250	4.500%, 01/15/43		253
	975	6.500%, 01/15/17		982
	500	Cox Communications, Inc., 3.850%, 02/01/25 (e)		486
		CSC Holdings LLC,
	175	6.750%, 11/15/21		184
	200	10.125%, 01/15/23 (e)		230
	400	10.875%, 10/15/25 (e)		466
	500	Discovery Communications LLC, 3.450%, 03/15/25		479
		DISH DBS Corp.,
	10	4.250%, 04/01/18		10
	735	5.000%, 03/15/23		726
	60	5.875%, 07/15/22		62
	1,700	5.875%, 11/15/24		1,724
	5	iHeartCommunications, Inc., 9.000%, 12/15/19		4
	133	LIN Television Corp., 5.875%, 11/15/22		135
	1,065	NBCUniversal Media LLC, 4.375%, 04/01/21		1,148

JPMorgan Total Return 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
		Media — continued
		Nexstar Broadcasting, Inc.,
	400	6.125%, 02/15/22 (e)		408
	400	6.875%, 11/15/20		412
	45	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		45
	510	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		520
	300	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		308
		Scripps Networks Interactive, Inc.,
	250	2.750%, 11/15/19		253
	500	3.500%, 06/15/22		505
		Sinclair Television Group, Inc.,
	12	5.875%, 03/15/26 (e)		12
	500	6.125%, 10/01/22		519
		Sirius XM Radio, Inc.,
	500	5.375%, 04/15/25 (e)		502
	400	5.750%, 08/01/21 (e)		418
	495	6.000%, 07/15/24 (e)		515
		Time Warner, Inc.,
	500	3.600%, 07/15/25		494
	500	3.800%, 02/15/27		497
	330	5.350%, 12/15/43		346
		Viacom, Inc.,
	750	3.450%, 10/04/26		716
	1,250	4.250%, 09/01/23		1,284
	550	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		561
		Walt Disney Co. (The),
	500	1.850%, 07/30/26		447
	500	4.125%, 06/01/44		507
	263	Ziggo Secured Finance B.V., (Netherlands), 5.500%, 01/15/27 (e)		252
				24,576
		Multiline Retail — 0.3%
		Neiman Marcus Group Ltd. LLC,
	8	8.000%, 10/15/21 (e)		6
	500	(cash), 8.750%, 10/15/21 (e)		378
		Target Corp.,
	500	2.300%, 06/26/19		507
	750	2.500%, 04/15/26		712
				1,603
		Specialty Retail — 0.6%
	550	Claire’s Stores, Inc., 9.000%, 03/15/19 (e)		268
	41	CST Brands, Inc., 5.000%, 05/01/23		43
		Home Depot, Inc. (The),
	500	2.000%, 06/15/19		505
	500	2.625%, 06/01/22		501
	500	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		515
	10	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		10
	510	PetSmart, Inc., 7.125%, 03/15/23 (e)		522
	250	Radio Systems Corp., 8.375%, 11/01/19 (e)		259
	31	Sally Holdings LLC/Sally Capital, Inc., 5.625%, 12/01/25		32
	500	Tiffany & Co., 3.800%, 10/01/24		497
				3,152
		Textiles, Apparel & Luxury Goods — 0.1%
	300	NIKE Inc., 3.875%, 11/01/45		292
	500	Under Armour, Inc., 3.250%, 06/15/26		471
				763
		Total Consumer Discretionary		49,958
		Consumer Staples — 3.9%
		Beverages — 0.9%
	500	Anheuser-Busch InBev Finance, Inc., 4.700%, 02/01/36		523
		Anheuser-Busch InBev Worldwide, Inc.,
	500	2.500%, 07/15/22		492
	700	6.875%, 11/15/19		794
	500	Coca-Cola Co. (The), 2.550%, 06/01/26		482
	500	Constellation Brands, Inc., 3.700%, 12/06/26		496
		Dr Pepper Snapple Group, Inc.,
	750	2.550%, 09/15/26		697
	500	3.400%, 11/15/25		503
		PepsiCo, Inc.,
	250	2.250%, 01/07/19		253
	500	3.600%, 03/01/24		521
				4,761
		Food & Staples Retailing — 1.1%
	1,000	CVS Health Corp., 2.800%, 07/20/20		1,012
	923	CVS Pass-Through Trust, 7.507%, 01/10/32 (e)		1,128
	39	Fresh Market, Inc. (The), 9.750%, 05/01/23 (e)		33
	405	Koninklijke Ahold Delhaize N.V., (Netherlands), 5.700%, 10/01/40		443
		Kroger Co. (The),
	750	2.650%, 10/15/26		692
	750	2.950%, 11/01/21		758

JPMorgan Total Return 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
		Food & Staples Retailing — continued
	100	New Albertsons, Inc., 8.000%, 05/01/31		97
		Walgreens Boots Alliance, Inc.,
	500	3.800%, 11/18/24		508
	350	4.650%, 06/01/46		343
	740	Wal-Mart Stores, Inc., 5.250%, 09/01/35		882
				5,896
		Food Products — 1.3%
	226	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		223
	10	Dean Foods Co., 6.500%, 03/15/23 (e)		10
	750	General Mills, Inc., 2.200%, 10/21/19		754
	495	Grupo Bimbo S.A.B. de C.V., (Mexico), 4.875%, 06/30/20 (e)		528
	350	Hershey Co. (The), 3.375%, 08/15/46		307
	30	JBS USA LUX S.A./JBS USA Finance, Inc., 5.875%, 07/15/24 (e)		30
	300	JM Smucker Co. (The), 4.375%, 03/15/45		295
	500	Kellogg Co., 2.650%, 12/01/23		483
	1,500	Kraft Heinz Foods Co., 2.800%, 07/02/20		1,512
	20	Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (e)		20
		Mondelez International Holdings Netherlands B.V., (Netherlands),
	1,250	1.625%, 10/28/19 (e)		1,229
	750	2.000%, 10/28/21 (e)		722
	11	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24		12
		Post Holdings, Inc.,
	105	5.000%, 08/15/26 (e)		100
	10	6.000%, 12/15/22 (e)		10
	315	6.750%, 12/01/21 (e)		335
	158	Simmons Foods, Inc., 7.875%, 10/01/21 (e)		160
	10	TreeHouse Foods, Inc., 4.875%, 03/15/22		10
	250	Tyson Foods, Inc., 3.950%, 08/15/24		255
	39	WhiteWave Foods Co. (The), 5.375%, 10/01/22		43
				7,038
		Household Products — 0.2%
	10	Central Garden & Pet Co., 6.125%, 11/15/23		10
		HRG Group, Inc.,
	38	7.750%, 01/15/22		39
	336	7.875%, 07/15/19		351
	500	Kimberly-Clark de Mexico S.A.B. de C.V., (Mexico), 3.800%, 04/08/24 (e)		495
				895
		Personal Products — 0.0% (g)
	91	Avon International Operations, Inc., 7.875%, 08/15/22 (e)		95
	66	Avon Products, Inc., 7.000%, 03/15/23		61
				156
		Tobacco — 0.4%
		Altria Group, Inc.,
	500	2.625%, 01/14/20		506
	750	2.625%, 09/16/26		711
		Philip Morris International, Inc.,
	400	4.250%, 11/10/44		393
	725	5.650%, 05/16/18		767
				2,377
		Total Consumer Staples		21,123
		Energy — 4.1%
		Energy Equipment & Services — 0.0% (g)
	250	Halliburton Co., 3.500%, 08/01/23		252
	67	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		72
				324
		Oil, Gas & Consumable Fuels — 4.1%
	500	Anadarko Petroleum Corp., 3.450%, 07/15/24		481
	15	Antero Resources Corp., 5.125%, 12/01/22		15
	77	Bonanza Creek Energy, Inc., 5.750%, 02/01/23		40
		BP Capital Markets plc, (United Kingdom),
	1,000	1.674%, 02/13/18		1,000
	750	2.521%, 01/15/20		754
	300	2.750%, 05/10/23		293
	500	3.814%, 02/10/24		516
	44	BreitBurn Energy Partners LP/BreitBurn Finance Corp., 7.875%, 04/15/22 (d)		30
	12	California Resources Corp., 8.000%, 12/15/22 (e)		10
	31	Callon Petroleum Co., 6.125%, 10/01/24 (e)		32
	500	Canadian Natural Resources Ltd., (Canada), 1.750%, 01/15/18		498
	10	Carrizo Oil & Gas, Inc., 7.500%, 09/15/20		10
		Chaparral Energy, Inc.,
	162	7.625%, 11/15/22 (d)		134
	43	8.250%, 09/01/21 (d)		36
	187	9.875%, 10/01/20 (d)		155

JPMorgan Total Return 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
		Chesapeake Energy Corp.,
	339	8.000%, 12/15/22 (e)		351
	132	VAR, 4.130%, 04/15/19		125
	500	Chevron Corp., 2.411%, 03/03/22		496
	98	Clayton Williams Energy, Inc., 7.750%, 04/01/19		98
	1,000	CNOOC Finance 2015 USA LLC, 3.500%, 05/05/25		977
	475	ConocoPhillips, 6.500%, 02/01/39		582
	500	ConocoPhillips Co., 2.875%, 11/15/21		502
	88	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 12/15/20		90
	224	CrownRock LP/CrownRock Finance, Inc., 7.125%, 04/15/21 (e)		232
	850	DCP Midstream LLC, 9.750%, 03/15/19 (e)		948
	300	Denbury Resources, Inc., 4.625%, 07/15/23		231
	500	Devon Energy Corp., 3.250%, 05/15/22		485
	500	El Paso Natural Gas Co. LLC, 5.950%, 04/15/17		507
		Endeavor Energy Resources LP/EER Finance, Inc.,
	202	7.000%, 08/15/21 (e)		207
	26	8.125%, 09/15/23 (e)		28
	300	Energy Transfer Partners LP, 5.150%, 03/15/45		269
	385	Enterprise Products Operating LLC, 7.550%, 04/15/38		479
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	178	8.000%, 11/29/24 (e)		183
	950	9.375%, 05/01/20		796
	300	Exxon Mobil Corp., 3.567%, 03/06/45		273
	236	Great Western Petroleum LLC/Great Western Finance Corp., 9.000%, 09/30/21 (e)		245
	47	Halcon Resources Corp., 8.625%, 02/01/20 (e)		48
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	15	5.000%, 12/01/24 (e)		15
	85	5.750%, 10/01/25 (e)		86
	350	Kinder Morgan Energy Partners LP, 2.650%, 02/01/19		351
	15	Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 (e)		16
		Kinder Morgan, Inc.,
	15	2.000%, 12/01/17		15
	135	3.050%, 12/01/19		137
	500	4.300%, 06/01/25		504
	300	5.050%, 02/15/46		274
	52	7.000%, 06/15/17		53
	1,000	Marathon Petroleum Corp., 3.625%, 09/15/24		960
	31	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		30
	50	Matador Resources Co., 6.875%, 04/15/23		53
		MEG Energy Corp., (Canada),
	300	6.375%, 01/30/23 (e)		265
	510	7.000%, 03/31/24 (e)		445
		Memorial Production Partners LP/Memorial Production Finance Corp.,
	200	6.875%, 08/01/22		70
	105	7.625%, 05/01/21		37
	5	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		5
	12	Northern Oil and Gas, Inc., 8.000%, 06/01/20		9
		Oasis Petroleum, Inc.,
	127	6.500%, 11/01/21		128
	103	6.875%, 01/15/23		106
		Parsley Energy LLC/Parsley Finance Corp.,
	126	6.250%, 06/01/24 (e)		130
	248	7.500%, 02/15/22 (e)		263
	250	Phillips 66, 4.650%, 11/15/34		253
		Phillips 66 Partners LP,
	500	3.605%, 02/15/25		485
	300	4.900%, 10/01/46		279
	500	Reliance Industries Ltd., (India), 4.125%, 01/28/25 (e)		497
	76	RSP Permian, Inc., 6.625%, 10/01/22		80
	368	Samson Resources Co., 9.750%, 02/15/20 (d)		22
	303	Sanchez Energy Corp., 6.125%, 01/15/23		265
	124	Seven Generations Energy Ltd., (Canada), 6.875%, 06/30/23 (e)		130
	43	Southwestern Energy Co., 7.500%, 02/01/18		45
	500	Sunoco Logistics Partners Operations LP, 4.250%, 04/01/24		499
	104	Sunoco LP/Sunoco Finance Corp., 6.250%, 04/15/21		105
	38	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.750%, 03/15/24		40

JPMorgan Total Return 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
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	86	5.250%, 01/15/25		87
	750	6.125%, 10/15/21		785
	345	TransCanada PipeLines Ltd., (Canada), 6.100%, 06/01/40		413
	750	Valero Energy Corp., 3.400%, 09/15/26		708
	500	Western Gas Partners LP, 2.600%, 08/15/18		498
	10	Whiting Petroleum Corp., 5.000%, 03/15/19		10
		Williams Cos., Inc. (The),
	500	5.750%, 06/24/44		474
	20	7.875%, 09/01/21		23
	500	Williams Partners LP, 4.000%, 09/15/25		482
	10	WPX Energy, Inc., 7.500%, 08/01/20		11
				22,299
		Total Energy		22,623
		Financials — 14.5%
		Banks — 5.3%
		Bank of America Corp.,
	750	4.000%, 01/22/25		748
	750	4.200%, 08/26/24		762
	740	5.650%, 05/01/18		778
	500	Series L, 2.250%, 04/21/20		495
	500	Series L, 3.950%, 04/21/25		495
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,500	1.700%, 03/05/18 (e)		1,496
	1,255	2.350%, 09/08/19 (e)		1,255
		Barclays plc, (United Kingdom),
	1,500	2.750%, 11/08/19		1,494
	750	3.650%, 03/16/25		715
	1,000	BNP Paribas S.A., (France), 2.375%, 05/21/20		994
		CIT Group, Inc.,
	25	5.000%, 05/15/17		25
	750	5.500%, 02/15/19 (e)		792
		Citigroup, Inc.,
	2,000	1.800%, 02/05/18		1,999
	500	2.400%, 02/18/20		499
	750	3.200%, 10/21/26		715
	500	3.875%, 03/26/25		496
	320	6.625%, 06/15/32		383
	5,000	Dexia Credit Local S.A., (France), VAR, 1.159%, 06/08/17		5,002
		HSBC Holdings plc, (United Kingdom),
	1,000	2.650%, 01/05/22		973
	750	3.600%, 05/25/23		752
	400	4.250%, 03/14/24		401
	1,000	Mizuho Bank Ltd., (Japan), 2.400%, 03/26/20 (e)		992
	750	Mizuho Financial Group, Inc., (Japan), 2.839%, 09/13/26		709
	1,000	Royal Bank of Scotland Group plc, (United Kingdom), 3.875%, 09/12/23		945
	1,000	Santander Holdings USA, Inc., 2.650%, 04/17/20		983
	750	Santander UK plc, (United Kingdom), 2.375%, 03/16/20		743
	750	SunTrust Banks, Inc., 2.700%, 01/27/22		750
		Wells Fargo & Co.,
	500	3.000%, 02/19/25		484
	300	3.900%, 05/01/45		283
	1,500	Series N, 2.150%, 01/30/20		1,489
				28,647
		Capital Markets — 3.7%
	500	Ameriprise Financial, Inc., 2.875%, 09/15/26		478
	500	Bank of New York Mellon Corp. (The), Series G, 2.200%, 05/15/19		503
	300	Blackstone Holdings Finance Co. LLC, 4.450%, 07/15/45 (e)		274
	500	CME Group, Inc., 3.000%, 03/15/25		501
		Credit Suisse AG, (Switzerland),
	700	3.000%, 10/29/21		702
	1,000	3.625%, 09/09/24		1,004
	300	Credit Suisse USA, Inc., 7.125%, 07/15/32		392
		Deutsche Bank AG, (Germany),
	3,300	1.875%, 02/13/18		3,258
	500	3.375%, 05/12/21		483
		Goldman Sachs Group, Inc. (The),
	1,000	2.625%, 04/25/21		994
	750	2.750%, 09/15/20		753
	500	4.250%, 10/21/25		505
	300	5.150%, 05/22/45		308
	890	5.950%, 01/18/18		930
	1,530	6.150%, 04/01/18		1,614
	180	6.450%, 05/01/36		212
	400	Lazard Group LLC, 3.750%, 02/13/25		392

JPMorgan Total Return 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
		Capital Markets — continued
		Lehman Brothers Holdings, Inc.,
	1,350	0.000%, 12/30/16 (d)		80
	850	0.000%, 05/25/49 (d)		51
		Macquarie Bank Ltd., (Australia),
	1,000	1.600%, 10/27/17 (e)		1,000
	500	2.600%, 06/24/19 (e)		504
	500	Moody’s Corp., 2.750%, 07/15/19		508
		Morgan Stanley,
	500	2.375%, 07/23/19		502
	1,000	3.700%, 10/23/24		1,012
	500	3.950%, 04/23/27		494
	500	4.000%, 07/23/25		511
	395	5.500%, 01/26/20		430
	560	6.625%, 04/01/18		594
	300	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.875%, 04/15/45 (e)		234
	500	TD Ameritrade Holding Corp., 2.950%, 04/01/22		506
	500	Thomson Reuters Corp., (Canada), 3.850%, 09/29/24		509
				20,238
		Consumer Finance — 3.9%
		Ally Financial, Inc.,
	58	2.750%, 01/30/17		58
	70	3.250%, 09/29/17		71
	50	3.250%, 11/05/18		50
	500	4.125%, 03/30/20		500
	130	4.250%, 04/15/21		128
	395	4.625%, 03/30/25		382
	40	4.750%, 09/10/18		41
	135	5.500%, 02/15/17		136
	82	6.250%, 12/01/17		85
	85	8.000%, 11/01/31		96
		American Express Credit Corp.,
	1,000	1.700%, 10/30/19		990
	1,000	1.875%, 11/05/18		1,003
	1,000	2.250%, 08/15/19		1,005
	750	2.375%, 05/26/20		751
	825	American Honda Finance Corp., 1.600%, 02/16/18 (e)		826
	500	Capital One Financial Corp., 3.750%, 07/28/26		481
		Caterpillar Financial Services Corp.,
	500	2.000%, 03/05/20		497
	500	2.850%, 06/01/22		504
	1,000	Discover Financial Services, 3.950%, 11/06/24		988
		Ford Motor Credit Co. LLC,
	750	1.897%, 08/12/19		738
	500	2.240%, 06/15/18		501
	1,000	2.597%, 11/04/19		999
	750	3.219%, 01/09/22		742
	500	4.375%, 08/06/23		513
		General Motors Financial Co., Inc.,
	1,000	2.400%, 04/10/18		1,001
	1,250	3.150%, 01/15/20		1,255
	750	Harley-Davidson Financial Services, Inc., 2.150%, 02/26/20 (e)		743
	719	HSBC Finance Corp., 6.676%, 01/15/21		807
		HSBC USA, Inc.,
	1,500	2.350%, 03/05/20		1,485
	500	2.375%, 11/13/19		501
		John Deere Capital Corp.,
	500	2.050%, 03/10/20		498
	500	3.350%, 06/12/24		512
	100	Springleaf Finance Corp., 6.500%, 09/15/17		103
		Synchrony Financial,
	1,000	2.700%, 02/03/20		997
	500	4.250%, 08/15/24		507
	500	Toyota Motor Credit Corp., 2.750%, 05/17/21		506
				21,000
		Diversified Financial Services — 0.3%
	400	Berkshire Hathaway, Inc., 3.750%, 08/15/21		426
	592	GE Capital International Funding Co., Unlimited Co., (Ireland), 4.418%, 11/15/35		615
	750	Shell International Finance B.V., (Netherlands), 3.250%, 05/11/25		747
				1,788
		Insurance — 1.3%
		Aflac, Inc.,
	500	3.250%, 03/17/25		494
	400	3.625%, 06/15/23		414
		American International Group, Inc.,
	500	3.875%, 01/15/35		465
	500	4.125%, 02/15/24		520
	250	4.500%, 07/16/44		243
	275	Aon plc, (United Kingdom), 4.250%, 12/12/42		256

JPMorgan Total Return 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
		Insurance — continued
	500	Chubb INA Holdings, Inc., 3.150%, 03/15/25		499
		Lincoln National Corp.,
	250	4.000%, 09/01/23		261
	300	7.000%, 06/15/40		369
		MetLife, Inc.,
	500	3.600%, 04/10/24		514
	300	4.050%, 03/01/45		287
	750	New York Life Global Funding, 1.950%, 02/11/20 (e)		743
	500	Prudential Financial, Inc., 3.500%, 05/15/24		510
	1,000	TIAA Asset Management Finance Co. LLC, 4.125%, 11/01/24 (e)		1,011
	500	XLIT Ltd., (Cayman Islands), 4.450%, 03/31/25		494
				7,080
		Total Financials		78,753
		Health Care — 5.4%
		Biotechnology — 0.5%
	500	AbbVie, Inc., 4.300%, 05/14/36		475
	500	Amgen, Inc., 4.400%, 05/01/45		476
		Celgene Corp.,
	400	2.250%, 05/15/19		401
	500	2.875%, 08/15/20		506
	500	Gilead Sciences, Inc., 3.500%, 02/01/25		501
				2,359
		Health Care Equipment & Supplies — 0.5%
		Abbott Laboratories,
	500	2.950%, 03/15/25		475
	500	3.400%, 11/30/23		494
	250	Boston Scientific Corp., 4.125%, 10/01/23		259
	515	DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.125%, 06/15/21 (e)		450
	255	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		263
	500	Medtronic, Inc., 2.500%, 03/15/20		505
	300	Zimmer Biomet Holdings, Inc., 4.450%, 08/15/45		282
				2,728
		Health Care Providers & Services — 2.4%
		Acadia Healthcare Co., Inc.,
	5	5.125%, 07/01/22		5
	80	5.625%, 02/15/23		79
		Aetna, Inc.,
	500	3.500%, 11/15/24		502
	350	4.375%, 06/15/46		343
	300	AmerisourceBergen Corp., 4.250%, 03/01/45		288
	49	AMN Healthcare, Inc., 5.125%, 10/01/24 (e)		48
	750	Cardinal Health, Inc., 1.950%, 06/15/18		752
	32	Covenant Surgical Partners, Inc., 8.750%, 08/01/19 (e)		30
	500	DaVita, Inc., 5.000%, 05/01/25		487
	750	Express Scripts Holding Co., 2.250%, 06/15/19		751
		HCA, Inc.,
	20	5.250%, 04/15/25		20
	1,905	5.375%, 02/01/25		1,865
	1,300	7.500%, 02/15/22		1,446
		HealthSouth Corp.,
	410	5.750%, 11/01/24		411
	5	5.750%, 09/15/25		5
	800	Kindred Healthcare, Inc., 8.750%, 01/15/23		712
	500	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		503
	13	LifePoint Health, Inc., 5.375%, 05/01/24 (e)		13
	121	Molina Healthcare, Inc., 5.375%, 11/15/22		121
		Quest Diagnostics, Inc.,
	1,000	2.700%, 04/01/19		1,012
	500	3.500%, 03/30/25		494
		Tenet Healthcare Corp.,
	250	4.500%, 04/01/21		243
	825	6.750%, 02/01/20		773
	50	8.000%, 08/01/20		48
	1,415	8.125%, 04/01/22		1,291
		UnitedHealth Group, Inc.,
	250	4.625%, 07/15/35		269
	500	4.750%, 07/15/45		546
	55	WellCare Health Plans, Inc., 5.750%, 11/15/20		56
				13,113
		Life Sciences Tools & Services — 0.1%
	750	Agilent Technologies, Inc., 3.050%, 09/22/26		715
		Pharmaceuticals — 1.9%
	300	Actavis Funding SCS, (Luxembourg), 4.750%, 03/15/45		297
		Concordia International Corp., (Canada),
	181	7.000%, 04/15/23 (e)		69

JPMorgan Total Return 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
		Pharmaceuticals — continued
	100	9.000%, 04/01/22 (e)		92
	300	Eli Lilly & Co., 3.700%, 03/01/45		284
	200	Endo Ltd./Endo Finance LLC/Endo Finco, Inc., (Ireland), 6.000%, 07/15/23 (e)		178
	750	GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23		749
		Merck & Co., Inc.,
	500	2.750%, 02/10/25		490
	400	4.150%, 05/18/43		406
	1,000	Mylan N.V., (Netherlands), 3.150%, 06/15/21 (e)		983
	826	Pfizer, Inc., 3.000%, 06/15/23		840
	1,000	Shire Acquisitions Investments Ireland DAC, (Ireland), 2.400%, 09/23/21		966
		Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands),
	1,300	1.700%, 07/19/19		1,274
	300	4.100%, 10/01/46		257
		Valeant Pharmaceuticals International, Inc., (Canada),
	508	5.375%, 03/15/20 (e)		425
	500	5.875%, 05/15/23 (e)		370
	15	6.750%, 08/15/18 (e)		14
	1,125	7.250%, 07/15/22 (e)		923
	1,175	7.500%, 07/15/21 (e)		993
	750	Zoetis, Inc., 3.450%, 11/13/20		767
				10,377
		Total Health Care		29,292
		Industrials — 3.9%
		Aerospace & Defense — 0.9%
	5	Arconic, Inc., 5.125%, 10/01/24		5
		Boeing Co. (The),
	1,000	2.350%, 10/30/21		1,005
	250	3.500%, 03/01/45		230
		Bombardier, Inc., (Canada),
	5	5.500%, 09/15/18 (e)		5
	800	7.500%, 03/15/25 (e)		711
	13	8.750%, 12/01/21 (e)		13
	10	Huntington Ingalls Industries, Inc., 5.000%, 11/15/25 (e)		10
	450	KLX, Inc., 5.875%, 12/01/22 (e)		460
	300	Lockheed Martin Corp., 3.800%, 03/01/45		279
		Northrop Grumman Corp.,
	1,000	3.250%, 08/01/23		1,022
	250	3.850%, 04/15/45		236
		TransDigm, Inc.,
	10	6.000%, 07/15/22		10
	550	6.500%, 05/15/25		567
	82	Triumph Group, Inc., 4.875%, 04/01/21		75
	300	United Technologies Corp., 4.150%, 05/15/45		299
				4,927
		Air Freight & Logistics — 0.2%
	410	Air Medical Group Holdings, Inc., 6.375%, 05/15/23 (e)		388
	500	FedEx Corp., 4.100%, 02/01/45		462
				850
		Airlines — 0.2%
	220	Allegiant Travel Co., 5.500%, 07/15/19		224
		Southwest Airlines Co.,
	500	2.750%, 11/06/19		509
	500	3.000%, 11/15/26		472
				1,205
		Building Products — 0.0% (g)
	13	Griffon Corp., 5.250%, 03/01/22		13
	50	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		51
				64
		Commercial Services & Supplies — 0.3%
	500	ACCO Brands Corp., 6.750%, 04/30/20		524
	350	ADT Corp. (The), 3.500%, 07/15/22		329
	5	APX Group, Inc., 6.375%, 12/01/19		5
	13	Clean Harbors, Inc., 5.125%, 06/01/21		13
		Herc Rentals, Inc.,
	130	7.500%, 06/01/22 (e)		134
	135	7.750%, 06/01/24 (e)		139
	500	Waste Management, Inc., 3.125%, 03/01/25		499
				1,643
		Electrical Equipment — 0.1%
	500	General Cable Corp., 5.750%, 10/01/22		478
	16	Novelis Corp., 5.875%, 09/30/26 (e)		16
	116	Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc., 8.625%, 06/01/21 (e)		89
				583

JPMorgan Total Return 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
		Industrial Conglomerates — 0.2%
	178	CTP Transportation Products LLC/CTP Finance, Inc., 8.250%, 12/15/19 (e)		140
	185	General Electric Co., 5.875%, 01/14/38		231
		Honeywell International, Inc.,
	500	1.850%, 11/01/21		487
	400	2.500%, 11/01/26		377
				1,235
		Machinery — 0.5%
	500	CNH Industrial Capital LLC, 4.875%, 04/01/21		515
	1,500	Stanley Black & Decker, Inc., 2.451%, 11/17/18		1,516
	800	Terex Corp., 6.000%, 05/15/21		810
				2,841
		Professional Services — 0.0% (g)
	187	CEB, Inc., 5.625%, 06/15/23 (e)		182
	8	Corporate Risk Holdings LLC, 9.500%, 07/01/19 (e)		8
				190
		Road & Rail — 1.0%
	400	Ashtead Capital, Inc., 6.500%, 07/15/22 (e)		418
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,
	550	5.500%, 04/01/23		531
	200	6.375%, 04/01/24 (e)		199
	500	Burlington Northern Santa Fe LLC, 5.750%, 05/01/40		599
	750	CSX Corp., 3.400%, 08/01/24		766
		Hertz Corp. (The),
	960	6.250%, 10/15/22		905
	550	7.375%, 01/15/21		552
	135	Jack Cooper Holdings Corp., 9.250%, 06/01/20		47
	500	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%, 02/01/22 (e)		505
	500	Ryder System, Inc., 2.650%, 03/02/20		502
	250	Union Pacific Corp., 3.375%, 02/01/35		236
				5,260
		Trading Companies & Distributors — 0.5%
	250	H&E Equipment Services, Inc., 7.000%, 09/01/22		263
	560	HD Supply, Inc., 5.250%, 12/15/21 (e)		591
		International Lease Finance Corp.,
	20	5.875%, 08/15/22		22
	750	6.250%, 05/15/19		804
		United Rentals North America, Inc.,
	10	5.750%, 11/15/24		10
	500	6.125%, 06/15/23		526
	208	7.625%, 04/15/22		220
	46	Univar USA, Inc., 6.750%, 07/15/23 (e)		47
				2,483
		Total Industrials		21,281
		Information Technology — 4.5%
		Communications Equipment — 0.6%
	320	Avaya, Inc., 7.000%, 04/01/19 (e)		279
		Cisco Systems, Inc.,
	1,000	2.200%, 09/20/23		960
	300	5.500%, 01/15/40		363
	250	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		260
	1,500	CommScope, Inc., 5.500%, 06/15/24 (e)		1,535
				3,397
		Electronic Equipment, Instruments & Components — 0.2%
	500	Arrow Electronics, Inc., 4.000%, 04/01/25		485
	7	Belden, Inc., 5.500%, 09/01/22 (e)		7
	750	Zebra Technologies Corp., 7.250%, 10/15/22		811
				1,303
		Internet Software & Services — 0.4%
	1,000	Alibaba Group Holding Ltd., (Cayman Islands), 2.500%, 11/28/19		1,006
		Alphabet, Inc.,
	500	1.998%, 08/15/26		458
	400	3.375%, 02/25/24		416
	500	Baidu, Inc., (Cayman Islands), 3.250%, 08/06/18		508
				2,388
		IT Services — 0.6%
	17	Alliance Data Systems Corp., 5.875%, 11/01/21 (e)		17
		First Data Corp.,
	750	5.750%, 01/15/24 (e)		759
	418	7.000%, 12/01/23 (e)		438
	750	International Business Machines Corp., 1.875%, 08/01/22		719
	500	Mastercard, Inc., 2.950%, 11/21/26		495
	350	Visa, Inc., 4.150%, 12/14/35		363
	10	WEX, Inc., 4.750%, 02/01/23 (e)		10
	400	Xerox Corp., 2.800%, 05/15/20		394
				3,195

JPMorgan Total Return 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
		Semiconductors & Semiconductor Equipment — 1.1%
	1,325	Amkor Technology, Inc., 6.375%, 10/01/22		1,363
	350	Entegris, Inc., 6.000%, 04/01/22 (e)		364
	1,000	Intel Corp., 2.450%, 07/29/20		1,013
	875	Micron Technology, Inc., 5.250%, 01/15/24 (e)		856
	750	NXP B.V./NXP Funding LLC, (Netherlands), 5.750%, 02/15/21 (e)		778
	500	QUALCOMM, Inc., 3.450%, 05/20/25		508
	910	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		953
				5,835
		Software — 0.9%
	750	Adobe Systems, Inc., 3.250%, 02/01/25		748
	250	CA, Inc., 4.500%, 08/15/23		261
	17	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.625%, 11/15/24 (e)		17
	500	Infor Software Parent LLC/Infor Software Parent, Inc., 7.125% (cash), 05/01/21 (e) (v)		501
	1,139	Infor U.S., Inc., 6.500%, 05/15/22		1,173
	61	Interface Security Systems Holdings, Inc./Interface Security Systems LLC, 9.250%, 01/15/18		60
	350	Microsoft Corp., 4.000%, 02/12/55		323
		Oracle Corp.,
	500	2.800%, 07/08/21		509
	300	3.250%, 05/15/30		292
	500	3.400%, 07/08/24		509
	300	4.375%, 05/15/55		292
				4,685
		Technology Hardware, Storage & Peripherals — 0.7%
	750	Apple, Inc., 2.500%, 02/09/25		718
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	56	5.875%, 06/15/21 (e)		59
	475	6.020%, 06/15/26 (e)		497
	55	7.125%, 06/15/24 (e)		60
	140	EMC Corp., 1.875%, 06/01/18		138
	1,000	Hewlett Packard Enterprise Co., 4.650%, 10/15/22 (e)		1,052
	5	NCR Corp., 6.375%, 12/15/23		5
		Western Digital Corp.,
	453	7.375%, 04/01/23 (e)		489
	440	10.500%, 04/01/24 (e)		509
				3,527
		Total Information Technology		24,330
		Materials — 2.4%
		Chemicals — 1.4%
	500	Ashland LLC, 4.750%, 08/15/22		515
	7	Chemours Co. (The), 6.625%, 05/15/23		7
	250	Cytec Industries, Inc., 3.950%, 05/01/25		238
		Dow Chemical Co. (The),
	500	3.500%, 10/01/24		506
	500	4.125%, 11/15/21		529
	250	4.375%, 11/15/42		238
	930	Hexion, Inc., 6.625%, 04/15/20		800
		Huntsman International LLC,
	700	4.875%, 11/15/20		721
	150	5.125%, 11/15/22		152
	950	INEOS Group Holdings S.A., (Luxembourg), 5.875%, 02/15/19 (e)		964
		LyondellBasell Industries N.V., (Netherlands),
	250	4.625%, 02/26/55		226
	500	6.000%, 11/15/21		568
		Monsanto Co.,
	500	3.375%, 07/15/24		495
	400	4.200%, 07/15/34		378
	105	PQ Corp., 6.750%, 11/15/22 (e)		111
	283	Reichhold Industries, Inc., 9.000%, 05/08/17 (e) (d)		—
		Reichhold International,
	347	12.000%, 03/31/17		346
	705	15.000%, 03/31/17		705
	270	Reichhold LLC, 12.000%, 03/31/17		270
				7,769
		Containers & Packaging — 0.5%
	200	ARD Finance S.A., (Luxembourg), 7.125% (cash), 09/15/23 (e) (v)		198
	400	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., (Ireland), VAR, 3.850%, 12/15/19 (e)		407
	10	Ball Corp., 5.250%, 07/01/25		10
	500	Bemis Co., Inc., 3.100%, 09/15/26		478
	385	International Paper Co., 7.300%, 11/15/39		480
	59	Pactiv LLC, 8.375%, 04/15/27		65

JPMorgan Total Return 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
		Containers & Packaging — continued
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	500	5.750%, 10/15/20		514
	124	6.875%, 02/15/21		128
	194	7.000%, 07/15/24 (e)		205
				2,485
		Metals & Mining — 0.4%
	930	AngloGold Ashanti Holdings plc, (United Kingdom), 5.375%, 04/15/20		942
	5	ArcelorMittal, (Luxembourg), 10.850%, 06/01/19		6
	5	Cliffs Natural Resources, Inc., 8.250%, 03/31/20 (e)		5
	5	FMG Resources August 2006 Pty Ltd., (Australia), 9.750%, 03/01/22 (e)		6
	12	Freeport-McMoRan, Inc., 2.300%, 11/14/17		12
	1,005	Gold Fields Orogen Holding BVI Ltd., (United Kingdom), 4.875%, 10/07/20 (e)		980
	61	Teck Resources Ltd., (Canada), 3.000%, 03/01/19		60
	52	United States Steel Corp., 8.375%, 07/01/21 (e)		58
	222	Zekelman Industries, Inc., 9.875%, 06/15/23 (e)		238
				2,307
		Paper & Forest Products — 0.1%
	500	Georgia-Pacific LLC, 3.163%, 11/15/21 (e)		508
		Total Materials		13,069
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
		American Tower Corp.,
	500	2.800%, 06/01/20		502
	500	3.450%, 09/15/21		508
	500	AvalonBay Communities, Inc., 3.450%, 06/01/25		498
	500	Boston Properties LP, 2.750%, 10/01/26		459
	500	Communications Sales & Leasing, Inc./CSL Capital LLC, 8.250%, 10/15/23		524
	525	CoreCivic, Inc., 4.625%, 05/01/23		511
	13	Equinix, Inc., 5.375%, 01/01/22		14
		GEO Group, Inc. (The),
	400	5.125%, 04/01/23		378
	215	5.875%, 01/15/22		214
	200	5.875%, 10/15/24		193
	67	Iron Mountain U.S. Holdings, Inc., 5.375%, 06/01/26 (e)		66
		Iron Mountain, Inc.,
	67	4.375%, 06/01/21 (e)		68
	10	6.000%, 10/01/20 (e)		11
	19	6.000%, 08/15/23		20
	350	Kimco Realty Corp., 4.250%, 04/01/45		331
	200	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		202
	625	Welltower, Inc., 4.700%, 09/15/17		640
		Total Real Estate		5,139
		Telecommunication Services — 4.7%
		Diversified Telecommunication Services — 3.6%
		Altice Financing S.A., (Luxembourg),
	750	6.625%, 02/15/23 (e)		761
	200	7.500%, 05/15/26 (e)		203
		AT&T, Inc.,
	600	3.900%, 03/11/24		602
	500	3.950%, 01/15/25		500
	500	4.500%, 05/15/35		475
	850	5.350%, 09/01/40		859
	300	6.000%, 08/15/40		329
	765	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		800
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	860	5.125%, 05/01/23 (e)		881
	10	5.500%, 05/01/26 (e)		10
	950	6.625%, 01/31/22		987
		CenturyLink, Inc.,
	700	Series T, 5.800%, 03/15/22		691
	10	Series V, 5.625%, 04/01/20		11
	650	Cogent Communications Group, Inc., 5.375%, 03/01/22 (e)		657
	897	Frontier Communications Corp., 11.000%, 09/15/25		899
	241	GCI, Inc., 6.750%, 06/01/21		247
	60	Hughes Satellite Systems Corp., 5.250%, 08/01/26 (e)		57
		Intelsat Jackson Holdings S.A., (Luxembourg),
	1,299	5.500%, 08/01/23		847
	149	7.250%, 04/01/19		117
	300	7.250%, 10/15/20		219
	335	7.500%, 04/01/21		243

JPMorgan Total Return 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
		Level 3 Financing, Inc.,
	151	5.375%, 01/15/24		152
	750	5.625%, 02/01/23		761
	10	6.125%, 01/15/21		10
	675	SFR Group S.A., (France), 6.000%, 05/15/22 (e)		680
		Sprint Capital Corp.,
	250	6.875%, 11/15/28		240
	370	6.900%, 05/01/19		386
	730	8.750%, 03/15/32		767
	320	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		333
		Verizon Communications, Inc.,
	500	3.000%, 11/01/21		504
	500	4.125%, 08/15/46		446
	1,000	4.150%, 03/15/24		1,047
	577	4.272%, 01/15/36		550
	500	4.400%, 11/01/34		487
		Wind Acquisition Finance S.A., (Luxembourg),
	200	4.750%, 07/15/20 (e)		200
	500	7.375%, 04/23/21 (e)		510
		Windstream Services LLC,
	310	7.500%, 06/01/22		293
	300	7.500%, 04/01/23		279
	820	7.750%, 10/01/21		816
	791	Zayo Group LLC/Zayo Capital, Inc., 6.000%, 04/01/23		825
				19,681
		Wireless Telecommunication Services — 1.1%
	675	America Movil S.A.B. de C.V., (Mexico), 5.000%, 03/30/20		724
		Sprint Communications, Inc.,
	585	9.000%, 11/15/18 (e)		642
	331	11.500%, 11/15/21		396
		Sprint Corp.,
	150	7.625%, 02/15/25		152
	2,450	7.875%, 09/15/23		2,530
		T-Mobile USA, Inc.,
	13	6.000%, 04/15/24		14
	15	6.500%, 01/15/26		16
	625	6.633%, 04/28/21		652
	550	6.731%, 04/28/22		575
				5,701
		Total Telecommunication Services		25,382
		Utilities — 2.7%
		Electric Utilities — 1.2%
	300	Alabama Power Co., 3.750%, 03/01/45		285
	300	Commonwealth Edison Co., 3.700%, 03/01/45		281
	300	DTE Electric Co., 3.700%, 03/15/45		287
		Duke Energy Carolinas LLC,
	300	3.750%, 06/01/45		281
	435	6.000%, 01/15/38		540
	750	Duke Energy Corp., 1.800%, 09/01/21		722
	535	Entergy Arkansas, Inc., 3.750%, 02/15/21		557
	600	Mississippi Power Co., Series 12-A, 4.250%, 03/15/42		516
	1,010	Nevada Power Co., 7.125%, 03/15/19		1,128
	440	Pacific Gas & Electric Co., 5.400%, 01/15/40		510
	250	Potomac Electric Power Co., 4.150%, 03/15/43		251
		Xcel Energy, Inc.,
	500	3.350%, 12/01/26		499
	730	4.700%, 05/15/20		779
				6,636
		Gas Utilities — 0.4%
		Ferrellgas LP/Ferrellgas Finance Corp.,
	69	6.500%, 05/01/21		65
	7	6.750%, 01/15/22		7
	500	KeySpan Gas East Corp., 2.742%, 08/15/26 (e)		476
	500	Korea Gas Corp., (South Korea), 2.875%, 07/29/18 (e)		508
	111	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		109
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	38	5.625%, 07/15/22		37
	133	5.625%, 11/15/23		126
		Sabine Pass Liquefaction LLC,
	147	5.625%, 03/01/25		153
	500	5.750%, 05/15/24		528
				2,009
		Independent Power & Renewable Electricity Producers — 0.3%
	700	AES Corp., 4.875%, 05/15/23		679
		Calpine Corp.,
	81	5.250%, 06/01/26 (e)		79
	71	7.875%, 01/15/23 (e)		74

JPMorgan Total Return 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
		Independent Power & Renewable Electricity Producers — continued
		NRG Energy, Inc.,
	700	6.625%, 01/15/27 (e)		648
	129	7.250%, 05/15/26 (e)		126
				1,606
		Multi-Utilities — 0.7%
	385	Berkshire Hathaway Energy Co., 6.500%, 09/15/37		492
		Consolidated Edison Co. of New York, Inc.,
	250	4.450%, 03/15/44		260
	350	4.625%, 12/01/54		364
		Dominion Resources, Inc.,
	250	4.700%, 12/01/44		252
	630	5.200%, 08/15/19		680
	250	Series C, 4.900%, 08/01/41		258
	300	DTE Energy Co., Series C, 3.500%, 06/01/24		304
	630	NiSource Finance Corp., 6.800%, 01/15/19		690
	560	TECO Finance, Inc., 5.150%, 03/15/20		603
				3,903
		Water Utilities — 0.1%
	500	Aquarion Co., 4.000%, 08/15/24 (e)		500
		Total Utilities		14,654
		Total Corporate Bonds (Cost $307,763)		305,604
SHARES
	Investment Companies — 0.3%
	43	BlackRock Corporate High Yield Fund, Inc.		446
	20	BlackRock Debt Strategies Fund, Inc.		220
	14	Blackstone/GSO Strategic Credit Fund		207
	8	Eaton Vance Floating-Rate Income Trust		115
	9	Eaton Vance Senior Income Trust		58
	10	Invesco Dynamic Credit Opportunities Fund		119
	15	Nuveen Credit Strategies Income Fund		129
	7	Nuveen Floating Rate Income Opportunity Fund		86
	10	Prudential Global Short Duration High Yield Fund, Inc.		143
		Total Investment Companies (Cost $1,419)		1,523
PRINCIPAL AMOUNT
	Mortgage Pass-Through Securities — 26.6%
	14	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 6.000%, 01/01/29		16
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	11,000	TBA, 3.000%, 12/15/46 (w)		10,935
	21,600	TBA, 3.500%, 12/15/46 (w)		22,139
	2,000	TBA, 4.500%, 12/15/46 (w)		2,154
	759	6.000%, 02/01/36—08/01/38		872
	4	7.000%, 12/01/25—02/01/26		5
	27	7.500%, 10/01/26—02/01/27		29
	10	8.000%, 05/01/26—07/01/26		10
		Federal National Mortgage Association, 15 Year, Single Family,
	3,200	TBA, 2.500%, 12/25/31 (w)		3,211
	3,500	TBA, 3.000%, 12/25/31 (w)		3,597
	5,260	TBA, 4.000%, 12/25/31 (w)		5,398
	4,035	TBA, 5.000%, 12/25/31 (w)		4,116
		Federal National Mortgage Association, 30 Year, Single Family,
	7,730	TBA, 3.000%, 12/25/46 (w)		7,689
	18,140	TBA, 3.500%, 12/25/46 (w)		18,610
	9,000	TBA, 4.000%, 12/25/46 (w)		9,468
	5,700	TBA, 4.500%, 12/25/46 (w)		6,147
	2,000	TBA, 5.500%, 12/25/46 (w)		2,231
	9,454	4.000%, 05/01/45—06/01/45		10,070
	435	6.000%, 05/01/37		495
	138	6.500%, 07/01/29—03/01/35		159
	51	7.000%, 02/01/35—03/01/35		57
	5	7.500%, 03/01/35		6
		Government National Mortgage Association, 30 Year, Single Family,
	9,850	TBA, 3.000%, 12/15/46 (w)		9,970
	6,000	TBA, 3.500%, 12/15/46 (w)		6,245
	4,000	TBA, 4.000%, 12/15/46 (w)		4,240
	8,500	TBA, 4.500%, 12/15/46 (w)		9,246
	4,300	TBA, 5.000%, 12/15/46 (w)		4,735
	2,400	TBA, 6.000%, 12/15/46 (w)		2,735
	167	7.000%, 09/15/31		197
		Total Mortgage Pass-Through Securities (Cost $146,980)		144,782

JPMorgan Total Return 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
	Preferred Security — 0.0% (g) (x)
		Financials — 0.0% (g)
		Capital Markets — 0.0% (g)
	3,795	Lehman Brothers Holdings Capital Trust VII, 5.857%, 12/31/49 (d) (Cost $2,017)		—	(h)
	Supranational — 0.1%
	750	Export-Import Bank of Korea, (South Korea), 2.250%, 01/21/20 (Cost $749)		744
	U.S. Government Agency Securities — 3.3%
		Federal Home Loan Bank,
	5,000	1.625%, 12/09/16		5,001
	1,500	2.875%, 09/13/24		1,562
		Federal National Mortgage Association,
	5,000	0.875%, 05/21/18		4,987
	2,600	1.750%, 09/12/19		2,623
	2,000	1.875%, 09/24/26		1,848
	2,140	4.875%, 12/15/16		2,144
		Total U.S. Government Agency Securities (Cost $18,262)		18,165
	U.S. Treasury Obligations — 4.6%
		U.S. Treasury Bonds,
	7,255	2.500%, 02/15/46		6,465
	1,559	2.500%, 05/15/46		1,389
	3,600	2.750%, 11/15/42		3,416
	6,370	3.375%, 05/15/44		6,785
	4,865	3.875%, 08/15/40		5,610
	1,300	4.500%, 02/15/36		1,651
		Total U.S. Treasury Obligations (Cost $26,512)		25,316
SHARES
	Common Stocks — 0.1%
		Energy — 0.0%
		Oil, Gas & Consumable Fuels — 0.0%
	7	Halcon Resources Corp. (a)		64
	7	SandRidge Energy, Inc. (a)		164
		Total Energy		228
		Materials — 0.1%
		Chemicals — 0.1%
	— (h)	Reichhold, Inc. (a)		298
		Total Common Stocks (Cost $396)		526
PRINCIPAL AMOUNT
	Loan Assignments — 0.3%
		Consumer Discretionary — 0.1%
		Media — 0.1%
	141	UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan, VAR, 5.000%, 07/22/23		142
	100	Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan, VAR, 8.500%, 08/18/24		102
		Total Consumer Discretionary		244
		Consumer Staples — 0.0% (g)
		Household Products — 0.0% (g)
	227	Zep, Inc., Term Loan, VAR, 5.000%, 06/27/22		228
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	396	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		401
	65	Exco Resources, Inc., Senior Secured 2nd Lien Term Loan, VAR, 12.500%, 10/19/20		42
	406	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23		399
		Total Energy		842
		Health Care — 0.0% (g)
		Pharmaceuticals — 0.0% (g)
	93	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		78
		Industrials — 0.0% (g)
		Marine — 0.0% (g)
	134	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		125
		Trading Companies & Distributors — 0.0% (g)
	38	Univar, Inc., 1st Lien Term Loan B, VAR, 4.250%, 07/01/22		38
		Total Industrials		163
		Information Technology — 0.0% (g)
		Software — 0.0% (g)
	44	Inception Merger Sub, Inc./Rackspace Hosting, Inc., 1st Lien Term Loan B, VAR, 5.000%, 11/03/23		44
		Total Loan Assignments (Cost $1,620)		1,599

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

NUMBER OF CONTRACTS		SECURITY DESCRIPTION	VALUE
	Option Purchased — 0.0% (g)
		Put Option Purchased: — 0.0% (g)
	13	Eurodollar, Expiring 12/19/16, at $98.00, American Style (Cost $10)		—	(h)
PRINCIPAL AMOUNT
	Short-Term Investments— 28.4%
		Certificates of Deposit— 5.7%
	8,000	Canadian Imperial Bank of Commerce, 1.240%, 03/03/17		8,007
	5,000	Industrial & Commercial Bank of China Ltd., 1.050%, 01/06/17		5,001
	10,000	Natixis S.A., 0.950%, 02/22/17		10,000
	8,000	Sumitomo Mitsui Banking Corp., (Japan), 1.250%, 02/24/17		8,007
		Total Certificates of Deposit (Cost $31,000)		31,015
		Commercial Papers— 13.2%
	5,000	Barton Capital S.A., (Luxembourg), 0.590%, 12/02/16 (e)		5,000
	8,000	BNP Paribas S.A., 0.983%, 12/01/16		8,000
	4,000	Cancara Asset Securitisation LLC, 0.902%, 02/01/17 (e)		3,995
	8,000	Credit Suisse AG, VAR, 1.245%, 04/04/17		8,012
	2,000	Danske Corp., 0.923%, 02/13/17 (e)		1,996
	5,000	Erste Abwicklungsanstalt, (Germany), 1.004%, 01/06/17 (e)		4,998
	11,000	Kells Funding LLC, 0.994%, 03/13/17 (e)		10,970
	2,000	Manhattan Asset Funding Co. LLC, 0.952%, 12/01/16		2,000
	4,000	Matchpoint Finance plc, 1.278%, 04/24/17		3,981
	5,000	Nieuw Amsterdam Receivables Corp., 0.882%, 02/03/17		4,993
	8,000	Svenska Handelsbanken AB, (Sweden), 0.902%, 12/12/16 (e)		7,999
	10,000	United Overseas Bank Ltd., (Singapore), 0.983%, 01/20/17 (e)		9,990
		Total Commercial Papers (Cost $71,910)		71,934
		Repurchase Agreements— 1.2%
	1,000	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 03/28/17, repurchase price $1,004, collateralized by Sovereign Government Securities, 8.280%, due 12/31/33, with the value of $1,080.		1,000
	1,000	Citigroup Global Markets, Inc., 1.274%, dated 11/30/16, due 03/28/17, repurchase price $1,004, collateralized by Asset-Backed Securities, 1.138%, due 04/05/52, with the value of $1,080.		1,000
	2,500	Merrill Lynch PFS, Inc., 1.110%, dated 11/30/16, due 02/16/17, repurchase price $2,506, collateralized by Commercial Papers, 0.000%, due 12/01/16, with the value of $2,625.		2,500
	2,000	Wells Fargo Securities, LLC, 1.420%, dated 11/30/16, due 12/19/16, repurchase price $2,001, collateralized by Asset-Backed Securities, 3.875%, due 09/29/31, with the value of $2,168.		2,000
		Total Repurchase Agreements (Cost $6,500)		6,500
		U.S. Treasury Obligations— 0.2%
		U.S. Treasury Bills,
	875	0.288% , 01/05/17 (k) (n)		875
	75	0.399%, 03/23/17 (n)		75
		Total U.S. Treasury Obligations (Cost $950)		950
SHARES
		Investment Companies — 8.1%
	570	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.690% (b) (l)		570
	43,355	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.280% (b) (l)		43,355
		Total Investment Companies (Cost $43,925)		43,925
		Total Short-Term Investments (Cost $154,285)		154,324
		Total Investments — 123.8% (Cost $680,622)		673,790
		Liabilities in Excess of Other Assets — (23.8)%		(129,582	)
		NET ASSETS — 100.0%		544,208

Percentages indicated are based on net assets.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT NOVEMBER 30, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	116	10 Year U.S. Treasury Note		03/22/17		USD		14,444			(49	)
	47	U.S. Treasury Long Bond		03/22/17		USD		7,110			(46	)
	135	5 Year U.S. Treasury Note		03/31/17		USD		15,909			(27	)
		Short Futures Outstanding
	(6)	90 Day Eurodollar		12/19/16		USD		(1,485	)		4
	(2)	2 Year U.S. Treasury Note		03/31/17		USD		(434	)		—	(h)
	(23)	5 Year U.S. Treasury Note		03/31/17		USD		(2,710	)		6
	(6)	90 Day Eurodollar		06/19/17		USD		(1,483	)		(2	)
	(6)	90 Day Eurodollar		09/18/17		USD		(1,481	)		(3	)
											(117	)

Credit Default Swaps - Buy Protection[1]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED  [5]
Bank of America N.A.:
United Mexican States, 5.950%, 03/19/19		1.000% quarterly		12/20/21		1.794	%		2,760		97			(88	)
Barclays Bank plc:
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		03/20/17		0.717			58		(1	)		5
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		03/20/17		0.718			15		—	(h)		2
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		12/20/17		0.932			20		(1	)		2
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		12/20/17		0.932			22		(1	)		3
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		12/20/17		0.932			40		(2	)		5
CIT Group, Inc., 5.250%, 03/15/18		5.000% quarterly		06/20/17		0.324			5		—	(h)		1
CIT Group, Inc., 5.250%, 03/15/18		5.000% quarterly		06/20/17		0.324			20		(1	)		2
Frontier Communications Corp., 9.000%, 08/15/31		5.000% quarterly		06/20/17		0.660			21		(1	)		2
Springleaf Finance Corp., 6.900%, 12/15/17		5.000% quarterly		09/20/17		1.241			100		(4	)		9
BNP Paribas:
Canadian Natural Resources Ltd., 3.450%, 11/15/21		1.000% quarterly		12/20/21		1.686			240		7			(12	)
Republic of Turkey, 11.875%, 01/15/30		1.000% quarterly		12/20/21		2.849			4,320		358			(325	)
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		12/20/20		3.980			50		(2	)		(12	)
Standard Chartered Bank, 5.875%, 09/26/17		1.000% quarterly		12/20/21		2.493		EUR	320		24			(19	)
Citibank, N.A.:
Beazer Homes USA Inc., 9.125%, 05/15/19		5.000% quarterly		12/20/17		0.601			100		(5	)		6
Nabors Industries, Inc., 6.150%, 02/15/18		1.000% quarterly		12/20/21		3.111			190		32			(27	)
People’s Republic of China, 7.500%, 10/28/27		1.000% quarterly		12/20/21		1.170			3,150		19			(4	)
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		06/20/19		2.703			55		(4	)		(4	)
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		06/20/19		2.703			65		(4	)		(5	)
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		06/20/19		2.703			78		(5	)		(7	)
Credit Suisse International:
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		12/20/17		0.932			70		(4	)		8
Devon Energy Corp,7.950%,04/15/32		1.000% quarterly		12/20/21		1.784			160		5			(9	)
Goldman Sachs International:
Ally Financial, Inc., 7.500%, 09/15/20		5.000% quarterly		03/20/17		0.717			120		(3	)		2
Beazer Homes USA Inc., 9.125%, 05/15/19		5.000% quarterly		12/20/17		0.601			50		(3	)		3
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		06/20/19		2.703			132		(9	)		(2	)
Sprint Communications, Inc., 8.375%, 08/15/17		5.000% quarterly		12/20/20		3.980			40		(2	)		(1	)
											490			(465	)

Credit Indices:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)		TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE		UPFRONT PREMIUMS (PAID)/RECEIVED  [5]
Bank of America N.A.:
ABX.HE.AAA.06-2		0.110% monthly		05/25/46		0.851	%		40		5		(7	)
ABX.HE.AAA.06-2		0.110% monthly		05/25/46		0.851			60		7		(12	)
Barclays Bank plc:
ABX.HE.AAA.06-2		0.110% monthly		05/25/46		0.851			60		7		(18	)
CDX.EM.26-V1		1.000% quarterly		12/20/21		2.668			3,110		227		(183	)
CMBX.NA.A.6		2.000% monthly		05/11/63		2.652			80		3		1
CMBX.NA.AA.3		0.270% monthly		12/13/49		86.240			260		118		(148	)
Citibank, N.A.:
CMBX.NA.A.6		2.000% monthly		05/11/63		2.652			90		3		1
CMBX.NA.BBB-.4		5.000% monthly		02/17/51		237.556			180		30		(153	)
CMBX.NA.BBB-.4		5.000% monthly		02/17/51		237.556			210		36		(168	)
Credit Suisse International:
ABX.HE.AAA.06-2		0.110% monthly		05/25/46		0.851			30		4		(8	)
ABX.HE.AAA.06-2		0.110% monthly		05/25/46		0.851			60		7		(15	)
Goldman Sachs International:
ABX.HE.PENAAA.06-2		0.110% monthly		05/25/46		0.676			300		6		(2,098	)
ABX.HE.PENAAA.06-2		0.110% monthly		05/25/46		0.676			1,300		25		(443	)
CMBX.NA.A.6		2.000% monthly		05/11/63		2.652			90		3		1
CMBX.NA.A.6		2.000% monthly		05/11/63		2.652			90		3		2
Morgan Stanley Capital Services:
CMBX.NA.A.6		2.000% monthly		05/11/63		2.652			80		3		1
CMBX.NA.AA.3		0.270% monthly		12/13/49		86.240			140		64		(81	)
											551		(3,328	)

Centrally Cleared Credit Default Swaps - Buy Protection[1]

Credit Indices:

REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT  [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED  [5]
CDX.NA.HY.27-V1	5.000% quarterly		12/20/21		3.884	%		650		(38	)		35
CDX.NA.IG.25-V1	1.000% quarterly		12/20/20		0.640			1,970		(32	)		12
CDX.NA.IG.27-V1	1.000% quarterly		12/20/21		0.728			5,980		(90	)		76
iTraxx Europe 26.1	1.000% quarterly		12/20/21		0.794		EUR	3,970		(51	)		67
										(211	)		190

Credit Default Swaps - Sell Protection [2]

Corporate and Sovereign Issuers:

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931	%		50		1			2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931			50		1			2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931			50		1			3
Citibank, N.A.:
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931			30		—	(h)		2
Goldman Sachs International:
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly		06/20/17		50.627			40		(9	)		18
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly		06/20/17		50.627			40		(8	)		19
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly		06/20/17		50.627			40		(8	)		21
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly		06/20/17		50.627			40		(8	)		21
Bolivarian Republic of Venezuela, 9.250%, 09/15/27	5.000% quarterly		06/20/17		50.627			90		(19	)		43
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931			50		1			2
K. Hovnanian Enterprises, Inc., 8.625%, 01/15/17	5.000% quarterly		12/20/16		3.931			50		1			2
										(47	)		135
Credit Indices:
SWAP COUNTERPARTY/ REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF NOVEMBER 30, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE			UPFRONT PREMIUMS (PAID)/RECEIVED [5]
Barclays Bank plc:
CMBX.NA.A.3	0.620% monthly		12/13/49		96.157	%		260		(87	)		181
Morgan Stanley Capital Services:
CMBX.NA.A.3	0.620% monthly		12/13/49		96.157			140		(47	)		98
										(134	)		279

[1] The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[2] The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

[3] Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indexes are linked to the weighted average spread across the underlying reference obligations included in a particular index.

[4] The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

[5] Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Centrally Cleared Interest Rate Swaps

RATE TYPE (r)
PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
1.456% semi-annually	3 month LIBOR quarterly		06/21/18		500		(4	)
1.541% semi-annually	3 month LIBOR quarterly		12/06/18		451		(5	)
							(9	)

Return Swaps

SWAP COUNTERPARTY/ REFERENCE OBLIGATION	PAYMENTS MADE BY THE FUND (r)	PAYMENTS RECEIVED BY THE FUND (r)	TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Bank of America N.A.:
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		780		(4	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		920		(4	)
Citibank, N.A.:
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		740		(3	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		770		(3	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		770		(3	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		780		(4	)
IOS Index 4.000% 30 year Fannie Mae Pools (2011)	4.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/42		780		(4	)
IOS Index 4.500% 30 year Fannie Mae Pools (2010)	4.500% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,005		(3	)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,010		(3	)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		1,010		(3	)
Credit Suisse International:
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		57		—	(h)
IOS Index 5.000% 30 year Fannie Mae Pools (2010)	5.000% and increases in total return of index	1 month USD LIBOR and decreases in total return of index		01/12/41		647		(2	)
Morgan Stanley Capital Services:
iBoxx USD Liquid High Yield Index	0.857% and increases in total return of index	3 month USD LIBOR and decreases in total return of index		03/20/17		22,000		(254	)
								(290	)

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

ABS	—	Asset-Backed Security
ABX	—	Asset-Backed Securities Index
ACE	—	Adjusted Current Earnings
CDO	—	Collateralized Debt Obligation
CMO	—	Collateralized Mortgage Obligation
CMBX	—	Commercial Mortgage-Backed Securities index
CSMC	—	Credit Suisse Mortgage Trust
EUR	—	Euro
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of November 30, 2016. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit
TBA	—	To Be Announced
USD	—	United States Dollar
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of November 30, 2016.
(a)	—	Non-income producing security.
(b)	—	Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. or JPMorgan Investment Advisors Inc.
(d)	—	Defaulted Security.
(e)	—	Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—	Amount rounds to less than 0.05%.
(h)	—	Amount rounds to less than 500.
(k)	—	All or a portion of this security is deposited with the broker as initial margin for future contracts or centrally cleared swaps.
(l)	—	The rate shown is the current yield as of November 30, 2016.
(n)	—	The rate shown is the effective yield at the date of purchase.
(r)	—	Rates shown are per annum and payments are as described.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed
(w)	—	When-issued security.
(x)	—	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2016.
†	—	Approximately $580,000 of this investment is restricted as collateral for swaps to various brokers.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC)by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC‘s as well as each respective underlying fund’s website.

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	6,688
Aggregate gross unrealized depreciation	(13,520	)
Net unrealized appreciation/depreciation	(6,832	)
Federal income tax cost of investments	680,622

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (‘GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

JPMorgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2016.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Energy	$	228	$	—	$	—		$	228
Materials		—		—		298			298
Total Common Stocks		228		—		298			526
Debt Securities
Asset-Backed Securities		—		1,625		6,400			8,025
Collateralized Mortgage Obligations
Agency CMO		—		535		—			535
Non-Agency CMO		—		6,743		317			7,060
Total Collateralized Mortgage Obligations		—		7,278		317			7,595
Commercial Mortgage-Backed Securities		—		764		4,027			4,791
Convertible Bonds
Energy		—		726		—			726
Telecommunication Services		—		70		—			70
Total Convertible Bonds		—		796		—			796
Corporate Bonds
Consumer Discretionary		—		49,958		—			49,958
Consumer Staples		—		21,123		—			21,123
Energy		—		22,623		—			22,623
Financials		—		78,753		—			78,753
Health Care		—		29,292		—			29,292
Industrials		—		21,234		47			21,281
Information Technology		—		24,330		—			24,330
Materials		—		11,748		1,321			13,069
Real Estate		—		5,139		—			5,139
Telecommunication Services		—		25,265		117			25,382
Utilities		—		14,654		—			14,654
Total Corporate Bonds		—		304,119		1,485			305,604
Mortgage Pass-Through Securities		—		144,782		—			144,782
Preferred Security
Financials		—		—		—	(a)		—	(a)
Total Preferred Security		—		—		—	(a)		—	(a)
Supranational		—		744		—			744
U.S. Government Agency Securities		—		18,165		—			18,165
U.S. Treasury Obligations		—		25,316		—			25,316

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Investment Companies	$	1,523		$	—		$	—	$	1,523
Loan Assignments
Consumer Discretionary		—			244			—		244
Consumer Staples		—			228			—		228
Energy		—			842			—		842
Health Care		—			78			—		78
Industrials		—			163			—		163
Information Technology		—			44			—		44
Total Loan Assignments		—			1,599			—		1,599
Option Purchased
Put Option Purchased		—	(a)		—			—		—	(a)
Short-Term Investments
Certificates of Deposit		—			31,015			—		31,015
Commercial Papers		—			71,934			—		71,934
Investment Companies		43,925			—			—		43,925
Repurchase Agreements		—			—			6,500		6,500
U.S. Treasury Obligations		—			950			—		950
Total Short-Term Investments		43,925			103,899			6,500		154,324
Total Investments in Securities	$	45,676		$	609,087		$	19,027	$	673,790
Appreciation in Other Financial Instruments
Futures Contracts	$	10		$	—		$	—	$	10
Swaps		—			406			—		406
Total Appreciation in Other Financial Instruments	$	10		$	406		$	—	$	416
Depreciation in Other Financial Instruments
Futures Contracts	$	(127	)	$	—		$	—	$	(127	)
Swaps		—			(3,245	)		—		(3,245	)
Total Depreciation in Other Financial Instruments	$	(127	)	$	(3,245	)	$	—	$	(3,372	)

(a) Amounts rounds to less than 500.

There were no significant transfers between levels 1 and 2 during the period ended November 30, 2016.

Transfers between fair value levels are valued utilizing values as of beginning of the period.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

Total Return Fund Fund	Balance as of February  29, 2016			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level  3		Transfers out of Level 3			Balance as of August  31, 2016
Investments in Securities
Asset-Backed Securities	$	6,848		$	57		$	86		$	62	$	437	$	(1,778	)	$	941	$	(253	)	$	6,400
Collateralized Mortgage Obligations — Non-Agency CMO		373			(4	)		22			1		—		(340	)		265		—			317
Commercial Mortgage-Backed Securities		3,773			(1	)		112			4		237		(98	)		—		—			4,027
Common Stock — Materials		272			—			26			—		—		—			—		—			298
Corporate Bonds — Energy		25			—			—			—		—		—			—		(25	)		—
Corporate Bonds — Industrials		—			—			(56	)		2		—		—			101		—			47
Corporate Bonds — Materials		1,270			—			(28	)		28		51		—			—		—			1,321
Corporate Bonds — Telecommunication Services		—			—			(6	)		1		117		—			5		—			117
Preferred Security — Financials		—	(a)		—			—			—		—		—			—		—			—	(a)
Repurchase Agreement		—			—			—			—		6,500		—			—		—			6,500
	$	12,561		$	52		$	156		$	98	$	7,342	$	(2,216	)	$	1,312	$	(278	)	$	19,027

¹ Purchases include all purchases of securities and securities received in corporate actions.

² Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than 500.

Transfers between level 2 to level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2016, which were valued using significant unobservable inputs (level 3), amounted to approximately $150,000.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at November 30, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	298		Market Comparable Companies	EBITDA Multiple (a)	7.70x (7.70x)
Common Stocks		298
		1,321		Market Comparable Companies	EBITDA Multiple (a)	7.70x (7.70x)
		—	(c)		Discount for lack of marketability (b)	100.00% (100.00%)
		164		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	19.12% - 51.21% (28.31%)
Corporate Bonds		1,485
		6,400		Discounted Cash Flow	Constant Prepayment Rate	0.00% - 15.00% (3.11%)
					Constant Default Rate	2.00% - 15.00% (6.00%)
					Yield (Discount Rate of Cash Flows)	1.65 - 5.40% (3.86%)
Asset-Backed Securities		6,400
		250		Discounted Cash Flow	Constant Prepayment Rate	10.00% (10.00%)
					Yield (Discount Rate of Cash Flows)	4.75% (4.75%)
Collateralized Mortgage Obligations		250
		3,291		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	4.83% - 7.79% (6.06%)
Commercial Mortgage-Backed Securities		3,291
Total	$	11,724

(a) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(c) Securities senior in the issuing entity capital structure result in this security being valued at zero.

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At November 30, 2016, the value of these investments was approximately $7,303,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Derivatives — The Fund used derivative instruments including futures, forward foreign currency exchange contracts, options and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparty (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund. Notes (1) — (4) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures, securities, currencies and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealized appreciation or depreciation. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are adjusted daily to reflect the current market value of the option written and the change is recorded as unrealized appreciation or depreciation. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subjects the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). The Fund’s over the counter (“OTC”) options are subject to master netting agreements.

(2). Futures Contracts — The Fund used treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in market value on open future contracts are recorded as changes in unrealized appreciation or depreciation.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

(Amounts in thousands)

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions. As of March 31, 2016, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Fund engaged in various swap transactions, including interest rate, credit default and total return swaps, to manage credit, interest rate (e.g., duration, yield curve), currency, and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC” swaps”) between the Fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recognized as a realized gain or loss when the contract matures or is terminated. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized appreciation/(depreciation). A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s’ custodian bank. Cash collateral posted by the Fund is invested in an affiliated money market fund. Collateral received by the Fund is held in escrow in a segregated account maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management service to the Fund.

The Fund may be subject to various risks from the use of swaps including: (i) the risk that changes in the value of the swap may not correlate perfectly with the underlying instrument; (ii) counterparty credit risk related to the failure, by the counterparty to an over the counter derivative, to perform under the terms of the contract; (iii) liquidity risk related to the lack of a liquid market for these contracts allowing the Fund to close out its position(s); and, (iv) documentation risk relating to disagreement over contract terms.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

JPMorgan Total Return Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2016 (Unaudited) (continued)

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Return Swaps

The Fund used total return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

Interest Rate Swaps

The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 25, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	January 25, 2017

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	January 25, 2017