JPMorgan Managed Income Fund Schedule of Portfolio Investments as of May 31, 2015 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of May 31, 2015 (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. JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. JPMorgan Distribution Services, Inc. J.P. Morgan Chase & Co., 2015.

2 AS OF MAY 31, 2015 (Unaudited) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Long-Term Investments 73.8% Asset-Backed Securities 20.5% Ally Auto Receivables Trust, 3,801 Series , Class A3, 0.620%, 03/15/17 3,802 6,542 Series , Class A3, 0.630%, 05/15/17 6,545 2,489 Series , Class A3, 0.790%, 01/15/18 2,492 39,575 Series , Class A2, 0.680%, 07/17/17 39,602 5,024 Series 2014-SN1, Class A2A, 0.520%, 10/20/16 5,022 19,600 Series 2015-SN1, Class A2A, 0.930%, 06/20/17 19,613 AmeriCredit Automobile Receivables Trust, 4,477 Series , Class A3, 0.650%, 12/08/17 4,475 1,876 Series , Class A2A, 0.650%, 03/08/17 1,876 6,998 Series , Class A2, 0.570%, 07/10/17 6,995 11,086 Series , Class A2A, 0.540%, 10/10/17 11,080 6,110 BA Credit Card Trust, Series 2014-A2, Class A, VAR, 0.456%, 09/16/19 6,118 14,909 Bank of America Auto Trust, Series , Class A4, 1.030%, 12/15/16 14,934 Bank of The West Auto Trust, 6,300 Series , Class A2, 0.690%, 07/17/17 (e) 6,302 7,600 Series , Class A2A, 0.870%, 04/16/18 (e) 7,597 58,600 Barclays Dryrock Issuance Trust, Series , Class A, 0.640%, 08/15/18 58,613 13,800 BMW Vehicle Lease Trust, Series , Class A2A, 0.860%, 02/21/17 13,813 12,565 BMW Vehicle Owner Trust, Series 2014-A, Class A2, 0.530%, 04/25/17 12,568 California Republic Auto Receivables Trust, 1,423 Series , Class A2, 0.620%, 01/17/17 1,423 2,575 Series , Class A2, 0.630%, 06/15/17 2,575 Capital Auto Receivables Asset Trust, 2,804 Series , Class A1A, 0.680%, 05/20/16 2,804 12,500 Series , Class A2, 0.910%, 04/20/17 12,514 CarMax Auto Owner Trust, 5,533 Series , Class A3, 0.970%, 04/16/18 5,545 36,991 Series , Class A2, 0.550%, 08/15/17 36,980 44,800 Series , Class A2A, 0.670%, 02/15/18 44,805 34,815 Series , Class A2, 0.880%, 03/15/18 34,868 14,585 Chrysler Capital Auto Receivables Trust, Series 2014-BA, Class A2, 0.690%, 09/15/17 (e) 14,583 3,300 CIT Equipment Collateral, Series 2013-VT1, Class A3, 1.130%, 07/20/20 (e) 3,306 Citibank Credit Card Issuance Trust, 21,775 Series 2006-A8, Class A8, VAR, 0.315%, 12/17/18 21,723 25,950 Series 2013-A10, Class A10, 0.730%, 02/07/18 25,984 CNH Equipment Trust, 3,916 Series 2012-C, Class A3, 0.570%, 12/15/17 3,916 1,278 Series 2013-D, Class A2, 0.490%, 03/15/17 1,277 7,115 Series 2014-B, Class A2, 0.480%, 08/15/17 7,112 20,400 Series 2014-C, Class A2, 0.630%, 12/15/17 20,408 25,800 Series 2015-A, Class A2, 0.840%, 06/15/18 25,831 20,500 Series 2015-B, Class A2A, 0.840%, 08/15/18 20,498 6,240 Dell Equipment Finance Trust, Series , Class A2, 0.640%, 07/22/16 (e) 6,242 1,752 Fifth Third Auto, Series , Class A3, 0.880%, 10/16/17 1,755 10,400 First National Master Note Trust, Series , Class A, VAR, 0.716%, 10/15/19 10,412 Ford Credit Auto Lease Trust, 21,632 Series 2013-B, Class A3, 0.760%, 09/15/16 21,643 10,590 Series 2014-A, Class A2A, 0.500%, 10/15/16 10,589 5,000 Series 2014-A, Class A3, 0.680%, 04/15/17 5,002

3 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Long-Term Investments continued Asset-Backed Securities continued 7,877 Series 2014-B, Class A2A, 0.510%, 03/15/17 7,875 Ford Credit Auto Owner Trust, 7,536 Series 2012-A, Class A4, 1.150%, 06/15/17 7,554 7,050 Series 2013-A, Class A3, 0.550%, 07/15/17 7,051 5,935 Series 2013-B, Class A3, 0.570%, 10/15/17 5,936 39,034 Series 2014-C, Class A2, 0.610%, 08/15/17 39,063 19,400 Series 2015-B, Class A2A, 0.720%, 03/15/18 19,391 7,150 Golden Credit Card Trust, (Canada), Series A, Class A, 0.790%, 09/15/17 (e) 7,155 6,729 Harley-Davidson Motorcycle Trust, Series , Class A3, 0.650%, 07/16/18 6,729 Honda Auto Receivables Owner Trust, 2,866 Series , Class A4, 0.970%, 04/16/18 2,866 18,631 Series , Class A3, 0.530%, 02/16/17 18,631 22,079 Series , Class A3, 0.690%, 09/18/17 22,091 15,900 Series , Class A2, 0.580%, 01/17/17 15,901 6,800 Series , Class A2, 0.700%, 06/15/17 6,804 Hyundai Auto Lease Securitization Trust, 8,852 Series 2013-A, Class A4, 0.770%, 10/17/16 (e) 8,855 5,024 Series 2014-A, Class A2, 0.520%, 07/15/16 (e) 5,023 12,322 Series 2014-B, Class A2, 0.610%, 02/15/17 (e) 12,318 9,900 Series 2015-A, Class A2, 1.000%, 10/16/17 (e) 9,919 28,250 Hyundai Auto Receivables Trust, Series 2015-A, Class A2, 0.680%, 10/16/17 28,268 11,537 John Deere Owner Trust, Series 2014-B, Class A2A, 0.540%, 07/17/17 11,538 4,550 Macquarie Equipment Funding Trust, Series 2014-A, Class A2, 0.800%, 11/21/16 (e) 4,560 21,169 Master Credit Card Trust II, (Canada), Series A, Class A, 0.780%, 04/21/17 (e) 21,179 Mercedes-Benz Auto Lease Trust, 52,200 Series 2014-A, Class A3, 0.680%, 12/15/16 52,224 13,900 Series 2015-A, Class A2A, 0.780%, 02/15/17 13,915 40,789 Mercedes-Benz Auto Receivables Trust, Series , Class A3, 0.780%, 08/15/17 40, Nissan Auto Lease Trust, Series 2013-B, Class A2A, 0.570%, 01/15/ Nissan Auto Receivables Owner Trust, 1,500 Series 2012-B, Class A4, 0.660%, 12/17/18 1,501 28,100 Series 2014-B, Class A2, 0.600%, 06/15/17 28,099 13,604 Series 2015-A, Class A2, 0.670%, 09/15/17 13,607 Porsche Innovative Lease Owner Trust, 5,236 Series , Class A3, 0.700%, 08/22/16 (e) 5,238 20,272 Series , Class A2, 0.650%, 01/20/17 (e) 20,283 Santander Drive Auto Receivables Trust, 764 Series , Class A3, 0.700%, 09/15/ ,438 Series , Class A3, 0.700%, 10/16/17 6,438 1,051 Series , Class A3, 1.110%, 12/15/17 1,052 2,902 Series , Class A3, 0.820%, 02/15/18 2,903 3,675 Series , Class A2A, 0.660%, 06/15/17 3,675 11,811 Series , Class A2A, 0.540%, 07/17/17 11,803 10,800 Series , Class A2A, 0.670%, 01/16/18 10,797 Toyota Auto Receivables Owner Trust, 11,500 Series 2014-C, Class A2, 0.510%, 02/15/17 11,503 9,450 Series 2015-A, Class A2, 0.710%, 07/17/17 9,456 Volkswagen Auto Lease Trust, 4,980 Series 2014-A, Class A2A, 0.520%, 10/20/16 4,981 13,600 Series 2015-A, Class A2A, 0.870%, 06/20/17 13,613

4 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Long-Term Investments continued Asset-Backed Securities continued Volkswagen Auto Loan Enhanced Trust, 3,330 Series , Class A4, 0.660%, 03/20/19 3,322 10,013 Series , Class A3, 0.560%, 08/21/17 10,013 17,148 Series , Class A2, 0.420%, 03/20/17 17,144 3,303 Volvo Financial Equipment LLC, Series A, Class A2, 0.540%, 11/15/16 (e) 3,302 Total Asset-Backed Securities (Cost $1,118,606) 1,118,998 Certificates of Deposit 3.8% Bank of Nova Scotia (The), (Canada), 27,400 VAR, 0.491%, 12/05/16 (m) 27,396 34,000 VAR, 0.562%, 02/23/17 33,994 Nordea Bank Finland plc, 30,000 VAR, 0.467%, 11/14/16 29,995 28,700 VAR, 0.557%, 02/13/17 28,693 27,950 Svenska Handelsbanken AB, (Sweden), VAR, 0.456%, 08/17/16 27,958 60,000 UBS AG, (Switzerland), VAR, 0.769%, 09/26/16 59,984 Total Certificates of Deposit (Cost $208,016) Corporate Bonds 46.9% 208,020 Consumer Discretionary 3.8% Auto Components 0.2% Johnson Controls, Inc., 5, %, 12/01/16 5,120 3, %, 01/15/16 3,752 8,872 Automobiles 2.1% Daimler Finance North America LLC, 35, %, 01/11/16 (e) 35,233 4, %, 07/31/15 (e) 4,050 1, %, 03/28/16 (e) 1,477 1,700 VAR, 0.584%, 03/02/17 (e) 1,700 10,600 VAR, 0.618%, 08/01/17 (e) 10,581 31,399 Hyundai Capital America, 1.625%, 10/02/15 (e) 31,472 Volkswagen Group of America Finance LLC, 4,600 VAR, 0.502%, 05/23/16 (e) 4,603 17,903 VAR, 0.564%, 11/22/16 (e) 17,900 7,100 VAR, 0.716%, 11/20/17 (e) 7, ,127 Media 1.5% 24,475 BSKYB Finance UK plc, (United Kingdom), 5.625%, 10/15/15 (e) 24,897 20,530 Cox Communications, Inc., 5.500%, 10/01/15 20, NBCUniversal Enterprise, Inc., VAR, 0.812%, 04/15/16 (e) ,156 Omnicom Group, Inc., 5.900%, 04/15/16 22,069 14,775 Thomson Reuters Corp., (Canada), 0.875%, 05/23/16 14,770 83,092 Total Consumer Discretionary Consumer Staples 1.9% 206,091 Beverages 0.8% 12,000 Anheuser-Busch InBev Finance, Inc., 0.800%, 01/15/16 12,026 8,550 Anheuser-Busch InBev Worldwide, Inc., 2.875%, 02/15/16 8,688 21,425 Heineken N.V., (Netherlands), 0.800%, 10/01/15 (e) 21,442

5 42,156 Food & Staples Retailing 0.3% 5,423 Kroger Co. (The), 3.900%, 10/01/15 5,480 13,300 Walgreens Boots Alliance, Inc., VAR, 0.726%, 05/18/16 13,318 18,798 Food Products 0.5% 2,865 General Mills, Inc., VAR, 0.579%, 01/29/16 2,865 13,632 Hillshire Brands Co. (The), 2.750%, 09/15/15 13,705 5,500 Ingredion, Inc., 3.200%, 11/01/15 5,546 5,300 Kraft Foods Group, Inc., 1.625%, 06/04/15 5,300 27,416 Tobacco 0.3% 18,213 B.A.T. International Finance plc, (United Kingdom), 1.400%, 06/05/15 (e) 18,214 Total Consumer Staples 106,584 Energy 1.4% Energy Equipment & Services 0.2% Noble Holding International Ltd., (Cayman Islands), 2, %, 03/01/16 2,864

6 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION Long-Term Investments continued VALUE($) Energy Equipment & Services continued 10, %, 08/01/15 10,326 13,190 Oil, Gas & Consumable Fuels 1.2% 4,167 Canadian Natural Resources Ltd., (Canada), VAR, 0.648%, 03/30/16 4,161 2,100 CNOOC Finance 2013 Ltd., (United Kingdom), 1.125%, 05/09/16 2,096 16,000 Devon Energy Corp., VAR, 0.721%, 12/15/15 15,986 Enterprise Products Operating LLC, 10, %, 08/13/15 10,929 2, %, 06/01/15 2,200 10,286 ONEOK Partners LP, 3.250%, 02/01/16 10,400 9,712 Plains All American Pipeline LP/PAA Finance Corp., 3.950%, 09/15/15 9,800 7,500 TransCanada PipeLines Ltd., (Canada), VAR, 0.953%, 06/30/16 7,517 63,089 Total Energy 76,279 Financials 29.3% Banks 17.3% 60,590 ABN AMRO Bank N.V., (Netherlands), 1.375%, 01/22/16 (e) 60,797 16,000 Australia & New Zealand Banking Group Ltd., (Australia), VAR, 0.455%, 07/15/16 (e) 15,992 10,505 Bank of Montreal, (Canada), VAR, 0.795%, 07/15/16 10,553 12,334 Bank of Nova Scotia (The), (Canada), VAR, 0.795%, 07/15/16 12,389 Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 1, %, 02/26/16 (e) 1,501 6, %, 09/11/15 (e) 6,634 18,520 VAR, 0.732%, 02/26/16 (e) 18,538 6,000 BB&T Corp., 3.950%, 04/29/16 6,173 BNP Paribas S.A., (France), 8, %, 02/23/16 8,673 8,500 VAR, 0.586%, 11/07/15 8,506 Branch Banking & Trust Co., 9,100 VAR, 0.590%, 09/13/16 9,074 4,161 VAR, 0.713%, 12/01/16 4,165 Canadian Imperial Bank of Commerce, (Canada), 4, %, 07/18/16 4,028 11,645 VAR, 0.795%, 07/18/16 11,689 14,750 Capital One Bank USA N.A., VAR, 0.777%, 02/13/17 14, Capital One N.A., VAR, 0.715%, 03/22/ ,953 Comerica, Inc., 3.000%, 09/16/15 14,045 Commonwealth Bank of Australia, (Australia), 7,300 VAR, 0.484%, 06/03/16 (e) 7,299 28,578 VAR, 0.770%, 09/20/16 (e) 28,707 87,400 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), VAR, 0.562%, 11/23/16 87,461 6,066 Credit Agricole S.A., (France), 1.625%, 04/15/16 (e) 6,098 23,015 Fifth Third Bancorp, 3.625%, 01/25/16 23,422 Fifth Third Bank, 10, %, 02/26/16 10,432 4,530 VAR, 0.692%, 02/26/16 4,537 1,225 VAR, 0.786%, 11/18/16 1,229 39,890 HSBC Bank plc, (United Kingdom), 3.100%, 05/24/16 (e) 40,848 18,000 HSH Nordbank AG, (Germany), VAR, 0.443%, 12/30/15 17,967 24,800 KeyBank N.A., VAR, 0.772%, 11/25/16 24,841 22,972 KeyCorp, 3.750%, 08/13/15 23,110 13,255 Korea Development Bank (The), (South Korea), 4.375%, 08/10/15 (m) 13,340

7 41,585 Lloyds Bank plc, (United Kingdom), 4.875%, 01/21/16 42,662 1,490 Manufacturers & Traders Trust Co., VAR, 0.564%, 03/07/16 1,491 National Australia Bank Ltd., (Australia), 4,935 VAR, 0.641%, 03/17/17 (e) 4,945 11,600 VAR, 0.714%, 12/02/16 (e) 11,642 7,540 Nordea Bank AB, (Sweden), 0.875%, 05/13/16 (e) 7,553 22,250 PNC Bank N.A., 0.800%, 01/28/16 22,287 17,271 PNC Funding Corp., 4.250%, 09/21/15 17,452 Royal Bank of Canada, (Canada), 7, %, 07/20/16 7,225 2,350 VAR, 0.724%, 09/09/16 2,359 51,587 Standard Chartered plc, (United Kingdom), 3.200%, 05/12/16 (e) 52,652 Sumitomo Mitsui Banking Corp., (Japan), 28, %, 01/18/16 28,775 5, %, 07/19/16 5,025 30,011 SunTrust Banks, Inc., 3.600%, 04/15/16 30,628

8 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION Long-Term Investments continued VALUE($) Banks continued 35,950 Svenska Handelsbanken AB, (Sweden), VAR, 0.735%, 09/23/16 36,118 Toronto-Dominion Bank (The), (Canada), 3,830 VAR, 0.446%, 07/13/16 3,832 76,028 VAR, 0.724%, 09/09/16 76,296 U.S. Bank N.A., 15,500 VAR, 0.467%, 09/11/17 15,485 2,800 VAR, 0.508%, 01/30/17 2,800 Wells Fargo & Co., 4, %, 07/20/16 4,215 27,722 SUB, 3.676%, 06/15/16 28,569 10,000 VAR, 0.584%, 06/02/17 9,988 37,178 VAR, 0.805%, 07/20/16 37, ,619 Capital Markets 2.3% 15,000 Credit Suisse, (Switzerland), VAR, 0.567%, 03/11/16 14,999 23,658 Deutsche Bank AG, (Germany), 3.250%, 01/11/16 24,029 Goldman Sachs Group, Inc. (The), 11, %, 11/23/15 11,459 44, %, 02/07/16 45,490 ING Bank N.V., (Netherlands), 11, %, 03/07/16 (e) 11,055 8, %, 03/15/16 (e) 8,801 6,540 Morgan Stanley, 1.750%, 02/25/16 6, ,413 Consumer Finance 3.6% 25,870 American Express Centurion Bank, 0.875%, 11/13/15 25,905 American Express Credit Corp., 4, %, 07/29/16 4,881 5,500 VAR, 0.565%, 09/22/17 5,489 9,714 VAR, 0.789%, 07/29/16 9,739 27,628 American Honda Finance Corp., VAR, 0.771%, 10/07/16 27,768 39,549 Capital One Financial Corp., 1.000%, 11/06/15 39,603 1,650 John Deere Capital Corp., VAR, 0.566%, 10/11/16 1,654 Nissan Motor Acceptance Corp., 5, %, 03/15/16 (e) 5,730 6,100 VAR, 0.969%, 09/26/16 (e) 6,132 46,500 Toyota Motor Credit Corp., VAR, 0.466%, 02/16/17 46,521 22,800 Volkswagen International Finance N.V., (Netherlands), VAR, 0.716%, 11/18/16 (e) 22, ,283 Diversified Financial Services 0.7% Caisse Centrale Desjardins, (Canada), 1, %, 09/16/15 (e) 1,006 16,600 VAR, 0.944%, 01/29/18 (e) 16,597 9,202 Export-Import Bank of Korea, (South Korea), 4.125%, 09/09/15 9,284 3,300 General Electric Capital Corp., 2.950%, 05/09/16 3,373 9,300 Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e) 9,917 40,177 Insurance 4.5% 23,079 ACE INA Holdings, Inc., 2.600%, 11/23/15 23,283 51,096 American International Group, Inc., 5.050%, 10/01/15 51,838 36,826 Aon Corp., 3.500%, 09/30/15 37,167 42,000 Jackson National Life Global Funding, VAR, 0.529%, 07/29/16 (e) 42,032

9 7,952 Lincoln National Corp., 4.300%, 06/15/15 7,963 1,652 Manulife Financial Corp., (Canada), 3.400%, 09/17/15 1,666 12,410 Metropolitan Life Global Funding I, VAR, 0.805%, 07/15/16 (e) 12,471 9,530 New York Life Global Funding, 2.450%, 07/14/16 (e) 9,721 3,500 Pricoa Global Funding I, VAR, 0.426%, 05/16/16 (e) 3,499 Principal Life Global Funding II, 1, %, 12/11/15 (e) 1,002 10, %, 09/18/15 (e) 10,021 1,100 VAR, 0.444%, 02/22/16 (e) 1,100 26,135 VAR, 0.655%, 05/27/16 (e) 26,183 Prudential Financial, Inc., 5, %, 05/12/16 5,098 11, %, 09/17/15 11, ,581 Real Estate Investment Trusts (REITs) 0.9% 10,800 ERP Operating LP, 5.125%, 03/15/16 11,161

10 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION Long-Term Investments continued VALUE($) Real Estate Investment Trusts (REITs) continued HCP, Inc., 9, %, 02/01/16 9,625 7, %, 06/08/15 7,481 20,322 Ventas Realty LP/Ventas Capital Corp., 3.125%, 11/30/15 20,542 48,809 Thrifts & Mortgage Finance 0.0% (g) 1,850 BPCE S.A., (France), 1.700%, 04/25/16 1,861 Total Financials 1,600,743 Health Care 2.4% Biotechnology 0.1% 4,269 Celgene Corp., 2.450%, 10/15/15 Health Care Providers & Services 0.9% 4,295 8,004 Anthem, Inc., 1.250%, 09/10/15 8,018 30,974 Express Scripts Holding Co., 3.125%, 05/15/16 31,587 McKesson Corp., %, 12/04/ , %, 03/01/16 11,621 51,436 Pharmaceuticals 1.4% 39,814 AbbVie, Inc., 1.200%, 11/06/15 39,891 16,200 Bayer U.S. Finance LLC, VAR, 0.521%, 10/07/16 (e) 16,217 21,900 EMD Finance LLC, VAR, 0.619%, 03/17/17 (e) 21,917 78,025 Total Health Care 133,756 Industrials 2.0% Aerospace & Defense 0.2% 7,988 Lockheed Martin Corp., 7.650%, 05/01/16 8,488 4,500 Rockwell Collins, Inc., VAR, 0.621%, 12/15/16 4,504 12,992 Electrical Equipment 0.2% 11,505 Eaton Corp., 0.950%, 11/02/15 11,521 Industrial Conglomerates 1.5% 52,461 Hutchison Whampoa International 09/16 Ltd., (Cayman Islands), 4.625%, 09/11/15 (e) 53,000 26,800 Pentair Finance S.A., (Luxembourg), 1.350%, 12/01/15 26,832 79,832 Road & Rail 0.1% 314 ERAC USA Finance LLC, 1.400%, 04/15/16 (e) 315 6,294 Ryder System, Inc., 3.600%, 03/01/16 6,422 6,737 Total Industrials 111,082 Information Technology 0.8% Internet Software & Services 0.8% 42,302 ebay, Inc., 1.625%, 10/15/15 42,450 Materials 0.8% Chemicals 0.6% 13,070 Ecolab, Inc., 1.000%, 08/09/15 13,080 17,410 Potash Corp. of Saskatchewan, Inc., (Canada), 3.750%, 09/30/15 17,581 1,485 PPG Industries, Inc., 1.900%, 01/15/16 1,494 32,155 Metals & Mining 0.2%

11 9,300 TCI Communications, Inc., 8.750%, 08/01/15 9,424 Total Materials 41,579 Telecommunication Services 4.0% Diversified Telecommunication Services 4.0% AT&T, Inc., 1, %, 02/12/16 1,421 11, %, 08/15/15 11,340 43,742 VAR, 0.665%, 02/12/16 43,745 British Telecommunications plc, (United Kingdom), 3, %, 06/28/16 3,021 19, %, 06/22/15 19,246 Deutsche Telekom International Finance B.V., (Netherlands), 15, %, 04/11/16 (e) 15, %, 03/23/ ,448 Orange S.A., (France), 2.125%, 09/16/15 20,524 6,414 PCCW-HKT Capital No. 3 Ltd., (United Kingdom), 5.250%, 07/20/15 (e) 6,445 15,838 PCCW-HKT Capital No. 4 Ltd., (United Kingdom), 4.250%, 02/24/16 16,140 23,893 Telefonica Emisiones S.A.U., (Spain), 3.992%, 02/16/16 24,376 Verizon Communications, Inc., 31, %, 11/02/15 31,663 24,125 VAR, 1.801%, 09/15/16 24,482 Total Telecommunication Services 218,418

12 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION Long-Term Investments continued VALUE($) Utilities 0.5% Electric Utilities 0.4% 2,390 NextEra Energy Capital Holdings, Inc., 1.339%, 09/01/15 2, Progress Energy, Inc., 5.625%, 01/15/ ,606 Xcel Energy, Inc., 0.750%, 05/09/16 17,564 20,396 Multi-Utilities 0.1% 5,635 Dominion Resources, Inc., 2.250%, 09/01/15 5,657 Total Utilities 26,053 Total Corporate Bonds (Cost $2,563,069) 2,563,035 U.S. Government Agency Securities 1.1% Federal Home Loan Bank, 30, %, 01/26/16 (m) 30,902 27, %, 01/22/16 (m) Total U.S. Government Agency Securities 27,446 (Cost $58,347) 58,348 U.S. Treasury Obligation 1.5% 81,000 U.S. Treasury Note, 0.500%, 06/30/16 (m) (Cost $81,081) 81,133 Total Long-Term Investments (Cost $4,029,119) 4,029,534 Short-Term Investments 26.7% Certificates of Deposit 7.0% 29,000 Barclays Bank plc, 0.880%, 03/04/16 29,038 25,000 BNP Paribas S.A., 0.530%, 12/04/15 (m) 24,978 55,600 China Construction Bank Corp., 0.690%, 08/03/15 55,646 Credit Agricole Corporate & Investment Bank 30, %, 03/03/16 30,010 23, %, 05/11/16 23,604 33,750 Credit Industriel et Commercial, 0.690%, 05/20/16 33,757 60,000 Credit Suisse, 0.680%, 01/28/16 (m) 60,063 45,000 Landesbank Hessen-Thueringen, 0.570%, 02/19/16 45,035 54,000 Natixis, (France), 0.610%, 01/22/16 (m) 54,039 24,850 Standard Chartered Bank, 0.650%, 02/26/16 24,864 Total Certificates of Deposit (Cost $380,800) 381,034 Commercial Paper 12.2% 20,600 Anadarko Petroleum Corp., 0.771%, 06/10/15 (e) 20,598 60,000 Bank of China Ltd., 0.703%, 09/08/15 59,947 74,000 Bank of New York Mellon Corp. (The), 0.050%, 06/01/15 (e) 73,999 42,747 Barton Capital LLC, 0.110%, 06/01/15 (e) 42,747 27,400 BASF SE, 0.614%, 05/09/16 (e) 27,273 25,000 Bell Canada, 0.531%, 08/18/15 (e) 24,984 50,000 China Construction Bank Corp., 0.160%, 06/01/15 (e) 50,000 51,300 DNB Bank ASA, 0.543%, 02/23/16 (e) 51,127 10,500 Duke Energy Corp., 0.652%, 07/06/15 (e) 10,497 55,350 Electricite de France S.A., 0.726%, 01/08/16 (e) (m) 55,139 15,000 Encana Corp., 0.731%, 07/13/15 (e) 14,995 12,500 ENI Finance USA, Inc., 0.450%, 07/27/15 (e) 12,494 7,550 Hyundai Capital America, 0.742%, 07/20/15 (e) 7,547 Kentucky Utilities Co.

13 4, %, 06/16/15 (e) 4,499 13, %, 07/13/15 (e) 12,996 53,150 Macquarie Bank Ltd., 0.604%, 01/06/16 (e) (m) 53,230 90,000 Natixis, 0.070%, 06/01/15 89,999 15,000 ONEOK Partners LP, 0.667%, 06/08/15 (e) 14,999 40,000 Vodafone Group plc, 0.928%, 03/21/16 (e) 39,688 Total Commercial Paper (Cost $666,300) 666,758

14 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) PRINCIPAL AMOUNT(S) SECURITY DESCRIPTION Short-Term Investments continued VALUE($) Repurchase Agreements 5.6% 50,000 BNP Paribas Securities Corp., 0.630%, dated 05/29/15, due 04/13/16, repurchase price $50,280, collateralized by Corporate Notes and Bonds, 0.291% %, due 03/15/17-06/25/43, Federal Home Loan Mortgage Corporation, 1.624% %, due 07/25/23-04/25/24 and Federal National Mortgage Association, 1.381% %, due 01/25/24-07/25/24, with the value of $53,652. (i) 50, ,000 Citigroup Global Markets, Inc., 0.910%, dated 05/29/15, due 08/06/15, repurchase price $100,174, collateralized by Corporate Notes and Bonds, 0.629% %, due 06/15/16-02/12/51, with the value of $107,370. (i) 100, ,000 Merrill Lynch PFS, Inc., 0.760%, dated 05/29/15, due 09/21/15, repurchase price $100,243, collateralized by Corporate Notes and Bonds, 0.438% %, due 12/15/28-07/26/48, with the value of $108,000. (i) 100,000 55,000 Morgan Stanley Co. LLC, 0.710%, dated 05/29/15, due 12/01/15, repurchase price $55,202, collateralized by Corporate Notes and Bonds, 3.238% %, due 11/19/26-07/12/46, with the value of $57,750. (i) 55,000 Total Repurchase Agreements (Cost $305,000) 305,000 U.S. Treasury Obligation 1.9% 105,300 U.S. Treasury Bill, 0.228%, 04/28/16 (m) (n) (Cost $105,079) 105,077 SHARES Investment Company 0.0%(g) 1,504 JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (Cost $1,504) 1,504 Total Short-Term Investments (Cost $1,458,683) 1,459,373 Total Investments 100.5% (Cost $5,487,802) 5,488,907 Liabilities in Excess of Other Assets (0.5)% (27,330) NET ASSETS 100.0% $5,461,577 Percentages indicated are based on net assets.

15 AS OF MAY 31, 2015 (Unaudited) (continued) (Amounts in thousands) NOTES TO : SUB Step-Up Bond. The interest rate shown is the rate in effect as of May 31, VAR Variable Rate Security. The interest rate shown is the rate in effect as of May 31, (b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. (e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (g) Amount rounds to less than 0.1%. (i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell. (l) The rate shown is the current yield as of May 31, (m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of whenissued securities, delayed delivery securities and/or forward foreign currency exchange contracts. (n) The rate shown is the effective yield at the date of purchase. As of May 31, 2015, 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 $ 2,138 Aggregate gross unrealized depreciation (1,033) Net unrealized appreciation/depreciation $ 1,105 Federal income tax cost of investments $5,487,802

16 AS OF MAY 31, 2015 (Unaudited) (continued) A. Valuation of Investments The valuation of the 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 pricing vendors or third party broker-dealers (collectively referred to as Pricing Services ) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material. Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Investments in open-end investment companies (the Underlying Funds ) are valued at each investment company s NAV per share as of the report date. 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 are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund s assumptions in determining the fair value of investments). A financial instrument s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amount in thousands): Investments in Securities Debt Securities Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total

17 Asset-Backed Securities $ $ 1,098,500 $ 20,498 $1,118,998 Certificates of Deposit 208, ,020 Corporate Bonds Consumer Discretionary 206, ,091 Consumer Staples 106, ,584 Energy 76,279 76,279 Financials 1,600,743 1,600,743 Health Care 133, ,756 Industrials 111, ,082 Information Technology 42,450 42,450 Materials 41,579 41,579 Telecommunication Services 218, ,418

18 Utilities 26,053 26,053 Total Corporate Bonds 2,563,035 2,563,035 U.S. Government Agency Securities 58,348 58,348 U.S. Treasury Obligation 81,133 81,133 Short-Term Investments Certificates of Deposit 381, ,034 Commercial Paper 666, ,758 Investment Company 1,504 1,504 Repurchase Agreements 305, ,000 U.S. Treasury Obligation 105, ,077 Total Investments in Securities $1,504 $5,161,905 $325,498* $5,488,907 * Level 3 securities are valued by brokers and pricing services. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A. There were no transfers between Levels 1 and 2 during the period ended May 31, 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 28, 2015 Realized gain (loss) Change in unrealized appreciation (depreciation) Net accretion (amortization) Purchases1 Sales2 Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period. Transfers into Level 3 Transfers out of Level 3 Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price. The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(1,000). Balance as of May 31, 2015 Investments in Securities Asset-Backed Security $ $ $ (1) $ (a) $ 20,499 $ $ $ $ 20,498 Repurchase Agreements 300, ,000 (145,000) 305,000 $ 300,000 $ $ (1) $ (a) $170,499 $(145,000) $ $ $325,498 () ¹ Purchases include all purchases of securities and securities received in corporate actions. () ² Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. (a) Amount rounds to less than $1,000.