UNAUDITED FU JPM US Dollar Current Reserves Institutional (acc.)

UNAUDITED FU JPM US Dollar Current Reserves Institutional (acc.) As of : 30.06.2016 Investment Category Issuer ISIN Or Security ID Legal Coupon or Yield (%) Amount ($) Market Value ($) Fixed/Variable Parent Name Value S and P Moodys Fitch Country Sponsor Asset Backed CommerBARTON CAPITAL 06945LH19 01.08.2016 01.08.2016 0,61 250.000,00 249.892,22 Fixed Societe Generale 2,30 A-1 P-1 F1 FRANCE Societe Generale Asset Backed CommerBEDFORD ROW FU 07644AKS2 26.10.2016 26.10.2016 0,86 400.000,00 399.053,38 Fixed Royal Bank of Canada3,60 A-1+ P-1 NR CANADA Royal Bank of Canada Asset Backed CommerCEDAR SPRINGS CA15060XH54 05.08.2016 05.08.2016 0,65 300.000,00 299.857,20 Fixed UBS AG 2,70 A-1 P-1 NR SWITZERLAND Guggenheim Treasury Services LLC Asset Backed CommerFAIRWAY FINANCE30601YTG0 21.07.2016 21.10.2016 0,84 300.000,00 300.159,60 Variable Bank of Montreal 2,70 A-1 P-1 NR CANADA Bank of Montreal Asset Backed CommerKELLS FUNDING LL48802TUM5 05.08.2016 05.08.2016 0,59 350.000,00 349.843,90 Fixed Germany (Federal Rep 3,20 A-1+ P-1 NR GERMANY FMS WERTMANAGEMENT ANSTALT DES OEFFENTLICHEN RECHTS Asset Backed CommerVICTORY RECEIVA92646KHQ8 24.08.2016 24.08.2016 0,62 300.000,00 299.758,46 Fixed MITSUBISHI UFJ FIN2,70 A-1 P-1 F1 JAPAN THE BANK OF TOKYO-MITSUBISHI UFJ LTD. Asset Backed CommerCANCARA ASSET S 13738JH11 01.08.2016 01.08.2016 0,60 250.000,00 249.896,67 Fixed Lloyds Banking Group2,30 A-1 P-1 F1 UNITED KINGDOM Lloyds Bank PLC Asset Backed CommerRIDGEFIELD FUND 76582JHF4 15.08.2016 15.08.2016 0,71 300.000,00 299.807,18 Fixed BNP Paribas 2,70 A-1 P-1 NR FRANCE Guggenheim Treasury Services LLC Certificate of Deposit BANCO DEL ESTAD05969YMV2 12.09.2016 12.09.2016 0,62 300.000,00 300.036,82 Fixed BANCO DEL ESTAD2,70 A-1+ P-1 F1 CHILE NA Certificate of Deposit CANADIAN IMPERI 13606AQZ4 24.08.2016 24.08.2016 0,85 300.000,00 300.172,02 Fixed Canadian Imperial Ban2,70 A-1 P-1 F1+ CANADA NA Certificate of Deposit MIZUHO BANK LIM60689DYG2 04.01.2017 04.01.2017 1,00 300.000,00 300.048,24 Fixed Mizuho Financial Gro 2,70 A-1 P-1 F1 JAPAN NA Certificate of Deposit NATIXIS - NEW YO 63873FB72 31.08.2016 31.08.2016 0,90 220.000,00 220.161,94 Fixed GROUP BPCE 2,00 A-1 P-1 F1 FRANCE NA Certificate of Deposit NORINCHUKIN BAN65602TP96 01.07.2016 01.07.2016 0,77 300.000,00 300.003,63 Fixed NORINCHUKIN BAN2,70 A-1 P-1 NR JAPAN NA Certificate of Deposit SUMITOMO MITSUI86563QA91 25.08.2016 25.08.2016 0,75 300.000,00 300.117,56 Fixed SUMITOMO MITSUI2,70 A-1 P-1 F1 JAPAN NA Certificate of Deposit SUMITOMO MITSUI86563K5K5 16.08.2016 16.08.2016 0,73 300.000,00 300.102,64 Fixed SUMITOMO MITSUI2,70 A-1 P-1 F1 JAPAN NA Certificate of Deposit THE CHIBA BANK L16706BWV6 15.07.2016 15.07.2016 0,64 200.000,00 200.019,14 Fixed THE CHIBA BANK L1,80 A-1 P-1 NR JAPAN NA Certificate of Deposit THE CHIBA BANK L16706BXJ2 01.07.2016 01.07.2016 0,47 200.000,00 200.000,75 Fixed THE CHIBA BANK L1,80 A-1 P-1 NR JAPAN NA Certificate of Deposit WESTPAC BANKIN 96121TE95 23.07.2016 21.10.2016 0,88 400.000,00 400.273,60 Variable Westpac Banking Cor 3,60 A-1+ P-1 F1+ AUSTRALIA NA Certificate of Deposit CREDIT AGRICOLE 22534HGS4 12.10.2016 12.10.2016 0,90 300.000,00 300.191,73 Fixed CREDIT AGRICOLE 2,70 A-1 P-1 F1 FRANCE NA Certificate of Deposit SHIZUOKA BANK N82487AX44 10.08.2016 10.08.2016 0,61 250.000,00 250.023,56 Fixed SHIZUOKA BANK 2,30 A-1 P-1 F1 JAPAN NA Financial Company CoNORDEA BANK AB 65558FHB4 11.08.2016 11.08.2016 0,80 400.000,00 399.793,73 Fixed Nordea Bank AB 3,60 A-1+ P-1 F1+ SWEDEN NA Financial Company CoBANK OF NOVA SC 06417LBK2 08.07.2016 08.11.2016 0,85 300.000,00 300.135,00 Variable Bank of Nova Scotia - 2,70 A-1 P-1 F1+ CANADA NA Financial Company CoBNZ INTERNATION0556X0KS2 26.10.2016 26.10.2016 0,86 300.000,00 299.414,92 Fixed National Australia Ban2,70 A-1+ P-1 F1+ AUSTRALIA NA Financial Company CoCHINA CONSTRUCT16891MG11 01.07.2016 01.07.2016 0,45 300.000,00 299.995,74 Fixed CHINA CONSTRUCT2,70 A-1 P-1 F1 CHINA NA Financial Company CoCOMMONWEALTH 20272DJW1 30.09.2016 30.09.2016 0,81 400.000,00 399.475,60 Fixed Commonwealth Bank 3,60 A-1+ P-1 F1+ AUSTRALIA NA Financial Company CoCOOPERATIEVE RA21687AL27 02.11.2016 02.11.2016 0,85 400.000,00 398.993,06 Fixed Co?peratieve Raboban3,60 A-1 P-1 F1+ NETHERLANDS NA Financial Company CoCREDIT SUISSE AG 22533HBD3 22.07.2016 22.07.2016 0,86 300.000,00 300.075,90 Variable Credit Suisse Group 2,70 A-1 P-1 F1 SWITZERLAND NA Financial Company CoHSBC BANK PLC 40433FGB9 21.07.2016 21.07.2016 0,80 400.000,00 400.082,00 Variable HSBC Holdings PLC 3,60 A-1+ P-1 F1+ UNITED KINGDOM NA Financial Company CoINDUSTRIAL & COM45581BG19 01.07.2016 01.07.2016 0,45 369.000,00 368.994,24 Fixed INDUSTRIAL AND C3,40 A-1 P-1 F1 CHINA NA Financial Company CoING (US) FUNDING 4497W0HH4 17.08.2016 17.08.2016 0,85 300.000,00 299.825,60 Fixed ING Groep NV 2,70 A-1 P-1 NR NETHERLANDS NA Financial Company CoSKANDINAVISKA E83050TKR1 25.10.2016 25.10.2016 0,85 300.000,00 299.384,78 Fixed Skandinaviska Enskild2,70 A-1 P-1 F1+ SWEDEN NA Financial Company CoSVENSKA HANDEL 86960JJ14 01.09.2016 01.09.2016 0,84 300.000,00 299.739,60 Fixed Svenska Handelsbanke2,70 A-1+ P-1 F1+ SWEDEN NA Financial Company CoSWEDISH EXPORT 87030JJP5 23.09.2016 23.09.2016 0,81 400.000,00 399.523,06 Fixed Sweden (Kingdom of) 3,60 A-1+ P-1 NR SWEDEN NA Financial Company CoTORONTO-DOMINI 89116EMK6 19.12.2016 19.12.2016 0,87 400.000,00 398.354,53 Fixed The Toronto Dominion3,60 A-1+ P-1 NR CANADA NA Other Investment (Cor AUSTRALIA & NEW05252TBS8 27.08.2016 28.11.2016 0,84 300.000,00 299.970,90 Variable Australia and New Zea2,70 A-1+ P-1 F1+ AUSTRALIA NA Grand 10.983.178,90 99,20 Weighted Average Life 69 Must be preceded or accompanied by a prospectus. The UNAUDITED UNCERTIFIED MUTUAL FUND HOLDINGS LIST ( the list ) IS TO BE USED FOR REPORTING PURPOSES ONLY. The list is submitted for the general information of the Fund. The list has been created from the books and records of the Fund without examination by independent auditors. The uncertified holdings list is available on a one business day lag. The figures shown in the Value column, represent the values of the Fund s investments using the amortized cost method of valuation pursuant to Rule 2a-7 of the Investment Company Act of 1940. The list is subject to change without notice. The Value represents the Gross Assets of the Fund and may include forward settling trades. This list is for informational purposes only and not intended as an offer or solicitation with respect to the purchase or sale of any security.

Each business day, each Fund will make available upon request an uncertified complete schedule of its portfolio holdings as of the prior business day. Shareholders may request portfolio holdings schedules for a particular day or on an ongoing basis at no charge by calling 1-800-480-4111. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes Dollar-weighted average maturity: The average maturity of the Fund is the average amount of time until the organizations that issued the debt securities in the Fund's portfolio must pay off the principal amount of the debt. "Dollar-weighted" means the larger the dollar value of debt security in the Fund, the more weight it gets in calculating this average. To calculate the dollar-weighted average maturity, the Fund may treat a variable or floating rate security as having a maturity equal to the time remaining to the security's next interest rate reset date rather than the security's actual maturity date. Dollar-weighted average life: The dollar weighted average portfolio maturity without reference to the exceptions used for variable or floating rate securities regarding the use of the date of interest rate resets in lieu of the security's actual maturity date. Legal : The final legal maturity date is the date on which the organization that issued the debt security must pay off the principal amount of the debt. J. P. Morgan Asset Management is the marketing name for the asset management business of JPMorganChase & Co. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorganChase & Co. Affiliates of JPMorganChase & Co. Affiliates of JPMorganChase & Co. receive fees for providing various services to the funds. JPMorganChase & Co. 2016. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

JPM US DOLLAR CURRENT RESERVES FUND [ UNAUDITED ] As of: 08-Jun-2016 Category Of Investment Value (USD) Value Asset Backed Commercial Paper 2,447,261.19 22.3% Certificate of Deposit 2,871,219.60 26.1% Financial Company Commercial Paper 5,364,853.07 48.8% Other Investment (Corporate Note) 299,985.60 2.7% 10,983,319.46 100.0% JPM US DOLLAR CURRENT RESERVES FUND [ UNAUDITED ] Name Fixed/Variable Parent Name ISIN Coupon / Legal Amount Value (USD) Fitch Country Sponsor Security ID Yield Value Asset Backed Commercial Paper BARTON CAPITAL S.A. Fixed Societe Generale 06945LH19 US06945LH192 0.61% AUG-01-2016 AUG-01-2016 250,000.00 249,793.75 2.3% A-1 P-1 F1 FRANCE Societe Generale BEDFORD ROW FUNDING CORP. Fixed Royal Bank of Canada 07644AKS2 US07644AKS23 0.86% OCT-26-2016 OCT-26-2016 400,000.00 398,786.67 3.6% A-1+ P-1 NR CANADA Royal Bank of Canada CANCARA ASSET SECURITIZATION LLC Fixed Lloyds Banking Group PLC 13738JH11 US13738JH113 0.60% AUG-01-2016 AUG-01-2016 250,000.00 249,797.50 2.3% A-1 P-1 F1 UNITED KINGDOM Lloyds Bank PLC CEDAR SPRINGS CAPITAL COMPANY LLC Fixed UBS AG 15060XH54 US15060XH541 0.65% AUG-05-2016 AUG-05-2016 300,000.00 299,732.72 2.7% A-1 P-1 NR SWITZERLAND Guggenheim Treasury Services LLC FAIRWAY FINANCE CORPORATION Variable Bank of Montreal 30601YTG0 US30601YTG07 0.83% JUN-21-2016 OCT-21-2016 300,000.00 300,162.90 2.7% A-1 P-1 NR CANADA Bank of Montreal KELLS FUNDING LLC Fixed Germany (Federal Republic of) 48802TUM5 US48802TUM51 0.59% AUG-05-2016 AUG-05-2016 350,000.00 349,705.09 3.2% A-1+ P-1 NR GERMANY FMS WERTMANAGEMENT ANSTALT DES OEFFENTLICHEN RECHTS RIDGEFIELD FUNDING COMPANY LLC - SERIES Fixed BNP Paribas 76582JHF4 US76582JHF49 0.71% AUG-15-2016 AUG-15-2016 300,000.00 299,670.77 2.7% A-1 P-1 NR FRANCE Guggenheim Treasury Services LLC VICTORY RECEIVABLES CORPORATION Fixed MITSUBISHI UFJ FINANCIAL GROUP 92646KHQ8 US92646KHQ85 0.62% AUG-24-2016 AUG-24-2016 300,000.00 299,611.79 2.7% A-1 P-1 F1 JAPAN THE BANK OF TOKYO-MITSUBISHI UFJ LTD. Certificate of Deposit BANCO DEL ESTADO DE CHILE NEW YORK BRANC Fixed BANCO DEL ESTADO DE CHILE 05969YMV2 US05969YMV29 0.62% SEP-12-2016 SEP-12-2016 300,000.00 299,988.80 2.7% A-1+ P-1 F1 CHILE NA CANADIAN IMPERIAL BANK OF COMMERCE Fixed Canadian Imperial Bank of Commerce 13606AQZ4 US13606AQZ48 0.85% AUG-24-2016 AUG-24-2016 300,000.00 300,233.84 2.7% A-1 P-1 F1+ CANADA NA CREDIT AGRICOLE CORPORATE AND INVESTMENT Fixed CREDIT AGRICOLE SA 22534HGS4 US22534HGS40 0.90% OCT-12-2016 OCT-12-2016 300,000.00 300,206.34 2.7% A-1 P-1 F1 FRANCE NA NATIXIS - NEW YORK BRANCH Fixed GROUP BPCE 63873FB72 US63873FB720 0.90% AUG-31-2016 AUG-31-2016 220,000.00 220,151.08 2.0% A-1 P-1 F1 FRANCE NA NORINCHUKIN BANK-NEW YORK Fixed NORINCHUKIN BANK JOM 65602TP96 US65602TP961 0.77% JUL-01-2016 JUL-01-2016 300,000.00 300,067.61 2.7% A-1 P-1 NR JAPAN NA SHIZUOKA BANK NEW YORK BRANCH Fixed SHIZUOKA BANK 82487AX44 US82487AX440 0.61% AUG-10-2016 AUG-10-2016 250,000.00 250,006.03 2.3% A-1 P-1 F1 JAPAN NA SUMITOMO MITSUI BANKING CORP-NY Fixed SUMITOMO MITSUI FINANCIAL GROUP INCORPOR 86563QA91 US86563QA919 0.75% AUG-25-2016 AUG-25-2016 300,000.00 300,113.75 2.7% A-1 P-1 F1 JAPAN NA SUMITOMO MITSUI TRUST BANK LIMITED NEW Fixed SUMITOMO MITSUI TRUST HOLDINGS INC 86563K5K5 US86563K5K54 0.73% AUG-16-2016 AUG-16-2016 300,000.00 300,113.36 2.7% A-1 P-1 F1 JAPAN NA THE CHIBA BANK LTD-NEW YORK Fixed THE CHIBA BANK LTD 16706BWV6 US16706BWV60 0.64% JUL-15-2016 JUL-15-2016 200,000.00 200,023.59 1.8% A-1 P-1 NR JAPAN NA WESTPAC BANKING CORPORATION - NEW YORK B Variable Westpac Banking Corp. 96121TE95 US96121TE951 0.88% JUL-23-2016 OCT-21-2016 400,000.00 400,315.20 3.6% A-1+ P-1 F1+ AUSTRALIA NA Financial Company Commercial Paper BANK OF NOVA SCOTIA-HOUSTON Variable Bank of Nova Scotia - (ScotiaBank) 06417LBK2 US06417LBK26 0.85% JUL-08-2016 NOV-08-2016 300,000.00 300,157.50 2.7% A-1 P-1 F1+ CANADA NA BNZ INTERNATIONAL FUNDING LTD Fixed National Australia Bank Ltd. 0556X0KS2 US0556X0KS20 0.86% OCT-26-2016 OCT-26-2016 300,000.00 299,245.17 2.7% A-1+ P-1 F1+ AUSTRALIA NA CAISSE CENTRALE DESJARDINS Fixed CAISSE CENTRALE DESJARDINS 1280C2FF1 US1280C2FF12 0.38% JUN-15-2016 JUN-15-2016 400,000.00 399,971.22 3.6% A-1 P-1 F1+ CANADA NA CHINA CONSTRUCTION BANK CORPORATION NEW Fixed CHINA CONSTRUCTION BANK CORPORATION 16891MF95 US16891MF958 0.42% JUN-09-2016 JUN-09-2016 450,000.00 449,994.75 4.1% A-1 P-1 F1 CHINA NA COMMONWEALTH BANK OF AUSTRALIA Fixed Commonwealth Bank of Australia Ltd. 20272DJW1 US20272DJW11 0.81% SEP-30-2016 SEP-30-2016 400,000.00 399,227.33 3.6% A-1+ P-1 F1+ AUSTRALIA NA COOPERATIEVE RABOBANK U.A Fixed Coï ½peratieve Rabobank U.A 21687AL27 US21687AL279 0.85% NOV-02-2016 NOV-02-2016 400,000.00 398,711.30 3.6% A-1 P-1 F1+ NETHERLANDS NA CREDIT SUISSE AG - NEW YORK BRANCH Variable Credit Suisse Group 22533HBD3 US22533HBD35 0.85% JUN-26-2016 JUL-22-2016 300,000.00 300,141.90 2.7% A-1 P-1 F1 SWITZERLAND NA HSBC BANK PLC Variable HSBC Holdings PLC 40433FGB9 0.79% JUN-21-2016 JUL-21-2016 400,000.00 400,156.80 3.6% A-1+ P-1 F1+ UNITED KINGDOM NA INDUSTRIAL & COMMERCIAL BK OF CHINA NY Fixed INDUSTRIAL AND COMMERCIAL BANK OF CHINA 45581BF93 US45581BF938 0.42% JUN-09-2016 JUN-09-2016 320,000.00 319,996.27 2.9% A-1 P-1 F1 CHINA NA ING (US) FUNDING LLC Fixed ING Groep NV 4497W0HH4 US4497W0HH49 0.85% AUG-17-2016 AUG-17-2016 300,000.00 299,698.42 2.7% A-1 P-1 NR NETHERLANDS NA NORDEA BANK AB Fixed Nordea Bank AB 65558FHB4 US65558FHB40 0.80% AUG-11-2016 AUG-11-2016 400,000.00 399,648.71 3.6% A-1+ P-1 F1+ SWEDEN NA SKANDINAVISKA ENSKILDA BANKEN AB Fixed Skandinaviska Enskilda Banken 83050TKR1 US83050TKR13 0.85% OCT-25-2016 OCT-25-2016 300,000.00 299,164.84 2.7% A-1 P-1 F1+ SWEDEN NA SVENSKA HANDELSBANKEN AB (PUBL) - NEW YO Fixed Svenska Handelsbanken 86960JJ14 US86960JJ145 0.84% SEP-01-2016 SEP-01-2016 300,000.00 299,576.42 2.7% A-1+ P-1 F1+ SWEDEN NA SWEDISH EXPORT CREDIT CORP Fixed Sweden (Kingdom of) 87030JJP5 US87030JJP57 0.81% SEP-23-2016 SEP-23-2016 400,000.00 399,328.28 3.6% A-1+ P-1 NR SWEDEN NA TORONTO-DOMINION HOLDINGS USA INC. Fixed The Toronto Dominion Bank 89116EGC1 US89116EGC12 0.80% JUL-12-2016 JUL-12-2016 400,000.00 399,834.16 3.6% A-1+ P-1 NR CANADA NA Other Investment (Corporate Note) AUSTRALIA & NEW ZEALAND BANKING GROUP LI Variable Australia and New Zealand Banking Group 05252TBS8 US05252TBS87 0.84% SEP-03-2016 NOV-28-2016 300,000.00 299,985.60 2.7% A-1+ P-1 F1+ AUSTRALIA NA

10,983,319.46 100.0% Weighted Average Life: 81 Weighted Average : 67 Disclaimer The UNAUDITED FUND PORTFOLIO HOLDINGS LIST" ( the list ) IS FOR REPORTING PURPOSES ONLY. The information in the report has been retrieved from sources that have been deemed reliable. While every attempt is made to provide a complete report, from time to time there may be incomplete coverage of enhanced security information. The list has been prepared and provided for general information on the Fund only and has been created from the books and records of the Fund without examination by independent auditors. It is not to be disseminated further without the explicit consent of J.P. Morgan Asset Management. The list is strictly to be utilised as a guide for investment purposes and should in no circumstances be taken as an advice or recommendation to buy or sell shares in the Fund. Any investment in the Fund should be based upon the Prospectus of the Fund, a copy of which can be obtained free of charge through any of the issuers set out below. The list is not to be considered as nor is it intended as an offer or solicitation in any jurisdiction for the purchase of shares in the Fund. The list is submitted for the general information of the Fund. The list has been created from the books and records of the Fund without examination by independent auditors. The uncertified holdings list is available on a one day business lag. Fixed income securities (other than certain short-term investments maturing in less than 61 days) are valued each day based on prices received from independent pricing services companies some of which may be affiliated companies of J.P. Morgan Chase & Co.. Generally, short-term investments of sufficient credit quality maturing in less than 61 days are valued at amortized cost, which approximates fair value. The list is subject to change without notice. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes. Weighted Average : WAM is a measure of the average length of time to maturity of all of the underlying securities in the fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset to the money market rate, rather than the time remaining before the principal value of the security must be repaid. In practice, WAM is used to measure the sensitivity of a money market fund to changing money market interest rates.

Weighted Average Life: WAL is the weighted average of the remaining life (maturity) of each security held in a fund, meaning the time until the principal is repaid in full (disregarding interest and not dis-counting). Contrary to what is done in the calculation of the WAM, the calculation of the WAL for floating rate securities and structured financial instruments does not permit the use of interest rate reset dates and instead only uses a security s stated final maturity. WAL is used to measure the credit risk, as the longer the reimbursement of principal is postponed, the higher is the credit risk. WAL is also used to limit the liquidity risk. legal maturity date: The final legal maturity date is the date on which the organization that issued the debt security must pay off the principal amount of the debt. The date represents the earliest of the next put date, next demand date or final maturity date. Country: Refers to the country where the Parent Company is domiciled. Sponsor: Sponsors are only listed for asset backed commercial paper programs. The entity listed is primarily responsible for performing administrative functions for the program. Its financial strength, ability or willingness to provide liquidity, credit, or other support may or may not have been considered as a factor in analyzing the program s quality or liquidity. J. P. Morgan Asset Management is the marketing name for the asset management business of JPMorganChase & Co. This list is issued in the United Kingdom by J.P.Morgan Asset Management Marketing Limited, 25 Bank St., Canary Wharf, London E14 5JP. J.P.Morgan Asset Management Marketing Limited which is authorised and regulated by the Financial Conduct Authority; in other EU jurisdictions by J.P.Morgan Asset Management (Europe) S.à r.l.,6, route de Trèves, L- 2633 Senningerberg, Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10,000,000; Issued in Hong Kong by JPMorgan Funds (Asia) Limited, 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong; And in Singapore by JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, Capital Tower #16-00, Singapore 068912 S-394-061-872 09-Jun-2016 10:37:12

UNAUDITED JPM USD CURRENT RESERVES FUND 4/30/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Asset Backed Commercial Paper BARTON CAPITAL S.A. 0.61 05/11/16 05/11/16 06945LEB0 250,000.00 249,967.08 2.28 P-1 A-1 FRANCE Asset Backed Commercial Paper BEDFORD ROW FUNDING CORP. 0.86 10/26/16 10/26/16 07644AKS2 400,000.00 398,280.00 3.63 P-1 A-1+ CANADA Asset Backed Commercial Paper CEDAR SPRINGS CAPITAL COMPANY LLC 0.65 08/05/16 08/05/16 15060XH54 300,000.00 299,482.23 2.73 P-1 A-1 SWITZERLAND Asset Backed Commercial Paper FAIRWAY FINANCE CORPORATION 0.83 05/21/16 10/21/16 30601YTG0 300,000.00 300,049.50 2.73 P-1 A-1 CANADA Asset Backed Commercial Paper RIDGEFIELD FUNDING COMPANY LLC - SERIES 0.71 08/15/16 08/15/16 76582JHF4 300,000.00 299,402.40 2.73 P-1 A-1 FRANCE Certificate of Deposit BANCO DEL ESTADO DE CHILE NEW YORK BRANC 0.62 06/03/16 06/03/16 05969YHT3 300,000.00 300,052.30 2.73 P-1 A-1+ CHILE Certificate of Deposit CANADIAN IMPERIAL BANK OF COMMERCE 0.85 08/24/16 08/24/16 13606AQZ4 300,000.00 300,164.37 2.73 P-1 A-1 CANADA Certificate of Deposit CREDIT AGRICOLE CORPORATE AND INVESTMENT 0.90 10/12/16 10/12/16 22534HGS4 300,000.00 300,111.15 2.73 P-1 A-1 FRANCE Certificate of Deposit CREDIT INDUSTRIEL ET COMMERCIAL 0.72 05/10/16 05/10/16 22536TZE6 250,000.00 250,028.52 2.28 P-1 A-1 FRANCE Certificate of Deposit INDUSTRIAL & COMMERCIAL BK OF CHINA NY 0.46 05/03/16 05/03/16 45580DCF9 300,000.00 299,999.77 2.73 P-1 A-1 CHINA Certificate of Deposit NATIXIS - NEW YORK BRANCH 0.90 08/31/16 08/31/16 63873FB72 220,000.00 220,203.63 2.01 P-1 A-1 FRANCE Certificate of Deposit SUMITOMO MITSUI BANKING CORP-NY 0.75 08/25/16 08/25/16 86563QA91 300,000.00 300,044.77 2.73 P-1 A-1 JAPAN Certificate of Deposit SUMITOMO MITSUI TRUST BANK LIMITED NEW 0.73 08/16/16 08/16/16 86563K5K5 300,000.00 300,047.78 2.73 P-1 A-1 JAPAN Certificate of Deposit THE CHIBA BANK LTD-NEW YORK 0.48 05/04/16 05/04/16 16706BWA2 250,000.00 250,003.12 2.28 P-1 A-1 JAPAN Certificate of Deposit WESTPAC BANKING CORPORATION - NEW YORK B 0.88 07/23/16 10/21/16 96121TE95 400,000.00 400,176.00 3.65 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper AGRICULTURAL BANK OF CHINA LIMITED - NEW 0.45 05/04/16 05/04/16 00850UE42 300,000.00 299,984.67 2.73 P-1 A-1 CHINA Financial Company Commercial Paper BANK NEDERLANDSE GEMEENTEN N.V. 0.42 05/02/16 05/02/16 62944GE25 400,000.00 399,988.83 3.64 P-1 A-1+ NETHERLANDS Financial Company Commercial Paper BANK OF NOVA SCOTIA-HOUSTON 0.84 05/08/16 11/08/16 06417LBK2 300,000.00 300,020.40 2.73 P-1 A-1 CANADA Financial Company Commercial Paper BNZ INTERNATIONAL FUNDING LTD 0.86 10/26/16 10/26/16 0556X0KS2 300,000.00 298,905.00 2.72 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper CHINA CONSTRUCTION BANK CORPORATION NEW 0.41 05/02/16 05/02/16 16891ME21 466,000.00 465,981.32 4.25 P-1 A-1 CHINA Financial Company Commercial Paper COMMONWEALTH BANK OF AUSTRALIA 0.81 09/30/16 09/30/16 20272DJW1 400,000.00 398,858.69 3.63 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper CREDIT SUISSE AG - NEW YORK BRANCH 0.85 05/26/16 07/22/16 22533HBD3 300,000.00 300,191.70 2.73 P-1 A-1 SWITZERLAND Financial Company Commercial Paper DANSKE CORPORATION 0.60 05/05/16 05/05/16 2363F6E55 250,000.00 249,984.63 2.28 P-1 A-1 DENMARK Financial Company Commercial Paper HSBC BANK PLC 0.79 05/21/16 07/21/16 40433FGB9 400,000.00 400,200.40 3.65 P-1 A-1+ UNITED KINGDOM Financial Company Commercial Paper ING (US) FUNDING LLC 0.85 08/17/16 08/17/16 4497W0HH4 300,000.00 299,374.83 2.73 P-1 A-1 NETHERLANDS Financial Company Commercial Paper MACQUARIE BANK LIMITED 0.63 06/06/16 06/06/16 55607KF68 250,000.00 249,888.90 2.28 P-1 A-1 AUSTRALIA Financial Company Commercial Paper MIZUHO BANK LIMITED-NEW YORK 0.65 05/11/16 05/11/16 60689FEB0 250,000.00 249,975.38 2.28 P-1 A-1 JAPAN Financial Company Commercial Paper NATIONAL BANK OF CANADA/NY 0.74 05/03/16 06/09/16 63307NAL1 250,000.00 250,079.25 2.28 P-1 A-1 CANADA Financial Company Commercial Paper NORDEA BANK AB 0.80 08/11/16 08/11/16 65558FHB4 400,000.00 399,424.53 3.64 P-1 A-1+ SWEDEN Financial Company Commercial Paper SKANDINAVISKA ENSKILDA BANKEN AB 0.85 10/25/16 10/25/16 83050TKR1 300,000.00 298,738.05 2.72 P-1 A-1 SWEDEN Financial Company Commercial Paper SVENSKA HANDELSBANKEN AB (PUBL) - NEW YO 0.84 09/01/16 09/01/16 86960JJ14 300,000.00 299,273.96 2.73 P-1 A-1+ SWEDEN Financial Company Commercial Paper SWEDISH EXPORT CREDIT CORP 0.81 09/23/16 09/23/16 87030JJP5 400,000.00 398,998.77 3.63 P-1 A-1+ SWEDEN Financial Company Commercial Paper TORONTO-DOMINION HOLDINGS USA INC. 0.80 07/12/16 07/12/16 89116EGC1 400,000.00 399,562.58 3.64 P-1 A-1+ CANADA Non-Financial Company Commercial PELECTRICITE DE FRANCE SA 0.84 05/23/16 05/23/16 28504GEP7 250,000.00 249,880.00 2.28 P-1 A-1 FRANCE Other Investment (Corporate Note) AUSTRALIA & NEW ZEALAND BANKING GROUP LI 0.77 06/03/16 11/28/16 05252TBS8 300,000.00 299,850.30 2.73 P-1 A-1+ AUSTRALIA Grand 10,977,174.81 100.00 Weighted Average 72 Weighted Average Life 94 The UNAUDITED FUND PORTFOLIO HOLDINGS LIST" ( the list ) IS FOR REPORTING PURPOSES ONLY. The list has been prepared and provided for general information on the Fund only and has been created from the books and records of the Fund without examination by independent auditors. It is not to be disseminated further without the explicit consent of J.P. Morgan Asset Management. The list is strictly to be utilised as a guide for investment purposes and should in no circumstances be taken as an advice or recommendation to buy or sell shares in the Fund. Any investment in the Fund should be based upon the Prospectus of the Fund, a copy of which can be obtained free of charge through any of the issuers set out below. The list is not to be considered as nor is it intended as an offer or solicitation in any jurisdiction for the purchase of shares in the Fund. The list is available on a one business day lag and is subject to change without notice. The figures shown in the "Value" column, represent the values of the Fund's investments using the amortised cost method of valuation pursuant to the standards and requirements of Luxembourg law and regulation and the Institutional Money Market Funds Association code. The Value represents the Gross Assets of the Fund and may include forward settling trades. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes. Page 1 of 2

UNAUDITED JPM USD CURRENT RESERVES FUND 4/30/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Weighted Average : WAM is a measure of the average length of time to maturity of all of the underlying securities in the fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset to the money market rate, rather than the time remaining before the principal value of the security must be repaid. In practice, WAM is used to measure the sensitivity of a money market fund to changing money market interest rates. Weighted Average Life: WAL is the weighted average of the remaining life (maturity) of each security held in a fund, meaning the time until the principal is repaid in full (disregarding interest and interest rate reset dates and instead only uses a security's stated final maturity. WAL is used to measure the credit risk, as the longer the reimbursement of principal is postponed, the higher is the credit risk. WAL is also used to limit the liquidity risk. Legal : The final legal maturity date is the date on which the organization that issued the debt security must pay off the principal amount of the debt. J. P. Morgan Asset Management is the marketing name for the asset management business of JPMorganChase & Co. This list is issued in the United Kingdom by J.P.Morgan Asset Management Marketing Limited, 25 Bank St., Canary Wharf, London E14 5JP. J.P.Morgan Asset Management Marketing Limited which is authorised and regulated by the Financial Conduct Authority; in other EU jurisdictions by J.P.Morgan Asset Management (Europe) S.à r.l.,6, route de Trèves, L-2633 Senningerberg, Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10,000,000; Issued in Hong Kong by JPMorgan Funds (Asia) Limited, 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong; And in Singapore by JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, Capital Tower #16-00, Singapore 068912 Page 2 of 2

UNAUDITED JPM USD CURRENT RESERVES As of : 03/31/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Asset Backed Commercial Paper BARTON CAPITAL S.A. 0.61% 05/11/16 05/11/16 06945LEB0 250,000.00 249,879.85 2.28 P-1 A-1 FRANCE Asset Backed Commercial Paper CANCARA ASSET SECURITIZATION LLC 0.63% 04/04/16 04/04/16 13738JD49 300,000.00 299,986.13 2.73 P-1 A-1 UNITED KINGDOM Asset Backed Commercial Paper CEDAR SPRINGS CAPITAL COMPANY LLC 0.68% 04/20/16 04/20/16 15060XDL3 300,000.00 299,928.33 2.73 P-1 A-1 SWITZERLAND Asset Backed Commercial Paper FAIRWAY FINANCE CORPORATION 0.82% 04/21/16 10/21/16 30601YTG0 300,000.00 299,717.19 2.73 P-1 A-1 CANADA Asset Backed Commercial Paper GOTHAM FUNDING CORPORATION 0.45% 04/08/16 04/08/16 38346LD86 300,000.00 299,971.93 2.73 P-1 A-1 JAPAN Asset Backed Commercial Paper METLIFE SHORT TERM FUNDING LLC 0.61% 04/25/16 04/25/16 59157TDR1 350,000.00 349,901.80 3.19 P-1 A-1+ UNITED STATES Asset Backed Commercial Paper NIEUW AMSTERDAM RECEIVABLES CORPORATION 0.63% 04/04/16 04/04/16 65409RD49 400,000.00 399,981.51 3.64 P-1 A-1 NETHERLANDS Asset Backed Commercial Paper THUNDER BAY FUNDING LLC 0.70% 05/09/16 05/09/16 88602TE90 400,000.00 399,798.93 3.64 P-1 A-1 CANADA Certificate of Deposit BANCO DEL ESTADO DE CHILE NEW YORK BRANCH 0.62% 06/03/16 06/03/16 05969YHT3 300,000.00 300,071.71 2.73 P-1 A-1+ CHILE Certificate of Deposit CANADIAN IMPERIAL BANK OF COMMERCE 0.85% 08/24/16 08/24/16 13606AQZ4 300,000.00 300,131.45 2.73 P-1 A-1 CANADA Certificate of Deposit CREDIT INDUSTRIEL ET COMMERCIAL 0.72% 05/10/16 05/10/16 22536TZE6 250,000.00 250,088.70 2.28 P-1 A-1 FRANCE Certificate of Deposit INDUSTRIAL & COMMERCIAL BK OF CHINA NY 0.80% 04/07/16 04/07/16 45580DAF1 300,000.00 300,022.00 2.73 P-1 A-1 CHINA Certificate of Deposit NATIXIS - NEW YORK BRANCH 0.90% 08/31/16 08/31/16 63873FB72 220,000.00 220,099.43 2.01 P-1 A-1 FRANCE Certificate of Deposit NORINCHUKIN BANK-NEW YORK 0.63% 04/08/16 04/08/16 65602TK67 300,000.00 300,019.03 2.73 P-1 A-1 JAPAN Certificate of Deposit WESTPAC BANKING CORPORATION - NEW YORK BRANCH 0.87% 04/23/16 10/21/16 96121TE95 400,000.00 400,095.20 3.65 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper ABN AMRO FUNDING USA LLC 0.63% 04/26/16 04/26/16 00084BDS0 250,000.00 249,928.50 2.28 P-1 A-1 NETHERLANDS Financial Company Commercial Paper AGRICULTURAL BANK OF CHINA LIMITED - NEW YORK BRANCH 0.44% 04/06/16 04/06/16 00850UD68 300,000.00 299,982.60 2.73 P-1 A-1 CHINA Financial Company Commercial Paper CAISSE DES DEPOTS ET CONSIGNATIONS 0.60% 04/26/16 04/26/16 12800ADS0 300,000.00 299,927.63 2.73 P-1 A-1+ FRANCE Financial Company Commercial Paper CHINA CONSTRUCTION BANK CORPORATION NEW YORK BRANCH 0.40% 04/01/16 04/01/16 16891MD14 410,000.00 409,995.31 3.74 P-1 A-1 CHINA Financial Company Commercial Paper CREDIT SUISSE AG - NEW YORK BRANCH 0.84% 04/26/16 07/22/16 22533HBD3 300,000.00 300,226.80 2.74 P-1 A-1 SWITZERLAND Financial Company Commercial Paper DANSKE CORPORATION 0.60% 05/05/16 05/05/16 2363F6E55 250,000.00 249,902.05 2.28 P-1 A-1 DENMARK Financial Company Commercial Paper HSBC BANK PLC 0.78% 04/21/16 07/21/16 40433FGB9 400,000.00 400,229.20 3.65 P-1 A-1+ UNITED KINGDOM Financial Company Commercial Paper ING (US) FUNDING LLC 0.85% 08/17/16 08/17/16 4497W0HH4 300,000.00 299,127.77 2.73 P-1 A-1 NETHERLANDS Financial Company Commercial Paper MACQUARIE BANK LIMITED 0.63% 06/06/16 06/06/16 55607KF68 250,000.00 249,794.35 2.28 P-1 A-1 AUSTRALIA Financial Company Commercial Paper MIZUHO BANK LIMITED-NEW YORK 0.65% 05/11/16 05/11/16 60689FEB0 250,000.00 249,877.57 2.28 P-1 A-1 JAPAN Financial Company Commercial Paper NATIONAL BANK OF CANADA/NY 0.54% 04/03/16 06/09/16 63307NAL1 250,000.00 250,111.00 2.28 P-1 A-1 CANADA Financial Company Commercial Paper NORDEA BANK AB 0.80% 08/11/16 08/11/16 65558FHB4 400,000.00 399,054.22 3.64 P-1 A-1+ SWEDEN Financial Company Commercial Paper SKANDINAVISKA ENSKILDA BANKEN AB 0.66% 07/11/16 07/11/16 83050TGB1 250,000.00 249,589.17 2.27 P-1 A-1 SWEDEN Financial Company Commercial Paper SVENSKA HANDELSBANKEN AB (PUBL) - NEW YORK 0.84% 09/01/16 09/01/16 86960JJ14 300,000.00 299,033.65 2.72 P-1 A-1+ SWEDEN Financial Company Commercial Paper SWEDISH EXPORT CREDIT CORP 0.81% 09/23/16 09/23/16 87030JJP5 400,000.00 398,656.53 3.63 P-1 A-1+ SWEDEN Financial Company Commercial Paper TORONTO-DOMINION HOLDINGS USA INC. 0.80% 07/12/16 07/12/16 89116EGC1 400,000.00 399,333.93 3.64 P-1 A-1+ CANADA Other Commercial Paper ELECTRICITE DE FRANCE SA 0.84% 05/23/16 05/23/16 28504GEP7 250,000.00 249,885.90 2.28 P-1 A-1 FRANCE Other Commercial Paper NRW.BANK 0.46% 04/01/16 04/01/16 62939LD14 400,000.00 399,996.38 3.65 P-1 A-1+ GERMANY Other Commercial Paper TOTAL CAPITAL CANADA LTD. 0.58% 04/14/16 04/14/16 89153PDE9 350,000.00 349,954.13 3.19 P-1 A-1 FRANCE Other Note AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.54% 06/03/16 11/28/16 05252TBS8 300,000.00 299,657.10 2.73 P-1 A-1+ AUSTRALIA Grand 10,973,956.98 100.00 Weighted Average 51 Weighted Average Life 74 The UNAUDITED FUND PORTFOLIO HOLDINGS LIST" ( the list ) IS FOR REPORTING PURPOSES ONLY. The list has been prepared and provided for general information on the Fund only and has been created from the books and records of the Fund without examination by independent auditors. It is not to be disseminated further without the explicit consent of J.P. Morgan Asset Management. The list is strictly to be utilised as a guide for investment purposes and should in no circumstances be taken as an advice or recommendation to buy or sell shares in the Fund. Any investment in the Fund should be based upon the Prospectus of the Fund, a copy of which can be obtained free of charge through any of the issuers set out below. The list is not to be considered as nor is it intended as an offer or solicitation in any jurisdiction for the purchase of shares in the Fund. The list is available on a one business day lag and is subject to change without notice. The figures shown in the "Value" column, represent the values of the Fund's investments using the amortised cost method of valuation pursuant to the standards and requirements of Luxembourg law and regulation and the Institutional Money Market Funds Association code. The Value represents the Gross Assets of the Fund and may include forward settling trades. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes. Page 1 of 2

UNAUDITED JPM USD CURRENT RESERVES As of : 03/31/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Weighted Average : WAM is a measure of the average length of time to maturity of all of the underlying securities in the fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset to the money market rate, rather than the time remaining before the principal value of the security must be repaid. In practice, WAM is used to measure the sensitivity of a money market fund to changing money market interest rates. Weighted Average Life: WAL is the weighted average of the remaining life (maturity) of each security held in a fund, meaning the time until the principal is repaid in full (disregarding interest and interest rate reset dates and instead only uses a security's stated final maturity. WAL is used to measure the credit risk, as the longer the reimbursement of principal is postponed, the higher is the credit risk. WAL is also used to limit the liquidity risk. Legal : The final legal maturity date is the date on which the organization that issued the debt security must pay off the principal amount of the debt. J. P. Morgan Asset Management is the marketing name for the asset management business of JPMorganChase & Co. This list is issued in the United Kingdom by J.P.Morgan Asset Management Marketing Limited, 25 Bank St., Canary Wharf, London E14 5JP. J.P.Morgan Asset Management Marketing Limited which is authorised and regulated by the Financial Conduct Authority; in other EU jurisdictions by J.P.Morgan Asset Management (Europe) S.à r.l.,6, route de Trèves, L-2633 Senningerberg, Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10,000,000; Issued in Hong Kong by JPMorgan Funds (Asia) Limited, 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong; And in Singapore by JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, Capital Tower #16-00, Singapore 068912 Page 2 of 2

UNAUDITED JPM USD CURRENT RESERVES As of : 02/29/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Asset Backed Commercial Paper BARTON CAPITAL S.A. 0.61% 05/11/16 05/11/16 06945LEB0 250,000.00 249,767.00 2.28 P-1 A-1 FRANCE Asset Backed Commercial Paper CANCARA ASSET SECURITIZATION LLC 0.63% 04/04/16 04/04/16 13738JD49 300,000.00 299,867.87 2.73 P-1 A-1 UNITED KINGDOM Asset Backed Commercial Paper CEDAR SPRINGS CAPITAL COMPANY LLC 0.68% 04/20/16 04/20/16 15060XDL3 300,000.00 299,790.90 2.73 P-1 A-1 SWITZERLAND Asset Backed Commercial Paper LIBERTY STREET FUNDING LLC 0.60% 03/08/16 03/08/16 53127TC84 350,000.00 349,967.25 3.19 P-1 A-1 CANADA Asset Backed Commercial Paper METLIFE SHORT TERM FUNDING LLC 0.61% 04/25/16 04/25/16 59157TDR1 350,000.00 349,743.02 3.19 P-1 A-1+ UNITED STATES Asset Backed Commercial Paper NIEUW AMSTERDAM RECEIVABLES CORPORATION 0.63% 04/04/16 04/04/16 65409RD49 400,000.00 399,823.83 3.64 P-1 A-1 NETHERLANDS Asset Backed Commercial Paper THUNDER BAY FUNDING LLC 0.70% 05/09/16 05/09/16 88602TE90 400,000.00 399,580.00 3.64 P-1 A-1 CANADA Certificate of Deposit BANCO DEL ESTADO DE CHILE NEW YORK BRANCH 0.62% 06/03/16 06/03/16 05969YHT3 300,000.00 300,029.88 2.74 P-1 A-1+ CHILE Certificate of Deposit CANADIAN IMPERIAL BANK OF COMMERCE 0.85% 08/24/16 08/24/16 13606AQZ4 300,000.00 300,008.67 2.73 P-1 A-1 CANADA Certificate of Deposit CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK - NEW YORK 0.46% 03/01/16 03/01/16 22534HAB7 300,000.00 300,000.82 2.73 P-1 A-1 FRANCE Certificate of Deposit CREDIT INDUSTRIEL ET COMMERCIAL 0.72% 05/10/16 05/10/16 22536TZE6 250,000.00 250,086.97 2.28 P-1 A-1 FRANCE Certificate of Deposit INDUSTRIAL & COMMERCIAL BK OF CHINA NY 0.80% 04/07/16 04/07/16 45580DAF1 300,000.00 300,103.32 2.74 P-1 A-1 CHINA Certificate of Deposit KBC BANK NV 0.38% 03/01/16 03/01/16 4823T06K0 250,000.00 250,000.35 2.28 P-1 A-1 BELGIUM Certificate of Deposit NATIXIS - NEW YORK BRANCH 0.50% 03/08/16 03/08/16 63873FYA0 250,000.00 250,008.03 2.28 P-1 A-1 FRANCE Certificate of Deposit NORINCHUKIN BANK-NEW YORK 0.63% 04/08/16 04/08/16 65602TK67 300,000.00 300,059.96 2.74 P-1 A-1 JAPAN Certificate of Deposit THE CHIBA BANK LTD-NEW YORK 0.47% 03/04/16 03/04/16 16706BVJ4 200,000.00 200,002.24 1.82 P-1 A-1 JAPAN Certificate of Deposit WESTPAC BANKING CORPORATION - NEW YORK BRANCH 0.49% 05/10/16 05/10/16 96121TZX9 400,000.00 400,011.91 3.65 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper ABN AMRO FUNDING USA LLC 0.63% 04/26/16 04/26/16 00084BDS0 250,000.00 249,831.38 2.28 P-1 A-1 NETHERLANDS Financial Company Commercial Paper BNP PARIBAS FORTIS SA/NEW YORK 0.27% 03/01/16 03/01/16 09659JC19 396,000.00 395,996.24 3.61 P-1 A-1 FRANCE Financial Company Commercial Paper CAISSE CENTRALE DESJARDINS 0.35% 03/01/16 03/01/16 1280C2C15 280,000.00 279,997.53 2.55 P-1 A-1 CANADA Financial Company Commercial Paper CAISSE DES DEPOTS ET CONSIGNATIONS 0.60% 04/26/16 04/26/16 12800ADS0 300,000.00 299,774.85 2.73 P-1 A-1+ FRANCE Financial Company Commercial Paper CHINA CONSTRUCTION BANK CORPORATION NEW YORK BRANCH 0.80% 03/28/16 03/28/16 16891MCU1 300,000.00 299,893.37 2.73 P-1 A-1 CHINA Financial Company Commercial Paper CREDIT SUISSE AG - NEW YORK BRANCH 0.84% 03/26/16 07/22/16 22533HBD3 300,000.00 299,975.40 2.73 P-1 A-1 SWITZERLAND Financial Company Commercial Paper DANSKE CORPORATION 0.60% 05/05/16 05/05/16 2363F6E55 250,000.00 249,798.33 2.28 P-1 A-1 DENMARK Financial Company Commercial Paper HSBC BANK PLC 0.78% 03/21/16 07/21/16 40433FGB9 400,000.00 399,967.60 3.65 P-1 A-1+ UNITED KINGDOM Financial Company Commercial Paper ING (US) FUNDING LLC 0.85% 08/17/16 08/17/16 4497W0HH4 300,000.00 298,814.25 2.72 P-1 A-1 NETHERLANDS Financial Company Commercial Paper MACQUARIE BANK LIMITED 0.50% 03/04/16 03/04/16 55607KC46 250,000.00 249,990.86 2.28 P-1 A-1 AUSTRALIA Financial Company Commercial Paper MIZUHO BANK LIMITED-NEW YORK 0.65% 05/11/16 05/11/16 60689FEB0 250,000.00 249,719.00 2.28 P-1 A-1 JAPAN Financial Company Commercial Paper NATIONAL BANK OF CANADA/NY 0.54% 03/03/16 06/09/16 63307NAL1 250,000.00 249,986.75 2.28 P-1 A-1 CANADA Financial Company Commercial Paper NORDEA BANK AB 0.80% 08/11/16 08/11/16 65558FHB4 400,000.00 398,649.73 3.63 P-1 A-1+ SWEDEN Financial Company Commercial Paper SUMITOMO MITSUI TRUST BANK LIMITED NEW YORK BRANCH 0.40% 03/08/16 03/08/16 86563GC83 300,000.00 299,976.13 2.73 P-1 A-1 JAPAN Financial Company Commercial Paper TORONTO-DOMINION HOLDINGS USA INC. 0.80% 07/12/16 07/12/16 89116EGC1 400,000.00 399,021.80 3.64 P-1 A-1+ CANADA Other Commercial Paper COCA-COLA COMPANY 0.48% 03/15/16 03/15/16 19121ACF6 250,000.00 249,968.75 2.28 P-1 A-1+ UNITED STATES Other Commercial Paper ELECTRICITE DE FRANCE SA 0.84% 05/23/16 05/23/16 28504GEP7 250,000.00 249,748.00 2.28 P-1 A-1 FRANCE Other Commercial Paper TOTAL CAPITAL CANADA LTD. 0.58% 04/14/16 04/14/16 89153PDE9 350,000.00 349,833.75 3.19 P-1 A-1 FRANCE Other Note AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.54% 03/03/16 11/28/16 05252TBS8 300,000.00 300,000.00 2.73 P-1 A-1+ AUSTRALIA Grand 10,969,795.74 100.00 Weighted Average 52 Weighted Average Life 69 The UNAUDITED FUND PORTFOLIO HOLDINGS LIST" ( the list ) IS FOR REPORTING PURPOSES ONLY. The list has been prepared and provided for general information on the Fund only and has been created from the books and records of the Fund without examination by independent auditors. It is not to be disseminated further without the explicit consent of J.P. Morgan Asset Management. The list is strictly to be utilised as a guide for investment purposes and should in no circumstances be taken as an advice or recommendation to buy or sell shares in the Fund. Any investment in the Fund should be based upon the Prospectus of the Fund, a copy of which can be obtained free of charge through any of the issuers set out below. The list is not to be considered as nor is it intended as an offer or solicitation in any jurisdiction for the purchase of shares in the Fund. The list is available on a one business day lag and is subject to change without notice. The figures shown in the "Value" column, represent the values of the Fund's investments using the amortised cost method of valuation pursuant to the standards and requirements of Luxembourg law and regulation and the Institutional Money Market Funds Association code. The Value represents the Gross Assets of the Fund and may include forward settling trades. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes. Page 1 of 2

UNAUDITED JPM USD CURRENT RESERVES As of : 02/29/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Weighted Average : WAM is a measure of the average length of time to maturity of all of the underlying securities in the fund weighted to reflect the relative holdings in each instrument, assuming that the maturity of a floating rate instrument is the time remaining until the next interest rate reset to the money market rate, rather than the time remaining before the principal value of the security must be repaid. In practice, WAM is used to measure the sensitivity of a money market fund to changing money market interest rates. Weighted Average Life: WAL is the weighted average of the remaining life (maturity) of each security held in a fund, meaning the time until the principal is repaid in full (disregarding interest and interest rate reset dates and instead only uses a security's stated final maturity. WAL is used to measure the credit risk, as the longer the reimbursement of principal is postponed, the higher is the credit risk. WAL is also used to limit the liquidity risk. Legal : The final legal maturity date is the date on which the organization that issued the debt security must pay off the principal amount of the debt. J. P. Morgan Asset Management is the marketing name for the asset management business of JPMorganChase & Co. This list is issued in the United Kingdom by J.P.Morgan Asset Management Marketing Limited, 25 Bank St., Canary Wharf, London E14 5JP. J.P.Morgan Asset Management Marketing Limited which is authorised and regulated by the Financial Conduct Authority; in other EU jurisdictions by J.P.Morgan Asset Management (Europe) S.à r.l.,6, route de Trèves, L-2633 Senningerberg, Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10,000,000; Issued in Hong Kong by JPMorgan Funds (Asia) Limited, 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong; And in Singapore by JPMorgan Asset Management (Singapore) Limited, 168 Robinson Road, Capital Tower #16-00, Singapore 068912 Page 2 of 2

UNAUDITED JPM USD CURRENT RESERVES As of : 01/31/2016 Category of Investment Name Coupon Security ID Amount Value ($) Value Country Asset Backed Commercial Paper AUTOBAHN FUNDING COMPANY LLC 0.35% 02/01/16 02/01/16 0527M0B14 371,000.00 370,987.79 3.38 P-1 A-1+ GERMANY Asset Backed Commercial Paper CANCARA ASSET SECURITIZATION LLC 0.63% 04/04/16 04/04/16 13738JD49 300,000.00 299,674.40 2.73 P-1 A-1 UNITED KINGDOM Asset Backed Commercial Paper CEDAR SPRINGS CAPITAL COMPANY LLC 0.68% 04/20/16 04/20/16 15060XDL3 300,000.00 299,573.60 2.73 P-1 A-1 SWITZERLAND Asset Backed Commercial Paper KELLS FUNDING LLC 0.34% 02/11/16 02/11/16 48802XQP4 400,000.00 399,941.93 3.65 P-1 A-1+ GERMANY Asset Backed Commercial Paper LIBERTY STREET FUNDING LLC 0.60% 03/08/16 03/08/16 53127TC84 350,000.00 349,813.45 3.19 P-1 A-1 CANADA Asset Backed Commercial Paper METLIFE SHORT TERM FUNDING LLC 0.61% 04/25/16 04/25/16 59157TDR1 350,000.00 349,489.12 3.19 P-1 A-1+ UNITED STATES Asset Backed Commercial Paper NIEUW AMSTERDAM RECEIVABLES CORPORATION 0.63% 04/04/16 04/04/16 65409RD49 400,000.00 399,565.87 3.64 P-1 A-1 NETHERLANDS Asset Backed Commercial Paper STARBIRD FUNDING CORPORATION 0.36% 02/01/16 02/01/16 85520LB12 300,000.00 299,990.12 2.74 P-1 A-1 FRANCE Asset Backed Commercial Paper THUNDER BAY FUNDING LLC 0.70% 05/09/16 05/09/16 88602TE90 400,000.00 399,232.40 3.64 P-1 A-1 CANADA Certificate of Deposit CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK - NEW YORK 0.46% 03/01/16 03/01/16 22534HAB7 300,000.00 300,003.62 2.74 P-1 A-1 FRANCE Certificate of Deposit CREDIT INDUSTRIEL ET COMMERCIAL 0.72% 05/10/16 05/10/16 22536TZE6 250,000.00 250,086.20 2.28 P-1 A-1 FRANCE Certificate of Deposit INDUSTRIAL & COMMERCIAL BK OF CHINA NY 0.80% 04/07/16 04/07/16 45580DAF1 300,000.00 300,115.28 2.74 P-1 A-1 CHINA Certificate of Deposit LANDESBANK HESSEN-THURINGEN GIROZENTRALE (GUARANTEED) 0.57% 02/19/16 02/19/16 51489NGL0 250,000.00 250,029.90 2.28 P-1 A-1 GERMANY Certificate of Deposit NATIXIS - NEW YORK BRANCH 0.50% 03/08/16 03/08/16 63873FYA0 250,000.00 250,034.84 2.28 P-1 A-1 FRANCE Certificate of Deposit NORINCHUKIN BANK-NEW YORK 0.63% 04/08/16 04/08/16 65602TK67 300,000.00 300,058.15 2.74 P-1 A-1 JAPAN Certificate of Deposit SVENSKA HANDELSBANKEN AB (PUBL) - NEW YORK 0.26% 02/02/16 02/02/16 86958DE57 300,000.00 299,998.43 2.74 P-1 A-1+ SWEDEN Certificate of Deposit THE CHIBA BANK LTD-NEW YORK 0.50% 02/05/16 02/05/16 16706BUX4 200,000.00 200,002.99 1.82 P-1 A-1 JAPAN Certificate of Deposit WESTPAC BANKING CORPORATION - NEW YORK BRANCH 0.49% 05/10/16 05/10/16 96121TZX9 400,000.00 399,911.72 3.65 P-1 A-1+ AUSTRALIA Financial Company Commercial Paper ABN AMRO FUNDING USA LLC 0.63% 04/26/16 04/26/16 00084BDS0 250,000.00 249,708.50 2.28 P-1 A-1 NETHERLANDS Financial Company Commercial Paper AGRICULTURAL BANK OF CHINA LIMITED - NEW YORK BRANCH 0.41% 02/03/16 02/03/16 00850UB37 300,000.00 299,986.17 2.74 P-1 A-1 CHINA Financial Company Commercial Paper CAISSE DES DEPOTS ET CONSIGNATIONS 0.60% 04/26/16 04/26/16 12800ADS0 300,000.00 299,563.67 2.73 P-1 A-1+ FRANCE Financial Company Commercial Paper CHINA CONSTRUCTION BANK CORPORATION NEW YORK BRANCH 0.80% 03/28/16 03/28/16 16891MCU1 300,000.00 299,750.23 2.73 P-1 A-1 CHINA Financial Company Commercial Paper CREDIT SUISSE AG - NEW YORK BRANCH 0.84% 02/26/16 07/22/16 22533HBD3 300,000.00 299,972.70 2.74 P-1 A-1 SWITZERLAND Financial Company Commercial Paper DANSKE CORPORATION 0.32% 02/09/16 02/09/16 2363F6B90 250,000.00 249,972.88 2.28 P-1 A-1 DENMARK Financial Company Commercial Paper HSBC BANK PLC 0.78% 02/21/16 07/21/16 40433FGB9 400,000.00 399,963.60 3.65 P-1 A-1+ UNITED KINGDOM Financial Company Commercial Paper ING (US) FUNDING LLC 0.35% 02/12/16 02/12/16 4497W0BC1 250,000.00 249,953.04 2.28 P-1 A-1 NETHERLANDS Financial Company Commercial Paper MACQUARIE BANK LIMITED 0.50% 03/04/16 03/04/16 55607KC46 250,000.00 249,902.05 2.28 P-1 A-1 AUSTRALIA Financial Company Commercial Paper MIZUHO BANK LIMITED-NEW YORK 0.65% 05/11/16 05/11/16 60689FEB0 250,000.00 249,538.65 2.28 P-1 A-1 JAPAN Financial Company Commercial Paper NATIONAL BANK OF CANADA/NY 0.54% 02/03/16 06/09/16 63307NAL1 250,000.00 249,982.50 2.28 P-1 A-1 CANADA Financial Company Commercial Paper SUMITOMO MITSUI TRUST BANK LIMITED NEW YORK BRANCH 0.40% 03/08/16 03/08/16 86563GC83 300,000.00 299,859.92 2.73 P-1 A-1 JAPAN Financial Company Commercial Paper SUNCORP-METWAY LTD 0.44% 02/25/16 02/25/16 8672E2BR8 250,000.00 249,925.56 2.28 P-1 A-1 AUSTRALIA Financial Company Commercial Paper TORONTO-DOMINION HOLDINGS USA INC. 0.80% 07/12/16 07/12/16 89116EGC1 400,000.00 398,766.17 3.64 P-1 A-1+ CANADA Other Commercial Paper COCA-COLA COMPANY 0.48% 03/15/16 03/15/16 19121ACF6 250,000.00 249,870.63 2.28 P-1 A-1+ UNITED STATES Other Commercial Paper TOTAL CAPITAL CANADA LTD. 0.58% 04/14/16 04/14/16 89153PDE9 350,000.00 349,684.50 3.19 P-1 A-1+ CANADA Other Note AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 0.54% 03/03/16 11/28/16 05252TBS8 300,000.00 299,880.30 2.73 P-1 A-1+ AUSTRALIA Other Note THE BANK OF TOKYO-MITSUBISHI UFJ LTD. 0.86% 02/26/16 02/26/16 064255AK8 300,000.00 299,984.10 2.74 P-1 A-1 JAPAN Grand 10,964,774.98 100.00 Weighted Average 50 Weighted Average Life 69 The UNAUDITED FUND PORTFOLIO HOLDINGS LIST" ( the list ) IS FOR REPORTING PURPOSES ONLY. The list has been prepared and provided for general information on the Fund only and has been created from the books and records of the Fund without examination by independent auditors. It is not to be disseminated further without the explicit consent of J.P. Morgan Asset Management. The list is strictly to be utilised as a guide for investment purposes and should in no circumstances be taken as an advice or recommendation to buy or sell shares in the Fund. Any investment in the Fund should be based upon the Prospectus of the Fund, a copy of which can be obtained free of charge through any of the issuers set out below. The list is not to be considered as nor is it intended as an offer or solicitation in any jurisdiction for the purchase of shares in the Fund. The list is available on a one business day lag and is subject to change without notice. The figures shown in the "Value" column, represent the values of the Fund's investments using the amortised cost method of valuation pursuant to the standards and requirements of Luxembourg law and regulation and the Institutional Money Market Funds Association code. The Value represents the Gross Assets of the Fund and may include forward settling trades. Unless otherwise noted, the dollar-weighted average maturity and the dollar-weighted average life listed for the Fund is the same for each of the Fund's share classes. Page 1 of 2