JPMorgan Trust IV NCSRS 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: 811-23117

JPMorgan Trust IV

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

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

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

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

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 Municipal Bond Funds

August 31, 2017 (Unaudited)

JPMorgan Municipal Income Fund

JPMorgan Ohio Municipal Bond Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

LOGO

CONTENTS



CEO’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan Municipal Income Fund			3

JPMorgan Ohio Municipal Bond Fund			5

JPMorgan Short-Intermediate Municipal Bond Fund			7

JPMorgan Tax Free Bond Fund			9

JPMorgan Ultra-Short Municipal Fund			11

Schedules of Portfolio Investments			13

Financial Statements			84

Financial Highlights			98

Notes to Financial Statements			108

Schedule of Shareholder Expenses			121

Board Approval of Investment Advisory Agreements			123

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

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

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

CEO’S LETTER

October 11, 2017 (Unaudited)

Dear Shareholder,

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

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

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

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

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

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

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

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

Sincerely yours,

LOGO

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)

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

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

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



2	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)¹,*			3.31%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index			3.24%

Net Assets as of 8/31/2017 (In Thousands)			$270,936
Duration as of 8/31/2017			4.8 Years

INVESTMENT OBJECTIVE**

The JPMorgan Municipal Income Fund (the “Fund”) seeks current income exempt from federal income taxes.

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

For the six months ended August 31, 2017, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight positions in the housing, education and pre-refunded bond sectors were leading contributors to performance. The Fund’s security selection in bonds rated single-A and BBB also contributed to relative performance.

The Fund’s underweight position in bonds with maturities of 10 years and longer was a leading detractor from relative performance. The Fund’s underweight position in local general obligation bonds also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. At the end of the six month period, the Fund’s overall duration was roughly in line with that of the Benchmark. Duration measures the price sensitivity for a portfolio of bonds. Bonds with a longer duration will experience a larger increase in price than short duration bonds when interest rates fall.


CREDIT QUALITY ALLOCATIONS***
AAA	25.4	%
AA	46.4
A	18.9
BBB	6.6
BB	0.1
NR	2.6

J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 2.9% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

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

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

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

***

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	3

JPMorgan Municipal Income Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge**			(0.73	)%		(3.20	)%		1.61	%		3.18	%
Without Sales Charge			3.16			0.60			2.40			3.58
CLASS C SHARES	November 4, 1997
With CDSC***			1.80			(1.04	)		1.81			2.99
Without CDSC			2.80			(0.04	)		1.81			2.99
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 9, 1993		3.31			0.76			2.65			3.84

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.

TEN YEAR PERFORMANCE (8/31/07 TO 8/31/17)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Municipal Income Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2007 to August 31, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on 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.

Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.

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

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

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



4	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)¹,*			2.77%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index			3.24%

Net Assets as of 8/31/2017 (In Thousands)			$119,825
Duration as of 8/31/2017			4.7 Years

INVESTMENT OBJECTIVE**

The JPMorgan Ohio Municipal Bond Fund (the “Fund”) seeks current income exempt from federal income tax and Ohio personal income tax, consistent with the preservation of principal.²

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

For the six months ended August 31, 2017, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”). The Fund’s allocations to the short and long ends of the yield curve (or “barbell” strategy) detracted from both absolute performance and performance relative to the Benchmark as municipal bond interest rates fell during the reporting period and the yield curve flattened. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The Benchmark included bonds issued by the state of Illinois, which were leading performers in the municipal bond asset class during the reporting period. The Fund held no Illinois bonds, which detracted from performance relative to the Benchmark.

The Fund’s underweight allocation and shorter duration in revenue bonds, particularly in the transportation and electric sectors, and its underweight allocation to bonds rated single-A and BBB also detracted from relative performance. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price as interest rates fall.

The Fund’s overweight position and longer duration in local general obligation bonds and revenue bonds in the education, water & sewer and hospital sectors made a positive contribution to relative performance. The Fund’s overweight position in bonds rated AA also contributed to relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s average duration expanded relative to the Benchmark as municipal bond interest rates moved downward during the reporting period. The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the Fund managers preferred essential service sectors. However, Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the Ohio municipal bond market.


CREDIT QUALITY ALLOCATIONS***
AAA	20.3	%
AA	67.9
A	7.5
BBB	2.9
NR	1.4

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 23.9% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

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

The Fund is scheduled to liquidate on or about December 8, 2017. In preparation for the liquidation, the Fund may liquidate its investments in securities and other direct investments and may invest in other J.P. Morgan Funds and exchange-traded funds (ETFs) (collectively “Underlying Funds”) to gain exposure to inflation-sensitive and other asset classes that have exposure to broad equity, fixed income and alternative markets. In addition, the Fund may depart from its stated investment objective and strategies and liquidate any or all of its assets, including any or all of its investments in Underling Funds as it increases its cash holdings in preparation for its liquidation.

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

***

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	5

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(1.11	)%		(3.37	)%		1.13	%		3.01	%
Without Sales Charge			2.71			0.40			1.91			3.40
CLASS C SHARES	February 19, 2005
With CDSC***			1.44			(1.16	)		1.30			2.79
Without CDSC			2.44			(0.16	)		1.30			2.79
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	July 2, 1991		2.77			0.55			2.15			3.66

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.

TEN YEAR PERFORMANCE (8/31/07 TO 8/31/17)

LOGO

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 graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ohio Municipal Bond Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2007 to August 31, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The

Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Lipper Intermediate Municipal Debt Funds Index is an index based on 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.



6	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			1.73%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index			1.63%

Net Assets as of 8/31/2017 (In Thousands)			$2,484,987
Duration as of 8/31/2017			3.1 Years

INVESTMENT OBJECTIVE**

The JPMorgan Short-Intermediate Municipal Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

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

For the six months ended August 31, 2017, the Fund’s Class A Shares outperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates in the U.S. generally fell and investor appetite for lower rated bonds remained strong.

Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance. Generally, a portfolio of bonds with longer duration will experience a larger increase in price as interest rates fall. The Fund’s overweight position in the long end of the yield curve also contributed to relative performance as bonds with longer maturities outperformed shorter-dated bonds. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s underweight position in pre-refunded bonds and its overweight positions in the education, housing and leasing sectors also contributed to relative performance.

The Fund’s overall bias toward higher quality bonds was a leading detractor from relative performance as lower rated bonds outperformed higher rated bonds. The Fund’s underweight position in the lowest rated bonds, including those from Illinois, New Jersey and Puerto Rico, also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed a bottom-up, security selection-based investment approach. The Fund’s portfolio managers sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk, while maintaining the Fund’s bias toward higher quality issuances.


CREDIT QUALITY ALLOCATIONS***
AAA	27.2	%
AA	52.0
A	17.1
BBB	1.2
NR	2.5

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 3.3% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

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

***

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		May 4, 1998
With Sales Charge**				(0.55	)%		(2.26	)%		0.33	%		1.49	%
Without Sales Charge				1.73			0.00			0.77			1.72
CLASS C SHARES		November 1, 2001
With CDSC***				0.55			(1.41	)		0.27			1.21
Without CDSC				1.55			(0.41	)		0.27			1.21
CLASS I SHARES (FORMERLY INSTITUTIONAL CLASS SHARES)		June 19, 2009		1.96			0.47			1.27			2.18

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.

TEN YEAR PERFORMANCE (8/31/07 TO 8/31/17)

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index and the Lipper Short-Intermediate Municipal Debt Funds Index from August 31, 2007 to August 31, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short-Intermediate Municipal Debt Funds Index includes expenses associated with a mutual fund, such as

investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment grade tax-exempt municipal bonds with maturities of 1–5.999 years. The Lipper Short-Intermediate Municipal Debt 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 A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.



8	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)


Bloomberg Barclays U.S. Municipal Index (formerly Bloomberg Barclays Municipal Bond Index)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			3.36%
Bloomberg Barclays Municipal Bond Index			3.79%

Net Assets as of 8/31/2017 (In Thousands)			$322,857
Duration as of 8/31/2017			6.1 Years

INVESTMENT OBJECTIVE**

The JPMorgan Tax Free Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

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

For the six months ended August 31, 2017, the Fund’s Class A Shares underperformed the Bloomberg Barclays Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates generally fell and investor appetite for lower rated bonds remained strong.

Relative to the Benchmark, the Fund’s shorter duration profile detracted from performance. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s overweight positions in pre-refunded bonds and in electric sector bonds, and its underweight position in bonds rated single-A also detracted from relative performance.

The Fund’s slightly overweight position in the 10-year portion of the yield curve was a leading contributor to relative performance as longer portions of the yield curve outperformed shorter maturities. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s longer duration positions in the transportation and leasing sectors and its longer duration positions in bonds rated BBB also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund continued to employ a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk.


CREDIT QUALITY ALLOCATIONS***
AAA	19.7	%
AA	53.8
A	17.4
BBB	6.0
NR	3.1

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 20.6% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

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

***

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge**			(0.48	)%		(4.31	)%		2.33	%		3.68	%
Without Sales Charge			3.36			(0.59	)		3.12			4.08
CLASS C SHARES	July 1, 2008
With CDSC***			2.00			(2.19	)		2.43			3.37
Without CDSC			3.00			(1.19	)		2.43			3.37
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)	February 1, 1995		3.49			(0.37	)		3.30			4.26

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.

TEN YEAR PERFORMANCE (8/31/07 TO 8/31/17)

Returns for Class C Shares prior to its inception are based on the performance of Class B Shares, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares had similar expenses to Class B Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund, the Bloomberg Barclays U.S. Municipal Index and the Lipper General & Insured Municipal Debt Funds Index from August 31, 2007 to August 31, 2017. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Barclays U.S. Municipal 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 benchmark, if applicable. The performance of the Lipper General & Insured Municipal Debt Funds Index includes expenses associated with a

mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Lipper General & Insured Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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



10	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

SIX MONTHS ENDED AUGUST 31, 2017 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)¹,*			0.46%
Bloomberg Barclays 1 Year Municipal Bond Index			0.73%

Net Assets as of 8/31/2017 (In Thousands)			$1,337,730
Duration as of 8/31/2017			0.6 Years

INVESTMENT OBJECTIVE**

The JPMorgan Ultra-Short Municipal Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

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

For the six months ended August 31, 2017, the Fund’s Class I Shares underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates generally fell and investor appetite for lower rated bonds remained strong.

Relative to the Benchmark, the Fund’s shorter duration profile was a leading detractor from performance. Generally, a portfolio of bonds with shorter duration will experience a larger decrease in price as interest rates fall. The Fund’s underweight position in bond rated single-A and BBB detracted from performance as lower quality bonds outperformed higher rated bonds.

The Fund’s overweight positions in hospital sector bonds and in local general obligation bonds were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s managers sought to maintain an average weighted maturity of two years or less and used a risk/reward analysis to identify investments that they believed would perform well over market cycles.


CREDIT QUALITY ALLOCATIONS***
AAA	28.5	%
AA	39.7
A	8.9
BBB	2.1
NR	20.8
	100.00

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 0.9% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

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

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

***

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	11

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

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


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2016
With Sales Charge**				(1.90	)%		(1.55	)%		(1.12	)%
Without Sales Charge				0.35			0.71			0.70
CLASS I SHARES (FORMERLY SELECT CLASS SHARES)		May 31, 2016		0.46			0.89			0.89

Not annualized.

Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 8/31/17)

The Fund commenced operations on May 31, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund, the Bloomberg Barclays 1 Year Municipal Bond Index and the Lipper Short Municipal Debt Funds Index from May 31, 2016 to August 31, 2017. 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 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Short Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years.

The Lipper Short Municipal Debt Funds Index is an index based on 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 May 31, 2016 until August 31, 2016, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.



12	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 99.8% (t)
		Alabama — 0.9%
		Utility — 0.9%
	2,000	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.00%, 09/01/2031		2,391

		Alaska — 0.4%
		Housing — 0.4%
	980	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 3.50%, 06/01/2046		1,046

		Arizona — 2.1%
		Water & Sewer — 2.1%
	2,645	City of Scottsdale, Water & Sewer System, Rev., 5.25%, 07/01/2022		3,159
	2,150	City of Tucson, Water System, Rev., 5.00%, 07/01/2024		2,641

		Total Arizona		5,800

		California — 0.8%
		General Obligation — 0.3%
	1,000	Salinas Union High School District, GO, BAN, Zero Coupon, 08/01/2020		951

		Hospital — 0.2%
	410	California Municipal Finance Authority, Eisenhower Medical Center, Series B, Rev., 5.00%, 07/01/2026		493

		Other Revenue — 0.3%
	735	State of California, Department of Veterans Affairs, Series B, Rev., 3.50%, 12/01/2045		784

		Total California		2,228

		Colorado — 4.3%
		Certificate of Participation/Lease — 0.3%
	625	Pueblo County Judicial Complex Project, COP, AGM, 5.00%, 09/15/2021		714

		Education — 0.4%
		Colorado Educational & Cultural Facilities Authority, University Corp. for Atmospheric Research Project,
	450	Rev., 4.00%, 09/01/2020		485
	470	Rev., 5.00%, 09/01/2022		550

				1,035

		General Obligation — 0.4%
	1,000	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.25%, 12/15/2020		1,138

		Hospital — 3.1%
	2,415	Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project, Series B, Rev., 5.00%, 09/01/2022		2,426


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
	5,000	Colorado Health Facilities Authority, SCL Health System, Series D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.77%, 09/07/2017 (z)		5,000
	1,000	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		1,057

				8,483

		Housing — 0.1%
		Denver City & County, Single Family Home Mortgage, Metropolitan Mayors Caucus Program,
	65	Rev., GNMA COLL, 6.15%, 11/01/2034		66
	25	Series A, Rev., GNMA/FNMA/FHLMC, 7.30%, 11/01/2031		25
	100	El Paso County, Single Family Mortgage, Southern Front Range Region Program, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.85%, 04/01/2041		100

				191

		Total Colorado		11,561

		Connecticut — 4.3%
		Education — 1.5%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	760	Series A, Rev., 4.00%, 11/15/2019		796
	1,560	Series A, Rev., 5.25%, 11/15/2023		1,747
	1,500	Series A, Rev., 5.25%, 11/15/2024		1,678

				4,221

		Housing — 2.8%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	3,940	Series C-1, Rev., VRDO, 0.80%, 09/07/2017 (z)		3,940
	1,300	Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,430
	565	Subseries A-1, Rev., 4.00%, 11/15/2045		616
	500	Subseries A-1, Rev., 4.00%, 11/15/2047		546
	950	Subseries E-1, Rev., 3.50%, 11/15/2046		1,007

				7,539

		Total Connecticut		11,760

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	13

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Delaware — 0.2%
		Housing — 0.2%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	340	Series A-1, Rev., AMT, 4.90%, 07/01/2029		362
	185	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.63%, 01/01/2023		186

		Total Delaware		548

		District of Columbia — 1.7%
		Transportation — 0.4%
	1,000	Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds, Series B, Rev., 5.00%, 07/01/2025		1,238

		Water & Sewer — 1.3%
	3,000	District of Columbia Water & Sewer Authority Public Utility, Subordinate Lien, Green Bonds, Series A, Rev., 5.00%, 10/01/2045		3,463

		Total District of Columbia		4,701

		Florida — 10.5%
		Certificate of Participation/Lease — 4.0%
	4,000	Collier County School Board, Master Lease Program, COP, AGM, 5.25%, 02/15/2021		4,543
	2,250	South Florida Water Management District, COP, 5.00%, 10/01/2032		2,655
	3,000	The School Board of Miami-Dade County, Series D, COP, 5.00%, 02/01/2027		3,625

				10,823

		Hospital — 0.5%
	1,100	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group, Rev., 5.00%, 12/01/2021		1,244

		Housing — 0.6%
	305	Broward County Housing Finance Authority, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 04/01/2027		305
		Florida Housing Finance Corp., Homeowner Mortgage, Special Program,
	395	Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		407
	445	Series B, Rev., GNMA COLL, 4.50%, 01/01/2029		458
	440	Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 01/01/2029		456

				1,626


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	835	Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project, Series A, Rev., AMT, AGM, 5.00%, 04/01/2024		961
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., 2.10%, 04/11/2019 (z)		505

				1,466

		Other Revenue — 0.9%
	2,000	Miami Beach Redevelopment Agency, Historic Convention Village, Series A, Rev., 5.00%, 02/01/2027		2,364

		Prerefunded — 0.8%
		Palm Beach County, Solid Waste Authority,
	2,000	Rev., BHAC, 5.50%, 10/01/2019 (p)		2,192

		Transportation — 0.6%
	1,500	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.00%, 07/01/2027		1,726

		Utility — 2.6%
	5,000	City of Port St. Lucie, Utility Systems, Rev., NATL-RE, 5.25%, 09/01/2024		6,084
	800	Florida Municipal Power Agency, All Requirements Power Supply Project, Series A, Rev., 5.00%, 10/01/2030		964

				7,048

		Total Florida		28,489

		Georgia — 1.4%
		Hospital — 0.4%
	860	Gainesville & Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A, Rev., RAN, 5.00%, 02/15/2026		1,035

		Housing — 1.0%
	505	Atlanta Urban Residential Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series B, Rev., GNMA/FNMA/FHLMC, 5.50%, 03/01/2041		519
		Georgia Housing & Finance Authority, Single Family Mortgage,
	750	Series A, Rev., 4.00%, 12/01/2047		822
	1,250	Series B, Rev., 4.00%, 12/01/2047 (w)		1,379

				2,720

		Total Georgia		3,755

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — 0.8%
		Hospital — 0.2%
	365	Illinois Finance Authority, Healthcare Enterprises, Inc., Series C, Rev., 5.00%, 03/01/2033 (w)		416

		Housing — 0.6%
		City of Aurora, Single Family Mortgage,
	166	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/01/2039		172
	158	Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/01/2039		162
	15	City of Peoria, City of Moline & City of Freeport, Collateralized Single Family Mortgage, Series A, Rev., GNMA COLL, 7.60%, 04/01/2027		15
	1,240	Illinois Housing Development Authority, Homeowner Mortgage, Series C, Rev., 3.50%, 08/01/2046		1,318

				1,667

		Total Illinois		2,083

		Indiana — 2.3%
		Hospital — 0.7%
	1,670	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.00%, 11/15/2034		1,934

		Housing — 0.2%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	525	Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2028		547

		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	1,880	County of St. Joseph, Economic Development, St. Mary’s College Project, Series A, Rev., 5.00%, 04/01/2026		2,257

		Water & Sewer — 0.5%
	1,250	Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project, Series A, Rev., 5.00%, 10/01/2030		1,437

		Total Indiana		6,175

		Iowa — 1.5%
		Education — 0.4%
	1,000	Iowa Student Loan Liquidity Corp., Student Loan, Series A, Rev., AMT, 5.00%, 12/01/2025		1,168


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Housing — 1.1%
		Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	2,000	Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 01/01/2047 (w)		2,157
	85	Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2028		86
	640	Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2046		696

				2,939

		Total Iowa		4,107

		Kentucky — 0.4%
		Education — 0.2%
	515	Kentucky Higher Education Student Loan Corp., Series A, Rev., AMT, 5.00%, 06/01/2020		557

		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	500	County of Carroll, Pollution Control, Kentucky Utilities Company Project, Series A, Rev., 1.05%, 09/01/2019 (z)		497

		Total Kentucky		1,054

		Louisiana — 0.4%
		Housing — 0.2%
	133	East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/01/2039		136
	330	Louisiana Housing Finance Agency, Single Family Mortgage, Home Ownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.50%, 06/01/2040		339
	85	Louisiana Housing Finance Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.60%, 12/01/2028		87

				562

		Other Revenue — 0.2%
		Louisiana Public Facilities Authority, Archdiocese of New Orleans Project,
	165	Rev., 5.00%, 07/01/2021		185
	250	Rev., 5.00%, 07/01/2022		285

				470

		Total Louisiana		1,032

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	15

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Maine — 0.6%
		Housing — 0.6%
		Maine State Housing Authority,
	1,010	Series A, Rev., 4.00%, 11/15/2045		1,092
	285	Series A-1, Rev., AMT, 4.50%, 11/15/2028		299
	235	Series B, Rev., 4.00%, 11/15/2043		248

		Total Maine		1,639

		Maryland — 0.6%
		Housing — 0.6%
	1,500	Montgomery County Housing Opportunities Commission, Series A, Rev., 4.00%, 07/01/2048		1,638

		Massachusetts — 9.3%
		Education — 0.8%
	1,000	Massachusetts Educational Financing Authority, Education Loan, Rev., AMT, 5.00%, 07/01/2021		1,119
	820	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.25%, 07/01/2033		1,097

				2,216

		General Obligation — 1.1%
	2,500	Commonwealth of Massachusetts, Series B, GO, AGM, 5.25%, 09/01/2021		2,911

		Housing — 0.3%
		Massachusetts Housing Finance Agency, Single Family Housing,
	360	Series 169, Rev., 4.00%, 12/01/2044		378
	475	Series 183, Rev., 3.50%, 12/01/2046		509

				887

		Water & Sewer — 7.1%
	5,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.25%, 08/01/2024		6,260
		Massachusetts Water Resources Authority,
	7,925	Series B, Rev., AGM, 5.25%, 08/01/2028		10,286
	2,000	Series B, Rev., AGM, 5.25%, 08/01/2029		2,614

				19,160

		Total Massachusetts		25,174

		Michigan — 1.5%
		Education — 0.2%
	575	Eastern Michigan University, Series A, Rev., 5.00%, 03/01/2030		687


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Housing — 0.5%
	1,250	Michigan State Housing Development Authority, Single-Family Mortgage, Series B, Rev., 3.50%, 06/01/2047		1,333

		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	570	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., 1.45%, 09/01/2021 (z)		566
	1,395	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.00%, 12/01/2020		1,530

				2,096

		Total Michigan		4,116

		Minnesota — 2.7%
		General Obligation — 0.0% (g)
	35	State of Minnesota, Series A, GO, 5.00%, 10/01/2021 (p)		40

		Housing — 2.7%
		Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program,
	370	Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 06/01/2035		391
	331	Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/01/2040		332
	15	Series B, Rev., GNMA/FNMA/FHLMC, 5.15%, 12/01/2038		15
	405	Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project, Rev., 6.10%, 09/01/2019		406
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	160	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/01/2040		161
	440	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 03/01/2041		465
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	405	Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 07/01/2028		415
	250	Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2034		260

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
		Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation,
	1,015	Rev., 5.25%, 08/01/2024		1,163
	1,070	Rev., 5.25%, 08/01/2025		1,225
	825	Rev., 5.25%, 08/01/2026		943
		Minnesota Housing Finance Agency, Residential Housing Finance,
	1,000	Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 07/01/2047		1,091
	325	Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2040		336

				7,203

		Total Minnesota		7,243

		Mississippi — 0.5%
		Housing — 0.5%
	475	Mississippi Home Corp., Home Ownership Mortgage, Series A, Rev., GNMA COLL, 4.50%, 12/01/2031		491
	705	Mississippi Home Corp., Single Family Mortgage, Series B-1, Rev., GNMA/FNMA/FHLMC, 5.38%, 12/01/2038		730

		Total Mississippi		1,221

		Missouri — 0.8%
		Housing — 0.8%
	1,845	Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 05/01/2041		1,979
	230	Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program, Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2027		239

		Total Missouri		2,218

		New Hampshire — 2.1%
		Education — 2.0%
		City of Manchester, School Facilities,
	3,545	Rev., NATL-RE, 5.50%, 06/01/2024		4,390
	900	Rev., NATL-RE, 5.50%, 06/01/2027		1,157

				5,547

		Housing — 0.1%
	220	New Hampshire Housing Finance Authority, Single Family Mortgage, Series E, Rev., 6.63%, 07/01/2038		233

		Total New Hampshire		5,780


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		New Jersey — 3.4%
		Education — 1.0%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.00%, 07/01/2018		258
		New Jersey Higher Education Student Assistance Authority, Senior Student Loan,
	500	Series 1A, Rev., AMT, 5.00%, 12/01/2019		538
	1,750	Series 1A, Rev., AMT, 5.00%, 12/01/2024		2,037

				2,833

		General Obligation — 0.6%
	1,215	Egg Harbor Township Board of Education, GO, AGM, 5.75%, 07/15/2024		1,537

		Hospital — 0.8%
		New Jersey Health Care Facilities Financing Authority, University Hospital Issue,
	1,000	Series A, Rev., AGM, 5.00%, 07/01/2022		1,159
	820	Series A, Rev., AGM, 5.00%, 07/01/2023		967

				2,126

		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	500	Gloucester County Improvement Authority, Solid Waste Resource Recovery, Waste Management, Inc. Project, Series A, Rev., 2.13%, 12/01/2017 (z)		501

		Transportation — 0.8%
	2,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.50%, 12/15/2021		2,255

		Total New Jersey		9,252

		New York — 10.7%
		Housing — 1.4%
		New York Mortgage Agency, Homeowner Mortgage,
	1,670	Series 195, Rev., 4.00%, 10/01/2046		1,831
	1,620	Series 197, Rev., 3.50%, 10/01/2044		1,742
	320	New York State Mortgage Agency, 39th Series, Rev., 5.00%, 04/01/2028		328

				3,901

		Other Revenue — 2.7%
	4,000	New York State Dormitory Authority, State Sales Tax, Series B, Rev., 5.00%, 03/15/2030		4,827
		Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds,
	400	Rev., 5.00%, 05/15/2022		459
	1,660	Rev., 5.00%, 05/15/2023		1,941

				7,227

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	17

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.8%
	5	New York State Dormitory Authority, Series A, Rev., 5.25%, 02/15/2019 (p)		5
	1,920	New York State Dormitory Authority, State Personal Income Tax, Series A, Rev., 5.25%, 02/15/2019 (p)		2,042

				2,047

		Special Tax — 0.0% (g)
	75	New York State Dormitory Authority, State Personal Income Tax, Series A, Rev., 5.25%, 02/15/2024		80

		Transportation — 3.1%
	3,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Rev., 5.00%, 11/15/2029		3,528
	3,000	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.00%, 10/15/2030		3,631
	1,000	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 5.00%, 11/15/2029		1,181

				8,340

		Water & Sewer — 2.7%
	1,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.00%, 06/15/2031		1,201
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution,
	2,500	Series A, Rev., 5.25%, 06/15/2027		2,694
	3,000	Series B, Rev., 5.00%, 06/15/2028		3,440

				7,335

		Total New York		28,930

		North Carolina — 2.3%
		Other Revenue — 0.5%
	1,000	County of Randolph, Limited Obligation, Series B, Rev., 5.00%, 10/01/2026		1,230

		Prerefunded — 0.5%
	1,355	University of North Carolina, Series A, Rev., 5.25%, 10/01/2019 (p)		1,477

		Water & Sewer — 1.3%
	3,330	City of Charlotte, Water & Sewer System, Rev., 5.25%, 07/01/2022		3,593

		Total North Carolina		6,300


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		North Dakota — 2.9%
		Housing — 2.1%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	1,450	Rev., FHA, 4.00%, 01/01/2048 (w)		1,599
	350	Series B, Rev., 5.00%, 07/01/2028		370
	580	Series D, Rev., 3.50%, 07/01/2046		622
	1,885	Series D, Rev., 4.00%, 07/01/2046		2,054
	495	Series D, Rev., 4.50%, 01/01/2029		511
	415	Series F, Rev., AMT, 4.50%, 01/01/2035		429

				5,585

		Utility — 0.8%
	2,000	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.88%, 07/01/2026		2,134

		Total North Dakota		7,719

		Ohio — 2.0%
		General Obligation — 0.7%
	1,500	Lakota Local School District, Series A, GO, NATL-RE, 5.25%, 12/01/2025		1,877

		Housing — 0.6%
	1,465	Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program, Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 03/01/2047		1,580
	25	Ohio Housing Finance Agency, Single Family Mortgage, Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/01/2028		26

				1,606

		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	1,615	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., 5.00%, 12/01/2029		1,969

		Utility — 0.0% (g)
	75	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.25%, 02/15/2021		76

		Total Ohio		5,528

		Oklahoma — 0.3%
		Housing — 0.3%
	465	Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/01/2038		477

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	365	Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program, Series A, Rev., GNMA COLL, 4.38%, 09/01/2027		382

				859

		Other Revenue — 0.0% (g)
	33	IDK Partners III Trust, Mortgage Pass-Through Certificates, Class A, Rev., 5.10%, 08/01/2023 (bb)		33

		Total Oklahoma		892

		Oregon — 0.4%
		Housing — 0.4%
	1,080	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.00%, 07/01/2030		1,148

		Pennsylvania — 4.3%
		Housing — 1.0%
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	50	Series 118A, Rev., AMT, 3.50%, 04/01/2040		53
	1,850	Series 121, Rev., 3.50%, 10/01/2046		1,952
	565	Series 122, Rev., 4.00%, 10/01/2046		611

				2,616

		Industrial Development Revenue/Pollution Control Revenue — 2.3%
	1,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A, Rev., 2.63%, 11/01/2021		1,034
		Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project,
	2,020	Rev., 5.00%, 12/01/2023		2,390
	1,550	Rev., AGM, 5.00%, 12/01/2026		1,884
	680	Rev., AGM, 5.00%, 12/01/2027		823

				6,131

		Other Revenue — 0.8%
	2,000	Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative, Rev., 5.00%, 04/15/2019		2,122


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — 0.2%
	600	Allegheny County Airport Authority, Pittsburgh International Airport, Series A-1, Rev., AMT, 5.00%, 01/01/2026		662

		Total Pennsylvania		11,531

		Rhode Island — 2.2%
		Education — 0.4%
	1,000	Rhode Island Student Loan Authority, Student Loan Program, Series A, Rev., AMT, 5.00%, 12/01/2019		1,073

		Housing — 0.7%
	2,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Series 1-A, Rev., 1.70%, 10/01/2019 (z)		2,007

		Transportation — 1.1%
	2,600	Rhode Island Economic Development Corp., Series B, Rev., 5.00%, 07/01/2022		2,958

		Total Rhode Island		6,038

		South Carolina — 0.6%
		Housing — 0.6%
		South Carolina State Housing Finance & Development Authority,
	260	Series 1, Rev., GNMA COLL, 5.00%, 01/01/2028		269
	400	Series A, Rev., 4.00%, 01/01/2047		435
	900	Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 07/01/2047		991

		Total South Carolina		1,695

		South Dakota — 0.9%
		Housing — 0.9%
	2,205	South Dakota Housing Development Authority, Homeownership Mortgage, Series D, Rev., 4.00%, 11/01/2045		2,418

		Tennessee — 2.7%
		Housing — 1.0%
	360	Tennessee Housing Development Agency, Housing Finance Program, Series A-1, Rev., 5.00%, 01/01/2027		366
		Tennessee Housing Development Agency, Residential Finance Program,
	1,875	Rev., 3.50%, 01/01/2048 (w)		2,022
	290	Series 2B, Rev., 4.00%, 07/01/2043		305

				2,693

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	19

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.8%
	2,000	Tennessee Energy Acquisition Corp., Gas Project, Series A, Rev., 5.25%, 09/01/2021		2,249

		Water & Sewer — 0.9%
	2,000	Nashville & Davidson County Metropolitan Government, Water & Sewer, Series A, Rev., AGM, 5.25%, 01/01/2021		2,276

		Total Tennessee		7,218

		Texas — 5.4%
		General Obligation — 1.6%
	1,450	Clear Creek Independent School District, School Building, Series B, GO, PSF-GTD, 1.45%, 08/14/2020 (z)		1,449
	2,000	Socorro Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2024		2,454
	450	State of Texas, Water Financial Assistance, Series D, GO, 5.00%, 05/15/2033		533

				4,436

		Housing — 0.6%
	1,055	Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8, Rev., 5.95%, 11/01/2023 (z)		1,056
	560	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 07/01/2029		586

				1,642

		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	900	Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project, Rev., 4.70%, 05/01/2018		919

		Prerefunded — 0.8%
	2,000	Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project, Rev., 5.00%, 12/01/2019 (p)		2,181

		Transportation — 1.7%
	1,000	Central Texas Regional Mobility Authority, Rev., 5.00%, 01/01/2046		1,129
	2,800	Dallas Area Rapid Transit, Senior Lien, Series A, Rev., 5.00%, 12/01/2032		3,326

				4,455

		Water & Sewer — 0.3%
	665	City of Austin, Water & Wastewater System, Rev., 5.00%, 11/15/2027		845

		Total Texas		14,478


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Utah — 2.6%
		Housing — 2.1%
	1,765	Utah Housing Corp., Single Family Mortgage, Series D, Rev., FHA, 4.00%, 01/01/2045		1,919
	3,245	Utah State Board of Regents, Student Fee & Housing System, Rev., NATL-RE, 5.25%, 04/01/2023		3,896

				5,815

		Other Revenue — 0.5%
	970	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.25%, 06/15/2029		1,252

		Total Utah		7,067

		Vermont — 3.1%
		Education — 1.9%
		Vermont Student Assistance Corp., Education Loan,
	1,000	Series A, Rev., AMT, 5.00%, 06/15/2023		1,146
	1,400	Series A, Rev., AMT, 5.00%, 06/15/2024		1,621
	2,150	Series A, Rev., AMT, 5.00%, 06/15/2025		2,501

				5,268

		Housing — 1.2%
		Vermont Housing Finance Agency, Multiple Purpose,
	750	Series A, Rev., AMT, 4.00%, 11/01/2047		814
	1,900	Series B, Rev., AMT, 3.75%, 11/01/2045		2,006
	305	Series B, Rev., AMT, 4.13%, 11/01/2042		315

				3,135

		Total Vermont		8,403

		Washington — 2.7%
		General Obligation — 0.9%
	2,000	State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.00%, 07/01/2022		2,361

		Hospital — 0.5%
	1,125	Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2026		1,339

		Housing — 1.3%
		Washington Housing Finance Commission, Single-Family Program,
	465	Series 2A-R, Rev., AMT, 3.50%, 12/01/2046		491
	2,850	Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 06/01/2047 (w)		3,059

				3,550

		Total Washington		7,250

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		West Virginia — 1.2%
		Industrial Development Revenue/Pollution Control Revenue — 1.2%
	2,690	West Virginia Economic Development Authority, Lease, Correctional Juvenile & Public Safety Facilities, Series A, Rev., 5.00%, 06/01/2029		3,128

		Wisconsin — 2.0%
		Education — 2.0%
		Wisconsin Health & Educational Facilities Authority, Agnesian Healthcare, Inc.,
	250	Rev., 5.00%, 07/01/2024		297
	250	Rev., 5.00%, 07/01/2025		300
		Wisconsin Health & Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.,
	520	Rev., 5.00%, 09/01/2022		595
	550	Rev., 5.00%, 09/01/2023		640
	580	Rev., 5.00%, 09/01/2024		678
	235	Rev., 5.00%, 09/01/2025		275
	385	Rev., 5.00%, 09/01/2026		454
	535	Rev., 5.00%, 09/01/2027		633


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Education — continued
		Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc.,
	400	Series C, Rev., 5.00%, 02/15/2027 (w)		485
	575	Series C, Rev., 5.00%, 02/15/2028 (w)		689
	375	Series C, Rev., 5.00%, 02/15/2029 (w)		444

		Total Wisconsin		5,490

		Total Municipal Bonds (Cost $258,994)		270,244


SHARES
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	11,125	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $11,125)		11,125

		Total Investments — 103.9% (Cost $270,119)		281,369
		Liabilities in Excess of Other Assets — (3.9)%		(10,433	)

		NET ASSETS — 100.0%	$	270,936

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	21

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.7% (t)
		California — 1.7%
		General Obligation — 1.7%
	2,700	Foothill-De Anza Community College District, Series B, GO, NATL-RE, Zero Coupon, 08/01/2028		2,050

		Ohio — 96.0%
		Certificate of Participation/Lease — 1.6%
	1,800	Ohio State Department of Administrative Services, State Taxation Accounting & Revenue System Project, COP, 5.00%, 09/01/2018		1,874

		Education — 10.9%
	1,285	Cuyahoga Community College District, General Receipts, Series D, Rev., 5.00%, 08/01/2027		1,495
	565	Miami University, A State University of Ohio, Rev., 5.00%, 09/01/2033		670
		Ohio State University, General Receipts,
	85	Series D, Rev., 5.00%, 12/01/2026 (p)		108
	85	Series D, Rev., 5.00%, 12/01/2027 (p)		109
	500	Ohio State University, General Receipts, Special Purpose, Series A, Rev., 5.00%, 06/01/2028		588
		Ohio State University, General Receipts, Unrefunded Balance,
	1,915	Series D, Rev., 5.00%, 12/01/2026		2,407
	1,915	Series D, Rev., 5.00%, 12/01/2027		2,424
	1,650	State of Ohio, Higher Educational Facility, Case Western Reserve University 2006 Project, Rev., NATL-RE, 5.25%, 12/01/2019		1,807
	2,000	State of Ohio, Higher Educational Facility, University of Dayton 2013 Project, Rev., 5.00%, 12/01/2028		2,337
	1,000	Wright State University, General Receipts, Series A, Rev., 5.00%, 05/01/2026		1,093

				13,038

		General Obligation — 19.7%
	1,240	City of Cleveland, Various Purpose, GO, 5.00%, 12/01/2026		1,471
	2,470	City of Columbus, Unlimited Tax, Various Purpose, Series B, GO, 5.00%, 12/01/2032		2,968
	725	City of Dublin, Various Purpose, GO, 5.00%, 12/01/2034		879
	2,500	County of Butler, Lakota Local School District, Series A, GO, NATL-RE, FGIC, 5.25%, 12/01/2024		3,092
		County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction & Improvement,
	1,000	GO, NATL-RE, FGIC, 5.25%, 12/01/2020		1,133
	3,000	GO, NATL-RE, FGIC, 5.25%, 12/01/2024		3,712
	1,800	GO, NATL-RE, 5.25%, 12/01/2025		2,245


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
	1,000	Franklin & Licking Counties, New Albany Plain Local School District, Various Purpose, GO, 5.00%, 12/01/2025		1,136
	1,500	State of Ohio, Common Schools, Series B, GO, 5.00%, 09/15/2026		1,705
		State of Ohio, Higher Educational,
	1,500	Series C, GO, 5.00%, 11/01/2031		1,795
	1,000	Series C, GO, 5.00%, 11/01/2033		1,187
	1,000	State of Ohio, Infrastructure Improvement, Series C, GO, 5.00%, 03/01/2029		1,172
	1,000	Toledo City School District, School Facilities Improvement, GO, 5.00%, 12/01/2023		1,149

				23,644

		Hospital — 8.3%
	1,305	County of Franklin, Hospital Facilities, Nationwide Childrens Hospital, Series C, Rev., 5.00%, 11/01/2032		1,561
		County of Franklin, Hospital Facilities, OhioHealth Corp.,
	1,000	Rev., 5.00%, 05/15/2027		1,166
	500	Rev., 5.00%, 05/15/2031		580
		State of Ohio, University Hospital Health System, Inc.,
	1,500	Series A, Rev., 5.00%, 01/15/2020		1,630
	550	Series A, Rev., 5.00%, 01/15/2024		593
	1,000	Series A, Rev., 5.00%, 01/15/2028		1,133
	1,885	Series A, Rev., 5.00%, 01/15/2032		2,155
	1,000	Series A, Rev., 5.25%, 01/15/2023		1,089

				9,907

		Housing — 1.6%
		Ohio Housing Finance Agency,
	1,000	Series A, Rev., AGM, 5.00%, 04/01/2022		1,003
	500	Series A, Rev., AGM, 5.00%, 04/01/2027		502
	25	Ohio Housing Finance Agency, Multi-Family Housing, Warren Heights, Series C, Rev., AMT, FHA, GNMA COLL, 4.50%, 11/20/2017		25
	395	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities Program, Series J, Rev., GNMA/FNMA/FHLMC, 5.90%, 09/01/2023		406
	35	Summit County Port Authority, Multi-Family Housing, Callis Tower Apartments Project, Rev., FHA, GNMA COLL, 4.50%, 09/20/2017		35

				1,971

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 2.3%
	1,310	County of Cuyahoga, Economic Development, Shaker Square Project, Series D, Rev., 5.00%, 12/01/2025		1,450
	1,075	Ohio Water Development Authority, Water Pollution Control Loan Fund, Series A, Rev., 5.00%, 12/01/2031		1,325

				2,775

		Other Revenue — 8.0%
		City of Cleveland, Parking Facilities,
	930	Rev., AGM, 5.25%, 09/15/2021		1,059
	440	Rev., AGM, 5.25%, 09/15/2021 (p)		513
	1,250	County of Cuyahoga, Various Purpose, Rev., 5.00%, 12/01/2029		1,511
	115	Franklin County Convention Facilities Authority, Rev., RAN, 5.00%, 12/01/2022		116
		Ohio State Building Authority, State Facilities, Administrative Building Fund Projects,
	1,000	Series B, Rev., 5.00%, 10/01/2023		1,084
	1,220	Series B, Rev., 5.00%, 10/01/2024		1,323
	1,235	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.00%, 12/01/2021		1,418
	1,000	State of Ohio, Cultural & Sports Capital Appreciation Facilities, Series A, Rev., 5.25%, 10/01/2020		1,119
	1,235	State of Ohio, Parks & Recreation Capital Facilities, Series II-A, Rev., 5.00%, 12/01/2020		1,388

				9,531

		Prerefunded — 23.3%
	1,000	American Municipal Power, Inc., Prairie State Energy Campus Project, Series A, Rev., AGC, 5.00%, 02/15/2019 (p)		1,060
	1,530	Beavercreek City School District, Counties of Greene & Montgomery, School Improvement, GO, 5.00%, 06/01/2019 (p)		1,640
		Central Ohio Solid Waste Authority, Solid Waste Facilities Improvement, Limited Tax,
	2,895	GO, 5.00%, 06/01/2022 (p)		3,409
	2,000	City of Avon, Series B, GO, 5.00%, 12/01/2018 (p)		2,104
	1,500	City of Columbus, Limited Tax, Various Purpose, Series B, GO, 5.00%, 08/15/2023 (p)		1,821
	1,500	City of Columbus, Unlimited Tax, Various Purpose, Series A, GO, 5.00%, 07/01/2021 (p)		1,723


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Prerefunded — continued
	1,000	City of Strongsville, Limited Tax, Various Purpose, GO, 5.00%, 12/01/2018 (p)		1,052
	1,000	County of Franklin, City of Columbus, School District, School Facilities Construction & Improvement, GO, 5.00%, 06/01/2019 (p)		1,071
	1,405	Delaware & Franklin Counties, Olentangy Local School District, School Facilities Construction & Improvement, GO, 5.00%, 06/01/2018 (p)		1,449
	1,000	Franklin, Delaware & Union Counties, Dublin City School District, School Facilities Construction & Improvement, GO, 5.00%, 12/01/2018 (p)		1,052
	1,835	Ohio State Building Authority, State Facilities, Administrative Building Fund Projects, Series A, Rev., 5.00%, 04/01/2019 (p)		1,955
	1,745	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series A, Rev., 5.00%, 04/01/2019 (p)		1,859
	2,185	State of Ohio, Higher Educational Facility, Otterbein College 2008 Project, Series A, Rev., 5.50%, 12/01/2018 (p)		2,311
		State of Ohio, Hospital, Cleveland Clinic Health System Obligated Group,
	2,000	Series A, Rev., 5.00%, 01/01/2018 (p)		2,027
	1,500	Series B, Rev., 5.00%, 01/01/2019 (p)		1,580
		State of Ohio, Infrastructure Improvement,
	1,750	Series A, GO, 5.38%, 03/01/2018 (p)		1,791

				27,904

		Transportation — 7.7%
	2,000	City of Cleveland, Airport System, Series A, Rev., AGM-CR, AMBAC, 5.25%, 01/01/2020		2,194
		Ohio State Turnpike Commission,
	2,000	Series A, Rev., 5.00%, 02/15/2022		2,110
	1,185	Series A, Rev., 5.00%, 02/15/2023		1,250
	2,000	Series A, Rev., 5.25%, 02/15/2027		2,549
	1,000	State of Ohio, Capital Facilities Lease Appropriation, Series A, Rev., 5.00%, 04/01/2030		1,186

				9,289

		Utility — 1.7%
		City of Hamilton, Electric System,
	950	Series A, Rev., AGC, 5.00%, 10/01/2020		1,022
	1,000	Series A, Rev., AGC, 5.00%, 10/01/2021		1,074

				2,096

		Water & Sewer — 10.9%
		City of Columbus, Sewerage System,
	1,000	Rev., 5.00%, 06/01/2028		1,213
	1,950	Rev., 5.00%, 06/01/2029		2,381
	1,880	Rev., 5.00%, 06/01/2030		2,277

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	23

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	1,000	City of Toledo, Water System, Series A, Rev., 5.00%, 11/15/2025		1,136
		Ohio State Water Development Authority, Fresh Water,
	2,000	Rev., 5.50%, 12/01/2021		2,374
	1,500	Series A, Rev., 5.00%, 12/01/2030		1,836
	1,500	Series B, Rev., 5.00%, 12/01/2034		1,813

				13,030

		Total Ohio		115,059

		Total Municipal Bonds (Cost $110,192)		117,109


SHARES
	Short-Term Investment — 1.3%
		Investment Company — 1.3%
	1,542	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $1,542)		1,542

		Total Investments — 99.0% (Cost $111,734)		118,651
		Other Assets in Excess of Liabilities — 1.0%		1,174

		NET ASSETS — 100.0%	$	119,825

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligation — 0.0% (g)
	267	FNMA REMIC, Series 2002-36, Class FS, 1.73%, 06/25/2032 (z) (Cost $267)		270

	Municipal Bonds — 96.6% (t)
		Alabama — 0.4%
		Other Revenue — 0.0% (g)
	500	Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project, Rev., 5.00%, 03/01/2023		590

		Utility — 0.4%
	7,675	The Black Belt Energy Gas District Gas Supply, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2021 (z)		8,331

		Total Alabama		8,921

		Alaska — 0.0% (g)
		Utility — 0.0% (g)
	500	City of Anchorage, Electric Utilities, Senior Lien, Series A, Rev., 5.00%, 12/01/2023		597

		Arizona — 1.7%
		Certificate of Participation/Lease — 0.0% (g)
	500	Arizona School Facilities Board, Series A-1, COP, 5.00%, 09/01/2019		540

		General Obligation — 0.1%
	2,550	City of Scottsdale, GO, 5.00%, 07/01/2022		3,015

		Hospital — 1.4%
	29,080	Arizona Health Facilities Authority, Catholic Healthcare West Loan Program, Series B, Rev., VRDO, LOC: Barclays Bank plc, 0.80%, 09/07/2017 (z)		29,080
		Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals,
	250	Series A, Rev., 5.00%, 12/01/2021		287
	3,540	Series A, Rev., 5.00%, 12/01/2025		4,240

				33,607

		Other Revenue — 0.0% (g)
		Town of Marana, Excise Tax,
	75	Series B, Rev., 4.00%, 07/01/2020		81
	100	Series B, Rev., 5.00%, 07/01/2021		114
	100	Series B, Rev., 5.00%, 07/01/2022		117
	160	Series B, Rev., 5.00%, 07/01/2023		192

				504


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — 0.2%
		Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund,
	1,000	Rev., 5.25%, 07/01/2018		1,037
	3,100	Rev., 5.25%, 07/01/2019		3,347

				4,384

		Water & Sewer — 0.0% (g)
	1,000	Pima County, Sewer System, Rev., 5.00%, 07/01/2018		1,035

		Total Arizona		43,085

		Arkansas — 0.4%
		Education — 0.4%
		University of Arkansas, Uams Campus,
	535	Rev., 5.00%, 03/01/2020		588
	500	Rev., 5.00%, 03/01/2025		615
	1,000	Rev., 5.00%, 03/01/2026		1,216
	1,000	Rev., 5.00%, 03/01/2027		1,205
		University of Central Arkansas, Student Housing System,
	1,600	Series A, Rev., 5.00%, 11/01/2021 (w)		1,829
	710	Series A, Rev., 5.00%, 11/01/2022 (w)		828
	1,760	Series A, Rev., 5.00%, 11/01/2023 (w)		2,088
	520	Series A, Rev., 5.00%, 11/01/2025 (w)		631

				9,000

		Other Revenue — 0.0% (g)
	580	City of Little Rock, Hotel & Restaurant, Rev., 5.00%, 07/01/2020		641

		Water & Sewer — 0.0% (g)
	555	City of Little Rock, Sewer, Rev., 5.00%, 10/01/2025		671

		Total Arkansas		10,312

		California — 22.9%
		Certificate of Participation/Lease — 0.1%
		City of Chula Vista, Police Facility Project,
	360	COP, 5.00%, 10/01/2021		417
	465	COP, 5.00%, 10/01/2022		553
	1,000	COP, 5.00%, 10/01/2023		1,215
	140	Goleta Water District, Series A, COP, AGM, 5.00%, 12/01/2020		157

				2,342

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	25

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — 0.7%
		California Educational Facilities Authority, Claremont Mckenna College,
	1,575	Series A, Rev., 4.00%, 01/01/2023		1,809
	1,675	Series A, Rev., 4.00%, 01/01/2024		1,949
		California Municipal Finance Authority, Biola University,
	205	Rev., 4.00%, 10/01/2019		218
	370	Rev., 5.00%, 10/01/2021		423
	11,505	Regents of the University of California, Series AK, Rev., 5.00%, 05/15/2023 (z)		13,880

				18,279

		General Obligation — 7.9%
		Albany Unified School District,
	230	GO, 5.00%, 08/01/2025		288
	760	GO, 5.00%, 08/01/2027		953
	1,050	Allan Hancock Joint Community College District, GO, 5.00%, 08/01/2022		1,248
	5,310	City & County of San Francisco, Series A, GO, 5.00%, 06/15/2025		6,270
	5,845	City of Los Angeles, Series B, GO, 5.00%, 09/01/2018		6,097
	5,000	County of Los Angeles, Community College District, Series C, GO, 5.00%, 06/01/2026		6,345
		County of Sacramento, San Juan Unified School District, Election of 2002,
	395	GO, 5.00%, 08/01/2018		410
	860	GO, 5.00%, 08/01/2019		929
	775	GO, 5.00%, 08/01/2020		867
	1,000	County of Santa Clara, Moreland School District, GO, 5.00%, 08/01/2021		1,154
	6,055	County of Santa Clara, San Jose Evergreen Community College District, Series B, GO, 5.00%, 09/01/2018		6,317
	845	Folsom Cordova Unified School District, School Facilities Improvement District No. 2, GO, 5.00%, 10/01/2017		848
	1,500	Foothill-De Anza Community College District, GO, 5.00%, 08/01/2028		1,835
		Grossmont Healthcare District,
	1,225	Series D, GO, 5.00%, 07/15/2026		1,505
	1,285	Series D, GO, 5.00%, 07/15/2027		1,563
	1,000	Grossmont Healthcare District, Election of 2006, Series C, GO, 5.00%, 07/15/2026		1,229
	11,535	Los Angeles Unified School District, Series C, GO, 5.00%, 07/01/2021		13,289


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
		Moulton-Niguel Water District Consolidated,
	335	GO, 4.00%, 09/01/2017		335
	300	GO, 5.00%, 09/01/2018		313
		Novato Unified School District,
	535	GO, 4.00%, 02/01/2022		604
	685	GO, 5.00%, 02/01/2023		823
	870	GO, 5.00%, 02/01/2024		1,066
	1,500	GO, 5.00%, 08/01/2025		1,839
	1,800	GO, 5.00%, 08/01/2026		2,202
	1,200	Oak Grove School District, GO, 5.00%, 08/01/2023		1,460
	1,770	Placentia-Yorba Linda Unified School District, GO, 5.00%, 08/01/2025		2,217
	2,000	Salinas Union High School District, GO, BAN, Zero Coupon, 08/01/2020		1,901
	1,400	San Diego Community College District, GO, 5.00%, 08/01/2018		1,455
	6,310	San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series R-3, GO, 5.00%, 07/01/2019		6,797
	550	San Diego Unified School District, Election of 2012, Series F, GO, 5.00%, 07/01/2029		663
		San Francisco Bay Area Rapid Transit District, Election of 2004,
	2,735	Series D, GO, 3.00%, 08/01/2022		2,990
	1,500	Series D, GO, 5.00%, 08/01/2027		1,859
	1,685	Series D, GO, 5.00%, 08/01/2028		2,070
	8,580	San Francisco Unified School District, GO, 5.00%, 06/15/2018		8,873
	5,190	San Francisco Unified School District, Proposition A, Election of 2011, Series B, GO, 5.00%, 06/15/2024		6,077
		San Mateo County Community College District,
	700	GO, 5.00%, 09/01/2025		863
	1,095	GO, 5.00%, 09/01/2026		1,340
		State of California, Various Purpose,
	4,000	GO, 4.00%, 08/01/2028		4,559
	4,180	GO, 4.00%, 08/01/2029		4,710
	10,000	GO, 4.00%, 08/01/2030		11,134
	13,530	GO, 5.00%, 09/01/2022		15,977
	3,560	GO, 5.00%, 11/01/2023		4,305
	13,210	GO, 5.00%, 03/01/2026		16,263
	4,900	GO, 5.00%, 09/01/2026		6,143
	2,000	GO, 5.00%, 09/01/2027		2,307
	2,500	GO, 5.00%, 09/01/2028		2,881
	10,000	GO, 5.00%, 08/01/2029		12,246
	2,810	Series B, GO, 5.00%, 09/01/2023		3,387

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Vacaville Unified School District, Election of 2014,
	1,000	Series B, GO, 4.00%, 08/01/2019		1,061
	250	Series B, GO, 4.00%, 08/01/2020		273
	300	Series B, GO, 4.00%, 08/01/2021		335
	275	Series B, GO, 4.00%, 08/01/2022		313
		Walnut Valley, Unified School District,
	100	GO, 5.00%, 08/01/2024		124
	150	GO, 5.00%, 08/01/2025		188
	135	GO, 5.00%, 08/01/2026		171
	245	GO, 5.00%, 08/01/2027		307
	10,495	Whittier Union School District, GO, 5.00%, 08/01/2023		12,769

				196,347

		Hospital — 2.3%
	1,850	California Health Facilities Financing Authority, Cedars-Sinal Medical Center, Rev., 5.00%, 11/15/2025		2,306
		California Health Facilities Financing Authority, Kaiser Permanente,
	5,000	Series C, Rev., 5.00%, 11/01/2022 (z)		5,935
	17,420	Series D, Rev., 5.00%, 11/01/2022 (z)		20,676
	2,500	Subseries A-1, Rev., 5.00%, 11/01/2027		3,175
		California Health Facilities Financing Authority, Providence Health & Services,
	750	Series A, Rev., 5.00%, 10/01/2021		869
	1,500	Series A, Rev., 5.00%, 10/01/2022		1,781
		California Health Facilities Financing Authority, St. Joseph Health System,
	5,000	Series C, Rev., 5.00%, 10/15/2019 (z)		5,416
	12,870	Series D, Rev., 5.00%, 10/15/2020 (z)		14,341
		California Municipal Finance Authority, NorthBay Healthcare Group,
	700	Series A, Rev., 2.00%, 11/01/2017		701
	500	Series A, Rev., 5.00%, 11/01/2023		583
	800	Series A, Rev., 5.00%, 11/01/2024		942
	745	Series A, Rev., 5.00%, 11/01/2025		884

				57,609

		Housing — 0.2%
	4,750	California Statewide Communities Development Authority, LA Puente Park Apartments, Series F, Rev., 1.20%, 10/01/2018 (z)		4,758

		Other Revenue — 3.1%
		Alameda County Transport Authority, Sales Tax,
	3,095	Rev., 3.00%, 03/01/2018		3,130
	5,000	Rev., 4.00%, 03/01/2019		5,244


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — continued
	5,000	Rev., 4.00%, 03/01/2022		5,648
	1,240	Rev., 5.00%, 03/01/2020		1,367
		California Infrastructure & Economic Development Bank, The J. Paul Getty Trust,
	10,800	Series A-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.28%, 12.00% Cap), 1.07%, 09/07/2017 (aa)		10,804
	8,000	Series A-3, Rev., (3 Month LIBOR + 0.37%, 8.00% Cap), 1.29%, 10/02/2017 (aa)		8,034
	7,000	Series A-4, Rev., (3 Month LIBOR + 0.37%, 8.00% Cap), 1.29%, 10/02/2017 (aa)		7,030
	4,500	California State Public Works Board, Department of General Services, Series F, Rev., 5.00%, 05/01/2021		5,123
		Contra Costa County Transportation Authority, Sales Tax,
	3,420	Series A, Rev., 4.00%, 03/01/2023		3,930
	3,830	Series A, Rev., 4.00%, 03/01/2025		4,483
	2,420	Series A, Rev., 5.00%, 03/01/2023		2,916
	2,000	Series A, Rev., 5.00%, 03/01/2024		2,458
	1,250	Series A, Rev., 5.00%, 03/01/2025		1,558
	1,000	Series B, Rev., 4.00%, 03/01/2018		1,017
	1,600	Series B, Rev., 5.00%, 03/01/2018		1,635
	1,750	Series B, Rev., 5.00%, 03/01/2019		1,860
	1,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.00%, 06/01/2021		1,144
		Riverside Community Properties Development, Inc., Riverside County Law Building Project,
	640	Rev., 5.00%, 10/15/2018		671
	780	Rev., 5.00%, 10/15/2019		849
		San Diego County Regional Transportation Commission, Sales Tax,
	250	Series A, Rev., 5.00%, 04/01/2021		286
	100	Series A, Rev., 5.00%, 04/01/2022		118
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	525	Series A, Rev., 5.00%, 07/01/2024		649
	905	Series A, Rev., 5.00%, 07/01/2025		1,134
	1,700	San Francisco State Building Authority & Oakland State Building Authority, Elihu M. Harris State Office Building, Series A, Rev., 5.00%, 12/01/2022		2,015
	1,225	Santa Clara County Financing Authority, Capital Projects, Series A, Rev., 5.00%, 02/01/2019		1,298
	1,000	Santa Clara Valley Transportation Authority, Sales Tax, Series A, Rev., 5.00%, 04/01/2026		1,235

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	1,000	Sonoma County Transportation Authority, Sales Tax, Rev., 5.00%, 12/01/2024		1,241

				76,877

		Prerefunded — 0.2%
	1,160	California State Public Works Board, California State University, Series E, Rev., 5.00%, 04/01/2019 (p)		1,237
	2,820	California State Public Works Board, California State University, Davidson Library at Santa Barbara, Series C, Rev., 5.00%, 03/01/2023 (p)		3,394

				4,631

		Transportation — 3.2%
		Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area,
	7,550	Series C, Rev., 1.88%, 04/01/2019 (z)		7,627
	9,000	Series G, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.60%, 12.00% Cap), 1.39%, 09/07/2017 (aa)		9,002
	20,000	Series S-7, Rev., 4.00%, 04/01/2029		22,675
	10,000	City of Long Beach Harbor, Series C, Rev., 5.00%, 11/15/2018		10,511
		City of Los Angeles Department of Airports,
	1,590	Series A, Rev., AMT, 5.00%, 05/15/2021		1,812
	315	Series B, Rev., 4.00%, 05/15/2023		362
	365	Series B, Rev., 4.00%, 05/15/2024		423
	1,015	Series C, Rev., 4.00%, 05/15/2018		1,039
	1,000	Series C, Rev., 5.00%, 05/15/2019		1,072
	750	Series C, Rev., 5.00%, 05/15/2022		885
	700	Series C, Rev., 5.00%, 05/15/2024		859
	3,380	Series D, Rev., AMT, 5.00%, 05/15/2022		3,955
	2,700	Series D, Rev., AMT, 5.00%, 05/15/2027		3,262
	1,950	Series D, Rev., AMT, 5.00%, 05/15/2028		2,330
	2,550	Series D, Rev., AMT, 5.00%, 05/15/2029		3,017
	9,665	Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.00%, 07/01/2019		10,406
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.00%, 07/01/2027		1,225

				80,462

		Utility — 1.9%
	3,000	Anaheim Housing & Public Improvements Authority, Electric Utility Distribution Systems Refunding & Improvements, Series A, Rev., 5.00%, 10/01/2032		3,439


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Utility — continued
	3,500	California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series E, Rev., 1.75%, 06/01/2022 (z)		3,539
	10,000	California State Department of Water Resources, Central Valley Project Water System, Series AU, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%, 8.00% Cap), 1.01%, 09/07/2017 (aa)		10,000
		City of Los Angeles Department of Water & Power, Power System,
	10,000	Series B, Rev., 5.00%, 12/01/2018		10,492
	10,800	Subseries B-3, Rev., VRDO, 0.69%, 09/01/2017 (z)		10,800
	7,000	Southern California Public Power Authority, Magnolia Power Project, Series 1, Rev., 2.00%, 07/01/2020 (w)		7,139
	1,000	Southern California, Public Power Authority Canyon Power Project, Series A, Rev., 5.00%, 07/01/2026		1,152
	400	Walnut Energy Center Authority, Series A, Rev., 5.00%, 01/01/2023		479

				47,040

		Water & Sewer — 3.3%
		Burlingame Financing Authority Water & Wastewater,
	250	Rev., 4.00%, 04/01/2020		270
	200	Rev., 4.00%, 04/01/2021		222
	130	California State Department of Water Resources, Central Valley Project Water System, Series AI, Rev., 5.00%, 12/01/2017 (p)		132
	15,000	California State Department of Water Resources, Power Supply, Series L, Rev., 5.00%, 05/01/2019		16,052
		City of Los Angeles Wastewater System Subordinate,
	1,500	Series A, Rev., 5.00%, 06/01/2018		1,549
	1,250	Series A, Rev., 5.00%, 06/01/2019		1,343
	2,750	Series A, Rev., 5.00%, 06/01/2022		3,257
		County of San Mateo, Silicon Valley Clean Water,
	400	Rev., 4.00%, 02/01/2019		418
	320	Rev., 5.00%, 02/01/2018		326
	400	Rev., 5.00%, 08/01/2028		488
	390	Rev., 5.00%, 08/01/2029		472
		East Bay Municipal Utility District, Wastewater System,
	3,000	Series A, Rev., 5.00%, 06/01/2020		3,334
	9,775	Series A, Rev., 5.00%, 06/01/2028		12,431
	2,330	Series B, Rev., 5.00%, 06/01/2019		2,501

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
		Eastern Municipal Water District, Water & Wastewater,
	2,530	Series C, Rev., 5.00%, 07/01/2021		2,918
	1,700	Series C, Rev., 5.00%, 07/01/2022		2,021
	2,000	Series C, Rev., 5.00%, 07/01/2023		2,434
		Metropolitan Water District of Southern California,
	4,000	Series A, Rev., 5.00%, 07/01/2018		4,143
	8,000	Series A, Rev., 5.00%, 07/01/2019		8,618
	5,000	Series C, Rev., 5.00%, 07/01/2018		5,179
	6,105	Series C-1, Rev., 3.00%, 10/01/2019 (z)		6,330
	5,000	Orange County Sanitation District, Wastewater, Series A, Rev., 5.00%, 02/01/2030		6,231

				80,669

		Total California		569,014

		Colorado — 1.2%
		Certificate of Participation/Lease — 0.4%
		City of Aurora,
	125	COP, 3.00%, 12/01/2020		133
	300	COP, 4.00%, 12/01/2021		334
	375	COP, 4.00%, 12/01/2022		425
	200	COP, 4.00%, 12/01/2024		230
	475	COP, 5.00%, 12/01/2028		581
	525	COP, 5.00%, 12/01/2029		637
	375	COP, 5.00%, 12/01/2030		452
		City of Longmont,
	100	Series A, COP, 5.00%, 12/01/2021		115
	100	Series A, COP, 5.00%, 12/01/2022		117
	100	Series A, COP, 5.00%, 12/01/2024		119
		County of Boulder, Flood Reconstruction Projects,
	720	COP, 5.00%, 12/01/2022		808
	500	COP, 5.00%, 12/01/2023		560
	500	COP, 5.00%, 12/01/2025		560
		County of Eagle,
	500	COP, 3.00%, 12/01/2018		513
	200	COP, 5.00%, 12/01/2022		235
		State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement,
	250	COP, 3.00%, 06/15/2020		263
	1,000	COP, 3.00%, 06/15/2021		1,066
	450	COP, 5.00%, 06/15/2023		538
	300	COP, 5.00%, 06/15/2024		364
	615	COP, 5.00%, 06/15/2025		756

				8,806


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Education — 0.3%
	650	Board of Governors of the University of Colorado, Enterprise System, Series B, Rev., 5.00%, 03/01/2029		798
		University of Colorado, University Enterprise,
	3,150	Series A, Rev., 5.00%, 06/01/2022		3,709
	2,300	Series B-1, Rev., 5.00%, 06/01/2023		2,766

				7,273

		General Obligation — 0.1%
		Counties of Gunnison, Watershed School District No. 1,
	300	GO, 4.00%, 12/01/2022		342
	500	GO, 5.00%, 12/01/2026		603
	1,000	Routt County, Colorado School District Re-2 Steamboat Springs Refunding, Series A, GO, 4.00%, 12/01/2018		1,039

				1,984

		Hospital — 0.1%
	2,620	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		2,769

		Other Revenue — 0.0% (g)
		Denver Convention Center Hotel Authority,
	375	Rev., 4.00%, 12/01/2019		397
	500	Rev., 4.00%, 12/01/2020		539

				936

		Prerefunded — 0.2%
	3,700	Regional Transportation District, Series A, COP, 5.00%, 06/01/2020 (p)		4,103

		Transportation — 0.1%
	2,500	E-470 Public Highway Authority, Senior LIBOR Index, Series A, Rev., (1 Month LIBOR + 0.90%, 10.00% Cap), 1.73%, 09/07/2017 (aa)		2,517

		Water & Sewer — 0.0% (g)
	1,000	Board of Water Works of Pueblo, Water, Rev., 2.00%, 11/01/2018		1,013

		Total Colorado		29,401

		Connecticut — 3.1%
		Education — 1.4%
	15,000	State of Connecticut, Health & Educational Facilities Authority, Hartford Healthcare Issue, Series G, Rev., (1 Month LIBOR + 0.95%, 12.00% Cap), 1.79%, 10/02/2017 (aa)		14,999

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	18,775	State of Connecticut, Health & Educational Facility Authority, Series B, Rev., (1 Month LIBOR + 0.55%, 12.00% Cap), 1.38%, 10/02/2017 (aa)		18,761

				33,760

		General Obligation — 1.3%
	23,000	Hartford County, Connecticut Metropolitan District, Series B, GO, BAN, 3.00%, 08/01/2018		23,312
	6,500	State of Connecticut, Series B, GO, 5.00%, 05/15/2021		7,283
	1,500	State of Connecticut, SIFMA Index, Series B, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.49%, 10.00% Cap), 1.28%, 09/07/2017 (aa)		1,500

				32,095

		Special Tax — 0.4%
		State of Connecticut, Transportation Infrastructure, Special Tax,
	4,265	Series A, Rev., 5.00%, 12/01/2017		4,309
	5,750	Series B, Rev., 5.00%, 12/01/2017		5,809

				10,118

		Total Connecticut		75,973

		Delaware — 0.4%
		Education — 0.4%
	10,410	University of Delaware, Rev., VRDO, 0.61%, 09/01/2017 (z)		10,410

		General Obligation — 0.0% (g)
	120	State of Delaware, GO, 5.00%, 07/01/2019		129

		Total Delaware		10,539

		District of Columbia — 0.4%
		Hospital — 0.1%
		District of Columbia Children’s Hospital,
	1,100	Rev., 5.00%, 07/15/2020		1,219
	500	Rev., 5.00%, 07/15/2021		570
	850	Rev., 5.00%, 07/15/2022		992

				2,781

		Transportation — 0.3%
	1,475	Metropolitan Washington Airports Authority, Airport System, Series C, Rev., 5.00%, 10/01/2021		1,698
	5,060	Washington Metropolitan Area Transit Authority, Gross Revenue Transit Bonds, Series B, Rev., 5.00%, 07/01/2029		6,259

				7,957

		Total District of Columbia		10,738


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Florida — 1.0%
		Certificate of Participation/Lease — 0.4%
		School Board of Duval County,
	1,035	Series B, COP, 5.00%, 07/01/2019		1,109
	750	Series B, COP, 5.00%, 07/01/2021		854
		Seminole County School Board,
	295	Series A, COP, 4.00%, 07/01/2018		303
	200	Series A, COP, 5.00%, 07/01/2019		214
	210	Series A, COP, 5.00%, 07/01/2020		232
		St. Johns County School Board, Master Lease Program,
	1,500	COP, 5.00%, 07/01/2019		1,611
	2,000	COP, 5.00%, 07/01/2020		2,220
	1,750	COP, 5.00%, 07/01/2021		1,998
	750	St. Lucie County School Board, Master Lease Program, Series A, COP, 5.00%, 07/01/2019		803

				9,344

		Education — 0.1%
	1,660	Board of Governors of the University of Florida, Student Activity, Rev., 5.00%, 07/01/2020		1,843

		General Obligation — 0.2%
	1,000	Reedy Creek Improvement District, Series B, GO, 4.00%, 06/01/2019		1,052
	3,085	The School Board of Miami-Dade County, GO, 5.00%, 03/15/2020		3,391

				4,443

		Hospital — 0.0% (g)
	150	Miami Beach Health Facilities Authority, Mt Sinai Medical Centre, Rev., 4.00%, 11/15/2017		151

		Other Revenue — 0.0% (g)
	1,000	Lee County, Rev., 5.00%, 10/01/2017		1,003
	275	The School Board of Escambia County, Sales Tax, Rev., 5.00%, 09/01/2024		334

				1,337

		Prerefunded — 0.2%
	230	Florida State Municipal Power Agency, Series A, Rev., 5.00%, 10/01/2018 (p)		240
	4,500	Hillsborough County Industrial Development Authority, Health Facilities Projects, University Community Hospital, Series A, Rev., 5.63%, 08/15/2018 (p)		4,706

				4,946

		Transportation — 0.1%
	550	City of Jacksonville, Series B, Rev., 5.00%, 10/01/2017		552

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
		Miami-Dade County Expressway Authority, Toll System,
	1,550	Series A, Rev., 5.00%, 07/01/2020		1,720
	625	Series A, Rev., 5.00%, 07/01/2022		730

				3,002

		Total Florida		25,066

		Georgia — 2.6%
		Education — 0.2%
		Gwinnett County Development Authority, Gwinnett College Student Housing Project,
	250	Series A, Rev., 5.00%, 07/01/2023		296
	500	Series A, Rev., 5.00%, 07/01/2024		601
	725	Series A, Rev., 5.00%, 07/01/2025		881
	700	Series A, Rev., 5.00%, 07/01/2026		860
	1,000	Series A, Rev., 5.00%, 07/01/2027		1,235

				3,873

		General Obligation — 1.7%
	1,000	City of Atlanta, Series A, GO, 4.00%, 12/01/2019		1,069
	1,400	County of Sumter, Sales Tax, GO, 4.00%, 12/01/2018		1,454
		Douglas County, Sales Tax,
	500	GO, 5.00%, 04/01/2018		512
	1,120	GO, 5.00%, 04/01/2019		1,193
		State of Georgia,
	6,750	Series E, GO, 5.00%, 12/01/2025		8,494
	14,800	Series I, GO, 5.00%, 07/01/2018		15,321
	1,250	Series I, GO, 5.00%, 07/01/2019		1,345
	8,165	Series I, GO, 5.00%, 07/01/2021		9,387
	4,270	Series J-2, GO, 4.00%, 11/01/2017		4,293

				43,068

		Housing — 0.0% (g)
	700	Georgia Housing & Finance Authority, Single Family, Series A-4, Rev., 0.90%, 12/01/2017		700

		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	4,000	Monroe County Development Authority, Pollution Control, Gulf Power Company Plant, Scherer Project, Rev., 2.00%, 06/21/2018 (z)		4,028


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — 0.4%
		Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien,
	1,000	Series A-1, Rev., 5.00%, 07/01/2027		1,203
	1,000	Series A-1, Rev., 5.00%, 07/01/2028		1,194
	750	Series A-1, Rev., 5.00%, 07/01/2029		889
	5,000	Fulton County Development Authority, Technology Athletic Association Project, Series A, Rev., 5.00%, 10/01/2022		5,824

				9,110

		Water & Sewer — 0.1%
	3,000	City of Atlanta, Water & Wastewater, Revenue Refunding, Series A-1, Rev., (1 Month LIBOR + 1.50%, 10.00% Cap), 2.33%, 09/07/2017 (aa)		3,021

		Total Georgia		63,800

		Guam — 0.0% (g)
		Other Revenue — 0.0% (g)
	750	Government of Guam, Limited Obligation Section 30, Series A, Rev., 5.00%, 12/01/2018		782

		Hawaii — 1.0%
		General Obligation — 1.0%
		City & County of Honolulu,
	1,500	Series A, GO, 5.00%, 10/01/2018		1,568
	3,700	Series B, GO, 5.00%, 10/01/2018		3,868
		State of Hawaii,
	10,160	Series DY, GO, 5.00%, 02/01/2020		11,146
	7,640	Series EF, GO, 5.00%, 11/01/2021		8,849

		Total Hawaii		25,431

		Idaho — 0.0% (g)
		Education — 0.0% (g)
	565	University of Idaho, Series A, Rev., 5.00%, 04/01/2022		659

		Illinois — 3.2%
		Education — 0.3%
	5,000	Illinois Educational Facilities Authority, University of Chicago, Series B-2, Rev., 1.55%, 02/13/2020 (z)		5,054
		Illinois Finance Authority, Depaul University,
	200	Rev., 5.00%, 10/01/2023		238
	340	Rev., 5.00%, 10/01/2024		409
	300	Rev., 5.00%, 10/01/2025		364
	250	Rev., 5.00%, 10/01/2028		298

				6,363

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 1.0%
	5,000	City of Chicago, Series C, GO, 5.00%, 01/01/2022		5,461
	4,740	City of Peoria, Tazewell County, Community College District No. 514, Series A, GO, 5.00%, 12/01/2019		5,160
	5	Cook County Township High School District No. 225, Series A, GO, 5.00%, 12/01/2023		6
		County of Dupage, Courthouse Project,
	335	GO, 5.00%, 01/01/2024		403
	525	GO, 5.00%, 01/01/2027		640
	250	GO, 5.00%, 01/01/2028		302
		County of Winnebago, Public Safety,
	3,065	Series A, GO, 4.00%, 12/30/2019		3,262
	395	Series A, GO, 4.00%, 12/30/2019 (p)		422
	2,800	DuPage County Forest Preserve District, GO, 5.00%, 01/01/2021		3,155
	355	Kane & DeKalb Counties Community Unit School District No. 301, GO, 5.00%, 01/01/2027		434
	2,000	Lake & McHenry Counties Community Unit School District No. 118, GO, 5.00%, 01/01/2024		2,378
		Lincoln Land Community College District No. 526,
	440	GO, 4.00%, 12/15/2022		484
	305	GO, 5.00%, 12/15/2021		350
	300	McHenry County, Woodstock Community Unit School District No. 200, GO, 5.00%, 01/15/2021		337
	2,500	State of Illinois, GO, 4.00%, 02/01/2018		2,524

				25,318

		Hospital — 0.7%
	6,000	Illinois Finance Authority, Advocate Health Care, Series A-1, Rev., 5.00%, 01/15/2020 (z)		6,538
	1,500	Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital, Rev., 5.00%, 08/15/2027		1,846
	3,750	Illinois Finance Authority, Ascension Health Alliance Senior Credit Group, Series E-2, Rev., 1.75%, 04/01/2021 (z)		3,805
	2,500	Illinois Finance Authority, Edward-Elmhurst Healthcare, Series A, Rev., 5.00%, 01/01/2030		2,854
		Illinois Finance Authority, Silver Cross Hospital & Medical Centers,
	150	Series C, Rev., 5.00%, 08/15/2021		168
	500	Series C, Rev., 5.00%, 08/15/2022		569


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
	2,000	Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group, Series A, Rev., 5.00%, 02/15/2027		2,406

				18,186

		Other Revenue — 0.5%
	1,550	Illinois Finance Authority, Ann & Robert H. Lurie Children’s Hospital, Rev., 5.00%, 08/15/2026		1,897
		State of Illinois, Junior Obligation,
	2,745	Rev., 5.00%, 06/15/2018		2,831
	6,075	Rev., 5.00%, 06/15/2020		6,646

				11,374

		Transportation — 0.4%
		City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding,
	1,460	Series A, Rev., AMT, 5.00%, 01/01/2020		1,589
	2,580	Series A, Rev., AMT, 5.00%, 01/01/2021		2,886
	500	Series B, Rev., 5.00%, 01/01/2020		545
	5,000	Illinois State Toll Highway Authority, Senior Priority, Series B, Rev., 5.00%, 12/01/2017		5,053

				10,073

		Utility — 0.2%
	4,500	Illinois Municipal Electric Agency, Power Supply System, Series A, Rev., 5.00%, 02/01/2019		4,747

		Water & Sewer — 0.1%
	2,515	Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 01/01/2019 (w)		2,649

		Total Illinois		78,710

		Indiana — 1.2%
		Education — 0.2%
	265	County of Elkhart, GCS School Building Corp. One, First Mortgage Refunding & Improvement, Rev., 5.00%, 07/15/2018		274
	1,170	Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project, Series B, Rev., 5.00%, 02/01/2019		1,234
		New Albany Floyd County School Building Corp.,
	700	Rev., 5.00%, 07/15/2021		798
	835	Rev., 5.00%, 07/15/2022		976

				3,282

		Hospital — 0.4%
	10,000	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 0.78%, 09/07/2017 (z)		10,000

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.5%
	1,000	Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project, Rev., 5.00%, 08/01/2023		1,188
		Indiana State Finance Authority State Revolving Fund Program Refunding,
	3,080	Series B, Rev., 5.00%, 02/01/2018		3,135
	5,500	Series B, Rev., 5.00%, 02/01/2019		5,826
	1,600	Indiana State Finance Authority, Midwestern Disaster Relief, Ohio Electric Corp. Project, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.80%, 09/07/2017 (z)		1,600
	750	Indiana State Office Building Commission, Indiana State Museum Facility, Series C, Rev., NATL-RE, 5.25%, 07/01/2019 (p)		810

				12,559

		Utility — 0.1%
		Indiana Municipal Power Agency, Power Supply System,
	1,000	Series A, Rev., 5.00%, 01/01/2018		1,014
	1,250	Series A, Rev., 5.00%, 01/01/2019		1,316

				2,330

		Water & Sewer — 0.0% (g)
	620	Evansville Local Public Improvement Bond Bank, Sewage Works Project, Series A, Rev., 5.00%, 07/01/2019		664

		Total Indiana		28,835

		Kansas — 0.7%
		General Obligation — 0.4%
		Butler County Unified School District No. 385, School Building,
	4,000	GO, 4.00%, 09/01/2028		4,552
	2,000	GO, 4.00%, 09/01/2029		2,253
	2,000	GO, 4.00%, 09/01/2031		2,223
	200	Butler County, Unified School District No. 375, GO, 4.00%, 09/01/2024		221

				9,249

		Hospital — 0.0% (g)
		University of Kansas Hospital Authority, Health System,
	275	Series A, Rev., 5.00%, 03/01/2024		332
	350	Series A, Rev., 5.00%, 03/01/2027		432

				764


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — 0.2%
		Kansas State Department Transportation Highway,
	2,000	Series B-3, Rev., (1 Month LIBOR + 0.24%, 10.00% Cap), 1.07%, 10/02/2017 (aa)		2,000
	3,400	Series C, Rev., 5.00%, 09/01/2017		3,400

				5,400

		Water & Sewer — 0.1%
	2,200	City of Wichita, Water & Sewer Utility, Series A, Rev., 5.00%, 10/01/2022		2,607

		Total Kansas		18,020

		Kentucky — 0.7%
		Education — 0.5%
		Boyle County Educational Facilities, Centre College,
	1,185	Rev., 5.00%, 06/01/2024		1,411
	1,075	Rev., 5.00%, 06/01/2025		1,294
	6,980	University of Kentucky, Series D, Rev., 5.00%, 10/01/2021		8,071

				10,776

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	3,000	County of Carroll, Pollution Control, Kentucky Utilities Company Project, Series A, Rev., 1.05%, 09/01/2019 (z)		2,980

		Prerefunded — 0.1%
	2,500	Louisville/Jefferson County Metro Government, Health Facilities, Jewish Hospital & St. Mary’s HealthCare, Inc. Project, Rev., 6.13%, 02/01/2018 (p)		2,556

		Transportation — 0.0% (g)
	345	Louisville Regional Airport Authority, Airport System, Series B, Rev., 4.00%, 07/01/2018		354

		Total Kentucky		16,666

		Louisiana — 1.1%
		General Obligation — 0.3%
		State of Louisiana,
	360	Series A, GO, 5.00%, 08/01/2019 (p)		388
	7,000	Series B, GO, 5.00%, 11/15/2018		7,342

				7,730

		Hospital — 0.1%
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	300	Rev., 3.00%, 05/15/2018		304
	400	Rev., 5.00%, 05/15/2023		471

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
	500	Rev., 5.00%, 05/15/2024		597
	600	Rev., 5.00%, 05/15/2025		719

				2,091

		Other Revenue — 0.4%
	670	Jefferson Sales Tax District, Series B, Rev., AGM, 5.00%, 12/01/2030		808
	9,500	State of Louisiana, Gasoline & Fuels Tax, Second Lien Revenue, Libor Index, Series A, Rev., (1 Month LIBOR + 0.47%, 12.00% Cap), 1.34%, 10/02/2017 (aa)		9,518

				10,326

		Transportation — 0.0% (g)
	100	New Orleans Aviation Board, General Airport, North Terminal Project, Series A, Rev., 5.00%, 01/01/2023		118

		Water & Sewer — 0.3%
	1,100	City of New Orleans, Rev., 5.00%, 12/01/2018		1,153
	4,690	East Baton Rouge Sewerage Commission, Series A, Rev., (1 Month LIBOR + 0.50%, 12.00% Cap), 1.37%, 10/02/2017 (aa)		4,682

				5,835

		Total Louisiana		26,100

		Maine — 0.3%
		General Obligation — 0.3%
	6,000	State of Maine, Series B, GO, 5.00%, 06/01/2018		6,193

		Maryland — 2.5%
		Education — 0.5%
	6,660	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System Issue, Series D, Rev., VRDO, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		6,660
	750	State of Maryland, Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Rev., 5.00%, 07/01/2022		877
	5,540	University of Maryland, Auxiliary Facilities & Tuition System, Series A, Rev., 5.00%, 04/01/2020		6,114

				13,651

		General Obligation — 1.8%
	2,000	County of Montgomery, Public Improvement, Series A, GO, 5.00%, 08/01/2019		2,158
		State of Maryland, State & Local Facilities Loan,
	12,795	Series A, GO, 5.00%, 08/01/2020		14,284
	17,780	Series B, GO, 5.00%, 03/15/2018		18,188


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
	7,550	State of Maryland, State & Local Facilities Loan of 2017, First Series, Series A, GO, 5.00%, 03/15/2026		9,505

				44,135

		Prerefunded — 0.2%
	4,335	State of Maryland, State & Local Facilities Loan, Series C, GO, 5.00%, 03/01/2019 (p)		4,607

		Total Maryland		62,393

		Massachusetts — 5.4%
		Education — 1.9%
	46,900	Massachusetts State Health & Educational Facilities Authority, Tufts University, Series N-1, Rev., VRDO, 0.65%, 09/01/2017 (z)		46,900

		General Obligation — 2.4%
		City of Boston,
	6,820	Series A, GO, 5.00%, 03/01/2022		7,989
	7,360	Series A, GO, 5.00%, 03/01/2023		8,840
		Commonwealth of Massachusetts,
	25,000	Series A, GO, 2.00%, 04/23/2018		25,194
	13,000	Series B, GO, VRDO, 0.60%, 09/01/2017 (z)		13,000
	4,310	Massachusetts State Consolidate Loan of 2014, Series 2, GO, 4.00%, 04/01/2018		4,392

				59,415

		Hospital — 0.0% (g)
	450	Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group, Series I, Rev., 5.00%, 07/01/2018		464
	500	Massachusetts State Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2026		556

				1,020

		Other Revenue — 0.1%
	3,250	Massachusetts Development Finance Agency, Caregroup, Series H-1, Rev., 5.00%, 07/01/2019		3,480

		Prerefunded — 0.3%
	7,515	Massachusetts Health & Educational Facilities Authority, Institute of Technology, Series O, Rev., 6.00%, 07/01/2018 (p)		7,847

		Transportation — 0.1%
	100	Commonwealth of Massachusetts, Rail Enhancement Program, Series A, Rev., 5.00%, 06/01/2020		111

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	1,200	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 0.78%, 09/07/2017 (z)		1,200

				1,311

		Water & Sewer — 0.6%
	6,775	Massachusetts Water Pollution Abatement Trust, Rev., 5.00%, 08/01/2025		8,469
	4,545	Massachusetts Water Resources Authority, Series B, Rev., AGM, 5.25%, 08/01/2026		5,840

				14,309

		Total Massachusetts		134,282

		Michigan — 1.0%
		Education — 0.2%
	5,000	Regents of the University of Michigan, Series E, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.43%, 12.00% Cap), 1.22%, 09/07/2017 (aa)		5,006

		General Obligation — 0.2%
	1,000	Kalamazoo Public Schools, GO, 5.00%, 05/01/2022		1,165
		Troy School District, School Building & Site,
	875	GO, Q-SBLF, 4.00%, 05/01/2018		894
	650	GO, Q-SBLF, 5.00%, 05/01/2019		694
	500	GO, Q-SBLF, 5.00%, 05/01/2020		552
	550	GO, Q-SBLF, 5.00%, 05/01/2021		626
	500	GO, Q-SBLF, 5.00%, 05/01/2022		585

				4,516

		Hospital — 0.1%
	2,250	Michigan State Hospital Finance Authority, Ascension Health Credit Group, Series B-4, Rev., 5.00%, 11/15/2027		2,692

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,600	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev., 1.45%, 09/01/2021 (z)		2,581

		Other Revenue — 0.1%
		Michigan Finance Authority, Local Government Loan Program,
	1,290	Series B, Rev., 4.00%, 11/01/2018		1,334
	675	Series B, Rev., 4.00%, 11/01/2019		716
	455	Series B, Rev., 4.00%, 11/01/2020		492

				2,542


PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)

			Prerefunded — 0.2%
	5,055		Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.00%, 10/01/2017 (p)		5,073


			Water & Sewer — 0.1%
	350		City of Grand Rapids, Sanitary Sewer System Improvement, Rev., 5.00%, 01/01/2022		408
	2,250		Michigan Finance Authority, Clean Water Revolving Fund, Rev., 5.00%, 10/01/2021		2,605

					3,013

			Total Michigan		25,423

			Minnesota — 0.9%
			Education — 0.2%
	350	��	Minnesota Higher Education Facilities Authority, Series L, Rev., 4.00%, 04/01/2020		375
	4,500		University of Minnesota, Series A, Rev., 5.75%, 07/01/2018 (p)		4,685

					5,060

			General Obligation — 0.5%
	11,885		State of Minnesota, Series A, GO, 5.00%, 08/01/2018		12,345

			Transportation — 0.1%
			Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport,
	750		Series A, Rev., 5.00%, 01/01/2018		761
	220		Series A, Rev., 5.00%, 01/01/2020		240
	1,000		Series A, Rev., 5.00%, 01/01/2022		1,161

					2,162

			Utility — 0.1%
			Western Minnesota Municipal Power Agency, Power Supply,
	1,500		Series A, Rev., 5.00%, 01/01/2023		1,779
	1,000		Series A, Rev., 5.00%, 01/01/2024		1,208

					2,987

			Total Minnesota		22,554

			Mississippi — 0.3%
			Education — 0.1%
	1,745		Mississippi State University Educational Building Corp., New Facilities & Refinancing Project, Series A, Rev., 4.00%, 08/01/2018		1,795

			General Obligation — 0.1%
	2,500		State of Mississippi, Series F, GO, 5.25%, 10/01/2023		3,063

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.1%
		Mississippi Development Bank, Rankin County Bond Project,
	750	Rev., 5.00%, 03/01/2023		886
	1,080	Rev., 5.00%, 03/01/2024		1,293

				2,179

		Total Mississippi		7,037

		Missouri — 2.7%
		Certificate of Participation/Lease — 0.1%
	1,000	City of Chesterfield, COP, 5.00%, 12/01/2021		1,157

		Education — 0.2%
		Health & Educational Facilities Authority,
	450	Rev., 4.00%, 10/01/2018		465
	625	Rev., 4.00%, 10/01/2019		663
	300	Rev., 4.00%, 10/01/2020		326
	300	Rev., 4.00%, 10/01/2021		332
		Missouri State Health & Educational Facilities Authority, Health Facilities, BJC Health System,
	950	Rev., 5.00%, 01/01/2018		963
	855	Rev., 5.00%, 01/01/2019		902
	225	Rev., 5.00%, 01/01/2021		254

				3,905

		General Obligation — 0.1%
	1,300	City of Kansas, Improvement & Refunding, Series A, GO, 5.00%, 02/01/2023		1,515
	350	County of Clay, North Kansas City School District 74, Refunding & Improvement, Missouri Direct Deposit Program, GO, 5.00%, 03/01/2022		410
	325	School District of the City of Ladue, GO, 4.00%, 03/01/2021		359
		The School District of the City of Independence, Missouri Direct Deposit Program,
	375	GO, 4.00%, 03/01/2028		430
	400	GO, 4.00%, 03/01/2029		454

				3,168

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	550	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 07/01/2023		621
	2,045	State of Missouri, Environmental Improvement & Energy Residual Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.00%, 01/01/2024		2,381

				3,002


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — 1.7%
	350	City of Springfield, Series A, Rev., 4.00%, 09/01/2018		361
	17,555	County of Jackson, Harry S. Truman Sports Complex Project, Rev., 5.00%, 12/01/2021		20,213
	2,010	County of St. Louis, Regional Convention & Sports Complex Authority, Convention & Sports Facility, Series B, Rev., 5.00%, 08/15/2019		2,160
	19,085	Missouri Development Finance Board, Nelson Gallery Foundation, Series A, Rev., VRDO, 0.80%, 09/01/2017 (z)		19,085

				41,819

		Prerefunded — 0.2%
	2,895	Kansas City Industrial Development Authority, Series A, Rev., AMBAC, 5.00%, 12/01/2017 (p)		2,926
	2,205	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.00%, 01/01/2021 (p)		2,494

				5,420

		Transportation — 0.3%
		Kansas City, Missouri Airport Refunding, General Improvement,
	2,500	Series B, Rev., 5.00%, 09/01/2017		2,500
	1,250	Series B, Rev., 5.00%, 09/01/2018		1,301
		Missouri Airport Refunding, Lambert St. Louis International Airport,
	1,575	Rev., 5.00%, 07/01/2021		1,782
	1,000	Rev., 5.00%, 07/01/2022		1,157
	1,080	Rev., 5.00%, 07/01/2023		1,271

				8,011

		Total Missouri		66,482

		Montana — 0.1%
		General Obligation — 0.1%
		State of Montana, Long-Range Building Program,
	690	GO, 5.00%, 08/01/2021		795
	1,000	GO, 5.00%, 08/01/2022		1,185
	650	Yellowstone County, School District No. 2 Billings, School Building, GO, 5.00%, 06/15/2020		722

		Total Montana		2,702

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Nebraska — 0.6%
		Utility — 0.6%
	2,000	Central Plains Energy Project, Gas Project No. 3, Rev., 5.00%, 09/01/2017		2,000
	9,750	Omaha Public Power District, Electric System, Series A, Rev., 5.00%, 02/01/2028		12,017

		Total Nebraska		14,017

		Nevada — 0.1%
		Other Revenue — 0.1%
	1,250	County of Clark, Series A, Rev., 4.00%, 07/01/2018		1,283

		New Hampshire — 0.4%
		General Obligation — 0.2%
	2,880	State of New Hampshire, Series A, GO, 5.00%, 03/01/2026		3,553

		Other Revenue — 0.2%
		New Hampshire Municipal Bond Bank,
	440	Series A, Rev., 4.00%, 02/15/2018		447
	900	Series A, Rev., 4.00%, 08/15/2018		928
	520	Series A, Rev., 5.00%, 02/15/2019		551
	2,985	Series A, Rev., 5.00%, 08/15/2019		3,225

				5,151

		Total New Hampshire		8,704

		New Jersey — 1.5%
		Certificate of Participation/Lease — 0.1%
		County of Middlesex, Civic Square II Redevelopment Associates LLC,
	610	COP, 4.00%, 06/15/2027		701
	1,750	COP, 4.00%, 06/15/2029		1,955

				2,656

		Education — 0.1%
	1,040	New Jersey Economic Development Authority, School Facilities Construction, Series A, Rev., 5.25%, 12/15/2020		1,095
	750	New Jersey Educational Facilities Authority, Rev., 5.00%, 06/01/2018		770

				1,865

		General Obligation — 0.7%
	1,425	City of Bayonne, State of New Jersey Qualified General Improvement, GO, 5.00%, 07/01/2026		1,707
		County of Passaic,
	3,030	GO, 5.00%, 02/01/2019		3,206
	1,685	GO, 5.00%, 02/01/2020		1,847
	90	GO, 5.00%, 02/01/2021		102


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
		State of New Jersey,
	525	GO, AGM, 4.00%, 02/15/2020		561
	10,075	Series Q, GO, 5.00%, 08/15/2020		11,091
	425	Township of South Brunswick, GO, 5.00%, 09/01/2022		499

				19,013

		Other Revenue — 0.1%
	2,225	New Jersey Environmental Infrastructure Trust, Series A, Rev., 5.00%, 09/01/2018		2,319

		Prerefunded — 0.1%
	1,680	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 6.00%, 12/15/2018 (p)		1,792

		Transportation — 0.4%
	5,500	New Jersey Transportation Trust Fund Authority, Transportation Program, Series BB-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 1.79%, 09/07/2017 (aa)		5,428
	4,000	New Jersey Turnpike Authority, Series B-3, Rev., (1 Month LIBOR + 0.57%, 10.00% Cap), 1.40%, 10/02/2017 (aa)		4,000

				9,428

		Total New Jersey		37,073

		New Mexico — 0.1%
		Housing — 0.1%
	2,500	County of Bernalillo, Arroyo Vista Apartments Project, Rev., 1.40%, 03/01/2019 (z)		2,508

		Other Revenue — 0.0% (g)
	800	New Mexico Finance Authority, Senior Lien Public Project, Series B, Rev., 5.00%, 06/01/2021		916

		Total New Mexico		3,424

		New York — 13.1%
		Education — 0.3%
		New York State Dormitory Authority, Columbia University,
	585	Series B, Rev., 5.00%, 10/01/2021		678
	2,500	Series B, Rev., 5.00%, 10/01/2023		3,047
	500	New York State Dormitory Authority, Fordham University, Series B, Rev., 5.00%, 10/01/2024		620
	1,100	New York State Dormitory Authority, The New School, Series A, Rev., 5.00%, 07/01/2024		1,338

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
		Schenectady County Capital Resource Corp., Union College Project,
	960	Rev., 5.00%, 01/01/2024		1,160
	400	Rev., 5.00%, 01/01/2025		491

				7,334

		General Obligation — 2.3%
	2,410	Bedford Central School District, GO, 5.00%, 11/15/2022		2,878
	3,860	City of New York, Fiscal Year 2012, Subseries G-1, GO, 5.00%, 04/01/2020		4,255
	3,695	City of New York, Fiscal Year 2013, Series B, GO, 4.00%, 08/01/2019		3,912
	6,250	City of New York, Fiscal Year 2014, Series K, GO, 5.00%, 08/01/2019		6,735
	27,585	City of New York, Fiscal Year 2015, Subseries F-5, GO, VRDO, LIQ: Barclays Bank plc, 0.81%, 09/01/2017 (z)		27,585
		Counties of Rockland & Orange, Ramapo Central School District,
	1,800	GO, 4.00%, 10/15/2017		1,807
	2,030	GO, 4.00%, 10/15/2019		2,160
	285	County of Allegany, Public Improvement, GO, 4.00%, 09/15/2019		303
	1,605	County of Suffolk, Town of Brookhaven, GO, 5.00%, 03/15/2023		1,941
	2,025	Hampton Bays Union Free School District, GO, 5.00%, 09/15/2022		2,395
		Town of East Hampton,
	1,000	GO, 5.00%, 05/15/2021		1,149
	1,000	GO, 5.00%, 05/15/2023		1,213
	1,550	White Plains City School District, GO, 5.00%, 05/15/2024		1,901

				58,234

		Hospital — 0.1%
		Build Resource Corp., The New York Methodist Hospital Project,
	1,000	Rev., 5.00%, 07/01/2018		1,032
	550	Rev., 5.00%, 07/01/2021		623
	800	Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project, Series B, Rev., 5.00%, 07/01/2023		934

				2,589


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	3,000	New York State Energy Research & Development Authority, Pollution Control, Electric & Gas Corp., Project, Series C, Rev., 2.00%, 05/01/2020 (z)		3,042

		Other Revenue — 3.7%
		Battery Park City Authority,
	3,450	Series A, Rev., 3.00%, 11/01/2018		3,545
	2,500	Series A, Rev., 4.00%, 11/01/2019		2,677
	500	Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center, Series A, Rev., 5.00%, 07/15/2020		549
	500	City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project, Rev., 5.00%, 08/01/2020		552
	2,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.79%, 09/07/2017 (z)		2,000
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	2,750	Series B, Rev., 5.00%, 02/01/2020		3,017
	2,120	Subseries A-1, Rev., 5.00%, 11/01/2017		2,135
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014,
	1,490	Series A, Subseries A-1, Rev., 5.00%, 11/01/2017 (p)		1,501
	3,700	Series A, Subseries A-1, Rev., 5.00%, 11/01/2020		4,161
	4,170	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018, Rev., 5.00%, 11/01/2026		5,249
	5,000	New York Convention Center Development Corp. Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2026		6,166
		New York Local Government Assistance Corp., Subordinated Lien,
	2,845	Series A-5/6, Rev., 5.00%, 04/01/2018		2,916
	1,500	Series A-5/6, Rev., 5.50%, 04/01/2019		1,611
		New York State Dormitory Authority, State Sales Tax,
	3,000	Series A, Rev., 5.00%, 03/15/2018		3,069
	2,000	Series A, Rev., 5.00%, 03/15/2021		2,280
	10,180	New York State Environmental Facilities Corp., Green Bonds, Series D, Rev., 5.00%, 09/15/2021		11,807

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	8,525	Series A, Rev., 5.00%, 10/15/2019		9,268
	15,405	Series A, Rev., 5.00%, 10/15/2020		17,326
	4,800	Series A, Rev., 5.00%, 10/15/2022		5,720
	4,500	Series A, Rev., 5.00%, 10/15/2025		5,580

				91,129

		Prerefunded — 0.2%
	4,305	Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center, Rev., 6.38%, 01/15/2020 (p)		4,862

		Special Tax — 0.8%
	1,110	New York State Dormitory Authority, Personal Income Tax, Series G, Rev., 5.00%, 08/15/2021		1,279
	17,140	New York State Urban Development Corp., General Purpose, Series C, Rev., 5.00%, 03/15/2018		17,538

				18,817

		Transportation — 4.4%
		Buffalo & Fort Erie Public Bridge Authority, Toll Bridge System,
	465	Rev., 5.00%, 01/01/2020		508
	815	Rev., 5.00%, 01/01/2021		919
	225	Rev., 5.00%, 01/01/2026		279
	200	Rev., 5.00%, 01/01/2027		250
	250	Rev., 5.00%, 01/01/2028		310
	375	Rev., 5.00%, 01/01/2029		461
		Metropolitan Transportation Authority,
	11,000	Series C, Rev., 4.00%, 11/15/2020 (z)		11,909
	2,770	Series D, Rev., 5.00%, 11/15/2018		2,910
	2,500	Series D-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.36%, 10.00% Cap), 1.15%, 09/07/2017 (aa)		2,500
	1,435	Subseries A-1, Rev., 5.00%, 11/15/2020		1,616
	2,000	Subseries C-1, Rev., 5.00%, 11/15/2019		2,179
	3,000	Subseries C-1, Rev., 5.00%, 11/15/2024		3,661
	4,000	Metropolitan Transportation Authority, Green Bonds, Series B-2, Rev., 4.00%, 11/15/2032		4,461
	12,500	MTA Hudson Rail Yards Trust Obligations, Series A, Rev., 5.00%, 11/15/2046		13,386
		New York State Thruway Authority,
	32,125	Series A, Rev., 5.00%, 05/01/2019		34,273
	4,200	Series J, Rev., 5.00%, 01/01/2018		4,258


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — continued
	2,500	Port Authority of New York & New Jersey, Consolidated 185, Rev., AMT, 5.00%, 09/01/2017		2,500
		Port Authority of New York & New Jersey, Consolidated 205,
	1,000	Rev., 5.00%, 11/15/2028		1,259
	1,000	Rev., 5.00%, 11/15/2029		1,246
		Triborough Bridge & Tunnel Authority,
	5,000	Series B, Rev., 5.00%, 11/15/2017		5,044
	15,000	Subseries B-C, Rev., (1 Month LIBOR + 0.40%, 9.00% Cap), 1.23%, 10/02/2017 (aa)		14,977

				108,906

		Utility — 0.2%
	5,000	Long Island Power Authority, Electric System, Series C, Rev., (1 Month LIBOR + 0.65%, 10.00% Cap), 1.52%, 10/02/2017 (aa)		5,007

		Water & Sewer — 1.0%
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Series EE, Rev., 5.00%, 06/15/2019		5,372
	18,870	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011, Series DD-3B, Rev., VRDO, 0.82%, 09/01/2017 (z)		18,870

				24,242

		Total New York		324,162

		North Carolina — 1.0%
		Education — 0.2%
	4,265	North Carolina Capital Facilities Finance Agency, Duke University Project, Series B, Rev., 5.00%, 10/01/2026		5,420
	445	Winston-Salem State University Foundation LLC, Rev., AGM, 5.00%, 10/01/2023		532

				5,952

		General Obligation — 0.5%
	2,230	City of Durham, Series C, GO, 5.00%, 07/01/2018		2,309
	9,670	State of North Carolina, Series D, GO, 4.00%, 06/01/2020		10,476

				12,785

		Hospital — 0.0% (g)
	350	Northern Hospital District of Surry County, Health Care Facilities, Rev., 3.00%, 10/01/2017		351

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.1%
		County of Sampson, Limited Obligation,
	615	Rev., 5.00%, 09/01/2026 (w)		761
	800	Rev., 5.00%, 09/01/2029 (w)		982
	260	Mecklenburg County Public Facilities Corp., Rev., 5.00%, 02/01/2027 (w)		327

				2,070

		Transportation — 0.2%
		City of Charlotte, Airport Revenue,
	1,000	Series C, Rev., 4.00%, 07/01/2032		1,099
	1,025	Series C, Rev., 5.00%, 07/01/2026		1,277
	1,475	Series C, Rev., 5.00%, 07/01/2031		1,802

				4,178

		Total North Carolina		25,336

		Ohio — 1.5%
		Education — 0.1%
	535	Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series A, Rev., 4.00%, 12/01/2019		571
		Ohio State Higher Educational Facility Commission, Oberlin College,
	600	Rev., 4.00%, 10/01/2018		620
	675	Rev., 4.00%, 10/01/2019		718
	1,000	Rev., 5.00%, 10/01/2020		1,119

				3,028

		General Obligation — 0.1%
	200	City of Dublin, Various Purpose, GO, 4.00%, 12/01/2028		230
	3,300	State of Ohio, Infrastructure Improvement, Series A, GO, VRDO, 0.78%, 09/07/2017 (z)		3,300

				3,530

		Hospital — 0.9%
	375	Akron, Bath & Copley Joint Township Hospital District, Summa Health Obligated Group, Rev., 5.00%, 11/15/2021		421
	10,800	County of Allen, Mercy Health, Series B, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.75%, 12.00% Cap), 1.54%, 09/07/2017 (aa)		10,795
		County of Lake, Hospital Facilities, Lake Hospital System, Inc.,
	1,445	Rev., 5.00%, 08/15/2023		1,700
	1,655	Rev., 5.00%, 08/15/2024		1,974


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
		State of Ohio, University Hospitals Health System, Inc.,
	5,000	Series A, Rev., VRDO, 0.87%, 09/01/2017 (z)		5,000
	2,500	Series B, Rev., VRDO, 0.87%, 09/01/2017 (z)		2,500

				22,390

		Other Revenue — 0.3%
	1,165	County of Cuyahoga, Rev., 5.00%, 12/01/2022		1,389
	1,000	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.00%, 06/01/2025		1,184
	200	RiverSouth Authority, Riversouth Area Redevelopment Refunding, Series A, Rev., 5.00%, 06/01/2022		232
		State of Ohio, Capital Facilities Lease-Appropriation,
	1,000	Series A, Rev., 5.00%, 10/01/2018		1,045
	1,000	Series A, Rev., 5.00%, 04/01/2023		1,195
	875	Series A, Rev., 5.00%, 04/01/2024		1,064

				6,109

		Water & Sewer — 0.1%
		Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati,
	500	Series A, Rev., 5.00%, 12/01/2018		526
	640	Series A, Rev., 5.00%, 12/01/2019		698
	1,375	Series A, Rev., 5.00%, 12/01/2021		1,596

				2,820

		Total Ohio		37,877

		Oklahoma — 1.0%
		Education — 0.9%
		Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project,
	555	Rev., 5.00%, 12/01/2018		581
	850	Rev., 5.00%, 12/01/2019		918
	3,900	Canadian County Educational Facilities Authority, Mustang Public Schools Project, Rev., 5.00%, 09/01/2026		4,799
	7,380	Cleveland County Educational Facilities Authority, Educational Facilities Lease, Norman Public Schools Project, Rev., 5.00%, 07/01/2019		7,912

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
		Comanche County Educational Facilities Authority, Elgin Public Schools Project,
	825	Series A, Rev., 4.00%, 12/01/2023		925
	1,220	Series A, Rev., 5.00%, 12/01/2027		1,477
	1,600	Series A, Rev., 5.00%, 12/01/2029		1,933
		Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project,
	250	Rev., 4.00%, 09/01/2018		258
	325	Rev., 5.00%, 09/01/2019		349
	2,000	Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project, Rev., 5.00%, 09/01/2021		2,282

				21,434

		Other Revenue — 0.0% (g)
	500	Cleveland County Justice Authority, Sales Tax, Detention Facility Project, Rev., 4.00%, 03/01/2020		520
	700	Oklahoma Capitol Improvement Authority, Agency Facilities, Series C, Rev., 5.00%, 07/01/2019		751

				1,271

		Utility — 0.1%
	1,785	Oklahoma Municipal Power Authority, SIFMA Index, Series A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.80%, 14.00% Cap), 1.59%, 09/07/2017 (aa)		1,784

		Total Oklahoma		24,489

		Oregon — 1.2%
		General Obligation — 0.6%
	4,205	Clackamas County School District No. 12, Series B, GO, 5.00%, 06/15/2030		5,196
	2,000	State of Oregon, Article XI-Q State Projects, Series H, GO, 5.00%, 05/01/2021		2,288
	7,005	State of Oregon, Tax-Exempt Refunding, Series L, GO, 5.00%, 11/01/2019		7,626

				15,110

		Hospital — 0.2%
	5,000	Oregon State Facilities Authority, Providence Health & Services, Series C, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.88%, 12.00% Cap), 1.67%, 09/07/2017 (aa)		5,000

		Prerefunded — 0.3%
	6,210	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.25%, 04/01/2019 (p)		6,640


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — 0.1%
		Port of Portland, International Airport,
	1,000	Series 23, Rev., 5.00%, 07/01/2023		1,198
	1,595	Series 23, Rev., 5.00%, 07/01/2024		1,940

				3,138

		Water & Sewer — 0.0% (g)
	40	City of Portland, Sewer System, First Lien, Series A, Rev., 5.00%, 10/01/2023		48

		Total Oregon		29,936

		Pennsylvania — 5.3%
		Education — 0.7%
	1,000	Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project, Rev., 2.00%, 04/30/2020 (z)		1,002
	5,055	Pennsylvania State Higher Educational Facilities Authority, Trustees of the University, Series B, Rev., 5.00%, 10/01/2022		6,010
		State Public School Building Authority, Community College of Philadelphia Project,
	2,760	Rev., 5.00%, 06/15/2021		3,087
	2,625	Rev., 5.00%, 06/15/2024		3,065
	2,860	State Public School Building Authority, Montgomery County Community College, Rev., 5.00%, 05/01/2019		3,044

				16,208

		General Obligation — 0.5%
		City of Philadelphia,
	2,000	Series A, GO, 5.00%, 08/01/2019		2,147
	1,000	Series A, GO, 5.00%, 08/01/2020		1,106
	4,500	Series A, GO, 5.00%, 08/01/2021		5,107
	2,200	Commonwealth of Pennsylvania, First Series, GO, 5.00%, 07/01/2018		2,276
	350	Schuylkill Valley School District, GO, 5.00%, 04/01/2022		407
	1,045	Souderton Area School District, Series A, GO, 4.00%, 11/15/2018		1,084

				12,127

		Hospital — 1.0%
	23,520	County of Montour, Geisinger Health System, Series B, Rev., VRDO, 0.79%, 09/01/2017 (z)		23,520
	1,400	Southcentral General Authority, Hanover Hospital, Inc., Rev., 5.00%, 12/01/2026		1,615
	380	Southcentral General Authority, Wellspan Health Obligation Group, Series A, Rev., 5.00%, 06/01/2024		460

				25,595

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.8%
	14,950	Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B, Rev., 5.00%, 07/01/2021		15,402
	5,000	Philadelphia City Municipal Authority, Series A, Rev., 5.00%, 11/15/2017		5,044

				20,446

		Transportation — 0.9%
		Pennsylvania Turnpike Commission,
	5,000	Series A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.47%, 09/07/2017 (aa)		4,997
	1,525	Series A-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.50%, 12.00% Cap), 1.29%, 09/07/2017 (aa)		1,524
	2,500	Subseries A-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.80%, 10.00% Cap), 1.59%, 09/07/2017 (aa)		2,500
		Pennsylvania Turnpike Commission, Motor License Fund Enhanced,
	8,070	Rev., 5.00%, 06/01/2025		9,750
	3,340	Rev., 5.00%, 06/01/2026		4,067

				22,838

		Utility — 0.3%
		Lehigh County Industrial Development Authority, Pollution Control,
	4,000	Rev., 1.80%, 08/15/2022 (z)		4,002
	2,500	Rev., 1.80%, 09/01/2022 (z)		2,505

				6,507

		Water & Sewer — 1.1%
		Allegheny County Sanitary Authority, Sewer,
	3,500	Rev., 5.00%, 12/01/2021		4,019
	3,000	Rev., 5.00%, 12/01/2022		3,520
	4,000	Rev., 5.00%, 12/01/2023		4,779
		City of Philadelphia, Water & Wastewater,
	8,530	Series A, Rev., 5.00%, 01/01/2020		9,315
	1,510	Series A, Rev., 5.00%, 07/01/2022		1,768
	2,595	Series A, Rev., 5.00%, 07/01/2024		3,147
	750	Pittsburgh Water & Sewer Authority, First Lien, Series B, Rev., AGM, 4.00%, 09/01/2017		750

				27,298

		Total Pennsylvania		131,019


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Rhode Island — 0.2%
		General Obligation — 0.2%
		State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan,
	1,000	Series A, GO, 5.00%, 10/15/2018		1,046
	1,475	Series A, GO, 5.00%, 10/15/2019 (p)		1,603
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.00%, 11/01/2019		1,087

				3,736

		Hospital — 0.0% (g)
	365	Rhode Island Health & Educational Building Corp., Public Schools Financing Program, Town of Tiverton Issue, Rev., 5.00%, 05/15/2024		441

		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	590	Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Green Bonds, Series A, Rev., 5.00%, 10/01/2026		718

		Total Rhode Island		4,895

		South Carolina — 0.3%
		Education — 0.2%
	3,840	SCAGO Educational Facilities Corp., School District of Pickens County Project, Rev., 5.00%, 12/01/2020		4,290

		General Obligation — 0.1%
		State of South Carolina,
	1,310	Series B, GO, 5.00%, 04/01/2018		1,342
	1,110	Series D, GO, 5.00%, 04/01/2018		1,138

				2,480

		Other Revenue — 0.0% (g)
		County of Charleston,
	645	Rev., 5.00%, 12/01/2018		678
	1,000	Rev., 5.00%, 12/01/2019		1,090

				1,768

		Total South Carolina		8,538

		South Dakota — 0.1%
		Education — 0.1%
		South Dakota Health & Educational Facilities Authority,
	625	Series B, Rev., 4.00%, 11/01/2020		679
	500	Series B, Rev., 4.00%, 11/01/2021		553
	375	Series B, Rev., 5.00%, 11/01/2022		441

				1,673

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.0% (g)
		South Dakota State Building Authority,
	500	Series B, Rev., 5.00%, 06/01/2019		535
	485	Series B, Rev., 5.00%, 06/01/2021		551

				1,086

		Total South Dakota		2,759

		Tennessee — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	5,985	Memphis-Shelby County Industrial Development Board, Series B, Rev., 5.00%, 11/01/2028		7,292

		Other Revenue — 0.0% (g)
	5	Metropolitan Government of Nashville & Davidson, County Sports Authority, Public Improvement, Rev., 5.00%, 07/01/2020		6

		Utility — 0.0% (g)
	800	City of Chattanooga, Electric System, Series A, Rev., 5.00%, 09/01/2022		948

		Total Tennessee		8,246

		Texas — 7.1%
		Education — 1.5%
	1,000	Arlington Higher Education Finance Corp., Uplift Education, Series A, Rev., PSF-GTD, 4.00%, 12/01/2029		1,105
	790	Austin Community College District, Combined Fee, Series A, Rev., 5.00%, 02/01/2021		887
	7,500	County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital, Series 3, Rev., (1 Month LIBOR + 0.85%, 12.00% Cap), 1.69%, 09/07/2017 (aa)		7,582
	790	Stephen F. Austin State University, Board of Regents, Revenue Financing System, Rev., 4.00%, 10/15/2018		817
	5,365	Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Series A, Rev., VRDO, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		5,365
	1,520	Texas A&M University, Financing System, Series B, Rev., 5.00%, 05/15/2022		1,792
		Texas State University, Financing System,
	5,100	Series A, Rev., 5.00%, 03/15/2030		6,231
	4,365	Series A, Rev., 5.00%, 03/15/2032		5,266
	6,735	University of Texas, Financing System, Series I, Rev., 5.00%, 08/15/2023		8,141

				37,186


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — 2.5%
	840	Argyle Independent School District, School Building, GO, PSF-GTD, 3.00%, 08/15/2019		873
	1,630	Austin Independent School District, Series B, GO, 5.00%, 08/01/2022		1,925
		Austin Independent School District, School Building,
	2,500	GO, PSF-GTD, 4.00%, 08/01/2031		2,794
	2,500	GO, PSF-GTD, 4.00%, 08/01/2032		2,777
	475	City of Abilene, Taylor & Jones Counties, GO, 5.00%, 02/15/2021		537
		City of Colony,
	620	GO, 5.00%, 08/15/2019		669
	610	GO, 5.00%, 08/15/2020		679
		City of Conroe,
	1,130	Series A, GO, 4.00%, 03/01/2031 (w)		1,245
	1,275	Series A, GO, 4.00%, 03/01/2032 (w)		1,392
	270	Series A, GO, 5.00%, 03/01/2023 (w)		320
	570	Series B, GO, 4.00%, 11/15/2030 (w)		638
	1,110	Series B, GO, 4.00%, 11/15/2032 (w)		1,219
	430	Series B, GO, 5.00%, 11/15/2023 (w)		517
	1,045	City of Denton, GO, 5.00%, 02/15/2023		1,248
		City of El Paso, Refunding & Improvement,
	530	GO, 5.00%, 08/15/2021		609
	4,035	GO, 5.00%, 08/15/2025		4,964
		City of Fort Worth, Certificates of Obligation,
	500	Series A, GO, 4.00%, 03/01/2018		508
	785	Series A, GO, 4.00%, 03/01/2019		822
		City of Fort Worth, Refunding & Improvement, General Purpose,
	1,000	GO, 4.00%, 03/01/2018		1,016
	1,060	GO, 4.00%, 03/01/2019		1,110
		City of Lubbock, Waterworks System,
	250	Series A, GO, 5.00%, 02/15/2022		291
	595	Series A, GO, 5.00%, 02/15/2023		708
	185	City of Mesquite, County of Dallas, GO, 4.00%, 02/15/2018		188
	355	City of Mesquite, County of Dallas, Certificates of Obligation, GO, 3.00%, 02/15/2018		358
	5,000	Fort Worth Independent School District, Unlimited Tax Refunding & School Building, GO, PSF-GTD, 5.00%, 02/15/2025		6,183
	1,240	Harlandale Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2025		1,523
	4,000	Houston Independent School District, Limited Tax, Schoolhouse, GO, PSF-GTD, 5.00%, 02/15/2026		4,991

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Judson Independent School District,
	420	GO, PSF-GTD, 4.00%, 02/01/2018		426
	595	Series A, GO, 5.00%, 02/01/2019		629
	500	Katy Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2023		597
		Southside Independent School District, School Building,
	250	GO, PSF-GTD, 5.00%, 08/15/2022		295
	150	GO, PSF-GTD, 5.00%, 08/15/2023		181
		State of Texas, Transportation Commission Mobility,
	3,000	GO, 5.00%, 10/01/2019		3,258
	17,500	Series B, GO, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.38%, 9.00% Cap), 1.17%, 09/07/2017 (aa)		17,504

				62,994

		Other Revenue — 0.3%
		Austin Convention Enterprises, Inc., Convention Center Hotel First Tier,
	500	Series A, Rev., 5.00%, 01/01/2021		557
	750	Series A, Rev., 5.00%, 01/01/2022		856
	800	Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier, Series B, Rev., 5.00%, 01/01/2021		883
	4,700	Lower Colorado River Authority, Series B, Rev., 5.00%, 05/15/2023		5,499

				7,795

		Prerefunded — 0.3%
	5,605	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.25%, 12/01/2018 (p)		6,053
	60	Lower Colorado River Authority, Series B, Rev., 5.00%, 05/15/2022 (p)		71

				6,124

		Transportation — 0.5%
		City of Austin, Airport System,
	1,095	Series B, Rev., AMT, 5.00%, 11/15/2026		1,330
	585	Series B, Rev., AMT, 5.00%, 11/15/2027		704
	630	Series B, Rev., AMT, 5.00%, 11/15/2028		753
	2,500	Harris County, Toll Road, Senior Lien, Series A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.78%, 12.00% Cap), 1.57%, 09/07/2017 (aa)		2,501
	500	Love Field Airport Modernization Corp., Rev., AMT, 5.00%, 11/01/2018		523


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — continued
	6,000	North Texas Tollway Authority System, First Tier, Series C, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.67%, 9.00% Cap), 1.46%, 09/07/2017 (aa)		6,008

				11,819

		Utility — 1.2%
	5,800	City of Austin, Electric Utility System, Rev., AGM, 5.00%, 11/15/2020		5,851
		City of Cedar Park, Utility System,
	820	Rev., 5.00%, 08/15/2021		941
	560	Rev., 5.00%, 08/15/2022		658
	5,000	City of Houston, Utility System Revenue Refunding, Series C, Rev., 5.00%, 05/15/2020		5,528
	2,000	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2026		2,505
		City of San Antonio, Electric & Gas Systems, Junior Lien,
	7,500	Series B, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.38%, 8.00% Cap), 1.17%, 09/07/2017 (aa)		7,498
	6,480	Series B, Rev., 2.00%, 12/01/2021 (z) (w)		6,601
		City of Victoria, Utility System,
	160	Rev., 2.00%, 12/01/2018		162
	150	Rev., 2.50%, 12/01/2019		155

				29,899

		Water & Sewer — 0.8%
		City of Austin, Water & Wastewater System,
	2,985	Rev., 5.00%, 11/15/2028		3,757
	3,350	Rev., 5.00%, 11/15/2029		4,175
	3,520	City of Dallas, Waterworks & Sewer System, Series A, Rev., 5.00%, 10/01/2019		3,817
		City of Galveston, Waterworks & Sewer System,
	180	Rev., 4.00%, 05/01/2018		184
	205	Rev., 5.00%, 05/01/2019		218
	245	Rev., 5.00%, 05/01/2020		270
	265	Rev., 5.00%, 05/01/2021		300
	380	Rev., 5.00%, 05/01/2024		456
		City of San Antonio, Water System, Junior Lien,
	2,670	Series A, Rev., 4.00%, 05/15/2034		2,905
	1,000	Series E, Rev., 5.00%, 05/15/2019		1,069
	1,035	North Harris County, Regional Water Authority, Senior Lien, Rev., 5.00%, 12/15/2019		1,127
	1,500	Trinity River Authority Central Regional Wastewater System, Rev., 5.00%, 08/01/2018		1,558

				19,836

		Total Texas		175,653

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utah — 1.6%
		General Obligation — 0.4%
		State of Utah,
	4,925	GO, 5.00%, 07/01/2021		5,664
	4,855	Series C, GO, 5.00%, 07/01/2018		5,026

				10,690

		Other Revenue — 0.2%
		West Valley City Municipal Building Authority,
	495	Rev., AGM, 4.00%, 02/01/2023		558
	500	Rev., AGM, 4.00%, 02/01/2024		568
	250	Rev., AGM, 5.00%, 02/01/2025		304
	720	Rev., AGM, 5.00%, 02/01/2027		892
	1,070	Rev., AGM, 5.00%, 02/01/2029		1,303
	500	Rev., AGM, 5.00%, 02/01/2030		604
	500	Rev., AGM, 5.00%, 02/01/2031		600

				4,829

		Transportation — 1.0%
		Salt Lake City Corp. Airport Revenue,
	1,000	Series A, Rev., AMT, 5.00%, 07/01/2022		1,165
	5,250	Series A, Rev., AMT, 5.00%, 07/01/2029		6,352
	5,000	Series A, Rev., AMT, 5.00%, 07/01/2031		5,968
	5,105	Series A, Rev., AMT, 5.00%, 07/01/2032		6,069
	4,260	Series A, Rev., AMT, 5.00%, 07/01/2033		5,041

				24,595

		Total Utah		40,114

		Vermont — 0.1%
		Education — 0.1%
		University of Vermont & State Agricultural College,
	750	Rev., 5.00%, 10/01/2021		862
	855	Rev., 5.00%, 10/01/2022		1,008

				1,870

		Other Revenue — 0.0% (g)
		Vermont Municipal Bond Bank,
	545	Series 2, Rev., 5.00%, 12/01/2017		551
	400	Series 3, Rev., 5.00%, 12/01/2021		464

				1,015

		Total Vermont		2,885

		Virginia — 3.2%
		Education — 0.1%
	2,900	Virginia Public School Authority, Special Obligation, Rev., 5.00%, 07/15/2019		3,123


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — 2.0%
	3,940	City of Alexandria, Series A, GO, 4.25%, 06/15/2018		4,048
	5,390	County of Arlington, Series B, GO, 5.00%, 08/15/2022		6,392
		County of Fairfax, Public Improvement,
	5,590	Series A, GO, 5.00%, 10/01/2024		6,769
	10,215	Series A, GO, 5.00%, 10/01/2025		12,332
	6,000	Series A, GO, 5.00%, 10/01/2026		7,633
		Henrico County, Public Improvement,
	5,115	Series A, GO, 5.00%, 08/01/2028		6,504
	5,110	Series A, GO, 5.00%, 08/01/2029		6,446

				50,124

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,150	Fairfax County Economic Development Authority, County Facilities Projects, Series A, Rev., 4.00%, 10/01/2018		2,224

		Other Revenue — 0.2%
	1,300	Virginia Resources Authority, Infrastructure & State Moral Obligation, Series B, Rev., 5.00%, 11/01/2018		1,363
	2,250	Virginia Resources Authority, Infrastructure Pooled Financing Program, Series C, Rev., 5.00%, 11/01/2020		2,528

				3,891

		Prerefunded — 0.2%
	4,725	Virginia Resources Authority, Clean Water State Revolving Fund, Rev., 4.75%, 10/01/2017 (p)		4,741

		Water & Sewer — 0.6%
		City of Norfolk, Water Revenue,
	4,435	Rev., 5.00%, 11/01/2017		4,467
	1,340	Rev., 5.00%, 11/01/2018		1,405
	3,190	County of Fairfax, Sewer Revenue, Rev., 5.00%, 07/15/2019		3,436
	5,615	Fairfax County Water Authority, Series B, Rev., 5.25%, 04/01/2024		6,992

				16,300

		Total Virginia		80,403

		Washington — 1.5%
		Certificate of Participation/Lease — 0.2%
		State of Washington, State & Local Agency Real & Personal Property,
	2,555	Series D, COP, 5.00%, 07/01/2018		2,643
	3,125	Series D, COP, 5.00%, 07/01/2019		3,356

				5,999

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — 0.0% (g)
	125	University of Washington, Rev., 1.75%, 04/01/2019		127

		General Obligation — 0.4%
		King County Public Hospital District No. 2, Evergreenhealth,
	1,370	GO, 5.00%, 12/01/2018		1,439
	870	GO, 5.00%, 12/01/2019		947
	2,730	King County School District No. 411, Issaquah, GO, 5.00%, 12/01/2032		3,311
	1,400	Snohomish County School District No. 002, Everett Refunding, GO, 4.00%, 12/01/2017		1,411
	300	State of Washington, Various Purpose, Series R-2011A, GO, 5.00%, 01/01/2023		339
		Whatcom County School District No. 501 Bellingham,
	1,000	GO, 5.00%, 12/01/2031		1,233
	715	GO, 5.00%, 12/01/2032		877

				9,557

		Other Revenue — 0.2%
	5,000	Central Puget Sound Regional Transit Authority, Sales Tax, Series S-2A, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.70%, 12.00% Cap), 1.49%, 09/07/2017 (aa)		5,011

		Transportation — 0.3%
		Central Puget Sound Regional Transit Authority, Sales Tax & Motor Vehicle Excise Tax,
	685	Series S-1, Rev., 5.00%, 11/01/2023		836
	720	Series S-1, Rev., 5.00%, 11/01/2024		892
	2,000	Series S-1, Rev., 5.00%, 11/01/2034		2,400
	4,000	Port of Seattle, Intermediate Lien, Series B, Rev., 5.00%, 03/01/2019		4,245

				8,373

		Utility — 0.4%
	7,500	City of Seattle, Municipal Light & Power, Series B-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.47%, 09/07/2017 (aa)		7,500
	500	County of Snohomish, Public Utility District No. 1, Electric System, Rev., 5.00%, 12/01/2025		620
	1,000	Grant County Public Utility District No. 2, Electric System, Series K, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.32%, 12.00% Cap), 1.11%, 09/07/2017 (aa)		1,000

				9,120

		Total Washington		38,187


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		West Virginia — 0.1%
		Hospital — 0.1%
		Monongalia County Building Commission, Health System,
	1,545	Rev., 5.00%, 07/01/2018		1,595
	1,565	Rev., 5.00%, 07/01/2022		1,807

		Total West Virginia		3,402

		Wisconsin — 1.1%
		Certificate of Participation/Lease — 0.1%
		State of Wisconsin, Master Lease,
	800	Series A, COP, 5.00%, 09/01/2017		800
	1,125	Series A, COP, 5.00%, 09/01/2018		1,171

				1,971

		Education — 0.4%
	3,250	Milwaukee Redevelopment Authority, Milwaukee Public Schools, Neighborhood Schools Initiative, Rev., NATL-RE, 4.00%, 08/01/2023		3,678
	5,815	Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senior Credit Group, Series B-2, Rev., 4.00%, 05/30/2019 (z)		6,105
	1,250	Wisconsin Health & Educational Facilities Authority, Thedacare, Inc., Rev., 5.00%, 12/15/2020		1,400

				11,183

		General Obligation — 0.1%
	1,990	State of Wisconsin, Series A, GO, 5.00%, 05/01/2018		2,046

		Prerefunded — 0.4%
	8,440	State of Wisconsin, Series A, GO, 5.00%, 05/01/2021 (p)		9,636

		Transportation — 0.1%
		County of Milwaukee, Airport,
	1,400	Series A, Rev., AMT, 5.00%, 12/01/2018		1,469
	1,000	Series A, Rev., AMT, 5.00%, 12/01/2028		1,195

				2,664

		Total Wisconsin		27,500

		Total Municipal Bonds (Cost $2,358,610)		2,399,617

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	101,600	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $101,600)		101,600

		Total Investments — 100.7% (Cost $2,460,477)		2,501,487
		Liabilities in Excess of Other Assets — (0.7)%		(16,500	)

		NET ASSETS — 100.0%	$	2,484,987

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	47

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 95.2% (t)
		Alabama — 1.1%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	1,000	Alabama Capital Region Solid Waste Disposal Authority, Tax-Exempt Solid Waste Disposal, IREP-Montgomery MRF, LLC Project, Series A, Rev., AMT, 4.50%, 06/15/2034		1,019

		Other Revenue — 0.4%
	1,000	Montgomery County Public Building Authority, Warrants, Facilities Project, Rev., 5.00%, 03/01/2029		1,180

		Transportation — 0.4%
	1,350	Alabama Federal Aid Highway Finance Authority, Series A, Rev., 4.00%, 06/01/2037		1,458

		Total Alabama		3,657

		Alaska — 3.1%
		Prerefunded — 1.8%
		Alaska Municipal Bond Bank Authority,
	2,500	Rev., 5.75%, 09/01/2018 (p)		2,623
	1,745	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Rev., AGC, 6.00%, 09/01/2019 (p)		1,920
	1,005	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance, Rev., AGC, 6.00%, 09/01/2019 (p)		1,105

				5,648

		Utility — 1.3%
	3,915	Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series, Rev., AGM, 6.00%, 07/01/2019		4,262

		Total Alaska		9,910

		Arkansas — 0.1%
		Education — 0.1%
	185	Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus, Series A, Rev., 5.00%, 11/01/2037		218

		California — 19.4%
		Certificate of Participation/Lease — 0.5%
	1,500	Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project, COP, AGM, 5.00%, 06/01/2033		1,674

		Education — 0.7%
	500	California Educational Facilities Authority, Claremont McKenna College, Series A, Rev., 4.00%, 01/01/2039		528


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Education — continued
	1,640	California State University, Systemwide, Series A, Rev., 3.13%, 11/01/2036		1,661

				2,189

		General Obligation — 7.6%
	160	Alta Loma School District, Series A, GO, 5.00%, 08/01/2032		195
	30	County of Santa Clara, Campbell Union High School District, GO, 3.00%, 08/01/2031		31
	1,180	Los Angeles Community College District, GO, 5.00%, 08/01/2038		1,400
		Los Angeles Unified School District,
	1,000	Series B, GO, 5.00%, 07/01/2030		1,223
	5,000	Series D, GO, 5.00%, 01/01/2034		5,368
	1,000	Mount San Antonio Community College District, GO, BAN, Zero Coupon, 04/01/2022		940
	7,150	Mount San Antonio Community College District, Election of 2008, Series A, GO, Zero Coupon, 08/01/2043		5,892
		Pittsburg Unified School District,
	1,025	GO, 4.00%, 08/01/2032		1,137
	1,640	GO, 4.00%, 08/01/2036		1,775
	50	Pomona Unified School District, Series A, GO, NATL-RE, 6.10%, 02/01/2020		56
	2,450	Santa Maria Joint Union High School District, Santa Barbara & San Luis Obispo, GO, Zero Coupon, 08/01/2037		1,005
	100	Santa Monica-Malibu Unified School District, GO, 4.00%, 08/01/2021		112
	5,000	State of California, Various Purpose, GO, 6.50%, 04/01/2033		5,456

				24,590

		Hospital — 1.6%
	1,750	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Rev., 5.00%, 11/15/2028		2,124
	375	California Health Facilities Financing Authority, Providence St. Joseph Health, Series A, Rev., 4.00%, 10/01/2047		392
	750	California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.00%, 11/15/2041		867
		California Public Finance Authority, Henry Mayo Newhall Hospital,
	500	Rev., 5.00%, 10/15/2037		556
	1,000	Rev., 5.00%, 10/15/2047		1,095

				5,034

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.3%
	1,035	San Francisco Bay Area Rapid Transit District, Sales Tax, Series A, Rev., 4.00%, 07/01/2033		1,138

		Prerefunded — 3.2%
	40	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.50%, 10/01/2018 (p)		43
	1,960	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health & Services, Series C, Rev., 6.50%, 10/01/2018 (p)		2,081
	7,500	San Diego Public Facilities Financing Authority, Senior Sewer, Series A, Rev., 5.25%, 05/15/2019 (p)		8,064

				10,188

		Transportation — 1.4%
	930	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Rev., 4.00%, 04/01/2032		1,022
	1,250	City of Los Angeles, Department of Airports, Series A, Rev., AMT, 5.00%, 05/15/2038		1,408
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.00%, 07/01/2027		1,225
	805	Los Angeles Harbor Department, Rev., 7.60%, 10/01/2018 (p)		835

				4,490

		Utility — 3.6%
		City of Los Angeles, Department of Water & Power, Power System,
	1,700	Series A, Rev., 5.00%, 07/01/2035		2,044
	375	Series B, Rev., 5.00%, 07/01/2036		443
	610	Series D, Rev., 5.00%, 07/01/2033		721
	2,500	Subseries A-1, Rev., 5.25%, 07/01/2038		2,590
	2,450	East Bay Municipal Utility District, Wastewater System, Series A, Rev., 5.00%, 06/01/2036		2,902
	2,000	Long Beach Bond Finance Authority, Natural Gas, Series A, Rev., 5.25%, 11/15/2021		2,242
	570	Northern California Transmission Agency, Transmission Project, Series A, Rev., 5.00%, 05/01/2031		683

				11,625

		Water & Sewer — 0.5%
	515	East Bay Municipal Utility District Water System, Green Bonds, Series B, Rev., 5.00%, 06/01/2033		618


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Water & Sewer — continued
		Orange County Water District,
	240	Series A, Rev., 5.00%, 08/15/2029		300
	650	Series A, Rev., 5.00%, 08/15/2034		791

				1,709

		Total California		62,637

		Colorado — 3.8%
		Certificate of Participation/Lease — 1.9%
	3,720	Adams County, Colorado Refunding & Improvement, COP, 4.00%, 12/01/2040		3,912
	2,000	State of Colorado, Building Excellent Schools Today, Series G, COP, 5.00%, 03/15/2032		2,236

				6,148

		Education — 0.1%
	150	Board of Governors of the University of Colorado, Enterprise System, Series E-1, Rev., 5.00%, 03/01/2035		174

		Hospital — 0.7%
	1,095	Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.00%, 01/15/2045		1,139
	1,000	Denver Health & Hospital Authority, Series A, Rev., 5.25%, 12/01/2045		1,082

				2,221

		Prerefunded — 1.1%
		Colorado Water Resources & Power Development Authority, Water & Wastewater Utility Enterprise Project,
	1,000	Series A, Rev., AGC, 5.13%, 12/01/2018 (p)		1,053
	1,000	Series A, Rev., AGC, 5.25%, 12/01/2018 (p)		1,055
	1,500	University of Colorado, University Enterprise, Series A, Rev., 5.38%, 06/01/2019 (p)		1,616

				3,724

		Total Colorado		12,267

		Delaware — 0.5%
		Education — 0.3%
		The Delaware Economic Development Authority, Newark Charter School, Inc. Project,
	500	Series A, Rev., 5.00%, 09/01/2036		562
	500	Series A, Rev., 5.00%, 09/01/2046		554

				1,116

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	49

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.2%
	555	Delaware State Economic Development Authority, Osteopathic Hospital Association, Series A, Rev., 6.90%, 01/01/2018 (p)		565

		Total Delaware		1,681

		District of Columbia — 2.3%
		Education — 0.4%
		District of Columbia,
	500	Series A, Rev., 6.00%, 07/01/2043		580
	500	Series A, Rev., 6.00%, 07/01/2048		578

				1,158

		General Obligation — 1.9%
		District of Columbia,
	1,500	Series A, GO, 5.00%, 06/01/2037		1,801
	3,965	Series B, GO, NATL-RE, 6.00%, 06/01/2019		4,314

				6,115

		Total District of Columbia		7,273

		Florida — 3.0%
		General Obligation — 0.9%
	2,415	Hillsborough County, Parks & Recreation Program, GO, NATL-RE, 5.25%, 07/01/2025		3,043

		Hospital — 0.1%
	215	Orange County Health Facilities Authority, Series B, Rev., 4.00%, 10/01/2045		221

		Transportation — 1.1%
	3,205	Hillsborough County Aviation Authority, Tampa International Airport, Series B, Rev., NATL-RE, 6.00%, 10/01/2018		3,376

		Utility — 0.9%
	2,820	Tohopekaliga Water Authority, Utility System Revenue, Series A, Rev., 4.00%, 10/01/2041		3,020

		Total Florida		9,660

		Georgia — 2.4%
		Hospital — 2.4%
	3,845	Dalton Development Authority, Hamilton Health Care System, Rev., NATL-RE, 5.50%, 08/15/2026		4,494
	2,940	Fulton County Georgia Development Authority, Hospital Revenue Health System, Rev., 5.00%, 04/01/2042		3,350

		Total Georgia		7,844


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hawaii — 1.5%
		General Obligation — 1.5%
	1,970	City & County of Honolulu, Series A, GO, 5.00%, 10/01/2037		2,313
	2,000	State of Hawaii, Series FK, GO, 5.00%, 05/01/2027		2,525

		Total Hawaii		4,838

		Illinois — 3.0%
		Education — 0.6%
	1,750	Chicago Public Building Commission, Board of Education, Series A, Rev., NATL-RE, 7.00%, 01/01/2020 (p)		1,932

		General Obligation — 1.1%
	295	Cook County Forest Preserve District, Limited Tax Project, Series B, GO, 5.00%, 12/15/2037		315
	3,000	State of Illinois, GO, 5.50%, 07/01/2038		3,240

				3,555

		Hospital — 0.2%
		Illinois Finance Authority, Healthcare Enterprises, Inc.,
	305	Series C, Rev., 5.00%, 03/01/2033 (w)		347
	205	Series C, Rev., 5.00%, 03/01/2034 (w)		232

				579

		Prerefunded — 0.4%
	1,260	City of Chicago, O’Hare International Airport, Third Lien, Series A, Rev., 5.75%, 01/01/2021 (p)		1,453

		Transportation — 0.7%
	240	City of Chicago, O’Hare International Airport, Third Lien, Series A, Rev., 5.75%, 01/01/2039		273
	1,780	Regional Transportation Authority, Series D, Rev., NATL-RE, 7.75%, 06/01/2019		1,922

				2,195

		Total Illinois		9,714

		Indiana — 1.7%
		Education — 0.3%
	975	Indiana Finance Authority, Educational Facilities, Valparaiso University, Rev., 5.00%, 10/01/2026		1,140

		Other Revenue — 1.4%
	4,000	Indiana Finance Authority, State Revolving Fund Program, Series A, Rev., 5.00%, 02/01/2030		4,509

		Total Indiana		5,649

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.7%
		Hospital — 0.4%
	1,150	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.00%, 05/15/2047		1,275

		Other Revenue — 0.3%
	1,000	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 5.25%, 05/15/2035		1,093

		Total Louisiana		2,368

		Maine — 1.9%
		Prerefunded — 1.9%
	5,675	Maine Turnpike Authority, Rev., 6.00%, 07/01/2019 (p)		6,201

		Maryland — 0.5%
		General Obligation — 0.5%
	1,245	Baltimore County, Consolidated Public Improvement, GO, 5.00%, 08/01/2026		1,545

		Massachusetts — 3.5%
		General Obligation — 3.5%
		Commonwealth of Massachusetts,
	1,500	Series A, GO, 5.00%, 03/01/2032		1,773
	4,135	Series B, GO, 5.00%, 07/01/2028		5,289
	3,890	Commonwealth of Massachusetts, Consolidated Loan of 2016, Series J, GO, 4.00%, 12/01/2039		4,173

				11,235

		Water & Sewer — 0.0% (g)
	80	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.25%, 08/01/2028		103

		Total Massachusetts		11,338

		Michigan — 0.5%
		Transportation — 0.5%
	1,500	Michigan State Trunk Line, Rev., 5.00%, 11/15/2036		1,698

		Minnesota — 0.6%
		Education — 0.5%
		Minnesota Higher Education Facilities Authority, Carleton College,
	1,000	Rev., 4.00%, 03/01/2032		1,104
	500	Rev., 4.00%, 03/01/2033		550

				1,654


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Utility — 0.1%
	350	City of Rochester, Electric Utility, Series A, Rev., 5.00%, 12/01/2028		430

		Total Minnesota		2,084

		Mississippi — 0.4%
		Water & Sewer — 0.4%
	1,000	Mississippi Development Bank, Water & Sewer System Project, Special Obligation, Rev., AGM, 6.88%, 12/01/2040		1,284

		Montana — 0.1%
		Prerefunded — 0.1%
	400	City of Helena, COP, 5.00%, 01/01/2019 (p)		422

		Nebraska — 0.1%
		Utility — 0.1%
	185	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A, Rev., 5.00%, 01/01/2034		213

		New Jersey — 2.3%
		Housing — 0.1%
	160	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series AA, Rev., 6.38%, 10/01/2028		161

		Transportation — 2.2%
	10,355	New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems, Series A, Rev., Zero Coupon, 12/15/2036		4,234
	2,670	New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement, Series A-1, Rev., 5.00%, 06/15/2027		3,001

				7,235

		Total New Jersey		7,396

		New York — 17.1%
		Education — 0.4%
	1,025	State Dormitory Authority, New York University, Series A, Rev., 5.00%, 07/01/2028		1,266

		General Obligation — 2.9%
	3,500	City of New York, Fiscal Year 2006, Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		3,500
	5,000	City of New York, Fiscal Year 2014, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		5,000
	820	Gorham-Middlesex Central School District, GO, 3.00%, 06/15/2021		873

				9,373

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	51

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 5.0%
		Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center,
	625	Series A, Rev., 5.00%, 07/15/2026		749
	565	Series A, Rev., 5.00%, 07/15/2028		671
	1,750	Hudson Yards Infrastructure Corp., Series A, Rev., 5.00%, 02/15/2042		2,058
	195	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012, Subseries E-1, Rev., 5.00%, 02/01/2035		222
	1,500	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series B, Subseries B-1, Rev., 5.00%, 08/01/2036		1,774
		New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee,
	2,000	Series B, Rev., Zero Coupon, 11/15/2036		990
	9,970	Series B, Rev., Zero Coupon, 11/15/2055		2,081
	6,500	Series B, Rev., Zero Coupon, 11/15/2056		1,301
		New York Counties Tobacco Trust VI Tobacco Settlement Pass-Through Bonds,
	300	Series B, Rev., 5.00%, 06/01/2025		362
	150	Series B, Rev., 5.00%, 06/01/2028		175
	155	Series B, Rev., 5.00%, 06/01/2029		178
	4,450	New York State Dormitory Authority, Sales Tax, Series A, Rev., 5.00%, 03/15/2026		5,484

				16,045

		Prerefunded — 0.4%
	1,150	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.75%, 06/15/2018 (p)		1,195

		Transportation — 3.7%
		Metropolitan Transportation Authority,
	250	Series D, Rev., 5.00%, 11/15/2029		303
	400	Series D, Rev., 5.00%, 11/15/2030		482
	400	Series D, Rev., 5.00%, 11/15/2031		480
	8,590	Port Authority of New York & New Jersey, Consolidated, 93rd Series, Rev., 6.13%, 06/01/2094		10,712

				11,977

		Utility — 1.5%
	4,250	Utility Debt Securitization Authority, Series TE, Rev., 5.00%, 12/15/2041		4,951

		Water & Sewer — 3.2%
	3,030	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.75%, 06/15/2040		3,152


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Water & Sewer — continued
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series BB-4, Rev., VRDO, 0.81%, 09/01/2017 (z)		5,000
	1,750	New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution, Series A, Rev., 5.00%, 06/15/2037		2,104

				10,256

		Total New York		55,063

		North Dakota — 0.0% (g)
		General Obligation — 0.0% (g)
	30	West Fargo Public School District No. 6, Series A, GO, 3.00%, 05/01/2025		33

		Ohio — 2.1%
		Education — 0.6%
		Miami University, A State University of Ohio,
	375	Rev., 5.00%, 09/01/2029		455
	500	Rev., 5.00%, 09/01/2030		602
	650	Rev., 5.00%, 09/01/2031		778

				1,835

		General Obligation — 0.7%
		Greenville City School District, School Improvement,
	1,000	GO, 5.25%, 01/01/2038		1,121
	1,000	GO, 5.25%, 01/01/2041		1,118

				2,239

		Hospital — 0.3%
	1,000	County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities, Series A, Rev., 5.50%, 07/01/2039		1,121

		Prerefunded — 0.5%
		County of Richland, Correctional Facilities Improvement,
	500	GO, AGC, 5.88%, 12/01/2018 (p)		531
	400	GO, AGC, 6.00%, 12/01/2018 (p)		426
	650	GO, AGC, 6.13%, 12/01/2018 (p)		693

				1,650

		Total Ohio		6,845

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oklahoma — 1.9%
		Other Revenue — 0.6%
	1,800	The Edmond Public Works Authority, Sales Tax And Utility System, Rev., 4.00%, 07/01/2041		1,909

		Prerefunded — 0.7%
	2,000	Oklahoma City Water Utilities Trust, Water & Sewer System, Series A, Rev., 5.00%, 07/01/2019 (p)		2,149

		Transportation — 0.6%
	1,665	Oklahoma Turnpike Authority, Turnpike System, Second Senior, Series A, Rev., 5.00%, 01/01/2037		1,949

		Total Oklahoma		6,007

		Oregon — 1.0%
		Other Revenue — 1.0%
	2,500	Oregon State Department of Administrative Services, Lottery, Series C, Rev., 5.00%, 04/01/2031		3,075

		Pennsylvania — 0.6%
		General Obligation — 0.3%
		City of Pittsburgh,
	730	GO, 4.00%, 09/01/2031		802
	120	GO, 4.00%, 09/01/2033		130

				932

		Hospital — 0.3%
		Lancaster County Hospital Authority, Health Center, Masonic Villages Project,
	510	Rev., 5.00%, 11/01/2036		579
	250	Rev., 5.00%, 11/01/2037		283

				862

		Total Pennsylvania		1,794

		South Carolina — 6.3%
		Prerefunded — 3.2%
	9,515	Laurens County School District No. 056, GO, AGC, SCSDE, 6.13%, 03/01/2019 (p)		10,262

		Utility — 3.0%
	3,900	Piedmont Municipal Power Agency, Electric, Rev., FGIC, 6.75%, 01/01/2020 (p)		4,417
	4,615	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, 6.75%, 01/01/2020		5,180

				9,597


PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)

			Water & Sewer — 0.1%
	270		City of Anderson, South Carolina Water & Sewer System, Rev., 5.00%, 07/01/2029		326

			Total South Carolina		20,185

			South Dakota — 0.1%
			Other Revenue — 0.1%
	300		South Dakota State Building Authority, Series A, Rev., 5.00%, 06/01/2022		352

			Texas — 8.1%
			Education — 2.1%
			Clifton Higher Education Finance Corp., Idea Public Schools,
	1,250	��	Rev., 6.00%, 08/15/2033		1,468
	500		Series B, Rev., 4.00%, 08/15/2023		550
	345		Series B, Rev., 5.00%, 08/15/2024		402
	460		Series B, Rev., 5.00%, 08/15/2025		539
			Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital,
	1,000		Rev., 5.13%, 09/01/2033		1,121
	2,300		Rev., 5.50%, 09/01/2043		2,580
	210		University of Texas System, Series A, Rev., 5.00%, 07/01/2031		252

					6,912

			General Obligation — 0.2%
	535		City of Carrollton, GO, 5.00%, 08/15/2026		576

			Hospital — 0.3%
	940		Harris County Health Facilities Development Corp., Texas Children’s Hospital Project, Rev., 5.50%, 10/01/2019 (p)		985

			Industrial Development Revenue/Pollution Control Revenue — 1.1%
	3,500		Lower Neches Valley Authority Industrial Development Corp., Exempt Facilities, Mobil Oil Corp. Project, Series 2010, Rev., VRDO, 0.70%, 09/01/2017 (z)		3,500

			Prerefunded — 1.9%
	2,200		City of Forney, Independent School District, Series A, GO, PSF-GTD, 5.75%, 08/15/2018 (p)		2,302
	3,500		Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.25%, 12/01/2018 (p)		3,780

					6,082

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	53

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands, except number of Futures contracts)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 1.4%
	1,965	Dallas-Fort Worth International Airport, Joint Improvement, Series A, Rev., 5.00%, 11/01/2042		2,165
	2,000	North Texas Tollway Authority, Special Projects System, Series A, Rev., 6.00%, 09/01/2041		2,351

				4,516

		Utility — 0.0% (g)
	35	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2032		42

		Water & Sewer — 1.1%
	2,500	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.75%, 12/01/2032 (p)		3,572

		Total Texas		26,185

		Utah — 0.4%
		Other Revenue — 0.0% (g)
	110	Utah Infrastructure Agency Telecommunications And Franchise Tax, Rev., 4.00%, 10/15/2040		116

		Water & Sewer — 0.4%
	1,000	Utah Water Finance Agency, Loan Financing Program, Series A, Rev., 5.00%, 03/01/2027		1,256

		Total Utah		1,372

		Virginia — 1.2%
		General Obligation — 0.7%
	1,930	City of Richmond, Public Improvement, Series B, GO, 5.00%, 07/15/2026		2,432

		Transportation — 0.5%
		Capital Region Airport Commission (Richmond International Airport),
	350	Series A, Rev., 4.00%, 07/01/2035		377
	350	Series A, Rev., 4.00%, 07/01/2036		376
	750	Series A, Rev., 4.00%, 07/01/2038		805

				1,558

		Total Virginia		3,990


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Washington — 3.9%
		Education — 1.9%
	5,430	Western Washington University, Housing & Dining System, Junior Lien, Series A, Rev., AMBAC, 5.50%, 10/01/2022		6,134

		General Obligation — 0.4%
	1,000	State of Washington, Various Purpose, Series C, GO, 5.00%, 02/01/2034		1,182


		Prerefunded — 1.6%
	5,000	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.00%, 08/15/2018 (p)		5,197

		Total Washington		12,513

		Total Municipal Bonds (Cost $286,295)		307,311


SHARES
	Short-Term Investment — 3.9%
		Investment Company — 3.9%
	12,493	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $12,493)		12,493

		Total Investments — 99.1% (Cost $298,788)		319,804
		Other Assets in Excess of Liabilities — 0.9%		3,053

		NET ASSETS — 100.0%	$	322,857

Percentages indicated are based on net assets.

Futures contracts outstanding as of August 31, 2017:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING

Currency

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Short Contracts

U.S. Treasury 10 Year Note

(58

)

12/2017

USD

(7,366

)

(22

)

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 99.1% (t)
		Alabama — 0.3%
		Education — 0.1%
	550	Jacksonville State University, Tuition & Fee, Rev., AGM, 2.00%, 12/01/2017		552
	25	Madison County Board of Education, Capital Outlay, Tax Anticipation Warrants, Rev., 3.00%, 09/01/2017		25
	70	University of Montevallo, Rev., 2.00%, 05/01/2018		70

				647

		Housing — 0.2%
	2,890	Alabama Housing Finance Authority Multi-Family Housing, Summit Ridge Apartments Project, Series D, Rev., FHA, 1.35%, 07/01/2019 (z)		2,897

		Prerefunded — 0.0% (g)
		Alabama Public School & College Authority, Capital Improvement,
	37	Rev., 4.50%, 12/01/2017 (p)		37
	47	Rev., 5.00%, 12/01/2017 (p)		48
		Madison County Board of Education, Tax Anticipation Warrants,
	25	Rev., AGC, 4.80%, 09/01/2018 (p)		26
	45	Rev., AGC, 5.13%, 09/01/2018 (p)		47

				158

		Utility — 0.0% (g)
	400	The Black Belt Energy Gas District Gas Supply, Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 06/01/2021 (z)		434

		Water & Sewer — 0.0% (g)
	150	Ozark Utilities Board, Water & Sewer, Rev., AGM, 2.00%, 09/01/2017		150

		Total Alabama		4,286

		Alaska — 0.0% (g)
		General Obligation — 0.0% (g)
	25	Municipality of Anchorage, Series A, GO, AMBAC, 5.25%, 12/01/2017		25

		Housing — 0.0% (g)
	25	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 1.65%, 12/01/2017		25

		Other Revenue — 0.0% (g)
	20	Alaska Municipal Bond Bank Authority, Series 2, Rev., 4.00%, 09/01/2017		20

		Total Alaska		70


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Arizona — 0.2%
		Certificate of Participation/Lease — 0.0% (g)
	30	County of Maricopa, COP, 5.00%, 07/01/2018		31

		General Obligation — 0.1%
	25	City of Casa Grande, Series A, GO, 2.00%, 08/01/2018		25
		City of Mesa,
	20	GO, AGM, 4.55%, 07/01/2028		20
	20	GO, NATL-RE, 5.00%, 07/01/2018 (p)		21
	15	City of Phoenix, Series C, GO, 4.00%, 07/01/2018		15
	150	Estrella Mountain Ranch Community Facilities District, GO, AGM, 4.00%, 07/15/2018		154
		Maricopa County Union High School District No. 201, School Improvement,
	375	GO, 3.00%, 07/01/2018		382
	275	GO, 3.00%, 07/01/2019		285
	115	Summit Fire & Medical District, GO, 2.00%, 07/01/2018		116

				1,018

		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	1,100	Coconino County Pollution Control Corp., Nevada Power Company Projects, Series B, Rev., 1.60%, 05/21/2020 (z)		1,106

		Other Revenue — 0.0% (g)
	450	Santa Cruz County Jail District, Rev., AGM, 2.00%, 07/01/2018		454

		Prerefunded — 0.0% (g)
	55	Maricopa County Industrial Development Authority, Multi Family Housing, Series A, Rev., AGM, 5.10%, 01/01/2018 (p)		56

		Utility — 0.0% (g)
	25	Salt River Project Agricultural Improvement & Power District, Electric System, Series B, Rev., 4.00%, 12/01/2018		26

		Water & Sewer — 0.0% (g)
	10	Arizona Water Infrastructure Finance Authority, Water Quality, Series A, Rev., 5.00%, 10/01/2018		10

		Total Arizona		2,701

		Arkansas — 0.1%
		General Obligation — 0.0% (g)
		City of Fayetteville, Library Improvement,
	200	GO, 3.00%, 01/01/2018		201

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	55

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	200	GO, 3.00%, 01/01/2020		209

				410

		Hospital — 0.0% (g)
	25	Arkansas Development Finance Authority, Healthcare, Baptist Health, Series A, Rev., 4.00%, 12/01/2017		25

		Other Revenue — 0.0% (g)
	500	Arkansas Development Finance Authority, 900 West Capitol Building Project, Rev., 3.00%, 04/01/2021		530

		Water & Sewer — 0.1%
	100	City of Hot Springs, Wastewater Refunding & Construction, Rev., 2.00%, 12/01/2017		100
		Northwest Arkansas Conservation Authority, Wastewater,
	125	Rev., 3.00%, 03/01/2018		126
	220	Rev., 3.00%, 03/01/2019		226
	280	Rev., 3.00%, 03/01/2020		292

				744

		Total Arkansas		1,709

		California — 7.2%
		Certificate of Participation/Lease — 0.0% (g)
	100	City & County of San Francisco, Series A, COP, 5.00%, 10/01/2017		100

		Education — 0.4%
	6,000	University of California, Series AL-2, Rev., VRDO, 0.80%, 09/07/2017 (z)		6,000

		General Obligation — 1.0%
	25	City of Berkeley, Neighborhood Branch, GO, 3.25%, 09/01/2017		25
	1,710	Hayward Unified School District, Election of 2014, GO, AGM, 3.00%, 08/01/2018		1,746
	250	Mount San Antonio Community College District, GO, BAN, Zero Coupon, 04/01/2022		235
	25	Pittsburg Unified School District, GO, AGM, 4.00%, 08/01/2018		26
	500	San Leandro Unified School District, GO, 3.00%, 08/01/2018		510
	750	San Leandro Unified School District, Election of 2016, Series A, GO, 3.00%, 08/01/2018		765
	20	San Ramon Valley Unified School District, GO, 4.00%, 08/01/2018		20
	10,010	State of California, Series A-9, GO, VRDO, LOC: State Street Bank & Trust, 0.73%, 09/07/2017 (z)		10,010


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
		State of California, Various Purpose,
	25	GO, 4.00%, 09/01/2017		25
	100	GO, 5.00%, 09/01/2017		100

				13,462

		Hospital — 1.4%
	17,650	California Health Facilities Financing Authority, Stanford Hospital & Clinics, Series B-1, Rev., VRDO, 0.73%, 09/07/2017 (z)		17,650
	500	California Municipal Finance Authority, Community Medical Centers, Series A, Rev., 5.00%, 02/01/2018		508
	100	California Municipal Finance Authority, NorthBay Healthcare Group, Series A, Rev., 2.00%, 11/01/2017		100
	100	California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2020		109
	125	Palomar Health, Rev., 3.00%, 11/01/2017		126

				18,493

		Housing — 0.2%
	2,480	California Municipal Finance Authority, Providence House Oakland, Rev., 1.10%, 05/01/2018 (z)		2,481

		Other Revenue — 1.7%
	1,000	California Infrastructure & Economic Development Bank, The J. Paul Getty Trust, Series A-4, Rev., (3 Month LIBOR + 0.37%, 8.00% Cap), 1.29%, 10/02/2017 (aa)		1,004
	75	California Statewide Communities Development Authority, Front Porch Communities & Services, Rev., 5.00%, 04/01/2020		82
		California Statewide Communities Development Authority, Kaiser Permanente,
	4,500	Series B, Rev., VRDO, 0.74%, 09/07/2017 (z)		4,500
	3,000	Series B, Rev., VRDO, 0.78%, 09/07/2017 (z)		3,000
	3,150	Series M, Rev., VRDO, 0.76%, 09/07/2017 (z)		3,150
	11,000	County of Orange, Apartment Development, Villas La Paz, Rev., VRDO, FNMA, LIQ: FNMA, 0.77%, 09/07/2017 (z)		11,000
	25	Jurupa Public Financing Authority, Superior Lien, Series A, Rev., AGM, 4.00%, 09/01/2017		25
	250	Los Angeles County Sanitation Districts Financing Authority, Capital Project, Series A, Rev., 2.50%, 10/01/2017		251

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	10	Municipal Improvement Corp. of Los Angeles, Capital Equipment, Series A, Rev., 4.00%, 09/01/2017 (p)		10
	25	Riverside County Redevelopment Successor Agency, Jurupa Valley Redevelopment Project, Series B, Rev., AGM, 4.00%, 10/01/2018		26

				23,048

		Prerefunded — 0.0% (g)
	80	Imperial Irrigation District Electric System, Series A, Rev., 5.25%, 11/01/2018 (p)		84
	30	San Luis Obispo County Financing Authority, Nacimiento Water Project, Series A, Rev., NATL-RE, 5.00%, 09/01/2017 (p)		30
	30	Truckee-Donner Recreation & Park District, Community Center Project, COP, AMBAC, 4.38%, 09/01/2017 (p)		30

				144

		Transportation — 0.1%
	650	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series C, Rev., 1.88%, 04/01/2019 (z)		656
	35	Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park & Open Space, Rev., AGM, 5.25%, 10/01/2018		37

				693

		Utility — 2.4%
	6,900	California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series G, Rev., 1.05%, 12/01/2018		6,923
	12,000	California State Department of Water Resources, Central Valley Project Water System, Series AU, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%, 8.00% Cap), 1.01%, 09/07/2017 (aa)		11,999
	12,400	Southern California Public Power Authority, Magnolia Power Project, Series 1, Rev., VRDO, LOC: U.S. Bank NA, 0.69%, 09/01/2017 (z)		12,400

				31,322

		Water & Sewer — 0.0% (g)
	25	City of Bakersfield, Wastewater, Series A, Rev., AGM, 5.00%, 09/15/2017		25


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Water & Sewer — continued
	250	Irvine Ranch Water District, Series A-1, Rev., VRDO, 0.86%, 09/07/2017 (z)		250

				275

		Total California		96,018


		Colorado — 1.0%
		Certificate of Participation/Lease — 0.1%
	100	City of Avon, COP, 2.00%, 12/01/2017		100
	200	City of Commerce City, COP, AGM, 2.00%, 12/15/2017		201
		Denver City & County School District No. 1,
	435	Series A, COP, 2.00%, 12/01/2017		437
	760	Series B, COP, 3.00%, 12/01/2017		764
	25	El Paso County, Judicial Complex Project, Series A, COP, AMBAC, 5.00%, 12/01/2017		25

				1,527

		Education — 0.1%
	500	Colorado Educational & Cultural Facilities Authority, Atmospheric Research Project, Rev., 3.00%, 09/01/2017		500
	125	Colorado School of Mines, Enterprise Refunding & Improvement, Series A, Rev., 5.00%, 12/01/2017		126

				626

		General Obligation — 0.0% (g)
	120	Adams 12 Five Star Schools, GO, 5.00%, 12/15/2018		127
		City of Aurora, Sterling Hills West Metropolitan District,
	100	GO, 5.00%, 12/01/2018		105
	110	GO, 5.00%, 12/01/2019		118
	100	GO, 5.00%, 12/01/2020		110
	25	Denver City & County, School District No. 1, GO, 4.00%, 12/01/2017		25
	20	Douglas County School District No. Re-1, Douglas & Elbert Counties, Series B, GO, 5.00%, 12/15/2018		21
	20	Mesa County Valley, School District No. 51, Grand Junction, GO, 4.00%, 12/01/2018		21
	25	Pueblo County School District No. 70, GO, NATL-RE, 5.00%, 12/01/2018		26

				553

		Hospital — 0.1%
	145	Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project, Series A, Rev., 5.00%, 05/15/2018		148

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	57

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
		Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project,
	500	Rev., 5.00%, 06/01/2018 (w)		513
	200	Rev., 5.00%, 06/01/2019 (w)		212
	400	Rev., 5.00%, 06/01/2020 (w)		435
	380	University of Colorado Hospital Authority, Series C-1, Rev., 4.00%, 03/01/2020 (z)		402

				1,710

		Other Revenue — 0.0% (g)
	425	Pueblo Urban Renewal Authority, Sales Tax Increment, Regional Tourism Act Project, Rev., 2.25%, 06/01/2018		426

		Transportation — 0.1%
		Denver City & County, Department of Aviation Airport System,
	100	Series A, Rev., 5.00%, 11/15/2017		101
	35	Series A, Rev., 5.00%, 11/15/2018		37
	10	Series B, Rev., 5.00%, 11/15/2017		10
	500	E-470 Public Highway Authority, Senior LIBOR Index, Series A, Rev., (1 Month LIBOR + 0.90%, 10.00% Cap), 1.73%, 09/07/2017 (aa)		503

				651

		Utility — 0.6%
	8,020	City of Colorado Springs, Utilities System Improvement, Series B, Rev., VRDO, 0.80%, 09/07/2017 (z)		8,020

		Total Colorado		13,513

		Connecticut — 3.0%
		Education — 0.0% (g)
	500	State of Connecticut, Health & Educational Facility Authority, Ascension Health Credit Group, Series B, Rev., 1.65%, 03/01/2019 (z)		502

		General Obligation — 2.9%
		City of New Haven,
	5,300	GO, TAN, 2.50%, 05/15/2018		5,347
	100	Series A, GO, 3.00%, 08/01/2018		102
	750	Series A, GO, 5.25%, 08/01/2019		807
	12,000	Hartford County, Connecticut Metropolitan District, Series B, GO, BAN, 3.00%, 08/01/2018		12,163
		State of Connecticut,
	160	Series B, GO, AMBAC, 5.25%, 06/01/2018		165


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
	5,235	Series C, GO, VRDO, 0.90%, 09/07/2017 (z)		5,235
	475	Series C, GO, 5.00%, 12/01/2020		516
	11,575	Series F, GO, 5.00%, 11/15/2019		12,521
	2,250	Town of Hamden, GO, BAN, 3.00%, 08/23/2018		2,292
	15	Town of New Canaan, Series A, GO, 5.00%, 04/01/2018		15
	40	Town of Rocky Hill, GO, 3.00%, 09/01/2017		40

				39,203

		Housing — 0.1%
	520	Norwalk Housing Authority, Multifamily Housing, Cedar Court Apartments Project, Rev., 1.25%, 06/01/2018 (z)		521

		Prerefunded — 0.0% (g)
	25	State of Connecticut, Health & Educational Facility Authority, Quinnipiac University, Rev., NATL-RE, 5.00%, 07/01/2018 (p)		26
	30	Town of Old Saybrook, GO, 3.00%, 11/01/2018 (p)		31

				57

		Total Connecticut		40,283

		Delaware — 0.0% (g)
		Housing — 0.0% (g)
	30	Delaware State Housing Authority, Senior Single Family Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 3.90%, 07/01/2018		31

		Transportation — 0.0% (g)
		Delaware Transportation Authority,
	25	Rev., 5.00%, 09/01/2017		25
	15	Rev., 5.00%, 07/01/2018		15

				40

		Utility — 0.0% (g)
	25	Sustainable Energy Utility, Inc., Energy Efficiency, Rev., 4.00%, 09/15/2018		26

		Total Delaware		97

		District of Columbia — 0.8%
		Other Revenue — 0.8%
	1,000	District of Columbia, American Society, Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		1,000
	9,675	District of Columbia, Medlantic/Helix Issue, Tranche II, Series A, Rev., VRDO, LOC: TD Bank NA, 0.80%, 09/07/2017 (z)		9,675

				10,675

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	25	District of Columbia, Children’s Hospital, Rev., AGM, 5.25%, 07/15/2018 (p)		26

		Transportation — 0.0% (g)
	20	Metropolitan Washington Airports Authority, Series B, Rev., 4.00%, 10/01/2018		21

		Water & Sewer — 0.0% (g)
	45	District of Columbia, Water & Sewer Authority, Public Utility, Rev., AGM, 5.50%, 10/01/2017		45

		Total District of Columbia		10,767

		Florida — 3.1%
		Certificate of Participation/Lease — 0.0% (g)
	30	Lee County School Board, Series B, COP, 5.00%, 08/01/2018		31
	25	Palm Beach County School District, Series B, COP, 5.00%, 08/01/2018		26

				57

		Education — 0.0% (g)
	20	Florida State Board of Education, Lottery, Series C, Rev., 5.00%, 07/01/2018		21
	100	Higher Educational Facilities Financing Authority, Flagler College, Inc., Project, Series B, Rev., 3.00%, 11/01/2017		100
	45	Volusia County School Board, Sales Tax, Rev., 3.00%, 10/01/2017		45

				166

		General Obligation — 0.1%
		City of Lauderhill,
	100	GO, 2.00%, 01/01/2018		100
	175	GO, 3.00%, 01/01/2019		180
	460	GO, 3.00%, 01/01/2020		480
	425	GO, 3.00%, 01/01/2021		450
	25	County of Sarasota, Environmentally Sensitive, GO, 4.00%, 10/01/2018 (p)		26
	10	Florida State Board of Education, Public Education Capital Outlay, Series B, GO, 5.00%, 06/01/2018		10
	295	Florida State Department of Transportation, Right-of-Way Acquisition & Bridge Construction, Series B, GO, 5.00%, 07/01/2018		305

				1,551

		Hospital — 2.4%
	15	City of Tampa, Baycare Health System, Rev., 5.00%, 11/15/2017		15


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
	6,330	Orange County Health Facilities Authority, The Nemours Foundation Project, Series C-2, Rev., VRDO, LOC: TD Bank NA, 0.80%, 09/07/2017 (z)		6,330
	16,700	Pinellas County Health Facilities Authority, Baycare Health System Issue, Series A-1, Rev., VRDO, LOC: U.S. Bank NA, 0.89%, 09/01/2017 (z)		16,700
	9,325	Pinellas County Health Facilities Authority, Suncoast Hospice Project, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		9,325

				32,370

		Housing — 0.2%
	2,000	Pinellas County Housing Finance Authority, Multi-Family Housing, Boca Ciega Townhomes, Rev., 0.95%, 09/01/2018		2,000

		Other Revenue — 0.0% (g)
	200	Florida State Municipal Loan Council, Rev., NATL-RE, 2.00%, 10/01/2017		200
	25	Osceola County, Sales Tax, Rev., AGC, 4.00%, 10/01/2018 (p)		26

				226

		Prerefunded — 0.1%
	10	Broward County School Board, Series A, COP, AGM, 4.50%, 07/01/2018 (p)		10
		County of Miami-Dade, Miami International Airport,
	7	Series B, Rev., NATL-RE, 4.50%, 10/01/2017 (p)		7
	25	Series B, Rev., AGC, 5.00%, 10/01/2018 (p)		26
	20	County of Miami-Dade, Transit System Sales Surtax, Rev., AGM, 5.00%, 07/01/2018 (p)		21
	30	County of Palm Beach, Florida Public Improvement, Biomedical Research Park Project, Series C, Rev., XLCA, 5.00%, 11/01/2017 (p)		30
		Florida State Municipal Power Agency,
	20	Rev., AGM-CR, 5.00%, 10/01/2018 (p)		21
	85	Rev., 5.25%, 10/01/2018 (p)		89
	200	Series A, Rev., 5.00%, 10/01/2018 (p)		209
	40	Halifax Hospital Medical Center, Daytona Beach, Series B-2, Rev., AGM, 5.38%, 06/01/2018 (p)		42
	105	JEA Electric System, Series 3-A, Rev., 2.50%, 10/01/2018 (p)		107

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	59

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	35	Osceola County, Infrastructure Sales Surtax, Rev., AMBAC, 5.00%, 10/01/2017 (p)		35

				597

		Transportation — 0.0% (g)
	100	County of Miami-Dade, Aviation, Series B, Rev., 5.00%, 10/01/2018		104
	25	Orlando-Orange County Expressway Authority, Series B, Rev., AGM, 5.00%, 07/01/2018		26

				130

		Utility — 0.2%
	30	City of West Palm Beach, Utility System, Series B, Rev., AGM, 4.00%, 10/01/2017		30
		JEA Electric System,
	110	Series 3-A, Rev., 4.00%, 10/01/2018		114
	150	Series B, Rev., 5.00%, 10/01/2017		150
	2,475	Orlando Utilities Commission, Series B, Rev., VRDO, 0.78%, 09/07/2017 (z)		2,475
	120	Reedy Creek Improvement District Utility Revenue, Series 2, Rev., 5.00%, 10/01/2019		130

				2,899

		Water & Sewer — 0.1%
	745	City of Cape Coral, Water & Sewer Revenue, Rev., AGM, 1.40%, 09/01/2018		748
	90	County of Miami-Dade, Water & Sewer System, Series C, Rev., BHAC, 5.00%, 10/01/2017		90

				838

		Total Florida		40,834

		Georgia — 0.9%
		Certificate of Participation/Lease — 0.0% (g)
	35	Fulton County Facilities Corp., COP, 5.00%, 11/01/2017		35

		General Obligation — 0.6%
	25	Athens-Clarke County Unified Government, Jail Expansion Project, GO, 4.00%, 12/01/2017		25
	6,700	Clarke County Board of Education, GO, 5.00%, 09/01/2022		7,950
	60	County of Meriwether, GO, 2.00%, 03/01/2018		61
	250	Jackson County School District, GO, 5.00%, 03/01/2019		265
	150	Morgan County Georgia School District, GO, 5.00%, 05/01/2018		154

				8,455


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — 0.0% (g)
	25	Fulton County Development Authority, Catholic Health East Issue, Rev., 3.75%, 11/15/2018 (p)		26
	100	Richmond County Hospital Authority, University Health Services, Inc. Project, Rev., 5.00%, 01/01/2022		115

				141

		Prerefunded — 0.0% (g)
	25	Athens-Clarke County Unified Government Development Authority, UGAREF Central Precinct, LLC Project, Rev., 5.00%, 06/15/2018 (p)		26

		Water & Sewer — 0.3%
	75	County of Bartow, Water & Sewerage Refunding & Improvement, Rev., 3.00%, 09/01/2017		75
		East Point Building Authority, Water & Sewer Project,
	1,750	Rev., AGM, 3.00%, 02/01/2018		1,766
	1,000	Rev., AGM, 4.00%, 02/01/2019		1,044
	550	Rev., AGM, 5.00%, 02/01/2020		602

				3,487

		Total Georgia		12,144

		Hawaii — 0.0% (g)
		General Obligation — 0.0% (g)
		State of Hawaii,
	15	Series DT, GO, 4.00%, 11/01/2018		16
	20	Series EE, GO, 4.00%, 11/01/2017		20

		Total Hawaii		36

		Illinois — 6.3%
		Certificate of Participation/Lease — 0.2%
		University of Illinois,
	1,000	Series A, COP, 5.00%, 10/01/2019		1,067
	1,215	Series C, COP, 5.00%, 03/15/2018		1,241

				2,308

		Education — 1.4%
	15,957	Illinois Finance Authority, The University Of Chicago, Rev., VRDO, 0.78%, 09/07/2017 (z)		15,957
	300	Peoria Public Building Commission, School District No. 150 Project, Rev., 5.00%, 12/01/2019		323
	315	University of Illinois, Auxiliary Facilities System, Series A, Rev., 5.00%, 04/01/2019		333

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
		Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates,
	90	Series A, Rev., AGM, 4.00%, 12/01/2017		91
	355	Series A, Rev., AGM, 4.00%, 12/01/2018		368
	370	Series A, Rev., AGM, 4.00%, 12/01/2019		393
	385	Series A, Rev., AGM, 4.00%, 12/01/2020		418
	400	Series A, Rev., AGM, 4.00%, 12/01/2021		442

				18,325

		General Obligation — 1.0%
		Adams County School District No. 172,
	270	GO, AGM, 4.00%, 02/01/2019		280
	300	GO, AGM, 4.00%, 02/01/2020		318
	300	GO, AGM, 4.00%, 02/01/2021		324
		Chicago Park District, Limited Tax,
	50	Series B, GO, 4.00%, 01/01/2020		53
	225	Series B, GO, 5.00%, 01/01/2020		242
	100	Series B, GO, 5.00%, 01/01/2021		110
	100	Chicago Park District, Unlimited Tax, Series C, GO, 3.00%, 01/01/2020		103
	100	City of Berwyn, Series A, GO, 3.00%, 12/01/2017		100
	110	City of Country Club Hills, GO, 4.00%, 12/01/2017		111
	35	City of Peoria, Tazewell County, Community College District No. 514, GO, 4.75%, 12/01/2017		35
		City of Rock Island,
	100	Series A, GO, AGM, 2.00%, 12/01/2018 (w)		101
	130	Series A, GO, AGM, 2.00%, 12/01/2019 (w)		131
	130	Series A, GO, AGM, 3.00%, 12/01/2021 (w)		136
	120	Series B, GO, AGM, 2.00%, 12/01/2018 (w)		121
	150	Series B, GO, AGM, 2.00%, 12/01/2019 (w)		151
	200	Series B, GO, AGM, 3.00%, 12/01/2020 (w)		208
	200	Series B, GO, AGM, 3.00%, 12/01/2021 (w)		209
	380	Clinton & St. Clair Counties Community Unit School District No. 3, School Building, GO, 5.00%, 12/01/2019		405
	100	Cook & Will Counties School District No. 194, GO, 4.00%, 12/01/2017		101
	150	Cook County, Proviso Township High School District No. 209, Series B, GO, AGM, 4.00%, 12/01/2018		155
		County of Cook,
	150	Series A, GO, 5.00%, 11/15/2018		157
	250	Series A, GO, 5.00%, 11/15/2021		281
	180	Series C, GO, 5.00%, 11/15/2022		206


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
		County of Winnebago,
	45	Series C, GO, 2.00%, 12/30/2017		45
	185	Series C, GO, 2.00%, 12/30/2018		188
	60	Ford etc. Counties Community Unit School District No. 10 Paxton-Buckley-Loda, School Building, Series A, GO, AGM, 4.00%, 12/01/2018		62
	1,595	Grundy & Will Counties Community Unit School District No. 1 Coal City, GO, 4.00%, 02/01/2020		1,699
		Joliet Park District, Will & Kendall Counties,
	220	Series A, GO, 4.00%, 02/01/2018		222
	350	Series B, GO, 4.00%, 02/01/2018		353
	70	Kankakee County School District No. 111, GO, AGM, 3.00%, 01/01/2018		70
	125	Lincoln Land Community College District No. 526, GO, 5.00%, 12/15/2021		144
	85	Monroe & St. Clair Counties, Waterloo Unit Community School District No. 5, GO, 4.00%, 04/15/2018		87
		State of Illinois,
	25	GO, 4.00%, 04/01/2018		25
	415	GO, 5.00%, 02/01/2018		421
	355	GO, 5.00%, 11/01/2018		367
	250	Series A, GO, 5.00%, 04/01/2018		255
	125	Streamwood Park District, GO, 2.00%, 12/01/2017		125
	25	Township of Campton, GO, 5.00%, 12/15/2018		26
		Village of Hoffman Estates,
	110	Series A, GO, 2.00%, 12/01/2019 (w)		112
	110	Series A, GO, 3.00%, 12/01/2020 (w)		115
	670	Village of Inverness, GO, 3.00%, 12/01/2017		674
	25	Village of Orland Park, GO, 2.00%, 12/01/2017		25
		Village of Oswego,
	100	GO, 2.00%, 12/15/2018		101
	100	GO, 2.00%, 12/15/2019		101
		Village of Palatine,
	1,135	Series A, GO, 4.00%, 12/01/2018		1,176
	1,250	Series A, GO, 4.00%, 12/01/2019		1,327
	100	Village of Villa Park, Illinois Sales Tax Alternate Revenue Source, Series B, GO, 2.00%, 12/15/2018		101
	320	Whiteside & Lee Counties, Sterling Community Unit School District No. 5, GO, AGM, 4.00%, 12/01/2020		341

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	61

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Whiteside County Community Unit School District No. 6 Morrison,
	205	Series A, GO, AGM, 4.00%, 12/01/2020		219
	745	Series A, GO, AGM, 4.00%, 12/01/2021		810
	110	Will County Township High School District No. 204, Joliet, Series A, GO, 4.00%, 01/01/2018		111
	115	Will County, Community Consolidated School District No. 70-C Laraway, Lease Obligations, GO, AGM, 4.00%, 12/01/2017		116

				13,456

		Hospital — 0.4%
	945	Illinois Development Finance Authority, Evanston Northwestern Healthcare Corp., Series C, Rev., VRDO, 0.83%, 09/01/2017 (z)		945
	3,300	Illinois Finance Authority, Advocate Health Care Network, Rev., 1.05%, 07/30/2018 (z)		3,301
	250	Illinois Finance Authority, Ascension Health Alliance Senior Credit Group, Series E-2, Rev., 1.75%, 04/01/2021 (z)		254
	1,200	Illinois Finance Authority, OSF Healthcare System, Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		1,200

				5,700

		Other Revenue — 2.5%
	7,500	Illinois Finance Authority, Carle Foundation, Series B, Rev., VRDO, LOC: Northern Trust Co., 0.78%, 09/07/2017 (z)		7,500
	9,200	Illinois Finance Authority, North Park University Project, Rev., VRDO, LOC: U.S. Bank NA, 0.77%, 09/07/2017 (z)		9,200
	25	Illinois Sports Facilities Authority, Tax Supported, Rev., 5.00%, 06/15/2018		26
	250	Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B, Rev., 3.00%, 12/15/2018		250
	25	Metropolitan Pier & Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation, Rev., NATL-RE, FGIC, Zero Coupon, 06/15/2018 (p)		25
	650	Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2018		669
	3,880	State of Illinois, Rev., 4.50%, 06/15/2019		4,099
	11,575	State of Illinois, Junior Obligation, Rev., 5.00%, 06/15/2018		11,937

				33,706


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Prerefunded — 0.1%
	25	Chicago O’Hare International Airport, General Airport, Third Lien, Series C, Rev., AGM, 4.50%, 01/01/2018 (p)		25
	50	Illinois Finance Authority, Children’s Memorial Hospital, Series B, Rev., 5.50%, 08/15/2018 (p)		52
	50	Illinois Finance Authority, Resurrection Health, Series A, Rev., AGM, 4.25%, 05/15/2018 (p)		51
	30	Illinois Finance Authority, Rush University Medical Center, Series B, Rev., NATL-RE, 5.25%, 11/01/2018 (p)		32
	55	University of Illinois, Series A, COP, AGM, 5.25%, 10/01/2017 (p)		55
	810	Williamson County Community Unit School District No. 5 Carterville, Capital Appreciation, Series B, GO, AGC, Zero Coupon, 01/01/2019 (p)		478

				693

		Special Tax — 0.1%
		Village of Hampshire, Special Service Area No. 14, Lakewood Crossing,
	480	Rev., 1.50%, 03/01/2018		480
	180	Rev., 1.70%, 03/01/2019		181
	200	Rev., 1.90%, 03/01/2020		201

				862

		Transportation — 0.2%
	200	Chicago O’Hare International Airport, General Airport, Senior Lien, Series G, Rev., AMT, 5.00%, 01/01/2021		224
	270	Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Rev., 5.00%, 06/01/2021		304
		Chicago Transit Authority, Federal Transit Administration Section 5337 State of Good Repair Formula Funds,
	200	Rev., 2.00%, 06/01/2018		201
	2,270	Rev., 4.00%, 06/01/2019		2,380

				3,109

		Water & Sewer — 0.4%
		City of Chicago, Second Lien Wastewater Transmission,
	1,750	Series B, Rev., 5.00%, 01/01/2018		1,772
	1,000	Series B, Rev., 5.00%, 01/01/2019		1,050
		City of Chicago, Second Lien Water, Project,
	85	Rev., 4.00%, 11/01/2017		86

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	1,630	Rev., 5.00%, 11/01/2017		1,641
	1,160	Rev., 5.00%, 11/01/2018		1,211
	25	Illinois Finance Authority, Clean Water Initiative, Rev., 5.00%, 07/01/2018		26

				5,786

		Total Illinois		83,945

		Indiana — 8.5%
		Education — 0.7%
	40	Edinburgh Community School Building Corp., Ad Valorem Property Tax, Rev., 1.50%, 07/15/2018		41
		Indiana Finance Authority, Educational Facilities, Valparaiso University,
	200	Rev., 4.00%, 10/01/2018		206
	255	Rev., 4.00%, 10/01/2019		270
	6,575	Purdue University, Student Facilities System, Series C, Rev., VRDO, 0.74%, 09/07/2017 (z)		6,575
		Southmont School Building Corp., Ad Valorem Property Tax,
	200	Rev., 4.00%, 07/15/2018		205
	125	Rev., 4.00%, 01/15/2019		130
	300	Rev., 4.00%, 07/15/2019		316
	550	Rev., 4.00%, 01/15/2020		586
	190	Rev., 4.00%, 07/15/2020		204
		Wawasee High School Building Corp., Ad Valorem Property Tax First Mortgage Bonds,
	155	Rev., 4.00%, 07/15/2018		159
	50	Rev., 4.00%, 07/15/2019		53

				8,745

		Hospital — 3.8%
	11,900	Indiana Finance Authority, Parkview Health System Obligated Group, Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		11,900
	9,800	Indiana Finance Authority, Sisters of St. Francis Health Services, Inc. Obligated Group, Series G, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.79%, 09/07/2017 (z)		9,800
	10,000	Indiana Finance Authority, Trinity Health Credit Group, Series D-1, Rev., VRDO, 0.78%, 09/07/2017 (z)		10,000
	14,020	Indiana Finance Authority, University Health Obligated Group, Series B, Rev., VRDO, LOC: TD Bank NA, 0.80%, 09/07/2017 (z)		14,020


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
	5,000	Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group, Series A-9, Rev., 1.38%, 05/01/2020 (z)		5,022

				50,742

		Housing — 0.0% (g)
	50	Greater Clark Building Corp., First Mortgage Bond, Rev., 3.00%, 07/15/2018		51

		Other Revenue — 2.5%
		Hammond Redevelopment District,
	150	Rev., 4.00%, 01/15/2018		152
	150	Rev., 4.00%, 07/15/2018		153
	615	Rev., 4.00%, 07/15/2019		644
	25	Indiana Finance Authority, Series A-1, Rev., 5.00%, 11/01/2017		25
	20,000	Indiana Finance Authority, Duke Energy Indiana, Inc. Project, Series A-3, Rev., VRDO, LOC: Mizuho Corporate Bank, 0.83%, 09/07/2017 (z)		20,000
	7,500	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A, Rev., VRDO, 0.77%, 09/07/2017 (z)		7,500
	5,000	Indiana State Finance Authority, Midwestern Disaster Relief, Ohio Electric Corp. Project, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.80%, 09/07/2017 (z)		5,000
	100	Miami County Holding Corp., Option Income Tax Lease Rental, Rev., 3.00%, 01/15/2019		102

				33,576

		Prerefunded — 0.0% (g)
	15	County of Hendricks, Transportation, Rev., 5.88%, 02/01/2018 (p)		15
	30	Indiana Health & Educational Facilities Financing Authority, Sisters of St. Francis Health Services, Inc. Obligated Group, Rev., AGM, 5.25%, 05/01/2018 (p)		31

				46

		Transportation — 1.5%
	20,000	Indiana Finance Authority, Rev., BAN, 2.00%, 10/15/2017		20,009

		Water & Sewer — 0.0% (g)
	150	Indiana Finance Authority, Second Lien, Wastewater Utility, Series B, Rev., 5.00%, 10/01/2017		151

		Total Indiana		113,320

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	63

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Iowa — 0.3%
		Certificate of Participation/Lease — 0.0% (g)
		Kirkwood Community College,
	100	Series A, COP, 3.00%, 06/01/2018		101
	175	Series A, COP, 3.00%, 06/01/2019		181

				282

		Education — 0.2%
	25	Council Bluffs Community School District, Rev., 4.00%, 07/01/2018 (p)		26
	2,250	Iowa Higher Education Loan Authority, Private Education Working Capital Loan Program, Series A, Rev., 2.75%, 05/10/2018		2,274

				2,300

		General Obligation — 0.0% (g)
	500	Kirkwood Community College, GO, 3.00%, 06/01/2018		508

		Hospital — 0.1%
	480	City of Ames, Mary Greeley Medical Center, Rev., 5.00%, 06/15/2018		495
	25	Iowa Board of Regents, University of Iowa Hospitals & Clinics, Rev., 4.00%, 09/01/2017		25

				520

		Other Revenue — 0.0% (g)
	25	State of Iowa, Vision Iowa Special Fund, Rev., NATL-RE, 5.50%, 02/15/2018		26

		Water & Sewer — 0.0% (g)
	110	Muscatine Power & Water, Rev., 2.00%, 12/01/2018		111

		Total Iowa		3,747

		Kansas — 0.0% (g)
		General Obligation — 0.0% (g)
	65	County of Neosho, Sales Tax, GO, 3.00%, 10/01/2018		67
	20	Douglas County Unified School District No. 497, Series A, GO, 2.00%, 09/01/2018		20
	100	Ford County Unified School District No. 443, Series B, GO, 5.00%, 09/01/2018		104
	40	Miami County, Unified School District No. 368, GO, 2.00%, 09/01/2017		40

				231

		Hospital — 0.0% (g)
	100	City of Hutchinson, Hutchinson Regional Medical Center, Inc., Rev., 4.00%, 12/01/2017		101


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — 0.0% (g)
	25	Kansas State Development Finance Authority, Sisters Leavenwort, Series A, Rev., 5.00%, 01/01/2018 (p)		25

		Prerefunded — 0.0% (g)
	20	Kansas Unified School District No. 265 Sedgwick County, GO, AGC, 4.50%, 10/01/2018 (p)		21
	60	Kansas Unified School District No. 266 Sedgwick County, GO, AGM, 5.25%, 09/01/2018 (p)		62

				83

		Total Kansas		440

		Kentucky — 0.7%
		Education — 0.1%
	50	Boone County School District Finance Corp., School Building, Rev., 2.00%, 03/01/2018		50
	1,250	City of Berea Education Facilities, Berea College Project, Series A, Rev., VRDO, 0.78%, 09/01/2017 (z)		1,250

				1,300

		Hospital — 0.0% (g)
	50	Kentucky Bond Development Corp., Hospital Facilities, St. Elizabeth Medical Centre, Inc., Rev., 5.00%, 05/01/2018		52

		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	300	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Series A, Rev., 1.50%, 04/01/2019 (z)		301

		Other Revenue — 0.1%
	175	Kentucky Economic Development Finance Authority, Owensboro Health, Inc., Series A, Rev., 5.00%, 06/01/2018		179
	350	Kentucky State Property & Buildings Commission, Project No. 100, Series A, Rev., 5.00%, 08/01/2018		363
	75	Kentucky State Property & Buildings Commission, Project No. 82, Rev., AGM, 5.25%, 10/01/2018		79

				621

		Prerefunded — 0.0% (g)
		Kentucky Municipal Power Agency, Prairie State Project,
	25	Series A, Rev., BHAC-CR NATL-RE, 5.25%, 09/01/2017 (p)		25

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	25	Series A, Rev., NATL-RE, 5.25%, 09/01/2017 (p)		25
	25	University of Louisville, General Receipts, Series A, Rev., 4.50%, 09/01/2018 (p)		26

				76

		Utility — 0.3%
	4,200	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Rev., 1.25%, 06/03/2019 (z)		4,211

		Water & Sewer — 0.2%
	2,440	Louisville/Jefferson County Metro Government, Water System, Rev., 5.00%, 11/15/2019		2,659

		Total Kentucky		9,220

		Louisiana — 0.6%
		Education — 0.0% (g)
	175	Louisiana Public Facilities Authority, Capital Appreciation, Loyola University Project, Rev., Zero Coupon, 10/01/2018		172
	160	Louisiana Public Facilities Authority, University Alexandria Student Housing Project, Series A, Rev., 2.00%, 10/01/2018		162

				334

		General Obligation — 0.0% (g)
	150	Iberia Parishwide School District, GO, 2.00%, 03/01/2021		154
		State of Louisiana, St. Tammany Parishwide School District No. 12,
	100	GO, 2.00%, 03/01/2019 (w)		102
	200	GO, 2.00%, 03/01/2020 (w)		204

				460

		Hospital — 0.1%
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	225	Rev., 4.00%, 05/15/2019		236
	325	Rev., 5.00%, 05/15/2020		357

				593

		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	150	St. Charles Parish, Pollution Control, Shell Oil Co. Project, Series B, Rev., VRDO, 0.88%, 09/01/2017 (z)		150


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — 0.5%
	125	City of Shreveport, Independence Stadium Project, Rev., 3.00%, 03/01/2018		126
	100	Lafayette Consolidated Government, Public Improvement Sales Tax, Series A, Rev., 3.00%, 03/01/2019		103
	200	Louisiana Local Government Environmental Facilities & Community Development Authority, Lake Charles Public Improvement Projects, Rev., 4.00%, 05/01/2020		215
	275	Louisiana Public Facilities Authority, Archdiocese of New Orleans Project, Rev., 5.00%, 07/01/2018		283
	250	Louisiana State Correctional Facilities Corp., Rev., AMBAC, 5.00%, 09/01/2017		250
	5,000	State of Louisiana, Gasoline & Fuels Tax, Second Lien Revenue, LIBOR Index, Series A, Rev., (1 Month LIBOR + 0.47%, 12.00% Cap), 1.33%, 10/02/2017 (aa)		5,010

				5,987

		Special Tax — 0.0% (g)
	250	St. Charles Parish, Limited Tax, Series A, Rev., AGM, 3.00%, 03/01/2019		257

		Transportation — 0.0% (g)
	135	New Orleans Aviation Board, General Airport, North Terminal Project, Series A, Rev., 5.00%, 01/01/2020		147

		Water & Sewer — 0.0% (g)
	200	City of Shreveport, Water & Sewer, Series A, Rev., AGM, 4.00%, 12/01/2018		207
	150	City of Shreveport, Water & Sewer, Junior Lien, Series B, Rev., AGM, 4.00%, 12/01/2018		155

				362

		Total Louisiana		8,290

		Maine — 0.0% (g)
		Other Revenue — 0.0% (g)
	25	Maine Municipal Bond Bank, Series F, Rev., 5.00%, 11/01/2018		26

		Maryland — 1.5%
		General Obligation — 0.9%
	25	State of Maryland, State & Local Facilities Loan of 2012, First Series, Series C, GO, 4.00%, 08/15/2018		26
	11,300	Washington Suburban Sanitary Commission, Series A, GO, VRDO, BAN, 0.78%, 09/07/2017 (z)		11,300

				11,326

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	65

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.6%
	7,750	County of Montgomery, CHE Trinity Health Credit Group, Series MD, Rev., VRDO, 0.85%, 12/01/2017 (z)		7,750

		Other Revenue — 0.0% (g)
	250	County of Prince George’s, Collington Episcopal Life Care Community, Inc., Rev., 5.00%, 04/01/2018		255

		Prerefunded — 0.0% (g)
	25	County of Cecil, Consolidated Public Improvement, GO, AGM, 4.00%, 12/01/2017 (p)		25
	5	County of Prince George’s, Consolidated Public Improvement Bond, GO, 4.00%, 07/15/2018 (p)		5
	50	Maryland Health & Higher Educational Facilities Authority, University Maryland Medical System, Rev., AMBAC, 5.50%, 07/01/2018 (p)		52

				82

		Transportation — 0.0% (g)
	25	Maryland Transportation Authority, Rev., 4.00%, 09/01/2017		25

		Total Maryland		19,438

		Massachusetts — 3.8%
		Education — 1.5%
	25	Massachusetts Development Finance Agency, University of Massachusetts Issue, Rev., 4.00%, 10/01/2017		25
		University of Massachusetts Building Authority,
	20,000	Series 1, Rev., VRDO, 0.78%, 09/07/2017 (z)		20,000
	20	Series 2, Rev., 4.00%, 11/01/2018		21

				20,046

		General Obligation — 0.2%
	65	City of Beverly, Municipal Purpose Loan of 2012, GO, 2.00%, 09/01/2017		65
	2,700	Commonwealth of Massachusetts, Series D, GO, 5.50%, 10/01/2018		2,838
	25	Town of Bolton, Public Safety Facility, GO, 2.50%, 10/01/2017		25

				2,928

		Housing — 0.5%
	5,700	Massachusetts Housing Finance Agency, Construction Loan, Series A, Rev., 1.85%, 06/01/2020		5,711


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Other Revenue — 0.0% (g)
	155	Massachusetts State Development Finance Agency, Wentworth Institute Technology, Rev., 5.00%, 10/01/2017		155

		Prerefunded — 0.4%
	25	Commonwealth of Massachusetts, Consolidated Loan of 2008, Series A, GO, 5.00%, 08/01/2018 (p)		26
	4,720	Massachusetts Clean Water Trust, State Revolving Fund, Rev., 5.00%, 08/01/2020 (p)		5,266
	15	Massachusetts Development Finance Agency, Harvard, Series A, Rev., 5.50%, 11/15/2018 (p)		16
	45	Massachusetts Health & Educational Facilities Authority, Berkeley College, Series A, Rev., 5.00%, 10/01/2017 (p)		45
	25	Massachusetts Health & Educational Facilities Authority, Caregroup, Series E-1, Rev., 5.00%, 07/01/2018 (p)		26

				5,379

		Transportation — 1.1%
	15,000	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 0.78%, 09/07/2017 (z)		15,000

		Water & Sewer — 0.1%
	1,725	Massachusetts Water Resources Authority, Series A-3, Rev., VRDO, 0.78%, 09/07/2017 (z)		1,725

		Total Massachusetts		50,944

		Michigan — 0.3%
		General Obligation — 0.0% (g)
	115	Cedar Springs Public School District, GO, Q-SBLF, 4.00%, 05/01/2018		117
	40	Chippewa Valley Schools, Series A, GO, Q-SBLF, 5.00%, 05/01/2018		41
	200	Mancelona Public Schools, GO, Q-SBLF, 2.00%, 05/01/2018		202
	200	Meridian Public School District, GO, Q-SBLF, 1.50%, 05/01/2018		201
	200	Okemos Public Schools, School Improvement & Bus, GO, Q-SBLF, 1.50%, 05/01/2018		201

				762

		Hospital — 0.3%
	120	Michigan Finance Authority, Trinity Health Group, Series A, Rev., 5.00%, 12/01/2018		126

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
		Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group,
	30	Series F-3, Rev., 1.40%, 06/29/2018 (z)		30
	330	Rev., 5.00%, 11/15/2018		346
	3,000	Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group, Subseries A-1, Rev., 1.38%, 05/01/2020 (z)		3,016
	50	Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Rev., 5.00%, 09/01/2017		50

				3,568

		Prerefunded — 0.0% (g)
	50	Saginaw City School District, School Building & Site, GO, AGM, Q-SBLF, 4.63%, 05/01/2018 (p)		51
	25	State of Michigan, Rev., GAN, AGM, 5.25%, 09/15/2017 (p)		25

				76

		Total Michigan		4,406

		Minnesota — 0.8%
		Certificate of Participation/Lease — 0.1%
	150	St. Cloud Independent School District No. 742, Series A, COP, 2.00%, 02/01/2018		151
	930	St. Paul Independent School District No. 625, Series B, COP, 5.00%, 02/01/2021		1,053

				1,204

		Education — 0.3%
	50	City of Deephaven, Minnesota Charter School Lease, Eagle Ridge Academy Project, Series A, Rev., 3.00%, 07/01/2019		51
	25	Minnesota State Colleges & Universities, Rev., 2.00%, 10/01/2018		25
	2,715	University of Minnesota, Series A, Rev., 5.00%, 04/01/2022		3,185

				3,261

		General Obligation — 0.1%
	25	City of St. Paul, Tax Increment, Series G, GO, 4.00%, 02/01/2018		25
	1,570	State of Minnesota, Trunk Highway, Series B, GO, 4.00%, 08/01/2018		1,617

				1,642


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — 0.1%
		City of Maple Grove, Maple Grove Hospital Corporation,
	650	Rev., 3.00%, 05/01/2018		658
	930	Rev., 3.00%, 05/01/2019		956

				1,614

		Housing — 0.2%
		City of St. Paul Park, Senior Housing & Health Care, Presbyterian Homes Bloomington Project,
	445	Rev., 3.00%, 09/01/2018 (w)		450
	795	Rev., 3.00%, 09/01/2019 (w)		813
	850	St Paul, Minnesota Housing & Redevelopment Authority Health Care, Series A, Rev., 2.00%, 11/15/2018		861

				2,124

		Transportation — 0.0% (g)
	150	Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport, Series D, Rev., AMT, 4.00%, 01/01/2018		152

		Utility — 0.0% (g)
	115	Northern Municipal Power Agency, Electric System, Series A, Rev., AGC, 5.00%, 01/01/2018		116
	100	Southern Minnesota Municipal Power Agency, Power Supply System, Series A, Rev., AMBAC, Zero Coupon, 01/01/2018		100

				216

		Total Minnesota		10,213

		Mississippi — 1.6%
		General Obligation — 0.1%
	405	County of Hinds, Series A, GO, 2.00%, 08/01/2018		409
	25	Rankin County School District, GO, 5.00%, 10/01/2017		25

				434

		Hospital — 0.2%
	3,100	Mississippi Hospital Equipment & Facilities Authority, Baptist Memorial Health Care, Series B2, Rev., 1.55%, 01/09/2018 (e) (z)		3,100

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	67

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 1.3%
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project,
	11,150	Series A, Rev., VRDO, 0.78%, 09/07/2017 (z)		11,150
	6,200	Series E, Rev., VRDO, 0.79%, 09/07/2017 (z)		6,200

				17,350

		Other Revenue — 0.0% (g)
	100	Mississippi Development Bank, Rankin County Bond Project, Rev., 3.00%, 03/01/2022		107

		Prerefunded — 0.0% (g)
	50	Mississippi Development Bank Special Obligation, Harrison County, Project Marshall, Rev., AMBAC, 5.00%, 01/01/2018 (p)		51

		Total Mississippi		21,042

		Missouri — 0.3%
		Certificate of Participation/Lease — 0.0% (g)
		City of Arnold,
	120	COP, 3.00%, 12/15/2018		123
	120	COP, 3.00%, 12/15/2019		125

				248

		General Obligation — 0.0% (g)
	25	Columbia School District, Refunding & Improvement, GO, 2.00%, 03/01/2018		25

		Industrial Development Revenue/Pollution Control Revenue — 0.3%
		Cape Girardeau County IDA, South Eastern Health,
	2,650	Rev., 2.00%, 03/01/2018		2,660
	300	Rev., 5.00%, 03/01/2019		315
	320	Rev., 5.00%, 03/01/2020		345
	100	Kirkwood IDA, Aberdeen Heights, Series A, Rev., 5.00%, 05/15/2018		103

				3,423

		Other Revenue — 0.0% (g)
	250	Branson IDA, Branson Shoppes Redevelopment Project, Series A, Rev., 3.00%, 11/01/2018		253

		Prerefunded — 0.0% (g)
	15	Missouri State Health & Educational Facilities Authority, Health Facilities, Coxhealth, Series A, Rev., 5.50%, 11/15/2018 (p)		16

		Total Missouri		3,965


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Montana — 0.0% (g)
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	400	City of Forsyth, Pacific Corporation Project, Rev., VRDO, LOC: Bank of Nova Scotia, 0.80%, 09/01/2017 (z)		400

		Nebraska — 0.2%
		General Obligation — 0.1%
		Papio-Missouri River Natural Resource District,
	330	GO, 3.00%, 12/15/2018		339
	720	GO, 4.00%, 12/15/2019		767
	405	GO, 4.00%, 12/15/2020		442

				1,548

		Hospital — 0.1%
		Madison County Hospital Authority No. 1, Faith Regional Health Services Project,
	100	Series A, Rev., 3.00%, 07/01/2018		101
	725	Series A, Rev., 4.00%, 07/01/2019		758

				859

		Other Revenue — 0.0% (g)
	500	Nebraska Cooperative Republican Platte Enhancement Project, River Flow Enhancement, Rev., AGM, 2.00%, 12/15/2017		502

		Utility — 0.0% (g)
	20	City of Lincoln, Electric System, Rev., 5.00%, 09/01/2018		21
	30	Nebraska Public Power District, Series A, Rev., 5.00%, 01/01/2018		30
	10	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A, Rev., 4.25%, 01/01/2018		10

				61

		Total Nebraska		2,970

		Nevada — 0.3%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	3,000	County of Clark, Nevada Power Company Projects, Rev., 1.60%, 05/21/2020 (z)		3,021

		Other Revenue — 0.0% (g)
	355	City of Henderson Nevada Local Improvement District No. T-14, Rev., 2.50%, 03/01/2019		362
	200	City of Henderson Nevada Local Improvement District No. T-17, Rev., 2.00%, 09/01/2019		203

				565

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	45	City of Reno, Washoe Medical Center, Series A, Rev., AGM, 5.25%, 06/01/2018 (p)		46
	20	Clark County School District, Series A, GO, 5.00%, 06/15/2018 (p)		21

				67

		Transportation — 0.0% (g)
	25	County of Clark Department of Aviation, Airport System, Series B, Rev., 5.00%, 07/01/2018		26

		Utility — 0.1%
	580	County of Washoe, Gas & Water Facilities, Sierra Pacific Power Company Project, Series B, Rev., 3.00%, 06/01/2022 (z)		615

		Total Nevada		4,294

		New Hampshire — 0.1%
		Education — 0.1%
	950	New Hampshire Health & Education Facilities Authority Act, University System, Series A-1, Rev., VRDO, 0.78%, 09/01/2017 (z)		950

		Transportation — 0.0% (g)
	25	New Hampshire State Turnpike System, Rev., 5.00%, 10/01/2018		26

		Total New Hampshire		976

		New Jersey — 5.3%
		Certificate of Participation/Lease — 0.0% (g)
	150	Township of West Orange, COP, AGM, 3.00%, 10/01/2017		150

		Education — 0.0% (g)
	500	Gloucester County Improvement Authority, Series A, Rev., 5.00%, 11/01/2019		542
	85	New Jersey Economic Development Authority, School Facilities Construction, Series GG, Rev., 5.00%, 09/01/2017 (p)		85

				627

		General Obligation — 4.5%
	5,092	Borough of Bogota, GO, BAN, 2.25%, 05/11/2018		5,130
	25	Borough of Metuchen, GO, 4.00%, 09/01/2018		26
	3,280	Borough of Ramsey, Water-Sewer Utility, GO, BAN, 2.25%, 06/08/2018		3,309
	250	City of Atlantic, Tax Appeal, Series A, GO, 5.00%, 03/01/2020		270
	1,046	City of Bordentown, Series A, GO, BAN, 2.25%, 05/17/2018		1,053


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
	2,588	City of Burlington, Series A, GO, BAN, 2.25%, 06/06/2018		2,611
	3,467	City of Pleasantville, Series A, GO, BAN, 2.25%, 08/16/2018		3,498
	1,000	City of Union, County of Hudson, Series 2017, GO, 4.00%, 11/01/2019 (w)		1,053
	15	County of Essex, Series A, GO, 4.00%, 10/01/2018		16
	25	County of Monmouth, COP, GO, 5.00%, 09/15/2017		25
	25	County of Passaic, GO, XLCA, 3.75%, 11/01/2017		25
	50	Glen Rock School District, GO, 4.25%, 09/01/2017		50
		Mullica Township School District,
	106	GO, 2.00%, 09/15/2018		107
	105	GO, 2.00%, 09/15/2019		106
	6,300	Penns Grove-Carneys Point Regional School District, GO, GAN, 2.25%, 07/13/2018		6,364
	4,000	South Plainfield School District, Temporary Notes, GO, 2.00%, 03/08/2018		4,013
	9,519	Township of Belleville, GO, BAN, 2.50%, 05/25/2018		9,606
	4,905	Township of Ewing, GO, TAN, 1.75%, 10/27/2017		4,910
		Township of Hillside,
	4,542	GO, BAN, 2.25%, 07/25/2018		4,579
	2,229	GO, BAN, 2.50%, 08/03/2018		2,251
	4,000	Township of Maple Shade, GO, BAN, 2.25%, 06/28/2018		4,032
	30	Township of South Brunswick, General Improvement, GO, 3.00%, 10/01/2017		30
	6,592	Township of West Orange, GO, BAN, 2.25%, 07/27/2018		6,656

				59,720

		Housing — 0.3%
	3,500	New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Camden Townhouses Project, Series F, Rev., 1.35%, 02/01/2019 (z)		3,506

		Other Revenue — 0.1%
	45	Atlantic County Improvement Authority Revenue County Guaranteed, Project Note, Aviation Park Project, Rev., 2.00%, 10/05/2017		45
	25	Bergen County Improvement Authority, Guaranteed Governmental Loan, Rev., 4.00%, 08/15/2018		26

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	69

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	30	Burlington County Bridge Commission Lease, Governmental Leasing Program, Series A, Rev., 5.00%, 10/15/2018		31
	1,000	Hudson County Improvement Authority, Local Unit Loan Program, Series A-1, Rev., 2.25%, 04/05/2018		1,008
	25	Middlesex County Improvement Authority, Guaranteed Capital Equipment & Improvement, Rev., 3.00%, 09/15/2017		25
	30	New Jersey Environmental Infrastructure Trust, Rev., 5.00%, 09/01/2017		30
	200	The Union County Improvement Authority, City of Linden Omnibus Project, Rev., AGM, 2.00%, 11/01/2017		200

				1,365

		Prerefunded — 0.1%
	25	County of Burlington, General Improvement, Series A, GO, 4.00%, 09/01/2018 (p)		26
	15	County of Monmouth, GO, 4.00%, 09/15/2017 (p)		15
		New Jersey Economic Development Authority, School Facilities Construction,
	55	Series U, Rev., AGM, 5.00%, 09/01/2017 (p)		55
	70	Series U, Rev., 5.00%, 09/01/2017 (p)		70
	25	Series U, Rev., AMBAC, 5.00%, 09/01/2017 (p)		25
	25	Series Y, Rev., 4.50%, 09/01/2018 (p)		26
	85	Series Z, Rev., AGC, 5.50%, 12/15/2018 (p)		90
		New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation,
	30	Rev., 5.00%, 10/01/2018 (p)		31
	35	Rev., 5.25%, 10/01/2018 (p)		37
	805	New Jersey Health Care Facilities Financing Authority, Meridian Health System, Rev., AGC, 5.00%, 07/01/2018 (p)		833
		State of New Jersey, Equipment Lease Purchase,
	40	Series A, COP, 5.00%, 06/15/2018 (p)		41
	25	Series A, COP, 5.25%, 06/15/2019 (p)		27

				1,276

		Transportation — 0.3%
	100	New Jersey Transit Corp., Series A, Rev., GAN, 5.00%, 09/15/2017		100
	2,900	New Jersey Transportation Trust Fund Authority, Series A, Rev., 5.00%, 12/15/2017		2,932


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — continued
	700	New Jersey Transportation Trust Fund Authority, Transportation Program, Series BB-1, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 1.79%, 09/07/2017 (aa)		691
	225	New Jersey Transportation Trust Fund Authority, Transportation System, Series B-4, Rev., 5.25%, 12/15/2019		242
	100	South Jersey Port Corp., Marine Terminal Revenue, Series S, Rev., 5.00%, 01/01/2018		101

				4,066

		Utility — 0.0% (g)
	35	Camden County Municipal Utilities Authority, Capital Appreciation, Series A, Rev., NATL-RE, Zero Coupon, 09/01/2017		35
	115	Middlesex County Improvement Authority, Perth Amboy Franchise Acquisition Project, Series B, Rev., AMBAC, Zero Coupon, 09/01/2017		115

				150

		Total New Jersey		70,860

		New Mexico — 0.1%
		General Obligation — 0.1%
	880	Jal Public School District No. 19, Credit Enhancement Program, GO, AGM, 5.00%, 08/01/2019		947
	500	Silver City Consolidated School District No. 1, School Building, GO, 2.00%, 08/01/2018		503

		Total New Mexico		1,450

		New York — 22.1%
		Education — 2.1%
	340	Albany Capital Resource Corp., Albany Law School of Union University Refunding Project, Rev., 3.00%, 07/01/2018		345
	5,000	Board of Cooperative Educational Services First Supervisory District, Rev., RAN, 2.25%, 03/08/2018		5,028
		Board of Cooperative Educational Services for the Sole Supervisory District,
	13,500	Rev., RAN, 2.00%, 06/29/2018		13,577
	3,500	Rev., RAN, 2.25%, 03/16/2018		3,520
	5,000	Rev., RAN, 2.25%, 06/22/2018		5,041

				27,511

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 9.7%
	6,500	Amsterdam City School District, Series A, GO, BAN, 2.25%, 06/29/2018		6,569
	330	Apalachin Fire District, Fire District Building, GO, BAN, 2.00%, 02/20/2018		331
	645	City of Glen Cove, GO, 3.00%, 01/15/2018		650
		City of New York,
	15,000	Series E, Subseries E-3, GO, VRDO, LOC: Bank of America NA, 0.78%, 09/07/2017 (z)		15,000
	10,100	Series H, Subseries H-3, GO, VRDO, AGM, 0.85%, 09/01/2017 (z)		10,100
	10,555	City of New York, Fiscal Year 2008, Subseries L-4, GO, VRDO, LOC: U.S. Bank NA, 0.82%, 09/01/2017 (z)		10,555
	25	City of New York, Fiscal Year 2013, Series J, GO, 5.00%, 08/01/2018		26
	3,635	City of Olean, GO, BAN, 2.25%, 06/14/2018		3,666
	6,100	City of Rome, GO, BAN, 1.50%, 09/01/2017		6,100
	2,008	City of Troy, Series B, GO, BAN, 2.25%, 08/03/2018		2,025
	30	Commack Union Free School District, GO, 3.00%, 09/01/2017		30
	1,130	County of Suffolk, Series A, GO, 5.00%, 04/01/2018		1,157
	25	Eastport-South Manor Central School District, GO, 3.00%, 09/01/2017		25
	100	Elmont Union, Free School District, GO, AGM, 5.00%, 09/15/2017		100
	16,035	Gouverneur Central School District, GO, BAN, 2.25%, 06/28/2018		16,212
	1,875	Harpursville Central School District, GO, RAN, 2.25%, 06/29/2018		1,891
	3,500	Harrisville Central School District, GO, BAN, 2.25%, 06/29/2018		3,527
	10	Middletown City School District, GO, 4.00%, 09/15/2017		10
	6,100	Portville Central School District, GO, BAN, 2.25%, 06/29/2018		6,149
	1,480	Queensbury Union Free School District, GO, BAN, 2.25%, 04/27/2018		1,493
	120	Somers Central School District, GO, 5.00%, 11/15/2017		121
	25	State of New York, Series C, GO, 3.00%, 09/01/2017		25
	3,500	Sweet Home Central School District, GO, TAN, 2.00%, 10/11/2017		3,504
	3,292	Town of Corning, Series A, GO, BAN, 2.25%, 08/15/2018		3,322
	1,067	Town of LaGrange, Series B, GO, BAN, 2.50%, 06/14/2018		1,080


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — continued
	2,300	Town of Macedon, GO, BAN, 2.50%, 12/27/2017		2,311
		Town of Oyster Bay,
	3,400	GO, RAN, 2.50%, 02/23/2018		3,415
	200	Series B, GO, BAN, 3.50%, 02/02/2018		202
	100	Series C, GO, BAN, 4.00%, 06/01/2018		101
	1,530	Town of Phelps, GO, BAN, 2.25%, 07/06/2018		1,544
	1,079	Town of Union, GO, BAN, 2.25%, 05/04/2018		1,089
	3,104	Village of Tully, GO, BAN, 2.25%, 04/12/2018		3,125
	130	Wautoma Area School District, GO, AGM, 3.00%, 03/01/2018		131
	6,460	West Canada Valley Central School District, GO, BAN, 2.00%, 06/14/2018		6,503
	5,000	West Genesee Central School District, GO, RAN, 2.00%, 12/08/2017		5,013
	8,000	West Seneca Fire District No. 2, Series B, GO, BAN, 2.25%, 07/11/2018		8,071
	5,000	West Webster Fire District, GO, BAN, 1.75%, 07/13/2018		5,020

				130,193

		Hospital — 0.0% (g)
	150	New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group, Series A, Rev., 4.00%, 05/01/2020		161

		Industrial Development Revenue/Pollution Control Revenue — 1.5%
	20,145	Syracuse City Industrial Development Agency, Syracuse University Project, Series A, Rev., VRDO, LOC: U.S. Bank NA, 0.77%, 09/07/2017 (z)		20,145

		Other Revenue — 3.0%
		New York City Transitional Finance Authority, Future Tax Secured Revenue,
	20,000	Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.80%, 09/07/2017 (z)		20,000
	14,675	Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.79%, 09/07/2017 (z)		14,675
	30	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Series B, Rev., 5.00%, 02/01/2018		31
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010,
	35	Rev., 5.00%, 11/01/2017		35
	25	Series D, Rev., 5.00%, 11/01/2018		26

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	71

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 9.7%
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012,
	170	Rev., 5.00%, 11/01/2017		171
	100	Series E, Subseries E-1, Rev., 5.00%, 02/01/2018 (p)		102
	4,000	New York City Transitional Finance Authority, New York City Recovery, Series 3, Subseries 3-G, Rev., VRDO, 0.80%, 09/07/2017 (z)		4,000
	70	New York City Trust for Cultural Resources, Museum of Modern Art, Series 1-A, Rev., 5.00%, 10/01/2017 (p)		70
	150	TSASC, Inc., Tobacco Settlement, Series B, Rev., 5.00%, 06/01/2019		157

				39,267

		Prerefunded — 0.0% (g)
	25	Metropolitan Transportation Authority, Series A, Rev., AGM, 5.00%, 11/15/2017 (p)		26
	80	New York State Housing Finance Agency, State Personal Income Tax, Economic Development & Housing, Series A, Rev., 5.00%, 09/15/2017 (p)		80
	35	New York State Thruway Authority, 2nd General Highway & Bridge Trust Fund, Series B, Rev., 5.00%, 10/01/2017 (p)		35
	25	New York State Thruway Authority, State Personal Income Tax, Transportation, Series A, Rev., 5.25%, 09/15/2017 (p)		25
	25	New York State Thruway Authority, Transportation, Series A, Rev., 5.25%, 09/15/2017 (p)		25
	50	Onondaga County Water Authority, Series A, Rev., 5.00%, 09/15/2018 (p)		52
	35	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series A, Rev., 4.88%, 05/15/2018 (p)		36

				279

		Special Tax — 0.0% (g)
	25	New York State Environmental Facilities Corp., State Personal Income Tax, Series A, Rev., 5.25%, 12/15/2018		26

		Transportation — 1.7%
		Metropolitan Transportation Authority,
	8,835	Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.77%, 09/07/2017 (z)		8,835
	3,000	Subseries E-3, Rev., VRDO, LOC: Citibank, NA, 0.76%, 09/07/2017 (z)		3,000


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — continued
	8,850	New York State Thruway Authority, Series A, Rev., 5.00%, 05/01/2019		9,442
	25	New York State Thruway Authority, Transportation, Series A, Rev., 5.00%, 03/15/2018		25
	25	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 4.00%, 11/15/2017		25
	1,000	Subseries ABCD-4, Rev., AGM, (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.35%, 10.00% Cap), 1.14%, 09/07/2017 (aa)		1,000

				22,327

		Utility — 0.0% (g)
	25	Long Island Power Authority, Electric System, Series A, Rev., AGM, Zero Coupon, 12/01/2018		25

		Water & Sewer — 4.1%
	25,000	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008, Subseries B-4, Rev., VRDO, 0.78%, 09/07/2017 (z)		25,000
	12,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2003, Series F, Subseries F-2, Rev., VRDO, LOC: Citibank, NA, 0.82%, 09/01/2017 (z)		12,000
	8,205	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011, Series DD-3B, Rev., VRDO, 0.82%, 09/01/2017 (z)		8,205
	1,985	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Subseries BB-3, Rev., VRDO, 0.77%, 09/07/2017 (z)		1,985
	8,100	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2017, Series BB-2, Rev., VRDO, 0.73%, 09/01/2017 (z)		8,100

				55,290

		Total New York		295,224

		North Carolina — 4.4%
		Education — 0.0% (g)
		Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina,
	110	Rev., AGM, 3.00%, 10/01/2018		113

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	90	Rev., AGM, 4.00%, 10/01/2019		95
	120	Rev., AGM, 4.00%, 10/01/2020		130

				338

		Hospital — 2.4%
	11,200	Charlotte-Mecklenburg Hospital Authority, Health Care, Series E, Class E, Rev., VRDO, AGM, LOC: TD Bank NA, 0.83%, 09/01/2017 (z)		11,200
	3,000	North Carolina Medical Care Commission, Firsthealth Carolinas, Series A, Rev., VRDO, 0.83%, 09/07/2017 (z)		3,000
	17,800	North Carolina Medical Care Commission, Moses Cone Health System, Series A, Rev., VRDO, 0.78%, 09/07/2017 (z)		17,800
	380	Northern Hospital District of Surry County, Health Care Facilities, Rev., 4.00%, 10/01/2018		389

				32,389

		Other Revenue — 0.0% (g)
	25	County of Bladen, Rev., 4.00%, 06/01/2018		26
	25	Mecklenburg County, Rev., 4.00%, 01/01/2018		25

				51

		Prerefunded — 0.0% (g)
	35	North Carolina Eastern Municipal Power Agency, Series A, Rev., AGC-ICC, 5.00%, 01/01/2018 (p)		36

		Utility — 0.0% (g)
	25	North Carolina Eastern Municipal Power Agency, Power System, Rev., AMBAC, 6.00%, 01/01/2018 (p)		25

		Water & Sewer — 2.0%
	14,990	City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.76%, 09/07/2017 (z)		14,990
	6,005	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 0.80%, 09/07/2017 (z)		6,005
	5,000	Orange Water & Sewer Authority, Series B, Rev., VRDO, 0.79%, 09/07/2017 (z)		5,000

				25,995

		Total North Carolina		58,834


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		North Dakota — 0.0% (g)
		Hospital — 0.0% (g)
	270	City of Grand Forks, Health Care System, Altru Health System Obligated Group, Series A, Rev., 5.00%, 12/01/2018		283

		Ohio — 6.2%
		Certificate of Participation/Lease — 0.0% (g)
	130	Mayfield City School District, Middle School Project, Series B-1, COP, 4.00%, 09/01/2017		130

		Education — 0.5%
	100	Fairborn City School District, School Facilities Construction & Improvement, Series A, GO, 3.00%, 12/01/2017		100
		Lorain County Community College District,
	195	Rev., 2.00%, 12/01/2017		195
	225	Rev., 2.00%, 12/01/2018		228
	40	Miami University, A State University of Ohio, Rev., 4.00%, 09/01/2017		40
	5,300	Ohio State University (The), General Receipts, Rev., VRDO, 0.76%, 09/07/2017 (z)		5,300
	100	Wright State University, General Receipts, Series A, Rev., 4.00%, 05/01/2018		102

				5,965

		General Obligation — 3.2%
	215	Antwerp Local School District, School Facilities Construction & Improvement, GO, 3.00%, 12/01/2018		220
	1,075	City of Ashland, Various Purpose Notes, GO, BAN, 2.00%, 05/17/2018		1,081
	25	City of Cincinnati, Various Purpose, Series A, GO, 5.00%, 12/01/2017		25
	645	City of Cleveland Heights, GO, BAN, 2.30%, 07/24/2018		653
	3,500	City of Cuyahoga Falls, Various Purpose, GO, BAN, 1.75%, 08/08/2018		3,522
	685	City of Elyria, GO, BAN, 2.00%, 05/25/2018		690
		City of Elyria, Improvement & Refunding, Various Purpose,
	685	GO, 3.00%, 12/01/2018		703
	1,340	GO, 5.00%, 12/01/2019		1,460
	425	City of Fairborn, Various Purpose, Series B, GO, BAN, 1.75%, 09/07/2018		428
	1,360	City of Forest Park, Various Purpose, GO, BAN, 1.75%, 08/22/2018		1,370
	1,000	City of Highland Heights, Various Purpose, GO, BAN, 1.75%, 06/14/2018		1,005

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	73

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	8,000	City of Huber Heights, Capital Facilities Notes, GO, BAN, 2.00%, 05/30/2018		8,048
		City of Middletown, Various Purpose,
	250	GO, 4.00%, 12/01/2018		259
	500	GO, 4.00%, 12/01/2019		531
	500	City of Seven Hills, Capital Improvement, GO, BAN, 2.25%, 06/28/2018		505
	650	City of Seven Hills, Street Improvement, GO, BAN, 2.25%, 08/02/2018		656
	1,115	City of Springfield, Sewer & Water, GO, BAN, 2.00%, 03/30/2018		1,122
	250	City of Tipp City, Various Purpose, Series A, GO, BAN, 1.75%, 02/14/2018		251
		County of Crawford, Various Purpose,
	150	GO, AGM, 2.00%, 12/01/2017		150
	225	GO, AGM, 2.00%, 12/01/2018		228
	1,000	County of Lake, Water Utilities Improvement, GO, 1.50%, 06/14/2018		1,003
	5,000	County of Lucas, Various Purpose Improvement, GO, BAN, 2.00%, 07/11/2018		5,045
	100	Medina County Library District Library Improvement, GO, 4.00%, 12/01/2017		101
	95	Painesville City Local School District, School Improvement, GO, Zero Coupon, 12/01/2018		94
	100	Riverside Local School District, School Construction & Improvement, Series C, GO, 5.00%, 10/01/2018		104
		State of Ohio, Common Schools,
	50	Series B, GO, 5.00%, 09/15/2017		50
	35	Series C, GO, 4.00%, 09/15/2017		35
	30	State of Ohio, Infrastructure Improvement, Series B, GO, 5.00%, 09/01/2017		30
		Township of Union, Clermont County, Various Purpose,
	6,725	GO, BAN, 1.25%, 09/07/2017		6,725
	6,500	GO, BAN, 2.00%, 09/06/2018		6,560
	230	Wauseon Exempted Village School District, Classroom Facilities & School Improvement, GO, 2.00%, 12/01/2018		233

				42,887

		Hospital — 1.0%
	125	Akron, Bath & Copley Joint Township Hospital District, Summa Health Obligated Group, Rev., 5.00%, 11/15/2021		140
		City of Centerville, Graceworks Lutheran Services,
	275	Rev., 5.00%, 11/01/2020		297


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Hospital — continued
	285	Rev., 5.00%, 11/01/2021		311
	12,840	County of Franklin, Hospital Facilities, U.S. Health Corp., Series A, Rev., VRDO, LOC: Northern Trust Co., 0.79%, 09/07/2017 (z)		12,840

				13,588

		Industrial Development Revenue/Pollution Control Revenue — 1.1%
	13,935	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.22%), 1.01%, 09/07/2017 (aa)		13,939

		Prerefunded — 0.0% (g)
	25	Miamisburg City School District, Facilities Construction & Improvement, GO, 5.00%, 12/01/2018 (p)		26
	50	Northmor Local School District, School Facilities Construction & Improvement, GO, 5.00%, 11/01/2018 (p)		53

				79

		Transportation — 0.4%
	4,770	City of Cleveland, Airport System, Series D, Rev., VRDO, LOC: U.S. Bank NA, 0.78%, 09/07/2017 (z)		4,770
	735	Ohio Turnpike & Infrastructure Commission, Junior Lien, Infrastructure Projects, Series A-1, Rev., 5.00%, 02/15/2019		778
	140	State of Ohio, Major New State Infrastructure Project, Series 3, Rev., 5.00%, 12/15/2017		142

				5,690

		Total Ohio		82,278

		Oklahoma — 0.2%
		Education — 0.2%
		Canadian County Educational Facilities Authority, Mustang Public Schools Project,
	335	Rev., 3.00%, 09/01/2018		341
	1,000	Rev., 3.00%, 09/01/2019		1,037
		Cleveland County Educational Facilities Authority, Educational Facilities Lease, Noble Public Schools Project,
	125	Rev., 4.00%, 09/01/2018		129
	120	Rev., 4.00%, 09/01/2019		126
	150	Grady County School Finance Authority, Educational Facilities Lease, Alex Public Schools Project, Rev., 3.00%, 12/01/2017		151

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	125	Okarche Economic Development Authority, Okarche Public Schools Project, Rev., 4.00%, 09/01/2019		131
	50	Oklahoma Agricultural & Mechanical Colleges, State University, Rev., 3.50%, 07/01/2018 (p)		51
	200	Oklahoma County Finance Authority, Educational Facilities, Lease Western Harrah Public Schools Project, Rev., 2.00%, 09/01/2018		202
		Sequoyah County Educational Facilities Authority, Sallisaw Public Schools Project,
	325	Rev., 2.00%, 09/01/2017		325
	500	Rev., 2.00%, 09/01/2018		505
	300	Tulsa County Industrial Authority, Educational Facilities Lease, Owasso Public Schools Project, Rev., 4.00%, 09/01/2017		300

				3,298

		Prerefunded — 0.0% (g)
	5	Grand River Dam Authority, Series A, Rev., BHAC, 5.00%, 06/01/2018 (p)		5

		Total Oklahoma		3,303

		Oregon — 0.5%
		General Obligation — 0.1%
	25	Clackamas & Washington Counties School District No. 3, Series A, GO, NATL-RE, Zero Coupon, 06/15/2018		25
		Clackamas County School District No. 12,
	100	GO, AGM, 5.00%, 06/15/2018		103
	250	Series A, GO, Zero Coupon, 06/15/2019		246
	60	Lane County, Mapleton School District No. 32, GO, 2.00%, 06/15/2018		61
	25	State of Oregon, Series L, GO, 5.00%, 11/01/2018		26

				461

		Hospital — 0.4%
		Klamath Falls Intercommunity Hospital Authority, Sky Lakes Medical Center Project,
	75	Rev., 2.00%, 09/01/2017		75
	100	Rev., 3.00%, 09/01/2018		102
	5,350	Salem Hospital Facility Authority, Hospital Project, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.77%, 09/07/2017 (z)		5,350

				5,527


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Prerefunded — 0.0% (g)
	50	Oregon State Department of Transportation, Series A, Rev., 4.50%, 11/15/2017 (p)		50
	20	Port of Portland, Airport Revenue, Series 19, Rev., 5.00%, 07/01/2018 (p)		21

				71

		Transportation — 0.0% (g)
	25	Tri-County Metropolitan Transportation District of Oregon, Series A, Rev., 5.00%, 09/01/2017		25
	35	Tri-County Metropolitan Transportation District of Oregon, Capital Grant Receipts, Series A, Rev., 5.00%, 10/01/2018		36

				61

		Total Oregon		6,120

		Pennsylvania — 1.7%
		Education — 0.6%
	250	Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project, Rev., 2.00%, 04/30/2020 (z)		251
		Pennsylvania Higher Educational Facilities Authority,
	5,975	Series AN, Rev., 5.00%, 06/15/2020		6,617
	215	Series AT-1, Rev., 5.00%, 06/15/2018		222
		Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System,
	25	Rev., 5.00%, 08/15/2018		26
	200	Rev., 5.00%, 08/15/2019		215
	290	Pennsylvania Higher Educational Facilities Authority, Widener University, Rev., 2.00%, 07/15/2019		292
		Snyder County Higher Education Authority, Susquehanna University Project,
	150	Rev., 4.00%, 01/01/2018		152
	375	Rev., 4.00%, 01/01/2019		389

				8,164

		General Obligation — 0.2%
	150	Blackhawk School District, Series A, GO, 1.00%, 09/01/2017		150
	350	City of Easton, Series A, GO, AGM, 2.00%, 11/15/2018		354
	100	Dallas School District, Luzerne County, GO, 2.00%, 10/15/2017		100
	1,075	Municipality of Monroeville, GO, 3.00%, 06/01/2020		1,126

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	75

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	30	Owen J Roberts School District, GO, 3.85%, 11/15/2017 (p)		30
	210	Township of Upper Darby, GO, AGM, 2.00%, 05/01/2019		213
	100	Wallenpaupack Area School District, Series A, GO, 3.00%, 09/01/2017		100

				2,073

		Hospital — 0.0% (g)
	30	Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Series A, Rev., 5.00%, 09/01/2017		30

		Housing — 0.0% (g)
	250	Philadelphia Housing Authority, PHA Headquaters Project, Rev., 4.00%, 05/01/2019		262

		Other Revenue — 0.7%
	8,850	Emmaus General Authority, Rev., VRDO, AGM, 0.84%, 09/07/2017 (z)		8,850
	195	Philadelphia Municipal Authority, City Agreement, Juvenile Justice Services Center, Rev., 4.00%, 04/01/2019		204

				9,054

		Prerefunded — 0.0% (g)
	15	County of Allegheny, West Mifflin Area School District, GO, AGM, 5.38%, 10/01/2018 (p)		16
	50	Doylestown Hospital Authority, Series A, Rev., AGC, 5.00%, 07/01/2018 (p)		52
	20	Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System, Series B, Rev., 6.00%, 08/15/2018 (p)		21
	25	Philadelphia Gas Works Co., Seventh Series, 1998 General Ordinance, Series 1998, Rev., AMBAC, 5.00%, 10/01/2017 (p)		25
	35	The School Board of Philadelphia County, Series F, GO, BHAC, 5.13%, 09/01/2018 (p)		36

				150

		Transportation — 0.0% (g)
		Pennsylvania Turnpike Commission,
	200	Series A-1, Rev., (1 Month LIBOR + 0.60%, 9.00% Cap), 1.47%, 10/02/2017 (aa)		200
	70	Series B, Subseries B-2, Rev., 5.00%, 06/01/2018		72
	75	Series B, Subseries B-2, Rev., 5.00%, 06/01/2019		80


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — continued
	50	Series B, Subseries B-2, Rev., 5.00%, 06/01/2020		55
	110	Pennsylvania Turnpike Commission, Senior Lien, Series A, Rev., 5.00%, 12/01/2020		123

				530

		Utility — 0.2%
	2,100	City of Philadelphia, Gas Works, 1998 General Ordinance, Fifteen, Rev., 3.00%, 08/01/2019		2,181

		Water & Sewer — 0.0% (g)
	25	Altoona City Authority, Water, Rev., AGM, 5.00%, 11/01/2017		25

		Total Pennsylvania		22,469

		Rhode Island — 0.4%
		Hospital — 0.4%
	5,205	Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue, Series A, Rev., VRDO, LOC: U.S. Bank NA, 0.77%, 09/07/2017 (z)		5,205

		Other Revenue — 0.0% (g)
	205	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 4.00%, 06/01/2018		209

		Total Rhode Island		5,414

		South Carolina — 2.0%
		Education — 0.1%
	300	County of Spartanburg, School District No. 7, Rev., 3.00%, 12/01/2018		308
	500	Educational Facilities Authority, Wofford College, Series B, Rev., 2.38%, 04/01/2022 (z)		512
	40	Greenville County School District, Installment Purchase, Rev., 5.50%, 12/01/2017		40

				860

		General Obligation — 0.0% (g)
	25	State of South Carolina, Highway, Series A, GO, 5.00%, 06/01/2018		26

		Hospital — 1.9%
	24,960	Greenville Health System, Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.78%, 09/07/2017 (z)		24,960

		Other Revenue — 0.0% (g)
	300	South Carolina State Public Service Authority, Series B, Rev., 5.00%, 12/01/2017		303

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 0.0% (g)
	250	Piedmont Municipal Power Agency, Electric, Series A, Rev., 5.00%, 01/01/2019		263

		Total South Carolina		26,412

		South Dakota — 0.0% (g)
		Other Revenue — 0.0% (g)
		South Dakota State Building Authority,
	150	Series A, Rev., 3.00%, 06/01/2019		155
	200	Series A, Rev., 3.00%, 06/01/2020		211

				366

		Prerefunded — 0.0% (g)
	45	South Dakota State Building Authority, Rev., AGM, 5.00%, 06/01/2018 (p)		46

		Total South Dakota		412

		Tennessee — 0.8%
		Education — 0.5%
	6,250	Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board, Rev., 1.30%, 07/01/2019 (z)		6,277

		General Obligation — 0.2%
	3,500	County of Monroe, GO, BAN, 1.20%, 06/15/2019		3,504

		Hospital — 0.1%
	990	Shelby County Health Educational & Housing Facilities Board, Methodist Le Bonheur Healthcare, Series B, Rev., VRDO, AGM, 0.80%, 09/01/2017 (z)		990

		Utility — 0.0% (g)
	120	City of Knoxville, Gas System, Series W, Rev., 5.00%, 03/01/2019		128
	100	City of Memphis, Electric System, Rev., 5.00%, 12/01/2017		101
	10	Tennessee Energy Acquisition Corp., Gas Project, Series A, Rev., 5.25%, 09/01/2017		10

				239

		Total Tennessee		11,010

		Texas — 9.9%
		Education — 2.6%
		Arlington Higher Education Finance Corp., Uplift Education,
	200	Series A, Rev., PSF-GTD, 2.00%, 12/01/2017		201


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Education — continued
	700	Series A, Rev., PSF-GTD, 2.00%, 12/01/2018		709
	435	Series A, Rev., PSF-GTD, 3.00%, 12/01/2019		453
	30	Austin Community College District Public Facility Corp., Lease, Round Rock Campus, Rev., 5.00%, 08/01/2018		31
		County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital,
	3,155	Rev., 5.00%, 11/15/2018		3,310
	25	Series D, Rev., 5.00%, 11/15/2018 (p)		26
	200	Newark Higher Education Finance Corp., Orenda Education, Rev., PSF-GTD, 4.00%, 08/15/2019		211
	28,970	Permanent University Fund—University of Texas System, Series A, Rev., VRDO, LIQ: University of Texas Investment Management Co., 0.75%, 09/07/2017 (z)		28,970
	300	Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project, Rev., 5.00%, 11/15/2018		314

				34,225

		General Obligation — 3.9%
	25	Birdville Independent School District, Capital Appreciation, GO, PSF-GTD, Zero Coupon, 02/15/2018		25
	150	City of Bullard, GO, 2.00%, 09/01/2017		150
	100	City of Dallas, GO, 5.00%, 02/15/2018		102
	70	City of Fort Stockton, Certificates of Obligation, GO, 2.00%, 03/15/2018		70
	10	City of Grapevine, GO, 5.00%, 02/15/2018		10
	50	City of Mercedes, GO, AGC, 3.00%, 08/15/2018		51
	50	City of Pflugerville, GO, 3.00%, 08/01/2018		51
	270	City of Pharr, GO, AGM, 2.00%, 09/01/2017		270
	2,200	Clear Creek Independent School District, School Building, Series B, GO, PSF-GTD, 1.45%, 08/14/2020 (z)		2,198
	1,250	Corpus Christi Independent School District, School Building, Series A, GO, PSF-GTD, 2.00%, 08/15/2019 (z)		1,269
	315	Counties of Travis, Williamson & Hays, City of Austin, Public Improvement, GO, 2.00%, 09/01/2017		315
	40	County of Hays, GO, 3.00%, 02/15/2018		41
	70	County of Titus, Unlimited Tax, GO, AGM, 2.00%, 09/01/2017		70

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	175	El Paso County Hospital District, GO, 5.00%, 08/15/2019		187
	190	Fort Bend County Municipal Utility District No. 151, GO, 3.00%, 09/01/2021		201
	2,545	Fort Bend County, Levee Improvement District No. 15, GO, 0.75%, 09/01/2018		2,539
		Fort Bend Independent School District,
	25	GO, PSF-GTD, 5.00%, 08/15/2018		26
	6,750	Series B, GO, PSF-GTD, 1.35%, 08/01/2019 (z)		6,753
	3,100	Goose Creek Consolidated Independent School District, Series B, GO, PSF-GTD, 1.18%, 08/15/2019 (z)		3,099
	100	Harris County Municipal Utility District No. 412, GO, 2.00%, 09/01/2018		101
	6,000	Houston Independent School District, Schoolhouse, Series A-2, GO, PSF-GTD, 3.00%, 06/01/2019 (z)		6,192
	500	Midlothian Independent School District, Series B, GO, PSF-GTD, 2.50%, 08/01/2018 (z)		506
	4,000	Northside Independent School District, GO, PSF-GTD, 1.45%, 06/01/2020 (z)		4,021
	65	Ranger College District, Limited Tax, GO, 2.00%, 02/15/2018		65
	250	Sienna Plantation Levee Improvement District of Fort Bend County, GO, 2.00%, 09/01/2019		254
	250	Southside Independent School District, School Building, GO, PSF-GTD, 2.00%, 08/15/2019		255
	5,660	State of Texas, Transportation Commission, Mobility Fund, Series A, GO, 5.00%, 10/01/2017		5,681
	17,500	State of Texas, Veterans Bonds, GO, VRDO, 0.80%, 09/07/2017 (z)		17,500
	230	Weslaco Independent School District, Maintenance Tax Notes, GO, AGM, 3.00%, 02/15/2019		237

				52,239

		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	2,400	Lower Neches Valley Authority Industrial Development Corp., Exempt Facilities, Mobil Oil Corp. Project, Series 2010, Rev., VRDO, 0.70%, 09/01/2017 (z)		2,400
	4,000	Matagorda County Navigation District No. 1, Pollution Control, Rev., AMT, 1.75%, 09/01/2020 (z)		4,002


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Industrial Development Revenue/Pollution Control Revenue — continued
	3,000	Mission Economic Development Corp., Solid Waste Disposal, Allied Waste North American, Inc. Project, Series A, Rev., VRDO, 1.05%, 10/02/2017 (z)		3,000

				9,402

		Other Revenue — 0.8%
		Austin Convention Enterprises, Inc., Convention Center Hotel First Tier,
	400	Series A, Rev., 5.00%, 01/01/2018		405
	1,100	Series A, Rev., 5.00%, 01/01/2019		1,155
	400	Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier, Series B, Rev., 5.00%, 01/01/2018		405
		Mission Redevelopment Authority, Tax Increment Contract Revenue,
	110	Rev., AGM, 4.00%, 09/01/2017		110
	960	Rev., AGM, 4.00%, 09/01/2018		986
	7,715	State of Texas, Rev., TRAN, 4.00%, 08/30/2018		7,948

				11,009

		Prerefunded — 0.2%
	55	City of Corpus Christi, Utility System, Rev., AGC, 5.25%, 07/15/2018 (p)		57
	25	City of Dallas, GO, 5.00%, 02/15/2018 (p)		26
	700	City of Forney, Independent School District, Series A, GO, PSF-GTD, 6.00%, 08/15/2018 (p)		734
	300	City of Melissa, GO, AGC, 4.70%, 02/15/2018 (p)		305
	25	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2018 (p)		25
	120	Comal Independent School District, Capital Appreciation, School Building, GO, Zero Coupon, 02/01/2018 (p)		36
	45	Dallas Area Rapid Transit, Senior Lien, Rev., 5.00%, 12/01/2018 (p)		47
	25	El Paso County, GO, NATL-RE, 5.00%, 02/15/2018 (p)		26
	195	Ennis Texas, Independent School District Capital Appreciation, GO, PSF-GTD, Zero Coupon, 08/15/2018 (p)		82
	25	Everman Independent School District, School Building, GO, PSF-GTD, 5.00%, 08/15/2018 (p)		26
	125	Fort Bend County, Municipal Utility District No. 142, GO, 4.50%, 09/01/2017 (p)		125

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	25	Harris County, Toll Road, Senior Lien, Rev., 5.00%, 08/15/2018 (p)		26
	20	Hidalgo County Drain District No. 1, Improvement, GO, AGC, 4.75%, 09/01/2018 (p)		21
	35	Houston Higher Education Finance Corp., Rice University Project, Series B, Rev., 4.75%, 11/15/2017 (p)		35
	25	Humble Independent School District Building, Series A, GO, AGC, 5.00%, 02/15/2018 (p)		26
	445	Jarrell Independent School District, School Building, Series B, GO, 4.35%, 08/15/2018 (p)		460
	50	North Texas Tollway Authority System, First Tier, Series A, Rev., BHAC-CR MBIA-IBC, 5.75%, 01/01/2018 (p)		51
	80	Spring Hill Independent School District, GO, PSF-GTD, 5.00%, 08/15/2018 (p)		83

				2,191

		Transportation — 0.6%
	7,000	Brazoria County Toll Road Authority, Limited Contract Tax & Subordinate Lien Toll Road, Series B, Rev., BAN, 1.45%, 03/01/2020		7,012
	155	Camino Real Regional Mobility Authority, Subordinate Lien Vehicle, Rev., AGM, 5.00%, 06/01/2019		165
	125	Love Field Airport Modernization Corp., Rev., AMT, 5.00%, 11/01/2021		143
		Port Beaumont Navigation District,
	100	Rev., 3.00%, 09/01/2019		103
	155	Rev., 4.00%, 09/01/2020		167

				7,590

		Utility — 0.0% (g)
	15	City of Austin, Electric Utility System, Series A, Rev., 5.00%, 11/15/2017		15
	25	City of Houston, Combined Utility System, First Lien, Series C, Rev., 5.00%, 11/15/2018		26
	100	City of Lubbock, Electric Light & Power System, Rev., 5.00%, 04/15/2018		103
	25	City of San Antonio, Electric & Gas Systems, Rev., 5.00%, 02/01/2018		26
	50	Red River Authority, Utility System, Rev., NATL-RE, 2.00%, 04/01/2018		50
	310	Texas Municipal Gas Acquisition & Supply Corp. I, Series A, Rev., 5.25%, 12/15/2017		314

				534


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Water & Sewer — 1.1%
	100	Canadian River Municipal Water Authority Corp, Rev., 4.00%, 02/15/2018		102
	8,100	City of Austin, Water & Wastewater System, Rev., VRDO, LOC: Citibank, NA, 0.79%, 09/07/2017 (z)		8,100
		Trinity River Authority Central Regional Wastewater System Revenue,
	4,420	Rev., 2.00%, 08/01/2018		4,470
	1,255	Rev., 5.00%, 08/01/2019		1,353
	675	Rev., 5.00%, 08/01/2020		753

				14,778

		Total Texas		131,968

		Utah — 1.2%
		General Obligation — 0.0% (g)
	20	Salt Lake City Corp., Series A, GO, 4.00%, 06/15/2018		20

		Hospital — 1.1%
		County of Utah Hospital, IHC Health Services,
	4,000	Series B, Rev., VRDO, 0.77%, 09/07/2017 (z)		4,000
	2,500	Series C, Rev., VRDO, 0.77%, 09/07/2017 (z)		2,500
	7,895	County of Utah Hospital, IHC Health Services, Inc., Series D, Rev., VRDO, 0.77%, 09/07/2017 (z)		7,895

				14,395

		Other Revenue — 0.0% (g)
	135	City of St. George, Rev., 4.00%, 12/01/2017		136
	100	West Valley City Redevelopment Agency, Rev., 2.00%, 11/01/2017		100

				236

		Utility — 0.1%
	1,020	Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2021		1,055

		Total Utah		15,706

		Vermont — 0.0% (g)
		Prerefunded — 0.0% (g)
	25	Vermont Educational & Health Buildings Financing Agency, Fletcher Allen Health, Hospital, Series B, Rev., AGM, 5.00%, 06/01/2018 (p)		26
	20	Vermont Municipal Bond Bank, Series 1, Rev., AGM, 5.00%, 12/01/2017 (p)		20

		Total Vermont		46

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Amounts in thousands)


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — 0.8%
		Education — 0.0% (g)
	110	Virginia College Building Authority, Series B, Rev., 5.00%, 09/01/2018		115
	100	Virginia College Building Authority, Public Higher Education Financing Program, Series A, Rev., 5.00%, 09/01/2017		100
	30	Virginia College Building Authority, Unrefunded Balance, Public Higher Education Financing Program, Rev., 5.00%, 09/01/2017		30
	35	Virginia Small Business Financing Authority, Hampton University, Rev., 5.00%, 10/01/2017		35

				280

		Hospital — 0.1%
	215	Lynchburg Virginia Economic Development Authority, Hospital Centra Health, Series A, Rev., 4.00%, 01/01/2018		217
	125	Virginia Small Business Financing Authority, Sentara Healthcare, Rev., 5.00%, 11/01/2017		126

				343

		Housing — 0.7%
	10,000	Newport News Redevelopment & Housing Authority, Berkley Preservation Project, Rev., FHA/GNMA, 1.20%, 04/01/2019		10,000

		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	25	Albemarle County Economic Development Authority, Albemarle County Project, Rev., 5.00%, 06/01/2018		26

		Other Revenue — 0.0% (g)
	20	Virginia Public Building Authority, Series B-1, Rev., 5.00%, 08/01/2018		21
	25	Virginia Resources Authority, Pooled Financing Program, Series A, Rev., 5.00%, 11/01/2017		25

				46

		Total Virginia		10,695

		Washington — 1.3%
		Certificate of Participation/Lease — 0.0% (g)
	100	State of Washington, State & Local Agency Real & Personal Property, Series D, COP, 5.00%, 07/01/2018		103


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		General Obligation — 0.4%
	4,415	County of King, Sewer, Series A, GO, VRDO, 0.78%, 09/07/2017 (z)		4,415
	50	Skagit County, Public Hospital District No. 1, GO, 4.00%, 12/01/2017		51
	25	State of Washington, Various Purpose, Series C, GO, 5.00%, 01/01/2018		25

				4,491

		Hospital — 0.6%
	40	Washington Health Care Facilities Authority, Rev., 5.00%, 11/01/2017		40
		Washington Health Care Facilities Authority, Catholic Health Initiatives,
	25	Series D, Rev., 5.25%, 10/01/2017		25
	5,000	Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 1.00%, 12.00% Cap), 1.79%, 09/07/2017 (aa)		4,998
	3,150	Washington Health Care Facilities Authority, Providence Health & Service, Series C, Rev., VRDO, 0.81%, 09/07/2017 (z)		3,150

				8,213

		Housing — 0.3%
	4,000	Washington State Housing Finance Commission, Royal Hills Apartments, Series A, Rev., 1.40%, 11/01/2019		4,010

		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	165	Washington Economic Development Finance Authority, Seadrunar Project, Series E, Rev., VRDO, LOC: U.S. Bank NA, 1.25%, 09/07/2017 (z)		165

		Prerefunded — 0.0% (g)
	25	Clark County, Camas School District No. 117, GO, AGM, 4.50%, 12/01/2017 (p)		25
	15	Snohomish County School District No. 201, Snohomish, GO, 5.25%, 12/01/2018 (p)		16

				41

		Transportation — 0.0% (g)
	100	State of Washington, Federal Highway Grant Anticipation, Senior 520 Corridor Program, Series C, Rev., GAN, 5.00%, 09/01/2017		100

		Utility — 0.0% (g)
	15	City of Richland, Waterworks Utility, Rev., 2.00%, 11/01/2017		15

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	100	City of Seattle, Municipal Light & Power, Series B-2, Rev., (Dow Jones US Mid Cap Sofware Index GICS Level 4 USD + 0.68%, 12.00% Cap), 1.47%, 09/07/2017 (aa)		100
	130	County of Snohomish, Public Utility District No. 1, Water System, Rev., 4.00%, 12/01/2017		131

				246

		Total Washington		17,369

		Wisconsin — 0.3%
		Education — 0.1%
		Wisconsin Health & Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.,
	175	Rev., 4.00%, 09/01/2018		180
	145	Rev., 5.00%, 09/01/2019		155
	155	Rev., 5.00%, 09/01/2020		170
	160	Rev., 5.00%, 09/01/2021		180
	750	Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System, Inc., Series C, Rev., 5.00%, 02/15/2018 (w)		763

				1,448

		General Obligation — 0.0% (g)
	25	City of New Berlin, Promissory Notes, GO, 3.50%, 12/01/2018		25
	170	City of Shawano, GO, AGM, 2.00%, 04/01/2018		171
		County of Manitowoc,
	105	GO, 2.00%, 11/01/2018		106
	215	GO, 2.00%, 11/01/2019		219
	35	Northcentral Technical College District, Promissory Notes, GO, 3.00%, 09/01/2017		35
	15	Village of Pleasant Prairie, Series B, GO, 4.00%, 09/01/2017		15

				571

		Other Revenue — 0.0% (g)
	20	State of Wisconsin, Series A, Rev., 5.00%, 05/01/2018 (p)		20


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

		Transportation — 0.2%
	2,135	Wisconsin Department of Transportation, Series 1, Rev., 5.00%, 07/01/2020		2,377

		Utility — 0.0% (g)
	80	Wisconsin Public Power Inc., Power Supply System, Series A, Rev., AGM, 5.00%, 07/01/2018		83


		Water & Sewer — 0.0% (g)
	25	State of Wisconsin Clean Water Fund Leveraged Loan Portfolio, Series 1, Rev., 5.00%, 06/01/2018 (p)		26

		Total Wisconsin		4,525

		Wyoming — 0.0% (g)
		Utility — 0.0% (g)
		Wyoming Municipal Power Agency, Inc., Power Supply System,
	175	Series A, Rev., 4.00%, 01/01/2018		177
	175	Series A, Rev., 4.00%, 01/01/2019		181

		Total Wyoming		358

		Total Municipal Bonds (Cost $1,323,608)		1,324,830


SHARES
	Short-Term Investment — 4.5%
		Investment Company — 4.5%
	60,706	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $60,706)		60,706

		Total Investments — 103.6% (Cost $1,384,314)		1,385,536
		Liabilities in Excess of Other Assets — (3.6)%		(47,806	)

		NET ASSETS — 100.0%	$	1,337,730

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	81

JPMorgan Municipal Bond Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)


AGC		— Insured by Assured Guaranty Corp.
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
BAN		— Bond Anticipation Note
BHAC		— Insured by Berkshire Hathaway Assurance Corp.
BRRH		— Boca Raton Regional Hospital
CHESLA		— Connecticut Higher Education Supplemental Loan Authority
COLL		— Collateral
COP		— Certificate of Participation
CR		— Custodial Receipts
FGIC		— Insured by Financial Guaranty Insurance Co.
FHA		— Federal Housing Administration
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GAN		— Grant Anticipation Note
GNMA		— Government National Mortgage Association
GO		— General Obligation
GTD		— Guaranteed
IBC		— Insured Bond Certificates
ICC		— Insured Custody Certificates
IDA		— Industrial Development Authority
LIBOR		— London Interbank Offered Rate
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
MBIA		— Insured by Municipal Bond Insurance Corp.
MTA		— Metropolitan Transportation Authority
NATL		— Insured by National Public Finance Guarantee Corp.
PSF		— Permanent School Fund
Q-SBLF		— Qualified School Bond Loan Fund
RAN		— Revenue Anticipation Note
RE		— Reinsured
REMIC		— Real Estate Mortgage Investment Conduit
Rev.		— Revenue


SCAGO		— South Carolina Association of Governmental Organizations
SCSDE		— South Carolina School District Enhancement
SIFMA		— Securities Industry and Financial Markets Association
TAN		— Tax Anticipation Note
TRAN		— Tax & Revenue Anticipation Note
USD		— United States Dollar
VRDO		— Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2017.
XLCA		— Insured by XL Capital Assurance

(b)		— Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		— Security is exempt from registration under Rule 144A of the Securities Act 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%.
(l)		— The rate shown is the current yield as of August 31, 2017.
(p)		— Security is prerefunded or escrowed to maturity.
(t)		— The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(w)		— All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(z)		— Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2017.
(aa)		— Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2017.
(bb)		— Security has been valued using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2017 (Unaudited)

(Amounts in thousands, except per share amounts)


	Municipal Income Fund		Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	270,244	$	117,109		$	2,399,887
Investments in affiliates, at value		11,125		1,542			101,600
Receivables:
Investment securities sold		930		15			10,054
Investment securities sold — delayed delivery securities		150		—			—
Fund shares sold		47		—	(a)		1,435
Interest from non-affiliates		2,547		1,347			20,819
Dividends from affiliates		8		1			90
Due from Administrator		5		—			—
Prepaid expenses		14		38			—

Total Assets		285,070		120,052			2,533,885


LIABILITIES:
Payables:
Due to custodian		53		—			—	(a)
Investment securities purchased		988		—			16,755
Investment securities purchased — delayed delivery securities		12,238		—			30,827
Fund shares redeemed		704		117			725
Accrued liabilities:
Investment advisory fees		24		7			312
Administration fees		—		—			38
Distribution fees		26		26			14
Service fees		49		25			128
Custodian and accounting fees		13		10			52
Trustees’ and Chief Compliance Officer’s fees		—		—			—	(a)
Audit fees		31		35			40
Other		8		7			7

Total Liabilities		14,134		227			48,898

Net Assets	$	270,936	$	119,825		$	2,484,987

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Municipal Income Fund			Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	258,619		$	112,822		$	2,453,163
Accumulated undistributed (distributions in excess of) net investment income		(35	)		(16	)		(15	)
Accumulated net realized gains (losses)		1,102			102			(9,171	)
Net unrealized appreciation (depreciation)		11,250			6,917			41,010

Total Net Assets	$	270,936		$	119,825		$	2,484,987


Net Assets:
Class A	$	74,844		$	46,767		$	30,318
Class C		16,020			25,020			11,763
Class I*		180,072			48,038			2,442,906

Total	$	270,936		$	119,825		$	2,484,987


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		7,568			4,360			2,857
Class C		1,636			2,319			1,100
Class I*		18,336			4,509			229,093

Net Asset Value (a):
Class A — Redemption price per share	$	9.89		$	10.73		$	10.61
Class C — Offering price per share (b)		9.79			10.79			10.70
Class I* — Offering and redemption price per share		9.82			10.65			10.66
Class A maximum sales charge		3.75	%		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.28		$	11.15		$	10.85


Cost of investments in non-affiliates	$	258,994		$	110,192		$	2,358,877
Cost of investments in affiliates		11,125			1,542			101,600

(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.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund and Ohio Municipal Bond Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	85

STATEMENTS OF ASSETS AND LIABILITIES

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

(Amounts in thousands, except per share amounts)


	Tax Free Bond Fund		Ultra-Short Municipal Fund
ASSETS:
Investments in non-affiliates, at value	$	307,311	$	1,324,830
Investments in affiliates, at value		12,493		60,706
Cash		9		—
Deposits at broker for futures contracts		115		—
Receivables:
Investment securities sold		159		5
Investment securities sold — delayed delivery securities		435		100
Fund shares sold		266		232
Interest from non-affiliates		3,354		3,534
Dividends from affiliates		11		54
Due from adviser		—		172
Prepaid expenses		17		3

Total Assets		324,170		1,389,636


LIABILITIES:
Payables:
Investment securities purchased		—		39,781
Investment securities purchased — delayed delivery securities		578		5,830
Fund shares redeemed		518		6,033
Variation margin on futures contracts		11		—
Accrued liabilities:
Investment advisory fees		46		—
Distribution fees		48		—	(a)
Service fees		52		206
Custodian and accounting fees		12		21
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)
Audit fees		31		34
Other		17		1

Total Liabilities		1,313		51,906

Net Assets	$	322,857	$	1,337,730

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Tax Free Bond Fund			Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	303,662		$	1,336,473
Accumulated undistributed (distributions in excess of) net investment income		(44	)		35
Accumulated net realized gains (losses)		(1,755	)		—	(a)
Net unrealized appreciation (depreciation)		20,994			1,222

Total Net Assets	$	322,857		$	1,337,730


Net Assets:
Class A	$	138,626		$	1,368
Class C		28,924			—
Class I (formerly Select Class)		155,307			1,336,362

Total	$	322,857		$	1,337,730


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,429			136
Class C		2,404			—
Class I (formerly Select Class)		12,858			133,212

Net Asset Value (b):
Class A — Redemption price per share	$	12.13		$	10.03
Class C — Offering price per share (c)		12.03			—
Class I (formerly Select Class) — Offering and redemption price per share		12.08			10.03
Class A maximum sales charge		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.60		$	10.26


Cost of investments in non-affiliates	$	286,295		$	1,323,608
Cost of investments in affiliates		12,493			60,706

(a)	Amount rounds to less than 500.

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

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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	87

STATEMENTS OF OPERATIONS

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

(Amounts in thousands)


	Municipal Income Fund			Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,952		$	2,081		$	19,278
Interest income from affiliates		—	(a)		—	(a)		1
Dividend income from non-affiliates		112			—			—
Dividend income from affiliates		36			7			365

Total investment income		4,100			2,088			19,644


EXPENSES:
Investment advisory fees		407			182			2,955
Administration fees		111			50			965
Distribution fees:
Class A		94			59			38
Class C		62			98			49
Service fees:
Class A		94			59			38
Class C		21			33			16
Class I*		224			60			2,613
Select Class (b)		—			—			33
Custodian and accounting fees		37			30			119
Professional fees		40			30			51
Trustees’ and Chief Compliance Officer’s fees		13			13			16
Printing and mailing costs		18			3			33
Registration and filing fees		12			8			18
Transfer agency fees (See Note 2.F.)		4			3			11
Sub-transfer agency fees (See Note 2.F.)		3			2			26
Other		5			3			20

Total expenses		1,145			633			7,001

Less fees waived		(383	)		(174	)		(4,005	)

Net expenses		762			459			2,996

Net investment income (loss)		3,338			1,629			16,648


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		583			(42	)		(326	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		4,604			1,619			30,114

Net realized/unrealized gains (losses)		5,187			1,577			29,788

Change in net assets resulting from operations	$	8,525		$	3,206		$	46,436

(a)	Amount rounds to less than 500.

(b)	Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 03, 2017.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund and Ohio Municipal Bond Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Tax Free Bond Fund			Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	6,300		$	3,225
Interest income from affiliates		—	(a)		—	(a)
Dividend income from affiliates		44			199

Total investment income		6,344			3,424


EXPENSES:
Investment advisory fees		486			547
Administration fees		132			297
Distribution fees:
Class A		178			1
Class C		115			—
Service fees:
Class A		178			1
Class C		39			—
Class I (formerly Select Class)		188			911
Custodian and accounting fees		37			50
Professional fees		37			31
Trustees’ and Chief Compliance Officer’s fees		13			14
Printing and mailing costs		6			5
Registration and filing fees		15			194
Transfer agency fees (See Note 2.F.)		10			—	(a)
Sub-transfer agency fees (See Note 2.F.)		6			—
Offering costs		—			21
Other		6			6

Total expenses		1,446			2,078

Less fees waived		(450	)		(1,021	)
Less expense reimbursements		—			(186	)

Net expenses		996			871

Net investment income (loss)		5,348			2,553


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		140			—	(a)
Futures		(178	)		—

Net realized gain (loss)		(38	)		—	(a)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		5,338			1,182
Futures		(6	)		—

Change in net unrealized appreciation/depreciation		5,332			1,182

Net realized/unrealized gains (losses)		5,294			1,182

Change in net assets resulting from operations	$	10,642		$	3,735

(a)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,338		$	7,668		$	1,629		$	3,434
Net realized gain (loss)		583			4,031			(42	)		466
Change in net unrealized appreciation/depreciation		4,604			(12,606	)		1,619			(4,710	)

Change in net assets resulting from operations		8,525			(907	)		3,206			(810	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(873	)		(1,923	)		(638	)		(1,347	)
From net realized gains		—			(925	)		—			(275	)
Class C
From net investment income		(150	)		(339	)		(285	)		(582	)
From net realized gains		—			(217	)		—			(159	)
Class I (formerly Select Class)
From net investment income		(2,331	)		(5,493	)		(719	)		(1,536	)
From net realized gains		—			(2,361	)		—			(280	)

Total distributions to shareholders		(3,354	)		(11,258	)		(1,642	)		(4,179	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(5,046	)		(51,958	)		(3,165	)		(5,868	)


NET ASSETS:
Change in net assets		125			(64,123	)		(1,601	)		(10,857	)
Beginning of period		270,811			334,934			121,426			132,283

End of period	$	270,936		$	270,811		$	119,825		$	121,426

Accumulated undistributed (distributions in excess of) net investment income	$	(35	)	$	(19	)	$	(16	)	$	(3	)

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,648		$	32,008		$	5,348		$	10,671
Net realized gain (loss)		(326	)		1,510			(38	)		3,032
Change in net unrealized appreciation/depreciation		30,114			(41,497	)		5,332			(15,356	)

Change in net assets resulting from operations		46,436			(7,979	)		10,642			(1,653	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(144	)		(351	)		(2,323	)		(5,043	)
From net realized gains		—			(190	)		—			(3,145	)
Class C
From net investment income		(29	)		(69	)		(415	)		(838	)
From net realized gains		—			(81	)		—			(678	)
Class I*
From net investment income		(16,301	)		(30,151	)		(2,645	)		(4,773	)
From net realized gains		—			(10,500	)		—			(2,991	)
Select Class (a)
From net investment income		(172	)		(1,914	)		—			—
From net realized gains		—			(790	)		—			—

Total distributions to shareholders		(16,646	)		(44,046	)		(5,383	)		(17,468	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		379,159			(532,349	)		(4,797	)		36,503


NET ASSETS:
Change in net assets		408,949			(584,374	)		462			17,382
Beginning of period		2,076,038			2,660,412			322,395			305,013

End of period	$	2,484,987		$	2,076,038		$	322,857		$	322,395

Accumulated undistributed (distributions in excess of) net investment income	$	(15	)	$	(17	)	$	(44	)	$	(9	)

(a)	Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 03, 2017.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Tax Free Bond Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Ultra-Short Municipal Fund
	Six Months Ended August 31, 2017 (Unaudited)			Period Ended February 28, 2017 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,553		$	82
Net realized gain (loss)		—	(b)		—	(b)
Change in net unrealized appreciation/depreciation		1,182			40

Change in net assets resulting from operations		3,735			122


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2	)		(1	)
Class I (formerly Select Class)
From net investment income		(2,518	)		(79	)

Total distributions to shareholders		(2,520	)		(80	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,304,340			22,133


NET ASSETS:
Change in net assets		1,305,555			22,175
Beginning of period (See Note 1)		32,175			10,000

End of period	$	1,337,730		$	32,175

Accumulated undistributed (distributions in excess of) net investment income	$	35		$	2

(a)	Commencement of operations was May 31, 2016.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,144		$	23,344		$	2,057		$	2,462
Distributions reinvested		856			2,795			589			1,517
Cost of shares redeemed		(12,249	)		(19,384	)		(3,629	)		(5,847	)

Change in net assets resulting from Class A capital transactions	$	(3,249	)	$	6,755		$	(983	)	$	(1,868	)

Class C
Proceeds from shares issued	$	1,455		$	6,745		$	407		$	4,603
Distributions reinvested		132			497			278			712
Cost of shares redeemed		(3,020	)		(5,290	)		(2,943	)		(3,828	)

Change in net assets resulting from Class C capital transactions	$	(1,433	)	$	1,952		$	(2,258	)	$	1,487

Class I (formerly Select Class)
Proceeds from shares issued	$	30,049		$	48,297		$	3,754		$	6,807
Distributions reinvested		365			1,190			588			1,412
Cost of shares redeemed		(30,778	)		(110,152	)		(4,266	)		(13,706	)

Change in net assets resulting from Class I capital transactions	$	(364	)	$	(60,665	)	$	76		$	(5,487	)

Total change in net assets resulting from capital transactions	$	(5,046	)	$	(51,958	)	$	(3,165	)	$	(5,868	)

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		829			2,330			193			225
Reinvested		87			284			55			140
Redeemed		(1,254	)		(1,950	)		(341	)		(537	)

Change in Class A Shares		(338	)		664			(93	)		(172	)

Class C
Issued		150			678			37			417
Reinvested		14			51			26			66
Redeemed		(312	)		(539	)		(274	)		(353	)

Change in Class C Shares		(148	)		190			(211	)		130

Class I (formerly Select Class)
Issued		3,095			4,864			356			630
Reinvested		38			121			55			132
Redeemed		(3,170	)		(11,124	)		(403	)		(1,273	)

Change in Class I Shares		(37	)		(6,139	)		8			(511	)

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,362		$	11,600		$	8,897		$	45,224
Distributions reinvested		142			530			2,229			7,911
Cost of shares redeemed		(3,095	)		(19,048	)		(23,766	)		(47,813	)

Change in net assets resulting from Class A capital transactions	$	(591	)	$	(6,918	)	$	(12,640	)	$	5,322

Class C
Proceeds from shares issued	$	167		$	2,753		$	1,907		$	16,584
Distributions reinvested		27			134			409			1,490
Cost of shares redeemed		(2,608	)		(6,226	)		(5,931	)		(10,720	)

Change in net assets resulting from Class C capital transactions	$	(2,414	)	$	(3,339	)	$	(3,615	)	$	7,354

Class I*
Proceeds from shares issued	$	811,280		$	647,799		$	28,903		$	72,909
Distributions reinvested		3,381			10,099			1,555			4,095
Cost of shares redeemed		(288,171	)		(1,176,872	)		(19,000	)		(53,177	)

Change in net assets resulting from Class I capital transactions	$	526,490		$	(518,974	)	$	11,458		$	23,827

Select Class (a)
Proceeds from shares issued	$	1,645		$	39,141		$	—		$	—
Distributions reinvested		28			415			—			—
Cost of shares redeemed		(145,999	)		(42,674	)		—			—

Change in net assets resulting from Select Class capital transactions	$	(144,326	)	$	(3,118	)	$	—		$	—

Total change in net assets resulting from capital transactions	$	379,159		$	(532,349	)	$	(4,797	)	$	36,503

(a)	Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 03, 2017.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Tax Free Bond Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017			Six Months Ended August 31, 2017 (Unaudited)			Year Ended February 28, 2017
SHARE TRANSACTIONS:
Class A
Issued		224			1,086			740			3,575
Reinvested		13			50			185			647
Redeemed		(294	)		(1,802	)		(1,983	)		(3,839	)

Change in Class A Shares		(57	)		(666	)		(1,058	)		383

Class C
Issued		16			256			160			1,317
Reinvested		2			13			34			124
Redeemed		(245	)		(583	)		(498	)		(873	)

Change in Class C Shares		(227	)		(314	)		(304	)		568

Class I*
Issued		76,766			60,721			2,422			5,838
Reinvested		319			952			130			337
Redeemed		(27,221	)		(110,395	)		(1,590	)		(4,344	)

Change in Class I Shares		49,864			(48,722	)		962			1,831

Select Class (a)
Issued		152			3,664			—			—
Reinvested		3			39			—			—
Redeemed		(13,893	)		(4,018	)		—			—

Change in Select Class Shares		(13,738	)		(315	)		—			—

(a)	Select Class Shares of Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 03, 2017.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Tax Free Bond Fund were renamed Class I.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


	Ultra-Short Municipal Fund
	Six Months Ended August 31, 2017 (Unaudited)			Period Ended February 28, 2017 (a)
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,368		$	599
Distributions reinvested		2			—	(b)
Cost of shares redeemed		(524	)		(100	)

Change in net assets resulting from Class A capital transactions	$	846		$	499

Class I (formerly Select Class)
Proceeds from shares issued	$	1,624,389		$	21,948
Distributions reinvested		29			46
Cost of shares redeemed		(320,924	)		(360	)

Change in net assets resulting from Class I capital transactions	$	1,303,494		$	21,634

Total change in net assets resulting from capital transactions	$	1,304,340		$	22,133


SHARE TRANSACTIONS:
Class A
Issued		136			60
Reinvested		—	(b)		—	(b)
Redeemed		(52	)		(10	)

Change in Class A Shares		84			50

Class I (formerly Select Class)
Issued		162,054			2,193
Reinvested		3			5
Redeemed		(32,005	)		(36	)

Change in Class I Shares		130,052			2,162

(a)	Commencement of operations was May 31, 2016.

(b)	Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Municipal Income Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	9.70	$	0.11	$	0.19		$	0.30		$	(0.11	)	$	—		$	(0.11	)
Year Ended February 28, 2017		10.10		0.24		(0.28	)		(0.04	)		(0.24	)		(0.12	)		(0.36	)
Year Ended February 29, 2016		10.11		0.25		0.08			0.33			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2015		9.98		0.27		0.18			0.45			(0.27	)		(0.05	)		(0.32	)
Year Ended February 28, 2014		10.41		0.28		(0.28	)		—	(f)		(0.29	)		(0.14	)		(0.43	)
Year Ended February 28, 2013		10.35		0.29		0.05			0.34			(0.28	)		—			(0.28	)

Class C
Six Months Ended August 31, 2017 (Unaudited)		9.61		0.09		0.18			0.27			(0.09	)		—			(0.09	)
Year Ended February 28, 2017		10.00		0.18		(0.26	)		(0.08	)		(0.19	)		(0.12	)		(0.31	)
Year Ended February 29, 2016		10.02		0.19		0.07			0.26			(0.20	)		(0.08	)		(0.28	)
Year Ended February 28, 2015		9.90		0.21		0.17			0.38			(0.21	)		(0.05	)		(0.26	)
Year Ended February 28, 2014		10.33		0.22		(0.28	)		(0.06	)		(0.23	)		(0.14	)		(0.37	)
Year Ended February 28, 2013		10.27		0.23		0.06			0.29			(0.23	)		—			(0.23	)

Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		9.63		0.13		0.19			0.32			(0.13	)		—			(0.13	)
Year Ended February 28, 2017		10.03		0.26		(0.27	)		(0.01	)		(0.27	)		(0.12	)		(0.39	)
Year Ended February 29, 2016		10.04		0.28		0.07			0.35			(0.28	)		(0.08	)		(0.36	)
Year Ended February 28, 2015		9.92		0.29		0.17			0.46			(0.29	)		(0.05	)		(0.34	)
Year Ended February 28, 2014		10.35		0.30		(0.27	)		0.03			(0.32	)		(0.14	)		(0.46	)
Year Ended February 28, 2013		10.29		0.31		0.06			0.37			(0.31	)		—			(0.31	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including imputed interest) (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including imputed interest)			Portfolio turnover rate (c)


$	9.89		3.16	%	$	74,844		0.69	%		2.33	%		0.98	%		15	%
	9.70		(0.40	)		76,684		0.77			2.39			1.00			15
	10.10		3.26			73,120		0.82			2.52			0.97			22
	10.11		4.47			68,003		0.86			2.65			0.97			9
	9.98		0.13			64,327		0.87			2.78			0.94			3
	10.41		3.35			86,839		0.86			2.76			0.92			13


	9.79		2.80			16,020		1.24			1.78			1.49			15
	9.61		(0.87	)		17,137		1.34			1.83			1.50			15
	10.00		2.61			15,950		1.39			1.95			1.48			22
	10.02		3.81			14,462		1.44			2.07			1.47			9
	9.90		(0.45	)		15,425		1.44			2.20			1.44			3
	10.33		2.80			26,248		1.42			2.21			1.42			13


	9.82		3.31			180,072		0.44			2.58			0.73			15
	9.63		(0.16	)		176,990		0.53			2.64			0.72			15
	10.03		3.56			245,864		0.57			2.77			0.70			22
	10.04		4.66			255,153		0.61			2.91			0.71			9
	9.92		0.38			279,537		0.62			3.02			0.69			3
	10.35		3.61			483,257		0.62			3.01			0.67			13

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Ohio Municipal Bond Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	10.59	$	0.14	$	0.15		$	0.29		$	(0.15	)	$	—		$	(0.15	)
Year Ended February 28, 2017		11.01		0.29		(0.35	)		(0.06	)		(0.30	)		(0.06	)		(0.36	)
Year Ended February 29, 2016		11.14		0.31		(0.02	)		0.29			(0.32	)		(0.10	)		(0.42	)
Year Ended February 28, 2015		11.17		0.32		0.06			0.38			(0.33	)		(0.08	)		(0.41	)
Year Ended February 28, 2014		11.51		0.32		(0.34	)		(0.02	)		(0.32	)		—	(f)		(0.32	)
Year Ended February 28, 2013		11.50		0.32		0.01			0.33			(0.31	)		(0.01	)		(0.32	)

Class C
Six Months Ended August 31, 2017 (Unaudited)		10.65		0.12		0.14			0.26			(0.12	)		—			(0.12	)
Year Ended February 28, 2017		11.07		0.23		(0.36	)		(0.13	)		(0.23	)		(0.06	)		(0.29	)
Year Ended February 29, 2016		11.19		0.25		(0.02	)		0.23			(0.25	)		(0.10	)		(0.35	)
Year Ended February 28, 2015		11.22		0.26		0.05			0.31			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2014		11.56		0.25		(0.33	)		(0.08	)		(0.26	)		—	(f)		(0.26	)
Year Ended February 28, 2013		11.55		0.25		0.01			0.26			(0.24	)		(0.01	)		(0.25	)

Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.52		0.16		0.13			0.29			(0.16	)		—			(0.16	)
Year Ended February 28, 2017		10.94		0.32		(0.36	)		(0.04	)		(0.32	)		(0.06	)		(0.38	)
Year Ended February 29, 2016		11.07		0.34		(0.02	)		0.32			(0.35	)		(0.10	)		(0.45	)
Year Ended February 28, 2015		11.10		0.35		0.06			0.41			(0.36	)		(0.08	)		(0.44	)
Year Ended February 28, 2014		11.44		0.35		(0.34	)		0.01			(0.35	)		—	(f)		(0.35	)
Year Ended February 28, 2013		11.43		0.35		0.01			0.36			(0.34	)		(0.01	)		(0.35	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	10.73		2.71	%	$	46,767		0.75	%		2.69	%		1.03	%		5	%
	10.59		(0.59	)		47,146		0.84			2.68			1.06			7
	11.01		2.72			50,915		0.88			2.83			0.98			8
	11.14		3.47			51,856		0.88			2.89			1.07			3
	11.17		(0.08	)		61,153		0.88			2.85			0.99			3
	11.51		2.86			90,786		0.87			2.77			0.97			6


	10.79		2.44			25,020		1.25			2.19			1.53			5
	10.65		(1.19	)		26,938		1.43			2.08			1.57			7
	11.07		2.14			26,556		1.49			2.22			1.49			8
	11.19		2.81			27,267		1.50			2.27			1.57			3
	11.22		(0.70	)		29,872		1.48			2.24			1.48			3
	11.56		2.27			55,414		1.46			2.18			1.47			6


	10.65		2.77			48,038		0.50			2.94			0.78			5
	10.52		(0.36	)		47,342		0.59			2.92			0.81			7
	10.94		2.99			54,812		0.63			3.08			0.74			8
	11.07		3.75			70,270		0.63			3.15			0.82			3
	11.10		0.17			90,114		0.63			3.11			0.74			3
	11.44		3.12			103,644		0.62			3.02			0.72			6

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Short-Intermediate Municipal Bond Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	10.48	$	0.05	$	0.13		$	0.18		$	(0.05	)	$	—		$	(0.05	)
Year Ended February 28, 2017		10.71		0.10		(0.17	)		(0.07	)		(0.10	)		(0.06	)		(0.16	)
Year Ended February 29, 2016		10.62		0.08		0.09			0.17			(0.08	)		—			(0.08	)
Year Ended February 28, 2015		10.61		0.06		0.01			0.07			(0.06	)		—			(0.06	)
Year Ended February 28, 2014		10.63		0.07		(0.03	)		0.04			(0.06	)		—			(0.06	)
Year Ended February 28, 2013		10.65		0.08		(0.02	)		0.06			(0.08	)		—			(0.08	)

Class C
Six Months Ended August 31, 2017 (Unaudited)		10.56		0.03		0.13			0.16			(0.02	)		—			(0.02	)
Year Ended February 28, 2017		10.80		0.04		(0.17	)		(0.13	)		(0.05	)		(0.06	)		(0.11	)
Year Ended February 29, 2016		10.70		0.02		0.10			0.12			(0.02	)		—			(0.02	)
Year Ended February 28, 2015		10.69		0.01		—	(f)		0.01			—	(f)		—			—	(f)
Year Ended February 28, 2014		10.71		0.01		(0.02	)		(0.01	)		(0.01	)		—			(0.01	)
Year Ended February 28, 2013		10.74		0.03		(0.03	)		—	(f)		(0.03	)		—			(0.03	)

Class I (formerly Institutional Class)
Six Months Ended August 31, 2017 (Unaudited)		10.53		0.08		0.13			0.21			(0.08	)		—			(0.08	)
Year Ended February 28, 2017		10.76		0.15		(0.17	)		(0.02	)		(0.15	)		(0.06	)		(0.21	)
Year Ended February 29, 2016		10.67		0.13		0.09			0.22			(0.13	)		—			(0.13	)
Year Ended February 28, 2015		10.66		0.11		0.01			0.12			(0.11	)		—			(0.11	)
Year Ended February 28, 2014		10.68		0.12		(0.03	)		0.09			(0.11	)		—			(0.11	)
Year Ended February 28, 2013		10.71		0.14		(0.04	)		0.10			(0.13	)		—			(0.13	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	10.61		1.73	%	$	30,318		0.69	%		0.97	%		0.86	%		21	%
	10.48		(0.69	)		30,535		0.73			0.91			0.88			31
	10.71		1.58			38,345		0.75			0.71			0.87			39
	10.62		0.64			40,468		0.74			0.55			0.87			53
	10.61		0.38			41,685		0.74			0.63			0.87			39
	10.63		0.56			73,578		0.74			0.77			0.86			33


	10.70		1.55			11,763		1.19			0.47			1.37			21
	10.56		(1.27	)		14,013		1.23			0.41			1.40			31
	10.80		1.14			17,709		1.25			0.21			1.40			39
	10.70		0.13			18,082		1.24			0.05			1.38			53
	10.69		(0.10	)		21,918		1.24			0.13			1.37			39
	10.71		(0.05	)		35,324		1.24			0.28			1.36			33


	10.66		1.96			2,442,906		0.24			1.42			0.58			21
	10.53		(0.20	)		1,887,149		0.25			1.40			0.48			31
	10.76		2.09			2,453,419		0.25			1.21			0.47			39
	10.67		1.13			2,857,462		0.24			1.05			0.47			53
	10.66		0.88			2,175,023		0.23			1.10			0.49			39
	10.68		0.95			272,548		0.24			1.27			0.46			33

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Free Bond Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	11.93	$	0.20	$	0.20		$	0.40		$	(0.20	)	$	—		$	(0.20	)
Year Ended February 28, 2017		12.57		0.40		(0.40	)		—	(f)		(0.39	)		(0.25	)		(0.64	)
Year Ended February 29, 2016		12.70		0.45		(0.01	)		0.44			(0.47	)		(0.10	)		(0.57	)
Year Ended February 28, 2015		12.41		0.44		0.39			0.83			(0.44	)		(0.10	)		(0.54	)
Year Ended February 28, 2014		12.88		0.46		(0.44	)		0.02			(0.48	)		(0.01	)		(0.49	)
Year Ended February 28, 2013		12.77		0.47		0.09			0.56			(0.45	)		—			(0.45	)

Class C
Six Months Ended August 31, 2017 (Unaudited)		11.84		0.16		0.19			0.35			(0.16	)		—			(0.16	)
Year Ended February 28, 2017		12.48		0.31		(0.39	)		(0.08	)		(0.31	)		(0.25	)		(0.56	)
Year Ended February 29, 2016		12.60		0.37		(0.01	)		0.36			(0.38	)		(0.10	)		(0.48	)
Year Ended February 28, 2015		12.33		0.35		0.38			0.73			(0.36	)		(0.10	)		(0.46	)
Year Ended February 28, 2014		12.80		0.37		(0.44	)		(0.07	)		(0.39	)		(0.01	)		(0.40	)
Year Ended February 28, 2013		12.69		0.38		0.10			0.48			(0.37	)		—			(0.37	)

Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		11.88		0.21		0.20			0.41			(0.21	)		—			(0.21	)
Year Ended February 28, 2017		12.53		0.42		(0.40	)		0.02			(0.42	)		(0.25	)		(0.67	)
Year Ended February 29, 2016		12.65		0.47		—	(f)		0.47			(0.49	)		(0.10	)		(0.59	)
Year Ended February 28, 2015		12.37		0.46		0.38			0.84			(0.46	)		(0.10	)		(0.56	)
Year Ended February 28, 2014		12.84		0.48		(0.44	)		0.04			(0.50	)		(0.01	)		(0.51	)
Year Ended February 28, 2013		12.73		0.49		0.09			0.58			(0.47	)		—			(0.47	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	12.13		3.36	%	$	138,626		0.66	%		3.26	%		0.97	%		21	%
	11.93		(0.03	)		148,987		0.66			3.16			1.00			73
	12.57		3.53			152,207		0.67			3.62			0.97			94
	12.70		6.83			166,359		0.74			3.49			0.98			90
	12.41		0.31			129,124		0.74			3.72			0.99			62
	12.88		4.45			198,873		0.74			3.67			0.94			43


	12.03		3.00			28,924		1.24			2.68			1.46			21
	11.84		(0.66	)		32,052		1.31			2.50			1.50			73
	12.48		2.92			26,715		1.36			2.93			1.47			94
	12.60		5.99			27,579		1.43			2.81			1.48			90
	12.33		(0.40	)		25,057		1.43			3.00			1.48			62
	12.80		3.80			57,237		1.43			2.98			1.44			43


	12.08		3.49			155,307		0.44			3.48			0.71			21
	11.88		0.09			141,356		0.47			3.34			0.74			73
	12.53		3.82			126,091		0.50			3.79			0.71			94
	12.65		6.95			149,102		0.57			3.67			0.72			90
	12.37		0.49			129,602		0.57			3.89			0.74			62
	12.84		4.63			200,023		0.57			3.85			0.69			43

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
Ultra-Short Municipal Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)	$	10.02	$	0.03	$	0.01		$	0.04	$	(0.03	)
May 31, 2016 (g) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)

Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.02		0.04		0.01			0.05		(0.04	)
May 31, 2016 (g) through February 28, 2017		10.00		0.06		—	(h)		0.06		(0.04	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended August 31, 2017 and for the period ended February 28, 2017.

(g)	Commencement of operations.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


		Ratios/Supplemental data
							Ratios/Supplemental data (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)


$	10.03		0.35	%	$	1,368		0.44	%		0.53	%		0.87	%		43	%
	10.02		0.52			519		0.44			0.81			2.56			80


	10.03		0.46			1,336,362		0.24			0.70			0.57			43
	10.02		0.65			31,656		0.27			0.74			2.00			80

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	107

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited)

1. Organization

JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (the “Trusts”) were formed on November 12, 2004 and November 12, 2015, respectively, as Delaware statutory trusts, pursuant to a Declarations of Trust dated November 5, 2004 and November 12, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 5 separate funds of the Trusts (collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversified/Non-Diversified
Municipal Income Fund	Class A, Class C, Class I* and Class R6**	JPM II	Diversified
Ohio Municipal Bond Fund	Class A, Class C and Class I*	JPM II	Diversified
Short-Intermediate Municipal Bond Fund	Class A, Class C, Class I* and Select Class*	JPM II	Diversified
Tax Free Bond Fund	Class A, Class C and Class I*	JPM II	Diversified
Ultra-Short Municipal Fund****	Class A and Class I*	JPM IV	Diversified

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

**	Class R6 is expected to commence operations on November 1, 2017 for the Municipal Income Fund.

***	On April 3, 2017, Select Class Shares of the Short-Intermediate Municipal Bond Fund were converted into Institutional Class Shares of the Fund and the Institutional Class Shares were then renamed Class I Shares. Additionally, on April 3, 2017, Select Class Shares were no longer offered.

****

The Ultra-Short Municipal Fund commenced investment operations on May 31, 2016. Prior to May 31, 2016, the Fund had no significant operations other than matters relating to the organization and registration of JPM IV and the issuance of 2,000 shares of Class A Shares and 998,000 shares of Class I Shares to J.P. Morgan Investment Management Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”).

At it’s meeting on August 16, 2017, the Board of the Ohio Municipal Bond Fund approved the liquidation of the Ohio Municipal Bond Fund, which is expected to occur on or about December 8, 2017. Effective August 24, 2017, the Fund no longer accepted purchase orders from new investors.

The investment objective of Municipal Income Fund is to seek current income exempt from federal income taxes.

The investment objective of Ohio Municipal Bond Fund is to seek current income exempt from federal income tax and Ohio personal income tax, consistent with the preservation of principal.

The investment objective of Short-Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”) (except for Class C Shares of Short-Intermediate Municipal Bond Fund purchased before September 3, 2013). Effective September 3, 2013, purchases of Class C Shares of the Short-Intermediate Municipal Bond Fund were subject to a CDSC on the original cost of shares. No sales charges are assessed with respect to Class I Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency (through April 2, 2017), distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Effective April 3, 2017 sub-transfer agency and shareholder servicing fees were consolidated into a single service fee.

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

2. Significant Accounting Policies

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

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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



108	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in 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.

Futures are generally valued on the basis of available market quotations.

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

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

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

•

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

•

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

•

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

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

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

Municipal Income Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Utility	$	—	$	2,391	$	—	$	2,391
Alaska
Housing		—		1,046		—		1,046
Arizona
Water & Sewer		—		5,800		—		5,800
California
General Obligation		—		951		—		951
Hospital		—		493		—		493
Other Revenue		—		784		—		784

Total California		—		2,228		—		2,228



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	109

NOTES TO FINANCIAL STATEMENTS

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


Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Colorado
Certificate of Participation/Lease	$	—	$	714	$	—	$	714
Education		—		1,035		—		1,035
General Obligation		—		1,138		—		1,138
Hospital		—		8,483		—		8,483
Housing		—		191		—		191

Total Colorado		—		11,561		—		11,561

Connecticut
Education		—		4,221		—		4,221
Housing		—		7,539		—		7,539

Total Connecticut		—		11,760		—		11,760

Delaware
Housing		—		548		—		548
District of Columbia
Transportation		—		1,238		—		1,238
Water & Sewer		—		3,463		—		3,463

Total District of Columbia		—		4,701		—		4,701

Florida
Certificate of Participation/Lease		—		10,823		—		10,823
Hospital		—		1,244		—		1,244
Housing		—		1,626		—		1,626
Industrial Development Revenue/Pollution Control Revenue		—		1,466		—		1,466
Other Revenue		—		2,364		—		2,364
Prerefunded		—		2,192		—		2,192
Transportation		—		1,726		—		1,726
Utility		—		7,048		—		7,048

Total Florida		—		28,489		—		28,489

Georgia
Hospital		—		1,035		—		1,035
Housing		—		2,720		—		2,720

Total Georgia		—		3,755		—		3,755

Illinois
Hospital		—		416		—		416
Housing		—		1,667		—		1,667

Total Illinois		—		2,083		—		2,083

Indiana
Hospital		—		1,934		—		1,934
Housing		—		547		—		547
Industrial Development Revenue/Pollution Control Revenue		—		2,257		—		2,257
Water & Sewer		—		1,437		—		1,437

Total Indiana		—		6,175		—		6,175

Iowa
Education		—		1,168		—		1,168
Housing		—		2,939		—		2,939

Total Iowa		—		4,107		—		4,107



110	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Kentucky
Education	$	—	$	557	$	—	$	557
Industrial Development Revenue/Pollution Control Revenue		—		497		—		497

Total Kentucky		—		1,054		—		1,054

Louisiana
Housing		—		562		—		562
Other Revenue		—		470		—		470

Total Louisiana		—		1,032		—		1,032

Maine
Housing		—		1,639		—		1,639
Maryland
Housing		—		1,638		—		1,638
Massachusetts
Education		—		2,216		—		2,216
General Obligation		—		2,911		—		2,911
Housing		—		887		—		887
Water & Sewer		—		19,160		—		19,160

Total Massachusetts		—		25,174		—		25,174

Michigan
Education		—		687		—		687
Housing		—		1,333		—		1,333
Industrial Development Revenue/Pollution Control Revenue		—		2,096		—		2,096

Total Michigan		—		4,116		—		4,116

Minnesota
General Obligation		—		40		—		40
Housing		—		7,203		—		7,203

Total Minnesota		—		7,243		—		7,243

Mississippi
Housing		—		1,221		—		1,221
Missouri
Housing		—		2,218		—		2,218
New Hampshire
Education		—		5,547		—		5,547
Housing		—		233		—		233

Total New Hampshire		—		5,780		—		5,780

New Jersey
Education		—		2,833		—		2,833
General Obligation		—		1,537		—		1,537
Hospital		—		2,126		—		2,126
Industrial Development Revenue/Pollution Control Revenue		—		501		—		501
Transportation		—		2,255		—		2,255

Total New Jersey		—		9,252		—		9,252



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	111

NOTES TO FINANCIAL STATEMENTS

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


Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
New York
Housing	$	—	$	3,901	$	—	$	3,901
Other Revenue		—		7,227		—		7,227
Prerefunded		—		2,047		—		2,047
Special Tax		—		80		—		80
Transportation		—		8,340		—		8,340
Water & Sewer		—		7,335		—		7,335

Total New York		—		28,930		—		28,930

North Carolina
Other Revenue		—		1,230		—		1,230
Prerefunded		—		1,477		—		1,477
Water & Sewer		—		3,593		—		3,593

Total North Carolina		—		6,300		—		6,300

North Dakota
Housing		—		5,585		—		5,585
Utility		—		2,134		—		2,134

Total North Dakota		—		7,719		—		7,719

Ohio
General Obligation		—		1,877		—		1,877
Housing		—		1,606		—		1,606
Industrial Development Revenue/Pollution Control Revenue		—		1,969		��		1,969
Utility		—		76		—		76

Total Ohio		—		5,528		—		5,528

Oklahoma
Housing		—		859		—		859
Other Revenue		—		—		33		33

Total Oklahoma		—		859		33		892

Oregon
Housing		—		1,148		—		1,148
Pennsylvania
Housing		—		2,616		—		2,616
Industrial Development Revenue/Pollution Control Revenue		—		6,131		—		6,131
Other Revenue		—		2,122		—		2,122
Transportation		—		662		—		662

Total Pennsylvania		—		11,531		—		11,531

Rhode Island
Education		—		1,073		—		1,073
Housing		—		2,007		—		2,007
Transportation		—		2,958		—		2,958

Total Rhode Island		—		6,038		—		6,038

South Carolina
Housing		—		1,695		—		1,695
South Dakota
Housing		—		2,418		—		2,418
Tennessee
Housing		—		2,693		—		2,693
Utility		—		2,249		—		2,249
Water & Sewer		—		2,276		—		2,276

Total Tennessee		—		7,218		—		7,218



112	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017


Municipal Income Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Texas
General Obligation	$	—		$	4,436	$	—	$	4,436
Housing		—			1,642		—		1,642
Industrial Development Revenue/Pollution Control Revenue		—			919		—		919
Prerefunded		—			2,181		—		2,181
Transportation		—			4,455		—		4,455
Water & Sewer		—			845		—		845

Total Texas		—			14,478		—		14,478

Utah
Housing		—			5,815		—		5,815
Other Revenue		—			1,252		—		1,252

Total Utah		—			7,067		—		7,067

Vermont
Education		—			5,268		—		5,268
Housing		—			3,135		—		3,135

Total Vermont		—			8,403		—		8,403

Washington
General Obligation		—			2,361		—		2,361
Hospital		—			1,339		—		1,339
Housing		—			3,550		—		3,550

Total Washington		—			7,250		—		7,250

West Virginia
Industrial Development Revenue/Pollution Control Revenue		—			3,128		—		3,128
Wisconsin
Education		—			5,490		—		5,490

Total Municipal Bonds		—			270,211		33		270,244

Short-Term Investment Investment Company		11,125			—		—		11,125

Total Investments in Securities	$	11,125		$	270,211	$	33	$	281,369


Ohio Municipal Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,542		$	117,109	$	—	$	118,651


Short-Intermediate Municipal Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	101,600		$	2,399,887	$	—	$	2,501,487


Tax Free Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	12,493		$	307,311	$	—	$	319,804

Depreciation in Other Financial Instruments
Futures Contracts	$	(22	)	$	—	$	—	$	(22	)



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	113

NOTES TO FINANCIAL STATEMENTS

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


Ultra-Short Municipal Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	60,706	$	1,324,830	$	—	$	1,385,536

(a)	All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the six months ended August 31, 2017.

B. When Issued, Delayed Delivery Securities and Forward Commitments — Municipal Income Fund, Ohio Municipal Bond Fund and Ultra-Short Municipal 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 Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when issued, delayed delivery, or forward commitment basis is not accrued until settlement date.

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

The Funds did not have TBA purchase commitments outstanding as of August 31, 2017.

C. Futures Contracts — Tax Free Bond Fund used treasury and interest rate futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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

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

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended August 31, 2017 (amounts in thousands):


	Tax Free Bond Fund
Futures Contracts:
Average Notional Balance Short	$	7,664
Ending Notional Balance Short		7,366

(a)	For the period March 1, 2016 through August 31, 2017.

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).



114	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

D. Offering and Organizational Costs — Total offering costs of approximately $84,000 incurred in connection with the offering of shares of the Ultra-Short Municipal Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs incurred in connection with the organization of the Portfolio, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees. For the six months ended August 31, 2017, total offering costs amortized were approximately $21.000.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

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


	Class A			Class C			Class I*			Select Class			Total
Municipal Income Fund
Transfer agency fees	$	1		$	1		$	2			n/a		$	4
Sub-transfer agency fees		1			1			1			n/a			3

Ohio Municipal Bond Fund
Transfer agency fees		1			1			1			n/a			3
Sub-transfer agency fees		1			—	(a)		1			n/a			2

Short-Intermediate Municipal Bond Fund
Transfer agency fees		1			—	(a)		10		$	—	(a)		11
Sub-transfer agency fees		1			1			24			—	(a)		26

Tax Free Bond Fund
Transfer agency fees		7			1			2			n/a			10
Sub-transfer agency fees		3			1			2			n/a			6

Ultra-Short Municipal Fund
Transfer agency fees		—	(a)		n/a			—	(a)		n/a			—	(a)
Sub-transfer agency fees		—			n/a			—			n/a			—

(a)	Amount rounds to less than 500.

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund, Ohio Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

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

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	115

NOTES TO FINANCIAL STATEMENTS

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

3. Fees and Other Transactions with Affiliates

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


Municipal Income Fund	0.30	%
Ohio Municipal Bond Fund	0.30
Short-Intermediate Municipal Bond Fund	0.25
Tax Free Bond Fund	0.30
Ultra-Short Municipal Fund	0.15

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

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

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Select Class Shares of Short-Intermediate Municipal Bond Fund and Class I Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:


Class A	Class C
0.25%		0.75	%

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


	Front-End Sales Charge		CDSC
Municipal Income Fund	$	4	$	—
Ohio Municipal Bond Fund		2		—
Short-Intermediate Municipal Bond Fund		1		—
Tax Free Bond Fund		5		1

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class C			Class I*			Select Class
Municipal Income Fund		0.25	%		0.25	%		0.25	%		n/a
Ohio Municipal Bond Fund		0.25			0.25			0.25			n/a
Short-Intermediate Municipal Bond Fund**		0.25			0.25			0.25			0.25	%
Tax Free Bond Fund		0.25			0.25			0.25			n/a
Ultra-Short Municipal Fund		0.25			n/a			0.25			n/a

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of Municipal Income Fund, Ohio Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

**	Prior to April 3, 2017, the service fee for Class I Shares for Short-Intermediate Municipal Bond Fund was 0.10%.

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



116	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

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

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

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

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


	Class A			Class C			Class I*			Select Class
Municipal Income Fund		0.70	%		1.25	%		0.45	%		n/a
Ohio Municipal Bond Fund		0.75			1.25			0.50			n/a
Short-Intermediate Municipal Bond Fund		0.70			1.20			0.25			0.25	%
Tax Free Bond Fund		0.67			1.25			0.45			n/a
Ultra-Short Municipal Fund		0.45			n/a			0.25			n/a

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of the Municipal Income Fund, Ohio Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

The contractual limitations percentages in the table above are in place until at least October 31, 2018.

Prior to November 1, 2016, the contractual expense limitations for the Funds were as shown in the table below:


	Class A			Class C			Class I*			Select Class
Municipal Income Fund		0.82	%		1.39	%		0.57	%		n/a
Ohio Municipal Bond Fund		0.88			1.53			0.63			n/a
Short-Intermediate Municipal Bond Fund		0.75			1.25			0.25			0.50	%
Tax Free Bond Fund		0.67			1.36			0.50			n/a
Ultra-Short Municipal Fund		0.55			n/a			0.35			n/a

*	Effective April 3, 2017, the Institutional Class of Short-Intermediate Municipal Bond Fund and the Select Class of the Municipal Income Fund, Ohio Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund were renamed Class I.

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


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursement
Municipal Income Fund	$	206	$	116	$	53	$	375	$	—
Ohio Municipal Bond Fund		122		49		1		172		—
Short-Intermediate Municipal Bond Fund		1,144		762		2,008		3,914		—
Tax Free Bond Fund		211		131		95		437		—
Ultra-Short Municipal Fund		548		297		135		980		186

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/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 applicable Funds’ investment in such affiliated money market fund.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	117

NOTES TO FINANCIAL STATEMENTS

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

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


Municipal Income Fund	$	8
Ohio Municipal Bond Fund		2
Short-Intermediate Municipal Bond Fund		91
Tax Free Bond Fund		13
Ultra-Short Municipal Fund		41

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

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

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

During the six months ended August 31, 2017, Municipal Income Fund, Short-Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

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

4. Investment Transactions

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


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Municipal Income Fund	$	42,251	$	39,553
Ohio Municipal Bond Fund		5,456		7,932
Short-Intermediate Municipal Bond Fund		854,226		475,060
Tax Free Bond Fund		64,575		64,545
Ultra-Short Municipal Fund		1,413,801		262,688

During the six months ended August 31, 2017, 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 August 31, 2017 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	270,119	$	11,344	$	94	$	11,250
Ohio Municipal Bond Fund		111,734		6,941		24		6,917
Short-Intermediate Municipal Bond Fund		2,460,477		41,721		711		41,010
Tax Free Bond Fund		298,788		22,245		1,251		20,994
Ultra-Short Municipal Fund		1,384,314		1,256		34		1,222

The reclassifications for the Funds relate primarily to wash sale loss deferrals.

As of February 28, 2017, the Funds did not have net capital loss carryforwards.



118	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

6. Borrowings

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

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

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

Interest expense paid as a result of borrowing from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

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

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

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

7. Risks, Concentrations and Indemnifications

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

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


	Number of Affiliated Omnibus Accounts		% of the Fund
Municipal Income Fund		2		70.8	%
Ohio Municipal Bond Fund		1		65.2
Short-Intermediate Municipal Bond Fund		2		94.9
Tax Free Bond Fund		2		60.9
Ultra-Short Municipal Fund		1		99.1

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

Due to Municipal Income Fund investments in Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the underlying funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, including collateralized mortgage obligations and stripped mortgage-backed securities, equity securities, foreign and emerging markets securities, and convertible securities. These securities are subject to risks specific to their structure, sector or market.



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	119

NOTES TO FINANCIAL STATEMENTS

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

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

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

Specific risks and concentrations present in the underlying funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. The Ohio Municipal Bond Fund primarily invests in issuers in the State of Ohio. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest in the event of an issuer’s default may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

8. Investment Company Reporting Modernization

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

9. Subsequent Event

During the period September 1, 2017 through October 25, 2017, JPMorgan Ohio Municipal Fund had net redemptions of $35,572,389. This amount represented approximately 29.69% of the Fund’s net assets as of August 31, 2017.



120	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value March 1, 2017		Ending Account Value August 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Municipal Income Fund
Class A
Actual	$	1,000.00	$	1,031.60	$	3.53		0.69	%
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,028.00		6.34		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I (formerly Select Class)
Actual		1,000.00		1,033.10		2.25		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

Ohio Municipal Bond Fund
Class A
Actual		1,000.00		1,027.10		3.83		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class C
Actual		1,000.00		1,024.40		6.38		1.25
Hypothetical		1,000.00		1,018.90		6.36		1.25
Class I (formerly Select Class)
Actual		1,000.00		1,027.70		2.56		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50

Short-Intermediate Municipal Bond Fund
Class A
Actual		1,000.00		1,017.30		3.51		0.69
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,015.50		6.05		1.19
Hypothetical		1,000.00		1,019.21		6.06		1.19



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value March 1, 2017		Ending Account Value August 31, 2017		Expenses Paid During the Period*		Annualized Expense Ratio
Short-Intermediate Municipal Bond Fund (continued)
Class I (formerly Institutional Class)
Actual	$	1,000.00	$	1,019.60	$	1.22		0.24	%
Hypothetical		1,000.00		1,024.00		1.22		0.24

Tax Free Bond Fund
Class A
Actual		1,000.00		1,033.60		3.38		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66
Class C
Actual		1,000.00		1,030.00		6.34		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I (formerly Select Class)
Actual		1,000.00		1,034.90		2.26		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44

Ultra-Short Municipal Fund
Class A
Actual		1,000.00		1,003.50		2.22		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class I (formerly Select Class)
Actual		1,000.00		1,004.60		1.21		0.24
Hypothetical		1,000.00		1,024.00		1.22		0.24

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



122	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

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

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

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

The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders. With respect to the Ohio Municipal Bond Fund, the Trustees approved the liquidation of the Fund on or about December 8, 2017, and the continuation of the Advisory Agreement until its liquidation.

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

Nature, Extent and Quality of Services Provided by the Adviser

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	123

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including finan-

cial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Municipal Income Fund, Ohio Municipal Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

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



124	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

Fees Relative to Adviser’s Other Clients

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

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds which had at least one full year of performance at the time of review in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Trustees also considered the Funds’ performance in light of their investment strategies and high-quality focus as compared to those of the Peer Group and/or Universe which included competitor funds that did not have a similar focus. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered an analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of those Funds across various risk and return metrics including standard deviation, Sharpe ratio, credit quality, and duration compared to customized peer groups of funds with

similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

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

The Trustees noted that the Ohio Municipal Bond Fund’s performance for Class A shares was in the second, fifth and fifth quintiles based upon the Peer Group, and in the second, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees noted that performance for Class I shares was in the first, third, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2016, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, including the liquidation of the Fund on or about December 8, 2017, the Trustees concluded that the Fund’s performance was reasonable.

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



AUGUST 31, 2017	J.P. MORGAN MUNICIPAL BOND FUNDS	125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the fixed income committee at each of their regular meetings over the course of next year.

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

The Trustees noted the performance of the Ultra-Short Municipal Fund since its inception on May 31, 2016 as compared with that of a broad-based securities market index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

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

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

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

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

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



126	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2017

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees

John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	149	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	149	Trustee, Museum of Jewish Heritage (2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (1984-2012).	149	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	149	None

Raymond Kanner** (1953); Trustee of the Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	149	Director, Emerging Markets Growth Fund (1997-2016); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA), 2016-17; Advisory Board Member, Betterment for Business (2016-present) (robo advisor); Advisory Board Member, Blue Star Indexes (2013-present) (index creator); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	149	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	149	None

Marilyn McCoy*** (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	149	None


Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1985-2005).	149	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	149	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

Marian U. Pardo**** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	149	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).

Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Advisor, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-2015); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	149	Trustee, Wabash College (2000-present).

James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	149	None

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (149 funds).

Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***	Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

****

In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

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


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

J.P. Morgan Income Funds

Semi-Annual Report

August 31, 2017

(Unaudited)

JPMorgan Flexible Long/Short Fund

JPMorgan High Yield Opportunities Fund

Contents


CEO’s Letter			1
Fund Summary			2
Schedule of Portfolio Investments			8
Financial Statements			35
Financial Highlights			40
Notes to Financial Statements			42
Schedule of Shareholder Expenses			56
Board Approval of Investment Advisory Agreements			58

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

CEO’S LETTER

October 11, 2017 (Unaudited)

Dear Shareholder,

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

JPMorgan Flexible Long/Short Fund

Fund Summary

Six Months Ended August 31, 2017 (Unaudited)


Reporting Period Return:

Fund (Class I Shares) ^1,*		2.15%
Bloomberg Barclays Multiverse Corporate Index		5.97%
Net Assets as of 8/31/2017	$	26,392,699
Duration as of 8/31/2017		3.1 Years

Investment objective** and strategies

The JPMorgan Flexible Long/Short Fund (the “Fund”) seeks to provide total return. The Fund seeks to achieve its investment objective by taking long and short positions in global credit markets. The Fund is flexible and it is not managed to or constrained by a benchmark. Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the Adviser) has broad discretion to shift the Fund’s exposure among strategies and sectors and to invest in a wide variety of credit instruments based on changing market conditions and its view on the best mix of investment opportunities. In determining which investments to buy and sell for the Fund, the Adviser combines top down macroeconomic research with bottom up fundamental security analysis. In establishing the Fund’s macroeconomic views, the Adviser evaluates fundamental, technical and valuation factors along with macro themes from the Adviser’s broader fixed income team to determine the view on risk for the Fund overall. The Adviser uses bottom up fundamental research combined with quantitative analysis to evaluate the relative attractiveness of credit markets, sectors and individual credit instruments.


PORTFOLIO COMPOSITION***


Corporate Bonds			70.0%
Loan Assignments			26.8
Convertible Bonds			1.4
Others (each less than 1.0%)			0.3
Short-Term Investments			1.5

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

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

***

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

JPMorgan Flexible Long/Short Fund

Fund Summary

Six Months Ended August 31, 2017 (Unaudited)


AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2017


	INCEPTION DATE OF CLASS		6 MONTH*		1 YEAR		SINCE INCEPTION
CLASS A SHARES		June 30, 2016
With Sales Charge**				(1.80)%		(0.20)%		1.12%
Without Sales Charge				2.01		3.64		4.48
CLASS C SHARES		June 30, 2016
With CDSC***				0.73		2.09		3.93
Without CDSC				1.73		3.09		3.93
CLASS I SHARES
(FORMERLY SELECT CLASS SHARES)		June 30, 2016		2.15		3.93		4.76
CLASS R6 SHARES		June 30, 2016		2.30		4.20		5.03


*
		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.

LOGO

The Fund commenced operations on June 30, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Flexible Long/Short Fund, the Bloomberg Barclays Multiverse Corporate Index and the Lipper Alternative Credit Focus Funds Index from June 30, 2016 to August 31, 2017. 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 Corporate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Barclays Multiverse Corporate Index provides a broad-based measure of the international fixed-income bond market. The Lipper Alternative Credit Focus 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.

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2017 (Unaudited)


Reporting Period Return:

Fund (Class I Shares) ^1,*		2.72%
Bloomberg Barclays Global Aggregate Index - Hedged USD.		2.19%
Net Assets as of 8/31/2017	$	26,987,815

Investment objective** and strategies

The JPMorgan High Yield Opportunities Fund (the “Fund”) seeks a high level of current income. Capital appreciation is a secondary objective. The Fund’s principal investment strategy is to invest in high yield, high risk corporate debt securities and instruments from developed markets. The Fund will allocate its assets between U.S. and non-U.S. developed markets depending on investment opportunities. In addition to high yield corporate debt securities and instruments, the Fund also may invest in other types of high yield investments.


PORTFOLIO COMPOSITION***


Corporate Bonds			92.3%
Loan Assignments			3.8
Convertible Bonds			1.7
Short-Term Investment			2.2

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

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

***

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

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2017 (Unaudited) (continued)


TOTAL RETURNS AS OF AUGUST 31, 2017


	INCEPTION DATE OF CLASS	6 MONTH*		SINCE INCEPTION
CLASS A SHARES	November 1, 2016
With Sales Charge**			(1.21)%		3.46	%
Without Sales Charge			2.62		7.50
CLASS C SHARES	November 1, 2016
With CDSC***			1.33		6.01
Without CDSC			2.33		7.01
CLASS I SHARES
(FORMERLY SELECT CLASS SHARES)	November 1, 2016		2.72		7.68
CLASS R6 SHARES	November 1, 2016		2.82		7.86


*
		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.

LOGO

The Fund commenced operations on November 1, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Opportunities Fund and the Bloomberg Barclays Global Aggregate Index - Hedged USD from November 1, 2016 to August 31, 2017. 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 Global Aggregate Index - Hedged USD does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Barclays Global Aggregate Index - Hedged USD provides a broad-based measure of the international fixed-income bond market. Investors cannot invest directly in an index.

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

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Asset-Backed Securities — 0.1%

	20,000	American Airlines Pass-Through Trust, Series 2017-2, Class AA, 3.35%, 10/15/2029		20,210
	267	Continental Airlines Pass-Through Trust, Series 2003-ERJ1, 7.88%, 07/02/2018		273
		Total Asset-Backed Securities (Cost $20,272)		20,483


	Convertible Bonds — 1.4%
		Consumer Discretionary — 0.6%
		Internet & Direct Marketing Retail — 0.1%
	20,000	Ctrip.com International Ltd., (China), 1.00%, 07/01/2020		22,487
	10,000	Liberty Expedia Holdings, Inc., 1.00%, 06/30/2047 (e)		10,625

				33,112


		Media — 0.5%
		Liberty Interactive LLC,
	89,000	3.75%, 02/15/2030		61,521
	52,000	4.00%, 11/15/2029		35,880
	25,000	Live Nation Entertainment, Inc., 2.50%, 05/15/2019		30,875

				128,276

		Total Consumer Discretionary		161,388

		Energy — 0.2%
		Energy Equipment & Services — 0.1%
	20,000	Nabors Industries, Inc., 0.75%, 01/15/2024 (e)		14,500


		Oil, Gas & Consumable Fuels — 0.1%
	20,000	Oasis Petroleum, Inc., 2.63%, 09/15/2023		18,525
	10,000	SM Energy Co., 1.50%, 07/01/2021		8,794

				27,319

		Total Energy		41,819

		Health Care — 0.0% (g)
		Health Care Technology — 0.0% (g)
	5,000	Medidata Solutions, Inc., 1.00%, 08/01/2018		6,672


		Information Technology — 0.6%
		Communications Equipment — 0.1%
	25,000	Finisar Corp., 0.50%, 12/15/2036 (e)		24,031


		Electronic Equipment, Instruments & Components — 0.1%
	15,000	II-VI, Inc., 0.25%, 09/01/2022 (e)		15,759


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Internet Software & Services — 0.1%
	20,000	Zillow Group, Inc., 2.00%, 12/01/2021 (e)		21,438


		IT Services — 0.0% (g)
	10,000	Square, Inc., 0.38%, 03/01/2022 (e)		13,231


		Semiconductors & Semiconductor Equipment — 0.2%
	20,000	Cypress Semiconductor Corp., 4.50%, 01/15/2022		24,688
	25,000	ON Semiconductor Corp., 1.00%, 12/01/2020		28,625
	10,000	Teradyne, Inc., 1.25%, 12/15/2023 (e)		12,906

				66,219

		Software — 0.1%
	15,000	Red Hat, Inc., 0.25%, 10/01/2019		22,566

		Total Information Technology		163,244

		Total Convertible Bonds (Cost $359,457)		373,123


	Corporate Bonds — 68.8%
		Consumer Discretionary — 11.9%
		Auto Components — 0.7%
		American Axle & Manufacturing, Inc.,
	32,000	6.25%, 04/01/2025 (e)		31,840
	6,000	6.50%, 04/01/2027 (e)		5,910
	5,000	Dana Financing Luxembourg Sarl, 5.75%, 04/15/2025 (e)		5,219
	22,000	Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/2027		22,385
	EUR 100,000	LKQ Italia Bondco SpA, Reg. S, 3.88%, 04/01/2024		130,056

				195,410

		Automobiles — 1.4%
		General Motors Co.,
	75,000	4.00%, 04/01/2025		75,865
	10,000	6.75%, 04/01/2046		11,763
	GBP 100,000	Jaguar Land Rover Automotive plc, (United Kingdom), Reg. S, 3.88%, 03/01/2023		135,426
	15,000	Tesla, Inc., 5.30%, 08/15/2025 (e)		14,766
	EUR 100,000	Volvo Car AB, (Sweden), Reg. S, 3.25%, 05/18/2021		129,164

				366,984

		Distributors — 0.6%
	EUR 100,000	Alliance Automotive Finance plc, (United Kingdom), Reg. S, 6.25%, 12/01/2021		124,402
	18,000	LKQ Corp., 4.75%, 05/15/2023		18,450
	8,000	Performance Food Group, Inc., 5.50%, 06/01/2024 (e)		8,240

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Distributors — continued
	4,000	Univar USA, Inc., 6.75%, 07/15/2023 (e)		4,160

				155,252

		Diversified Consumer Services — 0.1%
	20,000	Service Corp. International, 7.50%, 04/01/2027		23,800


		Hotels, Restaurants & Leisure — 2.7%
	8,000	1011778 BC ULC, (Canada), 4.25%, 05/15/2024 (e)		8,100
	9,000	Boyd Gaming Corp., 6.88%, 05/15/2023		9,675
	31,000	Choice Hotels International, Inc., 5.75%, 07/01/2022		34,487
	EUR 110,000	Cirsa Funding Luxembourg SA, (Spain), Reg. S, 5.88%, 05/15/2023		137,802
	2,000	Eldorado Resorts, Inc., 6.00%, 04/01/2025		2,125
	5,000	Gateway Casinos & Entertainment Ltd., (Canada), 8.25%, 03/01/2024 (e)		5,213
	18,000	GLP Capital LP, 5.38%, 11/01/2023		19,485
	24,000	Golden Nugget, Inc., 8.50%, 12/01/2021 (e)		25,080
	EUR 125,000	International Game Technology plc, Reg. S, 4.75%, 02/15/2023		164,415
		KFC Holding Co.,
	5,000	4.75%, 06/01/2027 (e)		5,131
	10,000	5.25%, 06/01/2026 (e)		10,538
	11,000	Landry’s, Inc., 6.75%, 10/15/2024 (e)		11,138
		MGM Resorts International,
	21,000	6.00%, 03/15/2023		23,205
	30,000	8.63%, 02/01/2019		32,738
	GBP 100,000	Pizzaexpress Financing 2 plc, (United Kingdom), 6.63%, 08/01/2021		126,258
	9,000	Sabre GLBL, Inc., 5.25%, 11/15/2023 (e)		9,225
	72,000	Seminole Hard Rock Entertainment, Inc., 5.88%, 05/15/2021 (e)		72,180
	16,000	Six Flags Entertainment Corp., 4.88%, 07/31/2024 (e)		16,141

				712,936

		Household Durables — 0.4%
	10,000	CalAtlantic Group, Inc., 5.88%, 11/15/2024		10,850
		Lennar Corp.,
	33,000	4.50%, 06/15/2019		33,908
	15,000	4.88%, 12/15/2023		15,862
	8,000	M/I Homes, Inc., 6.75%, 01/15/2021		8,360
	10,000	Mattamy Group Corp., (Canada), 6.50%, 11/15/2020 (e)		10,200
	7,000	New Home Co., Inc. (The), 7.25%, 04/01/2022 (e)		7,245


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Household Durables — continued
	15,000	Tempur Sealy International, Inc., 5.50%, 06/15/2026		15,482

				101,907

		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	10,000	2.80%, 08/22/2024 (e)		10,125
	15,000	4.05%, 08/22/2047 (e)		15,463

				25,588

		Media — 4.7%
	EUR 200,000	Altice Luxembourg SA, (Luxembourg), Reg. S, 7.25%, 05/15/2022		252,795
	21,000	AMC Networks, Inc., 5.00%, 04/01/2024		21,656
	25,000	Cablevision SA, (Argentina), Reg. S, 6.50%, 06/15/2021		26,715
		Cablevision Systems Corp.,
	17,000	8.00%, 04/15/2020		18,806
	14,000	8.63%, 09/15/2017		14,021
	30,000	Charter Communications Operating LLC, 6.48%, 10/23/2045		34,503
	19,000	Cinemark USA, Inc., 4.88%, 06/01/2023		18,952
		Clear Channel Worldwide Holdings, Inc.,
	15,000	Series B, 6.50%, 11/15/2022		15,413
	16,000	Series B, 7.63%, 03/15/2020		15,940
		Comcast Corp.,
	20,000	3.20%, 07/15/2036		18,656
	30,000	4.75%, 03/01/2044		33,105
		Cox Communications, Inc.,
	65,000	3.35%, 09/15/2026 (e)		64,089
	30,000	3.50%, 08/15/2027 (e)		29,701
		CSC Holdings LLC,
	10,000	5.25%, 06/01/2024		10,262
	2,000	6.75%, 11/15/2021		2,211
	8,000	8.63%, 02/15/2019		8,740
		DISH DBS Corp.,
	2,000	5.88%, 11/15/2024		2,157
	41,000	6.75%, 06/01/2021		45,254
	10,000	7.75%, 07/01/2026		11,738
	4,000	EMI Music Publishing Group North America Holdings, Inc., 7.63%, 06/15/2024 (e)		4,410
	25,000	iHeartCommunications, Inc., 9.00%, 12/15/2019		19,875
	36,000	Live Nation Entertainment, Inc., 5.38%, 06/15/2022 (e)		37,530
	21,000	Nexstar Broadcasting, Inc., 6.13%, 02/15/2022 (e)		21,893
	EUR 100,000	SES SA, (Luxembourg), Reg. S, (EUR 5 year swap rate + 4.66%), 4.62%, 01/02/2022 (x) (y) (aa)		127,737

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Media — continued
	56,000	Sinclair Television Group, Inc., 6.13%, 10/01/2022		57,820
		Sirius XM Radio, Inc.,
	5,000	5.00%, 08/01/2027 (e)		5,137
	14,000	5.38%, 07/15/2026 (e)		14,700
	13,000	TEGNA, Inc., 5.50%, 09/15/2024 (e)		13,683
	EUR 100,000	Unitymedia GmbH, (Germany), Reg. S, 3.75%, 01/15/2027		120,216
		Univision Communications, Inc.,
	42,000	5.13%, 05/15/2023 (e)		42,735
	34,000	5.13%, 02/15/2025 (e)		34,170
		Viacom, Inc.,
	20,000	3.45%, 10/04/2026		19,288
	30,000	4.38%, 03/15/2043		25,760
	13,000	Videotron Ltd., (Canada), 5.00%, 07/15/2022		13,910
		WMG Acquisition Corp.,
	5,000	5.00%, 08/01/2023 (e)		5,162
	7,000	5.63%, 04/15/2022 (e)		7,289
	15,000	6.75%, 04/15/2022 (e)		15,750

				1,231,779

		Specialty Retail — 1.2%
	23,000	Arch Merger Sub, Inc., 8.50%, 09/15/2025 (e)		22,425
	EUR 100,000	Douglas GmbH, (Germany), Reg. S, 6.25%, 07/15/2022		128,251
	EUR 100,000	N&W Global Vending SpA, (Italy), Reg. S, 7.00%, 10/15/2023		125,176
		PetSmart, Inc.,
	2,000	5.88%, 06/01/2025 (e)		1,785
	13,000	7.13%, 03/15/2023 (e)		10,595
	5,000	8.88%, 06/01/2025 (e)		4,162
	13,000	Sally Holdings LLC, 5.50%, 11/01/2023		13,195
	2,000	Sonic Automotive, Inc., 6.13%, 03/15/2027		2,015

				307,604

		Textiles, Apparel & Luxury Goods — 0.0% (g)
	15,000	Hanesbrands, Inc., 4.63%, 05/15/2024 (e)		15,600

		Total Consumer Discretionary		3,136,860

		Consumer Staples — 2.5%
		Beverages — 0.3%
	15,000	Anheuser-Busch InBev Finance, Inc., (Belgium), 4.90%, 02/01/2046		17,092
	36,000	Cott Beverages, Inc., (Canada), 5.38%, 07/01/2022		37,395
	3,000	Cott Holdings, Inc., (Canada), 5.50%, 04/01/2025 (e)		3,146


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Beverages — continued
	20,000	DS Services of America, Inc., (Canada), 10.00%, 09/01/2021 (e)		21,160

				78,793

		Food & Staples Retailing — 0.6%
		Albertsons Cos. LLC,
	2,000	5.75%, 03/15/2025		1,803
	21,000	6.63%, 06/15/2024		20,044
	50,000	Kroger Co. (The), 4.45%, 02/01/2047		48,168
		New Albertson’s, Inc.,
	4,000	7.45%, 08/01/2029		3,491
	5,000	8.00%, 05/01/2031		4,363
	8,000	8.70%, 05/01/2030		7,340
	13,000	Rite Aid Corp., 6.13%, 04/01/2023 (e)		12,772
		SUPERVALU, Inc.,
	25,000	6.75%, 06/01/2021		24,125
	31,000	7.75%, 11/15/2022		29,450
	2,000	Tops Holding LLC, 8.00%, 06/15/2022 (e)		1,465

				153,021

		Food Products — 0.6%
	10,000	B&G Foods, Inc., 5.25%, 04/01/2025		10,275
	11,000	Dean Foods Co., 6.50%, 03/15/2023 (e)		11,192
	11,000	Dole Food Co., Inc., 7.25%, 06/15/2025 (e)		11,798
		JBS USA LUX SA, (Brazil),
	13,000	5.88%, 07/15/2024 (e)		13,079
	23,000	7.25%, 06/01/2021 (e)		23,508
	25,000	Kraft Heinz Foods Co., 4.38%, 06/01/2046		24,394
		Lamb Weston Holdings, Inc.,
	3,000	4.63%, 11/01/2024 (e)		3,094
	3,000	4.88%, 11/01/2026 (e)		3,113
		Post Holdings, Inc.,
	18,000	5.00%, 08/15/2026 (e)		18,000
	4,000	5.50%, 03/01/2025 (e)		4,160
	4,000	5.75%, 03/01/2027 (e)		4,140
		Smithfield Foods, Inc.,
	25,000	3.35%, 02/01/2022 (e)		25,407
	15,000	4.25%, 02/01/2027 (e)		15,757

				167,917

		Household Products — 0.1%
	9,000	Kronos Acquisition Holdings, Inc., (Canada), 9.00%, 08/15/2023 (e)		8,912
	23,000	Spectrum Brands, Inc., 6.13%, 12/15/2024		24,668

				33,580

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Personal Products — 0.2%
	18,000	Nature’s Bounty Co. (The), 7.63%, 05/15/2021 (e)		19,215
	9,000	Prestige Brands, Inc., 6.38%, 03/01/2024 (e)		9,608
	12,000	Revlon Consumer Products Corp., 6.25%, 08/01/2024		9,689

				38,512

		Tobacco — 0.7%
	50,000	Altria Group, Inc., 4.25%, 08/09/2042		51,033
		BAT Capital Corp., (United Kingdom),
	65,000	3.56%, 08/15/2027 (e)		65,927
	30,000	4.39%, 08/15/2037 (e)		30,860
	40,000	Philip Morris International, Inc., 4.25%, 11/10/2044		41,834

				189,654

		Total Consumer Staples		661,477

		Energy — 4.8%
		Energy Equipment & Services — 0.4%
	5,000	Diamond Offshore Drilling, Inc., 7.88%, 08/15/2025		5,012
	11,000	Nabors Industries, Inc., 5.50%, 01/15/2023		10,292
	17,000	Parker Drilling Co., 6.75%, 07/15/2022		12,920
	8,000	Rowan Cos., Inc., 7.38%, 06/15/2025		7,240
	30,485	Shelf Drilling Holdings Ltd., (United
		Arab Emirates), 9.50%, 11/02/2020 (e)		29,418
	12,350	Transocean Proteus Ltd., 6.25%, 12/01/2024 (e)		12,937
		Transocean, Inc.,
	5,000	6.80%, 03/15/2038		3,825
	9,000	9.00%, 07/15/2023 (e)		9,585
	2,000	Trinidad Drilling Ltd., (Canada), 6.63%, 02/15/2025 (e)		1,850
	15,000	Weatherford International Ltd., 6.75%, 09/15/2040		12,600

				105,679

		Oil, Gas & Consumable Fuels — 4.4%
	30,000	Anadarko Petroleum Corp., 3.45%, 07/15/2024		29,777
	10,000	Antero Resources Corp., 5.13%, 12/01/2022		10,025
	100,000	Boardwalk Pipelines LP, 5.95%, 06/01/2026		112,368
	40,000	Buckeye Partners LP, 4.35%, 10/15/2024		41,630
	18,000	California Resources Corp., 8.00%, 12/15/2022 (e)		9,945
		Cenovus Energy, Inc., (Canada),
	29,000	5.20%, 09/15/2043		26,586
	15,000	6.75%, 11/15/2039		16,210


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Oil, Gas & Consumable Fuels — continued
		Chesapeake Energy Corp.,
	7,000	Reg. S, 8.00%, 12/15/2022		7,236
	13,000	8.00%, 01/15/2025 (e)		12,529
	9,000	CITGO Petroleum Corp., 6.25%, 08/15/2022 (e)		9,090
	14,000	Continental Resources, Inc., 5.00%, 09/15/2022		14,070
	26,000	DCP Midstream Operating LP, 3.88%, 03/15/2023		25,317
	21,000	Energy Transfer Equity LP, 5.88%, 01/15/2024		22,628
		EP Energy LLC,
	13,000	7.75%, 09/01/2022		7,930
	13,000	8.00%, 02/15/2025 (e)		8,580
	8,000	9.38%, 05/01/2020		5,890
	14,000	Genesis Energy LP, 6.00%, 05/15/2023		13,720
	10,000	Hess Corp., 5.80%, 04/01/2047		9,993
	39,000	Hilcorp Energy I LP, 5.00%, 12/01/2024 (e)		36,855
	10,000	Magellan Midstream Partners LP, 4.25%, 09/15/2046		9,959
		MEG Energy Corp., (Canada),
	3,000	6.38%, 01/30/2023 (e)		2,396
	12,000	6.50%, 01/15/2025 (e)		11,145
	2,000	7.00%, 03/31/2024 (e)		1,590
	10,000	MPLX LP, 5.20%, 03/01/2047		10,312
	10,000	Oasis Petroleum, Inc., 6.88%, 03/15/2022		9,750
	45,000	ONEOK Partners LP, 6.13%, 02/01/2041		52,228
	85,000	Petroleos Mexicanos, (Mexico), 6.50%, 03/13/2027 (e)		95,072
	20,000	QEP Resources, Inc., 5.25%, 05/01/2023		19,000
	EUR 100,000	Repsol International Finance BV, (Spain), Reg. S, (EUR 10 year swap rate + 4.20%), 4.50%, 03/25/2075 (aa)		126,371
	15,000	Rockies Express Pipeline LLC, 6.00%, 01/15/2019 (e)		15,506
	11,000	SemGroup Corp., 5.63%, 07/15/2022		10,808
	10,000	SM Energy Co., 5.63%, 06/01/2025		9,050
	10,000	Summit Midstream Holdings LLC, 5.50%, 08/15/2022		10,025
	25,000	Sunoco Logistics Partners Operations LP, 5.30%, 04/01/2044		24,562
	13,000	Sunoco LP, 5.50%, 08/01/2020		13,381
	25,000	Tallgrass Energy Partners LP, 5.50%, 09/15/2024 (e)		25,000
	5,000	Targa Resources Partners LP, 5.13%, 02/01/2025 (e)		5,137
	48,000	TerraForm Power Operating LLC, SUB, 6.63%, 06/15/2025 (e)		50,880

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Oil, Gas & Consumable Fuels — continued
	EUR 100,000	TOTAL SA, (France), Reg. S, (EUR 5 year swap rate + 1.86%), 2.25%, 02/26/2021 (x) (y) (aa)		121,724
		Ultra Resources, Inc.,
	11,000	6.88%, 04/15/2022 (e)		10,821
	3,000	7.13%, 04/15/2025 (e)		2,925
	50,000	Western Gas Partners LP, 4.65%, 07/01/2026		51,997
		Whiting Petroleum Corp.,
	37,000	5.00%, 03/15/2019		36,630
	13,000	5.75%, 03/15/2021		12,220

				1,158,868

		Total Energy		1,264,547

		Financials — 21.7%
		Banks — 11.9%
	EUR 100,000	Allied Irish Banks plc, (Ireland), Reg. S, (EUR 5 year swap rate + 3.95%), 4.12%, 11/26/2025 (aa)		127,527
	EUR 200,000	Banco Bilbao Vizcaya Argentaria SA, (Spain), Reg. S, (EUR 5 year swap rate + 9.18%), 8.88%, 04/14/2021 (x) (y) (aa)		276,780
		Bank of America Corp.,
	45,000	(USD 3 Month LIBOR + 1.58%), 3.82%, 01/20/2028 (aa)		46,407
	225,000	Series X, (USD 3 Month LIBOR + 3.71%), 6.25%, 09/05/2024 (x) (y) (aa)		247,275
	EUR 100,000	Bank of Ireland, (Ireland), Reg. S, (EUR 5 year swap rate + 3.55%), 4.25%, 06/11/2024 (aa)		125,720
	EUR 100,000	Bankia SA, (Spain), Reg. S, (EUR 5 year swap rate + 3.35%), 3.38%, 03/15/2027 (aa)		124,016
	EUR 100,000	Bankinter SA, (Spain), Reg. S, (EUR 5 year swap rate + 2.40%), 2.50%, 04/06/2027 (aa)		121,533
	EUR 100,000	CaixaBank SA, (Spain), Reg. S, (EUR 5 year swap rate + 3.35%), 3.50%, 02/15/2027 (aa)		126,307
		CIT Group, Inc.,
	28,000	5.00%, 08/15/2022		30,307
	32,000	5.38%, 05/15/2020		34,360
	11,000	5.50%, 02/15/2019 (e)		11,509
		Citigroup, Inc.,
	60,000	4.30%, 11/20/2026		62,842
	20,000	Series O, (USD 3 Month LIBOR + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		20,900
	225,000	Series P, (USD 3 Month LIBOR + 3.91%), 5.95%, 05/15/2025 (x) (y) (aa)		243,000


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Banks — continued
	18,000	Series R, (USD 3 Month LIBOR + 4.48%), 6.12%, 11/15/2020 (x) (y) (aa)		19,271
	EUR 50,000	Commerzbank AG, (Germany), Reg. S, 4.00%, 03/23/2026		65,744
	GBP 15,000	Cooperatieve Rabobank UA, (Netherlands), Series 2541, 4.00%, 09/19/2022		22,023
	200,000	Credit Agricole SA, (France), (5-Year Swap Rate + 6.19%), 8.12%, 12/23/2025 (e) (x) (y) (aa)		237,000
	200,000	HSBC Holdings plc, (United Kingdom), (USD Swap Semi 5 Year + 5.51%), 6.87%, 06/01/2021 (x) (y) (aa)		217,600
		ING Groep NV, (Netherlands),
	EUR 100,000	(EUR 5 year swap rate + 2.85%), 3.00%, 04/11/2028 (aa)		129,750
	200,000	Reg. S, (5-Year Swap Rate + 5.12%), 6.87%, 04/16/2022 (x) (y) (aa)		215,600
	200,000	Intesa Sanpaolo SpA, (Italy), (5-Year Swap Rate + 5.46%), 7.70%, 09/17/2025 (e) (x) (y) (aa)		209,250
	20,000	Royal Bank of Scotland Group plc, (United Kingdom), 6.00%, 12/19/2023		22,163
	EUR 100,000	Societe Generale SA, (France), Reg. S, (EUR 5 year swap rate + 5.54%), 6.75%, 04/07/2021 (x) (y) (aa)		130,930
	25,000	Toronto-Dominion Bank (The), (Canada), (5-Year Swap Rate + 2.21%), 3.62%, 09/15/2031 (aa)		25,049
	EUR 100,000	UniCredit SpA, (Italy), Reg. S, (EUR 5 year swap rate + 4.32%), 4.38%, 01/03/2027 (aa)		127,785
	100,000	Wells Fargo & Co., 4.30%, 07/22/2027		106,598

				3,127,246

		Capital Markets — 5.0%
		Bank of New York Mellon Corp. (The),
	50,000	Series E, (USD 3 Month LIBOR + 3.42%), 4.95%, 06/20/2020 (x) (y) (aa)		51,750
	94,000	Series F, (USD 3 Month LIBOR + 3.13%), 4.62%, 09/20/2026 (x) (y) (aa)		95,175
	200,000	Credit Suisse Group AG, (Switzerland), (5-Year Swap Rate + 4.60%), 7.50%, 12/11/2023 (e) (x) (y) (aa)		224,981
	225,000	Goldman Sachs Group, Inc. (The), Series M, (USD 3 Month LIBOR + 3.92%), 5.38%, 05/10/2020 (x) (y) (aa)		234,000
	4,000	LPL Holdings, Inc., 5.75%, 09/15/2025 (e)		4,190
		Morgan Stanley,
	EUR 50,000	2.38%, 03/31/2021		64,103

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Capital Markets — continued
	30,000	3.13%, 07/27/2026		29,610
	75,000	3.88%, 01/27/2026		78,400
	20,000	4.38%, 01/22/2047		21,189
	225,000	Series H, (USD 3 Month LIBOR + 3.61%), 5.45%, 07/15/2019 (x) (y) (aa)		231,469
	18,000	MSCI, Inc., 5.25%, 11/15/2024 (e)		19,170
	EUR 200,000	UBS Group AG, (Switzerland), Reg. S, (EUR 5 year swap rate + 5.29%), 5.75%, 02/19/2022 (x) (y) (aa)		265,754

				1,319,791

		Consumer Finance — 2.1%
		Ally Financial, Inc.,
	20,000	4.25%, 04/15/2021		20,650
	19,000	4.63%, 03/30/2025		19,807
	50,000	Capital One Financial Corp., 3.75%, 04/24/2024		51,905
	3,000	FirstCash, Inc., 5.38%, 06/01/2024 (e)		3,161
	200,000	Ford Motor Credit Co. LLC, 4.38%, 08/06/2023		211,122
	55,000	General Motors Financial Co., Inc., 3.95%, 04/13/2024		56,314
	EUR 100,000	Lincoln Finance Ltd., (Netherlands),
		Reg. S, 6.88%, 04/15/2021		126,926
	42,000	Springleaf Finance Corp., 8.25%, 12/15/2020		47,250
	30,000	Synchrony Financial, 3.70%, 08/04/2026		29,657

				566,792

		Diversified Financial Services — 1.9%
	12,000	ACE Cash Express, Inc., 11.00%, 02/01/2019 (e)		11,940
	10,000	CNG Holdings, Inc., 9.38%, 05/15/2020 (e)		8,850
	3,000	CSTN Merger Sub, Inc., 6.75%, 08/15/2024 (e)		2,951
	200,000	EDP Finance BV, (Portugal), 5.25%, 01/14/2021 (e)		216,140
		Nationstar Mortgage LLC,
	37,000	6.50%, 07/01/2021		37,753
	20,000	7.88%, 10/01/2020		20,463
	GBP 100,000	Nationwide Building Society, (United Kingdom), Reg. S, (GBP SWAP 5 YR + 4.88%), 6.88%, 06/20/2019 (x) (y) (aa)		134,353
	65,000	Shell International Finance BV, (Netherlands), 4.13%, 05/11/2035		69,317

				501,767

		Insurance — 0.7%
	130,000	American International Group, Inc., 3.90%, 04/01/2026		135,845
	30,000	MetLife, Inc., 4.72%, 12/15/2044		33,626


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Insurance — continued
	GBP 9,000	Zurich Finance UK plc, (Switzerland), (U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.85%), 6.62%, 10/02/2022 (x) (y) (aa)		13,878

				183,349

		Thrifts & Mortgage Finance — 0.1%
	7,000	Ladder Capital Finance Holdings LLLP, 5.25%, 03/15/2022 (e)		7,210
	21,000	Quicken Loans, Inc., 5.75%, 05/01/2025 (e)		21,998

				29,208

		Total Financials		5,728,153

		Health Care — 3.6%
		Biotechnology — 0.2%
	40,000	AbbVie, Inc., 4.30%, 05/14/2036		41,805


		Health Care Equipment & Supplies — 0.2%
	13,000	Hologic, Inc., 5.25%, 07/15/2022 (e)		13,686
		Mallinckrodt International Finance SA,
	35,000	3.50%, 04/15/2018		35,088
	13,000	5.63%, 10/15/2023 (e)		12,447

				61,221


		Health Care Providers & Services — 1.9%
	20,000	Acadia Healthcare Co., Inc., 6.50%, 03/01/2024		21,500
		Centene Corp.,
	5,000	4.75%, 01/15/2025		5,162
	11,000	6.13%, 02/15/2024		11,839
		Community Health Systems, Inc.,
	10,000	6.25%, 03/31/2023		10,075
	5,000	7.13%, 07/15/2020		4,703
	48,000	DaVita, Inc., 5.13%, 07/15/2024		48,990
		Envision Healthcare Corp.,
	7,000	5.13%, 07/01/2022 (e)		7,271
	6,000	5.63%, 07/15/2022		6,240
		HCA, Inc.,
	54,000	5.00%, 03/15/2024		57,375
	10,000	5.50%, 06/15/2047		10,338
	29,000	5.88%, 03/15/2022		32,129
	21,000	5.88%, 05/01/2023		22,974
	31,000	IASIS Healthcare LLC, 8.38%, 05/15/2019		31,000
	3,000	Molina Healthcare, Inc., 4.88%, 06/15/2025 (e)		2,947
	20,000	MPH Acquisition Holdings LLC, 7.13%, 06/01/2024 (e)		21,450
	EUR 100,000	NewCo Sab MidCo SASU, (France), Reg. S, 5.38%, 04/15/2025		124,225

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued
		Health Care Providers & Services — continued
	17,000	Team Health Holdings, Inc., 6.38%, 02/01/2025 (e)		16,408
		Tenet Healthcare Corp.,
	6,000	4.63%, 07/15/2024 (e)		5,999
	10,000	5.13%, 05/01/2025 (e)		10,062
	39,000	6.75%, 06/15/2023		38,692
	2,000	7.00%, 08/01/2025 (e)		1,963
	10,000	WellCare Health Plans, Inc., 5.25%, 04/01/2025		10,475

				501,817

		Health Care Technology — 0.5%
		Quintiles IMS, Inc.,
	EUR 100,000	Reg. S, 3.25%, 03/15/2025		122,440
	11,000	4.88%, 05/15/2023 (e)		11,440

				133,880

		Pharmaceuticals — 0.8%
		Concordia International Corp., (Canada),
	32,000	7.00%, 04/15/2023 (e)		5,280
	2,000	9.00%, 04/01/2022 (e)		1,440
	50,000	Mylan NV, 3.95%, 06/15/2026		50,938
	70,000	Teva Pharmaceutical Finance Netherlands III BV, (Israel), 3.15%, 10/01/2026		64,117
		Valeant Pharmaceuticals International, Inc.,
	8,000	6.50%, 03/15/2022 (e)		8,390
	26,000	6.75%, 08/15/2021 (e)		24,895
	43,000	7.00%, 10/01/2020 (e)		42,893
	6,000	7.00%, 03/15/2024 (e)		6,367

				204,320

		Total Health Care		943,043

		Industrials — 6.7%
		Aerospace & Defense — 1.3%
		Arconic, Inc.,
	17,000	5.13%, 10/01/2024		18,020
	94,000	5.90%, 02/01/2027		102,460
	42,000	Bombardier, Inc., (Canada), 7.75%, 03/15/2020 (e)		45,950
	EUR 100,000	Leonardo SpA, (Italy), 4.88%, 03/24/2025		144,642
		TransDigm, Inc.,
	11,000	6.00%, 07/15/2022		11,385
	11,000	6.38%, 06/15/2026		11,316

				333,773

		Airlines — 0.4%
	82,232	Continental Airlines Pass-Through Trust, Series 2012-2, Class A, 4.00%, 10/29/2024		86,138


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Airlines — continued
	10,000	United Continental Holdings, Inc., 5.00%, 02/01/2024		10,175

				96,313

		Building Products — 1.1%
	3,000	Airxcel, Inc., 8.50%, 02/15/2022 (e)		3,172
	GBP 50,000	Cie de Saint-Gobain, (France), 5.63%, 11/15/2024		81,059
		Masco Corp.,
	15,000	3.50%, 11/15/2027		15,050
	65,000	4.38%, 04/01/2026		69,738
	14,000	NCI Building Systems, Inc., 8.25%, 01/15/2023 (e)		14,998
		Owens Corning,
	45,000	3.40%, 08/15/2026		44,792
	20,000	4.30%, 07/15/2047		19,408
	22,000	Standard Industries, Inc., 6.00%, 10/15/2025 (e)		23,650
	19,000	Summit Materials LLC, 6.13%, 07/15/2023		19,903

				291,770

		Commercial Services & Supplies — 0.7%
	3,000	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		3,090
	20,000	ADT Corp. (The), 4.13%, 06/15/2023		20,250
	25,000	GW Honos Security Corp., (Canada), 8.75%, 05/15/2025 (e)		26,693
	29,000	Prime Security Services Borrower LLC, 9.25%, 05/15/2023 (e)		32,045
	EUR 90,000	Verisure Holding AB, (Sweden), Reg. S, 6.00%, 11/01/2022		116,042

				198,120

		Construction & Engineering — 0.4%
	37,000	AECOM, 5.88%, 10/15/2024		40,469
	30,000	MasTec, Inc., 4.88%, 03/15/2023		30,450
	21,000	Tutor Perini Corp., 6.88%, 05/01/2025 (e)		22,522

				93,441

		Electrical Equipment — 0.7%
	EUR 100,000	NEW Areva Holding SA, (France), Reg. S, 3.13%, 03/20/2023		122,475
	19,000	Sensata Technologies BV, 5.63%, 11/01/2024 (e)		20,710
	38,000	Vertiv Group Corp., 9.25%, 10/15/2024 (e)		42,275

				185,460

		Machinery — 0.2%
	16,000	Navistar International Corp., 8.25%, 11/01/2021		16,120
		Novelis Corp.,
	5,000	5.88%, 09/30/2026 (e)		5,213

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued

		Machinery — continued
	10,000	6.25%, 08/15/2024 (e)		10,562
	3,000	Tennant Co., 5.63%, 05/01/2025 (e)		3,131
	11,000	Terex Corp., 5.63%, 02/01/2025 (e)		11,495
	5,000	Xylem, Inc., 4.38%, 11/01/2046		5,314

				51,835


		Professional Services — 0.0% (g)
	12,000	AMN Healthcare, Inc., 5.13%, 10/01/2024 (e)		12,300


		Road & Rail — 1.4%
		DAE Funding LLC, (United Arab Emirates),
	3,000	4.50%, 08/01/2022 (e)		3,060
	3,000	5.00%, 08/01/2024 (e)		3,067
	EUR 125,000	Europcar Groupe SA, (France), Reg. S, 5.75%, 06/15/2022		157,164
	GBP 41,090	Great Rolling Stock Co. Ltd. (The), (United Kingdom), Reg. S, 6.88%, 07/27/2035		70,690
	EUR 100,000	Loxam SAS, (France), Reg. S, 4.25%, 04/15/2024		127,949
	12,000	Park Aerospace Holdings Ltd., (Ireland), 5.25%, 08/15/2022 (e)		12,480

				374,410

		Trading Companies & Distributors — 0.4%
	18,000	Aircastle Ltd., 7.63%, 04/15/2020		20,092
	2,000	H&E Equipment Services, Inc., 5.63%, 09/01/2025 (e)		2,065
	14,000	HD Supply, Inc., 5.75%, 04/15/2024 (e)		15,015
	49,000	United Rentals North America, Inc., 5.50%, 05/15/2027		51,940
	9,000	WESCO Distribution, Inc., 5.38%, 06/15/2024		9,383

				98,495

		Transportation Infrastructure — 0.1%
	GBP 15,000	Autostrade per l’Italia SpA, (Italy), 6.25%, 06/09/2022		23,584

		Total Industrials		1,759,501

		Information Technology — 1.8%
		Communications Equipment — 0.3%
	32,000	Avaya, Inc., 7.00%, 04/01/2019 (e)		26,960
	12,000	CommScope Technologies LLC, 5.00%, 03/15/2027 (e)		11,958
	30,000	Harris Corp., 5.05%, 04/27/2045		34,503
		Nokia OYJ, (Finland),
	5,000	3.38%, 06/12/2022		5,050
	5,000	4.38%, 06/12/2027		5,136

				83,607


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Electronic Equipment, Instruments & Components —0.4%
		Anixter, Inc.,
	28,000	5.50%, 03/01/2023		30,100
	32,000	5.63%, 05/01/2019		33,560
	41,000	CDW LLC, 5.50%, 12/01/2024		44,946

				108,606

		Internet Software & Services — 0.3%
	35,000	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		37,144
		Zayo Group LLC,
	3,000	5.75%, 01/15/2027 (e)		3,184
	27,000	6.38%, 05/15/2025		29,016

				69,344

		IT Services — 0.4%
	30,000	Alliance Data Systems Corp., 5.38%, 08/01/2022 (e)		30,675
		First Data Corp.,
	30,000	5.00%, 01/15/2024 (e)		31,200
	20,000	5.75%, 01/15/2024 (e)		21,031
	10,000	7.00%, 12/01/2023 (e)		10,775

				93,681

		Semiconductors & Semiconductor Equipment — 0.0% (g)
	6,000	Micron Technology, Inc., 5.25%, 01/15/2024 (e)		6,240
	4,000	Versum Materials, Inc., 5.50%, 09/30/2024 (e)		4,210

				10,450

		Software — 0.2%
	6,000	Camelot Finance SA, 7.88%, 10/15/2024 (e)		6,510
	3,000	CURO Financial Technologies Corp., 12.00%, 03/01/2022 (e)		3,210
	17,000	Genesys Telecommunications Laboratories, Inc., 10.00%, 11/30/2024 (e)		19,337
	6,000	Infor Software Parent LLC, 7.13%, (cash), 05/01/2021 (e) (v)		6,120
	18,000	Infor US, Inc., 6.50%, 05/15/2022		18,360
	6,000	Informatica LLC, 7.13%, 07/15/2023 (e)		6,030
	2,000	j2 Cloud Services LLC, 6.00%, 07/15/2025 (e)		2,063

				61,630

		Technology Hardware, Storage & Peripherals — 0.2%
		Dell International LLC,
	3,000	4.42%, 06/15/2021 (e)		3,161
	8,000	5.45%, 06/15/2023 (e)		8,764
	3,000	5.88%, 06/15/2021 (e)		3,146
	3,000	7.13%, 06/15/2024 (e)		3,323

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
	25,000	EMC Corp., 3.38%, 06/01/2023		24,137
	10,000	Western Digital Corp., 7.38%, 04/01/2023 (e)		10,963

				53,494

		Total Information Technology		480,812

		Materials — 5.2%
		Chemicals — 1.7%
	15,000	Blue Cube Spinco, Inc., 10.00%, 10/15/2025		18,488
		CF Industries, Inc.,
	10,000	4.50%, 12/01/2026 (e)		10,407
	9,000	5.15%, 03/15/2034		8,482
	15,000	6.88%, 05/01/2018		15,450
	6,000	Chemours Co. (The), 5.38%, 05/15/2027		6,255
	43,000	CVR Partners LP, 9.25%, 06/15/2023 (e)		44,129
	10,000	Gates Global LLC, 6.00%, 07/15/2022 (e)		10,248
	21,000	Hexion, Inc., 6.63%, 04/15/2020		19,110
	EUR 100,000	INEOS Finance plc, (Luxembourg), Reg. S, 4.00%, 05/01/2023		123,207
	EUR 100,000	INEOS Group Holdings SA, (Luxembourg), Reg. S, 5.38%, 08/01/2024		127,182
	2,000	Koppers, Inc., 6.00%, 02/15/2025 (e)		2,120
	17,000	Olin Corp., 5.13%, 09/15/2027		17,595
	9,000	PolyOne Corp., 5.25%, 03/15/2023		9,450
	12,000	Scotts Miracle-Gro Co. (The), 5.25%, 12/15/2026		12,644
	4,000	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		4,090
	16,000	Valvoline, Inc., 4.38%, 08/15/2025 (e)		16,140

				444,997

		Construction Materials — 0.0% (g)
	9,000	US Concrete, Inc., 6.38%, 06/01/2024		9,720


		Containers & Packaging — 2.2%
	EUR 125,000	Ardagh Packaging Finance plc, (Ireland), Reg. S, 6.75%, 05/15/2024		166,663
	16,000	Berry Plastics Corp., 6.00%, 10/15/2022		16,940
	7,000	Owens-Brockway Glass Container, Inc., 5.00%, 01/15/2022 (e)		7,350
	35,000	Reynolds Group Issuer, Inc., (New Zealand), 5.75%, 10/15/2020		35,652
	EUR 125,000	SIG Combibloc Holdings SCA, (Luxembourg), Reg. S, 7.75%, 02/15/2023		157,360
	EUR 150,000	Verallia Packaging SASU, (France), Reg. S, 5.13%, 08/01/2022		189,157

				573,122


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Metals & Mining — 0.8%
		AK Steel Corp.,
	4,000	7.00%, 03/15/2027		4,070
	9,000	7.50%, 07/15/2023		9,742
	17,000	Aleris International, Inc., 7.88%, 11/01/2020		16,763
	10,000	Commercial Metals Co., 4.88%, 05/15/2023		10,300
		FMG Resources August 2006 Pty. Ltd., (Australia),
	4,000	4.75%, 05/15/2022 (e)		4,130
	5,000	5.13%, 05/15/2024 (e)		5,187
		Freeport-McMoRan, Inc.,
	17,000	3.55%, 03/01/2022		16,713
	17,000	3.88%, 03/15/2023		16,830
	13,000	5.45%, 03/15/2043		12,123
	10,000	Hudbay Minerals, Inc., (Canada), 7.25%, 01/15/2023 (e)		10,750
	9,000	Lundin Mining Corp., (Canada), 7.88%, 11/01/2022 (e)		9,810
	20,000	Southern Copper Corp., (Peru), 6.75%, 04/16/2040		24,486
	22,000	Steel Dynamics, Inc., 5.50%, 10/01/2024		23,623
	16,000	United States Steel Corp., 8.38%, 07/01/2021 (e)		17,680
	21,000	Vale Overseas Ltd., (Brazil), 6.25%, 08/10/2026		23,803

				206,010

		Paper & Forest Products — 0.5%
	25,000	Fibria Overseas Finance Ltd., (Brazil), 5.50%, 01/17/2027		25,890
	EUR 100,000	WEPA Hygieneprodukte GmbH, (Germany), Reg. S, 3.75%, 05/15/2024		123,658

				149,548

		Total Materials		1,383,397

		Real Estate — 0.7%
		Equity Real Estate Investment Trusts (REITs) — 0.7%
		CyrusOne LP,
	4,000	5.00%, 03/15/2024 (e)		4,170
	12,000	5.38%, 03/15/2027 (e)		12,690
	10,000	DuPont Fabros Technology LP, 5.63%, 06/15/2023		10,650
	14,000	Equinix, Inc., 5.75%, 01/01/2025		15,050
	24,000	Iron Mountain, Inc., 5.75%, 08/15/2024		24,481
	13,000	SBA Communications Corp., 4.88%, 07/15/2022		13,455
	5,000	Uniti Group LP, 7.13%, 12/15/2024 (e)		4,652
		VEREIT Operating Partnership LP,
	20,000	3.95%, 08/15/2027		20,063

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	67,000	4.60%, 02/06/2024		70,827

		Total Real Estate		176,038

		Telecommunication Services — 6.3%
		Diversified Telecommunication Services — 4.8%
		AT&T, Inc.,
	25,000	3.90%, 08/14/2027		25,262
	10,000	5.15%, 02/14/2050		10,084
	40,000	5.25%, 03/01/2037		42,149
		CCO Holdings LLC,
	5,000	5.00%, 02/01/2028 (e)		5,074
	25,000	5.13%, 05/01/2027 (e)		25,750
	16,000	5.75%, 02/15/2026 (e)		16,915
	18,000	5.88%, 04/01/2024 (e)		19,125
	8,000	5.88%, 05/01/2027 (e)		8,500
	21,000	Cincinnati Bell, Inc., 7.00%, 07/15/2024 (e)		20,790
	10,000	Consolidated Communications, Inc., 6.50%, 10/01/2022		9,656
	EUR 120,000	eircom Finance DAC, (Ireland), Reg. S, 4.50%, 05/31/2022		149,104
	56,000	Embarq Corp., 8.00%, 06/01/2036		56,840
		Frontier Communications Corp.,
	21,000	9.25%, 07/01/2021		19,268
	8,000	11.00%, 09/15/2025		6,980
		Intelsat Jackson Holdings SA, (Luxembourg),
	12,000	5.50%, 08/01/2023		10,020
	6,000	7.25%, 10/15/2020		5,711
	5,000	7.50%, 04/01/2021		4,689
	28,000	8.00%, 02/15/2024 (e)		30,144
	24,000	Level 3 Financing, Inc., 5.38%, 05/01/2025		24,660
		Qwest Corp.,
	9,000	6.75%, 12/01/2021		9,875
	30,000	7.13%, 11/15/2043		29,880
	15,000	Sprint Capital Corp., 6.88%, 11/15/2028		16,500
	EUR 110,000	Telecom Italia SpA, (Italy), Reg. S, 2.50%, 07/19/2023		138,970
		Verizon Communications, Inc.,
	20,000	(USD 3 Month LIBOR + 1.00%), 2.25%, 03/16/2022 (aa)		20,250
	65,000	5.25%, 03/16/2037		70,093
	EUR 120,000	Virgin Media Finance plc, (United Kingdom), Reg. S, 4.50%, 01/15/2025		149,845
	200,000	Virgin Media Secured Finance plc, (United Kingdom), 5.25%, 01/15/2026 (e)		208,500
	EUR 100,000	Wind Acquisition Finance SA, (Italy), Reg. S, 4.00%, 07/15/2020		120,354


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Diversified Telecommunication Services — continued
	10,000	Windstream Services LLC, 7.75%, 10/01/2021		7,925

				1,262,913

		Wireless Telecommunication Services — 1.5%
	11,000	Hughes Satellite Systems Corp., 5.25%, 08/01/2026		11,536
	EUR 100,000	Matterhorn Telecom SA, (Luxembourg), Reg. S, 3.88%, 05/01/2022		122,712
		Sprint Communications, Inc.,
	13,000	9.00%, 11/15/2018 (e)		14,040
	21,000	9.25%, 04/15/2022		26,093
		Sprint Corp.,
	25,000	7.13%, 06/15/2024		27,469
	20,000	7.63%, 02/15/2025		22,600
	9,000	7.88%, 09/15/2023		10,283
	EUR 100,000	Telefonica Europe BV, (Spain), Reg. S, (EUR 8 year swap rate + 5.59%), 7.62%, 09/18/2021 (x) (y) (aa)		142,273
		T-Mobile USA, Inc.,
	25,000	6.63%, 04/01/2023		26,344
	13,000	6.84%, 04/28/2023		13,747

				417,097

		Total Telecommunication Services		1,680,010

		Utilities — 3.6%
		Electric Utilities — 2.2%
	60,000	Emera US Finance LP, (Canada), 3.55%, 06/15/2026		61,132
	GBP 100,000	Enel SpA, (Italy), Reg. S, (GBP SWAP 5 YR + 4.09%), 6.62%, 09/15/2076 (aa)		146,033
	25,000	Exelon Corp., 4.45%, 04/15/2046		26,504
		FirstEnergy Corp.,
	30,000	Series B, 3.90%, 07/15/2027		30,649
	10,000	Series C, 4.85%, 07/15/2047		10,432
	GBP 50,000	Iberdrola Finanzas SA, (Spain), 7.38%, 01/29/2024		86,687
	200,000	Lamar Funding Ltd., (Oman), Reg. S, 3.96%, 05/07/2025		188,750
	21,000	Terraform Global Operating LLC, 9.75%, 08/15/2022 (e)		23,389

				573,576

		Gas Utilities — 0.0% (g)
	3,000	AmeriGas Partners LP, 5.50%, 05/20/2025		3,038


		Independent Power and Renewable Electricity Producers — 1.2%
		AES Corp.,
	6,000	(USD 3 Month LIBOR + 3.00%), 4.20%, 06/01/2019 (aa)		6,008
	9,000	5.50%, 03/15/2024		9,337

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Corporate Bonds — continued
		Independent Power and Renewable Electricity Producers — continued
	21,000	Calpine Corp., 5.88%, 01/15/2024 (e)		21,551
		Dynegy, Inc.,
	23,000	5.88%, 06/01/2023		22,828
	4,000	8.13%, 01/30/2026 (e)		4,130
	200,000	Empresa Electrica Angamos SA, (Chile), Reg. S, 4.88%, 05/25/2029		203,100
	41,000	GenOn Energy, Inc., 9.88%, 10/15/2020 (d)		28,290
	20,000	NRG Energy, Inc., 6.63%, 03/15/2023		20,700
	9,000	NRG Yield Operating LLC, 5.38%, 08/15/2024		9,405

				325,349

		Multi-Utilities — 0.1%
	GBP 15,000	innogy Finance BV, (Germany), Reg. S, 5.63%, 12/06/2023		23,860


		Water Utilities — 0.1%
	GBP 10,000	Northumbrian Water Finance plc, (United Kingdom), Reg. S, 6.88%, 02/06/2023		16,573

		Total Utilities		942,396

		Total Corporate Bonds (Cost $17,420,968)		18,156,234

	U.S. Treasury Obligation — 0.2%
	60,000	U.S. Treasury Notes, 2.25%, 08/15/2027 (Cost $60,588)		60,682


	Loan Assignments — 26.3% (cc)
		Consumer Discretionary — 5.8%
		Aerospace & Defense — 0.3%
	92,453	Entravision Communications Corp., Tranche B Term Loan, (3 Month LIBOR + 2.50%), 3.80%, 05/31/2020 (aa)		92,222


		Diversified Consumer Services — 0.5%
	148,858	Spin Holdco, Inc., Term Loan B, (2 Month LIBOR + 3.75%), 5.01%, 11/14/2022 (aa)		149,193


		Hotels, Restaurants & Leisure — 0.7%
	81,795	1011778 BC ULC, 1st Lien Term Loan B, (LIBOR + 2.25%), 3.51%, 02/16/2024 (aa)		81,513
	19,950	Hilton Worldwide Finance LLC, Series B-2 Term Loan, (1 Month LIBOR + 2.00%), 3.23%, 10/25/2023 (aa)		20,009


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Hotels, Restaurants & Leisure — continued
	14,187	Landry’s, Inc., 1st Lien Term Loan, (LIBOR + 2.75%), 3.98%, 10/04/2023 (aa)		14,049
	74,227	Seminole Hard Rock Entertainment, Inc., Term Loan B, (3 Month LIBOR + 2.75%), 4.05%, 05/14/2020 (aa)		74,274

				189,845

		Leisure Products — 0.6%
	150,000	Delta 2 Sarl, USD Facility B-3 Term loan, (1 Month LIBOR + 3.25%), 4.49%, 02/01/2024 (aa)		150,874


		Media — 3.5%
	90,000	Altice US Finance I Corp., Term Loan, (1 Month LIBOR + 2.25%), 3.48%, 07/28/2025 (aa)		89,297
	99,500	AMC Entertainment, Inc., Term Loan B, (1 Month LIBOR + 2.25%), 3.48%, 10/31/2023 (aa)		99,002
	98,997	Charter Communications Operating LLC, 1st Lien Term Loan H, (1 Month LIBOR + 2.00%), 3.24%, 01/15/2022 (aa)		99,258
	139,650	CSC Holdings LLC, 1st Lien Term Loan, (1 Month LIBOR + 2.25%), 3.48%, 07/17/2025 (aa)		138,661
	51,501	Gray Television, Inc., 1st Lien Term Loan B, (1 Month LIBOR + 2.50%), 3.73%, 02/07/2024 (aa)		51,553
	70,435	Sinclair Broadcast Group, Inc., 1st Lien Term Loan B, (1 Month LIBOR + 2.25%), 3.49%, 01/03/2024 (aa)		70,457
	74,724	Tribune Media Co., 1st Lien Term Loan B, (1 Month LIBOR + 3.00%), 4.24%, 01/26/2024 (aa)		74,849
	98,930	Univision Communications, Inc., 1st Lien Term Loan C-5, (1 Month LIBOR + 2.75%), 3.99%, 03/15/2024 (aa)		98,095
	76,805	WMG Acquisition Corp., Term Loan, (1 Month LIBOR + 2.50%), 3.74%, 11/01/2023 (aa)		76,832
	116,706	Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan, (1 Month LIBOR + 3.25%), 4.49%, 08/18/2023 (aa)		116,998

				915,002

		Multiline Retail — 0.2%
	45,250	JC Penney Corp., Term Loan B, (3 Month LIBOR + 4.25%), 5.57%, 06/23/2023 (aa) ^		44,534

		Total Consumer Discretionary		1,541,670

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Loan Assignments — continued

		Consumer Staples — 3.1%
		Food & Staples Retailing — 1.4%
	99,750	Albertson’s LLC, 1st Lien Term Loan, (3 Month LIBOR + 3.00%), 4.29%, 12/21/2022 (aa)		96,737
	99,500	Moran Foods LLC, Term Loan B, (1 Month LIBOR + 6.00%), 7.24%, 11/29/2023 (aa)		93,530
	65,461	SUPERVALU, Inc., Delayed Draw Term Loan, (1 Month LIBOR + 3.50%), 4.74%, 06/02/2024 (aa)		63,115
	109,102	SUPERVALU, Inc., Term Loan B, (1 Month LIBOR + 3.50%), 4.74%, 06/08/2024 (aa)		105,192

				358,574

		Food Products — 1.4%
	58,000	Dole Food Co., 1st Lien Term Loan B, (LIBOR + 3.00%), 4.09%, 04/06/2024 (aa)		58,109
	148,469	Hearthside Group Holdings LLC, 1st Lien Term Loan B, (1 Month LIBOR + 3.00%), 4.24%, 06/02/2021 (aa)		148,841
	79,752	JBS USA LLC, Term Loan B, (LIBOR + 1.50% - 2.50%), 3.80%, 10/30/2022 (aa)		78,789
	78,605	Pinnacle Foods Finance LLC, Term Loan B, (1 Month LIBOR + 2.00%), 3.23%, 02/02/2024 (aa)		78,772

				364,511

		Personal Products — 0.3%
	91,240	Prestige Brands, Inc., 1st Lien Term Loan B-4, (1 Month LIBOR + 2.75%) 3.99%, 01/26/2024 (aa)		91,340

		Total Consumer Staples		814,425

		Energy — 1.3%
		Oil, Gas & Consumable Fuels — 1.3%
	10,000	Chesapeake Energy Corp., 1st Lien Last Out, (3 Month LIBOR + 7.50%), 8.81%, 08/23/2021 (aa)		10,617
	195,541	Gulf Finance LLC, 1st Lien Term Loan B, (3 Month LIBOR + 5.25%), 6.55%, 08/25/2023 (aa)		176,638
	49,875	MEG Energy Corp., 1st Lien Term B Loan, (1 Month LIBOR + 3.50%), 4.73%, 12/31/2023(Canada) (aa)		49,439
	25,000	Summit Midstream Partners Holdings LLC, Senior Secured Term Loan, (1 Month LIBOR + 6.00%), 7.24%, 05/16/2022 (aa)		25,312
	81,400	Ultra Resources, Inc., Term Loan, (3 Month LIBOR + 3.00%), 4.31%, 04/12/2024 (aa)		81,264


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Oil, Gas & Consumable Fuels — continued

		Total Energy		343,270

		Health Care — 3.7%
		Health Care Equipment & Supplies — 0.9%
	148,864	Mallinckrodt International Finance, Term Loan B, (3 Month LIBOR + 2.75%), 4.05%, 09/24/2024 (aa)		149,004
	99,232	Pro Pharma Pharmaceutical Consultants, Inc., 1st Lien Term Loan, (LIBOR + 2.75%), 4.02%, 08/18/2022 (aa)		99,438

				248,442

		Health Care Providers & Services — 1.8%
	98,749	CHG Healthcare Services, Inc., Term Loan B, (LIBOR + 3.25%), 4.56%, 06/07/2023 (aa)		99,448
	60,014	Community Health Systems, Inc., Incremental 2021 Term H Loan, (LIBOR + 3.00%), 4.32%, 01/27/2021 (aa)		59,685
	181,844	MultiPlan, Inc., 1st Lien Term Loan B, (3 Month LIBOR + 3.00%), 4.30%, 06/07/2023 (aa)		182,488
	98,977	National Mentor Holdings, Inc., Tranche B Term Loan, (3 Month LIBOR + 3.00%), 4.30%, 01/31/2021 (aa)		99,534
	24,000	Surgery Center Holdings, Inc., Term Loan B, (3 Month LIBOR + 3.25%), 3.25%, 06/20/2024 (aa) ^		23,750

				464,905

		Pharmaceuticals — 1.0%
	83,505	Concordia Healthcare Corp., Initial Dollar Term Loan, (1 Month LIBOR + 4.25%), 5.48%, 10/21/2021(Canada) (aa)		59,265
	89,775	Grifols Worldwide Operations Ltd., Term Loan B, (1 Week LIBOR + 2.25%), 3.44%, 01/31/2025 (aa)		89,871
	123,769	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (1 Month LIBOR + 4.75%), 5.99%, 04/01/2022 (aa)		125,832

				274,968

		Total Health Care		988,315

		Industrials — 1.8%
		Aerospace & Defense — 0.8%
	60,000	MacDonald Dettwiler and Associates Ltd., Term Loan B, (3 Month LIBOR + 2.75%), 3.75%, 07/05/2024 (aa) ^		59,715

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


	Loan Assignments — continued
		Aerospace & Defense — continued
	148,500	TransDigm Group, Inc., Tranche F Term Loan, (1 Month LIBOR + 3.00%), 4.24%, 06/09/2023 (aa)		148,669

				208,384

		Commercial Services & Supplies — 0.9%
	85,432	Garda World Security Corp., 1st Lien Term Loan B, (Prime Rate by Country United States + 3.00%), 5.32%, 05/24/2024 (aa)		85,895
	149,376	Prime Security Services Borrower LLC, Term B-1 Loan, (1 Month LIBOR + 2.75%), 3.99%, 05/02/2022 (aa)		150,053

				235,948

		Machinery — 0.1%
	19,900	Zodiac Pool Solutions LLC, 1st Lien Term Loan, (3 Month LIBOR + 4.00%), 5.30%, 12/20/2023 (aa)		20,087

		Total Industrials		464,419

		Information Technology — 3.5%
		IT Services — 0.5%
	137,429	First Data Corp., 1st Lien Term Loan, (1 Month LIBOR + 2.25%), 3.49%, 07/08/2022 (aa)		137,257


		Semiconductors & Semiconductor Equipment — 1.0%
	169,391	Microsemi Corp., Closing Date Term B Loan, (3 Month LIBOR + 2.25%), 3.55%, 01/15/2023 (aa)		169,673
	71,454	ON Semiconductor Corp., 1st Lien Term Loan B, (1 Month LIBOR + 2.25%), 3.49%, 03/31/2023 (aa)		71,653
	19,850	Versum Materials, Inc., Senior Secured Term Loan B, (3 Month LIBOR + 2.50%), 3.80%, 09/29/2023 (aa)		19,933

				261,259

		Software — 2.0%
	76,347	Camelot Finance LP, 1st Lien Term Loan, (1 Month LIBOR + 3.50%), 4.74%, 10/03/2023 (aa)		76,647
	110,006	Infor US, Inc., Tranche B-6 Term Loan, (3 Month LIBOR + 2.75%), 4.05%, 02/01/2022 (aa)		109,653
	100,000	Qlik Technologies, Inc., 1st Lien Term Loan B, (3 Month LIBOR + 3.50%), 4.81%, 04/26/2024 (aa)		97,500
	79,800	Rackspace Hosting, Inc., 1st Lien Term Loan B, (LIBOR + 3.00%), 4.31%, 11/03/2023 (aa)		79,866
	148,504	SolarWinds, Inc., 1st Lien Term Loan, (1 Month LIBOR + 3.50%), 4.74%, 02/03/2023 (aa)		149,040


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE


		Software — continued

				512,706

		Total Information Technology		911,222

		Materials — 1.5%
		Chemicals — 0.6%
	100,000	Axalta Coating Systems US Holdings, Inc., Term Loan B, (3 Month LIBOR + 3.04%), 3.30%, 06/01/2024 (aa)		100,219
	49,497	PolyOne Corp., 1st Lien Term Loan B, (1 Month LIBOR + 2.00%), 3.23%, 11/11/2022 (aa)		49,621

				149,840

		Construction Materials — 0.3%
	92,250	Forterra Finance LLC, Term Loan B, (1 Month LIBOR + 3.00%), 4.24%, 10/25/2023 (aa) ^		76,741


		Containers & Packaging — 0.6%
	100,000	Berry Plastics Corp., Term Loan L, (1 Month LIBOR + 2.25%), 3.48%, 01/06/2021 (aa)		100,000
	43,000	Bway Holding Co., 1st Lien Term Loan, (1 Month LIBOR + 3.25%,, 4.48%, 04/03/2024 (aa)		43,013
	30,000	Consolidated Container, 1st Lien Term Loan B, (1 Month LIBOR + 3.50%), 4.74%, 05/22/2024 (aa)		30,150

				173,163

		Total Materials		399,744

		Real Estate — 0.4%
		Equity Real Estate Investment Trusts (REITs) — 0.4%
	99,750	GEO Group, Inc. (The), Term Loan, (1 Month LIBOR + 2.25%), 3.49%, 03/22/2024 (aa)		99,792


		Telecommunication Services — 2.0%
		Diversified Telecommunication Services — 2.0%
	100,000	Centurylink, Inc., 1st Lien Term Loan B, (1 Month LIBOR + 2.75%), 2.75%, 01/31/2025 (aa)		97,792
	20,000	Coral-US Co-Borrower LLC, Term Loan B-3, (3 Month LIBOR + 3.50%), 3.50%, 01/31/2025 (aa) ^		19,879
	97,500	Hargray Communications Group, Inc., Senior Secured Term Loan B, (1 Month LIBOR + 3.00%), 4.24%, 05/16/2024 (aa)		97,470
	150,000	Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, (Luxembourg) (3 Month LIBOR + 2.75%), 4.00%, 06/30/2019 (aa)		149,317

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE

	Loan Assignments — continued
		Diversified Telecommunication Services — continued
	100,000	US TelePacific Corp., 1st Lien Term Loan B, (3 Month LIBOR + 5.00%), 6.32%, 04/13/2023 (aa)		97,417
	53,622	Zayo Group LLC, Term B-2 Loan, (3 Month LIBOR + 2.25%), 3.48%, 01/19/2024 (aa)		53,626
	4,063	Zayo Group LLC, Term B-3 Loan, ( 0.00%), 3.50%, 01/19/2024 (aa) ^		4,063

		Total Telecommunication Services		519,564

		Utilities — 3.2%
		Electric Utilities — 1.2%
	83,300	Energy Future Intermediate Holding Co. LLC, DIP Term Loan, (3 Month LIBOR + 2.75%), 4.23%, 06/23/2018 (aa)		83,633
	46,518	Lightstone Holdco LLC, 1st Lien Term Loan B, (1 Month LIBOR + 4.50%), 5.74%, 01/30/2024 (aa)		46,196
	2,899	Lightstone Holdco LLC, 1st Lien Term Loan C, (1 Month LIBOR + 4.50%), 5.74%, 01/30/2024 (aa)		2,878
	162,043	Vistra (Texas Operations), Term Loan, (1 Month LIBOR + 2.75%,) 3.99%, 08/04/2023 (aa)		162,020
	37,143	Vistra (Texas Operations), Term Loan C, (1 Month LIBOR + 2.75%), 3.98%, 08/04/2023 (aa)		37,138

				331,865

		Independent Power and Renewable Electricity
		Producers — 2.0%
	148,485	Calpine Corp., Term Loan, (3 Month LIBOR + 2.75%), 4.05%, 01/15/2024 (aa)		147,952
	136,136	Dynegy, Inc., Term Loan, (1 Month LIBOR + 3.25%), 4.49%, 02/07/2024 (aa)		136,298
	148,500	NRG Energy, Inc., Term Loan, (3 Month LIBOR + 2.25%), 3.55%, 06/30/2023 (aa)		148,246
	93,469	Talen Energy Supply, Term Loan B-2, (1 Month LIBOR + 4.00%), 5.24%, 04/15/2024 (aa)		91,716

				524,212

		Total Utilities		856,077

		Total Loan Assignments (Cost $6,968,078)		6,938,498



SHARES		SECURITY DESCRIPTION	VALUE


	Short-Term Investments — 1.4%
		Investment Companies — 1.4%
	367,681	JPMorgan Prime Money Market Fund, Institutional Class Shares, 1.18% (b) (l)		367,792
	7,822	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l)		7,822

		Total Short-Term Investments (Cost $375,614)		375,614

		Total Investments — 98.2% (Cost $25,204,977)		25,924,634
		Other Assets in Excess of Liabilities — 1.8%		468,065

		NET ASSETS — 100.0%	$	26,392,699

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

OTC Credit default swaptions purchased outstanding as of August 31, 2017:

Description

Counterparty

Expiration
Date

Exercise
Rate

Pay
Financing
Rate

Receive
Floating Rate
Index

Implied
Credit
Spread
(%) ⁽¹⁾

Notional
Amount

Value ($)

Put Contracts

Buy Protection on 5 Year Credit Default Swap Index, expiring 10/18/2017, European Style

CitiBank, NA

10/18/2017

0.75%

1.00%

CDX.NA.IG.28- V1.June.2022

3.27

USD 3,950,000

2,178

Buy Protection on 5 Year Credit Default Swap Index, expiring 10/18/2017, European Style

Goldman Sachs
International

10/18/2017

0.70%

1.00%

CDX.NA.IG.28- V1.June.2022

3.27

USD 3,975,000

1,421

Total OTC swaptions purchased (Premiums Paid $7,919)

3,599

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


Futures contracts outstanding as of August 31, 2017:

Description	Number of Contracts		Expiration Date		Trading Currency		Notional Amount ($)		Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Ultra Note		10		12/2017		USD		1,365,469		7,712
U.S. Treasury Long Bond		1		12/2017		USD		156,094		1,443

										9,155


Short Contracts
Euro-Bobl		(5)		12/2017		EUR		(783,078)		(245)
Euro-Bund		(1)		12/2017		EUR		(193,103)		(132)
Euro-Schatz		(1)		12/2017		EUR		(133,521)		(7)
Long Gilt		(2)		12/2017		GBP		(329,224)		(1,520)
U.S. Treasury 2 Year Note		(2)		12/2017		USD		(432,625)		(4)
U.S. Treasury 10 Year Note		(5)		12/2017		USD		(635,000)		(3,175)

										(5,083)

										4,072

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


Forward foreign currency exchange contracts outstanding as of August 31, 2017:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	245,258		USD	289,888	Australia & New Zealand Banking Group Ltd.		09/05/2017		2,079
EUR	7,635		USD	8,963	BNP Paribas		09/05/2017		125
EUR	24,934		USD	29,385	Royal Bank of Canada		09/05/2017		298
GBP	691,271		USD	893,152	Australia & New Zealand Banking Group Ltd.		09/05/2017		731
USD	756,167		GBP	576,068	Australia & New Zealand Banking Group Ltd.		09/05/2017		11,253
USD	150,559		GBP	115,203	HSBC Bank, N.A.		09/05/2017		1,591
EUR	4,477		USD	5,295	Royal Bank of Canada		10/04/2017		42
USD	13,026		EUR	10,885	Australia & New Zealand Banking Group Ltd.		10/04/2017		48
USD	5,959,800		EUR	4,980,258	Goldman Sachs International		10/04/2017		21,746

Total unrealized appreciation									37,913

EUR	4,980,258		USD	5,950,153	Goldman Sachs International		09/05/2017		(21,406)
USD	9,780		EUR	8,349	BNP Paribas		09/05/2017		(159)
USD	19,982		EUR	16,937	Goldman Sachs International		09/05/2017		(181)
USD	6,114,144		EUR	5,201,017	HSBC Bank, N.A.		09/05/2017		(77,408)
USD	37,436		EUR	31,781	Royal Bank of Canada		09/05/2017		(398)
EUR	2,307		USD	2,755	Goldman Sachs International		10/04/2017		(4)
USD	273,534		EUR	230,944	Goldman Sachs International		10/04/2017		(1,825)
USD	894,095		GBP	691,271	Australia & New Zealand Banking Group Ltd.		10/04/2017		(699)

Total unrealized depreciation									(102,080)

Net unrealized depreciation									(64,167)


Over the Counter (“OTC”) Credit default swap contracts outstanding - buy protection(1) as of August 31, 2017:

Reference Entity	Financing Rate Paid by the Fund (%)	Frequency of Payments Made/Received	Counterparty	Maturity Date	Implied Credit Spread (%)⁽³⁾	Notional Amount⁽⁴⁾	Upfront Payments (Receipts) ($)⁽⁵⁾			Unrealized Appreciation (Depreciation) ($)			Value ($)
Baxter International, Inc., 1.70%, 08/15/2021	1.00	Quarterly	Goldman Sachs International	06/20/2022	0.27	USD 250,000		(9,684	)		649			(9,035	)
BMW Financial NV, 5.00%, 08/06/2018	1.00	Quarterly	Barclays Bank plc	12/20/2022	0.51	EUR 110,000		(3,469	)		(222	)		(3,691	)
Honeywell International, Inc., 5.70%, 03/15/2036	1.00	Quarterly	Goldman Sachs International	06/20/2022	0.24	USD 260,000		(10,033	)		274			(9,759	)
HP, Inc., 4.65%, 09/12/2021	1.00	Quarterly	Barclays Bank plc	06/20/2022	0.52	USD 250,000		(4,918	)		(1,082	)		(6,000	)
Rolls-Royce plc, 6.75%, 04/30/2019	1.00	Quarterly	Goldman Sachs International	12/20/2022	0.78	EUR 110,000		(2,065	)		269			(1,796	)
Unilever NV, 1.75%, 08/05/2020	1.00	Quarterly	Barclays Bank plc	12/20/2022	0.42	EUR 65,000		(2,467	)		(67	)		(2,534	)
United Parcel Service, Inc., 8.38%, 04/01/2030	1.00	Quarterly	Goldman Sachs International	06/20/2022	0.20	USD 260,000		(10,033	)		(152	)		(10,185	)
Vodafone Group plc, 5.00%, 06/04/2018	1.00	Quarterly	Goldman Sachs International	12/20/2022	0.71	EUR 65,000		(1,435	)		100			(1,335	)

								(44,104	)		(231	)		(44,335	)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Centrally Cleared Credit default swap contracts outstanding - buy protection(1) as of August 31, 2017:

Reference Entity

Financing
Rate Paid by
the Fund (%)

Frequency of
Payments

Made/Received

Maturity
Date

Implied
Credit
Spread
(%)⁽³⁾

Notional
Amount⁽⁴⁾

Upfront
Payments
(Receipts)
($)⁽⁵⁾

Unrealized
Appreciation
(Depreciation)
($)

Value ($)

CDX.NA.IG.28-V1

1.00

Quarterly

06/20/2022

0.58

USD 2,625,000

(41,065)

(14,275)

(55,340)

(41,065)

(14,275)

(55,340)


OTC Credit default swap contracts outstanding - sell protection(2) as of August 31, 2017:

Reference Entity	Financing Rate Received by the Fund (%)		Frequency of Payments Made/Received		Counterparty		Maturity Date		Implied Credit Spread (%)⁽³⁾		Notional Amount⁽⁴⁾		Upfront Payments (Receipts) ($)⁽⁵⁾		Unrealized Appreciation (Depreciation) ($)			Value ($)

ArcelorMittal, 6.13%, 06/01/2018		5.00		Quarterly		Goldman Sachs International		06/20/2022		1.62		EUR 50,000		6,992		3,029			10,021
Telefonica SA, 2.74%, 05/29/2019		1.00		Quarterly		Goldman Sachs International		12/20/2022		0.83		EUR 50,000		857		(212	)		645

														7,849		2,817			10,666

Centrally Cleared Credit default swap contracts outstanding - sell protection(2) as of August 31, 2017:

Reference Entity

Financing
Rate Received
by the Fund (%)

Frequency of
Payments
Made/
Received

Maturity
Date

Implied Credit
Spread (%)⁽³⁾

Notional
Amount⁽⁴⁾

Upfront
Payments
(Receipts)
($)⁽⁵⁾

Unrealized
Appreciation

(Depreciation) ($)

Value ($)

iTraxx Europe 27.1

1.00

Quarterly

06/20/2022

0.55

EUR 110,000

2,799

282

3,081

CDX.NA.IG.28-V1

1.00

Quarterly

06/20/2027

1.07

USD 950,000

(7,924)

4,623

(3,301)

(5,125)

4,905

(220)

Centrally Cleared Interest rate swap contracts outstanding as of August 31, 2017:

Floating Rate Index (a)

Fixed Rate

Pay/
Receive
Floating
Rate

Maturity
Date

Notional Amount

Upfront
Payments
(Receipts) ($)

Value and
Unrealized
Appreciation
(Depreciation)
($)

3 months LIBOR quarterly

2.34% semi-annually

Receive

04/10/2027

USD 675,000

–

(22,366)

(a) Value of floating rate index at August 31, 2017 was 1.32%.


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

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


(3)	—	Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(4)	—	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(5)	—	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).


Summary of total swap contracts outstanding as of August 31, 2017:
	Net Upfront Payments (Receipts) ($)		Value ($)
Assets
OTC Credit default swap contracts outstanding - sell protection		7,849		10,666

Total OTC swap contracts outstanding		7,849		10,666


Liabilities
OTC Credit default swap contracts outstanding - buy protection		(44,104)		(44,335)

Total OTC swap contracts outstanding		(44,104)		(44,335)

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Convertible Bonds — 1.7%
		Consumer Discretionary — 0.5%
		Media — 0.5%
	100,000	Live Nation Entertainment, Inc., 2.50%, 05/15/2019		123,500

		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	15,000	Chesapeake Energy Corp., 5.50%, 09/15/2026 (e)		12,516

		Information Technology — 1.2%
		Communications Equipment — 0.4%
	100,000	Finisar Corp., 0.50%, 12/15/2036 (e)		96,125

		Electronic Equipment, Instruments & Components — 0.4%
	100,000	II-VI, Inc., 0.25%, 09/01/2022 (e)		105,062

		Semiconductors & Semiconductor Equipment — 0.4%
	100,000	ON Semiconductor Corp., 1.00%, 12/01/2020		114,500

		Total Information Technology		315,687

		Total Convertible Bonds (Cost $421,393)		451,703

	Corporate Bonds — 91.7%
		Consumer Discretionary — 26.0%
		Auto Components — 3.4%
	EUR 150,000	Adient Global Holdings Ltd., Reg. S, 3.50%, 08/15/2024		183,237
		American Axle & Manufacturing, Inc.,
	75,000	6.25%, 04/01/2025 (e)		74,625
	65,000	6.50%, 04/01/2027 (e)		64,025
	40,000	Cooper-Standard Automotive, Inc., 5.63%, 11/15/2026 (e)		40,250
	135,000	Dana Financing Luxembourg SARL, 6.50%, 06/01/2026 (e)		144,787
	100,000	Goodyear Tire & Rubber Co. (The), 5.13%, 11/15/2023		104,624
	200,000	IHO Verwaltungs GmbH, (Germany), 4.50%, (cash), 09/15/2023 (e) (v)		203,500
	100,000	TI Group Automotive Systems LLC, (United Kingdom), 8.75%, 07/15/2023 (e)		105,402

				920,450

		Diversified Consumer Services — 0.4%
	100,000	Service Corp. International, 7.50%, 04/01/2027		119,000

		Hotels, Restaurants & Leisure — 7.2%
	105,000	1011778 BC ULC, (Canada), 6.00%, 04/01/2022 (e)		108,465


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Hotels, Restaurants & Leisure — continued
	245,889	Caesars Entertainment Operating Co., Inc., 9.13%, 02/15/2020 (d) (bb)		319,656
	EUR 100,000	Cirsa Funding Luxembourg SA, (Spain), Reg. S, 5.75%, 05/15/2021		125,592
	45,000	Constellation Merger Sub, Inc., 8.50%, 09/15/2025 (e)		43,988
	100,000	ESH Hospitality, Inc., 5.25%, 05/01/2025 (e)		103,000
	10,000	Hilton Grand Vacations Borrower LLC, 6.13%, 12/01/2024 (e)		10,975
		Hilton Worldwide Finance LLC,
	20,000	4.63%, 04/01/2025		20,898
	10,000	4.88%, 04/01/2027		10,575
	200,000	International Game Technology plc, 6.50%, 02/15/2025 (e)		224,500
	50,000	Interval Acquisition Corp., 5.63%, 04/15/2023		51,500
	80,000	Jack Ohio Finance LLC, 6.75%, 11/15/2021 (e)		83,200
		MGM Resorts International,
	390,000	4.63%, 09/01/2026		396,821
	10,000	6.00%, 03/15/2023		11,050
	GBP 100,000	Pizzaexpress Financing 2 plc, (United Kingdom), Reg. S, 6.63%, 08/01/2021		126,258
	125,000	Sabre GLBL, Inc., 5.38%, 04/15/2023 (e)		128,594
	60,000	Scientific Games International, Inc., 7.00%, 01/01/2022 (e)		64,050
	100,000	Wynn Las Vegas LLC, 5.50%, 03/01/2025 (e)		104,250

				1,933,372

		Household Durables — 0.5%
	5,000	American Greetings Corp., 7.88%, 02/15/2025 (e)		5,425
	120,000	Tempur Sealy International, Inc., 5.63%, 10/15/2023		124,950

				130,375

		Internet & Direct Marketing Retail — 0.5%
	EUR 100,000	eDreams ODIGEO SA, (Spain), 8.50%, 08/01/2021 (e)		129,538

		Leisure Products — 0.5%
	130,000	Vista Outdoor, Inc., 5.88%, 10/01/2023		133,250

		Media — 10.8%
	200,000	Altice Luxembourg SA, (Luxembourg), 7.75%, 05/15/2022 (e)		212,250
	95,000	AMC Entertainment Holdings, Inc., 5.75%, 06/15/2025		90,250
	50,000	CBS Radio, Inc., 7.25%, 11/01/2024 (e)		52,625

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Corporate Bonds — continued
		Media — continued
		Clear Channel Worldwide Holdings, Inc.,
	305,000	Series B, 6.50%, 11/15/2022		313,388
	190,000	Series B, 7.63%, 03/15/2020		189,287
		DISH DBS Corp.,
	115,000	5.88%, 07/15/2022		123,984
	430,000	5.88%, 11/15/2024		463,863
	20,000	7.75%, 07/01/2026		23,475
	55,000	Midcontinent Communications, 6.88%, 08/15/2023 (e)		59,400
	75,000	Quebecor Media, Inc., (Canada), 5.75%, 01/15/2023		80,250
	50,000	Regal Entertainment Group, 5.75%, 06/15/2023		51,187
	EUR 100,000	SES SA, (Luxembourg), Reg. S, (EUR 5 year swap rate + 4.66%), 4.62%, 01/02/2022 (x) (y) (aa)		127,737
	100,000	Sinclair Television Group, Inc., 5.63%, 08/01/2024 (e)		102,280
		Sirius XM Radio, Inc.,
	10,000	5.00%, 08/01/2027 (e)		10,275
	270,000	5.38%, 04/15/2025 (e)		285,417
	180,000	Unitymedia Hessen GmbH & Co. KG, (Germany), 5.50%, 01/15/2023 (e)		186,300
	200,000	UPCB Finance IV Ltd., (Netherlands), 5.38%, 01/15/2025 (e)		207,500
		Videotron Ltd., (Canada),
	25,000	5.13%, 04/15/2027 (e)		25,750
	200,000	5.38%, 06/15/2024 (e)		213,250
	90,000	WMG Acquisition Corp., 5.63%, 04/15/2022 (e)		93,713

				2,912,181

		Multiline Retail — 0.1%
	80,000	Neiman Marcus Group Ltd. LLC, 9.50%, (PIK), 10/15/2021 (e) (v)		33,465

		Specialty Retail — 2.2%
	70,000	Arch Merger Sub, Inc., 8.50%, 09/15/2025 (e)		68,250
	EUR 100,000	Fnac Darty SA, (France), 3.25%, 09/30/2023 (e)		125,126
	EUR 100,000	Kirk Beauty One GmbH, (Germany), Reg. S, 8.75%, 07/15/2023		129,575
	EUR 100,000	N&W Global Vending SpA, (Italy), Reg. S, 7.00%, 10/15/2023		125,176
		PetSmart, Inc.,
	35,000	5.88%, 06/01/2025 (e)		31,237
	95,000	7.13%, 03/15/2023 (e)		77,425
	30,000	8.88%, 06/01/2025 (e)		24,975

				581,764


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Textiles, Apparel & Luxury Goods — 0.4%
	EUR 90,000	SMCP Group SAS, (China), Reg. S, 5.88%, 05/01/2023		116,139

		Total Consumer Discretionary		7,009,534

		Consumer Staples — 2.9%
		Food & Staples Retailing — 1.0%
		Albertsons Cos. LLC,
	15,000	5.75%, 03/15/2025		13,519
	55,000	6.63%, 06/15/2024		52,497
	GBP 100,000	Iceland Bondco plc, (United Kingdom), Reg. S, 6.75%, 07/15/2024		142,888
	75,000	Rite Aid Corp., 6.13%, 04/01/2023 (e)		73,687

				282,591

		Food Products — 0.8%
	GBP 100,000	Boparan Finance plc, (United Kingdom), Reg. S, 5.25%, 07/15/2019		129,628
	25,000	Post Holdings, Inc., 5.50%, 03/01/2025 (e)		26,000
	50,000	TreeHouse Foods, Inc., 6.00%, 02/15/2024 (e)		52,875

				208,503

		Household Products — 1.0%
	100,000	Central Garden & Pet Co., 6.13%, 11/15/2023		106,500
	50,000	Energizer Holdings, Inc., 5.50%, 06/15/2025 (e)		52,500
	100,000	HRG Group, Inc., 7.75%, 01/15/2022		104,750

				263,750

		Personal Products — 0.1%
	40,000	High Ridge Brands Co., 8.88%, 03/15/2025 (e)		38,200

		Total Consumer Staples		793,044

		Energy — 8.8%
		Energy Equipment & Services — 0.6%
	30,000	Nabors Industries, Inc., 5.50%, 01/15/2023		28,069
	EUR 100,000	Saipem Finance International BV, (Italy), Reg. S, 3.75%, 09/08/2023		123,228
	10,000	Weatherford International Ltd., 9.88%, 02/15/2024 (e)		10,225

				161,522

		Oil, Gas & Consumable Fuels — 8.2%
	20,000	Alta Mesa Holdings LP, 7.88%, 12/15/2024 (e)		21,450
		Andeavor Logistics LP,
	20,000	5.25%, 01/15/2025		21,200
	100,000	5.88%, 10/01/2020		101,625

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	100,000	Antero Midstream Partners LP, 5.38%, 09/15/2024		102,000
	80,000	Blue Racer Midstream LLC, 6.13%, 11/15/2022 (e)		82,200
	15,000	Carrizo Oil & Gas, Inc., 8.25%, 07/15/2025		15,525
		Cheniere Corpus Christi Holdings LLC,
	30,000	5.13%, 06/30/2027 (e)		31,050
	35,000	5.88%, 03/31/2025		37,625
		Chesapeake Energy Corp.,
	92,000	8.00%, 12/15/2022 (e)		95,105
	45,000	8.00%, 01/15/2025 (e)		43,369
	60,000	8.00%, 06/15/2027 (e)		57,000
		Concho Resources, Inc.,
	10,000	5.50%, 10/01/2022		10,300
	55,000	5.50%, 04/01/2023		56,650
	120,000	Continental Resources, Inc., 4.50%, 04/15/2023		118,200
	15,000	Covey Park Energy LLC, 7.50%, 05/15/2025 (e)		15,056
	75,000	Denbury Resources, Inc., 5.50%, 05/01/2022		34,312
		EP Energy LLC,
	50,000	8.00%, 11/29/2024 (e)		48,875
	35,000	8.00%, 02/15/2025 (e)		23,100
	5,000	9.38%, 05/01/2020		3,681
	65,000	Halcon Resources Corp., 6.75%, 02/15/2025 (e)		65,325
	50,000	Laredo Petroleum, Inc., 7.38%, 05/01/2022		51,375
		MEG Energy Corp., (Canada),
	25,000	6.38%, 01/30/2023 (e)		19,969
	60,000	6.50%, 01/15/2025 (e)		55,725
	115,000	7.00%, 03/31/2024 (e)		91,425
	65,000	Newfield Exploration Co., 5.75%, 01/30/2022		68,575
		NGPL PipeCo LLC,
	35,000	4.38%, 08/15/2022 (e)		35,962
	10,000	4.88%, 08/15/2027 (e)		10,300
	150,000	Oasis Petroleum, Inc., 6.88%, 01/15/2023		143,550
	15,000	Parsley Energy LLC, 5.25%, 08/15/2025 (e)		15,000
	100,000	Regency Energy Partners LP, 5.50%, 04/15/2023		103,000
	15,000	RSP Permian, Inc., 5.25%, 01/15/2025 (e)		15,037
		SM Energy Co.,
	50,000	6.50%, 11/15/2021		48,313
	25,000	6.50%, 01/01/2023		23,937


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Oil, Gas & Consumable Fuels — continued
		Southwestern Energy Co.,
	65,000	4.10%, 03/15/2022		59,963
	40,000	6.70%, 01/23/2025		39,000
	25,000	Summit Midstream Holdings LLC, 5.75%, 04/15/2025		25,063
	100,000	Targa Resources Partners LP, 4.25%, 11/15/2023		99,250
	150,000	Whiting Petroleum Corp., 5.75%, 03/15/2021		141,000
	25,000	WildHorse Resource Development Corp., 6.88%, 02/01/2025 (e)		24,563
	140,000	WPX Energy, Inc., 8.25%, 08/01/2023		153,650

				2,208,305

		Total Energy		2,369,827

		Financials — 1.4%
		Banks — 0.7%
	150,000	Bank of America Corp., Series K, (USD 3 Month LIBOR + 3.63%), 8.00%, 01/30/2018 (x) (y) (aa)		152,723
		Citigroup, Inc.,
	20,000	Series N, (USD 3 Month LIBOR + 4.09%), 5.80%, 11/15/2019 (x) (y) (aa)		20,825
	25,000	Series O, (USD 3 Month LIBOR + 4.06%), 5.87%, 03/27/2020 (x) (y) (aa)		26,125

				199,673

		Diversified Financial Services — 0.7%
	50,000	Infinity Acquisition LLC, 7.25%, 08/01/2022 (e)		47,500
	EUR100,000	Worldpay Finance plc, (United Kingdom), Reg. S, 3.75%, 11/15/2022		133,710

				181,210

		Total Financials		380,883

		Health Care — 11.2%
		Health Care Equipment & Supplies — 1.2%
	EUR100,000	Auris Luxembourg II SA, (Luxembourg), Reg. S, 8.00%, 01/15/2023		126,771
	100,000	DJO Finco, Inc., 8.13%, 06/15/2021 (e)		95,030
	10,000	Hill-Rom Holdings, Inc., 5.00%, 02/15/2025 (e)		10,250
	100,000	Mallinckrodt International Finance SA, 5.63%, 10/15/2023 (e)		95,750

				327,801

		Health Care Providers & Services — 6.8%
	70,000	Air Medical Group Holdings, Inc., 6.38%, 05/15/2023 (e)		65,975
	50,000	DaVita, Inc., 5.00%, 05/01/2025		50,690
		HCA, Inc.,
	100,000	5.25%, 04/15/2025		107,875

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Corporate Bonds — continued

		Health Care Providers & Services — continued
	685,000	5.38%, 02/01/2025		722,675
	100,000	HealthSouth Corp., 5.75%, 11/01/2024		103,000
	90,000	Kindred Healthcare, Inc., 8.75%, 01/15/2023		87,075
	EUR 100,000	NewCo Sab MidCo SASU, (France), Reg. S, 5.38%, 04/15/2025		124,225
	EUR 150,000	Synlab Unsecured Bondco plc, (United Kingdom), Reg. S, 8.25%, 07/01/2023		198,071
		Tenet Healthcare Corp.,
	185,000	6.75%, 06/15/2023		183,539
	20,000	7.00%, 08/01/2025 (e)		19,628
	25,000	7.50%, 01/01/2022 (e)		27,000
	145,000	8.13%, 04/01/2022		152,250

				1,842,003

		Health Care Technology — 0.2%
	50,000	Quintiles IMS, Inc., 4.88%, 05/15/2023 (e)		52,000

		Pharmaceuticals — 3.0%
	21,000	inVentiv Group Holdings, Inc., 7.50%, 10/01/2024 (e)		23,205
		Valeant Pharmaceuticals International, Inc.,
	610,000	5.88%, 05/15/2023 (e)		520,025
	225,000	6.13%, 04/15/2025 (e)		189,844
	15,000	6.50%, 03/15/2022 (e)		15,731
	45,000	7.00%, 03/15/2024 (e)		47,756

				796,561

		Total Health Care		3,018,365

		Industrials — 8.0%
		Aerospace & Defense — 1.5%
	150,000	Arconic, Inc., 5.90%, 02/01/2027		163,500
	70,000	KLX, Inc., 5.88%, 12/01/2022 (e)		73,412
	EUR 90,000	Leonardo SpA, (Italy), 5.25%, 01/21/2022		127,219
	35,000	Triumph Group, Inc., 7.75%, 08/15/2025 (e)		36,015

				400,146

		Air Freight & Logistics — 0.4%
	100,000	XPO Logistics, Inc., 6.50%, 06/15/2022 (e)		105,000

		Building Products — 0.4%
	105,000	RSI Home Products, Inc., 6.50%, 03/15/2023 (e)		110,775

		Commercial Services & Supplies — 0.5%
	25,000	ACCO Brands Corp., 5.25%, 12/15/2024 (e)		25,750
	EUR 90,000	Verisure Holding AB, (Sweden), Reg. S, 6.00%, 11/01/2022		116,042

				141,792


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Construction & Engineering — 0.1%
	35,000	Great Lakes Dredge & Dock Corp., 8.00%, 05/15/2022 (e)		35,525

		Electrical Equipment — 0.2%
	65,000	General Cable Corp., 5.75%, 10/01/2022		66,462

		Machinery — 1.6%
	EUR 100,000	Galapagos SA, (Luxembourg), Reg. S, 5.38%, 06/15/2021		120,702
	55,000	Hillman Group, Inc. (The), 6.38%, 07/15/2022 (e)		52,663
	100,000	Novelis Corp., 5.88%, 09/30/2026 (e)		104,250
	40,000	Terex Corp., 5.63%, 02/01/2025 (e)		41,800
	100,000	Welbilt, Inc., 9.50%, 02/15/2024		115,250

				434,665

		Road & Rail — 2.5%
	125,000	Avis Budget Car Rental LLC, 6.38%, 04/01/2024 (e)		127,812
	EUR 100,000	Europcar Groupe SA, (France), Reg. S, 5.75%, 06/15/2022		125,732
	110,000	Herc Rentals, Inc., 7.75%, 06/01/2024 (e)		120,450
		Hertz Corp. (The),
	145,000	5.50%, 10/15/2024 (e)		123,250
	100,000	6.25%, 10/15/2022		93,000
	70,000	7.63%, 06/01/2022 (e)		70,613

				660,857

		Trading Companies & Distributors — 0.8%
		United Rentals North America, Inc.,
	55,000	4.88%, 01/15/2028		55,550
	150,000	5.50%, 07/15/2025		160,500

				216,050

		Total Industrials		2,171,272

		Information Technology — 6.7%
		Communications Equipment — 0.8%
	150,000	CommScope Technologies LLC, 6.00%, 06/15/2025 (e)		159,375
	50,000	Riverbed Technology, Inc., 8.88%, 03/01/2023 (e)		48,875

				208,250

		Internet Software & Services — 1.0%
	60,000	Cogent Communications Group, Inc., 5.38%, 03/01/2022 (e)		62,700
	100,000	Rackspace Hosting, Inc., 8.63%, 11/15/2024 (e)		106,125
	100,000	Zayo Group LLC, 6.38%, 05/15/2025		107,469

				276,294

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Corporate Bonds — continued
		IT Services — 1.3%
		First Data Corp.,
	10,000	5.38%, 08/15/2023 (e)		10,525
	295,000	5.75%, 01/15/2024 (e)		310,207
	25,000	Gartner, Inc., 5.13%, 04/01/2025 (e)		26,344

				347,076

		Semiconductors & Semiconductor Equipment — 1.1%
	100,000	Amkor Technology, Inc., 6.38%, 10/01/2022		103,250
	80,000	Entegris, Inc., 6.00%, 04/01/2022 (e)		83,400
	100,000	Micron Technology, Inc., 7.50%, 09/15/2023		110,875

				297,525

		Software — 1.7%
	100,000	ACI Worldwide, Inc., 6.38%, 08/15/2020 (e)		101,875
	20,000	Ascend Learning LLC, 6.88%, 08/01/2025 (e)		20,800
	260,000	Infor US, Inc., 6.50%, 05/15/2022		265,200
	70,000	Informatica LLC, 7.13%, 07/15/2023 (e)		70,350

				458,225

		Technology Hardware, Storage & Peripherals — 0.8%
		Western Digital Corp.,
	100,000	7.38%, 04/01/2023 (e)		109,625
	100,000	10.50%, 04/01/2024		118,625

				228,250

		Total Information Technology		1,815,620

		Materials — 8.1%
		Chemicals — 3.8%
	65,000	Gates Global LLC, 6.00%, 07/15/2022 (e)		66,612
	100,000	GCP Applied Technologies, Inc., 9.50%, 02/01/2023 (e)		112,500
	140,000	Hexion, Inc., 6.63%, 04/15/2020		127,400
	100,000	Huntsman International LLC, 5.13%, 11/15/2022		105,750
	200,000	INEOS Group Holdings SA, (Luxembourg), 5.63%, 08/01/2024 (e)		206,000
	100,000	LSB Industries, Inc., SUB, 8.50%, 08/01/2019		97,750
		NOVA Chemicals Corp., (Canada),
	45,000	4.88%, 06/01/2024 (e)		45,000
	20,000	5.25%, 06/01/2027 (e)		19,950
	60,000	Rain CII Carbon LLC, 7.25%, 04/01/2025 (e)		62,400
		Scotts Miracle-Gro Co. (The),
	15,000	5.25%, 12/15/2026		15,805
	100,000	6.00%, 10/15/2023		107,125


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Chemicals — continued
	35,000	Trinseo Materials Operating SCA, 5.38%, 09/01/2025 (e)		35,788
	25,000	Venator Finance Sarl, (Luxembourg), 5.75%, 07/15/2025 (e)		25,625

				1,027,705

		Containers & Packaging — 3.6%
		Ardagh Packaging Finance plc, (Ireland),
	200,000	7.25%, 05/15/2024 (e)		220,620
	EUR 200,000	Reg. S, 6.75%, 05/15/2024		266,661
	100,000	Reynolds Group Issuer, Inc., (New Zealand), 5.75%, 10/15/2020		101,864
	EUR 100,000	SIG Combibloc Holdings SCA, (Luxembourg), Reg. S, 7.75%, 02/15/2023		125,888
	EUR 100,000	Silgan Holdings, Inc., Reg. S, 3.25%, 03/15/2025		122,467
	EUR 100,000	Verallia Packaging SASU, (France), Reg. S, 5.13%, 08/01/2022		126,104

				963,604

		Metals & Mining — 0.2%
		Freeport-McMoRan, Inc.,
	20,000	3.88%, 03/15/2023		19,800
	40,000	4.55%, 11/14/2024		39,900

				59,700

		Paper & Forest Products — 0.5%
	EUR 100,000	WEPA Hygieneprodukte GmbH, (Germany), Reg. S, 3.75%, 05/15/2024		123,659

		Total Materials		2,174,668

		Real Estate — 1.9%
		Equity Real Estate Investment Trusts (REITs) — 1.9%
	75,000	CoreCivic, Inc., 4.63%, 05/01/2023		76,125
	125,000	GEO Group, Inc. (The), 5.13%, 04/01/2023		125,469
	100,000	MGM Growth Properties Operating Partnership LP, 5.63%, 05/01/2024		108,750
		Uniti Group LP,
	100,000	6.00%, 04/15/2023 (e)		100,250
	15,000	7.13%, 12/15/2024 (e)		13,955
	100,000	8.25%, 10/15/2023		97,710

		Total Real Estate		522,259

		Telecommunication Services — 14.9%
		Diversified Telecommunication Services — 10.2%
		CCO Holdings LLC,
	20,000	5.50%, 05/01/2026 (e)		20,850
	380,000	5.75%, 02/15/2026 (e)		401,732
	220,000	5.88%, 04/01/2024 (e)		233,750

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	EUR 100,000	Cellnex Telecom SA, (Spain), Reg. S, 2.38%, 01/16/2024		123,250
	155,000	CenturyLink, Inc., 5.63%, 04/01/2025		147,444
	EUR 150,000	eircom Finance DAC, (Ireland), Reg. S, 4.50%, 05/31/2022		186,379
	100,000	Frontier Communications Corp., 7.13%, 01/15/2023		78,500
		Intelsat Jackson Holdings SA, (Luxembourg),
	175,000	5.50%, 08/01/2023		146,125
	100,000	8.00%, 02/15/2024 (e)		107,655
	75,000	9.75%, 07/15/2025 (e)		76,313
	150,000	Level 3 Financing, Inc., 5.38%, 05/01/2025		154,125
	200,000	SFR Group SA, (France), 7.38%, 05/01/2026 (e)		216,004
	235,000	Sprint Capital Corp., 8.75%, 03/15/2032		291,400
	EUR 100,000	Telecom Italia SpA, (Italy), Reg. S, 3.63%, 05/25/2026		132,472
	200,000	Wind Acquisition Finance SA, (Italy), 7.38%, 04/23/2021 (e)		207,944
		Windstream Services LLC,
	10,000	6.38%, 08/01/2023		7,725
	275,000	7.50%, 06/01/2022		214,500
	10,000	7.75%, 10/15/2020		8,850

				2,755,018

		Wireless Telecommunication Services — 4.7%
	EUR 150,000	Matterhorn Telecom Holding SA, (Luxembourg), Reg. S, 4.88%, 05/01/2023		180,969
	580,000	Sprint Corp., 7.63%, 02/15/2025		655,400
	280,000	T-Mobile USA, Inc., 6.50%, 01/15/2024		298,900
	125,000	United States Cellular Corp., 6.70%, 12/15/2033		127,500

				1,262,769

		Total Telecommunication Services		4,017,787

		Utilities — 1.8%
		Electric Utilities — 1.0%
	EUR 100,000	EDP - Energias de Portugal SA, (Portugal), Reg. S, (EUR 5 year swap rate + 5.04%), 5.38%, 09/16/2075 (aa)		131,282
	EUR100,000	Enel SpA, (Italy), Reg. S, (EUR 5 year swap rate + 3.65%), 5.00%, 01/15/2075 (aa)		128,795

				260,077

		Gas Utilities — 0.1%
	30,000	AmeriGas Partners LP, 5.50%, 05/20/2025		30,375


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)


		Independent Power and Renewable Electricity Producers — 0.6%
	50,000	AES Corp., 4.88%, 05/15/2023		51,125
	125,000	Dynegy, Inc., 5.88%, 06/01/2023		124,062

				175,187

		Water Utilities — 0.1%
	20,000	CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/2025 (e)		20,400

		Total Utilities		486,039

		Total Corporate Bonds (Cost $23,794,915)		24,759,298

	Loan Assignments — 3.8% (cc)

		Consumer Discretionary — 2.1%
		Hotels, Restaurants & Leisure — 0.3%
	95,000	Club Corp Holdings, Inc., Term Loan B, (3 Month LIBOR + 3.25%), 3.25%, 08/16/2024 (aa) ^		94,366


		Leisure Products — 0.4%
	99,873	Steinway Musical Instruments, Inc., 1st Lien Term Loan, (3 Month LIBOR + 3.75%), 5.06%, 09/19/2019 (aa)		96,460


		Media — 0.4%
	150,000	iHeartCommunications, Inc., Term Loan D, (1 Month LIBOR + 6.75%), 7.99%, 01/30/2019 (aa)		120,000


		Multiline Retail — 0.3%
	114,407	Neiman Marcus Group, Inc., Other Term Loan, (1 Month LIBOR + 3.25%), 4.48%, 10/25/2020 (aa)		84,063


		Specialty Retail — 0.7%
	88,060	J Crew Group, Inc., Initial Loan, (3 Month LIBOR + 3.22%), 4.49%, 03/05/2021 (aa)		51,012
	140,000	Staples, Inc., 1st Lien Term Loan, (3 Month LIBOR + 4.25%), 5.25%, 08/15/2024 (aa) ^		139,268

				190,280

		Total Consumer Discretionary		585,169

		Energy — 0.2%
		Oil, Gas & Consumable Fuels — 0.2%
	49,875	MEG Energy Corp., 1st Lien Term B Loan, (Canada), (1 Month LIBOR + 3.50%), 4.73%, 12/31/2023 (aa)		49,439

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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


PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)

	Loan Assignments — continued
		Health Care — 0.4%
		Health Care Equipment & Supplies — 0.4%
	99,233	Ortho-Clinical Diagnostics, Inc., Initial Term Loan, (3 Month LIBOR + 3.75%), 5.05%, 06/30/2021 (aa)		99,417

		Industrials — 0.3%
		Machinery — 0.3%
	75,000	Accudyne Industries Borrower S.C.A., Term Loan B, (3 Month LIBOR + 3.75%), 5.01%, 08/18/2024 (aa)		74,977

		Information Technology — 0.3%
		Software — 0.3%
	82,511	Veritas US, Inc., 1st Lien Term Loan B1, (3 Month LIBOR + 4.50%), 5.80%, 01/27/2023 (aa)		83,096

		Materials — 0.4%
		Containers & Packaging — 0.4%
	110,000	Bway Holding Co., 1st Lien Term Loan, (1 Month LIBOR + 3.25%), 4.48%, 04/03/2024 (aa)		110,034

		Real Estate — 0.1%
		Real Estate Management & Development — 0.1%
	25,000	CityCenter Holdings LLC, Term B Loan, (1 Month LIBOR + 2.50%), 3.73%, 04/18/2024 (aa)		25,037

		Total Loan Assignments (Cost $1,046,051)		1,027,169


SHARES

	Short-Term Investment — 2.2%
		Investment Company — 2.2%
	580,628	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.88% (b) (l) (Cost $580,628)		580,628

		Total Investments — 99.4% (Cost $25,842,987)		26,818,798
		Other Assets in Excess of Liabilities — 0.6%		169,017

		NET ASSETS — 100.0%	$	26,987,815

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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

Futures contracts outstanding as of August 31, 2017:

Description

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount ($)

Value and
Unrealized
Appreciation
(Depreciation) ($)

Short Contracts

U.S. Treasury 10 Year Note

(4)

12/2017

USD

(508,000)

(2,665)

U.S. Treasury 5 Year Note

(6)

12/2017

USD

(711,000)

(1,935)

(4,600)



Forward foreign currency contracts outstanding as of August 31, 2017:
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	183,235		USD	217,400	National Australia Bank Ltd.		09/05/2017		732
EUR	6,063		USD	7,156	Royal Bank of Canada		09/05/2017		62
USD	415,341		GBP	316,373	Australia & New Zealand Banking Group Ltd.		09/05/2017		6,239
USD	4,129,101		EUR	3,450,508	State Street Corp.		10/04/2017		14,995

Total unrealized appreciation									22,028

GBP	3,528		USD	4,672	National Australia Bank Ltd.		09/05/2017		(110)
USD	6,846		EUR	5,794	Barclays Bank plc		09/05/2017		(51)
USD	7,943		EUR	6,777	Goldman Sachs International		09/05/2017		(125)
USD	22,499		EUR	19,076	Royal Bank of Canada		09/05/2017		(210)
USD	4,241,345		EUR	3,608,159	State Street Corp.		09/05/2017		(53,988)
EUR	119,095		USD	142,217	Australia & New Zealand Banking Group Ltd.		10/04/2017		(218)
USD	404,655		GBP	312,845	Royal Bank of Canada		10/04/2017		(297)

Total unrealized depreciation									(54,999)

Net unrealized depreciation									(32,971)

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Income Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2017 (Unaudited)


CDX	—	Credit Derivative Index
DIP	—	Debtor-in-possession
EUR	—	Euro
GBP	—	British Pound
LIBOR	—	London Interbank Offered Rate
Reg. S	—	Security was purchased pursuant to Regulation S under the Securities Act of 1933, 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 of 1933, or pursuant to an exemption from registration.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of August 31, 2017.
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%.
(l)	—	The rate shown is the current yield as of August 31, 2017.
(v)	—	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(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 August 31, 2017.
(y)	—	Security is an interest bearing note with preferred security characteristics.
(aa)	—	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2017.
(bb)	—	Security has been valued using significant unobservable inputs.
(cc)	—	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
^	—	All or a portion of the security is unsettled as of August 31, 2017. 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.

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2017 (Unaudited)


	Flexible Long/Short Fund		High Yield Opportunities Fund

ASSETS:
Investments in non-affiliates, at value	$	25,549,020	$	26,238,170
Investments in affiliates, at value		375,614		580,628
Options purchased, at value		3,599		—
Cash		97,329		949
Foreign currency, at value		10,934		14,736
Deposits at broker for futures contracts		36,000		30,000
Deposits at broker for centrally cleared swaps		40,053		—
Due from custodian		5,215		—
Receivables:
Investment securities sold		439,522		159,366
Interest from non-affiliates		297,858		387,885
Dividends from affiliates		425		378
Tax reclaims		2,547		—
Variation margin on futures contracts		4,030		—
Variation margin on centrally cleared swaps (net upfront receipts of $46,190)		2,432		—
Unrealized appreciation on forward foreign currency exchange contracts		37,913		22,028
Outstanding swap contracts, at value (net upfront payments of $7,849)		10,666		—
Due from Adviser		9,742		13,902
Deferred offering costs		—		7,129
Prepaid expenses		—		50

Total Assets		26,922,899		27,455,221


LIABILITIES:
Payables:
Investment securities purchased		298,184		325,867
Variation margin on futures contracts		—		1,151
Unrealized depreciation on forward foreign currency exchange contracts		102,080		54,999
Outstanding swap contracts, at value (net upfront receipts of $44,104)		44,335		—
Accrued liabilities:
Distribution fees		18		18
Service fees		5,451		4,419
Custodian and accounting fees		10,914		8,566
Collateral management fees		2,069		—
Trustees’ and Chief Compliance Officer’s fees		—		22
Audit fees		65,823		69,839
Other		1,326		2,525

Total Liabilities		530,200		467,406

Net Assets	$	26,392,699	$	26,987,815

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF ASSETS AND LIABILITIES

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


	Flexible Long/Short Fund			High Yield Opportunities Fund

NET ASSETS:
Paid-in-Capital	$	25,932,991		$	26,080,616
Accumulated undistributed (distributions in excess of) net investment income		338,817			2,248
Accumulated net realized gains (losses)		(509,176	)		(22,305	)
Net unrealized appreciation (depreciation)		630,067			927,256

Total Net Assets	$	26,392,699		$	26,987,815


Net Assets:
Class A	$	21,053		$	21,521
Class C		20,930			21,422
Class I (formerly Select Class)		26,329,540			26,923,280
Class R6		21,176			21,592

Total	$	26,392,699		$	26,987,815


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,070			2,077
Class C		2,061			2,068
Class I (formerly Select Class)		2,586,975			2,598,923
Class R6		2,079			2,084

Net Asset Value (a):
Class A - Redemption price per share	$	10.17		$	10.36
Class C - Offering price per share (b)		10.15			10.36
Class I (formerly Select Class) - Offering and redemption price per share		10.18			10.36
Class R6 - Offering and redemption price per share		10.19			10.36
Class A maximum sales charge		3.75	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	10.57		$	10.76


Cost of investments in non-affiliates	$	24,829,363		$	25,262,359
Cost of investments in affiliates		375,614			580,628
Cost of options purchased		7,919			—
Cost of foreign currency		10,938			14,381

(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.

STATEMENTS OF OPERATIONS

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


	Flexible Long/Short Fund			High Yield Opportunities Fund

INVESTMENT INCOME:
Interest income from non-affiliates	$	600,333		$	779,772
Interest income from affiliates		124			—
Dividend income from affiliates		4,222			2,744
Foreign taxes withheld		(43	)		131

Total investment income		604,636			782,647


EXPENSES:
Investment advisory fees		65,695			80,145
Administration fees		10,724			10,902
Distribution fees:
Class A		26			27
Class C		78			80
Service fees:		32,820			33,367
Class A		26			27
Class C		26			27
Class I (formerly Select Class)		32,769			33,313
Custodian and accounting fees		25,935			16,372
Collateral management fees		6,974			—
Interest expense to affiliates		59			40
Professional fees		57,940			61,044
Trustees’ and Chief Compliance Officer’s fees		12,972			12,944
Printing and mailing costs		1,199			2,275
Registration and filing fees		1,859			2,579
Transfer agency fees (See Note 2.I.)		492			513
Offering costs		24,959			21,154
Other		4,685			4,927

Total expenses		246,418			246,369

Less fees waived		(77,534	)		(98,913	)
Less expense reimbursements		(51,337	)		(41,465	)

Net expenses		117,547			105,991

Net investment income (loss)		487,089			676,656


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		66,820			127,757
Investments in affiliates		(40	)		—
Options Purchased		(4,416	)		—
Futures		(28,804	)		(7,023	)
Foreign currency transactions		3,641			28,997
Forward foreign currency contracts		(485,476	)		(376,406	)
Swaps		(2,918	)		—

Net realized gain (loss)		(451,193	)		(226,675	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		636,957			387,681
Options Purchased		(4,320	)		—
Futures		25,072			(4,600	)
Foreign currency translations		4,569			(10,497	)
Forward foreign currency contracts		(115,841	)		(73,655	)
Swaps		(28,801	)		—

Change in net unrealized appreciation/depreciation		517,636			298,929

Net realized/unrealized gains (losses)		66,443			72,254

Change in net assets resulting from operations	$	553,532		$	748,910

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	Flexible Long/Short Fund						High Yield Opportunities Fund

	Six Months Ended August 31, 2017			Period Ended February			Six Months Ended August 31, 2017			Period Ended February
	(Unaudited)			28, 2017 (a)			(Unaudited)			28, 2017 (b)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	487,089		$	567,783		$	676,656		$	382,624
Net realized gain (loss)		(451,193	)		158,953			(226,675	)		185,033
Change in net unrealized appreciation/depreciation		517,636			112,431			298,929			628,327

Change in net assets resulting from operations		553,532			839,167			748,910			1,195,984


DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(186	)		(486	)		(507	)		(287	)
From net realized gains		—			(29	)		—			—
Class C
From net investment income		(169	)		(416	)		(447	)		(251	)
From net realized gains		—			(29	)		—			—
Class I (formerly Select Class)
From net investment income		(243,314	)		(651,711	)		(659,276	)		(376,112	)
From net realized gains		—			(35,914	)		—			—
Class R6
From net investment income		(204	)		(555	)		(550	)		(314	)
From net realized gains		—			(29	)		—			—

Total distributions to shareholders		(243,873	)		(689,169	)		(660,780	)		(376,964	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		243,873			25,689,169			703,701			25,376,964


NET ASSETS:
Change in net assets		553,532			25,839,167			791,831			26,195,984
Beginning of period		25,839,167			—			26,195,984			—

End of period	$	26,392,699		$	25,839,167		$	26,987,815		$	26,195,984

Accumulated undistributed (distributions in excess of) net investment income	$	338,817		$	95,601		$	2,248		$	(13,628	)

(a) Commencement of operations was June 30, 2016.

(b) Commencement of operations was November 1, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	Flexible Long/Short Fund					High Yield Opportunities Fund

	Six Months Ended					Six Months Ended
	August 31, 2017		Period Ended February			August 31, 2017		Period Ended February
	(Unaudited)		28, 2017 (a)			(Unaudited)		28, 2017 (b)

CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	—	$	20,000		$	—	$	20,000
Distributions reinvested		186		515			507		287

Change in net assets resulting from Class A capital transactions	$	186	$	20,515		$	507	$	20,287

Class C									—
Proceeds from shares issued	$	—	$	20,000		$	—	$	20,000
Distributions reinvested		169		445			447		251

Change in net assets resulting from Class C capital transactions	$	169	$	20,445		$	447	$	20,251

Class I (formerly Select Class)
Proceeds from shares issued	$	—	$	25,540,000		$	42,921	$	26,296,525
Distributions reinvested		243,314		687,625			659,276		376,112
Cost of shares redeemed		—		(600,000	)		—		(1,356,525	)

Change in net assets resulting from Class I capital transactions	$	243,314	$	25,627,625		$	702,197	$	25,316,112

Class R6
Proceeds from shares issued	$	—	$	20,000		$	—	$	20,000
Distributions reinvested		204		584			550		314

Change in net assets resulting from Class R6 capital transactions	$	204	$	20,584		$	550	$	20,314

Total change in net assets resulting from capital transactions	$	243,873	$	25,689,169		$	703,701	$	25,376,964


SHARE TRANSACTIONS:
Class A
Issued		—		2,000			—		2,000
Reinvested		19		51			49		28

Change in Class A Shares		19		2,051			49		2,028

Class C
Issued		—		2,000			—		2,000
Reinvested		16		45			43		25

Change in Class C Shares		16		2,045			43		2,025

Class I (formerly Select Class)
Issued		—		2,554,060			4,139		2,626,993
Reinvested		24,322		68,653			63,800		36,984
Redeemed		—		(60,060	)		—		(132,993	)

Change in Class I Shares		24,322		2,562,653			67,939		2,530,984

Class R6
Issued		—		2,000			—		2,000
Reinvested		21		58			53		31

Change in Class R6 Shares		21		2,058			53		2,031

(a) Commencement of operations was June 30, 2016.

(b) Commencement of operations was November 1, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance																Ratios/Supplemental data
			Investment operations						Distributions													Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income		Net realized gain		Total distributions		Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period		Net expenses (e) (f)		Net investment income (loss) (f)		Expenses without waivers, reimbursements and earnings credits (f)		Portfolio turnover rate (c)
Flexible Long/Short Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)		$10.06		$0.18		$0.02		$0.20		$(0.09)		$—		$ (0.09)		$10.17		2.01%			$21,053		1.14%		3.46%		2.98%		37%
June 30, 2016 (g) through February 28, 2017		10.00		0.21		0.10		0.31		(0.24)		(0.01)		(0.25)		10.06		3.18			20,638		1.13		3.11		3.13		30
Class C
Six Months Ended August 31, 2017 (Unaudited)		10.06		0.15		0.02		0.17		(0.08)		—		(0.08)		10.15		1.73			20,930		1.64		2.96		3.46		37
June 30, 2016 (g) through February 28, 2017		10.00		0.17		0.11		0.28		(0.21)		(0.01)		(0.22)		10.06		2.84			20,568		1.63		2.61		3.61		30
Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.06		0.19		0.02		0.21		(0.09)		—		(0.09)		10.18		2.15	��		26,329,540		0.89		3.71		1.78		37
June 30, 2016 (g) through February 28, 2017		10.00		0.22		0.11		0.33		(0.26)		(0.01)		(0.27)		10.06		3.37			25,777,256		0.88		3.36		2.01		30
Class R6
Six Months Ended August 31, 2017 (Unaudited)		10.06		0.20		0.03		0.23		(0.10)		—		(0.10)		10.19		2.30			21,176		0.64		3.96		2.46		37
June 30, 2016 (g) through February 28, 2017		10.00		0.24		0.10		0.34		(0.27)		(0.01)		(0.28)		10.06		3.53			20,705		0.63		3.61		2.61		30

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended August 31, 2017 and for the period ended February 28, 2017.

(g)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance													Ratios/Supplemental data
	Investment operations								Distributions							Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments		Total from investment operations		Net investment income		Net asset value, end of period		Total return (excludes sales charge) (c) (d)	Net assets, end of period		Net expenses (e) (f)		Net investment income (loss) (f)		Expenses without waivers, reimbursements and earnings credits (f)		Portfolio turnover rate (c)
High Yield Opportunities Fund
Class A
Six Months Ended August 31, 2017 (Unaudited)		$10.33		$0.25		$0.03		$0.28		$(0.25)		$10.36	2.72%		$21,521		0.99%		4.88%		3.02%		15%
November 1, 2016 (g) through February 28, 2017		10.00		0.15		0.32		0.47		(0.14)		10.33	4.76		20,944		0.97		4.41		3.73		6
Class C
Six Months Ended August 31, 2017 (Unaudited)		10.33		0.22		0.03		0.25		(0.22)		10.36	2.43		21,422		1.54		4.31		3.52		15
November 1, 2016 (g) through February 28, 2017		10.00		0.13		0.32		0.45		(0.12)		10.33	4.57		20,906		1.53		3.87		4.25		6
Class I (formerly Select Class)
Six Months Ended August 31, 2017 (Unaudited)		10.33		0.26		0.03		0.29		(0.26)		10.36	2.82		26,923,280		0.79		5.07		1.77		15
November 1, 2016 (g) through February 28, 2017		10.00		0.15		0.33		0.48		(0.15)		10.33	4.83		26,133,164		0.78		4.61		2.67		6
Class R6
Six Months Ended August 31, 2017 (Unaudited)		10.33		0.27		0.03		0.30		(0.27)		10.36	2.92		21,592		0.59		5.26		2.51		15
November 1, 2016 (g) through February 28, 2017		10.00		0.16		0.33		0.49		(0.16)		10.33	4.90		20,970		0.58		4.82		3.24		6

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended August 31, 2017 and for the period ended February 28, 2017.

(g)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2017 (Unaudited)

1. Organization

JPMorgan Trust IV (the “Trust”) was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

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


	Classes Offered	Diversified/Non-Diversified
Flexible Long/Short Fund	Class A, Class C, Class I^ and Class R6	Diversified
High Yield Opportunities Fund	Class A, Class C, Class I^ and Class R6	Diversified

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

The investment objective of the Flexible Long/Short Fund is to seek to provide total return.

The investment objective of the High Yield Opportunities Fund is to seek a high level of current income. Capital appreciation is a secondary objective.

The Flexible Long/Short Fund and High Yield Opportunities Fund commenced operations on June 30, 2016 and November 1, 2016, respectively. Currently, the Funds are not publicly offered for investment.

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 Funds’ prospectus. Beginning on November 14, 2017, Class C Shares will automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, 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 Funds.

2. Significant Accounting Policies

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

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

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

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

•

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

•

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


Flexible Long/Short Fund	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	375,614		$	25,549,020		$	–	$	25,924,634

Appreciation in Other Financial Instruments
Purchased Swaptions	$	–		$	3,599		$	–	$	3,599
Forward Foreign Currency Exchange Contracts		–			37,913			–		37,913
Futures Contracts		9,155			–			–		9,155
Swaps	$	–		$	9,226		$	–	$	9,226
Total Appreciation in Other Financial Instruments	$	9,155		$	50,738		$	–	$	59,893
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–		$	(102,080	)	$	–	$	(102,080)
Futures Contracts		(5,083	)		–			–		(5,083)
Swaps	$	–		$	(16,010	)	$	–	$	(16,010)
Total Depreciation in Other Financial Instruments	$	(5,083	)	$	(118,090	)	$	–	$	(123,173)


High Yield Opportunities Fund	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Convertible Bonds
Consumer
Discretionary	$	–		$	123,500		$	–		$	123,500
Energy		–			12,516			–			12,516
Information
Technology		–			315,687			–			315,687
Total Convertible Bonds		–			451,703			–			451,703
Corporate Bonds
Consumer
Discretionary		–			6,689,878			319,656			7,009,534
Consumer Staples		–			793,044			–			793,044
Energy		–			2,369,827			–			2,369,827
Financials		–			380,883			–			380,883
Health Care		–			3,018,365			–			3,018,365
Industrials		–			2,171,272			–			2,171,272
Information
Technology		–			1,815,620			–			1,815,620
Materials		–			2,174,668			–			2,174,668
Real Estate		–			522,259			–			522,259
Telecommunication
Services		–			4,017,787			–			4,017,787
Utilities		–			486,039			–			486,039
Total Corporate Bonds		–			24,439,642			319,656			24,759,298
Loan Assignments
Consumer Discretionary		–			585,169			–			585,169
Energy		–			49,439			–			49,439
Health Care		–			99,417			–			99,417
Industrials		–			74,977			–			74,977
Information Technology		–			83,096			–			83,096
Materials		–			110,034			–			110,034
Real Estate		–			25,037			–			25,037
Total Loan Assignments		–			1,027,169			–			1,027,169
Short-Term Investment Investment Company		580,628			–			–			580,628
Total Investments in Securities	$	580,628		$	25,918,514		$	319,656	*	$	26,818,798


Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–		$	22,028		$	–		$	22,028



Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–		$	(54,999	)	$	–		$	(54,999)
Futures Contracts		(4,600	)		–			–			(4,600)
Total Depreciation in Other Financial Instruments	$	(4,600	)	$	(54,999	)	$	–		$	(59,599)

* Level 3 securities are valued by brokers and pricing services. At August 31, 2017, the value of these securities was $319,656. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for industry specifics of portfolio holdings.

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

There were no transfers among any levels during the six months ended August 31, 2017 for Flexible Long/Short Fund.

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


High Yield Opportunities Fund	Balance as of February 28, 2017		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases¹		Sales²		Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2017
Investments in Securities:
Corporate Bond—Consumer Discretionary	$	-	$	-	$	43,338	$	-	$	-	$	-	$	276,318	$	-	$	319,656

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.

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

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2017, which were valued using significant unobservable inputs (Level 3) amounted to $43,338. This amount is included in Change in net unrealized appreciation (depreciation) of investments in non-affiliates on the Statement of Operations.

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

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

C. Loan Assignments — The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which 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 that 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 August 31, 2017, Flexible Long/Short 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		5.7	%
Barclays Bank plc		5.2

D. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts, options (Flexible Long/Short Fund) and swaps, in connection with their investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds 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 Funds to close out their 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 Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ 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 Funds in the event the Funds’ 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 Funds to exercise rights, to the extent not otherwise waived, against the counterparties (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes D(1) — D(4) below describe the various derivatives used by the Funds.

(1). Options — The Flexible Long/Short Fund purchased put and call options on various instruments including futures, securities and interest rate swaps (“swaptions”) to manage and hedge interest rate risks within its portfolio 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. Swaptions and Eurodollar options are settled for cash.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statement of Assets and Liabilities as an investment. 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 investments in non-affiliates on the Statement of Operations. If the option is allowed to expire, the Fund will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

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 Funds may be required to post or receive collateral for over the counter options.

(2). Futures Contracts — The Funds used treasury, index or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds 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 Funds 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 Funds to interest rate risk. The Funds 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 Funds 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 Funds to unlimited risk of loss. The Funds 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 Funds’ 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 Funds’ 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 Funds may be exposed to foreign currency risks 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 Funds 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 Funds record 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 Funds also record 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 Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts. As of August 31, 2017, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Flexible Long/Short Fund engaged in various swap transactions, including credit default, interest rate and return swaps, to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between the fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

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

Credit Default Swaps

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

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

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a

similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Funds’ portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

(5). Summary of Derivatives Information

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

Flexible Long-Short Fund


Derivative Contracts				Statement of Assets and Liabilities Location
Gross Assets:		Options		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Centrally Cleared Swaps (b)		OTC Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	—	$	9,155	$	—	$	—	$	—		$ 9,155
Foreign exchange contracts	Receivables		—		—		37,913		—		—		37,913
Credit contracts			3,599		—		—		3,081		10,666		17,346

		$	3,599	$	9,155	$	37,913	$	3,081	$	10,666		$64,414

Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	—	$	(5,083)	$	—	$	(22,366)	$	—		$ (27,449)
Foreign exchange contracts	Payables		—		—		(102,080)		—		—		(102,080)
Credit contracts			—		—		—		(58,641)		(44,335)		(102,976)

Total		$	—	$	(5,083)	$	(102,080)	$	(81,007)	$	(44,335)		$(232,505)

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

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

The following table presents the value of derivatives held as of August 31, 2017, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

High Yield Opportunities Fund


Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	Receivables	$	—	$	22,028	$	22,028

Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(4,600)	$	—	$	(4,600)
Foreign exchange contracts	Payables		—		(54,999)		(54,999)

Total		$	(4,600)	$	(54,999)	$	(59,599)

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

The following tables present the effect of derivatives on the Statement of Operations for the period ended August 31, 2017, by primary underlying risk exposure:

Flexible Long/Short Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	(4,416)	$	(28,804)	$	—	$	1,971	$	(31,249)
Foreign exchange contracts		—		—		(485,476)		—		(485,476)
Credit contracts		—		—		—		(4,889)		(4,889)

Total	$	(4,416)	$	(28,804)	$	(485,476)	$	(2,918)	$	(521,614)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Options		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	—	$	25,072	$	—	$	(22,366)	$	2,706
Foreign exchange contracts		—		—		(115,841)		—		(115,841)
Credit contracts		(4,320)		—		—		(6,435)		(10,755)

Total	$	(4,320)	$	25,072	$	(115,841)	$	(28,801)	$	(123,890)

High Yield Opportunities Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations

Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(7,023)	$	—	$	(7,023)
Foreign exchange contracts		—		(376,406)		(376,406)

Total	$	(7,023)	$	(376,406)	$	(383,429)


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	$	(4,600)	$	—	$	(4,600)
Foreign exchange contracts		—		(73,655)		(73,655)

Total	$	(4,600)	$	(73,655)	$	(78,255)

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the period ended August 31, 2017. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


	Flexible Long/Short Fund		High Yield Opportunities Fund
Futures Contracts:
Average Notional Balance Long	$	1,090,302 (a)	$	-
Average Notional Balance Short		2,983,629		1,213,816 (a)
Ending Notional Balance Long		1,521,563		-
Ending Notional Balance Short		2,506,551		1,219,000
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		2,729,166		116,935 (a)
Average Settlement Value Sold		10,328,026		6,902,016
Ending Settlement Value Purchased		7,179,591		371,445
Ending Settlement Value Sold		14,228,523		9,227,730
Credit Default Swaps:
Average Notional Balance - Buy Protection		2,482,532		-
Average Notional Balance - Sell Protection		1,023,258 (a)		-
Ending Notional Balance - Buy Protection		4,061,658		-
Ending Notional Balance - Sell Protection		1,199,995		-
Swaptions & OTC Options:
Average Notional Balance Purchased		5,918,750 (a)		-
Ending Notional Balance Purchased		7,925,000		-
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate		675,000 (a)		-
Ending Notional Balance — Pays Fixed Rate		675,000		-

(a) For the period April 1, 2017 through August 31, 2017.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts, non-deliverable Forward Foreign Currency Exchange Contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties, cash collateral posted by the Funds is invested in an affiliated money market fund. Otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash.

The Funds’ derivatives contracts held at August 31, 2017 are not accounted for as hedging instruments under GAAP.

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

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

F. Offering and Organizational Costs — Total offering costs of $74,674 and $41,964 incurred in connection with the offering of shares of the Flexible Long/Short Fund and High Yield Opportunities Fund, respectively and are amortized on a straight line basis over 12 months from the date the Funds’ commenced operations. Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds’ commenced operations and are included as part of Professional fees on the Statements of Operations. For the six months ended August 31, 2017, total offering costs amortized for each fund were $24,959 and $21,154, respectively.

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 and interest expense on securities sold short, if any, 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 tax withheld, if any, is recorded on the ex-dividend date or when the Funds first learn 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 Funds. These amounts are included in Interest Income on the Statements of Operations.

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

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 charged to each class of the Funds for the six months ended August 31, 2017 are as follows (amounts in thousands):


	Class A		Class C		Class I		Class R6		Total
Flexible Long/Short Fund		$99		$99		$195		$99		$492	��
High Yield Opportunities Fund		107		106		193		107		513

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

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

3. Fees and Other Transactions with Affiliates

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


Flexible Long/Short Fund	0.50	%
High Yield Opportunities Fund	0.60

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

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

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Funds’ shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I and Class R6 do not charge a distribution fee. The Distribution Plan provides that the Funds 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.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. The Class R6 Shares do not charge a service fee. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class C			Class I
Flexible Long/Short Fund		0.25	%		0.25	%		0.25	%
High Yield Opportunities Fund		0.25	%		0.25	%		0.25	%

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

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

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

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

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


	Class A		Class C		Class I		Class R6
Flexible Long/Short Fund		1.15%		1.65%		0.90%		0.65%
High Yield Opportunities Fund		1.00		1.55		0.80		0.60

The expense limitation agreement was in effect for the six months ended August 31, 2017 and is in place until at least June 30, 2018 for Flexible Long/Short Fund and October 3, 2017 for High Yield Opportunities Fund.

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


	Contractual Waivers
	Investment Advisory Fees	Administration Fees	Service Fees	Total	Reimbursements
Flexible Long/Short Fund	$65,694	$10,724	$204	$76,622	$51,337
High Yield Opportunities Fund	80,145	10,902	6,880	97,927	41,465

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

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


Flexible Long/Short Fund	$	912
High Yield Opportunities Fund		986

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

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

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

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

4. Investment Transactions

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


	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)	Purchases of U.S. Government	Sales of U.S. Government
Flexible Long/Short Fund	$9,166,058	$9,166,955	$81,697	$93,837
High Yield Opportunities Fund	5,103,073	3,824,357	-	-

5. Federal Income Tax Matters

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


	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Flexible Long/Short Fund	$25,130,451	$977,810	$351,718	$626,092
High Yield Opportunities Fund	25,842,987	1,213,224	274,984	938,240

As of February 28, 2017, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

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

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

7. Risks, Concentrations and Indemnifications

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

The Funds’ shares are currently held by the Adviser.

The Funds’ 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 Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.

The Funds invest 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 Funds are intended for investors who are able and willing to assume a high degree of risk.

Flexible Long/Short Fund and High Yield Opportunities Fund invest in interest bearing notes with preferred security characteristics. These securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

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

8. Investment Company Reporting Modernization

SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, March 1, 2017, and continued to hold your shares at the end of the reporting period, August 31, 2017.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value March 1, 2017	Ending Account Value August 31, 2017	Expenses Paid During the Period*	Annualized Expense Ratio

Flexible Long/Short
Fund

Class A
Actual	$1,000.00	$1,020.10	$5.80	1.14%
Hypothetical	1,000.00	1,019.46	5.80	1.14
Class C
Actual	1,000.00	1,017.30	8.34	1.64
Hypothetical	1,000.00	1,016.94	8.34	1.64
Class I (formerly
Select Class)
Actual	1,000.00	1,021.50	4.53	0.89
Hypothetical	1,000.00	1,020.72	4.53	0.89
Class R6
Actual	1,000.00	1,023.00	3.26	0.64
Hypothetical	1,000.00	1,021.98	3.26	0.64

SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value March 1, 2017	Ending Account Value August 31, 2017	Expenses Paid During the Period*	Annualized Expense Ratio
High Yield
Opportunities Fund

Class A
Actual	$1,000.00	$1,027.20	$5.06	0.99%
Hypothetical	1,000.00	1,020.21	5.04	0.99
Class C
Actual	1,000.00	1,024.30	7.86	1.54
Hypothetical	1,000.00	1,017.44	7.83	1.54
Class I (formerly
Select Class)
Actual	1,000.00	1,028.20	4.04	0.79
Hypothetical	1,000.00	1,021.22	4.02	0.79
Class R6
Actual	1,000.00	1,029.20	3.02	0.59
Hypothetical	1,000.00	1,022.23	3.01	0.59

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

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

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

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of certain J.P. Morgan Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed Advisory Agreements with representatives of the Adviser, counsel to the Trust, and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed Advisory Agreements. The Trustees also discussed the proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

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

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

Fall-Out Benefits

Economies of Scale

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

Investment Performance

The Trustees reviewed each Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Advisor. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted the performance of the Flexible Long/Short Fund since its inception on June 30, 2016 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the High Yield Opportunities Fund since its inception on November 1, 2016 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

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

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

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

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

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

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

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

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


^©JPMorgan Chase & Co., 2017. All rights reserved. August 2017.

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 12(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.

Not applicable to a semi-annual report.

(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. SCHEDULE OF 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.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

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.

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

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. EXHIBITS.

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

(a)(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.

(a)(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.

(a)(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 IV

By:		/s/ Brian S. Shlissel
		Brian S. Shlissel President and Principal Executive Officer November 1, 2017

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

November 1, 2017

By:

/s/ Laura M. Del Prato

Laura M. Del Prato

Treasurer and Principal Financial Officer

November 1, 2017

JPMorgan Trust IV N-CSRSCertified semi-annual shareholder report (management investment company)