JPMorgan Mid Cap Equity Fund Class I (VSNGX) N-CSRS/A Certified semi-annual shareholder report (management investment company) (amended)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2017 through August 31, 2017

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

EXPLANATORY NOTE

This Registrant is filing this amendment (“Amendment”) to its Form N-CSR for the period ended August 31, 2017 (the “Report”), originally filed with the Securities and Exchange Commission on November 1, 2017 (Accession Number 0001193125-17-329078) and amended on March 5, 2018 (Accession Number 0001193125-18-069828), to reflect the inclusion of the certifications of the Form N-CSR which were erroneously omitted.

Except as otherwise noted above, the Report was accurate, timely distributed to shareholders, as applicable, and contained all information required per Form N-CSR.

Items 1 through 12 to this Amendment to the Registrant’s Form N-CSR are incorporated by reference to the Form N-CSR filed on EDGAR on November 1, 2017 (Accession Number 0001193125-17-329078) and amended on March 5, 2018 (Accession Number 0001193125-18-069828).

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

J.P. Morgan Tax Aware Funds

August 31, 2017 (Unaudited)

JPMorgan Tax Aware High Income Fund

JPMorgan Tax Aware Income Opportunities Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Tax Aware High Income Fund	3
JPMorgan Tax Aware Income Opportunities Fund	5
Schedules of Portfolio Investments	7
Financial Statements	44
Financial Highlights	50
Notes to Financial Statements	54
Schedule of Shareholder Expenses	73
Board Approval of Investment Advisory Agreements	74

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

October 11, 2017 (Unaudited)

Dear Shareholder,

The U.S. economy continued to expand through the six months ended August 31, 2017, amid continued low interest rates, rising corporate profits and growth in the leading economies of Europe, Asia and Latin America.

  “We believe investors who maintain a properly diversified portfolio and a long term perspective will be best positioned to gain from opportunities presented by the current market environment.” — George C.W. Gatch

Synchronized economic growth in both developed market and emerging market nations helped drive global increases in investment, trade and employment. In turn, global corporate profits rose 25% in the second quarter of 2017, driven by growth in both revenue and profit margins.

In the U.S., the economic expansion entered its 98^th consecutive month in August 2017, the third longest expansion on record. Over the course of the six month reporting period, the unemployment rate fell to 4.4% from 4.5%. In response, the U.S. Federal Reserve raised interest rates in both March and June of 2017, and signaled it would raise rates once more before the end of 2017.

Meanwhile, demand from overseas and a weakening U.S. dollar helped drive U.S. corporate profits to their highest levels in 13 years. In the second quarter of 2017, more than an estimated three-fourths of the companies in the Standard & Poor’s 500 Index (the “S&P 500”) reported earnings that surpassed analysts’ consensus estimates, according to Bloomberg News. U.S. corporations also took advantage of low interest rates and issued a record $1 trillion of bonds from January through August 2017.

Equity and bond markets generally provided investors with positive returns for the six month reporting period. A rally in the U.S. stock market, which followed the Republican Party’s success in the November 8, 2016 elections, extended well into 2017 amid investor expectations for tax cuts, infrastructure spending and regulatory reform. Equity prices continued to reach new record highs through August 2017. Financial market volatility held near 10-year lows, spiking only briefly in early August 2017 amid rising military tension between the U.S. and North Korea. For the six months ended August 31, 2017, the S&P 500 returned 5.4%, while the MSCI Europe, Australasia and Far East Index returned 12.8% and the MSCI Emerging Markets Index returned 17.8%.

The leading economies of Europe, Asia and Latin America provided a notable boost to global growth during the reporting period and the world’s central banks largely maintained accommodative policies that benefitted both corporations and investors. We believe investors who maintain a properly diversified portfolio and a long term perspective will be best positioned to gain from opportunities presented by the current market environment.

We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 1

J.P. Morgan Tax Aware Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)

Global equity and bond markets generally had positive returns for the six month reporting period amid a surge in corporate profits, continued low interest rates and relatively steady economic growth.

Within fixed-income markets, high-yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds throughout the six month reporting period. Notably, U.S. companies sold new bonds at a record pace in 2017 — more than $1 trillion combined — amid expectations for further interest rate increases by the U.S. Federal Reserve over the course of the year. U.S. financial market volatility remained historically low through July but then spiked briefly in early August amid rising tensions between the U.S. and North Korea.

Overall, municipal bonds produced positive returns amid fading investor expectation for changes in federal tax rates or increased infrastructure spending. For the six months August 31, 2017, the Bloomberg Barclays Municipal Bond Index returned 3.79%.

2 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

JPMorgan Tax Aware High Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)1,*	3.34%
Bloomberg Barclays Municipal Bond Index	3.79%
Net Assets as of 8/31/2017 (In Thousands)	100,805
Duration as of 8/31/2017	6.1 years

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware High Income Fund (the “Fund”) seeks to provide a high level of after-tax income from a portfolio of fixed income investments.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended August 31, 2017, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates generally fell.

In the municipal bond sector, the Fund’s overall shorter duration detracted from performance relative to the Benchmark as interest generally fell during the reporting period. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bond portfolios with shorter duration will experience a smaller increase in price, compared with longer duration portfolios, when interest rates fall. The Fund’s underweight positions in local general obligation bonds and leading sector bonds also detracted from relative performance. The Fund’s slightly longer duration in bonds in the eight-to-twelve year maturity sector was a positive contributor to relative performance. The Fund’s overweight allocation to bonds rated single-A also contributed to relative performance.

In taxable leveraged loans, the Fund’s allocation to taxable high yield loans was a leading detractor from relative performance. The Fund’s underweight position in bonds rated single-B and its security selection in the energy, food and drug and health care sectors also detracted from relative performance. The Fund’s security selection in the retail and manufacturing sectors made a positive contribution to performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s assets were invested among various sectors, including both high-grade debt securities and leveraged loans. Sector allocations were determined by input from analyst teams organized by sector that assessed relative value and risk, among other factors.

The Fund’s portfolio managers allocated the majority of the Fund’s assets to municipal securities and invested the remainder of the Fund’s assets mostly in taxable leveraged loans.

PORTFOLIO COMPOSITION***
Municipal Bonds	88.2	%
Loan Assignments	7.3
Others (each less than 1.0%)	0.0	(a)
Short-Term Investment	4.5

1 Effective April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of August 31, 2017. The Fund’s portfolio composition is subject to change.

(a) Amount rounds to less than 0.05%

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 3

JPMorgan Tax Aware High Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
			6 MONTHS*									1 YEAR									5 YEAR									SINCE INCEPTION
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		September 17, 2007
With Sales Charge**				(0.58	)%		(0.78	)%		0.02	%		(2.66	)%		(2.96	)%		(0.73	)%		1.87	%		1.55	%		1.71	%		3.98	%		3.63	%		3.48	%
Without Sales Charge				3.28			3.07			2.22			1.17			0.86			1.47			2.65			2.33			2.33			4.38			4.03			3.82
CLASS C SHARES		September 17, 2007
With CDSC***				2.03			1.86			1.45			(0.32	)		(0.58	)		0.47			2.14			1.88			1.88			3.86			3.56			3.35
Without CDSC				3.03			2.86			2.01			0.68			0.42			1.03			2.14			1.88			1.88			3.86			3.56			3.35
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		September 17, 2007		3.34			3.12			2.27			1.27			0.95			1.56			2.75			2.42			2.42			4.48			4.12			3.91

* Not Annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

LIFE OF FUND PERFORMANCE (9/17/07 TO 8/31/17)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on September 17, 2007.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware High Income Fund, the Bloomberg Barclays U.S. Municipal Index, the Bloomberg Barclays High Yield Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Index from September 17, 2007 to August 31, 2017. The performance of the Lipper General & Insured Municipal Debt Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index and the Bloomberg Barclays High Yield Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper General & Insured Municipal Debt

Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Lipper General & Insured Municipal Debt Funds Index represents total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

JPMorgan Tax Aware Income Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)1,*	1.50%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	3.24%
Net Assets as of 8/31/2017 (In Thousands)	$245,391
Duration as of 8/31/2017	2.1 years

INVESTMENT OBJECTIVE**

The JPMorgan Tax Aware Income Opportunities Fund (the “Fund”) seeks to provide total return.

HOW DID THE FUND AIM TO MEET ITS INVESTMENT OBJECTIVE?

The Fund has an absolute return orientation, which means that it was not managed relative to a benchmark during the reporting period. The Fund attempted to provide a positive total return in diverse market environments and accordingly, the Fund was not required to meet target benchmark weights, allowing the Fund’s portfolio managers to avoid sectors that they believed were unattractive. While the Fund was not managed to a benchmark, its return is compared to the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”).

WHAT WERE THE MAIN DRIVERS OF THE FUND’S RETURN?

For the six months ended August 31, 2017, the Fund’s Class I Shares underperformed the Index. The Fund’s allocation investment grade debt and emerging markets debt was the main detractor from relative performance.

The Fund’s allocation to high yield bonds (also known as “junk bonds”) and high yield credit default swaps — was a leading contributor to performance relative to the Index. The Fund’s overweight position in municipal bonds, particularly in the housing sector, also helped relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities in the municipal bond market stemming from increased volatility, supply pressures and headline credit risk.

In addition, when the Fund’s portfolio managers believed that credit default swaps were attractively valued, they used these instruments to initiate long and short exposures in different sectors of the fixed income market.

PORTFOLIO COMPOSITION***
Municipal Bonds	90.5	%
Corporate Bonds	2.8
Asset-Backed Securities	2.4
Collateralized Mortgage Obligations	1.8
Others (each less than 1.0%)	2.4
Short-Term Investments	0.1

1 Effective April 3, 2017, the Fund’s Select Class Shares were renamed Class I Shares.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages are based on total investments as of August 31, 2017. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 5

JPMorgan Tax Aware Income Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
			6 MONTHS*									1 YEAR									5 YEAR									SINCE INCEPTION
	Inception Date of Class		Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares			Before Taxes			After Taxes on Distributions			After Taxes on Distributions and Sale of Fund Shares
CLASS A SHARES		March 1, 2011
With Sales Charge**				(2.47	)%		(2.62	)%		(1.14	)%		(2.43	)%		(2.72	)%		(0.88	)%		0.25	%		0.01	%		0.23	%		0.89	%		0.66	%		0.73	%
Without Sales Charge				1.37			1.22			1.05			1.38			1.09			1.30			1.02			0.78			0.82			1.49			1.25			1.19
CLASS C SHARES		March 1, 2011
With CDSC***				0.13			0.01			0.27			(0.13	)		(0.35	)		0.29			0.40			0.22			0.30			0.85			0.67			0.64
Without CDSC				1.13			1.01			0.84			0.86			0.64			0.86			0.40			0.22			0.30			0.85			0.67			0.64
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		March 1, 2011		1.50			1.33			1.16			1.61			1.28			1.49			1.14			0.88			0.92			1.60			1.35			1.29

* Not annualized.

** Sales Charge for Class A Shares is 3.75%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

LIFE OF FUND PERFORMANCE (3/1/11 TO 8/31/17)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on March 1, 2011.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Aware Income Opportunities Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index, the iMoneyNet Tax-Free National Average and the Lipper General & Insured Municipal Debt Funds Index from March 1, 2011 to August 31, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17 Year) Municipal Bond Index and the iMoneyNet Tax-Free National Average does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a mutual fund,

such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1-17 years. The iMoneyNet Tax-Free National Average is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. The Lipper General & Insured Municipal Debt Funds Index represents total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 3.75% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 87.4% (t)
		Alabama — 0.6%
		Utility — 0.6%
	500	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.00%, 09/01/2031		598
		Alaska — 0.4%
		Housing — 0.1%
	80	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 4.00%, 06/01/2040		81
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	325	Alaska Industrial Development & Export Authority, Providence Health & Services, Series A, Rev., 5.50%, 10/01/2041		362
		Total Alaska		443
		Arizona — 0.6%
		Education — 0.3%
	300	Arizona School Facilities Board, State School Trust, Rev., AMBAC, 5.00%, 07/01/2018		310
		Utility — 0.3%
	200	City of Mesa, Utility Systems, Rev., AGM, 5.25%, 07/01/2029		251
		Total Arizona		561
		California — 4.4%
		Education — 0.1%
	200	California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series A, Rev., AGM, Zero Coupon, 08/01/2030		136
		General Obligation — 0.5%
	160	Pomona Unified School District, Series C, GO, 6.00%, 08/01/2029 (p)		227
	100	San Mateo Union High School District, Capital Appreciation, Election of 2006, Series A, GO, Zero Coupon, 09/01/2028		67
	175	Sunnyvale Elementary School District, Election 2004, Series C, GO, 5.50%, 09/01/2034		237
				531
		Hospital — 1.5%
	500	California Health Facilities Financing Authority, Children’s Hospital, Series A, Rev., 5.00%, 08/15/2047		564
	200	California Municipal Finance Authority, Eisenhower Medical Center, Series B, Rev., 5.00%, 07/01/2047		226
	200	California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2029		228

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — continued
	375	Palomar Health, Rev., 5.00%, 11/01/2026		445
				1,463
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	250	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-2, Rev., AMT, 3.13%, 11/03/2025 (z)		261
		Transportation — 1.4%
	620	Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series A, Rev., Zero Coupon, 01/01/2024 (p)		560
	785	Harbor Department of Los Angeles, Series A, Rev., AMT, 5.00%, 08/01/2035		898
				1,458
		Utility — 0.6%
	250	Los Angeles Department of Water & Power, Power System, Series B, Rev., 5.00%, 07/01/2043		288
	250	Los Angeles Department of Water & Power, Water System, Series A, Rev., 5.25%, 07/01/2039		285
				573
		Total California		4,422
		Colorado — 1.2%
		Hospital — 1.1%
	1,000	Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Series A, Rev., 5.25%, 05/15/2028		1,105
		Housing — 0.0% (g)
	15	El Paso County, Single Family Mortgage, Southern Front Range Region Program, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.85%, 04/01/2041		15
		Utility — 0.1%
	110	Public Authority for Colorado Energy, Natural Gas Purchase, Series 2008, Rev., 6.13%, 11/15/2023		133
		Total Colorado		1,253
		Connecticut — 1.4%
		Education — 1.2%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	945	Series A, Rev., 4.00%, 11/15/2019		990
	200	Series A, Rev., 5.25%, 11/15/2024		224
				1,214

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 7

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.2%
	165	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Subseries A-1, Rev., 4.00%, 11/15/2045		180
		Total Connecticut		1,394
		Delaware — 0.3%
		Housing — 0.3%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	305	Series A-1, Rev., AMT, 4.90%, 07/01/2029		325
	25	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.63%, 01/01/2023		25
		Total Delaware		350
		District of Columbia — 1.9%
		Transportation — 1.9%
	100	Metropolitan Washington Airports Authority, Series C, Rev., AMT, 5.00%, 10/01/2022		115
	1,500	Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds, Series B, Rev., 5.00%, 07/01/2036		1,796
		Total District of Columbia		1,911
		Florida — 9.4%
		Certificate of Participation/Lease — 1.8%
	750	Broward County School Board, Series A, COP, 5.00%, 07/01/2024		911
	750	South Florida Water Management District, COP, 5.00%, 10/01/2032		885
				1,796
		Education — 0.5%
	500	Lakeland Educational Facilities, Southern College Project, Series A, Rev., 5.00%, 09/01/2025		569
		Hospital — 2.0%
	995	Alachua County Health Facilities Authority, Shands Teaching Hospital and Clinics, Inc., Series A, Rev., 5.00%, 12/01/2026		1,170
	200	County of Sumter, Industrial Development Authority, Central Florida Health Alliance Projects, Series A, Rev., 5.00%, 07/01/2018		206
	545	Miami Beach Health Facilities Authority, Mount Sinai Medical Center, Rev., 5.00%, 11/15/2029		614
				1,990
		Housing — 0.2%
	45	Florida Housing Finance Corp., Series 1, Rev., AMT, 5.00%, 07/01/2041		47

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	150	Florida Housing Finance Corp., Homeowner Mortgage Special Program, Series A-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		154
				201
		Industrial Development Revenue/Pollution Control Revenue — 1.1%
	500	Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project, Series A, Rev., AMT, AGM, 5.00%, 04/01/2024		575
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., 2.10%, 04/11/2019 (z)		506
				1,081
		Prerefunded — 0.1%
	70	City of Charlotte, Rev., AGM, 5.25%, 10/01/2021 (p)		82
		Transportation — 2.1%
	100	County of Broward, Port Facilities, Series A, Rev., 5.00%, 09/01/2021		108
	155	Orlando-Orange County Expressway Authority, Series B, Rev., AGM, 4.00%, 07/01/2021		166
	625	State of Florida, Department of Transportation, Seaport Investment Program, Rev., 5.00%, 07/01/2037		723
	1,000	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.00%, 07/01/2027		1,151
				2,148
		Utility — 1.6%
	130	City of Charlotte, Rev., AGM, 5.25%, 10/01/2024		151
	200	Florida Municipal Power Agency, All Requirements Power Supply Project, Series A, Rev., 5.00%, 10/01/2030		241
	500	JEA Electric System Revenue, Subseries B, Rev., 5.00%, 10/01/2034		563
	500	Tampa Bay Water Utility System, Revenue Refunding & Improvement, Series A, Rev., NATL-RE, 6.00%, 10/01/2029		679
				1,634
		Total Florida		9,501
		Georgia — 1.8%
		Hospital — 0.5%
	430	Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, Rev., RAN, 5.00%, 02/15/2026		517

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.4%
		Georgia Housing & Finance Authority, Non Single Family,
	65	Series B, Rev., 4.00%, 12/01/2029		67
	345	Subseries A-1, Rev., 4.00%, 06/01/2044		366
				433
		Other Revenue — 0.3%
	240	Downtown Smyrna Development Authority, Rev., 5.25%, 02/01/2028		295
		Transportation — 0.6%
	500	City of Atlanta, Airport, Series C, Rev., AMT, 5.00%, 01/01/2042		544
		Total Georgia		1,789
		Guam — 1.1%
		Water & Sewer — 1.1%
		Guam Government Waterworks Authority, Water & Waste Water System,
	200	Rev., 5.00%, 07/01/2019		212
	275	Rev., 5.00%, 07/01/2024		320
	525	Rev., 5.00%, 07/01/2025		614
		Total Guam		1,146
		Idaho — 0.4%
		Housing — 0.4%
	415	Idaho Housing & Finance Association, Single Family Mortgage, Series A-2, Class I, Rev., AMT, 4.00%, 07/01/2034		444
		Illinois — 3.7%
		General Obligation — 1.0%
	125	Des Plaines Valley Public Library District, GO, 5.50%, 01/01/2030		136
	50	Greater Chicago Metropolitan Water Reclamation District, Series C, GO, 5.25%, 12/01/2027		62
	150	Lake County Community Consolidated School District No. 50 Woodland, Series C, GO, 5.25%, 01/01/2024		169
	625	State of Illinois, Series A, GO, 5.00%, 06/01/2019		654
				1,021
		Hospital — 0.9%
	750	Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A, Rev., 5.00%, 11/15/2028		869
		Housing — 0.7%
		Illinois Housing Development Authority, Homeowner Mortgage,
	405	Series C, Rev., 3.50%, 08/01/2046		430

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	295	Subseries A-2, Rev., AMT, 4.00%, 02/01/2035		309
				739
		Other Revenue — 0.4%
		Railsplitter Tobacco Settlement Authority,
	180	Rev., 5.13%, 06/01/2019		192
	130	Rev., 5.25%, 06/01/2021		149
				341
		Transportation — 0.5%
	200	City of Chicago, O’Hare International Airport, Third Lien, Series C, Rev., AGC, 5.25%, 01/01/2025		218
	250	Regional Transportation Authority, Series A, Rev., NATL-RE, 6.00%, 07/01/2024		316
				534
		Water & Sewer — 0.2%
	150	City of Chicago, Waterworks, Second Lien, Rev., AMBAC, BHAC-CR, 5.75%, 11/01/2030		187
		Total Illinois		3,691
		Indiana — 4.6%
		Education — 1.1%
	1,000	Indiana Finance Authority, Educational Facilities, Valparaiso University, Rev., 5.00%, 10/01/2038		1,151
		Hospital — 1.3%
	330	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.00%, 11/15/2034		382
	840	St. Joseph County Hospital Authority, Beacon Health System Obligation Group, Rev., 5.00%, 08/15/2036		956
				1,338
		Housing — 0.1%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	35	Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2028		37
	60	Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2027		63
				100
		Industrial Development Revenue/Pollution Control Revenue — 1.8%
	1,500	County of St. Joseph, Economic Development, St. Mary’s College Project, Series A, Rev., 5.00%, 04/01/2027		1,807

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 9

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.3%
	250	Indiana State Finance Authority, Wastewater Utility, First Lien, Series A, Rev., 5.25%, 10/01/2031		289
		Total Indiana		4,685
		Iowa — 0.0% (g)
		Housing — 0.0% (g)
	10	Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		10
		Kentucky — 0.0% (g)
		Housing — 0.0% (g)
	10	Kentucky Housing Corp., Series A, Rev., 5.00%, 01/01/2027		10
		Louisiana — 2.1%
		Hospital — 1.1%
	500	Louisiana Local Government Environmental Facilities & Community Development Authority, Woman’s Hospital Foundation Project, Series A, Rev., 5.00%, 10/01/2044		564
	500	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2042		567
				1,131
		Housing — 0.1%
		East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	15	Series A-2, Rev., GNMA/FNMA/FHLMC, 3.90%, 04/01/2019		16
	45	Series A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/01/2029		46
	10	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/01/2039		10
				72
		Transportation — 0.4%
	250	New Orleans Aviation Board, General Airport, North Terminal Project, Series B, Rev., AMT, 5.00%, 01/01/2048		284
	125	New Orleans Aviation Board, Gulf Opportunity Zone, Consolidated Rental Car, Series A, Rev., 5.50%, 01/01/2019		131
				415
		Water & Sewer — 0.5%
	400	City of New Orleans, Sewerage Service, Rev., 5.00%, 06/01/2021		453
		Total Louisiana		2,071

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Maine — 1.3%
		Education — 0.3%
	275	Maine Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2025		320
		Housing — 1.0%
		Maine State Housing Authority,
	335	Series A, Rev., 4.00%, 11/15/2045		362
	335	Series A-1, Rev., AMT, 4.50%, 11/15/2028		351
	235	Series B, Rev., 4.00%, 11/15/2043		248
				961
		Prerefunded — 0.0% (g)
	25	Maine Health & Higher Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2023 (p)		30
		Total Maine		1,311
		Maryland — 1.1%
		Housing — 0.5%
	500	Montgomery County Housing Opportunities Commission, Series A, Rev., 4.00%, 07/01/2048		546
		Special Tax — 0.5%
	400	County of Anne Arundel, Consolidated Special Taxing District, The Villages of Dorchester and Farmington Village Projects, Rev., 5.00%, 07/01/2021		455
		Transportation — 0.1%
	95	Maryland Economic Development Corp., Series A, Rev., 5.13%, 06/01/2020		100
		Total Maryland		1,101
		Massachusetts — 6.2%
		Education — 2.0%
		Massachusetts Educational Financing Authority, Education Loan,
	300	Rev., AMT, 5.00%, 07/01/2023		346
	500	Series J, Rev., AMT, 5.00%, 07/01/2018		516
	535	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.25%, 07/01/2033		716
	350	Massachusetts State College Building Authority, Series B, Rev., XLCA, 5.50%, 05/01/2028		433
				2,011
		Housing — 1.0%
		Massachusetts Housing Finance Agency, Single Family Housing,
	205	Series 160, Rev., AMT, 3.75%, 06/01/2034		211

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	720	Series 169, Rev., 4.00%, 12/01/2044		756
				967
		Other Revenue — 0.1%
	95	Massachusetts Development Finance Agency, Evergreen Center, Inc., Rev., 5.50%, 01/01/2020		95
		Transportation — 1.8%
	300	Massachusetts Bay Transportation Authority, Series B, Rev., NATL-RE, 5.50%, 07/01/2028		393
		Massachusetts Port Authority,
	500	Series A, Rev., 5.00%, 07/01/2044		582
	770	Series A, Rev., AMT, 5.00%, 07/01/2037		854
				1,829
		Water & Sewer — 1.3%
		Massachusetts Water Resources Authority,
	500	Series B, Rev., AGM, 5.25%, 08/01/2029		654
	100	Series B, Rev., AGM, 5.25%, 08/01/2032		133
	500	Series D, Rev., 5.00%, 08/01/2044		582
				1,369
		Total Massachusetts		6,271
		Michigan — 1.8%
		Education — 1.1%
	500	Eastern Michigan University, Series A, Rev., 5.00%, 03/01/2036		582
	500	Michigan Finance Authority, Student Loan, Series 25-A, Rev., AMT, 5.00%, 11/01/2022		570
				1,152
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	165	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.00%, 12/01/2020		181
		Transportation — 0.5%
	400	Wayne County Airport Authority, Detroit Metropolitan Airport, Series B, Rev., AMT, 5.00%, 12/01/2021		456
		Total Michigan		1,789
		Minnesota — 1.5%
		Hospital — 0.2%
	200	Meeker County, Gross Revenue, Hospital Facilities, Memorial Hospital Project, Rev., 5.25%, 11/01/2017		201

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — 1.3%
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	14	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/01/2040		14
	125	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 03/01/2041		132
	50	Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 07/01/2028		51
		Minnesota Housing Finance Agency, Residential Housing Finance,
	380	Series A, Rev., 4.00%, 07/01/2038		402
	310	Series B, Rev., 4.00%, 01/01/2038		329
	355	Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 01/01/2045		379
	20	Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2040		21
				1,328
		Total Minnesota		1,529
		Mississippi — 0.3%
		Other Revenue — 0.3%
		Mississippi Development Bank, Harrison County, Coliseum & Convention Center,
	160	Series A, Rev., 5.25%, 01/01/2030		205
	100	Series A, Rev., 5.25%, 01/01/2034		131
		Total Mississippi		336
		Missouri — 1.7%
		General Obligation — 0.3%
	250	Independence School District, Direct Deposit Program, Series A, GO, 5.25%, 03/01/2031		285
		Housing — 0.9%
	545	Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 05/01/2041		585
		Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program,
	140	Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2041		148
	85	Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 05/01/2028		88

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 11

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	90	Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/01/2030		93
				914
		Transportation — 0.5%
	400	Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project, Rev., AGM, 5.25%, 07/01/2025		498
		Total Missouri		1,697
		Montana — 0.3%
		Housing — 0.2%
	220	Montana Board of Housing, Single Family Homeownership, Series A-2, Rev., AMT, 4.00%, 12/01/2038		230
		Transportation — 0.1%
	100	City of Billings, Airport, Series A, Rev., AMT, 5.00%, 07/01/2020		107
		Total Montana		337
		Nebraska — 1.1%
		General Obligation — 0.7%
		Omaha City Convention Center/Arena Project,
	295	GO, 5.25%, 04/01/2025		368
	285	GO, 5.25%, 04/01/2027		363
				731
		Utility — 0.4%
	360	Central Plains Energy Project, Gas Project No. 3, Rev., 5.00%, 09/01/2027		402
		Total Nebraska		1,133
		New Hampshire — 0.5%
		Education — 0.4%
		City of Manchester, School Facilities,
	200	Rev., NATL-RE, 5.50%, 06/01/2026		255
	100	Rev., NATL-RE, 5.50%, 06/01/2027		129
				384
		Housing — 0.1%
	60	New Hampshire Housing Finance Authority, Single Family Mortgage, Series A, Rev., 5.25%, 07/01/2028		63
	30	New Hampshire Housing Finance Authority, Single Family Mortgage, Acquisition, Series B, Rev., 5.00%, 07/01/2027		31
				94
		Total New Hampshire		478

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Jersey — 3.2%
		Education — 1.1%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.00%, 07/01/2018		258
		New Jersey Higher Education Student Assistance Authority, Senior Student Loan,
	500	Series 1A, Rev., AMT, 5.00%, 12/01/2019		538
	250	Series 1A, Rev., AMT, 5.00%, 12/01/2024		291
				1,087
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	500	Gloucester County Improvement Authority, Solid Waste Resource Recovery, Waste Management, Inc. Project, Series A, Rev., 2.13%, 12/01/2017 (z)		501
		Other Revenue — 1.2%
		New Brunswick Parking Authority, City Guaranteed Parking,
	385	Rev., 5.00%, 09/01/2027		459
	590	Rev., 5.00%, 09/01/2028		697
				1,156
		Transportation — 0.4%
	380	New Jersey EDA, Motor Vehicle Surplus, Series A, Rev., NATL-RE, 5.25%, 07/01/2024		444
		Total New Jersey		3,188
		New Mexico — 0.6%
		Housing — 0.2%
		New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
	50	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 09/01/2030		53
	85	Series B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 03/01/2028		92
	5	Series B-2, Class I, Rev., GNMA/FNMA/FHLMC, 5.65%, 09/01/2039		5
				150
		Other Revenue — 0.4%
	350	Bernalillo County, Gross Receipts, Rev., AMBAC, 5.25%, 10/01/2026		439
		Total New Mexico		589
		New York — 8.3%
		Education — 0.2%
	250	Niagara Area Development Corp., Niagara University Project, Series A, Rev., 5.00%, 05/01/2018		256

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 1.5%
		New York Mortgage Agency, Homeowner Mortgage,
	355	Series 191, Rev., AMT, 3.50%, 10/01/2034		369
	595	Series 195, Rev., 4.00%, 10/01/2046		652
	485	Series 197, Rev., 3.50%, 10/01/2044		522
				1,543
		Other Revenue — 1.8%
	525	New York Liberty Development Corp., Goldman Sachs Headquarters, Rev., 5.25%, 10/01/2035		671
	390	New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing, Series B, Rev., 5.50%, 10/15/2030 (p)		536
	325	Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds, Rev., 5.00%, 05/15/2021		364
	200	TSASC, Inc., Tobacco Settlement, Series B, Rev., 5.00%, 06/01/2021		218
				1,789
		Special Tax — 0.6%
	500	New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A-1, Rev., 5.00%, 03/15/2043		566
		Transportation — 1.8%
	1,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Rev., 5.00%, 11/15/2047		1,174
	500	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.00%, 10/15/2030		605
				1,779
		Water & Sewer — 2.4%
		New York City Municipal Water Finance Authority, Second General Resolution,
	250	Series BB, Rev., 5.25%, 06/15/2044		285
	440	Series EE, Rev., 5.38%, 06/15/2043		497
	500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013, Series DD, Rev., 5.00%, 06/15/2034		583
	500	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.00%, 06/15/2031		601

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
	305	New York State Environmental Facilities Corp., State Clean Water & Drinking, Revolving Funds, Pooled Financing Program, Series B, Rev., 5.50%, 04/15/2035 (p)		429
				2,395
		Total New York		8,328
		North Dakota — 0.5%
		Housing — 0.3%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	110	Series A, Rev., 3.75%, 07/01/2042		114
	155	Series A, Rev., 4.00%, 07/01/2034		163
				277
		Utility — 0.2%
	210	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.88%, 07/01/2026		224
		Total North Dakota		501
		Ohio — 2.4%
		Education — 0.4%
	365	Ohio State University, General Receipts, Special Purpose, Series A, Rev., 5.00%, 06/01/2043		418
		General Obligation — 0.3%
	185	County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction & Improvement, GO, NATL-RE, 5.25%, 12/01/2025		231
	45	Greene County, Series A, GO, AMBAC, 5.25%, 12/01/2028		57
				288
		Hospital — 0.5%
	380	City of Centerville, Graceworks Lutheran Services, Rev., 5.00%, 11/01/2027		416
	100	Franklin County Health Care Improvement, Presbyterian Services, Series A, Rev., 5.00%, 07/01/2020		100
				516
		Housing — 0.2%
		Ohio Housing Finance Agency, Single Family Mortgage,
	80	Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2028		83
	60	Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/01/2028		62
				145

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 13

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.4%
	395	Cleveland-Cuyahoga County, Port Authority Development, Port of Cleveland Bond Fund, One Community Project, Series C, Rev., 5.00%, 11/15/2020 (p)		445
		Utility — 0.6%
	500	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series A, Rev., 5.00%, 02/15/2032		582
	5	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.25%, 02/15/2021		5
				587
		Total Ohio		2,399
		Oklahoma — 1.4%
		Transportation — 0.8%
		Tulsa Airports Improvement Trust,
	300	Series A, Rev., AMT, 5.00%, 06/01/2024		352
	420	Series A, Rev., AMT, 5.00%, 06/01/2025		490
				842
		Water & Sewer — 0.6%
		Oklahoma City Water Utilities Trust, Water & Sewer System,
	285	Rev., 5.00%, 07/01/2030		344
	220	Rev., 5.38%, 07/01/2040		250
				594
		Total Oklahoma		1,436
		Oregon — 1.2%
		Education — 0.6%
	500	University of Oregon, Series A, Rev., 5.00%, 04/01/2045		572
		General Obligation — 0.2%
	165	Clackamas County School District No. 7J, Lake Oswego, GO, AGM, 5.25%, 06/01/2025		209
	20	Linn County Community School District No. 9 Lebanon, GO, NATL-RE, 5.50%, 06/15/2030		26
				235
		Housing — 0.3%
		Oregon State Housing & Community Services Department, Single Family Mortgage Program,
	190	Series B, Rev., 5.00%, 07/01/2020		210
	50	Series B, Rev., AMT, 5.00%, 07/01/2030		53
				263

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.1%
	105	State of Oregon, University Systems Projects, Series G, GO, 5.25%, 08/02/2021 (p)		122
		Total Oregon		1,192
		Pennsylvania — 1.0%
		Education — 0.2%
	160	Allegheny County Higher Education Building Authority, Duquesne University, Series A, Rev., 5.00%, 03/01/2020		174
		Housing — 0.4%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	95	Series 112, Rev., 5.00%, 04/01/2028		100
	10	Series 118A, Rev., AMT, 3.50%, 04/01/2040		11
	285	Series 122, Rev., 4.00%, 10/01/2046		308
				419
		Transportation — 0.4%
	350	Allegheny County Airport Authority, Pittsburgh International Airport, Series A-1, Rev., AMT, 5.00%, 01/01/2026		387
		Total Pennsylvania		980
		Rhode Island — 1.0%
		Education — 0.7%
	500	Rhode Island Student Loan Authority, Series A, Rev., AMT, 5.00%, 12/01/2023		566
	100	Rhode Island Student Loan Authority, Senior, Series A, Rev., AMT, 5.00%, 12/01/2024		117
				683
		Transportation — 0.3%
	250	Rhode Island Economic Development Corp., Series B, Rev., 5.00%, 07/01/2022		284
		Total Rhode Island		967
		South Carolina — 1.6%
		Education — 0.6%
	500	Charleston Educational Excellence Financing Corp., Charleston County School District Project, Rev., 5.00%, 12/01/2024		602
		Housing — 0.1%
	100	South Carolina State Housing Finance & Development Authority, Series A, Rev., 4.00%, 01/01/2047		109
		Transportation — 0.9%
	750	South Carolina State Ports Authority, Rev., AMT, 5.00%, 07/01/2031		866
		Total South Carolina		1,577

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		South Dakota — 0.7%
		Education — 0.6%
	500	South Dakota State Health & Educational Facilities Authority, Sanford Health, Rev., 5.00%, 11/01/2045		567
		Housing — 0.1%
	105	South Dakota Housing Development Authority, Homeownership Mortgage, Series A, Rev., AMT, 4.50%, 05/01/2031		112
		Total South Dakota		679
		Tennessee — 1.2%
		Housing — 0.2%
		Tennessee Housing Development Agency, Homeownership Program,
	155	Series 1A, Rev., AMT, 4.50%, 01/01/2038		163
	80	Series A, Rev., AMT, 4.50%, 07/01/2031		85
				248
		Other Revenue — 0.1%
	120	Memphis-Shelby County Sports Authority, Inc., Arena Project, Series D, Rev., NATL-RE, 5.00%, 11/01/2019		130
		Utility — 0.9%
		Tennessee Energy Acquisition Corp., Gas Project,
	370	Series A, Rev., 5.25%, 09/01/2021		416
	375	Series A, Rev., 5.25%, 09/01/2023		437
				853
		Total Tennessee		1,231
		Texas — 7.8%
		Education — 0.9%
	170	Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center, Series A, Rev., 5.25%, 12/01/2039		194
		University of Texas System,
	140	Series B, Rev., 5.25%, 07/01/2028		181
	395	Series B, Rev., 5.25%, 07/01/2030		513
				888
		General Obligation — 0.5%
	250	Dallas County Utility and Reclamation District, GO, 5.00%, 02/15/2023		293
	200	North East Independent School District, GO, PSF-GTD, 5.25%, 02/01/2027		255
				548

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — 0.1%
	65	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2029		68
	40	Texas State Affordable Housing Corp., Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA/FHLMC, 5.85%, 04/01/2041		42
				110
		Industrial Development Revenue/Pollution Control Revenue — 0.6%
	100	Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project, Rev., 4.70%, 05/01/2018		102
	500	Mission Economic Development Corp., Solid Waste Disposal, Waste Management, Inc. Project, Rev., 2.50%, 08/01/2020		511
				613
		Prerefunded — 1.3%
	1,000	Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project, Rev., 5.00%, 12/01/2019 (p)		1,090
	80	La Vernia Higher Education Finance Corp., Lifeschool of Dallas, Series A, Rev., 6.25%, 08/15/2019 (p)		88
	100	Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc., Series A, Rev., 6.00%, 02/15/2020 (p)		112
				1,290
		Transportation — 2.4%
	1,000	Central Texas Regional Mobility Authority, Rev., 5.00%, 01/01/2046		1,129
		Dallas Area Rapid Transit, Senior Lien,
	130	Rev., AMBAC, 5.25%, 12/01/2029		166
	700	Series A, Rev., 5.00%, 12/01/2032		831
	200	Texas Transportation Commission, Turnpike System, Second Tier, Series C, Rev., 5.00%, 08/15/2025		237
				2,363
		Water & Sewer — 2.0%
	1,250	City of Austin, Water & Wastewater System, Rev., 5.00%, 11/15/2037		1,504
	425	City of Dallas, Waterworks & Sewer System, Rev., 5.00%, 10/01/2042		488
	30	City of Houston, Capital Appreciation, Series A, Rev., AGM, Zero Coupon, 12/01/2027 (p)		24
				2,016
		Total Texas		7,828

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 15

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utah — 1.2%
		Other Revenue — 0.6%
		Utah Transit Authority, Sales Tax,
	40	Series C, Rev., AGM, 5.25%, 06/15/2025		50
	450	Series C, Rev., AGM, 5.25%, 06/15/2032		588
				638
		Water & Sewer — 0.6%
	500	Central Utah Water Conservancy District, Series C, Rev., 5.00%, 10/01/2042		574
		Total Utah		1,212
		Vermont — 2.4%
		Education — 0.9%
	750	Vermont Student Assistance Corp., Education Loan, Series A, Rev., AMT, 5.00%, 06/15/2024		868
		Housing — 1.5%
		Vermont Housing Finance Agency, Multiple Purpose,
	350	Series A, Rev., AMT, 4.00%, 11/01/2047		380
	350	Series B, Rev., 4.00%, 11/01/2044		372
	565	Series B, Rev., AMT, 3.75%, 11/01/2045		597
	150	Series B, Rev., AMT, 4.13%, 11/01/2042		155
				1,504
		Total Vermont		2,372
		Virginia — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	250	York County Economic Development Authority, Pollution Control, Electric & Power Company Project, Series A, Rev., 1.88%, 05/16/2019 (z)		253
		Prerefunded — 0.1%
	70	Virginia Resources Authority, Infrastructure, Pooled Financing Program, Series A, Rev., 5.00%, 11/01/2021 (p)		81
		Total Virginia		334
		Washington — 1.0%
		Hospital — 0.4%
	375	Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2026		446
		Housing — 0.6%
	85	Washington State Housing Finance Commission, Homeownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 04/01/2029		88

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	505	Washington State Housing Finance Commission, Single Family Program, Series 2A-R, Rev., AMT, 3.50%, 06/01/2044		526
				614
		Total Washington		1,060
		West Virginia — 0.6%
		Hospital — 0.6%
	500	Monongalia County Building Commission, Rev., 5.00%, 07/01/2023		586
		Wisconsin — 0.9%
		Education — 0.6%
	500	Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc., Series A, Rev., 5.00%, 07/01/2025		583
		Prerefunded — 0.3%
	35	State of Wisconsin, Annual Appropriation, Series A, Rev., 5.75%, 05/01/2019 (p)		38
	240	Wisconsin State Department of Transportation, Series 1, Rev., 5.00%, 07/01/2023 (p)		290
				328
		Total Wisconsin		911
		Wyoming — 0.4%
		Hospital — 0.4%
	375	Laramie County, Wyoming Hospital, Cheyenne Regional Medical Center Project, Rev., 4.00%, 05/01/2018		383
		Housing — 0.0% (g)
	30	Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.00%, 06/01/2032		30
		Total Wyoming		413
		Total Municipal Bonds (Cost $84,110)		88,044
SHARES
	Common Stocks — 0.0% (g)
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	35	Sabine Oil & Gas Holdings, Inc. (a)		1
	33	Southcross Holdco Equity (a) (bb)		23
		Total Common Stocks (Cost $12)		24

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — 7.3% (cc)
		Consumer Discretionary — 1.8%
		Diversified Consumer Services — 0.3%
	239	Spin Holdco, Inc., Term Loan B, (2 Month LIBOR + 3.75%), 5.01%, 11/14/2022 (aa)		240
		Media — 1.0%
	46	Mission Broadcasting, Inc., Term B-2 Loan, (1 Month LIBOR + 2.50%), 3.73%, 01/17/2024 (aa)		46
	452	MTL Publishing LLC, 1st Lien Term Loan, (1 Month LIBOR + 2.50%), 3.73%, 08/21/2023 (aa)		453
	373	Nexstar Broadcasting, Inc., Term B-2 Loan, (1 Month LIBOR + 2.50%), 3.73%, 01/17/2024 (aa)		373
	100	Tribune Media Co., Term Loan B, (1 Month LIBOR + 3.00%), 4.24%, 12/27/2020 (aa)		100
	54	Univision Communications, Inc., 1st Lien Term Loan C-5, (1 Month LIBOR + 2.75%), 3.99%, 03/15/2024 (aa)		53
				1,025
		Multiline Retail — 0.4%
	493	Neiman Marcus Group, Inc., Other Term Loan, (1 Month LIBOR + 3.25%), 4.48%, 10/25/2020 (aa)		362
		Textiles, Apparel & Luxury Goods — 0.1%
	166	Nine West Holdings, Inc., Initial Loan, (3 Month LIBOR + 3.75%), 5.05%, 10/08/2019 (aa)		139
		Total Consumer Discretionary		1,766
		Consumer Staples — 0.8%
		Food & Staples Retailing — 0.8%
		Albertson’s LLC, 1st Lien Term Loan,
	744	(3 Month LIBOR + 3.00%), 4.29%, 12/21/2022 (aa)		722
	99	(3 Month LIBOR + 3.00%), 4.32%, 06/22/2023 (aa)		95
		Total Consumer Staples		817
		Energy — 1.2%
		Oil, Gas & Consumable Fuels — 1.2%
	16	Alon USA Partners LP, MLP Term Loans, (1 Month LIBOR + 8.00%), 9.25%, 11/26/2018 (aa)		16
	1,163	Gulf Finance LLC, 1st Lien Term Loan B, (3 Month LIBOR + 5.25%), 6.55%, 08/25/2023 (aa)		1,051
	87	Southcross Energy Partners LP, Term Loan, (3 Month LIBOR + 4.25%), 5.55%, 08/04/2021 (aa)		76

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy — continued
	31	Southcross Holdings Borrower LP, Tranche B Term Loan, (LIBOR + 3.50%—5.50%), 3.50%, 04/13/2023 (aa)		27
		Total Energy		1,170
		Health Care — 0.5%
		Pharmaceuticals — 0.5%
	415	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), (1 Month LIBOR + 4.25%), 5.48%, 10/21/2021 (aa)		295
	189	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (1 Month LIBOR + 4.75%), 5.99%, 04/01/2022 (aa)		192
		Total Health Care		487
		Industrials — 0.2%
		Industrial Conglomerates — 0.2%
	187	Hudson Products Holdings, Inc., Term Loan, (3 Month LIBOR + 4.00%), 5.30%, 03/15/2019 (aa)		187
		Information Technology — 1.4%
		IT Services — 0.5%
		First Data Corp., 1st Lien Term Loan,
	42	(1 Month LIBOR + 2.25%), 3.49%, 07/08/2022 (aa)		42
	505	(1 Month LIBOR + 2.50%), 3.74%, 04/26/2024 (aa)		505
				547
		Semiconductors & Semiconductor Equipment — 0.5%
	134	Microsemi Corp., Closing Date Term B Loan, (3 Month LIBOR + 2.25%), 3.55%, 01/15/2023 (aa)		134
	328	Versum Materials, Inc., Senior Secured Term Loan B, (3 Month LIBOR + 2.50%), 3.80%, 09/29/2023 (aa)		329
				463
		Software — 0.0% (g)
	98	Longview Power LLC, Term B Advance, (1 Month LIBOR + 6.00%), 7.24%, 04/13/2021 (aa)		55
		Technology Hardware, Storage & Peripherals — 0.4%
	357	Quest Software US Holdings Inc., Term Loan, (LIBOR + 6.00%), 7.26%, 10/31/2022 (aa)		363
		Total Information Technology		1,428

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 17

JPMorgan Tax Aware High Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Materials — 0.2%
		Chemicals — 0.2%
	218	Gemini HDPE LLC, Advance, (3 Month LIBOR + 3.00%), 4.31%, 08/06/2021 (aa)		218
		Telecommunication Services — 0.2%
		Diversified Telecommunication Services — 0.1%
	150	Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, (Luxembourg), (3 Month LIBOR + 2.75%), 4.00%, 06/30/2019 (aa)		149
		Wireless Telecommunication Services — 0.1%
	107	Syniverse Holdings, Inc., Tranche B Term Loan, (3 Month LIBOR + 3.00%), 4.30%, 04/23/2019 (aa)		103
		Total Telecommunication Services		252
		Utilities — 1.0%
		Electric Utilities — 1.0%
	810	Texas Competitive Electric Holdings Co. LLC, Term Loan, (1 Month LIBOR + 2.75%), 3.99%, 08/04/2023 (aa)		810
	186	Texas Competitive Electric Holdings Co. LLC, Term Loan C, (1 Month LIBOR + 2.75%), 3.98%, 08/04/2023 (aa)		186
		Total Utilities		996
		Total Loan Assignments (Cost $7,702)		7,321

NUMBER OF WARRANTS			SECURITY DESCRIPTION	VALUE($)
	Warrants — 0.0% (g)
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
			Sabine Oil & Gas Holdings, Inc.,
	—	(h)	expiring 04/13/2026 (a)		—	(h)
	—	(h)	expiring 04/13/2026 (Strike Price $1.00) (a)		1
			Total Warrants (Cost $1)		1
SHARES
	Short-Term Investment — 4.4%
			Investment Company — 4.4%
	4,467		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $4,467)		4,467
			Total Investments — 99.1% (Cost $96,292)		99,857
			Other Assets in Excess of Liabilities — 0.9%		948
			NET ASSETS — 100.0%	$	100,805

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 2.4%
	493	ABFC Trust, Series 2006-OPT2, Class A2, 1.37%, 10/25/2036 (z) (bb)		425
	590	ACE Securities Corp. Home Equity Loan Trust, Series 2006-FM1, Class A2B, 1.32%, 07/25/2036 (z) (bb)		212
	302	Carrington Mortgage Loan Trust, Series 2006-FRE2, Class A2, 1.35%, 10/25/2036 (z) (bb)		201
	132	Countrywide Asset-Backed Certificates, Series 2007-2, Class 2A3, 1.37%, 08/25/2037 (z) (bb)		126
	316	Credit-Based Asset Servicing & Securitization LLC, Series 2006-CB8, Class A1, 1.37%, 10/25/2036 (z) (bb)		256
		CWABS Asset-Backed Certificates Trust,
	138	Series 2006-17, Class 2A2, 1.38%, 03/25/2047 (z) (bb)		129
	104	Series 2006-18, Class 2A2, 1.39%, 03/25/2037 (z) (bb)		101
	75	Fieldstone Mortgage Investment Trust, Series 2006-2, Class 2A3, 1.50%, 07/25/2036 (z) (bb)		42
	146	GSAA Home Equity Trust, Series 2007-5, Class 1AV1, 1.33%, 03/25/2047 (z) (bb)		83
		GSAMP Trust,
	53	Series 2005-WMC1, Class M1, 1.97%, 09/25/2035 (z) (bb)		50
	336	Series 2006-FM1, Class A1, 1.39%, 04/25/2036 (z) (bb)		246
	116	Series 2006-FM2, Class A2C, 1.38%, 09/25/2036 (z) (bb)		58
	116	Series 2006-FM2, Class A2D, 1.47%, 09/25/2036 (z) (bb)		60
	394	Series 2006-HE3, Class A2C, 1.39%, 05/25/2046 (z)		383
	558	Series 2007-HE1, Class A2C, 1.38%, 03/25/2047 (z) (bb)		509
		Home Equity Mortgage Loan Asset-Backed Trust,
	305	Series 2006-C, Class 2A, 1.36%, 08/25/2036 (z) (bb)		278
	80	Series 2006-C, Class 3A3, 1.38%, 08/25/2036 (z) (bb)		77
	360	Series 2006-D, Class 1A, 1.37%, 11/25/2036 (z) (bb)		295
	331	Series 2006-E, Class 2A3, 1.40%, 04/25/2037 (z) (bb)		241
	34	JP Morgan Mortgage Acquisition Trust, Series 2006-CW2, Class AV4, 1.38%, 08/25/2036 (z) (bb)		33
		MASTR Asset-Backed Securities Trust,
	150	Series 2006-HE4, Class A2, 1.34%, 11/25/2036 (z) (bb)		76

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	193	Series 2006-HE4, Class A3, 1.38%, 11/25/2036 (z) (bb)		99
	254	Series 2006-NC3, Class A1, 1.36%, 10/25/2036 (z) (bb)		160
	61	Morgan Stanley ABS Capital I, Inc. Trust, Series 2007-HE7, Class A2B, 2.23%, 07/25/2037 (z) (bb)		59
	307	New Century Home Equity Loan Trust, Series 2006-2, Class A2B, 1.39%, 08/25/2036 (z) (bb)		282
		NovaStar Mortgage Funding Trust,
	195	Series 2006-4, Class A2C, 1.38%, 09/25/2036 (z) (bb)		112
	94	Series 2006-4, Class A2D, 1.48%, 09/25/2036 (z) (bb)		55
	466	Series 2007-1, Class A1A, 1.36%, 03/25/2037 (z) (bb)		320
	130	Ownit Mortgage Loan Trust, Series 2006-1, Class AV, 1.46%, 12/25/2035 (z) (bb)		128
	98	RASC Trust, Series 2007-KS3, Class AI3, 1.48%, 04/25/2037 (z) (bb)		96
		Securitized Asset-Backed Receivables LLC Trust,
	319	Series 2006-NC3, Class A1, 1.37%, 09/25/2036 (z) (bb)		230
	81	Series 2007-NC2, Class A2B, 1.37%, 01/25/2037 (z) (bb)		60
	37	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC5, Class A4, 1.40%, 12/25/2036 (z) (bb)		35
	100	Velocity Commercial Capital Loan Trust, Series 2017-1, Class M3, 5.35%, 05/25/2047 (e) (z) (bb)		103
	456	WaMu Asset-Backed Certificates Trust, Series 2007-HE2, Class 2A4, 1.59%, 04/25/2037 (z) (bb)		255
		Total Asset-Backed Securities (Cost $5,739)		5,875
SHARES
	Closed End Funds — 0.9%
	62	BlackRock Corporate High Yield Fund, Inc.		690
	28	BlackRock Debt Strategies Fund, Inc.		329
	22	Blackstone/GSO Strategic Credit Fund		343
	12	Eaton Vance Floating-Rate Income Trust		183
	15	Eaton Vance Senior Income Trust		100
	17	Invesco Dynamic Credit Opportunities Fund		194
	18	Nuveen Credit Strategies Income Fund		149
	9	Nuveen Floating Rate Income Opportunity Fund		100
	15	Prudential Global Short Duration High Yield Fund, Inc.		228
		Total Closed End Funds (Cost $2,105)		2,316

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 19

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — 1.8%
	119	Adjustable Rate Mortgage Trust, Series 2005-5, Class 5A1, 3.71%, 09/25/2035 (z)		109
	59	Alternative Loan Trust, Series 2006-J2, Class A1, 1.73%, 04/25/2036 (z)		37
		Banc of America Funding Trust,
	32	Series 2006-D, Class 5A2, 3.63%, 05/20/2036 (z)		30
	214	Series 2014-R7, Class 1A1, 1.38%, 05/26/2036 (e) (z)		204
	63	Series 2014-R7, Class 2A1, 1.37%, 09/26/2036 (e) (z)		59
	188	Series 2015-R4, Class 5A1, 1.38%, 10/25/2036 (e) (z)		177
	162	Bear Stearns ARM Trust, Series 2005-12, Class 22A1, 3.22%, 02/25/2036 (z)		152
	55	CHL Mortgage Pass-Through Trust, Series 2007-5, Class A6, 1.58%, 05/25/2037 (z)		43
		Citigroup Mortgage Loan Trust,
	105	Series 2014-10, Class 1A1, 1.37%, 11/25/2036 (e) (z)		103
	141	Series 2014-10, Class 3A1, 1.43%, 07/25/2036 (e) (z)		132
	181	Series 2014-10, Class 4A1, 1.40%, 02/25/2037 (e) (z)		168
	96	Series 2014-11, Class 4A1, 1.33%, 07/25/2036 (e) (z)		87
	407	Series 2014-12, Class 1A4, 1.36%, 08/25/2036 (e) (z)		380
	66	Series 2014-12, Class 2A4, 3.35%, 02/25/2037 (e) (z)		64
	188	Series 2014-C, Class A, 3.25%, 02/25/2054 (e) (z)		188
		CSMC,
	65	Series 2011-12R, Class 3A1, 3.21%, 07/27/2036 (e) (z)		65
	69	Series 2014-10R, Class 4A1, 1.40%, 12/27/2036 (e) (z)		67
	56	Series 2014-11R, Class 8A1, 2.98%, 04/27/2037 (e) (z)		54
	205	Series 2014-11R, Class 9A1, 1.37%, 10/27/2036 (e) (z)		197
	42	Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2005-1, Class 1A1, 1.73%, 02/25/2035 (z)		41
		FNMA, Connecticut Avenue Securities,
	278	Series 2015-C03, Class 1M2, 6.23%, 07/25/2025 (z) (bb)		305
	417	Series 2015-C04, Class 1M2, 6.93%, 04/25/2028 (z)		469

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	58		GSMSC Resecuritization Trust, Series 2014-1R, Class 1A, 1.40%, 04/26/2037 (e) (z)		55
	42		GSR Mortgage Loan Trust, Series 2006-2F, Class 2A1, 5.75%, 02/25/2036		41
			HarborView Mortgage Loan Trust,
	44		Series 2004-9, Class 2A, 3.26%, 12/19/2034 (z)		39
	144		Series 2006-9, Class 2A1A, 1.44%, 11/19/2036 (z)		121
	158		Impac CMB Trust, Series 2005-1, Class 2A1, 1.74%, 04/25/2035 (z)		155
	—	(h)	Lehman XS Trust, Series 2006-18N, Class A2A, 1.38%, 12/25/2036 (z)		—	(h)
			LSTAR Securities Investment Ltd., (Cayman Islands),
	54		Series 2016-3, Class A, 3.23%, 09/01/2021 (e) (z)		55
	63		Series 2016-5, Class A1, 0.03%, 11/01/2021 (e) (z)		64
	114		Series 2016-7, Class A1, 3.23%, 12/01/2021 (e) (z)		114
	95		Series 2017-2, Class A1, 3.23%, 02/01/2022 (e) (z)		95
	75		Series 2017-3, Class A1, 3.23%, 04/01/2022 (e) (z)		75
	104		Nomura Resecuritization Trust, Series 2015-2R, Class 4A1, 1.58%, 12/26/2036 (e) (z)		97
	26		RBSSP Resecuritization Trust, Series 2010-10, Class 2A1, 1.36%, 09/26/2036 (e) (z)		26
	439		Residential Asset Securitization Trust, Series 2006-R1, Class A2, 1.63%, 01/25/2046 (z)		215
	8		Thornburg Mortgage Securities Trust, Series 2007-4, Class 3A1, 3.37%, 09/25/2037 (z)		8
	98		Verus Securitization Trust, Series 2017-2A, Class A2, SUB, 2.64%, 07/25/2047 (e)		98
	47		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-7, Class 1A2, 1.68%, 09/25/2035 (z)		36
			Total Collateralized Mortgage Obligations (Cost $4,354)		4,425
	Commercial Mortgage-Backed Securities — 0.7%
			BAMLL Commercial Mortgage Securities Trust,
	260		Series 2014-FL1, Class D, 5.23%, 12/15/2031 (e) (z) (bb)		253
	420		Series 2014-FL1, Class E, 6.73%, 12/15/2031 (e) (z) (bb)		397
			CG-CCRE Commercial Mortgage Trust,
	100		Series 2014-FL2, Class COL1, 4.73%, 11/15/2031 (e) (z) (bb)		100

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	185	Series 2014-FL2, Class COL2, 5.73%, 11/15/2031 (e) (z) (bb)		184
		Commercial Mortgage Trust,
	170	Series 2014-FL5, Class KH1, 4.88%, 08/15/2031 (e) (z) (bb)		150
	110	Series 2014-FL5, Class KH2, 5.73%, 08/15/2031 (e) (z) (bb)		84
	340	Series 2015-CR23, Class CMD, 3.81%, 05/10/2048 (e) (z) (bb)		336
		Velocity Commercial Capital Loan Trust,
	26	Series 2016-1, Class M5, 7.80%, 04/25/2046 (e) (z) (bb)		27
	100	Series 2016-2, Class M3, 5.50%, 10/25/2046 (z) (bb)		102
		Total Commercial Mortgage-Backed Securities (Cost $1,598)		1,633
	Convertible Bonds — 0.2%
		Energy — 0.1%
		Energy Equipment & Services — 0.0% (g)
	16	Ensco Jersey Finance Ltd., 3.00%, 01/31/2024 (e)		12
		Oil, Gas & Consumable Fuels — 0.1%
	286	Chesapeake Energy Corp., 5.50%, 09/15/2026 (e)		239
	19	Oasis Petroleum, Inc., 2.63%, 09/15/2023		17
				256
		Total Energy		268
		Telecommunication Services — 0.1%
		Diversified Telecommunication Services — 0.1%
	128	Clearwire Communications LLC, 8.25%, 12/01/2040 (e)		130
		Total Convertible Bonds (Cost $469)		398
	Corporate Bonds — 2.8%
		Consumer Discretionary — 0.5%
		Auto Components — 0.0% (g)
	7	American Axle & Manufacturing, Inc., 6.63%, 10/15/2022		7
	4	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		4
	350	DPH Holdings Corp., 7.13%, 05/01/2029 (d)		17
	11	Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023		12
	7	Icahn Enterprises LP, 6.00%, 08/01/2020		7
				47

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Consumer Services — 0.0% (g)
	11	Sotheby’s, 5.25%, 10/01/2022 (e)		11
		Hotels, Restaurants & Leisure — 0.0% (g)
	4	Interval Acquisition Corp., 5.63%, 04/15/2023		4
	15	MGM Resorts International, 6.00%, 03/15/2023		17
	15	Sabre GLBL, Inc., 5.25%, 11/15/2023 (e)		15
	4	Scientific Games International, Inc., 10.00%, 12/01/2022		5
				41
		Household Durables — 0.0% (g)
	7	American Greetings Corp., 7.88%, 02/15/2025 (e)		8
	8	Tempur Sealy International, Inc., 5.63%, 10/15/2023		8
				16
		Media — 0.4%
	30	Acosta, Inc., 7.75%, 10/01/2022 (e)		22
	3	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		3
	11	Cinemark USA, Inc., 5.13%, 12/15/2022		11
		Clear Channel Worldwide Holdings, Inc.,
	72	Series A, 6.50%, 11/15/2022		74
	15	Series B, 6.50%, 11/15/2022		15
	64	Series B, 7.63%, 03/15/2020		64
	503	CSC Holdings LLC, 10.88%, 10/15/2025 (e)		619
	7	DISH DBS Corp., 4.25%, 04/01/2018		7
	4	iHeartCommunications, Inc., 9.00%, 12/15/2019		3
	52	LIN Television Corp., 5.88%, 11/15/2022		54
	3	Midcontinent Communications, 6.88%, 08/15/2023 (e)		3
	7	Sirius XM Radio, Inc., 6.00%, 07/15/2024 (e)		8
	150	Ziggo Secured Finance BV, (Netherlands), 5.50%, 01/15/2027 (e)		155
				1,038
		Multiline Retail — 0.0% (g)
	4	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		2
		Specialty Retail — 0.1%
	15	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		16
		PetSmart, Inc.,
	94	5.88%, 06/01/2025 (e)		84
	15	7.13%, 03/15/2023 (e)		12
				112
		Total Consumer Discretionary		1,267

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 21

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Consumer Staples — 0.3%
		Food Products — 0.2%
	21	B&G Foods, Inc., 5.25%, 04/01/2025		22
	7	Dean Foods Co., 6.50%, 03/15/2023 (e)		7
		Post Holdings, Inc.,
	61	5.00%, 08/15/2026 (e)		61
	7	6.00%, 12/15/2022 (e)		7
	254	Simmons Foods, Inc., 7.88%, 10/01/2021 (e)		270
	7	TreeHouse Foods, Inc., 4.88%, 03/15/2022		7
				374
		Household Products — 0.1%
	7	Central Garden & Pet Co., 6.13%, 11/15/2023		7
		HRG Group, Inc.,
	46	7.75%, 01/15/2022		48
	232	7.88%, 07/15/2019		237
				292
		Personal Products — 0.0% (g)
	25	Avon International Operations, Inc., (United Kingdom), 7.88%, 08/15/2022 (e)		26
		Total Consumer Staples		692
		Energy — 0.3%
		Oil, Gas & Consumable Fuels — 0.3%
	9	Andeavor Logistics LP, 5.25%, 01/15/2025		10
	23	Antero Resources Corp., 5.13%, 12/01/2022		23
	7	California Resources Corp., 8.00%, 12/15/2022 (e)		4
	15	Carrizo Oil & Gas, Inc., 7.50%, 09/15/2020		15
	35	Chesapeake Energy Corp., 8.00%, 12/15/2022 (e)		36
	48	Energen Corp., 4.63%, 09/01/2021		48
	93	EP Energy LLC, 8.00%, 02/15/2025 (e)		61
	23	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		22
	10	Jones Energy Holdings LLC, 6.75%, 04/01/2022		7
	40	Kinder Morgan Finance Co. LLC, 6.00%, 01/15/2018 (e)		41
		Kinder Morgan, Inc.,
	40	2.00%, 12/01/2017		40
	27	3.05%, 12/01/2019		28
	15	MEG Energy Corp., (Canada), 7.00%, 03/31/2024 (e)		12
	19	Northern Oil and Gas, Inc., 8.00%, 06/01/2020		13
	10	Parsley Energy LLC, 5.38%, 01/15/2025 (e)		10
	95	PBF Logistics LP, 6.88%, 05/15/2023		97
		Sabine Pass Liquefaction LLC,
	7	4.20%, 03/15/2028		7
	124	5.00%, 03/15/2027		131

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
	15	Sanchez Energy Corp., 6.13%, 01/15/2023		11
	3	SemGroup Corp., 5.63%, 11/15/2023		3
	60	Williams Cos., Inc. (The), 7.88%, 09/01/2021		70
	11	WPX Energy, Inc., 7.50%, 08/01/2020		12
		Total Energy		701
		Financials — 0.3%
		Capital Markets — 0.0% (g)
	85	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		89
		Consumer Finance — 0.3%
		Ally Financial, Inc.,
	150	3.25%, 09/29/2017		150
	77	3.25%, 11/05/2018		78
	130	4.75%, 09/10/2018		133
	253	6.25%, 12/01/2017		255
	100	Springleaf Finance Corp., 6.50%, 09/15/2017		100
				716
		Diversified Financial Services — 0.0% (g)
	42	Tempo Acquisition LLC, 6.75%, 06/01/2025 (e)		43
		Total Financials		848
		Health Care — 0.3%
		Health Care Providers & Services — 0.2%
		Acadia Healthcare Co., Inc.,
	9	5.13%, 07/01/2022		9
	46	5.63%, 02/15/2023		48
		Community Health Systems, Inc.,
	35	5.13%, 08/01/2021		35
	78	6.25%, 03/31/2023		79
	15	HCA, Inc., 5.25%, 04/15/2025		16
	8	HealthSouth Corp., 5.75%, 09/15/2025		8
	37	LifePoint Health, Inc., 5.50%, 12/01/2021		38
	184	Molina Healthcare, Inc., 5.38%, 11/15/2022		192
	30	Tenet Healthcare Corp., 8.13%, 04/01/2022		32
				457
		Pharmaceuticals — 0.1%
	4	Concordia International Corp., (Canada), 7.00%, 04/15/2023 (e)		—	(h)
		Valeant Pharmaceuticals International, Inc.,
	91	5.63%, 12/01/2021 (e)		83
	7	6.13%, 04/15/2025 (e)		6
	7	6.75%, 08/15/2021 (e)		7
	141	7.00%, 03/15/2024 (e)		150
				246
		Total Health Care		703

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Industrials — 0.2%
		Aerospace & Defense — 0.0% (g)
	7	Huntington Ingalls Industries, Inc., 5.00%, 11/15/2025 (e)		8
	7	TransDigm, Inc., 6.00%, 07/15/2022		7
				15
		Airlines — 0.1%
	188	Allegiant Travel Co., 5.50%, 07/15/2019		193
	72	American Airlines Group, Inc., 5.50%, 10/01/2019 (e)		75
				268
		Commercial Services & Supplies — 0.1%
	4	APX Group, Inc., 6.38%, 12/01/2019		4
	2	Corporate Risk Holdings LLC, 9.50%, 07/01/2019 (e)		2
	61	GFL Environmental, Inc., (Canada), 5.63%, 05/01/2022 (e)		63
		Nielsen Finance LLC,
	78	4.50%, 10/01/2020		79
	8	5.00%, 04/15/2022 (e)		9
				157
		Machinery — 0.0% (g)
	5	Novelis Corp., 5.88%, 09/30/2026 (e)		5
	6	Terex Corp., 5.63%, 02/01/2025 (e)		7
				12
		Road & Rail — 0.0% (g)
	15	Hertz Corp. (The), 6.25%, 10/15/2022		14
	3	Park Aerospace Holdings Ltd., (Ireland), 5.25%, 08/15/2022 (e)		3
				17
		Trading Companies & Distributors — 0.0% (g)
	15	HD Supply, Inc., 5.25%, 12/15/2021 (e)		16
	15	International Lease Finance Corp., 5.88%, 08/15/2022		17
	7	United Rentals North America, Inc., 5.75%, 11/15/2024		7
				40
		Total Industrials		509
		Information Technology — 0.2%
		Internet Software & Services — 0.0% (g)
	59	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		63
	9	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		10
				73

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		IT Services — 0.0% (g)
	7	Alliance Data Systems Corp., 5.38%, 08/01/2022 (e)		7
	15	WEX, Inc., 4.75%, 02/01/2023 (e)		16
				23
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	52	Broadcom Corp., 3.88%, 01/15/2027 (e)		53
		Software — 0.1%
	71	Change Healthcare Holdings LLC, 5.75%, 03/01/2025 (e)		73
		Technology Hardware, Storage & Peripherals — 0.1%
	177	Western Digital Corp., 7.38%, 04/01/2023 (e)		194
		Total Information Technology		416
		Materials — 0.1%
		Chemicals — 0.0% (g)
	5	Chemours Co. (The), 6.63%, 05/15/2023		5
		Containers & Packaging — 0.1%
	7	Ball Corp., 5.25%, 07/01/2025		8
	45	Flex Acquisition Co., Inc., 6.88%, 01/15/2025 (e)		47
	99	Pactiv LLC, 8.38%, 04/15/2027		112
	131	Reynolds Group Issuer, Inc., (New Zealand), 5.75%, 10/15/2020		133
				300
		Metals & Mining — 0.0% (g)
	7	AK Steel Corp., 6.38%, 10/15/2025		7
	8	FMG Resources August 2006 Pty. Ltd., (Australia), 9.75%, 03/01/2022 (e)		9
	8	Hudbay Minerals, Inc., (Canada), 7.25%, 01/15/2023 (e)		9
				25
		Total Materials		330
		Telecommunication Services — 0.6%
		Diversified Telecommunication Services — 0.2%
	7	CCO Holdings LLC, 5.13%, 05/01/2023 (e)		7
	15	CenturyLink, Inc., Series V, 5.63%, 04/01/2020		16
	7	Frontier Communications Corp., 11.00%, 09/15/2025		6
	233	GCI, Inc., 6.75%, 06/01/2021		239
		Intelsat Jackson Holdings SA, (Luxembourg),
	124	5.50%, 08/01/2023		103
	5	BAN, TRAN, 7.25%, 10/15/2020		5
	21	7.50%, 04/01/2021		20

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 23

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Level 3 Financing, Inc.,
	90	5.38%, 01/15/2024		92
	15	6.13%, 01/15/2021		15
	34	Qualitytech LP, 5.88%, 08/01/2022		36
	8	Windstream Services LLC, 7.50%, 06/01/2022		6
				545
		Wireless Telecommunication Services — 0.4%
	4	Hughes Satellite Systems Corp., 5.25%, 08/01/2026		4
		Sprint Communications, Inc.,
	359	9.00%, 11/15/2018 (e)		388
	182	11.50%, 11/15/2021		230
	175	Sprint Corp., 7.25%, 09/15/2021		193
	23	T-Mobile USA, Inc., 6.50%, 01/15/2026		26
				841
		Total Telecommunication Services		1,386
		Utilities — 0.0% (g)
		Water Utilities — 0.0% (g)
	77	CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/2025 (e)		78
		Total Corporate Bonds (Cost $6,778)		6,930
	Municipal Bonds — 90.4% (t)
		Alabama — 0.2%
		Hospital — 0.2%
	510	Uab Medicine Finance Authority, Series B-2, Rev., 3.50%, 09/01/2035		498
		Prerefunded — 0.0% (g)
	65	City of Gulf Shores, Series A, GO, AGC, 4.50%, 12/15/2017 (p)		66
		Total Alabama		564
		Alaska — 1.2%
		General Obligation — 0.1%
	250	Borough of North Slope, Series A, GO, 5.50%, 06/30/2018		260
	100	Matanuska-Susitna Borough School Board, Series A, GO, NATL-RE, 5.00%, 04/01/2019		106
				366
		Housing — 1.0%
		Alaska Housing Finance Corp., General Mortgage,
	975	Series A, Rev., 3.50%, 06/01/2046		1,041
	105	Series A, Rev., 4.00%, 06/01/2040		107
	1,250	Alaska Housing Finance Corp., Home Mortgage, Series B, Rev., VRDO, BAN, 0.76%, 09/07/2017 (z)		1,250

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Housing — continued
	25	Alaska Housing Finance Corp., State Capital Project, Series A, Rev., NATL-RE, 4.00%, 12/01/2017		25
				2,423
		Transportation — 0.1%
	200	City of Valdez, Exxon Pipeline Company Project, Series C, Rev., VRDO, 0.81%, 09/01/2017 (z)		200
		Total Alaska		2,989
		Arizona — 0.3%
		Transportation — 0.2%
	490	Phoenix-Mesa Gateway Airport Authority, Mesa Project, Rev., 4.00%, 07/01/2019		514
		Utility — 0.1%
	110	Salt River Project Agricultural Improvement & Power District, Electric System, Series A, Rev., 5.00%, 01/01/2027		116
		Water & Sewer — 0.0% (g)
	50	Arizona Water Infrastructure Finance Authority, Water Quality, Series A, Rev., 5.00%, 10/01/2017		50
		Total Arizona		680
		California — 7.3%
		Certificate of Participation/Lease — 0.1%
	100	City of Palm Springs, Subseries B, COP, Zero Coupon, 04/15/2021 (p)		96
	125	Irvine Ranch Water District, COP, 5.00%, 03/01/2019		133
				229
		Education — 0.4%
	1,000	University of California, Series K, Rev., 4.00%, 05/15/2046		1,056
		General Obligation — 2.4%
	620	Campbell Union High School District, GO, 3.00%, 08/01/2030		642
	1,000	Mount San Antonio Community College District, GO, BAN, Zero Coupon, 04/01/2022		940
	1,130	Pittsburg Unified School District, GO, 4.00%, 08/01/2033		1,245
		State of California,
	600	Series A, Subseries A-2-1, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.80%, 09/07/2017 (z)		600
	2,500	Series D, GO, (1 Month LIBOR + 0.70%, 10.00% Cap), 1.56%, 10/02/2017 (aa)		2,501
				5,928

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Hospital — 1.5%
	450	California Health Facilities Financing Authority, Children Hospital, Series A, Rev., 4.00%, 11/15/2017		453
	2,500	California Health Facilities Financing Authority, Sutter Health, Series B, Rev., 5.00%, 11/15/2046		2,902
	375	Palomar Health, Rev., 4.00%, 11/01/2018		385
				3,740
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	2,000	California Municipal Finance Authority, Republic Services, Inc. Project, Rev., VRDO, 1.05%, 10/02/2017 (z)		2,000
		Other Revenue — 1.5%
	2,000	California Infrastructure & Economic Development Bank, The J. Paul Getty Trust, Series B-1, Rev., (SIFMA Municipal Swap Index Yield + 0.28%, 9.00% Cap), 1.07%, 09/07/2017 (aa)		2,001
	1,000	California Statewide Communities Development Authority, Kaiser Permanente, Series C-3, Rev., VRDO, 0.77%, 09/07/2017 (z)		1,000
	540	State of California, Department of Veterans Affairs, Series B, Rev., 3.50%, 12/01/2045		576
				3,577
		Prerefunded — 0.1%
	150	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series F-1, Rev., 5.25%, 04/01/2019 (p)		161
	25	City of Bakersfield, Wastewater, Series A, Rev., AGM, 5.00%, 09/15/2017 (p)		25
				186
		Transportation — 0.0% (g)
	40	Los Angeles County, Metropolitan Transportation Authority, Union Station Gateway Project, Series A, Rev., NATL-RE, 5.00%, 10/01/2017		40
		Utility — 0.5%
	200	Los Angeles Department of Water & Power, Power System, Series B, Subseries B-2, Rev., VRDO, 0.73%, 09/07/2017 (z)		200
	625	Northern California Transmission Agency, Transmission Project, Series A, Rev., 5.00%, 05/01/2031		749
	175	Southern California Public Power Authority, Magnolia Power Project, Series A-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.74%, 09/07/2017 (z)		175
				1,124
		Total California		17,880

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Colorado — 1.3%
		Certificate of Participation/Lease — 0.1%
	295	County of Pueblo, Judicial Complex Project, COP, AGM, 5.00%, 09/15/2020		328
		Hospital — 0.7%
	520	Colorado Health Facilities Authority, Boulder Community Hospital Project, Rev., 4.00%, 10/01/2017		521
	1,000	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		1,057
				1,578
		Water & Sewer — 0.5%
	1,000	City of Aurora, Rev., 5.00%, 08/01/2029		1,230
		Total Colorado		3,136
		Connecticut — 2.3%
		Education — 0.7%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	945	Series A, Rev., 4.00%, 11/15/2018		971
	175	Series A, Rev., AMT, 4.00%, 11/15/2018		180
	175	Series A, Rev., AMT, 5.00%, 11/15/2019		188
	300	Series A, Rev., AMT, 5.00%, 11/15/2020		329
				1,668
		General Obligation — 0.0% (g)
	80	Town of Cheshire, GO, 4.00%, 08/01/2019		85
		Housing — 1.6%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	1,295	Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,424
	170	Subseries A-1, Rev., 4.00%, 11/15/2045		185
	495	Subseries A-1, Rev., 4.00%, 11/15/2047		541
	655	Subseries B-2, Rev., 4.00%, 11/15/2032		692
	950	Subseries E-1, Rev., 3.50%, 11/15/2046		1,007
				3,849
		Total Connecticut		5,602
		Delaware — 0.3%
		General Obligation — 0.0% (g)
	100	State of Delaware, Series B, GO, 5.00%, 07/01/2018		103
		Housing — 0.3%
	615	Delaware State Housing Authority, Senior Single Family Mortgage, Series A-1, Rev., AMT, 4.90%, 07/01/2029		655
		Total Delaware		758

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 25

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		District of Columbia — 1.1%
		General Obligation — 0.7%
	1,500	District of Columbia, Series A, GO, 5.00%, 06/01/2037		1,801
		Other Revenue — 0.2%
	240	District of Columbia, Ballpark, Series B-1, Rev., NATL-RE, 5.00%, 02/01/2019		241
	200	District of Columbia, Income Tax, Series A, Rev., 5.00%, 12/01/2029		221
				462
		Prerefunded — 0.1%
	120	District of Columbia, Water & Sewer Authority, Public Utility, Sub Lien, Series A, Rev., AGM-CR, FGIC, FSA-CR, 5.00%, 10/01/2017 (p)		121
		Transportation — 0.1%
		Metropolitan Washington Airports Authority,
	190	Series A, Rev., AMT, AGM-CR, AMBAC, 5.00%, 10/01/2018		191
	150	Series C, Rev., 5.00%, 10/01/2019		162
				353
		Total District of Columbia		2,737
		Florida — 3.5%
		Certificate of Participation/Lease — 0.0% (g)
	120	City of Port St. Lucie, Master Lease/Municipal Complex, COP, AGC, 6.00%, 09/01/2017 (p)		120
		Education — 0.6%
	1,400	County of Broward, Educational Facilities Authority, Nova Southeastern University Project, Series A, Rev., VRDO, LOC: Bank of America NA, 0.74%, 09/01/2017 (z)		1,400
	125	Florida State Board of Governors, Series A, Rev., 5.00%, 07/01/2018		129
				1,529
		General Obligation — 0.1%
	150	Florida State Board of Education, Public Education, Capital Outlay, Series D, GO, 5.00%, 06/01/2019		157
		Hospital — 1.0%
	1,700	Florida Development Finance Corp., Healthcare Facilities, UF Health-Jacksonville Project, Series B, Rev., VRDO, 1.90%, 09/07/2017 (z)		1,700
	750	Miami Beach Health Facilities Authority, Mt. Sinai Medical Center, Rev., 4.00%, 11/15/2017		754
				2,454

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Housing — 0.5%
		Florida Housing Finance Corp., Homeowner Mortgage,
	30	Series 1, Rev., AMT, 5.00%, 07/01/2041		31
	190	Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2029		197
	645	Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2035		678
	165	Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2030		173
				1,079
		Other Revenue — 0.1%
	200	Florida State Municipal Loan Council, Rev., NATL-RE, 2.00%, 10/01/2017		200
		Prerefunded — 0.0% (g)
	55	County of Miami-Dade, Miami International Airport, Series A, Rev., AMT, AGC, 5.25%, 10/01/2018 (p)		58
		Utility — 1.0%
		Florida Municipal Power Agency, St. Lucie Project,
	1,000	Series 2002-1, Rev., AMBAC, 1.38%, 10/01/2021 (z)		956
	750	Series A, Rev., 4.00%, 10/01/2017		752
	70	Orlando Utilities Commission, Utility System, Series C, Rev., 5.00%, 10/01/2017		70
	500	Pasco County, Solid Waste Disposal & Resource Recovery System, Rev., AMT, 5.00%, 10/01/2020		556
				2,334
		Water & Sewer — 0.2%
	500	City of Tampa, Water & Sewer Improvement System, Rev., 5.00%, 10/01/2023		578
		Total Florida		8,509
		Georgia — 1.4%
		Education — 0.3%
	700	Private Colleges & Universities Authority, Emory University, Series B, Subseries B-2, Rev., VRDO, 0.71%, 09/07/2017 (z)		700
		General Obligation — 0.3%
	50	Henry County School District, GO, 5.00%, 12/01/2017		51
		State of Georgia,
	150	Series C, GO, 4.00%, 09/01/2022		170
	150	Series G, GO, 5.00%, 12/01/2017		152
	360	Series I, GO, 5.00%, 11/01/2021		418
				791

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Hospital — 0.1%
	295	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project, Rev., VRDO, RAN, 0.81%, 09/07/2017 (z)		295
		Housing — 0.6%
		Georgia Housing & Finance Authority, Single Family Mortgage,
	30	Rev., 5.00%, 06/01/2029		31
	750	Series A, Rev., 4.00%, 12/01/2047		822
	275	Series B, Rev., 4.00%, 12/01/2029		284
	345	Subseries A-1, Rev., 4.00%, 06/01/2044		365
				1,502
		Prerefunded — 0.0% (g)
	100	State of Georgia, Series G, GO, 5.00%, 12/01/2017 (p)		101
		Water & Sewer — 0.1%
	150	Macon Water Authority, Water & Sewer System, Series B, Rev., 4.00%, 10/01/2017		150
		Total Georgia		3,539
		Illinois — 4.9%
		Education — 2.0%
	1,000	Illinois Finance Authority, Depaul University, Series A, Rev., 4.00%, 10/01/2032		1,071
	1,280	Illinois Finance Authority, University of Chicago Medical Center, Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.79%, 09/07/2017 (z)		1,280
	2,600	Village of Romeoville, Lewis University, Series 2006, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.81%, 09/01/2017 (z)		2,600
				4,951
		General Obligation — 0.5%
	235	City of Chicago, Series 2006A, GO, AGM, 4.75%, 01/01/2030		236
	1,000	Cook County, Series A, GO, 5.00%, 11/15/2017		1,008
				1,244
		Hospital — 0.5%
		Illinois Finance Authority, Northwestern Memorial Hospital,
	200	Series A-2, Rev., VRDO, 0.77%, 09/07/2017 (z)		200
	1,045	Series A-4, Rev., VRDO, 0.77%, 09/07/2017 (z)		1,045
				1,245

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Housing — 1.2%
		Illinois Housing Development Authority, Homeowner Mortgage,
	1,245	Series C, Rev., 3.50%, 08/01/2046		1,324
	1,455	Subseries A-2, Rev., AMT, 4.00%, 02/01/2035		1,522
				2,846
		Other Revenue — 0.6%
	500	City of Chicago, Motor Fuel Tax, Rev., 5.00%, 01/01/2018		504
	500	City of Chicago, Tax Increment, Pilsen Redevelopment Project, Series A, Rev., 5.00%, 06/01/2019		529
		Railsplitter Tobacco Settlement Authority,
	250	Rev., 5.00%, 06/01/2018		258
	200	Rev., 5.25%, 06/01/2021		228
				1,519
		Prerefunded — 0.1%
	115	Saint Clair County High School District, Series A, GO, AMBAC, 5.75%, 12/01/2017 (p)		116
		Total Illinois		11,921
		Indiana — 5.6%
		Education — 0.0% (g)
	100	Hammond Multi-School Building Corp., First Mortgage, Rev., NATL-RE, 5.00%, 01/15/2020		106
		Hospital — 1.1%
	250	City of Jasper, Hospital Authority, Memorial Hospital and Health Care Center Project, Rev., 4.00%, 11/01/2017		251
	335	Indiana Finance Authority, Marion General Hospital Project, Series A, Rev., 4.00%, 07/01/2018		343
	625	Indiana Finance Authority, Parkview Health System Obligated Group, Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		625
	1,400	Indiana Finance Authority, Sisters of St. Francis Health Services, Inc. Obligated Group, Series G, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		1,400
				2,619
		Housing — 0.2%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	155	Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2028		161

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 27

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Housing — continued
	195	Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2027		205
				366
		Industrial Development Revenue/Pollution Control Revenue — 3.0%
	1,860	City of Rockport, Pollution Control, Indiana Michigan Power Company Project, Series 2009 A, Rev., 1.75%, 06/01/2018 (z)		1,867
		City of Whiting, Environmental Facilities, BP Products North America, Inc., Project,
	2,500	Rev., 1.85%, 10/01/2019 (z)		2,519
	3,000	Rev., AMT, BAN, TRAN, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.75%, 15.00% Cap), 1.54%, 09/07/2017 (aa)		3,000
				7,386
		Other Revenue — 1.3%
	1,300	Indiana Finance Authority, Community Foundation of Northwest, Rev., 5.00%, 09/01/2031		1,526
	700	Indiana Finance Authority, Duke Energy Indiana, Inc. Project, Series A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.81%, 09/01/2017 (z)		700
	750	Indiana Finance Authority, State Revolving Fund Program, Series B, Rev., 5.00%, 02/01/2021		824
	100	Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project, Series F, Rev., AGM, 5.00%, 01/01/2021		110
				3,160
		Total Indiana		13,637
		Iowa — 0.7%
		Housing — 0.7%
		Iowa Finance Authority Single Family Mortgage-Backed Securities Program,
	95	Series 1, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2029		97
	170	Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2028		175
	635	Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2046		691
	725	Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 07/01/2046		771
		Total Iowa		1,734
		Kansas — 0.4%
		General Obligation — 0.0% (g)
	25	Kansas Unified School District No. 259 Sedgwick County, Series C, GO, 4.00%, 09/01/2017		25

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hospital — 0.2%
	435	University of Kansas Hospital Authority, KU Health System, Rev., VRDO, LOC: U.S. Bank NA, 0.85%, 09/01/2017 (z)		435
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	440	Kansas State Development Finance Authority, Water Pollution Control, Series CW, Rev., 5.00%, 11/01/2018 (p)		461
		Transportation — 0.0% (g)
	25	Kansas State Department Transportation Highway, Series A, Rev., 5.00%, 09/01/2017		25
		Total Kansas		946
		Kentucky — 1.4%
		Education — 0.2%
	460	Kentucky Higher Education Student Loan Corp., Series A, Rev., AMT, 5.00%, 06/01/2019		485
		Housing — 0.0% (g)
	75	Kentucky Housing Corp., Series A, Rev., 5.00%, 01/01/2028		79
		Industrial Development Revenue/Pollution Control Revenue — 1.2%
	250	County of Carroll, Pollution Control, Kentucky Utilities Company Project, Series A, Rev., 1.05%, 09/01/2019 (z)		248
	2,500	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Series A, Rev., 2.20%, 08/01/2019 (z)		2,541
				2,789
		Total Kentucky		3,353
		Louisiana — 0.7%
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	150	East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Series A, Rev., VRDO, 0.72%, 09/01/2017 (z)		150
		Other Revenue — 0.0% (g)
	100	State of Louisiana, Gas & Fuels Tax, Series A-1, Rev., 5.00%, 05/01/2020		111
		Water & Sewer — 0.6%
	500	City of New Orleans, Sewerage Service, Rev., 5.00%, 06/01/2018		515
	1,000	Louisiana Offshore Terminal Authority, Deepwater Port, LOOP LLC Project, Series B-1, Rev., 2.20%, 10/01/2017 (z)		1,000
				1,515
		Total Louisiana		1,776

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Maine — 0.5%
		Housing — 0.5%
		Maine State Housing Authority,
	630	Series A, Rev., 4.00%, 11/15/2045		681
	475	Series B, Rev., 4.00%, 11/15/2043		501
				1,182
		Other Revenue — 0.0% (g)
	100	Maine Municipal Bond Bank, Series E, Rev., 4.00%, 11/01/2021		111
		Total Maine		1,293
		Maryland — 0.9%
		General Obligation — 0.0% (g)
	25	Charles County, Public Improvement, GO, 5.00%, 10/01/2017		25
	100	State of Maryland, State & Local Facilities, Loan of 2009, Series C, GO, 5.00%, 11/01/2017		101
				126
		Housing — 0.6%
		Montgomery County Housing Opportunities Commission, Single Family Mortgage,
	400	Series A, Rev., 4.00%, 01/01/2031		407
	1,000	Series A, Rev., 4.00%, 07/01/2048		1,092
				1,499
		Prerefunded — 0.0% (g)
	30	County of Cecil, Consolidated Public Improvement, GO, AGM, 4.13%, 12/01/2017 (p)		30
		Transportation — 0.3%
		Maryland Transportation Authority,
	75	Rev., 4.00%, 09/01/2017		75
	540	Rev., GRAN, 5.25%, 03/01/2019		576
				651
		Total Maryland		2,306
		Massachusetts — 3.5%
		Education — 1.4%
		Massachusetts Educational Financing Authority, Education Loan,
	500	Series A, Rev., AMT, 4.00%, 07/01/2021		544
	750	Series J, Rev., AMT, 4.75%, 07/01/2019		797
	500	Series J, Rev., AMT, 5.00%, 07/01/2018		516
	100	Massachusetts Health & Educational Facilities Authority, Museum of Fine Arts, Series A-1, Rev., VRDO, 0.73%, 09/01/2017 (z)		100
	1,450	University of Massachusetts Building Authority, Series 1, Rev., VRDO, 0.78%, 09/07/2017 (z)		1,450
				3,407

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		General Obligation — 0.0% (g)
	110	Commonwealth of Massachusetts, Consolidated Loan of 2002, Series C, GO, NATL-RE-IBC, MBIA, 5.50%, 11/01/2017		111
		Hospital — 0.1%
	150	Massachusetts Development Finance Agency, Partners Healthcare System Issue, Series K-1, Rev., VRDO, 0.79%, 09/07/2017 (z)		150
		Housing — 1.5%
		Massachusetts Housing Finance Agency, Single Family Housing,
	645	Series 167, Rev., 4.00%, 12/01/2043		676
	1,450	Series 169, Rev., 4.00%, 12/01/2044		1,522
	795	Series 177, Rev., AMT, 4.00%, 06/01/2039		847
	475	Series 183, Rev., 3.50%, 12/01/2046		509
				3,554
		Prerefunded — 0.2%
	265	Commonwealth of Massachusetts, Consolidated Loan of 2008, Series A, GO, 5.00%, 08/01/2018 (p)		275
	300	Commonwealth of Massachusetts, Consolidated Loan of 2009, Series C, GO, 5.00%, 07/01/2019 (p)		323
				598
		Transportation — 0.3%
	800	Massachusetts Bay Transportation Authority, General Transportation System, Series A-1, Rev., VRDO, 0.79%, 09/07/2017 (z)		800
		Total Massachusetts		8,620
		Michigan — 4.3%
		Education — 0.4%
	1,000	Michigan Finance Authority, Student Loan, Series 25-A, Rev., AMT, 5.00%, 11/01/2017		1,006
		General Obligation — 0.9%
		Healthsource Saginaw, Inc., County of Saginaw,
	575	GO, 4.00%, 05/01/2018		587
	650	GO, 5.00%, 05/01/2019		691
	930	GO, 5.00%, 05/01/2020		1,020
				2,298
		Hospital — 0.9%
	2,100	Kent Hospital Finance Authority, Spectrum Health System, Series B-3, Rev., VRDO, 0.79%, 09/07/2017 (z)		2,100

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 29

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Housing — 1.4%
	155	Michigan State Housing Development Authority, Single Family Homeownership, Series A, Rev., 5.00%, 12/01/2027		159
		Michigan State Housing Development Authority, Single-Family Mortgage,
	1,765	Series A, Rev., 4.00%, 06/01/2046		1,907
	1,250	Series B, Rev., 3.50%, 06/01/2047		1,333
				3,399
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	510	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., 1.45%, 09/01/2021 (z)		506
		Other Revenue — 0.4%
	950	Michigan Finance Authority, Sparrow Obligation Group, Rev., 4.00%, 11/15/2020		1,034
		Prerefunded — 0.1%
	200	Michigan Municipal Bond Authority, Clean Water State Revolving Fund, Rev., 5.00%, 10/01/2019 (p)		217
		Total Michigan		10,560
		Minnesota — 3.5%
		Education — 0.6%
	1,100	Minnesota Higher Educational Facilities Authority, The College of Saint Catherine, Series 5-N2, Rev., VRDO, LOC: U.S. Bank NA, 0.79%, 09/07/2017 (z)		1,100
	275	University of Minnesota, Series A, Rev., 5.25%, 12/01/2026		312
				1,412
		General Obligation — 0.0% (g)
	100	State of Minnesota, Trunk Highway, Series B, GO, 5.00%, 10/01/2018		105
		Hospital — 0.9%
	100	City of Maple Grove, North Memorial Health Care, Rev., 4.00%, 09/01/2017		100
	2,100	City of Rochester, Health Care Facilities, Mayo Clinic, Series A, Rev., VRDO, 0.76%, 09/07/2017 (z)		2,100
				2,200
		Housing — 1.6%
	175	Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2035		185

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Housing — continued
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	160	Series A, Rev., GNMA/COLL, 4.50%, 12/01/2026		166
	42	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/01/2040		43
	125	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 03/01/2041		132
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	75	Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2031 (w)		78
	70	Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2034		73
	165	Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2035		170
		Minnesota Housing Finance Agency, Residential Housing Finance,
	415	Series A, Rev., 4.00%, 07/01/2038		440
	595	Series B, Rev., 4.00%, 01/01/2038		631
	500	Series B, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2047		545
	1,050	Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 01/01/2045		1,119
	240	Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2040		248
				3,830
		Prerefunded — 0.0% (g)
	125	City of Anoka, Senior Housing Facility, The Homestead at Anoka, Inc. Project, Series B, Rev., 6.38%, 11/01/2019 (p)		141
		Utility — 0.4%
	905	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.79%, 09/07/2017 (z)		905
		Total Minnesota		8,593
		Mississippi — 0.3%
		General Obligation — 0.1%
	150	State of Mississippi, Series A, GO, 5.25%, 11/01/2021		176

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project,
	250	Series A, Rev., VRDO, 0.73%, 09/01/2017 (z)		250
	100	Series J, Rev., VRDO, 0.73%, 09/01/2017 (z)		100
				350
		Other Revenue — 0.1%
	300	Mississippi Development Bank, Rev., AMBAC, 5.00%, 11/01/2017		302
		Total Mississippi		828
		Missouri — 2.2%
		Education — 0.4%
	1,000	Missouri State Health & Educational Facilities Authority, Series B, Rev., VRDO, LIQ: BJC Health System, 0.78%, 09/07/2017 (z)		1,000
		Hospital — 0.3%
	200	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 0.77%, 09/07/2017 (z)		200
	500	St. Joseph IDA, Health Facilities, Heartland Regional Medical Center, Series A, Rev., VRDO, LOC: U.S. Bank NA, 0.81%, 09/01/2017 (z)		500
				700
		Housing — 0.9%
		Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program,
	550	Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 05/01/2041		590
	800	Series B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2045		860
		Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program,
	545	Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2041		574
	35	Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 05/01/2028		37
	85	Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/01/2030		88
				2,149
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	50	Kansas City, Missouri Industrial Development Authority, Downtown Redevelopment District, Rev., 5.00%, 09/01/2018 (p)		52

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Industrial Development Revenue/Pollution Control Revenue — continued
	35	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 07/01/2025		40
				92
		Other Revenue — 0.5%
	1,250	Missouri Development Finance Board, Cultural Facilities, Kauffman Center for the Performing Arts Project, Series A, Rev., VRDO, 0.74%, 09/01/2017 (z)		1,250
		Prerefunded — 0.1%
	25	Missouri Development Finance Board, Midwest Research Institute Project, Rev., 4.50%, 11/01/2017 (p)		25
	190	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 01/01/2021 (p)		215
				240
		Total Missouri		5,431
		Montana — 0.3%
		Housing — 0.3%
		Montana Board of Housing, Single Family Homeownership,
	220	Series A-2, Rev., AMT, 4.00%, 12/01/2038		230
	405	Series B2, Rev., AMT, 5.00%, 12/01/2027		426
		Total Montana		656
		Nevada — 0.0% (g)
		Prerefunded — 0.0% (g)
	100	Clark County School District, Series A, GO, 5.00%, 06/15/2018 (p)		104
	25	State of Nevada, Capital Improvement & Cultural Affairs, Series B, GO, NATL-RE, 5.00%, 12/01/2017 (p)		25
		Total Nevada		129
		New Hampshire — 0.7%
		Education — 0.2%
	500	New Hampshire Health and Education Facilities Authority, Dartmouth College Issue, Series B, Rev., VRDO, 0.69%, 09/01/2017 (z)		500
		Housing — 0.1%
		New Hampshire Housing Finance Authority, Single Family Mortgage,
	80	Series A, Rev., 5.25%, 07/01/2028		84

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 31

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Housing — continued
	190	Series C, Rev., 4.00%, 01/01/2028		197
				281
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	1,000	New Hampshire Business Finance Authority, Solid Waste Disposal, Waste Management, Inc., Project, Rev., 2.13%, 06/01/2018 (z)		1,007
		Total New Hampshire		1,788
		New Jersey — 1.7%
		Education — 0.7%
		New Jersey Economic Development Authority, School Facilities Construction,
	120	Rev., 5.00%, 12/15/2017 (p)		122
	35	Series W, Rev., NATL-RE-IBC, 4.00%, 09/01/2017 (p)		35
		New Jersey Higher Education Student Assistance Authority, Senior Student Loan,
	500	Series 1A, Rev., AMT, 5.00%, 12/01/2017		505
	1,000	Series 1-B, Rev., AMT, 5.00%, 12/01/2021		1,130
				1,792
		General Obligation — 0.1%
	205	Township of Montville, GO, 4.00%, 08/15/2020		223
	100	Township of Wayne, GO, 4.00%, 09/01/2017		100
				323
		Housing — 0.0% (g)
	50	New Jersey Housing & Mortgage Finance Agency, Single Family Mortgage, Series A, Rev., 4.50%, 10/01/2029		50
		Other Revenue — 0.1%
	100	Monmouth County Improvement Authority, Rev., 5.00%, 01/15/2020		110
	50	New Jersey Environmental Infrastructure Trust, Series C, Rev., 5.00%, 09/01/2017		50
				160
		Prerefunded — 0.1%
	100	Borough of Madison, General Improvement, GO, 5.00%, 10/15/2018 (p)		105
	140	New Jersey Economic Development Authority, School Facilities Construction, Series Y, Rev., 4.75%, 09/01/2018 (p)		145
				250
		Transportation — 0.7%
	1,500	New Jersey Transit Corp., Series A, Rev., GAN, 5.00%, 09/15/2018		1,554
		Total New Jersey		4,129

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		New Mexico — 0.3%
		Housing — 0.2%
		New Mexico Mortgage Finance Authority, Single Family Mortgage Program,
	330	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 03/01/2043		343
	55	Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 09/01/2030		57
				400
		Transportation — 0.1%
	100	New Mexico Finance Authority, State Transportation, Senior Lien, Series B, Rev., 5.00%, 06/15/2024		111
	100	New Mexico Finance Authority, State Transportation, Sub Lien, Series A-2, Rev., 5.00%, 12/15/2019		109
				220
		Total New Mexico		620
		New York — 8.9%
		Education — 0.6%
	150	Niagara Area Development Corp., Niagara University Project, Series A, Rev., 5.00%, 05/01/2018		153
	1,400	Onondaga County Trust for Cultural Resources, Syracuse University Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.78%, 09/07/2017 (z)		1,400
				1,553
		General Obligation — 1.0%
	500	City of New York, Fiscal Year 2006, Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		500
	150	City of New York, Fiscal Year 2008, Subseries L-4, GO, VRDO, LOC: U.S. Bank NA, 0.82%, 09/01/2017 (z)		150
	250	City of New York, Fiscal Year 2012, Series G, Subseries G-6, GO, VRDO, LOC: Mizuho Corporate Bank, 0.86%, 09/01/2017 (z)		250
	100	New York City, Series E-1, GO, 5.25%, 10/15/2017		101
	95	Valhalla Union Free School District, GO, 2.00%, 10/15/2017		95
		Village of Freeport, Nassau County, Public Improvement,
	830	Series A, GO, 4.00%, 05/01/2024		955
	240	Series A, GO, 4.00%, 05/01/2025		277
				2,328

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Housing — 2.1%
		New York Mortgage Agency, Homeowner Mortgage,
	1,430	Series 191, Rev., AMT, 3.50%, 10/01/2034		1,488
	600	Series 195, Rev., 4.00%, 10/01/2046		658
	485	Series 197, Rev., 3.50%, 10/01/2044		521
	2,100	New York State Housing Finance Agency, 625 West 57th Street Housing, Series A, Rev., VRDO, LOC: Bank of New York Mellon, 0.77%, 09/07/2017 (z)		2,100
	400	New York State Housing Finance Agency, Housing, 160 Madison Avenue, Series A, Rev., VRDO, LOC: PNC Bank NA, 0.86%, 09/01/2017 (z)		400
				5,167
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	2,000	New York State Environmental Facilities Corp., Solid Waste Disposal, Waste Management, Inc. Project,, Rev., VRDO, 1.18%, 11/01/2017 (z)		2,000
		Other Revenue — 2.2%
		Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center,
	625	Series A, Rev., 5.00%, 07/15/2026		749
	560	Series A, Rev., 5.00%, 07/15/2028		665
	1,750	Hudson Yards Infrastructure Corp., Series A, Rev., 5.00%, 02/15/2042		2,058
		New York City Transitional Finance Authority,
	170	Series C, Rev., 5.00%, 11/01/2021		192
	100	Series S-2, Rev., AGM, FGIC, NATL-RE, 5.00%, 01/15/2018		101
	900	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Subseries D-4, Rev., VRDO, 0.82%, 09/01/2017 (z)		900
	150	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015, Subseries A-4, Rev., VRDO, 0.73%, 09/01/2017 (z)		150
	100	New York State Dormitory Authority, Unrefunded Balance, Series A, Rev., 4.00%, 02/15/2019		105
	500	TSASC, Inc., Tobacco Settlement, Series B, Rev., 5.00%, 06/01/2020		534
				5,454
		Prerefunded — 0.4%
	15	Metropolitan Transportation Authority, Series B, Rev., 4.50%, 11/15/2017 (p)		15
	50	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.75%, 06/15/2018 (p)		52

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Prerefunded — continued
	700	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series AA, Rev., 5.00%, 06/15/2018 (p)		724
	105	Triborough Bridge & Tunnel Authority, Series A, Rev., 5.00%, 05/15/2018 (p)		108
				899
		Transportation — 0.2%
	165	MTA Hudson Rail Yards Trust Obligations, Series A, Rev., 5.00%, 11/15/2046		177
	400	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Subseries B-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.81%, 09/01/2017 (z)		400
				577
		Water & Sewer — 1.6%
	325	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 4.50%, 06/15/2032		376
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2012,
	200	Subseries B-2, Rev., VRDO, 0.82%, 09/01/2017 (z)		200
	300	Subseries B-3, Rev., VRDO, 0.82%, 09/01/2017 (z)		300
	600	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series AA-4, Rev., VRDO, 0.85%, 09/01/2017 (z)		600
	340	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series BB-4, Rev., VRDO, 0.81%, 09/01/2017 (z)		340
	1,750	New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects—Second Resolution, Series A, Rev., 5.00%, 06/15/2037		2,104
				3,920
		Total New York		21,898
		North Carolina — 4.6%
		Certificate of Participation/Lease — 1.2%
	915	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.78%, 09/07/2017 (z)		915
	1,300	City of Charlotte, Central Yard Project, Series A, COP, VRDO, 0.79%, 09/07/2017 (z)		1,300

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 33

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Certificate of Participation/Lease — continued
	675	City of Raleigh, Downtown Improvement Projects, Series B-1, COP, VRDO, 0.79%, 09/07/2017 (z)		675
				2,890
		Education — 0.6%
	1,350	North Carolina Capital Facilities Finance Agency, Student University Foundation, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		1,350
		General Obligation — 0.1%
	175	Mecklenburg County, Series C, GO, 5.00%, 12/01/2018		184
	200	New Hanover County, GO, 5.00%, 12/01/2020		226
				410
		Hospital — 1.1%
	250	North Carolina Medical Care Commission, Health Care Facilities, WakeMed, Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.78%, 09/07/2017 (z)		250
	350	North Carolina Medical Care Commission, Moses Cone Health System, Series B, Rev., VRDO, 0.80%, 09/01/2017 (z)		350
	1,000	North Carolina Medical Care Commission, Wakemed, Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.78%, 09/07/2017 (z)		1,000
		University of North Carolina, University Hospital at Chapel Hill,
	100	Series A, Rev., VRDO, 0.81%, 09/01/2017 (z)		100
	900	Series B, Rev., VRDO, 0.81%, 09/01/2017 (z)		900
				2,600
		Housing — 0.8%
		North Carolina Housing Finance Agency, Homeownership,
	205	Series 1, Rev., 4.50%, 07/01/2028		214
	100	Series 2, Rev., 4.25%, 01/01/2028		103
	1,000	Series 38-B, Rev., 4.00%, 07/01/2047		1,090
	470	Series A, Rev., AMT, 3.50%, 07/01/2039		496
				1,903
		Utility — 0.0% (g)
	100	North Carolina Eastern Municipal Power Agency, Power System, Series A, Rev., 6.50%, 01/01/2018 (p)		102
		Water & Sewer — 0.8%
	1,455	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.79%, 09/07/2017 (z)		1,455

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Water & Sewer — continued
	465	City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.76%, 09/07/2017 (z)		465
				1,920
		Total North Carolina		11,175
		North Dakota — 0.8%
		Housing — 0.8%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	360	Series A, Rev., 3.75%, 07/01/2042		375
	480	Series A, Rev., 4.00%, 07/01/2034		504
	240	Series B, Rev., 4.50%, 01/01/2028		250
	55	Series B, Rev., 5.00%, 07/01/2028		58
	585	Series D, Rev., 3.50%, 07/01/2046		627
	170	Series D, Rev., 4.25%, 07/01/2028		176
		Total North Dakota		1,990
		Ohio — 1.5%
		Education — 0.1%
	200	University of Cincinnati, Series A, Rev., 5.00%, 06/01/2018		206
		General Obligation — 0.1%
	55	Dublin City School District, School Facilities Construction & Improvement, GO, 4.00%, 12/01/2017		55
	110	State of Ohio, Higher Education, Series B, GO, 5.00%, 08/01/2023		130
				185
		Hospital — 0.3%
	750	County of Allen, Catholic Healthcare Partners, Series C, Rev., VRDO, LOC: Union Bank NA, 0.83%, 09/01/2017 (z)		750
		Housing — 0.3%
		Ohio Housing Finance Agency, Single Family Mortgage,
	75	Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2028		78
	65	Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2028		67
	295	Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/01/2028		307
	180	Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/01/2029		187
				639

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	105	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Water Quality, Series C, Rev., 5.00%, 06/01/2019		113
		Other Revenue — 0.4%
	1,000	Franklin County, Convention Facilities Authority, Tax & Lease, Rev., RAN, 5.00%, 12/01/2020		1,122
		Prerefunded — 0.1%
	185	American Municipal Power, Inc., Prairie State Energy Campus Project, Series A, Rev., 5.25%, 02/15/2018 (p)		189
		Transportation — 0.2%
		Cleveland-Cuyahoga County Port Authority Development, One Community Project,
	175	Series C, Rev., 3.00%, 11/15/2017 (p)		176
	340	Series C, Rev., 3.00%, 11/15/2018 (p)		348
				524
		Utility — 0.0% (g)
	15	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.25%, 02/15/2021		15
		Total Ohio		3,743
		Oklahoma — 0.1%
		Housing — 0.1%
		Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program,
	70	Series A, Rev., GNMA/COLL, 4.75%, 03/01/2028		75
	80	Series B, Rev., GNMA/COLL, 4.50%, 09/01/2027		84
		Total Oklahoma		159
		Oregon — 3.1%
		Housing — 1.1%
		Oregon State Housing & Community Services Department, Mortgage, Single-Family Mortgage Program,
	615	Series D, Rev., 4.00%, 07/01/2043		648
	2,000	Series D, Rev., 3.50%, 07/01/2048 (w)		2,156
				2,804
		Other Revenue — 0.9%
	1,830	Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.23%, 09/07/2017 (z)		1,830

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Other Revenue — continued
	375	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.00%, 04/01/2018		384
				2,214
		Prerefunded — 0.0% (g)
	100	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 4.50%, 04/01/2019 (p)		106
		Transportation — 0.5%
	1,000	Port of Portland, International Airport, Series 21C, Rev., AMT, 5.00%, 07/01/2020		1,105
		Utility — 0.6%
		City of Eugene, Electric Utility System,
	325	Series A, Rev., 4.00%, 08/01/2031		362
	850	Series A, Rev., 5.00%, 08/01/2029		1,039
				1,401
		Water & Sewer — 0.0% (g)
	45	City of Portland, Sewer System, Series A, Rev., 5.00%, 10/01/2017		45
		Total Oregon		7,675
		Pennsylvania — 5.4%
		Education — 0.2%
	260	Allegheny County Higher Education Building Authority, Duquesne University, Series A, Rev., 5.00%, 03/01/2022		291
	100	Pennsylvania Higher Educational Facilities Authority, Drexel University, Series B, Rev., VRDO, LOC: TD Bank NA, 0.81%, 09/01/2017 (z)		100
				391
		General Obligation — 0.3%
		City of Pittsburgh,
	425	GO, 4.00%, 09/01/2031		467
	100	GO, 4.00%, 09/01/2033		108
	150	Commonwealth of Pennsylvania, Series 2004, GO, AGM, 5.38%, 07/01/2020		168
	125	Council Rock School District, Bucks County, Series B, GO, 3.00%, 11/15/2017		126
				869
		Hospital — 1.0%
	550	Geisinger Authority, Series A, Rev., VRDO, 0.78%, 09/01/2017 (z)		550

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 35

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Hospital — continued
	1,800	Washington County Hospital Authority, Monongahela Valley Hospital Project, Series B, Rev., VRDO, LOC: PNC Bank NA, 0.78%, 09/07/2017 (z)		1,800
				2,350
		Housing — 1.6%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	95	Series 112, Rev., 5.00%, 04/01/2028		100
	1,190	Series 118A, Rev., AMT, 3.50%, 04/01/2040		1,256
	1,845	Series 121, Rev., 3.50%, 10/01/2046		1,947
	560	Series 122, Rev., 4.00%, 10/01/2046		606
				3,909
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	2,000	Allegheny County IDA, Health Care, Vincentian Collaborative, Series A, Rev., VRDO, LOC: PNC Bank NA, 0.78%, 09/07/2017 (z)		2,000
		Transportation — 0.8%
	2,000	Pennsylvania Turnpike Commission, Series B-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.45%, 12.00% Cap), 1.24%, 09/07/2017 (aa)		2,000
		Water & Sewer — 0.7%
	1,625	City of Philadelphia, Water & Wastewater, Series B, Rev., VRDO, LOC: TD Bank NA, 0.80%, 09/07/2017 (z)		1,625
		Total Pennsylvania		13,144
		Rhode Island — 0.2%
		Education — 0.2%
		Rhode Island Student Loan Authority, Senior,
	250	Series A, Rev., AMT, 5.00%, 12/01/2019		268
	300	Series A, Rev., AMT, 5.00%, 12/01/2020		330
		Total Rhode Island		598
		South Carolina — 2.0%
		Education — 0.6%
	1,415	South Carolina Educational Facilities Authority, Private Nonprofit Institutions of Higher Learning, Furman University, Series B, Rev., VRDO, 0.83%, 09/01/2017 (z)		1,415
		Housing — 0.2%
	400	South Carolina State Housing Finance & Development Authority, Series A, Rev., 4.00%, 01/01/2047		435

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Other Revenue — 0.8%
	1,100	City of North Charleston, Charleston Naval Complex Redevelopment Plan Project, Rev., VRDO, 0.81%, 09/07/2017 (z)		1,100
	760	City of North Charleston, Golf Course Mortgage, Rev., VRDO, 0.81%, 09/07/2017 (z)		760
	175	South Carolina State Public Service Authority, Series C, Rev., 5.00%, 12/01/2017		177
				2,037
		Transportation — 0.4%
	1,095	South Carolina State Ports Authority, Rev., AMT, 4.00%, 07/01/2040		1,142
		Total South Carolina		5,029
		South Dakota — 0.7%
		Housing — 0.7%
		South Dakota Housing Development Authority, Homeownership Mortgage,
	100	Series A, Rev., AMT, 4.50%, 05/01/2031		107
	655	Series D, Rev., 4.00%, 11/01/2045		718
	545	Series D, Rev., AMT, 4.00%, 11/01/2029		574
	230	South Dakota Housing Development Authority, Single Family Mortgage, Series 2, Rev., 4.25%, 05/01/2032		238
		Total South Dakota		1,637
		Tennessee — 0.7%
		Housing — 0.7%
	860	Tennessee Housing Development Agency Residential Finance Program, Rev., 4.00%, 01/01/2046		939
		Tennessee Housing Development Agency, Homeownership Program,
	150	Series 1A, Rev., AMT, 4.50%, 01/01/2038		158
	160	Series A, Rev., AMT, 4.50%, 07/01/2031		170
		Tennessee Housing Development Agency, Housing Finance Program,
	85	Series A, Rev., 4.50%, 01/01/2028		88
	160	Series B, Rev., 4.50%, 01/01/2028		171
				1,526
		Other Revenue — 0.0% (g)
	95	Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund, Rev., VRDO, LOC: Bank of America NA, 0.80%, 09/01/2017 (z)		95
		Total Tennessee		1,621

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Texas — 5.3%
		Education — 0.9%
	1,650	Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Rev., VRDO, 0.79%, 09/07/2017 (z)		1,650
	375	Tarrant County Cultural Education Facilities Finance Corp., Hospital, Hendrick Medical Center, Rev., 4.00%, 09/01/2018		385
	250	University of Texas, Financing System, Series B4, Rev., VRDO, LIQ: University of Texas Investment Management Co., 0.75%, 09/07/2017 (z)		250
				2,285
		General Obligation — 2.5%
	100	Austin Independent School District, GO, PSF-GTD, 5.00%, 08/01/2020		111
	150	City of El Paso, GO, 5.00%, 08/15/2018		156
	415	City of Fort Worth, Tarrant, Denton, Parker & Wise Counties, GO, 5.00%, 03/01/2020		456
		County of Collin, Wylie Independent School District, Unlimited Tax,
	310	GO, PSF-GTD, Zero Coupon, 08/15/2018		307
	815	GO, PSF-GTD, Zero Coupon, 08/15/2019		799
	135	GO, PSF-GTD, Zero Coupon, 08/15/2020		131
	375	Harris County Permanent Improvement, Series A, GO, 5.00%, 10/01/2018		392
	250	Nixon-Smiley Consolidated Independent School District, School Building, GO, PSF-GTD, 1.25%, 08/15/2018		250
	3,390	Northside Independent School District, School Building, GO, PSF-GTD, 2.13%, 08/01/2020 (z)		3,405
	175	Texas Public Finance Authority, Series A, GO, 5.00%, 10/01/2019		190
				6,197
		Housing — 0.2%
	360	Texas Department of Housing & Community Affairs, Residential Mortgage, Series B, Rev., GNMA/COLL, 4.25%, 01/01/2034		374
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
		Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project,
	150	Series 2012, Rev., VRDO, 0.70%, 09/01/2017 (z)		150
	250	Subseries A-3, Rev., VRDO, 0.81%, 09/01/2017 (z)		250
	2,000	Mission Economic Development Corp., Solid Waste Disposal, Republic Services, Inc. Project, Rev., VRDO, 1.25%, 11/01/2017 (z)		2,000
				2,400

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Prerefunded — 0.4%
	150	City of San Antonio, Electric & Gas Systems, Series A, Rev., 5.25%, 02/01/2019 (p)		159
	180	Comal Independent School District, School Building, Series A, GO, PSF-GTD, 5.25%, 02/01/2018 (p)		183
	190	Fort Worth Independent School District, Unlimited Tax Refunding & School Building, GO, 5.00%, 02/15/2019 (p)		201
	170	Keller Independent School District, School Building, GO, 5.25%, 02/15/2019 (p)		181
	25	North Texas Tollway Authority System, Second Tier, Series F, Rev., 5.75%, 01/01/2018 (p)		26
	100	Tomball Independent School District, School Building, GO, AGC, 5.00%, 02/15/2018 (p)		102
				852
		Transportation — 0.3%
	850	City of Houston, Airport System Revenue, Series P-1, Rev., AMT, AGM, 2.42%, 07/01/2030 (z)		791
	50	Harris County, Toll Road, Senior Lien, Series A, Rev., NATL-RE, 5.00%, 08/15/2019		50
				841
		Total Texas		12,949
		Utah — 1.6%
		General Obligation — 0.1%
	145	State of Utah, Series A, GO, 5.00%, 07/01/2020		162
		Hospital — 1.2%
	1,050	City of Murray, IHC Health Services , Inc., Series D, Rev., VRDO, 0.81%, 09/01/2017 (z)		1,050
	2,000	County of Utah Hospital, IHC Health Services, Inc., Series C, Rev., VRDO, 0.77%, 09/07/2017 (z)		2,000
				3,050
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	800	Emery County, Pollution Control, Pacificorp Projects, Rev., VRDO, LOC: Canadian Imperial Bank of Commerce, 0.77%, 09/07/2017 (z)		800
		Prerefunded — 0.0% (g)
	25	Weber Basin, Utah Water Conservancy District, Series A, Rev., AMBAC, 5.25%, 10/01/2017 (p)		25
		Total Utah		4,037
		Vermont — 1.9%
		Certificate of Participation/Lease — 0.2%
	360	City of Burlington, Lakeview Garage Project, Series A, COP, 4.00%, 12/01/2017		362

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 37

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — continued
		Education — 0.4%
	725	Vermont Student Assistance Corp., Series A, Rev., AMT, 5.00%, 06/15/2022		818
	188	Vermont Student Assistance Corp., Education Loan, Series B, Class A-1, Rev., (3 Month LIBOR + 1.50%), 2.81%, 10/02/2017 (aa)		189
				1,007
		Housing — 1.3%
	175	Vermont Housing Finance Agency, Mortgage-Backed Securities, Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 02/01/2026		182
		Vermont Housing Finance Agency, Multiple Purpose,
	410	Series A, Rev., AMT, 4.00%, 11/01/2046		445
	1,500	Series A, Rev., AMT, 4.00%, 11/01/2047		1,628
	975	Series B, Rev., AMT, 4.13%, 11/01/2042		1,006
				3,261
		Total Vermont		4,630
		Virginia — 0.9%
		Education — 0.6%
	1,570	Virginia Small Business Financing Authority, University Real Estate Foundation, Series 2008, Rev., VRDO, LOC: Bank of America NA, 0.76%, 09/01/2017 (z)		1,570
		Hospital — 0.1%
	335	Industrial Development Authority of Loudoun County, Howard Medical Institute, Series A, Rev., VRDO, 0.76%, 09/07/2017 (z)		335
		Other Revenue — 0.1%
		Virginia Resources Authority, Infrastructure & State Moral Obligation,
	90	Series B, Rev., 5.00%, 11/01/2023		104
	50	Series B, Rev., 5.00%, 11/01/2026		58
				162
		Prerefunded — 0.1%
	185	Virginia Resources Authority, Infrastructure & State Moral Obligation, Series B, Rev., 5.00%, 11/01/2021 (p)		214
		Total Virginia		2,281
		Washington — 0.8%
		General Obligation — 0.1%
	75	Bellevue School District No. 405, King County, Series 2011, GO, 5.00%, 12/01/2017		76
	100	State of Washington, Various Purpose, Series D, GO, 5.00%, 02/01/2020		110
				186

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Housing — 0.4%
	465	Washington Housing Finance Commission, Single-Family Program, Series 2A-R, Rev., AMT, 3.50%, 12/01/2046		491
	505	Washington State Housing Finance Commission, Homeownership Program, Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/01/2032		528
				1,019
		Prerefunded — 0.0% (g)
	100	County of Spokane, Freeman School District No. 358, GO, AGC, 5.00%, 07/15/2018 (p)		104
		Transportation — 0.1%
	110	Port of Seattle, Passenger Facilities Charge, Series A, Rev., BHAC-CR, MBIA, 5.50%, 12/01/2019		119
		Utility — 0.2%
	350	Chelan County Public Utility District No.1, Series A, Rev., AMT, 5.50%, 07/01/2026		398
	50	City of Tacoma, Solid Waste, Rev., 5.00%, 12/01/2017		50
				448
		Total Washington		1,876
		Wisconsin — 0.8%
		Education — 0.8%
	1,970	Wisconsin Health & Educational Facilities Authority, Goodwill Industries of North Central Wisconsin, Inc., Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		1,970
		General Obligation — 0.0% (g)
	95	County of Milwaukee, Corporate Purpose, Series A, GO, 2.00%, 10/01/2017		95
		Total Wisconsin		2,065
		Wyoming — 0.3%
		Hospital — 0.3%
	625	Laramie County, Wyoming Hospital, Cheyenne Regional Medical Center Project, Rev., 4.00%, 05/01/2018		637
		Housing — 0.0% (g)
	85	Wyoming Community Development Authority Housing, Series 1, Rev., AMT, 4.00%, 06/01/2032		86
		Total Wyoming		723
		Total Municipal Bonds (Cost $220,399)		221,944

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — 0.2%
		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	6,871	Amplify Energy Corp. (a) (bb)		65
	2,964	Bonanza Creek Energy, Inc. (a)		77
	2,292	Chaparral Energy, Inc. (a)		46
	10,704	Chaparral Energy, Inc., Class A (a)		214
		Total Common Stocks (Cost $530)		402
PRINCIPAL AMOUNT
	Loan Assignments — 0.4% (cc)
		Consumer Discretionary — 0.1%
		Distributors — 0.0% (g)
	61	Univar USA, Inc., Term B-2 Loan, (1 Month LIBOR + 2.75%), 3.99%, 07/01/2022 (aa)		61
		Media — 0.1%
	82	Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan, (1 Month LIBOR + 3.25%), 4.49%, 08/18/2023 (aa)		83
	59	Zuffa LLC, 2nd Lien Guaranteed Senior Secured Term Loan, (1 Month LIBOR + 7.50%), 8.74%, 08/18/2024 (aa)		60
				143
		Specialty Retail — 0.0% (g)
	30	Petco Animal Supplies, Inc., 1st Lien Term Loan B-1, (3 Month LIBOR + 3.00%), 4.31%, 01/26/2023 (aa)		25
		Total Consumer Discretionary		229
		Energy — 0.2%
		Energy Equipment & Services — 0.1%
	104	Vistra Operations Co. LLC, Term Loan B-2, (1 Month LIBOR + 2.75%), 3.98%, 12/14/2023 (aa)		105
		Oil, Gas & Consumable Fuels — 0.1%
	105	Exco Resources, Inc., 1st Lien Term Loan A, (3 Month LIBOR + 15.00%), 15.00%, 10/26/2020 (aa)		73
	234	Gulf Finance LLC, 1st Lien Term Loan B, (3 Month LIBOR + 5.25%), 6.55%, 08/25/2023 (aa)		211
				284
		Total Energy		389

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Industrials — 0.1%
			Marine — 0.1%
	196		American Commercial Lines, Inc., Term Loan B, (1 Month LIBOR + 8.75%), 9.99%, 11/12/2020 (aa)		155
			Information Technology — 0.0% (g)
			Software — 0.0% (g)
	24		Rackspace Hosting, Inc., 1st Lien Term Loan B, (LIBOR + 3.00%), 4.31%, 11/03/2023 (aa)		24
	69		Synchronoss Technologies, Inc., 1st Lien Term B Loan, (3 Month LIBOR + 2.75%), 5.76%, 01/19/2024 (aa)		68
			Total Information Technology		92
			Total Loan Assignments (Cost $951)		865
NUMBER OF WARRANTS
	Warrants — 0.0%
			Industrials — 0.0%
			Road & Rail — 0.0%
	—	(h)	Jack Cooper Enterprises, Inc., expiring 10/29/2027 (Strike Price $1.00) (a) (bb) (Cost $—)		—
PRINCIPAL AMOUNT
	Short-Term Investments — 0.1%
			U.S. Treasury Obligation — 0.1%
	215		U.S. Treasury Bills, 1.09%, 12/07/2017 (n)		215
SHARES
			Investment Company — 0.0% (g)
	120		JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l)		120
			Total Short-Term Investments (Cost $334)		335
			Total Investments — 99.9% (Cost $243,257)		245,123
			Other Assets in Excess of Liabilities — 0.1%		268
			NET ASSETS — 100.0%	$	245,391

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 39

JPMorgan Tax Aware Income Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

Futures contracts outstanding as of August 31, 2017:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)
Short Contracts
U.S. Treasury 2 Year Note		(2	)		12/2017		USD		(433	)		—	(h)
U.S. Treasury 5 Year Note		(5	)		12/2017		USD		(592	)		1
U.S. Treasury 10 Year Note		(6	)		12/2017		USD		(762	)		1
												2

Over the Counter (“OTC”) Credit Default Swap contracts outstanding — buy protection⁽¹⁾ as of August 31, 2017:

REFERENCE ENTITY	FINANCING RATE PAID BY THE FUND (%)	FREQUENCY OF PAYMENTS MADE/RECEIVED		COUNTERPARTY	MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
ABX.HE.AAA.06-2	0.11		Monthly	Bank of America NA		05/25/2046		0.50		USD 120		23			(16	)		7
ABX.HE.AAA.06-2	0.11		Monthly	Barclays Bank plc		05/25/2046		0.50		USD 200		60			(48	)		12
ABX.HE.AAA.06-2	0.11		Monthly	Credit Suisse International		05/25/2046		0.50		USD 100		28			(21	)		7
ABX.HE.AAA.06-2	0.11		Monthly	Credit Suisse International		05/25/2046		0.50		USD 230		58			(45	)		13
Canadian Natural Resources Ltd., 3.45%, 11/15/2021	1.00		Quarterly	Goldman Sachs International		06/20/2022		1.10		USD 110		2			(2	)		—
CDX.EM.27-V1	1.00		Quarterly	Barclays Bank plc		06/20/2022		1.81		USD 340		15			(2	)		13
CDX.EM.27-V1	1.00		Quarterly	Citibank, NA		06/20/2022		1.81		USD 350		14			(3	)		11
CDX.EM.27-V1	1.00		Quarterly	Citibank, NA		06/20/2022		1.81		USD 1,360		65			(20	)		45
Chesapeake Energy Corp., 6.63%, 08/15/20	5.00		Quarterly	Barclays Bank plc		06/20/2022		9.01		USD 40		1			4			5
CMBX.NA.A.6	2.00		Monthly	Barclays Bank plc		05/11/2063		2.96		USD 150		(3	)		9			6
CMBX.NA.A.6	2.00		Monthly	Citibank, NA		05/11/2063		2.96		USD 150		(1	)		7			6
CMBX.NA.A.6	2.00		Monthly	Goldman Sachs International		05/11/2063		2.96		USD 150		(3	)		9			6
CMBX.NA.A.6	2.00		Monthly	Goldman Sachs International		05/11/2063		2.96		USD 150		(2	)		9			7
CMBX.NA.A.6	2.00		Monthly	Morgan Stanley		05/11/2063		2.96		USD 150		(2	)		9			7
Devon Energy Corp., 7.95%, 04/15/2032	1.00		Quarterly	Barclays Bank plc		06/20/2022		1.26		USD 30		1			(1	)		—
Devon Energy Corp., 7.95%, 04/15/2032	1.00		Quarterly	Goldman Sachs International		06/20/2022		1.26		USD 70		1			—			1
Nabors Industries, Inc., 6.15%, 01/15/18	1.00		Quarterly	Citibank, NA		06/20/2022		4.29		USD 80		6			5			11
Republic of Turkey, 11.88%, 01/15/2030	1.00		Quarterly	BNP Paribas		06/20/2022		1.60		USD 1,050		71			(45	)		26
												334			(151	)		183
Ally Financial, Inc., 7.50%, 09/15/2020	5.00		Quarterly	Barclays Bank plc		12/20/2017		0.22		USD 109		(13	)		10			(3	)
Ally Financial, Inc., 7.50%, 09/15/2020	5.00		Quarterly	Barclays Bank plc		12/20/2017		0.22		USD 70		(8	)		6			(2	)
Ally Financial, Inc., 7.50%, 09/15/2020	5.00		Quarterly	Barclays Bank plc		12/20/2017		0.22		USD 74		(10	)		8			(2	)
Ally Financial, Inc., 7.50%, 09/15/2020	5.00		Quarterly	Credit Suisse International		12/20/2017		0.22		USD 150		(16	)		13			(3	)
Beazer Homes USA, Inc., 9.13%, 05/15/2019	5.00		Quarterly	Citibank, NA		12/20/2017		0.23		USD 50		(2	)		1			(1	)
CIT Group, Inc., 5.25%, 03/15/2018	5.00		Quarterly	Barclays Bank plc		06/20/2018		0.11		USD 73		(3	)		(2	)		(5	)
People’s Republic of China, 7.50%, 10/28/2027	1.00		Quarterly	Barclays Bank plc		06/20/2022		0.57		USD 1,400		(2	)		(29	)		(31	)

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

REFERENCE ENTITY	FINANCING RATE PAID BY THE FUND (%)	FREQUENCY OF PAYMENTS MADE/RECEIVED		COUNTERPARTY		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)			UNREALIZED APPRECIATION (DEPRECIATION) ($)				VALUE ($)
Springleaf Finance Corp., 6.90%, 12/15/2017	5.00		Quarterly		Barclays Bank plc		09/20/2017		0.42		USD 100		(8	)		7				(1	)
Standard Chartered Bank, 5.88%, 09/26/2017	1.00		Quarterly		BNP Paribas		06/20/2022		0.73		EUR 140		4			(6	)			(2	)
United Mexican States, 5.95%, 03/19/2019	1.00		Quarterly		Barclays Bank plc		06/20/2022		1.01		USD 1,230		31			(33	)	��		(2	)
													(27	)		(25	)			(52	)
													307			(176	)			131

Centrally Cleared Credit Default Swap contracts outstanding — buy protection ⁽¹⁾ as of August 31, 2017:

REFERENCE ENTITY	FINANCING RATE PAID BY THE FUND (%)	FREQUENCY OF PAYMENTS MADE/RECEIVED		MATURITY DATE		IMPLIED CREDIT SPREAD (%) (2)		NOTIONAL AMOUNT (3)		UPFRONT PAYMENTS (RECEIPTS) ($) (4)			UNREALIZED APPRECIATION (DEPRECIATION) ($)			VALUE ($)
CDX.NA.HY.28-V1	5.00		Quarterly		06/20/2022		3.27		USD 530		(38	)		(6	)		(44	)
CDX.NA.IG.28-V1	1.00		Quarterly		06/20/2022		0.58		USD 1,760		(26	)		(11	)		(37	)
iTraxx Europe 27.1	1.00		Quarterly		06/20/2022		0.55		EUR 870		(11	)		(13	)		(24	)
											(75	)		(30	)		(105	)

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

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

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

⁽⁴⁾  Upfront 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).

OTC Total Return Swap contracts outstanding as of August 31, 2017:

REFERENCE ENTITY

PAYMENTS MADE BY FUND

PAYMENTS RECEIVED BY FUND

FREQUENCY OF PAYMENTS MADE/RECEIVED

COUNTERPARTY

MATURITY DATE

NOTIONAL AMOUNT

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

iBoxx USD Liquid High Yield Index

Increases in total return of index

3 Month USD LIBOR and decreases in total return of index

Quarterly

Morgan Stanley

09/20/2017

USD 350

15

15

Summary of total swap contracts outstanding as of August 31, 2017:

	NET UPFRONT PAYMENTS (RECEIPTS) ($)			VALUE ($)
Assets
OTC Credit default swap contracts outstanding — buy protection		334			183
OTC Total return swap contracts outstanding		—			15
Total OTC swap contracts outstanding		334			198
Liabilities
OTC Credit default swap contracts outstanding — buy protection		(27	)		(52	)
Total OTC swap contracts outstanding		(27	)		(52	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 41

J.P. Morgan Tax Aware Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

ABX	—  Asset-Backed Securities Index
AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BAN	—  Bond Anticipation Note
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
CDX	—  Credit Default Swap Index
CHESLA	—  Connecticut Higher Education Supplemental Loan Authority
CMBX	—  Commercial Mortgage-Backed Securities Index
COLL	—  Collateral
COP	—  Certificate of Participation
CR	—  Custodial Receipts
CSMC	—  Credit Suisse Mortgage Trust
EDA	—  Economic Development Authority
EUR	—  Euro
FGIC	—  Insured by Financial Guaranty Insurance Co.
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
FSA	—  Insured by Financial Security Assurance, Inc.
GAN	—  Grant Anticipation Notes
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
GRAN	—  Grant Revenue Anticipation Notes
GTD	—  Guaranteed
IBC	—  Insured Bond Certificates
IDA	—  Industrial Development Authority
LIBOR	—  London Interbank Offered Rate
LIQ	—  Liquidity Agreement
LOC	—  Letter of Credit
MBIA	—  Insured by Municipal Bond Insurance Corp.
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PSF	—  Permanent School Fund
RAN	—  Revenue Anticipation Note
RE	—  Reinsured
Rev.	—  Revenue

SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of August 31, 2017.
TRAN	—  Tax & Revenue Anticipation Note
USD	—  United States Dollar
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2017.
XLCA	—  Insured by XL Capital Assurance
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(l)	—  The rate shown is the current yield as of August 31, 2017.
(n)	—  The rate shown is the effective yield as of August 31, 2017.
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)	—  Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2017.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2017.
(bb)	—  Security has been valued using significant unobservable inputs.
(cc)	—  Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 43

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)

	Tax Aware High Income Fund		Tax Aware Income Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	95,390	$	245,003
Investments in affiliates, at value		4,467		120
Foreign currency, at value		—		3
Deposits at broker for centrally cleared swaps		—		220
Receivables:
Investment securities sold		550		728
Investment securities sold — delayed delivery securities		25		215
Fund shares sold		56		93
Interest and dividends from non-affiliates		958		1,568
Dividends from affiliates		5		—	(a)
Outstanding swap contracts, at value (net upfront payments of $334)		—		198
Total Assets		101,451		248,148
LIABILITIES:
Payables:
Due to custodian		440		93
Investment securities purchased — delayed delivery securities		—		2,156
Fund shares redeemed		95		197
Variation margin on futures contracts		—		2
Variation margin on centrally cleared swaps (net upfront receipts of $75)		—		2
Outstanding swap contracts, at value (net upfront receipts of $27)		—		52
Accrued liabilities:
Investment advisory fees		6		19
Distribution fees		20		19
Service fees		14		52
Custodian and accounting fees		15		40
Collateral management fees		—		7
Audit fees		52		70
Other		4		48
Total Liabilities		646		2,757
Net Assets	$	100,805	$	245,391

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

	Tax Aware High Income Fund			Tax Aware Income Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	97,768		$	246,825
Accumulated undistributed (distributions in excess of) net investment income		(15	)		25
Accumulated net realized gains (losses)		(513	)		(3,138	)
Net unrealized appreciation (depreciation)		3,565			1,679
Total Net Assets	$	100,805		$	245,391
Net Assets:
Class A	$	35,028		$	60,653
Class C		19,801			8,390
Class I (formerly Select Class)		45,976			176,348
Total	$	100,805		$	245,391
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		3,176			5,956
Class C		1,799			833
Class I (formerly Select Class)		4,169			17,316
Net Asset Value (a):
Class A — Redemption price per share	$	11.03		$	10.18
Class C— Offering price per share (b)		11.01			10.07
Class I (formerly Select Class) — Offering and redemption price per share		11.03			10.18
Class A maximum sales charge		3.75	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	11.46		$	10.58
Cost of investments in non-affiliates	$	91,825		$	243,137
Cost of investments in affiliates		4,467			120
Cost of foreign currency		—			1

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 45

STATEMENTS OF OPERATIONS

FOR THE SIX MONTH ENDED AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)

	Tax Aware High Income Fund			Tax Aware Income Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,541		$	2,993
Interest income from affiliates		—	(a)		1
Dividend income from non-affiliates		—			84
Dividend income from affiliates		22			—	(a)
Total investment income		1,563			3,078
EXPENSES:
Investment advisory fees		173			489
Administration fees		40			100
Distribution fees:
Class A		44			81
Class C		76			36
Service fees:
Class A		44			81
Class C		25			12
Class I (formerly Select Class)		54			212
Custodian and accounting fees		41			85
Interest expense to affiliates		—			—	(a)
Professional fees		45			62
Collateral management fees		—			22
Trustees’ and Chief Compliance Officer’s fees		13			13
Printing and mailing costs		7			18
Registration and filing fees		20			33
Transfer agency fees (See Note 2.G.)		4			3
Sub-transfer agency fees (See Note 2.G.)		4			3
Other		4			4
Total expenses		594			1,254
Less fees waived		(250	)		(526	)
Net expenses		344			728
Net investment income (loss)		1,219			2,350
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(107	)		(1,169	)
Investments in affiliates		—			—	(a)
Futures		—			(30	)
Foreign currency transactions		—			(2	)
Swaps		—			(48	)
Net realized gain (loss)		(107	)		(1,249	)
Distributions of capital gains received from investment company non-affiliates		—			—	(a)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,016			2,606
Futures		—			5
Foreign currency translations		—			4
Swaps		—			(173	)
Change in net unrealized appreciation/depreciation		2,016			2,442
Net realized/unrealized gains (losses)		1,909			1,193
Change in net assets resulting from operations	$	3,128		$	3,543

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Tax Aware High Income Fund						Tax Aware Income Opportunities Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,219		$	2,852		$	2,350		$	4,659
Net realized gain (loss)		(107	)		154			(1,249	)		(465	)
Distributions of capital gains received from investment company non-affiliates		—			—			—			—	(a)
Change in net unrealized appreciation/depreciation		2,016			(1,830	)		2,442			791
Change in net assets resulting from operations		3,128			1,176			3,543			4,985
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(452	)		(1,224	)		(625	)		(1,284	)
Class C
From net investment income		(211	)		(498	)		(68	)		(113	)
Class I (formerly Select Class)
From net investment income		(591	)		(1,147	)		(1,846	)		(3,051	)
Total distributions to shareholders		(1,254	)		(2,869	)		(2,539	)		(4,448	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,074	)		(18,994	)		2,459			(126,419	)
NET ASSETS:
Change in net assets		800			(20,687	)		3,463			(125,882	)
Beginning of period		100,005			120,692			241,928			367,810
End of period	$	100,805		$	100,005		$	245,391		$	241,928
Accumulated undistributed (distributions in excess of) net investment income	$	(15	)	$	20		$	25		$	214

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Aware High Income Fund						Tax Aware Income Opportunities Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,009		$	9,091		$	5,889		$	30,315
Distributions reinvested		436			1,169			454			995
Cost of shares redeemed		(14,663	)		(14,667	)		(12,037	)		(51,485	)
Change in net assets resulting from Class A capital transactions	$	(9,218	)	$	(4,407	)	$	(5,694	)	$	(20,175	)
Class C
Proceeds from shares issued	$	832		$	2,901		$	606		$	1,506
Distributions reinvested		196			462			55			90
Cost of shares redeemed		(2,476	)		(6,588	)		(2,604	)		(6,715	)
Change in net assets resulting from Class C capital transactions	$	(1,448	)	$	(3,225	)	$	(1,943	)	$	(5,119	)
Class I (formerly Select Class)
Proceeds from shares issued	$	17,047		$	15,001		$	43,000		$	63,434
Distributions reinvested		476			840			898			1,658
Cost of shares redeemed		(7,931	)		(27,203	)		(33,802	)		(166,217	)
Change in net assets resulting from Class I capital transactions	$	9,592		$	(11,362	)	$	10,096		$	(101,125	)
Total change in net assets resulting from capital transactions	$	(1,074	)	$	(18,994	)	$	2,459		$	(126,419	)
SHARE TRANSACTIONS:
Class A
Issued		460			826			581			2,986
Reinvested		40			107			45			98
Redeemed		(1,358	)		(1,333	)		(1,186	)		(5,082	)
Change in Class A Shares		(858	)		(400	)		(560	)		(1,998	)
Class C
Issued		76			264			60			150
Reinvested		18			42			6			9
Redeemed		(228	)		(602	)		(260	)		(669	)
Change in Class C Shares		(134	)		(296	)		(194	)		(510	)
Class I (formerly Select Class)
Issued		1,570			1,363			4,233			6,240
Reinvested		43			76			88			163
Redeemed		(726	)		(2,483	)		(3,328	)		(16,404	)
Change in Class I Shares		887			(1,044	)		993			(10,001	)

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Aware High Income Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	10.82	$	0.14	$	0.21		$	0.35		$	(0.14	)	$	—		$	(0.14	)
Year Ended February 28, 2017		10.99		0.29		(0.17	)		0.12			(0.29	)		—			(0.29	)
Year Ended February 29, 2016		11.03		0.29		(0.04	)		0.25			(0.29	)		—			(0.29	)
Year Ended February 28, 2015		10.78		0.28		0.24			0.52			(0.27	)		—			(0.27	)
Year Ended February 28, 2014		11.08		0.29		(0.30	)		(0.01	)		(0.29	)		—			(0.29	)
Year Ended February 28, 2013		10.90		0.33		0.17			0.50			(0.31	)		(0.01	)		(0.32	)
Class C
Six Months Ended August 31, 2017 (Unaudited)		10.80		0.11		0.22			0.33			(0.12	)		—			(0.12	)
Year Ended February 28, 2017		10.97		0.23		(0.17	)		0.06			(0.23	)		—			(0.23	)
Year Ended February 29, 2016		11.01		0.23		(0.03	)		0.20			(0.24	)		—			(0.24	)
Year Ended February 28, 2015		10.76		0.22		0.25			0.47			(0.22	)		—			(0.22	)
Year Ended February 28, 2014		11.06		0.24		(0.31	)		(0.07	)		(0.23	)		—			(0.23	)
Year Ended February 28, 2013		10.88		0.27		0.18			0.45			(0.26	)		(0.01	)		(0.27	)
Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.82		0.14		0.22			0.36			(0.15	)		—			(0.15	)
Year Ended February 28, 2017		10.99		0.30		(0.17	)		0.13			(0.30	)		—			(0.30	)
Year Ended February 29, 2016		11.03		0.30		(0.04	)		0.26			(0.30	)		—			(0.30	)
Year Ended February 28, 2015		10.78		0.29		0.24			0.53			(0.28	)		—			(0.28	)
Year Ended February 28, 2014		11.08		0.30		(0.30	)		—	(f)		(0.30	)		—			(0.30	)
Year Ended February 28, 2013		10.89		0.34		0.18			0.52			(0.32	)		(0.01	)		(0.33	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.03		3.28	%	$	35,028		0.64	%		2.52	%		1.21	%		13	%
	10.82		1.07			43,639		0.64			2.59			1.23			16
	10.99		2.32			48,716		0.65			2.61			1.18			19
	11.03		4.89			47,319		0.65			2.53			1.22			10
	10.78		(0.06	)		42,508		0.65			2.72			1.26			24
	11.08		4.60			38,594		0.64			2.96			1.24			13
	11.01		3.03			19,801		1.14			2.02			1.71			13
	10.80		0.58			20,864		1.14			2.09			1.73			16
	10.97		1.80			24,452		1.15			2.11			1.70			19
	11.01		4.36			23,002		1.15			2.03			1.72			10
	10.76		(0.58	)		20,223		1.15			2.22			1.76			24
	11.06		4.14			28,424		1.14			2.46			1.74			13
	11.03		3.34			45,976		0.54			2.61			0.95			13
	10.82		1.17			35,502		0.54			2.68			0.97			16
	10.99		2.42			47,524		0.55			2.71			0.93			19
	11.03		4.99			51,738		0.55			2.63			0.97			10
	10.78		0.05			31,575		0.55			2.82			1.01			24
	11.08		4.81			23,899		0.54			3.10			1.00			13

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Aware Income Opportunities Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	10.14	$	0.09	(e)	$	0.05		$	0.14		$	(0.10	)	$	—		$	(0.10	)
Year Ended February 28, 2017		10.12		0.16	(e)		0.02			0.18			(0.16	)		—			(0.16	)
Year Ended February 29, 2016		10.27		0.13	(e)		(0.11	)		0.02			(0.17	)		—			(0.17	)
Year Ended February 28, 2015		10.27		0.05			(0.01	)		0.04			(0.02	)		(0.02	)		(0.04	)
Year Ended February 28, 2014		10.32		0.04			0.01			0.05			(0.04	)		(0.06	)		(0.10	)
Year Ended February 28, 2013		10.18		0.06			0.17			0.23			(0.06	)		(0.03	)		(0.09	)
Class C
Six Months Ended August 31, 2017 (Unaudited)		10.03		0.06	(e)		0.05			0.11			(0.07	)		—			(0.07	)
Year Ended February 28, 2017		10.00		0.10	(e)		0.02			0.12			(0.09	)		—			(0.09	)
Year Ended February 29, 2016		10.16		0.07	(e)		(0.13	)		(0.06	)		(0.10	)		—			(0.10	)
Year Ended February 28, 2015		10.20		(0.03	)		0.01			(0.02	)		—			(0.02	)		(0.02	)
Year Ended February 28, 2014		10.28		(0.02	)		—	(f)		(0.02	)		—	(f)		(0.06	)		(0.06	)
Year Ended February 28, 2013		10.16		—	(f)		0.16			0.16			(0.01	)		(0.03	)		(0.04	)
Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.14		0.10	(e)		0.05			0.15			(0.11	)		—			(0.11	)
Year Ended February 28, 2017		10.12		0.17	(e)		0.02			0.19			(0.17	)		—			(0.17	)
Year Ended February 29, 2016		10.27		0.14	(e)		(0.11	)		0.03			(0.18	)		—			(0.18	)
Year Ended February 28, 2015		10.27		0.05			—	(f)		0.05			(0.03	)		(0.02	)		(0.05	)
Year Ended February 28, 2014		10.32		0.05			0.01			0.06			(0.05	)		(0.06	)		(0.11	)
Year Ended February 28, 2013		10.18		0.07			0.17			0.24			(0.07	)		(0.03	)		(0.10	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	10.18		1.37	%	$	60,653		0.75	%		1.77	%		1.18	%		52	%
	10.14		1.74			66,084		0.75			1.55			1.19			116
	10.12		0.17			86,124		0.75			1.30			1.13			133
	10.27		0.40			112,551		0.75			0.43			1.13			246
	10.27		0.45			124,187		0.76			0.40			1.16			186
	10.32		2.23			101,867		0.75			0.63			1.20			309
	10.07		1.13			8,390		1.25			1.28			1.70			52
	10.03		1.23			10,298		1.35			0.95			1.70			116
	10.00		(0.58	)		15,371		1.40			0.66			1.65			133
	10.16		(0.22	)		17,134		1.40			(0.22	)		1.63			246
	10.20		(0.18	)		18,813		1.41			(0.25	)		1.66			186
	10.28		1.49			17,682		1.40			(0.01	)		1.70			309
	10.18		1.50			176,348		0.50			2.02			0.93			52
	10.14		1.89			165,546		0.60			1.71			0.95			116
	10.12		0.29			266,315		0.65			1.40			0.89			133
	10.27		0.47			327,322		0.65			0.53			0.88			246
	10.27		0.55			293,606		0.66			0.45			0.90			186
	10.32		2.32			120,271		0.65			0.72			0.95			309

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Tax Aware High Income Fund	Class A, Class C and Class I*	Diversified
Tax Aware Income Opportunities Fund	Class A, Class C and Class I*	Diversified

  * Effective April 3, 2017, Select Class was renamed Class I.

The investment objective of Tax Aware High Income Fund is to seek to provide a high level of after-tax income from a portfolio of fixed income investments.

The investment objective of Tax Aware Income Opportunities Fund is to seek to provide total return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ 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.

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where

sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in

54 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments in open-end investment companies, including J.P. Morgan Funds, (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Tax Aware High Income Fund and Tax Aware Income Opportunities Fund at August 31, 2017.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Tax Aware High Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Utility	$	—	$	598	$	—	$	598
Alaska
Housing		—		81		—		81
Industrial Development Revenue/Pollution Control Revenue		—		362		—		362
Total Alaska		—		443		—		443
Arizona
Education		—		310		—		310
Utility		—		251		—		251
Total Arizona		—		561		—		561
California
Education		—		136		—		136
General Obligation		—		531		—		531
Hospital		—		1,463		—		1,463
Industrial Development Revenue/Pollution Control Revenue		—		261		—		261
Transportation		—		1,458		—		1,458
Utility		—		573		—		573
Total California		—		4,422		—		4,422
Colorado
Hospital		—		1,105		—		1,105
Housing		—		15		—		15
Utility		—		133		—		133
Total Colorado		—		1,253		—		1,253

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Connecticut
Education	$	—	$	1,214	$	—	$	1,214
Housing		—		180		—		180
Total Connecticut		—		1,394		—		1,394
Delaware
Housing		—		350		—		350
District of Columbia
Transportation		—		1,911		—		1,911
Florida
Certificate of Participation/Lease		—		1,796		—		1,796
Education		—		569		—		569
Hospital		—		1,990		—		1,990
Housing		—		201		—		201
Industrial Development Revenue/Pollution Control Revenue		—		1,081		—		1,081
Prerefunded		—		82		—		82
Transportation		—		2,148		—		2,148
Utility		—		1,634		—		1,634
Total Florida		—		9,501		—		9,501
Georgia
Hospital		—		517		—		517
Housing		—		433		—		433
Other Revenue		—		295		—		295
Transportation		—		544		—		544
Total Georgia		—		1,789		—		1,789
Guam
Water & Sewer		—		1,146		—		1,146
Idaho
Housing		—		444		—		444
Illinois
General Obligation		—		1,021		—		1,021
Hospital		—		869		—		869
Housing		—		739		—		739
Other Revenue		—		341		—		341
Transportation		—		534		—		534
Water & Sewer		—		187		—		187
Total Illinois		—		3,691		—		3,691
Indiana
Education		—		1,151		—		1,151
Hospital		—		1,338		—		1,338
Housing		—		100		—		100
Industrial Development Revenue/Pollution Control Revenue		—		1,807		—		1,807
Water & Sewer		—		289		—		289
Total Indiana		—		4,685		—		4,685
Iowa
Housing		—		10		—		10
Kentucky
Housing		—		10		—		10
Louisiana
Hospital		—		1,131		—		1,131
Housing		—		72		—		72
Transportation		—		415		—		415
Water & Sewer		—		453		—		453
Total Louisiana		—		2,071		—		2,071

56 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Maine
Education	$	—	$	320	$	—	$	320
Housing		—		961		—		961
Prerefunded		—		30		—		30
Total Maine		—		1,311		—		1,311
Maryland
Housing		—		546		—		546
Special Tax		—		455		—		455
Transportation		—		100		—		100
Total Maryland		—		1,101		—		1,101
Massachusetts
Education		—		2,011		—		2,011
Housing		—		967		—		967
Other Revenue		—		95		—		95
Transportation		—		1,829		—		1,829
Water & Sewer		—		1,369		—		1,369
Total Massachusetts		—		6,271		—		6,271
Michigan
Education		—		1,152		—		1,152
Industrial Development Revenue/Pollution Control Revenue		—		181		—		181
Transportation		—		456		—		456
Total Michigan		—		1,789		—		1,789
Minnesota
Hospital		—		201		—		201
Housing		—		1,328		—		1,328
Total Minnesota		—		1,529		—		1,529
Mississippi
Other Revenue		—		336		—		336
Missouri
General Obligation		—		285		—		285
Housing		—		914		—		914
Transportation		—		498		—		498
Total Missouri		—		1,697		—		1,697
Montana
Housing		—		230		—		230
Transportation		—		107		—		107
Total Montana		—		337		—		337
Nebraska
General Obligation		—		731		—		731
Utility		—		402		—		402
Total Nebraska		—		1,133		—		1,133
New Hampshire
Education		—		384		—		384
Housing		—		94		—		94
Total New Hampshire		—		478		—		478
New Jersey
Education		—		1,087		—		1,087
Industrial Development Revenue/Pollution Control Revenue		—		501		—		501
Other Revenue		—		1,156		—		1,156
Transportation		—		444		—		444
Total New Jersey		—		3,188		—		3,188

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
New Mexico
Housing	$	—	$	150	$	—	$	150
Other Revenue		—		439		—		439
Total New Mexico		—		589		—		589
New York
Education		—		256		—		256
Housing		—		1,543		—		1,543
Other Revenue		—		1,789		—		1,789
Special Tax		—		566		—		566
Transportation		—		1,779		—		1,779
Water & Sewer		—		2,395		—		2,395
Total New York		—		8,328		—		8,328
North Dakota
Housing		—		277		—		277
Utility		—		224		—		224
Total North Dakota		—		501		—		501
Ohio
Education		—		418		—		418
General Obligation		—		288		—		288
Hospital		—		516		—		516
Housing		—		145		—		145
Prerefunded		—		445		—		445
Utility		—		587		—		587
Total Ohio		—		2,399		—		2,399
Oklahoma
Transportation		—		842		—		842
Water & Sewer		—		594		—		594
Total Oklahoma		—		1,436		—		1,436
Oregon
Education		—		572		—		572
General Obligation		—		235		—		235
Housing		—		263		—		263
Prerefunded		—		122		—		122
Total Oregon		—		1,192		—		1,192
Pennsylvania
Education		—		174		—		174
Housing		—		419		—		419
Transportation		—		387		—		387
Total Pennsylvania		—		980		—		980
Rhode Island
Education		—		683		—		683
Transportation		—		284		—		284
Total Rhode Island		—		967		—		967
South Carolina
Education		—		602		—		602
Housing		—		109		—		109
Transportation		—		866		—		866
Total South Carolina		—		1,577		—		1,577
South Dakota
Education		—		567		—		567
Housing		—		112		—		112
Total South Dakota		—		679		—		679

58 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Tennessee
Housing	$	—	$	248	$	—	$	248
Other Revenue		—		130		—		130
Utility		—		853		—		853
Total Tennessee		—		1,231		—		1,231
Texas
Education		—		888		—		888
General Obligation		—		548		—		548
Housing		—		110		—		110
Industrial Development Revenue/Pollution Control Revenue		—		613		—		613
Prerefunded		—		1,290		—		1,290
Transportation		—		2,363		—		2,363
Water & Sewer		—		2,016		—		2,016
Total Texas		—		7,828		—		7,828
Utah
Other Revenue		—		638		—		638
Water & Sewer		—		574		—		574
Total Utah		—		1,212		—		1,212
Vermont
Education		—		868		—		868
Housing		—		1,504		—		1,504
Total Vermont		—		2,372		—		2,372
Virginia
Industrial Development Revenue/Pollution Control Revenue		—		253		—		253
Prerefunded		—		81		—		81
Total Virginia		—		334		—		334
Washington
Hospital		—		446		—		446
Housing		—		614		—		614
Total Washington		—		1,060		—		1,060
West Virginia
Hospital		—		586		—		586
Wisconsin
Education		—		583		—		583
Prerefunded		—		328		—		328
Total Wisconsin		—		911		—		911
Wyoming
Hospital		—		383		—		383
Housing		—		30		—		30
Total Wyoming		—		413		—		413
Total Municipal Bonds		—		88,044		—		88,044
Common Stocks
Energy		—		1		23		24

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Loan Assignments
Consumer Discretionary		—		1,766		—		1,766
Consumer Staples		—		817		—		817
Energy		—		1,170		—		1,170
Health Care		—		487		—		487
Industrials		—		187		—		187
Information Technology		—		1,428		—		1,428
Materials		—		218		—		218
Telecommunication Services		—		252		—		252
Utilities		—		996		—		996
Total Loan Assignments		—		7,321		—		7,321
Warrants
Energy	$	1	$	—	$	—	$	1
Short-Term Investment
Investment Company		4,467		—		—		4,467
Total Investments in Securities	$	4,468	$	95,366	$	23	$	99,857

Tax Aware Income Opportunities Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	383	$	5,492	$	5,875
Collateralized Mortgage Obligations		—		4,120		305		4,425
Commercial Mortgage-Backed Securities		—		—		1,633		1,633
Convertible Bonds
Energy		—		268		—		268
Telecommunication Services		—		130		—		130
Total Convertible Bonds		—		398		—		398
Corporate Bonds
Consumer Discretionary		—		1,267		—		1,267
Consumer Staples		—		692		—		692
Energy		—		701		—		701
Financials		—		848		—		848
Health Care		—		703		—		703
Industrials		—		509		—		509
Information Technology		—		416		—		416
Materials		—		330		—		330
Telecommunication Services		—		1,386		—		1,386
Utilities		—		78		—		78
Total Corporate Bonds		—		6,930		—		6,930

60 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Municipal Bonds
Alabama	$	—	$	564	$	—	$	564
Alaska		—		2,989		—		2,989
Arizona		—		680		—		680
California		—		17,880		—		17,880
Colorado		—		3,136		—		3,136
Connecticut		—		5,602		—		5,602
Delaware		—		758		—		758
District of Columbia		—		2,737		—		2,737
Florida		—		8,509		—		8,509
Georgia		—		3,539		—		3,539
Illinois		—		11,921		—		11,921
Indiana		—		13,637		—		13,637
Iowa		—		1,734		—		1,734
Kansas		—		946		—		946
Kentucky		—		3,353		—		3,353
Louisiana		—		1,776		—		1,776
Maine		—		1,293		—		1,293
Maryland		—		2,306		—		2,306
Massachusetts		—		8,620		—		8,620
Michigan		—		10,560		—		10,560
Minnesota		—		8,593		—		8,593
Mississippi		—		828		—		828
Missouri		—		5,431		—		5,431
Montana		—		656		—		656
Nevada		—		129		—		129
New Hampshire		—		1,788		—		1,788
New Jersey		—		4,129		—		4,129
New Mexico		—		620		—		620
New York		—		21,898		—		21,898
North Carolina		—		11,175		—		11,175
North Dakota		—		1,990		—		1,990
Ohio		—		3,743		—		3,743
Oklahoma		—		159		—		159
Oregon		—		7,675		—		7,675
Pennsylvania		—		13,144		—		13,144
Rhode Island		—		598		—		598
South Carolina		—		5,029		—		5,029
South Dakota		—		1,637		—		1,637
Tennessee		—		1,621		—		1,621
Texas		—		12,949		—		12,949
Utah		—		4,037		—		4,037
Vermont		—		4,630		—		4,630
Virginia		—		2,281		—		2,281
Washington		—		1,876		—		1,876
Wisconsin		—		2,065		—		2,065
Wyoming		—		723		—		723
Total Municipal Bonds		—		221,944		—		221,944
Common Stocks
Energy		337		—		65		402
Loan Assignments
Consumer Discretionary		—		229		—		229
Energy		—		389		—		389
Industrials		—		155		—		155
Information Technology		—		92		—		92
Total Loan Assignments		—		865		—		865

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Closed End Funds	$	2,316	$	—		$	—		$	2,316
Warrants
Industrials		—		—			—	(a)		—
Short-Term Investments
Investment Company		120		—			—			120
U.S. Treasury Obligation		—		215			—			215
Total Short-Term Investments		120		215			—			335
Total Investments in Securities	$	2,773	$	234,855		$	7,495		$	245,123
Appreciation in Other Financial Instruments
Futures Contracts	$	2	$	—		$	—		$	2
Swaps		—		112			—			112
Total Appreciation in Other Financial Instruments	$	2	$	112		$	—		$	114
Depreciation in Other Financial Instruments
Swaps	$	—	$	(303	)	$	—		$	(303	)

JPMorgan Tax Aware High Income Fund	Balance as of February 28, 2017			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2017
Investments in Securities
Corporate Bond — Materials	$	—	(a)	$	(20	)	$	20		$	—		$	—	$	—	(a)	$	—	$	—	$	—
Municipal Bond — New York		500			—			—	(a)		—			—		(500	)		—		—		—
Preferred Stock — Materials		—	(b)		(10	)		10			—			—		—			—		—		—
Common Stocks — Energy		12			—			11			—			—		—			—		—		23
Common Stocks — Materials		—	(b)		—	(a)		—	(a)		—			—		—			—		—		—
Loan Assignment — Consumer Discretionary		50			—	(a)		—	(a)		—	(a)		—		(50	)		—		—		—
	$	562		$	(30	)	$	41		$	—		$	—	$	(550	)	$	—	$	—	$	23

(a) Value is zero.

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

There were no transfers between level 1 and level 2 during the six months ended August 31, 2017.

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

Tax Aware Income Opportunities Fund	Balance as of February 28, 2017		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2017
Investments in Securities
Asset-Backed Securities	$	8,565	$	(11	)	$	312		$	60		$	132	$	(3,868	)	$	302	$	—		$	5,492
Collateralized Mortgage Obligations		287		—			(4	)		(1	)		328		(18	)		—		(287	)		305
Commercial Mortgage-Backed Securities		1,584		—			19			2			28		—			—		—			1,633
Common Stock — Energy		—		—			(41	)		—			106		—			—		—			65
Warrant — Industrials		—		—			—			—			—		—			—		—			—	(a)
	$	10,436	$	(11	)	$	286		$	61		$	594	$	(3,886	)	$	302	$	(287	)	$	7,495

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

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

Transfers between from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended August 31, 2017.

62 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

The change in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2017, which were valued using significant unobservable inputs (level 3) were as follows (amounts in thousands):

	Value
Tax Aware High Income Fund	$	11
Tax Aware Income Opportunities Fund		135

This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Tax Aware Income Opportunities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	5,492	Discounted Cash Flow	Constant Prepayment Rate		0.33% - 100.00% (5.43%)
				Constant Default Rate		0.00% - 8.38% (5.41%)
				Yield (Discount Rate of Cash Flows)		2.28% - 5.52% (4.10%)
Asset-Backed Securities		5,492
		305	Discounted Cash Flow	Constant Prepayment Rate		10.00% (10.00%)
				Yield (Discount Rate of Cash Flows)		3.93% (3.93%)
Collateralized Mortgage Obligation		305
		1,270	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.17% - 6.37% (5.14%)
Commercial Mortgage-Backed Securities		1,270
		—	Terms of Exchange Offer	Expected Recovery		0.00% (0.00%)
Warrant		—
Total	$	7,067

# The table above does not include level 3 securities that are valued by brokers and pricing services. At August 31, 2017, the value of these securities was $428,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of August 31, 2017, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

C. Loan Assignments — The Funds may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which they acquired the assignment and the funds may be able to enforce their rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

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

The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing the 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, as recorded on the Statements of Assets and Liabilities.

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 also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against the counterparties (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 agreement 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 D(1) — D(3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — Tax Aware Income Opportunities Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

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

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

(2). Forward Foreign Currency Exchange Contracts — Tax Aware Income Opportunities 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 U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange 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

64 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

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 contract offsets another forward foreign currency 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 owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — Tax Aware Income Opportunities Fund engaged in various swap transactions, including interest rate, credit default and total return swaps, to manage credit and interest rate (e.g., duration, yield curve) 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 a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearing house through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities 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 SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statements of Operations. 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 Funds may be required to post or receive collateral for Over the Counter Swaps.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

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

Credit Default Swaps

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

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

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

If a credit event occurs, the Fund, as 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 a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Return Swaps

Tax Aware Income Opportunities Fund used return swaps to gain long or short exposure to an underlying index. To the extent the total return of the index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. These arrangements involve the periodic exchange of cash flows based on the total return of the underlying index and interest rate obligations.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

(4). Summary of Derivatives Information

The following table presents the value of derivatives held as of August 31, 2017, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Tax Aware Income Opportunities Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)		Centrally Cleared Swaps (b)			OTC Swaps			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2	$	—		$	—		$	2
Credit contracts	Receivables		—		—			198			198
		$	2	$	—		$	198		$	200
Gross Liabilities:
Credit contracts	Receivables	$	—	$	(105	)	$	(52	)	$	(157	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of August 31, 2017 (amounts in thousands):

Tax Aware Income Opportunities Fund

Counterparty	Gross Amount of Derivative Assets Subject to  Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due To Counterparty (Not less than zero)
Bank of America N.A.	$	7	$	—		$	—	$	7
Barclays Bank plc		36		(36	)		—		—
BNP Paribas		26		(2	)		—		24
Citibank, N.A.		73		(1	)		—		72
Credit Suisse International		20		(3	)		—		17
Goldman Sachs International		14		—			—		14
Morgan Stanley		22		—			—		22
	$	198	$	(42	)	$	—	$	156
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Pledged		Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	46	$	(36	)	$	—	$	10
BNP Paribas		2		(2	)		—		—
Citibank, N.A.		1		(1	)		—		—
Credit Suisse International		3		(3	)		—		—
	$	52	$	(42	)	$	—	$	10

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.D.(4). for actual swap collateral received or posted.

66 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2017, by primary underlying risk exposure (amounts in thousands):

Tax Aware Income Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts			Swaps			Total
Interest rate contracts	$	(30	)	$	—		$	(30	)
Credit contracts		—			(48	)		(48	)
Total	$	(30	)	$	(48	)	$	(78	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Swaps			Total
Interest rate contracts	$	5	$	—		$	5
Credit contracts		—		(173	)		(173	)
Total	$	5	$	(173	)	$	(168	)

Tax Aware Income Opportunities Fund’s derivatives contracts held at August 31, 2017 are not accounted for as hedging instruments under GAAP.

Derivatives Volume

The tables below discloses the volume of Tax Aware Income Opportunities Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 2017 (amounts in thousands). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Tax Aware Income Opportunities Fund
Futures Contracts:
Average Notional Balance Short	$	1,710
Ending Notional Balance Short		1,787
Credit Default Swaps:
Average Notional Balance — Buy Protection		11,831
Average Notional Balance — Sell Protection		420	(a)
Ending Notional Balance — Buy Protection		11,608
Total Return Swaps:
Average Notional Balance—Receives Floating rate		350	(b)
Ending Notional Balance—Receives Floating rate		350

(a) For the period February 1, 2017 through May 31, 2017.

(b) For the period March 1, 2017 through October 31, 2017.

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 (See Note 3.G.). Otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Fund, which provides collateral management services to the Fund (See Note 3.F.).

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. When Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when issued securities or delayed delivery securities, including To Be Announced (“TBA”) securities and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date or purchased delayed delivery securities which generally settle seven days after the trade date. When issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when issued delayed delivery, or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when issued delayed delivery, or forward commitment basis is not accrued until the settlement date.

The Funds had when issued securities and delayed delivery securities outstanding as of August 31, 2017, which are shown as Receivable for Investment securities sold-delayed delivery securities and Payable for Investment securities purchased-delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2017 are detailed on the SOIs.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income on the Statement of Operations.

H. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees and sub-transfer agency fees are class-specific expenses, and sub-transfer agency fees were class-specific expenses up through April 2, 2017. Effective April 3, 2017, the Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. Payments to financial intermediaries for sub-transfer agency services are made by JPMorgan Distribution Services, Inc. from the Shareholder Servicing Fee, which has been renamed as the Service Fee. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended August 31, 2017 are as follows (amounts in thousands):

	Class A		Class C		Class I		Total
Tax Aware High Income Fund
Transfer agency fees	$	2	$	1	$	1	$	4
Sub-transfer agency fees		2		1		1		4
Tax Aware Income Opportunities Fund
Transfer agency fees		1		1		1		3
Sub-transfer agency fees		2		1		—		3

I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2017, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

68 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Tax Aware High Income Fund	0.35	%
Tax Aware Income Opportunities Fund	0.40

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.G.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended August 31, 2017, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.G.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended August 31, 2017, JPMDS retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Tax Aware High Income Fund	$	2	$	—
Tax Aware Income Opportunities Fund		2		—

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to 0.25% of the average daily net assets of each class.

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Payments to the custodian may be reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Tax Aware Income Opportunities Fund. The amounts paid directly to JPMCB by the Fund for these services are included in Collateral management fees on the Statements of Operations.

G. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I
Tax Aware High Income Fund*		0.65	%		1.15	%		0.55	%
Tax Aware Income Opportunities Fund**		0.75			1.25			0.50

  * The expense limitation agreement was in effect for the six months ended August 31, 2017, and is in place until at least June 30, 2018.

** The expense limitation agreement was in effect for the six months ended August 31, 2017, and is in place until at least October 31, 2018.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

For the six months ended August 31, 2017, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total
Tax Aware High Income Fund	$	159	$	40	$	45	$	244
Tax Aware Income Opportunities Fund		422		100		3		525

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and JPMDS, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2017 were as follows (amounts in thousands):

Tax Aware High Income Fund	$	6
Tax Aware Income Opportunities Fund		1

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended August 31, 2017, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended August 31, 2017, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended August 31, 2017, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Tax Aware High Income Fund	$	12,302	$	12,985
Tax Aware Income Opportunities Fund		128,515		124,903

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2017 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Tax Aware High Income Fund	$	96,292	$	4,034	$	469		3,565
Tax Aware Income Opportunities Fund		243,489		2,975		1,298		1,677

At February 28, 2017 the Funds had net capital loss carryforwards as follows (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Tax Aware High Income Fund	$	190	$	205
Tax Aware Income Opportunities Fund		—		1,604

70 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

6. Borrowing

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 6, 2017.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at August 31, 2017, or at any time during the six months ended August 31, 2017.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 15, 2017, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2017.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2017, the Funds each had omnibus accounts, which each owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Tax Aware High Income Fund		1		12.1	%		2		24.2	%
Tax Aware Income Opportunities Fund		—		—			3		49.8

Significant shareholder transactions by these shareholders may impact the fund’s performance.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap and option contracts, forward foreign currency exchange contracts, TBA securities, and insurance linked securities.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has recently raised interest rates and may continue to do so, the Fund(s) may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited) (continued)

For the six months ended August 31, 2017, the Funds invested substantially all of their assets in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest in the event of an issuer’s default may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

8. Investment Company Reporting Modernization

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Funds’ financial statements as of August 31, 2017. The adoption had no effect on the Funds’ net assets or results of operations.

72 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period, March 1, 2017, and continued to hold your shares at the end of the reporting period, August 31, 2017.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value March 1, 2017		Ending Account Value August 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Aware High Income Fund
Class A
Actual	$	1,000.00	$	1,032.80	$	3.28		0.64	%
Hypothetical		1,000.00		1,021.98		3.26		0.64
Class C
Actual		1,000.00		1,030.30		5.83		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class I (formerly Select Class)
Actual		1,000.00		1,033.40		2.77		0.54
Hypothetical		1,000.00		1,022.48		2.75		0.54
Tax Aware Income Opportunities Fund
Class A
Actual		1,000.00		1,013.70		3.81		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,011.30		6.34		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class I (formerly Select Class)
Actual		1,000.00		1,015.00		2.54		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 73

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2017 at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 16, 2017.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the Funds’ performance, as well as a risk/return assessment of the Funds as compared to the Funds’ objectives and peers in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust, and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discus-

sing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by J.P. Morgan Investment Management Inc. in its role as administrator (“JPMIM”).

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns

74 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee

AUGUST 31, 2017 J.P. MORGAN TAX AWARE FUNDS 75

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees and Adviser determined that the Funds’ Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of the Funds across various risk and return metrics including standard deviation, Sharpe ratio, credit quality, and duration compared to customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Tax Aware High Income Fund’s performance for Class A shares was in the first, third and third quintiles based upon the Peer Group, and in the first, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and fifth quintiles based upon the Peer Group, and in the first, fifth and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Tax Aware Income Opportunities Fund’s performance for Class A shares was in the first, fifth and fifth quintiles based upon both the Peer Group and Universe,

for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and fifth quintiles based upon the Peer Group, and in the first, fifth and fifth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Funds’ advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Tax Aware High Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Tax Aware Income Opportunities Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

76 J.P. MORGAN TAX AWARE FUNDS AUGUST 31, 2017

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2017.  All rights reserved. August 2017. SAN-TAI-817

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 8, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 8, 2018
By:	/s/ Matthew J. Plastina
	Matthew J. Plastina
	Acting Treasurer and Principal Financial Officer
	March 8, 2018