JPMorgan California Tax Free Bond Fund Schedule of Portfolio Investments as of May 31, 2017 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of May 31, 2017 (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., 2017.

2 AS OF MAY 31, 2017 (Unaudited) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds 97.4% (t) California 96.7% Certificate of Participation/Lease 1.0% 1,250 City & County of San Francisco, Multiple Capital Improvement Projects, Series A, COP, 5.000%, 04/01/22 1,339 1,500 County of Monterey, 2009 Refinancing Project, COP, AGM, 5.000%, 08/01/20 1,658 2,997 Education 4.5% 1,000 California Educational Facilities Authority, Pomona College, Series A, Rev., 5.000%, 01/01/24 1,066 California Educational Facilities Authority, Stanford University, 1,500 Series T-5, Rev., 5.000%, 03/15/23 1,810 1,500 Series U-2, Rev., 5.000%, 10/01/32 1,928 1,000 California Educational Facilities Authority, University of Southern California, Series A, Rev., 5.000%, 10/01/23 1,220 2,000 California State Public Works Board, California State University, Series A, Rev., NATL-RE, FGIC, 5.250%, 10/01/17 2,030 1,000 California State University, Systemwide, Series C, Rev., AGM, 5.000%, 11/01/19 1,099 University of California, 1,000 Series AB, Rev., 5.000%, 05/15/26 1,142 1,500 Series AM, Rev., 5.000%, 05/15/28 1,792 1,500 Series AR, Rev., 5.000%, 05/15/34 1,785 13,872 General Obligation 27.5% 1,250 Counties of Santa Barbara, San Luis Obispo & Ventura, Allan Hancock Joint Community College District, GO, 5.000%, 08/01/30 1,488 1,000 Counties of Sonoma, Mendocino & Marin, Sonoma County Junior College District, GO, 5.000%, 08/01/27 1,188 1,210 County of Contra Costa, Mount Diablo Unified School District, Election of 2010, Series E, GO, 5.000%, 08/01/26 1,412 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 1,498 1,500 County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation, GO, Zero Coupon, 08/01/23 1,344 1,000 County of Los Angeles, Glendale Community College District, Election of 2002, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 10/01/ ,205 County of Los Angeles, Mount San Antonio Community College District, Election of 2008, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/30 1,855 County of Napa, Napa Valley Community College District, Election 2002, 1,185 Series C, GO, NATL-RE, Zero Coupon, 08/01/ Series C, GO, NATL-RE, Zero Coupon, 08/01/ ,000 County of Napa, Napa Valley Unified School District, Election of 2006, Capital Appreciation, Series A, GO, Zero Coupon, 08/01/27 1,511 1,000 County of Riverside, Murrieta Valley Unified School District, Election of 2006, Capital Appreciation, GO, AGM, Zero Coupon, 09/01/ ,000 County of Sacramento, San Juan Unified School District, Election of 2002, GO, 5.000%, 08/01/29 1,179 1,000 County of San Diego, Carlsbad Unified School District, Election of 2006, Capital Appreciation, Series B, GO, Zero Coupon, 05/01/ ,500 County of San Diego, Escondido Union High School District, Election of 2008, Capital Appreciation, Series A, GO, AGC, Zero Coupon, 08/01/25 1,250 1,800 County of San Mateo, South San Francisco Unified School District, Capital Appreciation, Series C, GO, Zero Coupon, 09/01/28 1,298 1,700 County of Santa Clara, Campbell Union High School District, GO, 5.000%, 08/01/27 2,057

3 1,000 County of Santa Clara, Cupertino Union School District, Series A, GO, 5.000%, 08/01/27 1,198 1,915 County of Santa Clara, Evergreen Elementary School District, Election of 2006, Capital Appreciation, Series B, GO, AGC, Zero Coupon, 08/01/24 1,651 1,000 County of Santa Clara, Foothill-De Anza Community College District, GO, 5.000%, 08/01/21 1,162

4 AS OF MAY 31, 2017 (Unaudited) (continued) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued General Obligation continued County of Santa Clara, Palo Alto Unified School District, Election of 2008, Capital Appreciation, 1,500 GO, Zero Coupon, 08/01/22 1,381 1,015 GO, Zero Coupon, 08/01/ ,500 GO, Zero Coupon, 08/01/26 1,213 County of Santa Clara, San Jose Unified School District, 1,610 GO, 5.000%, 08/01/24 1,856 1,750 GO, 5.000%, 08/01/28 2, Series C, GO, 5.000%, 08/01/30 1,072 1,560 Series C, GO, 5.000%, 08/01/31 1,844 2,000 East Side Union High School District, Series B, GO, NATL-RE, 5.250%, 02/01/26 2,513 1,500 Los Angeles Community College District, Series A, GO, 5.000%, 08/01/31 1,790 1,000 Los Angeles Unified School District, Election of 2004, Series I, GO, 5.000%, 07/01/25 1,083 Menlo Park City School District, Crossover Capital Appreciation, 500 GO, Zero Coupon, 07/01/ GO, Zero Coupon, 07/01/ ,500 Palomar Pomerado Health, Election of 2004, Capital Appreciation, Series A, GO, NATL-RE, Zero Coupon, 08/01/18 1,480 San Diego Unified School District, Election of 1998, 2,010 Series C-2, GO, AGM, 5.500%, 07/01/24 2,547 2,500 Series F-1, GO, AGM, 5.250%, 07/01/28 3,209 2,000 San Francisco Bay Area Rapid Transit District, Election of 2004, Series D, GO, 5.000%, 08/01/32 2,405 2,500 San Francisco City & County, Earthquake Safety & Emergency, Series D, GO, 3.000%, 06/15/25 2,693 2,000 San Mateo County Community College District, Series A, GO, NATL-RE, Zero Coupon, 09/01/29 1,416 1,005 San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.000%, 09/01/30 1,185 State of California, 1,350 GO, NATL-RE, 5.000%, 11/01/19 1,375 1,000 GO, 5.000%, 09/01/21 1,160 3,500 GO, 5.000%, 11/01/21 3, GO, 5.000%, 08/01/ ,000 GO, 5.000%, 04/01/24 2,068 1,575 GO, 5.250%, 09/01/27 1, GO, NATL-RE-IBC, 6.250%, 10/01/ ,640 State of California, Economic Recovery, Series A, GO, 4.250%, 07/01/17 (p) 1,645 2,000 State of California, School Facilities, GO, 4.000%, 09/01/32 2,179 State of California, Various Purpose, 2,000 GO, 5.000%, 09/01/26 2,509 2,000 GO, 5.000%, 12/01/29 2,370 1,000 GO, 5.000%, 09/01/30 1,149 1,500 GO, 5.000%, 08/01/31 1,775 3,000 GO, 5.000%, 10/01/32 3,546 1,000 GO, 5.000%, 08/01/33 1,194 2,310 GO, 5.250%, 10/01/22 2,539 1,000 GO, 5.500%, 04/01/23 1,085 85,694 Hospital 8.0% 1,000 ABAG Finance Authority for Nonprofit Corps., Sharp Healthcare, Series A, Rev., 5.000%, 08/01/31 1,147 California Health Facilities Financing Authority, Adventist Health System, 2,380 Series A, Rev., 4.000%, 03/01/29 2,615 1,500 Series A, Rev., 5.000%, 03/01/26 1,744 California Health Facilities Financing Authority, Cedars-Sinai Medical Center,

5 1,000 Rev., 5.000%, 08/15/18 1, Rev., 5.000%, 11/15/ Rev., 5.000%, 11/15/ ,000 Series A, Rev., 5.000%, 08/15/33 2,374 California Health Facilities Financing Authority, Lucile Salter Packard Children s Hospital at Stanford, 580 Series A, Rev., 5.000%, 08/15/ Series A, Rev., 5.000%, 08/15/28 1,003 1,655 Series A, Rev., 5.000%, 08/15/30 1,966 1,250 California Health Facilities Financing Authority, Providence St. Joseph Health, Series A, Rev., 4.000%, 10/01/24 1,455 1,000 California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., 5.000%, 07/01/28 1,166 California Health Facilities Financing Authority, Sutter Health, 1,500 Series A, Rev., 5.000%, 11/15/31 1,764 1,150 Series A, Rev., 5.000%, 11/15/32 1,345 1,000 Series A, Rev., 5.500%, 08/15/18 1,056 3,000 Series C, Rev., VAR, 1.000%, 08/15/19 2,984

6 AS OF MAY 31, 2017 (Unaudited) (continued) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Hospital continued 1,000 Series D, Rev., 5.000%, 08/15/25 1, California Statewide Communities Development Authority, Sutter Health, Series A, Rev., 5.000%, 08/15/ ,838 Housing 0.2% 500 City of San Bernardino, Single Family Mortgage, GNMA Mortgage-Backed Securities, Series A, Rev., GNMA COLL, 7.500%, 05/01/23 (p) 598 Industrial Development Revenue/Pollution Control Revenue 0.5% 1,500 California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-1, Rev., AMT, 3.000%, 11/01/25 1,537 Other Revenue 7.2% 1,000 Anaheim Public Financing Authority, Anaheim Public Improvements Project, Capital Appreciation, Series C, Rev., AGM, Zero Coupon, 09/01/ ,000 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Refunding, Kern County Tobacco Funding Corporation, Rev., 5.000%, 06/01/20 1,096 1,000 California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund, Series A, Rev., 5.000%, 10/01/28 1,205 1,000 California State Public Works Board, Department of General Services, Series F, Rev., 5.000%, 05/01/30 1,171 1,000 California State Public Works Board, Judicial Council of California, New Stockton Courthouse, Series B, Rev., 5.000%, 10/01/20 1,128 2,500 Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A-1, Rev., 5.000%, 06/01/24 2,962 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 1,642 Midpeninsula Regional Open Space District, 2004 Project Lease, 500 Rev., 5.000%, 09/01/ Rev., 5.000%, 09/01/ ,370 San Diego Regional Building Authority, County Operations Center, Series A, Rev., 5.000%, 10/15/33 2, San Marcos Public Facilities Authority, Rev., Zero Coupon, 01/01/19 (p) 704 2,190 San Mateo County Joint Powers Financing Authority, Capital Projects Program, Series A, Rev., 5.250%, 07/15/21 2,430 2,000 San Mateo County Joint Powers Financing Authority, Youth Services Campus, Series A, Rev., 5.000%, 07/15/31 2, Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Series A, Rev., NATL-RE, 6.250%, 07/01/24 (p) Santa Ana Financing Authority, Police Administration & Holding Facility Lease, Unrefunded Balance, Series A, Rev., NATL-RE, 6.250%, 07/01/ ,000 Ventura County Public Financing Authority, Series A, Rev., 5.000%, 11/01/29 1,159 22,478 Prerefunded 12.5% 1,535 Anaheim Public Financing Authority, Anaheim Electric Systems Distribution Facilities, Series A, Rev., 5.000%, 04/01/19 (p) 1,650 1,500 Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F-1, Rev., 5.000%, 04/01/19 (p) 1,611 1,500 California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.250%, 10/01/18 (p) 1,608 California State Department of Water Resources, Central Valley Project, Water System, 1,675 Series AF, Rev., 5.000%, 12/01/18 (p) 1,781 1,355 Series AG, Rev., 5.000%, 12/01/19 (p) 1,491 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) 1,639

7 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, 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) 1,088

8 AS OF MAY 31, 2017 (Unaudited) (continued) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Prerefunded continued 1,500 County of Los Angeles, Torrance Unified School District, Election of 2008, GO, 5.375%, 08/01/19 (p) 1,644 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, County of Sacramento, Airport System, Series A, Rev., AGM, 5.000%, 07/01/18 (p) 209 1,000 County of San Diego, San Diego Community College District, Election of 2006, GO, 5.000%, 08/01/21 (p) 1,160 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) 1,579 1,565 County of Tulare, Sierra View Local Health Care District, Rev., 5.100%, 07/01/17 (p) 1,570 5,040 Irvine Ranch Water District, COP, 5.000%, 03/01/20 (p) 5,586 1,000 Los Angeles Unified School District, Election of 2004, Series H, GO, AGM, 5.000%, 07/01/17 (p) 1,003 1,115 Mendocino & Lake Counties, Mendocino-Lake Community College District, Election of 2006, Series A, GO, NATL-RE, 5.000%, 08/01/17 (p) 1,123 San Diego Public Facilities Financing Authority, Sewer Waste Water System, 1,000 Series A, Rev., 5.000%, 08/01/18 (p) 1,050 1,500 Series A, Rev., 5.000%, 05/15/19 (p) 1,619 2,000 Series B, Rev., 5.000%, 08/01/19 (p) 2, San Francisco City & County Airports Commission, San Francisco International Airport, Second Series, Series D, Rev., 5.000%, 05/03/21 (p) 443 2,380 San Francisco City & County Public Utilities Commission, Water, Subseries A, Rev., 5.000%, 05/01/20 (p) 2,655 1,030 San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, 5.000%, 09/01/23 (p) 1,253 1,000 State of California, Department of Water Resources, Power Supply, Series H, Rev., 5.000%, 05/01/18 (p) 1,039 38,839 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 15.0% 2,000 Alameda Corridor Transportation Authority, Tax-Exempt Second Subordinate Lien, Series B, Rev., AGM, 5.000%, 10/01/35 2,313 Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, 1,175 Series F-1, Rev., 5.000%, 04/01/27 1,375 1,855 Series F-1, Rev., 5.000%, 04/01/29 2,169 City of Long Beach Harbor, 1,000 Series A, Rev., AMT, 5.000%, 05/15/23 1,194 1,000 Series A, Rev., 5.000%, 05/15/25 1, Series B, Rev., 5.000%, 05/15/ Series B, Rev., 5.000%, 05/15/ ,500 Series B, Rev., 5.000%, 05/15/26 1, Series B, Rev., 5.000%, 05/15/ ,500 Series C, Rev., 5.000%, 11/15/18 2,650 City of Los Angeles, Department of Airports, Los Angeles International Airport, 2,000 Series A, Rev., 5.000%, 05/15/26 2,232 1,000 Series A, Rev., 5.000%, 05/15/27 1,115 1,250 Series C, Rev., 5.000%, 05/15/31 1,482 City of Los Angeles, Harbor Department, 1,000 Series A, Rev., AMT, 5.000%, 08/01/21 1,151 1,500 Series A, Rev., AMT, 5.000%, 08/01/31 1,727 1,000 Series B, Rev., 5.000%, 08/01/25 1,152

9 2,000 Contra Costa County Transportation Authority, Sales Tax, Series A, Rev., 5.000%, 03/01/32 2,383 County of Los Angeles, Metropolitan Transportation Authority, 1,500 Series A, Rev., 5.000%, 07/01/20 1,685 2,000 Series A, Rev., 5.250%, 07/01/23 2,254 1,300 County of Sacramento, Airport System, Series A, Rev., AGM, 5.000%, 07/01/22 1,356 1,795 Foothill Eastern Transportation Corridor Agency, Senior Lien, Capital Appreciation, Series A, Rev., Zero Coupon, 01/01/26 (p) 1,511 2,000 Los Angeles Department of Airports, Senior Bonds, Los Angeles International Airport, Series A, Rev., AMT, 5.000%, 05/15/29 2,276

10 AS OF MAY 31, 2017 (Unaudited) (continued) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Transportation continued 2,000 San Bernardino County Transportation Authority, Series A, Rev., 5.000%, 03/01/29 2,319 1,000 San Diego County Regional Airport Authority, Senior Airport, Series B, Rev., AMT, 5.000%, 07/01/28 1,149 1,500 San Francisco Bay Area Rapid Transit District, Sales Tax, Rev., 5.000%, 07/01/27 1,678 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 1,040 1,500 Series 34E, Rev., AMT, AGM, 5.750%, 05/01/22 1,562 2,000 Series A, Rev., AMT, 5.000%, 05/01/29 2,287 1,200 Series B, Rev., 5.000%, 05/01/18 1,245 1,615 Series D, Rev., 5.000%, 05/01/26 1,853 46,822 Utility 7.3% 2,860 City of Burbank, Water & Power Electric, Series A, Rev., 5.000%, 06/01/22 3,189 City of Los Angeles, Department of Water & Power, Power System, 1,500 Series B, Rev., 5.000%, 07/01/23 1,628 1,500 Series B, Rev., 5.250%, 07/01/23 1,637 1,480 Series B, Rev., 5.250%, 07/01/24 1,613 1,500 Series C, Rev., 5.000%, 07/01/27 1,819 1,500 Counties of Alameda & Contra Costa, East Bay Municipal Utility District, Series A, Rev., 5.000%, 06/01/27 1,673 1,500 Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.250%, 11/15/20 1,660 1,600 Santa Clara Valley Water District and Water Utilities System, Series A, Rev., 5.000%, 06/01/30 1,949 1,000 Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.000%, 07/01/30 1, Southern California Public Power Authority, Canyon Power Project, Series A, Rev., 5.000%, 07/01/ ,135 Southern California Public Power Authority, Gas Project, Project No.1, Series A, Rev., 5.000%, 11/01/18 2,242 3,000 State of California, Department of Water Resources, Power Supply, Series O, Rev., 5.000%, 05/01/22 3,541 22,720 Water & Sewer 12.6% 2,000 California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Rev., 5.000%, 10/01/23 2,441 2,600 California State Department of Water Resources, Central Valley Project Water System, Series AW, Rev., 5.000%, 12/01/32 3,174 California State Department of Water Resources, Central Valley Project, Water System, 1,625 Series AF, Rev., 5.000%, 12/01/24 1,726 1,700 Series AF, Rev., 5.000%, 12/01/25 1, Series AG, Rev., 5.000%, 12/01/ ,000 City of Bakersfield, Wastewater, Series A, Rev., 5.000%, 09/15/31 2,386 City of Los Angeles, Wastewater System, 1,825 Series A, Rev., 5.000%, 06/01/28 2,236 1,500 Series B, Rev., 5.000%, 06/01/33 1,787 1,500 City of Santa Rosa, Wastewater, Capital Appreciation, Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 09/01/23 1,337 1,185 County of Marin, Marin Water District Financing Authority, Sub Lien, Series A, Rev., 5.000%, 07/01/28 1, County of San Mateo, Silicon Valley Clean Water, Rev., 5.000%, 02/01/ ,000 Eastern Municipal Water District Financing Authority, Water & Wastewater, Series B, Rev., 5.000%, 07/01/33 3,595 Metropolitan Water District of Southern California, Water, 1,500 Series A, Rev., 5.000%, 10/01/29 1,751 1,000 Series D, Rev., 5.000%, 07/01/20 1,084

11 2,000 Series F, Rev., 5.000%, 07/01/28 2,354 1,020 San Diego Public Facilities Financing Authority, Sewer Waste Water System, Rev., 5.000%, 05/15/25 1,276 3,660 Santa Margarita/Dana Point Authority, Water District Improvement, Series A, GO, 5.000%, 08/01/19 3,982 Southern California Water Replenishment District Financing Authority, Replenishment Assessment, 1,050 Rev., 5.000%, 08/01/30 1,266 1,420 Rev., 5.000%, 08/01/31 1,703 2,410 Rev., 5.000%, 08/01/32 2,876

12 AS OF MAY 31, 2017 (Unaudited) (continued) PRINCIPAL AMOUNT($) SECURITY DESCRIPTION VALUE($) Municipal Bonds continued Water & Sewer continued 39,251 Total California 300,961 Kentucky 0.4% Other Revenue 0.4% 1,000 Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.250%, 10/01/18 1,056 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 1,010 Total Municipal Bonds (Cost $287,327) 303,027 SHARES Short-Term Investment 1.6% Investment Company 1.6% 5,114 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.660% (b) (l) (Cost $5,114) 5,114 Total Investments 99.0% (Cost $292,441) 308,141 Other Assets in Excess of Liabilities 1.0% 2,966 NET ASSETS 100.0% $311,107 Percentages indicated are based on net assets.

13 AS OF MAY 31, 2017 (Unaudited) (continued) NOTES TO : 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 May 31, (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 May 31, (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 May 31, 2017, 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 $ 16,018 Aggregate gross unrealized depreciation (318) Net unrealized appreciation/depreciation $ 15,700 Federal income tax cost of investments $292,441

14 AS OF MAY 31, 2017 (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 Investment 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 marketbased 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. 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 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments ( SOI ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $ 5,114 $ 303,027 $ $308,141 Total (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 May 31, 2017.