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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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: August 31

Date of reporting period: September 1, 2017 through February 28, 2018

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.

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 Income Funds

February 28, 2018 (Unaudited)

JPMorgan Global Bond Opportunities Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	42
Financial Highlights	48
Notes to Financial Statements	50
Schedule of Shareholder Expenses	63

Investments in the 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 the 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 the 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 the Fund.

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

March 29, 2018 (Unaudited)

Dear Shareholder,

The global economy extended its expansion into its ninth year with support from accommodative central banks, growth in corporate profits, consumer confidence and stable energy prices. Prices for equities and bonds generally rose throughout the six months ended February 28, 2018, and managed to rebound somewhat from a sharp sell-off in early February.

  “While financial market volatility has increased from the historic lows that marked 2017, certain fundamental drivers of asset prices remain in place.” — George C.W. Gatch

Responding to a tightening U.S. labor market and early signs of inflationary pressure, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017. Meanwhile, the U.S. unemployment rate dropped to 4.1% in October and remained at that level through February. Notably, wage growth was positive but subdued. U.S. gross domestic product (GDP) rose to a better-than-expected 2.9% in the final three months of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

The Tax Cuts and Jobs Act of 2017, which reduced both individual and corporate income taxes, was enacted in late December 2017. The law’s passage appeared to add support for U.S. equity prices, which continued to rally through January.

The early February sell-off in financial markets snapped a 15-month run of consecutive gains in the Standard & Poor’s 500 Index. The sell-off also sent yields on government and corporate bonds, which generally move in the opposite direction of prices, sharply higher.

Analysts largely attributed the sell-off to historically high equity market valuations and investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. While equity prices had rebounded somewhat by the end of February, bond prices remained under pressure.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half as economic growth within the European Union (EU) continued to

strengthen. However, the ECB declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised benchmark interest rates for the first time in a decade as the domestic economy continued to expand, despite some headwinds from uncertainty over Britain’s advance toward an exit from the EU.

Political uncertainty in Europe faded somewhat as Spain’s central government halted a secessionist movement in Catalonia in October and German Chancellor Angela Merkel successfully formed a governing coalition in late February.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises the price of exports.

While financial market volatility has increased from the historic lows that marked 2017, certain fundamental drivers of asset prices remain in place. Leading central banks have edged toward policy normalization but remained strongly accommodative for financial markets. Corporate profits have been robust and business investment began to rise in the latter part of the reporting period. Consumer sentiment was buoyant and the outlook for synchronized global economic growth remained positive. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate 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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 1

JPMorgan Global Bond Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	1.37%
Bloomberg Barclays Multiverse Index	0.55%
Net Assets as of 2/28/2018 (In Thousands)	$2,961,623
Duration as of 2/28/2018	3.4 years

INVESTMENT OBJECTIVE**

The JPMorgan Global Bond Opportunities Fund (the “Fund”) seeks to provide total return.

HOW DID THE MARKET PERFORM?

During the reporting period, global bond markets produced slim to negative returns and underperformed global equities, which were supported by rising corporate earnings, continued low interest rates and synchronized global economic growth. In early February, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, which move in the opposite direction of bond prices, as well as uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

While equity prices rebounded somewhat from the sell-off, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the global economic expansion continued into 2018. Within fixed income markets, high yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. U.S. dollar-denominated emerging markets debt, which had outperformed other fixed income sectors in the first half of 2017, turned negative by the end of February 2018, while local currency-denominated emerging markets debt continued to deliver positive returns.

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

The Fund is managed with an unconstrained orientation and is not managed to a benchmark. While the Fund is not managed to a benchmark, its performance is compared with the Bloomberg Barclays Multiverse Index (the “Index”). For the six months ended February 28, 2018, the Fund’s Class I shares outperformed the Index. The Fund’s hedging of foreign currency positions, through the use of forward contracts, was a leading contributor to performance relative to the unhedged Index.

The Fund’s allocations to high yield bonds and emerging markets local currency debt were leading contributors to absolute

performance. The Fund’s allocation to commercial mortgage-backed securities and asset-backed securities also contributed to absolute performance. The Fund’s short positions in U.S. Treasury bond futures contributed to absolute performance as U.S. Treasury bonds sold off during the reporting period. The Fund’s allocations to investment grade corporate credit and select foreign currency positions detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund invested opportunistically across different markets and sectors. The Fund’s managers applied a flexible investment approach and did not manage to a benchmark. This allowed the Fund to shift its allocations based on changing market conditions. The Fund had exposure to a broad range of asset classes during the reporting period, including high yield and investment grade corporate bonds, agency and non-agency mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities, emerging markets debt, convertible bonds and foreign government securities.

During the reporting period, the Fund’s managers increased their allocation to emerging markets across local currencies due to improving market fundamentals and what the managers believed were attractive real yield opportunities. The managers also increased their allocations to investment grade and high yield corporate credit, while reducing exposures to securitized credit.

The managers increased the length of the Fund’s overall duration through the addition of modest duration across high yield and investment grade credit, as well as emerging markets local currency debt. Duration measures the price sensitivity of a portfolio of debt securities to changes in interest rates. Bonds with longer maturities will generally experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter maturities. The Fund’s duration increased to 3.40 years at February 28, 2018 from 3.01 years at August 31, 2017.

2 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PORTFOLIO COMPOSITION***
Corporate Bonds	57.2	%
Foreign Government Securities	21.3
Asset-Backed Securities	6.3
Commercial Mortgage-Backed Securities	5.9
Loan Assignments	2.9
Convertible Bonds	2.6
Collateralized Mortgage Obligations	2.4
Others (each less than 1.0%)	0.6
Short-Term Investments	0.8

PORTFOLIO COMPOSITION BY COUNTRY***
United States	47.7	%
United Kingdom	3.8
Spain	3.4
Brazil	3.3
Russia	3.2
Indonesia	3.1
France	3.0
Cayman Islands	2.9
Italy	2.5
Luxembourg	2.5
Portugal	2.3
Germany	2.0
Malaysia	2.0
Netherlands	1.8
Mexico	1.2
Ireland	1.1
Others (each less than 1.0%)	13.4
Short-Term Investments	0.8

* 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 indicated are based on total investments as of February 28, 2018. The Fund’s portfolio composition is subject to change.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 3

JPMorgan Global Bond Opportunities Fund

FUND COMMENTARY

SIX MONTHS ENDED FEBRUARY 28, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	September 4, 2012
With Sales Charge**			(2.57	)%		0.21	%		3.16	%		3.98	%
Without Sales Charge			1.25			4.06			3.96			4.71
CLASS C SHARES	September 4, 2012
With CDSC***			0.06			2.67			3.53			4.28
Without CDSC			1.06			3.67			3.53			4.28
CLASS I SHARES	September 4, 2012		1.37			4.42			4.21			4.97
CLASS R6 SHARES	September 4, 2012		1.44			4.46			4.36			5.11

* 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.

LIFE OF FUND PERFORMANCE (9/4/12 TO 2/28/18)

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 4, 2012.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Bond Opportunities Fund, the Bloomberg Barclays Multiverse Index and the Lipper Global Income Funds Index from September 4, 2012 to February 28, 2018. The performance of the Lipper Global Income 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 Multiverse Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund, if applicable. The performance of the Lipper Global Income 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 Multiverse Index provides a broad-based measure of the international fixed income bond market. The Bloomberg Barclays Multiverse Index represents the union of the Bloomberg Barclays Global Aggregate Index and the Bloomberg Barclays Global High Yield Index. The Bloomberg Barclays Global Aggregate Index is a measure of global investment grade debt

from twenty-four different local currency markets. The Bloomberg Barclays Global High Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Lipper Global Income Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception of the Fund on September 4, 2012 until May 31, 2013, the Fund did not experience any shareholder purchase and sale activity. If such activity had occurred, the Fund’s performance may have been impacted.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

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 INCOME FUNDS FEBRUARY 28, 2018

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 6.1%
		Cayman Islands — 2.7%
	1,002	ACIS CLO Ltd., Series 2017-7A, Class A1, 3.12%, 05/01/2027 (e) (z)		1,008
		AIMCO CLO,
	2,429	Series 2014-AA, Class AR, 2.84%, 07/20/2026 (e) (z)		2,430
	1,125	Series 2017-AA, Class A, 3.00%, 07/20/2029 (e) (z)		1,133
	2,282	Bain Capital Credit CLO, Series 2017-1A, Class A1, 2.99%, 07/20/2030 (e) (z)		2,297
	4,750	Cedar Funding II CLO Ltd., Series 2013-1A, Class A1R, 2.77%, 06/09/2030 (e) (z)		4,792
	5,200	CFIP CLO Ltd., Series 2017-1A, Class A, 2.62%, 01/18/2030 (e) (w) (z)		5,233
		CIFC Funding Ltd.,
	1,999	Series 2017-1A, Class A, 3.10%, 04/23/2029 (e) (z)		2,011
	2,997	Series 2017-2A, Class A, 2.98%, 04/20/2030 (e) (z)		3,024
	4,028	Dryden 49 Senior Loan Fund, Series 2017-49A, Class A, 2.94%, 07/18/2030 (e) (z)		4,055
	1,000	Flatiron CLO Ltd., Series 2013-1A, Class A1R, 2.89%, 01/17/2026 (e) (z)		1,000
	2,414	GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class A, 2.96%, 04/20/2029 (e) (z)		2,428
	2,167	Grippen Park CLO Ltd., Series 2017-1A, Class A, 3.00%, 01/20/2030 (e) (z)		2,178
	2,073	LCM XV LP, Series 15A, Class AR, 2.98%, 07/20/2030 (e) (z)		2,094
	3,620	LCM XVI LP, Series 16A, Class AR, 2.75%, 07/15/2026 (e) (z)		3,620
	2,593	Nassau Ltd., Series 2017-IA, Class A1A, 3.04%, 10/15/2029 (e) (z)		2,607
	4,130	Neuberger Berman CLO XIV Ltd., Series 2013-14A, Class AR, 3.01%, 01/28/2030 (e) (z)		4,162
	1,832	Neuberger Berman Loan Advisers CLO 24 Ltd., Series 2017-24A, Class A, 2.97%, 04/19/2030 (e) (z)		1,846
	4,160	OCP CLO Ltd., Series 2017-13A, Class A1A, 2.98%, 07/15/2030 (e) (z)		4,207
	1,627	Octagon Investment Partners 30 Ltd., Series 2017-1A, Class A1, 3.06%, 03/17/2030 (e) (z)		1,649
	3,161	Race Point VIII CLO Ltd., Series 2013-8A, Class AR, 3.22%, 02/20/2030 (e) (z)		3,186
	2,065	Renew, Series 2017-1A, Class B, 5.75%, 09/20/2052 (e) (bb)		2,102
	2,742	Sound Point CLO IV Ltd., Series 2013-3A, Class AR, 2.84%, 01/21/2026 (e) (z)		2,745

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Cayman Islands — continued
	4,630	TCI-Cent CLO Income Note Issuer Ltd., Series 2017-1A, Class A1, 3.02%, 07/25/2030 (e) (z)		4,662
		THL Credit Wind River CLO Ltd.,
	1,335	Series 2017-1A, Class A, 3.07%, 04/18/2029 (e) (z)		1,343
	4,680	Series 2017-2A, Class A, 2.97%, 07/20/2030 (e) (z)		4,711
	2,456	TIAA CLO II Ltd., Series 2017-1A, Class A, 3.02%, 04/20/2029 (e) (z)		2,471
	3,620	TRESTLES CLO Ltd., Series 2017-1A, Class A1A, 2.62%, 07/25/2029 (e) (z)		3,645
	4,335	VOYA CLO, Series 2017-2A, Class A1, 2.93%, 06/07/2030 (e) (z)		4,360
				80,999
		Italy — 0.0% (g)
EUR	3	Italfinance Securitisation Vehicle SRL, Series 2005-1, Class A, Reg. S, 0.00%, 03/14/2023 (z)		3
		United States — 3.4%
	83	ABFC Trust, Series 2004-OPT2, Class M2, 3.12%, 07/25/2033 (z) (bb)		80
	93	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M2, 3.20%, 04/25/2034 (z) (bb)		91
	844	American Airlines Pass-Through Trust, Series 2015-1, Class B, 3.70%, 05/01/2023		835
		Argent Securities, Inc. Asset-Backed Pass-Through Certificates,
	91	Series 2003-W7, Class M2, 4.25%, 03/25/2034 (z) (bb)		90
	98	Series 2004-W3, Class A3, 2.44%, 02/25/2034 (z) (bb)		96
	28	Bear Stearns Asset-Backed Securities Trust, Series 2002-1, Class 1A5, SUB, 6.89%, 12/25/2034 (bb)		28
		Business Jet Securities LLC,
	1,880	Series 2018-1, Class A, 4.34%, 02/15/2033 (e)		1,880
	3,445	Series 2018-1, Class B, 6.05%, 02/15/2033 (e)		3,445
	400	CIG Auto Receivables Trust, Series 2017-1A, Class C, 5.33%, 12/16/2024 (e)		395
		Citi Held For Asset Issuance,
	2,910	Series 2015-PM2, Class C, 5.96%, 03/15/2022 (e)		2,951
	2,280	Series 2015-PM3, Class C, 6.99%, 05/16/2022 (e)		2,339

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 5

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
		CLUB Credit Trust,
	1,200	Series 2017-NP1, Class C, 5.13%, 04/17/2023 (e)		1,214
	1,300	Series 2017-P1, Class A, 2.42%, 09/15/2023 (e)		1,297
	3,285	Series 2017-P1, Class B, 3.56%, 09/15/2023 (e)		3,287
	1,550	Series 2017-P2, Class A, 2.61%, 01/15/2024 (e)		1,547
	122	Continental Airlines Pass-Through Trust, Series 2007-1, Class A, 5.98%, 04/19/2022		132
		Countrywide Asset-Backed Certificates,
	64	Series 2002-4, Class M1, 2.75%, 12/25/2032 (z) (bb)		63
	119	Series 2004-2, Class M1, 2.37%, 05/25/2034 (z) (bb)		119
	15	Series 2004-BC1, Class M3, 3.72%, 10/25/2033 (z) (bb)		14
	2,810	Series 2004-ECC2, Class M2, 2.60%, 12/25/2034 (z) (bb)		2,813
	1,772	Series 2005-AB3, Class 1A1, 2.12%, 02/25/2036 (z) (bb)		1,745
		DT Auto Owner Trust,
	1,365	Series 2015-3A, Class D, 4.53%, 10/17/2022 (e)		1,389
	1,384	Series 2017-4A, Class D, 3.47%, 07/17/2023 (e)		1,375
	1,650	Series 2017-4A, Class E, 5.15%, 11/15/2024 (e)		1,657
	1,280	Exeter Automobile Receivables Trust, Series 2018-1A, Class E, 4.64%, 10/15/2024 (e)		1,273
	116	First Franklin Mortgage Loan Trust, Series 2004-FF5, Class A1, 2.34%, 08/25/2034 (z) (bb)		113
	860	FirstKey Lending Trust, Series 2015-SFR1, Class D, 4.37%, 03/09/2047 (e) (z) (bb)		856
	198	Flagship Credit Auto Trust, Series 2014-2, Class C, 3.95%, 12/15/2020 (e)		200
	39	Fremont Home Loan Trust, Series 2004-2, Class M2, 2.55%, 07/25/2034 (z)		39
	340	GMAT Trust, Series 2013-1A, Class M, 5.00%, 11/25/2043 (e) (z) (bb)		287
	39	Home Equity Asset Trust, Series 2004-6, Class M2, 2.52%, 12/25/2034 (z) (bb)		38
	2,000	Kabbage Asset Securitization LLC, Series 2017-1, Class C, 8.00%, 03/15/2022 (e) (bb)		2,112

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,300	LendingClub Issuance Trust, Series 2016-NP2, Class B, 6.00%, 01/17/2023 (e)		1,327
		Lendmark Funding Trust,
	1,830	Series 2017-1A, Class C, 5.41%, 12/22/2025 (e)		1,880
	685	Series 2017-2A, Class B, 3.38%, 05/20/2026 (e) (bb)		679
	515	Series 2017-2A, Class C, 4.33%, 05/20/2026 (e) (bb)		511
	2,967	LV Tower 52 Issuer, Series 2013-1, Class M, 7.75%, 02/15/2023 (e) (bb)		2,967
		Marlette Funding Trust,
	788	Series 2017-3A, Class A, 2.36%, 12/15/2024 (e)		786
	740	Series 2017-3A, Class B, 3.01%, 12/15/2024 (e)		736
	280	Series 2017-3A, Class C, 4.01%, 12/15/2024 (e)		282
	1,050	Series 2018-1A, Class B, 3.19%, 03/15/2028 (e)		1,046
	895	Series 2018-1A, Class C, 3.69%, 03/15/2028 (e)		894
	450	Series 2018-1A, Class D, 4.85%, 03/15/2028 (e)		450
	79	Merrill Lynch Mortgage Investors Trust, Series 2003-OPT1, Class M1, 2.60%, 07/25/2034 (z) (bb)		78
	6,373	MFA Trust, Series 2017-NPL1, Class A1, SUB, 3.35%, 11/25/2047 (e) (bb)		6,336
	136	Mid-State Capital Corp. Trust, Series 2006-1, Class M2, 6.74%, 10/15/2040 (e) (bb)		154
	60	Morgan Stanley ABS Capital I, Inc. Trust, Series 2004-HE1, Class M1, 2.48%, 01/25/2034 (z) (bb)		60
	61	New Century Home Equity Loan Trust, Series 2003-4, Class M2, 4.35%, 10/25/2033 (z) (bb)		60
	1,785	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.75%, 10/25/2057 (e)		1,785
	1,250	Onemain Financial Issuance Trust, Series 2018-1A, Class D, 4.08%, 03/14/2029 (e)		1,250
		OneMain Financial Issuance Trust,
	182	Series 2014-2A, Class C, 4.33%, 09/18/2024 (e) (bb)		183
	151	Series 2014-2A, Class D, 5.31%, 09/18/2024 (e) (bb)		152
	1,114	Series 2015-1A, Class A, 3.19%, 03/18/2026 (e)		1,118

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		United States — continued
	608	Series 2015-1A, Class C, 5.12%, 03/18/2026 (e)		613
	1,100	Series 2017-1A, Class D, 4.52%, 09/14/2032 (e)		1,095
	1,170	Oportun Funding VI LLC, Series 2017-A, Class B, 3.97%, 06/08/2023 (e) (z) (bb)		1,143
	262	Park Place Securities, Inc., Series 2005-WCH1, Class M3, 2.46%, 01/25/2036 (z) (bb)		263
	66	People’s Choice Home Loan Securities Trust, Series 2004-2, Class M1, 2.52%, 10/25/2034 (z) (bb)		66
		Pretium Mortgage Credit Partners I LLC,
	5,401	Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (e) (z)		5,386
	3,157	Series 2018-NPL1, Class A1, SUB, 3.37%, 01/27/2033 (e)		3,153
	1,400	Progress Residential Trust, Series 2015-SFR2, Class D, 3.68%, 06/12/2032 (e)		1,398
		Prosper Marketplace Issuance Trust,
	2,584	Series 2017-3A, Class A, 2.36%, 11/15/2023 (e)		2,578
	2,600	Series 2017-3A, Class B, 3.36%, 11/15/2023 (e)		2,589
		RASC Trust,
	1,877	Series 2005-EMX1, Class M1, 2.27%, 03/25/2035 (z) (bb)		1,882
	66	Series 2005-KS2, Class M1, 2.27%, 03/25/2035 (z) (bb)		67
		Renaissance Home Equity Loan Trust,
	847	Series 2004-1, Class M1, 2.49%, 05/25/2034 (z) (bb)		818
	483	Series 2005-1, Class AF6, SUB, 4.97%, 05/25/2035 (bb)		494
	910	Series 2005-2, Class M1, SUB, 5.05%, 08/25/2035 (bb)		926
	231	Saxon Asset Securities Trust, Series 2004-3, Class M1, 2.52%, 12/26/2034 (z) (bb)		228
	1,584	SoFi Consumer Loan Program LLC, Series 2017-6, Class B, 3.52%, 11/25/2026 (e) (bb)		1,564
		SoFi Consumer Loan Program Trust,
	459	Series 2018-1, Class A2, 3.14%, 02/25/2027 (e)		456
	1,250	Series 2018-1, Class B, 3.65%, 02/25/2027 (e)		1,244
	730	Series 2018-1, Class C, 3.97%, 02/25/2027 (e)		726
	700	Springleaf Funding Trust, Series 2016-AA, Class B, 3.80%, 11/15/2029 (e)		703

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	146	Structured Asset Investment Loan Trust, Series 2003-BC10, Class A4, 2.62%, 10/25/2033 (z) (bb)		144
	612	US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/2021		636
	1,910	Vantage Data Centers Issuer LLC, Series 2018-1A, Class A2, 4.07%, 02/16/2043 (e)		1,919
	2,480	Veros Automobile Receivables Trust, Series 2017-1, Class A, 2.84%, 04/17/2023 (e)		2,473
	1,490	VOLT LXII LLC, Series 2017-NPL9, Class A1, SUB, 3.13%, 09/25/2047 (e) (bb)		1,480
	3,575	VOLT LXIII LLC, Series 2017-NP10, Class A1, SUB, 3.00%, 10/25/2047 (e) (bb)		3,573
	2,168	VOLT LXIV LLC, Series 2017-NP11, Class A1, SUB, 3.37%, 10/25/2047 (e)		2,164
	1,101	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.50%, 06/26/2045 (e) (bb)		1,101
	1,273	VOLT XXXVIII LLC, Series 2015-NP12, Class A1, SUB, 3.88%, 09/25/2045 (e) (bb)		1,276
		Westlake Automobile Receivables Trust,
	1,000	Series 2018-1A, Class E, 4.53%, 05/15/2023 (e)		997
	1,000	Series 2018-1A, Class F, 5.60%, 07/15/2024 (e)		999
				100,688
		Total Asset-Backed Securities (Cost $180,632)		181,690
	Collateralized Mortgage Obligations — 2.4%
		Italy — 0.0% (g)
EUR	120	Intesa Sec Srl, Reg. S, Series 3, Class B, 10/30/2033 (z) (bb)		146
		United States — 2.4%
	3,000	Acre, 0.00%, 12/15/2020 (bb)		3,000
		Alternative Loan Trust
	4,469	Series 2004-25CB, Class A1, 6.00%, 12/25/2034		4,576
	96	Series 2005-6CB, Class 1A6, 5.50%, 04/25/2035		97
	1,664	Series 2005-21CB, Class A17, 6.00%, 06/25/2035		1,659
	4,333	Series 2005-80CB, Class 5A1, 6.00%, 02/25/2036		4,374
	106	Chase Mortgage Finance Trust, Series 2007-A1, Class 2A3, 3.68%, 02/25/2037 (z)		107

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 7

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	1,914	CHL Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/2037		1,652
	1,154	DSLA Mortgage Loan Trust, Series 2005-AR4, Class 2A1A, 1.85%, 08/19/2045 (z)		1,086
		FHLMC REMIC
	175	Series 3110, Class SL, IF, IO, 4.56%, 02/15/2026 (z)		9
	622	Series 3459, Class JS, IF, IO, 4.66%, 06/15/2038 (z)		82
	195	Series 3716, Class PI, IO, 4.50%, 04/15/2038		18
	676	Series 3775, Class LI, IO, 3.50%, 12/15/2020		24
	606	Series 3907, Class AI, IO, 5.00%, 05/15/2040		74
	2,737	Series 3907, Class SW, IF, IO, 5.06%, 07/15/2026 (z)		274
	986	Series 3914, Class LS, IF, IO, 5.21%, 08/15/2026 (z)		100
	455	Series 4018, Class HI, IO, 4.50%, 03/15/2041		83
	616	Series 4030, Class IL, IO, 3.50%, 04/15/2027		62
	2,581	Series 4043, Class PI, IO, 2.50%, 05/15/2027		193
	210	Series 4056, Class BI, IO, 3.00%, 05/15/2027		19
	1,497	Series 4057, Class UI, IO, 3.00%, 05/15/2027		128
	475	Series 4073, Class IQ, IO, 4.00%, 07/15/2042		104
	4,455	Series 4074, 3.00%, 07/15/2027		404
	1,882	Series 4097, Class CI, IO, 3.00%, 08/15/2027		163
	546	Series 4119, Class LI, IO, 3.50%, 06/15/2039		67
	1,153	Series 4120, Class UI, IO, 3.00%, 10/15/2027		105
	231	Series 4136, Class IN, IO, 3.00%, 11/15/2027		22
	1,132	Series 4173, Class I Shares, IO, 4.00%, 03/15/2043		246
	766	Series 4215, Class LI, IO, 3.50%, 07/15/2041		113
	1,456	Series 4280, Class KI, IO, 3.50%, 09/15/2031		138
	634	Series 4304, Class DI, IO, 2.50%, 01/15/2027		42

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,803	Series 4311, Class QI, IO, 3.00%, 10/15/2028		148
	1,887	Series 4313, Class UI, IO, 3.00%, 03/15/2029		197
	395	Series 4323, Class IW, IO, 3.50%, 04/15/2028		37
	964	Series 4324, Class AI, IO, 3.00%, 11/15/2028		74
	110	Series 4351, Class GI, IO, 5.00%, 11/15/2019		1
	1,643	Series 4372, Class SY, IF, IO, 4.51%, 08/15/2044 (z)		259
	3,000	Series 4585, Class JI, IO, 4.00%, 05/15/2045		533
	18,114	Series 4689, Class SD, IF, IO, 4.56%, 06/15/2047 (z)		3,455
	8,053	Series 4694, Class SA, IF, IO, 4.51%, 06/15/2047 (z)		1,589
	14,107	Series 4714, Class SA, IF, IO, 4.56%, 08/15/2047 (z)		2,695
	362	FHLMC STRIPS, Series 305, IO, 3.50%, 03/15/2028		36
	26	First Horizon Mortgage Pass-Through Trust, Series 2005-5, Class 1A6, 5.50%, 10/25/2035		25
		FNMA REMIC
	716	Series 2009-101, Class SI, IF, IO, 4.13%, 12/25/2039 (z)		60
	178	Series 2010-102, Class IP, IO, 5.00%, 12/25/2039		13
	804	Series 2011-144, Class SA, IF, IO, 5.03%, 11/25/2025 (z)		60
	208	Series 2012-25, Class AI, IO, 3.50%, 03/25/2027		21
	4,028	Series 2012-93, Class SE, IF, IO, 4.48%, 09/25/2042 (z)		685
	1,045	Series 2012-93, Class SG, IF, IO, 4.48%, 09/25/2042 (z)		180
	271	Series 2012-118, Class DI, IO, 3.50%, 01/25/2040		33
	1,051	Series 2012-120, Class DI, IO, 3.00%, 03/25/2031		98
	8,306	Series 2012-133, Class NS, IF, IO, 4.53%, 12/25/2042 (z)		1,511
	90	Series 2012-137, Class EI, 3.00%, 12/25/2027		8
	2,480	Series 2012-145, Class EI, IO, 3.00%, 01/25/2028		224

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		United States — continued
	278	Series 2012-148, Class JI, IO, 3.50%, 12/25/2039		36
	259	Series 2012-150, Class BI, IO, 3.00%, 01/25/2028		23
	287	Series 2013-5, Class BI, IO, 3.50%, 03/25/2040		35
	257	Series 2013-9, Class YI, IO, 3.50%, 02/25/2028		25
	3,673	Series 2013-15, IO, 2.50%, 03/25/2028		303
	1,137	Series 2013-18, Class AI, IO, 3.00%, 03/25/2028		101
	246	Series 2013-26, Class IJ, IO, 3.00%, 04/25/2028		22
	1,239	Series 2013-31, Class DI, IO, 3.00%, 04/25/2028		128
	232	Series 2013-31, Class YI, IO, 3.50%, 04/25/2028		23
	7,485	Series 2013-61, Class HI, IO, 3.00%, 06/25/2033		909
	1,529	Series 2013-64, Class LI, IO, 3.00%, 06/25/2033		207
	11,066	Series 2013-66, Class IE, IO, 3.00%, 08/25/2032		1,253
	2,532	Series 2014-35, Class KI, IO, 3.00%, 06/25/2029		287
	1,526	Series 2014-44, Class QI, IO, 3.00%, 08/25/2029		148
	7,897	Series 2016-25, Class SL, IF, IO, 4.38%, 05/25/2046 (z)		1,461
	15,976	Series 2016-61, Class ST, IF, IO, 4.38%, 09/25/2046 (z)		2,808
	9,858	Series 2016-77, Class SA, IF, IO, 4.38%, 10/25/2046 (z)		1,986
	14,800	Series 2017-13, Class AS, IF, IO, 4.43%, 02/25/2047 (z)		2,845
	8,302	Series 2017-57, Class SA, IF, IO, 4.48%, 08/25/2057 (z)		1,352
		FNMA STRIPS
	1,801	Series 401, Class C6, IO, 4.50%, 10/25/2029		140
	685	Series 409, Class 23, IO, 3.50%, 04/25/2027 (z)		61
	5,058	Series 410, Class C12, IO, 5.50%, 07/25/2024		311
	3,500	FNMA, Connecticut Avenue Securities, Series 2018-C01, Class 1M2, 3.87%, 07/25/2030 (z)		3,577

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		GNMA
	1,378	Series 2002-24, Class AG, IF, IO, 6.36%, 04/16/2032 (z)		205
	1,206	Series 2003-69, Class SB, IF, IO, 5.01%, 08/16/2033 (z)		190
	879	Series 2011-13, Class S, IF, IO, 4.36%, 01/16/2041 (z)		110
	4,350	Goodgreen Trust, Series 2017-R1, 5.00%, 10/20/2051 (bb)		4,286
	165	GSMSC Pass-Through Trust, Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (e) (z)		118
	218	HarborView Mortgage Loan Trust, Series 2007-6, Class 2A1A, 1.78%, 08/19/2037 (z)		207
	4,006	JP Morgan Alternative Loan Trust, Series 2006-A2, Class 1A1, 1.80%, 05/25/2036 (z)		3,792
	363	MASTR Alternative Loan Trust, Series 2003-5, Class 30B1, 5.89%, 08/25/2033 (z)		363
	1,400	PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A, 2.85%, 02/25/2023 (e) (z)		1,400
	411	Structured Adjustable Rate Mortgage Loan Trust, Series 2005-1, Class 5A1, 3.41%, 02/25/2035 (z)		409
	1,077	Wells Fargo Mortgage Backed Securities Trust, Series 2004-BB, Class A5, 3.72%, 01/25/2035 (z)		1,092
		Wells Fargo Mortgage-Backed Securities Trust
	1,884	Series 2004-M, Class A1, 3.51%, 08/25/2034 (z)		1,939
	2,292	Series 2004-N, Class A6, 3.48%, 08/25/2034 (z)		2,314
	2,292	Series 2004-N, Class A7, 3.48%, 08/25/2034 (z)		2,313
	1,581	Series 2005-AR2, Class 2A1, 3.91%, 03/25/2035 (z)		1,589
	363	Series 2005-AR2, Class 2A2, 3.91%, 03/25/2035 (z)		368
	304	Series 2005-AR4, Class 2A2, 3.73%, 04/25/2035 (z)		305
	506	Series 2005-AR16, Class 3A1, 3.68%, 03/25/2035 (z)		508
	39	Series 2007-2, Class 3A5, 5.25%, 03/25/2037		40
				70,552
		Total Collateralized Mortgage Obligations (Cost $73,287)		70,698

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 9

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — 5.8%
		Cayman Islands — 0.1%
	860	PFP Ltd., Series 2017-3, Class D, 5.09%, 01/14/2035 (e) (z) (bb)		864
	2,085	TPG Real Estate Finance Ltd., Series 2018-FL1, Class C, 3.46%, 02/15/2035 (e) (z)		2,085
				2,949
		United States — 5.7%
		Banc of America Commercial Mortgage Trust,
	520	Series 2006-1, Class E, 5.99%, 09/10/2045 (e) (z) (bb)		545
	743	Series 2007-3, Class B, 5.76%, 06/10/2049 (z) (bb)		750
	8,965	Series 2007-3, Class F, 5.76%, 06/10/2049 (e) (z)		9,156
	5,695	Series 2007-5, Class AJ, 5.98%, 02/10/2051 (z)		5,857
		BANK,
	2,644	Series 2017-BNK6, Class D, 3.10%, 07/15/2060 (e) (bb)		2,053
	2,990	Series 2017-BNK9, Class D, 2.80%, 11/15/2054 (e) (z)		2,368
		Bear Stearns Commercial Mortgage Securities Trust,
	3,440	Series 2006-PW13, Class B, 5.66%, 09/11/2041 (e) (z) (bb)		3,484
	179	Series 2007-PW17, Class AJ, 5.74%, 06/11/2050 (z)		179
	4,650	BXMT Ltd., Series 2017-FL1, Class D, 4.29%, 06/15/2035 (e) (z) (bb)		4,664
	2,196	CD Mortgage Trust, Series 2007-CD5, Class C, 6.17%, 11/15/2044 (z) (bb)		2,200
	2,525	Citigroup Commercial Mortgage Trust, Series 2015-P1, Class D, 3.23%, 09/15/2048 (e) (bb)		2,018
	2,900	COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class B, 5.88%, 05/15/2046 (z)		2,895
		Commercial Mortgage Trust,
	4,112	Series 2004-GG1, Class H, 6.43%, 06/10/2036 (e) (z)		4,135
	1,840	Series 2014-CR15, Class D, 4.76%, 02/10/2047 (e) (z) (bb)		1,722
	3,620	Series 2015-CR24, Class A5, 3.70%, 08/10/2048		3,676
	1,070	Series 2015-CR24, Class D, 3.46%, 08/10/2048 (z) (bb)		845
	1,648	Credit Suisse Commercial Mortgage Trust, Series 2007-C1, Class AM, 5.42%, 02/15/2040		1,687

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,390	CSAIL Commercial Mortgage Trust, Series 2017-C8, Class C, 4.32%, 06/15/2050 (bb)		1,403
		FHLMC Multifamily Structured Pass-Through Certificates,
	31,545	Series K036, Class X3, IO, 2.11%, 12/25/2041 (z)		3,276
	17,000	Series K038, Class X3, IO, 2.49%, 06/25/2042 (z)		2,182
	30,520	Series K041, Class X3, IO, 1.64%, 11/25/2042 (z)		2,799
	21,950	Series K042, Class X3, IO, 1.61%, 01/25/2043 (z)		1,983
	39,625	Series K045, Class X3, IO, 1.50%, 04/25/2043 (z)		3,459
	38,350	Series K046, Class X3, IO, 1.51%, 04/25/2043 (z)		3,378
	28,400	Series K047, Class X3, IO, 1.49%, 06/25/2043 (z)		2,537
	21,110	Series K050, Class X3, IO, 1.55%, 10/25/2043 (z)		2,020
	15,770	Series K052, Class X3, IO, 1.61%, 01/25/2044 (z)		1,606
	39,433	Series K054, Class X3, IO, 1.60%, 04/25/2043 (z)		4,028
	19,640	Series K067, Class X3, IO, 2.11%, 09/25/2044 (z)		2,997
	6,050	Series K072, Class X3, IO, 2.14%, 12/25/2050 (z)		990
	112,228	Series K718, Class X3, IO, 1.44%, 02/25/2043 (z)		5,747
	39,172	Series K720, Class X3, IO, 1.33%, 08/25/2042 (z)		2,035
	28,994	Series K729, Class X1, IO, 0.37%, 10/25/2024 (z)		613
	2,593	Series K729, Class X3, IO, 1.97%, 11/25/2044 (z)		285
		FNMA ACES,
	86,024	Series 2014-M3, Class X2, IO, 0.10%, 01/25/2024 (z)		420
	17,807	Series 2016-M4, Class X2, IO, 2.62%, 01/25/2039 (z)		1,936
		FREMF Mortgage Trust,
	4,200	Series 2017-K728, Class B, 3.65%, 09/25/2024 (e) (z) (bb)		4,081
	1,265	Series 2017-K728, Class C, 3.65%, 09/25/2024 (e) (z) (bb)		1,195
	900	Series 2017-K729, Class B, 3.67%, 11/25/2049 (e) (z) (bb)		867

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		United States — continued
	2,125	Series 2017-KF29, Class B, 5.13%, 02/25/2024 (e) (z)		2,207
	1,764	Series 2017-KF31, Class B, 4.48%, 04/25/2024 (e) (z)		1,806
	1,718	Series 2017-KF36, Class B, 4.23%, 08/25/2024 (e) (z)		1,732
	1,223	Series 2017-KF38, Class B, 4.08%, 09/25/2024 (e) (z)		1,233
	878	Series 2017-KF40, Class B, 4.28%, 11/25/2027 (e) (z) (bb)		885
	950	Series 2017-KF41, Class B, 4.08%, 11/25/2024 (e) (z) (bb)		955
	2,875	Series 2018-KF42, Class B, 3.78%, 12/25/2024 (e) (z)		2,878
		GNMA,
	29,795	Series 2013-48, IO, 0.61%, 07/16/2054 (z)		1,245
	14,578	Series 2017-23, IO, 0.73%, 05/16/2059 (z)		942
		GS Mortgage Securities Trust,
	1,802	Series 2007-GG10, Class AM, 5.79%, 08/10/2045 (z)		1,831
	1,207	Series 2016-GS2, Class D, 2.75%, 05/10/2049 (e) (bb)		971
	2,493	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2007-LD11, Class AM, 6.04%, 06/15/2049 (z)		2,528
	1,572	LB Commercial Mortgage Trust, Series 2007-C3, Class AJ, 6.09%, 07/15/2044 (z)		1,574
		LB-UBS Commercial Mortgage Trust,
	3,342	Series 2006-C6, Class AJ, 5.45%, 09/15/2039 (z)		2,640
	7,445	Series 2007-C6, Class AJ, 6.24%, 07/15/2040 (z)		7,692
	732	Series 2007-C7, Class B, 6.39%, 09/15/2045 (z)		737
	1,415	LMREC, Inc., Series 2016-CRE2, Class A, 3.30%, 11/24/2031 (e) (z)		1,425
		Morgan Stanley Bank of America Merrill Lynch Trust,
	2,430	Series 2014-C14, Class D, 4.82%, 02/15/2047 (e) (z) (bb)		2,214
	1,060	Series 2014-C19, Class D, 3.25%, 12/15/2047 (e) (bb)		850
		Morgan Stanley Capital I Trust,
	2,067	Series 2005-HQ7, Class E, 5.39%, 11/14/2042 (z) (bb)		2,091
	874	Series 2006-HQ9, Class D, 5.86%, 07/12/2044 (z) (bb)		873

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,083	Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (z)		1,084
	2,800	Series 2006-T23, Class D, 6.12%, 08/12/2041 (e) (z) (bb)		2,905
	1,846	Series 2007-HQ11, Class AJ, 5.51%, 02/12/2044 (z)		1,844
		UBS Commercial Mortgage Trust,
	1,580	Series 2017-C4, Class D, 2.90%, 10/15/2050 (e) (z) (bb)		1,083
	3,345	Series 2017-C6, Class D, 2.50%, 12/15/2050 (e) (z)		2,320
		Wachovia Bank Commercial Mortgage Trust,
	100	Series 2005-C21, Class F, 5.30%, 10/15/2044 (e) (z) (bb)		62
	951	Series 2006-C29, Class B, 5.43%, 11/15/2048 (z)		956
	2,510	Series 2007-C30, Class B, 5.46%, 12/15/2043 (z)		2,526
	3,187	Series 2007-C31, Class AJ, 5.66%, 04/15/2047 (z)		3,252
	2,840	Series 2007-C31, Class B, 5.70%, 04/15/2047 (z)		2,913
	1,130	Series 2007-C31, Class C, 6.10%, 04/15/2047 (z)		1,149
	2,530	Series 2007-C33, Class AJ, 6.01%, 02/15/2051 (z)		2,543
	2,600	Series 2007-C33, Class B, 6.01%, 02/15/2051 (z) (bb)		2,470
	2,600	Series 2007-C33, Class C, 6.01%, 02/15/2051 (z) (bb)		2,309
	185	Series 2007-C34, Class AJ, 6.12%, 05/15/2046 (z)		190
		Wells Fargo Commercial Mortgage Trust,
	1,370	Series 2010-C1, Class C, 5.60%, 11/15/2043 (e) (z) (bb)		1,417
	1,250	Series 2015-NXS2, Class A5, 3.77%, 07/15/2058 (z)		1,275
	1,276	Series 2016-BNK1, Class D, 3.00%, 08/15/2049 (e) (bb)		998
				168,676
		Total Commercial Mortgage-Backed Securities (Cost $175,744)		171,625
SHARES
	Common Stocks — 0.1%
		Colombia — 0.1%
	14	Frontera Energy Corp. (a)		481
	47	Frontera Energy Corp. (a)		1,558
				2,039

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 11

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
		New Zealand — 0.0% (g)
	4	UCI Holdings LLC (a) (bb)		80
		United States — 0.0% (g)
	34	Avaya Holdings Corp. (a)		716
	5	Caesars Entertainment Corp. (a)		63
	1	Goodman Private (a) (bb)		—
	3	NII Holdings, Inc. (a)		3
	4	Penn Virginia Corp. (a)		158
	9	VICI Properties, Inc. (a)		164
	6	Vistra Energy Corp. (a)		118
				1,222
		Total Common Stocks (Cost $3,363)		3,341
PRINCIPAL AMOUNT
	Convertible Bonds — 2.5%
		China — 0.2%
	4,645	Ctrip.com International Ltd., 1.00%, 07/01/2020		4,966
		Netherlands — 0.1%
	1,565	NXP Semiconductors NV, 1.00%, 12/01/2019		2,014
		United Arab Emirates — 0.0% (g)
EUR	800	UniCredit SpA, 0.50%, 03/27/2020		916
		United States — 2.2%
		Cypress Semiconductor Corp.,
	265	2.00%, 02/01/2023 (e)		290
	3,170	4.50%, 01/15/2022		4,553
	2,240	DISH Network Corp., 3.38%, 08/15/2026		2,254
	2,165	Envestnet, Inc., 1.75%, 12/15/2019		2,340
		Finisar Corp.,
	1,910	0.50%, 12/15/2033		1,898
	3,640	0.50%, 12/15/2036		3,344
	430	Horizon Global Corp., 2.75%, 07/01/2022		348
	4,735	II-VI, Inc., 0.25%, 09/01/2022 (e)		5,078
	3,025	Liberty Expedia Holdings, Inc., 1.00%, 06/30/2047 (e)		2,913
	4,515	Live Nation Entertainment, Inc., 2.50%, 05/15/2019		6,036
	1,275	Medidata Solutions, Inc., 1.00%, 08/01/2018		1,489
	3,670	Nabors Industries, Inc., 0.75%, 01/15/2024 (e)		2,791
	3,355	Nuance Communications, Inc., 1.50%, 11/01/2035		3,440
	1,545	Nutanix, Inc., Zero Coupon, 01/15/2023 (e)		1,588

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	3,465	Oasis Petroleum, Inc., 2.63%, 09/15/2023		3,570
	4,270	ON Semiconductor Corp., 1.00%, 12/01/2020		5,973
	1,680	Red Hat, Inc., 0.25%, 10/01/2019		3,365
	1,700	SM Energy Co., 1.50%, 07/01/2021		1,643
	4,205	Teradyne, Inc., 1.25%, 12/15/2023		6,383
	1,855	Web.com Group, Inc., 1.00%, 08/15/2018		1,827
	4,565	Zillow Group, Inc., 2.00%, 12/01/2021		5,305
				66,428
		Total Convertible Bonds (Cost $69,125)		74,324
	Corporate Bonds — 56.2%
		Argentina — 0.3%
	1,200	Arcor SAIC, Reg. S, 6.00%, 07/06/2023		1,247
		Pampa Energia SA,
	3,830	7.38%, 07/21/2023 (e)		4,059
		YPF SA,
	2,660	6.95%, 07/21/2027 (e)		2,677
	1,760	Reg. S, 8.50%, 03/23/2021		1,923
				9,906
		Australia — 0.2%
	2,165	Australia & New Zealand Banking Group Ltd., (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 06/15/2026 (e) (x) (y) (aa)		2,368
GBP	1,240	BHP Billiton Finance Ltd., Reg. S, (GBP Swap 5 Year + 4.82%), 6.50%, 10/22/2077 (aa)		1,983
		FMG Resources August 2006 Pty. Ltd.,
	265	4.75%, 05/15/2022 (e)		265
	265	5.13%, 05/15/2024 (e)		264
	35	Nufarm Australia Ltd., 6.38%, 10/15/2019 (e)		35
EUR	1,200	Origin Energy Finance Ltd., Reg. S, (EUR Swap Annual 5 Year + 3.67%), 4.00%, 09/16/2074 (aa)		1,534
				6,449
		Bahrain — 0.1%
	1,600	Batelco International Finance No. 1 Ltd., Reg. S, 4.25%, 05/01/2020		1,584
		Belgium — 0.5%
		Anheuser-Busch InBev Finance, Inc.,
	4,565	3.65%, 02/01/2026		4,524
	3,305	4.90%, 02/01/2046		3,524
EUR	900	Anheuser-Busch InBev SA/NV, Reg. S, 2.00%, 03/17/2028		1,146
EUR	1,600	Nyrstar Netherlands Holdings BV, Reg. S, 6.88%, 03/15/2024		2,000

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Belgium — continued
	EUR 2,200	Solvay Finance SA, Reg. S, (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (x) (y) (aa)		3,138
	EUR 1,600	Telenet Finance Luxembourg Notes SARL, Reg. S, 3.50%, 03/01/2028		1,914
				16,246
		Brazil — 1.3%
	900	Banco Daycoval SA, Reg. S, 5.75%, 03/19/2019		911
	4,550	Banco do Brasil SA, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.40%), 6.25%, 04/15/2024 (x) (y) (aa)		4,146
	700	Banco Votorantim SA, Reg. S, 7.38%, 01/21/2020		736
	3,380	Cemig Geracao e Transmissao SA, 9.25%, 12/05/2024 (e)		3,655
	437	Centrais Eletricas Brasileiras SA, Reg. S, 6.88%, 07/30/2019		455
	3,600	CSN Resources SA, Reg. S, 6.50%, 07/21/2020		3,550
	3,550	Itau Unibanco Holding SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.98%), 6.13%, 12/12/2022 (e) (x) (y) (aa)		3,577
		JBS USA LUX SA,
	236	5.75%, 06/15/2025 (e)		226
	1,137	5.88%, 07/15/2024 (e)		1,109
	675	6.75%, 02/15/2028 (e)		668
	875	7.25%, 06/01/2021 (e)		886
	3,950	JSL Europe SA, Reg. S, 7.75%, 07/26/2024		4,034
	2,600	Minerva Luxembourg SA, Reg. S, 6.50%, 09/20/2026		2,571
		Petrobras Global Finance BV,
	4,297	6.00%, 01/27/2028 (e)		4,232
	1,553	7.38%, 01/17/2027		1,680
	1,083	8.75%, 05/23/2026		1,266
	2,430	Suzano Austria GmbH, 5.75%, 07/14/2026 (e)		2,589
	1,950	Votorantim Cimentos SA, Reg. S, 7.25%, 04/05/2041		2,070
				38,361
		Canada — 0.8%
	1,074	1011778 BC ULC, 4.25%, 05/15/2024 (e)		1,026
	70	Athabasca Oil Corp., 9.88%, 02/24/2022 (e)		70
	188	ATS Automation Tooling Systems, Inc., 6.50%, 06/15/2023 (e)		197
		Baytex Energy Corp.,
	100	5.13%, 06/01/2021 (e)		94
	115	5.63%, 06/01/2024 (e)		103

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Canada — continued
		Bombardier, Inc.,
	561	6.00%, 10/15/2022 (e)		560
	357	6.13%, 01/15/2023 (e)		358
	287	7.50%, 12/01/2024 (e)		298
	461	7.50%, 03/15/2025 (e)		473
	877	8.75%, 12/01/2021 (e)		961
	56	Cascades, Inc., 5.50%, 07/15/2022 (e)		57
		Cenovus Energy, Inc.,
	993	5.20%, 09/15/2043		955
	1,596	6.75%, 11/15/2039		1,830
		Concordia International Corp.,
	857	7.00%, 04/15/2023 (d) (e)		77
	535	9.00%, 04/01/2022 (e)		490
	241	Cott Holdings, Inc., 5.50%, 04/01/2025 (e)		240
	3,000	Emera US Finance LP, 3.55%, 06/15/2026		2,888
		Encana Corp.,
	2,025	6.50%, 08/15/2034		2,405
	552	6.50%, 02/01/2038		671
	540	GW Honos Security Corp., 8.75%, 05/15/2025 (e)		581
	250	Hudbay Minerals, Inc., 7.25%, 01/15/2023 (e)		266
	321	Kronos Acquisition Holdings, Inc., 9.00%, 08/15/2023 (e)		311
	325	Lundin Mining Corp., 7.88%, 11/01/2022 (e)		344
		Mattamy Group Corp.,
	550	6.50%, 10/01/2025 (e)		575
	44	6.88%, 12/15/2023 (e)		46
		MEG Energy Corp.,
	800	6.38%, 01/30/2023 (e)		686
	1,035	6.50%, 01/15/2025 (e)		1,015
		NOVA Chemicals Corp.,
	570	5.00%, 05/01/2025 (e)		566
	80	5.25%, 08/01/2023 (e)		81
		Open Text Corp.,
	295	5.63%, 01/15/2023 (e)		307
	272	5.88%, 06/01/2026 (e)		283
		Precision Drilling Corp.,
	350	5.25%, 11/15/2024		334
	489	7.13%, 01/15/2026 (e)		493
	1,625	Quebecor Media, Inc., 5.75%, 01/15/2023		1,686
	542	Seven Generations Energy Ltd., 5.38%, 09/30/2025 (e)		530
		Teck Resources Ltd.,
	685	6.13%, 10/01/2035		745
	630	8.50%, 06/01/2024 (e)		701

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 13

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Canada — continued
	357	Transcanada Trust, (ICE LIBOR USD 3 Month + 3.53%), 5.62%, 05/20/2075 (aa)		373
		Videotron Ltd.,
	100	5.13%, 04/15/2027 (e)		101
	1,300	5.38%, 06/15/2024 (e)		1,345
				25,122
		Chile — 0.1%
	1,300	Empresa Electrica Guacolda SA, Reg. S, 4.56%, 04/30/2025		1,218
	1,400	VTR Finance BV, Reg. S, 6.88%, 01/15/2024		1,457
				2,675
		China — 0.5%
	1,400	Bluestar Finance Holdings Ltd., Reg. S, 3.13%, 09/30/2019		1,389
	900	GOME Retail Holdings Ltd., Reg. S, 5.00%, 03/10/2020		897
	1,450	Guangxi Communications Investment Group Co. Ltd., Reg. S, 3.00%, 11/04/2019		1,423
	1,000	Keen Idea Global Ltd., Reg. S, 4.38%, 03/08/2020		986
	1,450	MCC Holding Hong Kong Corp. Ltd., Reg. S, 2.95%, 05/31/2020		1,428
	700	Moon Wise Global Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 12.37%), 9.00%, 01/28/2019 (x) (y) (aa)		725
	1,400	Overseas Chinese Town Asia Holdings Ltd., Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 7.71%), 4.30%, 10/10/2020 (x) (y) (aa)		1,377
	1,454	Semiconductor Manufacturing International Corp., Reg. S, 4.13%, 10/07/2019		1,460
EUR	810	SMCP Group SAS, Reg. S, 5.88%, 05/01/2023		1,056
	900	Tianjin Infrastructure Construction & Investment Group Co. Ltd., Reg. S, 2.75%, 06/15/2019		890
	1,600	Times Property Holdings Ltd., Reg. S, 6.25%, 01/23/2020		1,614
	700	West China Cement Ltd., Reg. S, 6.50%, 09/11/2019		717
				13,962
		Colombia — 0.1%
	1,881	Frontera Energy Corp., Series AI, 10.00% (cash), 11/02/2021 (v)		2,095
		Denmark — 0.1%
		Danske Bank A/S,
EUR	380	Reg. S, (EUR Swap Annual 6 Year + 4.64%), 5.75%, 04/06/2020 (x) (y) (aa)		501

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Denmark — continued
	EUR 1,900	Reg. S, (EUR Swap Annual 5 Year + 5.47%), 5.88%, 04/06/2022 (x) (y) (aa)		2,620
				3,121
		Finland — 0.0% (g)
	479	Nokia OYJ, 4.38%, 06/12/2027		460
		France — 2.9%
	EUR 1,200	Accor SA, Reg. S, (EUR Swap Annual 5 Year + 3.65%), 4.13%, 06/30/2020 (x) (y) (aa)		1,557
	EUR 1,200	Arkema SA, Reg. S, (EUR Swap Annual 5 Year + 4.35%), 4.75%, 10/29/2020 (x) (y) (aa)		1,597
	EUR 900	AXA SA, Reg. S, (EURIBOR 3 Month + 4.35%), 5.12%, 07/04/2043 (aa)		1,309
		BPCE SA,
	EUR 1,200	Reg. S, (EUR Swap Annual 5 Year + 2.37%), 2.75%, 11/30/2027 (aa)		1,571
	8,195	5.15%, 07/21/2024 (e)		8,613
	EUR 2,500	Casino Guichard Perrachon SA, Reg. S, 3.58%, 02/07/2025		3,116
	EUR 1,250	CMA CGM SA, Reg. S, 6.50%, 07/15/2022		1,580
	EUR 1,000	Constantin Investissement 3 SASU, Reg. S, 5.38%, 04/15/2025		1,219
		Credit Agricole SA,
	1,875	4.38%, 03/17/2025 (e)		1,889
	4,150	(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		4,855
	EUR 1,300	Elis SA, Reg. S, 3.00%, 04/30/2022		1,614
		Europcar Groupe SA,
	EUR 2,200	Reg. S, 4.13%, 11/15/2024 (e)		2,692
	EUR 450	Reg. S, 5.75%, 06/15/2022		570
	EUR 1,000	Faurecia SA, Reg. S, 3.63%, 06/15/2023		1,280
	EUR 2,400	Fnac Darty SA, Reg. S, 3.25%, 09/30/2023		3,048
	EUR 1,000	Horizon Holdings I SAS, Reg. S, 7.25%, 08/01/2023		1,280
	EUR 1,500	Horizon Parent Holdings SARL, Reg. S, 8.25% (cash), 02/15/2022 (v)		1,934
	EUR 1,750	La Financiere Atalian SAS, Reg. S, 4.00%, 05/15/2024		2,206
	EUR 3,000	Loxam SAS, Reg. S, 4.25%, 04/15/2024		3,869
	EUR 1,450	Novafives SAS, Reg. S, 4.50%, 06/30/2021		1,791
		Orano SA,
	EUR 500	Reg. S, 3.25%, 09/04/2020		639
	EUR 1,800	4.38%, 11/06/2019		2,324
	EUR 1,750	4.88%, 09/23/2024		2,364
	EUR 3,500	Peugeot SA, Reg. S, 2.38%, 04/14/2023		4,523
	EUR 3,050	Rexel SA, Reg. S, 2.63%, 06/15/2024		3,819

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		France — continued
		SFR Group SA,
	EUR 1,700	Reg. S, 5.38%, 05/15/2022		2,117
	EUR 4,650	Reg. S, 5.63%, 05/15/2024		5,743
	2,900	6.00%, 05/15/2022 (e)		2,824
	250	6.25%, 05/15/2024 (e)		233
		Societe Generale SA,
	EUR 850	Reg. S, (EUR Swap Annual 5 Year + 5.54%), 6.75%, 04/07/2021 (x) (y) (aa)		1,168
	3,230	(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 09/29/2025 (e) (x) (y) (aa)		3,722
	EUR 2,100	SPIE SA, Reg. S, 3.13%, 03/22/2024		2,645
	EUR 1,750	TOTAL SA, Reg. S, (EUR Swap Annual 5 Year + 3.78%), 3.88%, 05/18/2022 (x) (y) (aa)		2,360
		Vallourec SA,
	EUR 1,700	Reg. S, 2.25%, 09/30/2024		1,745
	EUR 1,200	Reg. S, 6.63%, 10/15/2022		1,530
	EUR 1,000	Verallia Packaging SASU, Reg. S, 5.13%, 08/01/2022		1,263
				86,609
		Germany — 1.9%
	EUR 1,130	Adler Pelzer Holding GmbH, Reg. S, 4.13%, 04/01/2024		1,404
	EUR 200	Allianz SE, Reg. S, (EURIBOR 3 Month + 3.35%), 3.10%, 07/06/2047 (aa)		263
	EUR 2,000	CBR Fashion Finance BV, Reg. S, 5.13%, 10/01/2022		2,281
	EUR 1,850	CeramTec Group GmbH, Reg. S, 8.25%, 08/15/2021		2,352
	EUR 500	Commerzbank AG, 7.75%, 03/16/2021		736
	EUR 1,000	CTC BondCo GmbH, 5.25%, 12/15/2025 (e)		1,219
	3,065	Deutsche Bank AG, 4.25%, 10/14/2021		3,127
	EUR 650	Douglas GmbH, Reg. S, 6.25%, 07/15/2022		828
		Fresenius Medical Care US Finance II, Inc.,
	295	4.75%, 10/15/2024 (e)	��	309
	272	5.88%, 01/31/2022 (e)		293
	EUR 1,650	Hapag-Lloyd AG, Reg. S, 6.75%, 02/01/2022		2,122
		IHO Verwaltungs GmbH,
	EUR 1,450	Reg. S, 3.25% (cash), 09/15/2023 (v)		1,827
	EUR 1,400	Reg. S, 3.75% (cash), 09/15/2026 (v)		1,802
	346	4.75% (cash), 09/15/2026 (e) (v)		334
	EUR 1,500	Nidda BondCo GmbH, Reg. S, 5.00%, 09/30/2025		1,812
	EUR 1,309	Nidda Healthcare Holding GmbH, Reg. S, 3.50%, 09/30/2024		1,600
	EUR 1,050	ProGroup AG, Reg. S, 5.13%, 05/01/2022		1,314
	EUR 5,300	Schaeffler Finance BV, Reg. S, 3.25%, 05/15/2025		6,919

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Germany — continued
	4,410	Siemens Financieringsmaatschappij NV, 2.35%, 10/15/2026 (e)		4,015
		thyssenkrupp AG,
	EUR 3,500	Reg. S, 1.38%, 03/03/2022		4,308
	EUR 2,750	Reg. S, 2.50%, 02/25/2025		3,558
	EUR 3,100	Unitymedia GmbH, Reg. S, 3.75%, 01/15/2027		3,984
	EUR 4,650	Unitymedia Hessen GmbH & Co. KG, Reg. S, 4.00%, 01/15/2025		5,985
	EUR 2,100	WEPA Hygieneprodukte GmbH, Reg. S, 3.75%, 05/15/2024		2,619
		ZF North America Capital, Inc.,
	EUR 1,500	Reg. S, 2.75%, 04/27/2023		1,960
	545	4.75%, 04/29/2025 (e)		561
				57,532
		Greece — 0.2%
	EUR 1,700	Crystal Almond SARL, Reg. S, 10.00%, 11/01/2021		2,272
	EUR 692	National Bank of Greece SA, Reg. S, 2.75%, 10/19/2020		863
	EUR 1,350	OTE plc, Reg. S, 3.50%, 07/09/2020		1,742
				4,877
		Guatemala — 0.0% (g)
	700	Cementos Progreso Trust, Reg. S, 7.13%, 11/06/2023		726
	700	Comunicaciones Celulares SA, Reg. S, 6.88%, 02/06/2024		733
				1,459
		Hong Kong — 0.1%
	700	Studio City Co. Ltd., Reg. S, 7.25%, 11/30/2021		736
	3,700	WTT Investment Ltd., 5.50%, 11/21/2022 (e)		3,677
				4,413
		India — 0.1%
	3,444	JSW Steel Ltd., Reg. S, 5.25%, 04/13/2022		3,478
		Indonesia — 0.0% (g)
	900	Theta Capital Pte. Ltd., Reg. S, 7.00%, 04/11/2022		902
		Ireland — 1.1%
	EUR 3,100	Allied Irish Banks plc, Reg. S, (EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025 (aa)		4,083
		Ardagh Packaging Finance plc,
	EUR 1,700	Reg. S, 2.75%, 03/15/2024		2,102
	EUR 2,050	Reg. S, 4.13%, 05/15/2023		2,620
	500	4.63%, 05/15/2023 (e)		499

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 15

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Ireland — continued
	300	6.00%, 06/30/2021 (e)		307
	500	6.00%, 02/15/2025 (e)		513
	EUR 2,707	Reg. S, 6.75%, 05/15/2024		3,604
	2,750	7.25%, 05/15/2024 (e)		2,946
		Bank of Ireland,
	EUR 2,587	Reg. S, (EUR Swap Annual 5 Year + 3.55%), 4.25%, 06/11/2024 (aa)		3,299
	EUR 1,870	Reg. S, (EUR Swap Annual 5 Year + 6.96%), 7.38%, 06/18/2020 (x) (y) (aa)		2,550
	EUR 2,950	eircom Finance DAC, Reg. S, 4.50%, 05/31/2022		3,687
		Park Aerospace Holdings Ltd.,
	920	4.50%, 03/15/2023 (e)		888
	350	5.50%, 02/15/2024 (e)		352
		Smurfit Kappa Acquisitions ULC,
	EUR 900	Reg. S, 2.75%, 02/01/2025		1,143
	EUR 3,250	Reg. S, 3.25%, 06/01/2021		4,247
				32,840
		Israel — 0.2%
	EUR 400	Teva Pharmaceutical Finance Netherlands II BV, Reg. S, 1.13%, 10/15/2024		404
	5,550	Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/2026		4,503
				4,907
		Italy — 2.0%
	EUR 700	Autostrade per l’Italia SpA, Reg. S, 1.88%, 11/04/2025		890
	EUR 1,500	Buzzi Unicem SpA, Reg. S, 2.13%, 04/28/2023		1,901
		Enel Finance International NV,
	4,365	3.50%, 04/06/2028 (e)		4,107
	3,570	3.63%, 05/25/2027 (e)		3,430
		Enel SpA,
	EUR 1,050	Reg. S, (EUR Swap Annual 5 Year + 5.24%), 6.50%, 01/10/2074 (aa)		1,347
	GBP 2,250	Reg. S, (GBP Swap 5 Year + 5.66%), 7.75%, 09/10/2075 (aa)		3,527
	EUR 2,250	EVOCA SpA, Reg. S, 7.00%, 10/15/2023		2,919
		Intesa Sanpaolo SpA,
	5,880	3.88%, 07/14/2027 (e)		5,612
	EUR 600	Reg. S, 6.63%, 09/13/2023		908
	EUR 1,800	Reg. S, (EUR Swap Annual 5 Year + 7.19%), 7.75%, 01/11/2027 (x) (y) (aa)		2,740
		Leonardo SpA,
	EUR 4,350	4.50%, 01/19/2021		5,869
	EUR 2,000	4.88%, 03/24/2025		2,880

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Italy — continued
	EUR 1,400	Saipem Finance International BV, Reg. S, 3.75%, 09/08/2023		1,819
	EUR 500	Snaitech SpA, Reg. S, 6.38%, 11/07/2021		647
		Telecom Italia Capital SA,
	282	6.00%, 09/30/2034		295
	489	6.38%, 11/15/2033		536
	179	7.20%, 07/18/2036		209
	85	7.72%, 06/04/2038		104
	EUR 850	Telecom Italia Finance SA, 7.75%, 01/24/2033		1,543
		Telecom Italia SpA,
	EUR 300	Reg. S, 3.00%, 09/30/2025		384
	EUR 5,750	Reg. S, 3.25%, 01/16/2023		7,629
	EUR 2,750	Reg. S, 3.63%, 05/25/2026		3,666
		Wind Tre SpA,
	EUR 2,250	Reg. S, 2.63%, 01/20/2023		2,493
	EUR 1,000	3.13%, 01/20/2025 (e)		1,089
	1,506	5.00%, 01/20/2026 (e)		1,296
				57,840
		Jamaica — 0.1%
		Digicel Group Ltd.,
	1,574	Reg. S, 7.13%, 04/01/2022		1,361
	900	Reg. S, 8.25%, 09/30/2020		841
				2,202
		Japan — 0.3%
		SoftBank Group Corp.,
	EUR 6,000	Reg. S, 4.00%, 07/30/2022		7,814
	492	4.50%, 04/15/2020 (e)		496
	EUR 1,200	Reg. S, 4.75%, 07/30/2025		1,541
				9,851
		Jordan — 0.0% (g)
	900	Hikma Pharmaceuticals plc, Reg. S, 4.25%, 04/10/2020		898
		Kazakhstan — 0.1%
	1,700	Nostrum Oil & Gas Finance BV, 8.00%, 07/25/2022 (e)		1,757
		Kuwait — 0.2%
		Kuwait Projects Co. SPC Ltd.,
	3,226	Reg. S, 4.50%, 02/23/2027		3,170
	2,400	Reg. S, 5.00%, 03/15/2023		2,469
				5,639
		Luxembourg — 2.3%
		Altice Financing SA,
	EUR 3,450	Reg. S, 5.25%, 02/15/2023		4,364

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Luxembourg — continued
	2,005	6.63%, 02/15/2023 (e)		2,002
	600	7.50%, 05/15/2026 (e)		605
		Altice Finco SA,
	EUR 1,500	Reg. S, 4.75%, 01/15/2028 (e)		1,649
		Altice Luxembourg SA,
	EUR 2,200	Reg. S, 6.25%, 02/15/2025		2,504
	EUR 4,125	Reg. S, 7.25%, 05/15/2022		4,852
	635	7.63%, 02/15/2025 (e)		559
	1,750	7.75%, 05/15/2022 (e)		1,632
		ArcelorMittal,
	EUR 2,050	Reg. S, 2.88%, 07/06/2020		2,651
	EUR 550	Reg. S, 3.00%, 04/09/2021		721
	EUR 3,300	Reg. S, 3.13%, 01/14/2022		4,369
	660	6.13%, 06/01/2025		727
	1,465	6.50%, 02/25/2022		1,593
	EUR 3,570	Auris Luxembourg II SA, Reg. S, 8.00%, 01/15/2023		4,545
	1,750	FAGE International SA, 5.63%, 08/15/2026 (e)		1,644
	EUR 775	Galapagos SA, Reg. S, 5.38%, 06/15/2021		922
	EUR 3,000	INEOS Finance plc, Reg. S, 4.00%, 05/01/2023		3,751
		INEOS Group Holdings SA,
	EUR 1,150	Reg. S, 5.38%, 08/01/2024		1,482
	1,000	5.63%, 08/01/2024 (e)		1,016
		Intelsat Jackson Holdings SA,
	1,322	5.50%, 08/01/2023		1,094
	1,002	7.25%, 10/15/2020		933
	2,805	7.50%, 04/01/2021		2,547
	1,177	8.00%, 02/15/2024 (e)		1,236
	EUR 1,350	Matterhorn Telecom Holding SA, Reg. S, 4.88%, 05/01/2023		1,664
	EUR 2,900	Matterhorn Telecom SA, Reg. S, 3.88%, 05/01/2022		3,591
	EUR 355	Monitchem HoldCo 3 SA, Reg. S, 5.25%, 06/15/2021		438
		Picard Bondco SA,
	EUR 1,300	5.50%, 11/30/2024 (e)		1,605
	EUR 3,350	SES SA, Reg. S, (EUR Swap Annual 5 Year + 4.66%), 4.62%, 01/02/2022 (x) (y) (aa)		4,328
	EUR 4,750	SIG Combibloc Holdings SCA, Reg. S, 7.75%, 02/15/2023		6,012
	EUR 2,950	Telenet Finance VI Luxembourg SCA, Reg. S, 4.88%, 07/15/2027		3,890
				68,926

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Mexico — 1.1%
		Banco Mercantil del Norte SA,
	1,885	(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.45%), 5.75%, 10/04/2031 (e) (aa)		1,872
	2,670	(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.04%), 6.87%, 07/06/2022 (e) (x) (y) (aa)		2,775
	1,900	Banco Nacional de Comercio Exterior SNC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 3.80%, 08/11/2026 (e) (aa)		1,864
	4,300	BBVA Bancomer SA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 01/18/2033 (e) (aa)		4,173
		Cemex SAB de CV,
	1,250	5.70%, 01/11/2025 (e)		1,294
	200	6.13%, 05/05/2025 (e)		211
	1,340	7.75%, 04/16/2026 (e)		1,488
	1,940	Elementia SAB de CV, 5.50%, 01/15/2025 (e)		1,959
	1,050	Mexico City Airport Trust, 5.50%, 07/31/2047 (e)		983
	4,300	Nemak SAB de CV, 4.75%, 01/23/2025 (e)		4,262
		Petroleos Mexicanos,
	2,681	(ICE LIBOR USD 3 Month + 3.65%), 5.19%, 03/11/2022 (e) (aa)		2,932
	2,240	6.35%, 02/12/2048 (e)		2,180
	1,300	6.50%, 03/13/2027 (e)		1,387
	1,730	6.75%, 09/21/2047 (e)		1,754
	1,940	6.88%, 08/04/2026		2,132
	900	Republic of Comision Federal de Electricidad, Reg. S, 4.75%, 02/23/2027		907
	420	Sixsigma Networks Mexico SA de CV, Reg. S, 8.25%, 11/07/2021		442
				32,615
		Netherlands — 1.6%
		ABN AMRO Bank NV,
	3,555	4.75%, 07/28/2025 (e)		3,658
	EUR 3,900	Reg. S, (EUR Swap Annual 5 Year + 5.45%), 5.75%, 09/22/2020 (x) (y) (aa)		5,222
		AerCap Ireland Capital DAC,
	2,585	3.65%, 07/21/2027		2,430
	837	4.63%, 10/30/2020		865
	3,765	4.63%, 07/01/2022		3,907
	1,515	5.00%, 10/01/2021		1,588
		Constellium NV,
	EUR 1,141	Reg. S, 4.25%, 02/15/2026 (e)		1,408
	545	6.63%, 03/01/2025 (e)		564

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 17

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Netherlands — continued
	EUR 950	Hema Bondco I BV, Reg. S, (EURIBOR 3 Month + 6.25%, 6.25% Floor), 6.25%, 07/15/2022 (aa)		1,162
	EUR 900	Hema Bondco II BV, Reg. S, 8.50%, 01/15/2023		1,110
		ING Groep NV,
	2,200	(USD Swap Semi 5 Year + 4.45%), 6.50%, 04/16/2025 (x) (y) (aa)		2,307
	3,750	Reg. S, (USD Swap Semi 5 Year + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		3,993
	EUR 1,600	Lincoln Finance Ltd., Reg. S, 6.88%, 04/15/2021		2,029
	1,000	NXP BV, 5.75%, 03/15/2023 (e)		1,029
	3,460	Shell International Finance BV, 4.13%, 05/11/2035		3,569
	200	UPC Holding BV, 5.50%, 01/15/2028 (e)		188
		UPCB Finance IV Ltd.,
	EUR 1,750	Reg. S, 4.00%, 01/15/2027		2,220
	1,950	5.38%, 01/15/2025 (e)		1,931
		Ziggo Bond Finance BV,
	EUR 3,450	Reg. S, 4.63%, 01/15/2025		4,272
	715	5.88%, 01/15/2025 (e)		688
		Ziggo Secured Finance BV,
	EUR 1,400	Reg. S, 3.75%, 01/15/2025		1,734
	EUR 1,000	Reg. S, 4.25%, 01/15/2027		1,231
	435	5.50%, 01/15/2027 (e)		417
				47,522
		Nigeria — 0.1%
	1,600	IHS Netherlands Holdco BV, 9.50%, 10/27/2021 (e)		1,704
	1,200	United Bank for Africa plc, Reg. S, 7.75%, 06/08/2022		1,248
				2,952
		Panama — 0.0% (g)
	700	Global Bank Corp., Reg. S, 5.13%, 10/30/2019		718
		Peru — 0.2%
	2,600	Nexa Resources SA, Reg. S, 5.38%, 05/04/2027		2,667
	3,070	Southern Copper Corp., 5.88%, 04/23/2045		3,511
				6,178
		Portugal — 0.4%
	EUR 2,400	EDP — Energias de Portugal SA, Reg. S, (EUR Swap Annual 5 Year + 5.04%), 5.38%, 09/16/2075 (aa)		3,239

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Portugal — continued
		EDP Finance BV,
	EUR 2,000	Reg. S, 2.38%, 03/23/2023		2,636
	4,130	3.63%, 07/15/2024 (e)		4,073
	400	5.25%, 01/14/2021 (e)		421
				10,369
		Qatar — 0.2%
	2,600	ABQ Finance Ltd., Reg. S, 3.50%, 02/22/2022		2,525
	2,015	Ras Laffan Liquefied Natural Gas Co. Ltd. II, Reg. S, 5.30%, 09/30/2020		2,066
				4,591
		South Korea — 0.2%
	1,360	MagnaChip Semiconductor SA, 5.00%, 03/01/2021		1,840
	4,150	Woori Bank, Reg. S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.35%), 5.25%, 05/16/2022 (x) (y) (aa)		4,166
				6,006
		Spain — 1.5%
	EUR 2,000	Banco Bilbao Vizcaya Argentaria SA, Reg. S, (EUR Swap Annual 5 Year + 9.18%), 8.88%, 04/14/2021 (x) (y) (aa)		2,921
		CaixaBank SA,
	EUR 3,200	Reg. S, (EUR Swap Annual 5 Year + 3.35%), 3.50%, 02/15/2027 (aa)		4,166
	EUR 3,000	Reg. S, (EUR Swap Annual 5 Year + 6.50%), 6.75%, 06/13/2024 (x) (y) (aa)		4,241
	EUR 960	Campofrio Food Group SA, Reg. S, 3.38%, 03/15/2022		1,191
	EUR 900	Cellnex Telecom SA, Reg. S, 2.88%, 04/18/2025		1,128
	EUR 2,250	Cirsa Funding Luxembourg SA, Reg. S, 5.75%, 05/15/2021		2,839
	EUR 1,619	eDreams ODIGEO SA, Reg. S, 8.50%, 08/01/2021		2,108
	EUR 1,000	Gas Natural Fenosa Finance BV, Reg. S, (EUR Swap Annual 8 Year + 3.35%), 4.13%, 11/18/2022 (x) (y) (aa)		1,307
	EUR 1,646	Gestamp Funding Luxembourg SA, Reg. S, 3.50%, 05/15/2023		2,091
	EUR 1,500	Grupo-Antolin Irausa SA, Reg. S, 3.25%, 04/30/2024		1,882
		Repsol International Finance BV,
	EUR 336	Reg. S, (EUR Swap Annual 6 Year + 3.56%), 3.88%, 03/25/2021 (x) (y) (aa)		439
	EUR 3,412	Reg. S, (EUR Swap Annual 10 Year + 4.20%), 4.50%, 03/25/2075 (aa)		4,596

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Spain — continued
	EUR 800	Santander Issuances SAU, Reg. S, 3.25%, 04/04/2026		1,061
		Telefonica Emisiones SAU,
	930	4.67%, 03/06/2038		933
	1,280	5.21%, 03/08/2047		1,345
		Telefonica Europe BV,
	EUR 800	Reg. S, (EUR Swap Annual 5 Year + 2.33%), 2.63%, 06/07/2023 (x) (y) (aa)		961
	EUR 700	Reg. S, (EUR Swap Annual 5 Year + 3.81%), 4.20%, 12/04/2019 (x) (y) (aa)		901
	EUR 4,900	Reg. S, (EUR Swap Annual 10 Year + 4.30%), 5.88%, 03/31/2024 (x) (y) (aa)		6,948
	EUR 1,300	Reg. S, (EUR Swap Annual 8 Year + 5.59%), 7.63%, 09/18/2021 (x) (y) (aa)		1,905
				42,963
		Sweden — 0.5%
	1,950	Nordea Bank AB, (USD Swap Semi 5 Year + 3.39%), 6.13%, 09/23/2024 (e) (x) (y) (aa)		2,048
	EUR 950	Telefonaktiebolaget LM Ericsson, Reg. S, 1.88%, 03/01/2024		1,117
	EUR 2,835	Verisure Holding AB, Reg. S, 6.00%, 11/01/2022		3,654
	EUR 1,200	Verisure Midholding AB, Reg. S, 5.75%, 12/01/2023		1,462
		Volvo Car AB,
	EUR 1,100	Reg. S, 2.00%, 01/24/2025		1,336
	EUR 1,000	Reg. S, 3.25%, 05/18/2021		1,314
		Volvo Treasury AB,
	EUR 1,897	Reg. S, (EUR Swap Annual 5 Year + 3.80%), 4.20%, 06/10/2075 (aa)		2,482
	EUR 250	Reg. S, (EUR Swap Annual 5 Year + 4.10%), 4.85%, 03/10/2078 (aa)		348
				13,761
		Switzerland — 0.9%
	1,938	Credit Suisse AG, 6.50%, 08/08/2023 (e)		2,137
		Credit Suisse Group AG,
	1,585	(ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa)		1,540
	1,575	4.28%, 01/09/2028 (e)		1,581
	4,530	(USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		5,027
	EUR 2,200	Dufry Finance SCA, Reg. S, 4.50%, 08/01/2023		2,807
	EUR 1,450	Dufry One BV, Reg. S, 2.50%, 10/15/2024		1,796
	EUR 900	Glencore Finance Europe Ltd., Reg. S, 1.63%, 01/18/2022		1,133

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Switzerland — continued
		UBS AG,
	2,250	Reg. S, (USD Swap Semi 5 Year + 3.77%), 4.75%, 05/22/2023 (aa)		2,256
	1,404	Reg. S, 5.13%, 05/15/2024		1,449
		UBS Group AG,
	EUR 2,700	Reg. S, (EUR Swap Annual 5 Year + 5.29%), 5.75%, 02/19/2022 (x) (y) (aa)		3,701
	2,750	Reg. S, (USD Swap Semi 5 Year + 4.87%), 7.00%, 02/19/2025 (x) (y) (aa)		3,031
	723	Reg. S, (USD Swap Semi 5 Year + 5.46%), 7.13%, 02/19/2020 (x) (y) (aa)		761
				27,219
		Turkey — 0.1%
	700	QNB Finansbank AS, Reg. S, 6.25%, 04/30/2019		717
	1,550	Turkiye Sise ve Cam Fabrikalari A/S, Reg. S, 4.25%, 05/09/2020		1,552
				2,269
		United Arab Emirates — 0.2%
		DAE Funding LLC,
	164	4.50%, 08/01/2022 (e)		159
	390	5.00%, 08/01/2024 (e)		377
	2,800	EMG SUKUK Ltd., Reg. S, 4.56%, 06/18/2024		2,856
	700	MAF Global Securities Ltd., Reg. S, (USD Swap Semi 5 Year + 5.70%), 7.13%, 10/29/2018 (x) (y) (aa)		710
	479	Shelf Drilling Holdings Ltd., 8.25%, 02/15/2025 (e)		482
				4,584
		United Kingdom — 3.6%
	500	Ashtead Capital, Inc., 5.63%, 10/01/2024 (e)		521
		Barclays plc,
	EUR 2,400	Reg. S, (EUR Swap Annual 5 Year + 2.45%), 2.63%, 11/11/2025 (aa)		3,044
	2,800	4.38%, 09/11/2024		2,750
	GBP 800	Reg. S, (GBP Swap 5 Year + 6.46%), 7.25%, 03/15/2023 (x) (y) (aa)		1,202
		BAT Capital Corp.,
	6,345	3.56%, 08/15/2027 (e)		6,065
	4,260	4.39%, 08/15/2037 (e)		4,187
		BP Capital Markets plc,
	2,100	3.02%, 01/16/2027		2,002
	915	3.06%, 03/17/2022		913
	EUR 2,500	British Telecommunications plc, Reg. S, 1.75%, 03/10/2026		3,121

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 19

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United Kingdom — continued
	EUR 1,800	CNH Industrial Finance Europe SA, Reg. S, 2.88%, 05/17/2023		2,391
	GBP 1,600	CPUK Finance Ltd., Reg. S, 4.25%, 08/28/2022		2,225
		Fiat Chrysler Automobiles NV,
	EUR 3,000	Reg. S, 3.75%, 03/29/2024		3,980
	273	4.50%, 04/15/2020		277
	2,040	5.25%, 04/15/2023		2,101
	GBP 1,400	Galaxy Bidco Ltd., Reg. S, 6.38%, 11/15/2020		1,924
	569	Genel Energy Finance Ltd., Reg. S, SUB, 10.00%, 12/22/2022 (e)		562
	GBP 530	HBOS Capital Funding LP, Reg. S, (U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.85%), 6.46%, 11/30/2018 (x) (y) (aa)		752
		HSBC Holdings plc,
	3,000	3.40%, 03/08/2021		3,020
	3,095	4.25%, 03/14/2024		3,135
	EUR 2,700	Reg. S, (EUR Swap Annual 5 Year + 5.34%), 6.00%, 09/29/2023 (x) (y) (aa)		3,858
	4,225	(USD ICE Swap Rate 5 Year + 3.75%), 6.00%, 05/22/2027 (x) (y) (aa)		4,294
		Iceland Bondco plc,
	GBP 1,175	Reg. S, 4.63%, 03/15/2025		1,495
	GBP 1,400	Reg. S, 6.75%, 07/15/2024		2,000
		Jaguar Land Rover Automotive plc,
	GBP 700	Reg. S, 3.88%, 03/01/2023		986
	500	4.13%, 12/15/2018 (e)		502
	200	4.25%, 11/15/2019 (e)		201
	611	4.50%, 10/01/2027 (e)		580
		KCA Deutag UK Finance plc,
	210	7.25%, 05/15/2021 (e)		205
	400	9.88%, 04/01/2022 (e)		421
		Lloyds Banking Group plc,
	2,560	4.65%, 03/24/2026		2,604
	EUR 2,800	Reg. S, (EUR Swap Annual 5 Year + 5.29%), 6.37%, 06/27/2020 (x) (y) (aa)		3,736
	GBP 800	Reg. S, (GBP Swap 5 Year + 5.01%), 7.63%, 06/27/2023 (x) (y) (aa)		1,258
	EUR 1,150	Merlin Entertainments plc, Reg. S, 2.75%, 03/15/2022		1,452
		Nationwide Building Society,
	3,000	4.00%, 09/14/2026 (e)		2,930
	GBP 1,380	Reg. S, (GBP Swap 5 Year + 4.88%), 6.88%, 06/20/2019 (x) (y) (aa)		1,993
	GBP 900	New Look Secured Issuer plc, Reg. S, 6.50%, 07/01/2022		619

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Kingdom — continued
	GBP 710	NGG Finance plc, Reg. S, (GBP Swap 12 Year + 3.48%), 5.63%, 06/18/2073 (aa)		1,098
		Noble Holding International Ltd.,
	174	7.75%, 01/15/2024		158
	408	7.88%, 02/01/2026 (e)		410
	EUR 1,200	Nomad Foods Bondco plc, Reg. S, 3.25%, 05/15/2024		1,489
	GBP 880	Pizzaexpress Financing 2 plc, Reg. S, 6.63%, 08/01/2021		1,150
	3,130	Reynolds American, Inc., 4.45%, 06/12/2025		3,222
		Royal Bank of Scotland Group plc,
	1,402	6.00%, 12/19/2023		1,497
	1,645	6.13%, 12/15/2022		1,754
	1,200	(USD Swap Semi 5 Year + 7.60%), 8.62%, 08/15/2021 (x) (y) (aa)		1,326
	1,520	Santander UK Group Holdings plc, 4.75%, 09/15/2025 (e)		1,542
	GBP 638	Standard Life Aberdeen plc, Reg. S, (U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.85%), 6.75%, 07/12/2027 (x) (y) (aa)		1,091
	EUR 2,750	Synlab Unsecured Bondco plc, Reg. S, 8.25%, 07/01/2023		3,593
	EUR 5,500	Tesco Corporate Treasury Services plc, Reg. S, 2.50%, 07/01/2024		7,068
	417	TI Group Automotive Systems LLC, 8.75%, 07/15/2023 (e)		442
		Virgin Media Finance plc,
	EUR 2,900	Reg. S, 4.50%, 01/15/2025		3,635
	200	5.75%, 01/15/2025 (e)		196
		Virgin Media Secured Finance plc,
	205	5.25%, 01/15/2026 (e)		201
	775	5.50%, 08/15/2026 (e)		767
	EUR 2,500	Worldpay Finance plc, Reg. S, 3.75%, 11/15/2022		3,291
				107,236
		United States — 30.1%
	2,500	21st Century Fox America, Inc., 4.95%, 10/15/2045		2,788
	250	A10 Revolving Asset Financing LLC, (ICE LIBOR USD 3 Month + 6.00%), 7.73%, 01/09/2020 (aa) (bb)		250
		Acadia Healthcare Co., Inc.,
	55	5.63%, 02/15/2023		56
	100	6.13%, 03/15/2021		102
	330	6.50%, 03/01/2024		341
	2,176	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		2,187

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	859	ACE Cash Express, Inc., 12.00%, 12/15/2022 (e)		932
	EUR 1,525	Adient Global Holdings Ltd., Reg. S, 3.50%, 08/15/2024		1,907
		ADT Corp. (The),
	500	3.50%, 07/15/2022		477
	728	4.13%, 06/15/2023		708
	186	Advanced Micro Devices, Inc., 7.00%, 07/01/2024		195
	250	AECOM, 5.75%, 10/15/2022		261
		AES Corp.,
	179	5.13%, 09/01/2027		181
	1,814	5.50%, 04/15/2025		1,860
	670	Ahern Rentals, Inc., 7.38%, 05/15/2023 (e)		650
	1,260	Air Lease Corp., 3.00%, 09/15/2023		1,226
	1,275	Air Medical Group Holdings, Inc., 6.38%, 05/15/2023 (e)		1,211
		Aircastle Ltd.,
	465	5.13%, 03/15/2021		478
	310	7.63%, 04/15/2020		333
		AK Steel Corp.,
	275	7.00%, 03/15/2027		280
	275	7.50%, 07/15/2023		293
		Albertsons Cos. LLC,
	1,371	5.75%, 03/15/2025		1,193
	581	6.63%, 06/15/2024		535
	350	Alcoa Nederland Holding BV, 6.75%, 09/30/2024 (e)		375
	209	Aleris International, Inc., 7.88%, 11/01/2020		209
	1,860	Allergan Funding SCS, 4.85%, 06/15/2044		1,873
		Alliance Data Systems Corp.,
	254	5.38%, 08/01/2022 (e)		255
	509	5.88%, 11/01/2021 (e)		520
		Ally Financial, Inc.,
	1,000	4.13%, 03/30/2020		1,009
	600	4.13%, 02/13/2022		601
	420	4.25%, 04/15/2021		424
	290	4.63%, 05/19/2022		295
	3,280	4.63%, 03/30/2025		3,296
	250	4.75%, 09/10/2018		252
	900	8.00%, 11/01/2031		1,116
		Altice US Finance I Corp.,
	560	5.38%, 07/15/2023 (e)		569
	535	5.50%, 05/15/2026 (e)		530
		Altria Group, Inc.,
	965	3.88%, 09/16/2046		890

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	1,500	4.00%, 01/31/2024		1,544
	1,165	4.25%, 08/09/2042		1,152
	1,480	Amazon.com, Inc., 4.05%, 08/22/2047 (e)		1,472
		AMC Entertainment Holdings, Inc.,
	1,590	5.75%, 06/15/2025		1,546
	230	5.88%, 02/15/2022		232
	107	6.13%, 05/15/2027		104
		AMC Networks, Inc.,
	528	4.75%, 08/01/2025		511
	258	5.00%, 04/01/2024		259
		American Axle & Manufacturing, Inc.,
	2,543	6.25%, 04/01/2025		2,624
	1,180	6.50%, 04/01/2027		1,218
	1,448	6.63%, 10/15/2022		1,497
	1,500	American Express Credit Corp., Series F, 2.60%, 09/14/2020		1,486
	114	American Greetings Corp., 7.88%, 02/15/2025 (e)		117
		American International Group, Inc.,
	1,750	3.90%, 04/01/2026		1,741
	2,080	4.80%, 07/10/2045		2,164
		American Tower Corp.,
	2,390	3.38%, 10/15/2026		2,269
	2,825	3.60%, 01/15/2028		2,681
	195	American Woodmark Corp., 4.88%, 03/15/2026 (e)		194
	575	AmeriGas Partners LP, 5.50%, 05/20/2025		571
	1,975	Amgen, Inc., 2.65%, 05/11/2022		1,929
		Amkor Technology, Inc.,
	1,000	6.38%, 10/01/2022		1,029
	1,950	6.63%, 06/01/2021		1,967
	357	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		361
	2,500	Anadarko Petroleum Corp., 3.45%, 07/15/2024		2,447
		Analog Devices, Inc.,
	1,465	3.50%, 12/05/2026		1,431
	190	4.50%, 12/05/2036		196
	375	Andeavor Logistics LP, 6.25%, 10/15/2022		393
	1,320	Anixter, Inc., 5.50%, 03/01/2023		1,376
		Antero Resources Corp.,
	1,850	5.13%, 12/01/2022		1,866
	500	5.38%, 11/01/2021		511
		Apple, Inc.,
	3,065	2.90%, 09/12/2027		2,900
	2,775	3.35%, 02/09/2027		2,735
	755	4.38%, 05/13/2045		791

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 21

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	EUR 2,000	Aramark International Finance SARL, Reg. S, 3.13%, 04/01/2025		2,535
	351	Aramark Services, Inc., 5.00%, 02/01/2028 (e)		350
	78	Archrock Partners LP, 6.00%, 10/01/2022		78
		Arconic, Inc.,
	725	5.13%, 10/01/2024		748
	250	5.40%, 04/15/2021		260
	1,478	5.90%, 02/01/2027		1,589
	83	6.75%, 01/15/2028		94
	1,425	Ashland LLC, 4.75%, 08/15/2022		1,457
		AT&T, Inc.,
	EUR 900	3.15%, 09/04/2036		1,119
	2,025	3.40%, 05/15/2025		1,949
	5,890	3.90%, 03/11/2024		5,940
	2,060	3.90%, 08/14/2027		2,044
	690	4.30%, 12/15/2042		628
	880	4.75%, 05/15/2046		834
	745	4.80%, 06/15/2044		713
	2,295	4.90%, 08/14/2037		2,300
	208	5.15%, 02/14/2050		208
	1,335	5.25%, 03/01/2037		1,384
	1,615	Avantor, Inc., 6.00%, 10/01/2024 (e)		1,615
	1,120	Avaya, Inc., 7.00%, 04/01/2019 (d) (bb)		—	(h)
		Avis Budget Car Rental LLC,
	2,830	5.50%, 04/01/2023		2,809
	925	6.38%, 04/01/2024 (e)		946
		Axalta Coating Systems LLC,
	EUR 2,100	Reg. S, 4.25%, 08/15/2024		2,714
	310	4.88%, 08/15/2024 (e)		311
	8	B&G Foods, Inc., 5.25%, 04/01/2025		8
		Ball Corp.,
	EUR 2,500	4.38%, 12/15/2023		3,446
	500	5.25%, 07/01/2025		525
		Bank of America Corp.,
	3,795	2.63%, 10/19/2020		3,759
	12,205	(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (e) (aa)		11,942
	1,875	(ICE LIBOR USD 3 Month + 1.07%), 3.97%, 03/05/2029 (aa)		1,875
	4,040	4.25%, 10/22/2026		4,079
	1,640	Series K, (ICE LIBOR USD 3 Month + 3.63%), 5.40%, 04/30/2018 (x) (y) (aa)		1,643
	4,070	Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 03/17/2025 (x) (y) (aa)		4,314
	466	Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		501

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	474	Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 03/10/2026 (x) (y) (aa)		520
	EUR 1,700	Belden, Inc., Reg. S, 3.38%, 07/15/2027		2,071
	400	Berry Global, Inc., 5.50%, 05/15/2022		411
		Blue Cube Spinco, Inc.,
	357	9.75%, 10/15/2023		414
	843	10.00%, 10/15/2025		1,005
		Blue Racer Midstream LLC,
	1,794	6.13%, 11/15/2022 (e)		1,839
	175	Booz Allen Hamilton, Inc., 5.13%, 05/01/2025 (e)		174
		Boyd Gaming Corp.,
	445	6.38%, 04/01/2026		468
	652	6.88%, 05/15/2023		688
	259	Brink’s Co. (The), 4.63%, 10/15/2027 (e)		245
		Bristow Group, Inc.,
	80	6.25%, 10/15/2022		69
	342	8.75%, 03/01/2023 (e)		348
	2,550	Broadcom Corp., 3.63%, 01/15/2024		2,488
	1,970	Buckeye Partners LP, 3.95%, 12/01/2026		1,879
	1,340	Burlington Northern Santa Fe LLC, 4.55%, 09/01/2044		1,433
		Cablevision Systems Corp.,
	140	5.88%, 09/15/2022		140
	582	8.00%, 04/15/2020		618
	401	California Resources Corp., 8.00%, 12/15/2022 (e)		317
	244	Callon Petroleum Co., 6.13%, 10/01/2024		249
	1,000	Calpine Corp., 6.00%, 01/15/2022 (e)		1,029
	570	Camelot Finance SA, 7.88%, 10/15/2024 (e)		604
		Capital One Financial Corp.,
	2,890	3.50%, 06/15/2023		2,878
	670	3.75%, 03/09/2027		651
	2,930	3.80%, 01/31/2028		2,845
	3,000	4.20%, 10/29/2025		2,975
	12	Carlyle Promissory Note, 3.36%, 07/15/2019 (bb)		12
	716	Carrizo Oil & Gas, Inc., 6.25%, 04/15/2023		718
	117	Catalent Pharma Solutions, Inc., 4.88%, 01/15/2026 (e)		116
	255	CB Escrow Corp., 8.00%, 10/15/2025 (e)		249
	615	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		633
		CCO Holdings LLC,
	2,697	5.00%, 02/01/2028 (e)		2,547
	6,076	5.13%, 05/01/2027 (e)		5,841
	681	5.38%, 05/01/2025 (e)		683
	2,635	5.50%, 05/01/2026 (e)		2,635

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	405	5.75%, 09/01/2023		413
	190	5.75%, 01/15/2024		193
	4,280	5.75%, 02/15/2026 (e)		4,339
	4,190	5.88%, 04/01/2024 (e)		4,333
	185	5.88%, 05/01/2027 (e)		188
		CDW LLC,
	318	5.00%, 09/01/2023		323
	165	5.50%, 12/01/2024		172
	353	Centene Corp., 4.75%, 05/15/2022		359
	1,000	Central Garden & Pet Co., 6.13%, 11/15/2023		1,044
		CenturyLink, Inc.,
	360	Series T, 5.80%, 03/15/2022		355
	155	Series S, 6.45%, 06/15/2021		158
	1,380	Series W, 6.75%, 12/01/2023		1,359
	120	Series Y, 7.50%, 04/01/2024		121
		CF Industries, Inc.,
	185	3.45%, 06/01/2023		179
	2,360	4.50%, 12/01/2026 (e)		2,402
	565	5.15%, 03/15/2034		554
	2,868	Charter Communications Operating LLC, 4.91%, 07/23/2025		2,953
		Chemours Co. (The),
	735	6.63%, 05/15/2023		773
	195	7.00%, 05/15/2025		210
	710	Cheniere Corpus Christi Holdings LLC, 7.00%, 06/30/2024		794
	185	Cheniere Energy Partners LP, 5.25%, 10/01/2025 (e)		187
		Chesapeake Energy Corp.,
	401	4.88%, 04/15/2022		376
	1,300	8.00%, 12/15/2022 (e)		1,383
	1,118	8.00%, 01/15/2025 (e)		1,104
	596	8.00%, 06/15/2027 (e)		571
	2,848	Chevron Corp., 2.36%, 12/05/2022		2,762
	215	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		204
	90	Cinemark USA, Inc., 5.13%, 12/15/2022		91
		CIT Group, Inc.,
	29	3.88%, 02/19/2019		29
	1,005	5.00%, 08/15/2022		1,036
	26	5.38%, 05/15/2020		27
	363	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		363
		Citigroup, Inc.,
	2,690	2.40%, 02/18/2020		2,664
	2,695	2.65%, 10/26/2020		2,668

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			United States — continued
	3,660		(ICE LIBOR USD 3 Month + 0.72%), 3.14%, 01/24/2023 (aa)		3,633
	1,980		3.20%, 10/21/2026		1,891
	2,730		3.88%, 03/26/2025		2,711
	4,810		4.13%, 07/25/2028		4,776
	2,855		4.40%, 06/10/2025		2,931
	3,488	��	Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		3,614
			Claire’s Stores, Inc.,
	250		6.13%, 03/15/2020 (e)		166
	1,925		9.00%, 03/15/2019 (e) (d)		1,309
	1,130		Clean Harbors, Inc., 5.13%, 06/01/2021		1,137
			Clear Channel Worldwide Holdings, Inc.,
	9,483		Series B, 6.50%, 11/15/2022		9,744
	4,045		Series B, 7.63%, 03/15/2020		4,040
	745		Clearwater Paper Corp., 4.50%, 02/01/2023		717
	500		CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		488
	670		CNO Financial Group, Inc., 5.25%, 05/30/2025		680
	291		CNX Resources Corp., 5.88%, 04/15/2022		293
	1,000		Cogent Communications Finance, Inc., 5.63%, 04/15/2021 (e)		1,020
	600		Cogent Communications Group, Inc., 5.38%, 03/01/2022 (e)		625
			Comcast Corp.,
	1,750		3.20%, 07/15/2036		1,547
	2,000		3.40%, 07/15/2046		1,715
	2,310		4.60%, 08/15/2045		2,409
	500		Commercial Metals Co., 4.88%, 05/15/2023		506
			CommScope Technologies LLC,
	142		5.00%, 03/15/2027 (e)		138
	3,200		6.00%, 06/15/2025 (e)		3,305
	681		CommScope, Inc., 5.50%, 06/15/2024 (e)		694
			Community Health Systems, Inc.,
	743		5.13%, 08/01/2021		686
	441		6.25%, 03/31/2023		401
	791		6.88%, 02/01/2022		514
	685		7.13%, 07/15/2020		576
	260		8.00%, 11/15/2019		243
	845		Concho Resources, Inc., 4.88%, 10/01/2047		873
	206		Consolidated Communications, Inc., 6.50%, 10/01/2022		180
			Continental Resources, Inc.,
	340		4.38%, 01/15/2028 (e)		330
	1,770		4.50%, 04/15/2023		1,792
	857		5.00%, 09/15/2022		870

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 23

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	1,345	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		1,372
	800	CoreCivic, Inc., 4.63%, 05/01/2023		796
	217	Cornerstone Chemical Co., 6.75%, 08/15/2024 (e)		220
	158	Covanta Holding Corp., 5.88%, 03/01/2024		158
	820	Crestwood Midstream Partners LP, 6.25%, 04/01/2023		845
	274	Crown Americas LLC, 4.75%, 02/01/2026 (e)		270
		Crown European Holdings SA,
	EUR 1,000	Reg. S, 2.63%, 09/30/2024		1,232
	EUR 3,450	Reg. S, 4.00%, 07/15/2022		4,592
		CSC Holdings LLC,
	430	5.25%, 06/01/2024		414
	400	5.38%, 02/01/2028 (e)		391
	200	5.50%, 04/15/2027 (e)		197
	242	6.75%, 11/15/2021		254
	129	8.63%, 02/15/2019		135
	1,200	10.13%, 01/15/2023 (e)		1,338
	80	CSI Compressco LP, 7.25%, 08/15/2022		78
		CURO Financial Technologies Corp.,
	322	12.00%, 03/01/2022 (e)		354
		CyrusOne LP,
	153	5.00%, 03/15/2024		154
	143	5.38%, 03/15/2027		144
		Dana, Inc.,
	1,910	5.50%, 12/15/2024		1,948
	600	6.00%, 09/15/2023		621
	1,645	Darden Restaurants, Inc., 3.85%, 05/01/2027		1,622
		DaVita, Inc.,
	800	5.00%, 05/01/2025		784
	116	5.13%, 07/15/2024		115
	350	5.75%, 08/15/2022		360
		DCP Midstream Operating LP,
	660	3.88%, 03/15/2023		644
	610	6.75%, 09/15/2037 (e)		680
	314	Dean Foods Co., 6.50%, 03/15/2023 (e)		307
		Dell International LLC,
	470	5.88%, 06/15/2021 (e)		480
	4,425	6.02%, 06/15/2026 (e)		4,734
	637	7.13%, 06/15/2024 (e)		688
		Denbury Resources, Inc.,
	130	9.00%, 05/15/2021 (e)		133
	505	9.25%, 03/31/2022 (e)		518
	145	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		147

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	150	Diamondback Energy, Inc., 4.75%, 11/01/2024		148
	620	Diebold Nixdorf, Inc., 8.50%, 04/15/2024		654
		Discovery Communications LLC,
	1,600	2.95%, 03/20/2023		1,547
	1,800	5.00%, 09/20/2037		1,797
		DISH DBS Corp.,
	1,309	5.00%, 03/15/2023		1,203
	2,595	5.88%, 07/15/2022		2,530
	6,021	5.88%, 11/15/2024		5,630
	754	6.75%, 06/01/2021		775
	2,901	7.75%, 07/01/2026		2,857
	500	DJO Finco, Inc., 8.13%, 06/15/2021 (e)		485
	283	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		296
	842	Dollar Tree, Inc., 5.75%, 03/01/2023		876
	918	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		942
		Dynegy, Inc.,
	653	5.88%, 06/01/2023		669
	19	6.75%, 11/01/2019		19
	615	7.38%, 11/01/2022		648
	760	7.63%, 11/01/2024		817
	354	8.13%, 01/30/2026 (e)		388
	543	Eldorado Resorts, Inc., 6.00%, 04/01/2025		559
	2,609	Embarq Corp., 8.00%, 06/01/2036		2,469
	440	EMC Corp., 2.65%, 06/01/2020		428
		Encompass Health Corp.,
	250	5.13%, 03/15/2023		255
	890	5.75%, 11/01/2024		902
	650	5.75%, 09/15/2025		661
		Endo Dac,
	1,000	6.00%, 07/15/2023 (e)		750
	720	6.00%, 02/01/2025 (e)		516
	152	Endo Finance LLC, 5.75%, 01/15/2022 (e)		124
		Energizer Holdings, Inc.,
	1,400	5.50%, 06/15/2025 (e)		1,400
		Energy Transfer Equity LP,
	341	4.25%, 03/15/2023		335
	786	5.88%, 01/15/2024		833
	495	EnerSys, 5.00%, 04/30/2023 (e)		506
		Ensco plc,
	656	5.20%, 03/15/2025		544
	211	7.75%, 02/01/2026		200
	156	8.00%, 01/31/2024		153

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	710	Entegris, Inc., 4.63%, 02/10/2026 (e)		698
	1,520	Entergy Corp., 2.95%, 09/01/2026		1,430
	1,960	Enterprise Products Operating LLC, Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 08/16/2077 (aa)		1,891
		Envision Healthcare Corp.,
	400	5.13%, 07/01/2022 (e)		403
	677	5.63%, 07/15/2022		691
		EP Energy LLC,
	326	8.00%, 11/29/2024 (e)		336
	760	8.00%, 02/15/2025 (e)		522
	1,970	9.38%, 05/01/2024 (e)		1,453
		Equinix, Inc.,
	EUR 3,700	2.88%, 10/01/2025		4,472
	38	5.38%, 01/01/2022		39
	500	5.38%, 04/01/2023		513
	485	5.38%, 05/15/2027		495
	27	5.75%, 01/01/2025		28
	111	5.88%, 01/15/2026		116
	951	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		949
	625	Exela Intermediate LLC, 10.00%, 07/15/2023 (e)		623
	1,565	Exelon Generation Co. LLC, 4.25%, 06/15/2022		1,616
	1,965	Express Scripts Holding Co., 3.40%, 03/01/2027		1,862
	151	Fidelity & Guaranty Life Holdings, Inc., 6.38%, 04/01/2021 (e)		153
		First Data Corp.,
	45	5.00%, 01/15/2024 (e)		45
	4,810	5.38%, 08/15/2023 (e)		4,894
	4,189	5.75%, 01/15/2024 (e)		4,262
	559	7.00%, 12/01/2023 (e)		588
	4,885	FirstEnergy Corp., Series B, 3.90%, 07/15/2027		4,824
	385	FirstEnergy Transmission LLC, 5.45%, 07/15/2044 (e)		441
		Ford Motor Credit Co. LLC,
	2,575	3.20%, 01/15/2021		2,558
	3,000	3.66%, 09/08/2024		2,919
	2,385	4.39%, 01/08/2026		2,369
		Freeport-McMoRan, Inc.,
	1,505	3.55%, 03/01/2022		1,464
	1,420	3.88%, 03/15/2023		1,377
	600	5.40%, 11/14/2034		584

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Frontier Communications Corp.,
	275	6.25%, 09/15/2021		235
	1,000	6.88%, 01/15/2025		610
	355	7.13%, 03/15/2019		361
	55	8.50%, 04/15/2020		54
	525	9.25%, 07/01/2021		486
	154	10.50%, 09/15/2022		131
	2,246	11.00%, 09/15/2025		1,760
	292	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		288
	84	Gartner, Inc., 5.13%, 04/01/2025 (e)		86
	394	Gates Global LLC, 6.00%, 07/15/2022 (e)		401
	1,500	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		1,644
	4,950	GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035		4,861
		General Electric Co.,
EUR	400	2.13%, 05/17/2037		455
	748	3.45%, 05/15/2024		736
	3,550	4.50%, 03/11/2044		3,517
		General Motors Co.,
	1,600	5.15%, 04/01/2038		1,580
	2,035	5.20%, 04/01/2045		2,007
	731	Genesis Energy LP, 6.00%, 05/15/2023		729
	473	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		523
		GenOn Energy, Inc.,
	170	9.50%, 10/15/2018 (d)		142
	3,360	9.88%, 10/15/2020 (d)		2,797
		GEO Group, Inc. (The),
	1,105	5.13%, 04/01/2023		1,099
	1,465	5.88%, 10/15/2024		1,480
	2,650	Gilead Sciences, Inc., 4.15%, 03/01/2047		2,559
	676	Global Partners LP, 7.00%, 06/15/2023 (bb)		689
	939	Golden Nugget, Inc., 6.75%, 10/15/2024 (e)		962
		Goldman Sachs Group, Inc. (The),
	5,085	2.35%, 11/15/2021		4,918
	910	2.63%, 04/25/2021		895
	930	2.75%, 09/15/2020		924
	4,965	(ICE LIBOR USD 3 Month + 0.99%), 2.90%, 07/24/2023 (aa)		4,837
	5,150	(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 04/23/2029 (aa)		5,029
	1,850	3.85%, 07/08/2024		1,864
	2,220	(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (aa)		2,145
	1,815	4.25%, 10/21/2025		1,829

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 25

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	6,615	Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (x) (y) (aa)		6,434
	484	Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (x) (y) (aa)		495
	4,681	Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		4,786
	225	Series L, (ICE LIBOR USD 3 Month + 3.88%), 5.70%, 05/10/2019 (x) (y) (aa)		231
	9	Goodman Networks, Inc., 8.00%, 05/11/2022 (bb)		6
		Goodyear Tire & Rubber Co. (The),
	1,221	4.88%, 03/15/2027		1,203
	575	8.75%, 08/15/2020		644
	90	Graphic Packaging International LLC, 4.75%, 04/15/2021		92
		Gray Television, Inc.,
	26	5.13%, 10/15/2024 (e)		25
	400	5.88%, 07/15/2026 (e)		397
	71	GTT Communications, Inc., 7.88%, 12/31/2024 (e)		74
		Gulfport Energy Corp.,
	1,416	6.00%, 10/15/2024		1,391
	126	6.38%, 01/15/2026 (e)		124
	374	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		382
	241	Halcon Resources Corp., 6.75%, 02/15/2025		243
	1,199	Hanesbrands, Inc., 4.88%, 05/15/2026 (e)		1,178
	445	Hardwoods Acquisition, Inc., 7.50%, 08/01/2021 (e)		412
	170	Harland Clarke Holdings Corp., 6.88%, 03/01/2020 (e)		173
	3,820	Harris Corp., 4.85%, 04/27/2035		4,093
		HCA, Inc.,
	300	5.00%, 03/15/2024		306
	500	5.25%, 04/15/2025		514
	8,205	5.38%, 02/01/2025		8,341
	3,099	5.88%, 05/01/2023		3,258
	3,070	5.88%, 02/15/2026		3,177
	100	6.50%, 02/15/2020		105
	2,275	7.50%, 02/15/2022		2,517
	1,182	HD Supply, Inc., 5.75%, 04/15/2024 (e)		1,240
	375	Hecla Mining Co., 6.88%, 05/01/2021		382
	1,665	Herc Rentals, Inc., 7.75%, 06/01/2024 (e)		1,814
		Hertz Corp. (The),
	1,000	5.50%, 10/15/2024 (e)		868
	1,150	6.25%, 10/15/2022		1,089
	2,105	7.38%, 01/15/2021		2,094
	2,230	7.63%, 06/01/2022 (e)		2,297

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
EUR	250	Hertz Holdings Netherlands BV, Reg. S, 4.13%, 10/15/2021		308
	1,230	Hess Corp., 5.80%, 04/01/2047		1,301
	2,980	Hexion, Inc., 6.63%, 04/15/2020		2,771
	1,485	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		1,492
	1,560	Hill-Rom Holdings, Inc., 5.75%, 09/01/2023 (e)		1,619
	86	Hilton Domestic Operating Co., Inc., 4.25%, 09/01/2024		85
	122	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024		131
		Hilton Worldwide Finance LLC,
	130	4.63%, 04/01/2025		130
	66	4.88%, 04/01/2027		66
	400	Holly Energy Partners LP, 6.00%, 08/01/2024 (e)		411
		Hologic, Inc.,
	477	4.38%, 10/15/2025 (e)		466
	156	4.63%, 02/01/2028 (e)		150
	750	HRG Group, Inc., 7.75%, 01/15/2022		782
		Hughes Satellite Systems Corp.,
	778	5.25%, 08/01/2026		758
	348	6.63%, 08/01/2026		356
		Huntsman International LLC,
EUR	1,600	4.25%, 04/01/2025		2,218
	550	4.88%, 11/15/2020		563
	1,755	5.13%, 11/15/2022		1,812
		Icahn Enterprises LP,
	776	5.88%, 02/01/2022		777
	237	6.25%, 02/01/2022		240
	713	6.38%, 12/15/2025		716
	3,180	iHeartCommunications, Inc., 9.00%, 12/15/2019 (d)		2,536
		IHS Markit Ltd.,
	397	4.00%, 03/01/2026 (e)		385
	30	5.00%, 11/01/2022 (e)		31
	500	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (e) (aa)		494
	535	ILFC E-Capital Trust II, (US Treasury Yield Curve Rate T Note Constant Maturity 30 Year + 1.80%, 14.50% Cap), 4.62%, 12/21/2065 (e) (aa)		526
	1,500	Infor Software Parent LLC, 7.13% (cash), 05/01/2021 (e) (v)		1,526
	2,385	Infor US, Inc., 6.50%, 05/15/2022		2,439
	1,333	Informatica LLC, 7.13%, 07/15/2023 (e)		1,359
	234	Ingevity Corp., 4.50%, 02/01/2026 (e)		229

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		International Game Technology plc,
	EUR 3,500	Reg. S, 4.75%, 02/15/2023		4,735
	1,925	6.25%, 02/15/2022 (e)		2,028
		International Lease Finance Corp.,
	1,235	3.88%, 04/15/2018		1,236
	515	6.25%, 05/15/2019		534
	1,450	International Paper Co., 4.35%, 08/15/2048		1,407
	600	Interval Acquisition Corp., 5.63%, 04/15/2023		618
	540	inVentiv Group Holdings, Inc., 7.50%, 10/01/2024 (e)		578
	186	IRB Holding Corp., 6.75%, 02/15/2026 (e)		186
		Iron Mountain, Inc.,
	EUR 1,850	Reg. S, 3.00%, 01/15/2025		2,246
	237	4.88%, 09/15/2027 (e)		223
	297	5.25%, 03/15/2028 (e)		283
	645	5.75%, 08/15/2024		642
	3,290	ITC Holdings Corp., 3.35%, 11/15/2027 (e)		3,171
	291	Itron, Inc., 5.00%, 01/15/2026 (e)		290
	105	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		109
	1,700	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		1,771
	44	Jaguar Holding Co. II, 6.38%, 08/01/2023 (e)		44
	67	JC Penney Corp., Inc., 5.88%, 07/01/2023 (e)		64
		Jeld-Wen, Inc.,
	118	4.63%, 12/15/2025 (e)		115
	119	4.88%, 12/15/2027 (e)		116
	400	Kaiser Aluminum Corp., 5.88%, 05/15/2024		419
	257	Kennedy-Wilson, Inc., 5.88%, 04/01/2024 (e)		253
	752	KFC Holding Co., 4.75%, 06/01/2027 (e)		735
	650	Kindred Healthcare, Inc., 8.75%, 01/15/2023		696
	1,205	Kinetic Concepts, Inc., 7.88%, 02/15/2021 (e)		1,247
	930	KLX, Inc., 5.88%, 12/01/2022 (e)		958
		Kraft Heinz Foods Co.,
	565	4.38%, 06/01/2046		513
	1,655	5.20%, 07/15/2045		1,686
	505	Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/2025 (e)		526
	765	Kroger Co. (The), 4.45%, 02/01/2047		720
	EUR 255	Kronos International, Inc., Reg. S, 3.75%, 09/15/2025		320
		L Brands, Inc.,
	321	5.25%, 02/01/2028		309
	452	5.63%, 10/15/2023		475
		Ladder Capital Finance Holdings LLLP,
	286	5.25%, 03/15/2022 (e)		288
	128	5.25%, 10/01/2025 (e)		125

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	46	Lamar Media Corp., 5.75%, 02/01/2026		48
	100	Lamb Weston Holdings, Inc., 4.88%, 11/01/2026 (e)		100
		Lennar Corp.,
	125	4.50%, 06/15/2019		126
	996	4.75%, 11/29/2027 (e)		964
	94	5.88%, 11/15/2024 (e)		100
	210	8.38%, 01/15/2021 (e)		234
		Level 3 Financing, Inc.,
	198	5.13%, 05/01/2023		198
	153	5.25%, 03/15/2026		147
	188	5.38%, 08/15/2022		190
	160	5.38%, 01/15/2024		159
	842	5.38%, 05/01/2025		836
	48	5.63%, 02/01/2023		49
		Level 3 Parent LLC,
	1,175	5.75%, 12/01/2022		1,187
	500	Levi Strauss & Co., 5.00%, 05/01/2025		511
	20	LifePoint Health, Inc., 5.50%, 12/01/2021		20
	233	LIN Television Corp., 5.88%, 11/15/2022		241
	EUR 1,800	LKQ Italia Bondco SpA, Reg. S, 3.88%, 04/01/2024		2,352
	1,130	Lowe’s Cos., Inc., 4.05%, 05/03/2047		1,107
	774	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		784
	390	LTF Merger Sub, Inc., 8.50%, 06/15/2023 (e)		409
	180	M/I Homes, Inc., 6.75%, 01/15/2021		185
		Mallinckrodt International Finance SA,
	63	4.75%, 04/15/2023		50
	1,135	5.50%, 04/15/2025 (e)		908
	381	5.75%, 08/01/2022 (e)		337
	1,202	Marathon Petroleum Corp., 4.75%, 09/15/2044		1,173
		Martin Marietta Materials, Inc.,
	2,770	3.50%, 12/15/2027		2,661
	1,109	4.25%, 12/15/2047		1,030
		Masco Corp.,
	695	3.50%, 11/15/2027		664
	3,780	4.38%, 04/01/2026		3,864
	550	MasTec, Inc., 4.88%, 03/15/2023		549
	58	Match Group, Inc., 5.00%, 12/15/2027 (e)		58
		Mattel, Inc.,
	243	3.15%, 03/15/2023		218
	214	6.75%, 12/31/2025 (e)		218
	3,185	McDonald’s Corp., 4.60%, 05/26/2045		3,309
	195	Mediacom Broadband LLC, 6.38%, 04/01/2023		200

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 27

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		MetLife, Inc.,
	1,920	3.00%, 03/01/2025		1,858
	435	6.40%, 12/15/2036		490
		MGM Resorts International,
	3,170	6.00%, 03/15/2023		3,372
	735	6.63%, 12/15/2021		794
	2,545	7.75%, 03/15/2022		2,838
		Micron Technology, Inc.,
	2,275	5.25%, 01/15/2024 (e)		2,332
	35	5.50%, 02/01/2025		36
		Microsoft Corp.,
	1,515	4.10%, 02/06/2037		1,592
	610	4.88%, 12/15/2043		698
	EUR 1,100	Mohawk Industries, Inc., 2.00%, 01/14/2022		1,415
	350	Momentive Performance Materials USA LLC, 8.88%, 10/15/2020 (d) (bb)		—
	350	Momentive Performance Materials, Inc., 3.88%, 10/24/2021		364
		Morgan Stanley,
	2,500	2.80%, 06/16/2020		2,492
	3,110	3.70%, 10/23/2024		3,108
	7,885	(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 01/24/2029 (aa)		7,715
	1,500	3.88%, 01/27/2026		1,504
	3,985	(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 07/22/2038 (aa)		3,885
	1,090	4.38%, 01/22/2047		1,104
	2,670	Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 07/15/2019 (x) (y) (aa)		2,733
	2,470	Series J, (ICE LIBOR USD 3 Month + 3.81%), 5.55%, 07/15/2020 (x) (y) (aa)		2,560
	643	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		677
		MPLX LP,
	1,995	4.50%, 04/15/2038		1,946
	1,000	4.88%, 06/01/2025		1,047
	1,185	5.20%, 03/01/2047		1,219
	155	MSCI, Inc., 5.25%, 11/15/2024 (e)		158
		Mylan NV,
	1,710	3.95%, 06/15/2026		1,654
	487	5.25%, 06/15/2046		492
	325	Nabors Industries, Inc., 5.50%, 01/15/2023		323
		Nationstar Mortgage LLC,
	530	6.50%, 07/01/2021		541
	415	7.88%, 10/01/2020		426
	198	Navistar International Corp., 6.63%, 11/01/2025 (e)		204

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,645	Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021 (e)		1,600
		Netflix, Inc.,
	14	4.38%, 11/15/2026		14
	1,130	4.88%, 04/15/2028 (e)		1,110
	300	5.50%, 02/15/2022		312
	200	5.75%, 03/01/2024		210
		New Albertson’s, Inc.,
	197	7.45%, 08/01/2029		164
	518	8.00%, 05/01/2031		444
	22	8.70%, 05/01/2030		20
	289	New Home Co., Inc. (The), 7.25%, 04/01/2022		300
	479	Newfield Exploration Co., 5.75%, 01/30/2022		505
		Nexstar Broadcasting, Inc.,
	1,650	6.13%, 02/15/2022 (e)		1,700
		NextEra Energy Operating Partners LP,
	238	4.25%, 09/15/2024 (e)		235
	161	4.50%, 09/15/2027 (e)		155
	185	NGPL PipeCo LLC, 4.88%, 08/15/2027 (e)		187
	250	Nielsen Co. Luxembourg SARL (The), 5.00%, 02/01/2025 (e)		250
	2,089	Nielsen Finance LLC, 5.00%, 04/15/2022 (e)		2,115
	1,740	NiSource, Inc., 4.38%, 05/15/2047		1,763
	3,590	Noble Energy, Inc., 3.85%, 01/15/2028		3,511
	890	Novelis Corp., 5.88%, 09/30/2026 (e)		897
		NRG Energy, Inc.,
	250	5.75%, 01/15/2028 (e)		247
	655	6.25%, 07/15/2022		676
	690	6.25%, 05/01/2024		714
	630	6.63%, 01/15/2027		651
	224	NRG Yield Operating LLC, 5.38%, 08/15/2024		226
	85	Nuance Communications, Inc., 5.63%, 12/15/2026		86
		Oasis Petroleum, Inc.,
	352	6.50%, 11/01/2021		358
	5	6.88%, 03/15/2022		5
	2,020	6.88%, 01/15/2023		2,064
		OI European Group BV,
	EUR 300	Reg. S, 3.13%, 11/15/2024		374
	190	4.00%, 03/15/2023 (e)		184
	EUR 1,000	Reg. S, 4.88%, 03/31/2021		1,351
	3,720	ONEOK, Inc., 4.00%, 07/13/2027		3,672
		Oracle Corp.,
	4,150	2.65%, 07/15/2026		3,878
	6,145	2.95%, 11/15/2024		5,967
	1,455	4.50%, 07/08/2044		1,564

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	8	Orbital ATK, Inc., 5.25%, 10/01/2021		8
	208	Oshkosh Corp., 5.38%, 03/01/2025		217
		Outfront Media Capital LLC,
	5	5.25%, 02/15/2022		5
	150	5.63%, 02/15/2024		152
	546	5.88%, 03/15/2025		554
	3,295	Owens Corning, 4.30%, 07/15/2047		3,032
	500	Owens-Brockway Glass Container, Inc., 5.38%, 01/15/2025 (e)		510
		Parker Drilling Co.,
	268	6.75%, 07/15/2022		223
	50	7.50%, 08/01/2020		46
	116	Party City Holdings, Inc., 6.13%, 08/15/2023 (e)		118
	185	PBF Logistics LP, 6.88%, 05/15/2023		189
	190	Peabody Energy Corp., 6.00%, 03/31/2022 (e)		195
	300	Penn Virginia Corp., 8.50%, 05/01/2020 (d) (bb)		—	(h)
	681	Penske Automotive Group, Inc., 5.50%, 05/15/2026		679
		PetSmart, Inc.,
	1,175	5.88%, 06/01/2025 (e)		916
	2,783	7.13%, 03/15/2023 (e)		1,774
		Philip Morris International, Inc.,
	500	4.13%, 03/04/2043		485
	1,885	4.38%, 11/15/2041		1,903
	2,800	Phillips 66 Partners LP, 3.75%, 03/01/2028		2,721
		Pilgrim’s Pride Corp.,
	367	5.75%, 03/15/2025 (e)		365
	170	5.88%, 09/30/2027 (e)		165
	1,110	Plantronics, Inc., 5.50%, 05/31/2023 (e)		1,113
	466	Polaris Intermediate Corp., 8.50% (cash), 12/01/2022 (e) (v)		474
	580	PolyOne Corp., 5.25%, 03/15/2023		586
		Post Holdings, Inc.,
	18	5.00%, 08/15/2026 (e)		17
	915	5.50%, 03/01/2025 (e)		921
	1,610	PPL Capital Funding, Inc., 4.00%, 09/15/2047		1,534
	99	PQ Corp., 5.75%, 12/15/2025 (e)		100
		Prestige Brands, Inc.,
	10	5.38%, 12/15/2021 (e)		10
	75	6.38%, 03/01/2024 (e)		77
	637	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		694
	660	Prudential Financial, Inc., 4.60%, 05/15/2044		697
	EUR 1,650	PSPC Escrow Corp., Reg. S, 6.00%, 02/01/2023		2,099

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	EUR 1,100	PVH Corp., Reg. S, 3.13%, 12/15/2027		1,335
		QEP Resources, Inc.,
	515	5.38%, 10/01/2022		523
	97	5.63%, 03/01/2026		95
	88	6.88%, 03/01/2021		94
	100	Qorvo, Inc., 6.75%, 12/01/2023		106
	15	Quad/Graphics, Inc., 7.00%, 05/01/2022		15
		Quicken Loans, Inc.,
	330	5.25%, 01/15/2028 (e)		319
	1,095	5.75%, 05/01/2025 (e)		1,103
		Quintiles IMS, Inc.,
	EUR 1,850	Reg. S, 3.25%, 03/15/2025		2,277
	EUR 5,050	Reg. S, 3.50%, 10/15/2024		6,357
	82	4.88%, 05/15/2023 (e)		84
	1,390	5.00%, 10/15/2026 (e)		1,394
		Qwest Capital Funding, Inc.,
	119	6.88%, 07/15/2028		108
	566	7.75%, 02/15/2031		521
	50	Qwest Corp., 7.25%, 09/15/2025		54
	2,363	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		2,463
		Radian Group, Inc.,
	483	4.50%, 10/01/2024		482
	197	7.00%, 03/15/2021		215
	925	Rain CII Carbon LLC, 7.25%, 04/01/2025 (e)		1,000
	208	Range Resources Corp., 5.00%, 03/15/2023		203
	142	RBS Global, Inc., 4.88%, 12/15/2025 (e)		140
	1,570	Realty Income Corp., 3.65%, 01/15/2028		1,529
	280	Regal Entertainment Group, 5.75%, 03/15/2022		288
	400	Revlon Consumer Products Corp., 6.25%, 08/01/2024		275
		Reynolds Group Issuer, Inc.,
	2,839	5.75%, 10/15/2020		2,878
	381	6.87%, 02/15/2021		386
	840	RHP Hotel Properties LP, 5.00%, 04/15/2023		844
	1,000	Rite Aid Corp., 6.13%, 04/01/2023 (e)		1,008
	1,000	Riverbed Technology, Inc., 8.88%, 03/01/2023 (e)		938
		Rockwell Collins, Inc.,
	3,540	3.50%, 03/15/2027		3,451
		Roper Technologies, Inc.,
	3,855	3.80%, 12/15/2026		3,864
		Rowan Cos., Inc.,
	379	4.88%, 06/01/2022		353
	318	7.38%, 06/15/2025		314

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 29

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	24	RR Donnelley & Sons Co., 7.63%, 06/15/2020		26
	209	RSP Permian, Inc., 6.63%, 10/01/2022		218
		Sabine Pass Liquefaction LLC,
	490	5.63%, 04/15/2023		525
	600	5.75%, 05/15/2024		648
	800	Sable International Finance Ltd., Reg. S, 6.88%, 08/01/2022		848
		Sabre GLBL, Inc.,
	1,500	5.25%, 11/15/2023 (e)		1,511
	937	5.38%, 04/15/2023 (e)		944
	236	Sally Holdings LLC, 5.63%, 12/01/2025		237
		SBA Communications Corp.,
	250	4.88%, 07/15/2022		253
	330	4.88%, 09/01/2024		326
		Scientific Games International, Inc.,
	322	5.00%, 10/15/2025 (e)		318
	569	7.00%, 01/01/2022 (e)		599
	315	10.00%, 12/01/2022		342
		Scotts Miracle-Gro Co. (The),
	1,000	5.25%, 12/15/2026		1,012
	825	6.00%, 10/15/2023		862
	500	Sealed Air Corp., 5.13%, 12/01/2024 (e)		515
	711	SemGroup Corp., 5.63%, 11/15/2023		688
	675	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		680
	3,420	Sempra Energy, 3.80%, 02/01/2038		3,240
		Sensata Technologies BV,
	1,250	4.88%, 10/15/2023 (e)		1,269
	129	5.00%, 10/01/2025 (e)		130
	600	5.63%, 11/01/2024 (e)		641
	2,065	Sensata Technologies UK Financing Co. plc, 6.25%, 02/15/2026 (e)		2,189
		Service Corp. International,
	618	5.38%, 01/15/2022		631
	662	5.38%, 05/15/2024		683
	96	SESI LLC, 7.13%, 12/15/2021		98
		Shire Acquisitions Investments Ireland DAC,
	2,915	2.40%, 09/23/2021		2,815
	3,000	3.20%, 09/23/2026		2,790
	EUR 2,050	Silgan Holdings, Inc., 3.25%, 03/15/2025		2,551
		Sinclair Television Group, Inc.,
	175	5.38%, 04/01/2021		177
	900	5.63%, 08/01/2024 (e)		914
	2,000	6.13%, 10/01/2022		2,062

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
		Sirius XM Radio, Inc.,
	415	4.63%, 05/15/2023 (e)		414
	477	5.00%, 08/01/2027 (e)		464
	540	5.38%, 04/15/2025 (e)		549
	3,310	6.00%, 07/15/2024 (e)		3,467
		SM Energy Co.,
	56	5.00%, 01/15/2024		52
	247	6.50%, 11/15/2021		251
	423	Solera LLC, 10.50%, 03/01/2024 (e)		475
	63	Sonic Automotive, Inc., 6.13%, 03/15/2027		62
	505	Sotheby’s, 4.88%, 12/15/2025 (e)		490
		Southwestern Energy Co.,
	1,621	6.70%, 01/23/2025		1,589
		Spectrum Brands, Inc.,
	29	6.13%, 12/15/2024		30
	500	6.63%, 11/15/2022		517
		Springleaf Finance Corp.,
	625	5.63%, 03/15/2023		620
	1,000	7.75%, 10/01/2021		1,090
		Sprint Capital Corp.,
	75	6.88%, 11/15/2028		72
	1,320	8.75%, 03/15/2032		1,432
		Sprint Communications, Inc.,
	31	6.00%, 11/15/2022		30
	1,030	7.00%, 03/01/2020 (e)		1,088
	321	7.00%, 08/15/2020		336
	247	9.25%, 04/15/2022		286
		Sprint Corp.,
	1,392	7.13%, 06/15/2024		1,370
	22	7.25%, 09/15/2021		23
	4,734	7.63%, 02/15/2025		4,734
	256	7.63%, 03/01/2026		255
	7,989	7.88%, 09/15/2023		8,269
	665	SPX FLOW, Inc., 5.63%, 08/15/2024 (e)		677
		Standard Industries, Inc.,
	600	4.75%, 01/15/2028 (e)		576
	421	6.00%, 10/15/2025 (e)		445
	2,735	Staples, Inc., 8.50%, 09/15/2025 (e)		2,626
	235	Station Casinos LLC, 5.00%, 10/01/2025 (e)		229
		Steel Dynamics, Inc.,
	540	5.00%, 12/15/2026		551
	15	5.13%, 10/01/2021		15
	300	5.50%, 10/01/2024		310
	24	Stone Energy Corp., 7.50%, 05/31/2022		24

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		Summit Materials LLC,
	436	5.13%, 06/01/2025 (e)		436
	568	6.13%, 07/15/2023		585
	420	Summit Midstream Holdings LLC, 5.50%, 08/15/2022		424
		Sunoco Logistics Partners Operations LP,
	2,010	5.35%, 05/15/2045		1,949
	1,150	5.40%, 10/01/2047		1,124
		Sunoco LP,
	172	4.88%, 01/15/2023 (e)		171
	176	5.50%, 02/15/2026 (e)		176
	80	5.88%, 03/15/2028 (e)		80
		SUPERVALU, Inc.,
	628	6.75%, 06/01/2021		620
	1,465	7.75%, 11/15/2022		1,421
	398	Symantec Corp., 5.00%, 04/15/2025 (e)		406
	71	Synchrony Financial, 3.95%, 12/01/2027		68
		Talen Energy Supply LLC,
	464	6.50%, 06/01/2025		358
	55	9.50%, 07/15/2022 (e)		55
	370	Tallgrass Energy Partners LP, 5.50%, 09/15/2024 (e)		381
		Targa Resources Partners LP,
	565	4.25%, 11/15/2023		551
	490	5.00%, 01/15/2028 (e)		476
	695	5.25%, 05/01/2023		705
	2,495	6.75%, 03/15/2024		2,648
	587	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		537
	1,548	TEGNA, Inc., 6.38%, 10/15/2023		1,614
	60	Teleflex, Inc., 5.25%, 06/15/2024		62
	2,250	Tempur Sealy International, Inc., 5.50%, 06/15/2026		2,211
		Tenet Healthcare Corp.,
	1,155	4.50%, 04/01/2021		1,159
	400	5.13%, 05/01/2025 (e)		388
	200	6.00%, 10/01/2020		208
	2,000	6.75%, 06/15/2023		2,000
	6,263	8.13%, 04/01/2022		6,592
	137	Tennant Co., 5.63%, 05/01/2025		140
	207	Tenneco, Inc., 5.38%, 12/15/2024		213
	287	Terraform Global Operating LLC, 6.13%, 03/01/2026 (e)		289
		TerraForm Power Operating LLC,
	344	4.25%, 01/31/2023 (e)		337
	435	5.00%, 01/31/2028 (e)		421
	322	SUB, 6.63%, 06/15/2025 (e)		349

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	630	Tesla, Inc., 5.30%, 08/15/2025 (e)		600
		Texas Competitive Electric Holdings Co. LLC,
	375	8.50%, 05/01/2020 (d) (bb)		4
	762	Thermo Fisher Scientific, Inc., 3.00%, 04/15/2023		748
		T-Mobile USA, Inc.,
	236	4.50%, 02/01/2026		231
	236	4.75%, 02/01/2028		230
	21	6.00%, 03/01/2023		22
	315	6.00%, 04/15/2024		328
	2,251	6.38%, 03/01/2025		2,375
	690	6.50%, 01/15/2024		723
	3,265	6.50%, 01/15/2026		3,502
	327	6.63%, 04/01/2023		338
	203	6.84%, 04/28/2023		211
		Toll Brothers Finance Corp.,
	360	4.35%, 02/15/2028		340
	109	4.88%, 11/15/2025		109
		TransDigm, Inc.,
	394	6.38%, 06/15/2026		403
	1,373	6.50%, 07/15/2024		1,416
	414	6.50%, 05/15/2025		424
	633	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		651
		Transocean, Inc.,
	184	5.80%, 10/15/2022		178
	1,387	6.80%, 03/15/2038		1,117
	417	7.50%, 01/15/2026 (e)		420
	220	7.50%, 04/15/2031		199
	841	9.00%, 07/15/2023 (e)		906
	720	9.35%, 12/15/2041		720
	1,695	TreeHouse Foods, Inc., 6.00%, 02/15/2024 (e)		1,727
	171	TriMas Corp., 4.88%, 10/15/2025 (e)		168
	161	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		163
	149	Tronox Finance plc, 5.75%, 10/01/2025 (e)		148
	735	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		772
		Ultra Resources, Inc.,
	1,621	6.88%, 04/15/2022 (e)		1,459
	160	7.13%, 04/15/2025 (e)		143
	265	Unit Corp., 6.63%, 05/15/2021		263
	283	United Continental Holdings, Inc., 4.25%, 10/01/2022		282
		United Rentals North America, Inc.,
	747	4.88%, 01/15/2028		728
	385	5.50%, 07/15/2025		397

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 31

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
	50	5.50%, 05/15/2027		51
	2,825	5.75%, 11/15/2024		2,924
	50	5.88%, 09/15/2026		52
	116	United States Steel Corp., 6.88%, 08/15/2025		122
	1,635	United Technologies Corp., 4.15%, 05/15/2045		1,595
		Uniti Group LP,
	2,389	6.00%, 04/15/2023 (e)		2,311
	275	Univar USA, Inc., 6.75%, 07/15/2023 (e)		286
		Universal Health Services, Inc.,
	34	3.75%, 08/01/2019 (e)		34
	47	4.75%, 08/01/2022 (e)		48
		Univision Communications, Inc.,
	90	5.13%, 05/15/2023 (e)		85
	111	5.13%, 02/15/2025 (e)		102
	36	6.75%, 09/15/2022 (e)		37
	416	US Concrete, Inc., 6.38%, 06/01/2024		442
	300	USIS Merger Sub, Inc., 6.88%, 05/01/2025 (e)		304
		Valeant Pharmaceuticals International, Inc.,
	EUR 2,200	Reg. S, 4.50%, 05/15/2023		2,345
	213	5.38%, 03/15/2020 (e)		212
	114	5.50%, 03/01/2023 (e)		101
	551	5.50%, 11/01/2025 (e)		545
	85	5.63%, 12/01/2021 (e)		81
	4,521	5.88%, 05/15/2023 (e)		4,018
	3,000	6.13%, 04/15/2025 (e)		2,631
	123	6.50%, 03/15/2022 (e)		128
	271	6.75%, 08/15/2021 (e)		264
	263	7.00%, 03/15/2024 (e)		277
	2,058	7.25%, 07/15/2022 (e)		2,001
	100	7.50%, 07/15/2021 (e)		101
	627	9.00%, 12/15/2025 (e)		628
	350	Venator Finance SARL, 5.75%, 07/15/2025 (e)		356
		VEREIT Operating Partnership LP,
	2,610	3.95%, 08/15/2027		2,474
	2,255	4.60%, 02/06/2024		2,313
		VeriSign, Inc.,
	50	4.75%, 07/15/2027		49
	39	5.25%, 04/01/2025		40
		Verizon Communications, Inc.,
	6,316	3.50%, 11/01/2024		6,261
	710	3.85%, 11/01/2042		618
	2,145	4.13%, 08/15/2046		1,911
	1,070	5.01%, 04/15/2049		1,086

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	150	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		157
	1,660	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		1,751
		Viacom, Inc.,
	167	4.38%, 03/15/2043		150
	170	(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 02/28/2057 (aa)		172
	108	(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa)		111
	5	ViaSat, Inc., 5.63%, 09/15/2025 (e)		5
	687	VICI Properties 1 LLC, 8.00%, 10/15/2023		762
	965	Vista Outdoor, Inc., 5.88%, 10/01/2023		954
	408	VOC Escrow Ltd., 5.00%, 02/15/2028 (e)		397
	132	Wabash National Corp., 5.50%, 10/01/2025 (e)		131
	1,000	Walgreens Boots Alliance, Inc., 2.70%, 11/18/2019		996
		Weatherford International Ltd.,
	375	6.50%, 08/01/2036		285
	311	9.88%, 02/15/2024		308
	1,070	Welbilt, Inc., 9.50%, 02/15/2024		1,188
	710	WellCare Health Plans, Inc., 5.25%, 04/01/2025		719
		Wells Fargo & Co.,
	2,045	(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 05/22/2028 (aa)		1,993
	1,210	4.90%, 11/17/2045		1,279
	325	WESCO Distribution, Inc., 5.38%, 06/15/2024		326
	64	West Street Merger Sub, Inc., 6.38%, 09/01/2025 (e)		64
	676	Western Digital Corp., 4.75%, 02/15/2026		681
		Whiting Petroleum Corp.,
	1,250	5.75%, 03/15/2021		1,278
	720	6.25%, 04/01/2023		729
	286	6.63%, 01/15/2026 (e)		290
	1,115	Williams Cos., Inc. (The), 4.55%, 06/24/2024		1,123
	5,660	Williams Partners LP, 4.00%, 09/15/2025		5,643
		Windstream Services LLC,
	1,008	6.38%, 08/01/2023 (e)		572
	25	7.75%, 10/15/2020		21
	2,608	8.75%, 12/15/2024 (e)		1,669
		WMG Acquisition Corp.,
EUR	800	Reg. S, 4.13%, 11/01/2024		1,024
	144	5.50%, 04/15/2026 (e) (w)		144
	351	5.63%, 04/15/2022 (e)		359
	200	6.75%, 04/15/2022 (e)		208

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		United States — continued
		WPX Energy, Inc.,
	410	6.00%, 01/15/2022		426
	1,020	8.25%, 08/01/2023		1,155
	1,730	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		1,754
	2,007	XPO Logistics, Inc., 6.50%, 06/15/2022 (e)		2,086
		Zayo Group LLC,
	752	5.75%, 01/15/2027 (e)		756
	1,575	6.00%, 04/01/2023		1,636
	1,195	6.38%, 05/15/2025		1,250
				890,350
		Total Corporate Bonds (Cost $1,643,962)		1,663,444
	Foreign Government Securities — 20.9%
		Angola — 0.1%
	3,014	Republic of Angola, 9.50%, 11/12/2025 (e)		3,368
		Argentina — 0.4%
		Provincia de Buenos Aires,
	2,828	9.13%, 03/16/2024 (e)		3,146
	2,170	Reg. S, 9.95%, 06/09/2021		2,409
		Republic of Argentina,
	5,300	6.88%, 04/22/2021		5,597
	991	6.88%, 01/11/2048		904
	1,257	Reg. S, 7.13%, 06/28/2117		1,163
				13,219
		Belarus — 0.1%
		Republic of Belarus,
	1,360	6.88%, 02/28/2023 (e)		1,452
	1,950	7.63%, 06/29/2027 (e)		2,201
				3,653
		Brazil — 1.9%
		Brazil Notas do Tesouro Nacional,
	BRL 89,500	10.00%, 01/01/2021		28,660
	BRL 88,900	10.00%, 01/01/2025		28,162
				56,822
		Colombia — 0.2%
	4,620	Republic of Colombia, 5.00%, 06/15/2045		4,603
		Croatia — 0.2%
	4,950	Republic of Croatia, Reg. S, 5.50%, 04/04/2023		5,278
		Dominican Republic — 0.2%
	4,060	Government of Dominican Republic, 6.88%, 01/29/2026 (e)		4,527

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Ecuador — 0.4%
		Republic of Ecuador,
	2,000	7.88%, 01/23/2028 (e)		2,000
	2,400	8.75%, 06/02/2023 (e)		2,550
	4,680	8.88%, 10/23/2027 (e)		4,926
	2,730	10.75%, 03/28/2022 (e)		3,078
				12,554
		Egypt — 0.3%
		Arab Republic of Egypt,
	5,700	Reg. S, 5.75%, 04/29/2020		5,857
	1,700	6.13%, 01/31/2022 (e)		1,757
				7,614
		El Salvador — 0.0% (g)
	355	Republic of El Salvador, Reg. S, 7.63%, 02/01/2041		375
		Gabon — 0.1%
	3,350	Gabonese Republic, Reg. S, 6.38%, 12/12/2024		3,287
		Greece — 0.4%
	EUR 9,384	Greece Government Bond, Reg. S, 3.38%, 02/15/2025 (e)		10,982
		Hungary — 0.5%
	HUF 3,470,000	Hungary Government Bond, 3.00%, 10/27/2027		13,894
		Indonesia — 3.1%
		Republic of Indonesia,
	5,200	Reg. S, 5.38%, 10/17/2023		5,590
	IDR 597,188,000	8.25%, 05/15/2036		46,695
	IDR 469,586,000	8.75%, 05/15/2031		38,425
				90,710
		Italy — 0.5%
	EUR 12,850	Republic of Italy, Reg. S, 2.80%, 03/01/2067 (e)		14,210
		Jamaica — 0.1%
	1,490	Jamaica Government International Bond, 7.88%, 07/28/2045		1,803
		Jordan — 0.1%
	3,059	Kingdom of Jordan, Reg. S, 6.13%, 01/29/2026		3,135
		Kenya — 0.0% (g)
	1,260	Republic of Kenya, 8.25%, 02/28/2048 (e)		1,293

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 33

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Lebanon — 0.4%
		Republic of Lebanon,
	3,170	Reg. S, 5.15%, 11/12/2018		3,154
	5,583	Reg. S, 5.45%, 11/28/2019		5,480
	4,470	Reg. S, 6.10%, 10/04/2022		4,319
				12,953
		Malaysia — 1.9%
		Federation of Malaysia,
	MYR 27,050	3.44%, 02/15/2021		6,909
	MYR 60,650	3.58%, 09/28/2018		15,504
	MYR 28,000	3.65%, 10/31/2019		7,183
	MYR 26,800	4.05%, 09/30/2021		6,941
	MYR 52,210	4.38%, 11/29/2019		13,555
	MYR 26,000	5.73%, 07/30/2019		6,858
				56,950
		Mexico — 0.1%
	EUR 2,610	United Mexican States, 3.38%, 02/23/2031		3,574
		Nigeria — 0.2%
	5,870	Federal Republic of Nigeria, 7.63%, 11/28/2047 (e)		6,024
		Oman — 0.1%
	2,800	Oman Government International Bond, 4.75%, 06/15/2026 (e)		2,688
		Pakistan — 0.4%
		Republic of Pakistan,
	5,400	Reg. S, 6.75%, 12/03/2019		5,542
	3,085	6.88%, 12/05/2027 (e)		3,041
	4,000	Reg. S, 7.25%, 04/15/2019		4,099
				12,682
		Paraguay — 0.0% (g)
	560	Republic of Paraguay, 5.00%, 04/15/2026 (e)		585
		Portugal — 1.9%
		Portugal Obrigacoes do Tesouro,
	EUR 13,253	Reg. S, 2.88%, 10/15/2025 (e)		17,725
	EUR 14,146	Reg. S, 2.88%, 07/21/2026 (e)		18,850
	EUR 13,500	Reg. S, 4.13%, 04/14/2027 (e)		19,617
				56,192
		Qatar — 0.4%
		State of Qatar,
	10,900	Reg. S, 2.38%, 06/02/2021		10,505
	995	Reg. S, 4.63%, 06/02/2046		983
				11,488

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Russia — 3.2%
		Russian Federation,
	6,800	5.25%, 06/23/2047 (e)		7,080
	RUB 1,541,252	7.70%, 03/23/2033		28,545
	RUB 1,562,000	7.75%, 09/16/2026		29,293
	RUB 1,504,100	8.15%, 02/03/2027		29,011
				93,929
		South Africa — 0.5%
	ZAR 224,900	Republic of South Africa, 6.50%, 02/28/2041		14,407
		Spain — 1.9%
		Spain Government Bond,
	EUR 20,985	Reg. S, 2.70%, 10/31/2048 (e)		25,885
	EUR 23,550	Reg. S, 2.90%, 10/31/2046 (e)		30,700
				56,585
		Sri Lanka — 0.2%
		Republic of Sri Lanka,
	3,700	6.20%, 05/11/2027 (e)		3,679
	2,980	6.83%, 07/18/2026 (e)		3,096
				6,775
		Turkey — 0.4%
		Republic of Turkey,
	5,350	5.13%, 03/25/2022		5,470
	5,030	5.75%, 05/11/2047		4,540
	2,250	6.63%, 02/17/2045		2,275
				12,285
		Ukraine — 0.5%
		Republic of Ukraine,
	12,460	Reg. S, 7.75%, 09/01/2021		13,176
	2,834	Reg. S, 7.75%, 09/01/2024		2,937
				16,113
		Uruguay — 0.1%
	2,030	Republic of Uruguay, 4.38%, 10/27/2027		2,103
		Zambia — 0.1%
	2,920	Republic of Zambia, Reg. S, 8.50%, 04/14/2024		3,084
		Total Foreign Government Securities (Cost $603,538)		619,744
	Loan Assignments — 2.9% (cc)
		Canada — 0.1%
	1,110	Concordia Healthcare Corp., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 10/21/2021 (aa)		991

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Canada — continued
	85	Garda World Security, 1st Lien Term Loan B, (US Prime Rate + 2.50%), 4.97%, 05/24/2024 (aa)		86
	755	MEG Energy Corp., 1st Lien Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.20%, 12/31/2023 (aa)		754
	656	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.08%, 04/01/2022 (aa)		664
				2,495
		France — 0.0% (g)
	424	Altran Technologies SA, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 01/30/2025 (aa) ^		427
		Luxembourg — 0.1%
	1,011	Auris Luxembourg III Sarl, Term Loan B-7, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/17/2022 (aa)		1,019
	1,084	Intelsat Jackson Holdings SA, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 5.71%, 11/27/2023 (aa)		1,076
	901	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.47%, 03/11/2022 (aa)		903
				2,998
		Netherlands — 0.1%
	2,200	Ziggo Secured Finance BV, 1st Lien Term Loan E, (ICE LIBOR USD 1 Month + 2.50%), 4.09%, 04/15/2025 (aa) ^		2,179
		United Kingdom — 0.1%
	1,909	Cineworld Finance U.S. Inc., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.15%, 02/07/2025 (aa) ^		1,906
		United States — 2.5%
	1,052	A2Z Wireless Holdings, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.57%, 05/01/2023 (aa)		1,049
	521	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 02/16/2023 (aa)		524
		Albertson’s LLC, 1st Lien Term Loan,
	467	(ICE LIBOR USD 3 Month + 3.00%), 4.67%, 12/21/2022 (aa)		461
	69	(ICE LIBOR USD 3 Month + 3.00%), 4.96%, 06/22/2023 (aa)		68

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	156	Albertson’s LLC, 1st Lien Term Loan B-4, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 08/25/2021 (aa)		154
	2,155	Altice US Finance I Corp., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 07/28/2025 (aa) ^		2,151
	1,270	Avaya, Inc. 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/15/2024 (aa)		1,276
	374	Barracuda Networks, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.06%, 02/12/2025 (aa)		376
	82	Barracuda Networks, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.06%, 01/09/2026 (aa)		83
	331	Berry Plastic Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 02/08/2020 (aa)		332
	205	Berry Plastic Corp., 1st Lien Term Loan P, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 01/06/2021 (aa)		206
	131	BJ’s Wholesale Club, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 7.50%), 9.08%, 02/03/2025 (aa)		131
	792	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.97%, 12/31/2021 (aa)		893
	2,045	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/31/2022 (aa)		2,068
	975	Calpine Corp., Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 4.20%, 01/15/2024 (aa)		977
	743	Centurylink, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 01/31/2025 (aa)		730
	990	Chemours Co. (The), Senior Secured Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 05/12/2022 (aa)		994
	777	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 9.44%, 08/23/2021 (aa)		827
	1,984	CHG Healthcare Services, Inc., 1st Lien Term Loan B, (LIBOR + 3.00%), 4.77%, 06/07/2023 (aa)		2,003
	290	Chrysler Group LLC, Tranche B Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.60%, 12/31/2018 (aa)		290
	2,298	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		2,315

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 35

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	833	CITGO Petroleum Corp., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.19%, 07/29/2021 (aa)		830
	1,062	Clover Merger Sub, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 09/26/2024 (aa)		1,022
	843	Community Health Systems, Inc., Incremental 2021 Term H Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.98%, 01/27/2021 (aa)		822
	1,540	Community Health Systems, Inc., Term Loan G, (ICE LIBOR USD 3 Month + 2.75%), 4.73%, 12/31/2019 (aa)		1,526
	148	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 10/05/2023 (aa)		146
	384	Consolidated Container, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 05/22/2024 (aa)		386
	868	Continental Building Products, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.91%, 08/18/2023 (aa)		876
	565	CROWN Americas LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.25%), 2.25%, 01/17/2025 (aa) ^		570
	736	CSC Holdings LLC, 1st Lien, (ICE LIBOR USD 1 Month + 2.25%), 3.84%, 07/17/2025 (aa)		734
	747	Delta 2 Sarl, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 02/01/2024 (aa)		745
	1,470	Dole Food Co., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%; US Prime Rate + 1.75%), 4.36%, 04/06/2024 (aa)		1,476
	530	Duff & Phelps Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.83%, 02/13/2025 (aa) ^		534
	833	Energy Future Intermediate Holding Co. LLC, DIP Term Loan, (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 1 Week + 3.00%), 4.47%, 06/30/2018 (aa)		833
	257	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa) ^		64
		First Data Corp., 1st Lien Term Loan,
	786	(ICE LIBOR USD 1 Month + 2.25%), 3.87%, 07/08/2022 (aa)		787
	695	(ICE LIBOR USD 1 Month + 2.25%), 3.87%, 04/26/2024 (aa)		696

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	398	Go Daddy Operating Co. LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 02/15/2024 (aa)		398
	1,250	Golden Nugget, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.98%, 10/04/2023 (aa)		1,259
	2,601	Hargray Communications Group, Inc., Senior Secured Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 05/16/2024 (aa) ^		2,606
	646	HD Supply, Inc., 1st Lien Term Loan B-4, (ICE LIBOR USD 3 Month + 2.50%), 4.19%, 10/17/2023 (aa)		650
	242	Hearthside Group Holdings LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 06/02/2021 (aa)		242
	447	HUB International Ltd., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.84%, 10/02/2020 (aa)		449
	550	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 8.44%, 01/30/2019 (aa) (d)		437
	24	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.19%, 07/30/2019 (aa) (d)		19
	400	Impala Private Holdings II LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.70%, 11/14/2024 (aa)		401
	855	Infor US, Inc., Tranche B-6 Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 4.44%, 02/01/2022 (aa)		856
	1,110	IRB Holding Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 4.83%, 02/05/2025 (aa)		1,120
	343	Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.58%, 02/07/2025 (aa)		342
	2,000	JBS USA Holdings, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 2.50%), 4.10%, 10/30/2022 (aa)		1,990
	2,885	Level 3 Financing, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.85%, 02/22/2024 (aa)		2,889
	85	MacDonald Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.33%, 10/04/2024 (aa)		85
	1,130	Mallinckrodt International Finance SA, Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.82%, 02/24/2025 (aa)		1,132
	240	MedRisk, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/24/2025 (aa)		240

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		United States — continued
	1,122	Misys, Term Loan B, (ICE LIBOR USD 3 Month + 3.50%), 5.48%, 06/13/2024 (aa)		1,121
	421	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.65%, 12/05/2023 (aa)		372
	1,728	MultiPlan, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 06/07/2023 (aa)		1,736
	455	National Mentor Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/31/2021 (aa)		458
	471	NCI Building Systems, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 02/07/2025 (aa)		472
	1,468	NVA Holdings, Inc.,1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.33%, 02/02/2025 (aa)		1,467
	775	Party City Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 4.47%, 08/19/2022 (aa) ^		776
	668	Pearl Intermediate Parent LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.34%, 01/31/2025 (aa)		663
	250	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 03/11/2022 (aa)		204
	983	Prime Security Services Borrower LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 05/02/2022 (aa)		991
	726	Qlik Technologies, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 6 Month + 3.50%), 5.04%, 04/26/2024 (aa)		716
	990	Quest Software US Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.27%, 10/31/2022 (aa)		1,006
	890	Rackspace Hosting, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.79%, 11/03/2023 (aa)		893
	409	Red Ventures LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 11/08/2024 (aa)		411
	1,669	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.15%, 11/01/2024 (aa)		1,687
	995	Spin Holdco, Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 5.49%, 11/14/2022 (aa)		1,000

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United States — continued
	2,693	Staples, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.79%, 09/12/2024 (aa)		2,675
	1,324	Summit Materials Co. I LLC, Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 11/21/2024 (aa)		1,332
	115	Summit Midstream Partners Holdings LLC, Senior Secured Term Loan, (ICE LIBOR USD 1 Month + 6.00%), 7.65%, 05/13/2022 (aa)		117
	242	SUPERVALU, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		239
	403	SUPERVALU, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		399
	385	Syniverse Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 8.50%), 9.50%, 02/09/2024 (aa) ^		390
	2,720	Syniverse Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 02/09/2023 (aa) ^		2,741
	2,242	Tennessee Merger Sub, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 02/06/2024 (aa)		2,179
	470	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 12/27/2020 (aa)		471
	791	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 04/12/2024 (aa)		788
	352	Unifrax LLC, Senior Secured Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.19%, 04/04/2024 (aa)		355
	1,719	Univision Communications, Inc., 1st Lien Term Loan C-5, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 03/15/2024 (aa)		1,697
	417	USI, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.69%, 05/16/2024 (aa)		416
	1,420	WMG Acquisition Corp.,1st Lien Term Loan E, (ICE LIBOR USD 1 Month + 2.25%), 3.83%, 11/01/2023 (aa)		1,423
				74,265
		Total Loan Assignments (Cost $84,461)		84,270

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 37

JPMorgan Global Bond Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

SHARES			SECURITY DESCRIPTION	VALUE
	Preferred Stocks — 0.0% (g)
			Bermuda — 0.0% (g)
	—	(h)	XLIT Ltd., Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 04/05/2018 ($1,000 par value) (aa) @		58
			United States — 0.0% (g)
	1		Goodman Private Preferred Shares ($— par value) (bb)		2
			Total Preferred Stocks (Cost $52)		60
PRINCIPAL AMOUNT
	Private Placement — 0.5%
			United States — 0.5%
	15,000		333-345 S.B Street, 5.31%, 11/01/2019 (bb) (Cost $15,000)		15,000
NUMBER OF RIGHTS
	Rights — 0.0% (g)
			United States — 0.0% (g)
	6		Vistra Energy Corp., expiring 12/31/2049 (a) (bb) (Cost $—)		5

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investments— 0.8%
		U.S. Treasury Obligation — 0.0% (g)
	285	U.S. Treasury Bills, 1.25%, 03/22/2018 (k) (n) (Cost $285)		285
		Investment Company — 0.8%
	23,923	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.50% (b) (l) (Cost $23,925)		23,925
		Total Short-Term Investments (Cost $24,210)		24,210
		Total Investments — 98.2% (Cost $2,873,374)		2,908,411
		Other Assets in Excess of Liabilities — 1.8%		53,212
		NET ASSETS — 100.0%	$	2,961,623

Percentages indicated are based on net assets.

Futures contracts outstanding as of February 28, 2018:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Euro-Schatz		12		03/2018		EUR		1,639			1
Canada 10 Year Bond		1,852		06/2018		CAD		190,049			1,156
											1,157
Short Contracts
Euro-Bobl		(7)		03/2018		EUR		(1,119	)		(2	)
Euro-Bund		(192)		03/2018		EUR		(37,347	)		804
Euro-Buxl		(313)		03/2018		EUR		(61,686	)		493
Euro-OAT		(264)		03/2018		EUR		(49,497	)		1,235
Euro-Schatz		(2,064)		03/2018		EUR		(281,949	)		336
Long Gilt		(3)		06/2018		GBP		(500	)		(2	)
U.S. Treasury 10 Year Note		(740)		06/2018		USD		(88,858	)		(187	)
U.S. Treasury 10 Year Ultra Note		(2,301)		06/2018		USD		(294,708	)		(1,412	)
U.S. Treasury 5 Year Note		(72)		06/2018		USD		(8,203	)		(7	)
U.S. Treasury Long Bond		(57)		06/2018		USD		(8,180	)		(96	)
U.S. Treasury Ultra Bond		(54)		06/2018		USD		(8,419	)		(139	)
3 Month Eurodollar		(2,776)		12/2019		USD		(674,221	)		3,074
											4,097
											5,254

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

Forward foreign currency exchange contracts outstanding as of February 28, 2018:
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	29,385	AUD	36,912	BNP Paribas		03/13/2018		715
USD	58,598	CAD	73,472	Goldman Sachs International		03/13/2018		1,331
USD	20,473	CAD	25,672	State Street Corp.		03/13/2018		462
USD	59,556	CHF	55,666	Barclays Bank plc		03/13/2018		559
USD	1,829	EUR	1,470	BNP Paribas		03/13/2018		35
USD	43,332	EUR	35,010	Citibank, NA		03/13/2018		586
USD	872	EUR	703	Deutsche Bank AG		03/13/2018		13
USD	209,853	EUR	168,902	Goldman Sachs International		03/13/2018		3,630
USD	378,737	EUR	309,045	Goldman Sachs International		03/13/2018		1,403
USD	1,311	EUR	1,062	Royal Bank of Canada		03/13/2018		14
USD	84,213	EUR	68,667	TD Bank Financial Group		03/13/2018		373
USD	1,158	GBP	834	BNP Paribas		03/13/2018		10
USD	29,057	GBP	21,020	Citibank, NA		03/13/2018		106
USD	417	GBP	300	State Street Corp.		03/13/2018		4
USD	14,287	HUF	3,624,988	HSBC Bank, N.A.		03/13/2018		188
USD	112,138	NZD	153,316	Barclays Bank plc		03/13/2018		1,579
USD	28,139	SEK	224,271	Deutsche Bank AG		03/13/2018		1,055
USD	41,073	SGD	54,267	Royal Bank of Canada		03/13/2018		103
Total unrealized appreciation								12,166
CAD	23,047	USD	18,374	State Street Corp.		03/13/2018		(410	)
CNH	366,905	USD	58,291	HSBC Bank, N.A.		03/13/2018		(355	)
CZK	1,159,687	USD	56,918	HSBC Bank, N.A.		03/13/2018		(1,206	)
EUR	1,933	USD	2,400	Australia & New Zealand Banking Group Ltd.		03/13/2018		(40	)
EUR	2,590	USD	3,199	BNP Paribas		03/13/2018		(37	)
EUR	71,272	USD	88,129	Citibank, NA		03/13/2018		(1,108	)
EUR	820	USD	1,016	Deutsche Bank AG		03/13/2018		(15	)
EUR	640	USD	792	Deutsche Bank AG		03/13/2018		(10	)
EUR	395	USD	487	Merrill Lynch International		03/13/2018		(5	)
EUR	1,329	USD	1,644	Morgan Stanley		03/13/2018		(21	)
EUR	1,572	USD	1,931	Royal Bank of Canada		03/13/2018		(11	)
EUR	12,375	USD	15,331	State Street Corp.		03/13/2018		(223	)
GBP	2,709	USD	3,810	Australia & New Zealand Banking Group Ltd.		03/13/2018		(79	)
GBP	809	USD	1,126	Barclays Bank plc		03/13/2018		(12	)
GBP	858	USD	1,207	BNP Paribas		03/13/2018		(25	)
GBP	860	USD	1,209	Morgan Stanley		03/13/2018		(25	)
NZD	10,489	USD	7,772	Australia & New Zealand Banking Group Ltd.		03/13/2018		(208	)
NZD	13,714	USD	10,018	BNP Paribas		03/13/2018		(129	)
NZD	10,449	USD	7,671	HSBC Bank, N.A.		03/13/2018		(136	)
SEK	224,271	USD	28,344	Goldman Sachs International		03/13/2018		(1,260	)
SGD	54,267	USD	41,411	HSBC Bank, N.A.		03/13/2018		(441	)
CNH	197,661	USD	31,266	Goldman Sachs International		04/12/2018		(111	)
Total unrealized depreciation								(5,867	)
Net unrealized appreciation								6,299

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 39

JPMorgan Global Bond Opportunities Fund

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

AS OF FEBRUARY 28, 2018 (Unaudited)

ACES	—  Alternative Credit Enhancement Securities
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CAD	—  Canadian Dollar
CHF	—  Swiss Franc
CLO	—  Collateralized Loan Obligation
CNH	—  China Renminbi
CZK	—  Czech Republic Koruna
DIP	—  Debtor-in-possession
EUR	—  Euro
EURIBOR	—  Euro Interbank Offered Rate
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
GBP	—  British Pound
GNMA	—  Government National Mortgage Association
HUF	—  Hungarian Forint
ICE	—  Intercontinental Exchange
IDR	—  Indonesian Rupiah
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of February 28, 2018. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	—  London Interbank Offered Rate
MSCI	—  Morgan Stanley Capital International
MYR	—  Malaysian Ringgit
NZD	—  New Zealand Dollar
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration.
REMIC	—  Real Estate Mortgage Investment Conduit
RUB	—  Russian Ruble
SEK	—  Swedish Krona
SGD	—  Singapore Dollar
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of February 28, 2018.

USD	—  United States Dollar
ZAR	—  South African Rand
(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.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(l)	—  The rate shown is the current yield as of February 28, 2018.
(n)	—  The rate shown is the effective yield as of February 28, 2018.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—  Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2018.
(y)	—  Security is an interest bearing note with preferred security characteristics.
(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 February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.
(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.
^	—  All or a portion of the security is unsettled as of February 28, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of February 28, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 41

STATEMENT OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	Global Bond Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	2,884,486
Investments in affiliates, at value		23,925
Cash		6,936
Foreign currency, at value		5,773
Deposits at broker for futures contracts		12,304
Receivables:
Due from custodian		1,330
Investment securities sold		33,251
Fund shares sold		7,175
Interest and dividends from non-affiliates		35,577
Dividends from affiliates		68
Tax reclaims		62
Unrealized appreciation on forward foreign currency exchange contracts		12,166
Total Assets		3,023,053
LIABILITIES:
Payables:
Due to custodian		2,561
Investment securities purchased		46,483
Investment securities purchased — delayed delivery securities		767
Fund shares redeemed		2,435
Variation margin on futures contracts		1,473
Unrealized depreciation on forward foreign currency exchange contracts		5,867
Unrealized depreciation on unfunded commitments		2
Accrued liabilities:
Investment advisory fees		1,000
Administration fees		35
Distribution fees		92
Service fees		271
Custodian and accounting fees		45
Trustees’ and Chief Compliance Officer’s fees		1
Deferred foreign capital gains tax		326
Other		72
Total Liabilities		61,430
Net Assets	$	2,961,623

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Global Bond Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	2,979,089
Accumulated undistributed (distributions in excess of) net investment income		(26,947	)
Accumulated net realized gains (losses)		(37,121	)
Net unrealized appreciation (depreciation)		46,602
Total Net Assets	$	2,961,623
Net Assets:
Class A	$	239,992
Class C		83,018
Class I		2,145,173
Class R6		493,440
Total	$	2,961,623
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		23,488
Class C		8,153
Class I		209,526
Class R6		48,174
Net Asset Value (a):
Class A — Redemption price per share	$	10.22
Class C — Offering price per share (b)		10.18
Class I — Offering and redemption price per share		10.24
Class R6 — Offering and redemption price per share		10.24
Class A maximum sales charge		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.62
Cost of investments in non-affiliates	$	2,849,449
Cost of investments in affiliates		23,925
Cost of foreign currency		5,691

(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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 43

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

(Amounts in thousands)

	Global Bond Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	63,291
Interest income from affiliates		10
Dividend income from non-affiliates		4
Dividend income from affiliates		499
Foreign taxes withheld		(342	)
Total investment income		63,462
EXPENSES:
Investment advisory fees		7,222
Administration fees		1,067
Distribution fees:
Class A		266
Class C		284
Service fees:
Class A		266
Class C		94
Class I		2,271
Custodian and accounting fees		218
Interest expense to affiliates		10
Professional fees		78
Trustees’ and Chief Compliance Officer’s fees		17
Printing and mailing costs		69
Registration and filing fees		70
Transfer agency fees (See Note 2.I.)		27
Other		27
Total expenses		11,986
Less fees waived		(3,415	)
Less earnings credits		(1	)
Net expenses		8,570
Net investment income (loss)		54,892
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,561	(a)
Investments in affiliates		(9	)
Options purchased		(18	)
Futures contracts		15,353
Foreign currency transactions		(617	)
Forward foreign currency exchange contracts		(24,142	)
Net realized gain (loss)		(1,872	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(38,272	)(b)
Investments in affiliates		(1	)
Futures contracts		9,512
Foreign currency translations		(51	)
Forward foreign currency exchange contracts		9,228
Unfunded commitments		(2	)
Change in net unrealized appreciation/depreciation		(19,586	)
Net realized/unrealized gains (losses)		(21,458	)
Change in net assets resulting from operations	$	33,434

(a) Net of foreign capital gains tax of approximately $(35,000).

(b) Net of change in foreign capital gains tax of approximately $(13,000).

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Global Bond Opportunities Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	54,892		$	69,258
Net realized gain (loss)		(1,872	)		(44,881	)
Change in net unrealized appreciation/depreciation		(19,586	)		56,324
Change in net assets resulting from operations		33,434			80,701
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,780	)		(7,067	)
Class C
From net investment income		(835	)		(2,455	)
Class I
From net investment income		(26,521	)		(62,192	)
Class R6
From net investment income		(7,578	)		(8,264	)
Total distributions to shareholders		(37,714	)		(79,978	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		672,065			892,443
NET ASSETS:
Change in net assets		667,785			893,166
Beginning of period		2,293,838			1,400,672
End of period	$	2,961,623		$	2,293,838
Accumulated undistributed (distributions in excess of) net investment income	$	(26,947	)	$	(44,125	)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	70,093		$	153,426
Distributions reinvested		2,724			6,865
Cost of shares redeemed		(23,072	)		(95,125	)
Change in net assets resulting from Class A capital transactions	$	49,745		$	65,166
Class C
Proceeds from shares issued	$	22,769		$	33,806
Distributions reinvested		796			2,298
Cost of shares redeemed		(11,301	)		(14,446	)
Change in net assets resulting from Class C capital transactions	$	12,264		$	21,658
Class I
Proceeds from shares issued	$	810,782		$	1,121,913
Distributions reinvested		23,299			28,367
Cost of shares redeemed		(245,459	)		(660,897	)
Change in net assets resulting from Class I capital transactions	$	588,622		$	489,383
Class R6
Proceeds from shares issued	$	224,463		$	367,559
Distributions reinvested		6,091			2,704
Cost of shares redeemed		(209,120	)		(54,027	)
Change in net assets resulting from Class R6 capital transactions	$	21,434		$	316,236
Total change in net assets resulting from capital transactions	$	672,065		$	892,443

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Global Bond Opportunities Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		6,822			15,125
Reinvested		265			679
Redeemed		(2,243	)		(9,387	)
Change in Class A Shares		4,844			6,417
Class C
Issued		2,221			3,338
Reinvested		78			228
Redeemed		(1,103	)		(1,429	)
Change in Class C Shares		1,196			2,137
Class I
Issued		78,640			110,259
Reinvested		2,262			2,800
Redeemed		(23,819	)		(64,920	)
Change in Class I Shares		57,083			48,139
Class R6
Issued		21,766			35,939
Reinvested		591			267
Redeemed		(20,253	)		(5,297	)
Change in Class R6 Shares		2,104			30,909

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	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
Global Bond Opportunities Fund
Class A
Six Months Ended February 28, 2018 (Unaudited)	$	10.22	$	0.20	(f)	$	(0.07	)	$	0.13		$	(0.13	)	$	—		$	(0.13	)
Year Ended August 31, 2017		10.24		0.39	(f)		0.05			0.44			(0.46	)		—			(0.46	)
Year Ended August 31, 2016		10.01		0.38	(f)		0.34			0.72			(0.49	)		—			(0.49	)
Year Ended August 31, 2015		10.60		0.40	(f)		(0.53	)		(0.13	)		(0.45	)		(0.01	)		(0.46	)
Year Ended August 31, 2014		10.20		0.42	(f)		0.38			0.80			(0.35	)		(0.05	)		(0.40	)
September 4, 2012 (h) through August 31, 2013		10.00		0.45			0.16			0.61			(0.41	)		—			(0.41	)
Class C
Six Months Ended February 28, 2018 (Unaudited)		10.18		0.18	(f)		(0.07	)		0.11			(0.11	)		—			(0.11	)
Year Ended August 31, 2017		10.21		0.35	(f)		0.04			0.39			(0.42	)		—			(0.42	)
Year Ended August 31, 2016		9.99		0.34	(f)		0.33			0.67			(0.45	)		—			(0.45	)
Year Ended August 31, 2015		10.59		0.35	(f)		(0.51	)		(0.16	)		(0.43	)		(0.01	)		(0.44	)
Year Ended August 31, 2014		10.21		0.37	(f)		0.39			0.76			(0.33	)		(0.05	)		(0.38	)
September 4, 2012 (h) through August 31, 2013		10.00		0.44			0.14			0.58			(0.37	)		—			(0.37	)
Class I
Six Months Ended February 28, 2018 (Unaudited)		10.24		0.21	(f)		(0.07	)		0.14			(0.14	)		—			(0.14	)
Year Ended August 31, 2017		10.26		0.42	(f)		0.05			0.47			(0.49	)		—			(0.49	)
Year Ended August 31, 2016		10.03		0.40	(f)		0.35			0.75			(0.52	)		—			(0.52	)
Year Ended August 31, 2015		10.61		0.42	(f)		(0.52	)		(0.10	)		(0.47	)		(0.01	)		(0.48	)
Year Ended August 31, 2014		10.21		0.45	(f)		0.37			0.82			(0.37	)		(0.05	)		(0.42	)
September 4, 2012 (h) through August 31, 2013		10.00		0.50			0.14			0.64			(0.43	)		—			(0.43	)
Class R6
Six Months Ended February 28, 2018 (Unaudited)		10.24		0.22	(f)		(0.07	)		0.15			(0.15	)		—			(0.15	)
Year Ended August 31, 2017		10.27		0.43	(f)		0.04			0.47			(0.50	)		—			(0.50	)
Year Ended August 31, 2016		10.03		0.42	(f)		0.35			0.77			(0.53	)		—			(0.53	)
Year Ended August 31, 2015		10.61		0.44	(f)		(0.52	)		(0.08	)		(0.49	)		(0.01	)		(0.50	)
Year Ended August 31, 2014		10.21		0.48	(f)		0.36			0.84			(0.39	)		(0.05	)		(0.44	)
September 4, 2012 (h) through August 31, 2013		10.00		0.52			0.14			0.66			(0.45	)		—			(0.45	)

(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) Commencing on August 31, 2017, the Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For periods prior to August 31, 2017, the Fund did not transact in securities sold short.

(f) Calculated based upon average shares outstanding.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended August 31, 2014 and for the period ended August 31, 2013.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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)(e)			Portfolio turnover rate (including short sales) (b)(e)
	$10.22		1.25	%	$	239,992		0.89	%		3.95	%		1.17	%		29	%		29	%
	10.22		4.47			190,488		0.89			3.87			1.23			61			62
	10.24		7.51			125,248		0.89			3.81			1.27			71			—
	10.01		(1.26	)		64,383		0.89			3.85			1.27			90			—
	10.60		8.01			19,131		0.89	(g)		4.01	(g)		1.49	(g)		77			—
	10.20		6.12			203		0.90	(g)		4.66	(g)		2.41	(g)		117			—
	10.18		1.06			83,018		1.29			3.54			1.67			29			29
	10.18		3.97			70,849		1.29			3.46			1.72			61			62
	10.21		7.03			49,223		1.29			3.40			1.76			71			—
	9.99		(1.63	)		13,324		1.29			3.44			1.79			90			—
	10.59		7.55			4,727		1.29	(g)		3.49	(g)		1.98	(g)		77			—
	10.21		5.77			53		1.30	(g)		4.30	(g)		2.54	(g)		117			—
	10.24		1.37			2,145,173		0.64			4.19			0.92			29			29
	10.24		4.73			1,560,658		0.64			4.12			0.94			61			62
	10.26		7.76			1,070,541		0.64			4.09			0.95			71			—
	10.03		(0.97	)		942,467		0.64			4.08			0.97			90			—
	10.61		8.22			132,823		0.64	(g)		4.30	(g)		1.26	(g)		77			—
	10.21		6.43			26,731		0.65	(g)		4.95	(g)		1.80	(g)		117			—
	10.24		1.44			493,440		0.49			4.34			0.67			29			29
	10.24		4.78			471,843		0.49			4.26			0.68			61			62
	10.27		8.01			155,660		0.49			4.23			0.69			71			—
	10.03		(0.86	)		113,977		0.49			4.22			0.71			90			—
	10.61		8.38			47,277		0.49	(g)		4.53	(g)		1.00	(g)		77			—
	10.21		6.58			53		0.50	(g)		5.10	(g)		1.55	(g)		117			—

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 49

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (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 is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Global Bond Opportunities Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the 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 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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 Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved 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 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 Fund are calculated on a valuation date.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

50 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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

See the table 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 the Fund at February 28, 2018.

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities
Cayman Islands	$	—	$	78,897	$	2,102	$	80,999
Italy		—		3		—		3
United States		—		65,938		34,750		100,688
Total Asset-Backed Securities		—		144,838		36,852		181,690
Collateralized Mortgage Obligations
Italy		—		—		146		146
United States		—		63,266		7,286		70,552
Total Collateralized Mortgage Obligations		—		63,266		7,432		70,698
Commercial Mortgage-Backed Securities
Cayman Islands		—		2,085		864		2,949
United States		—		122,766		45,910		168,676
Total Commercial Mortgage-Backed Securities		—		124,851		46,774		171,625
Convertible Bonds
China		—		4,966		—		4,966
Netherlands		—		2,014		—		2,014
United Arab Emirates		—		916		—		916
United States		—		66,428		—		66,428
Total Convertible Bonds		—		74,324		—		74,324
Corporate Bonds
Argentina		—		9,906		—		9,906
Australia		—		6,449		—		6,449
Bahrain		—		1,584		—		1,584
Belgium		—		16,246		—		16,246
Brazil		—		38,361		—		38,361
Canada		—		25,122		—		25,122
Chile		—		2,675		—		2,675
China		—		13,962		—		13,962
Colombia		—		2,095		—		2,095
Denmark		—		3,121		—		3,121

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 51

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Finland	$	—	$	460	$	—	$	460
France		—		86,609		—		86,609
Germany		—		57,532		—		57,532
Greece		—		4,877		—		4,877
Guatemala		—		1,459		—		1,459
Hong Kong		—		4,413		—		4,413
India		—		3,478		—		3,478
Indonesia		—		902		—		902
Ireland		—		32,840		—		32,840
Israel		—		4,907		—		4,907
Italy		—		57,840		—		57,840
Jamaica		—		2,202		—		2,202
Japan		—		9,851		—		9,851
Jordan		—		898		—		898
Kazakhstan		—		1,757		—		1,757
Kuwait		—		5,639		—		5,639
Luxembourg		—		68,926		—		68,926
Mexico		—		32,615		—		32,615
Netherlands		—		47,522		—		47,522
Nigeria		—		2,952		—		2,952
Panama		—		718		—		718
Peru		—		6,178		—		6,178
Portugal		—		10,369		—		10,369
Qatar		—		4,591		—		4,591
South Korea		—		6,006		—		6,006
Spain		—		42,963		—		42,963
Sweden		—		13,761		—		13,761
Switzerland		—		27,219		—		27,219
Turkey		—		2,269		—		2,269
United Arab Emirates		—		4,584		—		4,584
United Kingdom		—		107,236		—		107,236
United States		—		889,389		961		890,350
Total Corporate Bonds		—		1,662,483		961		1,663,444
Foreign Government Securities		—		619,744		—		619,744
Private Placement
United States		—		—		15,000		15,000
Preferred Stocks
Bermuda		—		58		—		58
United States		—		—		2		2
Total Preferred Stocks		—		58		2		60
Common Stocks
Colombia		2,039		—		—		2,039
New Zealand		—		—		80		80
United States		1,222		—		—		1,222
Total Common Stocks		3,261		—		80		3,341
Loan Assignments
Canada		—		2,495		—		2,495
France		—		427		—		427
Luxembourg		—		2,998		—		2,998
Netherlands		—		2,179		—		2,179
United Kingdom		—		1,906		—		1,906
United States		—		74,265		—		74,265
Total Loan Assignments		—		84,270		—		84,270

52 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Right
United States	$	—		$	—		$	5	$	5
Short-Term Investments
Investment Company		23,925			—			—		23,925
U.S. Treasury Obligation		—			285			—		285
Total Short-Term Investments	$	23,925		$	285		$	—	$	24,210
Total Investments in Securities	$	27,186		$	2,774,119		$	107,106	$	2,908,411
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	12,166		$	—	$	12,166
Futures Contracts		7,099			—			—		7,099
Total Appreciation in Other Financial Instruments	$	7,099		$	12,166		$	—	$	19,265
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(5,867	)	$	—	$	(5,867	)
Futures Contracts		(1,845	)		—			—		(1,845	)
Total Depreciation in Other Financial Instruments	$	(1,845	)	$	(5,867	)	$	—	$	(7,712	)

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

There were no transfers between level 1 and level 2 during the six months ended February 28, 2018.

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

	Balance as of August 31, 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 February 28, 2018
Investments in Securities:
Asset-Backed Securities — Cayman Islands	$	—	$	(3	)	$	9		$	—	(a)	$	—	$	(135	)	$	2,231	$	—		$	2,102
Asset-Backed Securities — Ireland		785		—			—	(a)		—			—		(785	)		—		—			—
Asset-Backed Securities — United States		21,828		68			82			11			14,506		(3,166	)		4,773		(3,352	)		34,750
Collateralized Mortgage Obligation — Italy		142		—			4			—	(a)		—		—			—		—			146
Collateralized Mortgage Obligation — United States		—		—			(7	)		—	(a)		7,293		—			—		—			7,286
Commercial Mortgage-Backed Securities — Cayman Islands		864		—			—	(a)		—			—		—			—		—			864
Commercial Mortgage-Backed Securities — United States		35,746		2			(675	)		19			16,918		(7,598	)		3,399		(1,901	)		45,910
Common Stocks — New Zealand		73		—			7			—			—		—			—		—			80
Corporate Bonds — United States		959		—	(a)		3			—	(a)		293		(5	)		—		(289	)		961
Preferred Stock — United States		2		—			—	(a)		—			—		—			—		—			2
Private Placement — United States		—		—			—			—			15,000		—			—		—			15,000
Rights — United States		7		—			(2	)		—			—		—			—		—			5
	$	60,406	$	67		$	(579	)	$	30		$	54,010	$	(11,689	)	$	10,403	$	(5,542	)	$	107,106

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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

There were no significant transfers between level 2 and level 3 during the six months ended February 28, 2018.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(577,000). This amount is included in Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 28, 2018			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	—	(a)	Market Comparable Companies	EBITDA Multiple(b)		6.5x (6.5x)
Common Stock		—	(a)
		2		Market Comparable Companies	EBITDA Multiple(b)		6.5x (6.5x)
					Discount for potential outcome(c)		30.00% (30.00%)
Preferred Stock		2
		33,598		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (10.85%)
					Constant Default Rate		0.00% - 7.29% (1.38%)
					Yield (Discount Rate of Cash Flows)		2.46% - 6.41% (4.06%)
Asset-Backed Securities		33,598
		37,145		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		(36.16)% - 199.00% ((0.90%))
Commercial Mortgage-Backed Securities		37,145
		15,000		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		5.67% (5.67%)
Private Placements		15,000
		707		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		3.67% - 19.29% (6.41%)
		—	(a)	Pending Distribution Amount	Discount for potential outcome(c)		100.00% (100.00%)
Corporate Bonds		707
Total	$	86,452

 # The table above does not include level 3 securities that are valued by brokers and pricing services. At February 28, 2018, the value of these securities was approximately $20,654,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Securities senior in the issuing entity capital structure result in this security being valued at zero.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

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 or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Fund 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, as amended (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 Fund.

As of February 28, 2018, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A or Regulation S under the Securities Act.

C. Loan Assignments — The Fund 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 Fund invests 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,

54 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

provided, however, the Fund’s rights may be more limited than the Lender from which it acquired the assignment and the Fund may be able to enforce its 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 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.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

D. Unfunded Commitments — The Fund has entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statements of Operations.

At February 28, 2018, the Fund had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

											Unfunded Commitment				Funded Commitment				Total Commitment
Security Description	Term		Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Pearl Intermediate Parent LLC		Delayed Draw Term Loan		01/31/25		1.000	%		0.000	%	$	197	$	195	$	—	$	—	$	197	$	195

E. Derivatives — The Fund used derivative instruments including futures and forward foreign currency exchange contracts 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 its value, as recorded on the Statement 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 may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and will 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 E(1) — E(3) below describe the various derivatives used by the Fund.

(1). Options — The Fund purchased and sold (“wrote”) put and call options on various instruments including futures and securities to manage and hedge interest rate risks within the portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Eurodollar options are settled for cash.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statement of Assets and Liabilities as options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation of options purchased on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statement of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statement of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange traded option 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). The Fund may be required to post or receive collateral for over the counter options.

(2). Futures Contracts — The Fund used treasury, index or other financial futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity and minimize transaction costs. The Fund also bought futures contracts to immediately invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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 Statement 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 Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement 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 Statement 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).

(3). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in 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 forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

56 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(4). Summary of Derivatives Information — The following table presents the value of derivatives held as of February 28, 2018, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	7,099		$	—		$	7,099
Foreign exchange contracts	Receivables		—			12,166			12,166
Total		$	7,099		$	12,166		$	19,265
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,845	)	$	—		$	(1,845	)
Foreign exchange contracts	Payables		—			(5,867	)		(5,867	)
Total		$	(1,845	)	$	(5,867	)	$	(7,712	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/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 February 28, 2018 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to Netting Agreement  Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	2,138	$	(12	)	$	—	$	2,126
BNP Paribas		760		(191	)		—		569
Citibank, N.A.		692		(692	)		—		—
Deutsche Bank AG		1,068		(25	)		—		1,043
Goldman Sachs International		6,364		(1,371	)		—		4,993
HSBC Bank, N.A.		188		(188	)		—		—
Royal Bank of Canada		117		(11	)		—		106
State Street Corp.		466		(466	)		—		—
TD Bank Financial Group		373		—			—		373
	$	12,166	$	(2,956	)	$	—	$	9,210
Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Agreement Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Posted		Net Amount Due to Counterparty (Not less than zero)
Australia and New Zealand Banking Group Limited	$	327	$	—		$	—	$	327
Barclays Bank plc		12		(12	)		—		—
BNP Paribas		191		(191	)		—		—
Citibank, N.A.		1,108		(692	)		—		416
Deutsche Bank AG		25		(25	)		—		—
Goldman Sachs International		1,371		(1,371	)		—		—
HSBC Bank, N.A.		2,138		(188	)		—		1,950
Merrill Lynch International		5		—			—		5
Morgan Stanley		46		—			—		46
Royal Bank of Canada		11		(11	)		—		—
State Street Corp.		633		(466	)		—		167
	$	5,867	$	(2,956	)	$	—	$	2,911

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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

The following tables present the effect of derivatives on the Statement of Operations for the six months ended February 28, 2018, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Options			Total
Interest rate contracts	$	15,353	$	—		$	(18	)	$	15,335
Foreign exchange contracts		—		(24,142	)		—			(24,142	)
Total	$	15,353	$	(24,142	)	$	(18	)	$	(8,807	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	9,512	$	—	$	9,512
Foreign exchange contracts		—		9,228		9,228
Total	$	9,512	$	9,228	$	18,740

The Fund’s derivatives contracts held at February 28, 2018 are not accounted for as hedging instruments under GAAP.

Derivatives Volume — The table below discloses the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and options activity during the six months ended February 28, 2018 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

Futures Contracts:
Average Notional Balance Long	$	92,494
Average Notional Balance Short		1,469,836
Ending Notional Balance Long		191,688
Ending Notional Balance Short		1,514,687
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		175,622
Average Settlement Value Sold		911,892
Ending Settlement Value Purchased		382,346
Ending Settlement Value Sold		1,114,428

F. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Fund purchased when-issued 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 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 Fund 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 settlement date.

G. Foreign Currency Translation — The books and records of the Fund 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 Fund does 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 Statement 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 the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement 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 Statement of Operations.

58 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

H. 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 the 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.

I. 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 are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Fund for the six months ended February 28, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	4	$	2	$	18	$	3	$	27

J. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund’s tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Fund’s 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. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

L. 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 the 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.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. 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 February 28, 2018, the effective annualized rate was 0.08% of the 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.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s 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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. Class I and Class R6 do not charge a distribution fee. The Distribution Plan provides that the 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 February 28, 2018, JPMDS retained the following amounts (in thousands):

Front-End Sales Charge	CDSC
$17	$	—

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

D. Service Fees — The Trust, on behalf of the Fund, 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, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of Class A, Class C and Class I Shares.

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 Fund 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 Fund. For performing these services, the Fund pays 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 Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

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

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

Class A			Class C			Class I			Class R6
	0.90	%		1.30	%		0.65	%		0.50	%

The expense limitation agreement was in effect for the six months ended February 28, 2018 and is in place until at least December 31, 2018.

For the six months ended February 28, 2018, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total
$	1,328	$	885	$	1,104	$	3,317

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

The amount of waivers/reimbursements resulting from investments in these money market funds for the six months ended February 28, 2018 was approximately $98,000.

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 Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 Statement 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 February 28, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended February 28, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

60 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund 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 February 28, 2018, 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)
$	1,477,637	$	740,494

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Gross Unrealized (Depreciation)
$	2,873,374	$	101,001	$	54,411	$	46,590

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in contingent preferred debt instruments.

6. Borrowings

The Fund relies 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 Fund 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 the 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 Fund because the Fund 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 Fund. 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 the 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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 28, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 Fund did not utilize the Credit Facility during the six months ended February 28, 2018.

7. Risks, Concentrations and Indemnifications

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

As of February 28, 2018, the Fund had one affiliated omnibus account, which owned 34.5% of the Fund’s outstanding shares.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of February 28, 2018, a significant portion of the Fund’s investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

The Fund invests in debt securities that have preferred stock characteristics. These characteristics include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests 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 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.

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 Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

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

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Fund invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds.”) These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a high degree of risk.

The Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

8. Investment Company Reporting Modernization

In October 2016, the SEC 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 Fund’s financial statements as of February 28, 2018. The adoption had no effect on the Fund’s net assets or results of operations.

9. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of these changes on the financial statements, if any.

62 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments 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 Fund 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 each Class at the beginning of the reporting period, September 1, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

For each Class of the 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 September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Global Bond Opportunities Fund
Class A
Actual	$	1,000.00	$	1,012.50	$	4.44		0.89	%
Hypothetical		1,000.00		1,020.38		4.46		0.89
Class C
Actual		1,000.00		1,010.60		6.43		1.29
Hypothetical		1,000.00		1,018.40		6.46		1.29
Class I
Actual		1,000.00		1,013.70		3.20		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64
Class R6
Actual		1,000.00		1,014.40		2.45		0.49
Hypothetical		1,000.00		1,022.36		2.46		0.49

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 63

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.

The 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 Fund’s 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 the Fund’s policies and procedures with respect to the disclosure of the 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 Fund’s 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 Fund to the Adviser. A copy of the Fund’s 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 Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s 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., 2018.  All rights reserved. February 2018. SAN-GBO-218

Semi-Annual Report

J.P. Morgan Income Funds

February 28, 2018 (Unaudited)

JPMorgan Floating Rate Income Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	16
Financial Highlights	22
Notes to Financial Statements	24
Schedule of Shareholder Expenses	32

Investments in the 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 the 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 the 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 the Fund.

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

CEO’S LETTER

March 29, 2018 (Unaudited)

Dear Shareholder,

The global economy extended its expansion into its ninth year with support from accommodative central banks, growth in corporate profits, consumer confidence and stable energy prices. Prices for equities and bonds generally rose throughout the six months ended February 28, 2018, and managed to rebound somewhat from a sharp sell-off in early February.

  “While financial market volatility has increased from the historic lows that marked 2017, certain fundamental drivers of asset prices remain in place.” — George C.W. Gatch

Responding to a tightening U.S. labor market and early signs of inflationary pressure, the U.S. Federal Reserve (the “Fed”) raised interest rates in December 2017. Meanwhile, the U.S. unemployment rate dropped to 4.1% in October and remained at that level through February. Notably, wage growth was positive but subdued. U.S. gross domestic product (GDP) rose to a better-than-expected 2.9% in the final three months of 2017, and early indicators pointed to a continued seasonal pattern of weaker but positive GDP growth for the first quarter of 2018.

The Tax Cuts and Jobs Act of 2017, which reduced both individual and corporate income taxes, was enacted in late December 2017. The law’s passage appeared to add support for U.S. equity prices, which continued to rally through January.

The early February sell-off in financial markets snapped a 15-month run of consecutive gains in the Standard & Poor’s 500 Index. The sell-off also sent yields on government and corporate bonds, which generally move in the opposite direction of prices, sharply higher.

Analysts largely attributed the sell-off to historically high equity market valuations and investor concerns that signs of rising inflation would prompt the Fed to accelerate the rollout of future interest rates increases. While equity prices had rebounded somewhat by the end of February, bond prices remained under pressure.

Meanwhile, the European Central Bank (ECB) in January reduced its monthly asset purchases by half as economic growth within the European Union (EU) continued to

strengthen. However, the ECB declined to raise benchmark interest rates during the reporting period. In November, the Bank of England raised benchmark interest rates for the first time in a decade as the domestic economy continued to expand, despite some headwinds from uncertainty over Britain’s advance toward an exit from the EU.

Political uncertainty in Europe faded somewhat as Spain’s central government halted a secessionist movement in Catalonia in October and German Chancellor Angela Merkel successfully formed a governing coalition in late February.

Emerging market nations continued to benefit from robust growth in China, rising commodity prices and strong global demand for goods. Emerging markets debt, which generated strong returns for investors during most of the reporting period, began to weaken late in 2017 amid a decline in the value of the U.S. dollar, which effectively raises the price of exports.

While financial market volatility has increased from the historic lows that marked 2017, certain fundamental drivers of asset prices remain in place. Leading central banks have edged toward policy normalization but remained strongly accommodative for financial markets. Corporate profits have been robust and business investment began to rise in the latter part of the reporting period. Consumer sentiment was buoyant and the outlook for synchronized global economic growth remained positive. Investors who hold a long-term outlook, while remaining fully invested in a well-diversified portfolio, will be best positioned, we believe, to navigate 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

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 1

JPMorgan Floating Rate Income Fund

FUND COMMENTARY

SIX MONTHS ENDED FEBRUARY 28, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.99%
Credit Suisse Leveraged Loan Index		2.86%
Bloomberg Barclays U.S. Aggregate Index		(2.18)%
Net Assets as of 2/28/2018 (In Thousands)	$	2,369,321

INVESTMENT OBJECTIVE**

The JPMorgan Floating Rate Income Fund (the “Fund”) seeks to provide current income with a secondary objective of capital appreciation.

HOW DID THE MARKET PERFORM?

During the reporting period, U.S. bond markets provided positive returns but largely underperformed U.S. equities, which were supported by rising corporate profits, continued low interest rates and synchronized economic growth. In early February, a sharp sell-off pushed down prices for both fixed income and equity securities. Generally, investors blamed the sell-off on a surge in U.S. Treasury bond yields, which move in the opposite direction of bond prices, as well as uncertainty about U.S. Federal Reserve policy and historically high equity valuations.

While U.S. equity prices rebounded somewhat from the sell-off, yields on corporate bonds and U.S. Treasury bonds remained at elevated levels at the end of the reporting period. Within fixed income markets, high yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. However, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the U.S. economic expansion entered its ninth year.

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

The Fund’s Class I Shares underperformed the Credit Suisse Leveraged Loan Index (the “Benchmark”) for the six months ended February 28, 2018.

The Fund’s investment selection — mostly in loan assignments — in the consumer durables and utilities sectors was a leading detractor from performance relative to the Benchmark. The Fund’s overweight position in securities rated BB and its underweight position in securities rated CCC also detracted

from relative performance. The Fund’s investment selection, including loan assignments in the retail and food and drug sectors was a leading positive contributor to relative performance.

Relative to the Bloomberg Barclays U.S. Aggregate Index, which does not hold high yield bonds, the Fund’s allocation to high yield bonds helped performance as high yield bonds generally outperformed other sectors of the bond market during the reporting period.

HOW WAS THE FUND POSITIONED?

Relative to the Benchmark during the six month reporting period, the Fund was overweight in securities rated AAA through BB and was underweight in securities rated B, CCC and CC to D. The Fund’s portfolio managers generally upgraded the credit quality of the portfolio during the reporting period and gained exposure to higher quality loan assignments and bonds mainly by investing in floating rate loan facilities issued by corporations and, to a lesser extent, fixed rate short duration corporate debt securities.

PORTFOLIO COMPOSITION***
Loan Assignments	80.6	%
Corporate Bonds	12.7
Others (each less than 1.0%)	2.0
Short-Term Investment	4.7

* 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 indicated are based on total investments as of February 28, 2018. The Fund’s portfolio composition is subject to change.

2 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	June 1, 2011
With Sales Charge**			(0.46	)%		0.52	%		1.91	%		2.59	%
Without Sales Charge			1.87			2.86			2.69			3.17
CLASS C SHARES	June 1, 2011
With CDSC***			0.62			1.35			2.18			2.66
Without CDSC			1.62			2.35			2.18			2.66
CLASS I SHARES	June 1, 2011		1.99			3.12			2.94			3.43
CLASS R6 SHARES	October 31, 2013		2.04			3.22			3.03			3.50

* Not annualized.

** Sales Charge for Class A Shares is 2.25%.

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

LIFE OF FUND PERFORMANCE (6/1/11 TO 2/28/18)

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 June 1, 2011.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Floating Rate Income Fund, the Credit Suisse Leveraged Loan Index, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Loan Participation Funds Index from June 1, 2011 to February 28, 2018. The performance of the Lipper Loan Participation 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. The performance of the Credit Suisse Leveraged Loan Index and the Bloomberg Barclays U.S. Aggregate 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 the securities included in the indices, if applicable. The perform-

ance of the Lipper Loan Participation 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 Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Loan Participation Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined 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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 3

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 0.5%
		Continental Airlines Pass-Through Trust,
	26	Series 2003-ERJ1, 7.88%, 07/02/2018		27
	1,937	Series 2004-ERJ1, 9.56%, 09/01/2019		2,000
	9,648	Series 2012-3, Class C, 6.13%, 04/29/2018		9,708
		Total Asset-Backed Securities (Cost $11,730)		11,735
	Corporate Bonds — 13.1%
		Consumer Discretionary — 2.4%
		Auto Components — 0.3%
	2,500	American Axle & Manufacturing, Inc., 6.25%, 03/15/2021		2,538
	4,250	Icahn Enterprises LP, 5.88%, 02/01/2022		4,255
				6,793
		Automobiles — 0.1%
	3,417	Jaguar Land Rover Automotive plc, (United Kingdom), 4.13%, 12/15/2018 (e)		3,430
		Hotels, Restaurants & Leisure — 1.4%
	1,511	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.50%, 02/15/2023 (e)		1,550
		GLP Capital LP,
	2,000	4.38%, 04/15/2021		2,015
	3,000	4.88%, 11/01/2020		3,075
	5,000	International Game Technology plc, 5.63%, 02/15/2020 (e)		5,150
	4,780	MGM Resorts International, 5.25%, 03/31/2020		4,930
	7,627	NCL Corp. Ltd., 4.75%, 12/15/2021 (e)		7,789
	7,185	Scientific Games International, Inc., 5.00%, 10/15/2025 (e)		7,104
	2,545	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		2,564
				34,177
		Media — 0.4%
	170	Charter Communications Operating LLC, 3.58%, 07/23/2020		171
		CSC Holdings LLC,
	614	5.25%, 06/01/2024		591
	1,486	8.63%, 02/15/2019		1,552
	6,600	DISH DBS Corp., 7.88%, 09/01/2019		6,963
				9,277
		Specialty Retail — 0.2%
		Claire’s Stores, Inc.,
	1,872	6.13%, 03/15/2020 (e)		1,245
	4,000	9.00%, 03/15/2019 (e)		2,720
				3,965
		Total Consumer Discretionary		57,642

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy — 1.5%
		Energy Equipment & Services — 0.0% (g)
	1,335	Shelf Drilling Holdings Ltd., (United Arab Emirates), 8.25%, 02/15/2025 (e)		1,345
		Oil, Gas & Consumable Fuels — 1.5%
	4,000	Andeavor Logistics LP, 5.50%, 10/15/2019		4,125
	5,100	Antero Resources Corp., 5.38%, 11/01/2021		5,215
	4,750	DCP Midstream Operating LP, 4.75%, 09/30/2021 (e)		4,833
	4,250	NGL Energy Partners LP, 5.13%, 07/15/2019		4,260
	1,750	Oasis Petroleum, Inc., 6.50%, 11/01/2021		1,781
	8,100	Rockies Express Pipeline LLC, 6.85%, 07/15/2018 (e)		8,201
	1,840	Sunoco LP, 4.88%, 01/15/2023 (e)		1,826
	5,209	TerraForm Power Operating LLC, 4.25%, 01/31/2023 (e)		5,105
				35,346
		Total Energy		36,691
		Financials — 0.9%
		Banks — 0.2%
	3,381	Barclays Bank plc, (United Kingdom), 7.63%, 11/21/2022		3,764
		Consumer Finance — 0.5%
	12,050	Ally Financial, Inc., 8.00%, 03/15/2020		13,044
		Thrifts & Mortgage Finance — 0.2%
	4,039	Radian Group, Inc., 5.25%, 06/15/2020		4,180
		Total Financials		20,988
		Health Care — 2.1%
		Health Care Equipment & Supplies — 0.5%
		Mallinckrodt International Finance SA,
	7,791	3.50%, 04/15/2018		7,733
	4,300	4.88%, 04/15/2020 (e)		4,160
				11,893
		Health Care Providers & Services — 1.6%
	4,800	DaVita, Inc., 5.75%, 08/15/2022		4,941
		HCA, Inc.,
	7,000	4.25%, 10/15/2019		7,088
	6,000	6.50%, 02/15/2020		6,315
		Tenet Healthcare Corp.,
	4,000	4.38%, 10/01/2021		3,980
	11,841	4.63%, 07/15/2024 (e)		11,330
	2,480	4.75%, 06/01/2020		2,517
	520	6.00%, 10/01/2020		541
				36,712
		Total Health Care		48,605

SEE NOTES TO FINANCIAL STATEMENTS.

4 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Industrials — 1.5%
		Airlines — 0.6%
	5,523	Allegiant Travel Co., 5.50%, 07/15/2019		5,640
	8,078	United Continental Holdings, Inc., 4.25%, 10/01/2022		8,053
				13,693
		Commercial Services & Supplies — 0.6%
	11,745	ILFC E-Capital Trust I, (USD Constant Maturity 30 Year + 1.55%, 14.50% Cap), 4.37%, 12/21/2065 (e) (aa)		11,598
	1,500	Nielsen Finance LLC, 4.50%, 10/01/2020		1,506
				13,104
		Road & Rail — 0.3%
	8,358	DAE Funding LLC, (United Arab Emirates), 4.00%, 08/01/2020 (e)		8,212
		Total Industrials		35,009
		Information Technology — 1.3%
		Electronic Equipment, Instruments & Components — 0.1%
	3,400	Anixter, Inc., 5.63%, 05/01/2019		3,472
		IT Services — 0.2%
	5,000	Alliance Data Systems Corp., 5.88%, 11/01/2021 (e)		5,113
		Semiconductors & Semiconductor Equipment — 0.1%
	1,715	NXP BV, (Netherlands), 4.13%, 06/01/2021 (e)		1,745
		Software — 0.4%
	4,350	Infor US, Inc., 5.75%, 08/15/2020 (e)		4,437
	2,143	Nuance Communications, Inc., 5.38%, 08/15/2020 (e)		2,162
	1,860	Symantec Corp., 4.20%, 09/15/2020		1,895
				8,494
		Technology Hardware, Storage & Peripherals — 0.5%
		Dell International LLC,
	5,838	4.42%, 06/15/2021 (e)		5,958
	5,000	5.88%, 06/15/2021 (e)		5,113
				11,071
		Total Information Technology		29,895
		Materials — 1.5%
		Chemicals — 0.5%
	9,000	CF Industries, Inc., 3.40%, 12/01/2021 (e)		8,932
	1,938	FXI Holdings, Inc., 7.88%, 11/01/2024 (e)		1,911
				10,843

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Construction Materials — 0.4%
	9,545	Cemex SAB de CV, (Mexico), (ICE LIBOR USD 3 Month + 4.75%), 6.47%, 10/15/2018 (e) (aa)		9,724
		Containers & Packaging — 0.4%
	5,000	Ardagh Packaging Finance plc, (Ireland), 4.25%, 09/15/2022 (e)		4,981
	4,195	Reynolds Group Issuer, Inc., (ICE LIBOR USD 3 Month + 3.50%), 5.22%, 07/15/2021 (e) (aa)		4,242
				9,223
		Metals & Mining — 0.2%
	4,600	Freeport-McMoRan, Inc., 3.10%, 03/15/2020		4,554
	713	United States Steel Corp., 8.38%, 07/01/2021 (e)		765
				5,319
		Total Materials		35,109
		Real Estate — 0.1%
		Equity Real Estate Investment Trusts (REITs) — 0.1%
	3,000	Equinix, Inc., 5.38%, 01/01/2022		3,109
		Telecommunication Services — 1.3%
		Diversified Telecommunication Services — 0.4%
	8,951	Level 3 Financing, Inc., 6.13%, 01/15/2021		9,102
		Wireless Telecommunication Services — 0.9%
	4,000	Inmarsat Finance plc, (United Kingdom), 4.88%, 05/15/2022 (e)		3,961
	6,000	SoftBank Group Corp., (Japan), 4.50%, 04/15/2020 (e)		6,052
	5,000	Sprint Communications, Inc., 7.00%, 03/01/2020 (e)		5,282
	2,121	Sprint Spectrum Co. LLC, 3.36%, 09/20/2021 (e)		2,126
	3,334	T-Mobile USA, Inc., 4.00%, 04/15/2022		3,334
				20,755
		Total Telecommunication Services		29,857
		Utilities — 0.5%
		Electric Utilities — 0.0% (g)
	75,000	Texas Competitive Electric Holdings Co. LLC, 8.50%, 05/01/2020 (d) (bb)		750
		Independent Power and Renewable Electricity Producers — 0.5%
	4,000	AES Corp., 7.38%, 07/01/2021		4,384
	5,000	Calpine Corp., 6.00%, 01/15/2022 (e)		5,144

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 5

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — continued
		GenOn Energy, Inc.,
	1,360	9.50%, 10/15/2018 (d)		1,132
	1,640	9.88%, 10/15/2020 (d)		1,365
				12,025
		Total Utilities		12,775
		Total Corporate Bonds (Cost $308,798)		309,680
SHARES
	Common Stocks — 0.8%
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	3	Sabine Oil & Gas Holdings, Inc. (a)		164
	1	Southcross Holdco Equity (a) (bb)		488
		Total Energy		652
		Information Technology — 0.5%
		Software — 0.5%
	548	Avaya Holdings Corp. (a)		11,511
		Utilities — 0.3%
		Independent Power and Renewable Electricity Producers — 0.3%
	375	Vistra Energy Corp. (a)		7,106
		Total Common Stocks (Cost $15,898)		19,269
	Preferred Stock — 0.7%
		Financials — 0.7%
		Insurance — 0.7%
	16	XLIT Ltd., (Bermuda), Series D, (ICE LIBOR USD 3 Month + 3.12%), 4.84%, 04/05/2018 ($1,000 par value) (aa) @ (Cost $13,587)		15,968
PRINCIPAL AMOUNT($)
	Loan Assignments — 82.6% (cc)
		Consumer Discretionary — 19.0%
		Auto Components — 0.3%
	816	Key Safety Systems, Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 4.50%), 6.28%, 08/29/2021 (aa)		815
	6,487	USI, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.69%, 05/16/2024 (aa)		6,475
				7,290

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Consumer Services — 1.4%
	2,944	Altran Technologies Ltd., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 01/30/2025 (aa) ^		2,962
	5,740	CVS Holdings, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.79%, 02/06/2025 (aa)		5,718
	2,475	CVS Holdings, 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 6.75%), 8.54%, 02/06/2026 (aa)		2,469
	22,794	Spin Holdco, Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 5.49%, 11/14/2022 (aa)		22,918
				34,067
		Hotels, Restaurants & Leisure — 3.4%
	23,423	1011778 BC ULC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.92%, 02/16/2024 (aa)		23,452
	5,920	Aristocrat International, 1st Lien Term Loan, (ICE LIBOR USD 2 Month + 2.00%; ICE LIBOR USD 3 Month + 2.00%), 3.74%, 10/19/2024 (aa)		5,944
	4,119	Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 02/22/2023 (aa)		4,155
	3,199	Golden Nugget, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.98%, 10/04/2023 (aa)		3,223
	7,254	Greektown Holdings LLC, Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.65%, 04/25/2024 (aa)		7,240
	8,687	Hanjin International Corp., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 2.50%), 4.23%, 10/19/2020 (aa)		8,714
	11,717	Hilton Worldwide Finance LLC, Series B-2 Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.62%, 10/25/2023 (aa)		11,780
	7,661	IRB Holding Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 4.83%, 02/05/2025 (aa)		7,732
	8,037	Penn National Gaming, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 01/19/2024 (aa)		8,065
				80,305
		Household Durables — 0.1%
	2,297	Janus International Group LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.58%, 02/07/2025 (aa)		2,291

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Internet & Direct Marketing Retail — 0.3%
	7,407	Shutterfly, Inc., Term Loan B-2, (ICE LIBOR USD 3 Month + 2.75%), 2.75%, 08/17/2024 (aa) ^		7,440
		Leisure Products — 1.3%
	12,721	Delta 2 SARL, 1st Lien Term loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 02/01/2024 (aa)		12,686
	21,042	FGI Operating Co. LLC, Term B Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.82%, 04/19/2019 (aa) ^		5,261
	14,186	NVA Holdings, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.33%, 02/02/2025 (aa)		14,175
				32,122
		Media — 9.0%
	15,909	Altice US Finance I Corp., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 07/28/2025 (aa) ^		15,883
	6,581	AMC Entertainment, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.84%, 12/15/2022 (aa)		6,597
	2,376	AMC Entertainment, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.84%, 12/15/2023 (aa)		2,381
	9,168	Charter Communications Operating, LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 04/30/2025 (aa)		9,185
	12,656	Cineworld Finance US Inc., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.15%, 02/07/2025 (aa) ^		12,637
	20,498	CSC Holdings LLC, 1st Lien, (ICE LIBOR USD 1 Month + 2.25%), 3.84%, 07/17/2025 (aa)		20,437
	9,736	Gray Television, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.83%, 02/07/2024 (aa)		9,787
	7,657	Hoya Midco LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 06/30/2024 (aa)		7,666
	11,961	iHeartCommunications, Inc., Term Loan D, (ICE LIBOR USD 3 Month + 6.75%), 8.44%, 01/30/2019 (d) (aa)		9,500
	2,795	iHeartCommunications, Inc., Tranche E Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.19%, 07/30/2019 (d) (aa)		2,216
	4,300	Meredith Corp., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.66%, 01/18/2025 (aa)		4,323

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	712	Mission Broadcasting, Inc., Term B-2 Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.07%, 01/17/2024 (aa)		714
	11,879	MTL Publishing LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.98%, 08/20/2023 (aa) ^		11,911
	5,595	Nexstar Broadcasting, Inc., Term B-2 Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.07%, 01/17/2024 (aa)		5,610
	11,970	Red Ventures LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 11/08/2024 (aa)		12,040
	8,210	Sinclair Broadcast Group, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 01/03/2024 (aa)		8,213
	6,389	Tribune Media Co., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 01/26/2024 (aa)		6,391
	5,442	Tribune Media Co., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 12/27/2020 (aa)		5,444
	31,908	Univision Communications, Inc., 1st Lien Term Loan C-5, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 03/15/2024 (aa)		31,505
	1,967	Vertis, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.00%), 12.00%, 03/21/2018 (d) (aa) (bb)		—	(h)
	10,115	WMG Acquisition Corp., 1st Lien Term Loan E, (ICE LIBOR USD 1 Month + 2.25%), 3.83%, 11/01/2023 (aa)		10,139
	11,860	Ziggo Secured Finance Partnership, 1st Lien Term Loan E, (ICE LIBOR USD 1 Month + 2.50%), 4.09%, 04/15/2025 (aa) ^		11,747
	8,430	Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.90%, 08/18/2023 (aa)		8,468
				212,794
		Multiline Retail — 0.7%
	9,016	JC Penney Corp., Term Loan B, (ICE LIBOR USD 3 Month + 4.25%), 6.23%, 06/23/2023 (aa)		8,620
	9,282	Neiman Marcus Group, Inc., Other Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.83%, 10/25/2020 (aa)		7,853
				16,473
		Specialty Retail — 1.7%
	3,793	Culligan Holding, Inc., 1st Lien Term Loan B1, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 12/13/2023 (aa)		3,800

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 7

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Specialty Retail — continued
	3,471	Digicert Holdings, Inc.,1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 6.52%, 10/31/2024 (aa)		3,508
	5,150	Party City Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 2 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 4.47%, 08/19/2022 (aa) ^		5,160
	4,097	PetSmart, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.57%, 03/11/2022 (aa)		3,338
	24,189	Staples, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.79%, 09/12/2024 (aa)		24,023
				39,829
		Textiles, Apparel & Luxury Goods — 0.8%
	4,302	Cole Haan LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 01/31/2020 (aa) ^		4,226
	4,799	Nine West Holdings, Inc., Initial Loan, (ICE LIBOR USD 3 Month + 3.75%), 5.45%, 10/08/2019 (aa)		4,397
	9,678	SAMSONITE IP Holdings, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.82%, 08/01/2023 (aa)		9,722
				18,345
		Total Consumer Discretionary		450,956
		Consumer Staples — 8.3%
		Food & Staples Retailing — 4.5%
	24,921	Albertson’s LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.67%, 12/21/2022 (aa)		24,593
	9,666	Albertson’s LLC, 1st Lien Term Loan B-4, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 08/25/2021 (aa)		9,532
	7,223	BJ’s Wholesale Club, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.08%, 02/03/2024 (aa)		7,204
	2,075	BJ’s Wholesale Club, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 7.50%), 9.08%, 02/03/2025 (aa)		2,078
	17,300	Moran Foods LLC, Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.65%, 12/05/2023 (aa)		15,311
	17,747	SUPERVALU, Inc., Delayed Draw Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		17,566

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
	29,578	SUPERVALU, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 06/08/2024 (aa)		29,278
				105,562
		Food Products — 3.0%
	15,389	Dole Food Co., 1st Lien Term Loan B, (LIBOR + 2.75%; US Prime Rate + 1.75%), 4.36%, 04/06/2024 (aa)		15,444
	16,651	Hearthside Group Holdings LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 06/02/2021 (aa)		16,692
	29,908	JBS USA LLC, Term Loan B, (ICE LIBOR USD 3 Month + 2.50%), 4.10%, 10/30/2022 (aa)		29,759
	9,336	Pinnacle Foods Finance LLC, Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 02/02/2024 (aa)		9,389
				71,284
		Household Products — 0.5%
	12,970	Clover Merger Sub, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 09/26/2024 (aa) ^		12,484
		Personal Products — 0.3%
	7,313	Prestige Brands, Inc., 1st Lien Term Loan B-4, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 01/26/2024 (aa)		7,354
		Total Consumer Staples		196,684
		Energy — 6.2%
		Energy Equipment & Services — 0.3%
	2,939	Floatel International Ltd., Initial Term Loan, (ICE LIBOR USD 3 Month + 5.00%), 6.69%, 06/27/2020 (aa)		2,425
	4,000	KCA Deutag, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 5.75%; ICE LIBOR USD 3 Month +5.75%), 7.65%, 05/15/2020 (aa)		3,928
				6,353
		Oil, Gas & Consumable Fuels — 5.9%
	12,210	California Resources Corp., 1st Lien Second Out Term Loan, (ICE LIBOR USD 1 Month + 10.38%), 11.97%, 12/31/2021 (aa)		13,767
	15,910	California Resources Corp., Senior Secured First Out, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/31/2022 (aa)		16,089

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Oil, Gas & Consumable Fuels — continued
	5,610	Chesapeake Energy Corp., 1st Lien Last Out, (ICE LIBOR USD 3 Month + 7.50%), 9.44%, 08/23/2021 (aa)		5,973
	5,868	CITGO Petroleum Corp., Term B Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.19%, 07/29/2021 (aa)		5,843
	6,051	EG Finco Ltd., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 4.25%), 4.25%, 02/07/2025 (aa) ^		6,048
	13,956	Energy Transfer Equity LP, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.60%, 02/02/2024 (aa)		13,945
	7,500	Gulf Finance LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 5.25%), 6.95%, 08/25/2023 (aa)		6,825
	1,000	Medallion Midland Acquisition LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.25%), 4.90%, 10/30/2024 (aa)		1,002
	32,921	MEG Energy Corp., 1st Lien Term B Loan, (Canada), (ICE LIBOR USD 3 Month + 3.50%), 5.20%, 12/31/2023 (aa)		32,909
	1,329	Southcross Holdings Borrower LP, Tranche B Term Loan, (ICE LIBOR USD 1 Month + 5.50%; ICE LIBOR USD 3 Month + 3.50%), 3.50%, 04/13/2023 (aa)		1,310
	11,080	Summit Midstream Partners Holdings LLC, Senior Secured Term Loan, (ICE LIBOR USD 1 Month + 6.00%), 7.65%, 05/13/2022 (aa)		11,253
	4,117	TerraForm Power Operating LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.33%, 11/08/2022 (aa)		4,139
	21,590	Ultra Resources, Inc., Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.59%, 04/12/2024 (aa)		21,493
				140,596
		Total Energy		146,949
		Financials — 1.1%
		Banks — 0.2%
	5,264	Associated Asphalt Partners LLC, Senior Secured Term Loan, (ICE LIBOR USD 1 Month + 5.25%), 6.90%, 04/05/2024 (aa)		5,001
		Capital Markets — 0.6%
	11,592	Misys, Term Loan B, (ICE LIBOR USD 3 Month + 3.50%), 5.48%, 06/13/2024 (aa)		11,583
	2,480	The Edelman Financial Center, LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 4.25%), 5.97%, 11/11/2024 (aa)		2,514
				14,097

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — 0.2%
	4,134	Duff & Phelps Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.83%, 02/13/2025 (aa) ^		4,164
		Insurance — 0.1%
	2,723	HUB International Ltd., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.84%, 10/02/2020 (aa)		2,734
		Total Financials		25,996
		Health Care — 9.4%
		Health Care Equipment & Supplies — 1.2%
	8,651	Auris Luxembourg III SARL, Term Loan B-7, (Luxembourg), (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/17/2022 (aa)		8,720
	5,283	Mallinckrodt International Finance SA, Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.82%, 02/24/2025 (aa)		5,294
	14,565	Mallinckrodt International Finance, Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.44%, 09/24/2024 (aa)		14,521
				28,535
		Health Care Providers & Services — 5.8%
	2,932	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 02/16/2023 (aa)		2,950
	16,222	CHG Healthcare Services, 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 4.77%, 06/07/2023 (aa)		16,377
	15,840	Community Health Systems, Inc., Incremental 2021 Term H Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.98%, 01/27/2021 (aa)		15,463
	16,005	Community Health Systems, Inc., Term Loan G, (ICE LIBOR USD 3 Month + 2.75%), 4.73%, 12/31/2019 (aa)		15,856
	2,268	MedRisk, Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/24/2025 (aa)		2,268
	3,392	Midwest Physician Administrative Services LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.35%, 08/15/2024 (aa)		3,385
	14,898	MultiPlan, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 06/07/2023 (aa)		14,965
	21,242	National Mentor Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 01/31/2021 (aa)		21,388

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 9

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Health Care Providers & Services — continued
	2,550	Oryx Soutern Delaware Holdings LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 02/28/2025 (aa) ^		2,547
	11,580	Pearl Intermediate Parent LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.34%, 01/31/2025 (aa) ^		11,478
	8,240	Pharmerica Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.08%, 12/06/2024 (aa)		8,289
	4,080	Superior Vision, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.49%, 12/02/2024 (aa)		4,060
	17,989	Tennessee Merger Sub, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 02/06/2024 (aa)		17,487
				136,513
		Health Care Technology — 0.4%
	8,717	Press Ganey Holdings, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 10/23/2023 (aa)		8,771
		Life Sciences Tools & Services — 0.1%
	2,394	Albany Molecular Research, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.90%, 08/30/2024 (aa)		2,403
		Pharmaceuticals — 1.9%
	20,439	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 10/21/2021 (aa)		18,256
	14,888	Grifols Worldwide Operations Ltd., Term Loan B, (1 Week LIBOR + 2.25%), 3.72%, 01/31/2025 (aa)		14,940
	12,743	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.08%, 04/01/2022 (aa)		12,890
				46,086
		Total Health Care		222,308
		Industrials — 8.2%
		Aerospace & Defense — 1.5%
	15,685	MacDonald Dettwiler and Associates Ltd., Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.33%, 10/04/2024 (aa)		15,741
	2,697	TransDigm, Inc., 1st Lien Term Loan E, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 05/14/2022 (aa)		2,713

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	15,550	TransDigm, Inc., 1st Lien Term Loan F, (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%), 4.41%, 06/09/2023 (aa)		15,639
				34,093
		Air Freight & Logistics — 0.8%
	10,250	Avolon Holdings Ltd., Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.84%, 03/21/2022 (aa) ^		10,234
	9,523	XPO Logistics, Inc., Term Loan, (ICE LIBOR USD 3 Month + 2.00%), 3.92%, 02/24/2025 (aa) ^		9,543
				19,777
		Airlines — 0.8%
	19,057	American Airlines, Inc, 1st Lien Term loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.59%, 12/14/2023 (aa)		19,055
		Building Products — 1.0%
	8,010	Continental Building Products, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%; ICE LIBOR USD 3 Month + 2.25%), 3.91%, 08/18/2023 (aa)		8,080
	2,882	NCI Building Systems, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 02/07/2025 (aa)		2,886
	7,014	Summit Materials Co. I LLC, Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 11/21/2024 (aa)		7,054
	5,473	Unifrax LLC, Senior Secured Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.19%, 04/04/2024 (aa)		5,528
				23,548
		Commercial Services & Supplies — 2.5%
	3,247	Advanced Disposal Services, Inc., Term Loan B, (1 Week LIBOR + 2.25%), 3.72%, 11/10/2023 (aa)		3,257
	18,823	Garda World Security, 1st Lien Term Loan B, (US Prime Rate + 2.50%), 4.97%, 05/24/2024 (aa)		18,984
	29,204	Prime Security Services Borrower LLC, Term B-1 Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 05/02/2022 (aa) ^		29,436
	2,590	Prometric, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 4.77%, 01/29/2025 (aa)		2,606
	5,803	University Support Services LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.75%), 5.40%, 07/06/2022 (aa)		5,839
				60,122

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Machinery — 0.8%
	8,588	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (Luxembourg), (ICE LIBOR USD 1 Month + 3.00%), 4.47%, 03/11/2022 (aa)		8,606
	4,732	Rexnord LLC/RBS Global Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.85%, 08/21/2024 (aa)		4,760
	4,693	Zodiac Pool Solutions LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.69%, 12/20/2023 (aa)		4,693
				18,059
		Materials — 0.5%
	11,742	Gates Global LLC, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.75%), 4.44%, 04/01/2024 (aa)		11,815
		Road & Rail — 0.1%
	2,299	URS Merger Sub Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 5.25%), 6.90%, 09/01/2024 (aa)		2,333
		Trading Companies & Distributors — 0.2%
	4,659	HD Supply, Inc., 1st Lien Term Loan B-4, (ICE LIBOR USD 3 Month + 2.50%), 4.19%, 10/17/2023 (aa)		4,688
		Total Industrials		193,490
		Information Technology — 8.2%
		Communications Equipment — 0.7%
	9,745	Avaya, Inc. 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.75%), 6.34%, 12/15/2024 (aa)		9,794
	6,268	Global Tel*Link Corp., 1st Lien Senior Secured Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.69%, 05/23/2020 (aa)		6,293
				16,087
		Electronic Equipment, Instruments & Components — 0.1%
	3,508	TTM Technologies, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 09/28/2024 (aa) ^		3,512
		Internet Software & Services — 0.6%
	3,190	Impala Private Holdings II LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.00%), 5.70%, 11/14/2024 (aa)		3,195
	10,973	Rackspace Hosting, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 3.00%), 4.79%, 11/03/2023 (aa)		11,001
				14,196

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		IT Services — 2.0%
	13,704	Exela Technologies, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 7.50%), 9.08%, 07/12/2023 (aa)		13,361
		First Data Corp., 1st Lien Term Loan,
	10,907	(ICE LIBOR USD 1 Month + 2.25%), 3.87%, 07/08/2022 (aa) ^		10,924
	10,973	(ICE LIBOR USD 1 Month + 2.25%), 3.87%, 04/26/2024 (aa)		10,991
	4,715	Optiv Security, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.81%, 02/01/2024 (aa)		4,486
	4,000	Optiv Security, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 7.25%), 8.81%, 01/31/2025 (aa)		3,710
	5,173	SMS Systems Maintenance Services, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 5.00%), 6.65%, 10/30/2023 (aa)		4,466
				47,938
		Semiconductors & Semiconductor Equipment — 0.8%
	7,026	Microsemi Corp., 1st Lien Term Loan B, (ICE LIBOR USD 2 Month + 2.00%), 3.74%, 01/15/2023 (aa)		7,041
	6,887	ON Semiconductor Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 03/31/2023 (aa)		6,919
	5,224	Versum Materials, Inc., Senior Secured Term Loan B, (ICE LIBOR USD 3 Month + 2.00%), 3.69%, 09/29/2023 (aa)		5,254
				19,214
		Software — 2.7%
	3,401	Applied Systems., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.94%, 09/19/2024 (aa)		3,418
	563	Barracuda Networks, Inc, 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 7.50%), 9.06%, 01/09/2026 (aa)		574
	2,584	Barracuda Networks, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.06%, 02/12/2025 (aa)		2,596
	4,411	Genesys Telecom Holdings (Greeneden), 1st Lien Term Loan B-2, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 12/01/2023 (aa)		4,425
	9,649	Infor US, Inc., Tranche B-6 Term Loan, (ICE LIBOR USD 3 Month + 2.75%), 4.44%, 02/01/2022 (aa)		9,657
	5,869	Landesk Software Group, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.25%), 5.90%, 01/20/2024 (aa)		5,763

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 11

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Software — continued
	1,885	Landesk Software Group, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 9.00%), 10.65%, 01/20/2025 (aa)		1,810
	12,677	Qlik Technologies, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 6 Month + 3.50%), 5.04%, 04/26/2024 (aa)		12,499
	4,989	Salient CRGT, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 5.75%), 7.40%, 02/28/2022 (aa)		5,027
	13,436	SolarWinds, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 3.50%), 5.15%, 02/03/2023 (aa)		13,469
	4,520	Solera LLC, Dollar Term Loan, (ICE LIBOR USD 1 Month + 3.25%), 4.82%, 03/03/2023 (aa)		4,529
				63,767
		Technology Hardware, Storage & Peripherals — 1.3%
	15,140	Dell International LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.65%, 09/07/2023 (aa)		15,137
	5,430	Quest Software US Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 5.50%), 7.27%, 10/31/2022 (aa)		5,516
	5,379	Radiate Holdco LLC, Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 02/01/2024 (aa)		5,370
	4,345	Thoughtworks, Inc. Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.15%, 10/11/2024 (aa)		4,372
				30,395
		Total Information Technology		195,109
		Materials — 4.4%
		Chemicals — 1.7%
	4,241	Axalta Coating Systems US Holdings, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 2.00%), 3.69%, 06/01/2024 (aa)		4,263
	5,847	Chemours Co. (The), Senior Secured Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 05/12/2022 (aa)		5,872
	4,194	Gemini HDPE LLC, Advance, (ICE LIBOR USD 3 Month + 2.50%), 4.28%, 08/07/2024 (aa)		4,211
	4,034	New Arclin US Holdings Corp., 1st Lien Senior Secured Term Loan, (ICE LIBOR USD 3 Month + 3.50%), 5.20%, 02/14/2024 (aa)		4,072

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	9,082	PolyOne Corp., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.00%), 3.59%, 11/11/2022 (aa)		9,139
	1,546	Trinseo Materials Operating SCA, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 09/06/2024 (aa)		1,557
		Tronox Finance LLC, 1st Lien Term Loan B,
	7,031	(ICE LIBOR USD 3 Month + 3.00%), 4.69%, 09/23/2024 (aa)		7,073
	3,047	(ICE LIBOR USD 3 Month + 3.00%), 4.69%, 09/23/2024 (aa)		3,065
				39,252
		Containers & Packaging — 2.7%
		Berry Global, Inc., 1st Lien Term Loan,
	1,968	(ICE LIBOR USD 1 Month + 2.00%), 3.58%, 02/08/2020 (aa)		1,975
	6,138	(ICE LIBOR USD 1 Month + 2.00%), 3.62%, 10/01/2022 (aa)		6,156
	3,226	Berry Global, Inc., 1st Lien Term Loan P, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 01/06/2021 (aa)		3,236
	5,608	Berry Plastics Corp., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.00%), 3.58%, 01/19/2024 (aa)		5,622
	8,069	Bway Holding Co., 1st Lien Term Loan, (ICE LIBOR USD 2 Month + 3.25%; ICE LIBOR USD 3 Month + 3.25%), 4.96%, 04/03/2024 (aa)		8,100
	8,045	Consolidated Container, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 05/22/2024 (aa)		8,085
	3,848	Crown Americas, 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.25%), 2.25%, 01/17/2025 (aa) ^		3,880
	1,578	HLX PLY Holdings, Inc., Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.69%, 12/29/2023 (aa)		1,585
	9,490	Reynolds Group Holdings, Inc., Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 02/05/2023 (aa)		9,531
	5,274	Ring Container Technologies LLC, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 10/31/2024 (aa)		5,292
	11,930	Viskase Corp., Inc., Initial Term Loan, (ICE LIBOR USD 3 Month + 3.25%), 4.94%, 01/30/2021 (aa)		11,781
				65,243
		Total Materials		104,495

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
	6,673	ESH Hospitality, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.25%), 3.90%, 08/30/2023 (aa)		6,705
	8,166	GEO Group, Inc. (The), Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.95%, 03/22/2024 (aa)		8,190
				14,895
		Real Estate Management & Development — 0.1%
	2,985	CityCenter Holdings LLC, Term B Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 04/18/2024 (aa)		2,998
		Total Real Estate		17,893
		Telecommunication Services — 9.6%
		Diversified Telecommunication Services — 7.0%
	27,920	Centurylink, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.75%), 4.40%, 01/31/2025 (aa)		27,424
	19,325	Cincinnati Bell, Inc., Term Loan B, (ICE LIBOR USD 3 Month + 3.75%), 5.44%, 10/02/2024 (aa)		19,467
	10,984	Consolidated Communications, Inc., Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 10/05/2023 (aa)		10,794
	6,194	Frontier Communications Corp., Term Loan, (ICE LIBOR USD 1 Month + 3.75%), 5.40%, 06/15/2024 (aa)		6,093
	22,741	Hargray Communications Group, Inc., Senior Secured Term Loan B, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 05/16/2024 (aa) ^		22,781
	25,655	Intelsat Jackson Holdings, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.75%), 5.71%, 11/27/2023 (aa)		25,458
	27,300	Level 3 Financing, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.85%, 02/22/2024 (aa)		27,342
	12,491	Securus Technologies Holdings, Inc., 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 4.50%), 6.15%, 11/01/2024 (aa)		12,624
	1,708	Securus Technologies Holdings, Inc., 2nd Lien Term Loan, (ICE LIBOR USD 1 Month + 8.25%), 9.90%, 11/01/2025 (aa)		1,729
	4,687	Windstream Communications LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 4.00%), 5.59%, 03/29/2021 (aa)		4,417
	7,548	Zayo Group LLC, Term B-2 Loan, (ICE LIBOR USD 1 Month + 2.25%), 3.87%, 01/19/2024 (aa)		7,579
				165,708

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 2.6%
	10,867	A2Z Wireless Holdings, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 6.00%), 7.57%, 05/01/2023 (aa)		10,843
	9,999	Sprint Communications, Inc., 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 2.50%), 4.19%, 02/02/2024 (aa)		10,002
	18,011	Syniverse Holdings Inc., 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 02/09/2023 (aa) ^		18,152
	2,545	Syniverse Holdings Inc., 2nd Lien Term Loan, (ICE LIBOR USD 3 Month + 8.50%), 9.50%, 02/09/2024 (aa) ^		2,580
	11,783	Syniverse Holdings, Inc., Initial Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 04/23/2019 (aa)		11,754
	8,446	Syniverse Holdings, Inc., Tranche B Term Loan, (ICE LIBOR USD 1 Month + 3.00%), 4.65%, 04/23/2019 (aa)		8,425
				61,756
		Total Telecommunication Services		227,464
		Utilities — 7.5%
		Electric Utilities — 3.3%
	20,065	Calpine Construction Finance Co. LP, 1st Lien Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 01/15/2025 (aa)		20,101
	21,750	Energy Future Intermediate Holding Co. LLC, DIP Term Loan, (ICE LIBOR USD 1 Week + 3.00%; ICE LIBOR USD 1 Month + 3.00%), 4.47%, 06/30/2018 (aa)		21,747
	4,317	Homer City Generation LP, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 11.00%), 12.65%, 04/05/2023 (aa)		3,875
	6,226	Lightstone Holdco LLC, 1st Lien Term Loan B, (ICE LIBOR USD 1 Month + 3.75%), 5.40%, 01/30/2024 (aa)		6,261
	395	Lightstone Holdco LLC, 1st Lien Term Loan C, (ICE LIBOR USD 1 Month + 3.75%), 5.40%, 01/30/2024 (aa)		398
	21,808	Texas Competitive Electric Holdings Co. LLC, Term Loan, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 08/04/2023 (aa)		21,921
	3,865	Texas Competitive Electric Holdings Co. LLC, Term Loan C, (ICE LIBOR USD 1 Month + 2.50%), 4.15%, 08/04/2023 (aa)		3,885
				78,188

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 13

JPMorgan Floating Rate Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Independent Power and Renewable Electricity Producers — 4.2%
	8,457	AES Corp., 1st Lien Term Loan B, (ICE LIBOR USD 3 Month + 2.00%), 3.94%, 05/24/2022 (aa)		8,461
		Calpine Corp., Term Loan,
	2,000	(ICE LIBOR USD 1 Month + 1.75%), 3.40%, 12/31/2019(aa)		2,000
	9,372	(ICE LIBOR USD 3 Month + 2.50%), 4.20%, 01/15/2024(aa)		9,390
	22,571	Dynegy, Inc., 1st Lien Term Loan C, (ICE LIBOR USD 1 Month + 2.75%), 4.35%, 02/07/2024 (aa)		22,701
	9,258	ExGen Renewables I LLC, 1st Lien Term Loan, (ICE LIBOR USD 3 Month + 3.00%), 4.99%, 11/28/2024 (aa)		9,339
	17,973	NRG Energy, Inc., Term Loan, (ICE LIBOR USD 3 Month + 2.25%), 3.94%, 06/30/2023 (aa)		18,045
	3,523	Talen Energy Supply, Term Loan B-1, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 07/15/2023 (aa)		3,528
	25,271	Talen Energy Supply, Term Loan B-2, (ICE LIBOR USD 1 Month + 4.00%), 5.65%, 04/15/2024 (aa)		25,307
				98,771
		Total Utilities		176,959
		Total Loan Assignments (Cost $1,978,725)		1,958,303
NUMBER OF RIGHTS
	Rights — 0.0%
		Utilities — 0.0%
		Independent Power and Renewable Electricity Producers — 0.0%
	1,250	Vistra Energy Corp., expiring 12/31/2049 (a) (bb) (Cost $—)		906
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
		Sabine Oil & Gas Holdings, Inc.,
	2	expiring 04/13/2026 (a)		11
	11	expiring 04/13/2026 (Strike Price $1.00) (a)		72
		Total Warrants (Cost $67)		83

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.9%
		Investment Company — 4.9%
	115,686	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.25% (b) (l) (Cost $115,686)		115,686
		Total Investments — 102.6% (Cost $2,444,491)		2,431,630
		Liabilities in Excess of Other Assets — (2.6)%		(62,309	)
		NET ASSETS — 100.0%	$	2,369,321

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

DIP	—  Debtor-in-possession
ICE	—  Intercontinental Exchange
LIBOR	—  London Interbank Offered Rate
USD	—  United States Dollar
(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 February 28, 2018.
(aa)	—  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2018.
(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.
@	—  The date shown reflects the next call date on which the issuer may redeem the security. The coupon rate for this security is currently in effect as of February 28, 2018.
^	—  All or a portion of the security is unsettled as of February 28, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 15

STATEMENT OF ASSETS AND LIABILITIES

AS OF FEBRUARY 28, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	Floating Rate Income Fund
ASSETS:
Investments in non-affiliates, at value	$	2,315,944
Investments in affiliates, at value		115,686
Cash		17,896
Foreign currency, at value		98
Receivables:
Investment securities sold		28,142
Fund shares sold		2,854
Interest from non-affiliates		9,806
Dividends from affiliates		110
Tax reclaims		266
Total Assets		2,490,802
LIABILITIES:
Payables:
Investment securities purchased		86,527
Investment securities purchased — delayed delivery securities		20,213
Fund shares redeemed		13,233
Unrealized depreciation on unfunded commitments		19
Accrued liabilities:
Investment advisory fees		980
Administration fees		146
Distribution fees		30
Service fees		108
Custodian and accounting fees		59
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		166
Total Liabilities		121,481
Net Assets	$	2,369,321

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

	Floating Rate Income Fund
NET ASSETS:
Paid-in-Capital	$	2,561,817
Accumulated undistributed (distributions in excess of) net investment income		752
Accumulated net realized gains (losses)		(180,372	)
Net unrealized appreciation (depreciation)		(12,876	)
Total Net Assets	$	2,369,321
Net Assets:
Class A	$	86,324
Class C		21,931
Class I		1,288,087
Class R6		972,979
Total	$	2,369,321
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,176
Class C		2,338
Class I		136,897
Class R6		103,403
Net Asset Value (a):
Class A — Redemption price per share	$	9.41
Class C — Offering price per share (b)		9.38
Class I — Offering and redemption price per share		9.41
Class R6 — Offering and redemption price per share		9.41
Class A maximum sales charge		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	9.63
Cost of investments in non-affiliates	$	2,328,805
Cost of investments in affiliates		115,686
Cost of foreign currency		94

(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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 17

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS PERIOD ENDED FEBRUARY 28, 2018 (Unaudited)

(Amounts in thousands)

	Floating Rate Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	55,498
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		377
Dividend income from affiliates		692
Total investment income		56,567
EXPENSES:
Investment advisory fees		6,529
Administration fees		965
Distribution fees:
Class A		111
Class C		87
Service fees:
Class A		112
Class C		29
Class I		1,641
Custodian and accounting fees		72
Interest expense to affiliates		—	(a)
Professional fees		70
Trustees’ and Chief Compliance Officer’s fees		16
Printing and mailing costs		44
Registration and filing fees		43
Transfer agency fees (See Note 2.H.)		16
Other		25
Total expenses		9,760
Less fees waived		(1,283	)
Less earnings credits		(1	)
Net expenses		8,476
Net investment income (loss)		48,091
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(6,896	)
Foreign currency transactions		5
Net realized gain (loss)		(6,891	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		6,397
Foreign currency translations		4
Unfunded commitments		(19	)
Change in net unrealized appreciation/depreciation		6,382
Net realized/unrealized gains (losses)		(509	)
Change in net assets resulting from operations	$	47,582

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Floating Rate Income Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	48,091		$	84,603
Net realized gain (loss)		(6,891	)		(56,181	)
Change in net unrealized appreciation/depreciation		6,382			59,824
Change in net assets resulting from operations		47,582			88,246
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,659	)		(3,599	)
Class C
From net investment income		(370	)		(856	)
Class I
From net investment income		(25,966	)		(43,924	)
Class R6
From net investment income		(19,309	)		(35,871	)
Total distributions to shareholders		(47,304	)		(84,250	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(46,766	)		600,514
NET ASSETS:
Change in net assets		(46,488	)		604,510
Beginning of period		2,415,809			1,811,299
End of period	$	2,369,321		$	2,415,809
Accumulated undistributed (distributions in excess of) net investment income	$	752		$	(35	)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,477		$	58,312
Distributions reinvested		1,656			3,597
Cost of shares redeemed		(17,198	)		(57,237	)
Change in net assets resulting from Class A capital transactions	$	(2,065	)	$	4,672
Class C
Proceeds from shares issued	$	1,461		$	12,519
Distributions reinvested		364			838
Cost of shares redeemed		(6,019	)		(9,264	)
Change in net assets resulting from Class C capital transactions	$	(4,194	)	$	4,093
Class I
Proceeds from shares issued	$	281,935		$	803,860
Distributions reinvested		18,127			3,528
Cost of shares redeemed		(342,194	)		(346,605	)
Change in net assets resulting from Class I capital transactions	$	(42,132	)	$	460,783
Class R6
Proceeds from shares issued	$	157,552		$	265,017
Distributions reinvested		17,790			30,602
Cost of shares redeemed		(173,717	)		(164,653	)
Change in net assets resulting from Class R6 capital transactions	$	1,625		$	130,966
Total change in net assets resulting from capital transactions	$	(46,766	)	$	600,514

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 19

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Floating Rate Income Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
SHARE TRANSACTIONS:
Class A
Issued		1,430			6,188
Reinvested		176			381
Redeemed		(1,828	)		(6,061	)
Change in Class A Shares		(222	)		508
Class C
Issued		155			1,330
Reinvested		39			89
Redeemed		(641	)		(984	)
Change in Class C Shares		(447	)		435
Class I
Issued		29,934			84,956
Reinvested		1,928			374
Redeemed		(36,339	)		(36,680	)
Change in Class I Shares		(4,477	)		48,650
Class R6
Issued		16,705			28,012
Reinvested		1,891			3,246
Redeemed		(18,455	)		(17,424	)
Change in Class R6 Shares		141			13,834

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 21

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			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
Floating Rate Income Fund
Class A
Six Months Ended February 28, 2018 (Unaudited)	$	9.41	$	0.18	(e)	$	(0.01	)	$	0.17		$	(0.17	)	$	—		$	(0.17	)
Year Ended August 31, 2017		9.36		0.35	(e)		0.05			0.40			(0.35	)		—			(0.35	)
Year Ended August 31, 2016		9.56		0.40	(e)		(0.20	)		0.20			(0.40	)		—			(0.40	)
Year Ended August 31, 2015		10.04		0.38	(e)		(0.47	)		(0.09	)		(0.39	)		—	(f)		(0.39	)
Year Ended August 31, 2014		10.02		0.39	(g)		0.02			0.41			(0.38	)		(0.01	)		(0.39	)
Year Ended August 31, 2013		9.89		0.43			0.14			0.57			(0.43	)		(0.01	)		(0.44	)
Class C
Six Months Ended February 28, 2018 (Unaudited)		9.38		0.15	(e)		—	(f)		0.15			(0.15	)		—			(0.15	)
Year Ended August 31, 2017		9.34		0.31	(e)		0.04			0.35			(0.31	)		—			(0.31	)
Year Ended August 31, 2016		9.54		0.35	(e)		(0.19	)		0.16			(0.36	)		—			(0.36	)
Year Ended August 31, 2015		10.02		0.33	(e)		(0.46	)		(0.13	)		(0.35	)		—	(f)		(0.35	)
Year Ended August 31, 2014		10.01		0.34	(g)		0.02			0.36			(0.34	)		(0.01	)		(0.35	)
Year Ended August 31, 2013		9.88		0.40			0.13			0.53			(0.39	)		(0.01	)		(0.40	)
Class I
Six Months Ended February 28, 2018 (Unaudited)		9.41		0.19	(e)		—	(f)		0.19			(0.19	)		—			(0.19	)
Year Ended August 31, 2017		9.37		0.37	(e)		0.05			0.42			(0.38	)		—			(0.38	)
Year Ended August 31, 2016		9.57		0.42	(e)		(0.19	)		0.23			(0.43	)		—			(0.43	)
Year Ended August 31, 2015		10.05		0.40	(e)		(0.46	)		(0.06	)		(0.42	)		—	(f)		(0.42	)
Year Ended August 31, 2014		10.03		0.42	(g)		0.02			0.44			(0.41	)		(0.01	)		(0.42	)
Year Ended August 31, 2013		9.89		0.46			0.15			0.61			(0.46	)		(0.01	)		(0.47	)
Class R6
Six Months Ended February 28, 2018 (Unaudited)		9.41		0.19	(e)		—	(f)		0.19			(0.19	)		—			(0.19	)
Year Ended August 31, 2017		9.37		0.39	(e)		0.04			0.43			(0.39	)		—			(0.39	)
Year Ended August 31, 2016		9.57		0.43	(e)		(0.19	)		0.24			(0.44	)		—			(0.44	)
Year Ended August 31, 2015		10.05		0.41	(e)		(0.46	)		(0.05	)		(0.43	)		—	(f)		(0.43	)
October 31, 2013 (h) through August 31, 2014		10.10		0.34	(g)		(0.03	)		0.31			(0.35	)		(0.01	)		(0.36	)

(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.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

		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)
$	9.41		1.87	%	$	86,324		0.99	%		3.78	%		1.17	%		21	%
	9.41		4.36			88,390		0.98			3.76			1.18			51
	9.36		2.30			83,254		0.99			4.29			1.22			41
	9.56		(0.92	)		85,854		0.99			3.85			1.25			16
	10.04		4.15			168,575		0.98			3.85	(g)		1.15			61
	10.02		5.90			158,323		0.97			4.64			1.16			42
	9.38		1.62			21,931		1.49			3.27			1.67			21
	9.38		3.74			26,114		1.48			3.25			1.69			51
	9.34		1.78			21,937		1.49			3.79			1.73			41
	9.54		(1.37	)		26,637		1.49			3.35			1.73			16
	10.02		3.59			22,738		1.48			3.35	(g)		1.65			61
	10.01		5.50			15,323		1.47			4.07			1.65			42
	9.41		1.99			1,288,087		0.74			4.03			0.91			21
	9.41		4.51			1,329,888		0.73			3.96			0.91			51
	9.37		2.55			868,497		0.74			4.51			0.91			41
	9.57		(0.61	)		1,946,646		0.74			4.09			0.92			16
	10.05		4.40			2,930,115		0.73			4.10	(g)		0.90			61
	10.03		6.25			3,158,706		0.72			4.85			0.91			42
	9.41		2.04			972,979		0.64			4.13			0.65			21
	9.41		4.61			971,417		0.63			4.10			0.66			51
	9.37		2.65			837,611		0.64			4.67			0.66			41
	9.57		(0.49	)		391,548		0.64			4.18			0.67			16
	10.05		3.05			916,404		0.63			4.11	(g)		0.66			61

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (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 is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Floating Rate Income Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the Fund is to seek to provide current income with a secondary objective of capital appreciation.

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 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares 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, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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 Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved 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 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 Fund 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 as of the report date.

24 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	11,735	$	—		$	11,735
Corporate Bonds
Consumer Discretionary		—		57,642		—			57,642
Energy		—		36,691		—			36,691
Financials		—		20,988		—			20,988
Health Care		—		48,605		—			48,605
Industrials		—		35,009		—			35,009
Information Technology		—		29,895		—			29,895
Materials		—		35,109		—			35,109
Real Estate		—		3,109		—			3,109
Telecommunication Services		—		29,857		—			29,857
Utilities		—		12,025		750			12,775
Total Corporate Bonds		—		308,930		750			309,680
Common Stocks
Energy		—		164		488			652
Information Technology		11,511		—		—			11,511
Utilities		7,106		—		—			7,106
Total Common Stocks		18,617		164		488			19,269
Preferred Stock
Financials		—		15,968		—			15,968
Loan Assignments
Consumer Discretionary		—		450,956		—	(a)		450,956
Consumer Staples		—		196,684		—			196,684
Energy		—		146,949		—			146,949
Financials		—		25,996		—			25,996
Health Care		—		222,308		—			222,308
Industrials		—		193,490		—			193,490
Information Technology		—		195,109		—			195,109
Materials		—		104,495		—			104,495
Real Estate		—		17,893		—			17,893
Telecommunication Services		—		227,464		—			227,464
Utilities		—		176,959		—			176,959
Total Loan Assignments		—		1,958,303		—	(a)		1,958,303
Rights
Utilities		—		—		906			906
Warrants
Energy		—		83		—			83
Short-Term Investment
Investment Company		115,686		—		—			115,686
Total Investments in Securities	$	134,303	$	2,295,183	$	2,144		$	2,431,630

(a) Amount rounds to less than 500.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

There were no significant transfers between level 1 and level 2 during the six months ended February 28, 2018.

B. Foreign Currency Translation — The books and records of the Fund 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 Fund does 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 Statement 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 the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement 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 Statement of Operations.

C. Restricted Securities — Certain securities held by the Fund 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, as amended (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 Fund.

As of February 28, 2018, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A or Regulation S under the Securities Act.

D. Loan Assignments — The Fund 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 fund invests 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 fund may be able to enforce its 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 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.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

At February 28, 2018, the Fund had investments in loan assignments that amounted to more than 5% of the Fund’s net assets, by agent bank as follows:

Agent Bank	Percentage
Credit Suisse International		14.5	%
Barclays Bank plc		11.9
Morgan Stanley		7.8
Bank of America, N.A.		5.9
JPMorgan Chase Bank, N.A.		5.8

E. Unfunded Commitments — The Fund may enter into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statement of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of interest income on the Statement of Operations.

26 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

At February 28, 2018, the Fund had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the options of the borrower (amounts in thousands):

										Unfunded Commitment				Funded Commitment				Total Commitment
Security Description	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Par Amount		Value		Par Amount		Value		Par Amount		Value
Pearl Intermediate Parent LLC	Delayed Draw Term Loan		1/31/2025		1.000	%		0.000	%	$	2,170	$	2,151	$	—	$	—	$	2,170	$	2,151

F. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Fund purchased when-issued 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 are 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 Fund 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 Fund had delayed delivery securities outstanding as of February 28, 2018, which are shown as a Payable for investment securities purchased-delayed delivery securities on the Statement of Assets and Liabilities. The values of these securities held at February 28, 2018 are detailed on the SOI.

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 the 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 are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended February 28, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6		Total
Transfer agency fees	$	5	$	2	$	6	$	3	$	16

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund’s tax positions for all open tax years and has determined that as of February 28, 2018, no liability for income tax is required in the Fund’s 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. The Fund’s Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

J. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

K. 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 the 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.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. 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 February 28, 2018, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s 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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. Class I and Class R6 do not charge a distribution fee. The Distribution Plan provides that the 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 February 28, 2018, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	1	$	—

D. Service Fees — The Trust, on behalf of the Fund, 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, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of Class A, Class C and Class I Shares, respectively.

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 Fund 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.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays 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 Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

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

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

Class A			Class C			Class I			Class R6
	1.00	%		1.50	%		0.75	%		0.65	%

The expense limitation agreement was in effect for the six months ended February 28, 2018 and is in place until at least December 31, 2018.

28 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

For the six months ended February 28, 2018, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total
$	34	$	23	$	1,076	$	1,133

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds).

Effective December 29, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

The amount of these waivers/reimbursements resulting from investments in these money market funds for the six months ended February 28, 2018 was approximately $150,000.

G. 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 Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The 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 Statement 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 February 28, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended February 28, 2018, the Fund 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 Fund 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 February 28, 2018, 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)
$	490,672	$	471,579

During the six months ended February 28, 2018, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2018 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Gross Unrealized (Depreciation)
$	2,444,491	$	23,563	$	36,424	$	(12,861	)

6. Borrowings

The Fund relies 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 Fund 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 the 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 Fund because the Fund 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).

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 29

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 28, 2018 (Unaudited) (continued)

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 Fund. 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 the 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 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended February 28, 2018.

The Trust, along with certain other trusts (“Borrowers”), has 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 Fund did not utilize the Credit Facility during the six months ended February 28, 2018.

7. Risks, Concentrations and Indemnifications

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

As of February 28, 2018, the Fund had one affiliated omnibus account, which represented 61.8% of the Fund’s outstanding shares.

As of February 28, 2018, the JPMorgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
	18.0	%		10.9	%

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

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests 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 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.

The Fund invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a high degree of risk.

The Fund is subject to the risk that, should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.

8. Investment Company Reporting Modernization

In October 2016, the SEC 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

30 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

disclosures about derivatives in investment company financial statements, as well as other amendments. The amendments to Regulation S-X were applied to the Fund’s financial statements as of February 28, 2018. The adoption had no effect on the Fund’s net assets or results of operations.

FEBRUARY 28, 2018 J.P. MORGAN INCOME FUNDS 31

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments 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 Fund 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 each Class at the beginning of the reporting period, September 1, 2017, and continued to hold your shares at the end of the reporting period, February 28, 2018.

Actual Expenses

For each Class of the 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 September 1, 2017		Ending Account Value February 28, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
Floating Rate Income Fund
Class A
Actual	$	1,000.00	$	1,018.70	$	4.96		0.99	%
Hypothetical		1,000.00		1,019.89		4.96		0.99
Class C
Actual		1,000.00		1,016.20		7.45		1.49
Hypothetical		1,000.00		1,017.41		7.45		1.49
Class I
Actual		1,000.00		1,019.90		3.71		0.74
Hypothetical		1,000.00		1,021.12		3.71		0.74
Class R6
Actual		1,000.00		1,020.40		3.21		0.64
Hypothetical		1,000.00		1,021.62		3.21		0.64

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

32 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2018

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.

The 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 Fund’s 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 the Fund’s policies and procedures with respect to the disclosure of the 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 Fund’s 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 Fund to the Adviser. A copy of the Fund’s 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 Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s 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., 2018.  All rights reserved. February 2018. SAN-FRI-218

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

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
	May 2, 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
	May 2, 2018

By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	May 2, 2018