JPMorgan Emerging Markets Debt Fund Schedule of Portfolio Investments as of November 30, 2017 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of November 30, 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., 2018.

2 AS OF NOVEMBER 30, 2017 (Unaudited) (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Corporate Bonds 21.8% Argentina 1.2% 3,234 Pampa Energia SA, Reg. S, 7.38%, 07/21/2023 3,533 YPF SA, 5,906 Reg. S, 8.50%, 03/23/2021 6,678 9,233 Reg. S, 8.75%, 04/04/ ,595 20,806 Azerbaijan 0.9% 15,000 State Oil Co. of the Azerbaijan Republic, Reg. S, 6.95%, 03/18/ ,481 Brazil 2.2% 10,650 Caixa Economica Federal, Reg. S, 4.50%, 10/03/ ,773 4,500 Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e) 4,443 3,667 GTL Trade Finance, Inc., Reg. S, 5.89%, 04/29/2024 3,983 12,100 Petrobras Global Finance BV, 8.38%, 05/23/ ,746 4,500 Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041 4,901 37,846 Chile 0.7% 4,900 Corp. Nacional del Cobre de Chile, Reg. S, 4.50%, 09/16/2025 5,238 3,000 Empresa Nacional del Petroleo, Reg. S, 3.75%, 08/05/2026 2,981 4,500 VTR Finance BV, Reg. S, 6.88%, 01/15/2024 4,770 12,989 China 0.1% 2,000 Franshion Development Ltd., Reg. S, 6.75%, 04/15/2021 2,203 Colombia 1.0% Ecopetrol SA, 8, %, 06/26/2026 9,332 7, %, 09/18/2023 8,430 17,762 Croatia 0.1% 2,000 Hrvatska Elektroprivreda, Reg. S, 5.88%, 10/23/2022 2,210 Ecuador 0.2% 2,630 Petroamazonas EP, 4.63%, 02/16/2020 (e) 2,555 Hong Kong 0.2% 2,300 Shimao Property Holdings Ltd., Reg. S, 8.38%, 02/10/2022 2,496 Hungary 0.2% MFB Magyar Fejlesztesi Bank Zrt., 1, %, 10/21/2020 (e) 1,339 2,000 Reg. S, 6.25%, 10/21/2020 2,195 3,534 India 0.7% 3,800 IDBI Bank Ltd., Reg. S, 3.75%, 01/25/2019 3,828 7,800 Vedanta Resources plc, Reg. S, 6.38%, 07/30/2022 8,132 11,960 Indonesia 1.4% 6,373 Minejesa Capital BV, 4.63%, 08/10/2030 (e) 6,469 Pertamina Persero PT, 1,100 Reg. S, 6.00%, 05/03/2042 1,250 8,000 Reg. S, 6.45%, 05/30/2044 9,570 4,300 Reg. S, 6.50%, 05/27/2041 5,165

3 2,600 Perusahaan Listrik Negara PT, Reg. S, 4.13%, 05/15/2027 2,600 25,054 Kazakhstan 1.7% 5,110 Kazakhstan Temir Zholy Finance BV, Reg. S, 6.95%, 07/10/2042 5,806 2,129 Kazakhstan Temir Zholy National Co. JSC, 4.85%, 11/17/2027 (e) 2,169 KazMunayGas National Co. JSC, 3,491 Reg. S, 4.40%, 04/30/2023 3,578 5,100 Reg. S, 4.75%, 04/19/2027 5,329 9,750 Reg. S, 7.00%, 05/05/ ,628 1,875 Reg. S, 9.13%, 07/02/2018 1,945 29,455 Mexico 4.8% 4,140 Banco Mercantil del Norte SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year %), 6.87%, 07/06/2022 (e) (x) (y) (aa) 4,366 Banco Nacional de Comercio Exterior SNC, 3,010 (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year %), 3.80%, 08/11/2026 (e) (aa) 2,991 2,500 Reg. S, 4.38%, 10/14/2025 2,591 2,770 Mexico City Airport Trust, 5.50%, 07/31/2047 (e) 2,767 Petroleos Mexicanos, 5,171 (ICE LIBOR USD 3 Month %), 4.97%, 03/11/2022 (e) (aa) 5,670 16, %, 01/21/ ,187 1, %, 03/13/2027 (e) 1,103 15, %, 09/21/2047 (e) 15,879

4 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Corporate Bonds continued Mexico continued 700 Reg. S, (ICE LIBOR USD 3 Month %), 4.97%, 03/11/2022 (aa) ,400 Reg. S, 5.38%, 03/13/ ,808 9,250 Reg. S, 6.50%, 03/13/ ,200 85,329 Morocco 0.3% 5,010 OCP SA, Reg. S, 6.88%, 04/25/2044 5,686 Peru 1.0% 4,821 Cia Minera Milpo SAA, Reg. S, 4.63%, 03/28/2023 5, Consorcio Transmantaro SA, Reg. S, 4.38%, 05/07/ ,900 Fondo MIVIVIENDA SA, Reg. S, 3.50%, 01/31/2023 2,936 Petroleos del Peru SA, 5, %, 06/19/2032 (e) 5,215 3, %, 06/19/2047 (e) 3,636 17,416 Russia 2.0% 8,500 GTLK Europe DAC, Reg. S, 5.13%, 05/31/2024 8,649 2,500 Russian Agricultural Bank OJSC Via RSHB Capital SA, Reg. S, 7.75%, 05/29/2018 2,560 4,350 Sberbank of Russia Via SB Capital SA, Reg. S, 6.13%, 02/07/2022 4,752 Vnesheconombank Via VEB Finance plc, 2,100 Reg. S, 4.22%, 11/21/2018 2,121 9,950 Reg. S, 5.94%, 11/21/ ,858 5,600 Reg. S, 6.03%, 07/05/2022 6,118 35,058 South Africa 0.7% Eskom Holdings SOC Ltd., 1,326 Reg. S, 5.75%, 01/26/2021 1,312 2,200 Reg. S, 6.75%, 08/06/2023 2,196 6,915 Reg. S, 7.13%, 02/11/2025 6,949 2,300 Transnet SOC Ltd., Reg. S, 4.00%, 07/26/2022 2,231 12,688 Sri Lanka 0.2% 3,110 National Savings Bank, Reg. S, 8.88%, 09/18/2018 3,239 Trinidad and Tobago 0.2% 3,981 Petroleum Co. of Trinidad & Tobago Ltd., Reg. S, 9.75%, 08/14/2019 4,260 Tunisia 0.7% 12,400 Republic of Banque Centrale de Tunisie, Reg. S, 5.75%, 01/30/ ,307 Turkey 0.2% 4,080 TC Ziraat Bankasi A/S, 5.13%, 09/29/2023 (e) 3,942 Ukraine 0.3% State Savings Bank of Ukraine, 3,300 Reg. S, SUB, 9.38%, 03/10/2023 3,535 2,300 Reg. S, SUB, 9.63%, 03/20/2025 2,484 6,019 United Arab Emirates 0.2% 2,100 DP World Ltd., Reg. S, 6.85%, 07/02/2037 2,583 Venezuela, Bolivarian Republic of 0.6%

5 Petroleos de Venezuela SA, 11,483 Reg. S, 5.38%, 04/12/2027 2,710 1,700 Reg. S, 5.50%, 04/12/ ,566 Reg. S, 6.00%, 11/15/2026 2,105 2,854 Reg. S, 8.50%, 10/27/2020 2,255 2,730 Reg. S, 9.00%, 11/17/ ,420 Reg. S, 9.75%, 05/17/ ,370 Reg. S, 12.75%, 02/17/ ,098 Total Corporate Bonds (Cost $376,568) 383,976 Foreign Government Securities 74.1% Angola 1.3% Republic of Angola, 3,947 Reg. S, 7.00%, 08/17/2019 4,056 16,300 Reg. S, 9.50%, 11/12/ ,358 22,414 Argentina 5.2% Provincia de Buenos Aires, 2, %, 06/15/2027 (e) 2, Reg. S, 9.38%, 09/14/ ,770 Reg. S, 9.95%, 06/09/ ,939 Provincia de Cordoba, 5, %, 08/01/2027 (e) 5,950 1, %, 09/01/2024 (e) 1,978 2,300 Reg. S, 7.13%, 06/10/2021 2,478 1,200 Reg. S, 7.45%, 09/01/2024 1,311 3,950 Provincia de Mendoza Argentina, Reg. S, 8.38%, 05/19/2024 4,404 Republic of Argentina, 23, %, 04/22/ ,611

6 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Foreign Government Securities continued Argentina continued 5, %, 06/28/2117 (e) 5,807 10, %, 12/31/ ,329 12,438 Reg. S, 7.13%, 06/28/ ,761 92,136 Armenia 0.5% 8,100 Republic of Armenia, Reg. S, 7.15%, 03/26/2025 9,112 Azerbaijan 0.2% 4,300 Republic of Azerbaijan, Reg. S, 4.75%, 03/18/2024 4,408 Belarus 2.0% Republic of Belarus, 5, %, 02/28/2023 (e) 6,009 8, %, 06/29/2027 (e) 9,563 14,700 Reg. S, 6.88%, 02/28/ ,490 4,360 Reg. S, 8.95%, 01/26/2018 4,382 35,444 Bermuda 0.3% Government of Bermuda, 2,000 Reg. S, 4.14%, 01/03/2023 2,099 3,600 Reg. S, 4.85%, 02/06/2024 3,927 6,026 Brazil 1.9% Federative Republic of Brazil, 20, %, 01/27/ ,370 5, %, 04/07/2026 6,128 5, %, 01/20/2034 7,395 32,893 Cameroon 0.2% 2,400 Republic of Cameroon, Reg. S, 9.50%, 11/19/2025 2,868 Colombia 2.3% Republic of Colombia, 9, %, 04/25/2027 9,430 1, %, 01/28/2026 1,978 17, %, 06/15/ ,610 6, %, 09/18/2037 8,632 1, %, 05/21/2024 1, %, 01/28/2033 1,060 41,107 Costa Rica 1.8% Republic of Costa Rica, 3,832 Reg. S, 4.25%, 01/26/2023 3,750 3,785 Reg. S, 4.38%, 04/30/2025 3,660 6,400 Reg. S, 7.00%, 04/04/2044 6,640 12,835 Reg. S, 7.16%, 03/12/ ,573 5,109 Republic of Instituto Costarricense de Electricidad, Reg. S, 6.38%, 05/15/2043 4,739 32,362 Croatia 2.0% Republic of Croatia,

7 14,890 Reg. S, 6.00%, 01/26/ , Reg. S, 6.38%, 03/24/ ,400 Reg. S, 6.63%, 07/14/ ,349 5,720 Reg. S, 6.75%, 11/05/2019 6,156 34,902 Dominican Republic 2.8% Government of Dominican Republic, 9,812 Reg. S, 5.88%, 04/18/ ,597 14,146 Reg. S, 6.88%, 01/29/ ,192 11,350 Reg. S, 7.45%, 04/30/ ,492 8,913 Reg. S, 7.50%, 05/06/2021 9,734 50,015 Ecuador 3.0% Republic of Ecuador, 7, %, 06/02/2023 (e) 8,381 22, %, 10/23/2027 (e) 24,109 3,750 Reg. S, 7.95%, 06/20/2024 3,900 2,100 Reg. S, 8.75%, 06/02/2023 2,268 7,000 Reg. S, 9.65%, 12/13/2026 7,849 5,700 Reg. S, 10.75%, 03/28/2022 6,586 53,093 Egypt 1.1% Arab Republic of Egypt, 7,119 Reg. S, 5.88%, 06/11/2025 7,252 4,900 Reg. S, 7.50%, 01/31/2027 5,421 6,100 Reg. S, 8.50%, 01/31/2047 6,946 19,619 El Salvador 2.1% Republic of El Salvador, 2,950 Reg. S, 5.88%, 01/30/2025 2,895 2,184 Reg. S, 6.38%, 01/18/2027 2, Reg. S, 7.38%, 12/01/ ,392 Reg. S, 7.63%, 02/01/2041 6,704 12,580 Reg. S, 7.65%, 06/15/ ,209 4,450 Reg. S, 7.75%, 01/24/2023 4,817 6,419 Reg. S, 8.25%, 04/10/2032 7,181 37,860 Ethiopia 0.2% 3,300 Federal Democratic Republic of Ethiopia, Reg. S, 6.63%, 12/11/2024 3,416

8 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Foreign Government Securities continued Gabon 0.4% 7,378 Gabonese Republic, Reg. S, 6.38%, 12/12/2024 7,341 Ghana 1.1% Republic of Ghana, 8,000 Reg. S, 8.13%, 01/18/2026 8,690 7,506 Reg. S, 10.75%, 10/14/ ,114 18,804 Honduras 0.8% Republic of Honduras, 5,300 Reg. S, 7.50%, 03/15/2024 5,936 7,951 Reg. S, 8.75%, 12/16/2020 8,905 14,841 Hungary 2.6% Republic of Hungary, 4, %, 02/21/2023 5,159 8, %, 03/25/ ,192 26, %, 11/22/ ,344 45,695 Indonesia 3.0% Republic of Indonesia, IDR 231,600, %, 05/15/ ,707 1,860 Reg. S, 4.13%, 01/15/2025 1,933 1,200 Reg. S, 4.35%, 01/08/2027 1,260 7,760 Reg. S, 5.88%, 01/15/2024 8,843 10,500 Reg. S, 6.63%, 02/17/ ,374 7,385 Reg. S, 6.75%, 01/15/2044 9,757 52,874 Iraq 0.6% 11,291 Republic of Iraq, Reg. S, 5.80%, 01/15/ ,783 Ivory Coast 0.4% Republic of Cote d Ivoire, 893 Reg. S, 6.38%, 03/03/ ,732 Reg. S, SUB, 5.75%, 12/31/2032 6,715 7,650 Jamaica 1.5% Jamaica Government International Bond, %, 07/09/ , %, 07/28/2045 2,879 2, %, 06/24/2019 2,256 14, %, 03/15/ ,785 1, %, 10/17/2025 2,311 25,949 Jordan 1.1% Kingdom of Jordan, 6, %, 10/10/2047 (e) 6,923 2,800 Reg. S, 5.75%, 01/31/2027 2,769 9,400 Reg. S, 6.13%, 01/29/2026 9,670 19,362

9 Kazakhstan 1.3% Republic of Kazakhstan, 5,424 Reg. S, 3.88%, 10/14/2024 5,628 6,400 Reg. S, 4.88%, 10/14/2044 6,784 4,900 Reg. S, 5.13%, 07/21/2025 5,473 3,440 Reg. S, 6.50%, 07/21/2045 4,369 22,254 Kenya 1.0% 17,400 Republic of Kenya, Reg. S, 6.88%, 06/24/ ,357 Lebanon 4.1% Republic of Lebanon, 11, %, 03/09/ ,589 4,350 Reg. S, 5.15%, 06/12/2018 4,320 14,679 Reg. S, 5.45%, 11/28/ ,257 12,268 Reg. S, 6.60%, 11/27/ ,501 13,800 Reg. S, 6.65%, 02/26/ ,661 16,985 Reg. S, 8.25%, 04/12/ ,410 71,738 Malaysia 0.4% 8,000 1MDB Global Investments Ltd., Reg. S, 4.40%, 03/09/2023 7,730 Mexico 0.8% United Mexican States, EUR 2, %, 02/23/2031 2,774 9, %, 01/21/ ,095 13,869 Mongolia 0.6% Mongolia Government International Bond, 1, %, 05/01/2023 (e) 1,919 1, %, 03/09/2024 (e) 1, Reg. S, 8.75%, 03/09/ ,900 Reg. S, 10.88%, 04/06/2021 6,903 10,920 Morocco 0.2% 2,400 Kingdom of Morocco, Reg. S, 5.50%, 12/11/2042 2,694 Namibia 0.7% 12,600 Republic of Namibia, Reg. S, 5.25%, 10/29/ ,758 Nigeria 0.7% Federal Republic of Nigeria, 4, %, 11/28/2027 (e) 4,534 8, %, 11/28/2047 (e) 8,250 12,784

10 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Foreign Government Securities continued Oman 1.7% Oman Government International Bond, 11,700 Reg. S, 4.75%, 06/15/ ,437 8,100 Reg. S, 5.38%, 03/08/2027 8,231 10,000 Reg. S, 6.50%, 03/08/ ,050 29,718 Pakistan 1.6% Republic of Pakistan, 15,397 Reg. S, 7.25%, 04/15/ ,942 11,632 Reg. S, 8.25%, 04/15/ ,763 28,705 Panama 1.5% Republic of Panama, 4, %, 05/15/2047 4,950 5, %, 01/26/2036 6,809 4, %, 09/30/2027 6,247 5, %, 04/01/2029 8,394 26,400 Paraguay 1.0% Republic of Paraguay, 1, %, 03/27/2027 (e) 1,604 4,100 Reg. S, 5.00%, 04/15/2026 4,408 10,720 Reg. S, 6.10%, 08/11/ ,248 18,260 Peru 0.8% 11,005 Republic of Peru, 5.63%, 11/18/ ,031 Philippines 1.2% Republic of Philippines, 9, %, 01/14/ ,595 4, %, 02/02/2030 6,794 20,389 Romania 1.5% Republic of Romania, 5,374 Reg. S, 4.38%, 08/22/2023 5,757 3,858 Reg. S, 4.88%, 01/22/2024 4,249 7,000 Reg. S, 6.13%, 01/22/2044 8,951 6,966 Reg. S, 6.75%, 02/07/2022 7,993 26,950 Russia 1.1% Russian Federation, 2,000 Reg. S, 4.50%, 04/04/2022 2,124 2,600 Reg. S, 4.88%, 09/16/2023 2,829 12,000 Reg. S, 5.88%, 09/16/ ,824 18,777 Senegal 0.4% Republic of Senegal, 3, %, 05/23/2033 (e) 3,644 3,000 Reg. S, 6.25%, 05/23/2033 3,124

11 6,768 Serbia 1.2% Republic of Serbia, 6,200 Reg. S, 4.88%, 02/25/2020 6,448 12,100 Reg. S, 7.25%, 09/28/ ,861 20,309 South Africa 1.5% Republic of South Africa, 6, %, 10/12/2028 6,401 9, %, 10/12/2046 8,472 2, %, 07/24/2044 2,524 3, %, 03/09/2020 4,095 3, %, 05/30/2022 4,137 25,629 Sri Lanka 1.9% Republic of Sri Lanka, 5, %, 05/11/2027 (e) 6, Reg. S, 5.75%, 01/18/ ,300 Reg. S, 5.88%, 07/25/2022 4,541 8,784 Reg. S, 6.25%, 10/04/2020 9,278 3,300 Reg. S, 6.25%, 07/27/2021 3,519 4,460 Reg. S, 6.83%, 07/18/2026 4,895 3,800 Reg. S, 6.85%, 11/03/2025 4,175 33,287 Tajikistan 0.1% 1,810 Republic of Tajikistan International Bond, 7.13%, 09/14/2027 (e) 1,739 Turkey 2.7% Republic of Turkey, 3, %, 03/30/2021 3,247 3, %, 03/22/2024 3,609 3, %, 03/25/2027 3,885 8, %, 01/14/2041 8,739 3, %, 09/26/2022 3,556 6, %, 02/17/2045 6,902 13, %, 02/05/ ,789 1, %, 02/14/2034 1,266 46,993 Ukraine 3.6% Republic of Ukraine, 8, %, 09/25/2032 (e) 8,578 1,615 Reg. S, %), 0.00%, 05/31/2040 (aa) 891

12 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) PRINCIPAL AMOUNT SECURITY DESCRIPTION VALUE Foreign Government Securities continued Ukraine continued 17,400 Reg. S, 7.75%, 09/01/ ,466 6,750 Reg. S, 7.75%, 09/01/2021 7,196 4,500 Reg. S, 7.75%, 09/01/2023 4,786 4,300 Reg. S, 7.75%, 09/01/2024 4,532 13,438 Reg. S, 7.75%, 09/01/ ,056 4,143 Ukreximbank Via Biz Finance plc, Reg. S, 9.75%, 01/22/2025 4,511 63,016 Uruguay 2.6% Republic of Uruguay, 17, %, 06/18/ ,667 3, %, 03/21/2036 4,703 6, %, 01/15/2033 8,932 UYU 129, %, 03/15/2028 (e) 4,468 UYU 222, %, 06/20/2022 (e) 8,139 45,909 Venezuela, Bolivarian Republic of 0.3% Republic of Venezuela, 1, %, 01/13/ ,700 Reg. S, 6.00%, 12/09/ ,553 Reg. S, 7.65%, 04/21/ ,812 Reg. S, 7.75%, 10/13/ ,080 Reg. S, 8.25%, 10/13/2024 1,304 1,167 Reg. S, 9.00%, 05/07/ ,610 Reg. S, 9.25%, 05/07/ ,740 Reg. S, 11.75%, 10/21/ ,370 Reg. S, 12.75%, 08/23/ ,148 Vietnam 0.1% 1,000 Republic of Vietnam, Reg. S, 6.75%, 01/29/2020 1,084 Zambia 1.1% 17,400 Republic of Zambia, Reg. S, 8.97%, 07/30/ ,227 Total Foreign Government Securities (Cost $1,267,517) 1,307,417 U.S. Treasury Obligation 0.0% (g) 600 U.S. Treasury Notes, 0.88%, 03/31/2018 (Cost $599) 599 Short-Term Investments 3.6% Foreign Government Treasury Bills 1.0% Arab Republic of Egypt, (Egypt), EGP190, %, 08/07/2018 (n) 9,484 EGP159, %, 09/18/2018 (n) 7,842 Total Foreign Government Treasury Bills (Cost $17,448) 17,326 SHARES Investment Company 2.6% 45,748 JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.20% (b) (l) (Cost $45,757) 45,757

13 Total Short-Term Investments (Cost $63,205) 63,083 Total Investments 99.5% (Cost $1,707,889) 1,755,075 Other Assets in Excess of Liabilities 0.5% 9,170 NET ASSETS 100.0% $1,764,245 Percentages indicated are based on net assets.

14 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) Forward foreign currency exchange contracts outstanding as of November 30, 2017: Currency Purchased Currency Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation) ($) AUD 5,817 USD 4,396 Goldman Sachs International 12/15/ CNY 29,145 USD 4,368 HSBC Bank, N.A. ** 12/15/ CZK 289,088 USD 13,302 Goldman Sachs International 12/15/ CZK 95,999 USD 4,354 HSBC Bank, N.A. 12/15/ EUR 3,857 USD 4,574 Credit Suisse International 12/15/ EUR 3,589 USD 4,212 Goldman Sachs International 12/15/ EUR 3,727 USD 4,351 Standard Chartered Bank 12/15/ IDR 59,647,914 USD 4,394 Goldman Sachs International** 12/15/ ILS 15,404 USD 4,374 HSBC Bank, N.A. 12/15/ KRW 4,803,700 USD 4,413 Citibank, NA** 12/15/ KRW 4,959,672 USD 4,386 Goldman Sachs International** 12/15/ PLN 15,981 USD 4,478 Royal Bank of Canada 12/15/ RUB 280,812 USD 4,764 Citibank, NA** 12/15/ RUB 256,684 USD 4,378 Goldman Sachs International** 12/15/ THB 143,213 USD 4,382 Goldman Sachs International 12/15/ USD 4,326 AUD 5,534 Citibank, NA 12/15/ USD 13,098 AUD 16,826 Goldman Sachs International 12/15/ USD 4,570 AUD 6,032 TD Bank Financial Group 12/15/ USD 4,368 BRL 13,792 Goldman Sachs International** 12/15/ USD 4,378 CAD 5,364 Credit Suisse International 12/15/ USD 4,572 CAD 5,730 Goldman Sachs International 12/15/ USD 4,354 CAD 5,427 HSBC Bank, N.A. 12/15/ USD 8,781 CLP 5,588,695 Citibank, NA** 12/15/ USD 2,095 CLP 1,343,807 Deutsche Bank AG** 12/15/ USD 10,840 CLP 6,938,069 Goldman Sachs International** 12/15/ USD 4,321 COP 12,920,481 Citibank, NA** 12/15/ USD 8,798 EUR 7,314 Royal Bank of Canada 12/15/ USD 4,508 HUF 1,154,127 Goldman Sachs International 12/15/ USD 4,384 MXN 78,695 Goldman Sachs International 12/15/ USD 7,975 TRY 30,108 Barclays Bank plc 12/15/ USD 8,767 TRY 33,071 HSBC Bank, N.A. 12/15/ USD 8,770 ZAR 116,603 Citibank, NA 12/15/ ZAR 59,193 USD 4,219 Credit Suisse International 12/15/ ZAR 62,461 USD 4,490 Goldman Sachs International 12/15/ ZAR 120,155 USD 8,617 HSBC Bank, N.A. 12/15/ ARS 158,189 USD 8,780 Deutsche Bank AG** 12/29/ USD 2,194 CLP 1,407,677 Deutsche Bank AG** 12/29/ USD 6,704 CLP 4,223,028 Goldman Sachs International** 12/29/ USD 2,908 EUR 2,430 Goldman Sachs International 12/29/ USD 12,264 TRY 46,688 HSBC Bank, N.A. 12/29/ Total unrealized appreciation 4,808 AUD 11,356 USD 8,739 Citibank, NA 12/15/2017 (149) AUD 5,323 USD 4,187 Goldman Sachs International 12/15/2017 (160) BRL 13,792 USD 4,341 Citibank, NA** 12/15/2017 (133) BRL 14,427 USD 4,413 Citibank, NA** 12/15/2017 (11) CAD 5,544 USD 4,390 State Street Corp. 12/15/2017 (91) CLP 2,798,724 USD 4,386 Citibank, NA** 12/15/2017 (63) CLP 8,226,201 USD 13,176 Goldman Sachs International** 12/15/2017 (469)

15 COP 13,303,669 USD 4,420 Citibank, NA** 12/15/2017 (14) COP 12,920,481 USD 4,394 Goldman Sachs International** 12/15/2017 (116) HUF 1,154,127 USD 4,493 HSBC Bank, N.A. 12/15/2017 (103) IDR 58,405,452 USD 4,384 Goldman Sachs International** 12/15/2017 (80)

16 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) Currency Purchased Currency Sold Counterparty Settlement Date Unrealized Appreciation (Depreciation) ($) MXN 80,080 USD 4,351 Citibank, NA 12/15/2017 (62) MXN 245,012 USD 13,454 Goldman Sachs International 12/15/2017 (333) PLN 14,870 USD 4,218 HSBC Bank, N.A. 12/15/2017 (5) RUB 245,140 USD 4,218 Citibank, NA** 12/15/2017 (31) RUB 255,525 USD 4,370 Deutsche Bank AG** 12/15/2017 (6) RUB 253,855 USD 4,354 Goldman Sachs International** 12/15/2017 (18) TRY 46,087 USD 13,057 Citibank, NA 12/15/2017 (1,327) USD 4,404 AUD 5,825 HSBC Bank, N.A. 12/15/2017 (2) USD 4,592 EUR 3,880 Credit Suisse International 12/15/2017 (30) USD 4,339 EUR 3,683 HSBC Bank, N.A. 12/15/2017 (48) USD 4,386 EUR 3,724 State Street Corp. 12/15/2017 (50) USD 4,394 ILS 15,404 HSBC Bank, N.A. 12/15/2017 (15) USD 4,391 KRW 4,959,672 Goldman Sachs International** 12/15/2017 (169) USD 4,382 MXN 82,521 Goldman Sachs International 12/15/2017 (37) USD 4,384 PHP 225,985 Citibank, NA** 12/15/2017 (100) USD 4,394 PHP 227,519 Goldman Sachs International** 12/15/2017 (121) USD 8,660 PLN 30,851 HSBC Bank, N.A. 12/15/2017 (81) USD 4,355 RON 17,371 Citibank, NA 12/15/2017 (100) USD 4,347 RON 17,377 Goldman Sachs International 12/15/2017 (109) USD 4,361 RUB 261,582 Citibank, NA** 12/15/2017 (107) USD 4,185 RUB 253,693 Citibank, NA** 12/15/2017 (148) USD 4,349 RUB 255,525 HSBC Bank, N.A. ** 12/15/2017 (15) USD 4,392 SGD 5,999 BNP Paribas 12/15/2017 (56) USD 8,758 SGD 11,922 TD Bank Financial Group 12/15/2017 (82) USD 4,549 ZAR 62,745 Credit Suisse International 12/15/2017 (18) USD 4,371 ZAR 62,461 State Street Corp. 12/15/2017 (175) CLP 5,630,705 USD 8,998 Goldman Sachs International** 12/29/2017 (299) TRY 46,688 USD 12,573 Barclays Bank plc 12/29/2017 (745) Total unrealized depreciation (5,678) Net unrealized depreciation (870) Over the Counter ( OTC ) Credit default swap contracts outstanding - buy protection (1) as of November 30, 2017: Reference Entity Financing Rate Paid by the Fund (%) Frequency of Payments Made/Received Counterparty Maturity Date Implied Credit Spread (%) Republic of Peru, 8.75%, 11/21/ Quarterly Barclays Bank plc 12/20/ Republic of Peru, Barclays 8.75%, 11/21/ Quarterly Bank plc 12/20/ Republic of Peru, Barclays 8.75%, 11/21/ Quarterly Bank plc 12/20/ Republic of Peru, 8.75%, 11/21/ Quarterly Citibank, NA 12/20/ Republic of Peru, 8.75%, 11/21/ Quarterly Citibank, NA 12/20/ Republic of Peru, 8.75%, 11/21/ Quarterly Citibank, NA 12/20/ Notional Amount Upfront Payments (Receipts) ($) (3) (4) (5) Unrealized Appreciation (Depreciation) ($) Value ($) USD 7,600 (113) (5) (118) USD 15,300 (127) (112) (239) USD 15,300 (139) (100) (239) USD 15,200 (228) (9) (237) USD 7,600 (117) (1) (118) USD 15,400 (128) (113) (241) (852) (340) (1,192)

17 (Amounts in U.S. Dollars, unless otherwise noted) (Amounts in thousands) OTC Credit default swap contracts outstanding - sell protection (2) as of November 30, 2017: Reference Entity Financing Rate Received by the Fund (%) Frequency of Payments Made/Received People s Republic of China, 7.50%, 10/28/ Quarterly People s Republic of China, 7.50%, 10/28/ Quarterly People s Republic of China, 7.50%, 10/28/ Quarterly Counterparty Maturity Date Implied Credit Spread (%) Barclays Bank plc 12/20/ Barclays Bank plc 12/20/ Barclays Bank plc 12/20/ People s Republic of China, 7.50%, 10/28/ Quarterly Citibank, NA 12/20/ People s Republic of China, 7.50%, 10/28/ Quarterly Citibank, NA 12/20/ People s Republic of China, 7.50%, 10/28/ Quarterly Citibank, NA 12/20/ Notional Amount Upfront Payments (Receipts) ($) (3) (4) (5) Unrealized Appreciation (Depreciation) ($) Value ($) USD 7, (15) 171 USD 15, USD 15, USD 15, (15) 343 USD 7, (15) 171 USD 15, , ,722 (1) (2) (3) (4) (5) 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. 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. 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 indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. 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. Upfront payments and receipts generally represent premiums paid 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). Summary of total swap contracts outstanding as of November 30, 2017: Net Upfront Payments (Receipts) ($) Value ($) Assets OTC Credit default swap contracts outstanding - sell protection 1,574 1,722 Total OTC swap contracts outstanding 1,574 1,722 Liabilities

18 OTC Credit default swap contracts outstanding - buy protection (852) (1,192) Total OTC swap contracts outstanding (852) (1,192)

19 NOTES TO : ARS Argentine Peso AUD Australian Dollar BRL Brazilian Real CAD Canadian Dollar CLP Chilean Peso CNY China Yuan COP Colombian Peso CZK Czech Republic Koruna EGP Egyptian Pound EUR Euro HUF Hungarian Forint ICE Intercontinental Exchange IDR Indonesian Rupiah ILS Israeli Shekel KRW Korean Republic Won LIBOR London Interbank Offered Rate MXN Mexican Peso PHP Philippine Peso PLN Polish Zloty Reg. S Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act ), 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, or pursuant to an exemption from registration. RON Romanian Leu RUB Russian Ruble SGD Singapore Dollar SUB Step-Up Bond. The interest rate shown is the rate in effect as of November 30, THB Thai Baht TRY Turkish Lira USD United States Dollar UYU Uruguayan Peso ZAR South African Rand

20 (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. 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, (n) The rate shown is the effective yield as of November 30, (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, (y) Security is an interest bearing note with preferred security characteristics. (aa) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, ** Non-deliverable forward.

21 (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 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 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 ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $ 45,757 $ 1,709,318 $ $1,755,075 Appreciation in Other Financial Instruments Forward Foreign Currency Exchange Contracts $ $ 4,808 $ $ 4,808 Swaps Total Appreciation in Other Financial Instruments $ $ 5,001 $ $ 5,001 Depreciation in Other Financial Instruments Total

22 Forward Foreign Currency Exchange Contracts $ $ (5,678) $ $ (5,678) Swaps (385) (385) Total Depreciation in Other Financial Instruments $ $ (6,063) $ $ (6,063) (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, 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.

23 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 (e.g., 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 some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts. (2). Swaps The Fund engaged in various swap transactions, including credit default swaps, to manage credit 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, Non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options 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. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund and/or held as Restricted cash. Collateral received by the Fund is held in escrow in a segregated account

24 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 may be required to post or receive collateral for Over the Counter Swaps. 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/or short bond positions or to take an active long and/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.

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