JPMorgan Trust IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23117

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)

Noah D. Greenhill, Esq.

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, 2018 through August 31, 2018

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

J.P. Morgan Money Market Funds

August 31, 2018 (Unaudited)

JPMorgan Prime Money Market Fund

JPMorgan Institutional Tax Free Money Market Fund

JPMorgan Liquid Assets Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

JPMorgan Federal Money Market Fund

JPMorgan 100% U.S. Treasury Securities Money Market Fund

JPMorgan Tax Free Money Market Fund

JPMorgan Municipal Money Market Fund

CONTENTS

CEO’s Letter	1
Fund Facts:
JPMorgan Prime Money Market Fund	2
JPMorgan Institutional Tax Free Money Market Fund	3
JPMorgan Liquid Assets Money Market Fund	4
JPMorgan U.S. Government Money Market Fund	5
JPMorgan U.S. Treasury Plus Money Market Fund	6
JPMorgan Federal Money Market Fund	7
JPMorgan 100% U.S. Treasury Securities Money Market Fund	8
JPMorgan Tax Free Money Market Fund	9
JPMorgan Municipal Money Market Fund	10
Schedules of Portfolio Investments	11
Financial Statements	74
Financial Highlights	106
Notes to Financial Statements	132
Schedule of Shareholder Expenses	143
Board Approval of Investment Advisory Agreements	148

The following disclosure applies to the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund and the JPMorgan Municipal Money Market Fund.

You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

The following disclosure applies to the JPMorgan Prime Money Market Fund and JPMorgan Institutional Tax Free Money Market Fund.

You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

Any gain resulting from the sale or exchange of Fund shares will be taxable as long-term or short-term gain, depending upon how long you have held your shares.

The following disclosure applies to the JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund and the JPMorgan 100% U.S. Treasury Securities Money Market Fund.

You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

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 (retail investors) or 1-800-766-7722 (institutional investors) 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 9, 2018 (Unaudited)

Dear Shareholder,

The world’s leading economies continued to expand in the six months ended August 31, 2018, though the pattern of synchronized global growth that had characterized the previous two years began to dissipate amid geopolitical tensions and rising borrowing costs for emerging market nations.

  “During the reporting period, the current U.S. economic expansion became the second longest on record.” — George C.W. Gatch

U.S. gross domestic product (GDP) growth surged to 4.2% in the second quarter of 2018 from 2.2% in the first quarter. Notably, unemployment stood at 3.9% in August, though wage growth remained subdued. While the U.S. raised import tariffs on Chinese goods worth billions of dollars and the Chinese government responded in kind during the reporting period, trade tensions with China and other U.S. trading partners appeared to have little impact on business sentiment in the U.S. In response to continued economic growth and falling unemployment, the U.S. Federal Reserve raised benchmark interest rates in March and again in June. (Subsequent to the end of the reporting period, the central bank raised interest rates in September 2018.)

In the European Union, positive economic growth was clouded by political uncertainty. Second quarter GDP rose 2.1%, though core inflation remained below the European Central Bank’s (ECB) target rate. Unemployment in the 19-nation euro area fell to 8.1% in August, the lowest level since November 2008. However, a new government in Italy raised investor concerns that its budget plans would deviate from the European Commission’s stability and growth pact and force the commission to enact punitive measures. Against this backdrop, the ECB held to its plan to maintain interest rates at current levels until at least next summer. Meanwhile, negotiations over the U.K.’s exit from the European Union continued without resolution, raising political tensions between leaders in the EU and the U.K. as well as within the Britain’s ruling Conservative Party.

While trade tensions led to a decline in Chinese exports to the U.S., the Chinese government took steps to further stimulate domestic demand and capital outflows from China appeared limited at the end of the reporting period.

Meanwhile, select emerging market nations saw the value of their currencies and their sovereign debt plummet. Nations dependent on foreign lending and imported petroleum were hit hardest by rising U.S. interest rates and a strengthening U.S. dollar that effectively raised borrowing costs. The economies of Argentina, Brazil, South Africa and Turkey were among those hurt by rising borrowing costs and/or political uncertainty.

In financial markets, U.S. equities largely recovered from a sharp sell-off in February 2018 and outperformed other regions and other asset classes. Record corporate earnings, strong consumer spending and positive economic data bolstered equity prices and pushed the S&P 500 Index to record highs in August. Equity prices in other developed markets were weak and prices fell sharply in emerging markets. Bond markets were mixed, with limited positive returns in select U.S. Treasury bonds and U.S. high yield bonds (also called “junk bonds”) and negative returns for emerging markets debt. Notably, global energy prices rose somewhat during the reporting period, which supported oil exporting economies without becoming a large drag on global economic growth.

During the reporting period, the current U.S. economic expansion became the second longest on record. While the underlying fundamentals of continued global economic growth remained in place at the end of August, the longer-term impact of protectionist U.S. trade policy and the extent of currency devaluation in emerging markets were key issues looming over global financial markets.

We believe that investors may be best served by a well-diversified portfolio and a patient outlook. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 1

JPMorgan Prime Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of August 31, 2018	$43.6 Billion
Weighted Average Maturity^	25 calendar days
Weighted Average Life^^	74 calendar days

MATURITY SCHEDULE*^
2–7 calendar days	40.9	%
8–30 calendar days	36.2
31–60 calendar days	9.0
61–90 calendar days	9.0
91–180 calendar days	4.6
181+ calendar days	0.3

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Class C Shares	1.28	%
Agency Shares	2.00
Capital Shares	2.09
IM Shares	2.11
Institutional Class Shares	2.05
Morgan Shares	1.74
Premier Shares	1.81
Reserve Shares	1.56

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency.

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.74)%, 1.95%, 2.06%, 2.11%, 2.00%, 1.73%, 1.80% and 1.45% for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

2 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, IM and Institutional Class
Net Assets as of August 31, 2018	$600.9 Million
Weighted Average Maturity^	11 calendar days
Weighted Average Life^^	16 calendar days

MATURITY SCHEDULE*^
2–7 calendar days	28.6	%
8–30 calendar days	58.7
31–60 calendar days	12.7

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares	1.30	%
Capital Shares	1.38
IM Shares	1.40
Institutional Class Shares	1.35

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency.

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.30%, 1.38%, 1.40% and 1.35% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Institutional Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks current income with liquidity and stability of principal
Primary Investments	High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2018	$3.2 Billion
Weighted Average Maturity^^	27 calendar days
Weighted Average Life^^^	67 calendar days

MATURITY SCHEDULE*^^
2–7 calendar days	42.6	%
8–30 calendar days	28.2
31–60 calendar days	14.5
61–90 calendar days	7.7
91–180 calendar days	6.8
181+ calendar days	0.2

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Class C Shares	1.28	%
Agency Shares	2.00
Capital Shares	2.08
Institutional Class Shares	2.05
Investor Shares	1.74
Morgan Shares	1.66
Premier Shares	1.80
Reserve Shares	1.55

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ E*Trade Shares had no assets from the close of business on October 19, 2016.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.08%, 1.94%, 2.05%, 2.00%, 1.74%, 1.63%, 1.78% and 1.54% for Class C Shares, Agency Shares, Capital Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

4 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan U.S. Government Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks high current income with liquidity and stability of principal
Primary Investments	High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Direct^, Eagle Class, Eagle Private Wealth Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2018	$133.1 Billion
Weighted Average Maturity^^	30 calendar days
Weighted Average Life^^^	86 calendar days

MATURITY SCHEDULE*^^
2–7 calendar days	55.2	%
8–30 calendar days	21.5
31–60 calendar days	4.8
61–90 calendar days	8.0
91–180 calendar days	7.8
181+ calendar days	2.7

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares		1.77	%
Capital Shares		1.86
Eagle Class Shares		1.33
Eagle Private Wealth Class Shares		1.73
E*Trade Shares		1.02
IM Shares		1.88
Institutional Class Shares		1.82
Investor Shares		1.53
Morgan Shares		1.44
Premier Shares		1.58
Reserve Shares		1.33
Service Shares	��	0.97

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ Direct Shares had no assets from the close of business on November 22, 2017.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Eagle Class Shares, Eagle Private Wealth Class Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.73%, 1.83%, 1.33%, 1.73%, 0.96%, 1.88%, 1.77%, 1.53%, 1.42%, 1.57%, 1.32% and 0.97% for Agency Shares, Capital Shares, Eagle Class Shares, Eagle Private Wealth Class Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks current income with liquidity and stability of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, Direct^, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2018	$25.0 Billion
Weighted Average Maturity^^	15 calendar days
Weighted Average Life^^^	88 calendar days

MATURITY SCHEDULE*^^
2–7 calendar days	79.6	%
8–30 calendar days	9.6
31–60 calendar days	2.5
61–90 calendar days	1.8
91–180 calendar days	6.5

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Class C Shares	1.06	%
Agency Shares	1.78
Capital Shares	1.86
IM Shares	1.88
Institutional Class Shares	1.83
Investor Shares	1.53
Morgan Shares	1.44
Premier Shares	1.58
Reserve Shares	1.33

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ Direct Shares had no assets from the close of business on November 22, 2017.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.87%, 1.73%, 1.86%, 1.88%, 1.79%, 1.53%, 1.42%, 1.57% and 1.33% for Class C Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

6 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Federal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Aims to provide current income while still preserving capital and maintaining liquidity
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan and Premier Shares
Net Assets as of August 31, 2018	$3.4 Billion
Weighted Average Maturity^	33 calendar days
Weighted Average Life^^	94 calendar days

MATURITY SCHEDULE*^
2–7 calendar days	12.6	%
8–30 calendar days	66.5
31–60 calendar days	5.8
61–90 calendar days	6.7
91–180 calendar days	5.5
181+ calendar days	2.9

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares	1.75	%
Institutional Class Shares	1.80
Morgan Shares	1.42
Premier Shares	1.56

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.70%, 1.75%, 1.28% and 1.54% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan 100% U.S. Treasury Securities Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal
Primary Investments	Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2018	$41.3 Billion
Weighted Average Maturity^	44 calendar days
Weighted Average Life^^	99 calendar days

MATURITY SCHEDULE*^
2–7 calendar days	24.7	%
8–30 calendar days	38.5
61–90 calendar days	22.7
91–180 calendar days	14.1

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares	1.77	%
Capital Shares	1.86
Institutional Class Shares	1.83
Morgan Shares	1.44
Premier Shares	1.58
Reserve Shares	1.33

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.72%, 1.83%, 1.78%, 1.42%, 1.57% and 1.32% for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

8 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2018	$15.7 Billion
Weighted Average Maturity^	11 calendar days
Weighted Average Life^^	11 calendar days

MATURITY SCHEDULE**^
2–7 calendar days	24.0	%
8–30 calendar days	68.7
31–60 calendar days	5.0
61-90 calendar days	2.0
91–180 calendar days	0.3

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares	1.32	%
Institutional Class Shares	1.37
Morgan Shares	0.99
Premier Shares	1.13
Reserve Shares	0.88

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

** Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.27%, 1.32%, 0.88%, 1.12% and 0.87% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 9

JPMorgan Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

Objective	Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Eagle Class, E*Trade^, Institutional Class, Morgan, Premier and Service Shares
Net Assets as of August 31, 2018	$2.8 Billion
Weighted Average Maturity^^	9 calendar days
Weighted Average Life^^^	9 calendar days

MATURITY SCHEDULE**^^
2–7 calendar days	9.3	%
8–10 calendar days	90.7

7-DAY SEC YIELD AS OF AUGUST 31, 2018(1)
Agency Shares	1.36	%
Eagle Class Shares	0.92
Institutional Class Shares	1.41
Morgan Shares	1.03
Premier Shares	1.17
Service Shares	0.57

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 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund.

^ E*Trade Shares had no assets from the close of business on September 21, 2016.

^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^^ The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

* A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

** Percentages indicated are based upon total investments as of August 31, 2018.

⁽¹⁾  The yields for Agency Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 1.30%, 0.90%, 1.35%, 0.97%, 1.15% and 0.55% for Agency Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.

10 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 15.1%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.96% - 1.97%, dated 8/31/2018, due 9/4/18, repurchase price $500,109. [1]		500,000		500,000
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.97%, dated 8/31/2018, due 9/4/18, repurchase price $588,959. [2]		588,830		588,830
Barclays Capital, Inc., 2.16%, dated 8/31/2018, due 9/7/2018, repurchase price $190,080, collateralized by Asset-Backed Securities, 3.75% - 5.80%, due 3/25/2024 - 7/25/2056, Collateralized Mortgage Obligations, 3.05% - 5.50%, due 6/25/2035 - 5/17/2061, and FNMA Connecticut Avenue Securities, 4.00% - 9.21%, due 11/25/2021 - 8/25/2056, with a value of $206,439.		190,000		190,000
Barclays Capital, Inc., 2.43%, dated 8/31/2018, due 10/5/2018, repurchase price $400,946, collateralized by Asset-Backed Securities, 3.10% - 10.00%, due 3/15/2022 - 4/30/2048, Collateralized Mortgage Obligations, 0.00% - 6.00%, due 12/15/2034 - 9/17/2057, and FNMA Connecticut Avenue Securities, 4.00% - 13.81%, due 11/25/2021 - 8/25/2056, with a value of $433,277.		400,000		400,000
BMO Capital Markets Corp., 2.01%, dated 8/31/2018, due 9/4/2018, repurchase price $255,057, collateralized by Asset-Backed Securities, 1.89% - 3.17%, due 12/19/2019 - 2/25/2066, Corporate Bonds, 1.25% - 9.25%, due 1/18/2019 - 5/1/2058, Corporate Notes, 1.90% - 3.45%, due 1/22/2019 - 4/17/2024, and Sovereign Government Securities, 1.25% - 2.38%, due 2/4/2019 - 1/29/2021, with a value of $268,313.		255,000		255,000
BNP Paribas SA, 2.10%, dated 8/31/2018, due 9/4/2018, repurchase price $135,032, collateralized by Corporate Bonds, 0.00% - 12.00%, due 4/15/2019 - 12/31/2099, and FNMA Connecticut Avenue Securities, 5.51%, due 10/25/2029, with a value of $145,819.		135,000		135,000
BNP Paribas SA, 2.10%, dated 8/31/2018, due 9/6/2018, repurchase price $200,070, collateralized by Asset-Backed Securities, 0.00% - 5.02%, due 9/15/2025 - 3/25/2036, and Corporate Bonds, 0.00% - 9.88%, due 10/15/2020 - 7/18/2036, with a value of $214,388.		200,000		200,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Citigroup Global Markets Holdings, Inc., 2.51%, dated 8/31/2018, due 10/22/2018, repurchase price $238,562, collateralized by U.S. Treasury Securities, 1.25% - 2.00%, due 6/30/2019 - 6/30/2024, with a value of $242,454.		237,700		237,700
Citigroup Global Markets Holdings, Inc., 2.92%, dated 8/31/2018, due 12/4/2018, repurchase price $228,951, collateralized by Asset-Backed Securities, 3.00% - 5.03%, due 4/18/2026 - 10/25/2057, and Collateralized Mortgage Obligations, 1.03% - 5.98%, due 8/10/2045 - 8/25/2057, with a value of $244,445.		227,200		227,200
Credit Suisse Securities USA LLC, 2.11%, dated 8/31/2018, due 9/5/2018, repurchase price $85,025, collateralized by Asset-Backed Securities, 0.00% - 6.02%, due 12/16/2021 - 8/25/2064, and Collateralized Mortgage Obligations, 0.25% - 6.00%, due 12/26/2030 - 8/17/2048, with a value of $93,083.		85,000		85,000
Credit Suisse Securities USA LLC, 2.48%, dated 8/31/2018, due 10/5/2018, repurchase price $481,157, collateralized by Asset-Backed Securities, 0.00% - 15.00%, due 1/15/2021 - 8/25/2057, Collateralized Mortgage Obligations, 0.00% - 13.11%, due 7/20/2020 - 1/17/2059, and FNMA Connecticut Avenue Securities, 3.00% - 4.75%, due 5/25/2045 - 11/26/2057, with a value of $527,592.		480,000		480,000
HSBC Securities USA, Inc., 2.17%, dated 8/31/2018, due 9/4/2018, repurchase price $205,049, collateralized by Corporate Bonds, 3.80% - 12.00%, due 2/15/2020 - 12/31/2099, and Municipal Debt Securities, 5.35%, due 8/1/2031, with a value of $221,453.		205,000		205,000
ING Financial Markets LLC, 2.07%, dated 8/31/2018, due 9/4/2018, repurchase price $158,036, collateralized by Corporate Bonds, 2.90% - 3.80%, due 10/30/2020 - 8/15/2028, Corporate Notes, 3.50%, due 1/12/2024, and Sovereign Government Securities, 3.38% - 6.38%, due 7/12/2020 - 1/15/2045, with a value of $166,687.		158,000		158,000
ING Financial Markets LLC, 2.11%, dated 8/31/2018, due 9/4/2018, repurchase price $125,029, collateralized by Corporate Bonds, 3.70% - 9.25%, due 12/1/2020 - 3/1/2078, and Sovereign Government Securities, 5.75%, due 9/26/2023, with a value of $135,032.		125,000		125,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
ING Financial Markets LLC, 2.07%, dated 8/31/2018, due 9/5/2018, repurchase price $200,058, collateralized by Corporate Bonds, 2.90% - 3.70%, due 10/30/2020 - 8/15/2025, Corporate Notes, 2.88% - 3.50%, due 1/12/2024 - 8/15/2025, and Sovereign Government Securities, 3.38% - 6.38%, due 7/12/2020 - 1/15/2045, with a value of $209,579.		200,000		200,000
Merrill Lynch PFS, Inc., 2.16%, dated 8/31/2018, due 9/4/2018, repurchase price $200,048, collateralized by Corporate Bonds, 3.88% - 12.00%, due 10/15/2018 - 12/31/2099, and Corporate Notes, 7.35%, due 12/1/2026, with a value of $216,000.		200,000		200,000
Merrill Lynch PFS, Inc., 2.40%, dated 8/31/2018, due 10/5/2018, repurchase price $275,642, collateralized by Corporate Bonds, 3.15% - 12.00%, due 1/15/2020 - 4/1/2037, and Corporate Notes, 8.50%, due 7/28/2025, with a value of $297,000.		275,000		275,000
Societe Generale SA, 2.14%, dated 8/31/2018, due 9/4/2018, repurchase price $925,220, collateralized by Corporate Bonds, 2.10% - 12.75%, due 11/15/2018 - 1/1/2099, Corporate Notes, 3.30% - 5.63%, due 1/31/2023 - 5/20/2043, and Sovereign Government Securities, 3.70% - 11.88%, due 3/11/2019 - 3/13/2048, with a value of $996,646.		925,000		925,000
Societe Generale SA, 2.19%, dated 8/31/2018, due 9/4/2018, repurchase price $865,210, collateralized by Corporate Bonds, 1.70% - 13.75%, due 9/26/2018 - 6/5/2115, Corporate Notes, 2.63% - 9.38%, due 3/25/2020 - 5/20/2043, FHLMC, 11.00%, due 9/1/2020, Sovereign Government Securities, 3.25% - 11.88%, due 3/11/2019 - 4/23/2048, and U.S. Treasury Securities, 1.25% - 2.00%, due 5/31/2019 - 1/31/2020, with a value of $931,904.		865,000		865,000
UBS Securities LLC, 2.12%, dated 8/31/2018, due 9/10/2018, repurchase price $300,177, collateralized by Asset-Backed Securities, 4.75%, due 10/11/2023, Corporate Bonds, 1.75% - 10.18%, due 12/7/2018 - 1/24/2077, Corporate Notes, 1.90% - 7.00%, due 1/17/2019 - 11/4/2044, and Sovereign Government Securities, 0.00%, due 6/29/2037, with a value of $315,002.		300,000		300,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wells Fargo Securities LLC, 2.01%, dated 8/31/2018, due 9/4/2018, repurchase price $25,006, collateralized by Sovereign Government Securities, 1.88% - 4.88%, due 4/1/2019 - 6/17/2019, with a value of $26,257.		25,000		25,000
Total Repurchase Agreements (COST $6,576,730)				6,576,730
U.S. Government Agency Securities — 0.5%
FHLB
DN, 1.93%, 9/17/2018 (b)		100,000		99,930
DN, 1.92%, 9/19/2018 (b)		100,000		99,919
Total U.S. Government Agency Securities (Cost $199,818)				199,849
Municipal Bonds - 0.3%
Alaska - 0.2%
Alaska Housing Finance Corp., State Capital Project Series A, Rev., VRDO, 1.98%, 9/10/2018 (c)		90,000		90,000
California - 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments
Series H-4, Rev., VRDO, LOC: Bank of China, 2.04%, 9/10/2018 (c)		24,190		24,190
Series H-3, Rev., VRDO, LOC: Bank of China, 2.05%, 9/10/2018 (c)		15,190		15,190
				39,380
New York - 0.0% (d)
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.12%, 9/4/2018 (c)		18,350		18,350
Total Municipal Bonds (Cost $147,730)				147,730
Supranational - 0.2%
International Bank for Reconstruction & Development (Supranational) 2.05%, 10/1/2018 (Cost $99,829)		100,000		99,846
Short-Term Investments - 84.8%
Certificates of Deposit - 36.0%
Agricultural Bank of China Ltd. (China) 2.45%, 9/11/2018		25,002		25,002
Banco Del Estado De Chile (Chile) 2.29%, 10/31/2018		60,000		60,016
2.29%, 11/5/2018		30,000		30,007
Bank of China Ltd. (China) 2.50%, 11/21/2018		100,000		100,011

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Bank of Montreal (Canada) 2.27%, 9/27/2018		100,000		100,017
2.28%, 11/7/2018		300,000		300,042
2.30%, 11/26/2018		150,000		150,008
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 1 Month + 0.23%), 2.31%, 9/4/2018 (e)		75,000		75,027
(ICE LIBOR USD 1 Month + 0.32%), 2.40%, 9/19/2018 (e)		97,000		97,115
(ICE LIBOR USD 1 Month + 0.27%), 2.35%, 8/2/2019 (e)		75,000		75,000
BNP Paribas SA (France) (ICE LIBOR USD 1 Month + 0.28%), 2.35%, 9/11/2018 (e)		100,000		100,057
(ICE LIBOR USD 1 Month + 0.33%), 2.39%, 9/17/2018 (e)		110,000		110,021
(ICE LIBOR USD 3 Month + 0.25%), 2.59%, 9/26/2018 (e)		137,000		137,093
(ICE LIBOR USD 3 Month + 0.25%), 2.59%, 9/27/2018 (e)		100,000		100,071
(ICE LIBOR USD 3 Month + 0.13%), 2.47%, 10/5/2018 (e)		135,000		135,011
(ICE LIBOR USD 3 Month + 0.02%), 2.36%, 11/6/2018 (e)		109,000		108,995
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/4/2018 (e)		150,000		150,058
China Construction Bank Corp.
2.45%, 9/4/2018		125,000		125,006
2.45%, 9/7/2018		50,000		50,004
2.50%, 9/17/2018		150,000		150,029
2.50%, 10/2/2018		100,000		100,030
2.50%, 10/9/2018		100,000		100,032
2.52%, 11/2/2018		25,000		25,008
2.52%, 11/9/2018		105,000		105,028
2.50%, 11/19/2018		21,002		21,002
2.50%, 12/3/2018		69,999		69,999
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.22%), 2.30%, 9/6/2018 (e)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/30/2018 (e)		125,000		125,069
(ICE LIBOR USD 3 Month + 0.25%), 2.59%, 4/3/2019 (e)		50,000		50,046
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 1 Month + 0.18%), 2.24%, 9/11/2018 (e)		100,000		100,037
(ICE LIBOR USD 1 Month + 0.41%), 2.47%, 9/17/2018 (e)		250,000		250,195

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
(ICE LIBOR USD 1 Month + 0.22%), 2.28%, 9/27/2018 (e)		200,000		199,994
(ICE LIBOR USD 3 Month + 0.08%), 2.42%, 11/6/2018 (e)		200,000		199,969
Credit Agricole Corporate and Investment Bank (France)
2.30%, 10/2/2018		150,000		150,050
2.45%, 1/25/2019		65,000		65,031
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.29%), 2.37%, 9/4/2018 (e)		46,000		46,043
(ICE LIBOR USD 1 Month + 0.30%), 2.38%, 9/8/2018 (e)		200,000		200,147
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e)		450,000		450,413
2.18%, 9/26/2018 (b)		5,000		4,993
(ICE LIBOR USD 3 Month + 0.09%), 2.43%, 10/5/2018 (e)		60,000		60,003
(ICE LIBOR USD 3 Month + 0.07%), 2.38%, 11/23/2018 (e)		50,000		49,996
2.53%, 1/28/2019 (b)		300,000		296,913
2.52%, 2/11/2019 (b)		120,000		118,639
Dexia Credit Local SA (France) (ICE LIBOR USD 1 Month + 0.18%), 2.24%, 9/10/2018 (e)		30,000		30,008
Industrial & Commercial Bank of China Ltd. (China)
2.45%, 9/4/2018		120,000		120,006
2.45%, 9/6/2018		195,000		195,014
2.50%, 10/9/2018		50,000		50,016
2.50%, 10/29/2018		15,000		15,005
2.50%, 11/16/2018		336,000		336,054
2.50%, 11/19/2018		25,000		25,003
2.50%, 11/20/2018		25,000		25,003
2.50%, 11/30/2018		119,999		119,999
ING Bank NV (Netherlands)
(ICE LIBOR USD 3 Month + 0.11%), 2.42%, 10/9/2018 (e)		200,000		200,000
2.36%, 11/1/2018		165,000		165,000
(ICE LIBOR USD 3 Month + 0.12%), 2.42%, 11/21/2018 (e)		150,000		150,000
2.50%, 12/27/2018		155,000		155,000
2.51%, 1/31/2019		270,000		270,000
ING BANK NV (ICE LIBOR USD 3 Month + 0.20%), 2.54%, 10/6/2018 (e)		200,000		200,000
Landesbank Hessen-Thueringen (Germany) 1.94%, 9/4/2018		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Lloyds Bank Corporate Markets plc (United Kingdom) 2.31%, 10/26/2018 (b)		50,000		49,831
Mitsubishi UFJ Trust & Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.31%), 2.39%, 9/6/2018 (e)		120,000		120,068
(ICE LIBOR USD 1 Month + 0.30%), 2.38%, 9/9/2018 (e)		140,000		140,065
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e)		75,000		75,050
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e)		150,000		150,000
2.32%, 9/20/2018 (b)		100,000		99,883
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/22/2018 (e)		50,000		50,020
(ICE LIBOR USD 1 Month + 0.19%), 2.27%, 10/9/2018 (e)		195,000		194,991
2.30%, 11/9/2018 (b)		30,000		29,871
Mizuho Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.32%), 2.38%, 9/10/2018 (e)		225,000		225,026
2.41%, 9/10/2018 (b)		100,000		99,941
(ICE LIBOR USD 1 Month + 0.20%), 2.27%, 9/13/2018 (e)		50,000		50,006
(ICE LIBOR USD 1 Month + 0.20%), 2.26%, 9/28/2018 (e)		385,000		385,063
Mizuho Corporate Bank Ltd. (United Kingdom) 2.35%, 11/15/2018 (b)		100,000		99,514
2.34%, 11/21/2018 (b)		25,000		24,867
Natixis SA (France) (ICE LIBOR USD 1 Month + 0.25%), 2.31%, 9/10/2018 (e)		200,000		200,107
(ICE LIBOR USD 1 Month + 0.22%), 2.29%, 9/21/2018 (e)		250,000		250,103
(ICE LIBOR USD 3 Month + 0.10%), 2.41%, 11/19/2018 (e)		100,000		99,993
2.50%, 2/7/2019		120,000		120,047
Norinchukin Bank (The) (United Kingdom)
2.20%, 9/25/2018 (b)		80,000		79,883
2.08%, 9/28/2018 (b)		125,000		124,806
2.09%, 10/4/2018 (b)		230,000		229,600
2.34%, 10/5/2018 (b)		50,000		49,896
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/24/2018 (e)		100,000		100,043
Royal Bank of Canada (Canada)
(ICE LIBOR USD 3 Month + 0.17%), 2.50%, 9/21/2018 (e)		75,000		75,005

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/23/2018 (e)		75,000		75,026
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/24/2018 (e)		30,000		30,023
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (e)		10,000		10,006
(ICE LIBOR USD 3 Month + 0.08%), 2.43%, 11/2/2018 (e)		145,000		144,986
Shizuoka Bank Ltd. (The) (Japan)
2.17%, 9/25/2018		30,001		30,001
2.19%, 10/9/2018		40,002		40,002
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 1 Month + 0.28%), 2.36%, 9/10/2018 (e)		70,000		70,044
Societe Generale SA (France) 2.46%, 1/31/2019		100,000		100,028
Standard Chartered Bank (United Kingdom)
2.30%, 9/19/2018		50,000		50,009
(ICE LIBOR USD 3 Month + 0.14%), 2.48%, 10/3/2018 (e)		250,000		250,019
(ICE LIBOR USD 3 Month + 0.05%), 2.36%, 11/26/2018 (e)		14,999		14,999
(ICE LIBOR USD 3 Month + 0.08%), 2.40%, 11/29/2018 (e)		135,000		134,994
2.48%, 1/25/2019		200,000		200,027
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.35%, 9/4/2018 (e)		100,000		100,037
(ICE LIBOR USD 1 Month + 0.18%), 2.25%, 9/10/2018 (e)		100,000		100,013
(ICE LIBOR USD 1 Month + 0.31%), 2.39%, 9/10/2018 (e)		150,000		150,071
(ICE LIBOR USD 1 Month + 0.26%), 2.32%, 9/16/2018 (e)		50,000		50,022
(ICE LIBOR USD 1 Month + 0.22%), 2.29%, 9/23/2018 (e)		100,000		100,029
(ICE LIBOR USD 1 Month + 0.20%), 2.27%, 9/28/2018 (e)		150,000		149,993
(ICE LIBOR USD 1 Month + 0.21%), 2.27%, 9/28/2018 (e)		150,000		150,034
(ICE LIBOR USD 1 Month + 0.22%), 2.28%, 9/28/2018 (e)		200,000		200,057
(ICE LIBOR USD 1 Month + 0.26%), 2.33%, 9/29/2018 (e)		80,000		80,024
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 10/3/2018 (e)		170,000		169,986

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Sumitomo Mitsui Trust Bank Ltd. (United Kingdom)
(ICE LIBOR USD 1 Month + 0.25%), 2.33%, 9/5/2018 (e)		100,000		100,031
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/20/2018 (e)		100,000		100,020
(ICE LIBOR USD 1 Month + 0.16%), 2.23%, 9/24/2018 (e)		92,000		92,004
(ICE LIBOR USD 1 Month + 0.24%), 2.31%, 9/30/2018 (e)		100,000		99,988
2.30%, 10/26/2018 (b)		200,000		199,318
(ICE LIBOR USD 1 Month + 0.39%), 2.45%, 11/13/2018 (e)		195,000		195,000
2.48%, 1/28/2019 (b)		20,000		19,797
Svenska Handelsbanken AB (Sweden)
(ICE LIBOR USD 1 Month + 0.16%), 2.24%, 9/8/2018 (e)		100,000		100,030
(ICE LIBOR USD 1 Month + 0.27%), 2.33%, 9/15/2018 (e)		325,000		325,258
(ICE LIBOR USD 1 Month + 0.22%), 2.30%, 9/18/2018 (e)		200,000		200,094
(ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/23/2018 (e)		135,000		135,068
Wells Fargo Bank NA
(ICE LIBOR USD 1 Month + 0.35%), 2.42%, 9/11/2018 (e)		100,000		100,134
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/13/2018 (e)		200,000		200,070
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/22/2018 (e)		250,000		250,150
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/27/2018 (e)		100,000		100,046
(ICE LIBOR USD 1 Month + 0.27%), 2.34%, 9/28/2018 (e)		195,000		195,139
(ICE LIBOR USD 1 Month + 0.28%), 2.34%, 9/28/2018 (e)		375,000		375,320
(ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/30/2018 (e)		130,000		130,050
Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.23%), 2.31%, 9/20/2018 (e)		100,000		100,050
Total Certificates of Deposit (Cost $15,710,692)				15,715,011

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Time Deposits — 24.7%
Australia & New Zealand Banking Group Ltd.
1.91%, 9/4/2018		500,000		500,000
1.94%, 9/4/2018		450,000		450,000
1.96%, 9/4/2018		400,000		400,000
BNP Paribas SA
1.95%, 9/4/2018		200,000		200,000
1.95%, 9/5/2018		175,000		175,000
China Construction Bank Corp. 1.93%, 9/4/2018		705,000		705,000
Citibank NA 1.94%, 9/6/2018		350,000		350,000
DZ Bank AG 1.91%, 9/4/2018		500,000		500,000
Erste Group Bank AG 1.92%, 9/4/2018		490,000		490,000
First Abu Dhabi Bank PJSC 1.92%, 9/4/2018		755,000		755,000
Industrial & Commercial Bank of China Ltd.
1.93%, 9/4/2018		500,000		500,000
1.93%, 9/4/2018		505,000		505,000
ING Bank NV 1.92%, 9/4/2018		150,000		150,000
KBC Bank NV 1.91%, 9/4/2018		800,000		800,000
Mizuho Bank Ltd. 1.91%, 9/4/2018		400,000		400,000
Natixis SA (France) 1.91%, 9/4/2018		595,000		595,000
Nordea Bank AB
1.91%, 9/4/2018		500,000		500,000
1.91%, 9/4/2018		990,269		990,269
Royal Bank of Canada 1.93%, 9/4/2018		500,000		500,000
Skandinaviska Enskilda TD 1.91%, 9/4/2018		16,490		16,490
Swedbank AB 1.91%, 9/4/2018		1,000,000		1,000,000
The Chiba Bank Ltd. 1.93%, 9/4/2018		295,000		295,000
Total Time Deposits (Cost $10,776,759)				10,776,759
Commercial Paper — 22.1%
Alpine Securitization Ltd. (Switzerland)
2.40%, 11/1/2018 (f)		50,000		50,019
2.50%, 1/22/2019 (f)		102,000		102,000
Atlantic Asset Securitization LLC (ICE LIBOR USD 1 Month + 0.18%), 2.26%, 9/6/2018 (e)		20,000		20,000
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/30/2018 (e) (f)		175,000		175,118
Bank Nederlandse Gemeenten NV (Netherlands) 2.05%, 9/10/2018 (b)		250,000		249,862
Bank of China Ltd. (China) 2.52%, 9/12/2018 (b) (f)		100,000		99,934
2.53%, 10/9/2018 (b) (f)		50,000		49,884

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
2.56%, 10/23/2018 (b)		33,000		32,893
2.51%, 11/5/2018 (b)		500,000		497,899
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.08%), 2.42%, 11/8/2018 (e) (f)		65,000		64,994
Barclays Bank plc (United Kingdom) 2.32%, 11/13/2018 (b) (f)		100,000		99,541
Bedford Row Funding Corp.
(ICE LIBOR USD 1 Month + 0.46%), 2.54%, 9/4/2018 (e) (f)		50,000		50,093
(ICE LIBOR USD 1 Month + 0.22%), 2.30%, 9/6/2018 (e) (f)		20,001		20,001
(ICE LIBOR USD 1 Month + 0.24%), 2.32%, 9/6/2018 (e) (f)		85,000		85,026
(ICE LIBOR USD 1 Month + 0.26%), 2.34%, 9/8/2018 (e) (f)		100,000		100,057
(ICE LIBOR USD 1 Month + 0.29%), 2.37%, 9/8/2018 (e) (f)		20,000		20,016
(ICE LIBOR USD 1 Month + 0.34%), 2.40%, 9/10/2018 (e) (f)		103,000		103,133
(ICE LIBOR USD 1 Month + 0.24%), 2.31%, 9/13/2018 (e) (f)		20,000		20,007
(ICE LIBOR USD 1 Month + 0.24%), 2.35%, 9/20/2018 (e) (f)		100,000		100,046
(ICE LIBOR USD 1 Month + 0.27%), 2.33%, 9/26/2018 (e) (f)		69,000		69,045
(ICE LIBOR USD 1 Month + 0.22%), 2.28%, 9/27/2018 (e) (f)		25,000		25,005
(ICE LIBOR USD 3 Month + 0.11%), 2.42%, 11/26/2018 (e) (f)		35,000		34,997
BNZ International Funding Ltd. (New Zealand) (ICE LIBOR USD 1 Month + 0.38%), 2.44%, 9/17/2018 (e) (f)		40,000		40,022
BPCE SA (France) 2.33%, 9/12/2018 (b) (f)		105,000		104,932
2.51%, 10/31/2018 (b) (f)		100,000		99,642
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/4/2018 (e) (f)		87,000		87,034
(ICE LIBOR USD 1 Month + 0.23%), 2.31%, 9/8/2018 (e) (f)		50,000		50,024
(ICE LIBOR USD 1 Month + 0.20%), 2.26%, 9/10/2018 (e) (f)		83,000		83,024
(ICE LIBOR USD 1 Month + 0.20%), 2.27%, 9/13/2018 (e) (f)		165,000		165,050
(ICE LIBOR USD 1 Month + 0.20%), 2.26%, 9/15/2018 (e) (f)		30,000		30,009
(ICE LIBOR USD 1 Month + 0.26%), 2.33%, 9/22/2018 (e) (f)		125,000		125,067

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
(ICE LIBOR USD 1 Month + 0.21%), 2.27%, 9/27/2018 (e) (f)		125,000		125,052
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.30%, 11/26/2018 (e)		35,000		34,997
DBS Bank Ltd. (Singapore) 2.27%, 10/3/2018 (b) (f)		50,000		49,903
2.46%, 1/23/2019 (b) (f)		85,000		84,162
Erste Finance LLC (Austria) 2.16%, 10/9/2018 (b)		121,000		120,697
First Abu Dhabi Bank PJSC (United Arab Emirates)
2.33%, 9/11/2018 (b) (f)		80,000		79,952
2.34%, 9/13/2018 (b) (f)		400,000		399,714
2.34%, 9/18/2018 (b) (f)		35,000		34,965
2.34%, 9/28/2018 (b) (f)		54,000		53,913
2.32%, 10/22/2018 (b) (f)		82,000		81,739
2.35%, 10/26/2018 (b) (f)		150,000		149,477
2.31%, 11/13/2018 (b) (f)		50,000		49,760
General Electric Co. 1.94%, 9/6/2018 (b)		150,000		149,951
Gotham Funding Corp.
2.31%, 10/9/2018 (b) (f)		25,000		24,944
2.31%, 10/11/2018 (b) (f)		62,000		61,853
2.31%, 12/6/2018 (b) (f)		39,197		38,956
2.31%, 12/10/2018 (b) (f)		50,000		49,678
HSBC Bank plc (United Kingdom)
(ICE LIBOR USD 1 Month + 0.21%), 2.29%, 9/5/2018 (e) (f)		32,000		32,013
(ICE LIBOR USD 1 Month + 0.21%), 2.27%, 9/26/2018 (e) (f)		150,000		150,054
(ICE LIBOR USD 3 Month + 0.17%), 2.51%, 10/3/2018 (e) (f)		210,000		210,095
ING US Funding LLC (Netherlands) (ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e)		90,000		90,073
Lloyds Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/10/2018 (e)		100,000		100,011
LMA-Americas LLC 2.37%, 9/10/2018 (b) (f)		70,100		70,062
2.31%, 9/11/2018 (b) (f)		60,000		59,964
Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.33%, 9/18/2018 (b) (f)		50,000		49,950
National Australia Bank Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.31%), 2.37%, 9/11/2018 (e) (f)		80,000		80,105
(ICE LIBOR USD 1 Month + 0.19%), 2.27%, 9/20/2018 (e) (f)		125,000		125,039
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (e) (f)		75,000		75,071

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Natixis SA (France)
(ICE LIBOR USD 1 Month + 0.44%), 2.51%, 9/12/2018 (e)		200,000		200,036
(ICE LIBOR USD 1 Month + 0.36%), 2.42%, 9/15/2018 (e)		73,000		73,076
(ICE LIBOR USD 1 Month + 0.30%), 2.37%, 9/21/2018 (e)		125,000		125,082
Nederlandse Waterschapsbank NV (Netherlands) 2.11%, 10/9/2018 (b) (f)		250,000		249,442
Nestle Capital Corp. (Switzerland) 2.42%, 12/19/2018 (b) (f)		125,000		124,152
Nieuw Amsterdam Receivables Corp.
2.30%, 9/4/2018 (b) (f)		100,000		99,978
2.16%, 10/10/2018 (b) (f)		20,000		19,954
Old Line Funding LLC
(ICE LIBOR USD 1 Month + 0.15%), 2.31%, 9/4/2018 (b) (e) (f)		100,000		100,000
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/22/2018 (e) (f)		40,000		40,015
Oversea-Chinese Banking Corp. Ltd. (Singapore)
(ICE LIBOR USD 1 Month + 0.25%), 2.33%, 9/9/2018 (e) (f)		150,000		150,080
(ICE LIBOR USD 1 Month + 0.27%), 2.34%, 9/13/2018 (e) (f)		20,000		20,007
2.45%, 1/23/2019 (b) (f)		65,000		64,389
Sheffield Receivables Co. LLC (United Kingdom) (SOFRRATE + 0.35%), 2.28%, 9/28/2018 (e) (f)		25,000		25,000
Standard Chartered Bank (United Kingdom) 2.48%, 1/25/2019 (b) (f)		15,000		14,851
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.31%, 10/31/2018 (b) (f)		110,000		109,597
Thunder Bay Funding LLC
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e) (f)		90,000		90,078
(ICE LIBOR USD 1 Month + 0.24%), 2.31%, 9/27/2018 (e) (f)		150,000		150,000
(ICE LIBOR USD 1 Month + 0.20%), 2.31%, 10/3/2018 (e) (f)		250,000		250,060
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 3 Month + 0.06%), 2.41%, 9/4/2018 (b) (e) (f)		130,000		130,000
(ICE LIBOR USD 1 Month + 0.27%), 2.35%, 9/8/2018 (e)		150,000		150,107
(ICE LIBOR USD 1 Month + 0.37%), 2.43%, 9/11/2018 (e) (f)		200,000		200,310

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
(ICE LIBOR USD 1 Month + 0.19%), 2.26%, 9/12/2018 (e) (f)		50,000		50,005
(ICE LIBOR USD 1 Month + 0.27%), 2.34%, 9/14/2018 (e) (f)		200,000		200,144
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/22/2018 (e) (f)		240,000		240,136
(ICE LIBOR USD 3 Month + 0.27%), 2.61%, 9/26/2018 (e) (f)		130,000		130,158
(ICE LIBOR USD 3 Month + 0.07%), 2.42%, 11/2/2018 (e) (f)		175,000		174,983
Toyota Credit Canada, Inc. (Canada) (ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/16/2018 (e)		50,000		50,026
Toyota Finance Australia Ltd. (Australia)
(ICE LIBOR USD 1 Month + 0.21%), 2.29%, 9/20/2018 (e)		30,000		30,009
(ICE LIBOR USD 1 Month + 0.21%), 2.29%, 9/20/2018 (e)		15,000		15,005
Toyota Motor Corp. (Japan) (ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (e)		70,000		70,038
Toyota Motor Credit Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (e)		135,000		135,074
(ICE LIBOR USD 3 Month + 0.08%), 2.43%, 11/2/2018 (e)		35,000		34,997
UBS AG (Switzerland)
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (e) (f)		100,000		100,066
(ICE LIBOR USD 1 Month + 0.30%), 2.37%, 9/23/2018 (e) (f)		90,000		90,060
(ICE LIBOR USD 3 Month + 0.09%), 2.41%, 11/16/2018 (e) (f)		135,000		134,990
Victory Receivables Corp. 2.04%, 10/3/2018 (b) (f)		76,929		76,784
Westpac Banking Corp. (Australia)
(ICE LIBOR USD 1 Month + 0.19%), 2.27%, 9/5/2018 (e) (f)		90,000		90,004
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/14/2018 (e) (f)		100,000		100,049
(ICE LIBOR USD 1 Month + 0.19%), 2.25%, 9/27/2018 (e) (f)		50,000		50,007
Total Commercial Paper (Cost $9,641,990)				9,645,273

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
U.S. Treasury Obligations — 2.0%
U.S. Treasury Bills 1.91%, 9/6/2018 (b)		150,000		149,984
1.92%, 9/13/2018 (b)		730,000		729,652
Total U.S. Treasury Obligations (Cost $879,494)				879,636
Total Short-term Investments (Cost $37,008,935)				37,016,679
Total Investments — 100.9% (Cost $44,033,042)				44,040,834
Liabilities in Excess of Other Assets — (0.9%)				(402,352	)
NET ASSETS — 100.0%				43,638,482

Percentages indicated are based on net assets.

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
Rev.	Revenue
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	The rate shown is the effective yield as of August 31, 2018.
(c)	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, 2018.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At August 31, 2018, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan Prime Money Market Fund	$	500,000	$	500,109	$	510,148

Repurchase Agreements — August 31, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan Prime Money Market Fund
BNP Paribas SA		1.97	%	$	100,917
Credit Agricole Corporate and Investment Bank		1.97	%		22,936
MUFG Securities Americas, Inc.		1.96	%		77,982
Societe Generale SA		1.97	%		22,936
TD Securities (USA) LLC		1.97	%		50,459
Wells Fargo Securities LLC		1.97	%		224,770
Total				$	500,000

August 31, 2018, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		1.23% - 3.28%		11/13/2018 - 11/2/2037
FHLB		0.00% - 5.63%		9/5/2018 - 7/15/2036
FHLMC		0.88% - 7.00%		9/14/2018 - 9/1/2048
FNMA		0.00% - 7.25%		9/18/2018 - 9/1/2048
GNMA		2.00% - 7.50%		8/16/2022 - 5/20/2068
Tennessee Valley Authority		1.75% - 7.13%		10/15/2018 - 9/15/2065
U.S. Treasury Securities		0.00% - 8.13%		2/21/2019 - 2/15/2046

^[2] Agency Joint Trading Account II — At August 31, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
JPMorgan Prime Money Market Fund	$	588,830	$	588,959	$	600,624

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

Repurchase Agreements — At August 31, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan Prime Money Market Fund
Citibank NA		1.97	%	$	80,662
Citigroup Global Markets Holdings, Inc.		1.97	%		80,662
Merrill Lynch PFS, Inc.		1.97	%		427,506
Total				$	588,830

At August 31, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		2.48% - 3.82%		2/15/2022 - 3/20/2037
FHLB		0.00% - 3.83%		10/19/2018 - 9/6/2041
FHLMC		0.00% - 8.00%		4/15/2019 - 9/1/2048
FNMA		0.00% - 7.00%		11/15/2018 - 8/1/2048
GNMA		1.50% - 10.00%		9/15/2018 - 8/15/2060
U.S. Treasury Securities		0.00% - 2.63%		11/8/2018 - 5/15/2048

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 63.7%
California — 7.5%
City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.63%, 9/10/2018 (b)		10,000		10,000
Los Angeles Department of Water and Power Series B, Subseries B-2, Rev., VRDO, 1.27%, 9/10/2018 (b)		2,000		2,000
Metropolitan Water District of Southern California, Water Series A-1, Rev., VRDO, 1.33%, 9/4/2018 (b)		12,735		12,735
Modesto Irrigation District Financing Authority, Municipal Securities Trust Receipts Class A, Rev., VRDO, NATL-RE, LOC: Societe Generale, 1.57%, 9/10/2018 (b)		8,960		8,960
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 1.71%, 9/10/2018 (b) (c)		5,000		5,000
Tender Option Bond Trust Receipts/CTFS Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 1.60%, 9/10/2018 (b) (c)		6,615		6,615
				45,310
Colorado — 1.3%
Colorado Health Facilities Authority, SCL Health System Series A, Rev., VRDO, 1.56%, 9/10/2018 (b)		3,000		3,000
Tender Option Bond Trust Receipts/CTFS Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 1.66%, 9/10/2018 (b) (c)		4,925		4,925
				7,925
Delaware — 2.2%
University of Delaware Series C, Rev., VRDO, 1.52%, 9/4/2018 (b)		12,945		12,945
District of Columbia — 0.8%
District of Columbia Rev., VRDO, LOC: Bank of America NA, 1.57%, 9/10/2018 (b)		1,200		1,200
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0610, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		3,670		3,670
				4,870
Florida — 1.9%
City of Gainesville, Utilities System Series A, Rev., VRDO, 1.53%, 9/4/2018 (b)		5,410		5,410
Florida Department of Environmental Protection Series A, Rev., VRDO, AGC, 1.58%, 9/10/2018 (b)		390		390

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Tender Option Bond Trust Receipts/CTFS Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 1.76%, 9/10/2018 (b) (c)		5,665		5,665
				11,465
Illinois—9.3%
County of Lake, Multifamily Housing, Whispering Oaks Apartments Project Rev., VRDO, FHLMC, LIQ: FHLMC, 1.60%, 9/10/2018 (b)		21,500		21,500
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		8,000		8,000
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.58%, 9/10/2018 (b)		1,700		1,700
Illinois Finance Authority, Advocate Healthcare Network Subseries C-3A, Rev., VRDO, 1.57%, 9/10/2018 (b)		2,750		2,750
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.56%, 9/10/2018 (b)		2,385		2,385
Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.57%, 9/10/2018 (b)		930		930
Illinois Finance Authority, Youth Hostels Project Rev., VRDO, LOC: Bank of Montreal, 1.56%, 9/10/2018 (b)		2,830		2,830
Illinois State Toll Highway Authority Series A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		15,675		15,675
Joliet Regional Port District Rev., VRDO, 1.52%, 9/4/2018 (b)		395		395
				56,165
Indiana — 0.7%
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.59%, 9/10/2018 (b)		4,035		4,035
Iowa — 3.9%
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, 1.62%, 9/10/2018 (b)		22,000		22,000
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		1,200		1,200
				23,200

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Maryland — 3.5%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 1.76%, 9/10/2018 (b) (c)		7,615		7,615
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		1,460		1,460
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		3,350		3,350
Series 2018-XG0177, Rev., VRDO, LIQ: Barclays Bank plc, 1.60%, 9/10/2018 (b) (c)		3,750		3,750
Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 1.76%, 9/10/2018 (b) (c)		5,000		5,000
				21,175
Massachusetts — 2.1%
Commonwealth of Massachusetts Class A, GO, VRDO, FGIC, LIQ: Societe Generale, 1.57%, 9/10/2018 (b) (c)		975		975
Rib Floater Trust Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		11,870		11,870
				12,845
Michigan — 1.0%
Rib Floater Trust Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.60%, 9/10/2018 (b) (c)		4,000		4,000
Tender Option Bond Trust Receipts/CTFS Series 2017-XF0595, Rev., VRDO, LIQ: Bank of America NA, 1.61%, 9/10/2018 (b) (c)		1,800		1,800
				5,800
Mississippi — 4.3%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series A, Rev., VRDO, 1.54%, 9/4/2018 (b)		9,935		9,935
Series G, Rev., VRDO, 1.54%, 9/4/2018 (b)		11,870		11,870
Series G, Rev., VRDO, 1.54%, 9/4/2018 (b)		4,320		4,320
				26,125
Missouri — 4.0%
Health and Educational Facilities Authority of the State of Missouri, SSM Health Series D, Rev., VRDO, 1.52%, 9/10/2018 (b)		11,000		11,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — continued
Tender Option Bond Trust Receipts/CTFS
Series 2018-XM0575, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		8,000		8,000
Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b) (c)		5,000		5,000
				24,000
Nevada — 0.2%
Tender Option Bond Trust Receipts/CTFS Series 2018-XF0612, GO, VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		1,000		1,000
New York — 4.9%
City of New York, Fiscal Year 2014 Subseries D-4, GO, VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		3,550		3,550
City of New York, Fiscal Year 2018 Subseries E-5, GO, VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		4,125		4,125
Metropolitan Transportation Authority Series D, Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.59%, 9/10/2018 (b)		230		230
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2015 Rev., VRDO, 1.53%, 9/4/2018 (b)		3,150		3,150
New York City Transitional Finance Authority, Future Tax Secured Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		1,525		1,525
New York State Housing Finance Agency, Manhattan West Residential Housing Series A, Rev., VRDO, LOC: Bank of China, 1.63%, 9/10/2018 (b)		650		650
Tender Option Bond Trust Receipts/CTFS
Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 1.58%, 9/10/2018 (b) (c)		6,265		6,265
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.58%, 9/10/2018 (b) (c)		4,000		4,000
Series 2016-XF2344, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		3,500		3,500
Series 2018-XF2529, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		2,625		2,625
				29,620
Ohio — 1.0%
Ohio Air Quality Development Authority Series D, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.58%, 9/10/2018 (b)		200		200

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Ohio — continued
Tender Option Bond Trust Receipts/CTFS
Series 2018-ZF0670, Rev., VRDO, LIQ: Bank of America NA, 1.59%, 9/10/2018 (b) (c)		2,000		2,000
Series 2018-XF2613-1, Rev., VRDO, LIQ: Citibank NA, 1.64%, 9/10/2018 (b) (c)		4,000		4,000
				6,200
Oregon — 0.9%
Oregon State Facilities Authority, Peacehealth Systems Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.57%, 9/10/2018 (b)		1,500		1,500
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		4,000		4,000
				5,500
Pennsylvania—2.8%
Delaware County Industrial Development Authority/PA Series A, Rev., VRDO, 1.60%, 9/10/2018 (b)		400		400
Emmaus General Authority, Downingtown Area School District Subseries F24, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		3,200		3,200
Philadelphia Authority, Industrial Development Multi-Modal Lease Series B-3, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		10,900		10,900
Tender Option Bond Trust Receipts/CTFS Series 2018-ZF0660, Rev., VRDO, LIQ: Bank of America NA, 1.59%, 9/10/2018 (b) (c)		2,500		2,500
				17,000
Rhode Island — 1.7%
Tender Option Bond Trust Receipts/CTFS
Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 1.61%, 9/10/2018 (b) (c)		6,035		6,035
Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 1.61%, 9/10/2018 (b) (c)		4,050		4,050
				10,085
South Carolina — 0.1%
City of North Charleston, Municipal Golf Course Rev., VRDO, 1.60%, 9/10/2018 (b)		405		405
Tennessee — 0.9%
Clarksville Public Building Authority Series 2005, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		3,015		3,015

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — continued
Tender Option Bond Trust Receipts/CTFS Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		2,250		2,250
				5,265
Texas — 5.0%
Dallas Performing Arts Cultural Facilities Corp., Center for the Performing Arts Foundation, Inc. Rev., VRDO, LOC: Bank of America NA, 1.57%, 9/10/2018 (b)		5,575		5,575
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project
Series A-2, Rev., VRDO, 1.55%, 9/4/2018(b)		1,170		1,170
Subseries A-3, Rev., VRDO, 1.55%, 9/4/2018 (b)		300		300
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		5,000		5,000
Tarrant County Cultural Education Facilities Finance Corp. Rev., VRDO, 1.58%, 9/10/2018(b)		3,000		3,000
Rev., VRDO, LOC: Bank of New York Mellon, 1.60%, 9/10/2018(b)		3,200		3,200
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012-B, Rev., VRDO, 1.58%, 9/10/2018(b)		150		150
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 1.59%, 9/10/2018 (b) (c)		4,000		4,000
Series 2018-XF0648, GO, VRDO, PSF-GTD, LIQ: TD Bank NA, 1.59%, 9/10/2018 (b) (c)		3,745		3,745
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		3,840		3,840
				29,980
Utah — 0.6%
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.60%, 9/10/2018 (b) (c)		3,425		3,425
Virginia — 1.3%
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., VRDO, 1.55%, 9/10/2018 (b)		5,000		5,000
Tender Option Bond Trust Receipts/CTFS Series 2018-XG0183, Rev., VRDO, LIQ: Barclays Bank plc, 1.58%, 9/10/2018 (b) (c)		3,000		3,000
				8,000

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Washington — 0.6%
County of Washington, Junior Lien, Sewer Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.56%, 9/10/2018 (b)		350		350
Washington State Housing Finance Commission Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		320		320
Washington State Housing Finance Commission, Overlake School Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		2,900		2,900
				3,570
Wisconsin — 1.0%
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF2634, Rev., VRDO, LIQ: Creidt Suisse, 1.61%, 9/10/2018 (b) (c)		2,000		2,000
Series 2018-XG0174, Rev., VRDO, LIQ: Bank of America NA, 1.61%, 9/10/2018 (b) (c)		4,000		4,000
				6,000
Wyoming — 0.2%
County of Uinta Rev., VRDO, 1.54%, 9/4/2018 (b)		975		975
Total Municipal Bonds (cost $382,885)				382,885
	SHARES (000)
Variable Rate Demand Preferred Shares — 2.5%
Other — 2.5%
Nuveen AMT-Free Quality Municipal Income Fund Series 4, LIQ: Barclays Bank plc, 1.65%, 9/10/2018 # (c) (Cost $15,000)		15,000		15,000
	PRINCIPAL AMOUNT ($000)
Short-term Investments — 33.7%
Commercial Paper — 33.7%
California Statewide Communities Development Authority 1.30%, 9/4/2018		12,000		12,000
City of Dallas Series D-1, 1.68%, 9/26/2018		5,000		5,000
City of Garland, Electric Utility System
1.37%, 9/5/2018		11,000		11,000
1.61%, 9/13/2018		1,500		1,500
City of Rochester, Health Care Facilities
1.38%, 10/1/2018		5,000		4,999
1.50%, 10/1/2018		5,000		4,999

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
County of York, National Rural Utilities Cooperative Finance Corp.
1.40%, 9/4/2018		15,000		14,999
1.40%, 9/4/2018		12,950		12,950
Indiana Finance Authority 1.55%, 10/2/2018		7,000		6,999
Las Vegas Valley Water District 1.38%, 10/1/2018		20,000		19,995
Massachusetts Health and Educational Facilities Authority 1.32%, 9/5/2018		17,750		17,749
Omaha Public Power District, Electric System 1.67%, 10/11/2018		10,000		10,000
Regents of the University of Michigan
1.60%, 9/4/2018		9,760		9,760
1.63%, 10/1/2018		10,000		10,000
San Diego Public Facilities Financing Authority 1.30%, 9/5/2018		10,000		10,000
Southwestern Illinois Development Authority Health Facility 1.38%, 10/1/2018		10,000		9,998
State of Maryland, Health & Higher Educational Facilities Authority Series B, 1.60%, 9/4/2018		9,000		9,000
University of Massachusetts Building Authority 1.60%, 9/13/2018		5,000		5,000
University of Texas System
1.60%, 9/13/2018		4,419		4,419
1.61%, 9/14/2018		12,740		12,740
Wisconsin Health and Educational Facilities Authority 1.38%, 10/1/2018		9,415		9,413
Total Commercial Paper (Cost $202,534)				202,520
Total Short-term Investments (COST $202,534)				202,520
Total Investments — 99.9% (Cost $600,419)				600,405
Other Assets Less Liabilities — 0.1%				455
NET ASSETS — 100.0%				600,860

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AMT	Alternative Minimum Tax
COP	Certificate of Participation
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
GO	General Obligation
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 27.8%
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.97%, dated 8/31/2018, due 9/4/18, repurchase price $538,494. [2]		538,376		538,376
Barclays Capital, Inc., 2.16%, dated 8/31/2018, due 9/7/2018, repurchase price $10,004, collateralized by Asset-Backed Securities, 5.95%, due 7/25/2024, and FNMA Connecticut Avenue Securities, 5.81% - 6.91%, due 10/25/2029 - 5/25/2043, with a value of $10,893.		10,000		10,000
Barclays Capital, Inc., 2.43%, dated 8/31/2018, due 10/5/2018, repurchase price $30,071, collateralized by Asset-Backed Securities, 0.00%, due 1/10/2031, and FNMA Connecticut Avenue Securities, 5.81% - 7.56%, due 9/25/2029 - 5/25/2043, with a value of $32,845.		30,000		30,000
BMO Capital Markets Corp., 2.01%, dated 8/31/2018, due 9/4/2018, repurchase price $35,008, collateralized by Asset-Backed Securities, 1.89% - 3.05%, due 11/16/2020 - 4/17/2023, Corporate Bonds, 1.25% - 11.00%, due 6/17/2019 - 11/16/2048, Corporate Notes, 1.88% - 4.75%, due 4/22/2019 - 4/15/2058, and Sovereign Government Securities, 2.75%, due 11/2/2027, with a value of $37,030.		35,000		35,000
BMO Capital Markets Corp., 2.30%, dated 8/31/2018, due 9/5/2018, repurchase price $25,008, collateralized by Asset-Backed Securities, 1.89% - 2.91%, due 6/15/2021 - 2/25/2066, Corporate Bonds, 2.00% - 8.88%, due 1/30/2019 - 11/16/2048, Corporate Notes, 2.13% - 3.45%, due 9/4/2018 - 1/11/2025, and Sovereign Government Securities, 1.38% - 2.38%, due 10/3/2018 - 11/15/2022, with a value of $26,508.		25,000		25,000
BNP Paribas SA, 2.10%, dated 8/31/2018, due 9/4/2018, repurchase price $25,006, collateralized by Asset-Backed Securities, 2.56% - 7.21%, due 2/15/2026 - 3/25/2036, with a value of $27,511.		25,000		25,000
BNP Paribas SA, 2.10%, dated 8/31/2018, due 9/6/2018, repurchase price $5,002, collateralized by Asset-Backed Securities, 6.85%, due 6/1/2034, and Corporate Bonds, 3.15% - 14.00%, due 10/15/2018 - 8/9/2028, with a value of $5,402.		5,000		5,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Credit Suisse Securities USA LLC, 2.11%, dated 8/31/2018, due 9/5/2018, repurchase price $15,004, collateralized by Asset-Backed Securities, 0.00% - 4.50%, due 7/25/2029 - 8/25/2045, Collateralized Mortgage Obligations, 3.01% - 6.50%, due 10/25/2037 - 11/18/2048, and FNMA Connecticut Avenue Securities, 4.31% - 6.31%, due 7/25/2030 - 1/27/2031, with a value of $16,323.		15,000		15,000
Credit Suisse Securities USA LLC, 2.48%, dated 8/31/2018, due 10/5/2018, repurchase price $20,048, collateralized by Asset-Backed Securities, 5.00%, due 9/25/2034, Collateralized Mortgage Obligations, 0.00% - 12.07%, due 12/1/2018 - 2/25/2055, Corporate Bonds, 0.00% - 14.00%, due 2/13/2020 - 2/12/2055, Corporate Notes, 6.75%, due 5/20/2036, FNMA Connecticut Avenue Securities, 4.31%, due 7/25/2030, and Sovereign Government Securities, 7.50%, due 3/31/2030, with a value of $21,960.		20,000		20,000
HSBC Securities USA, Inc., 2.17%, dated 8/31/2018, due 9/4/2018, repurchase price $20,005, collateralized by Corporate Bonds, 2.40% - 8.25%, due 6/5/2020 - 1/1/2099, with a value of $21,605.		20,000		20,000
ING Financial Markets LLC, 2.11%, dated 8/31/2018, due 9/4/2018, repurchase price $50,012, collateralized by Sovereign Government Securities, 5.50% - 5.75%, due 7/12/2020 - 9/26/2023, with a value of $54,014.		50,000		50,000
Merrill Lynch PFS, Inc., 2.40%, dated 8/31/2018, due 10/5/2018, repurchase price $40,093, collateralized by Commercial Paper, 0.00%, due 4/2/2019, and Municipal Debt Securities, 0.00% - 6.30%, due 2/1/2019 - 7/1/2043, with a value of $43,128.		40,000		40,000
Societe Generale SA, 2.04%, dated 8/31/2018, due 9/4/2018, repurchase price $20,005, collateralized by Corporate Bonds, 2.75% - 8.10%, due 4/15/2020 - 9/1/2048, Corporate Notes, 0.00% - 4.75%, due 11/23/2018 - 4/15/2058, Sovereign Government Securities, 3.00%, due 1/13/2026, and U.S. Treasury Securities, 0.00% - 2.00%, due 12/6/2018 - 11/15/2046, with a value of $20,790.		20,000		20,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Societe Generale SA, 2.14%, dated 8/31/2018, due 9/4/2018, repurchase price $50,012, collateralized by Corporate Bonds, 2.10% - 10.75%, due 7/30/2019 - 1/1/2049, Corporate Notes, 3.25% - 6.35%, due 5/21/2020 - 1/31/2023, Sovereign Government Securities, 3.00% - 11.88%, due 10/14/2019 - 3/13/2048, and U.S. Treasury Securities, 0.00%, due 12/6/2018, with a value of $53,673.		50,000		50,000
Societe Generale SA, 2.19%, dated 8/31/2018, due 9/4/2018, repurchase price $5,001, collateralized by Corporate Bonds, 3.19% - 9.50%, due 4/15/2019 - 1/1/2099, Corporate Notes, 4.88%, due 4/23/2030, and Sovereign Government Securities, 3.70% - 11.88%, due 4/18/2023 - 3/1/2041, with a value of $5,371.		5,000		5,000
Wells Fargo Securities LLC, 2.01%, dated 8/31/2018, due 9/4/2018, repurchase price $12,003, collateralized by Sovereign Government Securities, 1.38% - 4.88%, due 6/17/2019 - 7/10/2024, with a value of $12,630.		12,000		12,000
Total Repurchase Agreements (COST $900,376)				900,376
Municipal Bonds — 1.2%
Alaska — 0.8%
Alaska Housing Finance Corp., State Capital Project Bonds II Series B, Rev., VRDO, 1.96%, 9/10/2018 (b)		25,000		25,000
California — 0.1%
City and County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments
Series H-4, Rev., VRDO, LOC: Bank of China, 2.04%, 9/10/2018 (b)		2,000		2,000
Series H-3, Rev., VRDO, LOC: Bank of China, 2.05%, 9/10/2018 (b)		2,000		2,000
				4,000
New York — 0.3%
New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.12%, 9/4/2018 (b)		10,000		10,000
Total Municipal Bonds (Cost $39,000)				39,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 0.8%
FHLB DN, 1.92%, 9/19/2018 (c) (Cost $24,976)		25,000		24,976
Short-Term Investments — 70.7%
Certificates of Deposit — 31.1%
Banco Del Estado De Chile (Chile) 2.28%, 10/2/2018		10,000		10,000
2.29%, 10/31/2018		5,000		5,000
Bank of Montreal (Canada) 2.27%, 9/27/2018		5,000		5,000
2.30%, 11/26/2018		25,000		25,000
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.23%), 2.31%, 9/4/2018 (d)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.27%), 2.35%, 8/2/2019 (d)		5,000		5,000
BNP Paribas SA (France)
(ICE LIBOR USD 1 Month + 0.27%), 2.35%, 9/4/2018 (d)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.25%), 2.59%, 9/26/2018 (d)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.02%), 2.36%, 11/6/2018 (d)		5,000		5,000
Canadian Imperial Bank of Commerce (Canada)
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/4/2018 (d)		5,000		5,000
(ICE LIBOR USD 3 Month + 0.25%), 2.58%, 9/13/2018 (d)		1,500		1,500
Chiba Bank Ltd. (Japan) 2.19%, 10/4/2018		10,000		10,000
China Construction Bank Corp. (China)
2.45%, 9/7/2018		20,000		20,000
2.45%, 9/7/2018		5,000		5,000
2.52%, 11/1/2018		6,000		6,000
2.50%, 11/19/2018		4,000		4,000
2.50%, 12/3/2018		30,000		30,000
Commonwealth Bank of Australia (Australia) (ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/30/2018 (d)		5,000		5,000
Cooperatieve Rabobank UA (Netherlands)
(ICE LIBOR USD 1 Month + 0.22%), 2.28%, 9/27/2018 (d)		6,000		6,000
(ICE LIBOR USD 3 Month + 0.08%), 2.42%, 11/6/2018 (d)		15,000		15,000
Credit Agricole Corporate and Investment Bank (France)
2.30%, 10/2/2018		15,000		15,000
2.45%, 1/25/2019		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
Credit Industriel et Commercial (France)
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (d)		20,000		20,000
(ICE LIBOR USD 1 Month + 0.29%), 2.35%, 9/28/2018 (d)		20,000		20,000
2.53%, 1/28/2019 (c)		10,000		9,896
Industrial & Commercial Bank of China Ltd. (China)
2.45%, 9/6/2018		5,000		5,000
2.45%, 9/10/2018		20,000		20,000
2.50%, 10/9/2018		7,000		7,000
2.50%, 10/29/2018		6,000		6,000
2.50%, 11/16/2018		5,000		5,000
2.50%, 11/19/2018		5,000		5,000
2.50%, 11/30/2018		15,000		15,000
2.50%, 11/30/2018		3,000		3,000
ING Bank NV (Netherlands) 2.36%, 11/1/2018		30,000		30,000
(ICE LIBOR USD 3 Month + 0.12%), 2.42%, 11/21/2018 (d)		10,000		10,000
2.50%, 12/27/2018		15,000		15,000
2.51%, 1/31/2019		10,000		10,000
Lloyds Bank Corporate Markets plc (United Kingdom) 2.31%, 10/26/2018 (c)		10,000		9,965
Mitsubishi UFJ Trust & Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.34%), 2.42%, 9/4/2018 (d)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.19%), 2.27%, 10/9/2018 (d)		30,000		30,000
Mizuho Bank Ltd. (Japan) 2.41%, 9/10/2018 (c)		5,000		4,997
2.41%, 9/12/2018 (c)		13,000		12,990
(ICE LIBOR USD 3 Month + 0.50%), 2.84%, 9/24/2018 (d)		4,000		4,001
(ICE LIBOR USD 1 Month + 0.20%), 2.26%, 9/28/2018 (d)		10,000		10,000
2.34%, 10/10/2018 (c)		15,000		14,962
2.32%, 10/19/2018		5,000		5,000
Mizuho Corporate Bank Ltd. (Japan) 2.34%, 11/21/2018 (c)		10,000		9,948
Natixis SA (France) (ICE LIBOR USD 1 Month + 0.38%), 2.46%, 9/4/2018 (d)		11,000		11,000
(ICE LIBOR USD 3 Month + 0.10%), 2.41%, 11/19/2018 (d)		10,000		10,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Certificates of Deposit — continued
Norinchukin Bank (The) (United Kingdom) 2.20%, 9/25/2018 (c)		10,000		9,985
2.08%, 9/28/2018 (c)		10,000		9,985
2.34%, 10/5/2018 (c)		20,000		19,956
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/24/2018 (d)		20,000		20,000
Royal Bank of Canada (Canada) (ICE LIBOR USD 1 Month + 0.21%), 2.29%, 9/20/2018 (d)		2,000		2,000
(ICE LIBOR USD 3 Month + 0.17%), 2.50%, 9/21/2018 (d)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/23/2018 (d)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/24/2018 (d)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.08%), 2.43%, 11/2/2018 (d)		15,000		15,000
Shizuoka Bank Ltd. (The) (Japan) 2.17%, 9/25/2018		10,000		10,000
Standard Chartered Bank (United Kingdom) 2.30%, 9/19/2018		5,000		5,000
(ICE LIBOR USD 1 Month + 0.29%), 2.36%, 9/23/2018 (d)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.08%), 2.40%, 11/29/2018 (d)		10,000		10,000
2.50%, 12/21/2018		25,000		25,000
State Street Bank & Trust Co. (ICE LIBOR USD 1 Month + 0.21%), 2.27%, 9/26/2018 (d)		10,000		10,000
Sumitomo Mitsui Banking Corp. (Japan)
(ICE LIBOR USD 1 Month + 0.22%), 2.29%, 9/23/2018 (d)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.20%), 2.27%, 9/28/2018 (d)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.26%), 2.33%, 9/29/2018 (d)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 10/3/2018 (d)		30,000		30,000
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(ICE LIBOR USD 1 Month + 0.25%), 2.33%, 9/5/2018 (d)		10,000		10,000
2.51%, 1/7/2019 (c)		25,000		24,779
Sumitomo Trust and Banking Co. (United Kingdom) 2.29%, 10/25/2018 (c)		15,000		14,948
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.22%), 2.30%, 9/6/2018 (d)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Certificates of Deposit — continued
(ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/23/2018 (d)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.26%), 2.32%, 9/28/2018 (d)		10,000		10,000
Swedbank AB (Sweden) (ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/5/2018 (d)		10,000		10,000
Wells Fargo Bank NA (ICE LIBOR USD 1 Month + 0.23%), 2.30%, 9/13/2018 (d)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/22/2018 (d)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/27/2018 (d)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.28%), 2.34%, 9/28/2018 (d)		25,000		25,000
(ICE LIBOR USD 1 Month + 0.33%), 2.40%, 9/29/2018 (d)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.21%), 2.28%, 9/30/2018 (d)		15,000		15,000
Total Certificates of Deposit (Cost $1,007,912)				1,007,912
Commercial Paper — 28.9%
Alpine Securitization Ltd. (Switzerland) 2.40%, 11/1/2018 (e)		5,000		5,000
Antalis SA (Jersey) 2.32%, 10/2/2018 (c) (e)		15,000		14,970
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/30/2018 (d) (e)		5,000		5,000
Bank of China Ltd. (China) 2.52%, 9/12/2018 (c) (e)		10,000		9,992
2.53%, 10/9/2018 (c) (e)		10,000		9,974
2.56%, 10/23/2018 (c)		23,000		22,915
Bank of Nova Scotia (The) (Canada)
(ICE LIBOR USD 1 Month + 0.27%), 2.33%, 9/15/2018 (d) (e)		20,000		20,000
(ICE LIBOR USD 3 Month + 0.08%), 2.42%, 11/8/2018 (d) (e)		3,000		3,000
Barton Capital LLC 2.30%, 10/24/2018 (c) (e)		25,000		24,916
Bedford Row Funding Corp.
(ICE LIBOR USD 1 Month + 0.22%), 2.30%, 9/6/2018 (d) (e)		3,000		3,000
(ICE LIBOR USD 1 Month + 0.24%), 2.32%, 9/6/2018 (d) (e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.24%), 2.31%, 9/13/2018 (d) (e)		20,000		20,000
(ICE LIBOR USD 1 Month + 0.26%), 2.32%, 9/20/2018 (d) (e)		10,000		10,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
(ICE LIBOR USD 1 Month + 0.27%), 2.33%, 9/26/2018 (d) (e)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (d) (e)		5,000		5,000
(ICE LIBOR USD 3 Month + 0.11%), 2.42%, 11/26/2018 (d) (e)		10,000		10,000
BPCE SA (France) 2.33%, 9/12/2018 (c) (e)		5,000		4,996
2.50%, 12/17/2018 (c) (e)		5,000		4,963
2.56%, 3/4/2019 (c) (e)		1,500		1,481
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.30%), 2.38%, 9/8/2018 (d) (e)		10,000		10,000
Cancara Asset Securitisation LLC 2.29%, 10/2/2018 (c) (e)		15,000		14,970
Commonwealth Bank of Australia (Australia)
(ICE LIBOR USD 1 Month + 0.20%), 2.28%, 9/4/2018 (d) (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.23%), 2.31%, 9/8/2018 (d) (e)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.20%), 2.27%, 9/13/2018 (d) (e)		20,000		20,000
Cooperative Centrale (ICE LIBOR USD 3 Month + 0.06%), 2.30%, 11/26/2018 (d)		15,000		15,000
DBS Bank Ltd. (Singapore) 2.27%, 10/3/2018 (c) (e)		10,000		9,980
2.46%, 1/23/2019 (c) (e)		15,000		14,853
DZ Bank AG (Germany) (ICE LIBOR USD 1 Month + 0.25%), 2.33%, 9/6/2018 (d) (e)		10,000		10,000
Erste Finance Delaware LLC (Austria) 2.16%, 10/5/2018 (c) (e)		62,000		61,874
First Abu Dhabi Bank PJSC (United Arab Emirates)
2.34%, 9/13/2018 (c) (e)		25,000		24,981
2.34%, 9/18/2018 (c) (e)		10,000		9,989
2.34%, 9/28/2018 (c) (e)		4,000		3,993
2.32%, 10/22/2018 (c) (e)		18,000		17,941
2.34%, 11/1/2018 (c) (e)		3,000		2,988
Gotham Funding Corp. 2.31%, 10/9/2018 (c) (e)		10,000		9,976
2.31%, 12/6/2018 (c) (e)		20,000		19,877
ING US Funding LLC (Netherlands)
(ICE LIBOR USD 1 Month + 0.27%), 2.35%, 9/4/2018 (d)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (d)		10,000		10,000
(ICE LIBOR USD 3 Month + 0.08%), 2.39%, 11/26/2018 (d)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Liberty Street Funding LLC 2.29%, 10/2/2018 (c) (e)		50,000		49,902
LMA-Americas LLC 2.31%, 9/11/2018 (c) (e)		10,000		9,994
Mitsubishi UFJ Trust & Banking Corp. (Japan)
2.30%, 9/7/2018 (c) (e)		8,000		7,997
2.33%, 9/18/2018 (c) (e)		6,000		5,993
2.32%, 10/1/2018 (c) (e)		10,000		9,981
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (d) (e)		5,000		5,000
Nationwide Building Society (United Kingdom) 2.10%, 10/1/2018 (c) (e)		5,000		4,991
Natixis SA (France)
(ICE LIBOR USD 1 Month + 0.44%), 2.51%, 9/12/2018 (d)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.34%), 2.41%, 9/13/2018 (d)		15,000		15,000
Nestle Capital Corp. (Switzerland) 2.42%, 12/19/2018 (c) (e)		25,000		24,818
Oversea-Chinese Banking Corp. Ltd. (Singapore) 2.45%, 1/23/2019 (c) (e)		5,000		4,951
Sheffield Receivables Co. LLC (United Kingdom)
(SOFRRATE + 0.35%), 2.28%, 9/28/2018 (d) (e)		5,000		5,000
2.30%, 10/1/2018 (c) (e)		10,000		9,981
Sinopec Century Bright Capital Investment Ltd. (China) 2.25%, 10/2/2018 (c) (e)		25,000		24,952
Starbird Funding Corp. 2.36%, 9/4/2018 (c) (e)		10,000		9,998
State of Netherlands (Netherlands) 1.95%, 9/5/2018 (c) (e)		10,000		9,998
Sumitomo Mitsui Banking Corp. (Japan) 2.30%, 9/20/2018 (c) (e)		5,000		4,994
Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.31%, 10/31/2018 (c) (e)		30,000		29,885
Toronto-Dominion Bank (The) (Canada)
(ICE LIBOR USD 1 Month + 0.37%), 2.43%, 9/11/2018 (d) (e)		16,000		16,000
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/22/2018 (d) (e)		5,000		5,000
(ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/22/2018 (d) (e)		25,000		25,000
(ICE LIBOR USD 3 Month + 0.27%), 2.61%, 9/26/2018 (d) (e)		5,000		5,000
Toyota Credit Canada, Inc. (Canada) (ICE LIBOR USD 1 Month + 0.25%), 2.32%, 9/16/2018 (d)		10,000		10,000
Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.21%), 2.29%, 9/20/2018 (d)		5,000		5,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Paper — continued
Toyota Motor Credit Corp. (Japan) (ICE LIBOR USD 1 Month + 0.23%), 2.29%, 9/28/2018 (d)		15,000		15,000
(ICE LIBOR USD 1 Month + 0.34%), 2.41%, 9/30/2018 (d)		15,000		15,000
(ICE LIBOR USD 3 Month + 0.08%), 2.43%, 11/2/2018 (d)		5,000		5,000
UBS AG (Switzerland) (ICE LIBOR USD 1 Month + 0.30%), 2.36%, 9/16/2018 (d) (e)		50,000		50,000
(ICE LIBOR USD 3 Month + 0.09%), 2.41%, 11/16/2018 (d) (e)		15,000		15,000
Versailles Commercial Paper LLC 2.38%, 1/2/2019 (c) (e)		10,000		9,919
Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.19%), 2.27%, 9/5/2018 (d) (e)		10,000		10,000
(ICE LIBOR USD 1 Month + 0.27%), 2.34%, 9/13/2018 (d) (e)		3,000		3,000
(ICE LIBOR USD 1 Month + 0.19%), 2.25%, 9/27/2018 (d) (e)		10,000		10,000
Total Commercial Paper (Cost $933,983)				933,983
Time Deposits — 9.9%
Australia & New Zealand Banking Group Ltd.
1.94%, 9/4/2018		50,000		50,000
1.96%, 9/4/2018		50,000		50,000
BNP Paribas SA 1.95%, 9/5/2018		50,000		50,000
China Construction Bank Corp. 1.93%, 9/4/2018		50,000		50,000
Industrial & Commercial Bank of China Ltd. 1.93%, 9/4/2018		45,000		45,000
Mizuho Bank Ltd. 1.91%, 9/4/2018		75,000		75,000
Total Time Deposits (Cost $320,000)				320,000
U.S. Treasury Obligations — 0.8%
U.S. Treasury Bills 1.92%, 9/13/2018 (c) (Cost $24,984)		25,000		24,984
Total Short-Term Investments (Cost $2,286,879)				2,286,879
Total Investments — 100.5% (Cost $3,251,231)*				3,251,231
Liabilities in Excess of Other Assets — (0.5%)				(17,266	)
NET ASSETS — 100.0%				3,233,965

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
Rev.	Revenue
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	The rate shown is the effective yield as of August 31, 2018.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[2] Agency Joint Trading Account II — At August 31, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan Liquid Assets Money Market Fund	$538,376	$	538,494	$	549,159

Repurchase Agreements — At August 31, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan Liquid Assets Money Market Fund
Citibank NA		1.97	%	$	73,750
Citigroup Global Markets Holdings, Inc.		1.97	%		73,750
Merrill Lynch PFS, Inc.		1.97	%		390,876
Total				$	538,376

At August 31, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		2.48% - 3.82%		2/15/2022 - 3/20/2037
FHLB		0.00% - 3.83%		10/19/2018 - 9/6/2041
FHLMC		0.00% - 8.00%		4/15/2019 - 9/1/2048
FNMA		0.00% - 7.00%		11/15/2018 - 8/1/2048
GNMA		1.50% - 10.00%		9/15/2018 - 8/15/2060
U.S. Treasury Securities		0.00% - 2.63%		11/8/2018 - 5/15/2048

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 55.6%
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.96% - 1.97%, dated 8/31/2018, due 9/4/18, repurchase price $9,016,050. [1]		9,014,078		9,014,078
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.97%, dated 8/31/2018, due 9/4/18, repurchase price $228,018. [2]		227,967		227,967
Bank of America Corp., 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $750,164, collateralized by GNMA, 3.50%, due 2/20/2047, with a value of $765,000.		750,000		750,000
Bank of Montreal, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $200,044, collateralized by FHLMC, 2.00% - 4.50%, due 1/15/2023 - 8/1/2047, FNMA, 1.75% - 5.00%, due 10/25/2025 - 8/1/2048, GNMA, 3.00% - 5.50%, due 4/15/2027 - 5/20/2048, and U.S. Treasury Securities, 2.13% - 3.75%, due 11/15/2018 - 8/15/2021, with a value of $204,305.		200,000		200,000
Bank of Nova Scotia (The), 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $500,109, collateralized by FHLMC, 2.50% - 5.00%, due 5/1/2026 - 5/1/2048, FNMA, 2.50% - 4.50%, due 7/1/2026 - 5/1/2048, and GNMA, 3.00% - 4.50%, due 8/20/2043 - 8/20/2047, with a value of $510,000.		500,000		500,000
Barclays Capital, Inc., 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $2,000,433, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 11/15/2018 - 5/15/2048, with a value of $2,040,000.		2,000,000		2,000,000
BMO Capital Markets Corp., 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $100,022, collateralized by FFCB, 0.00% - 5.50%, due 10/22/2018 - 4/17/2036, FHLB, 0.88% - 3.00%, due 9/17/2018 - 6/9/2023, FHLMC, 0.88% - 4.50%, due 4/15/2019 - 4/1/2048, FNMA, 1.00% - 5.00%, due 9/18/2018 - 5/1/2048, GNMA, 3.00% - 6.00%, due 6/15/2041 - 8/20/2046, and U.S. Treasury Securities, 0.00% - 9.00%, due 10/11/2018 - 11/15/2045, with a value of $102,283.		100,000		100,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BNP Paribas SA, 1.95%, dated 8/31/2018, due 9/7/2018, repurchase price $2,000,758, collateralized by FHLMC, 2.50% - 7.50%, due 10/1/2018 - 6/1/2048, FNMA, 0.00% - 6.50%, due 7/1/2019 - 1/1/2057, GNMA, 2.50% - 5.50%, due 3/15/2030 - 8/20/2048, and U.S. Treasury Securities, 0.00% - 4.38%, due 9/6/2018 - 11/15/2039, with a value of $2,046,848.		2,000,000		2,000,000
BNP Paribas SA, 1.96%, dated 8/31/2018, due 9/7/2018, repurchase price $2,000,762, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 11/29/2018 - 8/15/2048, with a value of $2,044,887.		2,000,000		2,000,000
BNP Paribas SA, 1.97%, dated 8/31/2018, due 9/7/2018, repurchase price $1,500,575, collateralized by FHLB, 5.37%, due 9/9/2024, FHLMC, 2.20% - 7.00%, due 10/1/2018 - 7/1/2048, FNMA, 1.30% - 7.50%, due 10/1/2018 - 4/1/2053, GNMA, 1.50% - 5.50%, due 3/15/2024 - 7/20/2048, and U.S. Treasury Securities, 0.00% - 3.63%, due 10/4/2018 - 5/15/2044, with a value of $1,535,607.		1,500,000		1,500,000
BNP Paribas SA, 1.98%, dated 8/31/2018, due 9/7/2018, repurchase price $1,000,385, collateralized by FHLB, 3.63%, due 12/29/2036, FHLMC, 0.00% - 7.50%, due 10/1/2025 - 6/1/2048, FNMA, 0.00% - 6.00%, due 4/1/2019 - 4/1/2053, GNMA, 2.59% - 5.50%, due 5/15/2025 - 7/20/2048, and U.S. Treasury Securities, 0.00% - 8.75%, due 10/11/2018 - 5/15/2045, with a value of $1,025,318.		1,000,000		1,000,000
BNP Paribas SA, 2.00%, dated 8/31/2018, due 9/7/2018, repurchase price $500,194, collateralized by FHLB, 3.63% - 4.00%, due 9/1/2028 - 12/29/2036, FHLMC, 2.50% - 6.00%, due 5/1/2033 - 6/1/2047, FNMA, 2.45% - 6.25%, due 8/1/2019 - 8/1/2048, GNMA, 1.50% - 7.00%, due 8/15/2029 - 7/20/2048, and U.S. Treasury Securities, 0.00% - 2.75%, due 11/30/2019 - 5/15/2046, with a value of $513,307.		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 31

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
BNP Paribas SA, 2.00%, dated 8/31/2018, due 9/7/2018, repurchase price $1,000,389, collateralized by FFCB, 3.34%, due 1/14/2031, FHLMC, 2.50% - 7.00%, due 1/1/2028 - 2/1/2048, FNMA, 2.36% - 7.00%, due 8/1/2020 - 4/1/2053, GNMA, 2.00% - 6.50%, due 9/15/2024 - 4/20/2048, and U.S. Treasury Securities, 0.00% - 8.13%, due 1/3/2019 - 5/15/2044, with a value of $1,026,390.		1,000,000		1,000,000
BNP Paribas SA, 2.00%, dated 8/31/2018, due 9/7/2018, repurchase price $1,500,583, collateralized by FHLB, 0.88%, due 10/1/2018, FHLMC, 2.50% - 7.00%, due 4/1/2020 - 8/1/2048, FNMA, 2.41% - 7.00%, due 7/1/2019 - 7/1/2048, GNMA, 2.00% - 5.00%, due 10/20/2035 - 8/20/2048, and U.S. Treasury Securities, 0.00% - 8.13%, due 10/11/2018 - 2/15/2041, with a value of $1,540,077.		1,500,000		1,500,000
BNP Paribas SA, 2.15%, dated 8/31/2018, due 9/7/2018, repurchase price $2,000,836, collateralized by FHLMC, 2.50% - 6.00%, due 11/1/2024 - 7/1/2048, FNMA, 2.36% - 7.00%, due 5/1/2028 - 4/1/2053, GNMA, 3.00% - 5.50%, due 3/15/2035 - 6/20/2048, and U.S. Treasury Securities, 0.00% - 4.75%, due 10/15/2019 - 11/15/2047, with a value of $2,051,731.		2,000,000		2,000,000
BNP Paribas SA, 2.00%, dated 8/31/2018, due 9/17/2018, repurchase price $500,472, collateralized by FHLMC, 3.98% - 6.50%, due 6/15/2031 - 8/1/2047, FNMA, 2.36% - 7.00%, due 7/1/2026 - 8/1/2048, GNMA, 2.77% - 5.50%, due 3/20/2038 - 4/20/2048, and U.S. Treasury Securities, 0.00% - 3.00%, due 2/29/2020 - 11/15/2044, with a value of $512,599.		500,000		500,000
Credit Agricole Corporate and Investment Bank, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $1,800,390, collateralized by U.S. Treasury Securities, 1.13% - 5.38%, due 1/15/2021 - 8/15/2047, with a value of $1,836,000.		1,800,000		1,800,000
Credit Suisse Securities USA LLC, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $7,001,517, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 9/13/2018 - 2/15/2048, with a value of $7,141,547.		7,000,000		7,000,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Daiwa Capital Markets America. Inc., 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $1,500,327, collateralized by FHLMC, 2.82% - 4.50%, due 9/1/2026 - 8/1/2048, FNMA, 2.37% - 9.75%, due 8/25/2019 - 9/1/2048, and GNMA, 2.75% - 5.50%, due 7/20/2033 - 8/20/2048, with a value of $1,530,583.		1,500,000		1,500,000
Daiwa Capital Markets America. Inc., 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $2,500,547, collateralized by FFCB, 0.00% - 2.88%, due 3/5/2019 - 7/17/2023, FHLB, 2.65% - 3.63%, due 3/12/2021 - 9/19/2036, FHLMC, 2.01% - 6.00%, due 8/15/2019 - 9/1/2048, FNMA, 2.16% - 9.75%, due 4/1/2019 - 9/1/2048, GNMA, 2.49% - 6.50%, due 7/20/2033 - 5/20/2066, and U.S. Treasury Securities, 0.00% - 9.00%, due 9/27/2018 - 2/15/2044, with a value of $2,552,054.		2,500,000		2,500,000
Deutsche Bank Securities, Inc., 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $998,694, collateralized by U.S. Treasury Securities, 0.13% - 2.75%, due 4/15/2019 - 8/15/2047, with a value of $1,018,447.		998,478		998,478
Deutsche Bank Securities, Inc., 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $1,000,219, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 11/15/2018 - 8/15/2047, with a value of $1,020,000.		1,000,000		1,000,000
Deutsche Bank Securities, Inc., 1.95%, dated 8/31/2018, due 9/5/2018, repurchase price $1,000,271, collateralized by U.S. Treasury Securities, 0.13% - 3.88%, due 7/15/2019 - 2/15/2048, with a value of $1,020,000.		1,000,000		1,000,000
HSBC Securities USA, Inc., 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $1,731,375, collateralized by U.S. Treasury Securities, 0.00% - 4.50%, due 12/13/2018 - 8/15/2044, with a value of $1,766,003.		1,731,000		1,731,000
HSBC Securities USA, Inc., 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $950,208, collateralized by FHLMC, 3.00% - 6.50%, due 8/1/2022 - 7/1/2048, and FNMA, 2.76% - 5.50%, due 4/1/2023 - 1/1/2057, with a value of $969,212.		950,000		950,000

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
HSBC Securities USA, Inc., 1.97%, dated 8/31/2018, due 9/5/2018, repurchase price $1,000,274, collateralized by FHLMC, 2.31% - 4.50%, due 6/1/2024 - 9/1/2048, and FNMA, 3.09% - 5.00%, due 2/1/2033 - 7/1/2048, with a value of $1,020,279.		1,000,000		1,000,000
ING Financial Markets LLC, 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $500,109, collateralized by FHLMC, 2.84% - 5.00%, due 11/1/2026 - 8/1/2048, and FNMA, 2.50% - 5.00%, due 3/1/2026 - 6/1/2056, with a value of $510,112.		500,000		500,000
ING Financial Markets LLC, 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $500,109, collateralized by FHLMC, 2.50% - 5.00%, due 12/1/2024 - 8/1/2048, FNMA, 2.40% - 6.50%, due 5/1/2023 - 8/1/2048, and GNMA, 3.50% - 4.50%, due 7/20/2045 - 8/20/2048, with a value of $510,112.		500,000		500,000
Mitsubishi UFJ Trust & Banking Corp., 1.94%, dated 8/31/2018, due 9/6/2018, repurchase price $50,016, collateralized by GNMA, 3.00%, due 7/20/2046, with a value of $51,006.		50,000		50,000
Mitsubishi UFJ Trust & Banking Corp., 1.94%, dated 8/31/2018, due 9/6/2018, repurchase price $1,800,582, collateralized by U.S. Treasury Securities, 1.63% - 2.25%, due 8/31/2022 - 2/15/2027, with a value of $1,836,198.		1,800,000		1,800,000
Natixis SA, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $3,000,650, collateralized by U.S. Treasury Securities, 0.00% - 8.75%, due 9/30/2018 - 11/15/2047, with a value of $3,060,663.		3,000,000		3,000,000
Natixis SA, 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $1,000,219, collateralized by FFCB, 3.13% - 3.98%, due 9/4/2035 - 4/5/2038, FHLB, 2.63% - 4.08%, due 8/1/2031 - 4/30/2038, FHLMC, 0.00% - 6.00%, due 12/1/2028 - 7/1/2048, FNMA, 0.00% - 5.80%, due 7/1/2024 - 6/1/2048, GNMA, 2.39% - 5.00%, due 7/20/2034 - 8/16/2058, Tennessee Valley Authority, 4.25% - 5.25%, due 9/15/2039 - 9/15/2065, and U.S. Treasury Securities, 0.00% - 8.75%, due 11/8/2018 - 11/15/2047 with a value of $1,020,292.		1,000,000		1,000,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Natwest Markets plc, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $2,100,457, collateralized by U.S. Treasury Securities, 0.00% - 9.00%, due 9/6/2018 - 5/15/2048, with a value of $2,142,466.		2,100,000		2,100,000
Nomura Securities Co. Ltd., 1.97%, dated 8/31/2018, due 9/4/2018, repurchase price $7,701,685, collateralized by FHLMC, 2.00% - 9.00%, due 9/15/2018 - 9/1/2048, FNMA, 0.00% - 9.00%, due 9/25/2018 - 2/1/2057, GNMA, 1.50% - 10.50%, due 2/15/2019 - 8/20/2068, and U.S. Treasury Securities, 0.00% - 8.13%, due 10/15/2018 - 2/15/2047, with a value of $7,855,719.		7,700,000		7,700,000
Norinchukin Bank (The), 2.01%, dated 8/31/2018, due 9/10/2018, repurchase price $250,140, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $253,048.		250,000		250,000
Norinchukin Bank (The), 2.01%, dated 8/31/2018, due 9/11/2018, repurchase price $200,123, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,439.		200,000		200,000
Norinchukin Bank (The), 2.01%, dated 8/31/2018, due 9/13/2018, repurchase price $250,181, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,894.		250,000		250,000
Norinchukin Bank (The), 2.04%, dated 8/31/2018, due 9/14/2018, repurchase price $700,555, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $706,340.		700,000		700,000
Norinchukin Bank (The), 2.04%, dated 8/31/2018, due 9/18/2018, repurchase price $250,255, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,894.		250,000		250,000
Norinchukin Bank (The), 2.00%, dated 8/31/2018, due 9/25/2018, repurchase price $300,417, collateralized by U.S. Treasury Securities, 0.13% - 1.13%, due 4/15/2020 - 1/15/2021, with a value of $305,706.		300,000		300,000
Norinchukin Bank (The), 2.05%, dated 8/31/2018, due 10/3/2018, repurchase price $500,940, collateralized by U.S. Treasury Securities, 0.38% - 1.13%, due 1/15/2021 - 1/15/2027, with a value of $509,618.		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Norinchukin Bank (The), 2.05%, dated 8/31/2018, due 10/5/2018, repurchase price $450,897, collateralized by U.S. Treasury Securities, 1.13%, due 1/15/2021, with a value of $458,349.		450,000		450,000
Norinchukin Bank (The), 2.05%, dated 8/31/2018, due 10/9/2018, repurchase price $200,444, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $202,439.		200,000		200,000
Norinchukin Bank (The), 2.05%, dated 8/31/2018, due 10/11/2018, repurchase price $250,584, collateralized by U.S. Treasury Securities, 0.13% - 2.63%, due 4/15/2020 - 11/15/2020, with a value of $253,782.		250,000		250,000
Norinchukin Bank (The), 2.08%, dated 8/31/2018, due 10/22/2018, repurchase price $651,953, collateralized by U.S. Treasury Securities, 3.63%, due 4/15/2028, with a value of $655,886.		650,000		650,000
RBC Capital Markets LLC, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $1,000,218, collateralized by FFCB, 1.17% - 2.80%, due 5/16/2019 - 6/13/2028, FHLB, 0.00% - 3.13%, due 10/31/2018 - 9/12/2025, FHLMC, 1.13% - 6.00%, due 3/27/2019 - 4/1/2048, FNMA, 1.13% - 7.25%, due 9/18/2018 - 11/25/2057, GNMA, 2.53% - 6.50%, due 7/20/2037 - 8/20/2065, and Tennessee Valley Authority, 5.25%, due 9/15/2039, with a value of $1,021,795.		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp., 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $4,000,871, collateralized by U.S. Treasury Securities, 1.25% - 3.00%, due 10/31/2021 - 11/15/2045, with a value of $4,093,194.		4,000,000		4,000,000
Sumitomo Mitsui Banking Corp., 1.98%, dated 8/31/2018, due 9/4/2018, repurchase price $1,000,220, collateralized by GNMA, 3.00% - 3.50%, due 8/20/2047 - 10/20/2047, with a value of $1,024,956.		1,000,000		1,000,000
Sumitomo Mitsui Banking Corp., 1.98%, dated 8/31/2018, due 9/4/2018, repurchase price $3,000,660, collateralized by GNMA, 3.00% - 4.00%, due 10/20/2042 - 5/20/2048, with a value of $3,073,409.		3,000,000		3,000,000
Total Repurchase Agreements (Cost $73,921,523)				73,921,523

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
U.S. Government Agency Securities — 32.3%
FFCB
(Federal Reserve Bank Prime Loan Rate US - 2.83%), 2.17%, 9/4/2018 (b)		300,000			300,000
(ICE LIBOR USD 3 Month - 0.11%), 2.22%, 9/11/2018 (b)		400,000			400,000
(ICE LIBOR USD 1 Month + 0.09%), 2.17%, 9/19/2018 (b)		375,000			375,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/23/2018 (b)		300,000			300,000
FHLB
(ICE LIBOR USD 1 Month - 0.10%), 1.98%, 9/4/2018 (b)		500,000			500,000
(ICE LIBOR USD 1 Month - 0.09%), 1.99%, 9/4/2018 (b)		350,000			350,000
(ICE LIBOR USD 1 Month - 0.08%), 2.00%, 9/4/2018 (b)		350,000			350,000
(ICE LIBOR USD 3 Month - 0.30%), 2.03%, 9/4/2018 (b)		500,000			500,000
(ICE LIBOR USD 3 Month - 0.30%), 2.04%, 9/5/2018 (b)		1,000,000			1,000,000
(ICE LIBOR USD 1 Month - 0.09%), 1.99%, 9/6/2018 (b)		835,000			835,000
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/7/2018 (b)		1,500,000			1,500,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/9/2018 (b)		945,000			945,000
(ICE LIBOR USD 1 Month - 0.10%), 1.97%, 9/9/2018 (b)		500,000	��		500,000
(ICE LIBOR USD 3 Month - 0.20%), 1.01%, 9/10/2018 (b) (c)		250,000			250,000
(ICE LIBOR USD 3 Month - 0.19%), 1.01%, 9/10/2018 (b) (c)		300,000			300,000
(ICE LIBOR USD 3 Month - 0.19%), 1.01%, 9/10/2018 (b) (c)		300,000			300,000
(ICE LIBOR USD 1 Month - 0.11%), 1.95%, 9/10/2018 (b)		500,000			500,000
(ICE LIBOR USD 3 Month - 0.16%), 2.16%, 9/10/2018 (b)		250,000			250,077
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/11/2018 (b)		395,000			395,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/11/2018 (b)		500,000			500,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/11/2018 (b)		425,000			425,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/12/2018 (b)		380,000			380,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/13/2018 (b)		250,000			250,000
(ICE LIBOR USD 1 Month - 0.08%), 1.99%, 9/13/2018 (b)		1,975,000			1,975,000

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/14/2018 (b)		2,400,000		2,400,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/14/2018 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/14/2018 (b)		204,000		204,015
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/14/2018 (b)		225,000		225,000
(ICE LIBOR USD 1 Month - 0.11%), 1.95%, 9/15/2018 (b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.08%), 1.98%, 9/16/2018 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.08%), 1.98%, 9/16/2018 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.11%), 1.97%, 9/19/2018 (b)		450,000		450,000
(ICE LIBOR USD 3 Month - 0.30%), 2.04%, 9/19/2018 (b)		750,000		750,000
DN, 1.91%, 9/24/2018 (c)		100,000		99,878
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/24/2018 (b)		125,000		125,000
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/25/2018 (b)		1,000,000		1,000,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/25/2018 (b)		250,000		249,999
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/26/2018 (b)		150,000		150,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/26/2018 (b)		250,000		250,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/26/2018 (b)		480,000		480,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/26/2018 (b)		975,000		975,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/26/2018 (b)		250,000		250,030
(ICE LIBOR USD 3 Month - 0.24%), 2.10%, 9/26/2018 (b)		1,350,000		1,350,000
(ICE LIBOR USD 1 Month - 0.10%), 1.96%, 9/27/2018 (b)		350,000		349,989
(ICE LIBOR USD 1 Month - 0.10%), 1.96%, 9/28/2018 (b)		350,000		350,000
(ICE LIBOR USD 3 Month - 0.32%), 2.02%, 9/28/2018 (b)		500,000		500,000
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/30/2018 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.15%), 2.18%, 10/3/2018 (b)		200,000		199,955
(ICE LIBOR USD 3 Month - 0.32%), 2.02%, 10/5/2018 (b)		2,000,000		2,000,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
(ICE LIBOR USD 3 Month - 0.32%), 2.01%, 10/10/2018 (b)		1,000,000		1,000,000
(ICE LIBOR USD 3 Month - 0.34%), 2.00%, 10/16/2018 (b)		100,000		100,000
(ICE LIBOR USD 3 Month - 0.19%), 2.15%, 10/17/2018 (b)		400,000		400,000
(ICE LIBOR USD 3 Month - 0.19%), 2.14%, 10/18/2018 (b)		200,000		200,000
(ICE LIBOR USD 3 Month - 0.16%), 2.19%, 10/22/2018 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.32%), 2.02%, 11/9/2018 (b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.26%), 2.09%, 11/12/2018 (b)		1,600,000		1,600,000
(ICE LIBOR USD 3 Month - 0.26%), 2.06%, 11/16/2018 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.26%), 2.06%, 11/16/2018 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.25%), 2.07%, 11/16/2018 (b)		500,000		500,000
(ICE LIBOR USD 3 Month - 0.25%), 2.07%, 11/16/2018 (b)		300,000		300,000
(ICE LIBOR USD 3 Month - 0.25%), 2.07%, 11/16/2018 (b)		750,000		750,000
(ICE LIBOR USD 3 Month - 0.26%), 2.07%, 11/20/2018 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.25%), 2.08%, 11/20/2018 (b)		570,000		570,000
(ICE LIBOR USD 3 Month - 0.30%), 2.01%, 11/22/2018 (b)		200,000		200,000
(ICE LIBOR USD 3 Month - 0.30%), 2.01%, 11/23/2018 (b)		250,000		250,000
(ICE LIBOR USD 3 Month - 0.26%), 2.06%, 11/24/2018 (b)		2,000,000		2,000,000
(ICE LIBOR USD 3 Month - 0.30%), 2.01%, 11/25/2018 (b)		150,000		150,000
(ICE LIBOR USD 3 Month - 0.30%), 2.01%, 11/25/2018 (b)		750,000		750,000
(ICE LIBOR USD 3 Month - 0.30%), 2.01%, 11/25/2018 (b)		250,000		250,000
FHLMC
(ICE LIBOR USD 3 Month - 0.22%), 2.13%, 9/6/2018 (b) (c)		1,500,000		1,500,000
(ICE LIBOR USD 3 Month - 0.22%), 1.01%, 9/9/2018 (b) (c)		1,000,000		1,000,000
Total U.S. Government Agency securities (Cost $43,008,943)				43,008,943
U.S. Treasury Obligations — 6.7%
U.S. Treasury Notes 1.00%, 9/15/2018		835,000		834,718

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
0.75%, 9/30/2018		805,000		804,507
1.38%, 9/30/2018		2,227,000		2,226,633
1.25%, 10/31/2018		333,000		332,569
1.25%, 12/31/2018		2,015,000		2,009,076
1.38%, 12/31/2018		1,550,000		1,546,072
1.50%, 12/31/2018		1,100,000		1,097,661
Total U.S. Treasury Obligations (Cost $8,851,236)				8,851,236
Short-Term Investments — 7.3%
U.S. Treasury Obligations — 7.3%
U.S. Treasury Bills 1.89%, 9/13/2018 (c)		100,000		99,937
2.10%, 12/27/2018 (c)		500,000		496,623
2.14%, 1/10/2019 (c)		1,000,000		992,308
2.16%, 1/17/2019 (c)		1,000,000		991,797
2.15%, 1/24/2019 (c)		1,000,000		991,421
2.22%, 2/14/2019 (c)		500,000		494,939
2.21%, 2/21/2019 (c)		2,000,000		1,978,951
2.23%, 2/28/2019 (c)		3,750,000		3,708,613
Total U.S. Treasury Obligations (Cost $9,754,589)				9,754,589
Total Short-Term Investments (Cost $9,754,589)				9,754,589
Total Investments — 101.9% (Cost $135,536,291)*				135,536,291
Liabilities in Excess of Other Assets — (1.9%)				(2,475,793	)
NET ASSETS — 100.0%				133,060,498

Percentages indicated are based on net assets.

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
USD	United States Dollar
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	The rate shown is the effective yield as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At August 31, 2018, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$9,014,078	$	9,016,050	$	9,197,033

Repurchase Agreements — August 31, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
BNP Paribas SA		1.97	%	$	1,819,355
Credit Agricole Corporate and Investment Bank		1.97	%		413,490
MUFG Securities Americas, Inc.		1.96	%		1,405,865
Societe Generale SA		1.97	%		413,490
TD Securities (USA) LLC		1.97	%		909,678
Wells Fargo Securities LLC		1.97	%		4,052,200
Total				$	9,014,078

August 31, 2018, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		1.23% - 3.28%		11/13/2018 - 11/2/2037
FHLB		0.00% - 5.63%		9/5/2018��- 7/15/2036
FHLMC		0.88% - 7.00%		9/14/2018 - 9/1/2048
FNMA		0.00% - 7.25%		9/18/2018 - 9/1/2048
GNMA		2.00% - 7.50%		8/16/2022 - 5/20/2068
Tennessee Valley Authority		1.75% - 7.13%		10/15/2018 - 9/15/2065
U.S. Treasury Securities		0.00% - 8.13%		2/21/2019 - 2/15/2046

^[2] Agency Joint Trading Account II — At August 31, 2018, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$227,967	$	228,018	$	232,534

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

Repurchase Agreements — At August 31, 2018, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			JPMorgan U.S. Government Money Market Fund
Citibank NA		1.97	%	$	31,228
Citigroup Global Markets Holdings, Inc.		1.97	%		31,228
Merrill Lynch PFS, Inc.		1.97	%		165,511
Total				$	227,967

At August 31, 2018, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates		Maturity Dates
FFCB		2.48% - 3.82%		2/15/2022 - 3/20/2037
FHLB		0.00% - 3.83%		10/19/2018 - 9/6/2041
FHLMC		0.00% - 8.00%		4/15/2019 - 9/1/2048
FNMA		0.00% - 7.00%		11/15/2018 - 8/1/2048
GNMA		1.50% - 10.00%		9/15/2018 - 8/15/2060
U.S. Treasury Securities		0.00% - 2.63%		11/8/2018 - 5/15/2048

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 61.4%
BNP Paribas SA, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $500,108, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 1/15/2019 - 11/15/2047, with a value of $510,111.		500,000		500,000
BNP Paribas SA, 1.96%, dated 8/31/2018, due 9/7/2018, repurchase price $500,191, collateralized by U.S. Treasury Securities, 0.00% - 8.50%, due 8/15/2019 - 8/15/2047, with a value of $511,222.		500,000		500,000
BNP Paribas SA, 1.96%, dated 8/31/2018, due 9/7/2018, repurchase price $1,500,572, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 11/15/2018 - 2/15/2047, with a value of $1,533,499.		1,500,000		1,500,000
Citigroup Global Markets Holdings, Inc., 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $100,022, collateralized by U.S. Treasury Securities, 1.50%, due 5/15/2020, with a value of $102,000.		100,000		100,000
Credit Agricole Corporate and Investment Bank, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $144,031, collateralized by U.S. Treasury Securities, 2.13%, due 9/30/2024, with a value of $146,880.		144,000		144,000
HSBC Securities USA, Inc., 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $150,033, collateralized by U.S. Treasury Securities, 0.00% - 4.63%, due 10/4/2018 - 8/15/2043, with a value of $153,033.		150,000		150,000
J.P. Morgan Securities LLC, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $250,054, collateralized by U.S. Treasury Securities, 2.25% - 2.50%, due 11/15/2024 - 1/31/2025, with a value of $255,055.		250,000		250,000
Merrill Lynch PFS, Inc., 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $270,115, collateralized by U.S. Treasury Securities, 0.00% - 0.63%, due 4/15/2023 - 2/15/2026, with a value of $275,457.		270,056		270,056
Mizuho Securities USA LLC, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $500,108, collateralized by U.S. Treasury Securities, 2.00%, due 4/30/2024 - 8/15/2025, with a value of $500,108.		500,000		500,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
MUFG Securities Americas, Inc., 1.93%, dated 8/31/2018, due 9/4/2018, repurchase price $300,064, collateralized by U.S. Treasury Securities, 0.00% - 2.88%, due 11/30/2018 - 5/15/2028, with a value of $306,066.		300,000		300,000
Natixis SA, 1.95%, dated 8/31/2018, due 9/4/2018, repurchase price $3,000,650, collateralized by U.S. Treasury Securities, 0.00% - 7.88%, due 9/15/2018 - 2/15/2048, with a value of $3,060,663.		3,000,000		3,000,000
Natwest Markets plc, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $400,087, collateralized by U.S. Treasury Securities, 0.13% - 2.25%, due 4/15/2021 - 2/15/2040, with a value of $408,089.		400,000		400,000
Natwest Markets plc, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $750,163, collateralized by U.S. Treasury Securities, 0.00% - 6.63%, due 10/25/2018 - 8/15/2047, with a value of $765,167.		750,000		750,000
Norinchukin Bank (The), 2.01%, dated 8/31/2018, due 9/13/2018, repurchase price $250,181, collateralized by U.S. Treasury Securities, 0.13%, due 4/15/2020, with a value of $254,894.		250,000		250,000
Norinchukin Bank (The), 2.05%, dated 8/31/2018, due 10/5/2018, repurchase price $150,299, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $151,829.		150,000		150,000
Norinchukin Bank (The), 2.08%, dated 8/31/2018, due 10/19/2018, repurchase price $100,283, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $101,219.		100,000		100,000
Norinchukin Bank (The), 2.08%, dated 8/31/2018, due 10/22/2018, repurchase price $100,300, collateralized by U.S. Treasury Securities, 2.63%, due 11/15/2020, with a value of $101,219.		100,000		100,000
Societe Generale SA, 1.90%, dated 8/31/2018, due 9/4/2018, repurchase price $300,063, collateralized by U.S. Treasury Securities, 0.00% - 3.00%, due 2/28/2019 - 5/15/2047, with a value of $306,000.		300,000		300,000
Societe Generale SA, 1.95%, dated 8/31/2018, due 9/7/2018, repurchase price $500,190, collateralized by U.S. Treasury Securities, 0.00% - 6.50%, due 10/31/2018 - 5/15/2047, with a value of $510,000.		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued
Sumitomo Mitsui Banking Corp., 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $2,000,436, collateralized by U.S. Treasury Securities, 1.88% - 2.75%, due 9/30/2022 - 5/15/2046, with a value of $2,053,347.		2,000,000		2,000,000
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 1.95%, dated 8/31/2018, due 9/4/18, repurchase price $2,000,433. [3]		2,000,000		2,000,000
Treasury Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 1.95%, dated 8/31/2018, due 9/4/18, repurchase price $1,100,238. [4]		1,100,000		1,100,000
UBS Securities LLC, 1.96%, dated 8/31/2018, due 9/4/2018, repurchase price $500,109, collateralized by U.S. Treasury Securities, 0.00% - 8.00%, due 9/6/2018 - 2/15/2044, with a value of $510,000.		500,000		500,000
Total Repurchase Agreements (Cost $15,364,056)				15,364,056
U.S. Treasury Obligations — 24.9%
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.09%, 9/4/2018 (b)		850,000		849,834
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.12%, 9/4/2018 (b)		550,000		549,992
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.14%, 9/4/2018 (b)		850,000		850,086
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.15%, 9/4/2018 (b)		300,000		300,000
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.16%, 9/4/2018 (b)		700,000		700,033
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.23%, 9/4/2018 (b)		500,000		500,110
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.26%, 9/4/2018 (b)		939,000		939,114
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.13%, 10/31/2018 (b)		445,000		444,995
U.S. Treasury Notes 1.38%, 9/30/2018		350,000		349,867
1.38%, 12/31/2018		500,000		498,733
1.50%, 12/31/2018		250,000		249,451
Total U.S. Treasury Obligations (Cost $6,232,215)				6,232,215

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 11.4%
U.S. Treasury Obligations — 11.4%
U.S. Treasury Bills 1.91%, 9/6/2018 (c)		500,000		499,867
1.91%, 9/13/2018 (c)		250,000		249,842
1.90%, 9/20/2018 (c)		500,000		499,504
1.92%, 9/27/2018 (c)		500,000		499,306
1.93%, 10/4/2018 (c)		250,000		249,562
2.10%, 12/27/2018 (c)		350,000		347,633
2.16%, 1/17/2019 (c)		500,000		495,898
Total U.S. Treasury Obligations (Cost $2,841,612)				2,841,612
Total Short-Term Investments (COST $2,841,612)				2,841,612
Total Investments — 97.7% (Cost $24,437,883)*				24,437,883
Other Assets Less Liabilities — 2.3%				569,105
NET ASSETS — 100.0%				25,006,988

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	The rate shown is the effective yield as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[3] Treasury Joint Trading Account I — At August 31, 2018, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$2,000,000	$	2,000,433	$	2,040,415

Repurchase Agreements — At August 31, 2018, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account I were as follows (amounts in thousands):

Counterparty	Interest Rate	JPMorgan U.S. Treasury Plus Money Market Fund
Citibank NA	1.95%	$	123,457
Wells Fargo Securities LLC	1.95%		1,876,543
Total		$	2,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

At August 31, 2018, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.00% - 9.00%	9/20/2018 - 5/15/2048

^[4] Treasury Joint Trading Account II — At August 31, 2018, certain Funds had undivided interests in the Treasury Joint Trading Account II with a maturity date of September 04, 2018, as follows (amounts in thousands):

Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$1,100,000	$	1,100,238	$	1,122,135

Repurchase Agreements — At August 31, 2018, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account II were as follows (amounts in thousands):

Counterparty	Interest Rate	JPMorgan U.S. Treasury Plus Money Market Fund
BNP Paribas SA	1.95%	$	611,111
Merrill Lynch PFS, Inc.	1.95%		488,889
Total		$	1,100,000

At August 31, 2018, the Treasury Joint Account II was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.00% - 8.13%	10/31/2018 - 8/15/2047

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 79.8%
FFCB
(US Federal Funds Effective Rate (continuous series) + 0.10%), 2.02%, 9/4/2018 (b)		75,000		75,000
(Federal Reserve Bank Prime Loan Rate US - 2.96%), 2.05%, 9/4/2018 (b)		25,000		25,000
(Federal Reserve Bank Prime Loan Rate US - 2.91%), 2.09%, 9/4/2018 (b)		25,000		24,997
(US Treasury 3 Month Bill Money Market Yield + 0.10%), 2.19%, 9/4/2018 (b)		24,999		24,999
(US Treasury 3 Month Bill Money Market Yield + 0.19%), 2.28%, 9/4/2018 (b)		22,999		22,999
(US Treasury 3 Month Bill Money Market Yield + 0.28%), 2.37%, 9/4/2018 (b)		10,002		10,002
DN, 1.90%, 9/13/2018 (c)		75,000		74,952
(ICE LIBOR USD 3 Month - 0.21%), 2.14%, 11/10/2018 (b)		33,000		33,000
FHLB
(ICE LIBOR USD 1 Month - 0.12%), 1.96%, 9/4/2018 (b)		25,000		25,000
(3 Month Treasury Bill Rate + 0.07%), 2.19%, 9/4/2018 (b)		25,000		25,000
DN, 1.90%, 9/5/2018 (c)		73,100		73,085
DN, 1.92%, 9/7/2018 (c)		375,000		374,880
(ICE LIBOR USD 1 Month - 0.07%), 2.01%, 9/9/2018 (b)		25,000		25,000
DN, 1.91%, 9/10/2018 (c)		130,258		130,196
DN, 1.91%, 9/11/2018 (c)		100,000		99,947
(ICE LIBOR USD 1 Month - 0.11%), 1.96%, 9/11/2018 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/11/2018 (b)		25,000		25,000
DN, 1.91%, 9/12/2018 (c)		100,000		99,942
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/12/2018 (b)		28,000		28,000
DN, 1.91%, 9/14/2018 (c)		125,000		124,914
(ICE LIBOR USD 1 Month - 0.09%), 1.97%, 9/16/2018 (b)		40,000		40,000
DN, 1.92%, 9/19/2018 (c)		59,300		59,243
(ICE LIBOR USD 1 Month - 0.13%), 1.95%, 9/20/2018 (b)		25,000		25,000
DN, 1.94%, 9/21/2018 (c)		100,000		99,892
(ICE LIBOR USD 1 Month - 0.07%), 2.00%, 9/22/2018 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/24/2018 (b)		25,000		25,000
DN, 1.91%, 9/25/2018 (c)		100,000		99,873
(ICE LIBOR USD 1 Month - 0.09%), 1.98%, 9/25/2018 (b)		25,000		25,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
DN, 1.94%, 9/26/2018 (c)		223,907		223,606
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/26/2018 (b)		25,000		25,000
(ICE LIBOR USD 1 Month - 0.12%), 1.95%, 9/26/2018 (b)		69,998		69,998
DN, 1.94%, 9/27/2018 (c)		200,000		199,720
(ICE LIBOR USD 1 Month - 0.10%), 1.97%, 9/27/2018 (b)		30,000		30,000
DN, 1.93%, 9/28/2018 (c)		100,000		99,855
DN, 1.94%, 10/2/2018 (c)		100,000		99,833
DN, 1.98%, 10/10/2018 (c)		100,000		99,786
(ICE LIBOR USD 3 Month - 0.25%), 2.08%, 11/20/2018 (b)		49,000		49,000
DN, 2.26%, 3/1/2019 (c)		100,000		98,879
Total U.S. Government Agency Securities (Cost $2,741,598)				2,741,598
U.S. Treasury Obligations — 3.9%
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.09%, 9/4/2018 (b)		33,000		33,000
U.S. Treasury Notes 1.38%, 9/30/2018		100,000		99,949
Total U.S. Treasury Obligations (Cost $132,949)				132,949
Short-Term Investments — 15.9%
U.S. Treasury Obligations — 15.9%
U.S. Treasury Bills 1.84%, 9/6/2018 (c)		93,000		92,977
1.91%, 9/13/2018 (c)		100,000		99,936
1.93%, 9/27/2018 (c)		17,780		17,755
2.02%, 11/8/2018 (c)		146,500		145,944
2.16%, 1/17/2019 (c)		90,000		89,262
2.18%, 1/31/2019 (c)		100,000		99,089
Total U.S. Treasury Obligations (Cost $544,963)				544,963
Total Short-Term Investments (COST $544,963)				544,963
Total Investments — 99.6% (Cost $3,419,510)*				3,419,510
Other Assets Less Liabilities — 0.4%				14,364
NET ASSETS — 100.0%				3,433,874

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Abbreviations

DN	Discount Notes
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
USD	United States Dollar

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	The rate shown is the effective yield as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

JPMorgan 100% U.S. Treasury Securities Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 20.3%
U.S. Treasury Floating Rate Notes
(US Treasury 3 Month Bill Money Market Yield + 0.00%), 2.09%, 9/4/2018 (b)		1,149,000		1,148,813
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 2.12%, 9/4/2018 (b)		846,000		846,034
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.14%, 9/4/2018 (b)		200,000		200,005
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.15%, 9/4/2018 (b)		875,000		875,004
(US Treasury 3 Month Bill Money Market Yield + 0.07%), 2.16%, 9/4/2018 (b)		450,000		449,966
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.23%, 9/4/2018 (b)		650,000		650,233
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 2.26%, 9/4/2018 (b)		452,250		452,274
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.13%, 10/31/2018 (b)		895,775		895,773
U.S. Treasury Notes 0.75%, 9/30/2018		300,000		299,703
1.38%, 9/30/2018		200,000		199,900
1.25%, 10/31/2018		175,000		174,766
3.75%, 11/15/2018		1,815,539		1,821,602
1.50%, 12/31/2018		368,000		367,181
Total U.S. Treasury Obligations (Cost $8,381,254)				8,381,254
Short-Term Investments — 76.7%
U.S. Treasury Obligations — 76.7%
U.S. Treasury Bills 1.90%, 9/6/2018 (c)		4,321,400		4,320,264
1.91%, 9/13/2018 (c)		4,900,000		4,896,893
1.90%, 9/20/2018 (c)		5,000,000		4,995,012

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — continued
1.90%, 9/27/2018 (c)		5,532,220		5,524,632
2.02%, 11/8/2018 (c)		3,224,500		3,212,270
2.04%, 11/15/2018 (c)		2,410,000		2,399,800
2.05%, 11/23/2018 (c)		875,000		870,886
2.05%, 12/13/2018 (c)		1,000,000		994,188
2.09%, 12/20/2018 (c)		1,350,000		1,341,453
2.16%, 1/17/2019 (c)		1,000,000		991,797
2.16%, 1/24/2019 (c)		1,000,000		991,396
2.18%, 1/31/2019 (c)		1,150,000		1,139,533
Total U.S. Treasury Obligations (Cost $31,678,124)				31,678,124
Total Short-Term Investments (Cost $31,678,124)				31,678,124
Total Investments — 97.0% (Cost $40,059,378)*				40,059,378
Other Assets Less Liabilities — 3.0%				1,237,008
NET ASSETS — 100.0%				41,296,386

Percentages indicated are based on net assets.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	The rate shown is the effective yield as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 81.7%
Alabama — 0.3%
East Alabama Health Care Authority Series B, Rev., VRDO, 1.58%, 9/10/2018 (b)		29,745		29,745
Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 1.55%, 9/4/2018 (b)		2,575		2,575
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project
Series A, Rev., VRDO, LOC: Bank of America NA, 1.58%, 9/10/2018 (b) (c)		7,375		7,375
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.58%, 9/10/2018 (b) (c)		9,290		9,290
				48,985
Alaska — 1.4%
Alaska Housing Finance Corp. Series B, Rev., VRDO, 1.53%, 9/10/2018 (b)		27,795		27,795
Alaska Housing Finance Corp., Home Mortgage
Series A, Rev., VRDO, 1.51%, 9/10/2018 (b)		42,765		42,765
Series B, Rev., VRDO, BAN, 1.51%, 9/10/2018 (b)		43,490		43,490
Series A, Rev., VRDO, 1.54%, 9/10/2018 (b)		14,635		14,635
Series B, Rev., VRDO, 1.54%, 9/10/2018 (b)		14,630		14,630
Alaska Housing Finance Corp., Various, Governmental Purpose Series A, Rev., VRDO, 1.51%, 9/10/2018 (b)		20,785		20,785
City of Valdez, Exxon Pipeline Co. Project
Rev., VRDO, 1.52%, 9/4/2018 (b)		14,930		14,930
Series A, Rev., VRDO, 1.55%, 9/4/2018 (b)		2,525		2,525
Series B, Rev., VRDO, 1.55%, 9/4/2018 (b)		33,460		33,460
Series C, Rev., VRDO, 1.55%, 9/4/2018 (b)		11,480		11,480
				226,495
Arizona — 1.1%
Arizona Health Facilities Authority, Banner Health
Series G, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.58%, 9/10/2018 (b)		16,590		16,590
Series H, Rev., VRDO, LOC: Northern Trust Co., 1.60%, 9/10/2018 (b)		40,315		40,315
Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.56%, 9/10/2018 (b)		3,200		3,200

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Arizona — continued
Arizona State University Series A, Rev., VRDO, 1.55%, 9/10/2018 (b)		15,350		15,350
Industrial Development Authority of the City of Phoenix (The), Arizona Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 1.46%, 9/4/2018 (b)		35,650		35,650
Maricopa County Industrial Development Authority, Multifamily Housing, San Clemente Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		18,200		18,200
Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.63%, 9/10/2018 (b)		2,000		2,000
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 1.61%, 9/10/2018 (b)		38,740		38,740
				170,045
California — 3.2%
California Educational Facilities Authority Series 2015-XF2188, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		1		1
California Statewide Communities Development Authority, Kaiser Permanente
Series J, Rev., VRDO, 1.45%, 9/10/2018 (b)		23,710		23,710
Series M, Rev., VRDO, 1.51%, 9/10/2018 (b)		27,910		27,910
Series B, Rev., VRDO, 1.52%, 9/10/2018 (b)		24,670		24,670
California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista Meadow Park Series NN-1, Rev., VRDO, FNMA, LOC: FNMA, 1.51%, 9/10/2018 (b)		26,145		26,145
California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court Series B, Rev., VRDO, FNMA, LOC: FNMA, 1.43%, 9/10/2018 (b)		5,500		5,500
City & County of San Francisco, Multifamily Housing, Taxable, Transbay Block 8 Tower Apartments Series H-1, Rev., VRDO, LOC: Bank of China, 1.56%, 9/10/2018 (b)		85,940		85,940
City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.63%, 9/10/2018 (b)		23,030		23,030

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
California — continued
City of Irvine, Reassessment District No. 05-21, Limited Obligation Improvement Bonds Series A, VRDO, LOC: U.S. Bank NA, 1.30%, 9/4/2018 (b) (c)		18,829		18,829
City of San Jose, Multifamily Housing, Almaden Lake Village Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.52%, 9/10/2018 (b)		8,500		8,500
County of Sacramento, Special Facilities Apartment Rev., VRDO, LOC: Bank of America NA, 1.59%, 9/10/2018 (b)		5,800		5,800
Metropolitan Water District of Southern California, Water
Series A-1, Rev., VRDO, 1.33%, 9/4/2018 (b)		59,185		59,185
Series A-2, Rev., VRDO, 1.33%, 9/4/2018 (b)		48,200		48,200
San Diego Community College District Series 2016-ZF2382, GO, VRDO, LIQ: Citibank NA, 1.52%, 9/10/2018 (b) (c)		18,000		18,000
Tender Option Bond Trust Receipts/CTFS
Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America NA, 1.57%, 9/10/2018 (b) (c)		7,260		7,260
Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America NA, 1.57%, 9/10/2018 (b) (c)		14,250		14,250
Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.57%, 9/10/2018 (b) (c)		14,400		14,400
Series 2016-XF0431, GO, VRDO, LIQ: Bank of America NA, 1.58%, 9/10/2018 (b) (c)		55,260		55,260
Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.68%, 9/10/2018 (b) (c)		42,480		42,480
				509,070
Colorado — 2.5%
City of Colorado Springs, Utilities Revenue System, Sub Lien Series A, Rev., VRDO, 1.56%, 9/10/2018 (b)		68,050		68,050
City of Colorado Springs, Utilities System Improvement
Series A, Rev., VRDO, 1.54%, 9/10/2018 (b)		43,110		43,110
Series A, Rev., VRDO, 1.54%, 9/10/2018 (b)		10,200		10,200
Series C, Rev., VRDO, 1.56%, 9/10/2018 (b)		18,590		18,590

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — continued
City of Colorado Springs, Utilities System, Sub Lien Series A, Rev., VRDO, 1.58%, 9/10/2018 (b)		88,280		88,280
Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 1.56%, 9/10/2018 (b)		92,390		92,390
Colorado Health Facilities Authority, SCL Health System Series A, Rev., VRDO, 1.56%, 9/10/2018 (b)		30,045		30,045
Colorado Housing and Finance Authority, Single Family Mortgage Series B-2, Class 1, Rev., VRDO, AMT, 1.61%, 9/10/2018 (b)		36,495		36,495
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.58%, 9/10/2018 (b)		14,320		14,320
				401,480
Connecticut — 1.4%
Connecticut Housing Finance Authority Subseries A-3, Rev., VRDO, 1.58%, 9/10/2018 (b)		22,335		22,335
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Subseries B-3, Rev., VRDO, 1.57%, 9/10/2018 (b)		10,000		10,000
Subseries C-3, Rev., VRDO, AMT, 1.57%, 9/10/2018 (b)		20,000		20,000
Subseries A-3, Rev., VRDO, 1.62%, 9/10/2018 (b)		20,335		20,335
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds
Subseries E-3, Rev., VRDO, 1.50%, 9/10/2018 (b)		23,370		23,370
Subseries F-5, Rev., VRDO, 1.57%, 9/10/2018 (b)		48,200		48,200
Series D, Subseries D-3, Rev., VRDO, AMT, 1.62%, 9/10/2018 (b)		28,300		28,300
State of Connecticut, Health and Educational Facility Authority
Series A, Rev., VRDO, 1.50%, 9/10/2018 (b)		10,000		10,000
Series D, Rev., VRDO, LOC: Bank of America NA, 1.58%, 9/10/2018 (b)		42,770		42,770
				225,310

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Delaware — 0.1%
Delaware State Health Facilities Authority, Christiana Care Health Services Series B, Rev., VRDO, 1.56%, 9/10/2018 (b)		18,105		18,105
District of Columbia — 1.8%
District of Columbia, Georgetown University Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.56%, 9/10/2018 (b)		28,725		28,725
District of Columbia, Georgetown University Issue Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.57%, 9/10/2018 (b)		33,055		33,055
District of Columbia, Medlantic/Helix Issue, Tranche II Series A, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		22,385		22,385
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		80,020		80,020
District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period Series B, Subseries B-1, Rev., VRDO, 1.51%, 9/10/2018 (b)		22,510		22,510
Metropolitan Washington Airports Authority
Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		17,310		17,310
Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b)		52,040		52,040
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-108, GO, VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		35,000		35,000
				291,045
Florida — 2.4%
City of Gainesville, Utilities System Series B, Rev., VRDO, 1.57%, 9/10/2018 (b)		30,000		30,000
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.56%, 9/10/2018 (b)		11,050		11,050
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.57%, 9/10/2018 (b)		17,160		17,160
Florida Keys Aqueduct Authority Rev., VRDO, LOC: TD Bank NA, 1.56%, 9/10/2018 (b)		23,100		23,100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Florida — continued
Florida Municipal Power Agency, All Requirements Power Supply Project Series C, Rev., VRDO, LOC: Bank of America NA, 1.57%, 9/4/2018 (b)		31,520		31,520
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group
Series I-1, Rev., VRDO, 1.54%, 9/10/2018 (b)		27,450		27,450
Series 2012I, Rev., VRDO, 1.55%, 9/10/2018 (b)		29,500		29,500
Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group
Series I-2, Rev., VRDO, 1.53%, 9/10/2018 (b)		49,100		49,100
Series A, Rev., VRDO, 1.55%, 9/10/2018 (b)		30,950		30,950
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b)		2,895		2,895
JEA, Electric System Series Three 2008B-2, Rev., VRDO, 1.57%, 9/10/2018 (b)		21,925		21,925
JEA, Water and Sewer System Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.60%, 9/10/2018 (b)		46,670		46,670
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.50%, 9/10/2018 (b)		26,410		26,410
Osceola County Multi-Family Housing Finance Authority, Regatta Bay Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.61%, 9/10/2018 (b)		10,400		10,400
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.61%, 9/10/2018 (b)		8,900		8,900
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-25, Rev., VRDO, LOC: Royal Bank of Canada, 1.81%, 9/10/2018 (b) (c)		8,000		8,000
				375,030
Georgia — 0.7%
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project Rev., VRDO, 1.57%, 9/10/2018 (b)		82,590		82,590

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — continued
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.64%, 9/10/2018 (b)		2,130		2,130
Henry County Water and Sewer Authority, EAGLE Series 2005-0008, Class A, Rev., VRDO, BHAC, FSA-CR, NATL-RE, LIQ: Citibank NA, 1.60%, 9/10/2018 (b)		5,940		5,940
Rib Floater Trust Various Series 2018-016, Rev., VRDO, LIQ: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		20,000		20,000
Tender Option Bond Trust Receipts/CTFS Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 1.61%, 9/10/2018 (b) (c)		7,500		7,500
				118,160
Hawaii — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		20,000		20,000
Idaho — 0.1%
Coeur d’Alene Tribe Rev., VRDO, LOC: Bank of America NA, 1.67%, 9/10/2018 (b)		5,275		5,275
Idaho State Building Authority, Prison Facilities Project Series A, Rev., VRDO, 1.56%, 9/10/2018 (b)		5,885		5,885
				11,160
Illinois — 5.3%
Chicago O’Hare International Airport, Third Lien Rev., VRDO, LOC: Barclays Bank plc, 1.61%, 9/10/2018 (b)		96,600		96,600
City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		4,300		4,300
County of Cook, Illinois, Catholic Theological Union Project Series 2005, Rev., VRDO, LOC: U.S. Bank NA, 1.56%, 9/10/2018 (b)		23,256		23,256
County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		9,600		9,600
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.59%, 9/10/2018 (b)		940		940
County of Will, ExxonMobil Project Rev., VRDO, 1.57%, 9/4/2018 (b)		26,515		26,515

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.58%, 9/10/2018 (b)		11,790		11,790
Illinois Finance Authority, Advocate Healthcare Network
Subseries C-3A, Rev., VRDO, 1.57%, 9/10/2018 (b)		17,150		17,150
Subseries C-2A, Rev., VRDO, 1.58%, 9/10/2018 (b)		48,730		48,730
Illinois Finance Authority, Bradley University
Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		28,385		28,385
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		12,790		12,790
Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		83,015		83,015
Illinois Finance Authority, Elmhurst Memorial Healthcare Series D, Rev., VRDO, LOC: Bank of America NA, 1.59%, 9/10/2018 (b)		25,500		25,500
Illinois Finance Authority, Hospital Sisters Services, Inc. Series 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.56%, 9/10/2018 (b)		20,945		20,945
Illinois Finance Authority, Mccormick Theological Seminary Project Rev., VRDO, LOC: Northern Trust Co., 1.55%, 9/10/2018 (b)		14,750		14,750
Illinois Finance Authority, Northwestern Memorial Hospital Series A-4, Rev., VRDO, 1.52%, 9/4/2018 (b)		16,590		16,590
Illinois Finance Authority, OSF Healthcare System Series B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		20,750		20,750
Illinois Finance Authority, The University of Chicago Medical Center
Series A, Rev., VRDO, LOC: Bank of America NA, 1.50%, 9/4/2018 (b)		25,650		25,650
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.57%, 9/10/2018 (b)		38,820		38,820
Illinois Finance Authority, The University Of Chicago Medical Center
Series D-1, Rev., VRDO, LOC: PNC Bank NA, 1.53%, 9/4/2018 (b)		7,150		7,150
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.54%, 9/4/2018 (b)		5,955		5,955

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, University of Chicago Series B, Rev., VRDO, 1.55%, 9/10/2018 (b)		20,358		20,358
Illinois Housing Development Authority, Homeowner Mortgage
Rev., VRDO, GNMA/FNMA/FHLMC, 1.58%, 9/10/2018 (b)		12,500		12,500
Series C-3, Rev., VRDO, AMT, 1.60%, 9/10/2018 (b)		5,700		5,700
Illinois Housing Development Authority, Multifamily Housing, Foxview I and II Apartments Rev., VRDO, FHLMC, LOC: FHLMC, 1.56%, 9/10/2018 (b)		19,000		19,000
Illinois Housing Development Authority, Multifamily Housing, Prairie Station Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.63%, 9/10/2018 (b)		17,900		17,900
Illinois State Toll Highway Authority
Series A-1B, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/10/2018 (b)		20,000		20,000
Series A-2B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		1,000		1,000
Series A-2C, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.58%, 9/10/2018 (b)		26,700		26,700
Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.59%, 9/10/2018 (b)		51,900		51,900
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.58%, 9/10/2018 (b)		74,510		74,510
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.60%, 9/10/2018 (b)		21,300		21,300
Joliet Regional Port District Rev., VRDO, 1.52%, 9/4/2018 (b)		14,950		14,950
Regional Transportation Authority Series SGC-55, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 1.57%, 9/10/2018 (b) (c)		4,345		4,345
				829,344
Indiana — 2.6%
City of Rockport, PCR, AEP Generating Co. Project Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.58%, 9/10/2018 (b)		9,100		9,100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Indiana — continued
Indiana Finance Authority, Ascension Health Senior Credit Group Rev., VRDO, 1.53%, 9/10/2018 (b)		53,575		53,575
Indiana Finance Authority, Ascention Health SR Credit Group Series E-8, Rev., VRDO, 1.56%, 9/10/2018 (b)		39,525		39,525
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.59%, 9/10/2018 (b)		26,575		26,575
Indiana Finance Authority, Educational Facilities Series A, Rev., VRDO, LOC: Northern Trust Co., 1.53%, 9/10/2018 (b)		21,145		21,145
Indiana Finance Authority, Parkview Health System, Inc.
Series D, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.56%, 9/10/2018 (b)		24,000		24,000
Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.57%, 9/10/2018 (b)		65,870		65,870
Indiana Finance Authority, Trinity Health Credit Group Series D-1, Rev., VRDO, 1.56%, 9/10/2018 (b)		74,260		74,260
Indiana Health and Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		17,970		17,970
Indiana Health Facility Financing Authority, Ascension Health Series A-2, Rev., VRDO, 1.53%, 9/10/2018 (b)		24,000		24,000
Indiana State Finance Authority Hospital, University Health Obligated Group
Series E, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/10/2018 (b)		17,300		17,300
Series 2009C, Rev., VRDO, LOC: Northern Trust Co., 1.56%, 9/10/2018 (b)		20,510		20,510
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.55%, 9/10/2018 (b)		14,265		14,265
				408,095
Iowa — 0.3%
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.62%, 9/10/2018 (b)		27,635		27,635
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project
Series 2011, Rev., VRDO, LOC: U.S. Bank NA, 1.58%, 9/10/2018 (b)		6,610		6,610
Rev., VRDO, 1.62%, 9/10/2018 (b)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Iowa — continued
Iowa Finance Authority, Trinity Health Series D, Rev., VRDO, 1.56%, 9/10/2018 (b)		7,630		7,630
				51,875
Kansas — 0.1%
City of Mission, Multi-Family Housing, Silverwood Apartment Project Rev., VRDO, FNMA, LOC: FNMA, 1.59%, 9/10/2018 (b)		11,000		11,000
Kentucky — 1.0%
Boyle County, Centre College Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		34,035		34,035
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.64%, 9/10/2018 (b)		70,147		70,147
Louisville Regional Airport Authority, Special Facilities, BT-OH, LLC Project Series A, Rev., VRDO, 1.57%, 9/4/2018 (b)		42,600		42,600
Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.55%, 9/4/2018 (b)		12,300		12,300
				159,082
Louisiana — 1.1%
Consolidated Government of the City of Baton Rouge and Parish of East Baton Rouge Rev., VRDO, 1.52%, 9/4/2018 (b)		59,025		59,025
Consolidated Government of the City of Baton Rouge and Parish of East Baton Rouge, State Of Louisiana Road And Street Improvement Series A, Rev., VRDO, LOC - DEXIA CREDIT LOCAL , LOC: Citibank NA, 1.55%, 9/10/2018 (b)		22,765		22,765
East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project Series A, Rev., VRDO, 1.52%, 9/4/2018 (b)		26,420		26,420
Louisiana Public Facilities Authority, Multifamily Housing, River View Rev., VRDO, FHLMC, 1.58%, 9/10/2018 (b)		11,200		11,200
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 1.56%, 9/4/2018 (b)		50,000		50,000
State of Louisiana, Gas and Fuels Tax Series 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		7,240		7,240
				176,650

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — 0.7%
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.63%, 9/10/2018 (b)		5,265		5,265
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Walker Mews Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.60%, 9/10/2018 (b)		11,700		11,700
Maryland Economic Development Corp., Howard Hughes Medical Institute Series B, Rev., VRDO, 1.57%, 9/10/2018 (b)		23,260		23,260
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program
Series B, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		6,300		6,300
Series D, Rev., VRDO, LOC: Bank of America NA, 1.77%, 9/10/2018 (b)		1,354		1,354
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Issue Series D, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		1,100		1,100
Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, 1.55%, 9/10/2018 (b)		25,655		25,655
Montgomery County Housing Opportunities Commission, Oakfield Apartments Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.60%, 9/10/2018 (b)		2,000		2,000
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 1.59%, 9/10/2018 (b)		8,450		8,450
Tender Option Bond Trust Receipts/CTFS Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		18,000		18,000
				103,084
Massachusetts — 1.7%
Commonwealth of Massachusetts
Series B, GO, VRDO, 1.43%, 9/4/2018 (b)		40,010		40,010
Class A, GO, VRDO, FGIC, LIQ: Societe Generale, 1.57%, 9/10/2018 (b) (c)		13,605		13,605
Massachusetts Bay Transportation Authority, General Transportation System Series A-1, Rev., VRDO, 1.54%, 9/10/2018 (b)		10,480		10,480

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts Department of Transportation Series A-6, Rev., VRDO, 1.58%, 9/10/2018 (b)		21,265		21,265
Massachusetts Development Finance Agency, Boston University Series U-6E, Rev., VRDO, LOC - BANK OF NOVA SCOTIA , LOC: TD Bank NA, 1.45%, 9/10/2018 (b)		48,995		48,995
Massachusetts Health and Educational Facilities Authority Series G, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		19,250		19,250
Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Series A-1, Rev., VRDO, 1.51%, 9/4/2018 (b)		36,850		36,850
Massachusetts Health and Educational Facilities Authority, Partners Healthcare System Series F3, Rev., VRDO, LOC: TD Bank NA, 1.53%, 9/10/2018 (b)		14,865		14,865
Massachusetts State Development Finance Agency, First Mortgage Brookhaven Series B, Rev., VRDO, LOC: Bank of America NA, 1.63%, 9/10/2018 (b)		1,700		1,700
Massachusetts State Health and Educational Facilities Authority, Capital Asset Program
Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.54%, 9/10/2018 (b)		15,400		15,400
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.61%, 9/10/2018 (b)		1,900		1,900
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, 1.57%, 9/10/2018 (b)		22,000		22,000
University of Massachusetts Building Authority Series 1, Rev., VRDO, 1.57%, 9/10/2018 (b)		19,070		19,070
				265,390
Michigan — 1.3%
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.60%, 9/10/2018 (b)		1,320		1,320
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.61%, 9/10/2018 (b)		33,420		33,420
Series D, Rev., VRDO, AMT, 1.62%, 9/10/2018 (b)		48,675		48,675

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Michigan — continued
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, 1.60%, 9/10/2018 (b)		12,700		12,700
Series B, Rev., VRDO, AMT, 1.63%, 9/10/2018 (b)		53,615		53,615
Tender Option Bond Trust Receipts/CTFS
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 1.58%, 9/10/2018 (b) (c)		21,540		21,540
Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.61%, 9/10/2018 (b) (c)		11,580		11,580
University of Michigan Series A, Rev., VRDO, 1.39%, 9/4/2018 (b)		16,105		16,105
				198,955
Minnesota — 1.3%
City of Oak Park Heights, Multi-Family Rev., VRDO, FHLMC, LIQ: FHLMC, 1.55%, 9/10/2018 (b)		22,295		22,295
City of Rochester, Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 1.54%, 9/10/2018 (b)		20,250		20,250
County of Hennepin Series B, GO, VRDO, 1.51%, 9/10/2018 (b)		17,100		17,100
Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		8,010		8,010
Minneapolis and St Paul Housing and Redevelopment Authority, Health Care System, Allina Health System
Series C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		43,175		43,175
Series C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		37,145		37,145
Minnesota Housing Finance Agency, Residential Housing Finance
Series F, Rev., VRDO, GNMA/FNMA/FHLMC, 1.56%, 9/10/2018 (b)		37,800		37,800
Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.59%, 9/10/2018 (b)		23,000		23,000
				208,775
Mississippi — 3.5%
Chevron USA, Inc. Project, Series B, Rev., VRDO, 1.56%, 9/4/2018 (b)		18,750		18,750
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.54%, 9/4/2018 (b)		26,925		26,925

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Mississippi — continued
Mississippi Business Finance Corp Series I, Rev., VRDO, 1.54%, 9/4/2018 (b)		40,080		40,080
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series A, Rev., VRDO, 1.54%, 9/4/2018 (b)		70,225		70,225
Series A, Rev., VRDO, 1.54%, 9/4/2018 (b)		9,990		9,990
Series C, Rev., VRDO, 1.54%, 9/4/2018 (b)		33,470		33,470
Series D, Rev., VRDO, CHEVRON CORP (GTD) / CHEVRON U S A INC (OBLI), 1.54%, 9/4/2018 (b)		16,965		16,965
Series D, Rev., VRDO, 1.54%, 9/4/2018 (b)		11,800		11,800
Series E, Rev., VRDO, 1.54%, 9/4/2018 (b)		1,950		1,950
Series G, Rev., VRDO, 1.54%, 9/4/2018 (b)		19,825		19,825
Series G, Rev., VRDO, 1.54%, 9/4/2018 (b)		19,260		19,260
Series F, Rev., VRDO, 1.56%, 9/4/2018 (b)		37,100		37,100
Series K, Rev., VRDO, 1.56%, 9/4/2018 (b)		29,850		29,850
Series L, Rev., VRDO, 1.56%, 9/4/2018 (b)		12,950		12,950
Series A, Rev., VRDO, 1.55%, 9/10/2018 (b)		103,430		103,430
Series C, Rev., VRDO, 1.57%, 9/10/2018 (b)		23,790		23,790
Series E, Rev., VRDO, 1.57%, 9/10/2018 (b)		9,100		9,100
Mississippi Development Bank Special Obligation, Harrison County Coliseum Series B, Rev., VRDO, LOC: Bank of America NA, 1.63%, 9/10/2018 (b)		38,900		38,900
Mississippi Development Bank Special Obligation, Jackson County, Industrial Water System Project Series 2009, Rev., VRDO, 1.54%, 9/4/2018 (b)		15,350		15,350
Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services Rev., VRDO, 1.56%, 9/10/2018 (b)		8,390		8,390
				548,100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — 3.0%
City of Kansas Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		59,075		59,075
Health and Educational Facilities Authority of the State of Missouri
Series A, Rev., VRDO, LIQ: BJC Health System, 1.53%, 9/10/2018 (b)		56,500		56,500
Series C, Rev., VRDO, LIQ: BJC Health System, 1.53%, 9/10/2018 (b)		77,075		77,075
Series D, Rev., VRDO, 1.53%, 9/10/2018 (b)		64,230		64,230
Series E, Rev., VRDO, 1.55%, 9/10/2018 (b)		38,295		38,295
Series F, Rev., VRDO, 1.55%, 9/10/2018 (b)		49,750		49,750
Health and Educational Facilities Authority of the State of Missouri, Bethesda Health Group Series B, Rev., VRDO, LOC: Bank of America NA, 1.52%, 9/4/2018 (b)		11,995		11,995
Health and Educational Facilities Authority of the State of Missouri, SSM Health Series E, Rev., VRDO, 1.52%, 9/10/2018 (b)		9,975		9,975
Kansas City IDA, Livers Bronze Co. Project Rev., VRDO, LOC: Bank of America NA, 1.73%, 9/10/2018 (b)		250		250
Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation Series A, Rev., VRDO, 1.55%, 9/4/2018 (b)		27,590		27,590
Missouri State Health and Educational Facilities Authority Series B, Rev., VRDO, LIQ: BJC Health System, 1.53%, 9/10/2018 (b)		61,810		61,810
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Care Series G, Rev., VRDO, 1.55%, 9/10/2018 (b)		13,100		13,100
				469,645
Nebraska — 0.3%
County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center
Series B-1, Rev., VRDO, LOC: U.S. Bank NA, 1.52%, 9/4/2018 (b)		21,390		21,390
Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		26,645		26,645
				48,035

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Nevada — 1.0%
City of Reno, Hospital, Renown Regional Medical Center Project Series A, Rev., VRDO, LOC: MUFG Union Bank NA, 1.58%, 9/10/2018 (b)		30,060		30,060
Clark County, Nevada Airport System, Sub Lien Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.61%, 9/10/2018 (b)		9,175		9,175
County of Clark, Airport Series A, GO, VRDO, AMT, 1.61%, 9/10/2018 (b)		40,105		40,105
County of Clark, Department of Aviation, Nevada Airport System Series B-2, Rev., VRDO, AMT, LOC: State Street Bank & Trust, 1.60%, 9/10/2018 (b)		32,235		32,235
County of Clark, Passenger Facility Charge, Mccarran International Airport Series F-2, Rev., VRDO, LOC: MUFG Union Bank NA, 1.58%, 9/10/2018 (b)		31,015		31,015
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.59%, 9/10/2018 (b)		8,050		8,050
				150,640
New Hampshire — 0.1%
New Hampshire Health and Education Facilities Authority, Dartmouth College Series B, Rev., VRDO, 1.47%, 9/4/2018 (b)		16,540		16,540
New Jersey — 0.3%
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-102, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		40,000		40,000
New Mexico — 0.1%
University of New Mexico, Subordinate Lien System Series B, Rev., VRDO, 1.56%, 9/10/2018 (b)		14,205		14,205
New York — 21.7%
City of New York
Subseries L-5, GO, VRDO, 1.52%, 9/4/2018 (b)		10,250		10,250
Series D, Subseries D-3A, GO, VRDO, 1.55%, 9/4/2018 (b)		49,155		49,155
Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.56%, 9/4/2018 (b)		55,310		55,310
City of New York, Fiscal Year 2006
Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		21,300		21,300

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 1.55%, 9/4/2018 (b)		31,500		31,500
Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		36,400		36,400
City of New York, Fiscal Year 2008 Subseries D-3, GO, VRDO, 1.53%, 9/10/2018 (b)		24,700		24,700
City of New York, Fiscal Year 2012
Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.51%, 9/4/2018 (b)		32,250		32,250
Series G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 1.52%, 9/4/2018 (b)		81,200		81,200
City of New York, Fiscal Year 2013
Series F, Subseries F-3, GO, VRDO, LIQ: Bank of America NA, 1.52%, 9/4/2018 (b)		20,450		20,450
Series A, Subseries A-2, GO, VRDO, LOC: Mizuho Bank Ltd., 1.57%, 9/4/2018 (b)		28,100		28,100
Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 1.57%, 9/4/2018 (b)		3,400		3,400
City of New York, Fiscal Year 2014
Subseries D-4, GO, VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		53,725		53,725
Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		61,550		61,550
City of New York, Fiscal Year 2015 Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.55%, 9/10/2018 (b)		14,200		14,200
City of New York, Fiscal Year 2016 Series I, Subseries I-6, GO, VRDO, LOC: Bank of New York Mellon, 1.55%, 9/4/2018 (b)		10,225		10,225
City of New York, Fiscal Year 2017 Series A, Subseries A-6, GO, VRDO, 1.56%, 9/4/2018 (b)		35,345		35,345
City of New York, Housing Development Corp. Series A, Rev., VRDO, FNMA, LIQ: FNMA, 1.62%, 9/10/2018 (b)		19,700		19,700
City of New York, Housing Development Corp., State Renaissance Court Rev., VRDO, FHLMC, LIQ: FHLMC, 1.58%, 9/10/2018 (b)		35,200		35,200
Metropolitan Transportation Authority
Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		7,000		7,000
Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/4/2018 (b)		1,615		1,615

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Subseries D-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.57%, 9/4/2018 (b)		11,300		11,300
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.53%, 9/10/2018 (b)		54,525		54,525
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		47,590		47,590
Series D, Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.59%, 9/10/2018 (b)		75,945		75,945
Nassau County Interim Finance Authority, A Public Benefit Corp. of the State of New York, Sales Tax Secured Series B, Rev., VRDO, 1.57%, 9/10/2018 (b)		43,460		43,460
Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., VRDO, 1.62%, 9/10/2018 (b)		48,750		48,750
Nassau Health Care Corp., Nassau County Guaranteed
Subseries B-1, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		9,345		9,345
Subseries B-2, Rev., VRDO, LOC: TD Bank NA, 1.55%, 9/10/2018 (b)		18,750		18,750
New York City Health and Hospital Corp., Health System
Series B, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		8,750		8,750
Series C, Rev., VRDO, LOC: TD Bank NA, 1.55%, 9/10/2018 (b)		36,100		36,100
New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.58%, 9/10/2018 (b)		4,760		4,760
New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.53%, 9/10/2018 (b)		2,800		2,800
New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.58%, 9/10/2018 (b)		13,600		13,600
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		10,630		10,630
New York City Municipal Water Finance Authority, Water and Sewer System Subseries A-1, Rev., VRDO, 1.55%, 9/4/2018 (b)		10,000		10,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries B-1A, Rev., VRDO, 1.57%, 9/10/2018 (b)		64,400		64,400
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Subseries A-2, Rev., VRDO, 1.52%, 9/4/2018 (b)		20,345		20,345
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, 1.55%, 9/4/2018 (b)		34,640		34,640
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2015 Rev., VRDO, 1.53%, 9/4/2018 (b)		42,300		42,300
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Subseries AA-4, Rev., VRDO, 1.53%, 9/4/2018 (b)		39,660		39,660
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, 1.57%, 9/4/2018 (b)		32,250		32,250
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011
Series DD-1, Rev., VRDO, 1.50%, 9/4/2018 (b)		38,825		38,825
Series DD-3B, Rev., VRDO, 1.55%, 9/4/2018 (b)		27,050		27,050
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, 1.56%, 9/10/2018 (b)		37,700		37,700
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014
Series AA, Subseries AA1-AA6, Rev., VRDO, 1.50%, 9/4/2018 (b)		43,145		43,145
Series AA, Subseries AA-5, Rev., VRDO, 1.57%, 9/4/2018 (b)		74,815		74,815
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015
Subseries BB-4, Rev., VRDO, 1.55%, 9/4/2018 (b)		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
Series BB-3, Rev., VRDO, 1.56%, 9/10/2018 (b)		42,350		42,350
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-2, Rev., VRDO, 1.55%, 9/4/2018 (b)		49,480		49,480
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017
Series BB, Rev., VRDO, 1.52%, 9/4/2018 (b)		34,625		34,625
Series BB-1B, Rev., VRDO, 1.52%, 9/4/2018 (b)		32,460		32,460
Subseries BB-3, Rev., VRDO, 1.56%, 9/10/2018 (b)		37,500		37,500
New York City Transitional Finance Authority, Future Tax Secured
Subseries A-4, Rev., VRDO, 1.52%, 9/4/2018 (b)		49,910		49,910
Subseries E-4, Rev., VRDO, 1.52%, 9/4/2018 (b)		1,350		1,350
Rev., VRDO, 1.55%, 9/4/2018 (b)		36,935		36,935
Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		30,800		30,800
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, 1.56%, 9/10/2018 (b)		50,510		50,510
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Subseries A-4, Rev., VRDO, 1.50%, 9/4/2018 (b)		38,420		38,420
Subseries C4, Rev., VRDO, 1.57%, 9/4/2018 (b)		1,100		1,100
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.53%, 9/10/2018 (b)		41,340		41,340
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.53%, 9/10/2018 (b)		32,300		32,300

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, 1.57%, 9/4/2018 (b)		83,190		83,190
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, 1.56%, 9/4/2018 (b)		76,365		76,365
New York City Transitional Finance Authority, New York City Recovery
Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking, 1.53%, 9/10/2018 (b)		11,110		11,110
Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 1.55%, 9/10/2018 (b)		1,765		1,765
Series 3, Subseries 3-G, Rev., VRDO, 1.59%, 9/10/2018 (b)		14,815		14,815
New York City Transitional Finance Authority, Recovery Series 1, Subseries 1D, Rev., VRDO, 1.50%, 9/4/2018 (b)		8,195		8,195
New York City Trust for Cultural Resources, American Museum of Natural History Series B3, Rev., VRDO, 1.56%, 9/10/2018 (b)		13,485		13,485
New York City Water and Sewer System, Water and Sewer System Subseries B, Rev., VRDO, 1.55%, 9/4/2018 (b)		14,390		14,390
New York Liberty Development Corp. Series 2015-XF2146, Rev., VRDO, LIQ: Citibank NA, 1.58%, 9/10/2018 (b) (c)		3,160		3,160
New York State Dormitory Authority
Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		7,400		7,400
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.59%, 9/10/2018 (b)		37,615		37,615
New York State Dormitory Authority, City University System, CONS Fifth General Resolution
Series C, Rev., VRDO, LOC: Bank of America NA, 1.53%, 9/10/2018 (b)		97,275		97,275
Series D, Rev., VRDO, LOC: TD Bank NA, 1.53%, 9/10/2018 (b)		42,730		42,730
New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.63%, 9/10/2018 (b)		69,525		69,525

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.65%, 9/10/2018 (b)		12,700		12,700
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project
Series A, Subseries A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.57%, 9/10/2018 (b)		18,600		18,600
Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.58%, 9/10/2018 (b)		14,920		14,920
New York State Housing Finance Agency
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.54%, 9/4/2018 (b)		12,900		12,900
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		46,900		46,900
New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		2,755		2,755
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.62%, 9/10/2018 (b)		23,250		23,250
New York State Housing Finance Agency, 240 East 39th Street Housing Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		14,500		14,500
New York State Housing Finance Agency, 25 West 25th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		56,500		56,500
New York State Housing Finance Agency, 350 West 43rd Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.57%, 9/4/2018 (b)		29,500		29,500
New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		2,400		2,400
New York State Housing Finance Agency, 363 West 30th Street Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.62%, 9/10/2018 (b)		9,000		9,000
New York State Housing Finance Agency, 42nd and 10th Housing
Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.54%, 9/10/2018 (b)		13,010		13,010

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — continued
Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.60%, 9/10/2018 (b)		67,530		67,530
New York State Housing Finance Agency, 42nd West 10th Street Housing Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.54%, 9/10/2018 (b)		16,425		16,425
New York State Housing Finance Agency, 505 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.50%, 9/4/2018 (b)		58,310		58,310
New York State Housing Finance Agency, 555 Tenth Avenue Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.64%, 9/10/2018 (b)		58,250		58,250
New York State Housing Finance Agency, 606 West 57th Street Housing Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.56%, 9/10/2018 (b)		13,715		13,715
New York State Housing Finance Agency, 625 West 57th Street Housing Series A-1, Rev., VRDO, LOC: Bank of New York Mellon, 1.54%, 9/10/2018 (b)		14,050		14,050
New York State Housing Finance Agency, Clinton Park Phase II Series A-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.62%, 9/10/2018 (b)		3,900		3,900
New York State Housing Finance Agency, East 84th Street Housing Series A, Class E, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		28,200		28,200
New York State Housing Finance Agency, Madison Avenue Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.54%, 9/4/2018 (b)		58,880		58,880
New York State Housing Finance Agency, Manhattan West Residential Housing Series A, Rev., VRDO, LOC: Bank of China, 1.63%, 9/10/2018 (b)		42,750		42,750
New York State Housing Finance Agency, North End Series A, Rev., VRDO , FNMA, LOC: FNMA, 1.53%, 9/10/2018 (b)		7,050		7,050
New York State Housing Finance Agency, Service Contract Series M-1, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/10/2018 (b)		10,995		10,995
New York State Housing Finance Agency, Theater Row Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.57%, 9/10/2018 (b)		11,300		11,300
New York State Housing Finance Agency, Tribeca Landing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		1,800		1,800

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York State Housing Finance Agency, Union Square South Housing Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		41,950		41,950
New York State Housing Finance Agency, West 23rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		2,100		2,100
New York State Housing Finance Agency, West End Rev., VRDO, FNMA, LOC: FNMA, 1.65%, 9/10/2018 (b)		13,200		13,200
New York State Housing Finance Agency, Weyant Green Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		100		100
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.57%, 9/10/2018 (b)		3,400		3,400
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-120, Rev., VRDO, LOC: Royal Bank of Canada, 1.53%, 9/4/2018 (b) (c)		10,000		10,000
Series E-121, Rev., VRDO, LOC: Royal Bank of Canada, 1.53%, 9/4/2018 (b) (c)		35,000		35,000
Series E-99, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		20,000		20,000
Tender Option Bond Trust Receipts/CTFS
Series E-118, GO, LOC: Royal Bank of Canada, 1.53%, 9/4/2018 (b)		50,000		50,000
Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America NA, 1.59%, 9/10/2018 (b) (c)		11,250		11,250
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 1.59%, 9/10/2018 (b) (c)		20,000		20,000
Series 2018-XF2550, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		18,375		18,375
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Subseries B-3, Rev., VRDO, LOC: State Street Bank & Trust, 1.52%, 9/4/2018 (b)		55,000		55,000
Series A, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		26,450		26,450
				3,411,025
North Carolina — 2.6%
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, 1.55%, 9/10/2018 (b)		23,960		23,960
City of Charlotte, 2003 Governmental Facilities Projects Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.56%, 9/10/2018 (b)		46,860		46,860

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — continued
City of Charlotte, Governmental Facilities Series F, COP, VRDO, 1.61%, 9/10/2018 (b)		7,675		7,675
City of Greensboro, Combined Enterprise System Series A, Rev., VRDO, 1.53%, 9/10/2018 (b)		19,580		19,580
City of Raleigh, Combined Enterprise System Series B, Rev., VRDO, 1.60%, 9/10/2018 (b)		28,300		28,300
City of Raleigh, Downtown Improvement Projects
Series A, COP, VRDO, 1.58%, 9/10/2018 (b)		40,900		40,900
Series B-1, COP, VRDO, 1.58%, 9/10/2018 (b)		46,570		46,570
City of Raleigh, Enterprise System Series A, Rev., VRDO, 1.60%, 9/10/2018 (b)		7,835		7,835
Durham County Industrial Facilities and Pollution Control Financing Authority, Research Triangle Institute Series 2007, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.45%, 9/10/2018 (b)		17,260		17,260
Forsyth County Series A, GO, VRDO, 1.53%, 9/10/2018 (b)		5,635		5,635
North Carolina Capital Facilities Finance Agency, NCCU Real Estate Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		14,600		14,600
North Carolina Medical Care Commission, Health Care Facilities, WakeMed Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.54%, 9/10/2018 (b)		12,385		12,385
North Carolina Medical Care Commission, Moses Cone Health System
Series B, Rev., VRDO, 1.54%, 9/4/2018 (b)		31,410		31,410
Series A, Rev., VRDO, 1.54%, 9/10/2018 (b)		33,755		33,755
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc. Series 2010, Rev., VRDO, LOC: Credit Industriel et Commercial, 1.62%, 9/10/2018 (b)		14,800		14,800
University of North Carolina, University Hospital at Chapel Hill
Series A, Rev., VRDO, 1.54%, 9/4/2018 (b)		12,390		12,390
Series B, Rev., VRDO, 1.54%, 9/4/2018 (b)		31,975		31,975

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
North Carolina — continued
Series A, Rev., VRDO, 1.53%, 9/10/2018 (b)		10,870		10,870
				406,760
Ohio — 1.7%
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		300		300
City of Cleveland, Airport System Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		5,175		5,175
Columbus Regional Airport Authority, Airport Facility, Flightsafety International Inc. Rev., VRDO, AMT, 1.61%, 9/10/2018 (b)		22,170		22,170
County of Cleveland-Cuyahoga, Port Authority Cultural Facility, Museum of Art Project Series B, Rev., VRDO, 1.56%, 9/10/2018 (b)		20,000		20,000
County of Cuyahoga, Ohio, Hospital Facilities, Sisters of Charity Health System Series 2000, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		22,305		22,305
County of Franklin, Ohio Hospital Facilities Rev., VRDO, 1.55%, 9/10/2018 (b)		20,000		20,000
County of Hamilton, Hospital Facilities Series B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		10,500		10,500
County of Hamilton, Hospital Facilities, Elizabeth Gamble Deaconess Home Association Series A, Rev., VRDO, LOC: Northern Trust Co., 1.57%, 9/10/2018 (b)		14,550		14,550
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System
Series B-4, Rev., VRDO, 1.52%, 9/4/2018 (b)		41,535		41,535
Rev., VRDO, LIQ: Bank of New York Mellon, 1.55%, 9/4/2018 (b)		6,550		6,550
Ohio State Water Development Authority, Water Pollution Control Loan Fund Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.61%, 9/10/2018 (b)		38,000		38,000
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-104, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		28,745		28,745
Series E-119, Rev., VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		15,000		15,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Ohio — continued
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, 1.58%, 9/10/2018 (b)		15,375		15,375
				260,205
Oregon — 0.2%
Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.56%, 9/10/2018 (b)		15,450		15,450
Oregon Health and Science University Series B-3, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/4/2018 (b)		7,500		7,500
State of Oregon, Facilities Authority, PeaceHealth Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.57%, 9/10/2018 (b)		3,635		3,635
				26,585
Other — 1.0%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		5,820		5,820
Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		33,915		33,915
Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		17,812		17,812
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		46,810		46,810
Series M024, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		16,395		16,395
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.63%, 9/10/2018 (b)		20,240		20,240
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.63%, 9/10/2018 (b)		11,205		11,205
SunAmerica Taxable Trust
Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.62%, 9/10/2018 (b)		2,360		2,360
				154,557
Pennsylvania — 3.5%
Bucks County IDA, Grand View Hospital
Series A, Rev., VRDO, LOC: TD Bank NA, 1.53%, 9/10/2018 (b)		400		400
Series B, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		20,300		20,300
Butler County General Authority Series SGC-58, Class A, Rev., VRDO, LIQ: Societe Generale, 1.57%, 9/10/2018 (b) (c)		19,090		19,090

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 57

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Pennsylvania — continued
Butler County General Authority, North Allegheny School District Project Series B, Rev., VRDO, 1.57%, 9/10/2018 (b)		8,570		8,570
City of Philadelphia, Gas Works, 1998 General Ordinance, Eight
Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.56%, 9/10/2018 (b)		12,900		12,900
Series E, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		24,770		24,770
Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.57%, 9/10/2018 (b)		18,115		18,115
County of Allegheny
Series C, GO, VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		33,775		33,775
Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		12,000		12,000
Delaware Valley Regional Finance Authority, Local Government Class A, Rev., VRDO, LIQ: Societe Generale, 1.57%, 9/10/2018 (b) (c)		16,295		16,295
Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		25,895		25,895
Lackawanna County Multi-Purpose Stadium Authority, Hotel Room Rental Tax Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		15,540		15,540
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project
Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		18,910		18,910
Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		1,890		1,890
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		17,080		17,080
Pennsylvania Higher Educational Facilities Authority, Drexel University Series B, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/4/2018 (b)		9,800		9,800
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		2,400		2,400
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2007-99C, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		4,475		4,475

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pennsylvania — continued
Philadelphia Authority, Industrial Development Multi-Modal Lease Series B-3, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		17,405		17,405
RBC Municipal Products, Inc. Trust, Floater Certificates
Series E-110, Rev., VRDO, LIQ: Royal Bank of Canada, 1.53%, 9/4/2018 (b) (c)		40,000		40,000
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.53%, 9/4/2018 (b) (c)		160,095		160,095
Series E-101, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		72,250		72,250
				551,955
Rhode Island — 0.4%
Rhode Island Health & Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 1.62%, 9/10/2018 (b)		1,475		1,475
Rhode Island Health & Educational Building Corp., Higher Education Facilities, Roger Williams University Issue Series 2008 B, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		32,190		32,190
Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/10/2018 (b)		7,045		7,045
Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.63%, 9/10/2018 (b)		7,000		7,000
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.55%, 9/4/2018 (b)		450		450
Tender Option Bond Trust Receipts/CTFS Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		9,000		9,000
				57,160
South Carolina — 0.1%
City of Columbia, Waterworks and Sewer System Series 2009, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.56%, 9/10/2018 (b)		10,000		10,000
City of North Charleston, Public Facilities Convention, Convention Center Project COP, VRDO, LOC: Bank of America NA, 1.59%, 9/10/2018 (b)		1,800		1,800
				11,800

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Tennessee — 1.0%
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		33,615		33,615
Greeneville Health and Educational Facilities Board, Ballad Health Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.55%, 9/10/2018 (b)		100,000		100,000
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Knoll Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		13,400		13,400
Tender Option Bond Trust Receipts/CTFS Series 2018-ZF0650, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		7,500		7,500
				154,515
Texas — 6.6%
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, FNMA, LOC: FNMA, 1.60%, 9/10/2018 (b)		8,400		8,400
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		24,325		24,325
City of Austin, Texas Hotel Occupancy Tax Series A, Rev., VRDO, LOC: Citibank NA, 1.56%, 9/10/2018 (b)		18,715		18,715
City of Austin, Water and Wastewater System Rev., VRDO, LOC: Citibank NA, 1.57%, 9/10/2018 (b)		36,015		36,015
City of Houston, Combined Utility System, First Lien
Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.57%, 9/10/2018 (b)		10,600		10,600
Series B-2, Rev., VRDO, LOC: Citibank NA, 1.57%, 9/10/2018 (b)		21,000		21,000
Series B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.57%, 9/10/2018 (b)		41,700		41,700
County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System Rev., VRDO, 1.57%, 9/10/2018 (b)		25,000		25,000
County of Harris, Industrial Development Corp., Pollution Control Rev., VRDO, 1.52%, 9/4/2018 (b)		17,700		17,700

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
County of Harris, Industrial Development Corp., Pollution Control, Exxon Corp. Rev., VRDO, 1.52%, 9/4/2018 (b)		21,200		21,200
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.65%, 9/10/2018 (b)		10,600		10,600
Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl LP Project Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.61%, 9/10/2018 (b)		12,000		12,000
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project
Rev., VRDO, 1.57%, 9/4/2018 (b)		1,780		1,780
Series B, Rev., VRDO, 1.57%, 9/4/2018 (b)		9,350		9,350
Gulf Coast Waste Disposal Authority, Environmental Facilities, Exxonmobile Project Series A, Rev., VRDO, 1.57%, 9/4/2018 (b)		20,075		20,075
Gulf Coast Waste Disposal Authority, Exxon Corp. Rev., VRDO, 1.52%, 9/4/2018 (b)		32,900		32,900
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Rev., VRDO, 1.57%, 9/10/2018 (b)		22,615		22,615
Series D, Rev., VRDO, 1.57%, 9/10/2018 (b)		18,500		18,500
Harris County Industrial Development Corp., Pollution Control, Exxon Corp. Series 1987, Rev., VRDO, 1.57%, 9/4/2018 (b)		15,300		15,300
Lower Neches Valley Authority Industrial Development Corp, Exxonmobil Project Series B, Rev., VRDO, 1.58%, 9/4/2018 (b)		49,830		49,830
Lower Neches Valley Authority Industrial Development Corp. Subseries B-2, Rev., VRDO, 1.57%, 9/4/2018 (b)		16,480		16,480
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project
Series 2010, Rev., VRDO, 1.54%, 9/4/2018 (b)		10,000		10,000
Series 2011, Rev., VRDO, 1.54%, 9/4/2018 (b)		13,325		13,325
Series A, Rev., VRDO, 1.55%, 9/4/2018 (b)		30,400		30,400
Series A-2, Rev., VRDO, 1.55%, 9/4/2018 (b)		1,300		1,300

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 59

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
Subseries A-3, Rev., VRDO, 1.55%, 9/4/2018 (b)		100		100
North Texas Tollway Authority
Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.58%, 9/10/2018 (b)		18,600		18,600
Series 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		6,750		6,750
State of Texas
GO, VRDO, LIQ: FHLB, 1.55%, 9/10/2018 (b)		70,000		70,000
Series 2016, GO, VRDO, 1.60%, 9/10/2018 (b)		45,450		45,450
State of Texas, Veterans Bonds GO, VRDO, LIQ: State Street Bank & Trust, 1.54%, 9/10/2018 (b)		13,905		13,905
State of Texas, Veterans Housing Assistance Program GO, VRDO, LIQ: State Street Bank & Trust, 1.54%, 9/10/2018 (b)		11,360		11,360
Tarrant County Cultural Education Facilities Finance Corp.
Series B, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		36,415		36,415
Rev., VRDO, 1.55%, 9/10/2018 (b)		55,735		55,735
Rev., VRDO, 1.58%, 9/10/2018 (b)		17,000		17,000
Rev., VRDO, LOC: Bank of New York Mellon, 1.60%, 9/10/2018 (b)		20,200		20,200
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		28,190		28,190
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System
Rev., VRDO, 1.58%, 9/10/2018 (b)		35,900		35,900
Series 2012-B, Rev., VRDO, 1.58%, 9/10/2018 (b)		34,000		34,000
Series A, Rev., VRDO, 1.58%, 9/10/2018 (b)		46,860		46,860
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF2669, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		17,820		17,820
Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.61%, 9/10/2018 (b) (c)		1,360		1,360
Texas Department of Housing and Community Affairs, Multi-Family Housing, Terraces at Cibolo Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b)		4,700		4,700

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Texas Department of Housing and Community Affairs, Multi-Family Housing, Timber Point Apartments Project Series A-1, Rev., VRDO, FHLMC, LOC: FHLMC, 1.63%, 9/10/2018 (b)		740		740
Texas Transportation Commission, State Highway Fund, First Tier Series B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.56%, 9/10/2018 (b)		30,000		30,000
University of Texas Series B4, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.47%, 9/10/2018 (b)		23,050		23,050
University of Texas, Permanent University System Series A, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.59%, 9/10/2018 (b)		37,655		37,655
				1,044,900
Utah — 1.4%
Central Utah Water Conservancy District Series A, Rev., VRDO, 1.58%, 9/10/2018 (b)		23,700		23,700
County of Utah Hospital, IHC Health Services, Inc.
Series C, Rev., VRDO, 1.52%, 9/4/2018 (b)		16,700		16,700
Series B, Rev., VRDO, 1.55%, 9/10/2018 (b)		8,425		8,425
Series C, Rev., VRDO, 1.55%, 9/10/2018 (b)		95,440		95,440
Series C, Rev., VRDO, 1.55%, 9/10/2018 (b)		8,775		8,775
Series C, Rev., VRDO, 1.56%, 9/10/2018 (b)		27,650		27,650
Utah Housing Finance Agency, Single Family Mortgage
Series D-1, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		2,715		2,715
Series E-1, Class I, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		2,820		2,820
Series F-2, Class I, Rev., VRDO, 1.59%, 9/10/2018 (b)		2,945		2,945
Utah Water Finance Agency Series B-2, Rev., VRDO, 1.58%, 9/10/2018 (b)		25,000		25,000
				214,170

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Virginia — 0.8%
Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series A, Rev., VRDO, 1.57%, 9/10/2018 (b)		16,000		16,000
County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute Series B, Rev., VRDO, 1.57%, 9/10/2018 (b)		300		300
Fairfax County Industrial Development Authority, Virginia Health Care Rev., VRDO, 1.50%, 9/10/2018 (b)		20,600		20,600
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Rev., VRDO, 1.55%, 9/10/2018 (b)		25,000		25,000
Loudoun County Economic Development Authority Series C, Rev., VRDO, 1.57%, 9/10/2018 (b)		18,570		18,570
Loudoun County IDA, Howard Hughes Medical Institute
Series E, Rev., VRDO, 1.56%, 9/10/2018 (b)		20,500		20,500
Series D, Rev., VRDO, 1.57%, 9/10/2018 (b)		15,000		15,000
Loudoun County Sanitation Authority, Water and Sewer System Rev., VRDO, 1.57%, 9/10/2018 (b)		6,410		6,410
Virginia College Building Authority, Educational Facilities, University of Richmond Project Series 2004, Rev., VRDO, 1.55%, 9/10/2018 (b) (c)		9,975		9,975
				132,355
Washington — 1.1%
Chelan County Public Utility District No. 1 Series B, Rev., VRDO, 1.56%, 9/10/2018 (b)		17,000		17,000
County of King, Sewer Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.56%, 9/10/2018 (b)		22,000		22,000
Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 1.64%, 9/10/2018 (b)		7,330		7,330
Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 9/4/2018 (b)		1,575		1,575
Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.61%, 9/10/2018 (b)		9,985		9,985

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Washington — continued
Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens at University Village Project Rev., VRDO, FNMA, LOC: FNMA, 1.63%, 9/10/2018 (b)		23,540		23,540
Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.61%, 9/10/2018 (b)		27,180		27,180
Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.59%, 9/10/2018 (b)		14,660		14,660
Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		17,400		17,400
Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.59%, 9/10/2018 (b)		24,415		24,415
Washington State Housing Finance Commission, Vintage Spokane Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.65%, 9/10/2018 (b)		15,095		15,095
				180,180
Wisconsin — 0.1%
Wisconsin Housing and EDA, Home Ownership Series C, Rev., VRDO, 1.57%, 9/10/2018 (b)		11,205		11,205
Wyoming — 0.7%
County of Lincoln, Wyoming Pollution Control, Exxonmobile Project. Series 2014-E, Rev., VRDO, 1.52%, 9/4/2018 (b)		48,450		48,450
County of Sublette, Wyoming Pollution Control, Exxonmobile Project Rev., VRDO, 1.52%, 9/4/2018 (b)		31,600		31,600
County of Uinta Rev., VRDO, 1.54%, 9/4/2018 (b)		22,720		22,720
Wyoming Community Development Authority Housing Series 2, Rev., VRDO, 1.56%, 9/10/2018 (b)		9,750		9,750
				112,520
Total Municipal Bonds (Cost $12,844,192)				12,844,192

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 61

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 6.9%
California — 2.0%
Nuveen California AMT-Free Quality Municipal Income Fund
Series 6, LIQ: Sumitomo Mitsui Banking, 1.57%, 9/10/2018 #(c)		30,000		30,000
Series 3, LIQ: TD Bank NA, 1.59%, 9/10/2018 #(c)		26,500		26,500
Nuveen California Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.66%, 9/10/2018 #(b) (c)		26,800		26,800
Series 2, LIQ: Citibank NA, 1.71%, 9/10/2018 #(c)		27,500		27,500
Series 4, LIQ: Royal Bank of Canada, 1.71%, 9/10/2018 #(c)		58,500		58,500
Series 6, LIQ: Citibank NA, 1.71%, 9/10/2018 #(c)		67,600		67,600
Series 7, LIQ: Royal Bank of Canada, 1.71%, 9/10/2018 #(b) (c)		21,000		21,000
Series 1, LIQ: Societe Generale, 1.72%, 9/10/2018 #(c)		59,200		59,200
				317,100
Illinois — 0.6%
Nuveen AMT-Free Municipal Credit Income Fund Series 4, LIQ: Citibank NA, 1.66%, 9/10/2018 #(c)		95,000		95,000
New York — 0.8%
Nuveen New York AMT-Free Quality Municipal Income Fund
Series 5, LIQ: TD Bank NA, 1.60%, 9/10/2018 #(c)		40,000		40,000
Series 1, LIQ: Citibank NA, 1.62%, 9/10/2018 #(c)		28,600		28,600
Series 2, LIQ: Citibank NA, 1.62%, 9/10/2018 #(c)		47,400		47,400
Series 3, LIQ: Citibank NA, 1.62%, 9/10/2018 #(c)		8,500		8,500
				124,500
Other — 3.5%
Nuveen AMT-Free Municipal Credit Income Fund
Series 5, LIQ: Societe Generale, 1.66%, 9/10/2018 #(c)		147,000		147,000
Series 6, LIQ: Sumitomo Mitsui Banking, 1.66%, 9/10/2018 #(c)		133,300		133,300
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.61%, 9/10/2018 #(c)		153,500		153,500
Series 2, LIQ: Citibank NA, 1.66%, 9/10/2018 #(c)		92,000		92,000

INVESTMENTS	SHARES (000)		VALUE ($000)
Other — continued
Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.66%, 9/10/2018 #(c)		30,000		30,000
				555,800
Total Variable Rate Demand Preferred Shares (Cost $1,092,400)				1,092,400
	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 11.2%
Commercial Paper — 11.2%
Alachua County Health Facilities Authority 1.69%, 10/11/2018		31,240		31,240
California Statewide Communities Development Authority
1.30%, 9/4/2018		19,000		19,000
1.30%, 9/4/2018		13,000		13,000
1.30%, 9/5/2018		19,865		19,865
Series B-5, 1.73%, 10/10/2018		6,250		6,250
Series B-6, 1.73%, 10/10/2018		48,750		48,750
Series B-2, 1.76%, 11/6/2018		25,000		25,000
Series D, 1.76%, 11/6/2018		50,500		50,500
1.50%, 11/15/2018		30,000		30,000
1.50%, 11/15/2018		17,000		17,000
City of Dallas Series D-1, 1.68%, 9/26/2018		16,000		16,000
City of Jacksonville, Health Care Facilities
1.83%, 11/1/2018		70,000		70,000
1.83%, 11/1/2018		35,000		35,000
City of Rochester, Health Care Facilities
1.38%, 10/1/2018		20,000		20,000
1.50%, 10/1/2018		40,000		40,000
1.67%, 10/11/2018		20,000		20,000
City of Rochester, Health Care Facilities, Mayo Clinic Series C, 1.83%, 11/1/2018		50,000		50,000
County of Hillsborough 1.60%, 9/20/2018		16,953		16,953
County of Miami-Dade, Aviation Series C, 1.48%, 10/1/2018		68,000		68,000
County of Montgomery 1.45%, 9/10/2018		114,000		114,000
District of Columbia 1.55%, 9/4/2018		59,000		59,000
Health and Educational Facilities Authority of the State of Missouri
1.34%, 9/13/2018		50,000		50,000
1.45%, 10/4/2018		50,000		50,000
Health and Educational Facilities Authority of the State of Missouri Series E, 1.65%, 10/18/2018		50,000		50,000
Indiana Finance Authority 1.55%, 10/2/2018		75,040		75,040
Las Vegas Valley Water District 1.65%, 9/4/2018		50,000		50,000
1.38%, 10/1/2018		80,000		80,000

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued
Commercial Paper — continued
Massachusetts Health and Educational Facilities Authority 1.20%, 9/17/2018		13,235		13,234
Metropolitan Government of Nashville and Davidson County, Water and Sewer 1.65%, 10/9/2018		25,000		25,000
Missouri State Health and Educational Facilities Authority 1.65%, 10/18/2018		50,000		50,000
Regents of the University of Michigan 1.60%, 9/4/2018		40,000		40,000
1.63%, 10/1/2018		30,950		30,950
Regents of the University of Minnesota 1.67%, 10/11/2018		37,000		37,000
San Antonio Electric and Gas 1.59%, 10/5/2018		54,500		54,500
Southwestern Illinois Development Authority, Health Facilities Authority Series 2017-B, 1.73%, 12/11/2018		39,870		39,870
State of California Department of Water Resources 1.63%, 10/4/2018		24,255		24,255
State of Maryland, Health & Higher Educational Facilities Authority Series B, 1.60%, 9/4/2018		10,000		10,000
State of Texas, Public Finance Authority 1.62%, 9/17/2018		31,465		31,465
State of Wisconsin 1.60%, 9/4/2018		18,230		18,230
University of Massachusetts Building Authority 1.60%, 9/13/2018		14,000		14,000
University of Minnesota 1.40%, 10/1/2018		13,300		13,300
1.40%, 10/3/2018		22,750		22,750
University of Missouri 1.53%, 11/7/2018		34,640		34,640
University of Texas 1.60%, 9/4/2018		22,336		22,336
1.60%, 9/7/2018		20,520		20,520
University of Texas System 1.38%, 9/5/2018		25,000		25,000
1.45%, 9/5/2018		25,000		25,000
1.60%, 9/13/2018		10,000		10,000
1.61%, 9/17/2018		25,000		25,000
1.45%, 10/1/2018		25,000		25,000
Wisconsin Health and Educational Facilities Authority 1.38%, 10/1/2018		20,000		20,000
Total Commercial Paper (Cost $1,756,648)				1,756,648
Total Short-Term Investments (COST $1,756,648)				1,756,648
Total Investments — 99.8% (Cost $15,693,240)*				15,693,240
Other Assets Less Liabilities — 0.2%				33,864
NET ASSETS — 100.0%				15,727,104

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BHAC	Insured by Berkshire Hathaway Assurance Corp.
COLL	Collateral
CONS	Consolidated Bonds
COP	Certificate of Participation
CR	Custodial Receipts
EAGLE	Earnings of accrual generated on local tax-exempt securities
EDA	Economic Development Authority
FGIC	Insured by Financial Guaranty Insurance Co.
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FSA	Insured by Financial Security Assurance, Inc.
GNMA	Government National Mortgage Association
GO	General Obligation
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PCR	Pollution Control Revenue
RE	Reinsured
Rev.	Revenue
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.
(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 63

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.5%
Alabama — 0.2%
Alabama Housing Finance Authority Rev., VRDO, LOC: U.S. Bank NA, 1.63%, 9/10/2018 (b)		5,435		5,435
Arizona — 0.5%
Tender Option Bond Trust Receipts/CTFS
Series 2017-XM0563, Rev., VRDO, LIQ: Royal Bank of Canada, 1.63%, 9/10/2018 (b) (c)		5,435		5,435
Series 2018-ZM0615, Rev., VRDO, LIQ: Royal Bank of Canada, 1.64%, 9/10/2018 (b) (c)		7,500		7,500
				12,935
Arkansas — 2.1%
Arkansas Development Finance Authority, Solid Waste Disposal, Waste Management of Ark Project Rev., VRDO, LOC: Bank of America NA, 1.62%, 9/10/2018 (b)		15,000		15,000
City of Osceola, Solid Waste Disposal Rev., VRDO, LOC: Goldman Sachs Bank USA, 1.61%, 9/10/2018 (b)		44,500		44,500
				59,500
California — 1.9%
City and County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments Series H-2, Rev., VRDO, LOC: Bank of China, 1.63%, 9/10/2018 (b)		35,000		35,000
Tender Option Bond Trust Receipts/CTFS
Series 2016-XG0043, GO, VRDO, AGC, LIQ: TD Bank NA, 1.56%, 9/10/2018 (b) (c)		500		500
Series 2018-XG0181, GO, VRDO, LIQ: Bank of America NA, 1.58%, 9/10/2018 (b) (c)		4,985		4,985
Series 2018-XX1082, Rev., VRDO, LIQ: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		6,835		6,835
Series 2017-ZF0581, Rev., VRDO, LIQ: Royal Bank of Canada, 1.62%, 9/10/2018 (b) (c)		2,375		2,375
Series 2017-ZM0473, Rev., VRDO, LIQ: Royal Bank of Canada, 1.62%, 9/10/2018 (b) (c)		2,600		2,600
Series 2017-ZM0487, Rev., VRDO, LIQ: Royal Bank of Canada, 1.62%, 9/10/2018 (b) (c)		1,465		1,465
				53,760
Colorado — 2.8%
Colorado Housing and Finance Authority, Multi-Family Housing Rev., VRDO, LOC: U.S. Bank NA, 1.63%, 9/10/2018 (b)		10,240		10,240
Colorado Housing and Finance Authority, Single Family Mortgage Series B-3, Class 1, Rev., VRDO, AMT, FHLB, 1.61%, 9/10/2018 (b)		2,180		2,180

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Colorado — continued
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-24, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		12,500		12,500
Tender Option Bond Trust Receipts/CTFS Series 2016-ZF0467, Rev., VRDO, LIQ: Royal Bank of Canada, 1.63%, 9/10/2018 (b) (c)		52,895		52,895
				77,815
Connecticut — 1.7%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds Subseries D-3, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, 1.57%, 9/10/2018 (b)		7,000		7,000
Series D, Subseries D-3, Rev., VRDO, AMT, 1.62%, 9/10/2018 (b)		5,900		5,900
Connecticut State Development Authority Rev., VRDO, LOC: Bank of Montreal, 1.61%, 9/10/2018 (b)		30,000		30,000
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		5,000		5,000
				47,900
Delaware — 0.4%
County of New Castle, Delaware Airport Facility Rev., VRDO, 1.60%, 9/10/2018 (b)		10,880		10,880
District of Columbia — 1.5%
District of Columbia, Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.56%, 9/10/2018 (b)		10,200		10,200
Metropolitan Washington Airports Authority, Remarketing Subseries A-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b)		12,755		12,755
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		15,000		15,000
Tender Option Bond Trust Receipts/CTFS Series 2017-ZM0554, Rev., VRDO, LIQ: Citibank NA, 1.62%, 9/10/2018 (b) (c)		2,500		2,500
				40,455
Florida — 4.8%
Alachua County Housing Finance Authority Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b)		3,330		3,330
Collier County IDA, Allete, Inc. Project Series 2006, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.62%, 9/10/2018 (b)		22,800		22,800

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Florida — continued
Collier County IDA, Ave Maria Utility Co. Project Rev., VRDO, AMT, LOC: Northern Trust Co., 1.59%, 9/10/2018 (b)		13,665		13,665
Collier County, Housing Finance Authority Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.61%, 9/10/2018 (b)		2,670		2,670
County of Okeechobee, Landfill, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.62%, 9/10/2018 (b)		15,000		15,000
County of Palm Beach, Florida Schood Board Class A, COP, VRDO, LIQ: Citibank NA, 1.60%, 9/10/2018 (b) (c)		6,590		6,590
County of Palm Beach, Special Purpose Facilities, Flight Safety Project Rev., VRDO, 1.60%, 9/10/2018 (b)		18,000		18,000
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b)		14,385		14,385
Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.61%, 9/10/2018 (b)		3,245		3,245
Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project Rev., VRDO, LOC: Bank of America NA, 1.63%, 9/10/2018 (b)		16,000		16,000
Tender Option Bond Trust Receipts/CTFS
Series 2018-XG0167, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		6,135		6,135
Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		7,500		7,500
Series 2017-ZF2503, Rev., VRDO, LIQ: Citibank NA, 1.62%, 9/10/2018 (b) (c)		3,750		3,750
				133,070
Georgia — 0.7%
Atkinson/Coffee Counties Joint Development Authority, Solid Waste Disposal, Langboard, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.60%, 9/10/2018 (b)		16,800		16,800
Tender Option Bond Trust Receipts/CTFS Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.60%, 9/10/2018 (b) (c)		3,750		3,750
				20,550
Illinois — 3.5%
Chicago Midway Airport, 2nd Lien Series C-2, Rev., VRDO, AMT, LOC: Bank of Montreal, 1.58%, 9/10/2018 (b)		20,870		20,870

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — continued
Illinois Educational Facilities Authority, Adler Planetarium Series 1997, Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		10,000		10,000
Illinois Finance Authority Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		18,500		18,500
Illinois Finance Authority, Chicago Historical Society Rev., VRDO, LOC: BMO Harris Bank NA, 1.58%, 9/10/2018 (b)		31,035		31,035
Illinois Finance Authority, St. Ignatius College Prep. Project Rev., VRDO, LOC: PNC Bank NA, 1.57%, 9/10/2018 (b)		12,000		12,000
Illinois State Toll Highway Authority, Variable Rate Senior Priority Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.58%, 9/10/2018 (b)		5,600		5,600
				98,005
Indiana — 0.5%
City of Chicago, Gary International Airport Authority, Multi-Modal Special purpose Facility Rev., VRDO, LOC: BMO Harris Bank NA, 1.59%, 9/10/2018 (b)		5,975		5,975
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project Rev., VRDO, LOC: Bank of America NA, 1.65%, 9/10/2018 (b)		4,100		4,100
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 1.65%, 9/10/2018 (b)		410		410
Tender Option Bond Trust Receipts/CTFS Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 1.60%, 9/10/2018 (b) (c)		2,500		2,500
				12,985
Iowa — 3.4%
Iowa Finance Authority Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.63%, 9/10/2018 (b)		45,800		45,800
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, 1.62%, 9/10/2018 (b)		20,800		20,800
Iowa Finance Authority, Multi-Family Housing
Series A, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		10,910		10,910
Series B, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		7,230		7,230
Iowa Finance Authority, Wellness Facility, Community of MarshallTown Project Rev., VRDO, LOC: Northern Trust Co., 1.60%, 9/10/2018 (b)		7,600		7,600

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 65

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Iowa — continued
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		2,550		2,550
				94,890
Kansas — 1.7%
City of Mission, Multi-Family Housing, The Falls Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.62%, 9/10/2018 (b)		7,750		7,750
City of Wichita, Kans Airport Facilities Series 2003, Rev., VRDO, 1.60%, 9/10/2018 (b)		20,780		20,780
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		12,500		12,500
Tender Option Bond Trust Receipts/CTFS Series 2017-XF2507, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.61%, 9/10/2018 (b) (c)		6,950		6,950
				47,980
Kentucky — 1.3%
County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project
Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.64%, 9/10/2018 (b)		6,800		6,800
Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.67%, 9/10/2018 (b)		7,100		7,100
Kenton County Airport Board, Flight Safety International, Inc. Project Series A, Rev., VRDO, 1.60%, 9/10/2018 (b)		16,350		16,350
Maysville Industrial Bldg., Green Tokai Co. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.61%, 9/10/2018 (b)		5,740		5,740
				35,990
Louisiana — 0.3%
Parish of St Bernard, Mobil Oil Rev., VRDO, EXXON MOBIL CORP (OBLI), 1.57%, 9/4/2018 (b)		8,000		8,000
Maine — 1.0%
Maine State Housing Mortgage Authority
Series G, Rev., VRDO, AMT, 1.58%, 9/10/2018 (b)		17,090		17,090
Series B2, Rev., VRDO, AMT, 1.63%, 9/10/2018 (b)		10,570		10,570
				27,660
Maryland — 4.8%
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.64%, 9/10/2018 (b) (c)		6,665		6,665

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — continued
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family Housing, Barrington Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.63%, 9/10/2018 (b)		34,500		34,500
Maryland Community Development Administration, Department of Housing and Community Development, Residential
Series G, Rev., VRDO, AMT, 1.60%, 9/10/2018 (b)		21,050		21,050
Series J, Rev., VRDO, AMT, 1.64%, 9/10/2018 (b)		26,000		26,000
Prince Georges County Housing Authority, Multi-Family, Allentowne Apartments Project Rev., VRDO, FHLMC, LOC: FHLMC, 1.61%, 9/10/2018 (b)		13,900		13,900
State of Maryland, Transportation Authority
Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.63%, 9/10/2018 (b)		15,000		15,000
Tender Option Bond Trust Receipts/CTFS
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		7,500		7,500
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		4,000		4,000
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.62%, 9/10/2018 (b) (c)		3,300		3,300
				131,915
Massachusetts — 0.4%
Massachusetts State Development Finance Agency, Housing, Cordis Mills LLC Rev., VRDO, FNMA, LIQ: FNMA, 1.63%, 9/10/2018 (b)		9,850		9,850
Michigan — 4.5%
Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.60%, 9/10/2018 (b)		8,865		8,865
Michigan State Housing Development Authority, Rental Housing
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.61%, 9/10/2018 (b)		23,410		23,410
Series A, Rev., VRDO, AMT, 1.62%, 9/10/2018 (b)		5,015		5,015
Series D, Rev., VRDO, AMT, 1.62%, 9/10/2018 (b)		4,625		4,625

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Michigan — continued
Michigan State Housing Development Authority, Single-Family Mortgage
Series D, Rev., VRDO, AMT, 1.61%, 9/10/2018 (b)		15,750		15,750
Series B, Rev., VRDO, AMT, 1.63%, 9/10/2018 (b)		54,380		54,380
Rib Floater Trust Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.60%, 9/10/2018 (b) (c)		6,000		6,000
Tender Option Bond Trust Receipts/CTFS
Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,000		3,000
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.60%, 9/10/2018 (b) (c)		4,075		4,075
				125,120
Minnesota — 0.7%
Minnesota Housing Finance Agency, Residential Housing Finance Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 1.59%, 9/10/2018 (b)		13,200		13,200
Oakdale Multifamily, Housing Cottage Homesteads Rev., VRDO, FHLMC, LOC: FHLMC, 1.59%, 9/10/2018 (b)		7,000		7,000
				20,200
Mississippi — 0.4%
Mississippi Business Finance Corp Series I, Rev., VRDO, 1.54%, 9/4/2018 (b)		10,300		10,300
Missouri — 2.4%
Rib Floater Trust Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.61%, 9/10/2018 (b) (c)		28,685		28,685
St. Charles County IDA, Country Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		25,000		25,000
St. Charles County IDA, Remington Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		11,600		11,600
				65,285
Nebraska — 1.0%
Nebraska Investment Finance Authority, Multi-Family Housing Series A, Rev., VRDO, LOC: Citibank NA, 1.63%, 9/10/2018 (b)		10,000		10,000
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF2551, Rev., VRDO, LIQ: Citibank NA, 1.61%, 9/10/2018 (b) (c)		9,635		9,635
Series 2018-XF2558, Rev., VRDO, LIQ: Citibank NA, 1.61%, 9/10/2018 (b) (c)		8,000		8,000
				27,635

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Nevada — 0.4%
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF0612, GO, VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		5,840		5,840
Series 2018-ZM0633, GO, VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		4,100		4,100
				9,940
New Jersey — 0.9%
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-102, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		10,000		10,000
Tender Option Bond Trust Receipts/CTFS
Series 2018-XX1091, Rev., VRDO, NATL-RE, LOC: Barclays Bank plc, 1.58%, 9/10/2018 (b) (c)		9,000		9,000
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 1.58%, 9/10/2018 (b) (c)		5,700		5,700
				24,700
New York — 13.9%
Erie County Industrial Development Agency Series 2008, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 1.66%, 9/10/2018 (b)		12,000		12,000
Housing Development Corp Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		60,000		60,000
Metropolitan Transportation Authority Series A-1, Rev., VRDO, LOC: TD Bank NA, 1.50%, 9/4/2018 (b)		27,370		27,370
Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.53%, 9/10/2018 (b)		9,810		9,810
Nassau County Industrial Development Housing Agency Rev., VRDO, FNMA, LOC: FNMA, 1.55%, 9/10/2018 (b)		13,500		13,500
New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East Series A, Rev., VRDO, AMT, LOC: Landesbank Baden-Wuerttemberg, 1.57%, 9/10/2018 (b)		30,000		30,000
New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project Rev., VRDO, LOC: Citibank NA, 1.60%, 9/10/2018 (b)		19,000		19,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 67

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority, Future Tax Secured Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		10,675		10,675
New York Liberty Development Corp. Series 2015-XF2023, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.61%, 9/10/2018 (b) (c)		10,000		10,000
New York State Housing Finance Agency, 188 Ludlow Street Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.72%, 9/10/2018 (b)		24,800		24,800
New York State Housing Finance Agency, 222 East 44th Street Housing Series A, Rev., VRDO, LOC: Bank of China, 1.62%, 9/10/2018 (b)		21,550		21,550
New York State Housing Finance Agency, 25 West 25th Street Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		17,640		17,640
New York State Housing Finance Agency, 250 West 93rd Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.61%, 9/10/2018 (b)		30,000		30,000
New York State Housing Finance Agency, 42nd and 10th Housing Series A, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.60%, 9/10/2018 (b)		25,005		25,005
New York State Housing Finance Agency, 455 West 37th Street Housing Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 1.57%, 9/4/2018 (b)		20,000		20,000
Tender Option Bond Trust Receipts/CTFS
Series E-118, GO, LIQ: Royal Bank of Canada, 1.53%, 9/4/2018 (b)		6,000		6,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.58%, 9/10/2018 (b) (c)		4,000		4,000
Series 2017-XF0566, Rev., VRDO, LIQ: TD Bank NA, 1.58%, 9/10/2018 (b) (c)		4,300		4,300
Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.58%, 9/10/2018 (b) (c)		23,815		23,815
Series 2017-XG0156, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		2,020		2,020
Series 2017-XF2488, Rev., VRDO, LIQ: Citibank NA, 1.61%, 9/10/2018 (b) (c)		2,500		2,500
Series 2018-XM0616, Rev., VRDO, LIQ: Citibank NA, 1.62%, 9/10/2018 (b) (c)		10,425		10,425
				384,410

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
North Carolina — 0.6%
North Carolina Capital Facilities Finance Agency, Educational Facilities Series 2016-ZM0153, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.59%, 9/10/2018 (b) (c)		5,000		5,000
Tender Option Bond Trust Receipts/CTFS Series 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,000		3,000
Union County Industrial Facilities and Pollution Control Financing Authority Series 2007, Rev., VRDO, LOC: BB&T Corp., 1.62%, 9/10/2018 (b)		10,000		10,000
				18,000
North Dakota — 1.0%
North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Series B, Rev., VRDO, AMT, 1.60%, 9/10/2018 (b)		27,055		27,055
Ohio — 0.1%
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,905		3,905
Oregon — 2.2%
Confederated Tribes of The Umatilla Indian Reservation, Tribal Infrastructure Rev., VRDO, LOC: Wells Fargo Bank NA, 2.07%, 9/10/2018 (b)		11,455		11,455
Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 1.60%, 9/10/2018 (b)		240		240
Port of Portland, Oregon International Airport, Multimodal Variable Rate Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.60%, 9/10/2018 (b)		12,300		12,300
Port of Portland, Oregon Portland International Airport Series 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.65%, 9/10/2018 (b)		32,320		32,320
Tender Option Bond Trust Receipts/CTFS Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,500		3,500
				59,815
Other — 2.7%
FHLMC, Multi-Family Housing
Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		15,780		15,780
Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.61%, 9/10/2018 (b)		12,185		12,185

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other — continued
Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.63%, 9/10/2018 (b)		20,300		20,300
Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.63%, 9/10/2018 (b)		21,415		21,415
SunAmerica Taxable Trust Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.62%, 9/10/2018 (b)		4,450		4,450
				74,130
Pennsylvania — 2.9%
City of Philadelphia Pennsylvania Airport Subseries C-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.59%, 9/10/2018 (b)		14,865		14,865
Delaware County Industrial Development Authority, Solid Waste
Series D, Rev., VRDO, 1.60%, 9/10/2018 (b)		13,300		13,300
Series E, Rev., VRDO, 1.60%, 9/10/2018 (b)		13,500		13,500
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2006-93B, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		14,335		14,335
Series 2007-98C, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		15,765		15,765
Series 2007-99C, Rev., VRDO, AMT, 1.59%, 9/10/2018 (b)		3,760		3,760
Tender Option Bond Trust Receipts/CTFS Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 1.62%, 9/10/2018 (b) (c)		4,490		4,490
				80,015
Rhode Island — 0.9%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, University Heights Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.63%, 9/10/2018 (b)		25,500		25,500
South Carolina — 1.1%
South Carolina State Housing Finance and Development Authority, Rental Housing, Rocky Creek Rev., VRDO, LOC: Wells Fargo Bank NA, 1.62%, 9/10/2018 (b)		1,185		1,185
Tender Option Bond Trust Receipts/CTFS
Series 2015-XF2204, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		5,000		5,000
Series 2018-BAML0003, Rev., VRDO, LOC: Bank of America NA, 1.84%, 9/10/2018 (b) (c)		25,000		25,000
				31,185

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Tennessee — 4.6%
Clarksville Public Building Authority Series 2005, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		750		750
Clarksville Public Building Authority, Pooled Financing, Morristown Loans
Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		7,815		7,815
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		34,535		34,535
Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		7,480		7,480
Series 2004, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		7,775		7,775
Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project Rev., VRDO, LOC: PNC Bank NA, 1.60%, 9/10/2018 (b)		9,000		9,000
Metropolitan Government of Nashville and Davidson County Industrial Development Board, Multifamily Housing, Arbor Crest Rev., VRDO, FNMA, LOC: FNMA, 1.56%, 9/10/2018 (b)		12,750		12,750
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Multi-Family Housing, The Retreat at Dry Creek Farms Apartments Project Rev., VRDO, LOC: Citibank NA, 1.63%, 9/10/2018 (b)		10,750		10,750
Montgomery County Public Building Authority, Pooled Financing, Tennessee County Loan Pool
Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		7,470		7,470
Series 2004, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		4,315		4,315
Series 2006, Rev., VRDO, LOC: Bank of America NA, 1.55%, 9/4/2018 (b)		7,480		7,480
Tender Option Bond Trust Receipts/CTFS
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.59%, 9/10/2018 (b) (c)		13,140		13,140
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 1.62%, 9/10/2018 (b) (c)		4,420		4,420
				127,680
Texas — 8.9%
Capital Area Housing Finance Corp., Cypress Creek At River Bend Apartments Rev., VRDO, LOC: Citibank NA, 1.62%, 9/10/2018 (b)		10,170		10,170

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 69

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — continued
City of Austin, Airport System Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 1.58%, 9/10/2018 (b)		19,700		19,700
City of Austin, Texas Hotel Occupancy Tax Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.60%, 9/10/2018 (b)		13,550		13,550
County of Harris, Cultural Education Facilities Finance Corp., Hospital, Memorial Hermann Health System Rev., VRDO, 1.57%, 9/10/2018 (b)		7,300		7,300
County of Jefferson, Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.65%, 9/10/2018 (b)		7,825		7,825
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project Rev., VRDO, 1.57%, 9/4/2018 (b)		12,600		12,600
Lower Neches Valley Authority Industrial Development Corp, Exxonmobil Project Series B, Rev., VRDO, 1.58%, 9/4/2018 (b)		25,000		25,000
Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes Rev., VRDO, LOC: Citibank NA, 1.62%, 9/10/2018 (b)		12,415		12,415
North Texas Tollway Authority Series 2016-XF2220, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		10,950		10,950
RBC Municipal Products, Inc. Trust, Floater Certificates
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		10,000		10,000
Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,000		3,000
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		3,400		3,400
Southeast Texas Housing Finance Corp., Wyndham Park Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		8,100		8,100
State of Texas Series C, GO, VRDO, 1.60%, 9/10/2018 (b)		20,290		20,290
Tender Option Bond Trust Receipts/CTFS
Series 2017-XF0599, Rev., VRDO, LIQ: Royal Bank of Canada, 1.59%, 9/10/2018 (b) (c)		9,000		9,000
Series 2017-XG0155, GO, VRDO, PSF-GTD, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		5,543		5,543
Series 2018-XG0166, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		3,320		3,320

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Texas — continued
Series 2018-XG0163, GO, VRDO, PSF-GTD, LIQ: Bank of America NA, 1.60%, 9/10/2018 (b) (c)		5,015		5,015
Series 2016-ZF0465, Rev., VRDO, LIQ: Royal Bank of Canada, 1.63%, 9/10/2018 (b) (c)		48,605		48,605
Texas Department of Housing and Community Affairs, Single Family Mortgage Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.58%, 9/10/2018 (b)		9,540		9,540
				245,323
Utah — 3.5%
Tender Option Bond Trust Receipts/CTFS Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 1.62%, 9/10/2018 (b) (c)		3,000		3,000
Utah Housing Corp., Single Family Mortgage
Series A-1, Class I, Rev., VRDO, 1.59%, 9/10/2018 (b)		2,470		2,470
Series B, Class I, Rev., VRDO, 1.59%, 9/10/2018 (b)		3,695		3,695
Series C-2, Class I, Rev., VRDO, FHA, 1.59%, 9/10/2018 (b)		4,455		4,455
Series D-2, Class I, Rev., VRDO, 1.59%, 9/10/2018 (b)		4,470		4,470
Utah Housing Finance Agency, Single Family Mortgage Series A-2, Rev., VRDO, 1.59%, 9/10/2018 (b)		1,970		1,970
Wells Fargo Stage Trust Series 33C, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.61%, 9/10/2018 (b) (c)		77,674		77,674
				97,734
Vermont — 0.0% (d)
Vermont Educational and Health Buildings Financing Agency, Landmark College Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.54%, 9/4/2018 (b)		1,250		1,250
Virginia — 2.5%
County of King George, IDA, Birchwood Power Partners
Series A, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.59%, 9/4/2018 (b)		9,200		9,200
Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.59%, 9/4/2018 (b)		9,200		9,200
Tender Option Bond Trust Receipts/CTFS
Series 2018-XG0183, Rev., VRDO, LIQ: Barclays Bank plc, 1.58%, 9/10/2018 (b) (c)		3,435		3,435

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Virginia — continued
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.58%, 9/10/2018 (b) (c)		4,130		4,130
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 1.59%, 9/10/2018 (b) (c)		8,500		8,500
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 1.59%, 9/10/2018 (b) (c)		5,415		5,415
Series 2018-BAML0002, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.68%, 9/10/2018 (b) (c)		15,390		15,390
Series 2018-BAML0004, Rev., VRDO, FHLMC, LIQ: Bank of America NA, 1.68%, 9/10/2018 (b) (c)		15,190		15,190
				70,460
Washington — 3.0%
Port Grays Harbor Industrial Development Corp., Murphy Co. Project Rev., VRDO, LOC: U.S. Bank NA, 1.62%, 9/10/2018 (b)		10,000		10,000
Port of Seattle, Subordinate Lien Series 2008, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.64%, 9/10/2018 (b)		28,515		28,515
Tender Option Bond Trust Receipts/CTFS Series 2018-XF0658, Rev., VRDO, LIQ: Bank of America NA, 1.64%, 9/10/2018 (b) (c)		5,610		5,610
Washington Economic Development Finance Authority, Solid Waste Disposal, Cleanscapes, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.62%, 9/10/2018 (b)		20,735		20,735
Washington Economic Development Finance Authority, Solid Waste Disposal, Le May Enterprise Project Series B, Rev., VRDO, LOC: Bank of America NA, 1.62%, 9/10/2018 (b)		11,600		11,600
Washington State Housing Finance Commission, Multi-Family Housing, Alderwood Court Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.62%, 9/10/2018 (b)		5,350		5,350
				81,810
West Virginia — 0.3%
County of Harrison, Solid Waste Disposal, Waste Management of West Virginia, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.62%, 9/10/2018 (b)		8,120		8,120
Wisconsin — 0.2%
City of Appleton, Industrial Development Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.75%, 9/10/2018 (b)		1,300		1,300
Tender Option Bond Trust Receipts/CTFS Series 2018-XF2541, Rev., VRDO, LIQ: Citibank NA, 1.59%, 9/10/2018 (b) (c)		3,400		3,400
				4,700

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wyoming — 2.3%
County of Laramie, Wyoming Industrial Development Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.60%, 9/10/2018 (b)		7,000		7,000
County of Uinta Rev., VRDO, 1.54%, 9/4/2018 (b)		49,905		49,905
Wyoming Community Development Authority, Composite Reoffering Housing Series 6, Rev., VRDO, AMT, 1.61%, 9/10/2018 (b)		5,400		5,400
				62,305
Total Municipal Bonds (Cost $2,616,152)				2,616,152
	SHARES ($000)
Variable Rate Demand Preferred Shares — 5.3%
California — 0.5%
Nuveen California Quality Municipal Income Fund
Series 4, LIQ: Royal Bank of Canada, 1.71%, 9/10/2018 #(c)		10,000		10,000
Series 6, LIQ: Citibank NA, 1.71%, 9/10/2018 #(c)		5,000		5,000
				15,000
Other — 4.8%
Nuveen AMT-Free Quality Municipal Income Fund
Series 3, LIQ: TD Bank NA, 1.61%, 9/10/2018 #(c)		25,000		25,000
Series 4, LIQ: Barclays Bank plc, 1.65%, 9/10/2018 #(c)		31,700		31,700
Nuveen Quality Municipal Income Fund Series 1, LIQ: Barclays Bank plc, 1.71%, 9/10/2018 #(c)		64,700		64,700
Nuveen Quality Municipal Income Fund Series 3, LIQ: Barclays Bank plc, 1.71%, 9/10/2018 #(c)		9,700		9,700
				131,100
Total Variable Rate Demand Preferred Shares (Cost $146,100)				146,100
Total Investments — 99.8% (Cost $2,762,252)*				2,762,252
Other Assets Less Liabilities — 0.2%				5,035
NET ASSETS — 100.0%				2,767,287

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 71

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Abbreviations

AGC	Insured by Assured Guaranty Corp.
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
IDA	Industrial Development Authority
LIQ	Liquidity Agreement
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.

(a)	The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)	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, 2018.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(d)	Amount rounds to less than 0.1% of net assets.
#	Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2018.
*	The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 73

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund		JPMorgan Liquid Assets Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	37,464,104	$	600,405	$	2,350,855
Repurchase agreements, at value		6,576,730		—		900,376
Cash		400,000		2		15,001
Receivables:
Investment securities sold		—		10,231		—
Investment securities sold — delayed delivery securities		—		215		—
Fund shares sold		—		—		—	(a)
Interest from non-affiliates		38,027		943		2,467
Due from adviser		—		20		—
Prepaid expenses		—		—		309
Total Assets		44,478,861		611,816		3,269,008
LIABILITIES:
Payables:
Distributions		52,085		845		3,945
Investment securities purchased		779,290		10,000		30,000
Accrued liabilities:
Investment advisory fees		2,899		—		206
Administration fees		2,430		60		174
Distribution fees		7		—		29
Service fees		1,883		1		327
Custodian and accounting fees		360		29		37
Trustees’ and Chief Compliance Officer’s fees		57		—		—
Printing and mailing cost		594		6		32
Other		774		15		293
Total Liabilities		840,379		10,956		35,043
Net Assets	$	43,638,482	$	600,860	$	3,233,965

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Liquid Assets Money Market Fund
NET ASSETS:
Paid-in-Capital	$	43,631,255		$	600,871		$	3,234,176
Accumulated undistributed (distributions in excess of) net investment income		(695	)		—			(214	)
Accumulated net realized gains (losses)		130			3			3
Net unrealized appreciation (depreciation)		7,792			(14	)		—
Total Net Assets	$	43,638,482		$	600,860		$	3,233,965
Net Assets:
Class C	$	1,590		$	—		$	19,654
Agency		1,858,724			101			304,060
Capital		26,619,279			1,497			308,264
IM		2,015,286			573,724			—
Institutional Class		10,225,859			25,538			1,658,432
Investor		—			—			12,935
Morgan		1,536,491			—			190,797
Premier		1,352,909			—			734,243
Reserve		28,344			—			5,580
Total	$	43,638,482		$	600,860		$	3,233,965
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		1,590			—			19,656
Agency		1,858,160			100			304,063
Capital		26,611,337			1,497			308,264
IM		2,014,648			573,736			—
Institutional Class		10,222,767			25,539			1,658,451
Investor		—			—			12,935
Morgan		1,536,062			—			190,804
Premier		1,352,526			—			734,252
Reserve		28,336			—			5,580
Net Asset Value offering and redemption price per share (all classes)	$	1.0003		$	1.0000		$	1.00
Cost of investments in non-affiliates	$	37,456,312		$	600,419		$	2,350,855
Cost of repurchase agreements		6,576,730			—			900,376

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 75

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Government Money Market Fund		JPMorgan U.S.  Treasury Plus Money Market Fund			JPMorgan Federal Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	61,614,768	$	9,073,827		$	3,419,510
Repurchase agreements, at value		73,921,523		15,364,056			—
Cash		882,252		574,246			15,574
Receivables:
Fund shares sold		2,986		—			3,888
Interest from non-affiliates		138,522		18,464			1,596
Total Assets		136,560,051		25,030,593			3,440,568
LIABILITIES:
Payables:
Distributions		117,115		18,021			3,457
Investment securities purchased		3,350,000		—			—
Fund shares redeemed		1,294		—			1,828
Accrued liabilities:
Investment advisory fees		9,593		1,732			198
Administration fees		8,034		1,451			170
Distribution fees		1,693		263			2
Service fees		7,399		1,205			238
Custodian and accounting fees		640		105			22
Trustees’ and Chief Compliance Officer’s fees		6		—	(a)		—
Printing and mailing cost		3,487		556			599
Other		292		272			180
Total Liabilities		3,499,553		23,605			6,694
Net Assets	$	133,060,498	$	25,006,988		$	3,433,874

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan U.S. Government Money Market Fund			JPMorgan U.S.  Treasury Plus Money Market Fund			JPMorgan Federal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	133,063,571		$	25,007,595		$	3,434,069
Accumulated undistributed (distributions in excess of) net investment income		(1,358	)		(526	)		(200	)
Accumulated net realized gains (losses)		(1,715	)		(81	)		5
Total Net Assets	$	133,060,498		$	25,006,988		$	3,433,874
Net Assets:
Class C	$	—		$	356,342		$	—
Agency		12,122,666			1,156,915			133,372
Capital		72,447,267			4,579,938			—
Eagle Class		2,543,097			—			—
Eagle Private Wealth Class		20			—			—
E*Trade		289,752			—			—
IM		4,624,373			3,712,803			—
Institutional Class		32,490,193			14,032,252			3,050,851
Investor		795,534			40,579			—
Morgan		1,716,482			366,725			25,651
Premier		4,123,539			746,704			224,000
Reserve		65,076			14,730			—
Service		1,842,499			—			—
Total	$	133,060,498		$	25,006,988		$	3,433,874
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		—			356,345			—
Agency		12,122,989			1,156,942			133,385
Capital		72,448,920			4,579,946			—
Eagle Class		2,543,131			—			—
Eagle Private Wealth Class		20			—			—
E*Trade		289,760			—			—
IM		4,624,480			3,712,888			—
Institutional Class		32,490,904			14,032,716			3,051,286
Investor		795,545			40,579			—
Morgan		1,716,514			366,730			25,656
Premier		4,123,698			746,715			224,036
Reserve		65,078			14,730			—
Service		1,842,504			—			—
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	61,614,768		$	9,073,827		$	3,419,510
Cost of repurchase agreements		73,921,523			15,364,056			—

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 77

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan 100% U.S. Treasury Securities Money Market Fund		JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	40,059,378	$	15,693,240		$	2,762,252
Cash		1,245,824		15			5
Receivables:
Due from custodian		—		23,735			—
Investment securities sold		—		44,635			32,017
Investment securities sold — delayed delivery securities		—		7,545			3,985
Interest from non-affiliates		34,296		23,062			5,801
Prepaid expenses		579		—			288
Total Assets		41,340,077		15,792,232			2,804,348
LIABILITIES:
Payables:
Distributions		35,843		14,529			991
Investment securities purchased		—		46,766			35,002
Accrued liabilities:
Investment advisory fees		2,407		985			164
Administration fees		2,067		836			142
Distribution fees		408		429			253
Service fees		2,556		1,428			346
Custodian and accounting fees		133		100			17
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		1
Printing and mailing cost		41		53			88
Other		236		2			57
Total Liabilities		43,691		65,128			37,061
Net Assets	$	41,296,386	$	15,727,104		$	2,767,287

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	41,297,048		$	15,726,742		$	2,767,039
Accumulated undistributed (distributions in excess of) net investment income		(592	)		(280	)		(7	)
Accumulated net realized gains (losses)		(70	)		642			255
Total Net Assets	$	41,296,386		$	15,727,104		$	2,767,287
Net Assets:
Agency	$	2,458,682		$	1,049,447		$	172,557
Capital		19,753,287			—			—
Eagle Class		—			—			542,373
Institutional Class		14,448,735			11,715,001			1,649,767
Morgan		1,882,589			10,935			18,263
Premier		1,523,542			919,543			124,535
Reserve		1,229,551			2,032,178			—
Service		—			—			259,792
Total	$	41,296,386		$	15,727,104		$	2,767,287
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		2,458,711			1,049,415			172,543
Capital		19,753,569			—			—
Eagle Class		—			—			542,311
Institutional Class		14,448,961			11,714,472			1,649,632
Morgan		1,882,607			10,934			18,261
Premier		1,523,558			919,450			124,525
Reserve		1,229,552			2,032,017			—
Service		—			—			259,757
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00
Cost of investments in non-affiliates	$	40,059,378		$	15,693,240		$	2,762,252

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 79

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund (a)			JPMorgan Liquid Assets Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	417,708		$	2,294		$	24,762
Interest income from affiliates		5,224			—			137
Total investment income		422,932			2,294			24,899
EXPENSES:
Investment advisory fees		16,152			143			943
Administration fees		13,896			123			811
Distribution fees (See Note 4)		38			—			169
Service fees (See Note 4)		15,845			13			1,915
Custodian and accounting fees		621			57			70
Interest expense to affiliates		—	(b)		1			—
Professional fees		255			29			34
Trustees’ and Chief Compliance Officer’s fees		51			11			16
Printing and mailing costs		77			9			11
Registration and filing fees		437			8			88
Transfer agency fees (See Note 2.F.)		803			54			46
Offering costs		—			60			—
Other		75			5			48
Total expenses		48,250			513			4,151
Less fees waived		(6,571	)		(42	)		(633	)
Less expense reimbursements		(13	)		(177	)		—
Net expenses		41,666			294			3,518
Net investment income (loss)		381,266			2,000			21,381
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		128			3			3
Change in net unrealized appreciation/depreciation on investments in non-affiliates		7,629			(14	)		—
Net realized/unrealized gains (losses)		7,757			(11	)		3
Change in net assets resulting from operations	$	389,023		$	1,989		$	21,384

(a) Commencement of operations was March 1, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan U.S. Government Money Market Fund			JPMorgan U.S.  Treasury Plus Money Market Fund			JPMorgan Federal Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,237,699		$	226,993		$	27,314
Interest income from affiliates		31,742			3,738			186
Income from interfund lending (net)		102			—			—
Total investment income		1,269,543			230,731			27,500
EXPENSES:
Investment advisory fees		55,668			10,059			1,220
Administration fees		47,924			8,658			1,049
Distribution fees (See Note 4)		8,833			1,621			15
Service fees (See Note 4)		61,774			11,483			1,812
Custodian and accounting fees		1,207			268			45
Interest expense to affiliates		—			—			—	(a)
Professional fees		765			159			42
Trustees’ and Chief Compliance Officer’s fees		260			56			18
Printing and mailing costs		430			52			155
Registration and filing fees		753			119			18
Transfer agency fees (See Note 2.F.)		1,527			250			61
Other		303			63			10
Total expenses		179,444			32,788			4,445
Less fees waived		(21,338	)		(4,769	)		(891	)
Less expense reimbursements		—	(a)		—			—
Net expenses		158,106			28,019			3,554
Net investment income (loss)		1,111,437			202,712			23,946
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(1,360	)		(26	)		—	(a)
Change in net assets resulting from operations	$	1,110,077		$	202,686		$	23,946

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 81

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

(Amounts in thousands)

	JPMorgan 100% U.S. Treasury Securities Money Market Fund			JPMorgan Tax Free Money Market Fund			JPMorgan Municipal Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	329,050		$	111,122		$	20,939
Interest income from affiliates		7,364			—	(a)		—	(a)
Total investment income		336,414			111,122			20,939
EXPENSES:
Investment advisory fees		14,887			6,505			1,197
Administration fees		12,806			5,601			1,030
Distribution fees (See Note 4)		2,081			2,771			1,557
Service fees (See Note 4)		19,061			11,687			2,539
Custodian and accounting fees		354			204			51
Interest expense to affiliates		—			4			—	(a)
Professional fees		189			106			37
Trustees’ and Chief Compliance Officer’s fees		75			42			18
Printing and mailing costs		49			5			10
Registration and filing fees		592			174			167
Transfer agency fees (See Note 2.F.)		370			165			26
Other		102			57			14
Total expenses		50,566			27,321			6,646
Less fees waived		(6,370	)		(3,255	)		(717	)
Net expenses		44,196			24,066			5,929
Net investment income (loss)		292,218			87,056			15,010
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		(98	)		642			210
Change in net assets resulting from operations	$	292,120		$	87,698		$	15,220

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Period Ended August 31, 2018 (a) (Unaudited)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	381,266		$	427,469		$	2,000
Net realized gain (loss)		128			5			3
Change in net unrealized appreciation/depreciation		7,629			(9,211	)		(14	)
Change in net assets resulting from operations		389,023			418,263			1,989
DISTRIBUTIONS TO SHAREHOLDERS:
Class C
From net investment income		(10	)		(12	)		—
From net realized gains		—			—	(b)		—
Agency
From net investment income		(15,006	)		(15,003	)		(1	)
From net realized gains		—			—	(b)		—
Capital
From net investment income		(240,116	)		(283,012	)		(7	)
From net realized gains		—			(8	)		—
IM
From net investment income		(19,462	)		(24,837	)		(1,848	)
From net realized gains		—			(1	)		—
Institutional Class
From net investment income		(88,312	)		(89,677	)		(144	)
From net realized gains		—			(3	)		—
Morgan
From net investment income		(8,423	)		(5,425	)		—
From net realized gains		—			—	(b)		—
Premier
From net investment income		(9,763	)		(8,924	)		—
From net realized gains		—			—	(b)		—
Reserve
From net investment income		(173	)		(472	)		—
From net realized gains		—			—	(b)		—
Total distributions to shareholders		(381,265	)		(427,374	)		(2,000	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		5,032,203			8,095,806			600,871
NET ASSETS:
Change in net assets		5,039,961			8,086,695			600,860
Beginning of period		38,598,521			30,511,826			—
End of period	$	43,638,482		$	38,598,521		$	600,860
Accumulated undistributed (distributions in excess of) net investment income	$	(695	)	$	(696	)	$	—

(a) Commencement of operations was March 1, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 83

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	21,381		$	13,971		$	1,111,437		$	1,185,670
Net realized gain (loss)		3			15			(1,360	)		(355	)
Change in net assets resulting from operations		21,384			13,986			1,110,077			1,185,315
DISTRIBUTIONS TO SHAREHOLDERS:
Class C
From net investment income		(118	)		(102	)		—			—
From net realized gains		—			—	(a)		—			—
Agency
From net investment income		(1,884	)		(1,407	)		(101,783	)		(99,978	)
From net realized gains		—			(1	)		—			(290	)
Capital
From net investment income		(2,320	)		(679	)		(660,447	)		(703,390	)
From net realized gains		—			(1	)		—			(1,825	)
Direct (b)
From net investment income		—			—			—			(639	)
From net realized gains		—			—			—			(3	)
Eagle Class
From net investment income		—			—			(10,896	)		(4,324	)
From net realized gains		—			—			—			(29	)
Eagle Private Wealth Class (c)
From net investment income		—			—			—	(a)		—	(a)
From net realized gains		—			—			—			—	(a)
E*Trade
From net investment income		—			—			(1,274	)		(273	)
From net realized gains		—			—			—			(4	)
IM
From net investment income		—			—			(34,152	)		(20,693	)
From net realized gains		—			—			—			(67	)
Institutional Class
From net investment income		(11,496	)		(8,018	)		(251,568	)		(299,129	)
From net realized gains		—			(8	)		—			(847	)
Investor
From net investment income		(73	)		(43	)		(5,132	)		(3,978	)
From net realized gains		—			—	(a)		—			(17	)
Morgan
From net investment income		(1,251	)		(1,223	)		(8,437	)		(8,226	)
From net realized gains		—			(1	)		—			(44	)
Premier
From net investment income		(4,197	)		(2,444	)		(31,212	)		(43,479	)
From net realized gains		—			(3	)		—			(190	)
Reserve
From net investment income		(40	)		(48	)		(297	)		(352	)
From net realized gains		—			—	(a)		—			(3	)
Service
From net investment income		—			—			(6,239	)		(1,203	)
From net realized gains		—			—			—			(26	)
Total distributions to shareholders		(21,379	)		(13,978	)		(1,111,437	)		(1,189,009	)

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	1,441,017		$	1,019,947		$	(19,282,399	)	$	622,254
NET ASSETS:
Change in net assets		1,441,022			1,019,955			(19,283,759	)		618,560
Beginning of period		1,792,943			772,988			152,344,257			151,725,697
End of period	$	3,233,965		$	1,792,943		$	133,060,498		$	152,344,257
Accumulated undistributed (distributions in excess of) net investment income	$	(214	)	$	(216	)	$	(1,358	)	$	(1,358	)

(a) Amount rounds to less than one thousand.

(b) Direct Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on November 22, 2017.

(c) Commencement of offering of class of shares effective August 18, 2017 for JPMorgan U.S. Government Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	202,712		$	179,112		$	23,946		$	25,406
Net realized gain (loss)		(26	)		(58	)		—	(a)		36
Change in net assets resulting from operations		202,686			179,054			23,946			25,442
DISTRIBUTIONS TO SHAREHOLDERS:
Class C
From net investment income		(1,642	)		(641	)		—			—
From net realized gains		—			—	(a)		—			—
Agency
From net investment income		(7,647	)		(8,442	)		(807	)		(1,103	)
From net realized gains		—			(1	)		—			(1	)
Capital (b)
From net investment income		(41,669	)		(10,766	)		—			—
From net realized gains		—			—	(a)		—			—
Direct (c)
From net investment income		—			(82	)		—			—
From net realized gains		—			—	(a)		—			—
Eagle Class (d)
From net investment income		—			—	(a)		—			—
IM
From net investment income		(24,404	)		(32,552	)		—			—
From net realized gains		—			(3	)		—			—
Institutional Class
From net investment income		(120,647	)		(121,085	)		(21,448	)		(23,244	)
From net realized gains		—			(14	)		—			(37	)
Investor
From net investment income		(251	)		(292	)		—			—
From net realized gains		—			—	(a)		—			—
Morgan
From net investment income		(2,008	)		(1,265	)		(185	)		(175	)
From net realized gains		—			—	(a)		—			—	(a)
Premier
From net investment income		(4,358	)		(3,765	)		(1,506	)		(883	)
From net realized gains		—			(1	)		—			(2	)
Reserve (e)
From net investment income		(84	)		(215	)		—			—	(a)
From net realized gains		—			—	(a)		—			—
Service (d)
From net investment income		—			—	(a)		—			—
Total distributions to shareholders		(202,710	)		(179,124	)		(23,946	)		(25,445	)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	2,649,405		$	(2,393,355	)	$	375,791		$	(5,010	)
NET ASSETS:
Change in net assets		2,649,381			(2,393,425	)		375,791			(5,013	)
Beginning of period		22,357,607			24,751,032			3,058,083			3,063,096
End of period	$	25,006,988		$	22,357,607		$	3,433,874		$	3,058,083
Accumulated undistributed (distributions in excess of) net investment income	$	(526	)	$	(528	)	$	(200	)	$	(200	)

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(c) Direct Shares of JPMorgan U.S. Treasury Plus Money Market Fund had no assets from the close of business on November 22, 2017.

(d) Liquidated on September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(e) Liquidated on September 22, 2017 for JPMorgan Federal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan 100% U.S. Treasury Securities Money Market Fund						JPMorgan Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	292,218		$	238,073		$	87,056		$	98,155
Net realized gain (loss)		(98	)		49			642			287
Change in net assets resulting from operations		292,120			238,122			87,698			98,442
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(16,285	)		(13,483	)		(5,498	)		(4,078	)
From net realized gains		—			—	(a)		—			(21	)
Capital
From net investment income		(151,382	)		(126,256	)		—			—
From net realized gains		—			(3	)		—			—
Direct (b)
From net investment income		—			—			—			—	(a)
Institutional Class
From net investment income		(99,002	)		(86,373	)		(69,119	)		(80,666	)
From net realized gains		—			(2	)		—			(348	)
Morgan
From net investment income		(11,782	)		(5,946	)		(44	)		(39	)
From net realized gains		—			—	(a)		—			—	(a)
Premier
From net investment income		(8,693	)		(5,447	)		(4,912	)		(7,756	)
From net realized gains		—			—	(a)		—			(49	)
Reserve
From net investment income		(5,073	)		(559	)		(7,483	)		(5,616	)
From net realized gains		—			—	(a)		—			(70	)
Service (c)
From net investment income		—			—	(a)		—			—
Total distributions to shareholders		(292,217	)		(238,069	)		(87,056	)		(98,643	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		6,283,488			10,037,394			(1,156,906	)		1,503,242
NET ASSETS:
Change in net assets		6,283,391			10,037,447			(1,156,264	)		1,503,041
Beginning of period		35,012,995			24,975,548			16,883,368			15,380,327
End of period	$	41,296,386		$	35,012,995		$	15,727,104		$	16,883,368
Accumulated undistributed (distributions in excess of) net investment income	$	(592	)	$	(593	)	$	(280	)	$	(280	)

(a) Amount rounds to less than one thousand.

(b) Liquidated on September 22, 2017 for JPMorgan Tax Free Money Market Fund.

(c) Liquidated on September 22, 2017 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,010		$	9,459
Net realized gain (loss)		210			189
Change in net assets resulting from operations		15,220			9,648
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(958	)		(559	)
From net realized gains		—			(9	)
Eagle Class
From net investment income		(2,043	)		(1,643	)
From net realized gains		—			(63	)
Institutional Class
From net investment income		(10,851	)		(6,259	)
From net realized gains		—			(114	)
Morgan
From net investment income		(67	)		(464	)
From net realized gains		—			(1	)
Premier
From net investment income		(590	)		(365	)
From net realized gains		—			(8	)
Reserve (a)
From net investment income		—			—	(b)
Service
From net investment income		(499	)		(169	)
From net realized gains		—			(30	)
Total distributions to shareholders		(15,008	)		(9,684	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		89,960			1,011,088
NET ASSETS:
Change in net assets		90,172			1,011,052
Beginning of period		2,677,115			1,666,063
End of period	$	2,767,287		$	2,677,115
Accumulated undistributed (distributions in excess of) net investment income	$	(7	)	$	(9	)

(a) Liquidated on September 22, 2017 for JPMorgan Municipal Money Market Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Period Ended August 31, 2018 (a) (Unaudited)
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—	(b)	$	1		$	—
Distributions reinvested		10			12			—
Cost of shares redeemed		(432	)		(2,288	)		—
Change in net assets resulting from Class C capital transactions	$	(422	)	$	(2,275	)	$	—
Agency Class
Proceeds from shares issued	$	95,890,160		$	175,932,980		$	99
Distributions reinvested		1,468			1,165			1
Cost of shares redeemed		(95,527,493	)		(175,443,023	)		—
Change in net assets resulting from Agency Class capital transactions	$	364,135		$	491,122		$	100
Capital
Proceeds from shares issued	$	94,092,659		$	150,433,736		$	1,827
Distributions reinvested		94,222			123,444			7
Cost of shares redeemed		(92,226,231	)		(145,987,910	)		(337	)
Change in net assets resulting from Capital capital transactions	$	1,960,650		$	4,569,270		$	1,497
IM
Proceeds from shares issued	$	3,953,952		$	11,688,910		$	1,914,889
Distributions reinvested		329			275			145
Cost of shares redeemed		(3,971,417	)		(11,667,120	)		(1,341,299	)
Change in net assets resulting from IM capital transactions	$	(17,136	)	$	22,065		$	573,735
Institutional Class
Proceeds from shares issued	$	28,470,262		$	58,317,191		$	25,395
Distributions reinvested		14,867			16,510			144
Cost of shares redeemed		(26,828,325	)		(55,846,075	)		—
Change in net assets resulting from Institutional Class capital transactions	$	1,656,804		$	2,487,626		$	25,539
Morgan
Proceeds from shares issued	$	101,987,716		$	81,855,717		$	—
Distributions reinvested		1,698			2,180			—
Cost of shares redeemed		(101,193,207	)		(81,652,318	)		—
Change in net assets resulting from Morgan capital transactions	$	796,207		$	205,579		$	—
Premier
Proceeds from shares issued	$	17,653,206		$	38,226,415		$	—
Distributions reinvested		748			1,480			—
Cost of shares redeemed		(17,394,476	)		(37,821,906	)		—
Change in net assets resulting from Premier capital transactions	$	259,478		$	405,989		$	—
Reserve
Proceeds from shares issued	$	2,153,884		$	17,153,665		$	—
Distributions reinvested		47			50			—
Cost of shares redeemed		(2,141,444	)		(17,237,285	)		—
Change in net assets resulting from Reserve capital transactions	$	12,487		$	(83,570	)	$	—
Total change in net assets resulting from capital transactions	$	5,032,203		$	8,095,806		$	600,871

(a) Commencement of operations was March 1, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Period Ended August 31, 2018 (a) (Unaudited)
SHARE TRANSACTIONS:
Class C
Issued		—	(b)		1			—
Reinvested		10			11			—
Redeemed		(432	)		(2,288	)		—
Change in Class C Shares		(422	)		(2,276	)		—
Agency Class
Issued		95,874,464			175,884,590			99
Reinvested		1,468			1,165			1
Redeemed		(95,511,573	)		(175,394,499	)		—
Change in Agency Class Shares		364,359			491,256			100
Capital
Issued		94,081,450			150,399,180			1,827
Reinvested		94,207			123,415			7
Redeemed		(92,215,349	)		(145,955,068	)		(337	)
Change in Capital Shares		1,960,308			4,567,527			1,497
IM
Issued		3,953,592			11,685,923			1,914,891
Reinvested		329			275			145
Redeemed		(3,971,081	)		(11,664,181	)		(1,341,300	)
Change in IM Shares		(17,160	)		22,017			573,736
Institutional Class
Issued		28,467,473			58,302,140			25,395
Reinvested		14,865			16,505			144
Redeemed		(26,825,763	)		(55,831,823	)		—
Change in Institutional Class Shares		1,656,575			2,486,822			25,539
Morgan
Issued		101,971,220			81,838,076			—
Reinvested		1,697			2,179			—
Redeemed		(101,176,654	)		(81,634,556	)		—
Change in Morgan Shares		796,263			205,699			—
Premier
Issued		17,651,067			38,215,250			—
Reinvested		748			1,480			—
Redeemed		(17,392,305	)		(37,810,799	)		—
Change in Premier Shares		259,510			405,931			—
Reserve
Issued		2,153,568			17,149,062			—
Reinvested		47			50			—
Redeemed		(2,141,124	)		(17,232,671	)		—
Change in Reserve Shares		12,491			(83,559	)		—

(a) Commencement of operations was March 1, 2018.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	4,811		$	11,298		$	—		$	—
Distributions reinvested		118			102			—			—
Cost of shares redeemed		(7,541	)		(22,238	)		—			—
Change in net assets resulting from Class C capital transactions	$	(2,612	)	$	(10,838	)	$	—		$	—
Agency
Proceeds from shares issued	$	375,968		$	353,640		$	696,570,182		$	1,332,839,837
Distributions reinvested		92			37			2,808			3,007
Cost of shares redeemed		(230,527	)		(231,257	)		(698,356,254	)		(1,331,824,427	)
Change in net assets resulting from Agency capital transactions	$	145,533		$	122,420		$	(1,783,264	)	$	1,018,417
Capital
Proceeds from shares issued	$	588,304		$	317,213		$	615,855,573		$	1,105,967,727
Distributions reinvested		33			15			289,311			312,296
Cost of shares redeemed		(378,888	)		(323,779	)		(636,444,379	)		(1,099,730,645	)
Change in net assets resulting from Capital capital transactions	$	209,449		$	(6,551	)	$	(20,299,495	)	$	6,549,378
Direct (a)
Proceeds from shares issued	$	—		$	—		$	—		$	274,510
Cost of shares redeemed		—			—			—			(468,347	)
Change in net assets resulting from Direct capital transactions	$	—		$	—		$	—		$	(193,837	)
Eagle Class
Proceeds from shares issued	$	—		$	—		$	2,428,465		$	1,400,257
Distributions reinvested		—			—			10,795			4,308
Cost of shares redeemed		—			—			(1,068,964	)		(1,447,122	)
Change in net assets resulting from Eagle Class capital transactions	$	—		$	—		$	1,370,296		$	(42,557	)
Eagle Private Wealth Class (b)
Proceeds from shares issued	$	—		$	—		$	—		$	20
Distributions reinvested		—			—			—	(c)		—	(c)
Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	—		$	—		$	—	(c)	$	20
E*Trade
Proceeds from shares issued	$	—		$	—		$	200,527		$	397,717
Distributions reinvested		—			—			1,274			277
Cost of shares redeemed		—			—			(203,874	)		(172,170	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	(2,073	)	$	225,824
IM
Proceeds from shares issued	$	—		$	—		$	16,317,863		$	20,353,261
Distributions reinvested		—			—			19,171			14,398
Cost of shares redeemed		—			—			(14,206,360	)		(18,463,543	)
Change in net assets resulting from IM capital transactions	$	—		$	—		$	2,130,674		$	1,904,116

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	1,379,528		$	1,787,887		$	187,989,504		$	412,069,575
Distributions reinvested		3,676			1,955			112,293			108,654
Cost of shares redeemed		(713,107	)		(1,088,013	)		(188,155,331	)		(416,502,322	)
Change in net assets resulting from Institutional Class capital transactions	$	670,097		$	701,829		$	(53,534	)	$	(4,324,093	)
Investor
Proceeds from shares issued	$	11,839		$	7,156		$	307,262		$	515,838
Distributions reinvested		71			42			5,132			3,982
Cost of shares redeemed		(7,591	)		(2,516	)		(265,158	)		(691,101	)
Change in net assets resulting from Investor capital transactions	$	4,319		$	4,682		$	47,236		$	(171,281	)
Morgan
Proceeds from shares issued	$	116,470		$	112,914		$	100,527,385		$	202,793,121
Distributions reinvested		1,232			1,211			3,232			2,654
Cost of shares redeemed		(82,955	)		(102,246	)		(100,045,338	)		(204,024,871	)
Change in net assets resulting from Morgan capital transactions	$	34,747		$	11,879		$	485,279		$	(1,229,096	)
Premier
Proceeds from shares issued	$	843,768		$	570,364		$	81,380,325		$	200,367,318
Distributions reinvested		80			85			1,605			2,194
Cost of shares redeemed		(463,416	)		(372,779	)		(82,758,350	)		(202,634,298	)
Change in net assets resulting from Premier capital transactions	$	380,432		$	197,670		$	(1,376,420	)	$	(2,264,786	)
Reserve
Proceeds from shares issued	$	667		$	1,031		$	338,848		$	10,773,546
Distributions reinvested		40			48			281			238
Cost of shares redeemed		(1,655	)		(2,223	)		(333,387	)		(10,833,988	)
Change in net assets resulting from Reserve capital transactions	$	(948	)	$	(1,144	)	$	5,742		$	(60,204	)
Service
Proceeds from shares issued	$	—		$	—		$	1,089,635		$	3,994,455
Distributions reinvested		—			—			6,239			1,228
Cost of shares redeemed		—			—			(902,714	)		(4,785,330	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	193,160		$	(789,647	)
Total change in net assets resulting from capital transactions	$	1,441,017		$	1,019,947		$	(19,282,399	)	$	622,254

(a) Direct Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on November 22, 2017.

(b) Commencement of offering of class of shares effective August 18, 2017 for JPMorgan U.S. Government Money Market Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class C
Issued		4,811			11,298			—			—
Reinvested		118			102			—			—
Redeemed		(7,541	)		(22,238	)		—			—
Change in Class C Shares		(2,612	)		(10,838	)		—			—
Agency
Issued		375,968			353,640			696,570,182			1,332,839,837
Reinvested		92			37			2,808			3,007
Redeemed		(230,527	)		(231,257	)		(698,356,254	)		(1,331,824,427	)
Change in Agency Shares		145,533			122,420			(1,783,264	)		1,018,417
Capital
Issued		588,304			317,205			615,855,573			1,105,967,727
Reinvested		33			15			289,311			312,296
Redeemed		(378,888	)		(323,771	)		(636,444,379	)		(1,099,730,645	)
Change in Capital Shares		209,449			(6,551	)		(20,299,495	)		6,549,378
Direct (a)
Issued		—			—			—			274,510
Redeemed		—			—			—			(468,347	)
Change in Direct Shares		—			—			—			(193,837	)
Eagle Class
Issued		—			—			2,428,465			1,400,257
Reinvested		—			—			10,795			4,308
Redeemed		—			—			(1,068,964	)		(1,447,122	)
Change in Eagle Class Shares		—			—			1,370,296			(42,557	)
Eagle Private Wealth Class (b)
Issued		—			—			—			20
Reinvested		—			—			—	(c)		—	(c)
Change in Eagle Private Wealth Class Shares		—			—			—	(c)		20
E*Trade
Issued		—			—			200,527			397,717
Reinvested		—			—			1,274			277
Redeemed		—			—			(203,874	)		(172,170	)
Change in E*Trade Shares		—			—			(2,073	)		225,824
IM
Issued		—			—			16,317,863			20,353,261
Reinvested		—			—			19,171			14,398
Redeemed		—			—			(14,206,360	)		(18,463,543	)
Change in IM Shares		—			—			2,130,674			1,904,116
Institutional Class
Issued		1,379,528			1,787,882			187,989,504			412,069,575
Reinvested		3,676			1,955			112,293			108,654
Redeemed		(713,107	)		(1,088,010	)		(188,155,331	)		(416,502,322	)
Change in Institutional Class Shares		670,097			701,827			(53,534	)		(4,324,093	)

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Liquid Assets Money Market Fund						JPMorgan U.S. Government Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS: (continued)
Investor
Issued		11,839			7,156			307,262			515,838
Reinvested		71			42			5,132			3,982
Redeemed		(7,591	)		(2,516	)		(265,158	)		(691,101	)
Change in Investor Shares		4,319			4,682			47,236			(171,281	)
Morgan
Issued		116,470			112,912			100,527,385			202,793,121
Reinvested		1,232			1,211			3,232			2,654
Redeemed		(82,955	)		(102,244	)		(100,045,338	)		(204,024,871	)
Change in Morgan Shares		34,747			11,879			485,279			(1,229,096	)
Premier
Issued		843,768			570,364			81,380,325			200,367,318
Reinvested		80			85			1,605			2,194
Redeemed		(463,416	)		(372,777	)		(82,758,350	)		(202,634,298	)
Change in Premier Shares		380,432			197,672			(1,376,420	)		(2,264,786	)
Reserve
Issued		667			1,031			338,848			10,773,546
Reinvested		40			48			281			238
Redeemed		(1,655	)		(2,223	)		(333,387	)		(10,833,988	)
Change in Reserve Shares		(948	)		(1,144	)		5,742			(60,204	)
Service
Issued		—			—			1,089,635			3,994,455
Reinvested		—			—			6,239			1,228
Redeemed		—			—			(902,714	)		(4,785,330	)
Change in Service Shares		—			—			193,160			(789,647	)

(a) Direct Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on November 22, 2017.

(b) Commencement of offering of class of shares effective August 18, 2017 for JPMorgan U.S. Government Money Market Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	51,936		$	243,273		$	—		$	—
Distributions reinvested		1,642			641			—			—
Cost of shares redeemed		(114,291	)		(405,435	)		—			—
Change in net assets resulting from Class C capital transactions	$	(60,713	)	$	(161,521	)	$	—		$	—
Agency
Proceeds from shares issued	$	51,101,037		$	102,127,895		$	583,066		$	2,358,284
Distributions reinvested		1,101			1,851			151			155
Cost of shares redeemed		(50,875,871	)		(102,036,811	)		(577,294	)		(2,364,215	)
Change in net assets resulting from Agency capital transactions	$	226,267		$	92,935		$	5,923		$	(5,776	)
Capital (a)
Proceeds from shares issued	$	24,272,015		$	8,532,208		$	—		$	—
Distributions reinvested		13,493			2,387			—			—
Cost of shares redeemed		(23,206,661	)		(5,033,496	)		—			—
Change in net assets resulting from Capital capital transactions	$	1,078,847		$	3,501,099		$	—		$	—
Direct (b)
Proceeds from shares issued	$	—		$	131,883		$	—		$	—
Cost of shares redeemed		—			(137,695	)		—			—
Change in net assets resulting from Direct capital transactions	$	—		$	(5,812	)	$	—		$	—
Eagle Class (c)
Distributions reinvested	$	—		$	—	(d)	$	—		$	—
Cost of shares redeemed		—			(20	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	—		$	(20	)	$	—		$	—
IM
Proceeds from shares issued	$	6,086,906		$	16,468,071		$	—		$	—
Distributions reinvested		13,639			17,166			—			—
Cost of shares redeemed		(5,439,394	)		(20,883,318	)		—			—
Change in net assets resulting from IM capital transactions	$	661,151		$	(4,398,081	)	$	—		$	—
Institutional Class
Proceeds from shares issued	$	49,242,224		$	91,735,482		$	5,724,405		$	10,114,086
Distributions reinvested		72,345			61,952			7,215			7,270
Cost of shares redeemed		(48,783,124	)		(93,109,531	)		(5,349,381	)		(10,220,012	)
Change in net assets resulting from Institutional Class capital transactions	$	531,445		$	(1,312,097	)	$	382,239		$	(98,656	)
Investor
Proceeds from shares issued	$	88,176		$	212,805		$	—		$	—
Distributions reinvested		4			27			—			—
Cost of shares redeemed		(96,420	)		(235,317	)		—			—
Change in net assets resulting from Investor capital transactions	$	(8,240	)	$	(22,485	)	$	—		$	—

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS: (continued)
Morgan
Proceeds from shares issued	$	30,794,156		$	36,942,807		$	43,895		$	375,535
Distributions reinvested		300			235			158			120
Cost of shares redeemed		(30,711,349	)		(36,904,251	)		(50,629	)		(396,520	)
Change in net assets resulting from Morgan capital transactions	$	83,107		$	38,791		$	(6,576	)	$	(20,865	)
Premier
Proceeds from shares issued	$	6,123,771		$	10,216,013		$	346,148		$	705,346
Distributions reinvested		783			663			219			247
Cost of shares redeemed		(5,989,496	)		(10,245,612	)		(352,162	)		(585,080	)
Change in net assets resulting from Premier capital transactions	$	135,058		$	(28,936	)	$	(5,795	)	$	120,513
Reserve (e)
Proceeds from shares issued	$	846,589		$	16,088,298		$	—		$	1
Distributions reinvested		45			49			—			—	(d)
Cost of shares redeemed		(844,151	)		(16,185,555	)		—			(227	)
Change in net assets resulting from Reserve capital transactions	$	2,483		$	(97,208	)	$	—		$	(226	)
Service (c)
Cost of shares redeemed		—			(20	)		—			—
Change in net assets resulting from Service capital transactions	$	—		$	(20	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	2,649,405		$	(2,393,355	)	$	375,791		$	(5,010	)

(a) Commencement of offering of class of shares effective September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(b) Direct Shares of JPMorgan U.S. Treasury Plus Money Market Fund had no assets from the close of business on November 22, 2017.

(c) Liquidated on September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(d) Amount rounds to less than one thousand.

(e) Liquidated on September 22, 2017 for JPMorgan Federal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class C
Issued		51,936			243,273			—			—
Reinvested		1,642			641			—			—
Redeemed		(114,291	)		(405,435	)		—			—
Change in Class C Shares		(60,713	)		(161,521	)		—			—
Agency
Issued		51,101,037			102,127,895			583,060			2,358,268
Reinvested		1,101			1,851			151			155
Redeemed		(50,875,871	)		(102,036,811	)		(577,294	)		(2,364,207	)
Change in Agency Shares		226,267			92,935			5,917			(5,784	)
Capital (a)
Issued		24,272,015			8,532,208			—			—
Reinvested		13,493			2,387			—			—
Redeemed		(23,206,661	)		(5,033,496	)		—			—
Change in Capital Shares		1,078,847			3,501,099			—			—
Direct (b)
Issued		—			131,883			—			—
Redeemed		—			(137,695	)		—			—
Change in Direct Shares		—			(5,812	)		—			—
Eagle Class (c)
Reinvested		—			—	(d)		—			—
Redeemed		—			(20	)		—			—
Change in Eagle Class Shares		—			(20	)		—			—
IM
Issued		6,086,906			16,468,071			—			—
Reinvested		13,639			17,166			—			—
Redeemed		(5,439,394	)		(20,883,318	)		—			—
Change in IM Shares		661,151			(4,398,081	)		—			—
Institutional Class
Issued		49,242,224			91,735,482			5,724,395			10,114,077
Reinvested		72,345			61,952			7,215			7,270
Redeemed		(48,783,124	)		(93,109,531	)		(5,349,381	)		(10,219,997	)
Change in Institutional Class Shares		531,445			(1,312,097	)		382,229			(98,650	)
Investor
Issued		88,176			212,805			—			—
Reinvested		4			27			—			—
Redeemed		(96,420	)		(235,317	)		—			—
Change in Investor Shares		(8,240	)		(22,485	)		—			—
Morgan
Issued		30,794,156			36,942,807			43,895			375,529
Reinvested		300			235			158			120
Redeemed		(30,711,349	)		(36,904,251	)		(50,629	)		(396,514	)
Change in Morgan Shares		83,107			38,791			(6,576	)		(20,865	)

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan U.S. Treasury Plus Money Market Fund						JPMorgan Federal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS: (continued)
Premier
Issued		6,123,771			10,216,013			346,148			705,344
Reinvested		783			663			219			247
Redeemed		(5,989,496	)		(10,245,612	)		(352,146	)		(585,076	)
Change in Premier Shares		135,058			(28,936	)		(5,779	)		120,515
Reserve (e)
Issued		846,589			16,088,298			—			1
Reinvested		45			49			—			—	(d)
Redeemed		(844,151	)		(16,185,555	)		—			(227	)
Change in Reserve Shares		2,483			(97,208	)		—			(226	)
Service (c)
Redeemed		—			(20	)		—			—
Change in Service Shares		—			(20	)		—			—

(a) Commencement of offering of class of shares effective September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(b) Direct Shares of JPMorgan U.S. Treasury Plus Money Market Fund had no assets from the close of business on November 22, 2017.

(c) Liquidated on September 22, 2017 for JPMorgan U.S. Treasury Plus Money Market Fund.

(d) Amount rounds to less than one thousand.

(e) Liquidated on September 22, 2017 for JPMorgan Federal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan 100% U.S. Treasury Securities Money Market Fund						JPMorgan Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	131,063,104		$	189,633,479		$	1,002,005		$	1,261,185
Distributions reinvested		3,180			3,553			374			249
Cost of shares redeemed		(130,588,663	)		(189,504,709	)		(784,103	)		(867,975	)
Change in net assets resulting from Agency capital transactions	$	477,621		$	132,323		$	218,276		$	393,459
Capital
Proceeds from shares issued	$	87,213,067		$	69,563,507		$	—		$	—
Distributions reinvested		79,957			75,067			—			—
Cost of shares redeemed		(86,748,216	)		(62,060,124	)		—			—
Change in net assets resulting from Capital capital transactions	$	544,808		$	7,578,450		$	—		$	—
Direct (a)
Distributions reinvested	$	—		$	—		$	—		$	—	(b)
Cost of shares redeemed		—			—			—			(20	)
Change in net assets resulting from Direct capital transactions	$	—		$	—		$	—		$	(20	)
Institutional Class
Proceeds from shares issued	$	27,574,872		$	37,650,859		$	22,909,932		$	36,962,830
Distributions reinvested		25,058			28,093			5,498			5,287
Cost of shares redeemed		(24,249,669	)		(35,995,237	)		(23,171,425	)		(35,565,002	)
Change in net assets resulting from Institutional Class capital transactions	$	3,350,261		$	1,683,715		$	(255,995	)	$	1,403,115
Morgan
Proceeds from shares issued	$	24,140,185		$	108,157,082		$	3,502		$	6,169
Distributions reinvested		8,174			2,930			44			39
Cost of shares redeemed		(23,883,749	)		(107,690,922	)		(2,166	)		(8,121	)
Change in net assets resulting from Morgan capital transactions	$	264,610		$	469,090		$	1,380		$	(1,913	)
Premier
Proceeds from shares issued	$	9,645,758		$	22,204,004		$	1,381,258		$	5,672,681
Distributions reinvested		3,105			976			59			109
Cost of shares redeemed		(8,974,225	)		(22,213,956	)		(2,022,126	)		(5,825,895	)
Change in net assets resulting from Premier capital transactions	$	674,638		$	(8,976	)	$	(640,809	)	$	(153,105	)
Reserve
Proceeds from shares issued	$	3,835,669		$	1,219,652		$	6,037,979		$	9,371,823
Distributions reinvested		80			62			13			15
Cost of shares redeemed		(2,864,199	)		(1,036,902	)		(6,517,750	)		(9,510,132	)
Change in net assets resulting from Reserve capital transactions	$	971,550		$	182,812		$	(479,758	)	$	(138,294	)

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan 100% U.S. Treasury Securities Money Market Fund					JPMorgan Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)		Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS: (continued)
Service (c)
Distributions reinvested	$	—	$	—	(b)	$	—		$	—
Cost of shares redeemed		—		(20	)		—			—
Change in net assets resulting from Service capital transactions	$	—	$	(20	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	6,283,488	$	10,037,394		$	(1,156,906	)	$	1,503,242

(a) Liquidated on September 22, 2017 for JPMorgan Tax Free Money Market Fund.

(b) Amount rounds to less than one thousand.

(c) Liquidated on September 22, 2017 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan 100% U.S. Treasury Securities Money Market Fund						JPMorgan Tax Free Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Agency
Issued		131,063,104			189,633,479			1,002,005			1,261,185
Reinvested		3,180			3,553			374			249
Redeemed		(130,588,663	)		(189,504,709	)		(784,103	)		(867,975	)
Change in Agency Shares		477,621			132,323			218,276			393,459
Capital
Issued		87,213,067			69,563,507			—			—
Reinvested		79,957			75,067			—			—
Redeemed		(86,748,216	)		(62,060,124	)		—			—
Change in Capital Shares		544,808			7,578,450			—			—
Direct (a)
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(20	)
Change in Direct Shares		—			—			—			(20	)
Institutional Class
Issued		27,574,872			37,650,859			22,909,932			36,962,830
Reinvested		25,058			28,093			5,498			5,287
Redeemed		(24,249,669	)		(35,995,237	)		(23,171,425	)		(35,565,002	)
Change in Institutional Class Shares		3,350,261			1,683,715			(255,995	)		1,403,115
Morgan
Issued		24,140,185			108,157,082			3,502			6,169
Reinvested		8,174			2,930			44			39
Redeemed		(23,883,749	)		(107,690,922	)		(2,166	)		(8,121	)
Change in Morgan Shares		264,610			469,090			1,380			(1,913	)
Premier
Issued		9,645,758			22,204,004			1,381,258			5,672,681
Reinvested		3,105			976			59			109
Redeemed		(8,974,225	)		(22,213,956	)		(2,022,126	)		(5,825,895	)
Change in Premier Shares		674,638			(8,976	)		(640,809	)		(153,105	)
Reserve
Issued		3,835,669			1,219,652			6,037,979			9,371,823
Reinvested		80			62			13			15
Redeemed		(2,864,199	)		(1,036,902	)		(6,517,750	)		(9,510,132	)
Change in Reserve Shares		971,550			182,812			(479,758	)		(138,294	)
Service (c)
Reinvested		—			—	(b)		—			—
Redeemed		—			(20	)		—			—
Change in Service Shares		—			(20	)		—			—

(a) Liquidated on September 22, 2017 for JPMorgan Tax Free Money Market Fund.

(b) Amount rounds to less than one thousand.

(c) Liquidated on September 22, 2017 for JPMorgan 100% U.S. Treasury Securities Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	178,188		$	219,019
Distributions reinvested		30			7
Cost of shares redeemed		(146,483	)		(113,823	)
Change in net assets resulting from Agency capital transactions	$	31,735		$	105,203
Eagle Class
Proceeds from shares issued	$	343,572		$	621,811
Distributions reinvested		2,018			1,695
Cost of shares redeemed		(352,310	)		(693,449	)
Change in net assets resulting from Eagle Class capital transactions	$	(6,720	)	$	(69,943	)
Institutional Class
Proceeds from shares issued	$	6,003,009		$	4,115,619
Distributions reinvested		5,673			3,024
Cost of shares redeemed		(5,934,162	)		(2,846,718	)
Change in net assets resulting from Institutional Class capital transactions	$	74,520		$	1,271,925
Morgan
Proceeds from shares issued	$	10,670		$	238,782
Distributions reinvested		67			421
Cost of shares redeemed		(6,269	)		(538,210	)
Change in net assets resulting from Morgan capital transactions	$	4,468		$	(299,007	)
Premier
Proceeds from shares issued	$	123,613		$	188,701
Distributions reinvested		25			25
Cost of shares redeemed		(115,430	)		(103,934	)
Change in net assets resulting from Premier capital transactions	$	8,208		$	84,792
Reserve (a)
Proceeds from shares issued	$	—		$	152
Distributions reinvested		—			—	(b)
Cost of shares redeemed		—			(304	)
Change in net assets resulting from Reserve capital transactions	$	—		$	(152	)
Service
Proceeds from shares issued	$	79,549		$	195,492
Distributions reinvested		499			199
Cost of shares redeemed		(102,299	)		(277,421	)
Change in net assets resulting from Service capital transactions	$	(22,251	)	$	(81,730	)
Total change in net assets resulting from capital transactions	$	89,960		$	1,011,088

(a) Liquidated on September 22, 2017 for JPMorgan Municipal Money Market Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 103

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Agency
Issued		178,188			219,017
Reinvested		30			7
Redeemed		(146,483	)		(113,823	)
Change in Agency Shares		31,735			105,201
Eagle Class
Issued		343,572			621,811
Reinvested		2,018			1,695
Redeemed		(352,310	)		(693,446	)
Change in Eagle Class Shares		(6,720	)		(69,940	)
Institutional Class
Issued		6,003,009			4,115,584
Reinvested		5,673			3,024
Redeemed		(5,934,162	)		(2,846,718	)
Change in Institutional Class Shares		74,520			1,271,890
Morgan
Issued		10,670			238,782
Reinvested		67			421
Redeemed		(6,269	)		(538,182	)
Change in Morgan Shares		4,468			(298,979	)
Premier
Issued		123,613			188,699
Reinvested		25			25
Redeemed		(115,430	)		(103,934	)
Change in Premier Shares		8,208			84,790
Reserve (a)
Issued		—			152
Reinvested		—			—	(b)
Redeemed		—			(304	)
Change in Reserve Shares		—			(152	)
Service
Issued		79,549			195,492
Reinvested		499			199
Redeemed		(102,299	)		(277,413	)
Change in Service Shares		(22,251	)		(81,722	)

(a) Liquidated on September 22, 2017 for JPMorgan Municipal Money Market Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

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AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Prime Money Market Fund*
Class C
Six Months Ended August 31, 2018 (Unaudited)	$	1.0001	$	0.0056	(d)	$	0.0002		$	0.0058		$	(0.0056	)	$	—		$	(0.0056	)
Year Ended February 28, 2018		1.0004		0.0039	(d)		—	(e)		0.0039			(0.0042	)		—	(e)		(0.0042	)
Year Ended February 28, 2017		1.00		0.0001	(d)		0.0006			0.0007			(0.0003	)		—	(e)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Agency
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0093	(d)		0.0001			0.0094			(0.0092	)		—			(0.0092	)
Year Ended February 28, 2018		1.0004		0.0114	(d)		(0.0004	)		0.0110			(0.0113	)		—	(e)		(0.0113	)
Year Ended February 28, 2017		1.00		0.0036	(d)		0.0016			0.0052			(0.0048	)		—	(e)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Capital
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0096	(d)		0.0002			0.0098			(0.0096	)		—			(0.0096	)
Year Ended February 28, 2018		1.0004		0.0122	(d)		(0.0004	)		0.0118			(0.0121	)		—	(e)		(0.0121	)
Year Ended February 28, 2017		1.00		0.0047	(d)		0.0014			0.0061			(0.0057	)		—	(e)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
IM
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0097	(d)		0.0002			0.0099			(0.0097	)		—			(0.0097	)
Year Ended February 28, 2018		1.0004		0.0124	(d)		(0.0004	)		0.0120			(0.0123	)		—	(e)		(0.0123	)
Year Ended February 28, 2017		1.00		0.0055	(d)		0.0007			0.0062			(0.0058	)		—	(e)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0095	(d)		0.0002			0.0097			(0.0095	)		—			(0.0095	)
Year Ended February 28, 2018		1.0004		0.0119	(d)		(0.0004	)		0.0115			(0.0118	)		—	(e)		(0.0118	)
Year Ended February 28, 2017		1.00		0.0044	(d)		0.0014			0.0058			(0.0054	)		—	(e)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0081	(d)		—			0.0081			(0.0079	)		—			(0.0079	)
Year Ended February 28, 2018		1.0004		0.0089	(d)		(0.0005	)		0.0084			(0.0087	)		—	(e)		(0.0087	)
Year Ended February 28, 2017		1.00		0.0014	(d)		0.0012			0.0026			(0.0022	)		—	(e)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.00005.

(f) Amount rounds to less than $0.005.

* The Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.0003		0.59	%	$	1,590		0.97	%		1.11	%		2.59	%
	1.0001		0.39			2,012		0.97			0.39			2.27
	1.0004		0.07			4,289		0.60			0.01			1.20
	1.0000		0.01			39,558		0.34			0.01			1.18
	1.0000		0.01			16,897		0.22			0.01			1.16
	1.0000		0.01			17,658		0.23			0.01			1.16
	1.0003		0.95			1,858,724		0.26			1.84			0.31
	1.0001		1.10			1,494,001		0.26			1.14			0.31
	1.0004		0.52			1,002,964		0.26			0.36			0.31
	1.0000		0.07			8,141,439		0.26			0.07			0.31
	1.0000		0.01			6,603,508		0.22			0.01			0.31
	1.0000		0.01			7,565,361		0.23			0.01			0.31
	1.0003		0.99			26,619,279		0.18			1.91			0.21
	1.0001		1.18			24,654,174		0.18			1.22			0.21
	1.0004		0.61			20,091,103		0.17			0.47			0.21
	1.0000		0.14			64,690,852		0.18			0.14			0.21
	1.0000		0.05			66,140,350		0.18			0.05			0.21
	1.0000		0.06			68,193,741		0.18			0.06			0.21
	1.0003		1.00			2,015,286		0.16			1.93			0.16
	1.0001		1.21			2,032,079		0.16			1.24			0.16
	1.0004		0.62			2,010,581		0.16			0.55			0.17
	1.0000		0.17			2,628,508		0.16			0.16			0.16
	1.0000		0.07			3,749,460		0.16			0.08			0.16
	1.0000		0.08			100		0.16			0.08			0.16
	1.0003		0.97			10,225,859		0.21			1.89			0.26
	1.0001		1.15			8,567,374		0.21			1.19			0.26
	1.0004		0.58			6,081,787		0.20			0.44			0.26
	1.0000		0.11			20,011,248		0.21			0.10			0.26
	1.0000		0.02			27,718,738		0.21			0.02			0.26
	1.0000		0.03			29,139,007		0.21			0.03			0.26
	1.0003		0.81			1,536,491		0.52			1.60			0.55
	1.0001		0.84			739,866		0.52			0.89			0.56
	1.0004		0.26			534,288		0.52			0.14			0.54
	1.0000		0.01			1,877,099		0.31			0.01			0.52
	1.0000		0.01			2,278,962		0.22			0.01			0.51
	1.0000		0.01			2,332,919		0.23			0.01			0.51

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 107

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Prime Money Market Fund* (continued)
Premier
Six Months Ended August 31, 2018 (Unaudited)	$	1.0001	$	0.0083	(d)	$	0.0002		$	0.0085		$	(0.0083	)	$	—		$	(0.0083	)
Year Ended February 28, 2018		1.0004		0.0096	(d)		(0.0005	)		0.0091			(0.0094	)		—	(e)		(0.0094	)
Year Ended February 28, 2017		1.00		0.0020	(d)		0.0013			0.0033			(0.0029	)		—	(e)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.0001		0.0071	(d)		0.0001			0.0072			(0.0070	)		—			(0.0070	)
Year Ended February 28, 2018		1.0004		0.0062	(d)		0.0004			0.0066			(0.0069	)		—	(e)		(0.0069	)
Year Ended February 28, 2017		1.00		0.0003	(d)		0.0013			0.0016			(0.0012	)		—	(e)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(d)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2014		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.00005.

(f) Amount rounds to less than $0.005.

* The Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.0003		0.85	%	$	1,352,909		0.45	%		1.65	%		0.46	%
	1.0001		0.91			1,093,169		0.45			0.96			0.46
	1.0004		0.33			687,368		0.45			0.20			0.46
	1.0000		0.02			2,030,985		0.30			0.02			0.46
	1.0000		0.01			1,589,780		0.22			0.01			0.46
	1.0000		0.01			2,021,372		0.23			0.01			0.46
	1.0003		0.72			28,344		0.70			1.41			0.87
	1.0001		0.66			15,846		0.70			0.62			0.76
	1.0004		0.16			99,446		0.58			0.03			0.71
	1.0000		0.01			930,188		0.31			0.01			0.71
	1.0000		0.01			1,154,468		0.22			0.01			0.71
	1.0000		0.01			1,426,646		0.23			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income
JPMorgan Institutional Tax Free Money Market Fund
Agency
March 1, 2018 (e) through August 31, 2018 (Unaudited)	$	1.0000	$	0.0056	$	0.0000	(f)	$	0.0056	$	(0.0056	)
Capital
March 1, 2018 (e) through August 31, 2018 (Unaudited)		1.0000		0.0060		0.0000	(f)		0.0060		(0.0060	)
IM
March 1, 2018 (e) through August 31, 2018 (Unaudited)		1.0000		0.0061		0.0000	(f)		0.0061		(0.0061	)
Institutional Class
March 1, 2018 (e) through August 31, 2018 (Unaudited)		1.0000		0.0058		0.0000	(f)		0.0058		(0.0058	)

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

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

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

(d) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended August 31, 2018.

(e) Commencement of operations.

(f) Amount rounds to less than $0.00005.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)(d)			Net investment income (loss) (d)			Expenses without waivers, reimbursements and earnings credits (d)
$	1.0000		0.56	%	$	101		0.26	%		1.10	%		26.09	%
	1.0000		0.60			1,497		0.18			1.15			2.39
	1.0000		0.61			573,724		0.16			1.12			0.23
	1.0000		0.58			25,538		0.21			1.15			0.81

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Liquid Assets Money Market Fund
Class C
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade (f)
For the Period Ended October 19, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(d)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(d)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) E*Trade Shares of Liquid Assets Money Market Fund had no assets from the close of business on October 19, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.56	%	$	19,654		0.97	%		1.11	%		1.18	%
	1.00		0.40			22,267		0.97			0.38			1.20
	1.00		0.04			33,104		0.55			0.01			1.18
	1.00		0.01			505,609		0.33			0.01			1.18
	1.00		0.01			704,276		0.24			0.01			1.17
	1.00		0.01			670,626		0.24			0.01			1.18
	1.00		0.92			304,060		0.26			1.85			0.32
	1.00		1.11			158,527		0.26			1.16			0.34
	1.00		0.45			36,107		0.26			0.39			0.35
	1.00		0.08			71,741		0.26			0.07			0.33
	1.00		0.01			95,650		0.24			0.01			0.32
	1.00		0.01			71,955		0.24			0.01			0.33
	1.00		0.97			308,264		0.18			1.95			0.22
	1.00		1.19			98,814		0.18			1.36			0.24
	1.00		0.53			105,366		0.18			0.38			0.22
	1.00		0.16			2,071,483		0.18			0.15			0.22
	1.00		0.07			2,889,536		0.18			0.06			0.22
	1.00		0.07			3,795,256		0.18			0.07			0.23
	1.00		0.01			—		0.54			0.01			1.08
	1.00		0.01			1,758,478		0.30			0.01			1.07
	1.00		0.03			7,497,985		0.22			0.03			1.07
	1.00		0.05			5,922,072		0.20			0.05			1.08
	1.00		0.95			1,658,432		0.21			1.90			0.27
	1.00		1.16			988,333		0.21			1.21			0.29
	1.00		0.50			286,502		0.21			0.37			0.28
	1.00		0.13			6,630,618		0.21			0.13			0.28
	1.00		0.04			6,692,633		0.21			0.04			0.27
	1.00		0.04			2,901,004		0.21			0.04			0.28
	1.00		0.80			12,935		0.51			1.57			0.53
	1.00		0.86			8,616		0.51			0.89			0.55
	1.00		0.21			3,933		0.51			0.07			0.53
	1.00		0.02			117,816		0.32			0.01			0.53
	1.00		0.01			116,196		0.23			0.01			0.52
	1.00		0.01			753,825		0.24			0.01			0.53

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 113

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Liquid Assets Money Market Fund (continued)
Morgan
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.76	%	$	190,797		0.59	%		1.51	%		0.67	%
	1.00		0.78			156,049		0.59			0.78			0.70
	1.00		0.16			144,168		0.54			0.04			0.64
	1.00		0.01			1,609,448		0.33			0.01			0.63
	1.00		0.01			1,684,561		0.24			0.01			0.62
	1.00		0.01			2,367,494		0.24			0.01			0.63
	1.00		0.83			734,243		0.45			1.67			0.47
	1.00		0.92			353,810		0.45			0.95			0.49
	1.00		0.26			156,136		0.45			0.18			0.48
	1.00		0.02			132,337		0.32			0.02			0.48
	1.00		0.01			118,152		0.24			0.01			0.47
	1.00		0.01			130,733		0.24			0.01			0.48
	1.00		0.70			5,580		0.70			1.38			0.73
	1.00		0.67			6,527		0.70			0.65			0.74
	1.00		0.12			7,672		0.55			0.02			0.73
	1.00		0.01			189,404		0.33			0.01			0.73
	1.00		0.01			172,653		0.24			0.01			0.72
	1.00		0.01			184,873		0.24			0.01			0.73

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 115

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Government Money Market Fund
Agency
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Direct (f)
For the period ended November 22, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Private Wealth Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
August 18, 2017 (g) through February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 9, 2016 (g) through February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Direct Shares of U.S. Government Money Market Fund had no assets from the close of business on November 22, 2017.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.79	%	$	12,122,666		0.26	%		1.57	%		0.31	%
	1.00		0.81			13,906,062		0.26			0.80			0.31
	1.00		0.22			12,887,975		0.25			0.22			0.31
	1.00		0.02			7,594,151		0.15			0.02			0.31
	1.00		0.01			7,428,617		0.08			0.01			0.31
	1.00		0.01			7,098,492		0.09			0.01			0.31
	1.00		0.83			72,447,267		0.18			1.64			0.21
	1.00		0.89			92,747,537		0.18			0.88			0.21
	1.00		0.33			86,200,153		0.14			0.35			0.21
	1.00		0.04			28,046,995		0.14			0.04			0.21
	1.00		0.01			32,973,407		0.07			0.01			0.21
	1.00		0.01			25,817,838		0.09			0.01			0.21
	1.00		0.49			—		0.30			0.65			0.31
	1.00		0.19			193,840		0.29			0.16			0.31
	1.00		0.02			870,118		0.18			0.02			0.31
	1.00		0.01			294,989		0.07			0.01			0.31
	1.00		0.01			281,437		0.09			0.01			0.31
	1.00		0.57			2,543,097		0.70			1.16			0.71
	1.00		0.37			1,172,819		0.70			0.36			0.71
	1.00		0.01			1,215,409		0.49			0.01			0.71
	1.00		0.01			437,372		0.18			0.01			0.71
	1.00		0.01			351,014		0.07			0.01			0.71
	1.00		0.01			1,838,360		0.09			0.01			0.71
	1.00		0.77			20		0.30			1.52			0.43
	1.00		0.49			20		0.30			0.92			0.33
	1.00		0.42			289,752		1.00			0.82			1.06
	1.00		0.13			291,828		0.97			0.17			1.06
	1.00		0.02			66,010		0.56			0.01			1.07
	1.00		0.84			4,624,373		0.16			1.69			0.16
	1.00		0.91			2,493,731		0.16			0.96			0.16
	1.00		0.33			589,694		0.14			0.34			0.16
	1.00		0.05			648,289		0.13			0.05			0.16
	1.00		0.01			1,142,811		0.07			0.01			0.16
	1.00		0.01			563,436		0.08			0.02			0.16

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 117

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Government Money Market Fund (continued)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.82	%	$	32,490,193		0.21	%		1.62	%		0.26	%
	1.00		0.86			32,544,047		0.21			0.85			0.26
	1.00		0.30			36,869,073		0.17			0.33			0.26
	1.00		0.04			8,704,148		0.15			0.03			0.26
	1.00		0.01			8,279,641		0.07			0.01			0.26
	1.00		0.01			7,099,746		0.09			0.01			0.26
	1.00		0.67			795,534		0.51			1.32			0.51
	1.00		0.56			748,306		0.51			0.54			0.51
	1.00		0.03			919,604		0.42			0.02			0.51
	1.00		0.01			3,856,545		0.18			0.01			0.51
	1.00		0.01			3,066,013		0.07			0.01			0.51
	1.00		0.01			3,664,674		0.09			0.01			0.51
	1.00		0.62			1,716,482		0.59			1.24			0.61
	1.00		0.48			1,231,217		0.59			0.44			0.61
	1.00		0.02			2,460,361		0.46			0.02			0.61
	1.00		0.01			2,229,161		0.17			0.01			0.61
	1.00		0.01			2,039,361		0.08			0.01			0.61
	1.00		0.01			2,435,725		0.09			0.01			0.61
	1.00		0.70			4,123,539		0.45			1.37			0.46
	1.00		0.62			5,500,002		0.45			0.60			0.46
	1.00		0.06			7,765,009		0.42			0.06			0.46
	1.00		0.01			7,570,828		0.18			0.01			0.46
	1.00		0.01			3,441,795		0.07			0.01			0.46
	1.00		0.01			3,646,033		0.09			0.01			0.46
	1.00		0.57			65,076		0.70			1.12			0.71
	1.00		0.37			59,334		0.70			0.33			0.71
	1.00		0.01			119,542		0.49			0.01			0.71
	1.00		0.01			16,298		0.12			0.01			0.71
	1.00		0.01			150,289		0.08			0.01			0.71
	1.00		0.01			48,890		0.09			0.01			0.71
	1.00		0.39			1,842,499		1.05			0.78			1.06
	1.00		0.09			1,649,354		0.93			0.08			1.06
	1.00		0.01			2,439,027		0.50			0.01			1.06
	1.00		0.01			395,656		0.15			0.01			1.06
	1.00		0.01			913,521		0.07			0.01			1.06
	1.00		0.01			898,352		0.09			0.01			1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 119

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	—	(d)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
September 22, 2017 (g) through February 28, 2018		1.00		0.01	(d)		(0.01	)		—	(e)		—	(e)		—	(e)		—	(e)
Direct (h)
For the period ended November 22, 2017		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

(g) Commencement of offering of class of shares.

(h) Direct Shares of U.S. Treasury Plus Money Market Fund had no assets from the close of business on November 22, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.43	%	$	356,342		0.97	%		0.85	%		1.16	%
	1.00		0.15			417,056		0.90			0.13			1.16
	1.00		0.00	(f)		578,579		0.48			0.00	(f)		1.16
	1.00		0.00	(f)		154,988		0.15			0.00	(f)		1.16
	1.00		0.00	(f)		168,863		0.07			0.00	(f)		1.16
	1.00		0.00	(f)		142,412		0.08			0.00	(f)		1.16
	1.00		0.79			1,156,915		0.26			1.58			0.31
	1.00		0.81			930,654		0.26			0.82			0.31
	1.00		0.18			837,723		0.26			0.17			0.31
	1.00		0.01			956,921		0.15			0.01			0.31
	1.00		0.00	(f)		858,260		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		2,590,914		0.08			0.00	(f)		0.31
	1.00		0.83			4,579,938		0.18			1.66			0.21
	1.00		0.47			3,501,095		0.18			1.17			0.21
	1.00		0.48			—		0.30			0.71			0.31
	1.00		0.14			5,812		0.30			0.09			0.31
	1.00		0.01			672,625		0.13			0.00	(f)		0.31
	1.00		0.00	(f)		1,222,018		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		1,655,840		0.08			0.00	(f)		0.31
	1.00		0.85			3,712,803		0.16			1.68			0.16
	1.00		0.90			3,051,574		0.16			0.81			0.16
	1.00		0.28			7,449,646		0.16			0.29			0.16
	1.00		0.04			4,788,250		0.12			0.04			0.16
	1.00		0.00	(f)		3,045,746		0.07			0.00	(f)		0.16
	1.00		0.00	(f)		1,931,586		0.07			0.00	(f)		0.16

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 121

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Treasury Plus Money Market Fund (continued)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.82	%	$	14,032,252		0.21	%		1.62	%		0.26	%
	1.00		0.86			13,500,900		0.21			0.84			0.26
	1.00		0.23			14,813,061		0.21			0.24			0.26
	1.00		0.02			8,736,623		0.13			0.02			0.26
	1.00		0.00	(f)		6,516,731		0.07			0.00	(f)		0.26
	1.00		0.00	(f)		7,296,339		0.08			0.00	(f)		0.26
	1.00		0.67			40,579		0.51			1.32			0.51
	1.00		0.55			48,818		0.51			0.52			0.51
	1.00		0.02			71,303		0.42			0.02			0.51
	1.00		0.00	(f)		89,016		0.14			0.00	(f)		0.51
	1.00		0.00	(f)		181,909		0.07			0.00	(f)		0.51
	1.00		0.00	(f)		237,466		0.08			0.00	(f)		0.51
	1.00		0.63			366,725		0.59			1.25			0.62
	1.00		0.47			283,619		0.59			0.48			0.62
	1.00		0.00	(f)		244,830		0.43			0.00	(f)		0.61
	1.00		0.00	(f)		706,209		0.15			0.00	(f)		0.61
	1.00		0.00	(f)		734,788		0.07			0.00	(f)		0.61
	1.00		0.00	(f)		612,152		0.08			0.00	(f)		0.61
	1.00		0.70			746,704		0.45			1.39			0.46
	1.00		0.61			611,645		0.45			0.61			0.46
	1.00		0.03			640,584		0.41			0.04			0.46
	1.00		0.00	(f)		244,258		0.14			0.00	(f)		0.46
	1.00		0.00	(f)		383,019		0.07			0.00	(f)		0.46
	1.00		0.00	(f)		493,950		0.08			0.00	(f)		0.46
	1.00		0.57			14,730		0.70			1.14			0.71
	1.00		0.37			12,246		0.70			0.28			0.71
	1.00		0.00	(f)		109,454		0.40			0.00	(f)		0.71
	1.00		0.00	(f)		679,587		0.15			0.00	(f)		0.71
	1.00		0.00	(f)		847,101		0.07			0.00	(f)		0.71
	1.00		0.00	(f)		943,099		0.08			0.00	(f)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 123

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Federal Money Market Fund
Agency
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.78	%	$	133,372		0.26	%		1.55	%		0.32	%
	1.00		0.80			127,451		0.26			0.77			0.33
	1.00		0.20			133,227		0.26			0.19			0.35
	1.00		0.02			233,955		0.16			0.02			0.33
	1.00		0.01			84,778		0.07			0.00	(f)		0.35
	1.00		0.01			233,285		0.08			0.01			0.34
	1.00		0.80			3,050,851		0.21			1.59			0.27
	1.00		0.85			2,668,613		0.21			0.84			0.28
	1.00		0.25			2,767,271		0.21			0.25			0.30
	1.00		0.03			3,615,992		0.13			0.03			0.28
	1.00		0.01			3,995,934		0.06			0.01			0.30
	1.00		0.01			3,835,871		0.07			0.01			0.29
	1.00		0.61			25,651		0.59			1.21			0.70
	1.00		0.46			32,224		0.59			0.44			0.69
	1.00		0.02			53,090		0.42			0.01			0.67
	1.00		0.01			131,723		0.16			0.01			0.65
	1.00		0.01			111,292		0.07			0.01	��		0.65
	1.00		0.01			96,652		0.07			0.01			0.64
	1.00		0.68			224,000		0.45			1.35			0.47
	1.00		0.60			229,795		0.45			0.65			0.48
	1.00		0.04			109,282		0.41			0.04			0.50
	1.00		0.01			171,808		0.14			0.01			0.49
	1.00		0.01			219,792		0.06			0.01			0.50
	1.00		0.01			277,420		0.07			0.01			0.49

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 125

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits
$	1.00		0.78	%	$	2,458,682		0.26	%		1.55	%		0.31	%
	1.00		0.79			1,981,066		0.26			0.80			0.31
	1.00		0.15			1,848,739		0.26			0.15			0.31
	1.00		0.01			1,895,744		0.10			0.01			0.31
	1.00		0.00	(f)		1,700,093		0.05			0.00			0.31
	1.00		0.00	(f)		1,991,907		0.07			0.00			0.31
	1.00		0.82			19,753,287		0.18			1.62			0.21
	1.00		0.87			19,208,530		0.18			0.89			0.21
	1.00		0.23			11,630,048		0.18			0.23			0.21
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.00	(f)		8,717,551		0.04			0.00			0.21
	1.00		0.00	(f)		9,468,647		0.06			0.00			0.21
	1.00		0.81			14,448,735		0.21			1.60			0.26
	1.00		0.84			11,098,506		0.21			0.83			0.26
	1.00		0.20			9,414,776		0.21			0.21			0.26
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.00	(f)		10,302,127		0.04			0.00			0.26
	1.00		0.00	(f)		9,143,359		0.06			0.00			0.26
	1.00		0.61			1,882,589		0.59			1.21			0.61
	1.00		0.45			1,617,985		0.59			0.46			0.61
	1.00		0.00	(f)		1,148,892		0.40			0.00	(f)		0.61
	1.00		0.00	(f)		1,990,677		0.10			0.00	(f)		0.61
	1.00		0.00	(f)		1,477,551		0.05			0.00			0.61
	1.00		0.00	(f)		1,625,797		0.07			0.00			0.61
	1.00		0.68			1,523,542		0.45			1.38			0.46
	1.00		0.59			848,906		0.45			0.59			0.46
	1.00		0.02			857,883		0.38			0.02			0.46
	1.00		0.00	(f)		1,219,310		0.10			0.00	(f)		0.46
	1.00		0.00	(f)		1,259,597		0.04			0.00			0.46
	1.00		0.00	(f)		1,130,636		0.07			0.00			0.46
	1.00		0.56			1,229,551		0.70			1.15			0.71
	1.00		0.35			258,002		0.70			0.41			0.71
	1.00		0.00	(f)		75,190		0.41			0.00			0.71
	1.00		0.00	(f)		108,109		0.14			0.00	(f)		0.71
	1.00		0.00	(f)		46,667		0.04			0.00			0.71
	1.00		0.00	(f)		44,246		0.07			0.00			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 127

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Tax Free Money Market Fund
Agency
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.56	%	$	1,049,447		0.26	%		1.11	%		0.31	%
	1.00		0.68			831,137		0.26			0.70			0.31
	1.00		0.27			437,689		0.25			0.26			0.31
	1.00		0.03			344,578		0.05			0.01			0.31
	1.00		0.02			322,389		0.07			0.01			0.31
	1.00		0.02			307,751		0.12			0.01			0.31
	1.00		0.59			11,715,001		0.21			1.16			0.26
	1.00		0.73			11,970,538		0.21			0.73			0.26
	1.00		0.32			10,567,571		0.20			0.31			0.26
	1.00		0.03			10,007,028		0.04			0.01			0.26
	1.00		0.02			11,663,024		0.07			0.01			0.26
	1.00		0.02			10,650,809		0.10			0.01			0.26
	1.00		0.40			10,935		0.59			0.78			0.67
	1.00		0.35			9,555		0.59			0.34			0.66
	1.00		0.05			11,468		0.44			0.04			0.62
	1.00		0.03			111,381		0.04			0.01			0.62
	1.00		0.02			109,439		0.08			0.01			0.61
	1.00		0.02			280,117		0.12			0.01			0.61
	1.00		0.47			919,543		0.45			0.91			0.46
	1.00		0.49			1,560,291		0.45			0.48			0.46
	1.00		0.12			1,713,414		0.38			0.10			0.46
	1.00		0.03			2,984,160		0.04			0.01			0.46
	1.00		0.02			2,593,113		0.07			0.01			0.46
	1.00		0.02			2,390,160		0.12			0.01			0.46
	1.00		0.34			2,032,178		0.70			0.68			0.71
	1.00		0.24			2,511,847		0.70			0.23			0.71
	1.00		0.02			2,650,165		0.47			0.02			0.71
	1.00		0.03			4,220,927		0.04			0.01			0.71
	1.00		0.02			4,208,768		0.07			0.01			0.71
	1.00		0.02			4,484,279		0.12			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 129

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Municipal Money Market Fund
Agency
Six Months Ended August 31, 2018 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Eagle Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
July 1, 2016 (f) through February 28, 2017		1.00		—	(d)(e)		��	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade (g)
For the Period Ended September 21, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Institutional Class
Six Months Ended August 31, 2018 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Morgan
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Premier
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Service
Six Months Ended August 31, 2018 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Commencement of offering of class of shares.

(g) E*Trade Shares of Municipal Money Market Fund had no assets from the close of business on September 21, 2016.

(h) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.58	%	$	172,557		0.26	%		1.14	%		0.32	%
	1.00		0.73			140,809		0.26			0.76			0.35
	1.00		0.33			35,608		0.23			0.20			0.33
	1.00		0.01			193,260		0.08			0.01			0.32
	1.00		0.01			81,196		0.12			0.01			0.32
	1.00		0.01			39,280		0.19			0.01			0.32
	1.00		0.36			542,373		0.70			0.70			0.72
	1.00		0.29			549,053		0.70			0.27			0.75
	1.00		0.04			619,001		0.67			0.04			0.76
	1.00		0.01			—		0.41			0.01			1.07
	1.00		0.01			1,935,318		0.08			0.01			1.07
	1.00		0.01			2,000,898		0.13			0.01			1.07
	1.00		0.01			1,992,153		0.18			0.01			1.07
	1.00		0.60			1,649,767		0.21			1.19			0.27
	1.00		0.78			1,575,116		0.21			0.83			0.31
	1.00		0.37			303,233		0.21			0.39			0.30
	1.00		0.01			132,605		0.08			0.01			0.27
	1.00		0.01			188,480		0.13			0.01			0.27
	1.00		0.02			224,592		0.18			0.02			0.27
	1.00		0.41			18,263		0.59			0.80			0.65
	1.00		0.40			13,794		0.59			0.28			0.63
	1.00		0.08			312,787		0.49			0.07			0.64
	1.00		0.01			387,521		0.08			0.01			0.62
	1.00		0.01			353,483		0.13			0.01			0.62
	1.00		0.00	(h)		330,333		0.19			0.00	(h)		0.62
	1.00		0.48			124,535		0.45			0.95			0.47
	1.00		0.54			116,319		0.45			0.57			0.51
	1.00		0.16			31,528		0.41			0.12			0.49
	1.00		0.01			28,451		0.08			0.01			0.47
	1.00		0.01			29,376		0.13			0.01			0.47
	1.00		0.00	(h)		40,357		0.19			0.00	(h)		0.47
	1.00		0.18			259,792		1.04			0.36			1.07
	1.00		0.07			282,024		0.91			0.05			1.09
	1.00		0.03			363,754		0.54			0.01			1.09
	1.00		0.01			515,523		0.08			0.01			1.07
	1.00		0.01			397,469		0.12			0.01			1.07
	1.00		0.00	(h)		238,328		0.19			0.00	(h)		1.07

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 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 9 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Prime Money Market Fund	Class C, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Institutional Tax Free Money Market Fund^	Agency, Capital, IM and Institutional Class	JPMIV	Diversified
JPMorgan Liquid Assets Money Market Fund	Class C, Agency, Capital, E*Trade^^, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan U.S. Government Money Market Fund	Agency, Capital, Direct^^^, Eagle Class, Eagle Private Wealth Class^^^^, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service	JPM II	Diversified
JPMorgan U.S. Treasury Plus Money Market Fund	Class C, Agency, Capital^^^^^, Direct^^^, IM, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan Federal Money Market Fund	Agency, Institutional Class, Morgan and Premier	JPM I	Diversified
JPMorgan 100% U.S. Treasury Securities Money Market Fund	Agency, Capital, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Tax Free Money Market Fund	Agency, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Municipal Money Market Fund	Agency, Eagle Class, E*Trade^^, Institutional Class, Morgan, Premier and Service	JPM II	Diversified

         ^ The JPMorgan Institutional Tax Free Money Market Fund commenced operations on March 1, 2018.

       ^^ E*Trade Shares of JPMorgan Liquid Assets Money Market Fund and JPMorgan Municipal Money Market Fund had no assets from the close of business on October 19, 2016 and September 21, 2016, respectively.

    ^^^ Direct Shares of JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund had no assets from the close of business on November 22, 2017.

  ^^^^ Commenced operations on August 18, 2017.

^^^^^ Commenced operations on September 22, 2017.

The investment objective of JPMorgan Prime Money Market Fund (“Prime Money Market Fund”) and JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to seek current income while seeking to maintain liquidity and a low volatility of principal.

The investment objective of JPMorgan Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) and JPMorgan U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) is to seek current income with liquidity and stability of principal.

The investment objective of JPMorgan U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) is to seek high current income with liquidity and stability of principal.

The investment objective of JPMorgan Federal Money Market Fund (“Federal Money Market Fund”) is to provide current income while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.

The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

The Liquid Assets Money Market Fund, Tax Free Money Market Fund and Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission (“SEC”). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price. These Funds have adopted policies and procedures that allow the Boards of Trustees (the “Boards”) to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

132 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

The Prime Money Market Fund and Institutional Tax Free Money Market Fund do not seek to qualify as a Retail or Government money market fund and transact utilizing a floating net asset value (“NAV”) calculated to four decimal places. The Funds have adopted policies and procedures that allow the Boards to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.

The U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as Government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Agency, Capital, Direct, Eagle Class, Eagle Private Wealth Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different 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, thus, 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 Boards, which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund and Institutional Tax Free Money Market Fund.

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can be expected to vary inversely with changes in prevailing interest rates.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards 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 Boards. 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. This includes also monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. 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 Boards.

For the Prime Money Market Fund and Institutional Tax Free Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a 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.

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 fair value of the Funds’ investments are summarized into the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical securities.

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Funds’ own 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 securities are not necessarily an indication of the risk

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

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

Prime Money Market Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	44,040,834	$	—	$	44,040,834
Institutional Tax Free Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	600,405	$	—	$	600,405
The following is a summary of the inputs used as of August 31, 2018, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):
Liquid Assets Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,251,231	$	—	$	3,251,231
U.S. Government Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	135,536,291	$	—	$	135,536,291
U.S. Treasury Plus Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	24,437,883	$	—	$	24,437,883
Federal Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	3,419,510	$	—	$	3,419,510
100% U.S. Treasury Securities Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	40,059,378	$	—	$	40,059,378
Tax Free Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	15,693,240	$	—	$	15,693,240

134 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

Municipal Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	—	$	2,762,252	$	—	$	2,762,252

(a) All portfolio holdings designated as level 2 are disclosed individually on the SOIs. Please refer to the SOIs for specifics of the major categories of portfolio holdings.

There were no transfers among any levels during the six month ended August 31, 2018.

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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset values of the Funds.

As of August 31, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.

C. Repurchase Agreements — The Funds may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM, an indirect, wholly-owned subsidiary of JPMorgan. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. The Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral.

The Funds’ repurchase agreements are not subject to master netting arrangements.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Tax Free Money Market Fund and Municipal Money Market 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 the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Tax Free Money Market Fund and Municipal Money Market Fund had delayed delivery securities outstanding as of August 31, 2018, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities.

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.

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.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 135

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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, 2018 are as follows (amounts in thousands):

	Prime Money Market Fund		Institutional Tax Free Money Market Fund		Liquid Assets Money Market Fund			U.S. Government Money Market Fund			U.S. Treasury Plus Money Market Fund		Federal Money Market Fund		100% U.S. Treasury Securities Money Market Fund		Tax Free Money Market Fund		Municipal Money Market Fund
Class C	$	13		n/a	$	1			n/a		$	5		n/a		n/a		n/a		n/a
Agency		35	$	13		1		$	133			12	$	2	$	18	$	7	$	1
Capital		312		13		—	(a)		825			29		n/a		165		n/a		n/a
Direct		n/a		n/a		n/a			—			—		n/a		n/a		n/a		n/a
Eagle Class		n/a		n/a		n/a			15			n/a		n/a		n/a		n/a		6
Eagle Private Wealth Class		n/a		n/a		n/a			—	(a)		n/a		n/a		n/a		n/a		n/a
E*Trade		n/a		n/a		n/a			2			n/a		n/a		n/a		n/a		n/a
IM		40		15		n/a			40			17		n/a		n/a		n/a		n/a
Institutional Class		125		13		2			359			159		41		123		116		12
Investor		n/a		n/a		—	(a)		5			1		n/a		n/a		n/a		n/a
Morgan		214		n/a		39			62			17		13		41		3		3
Premier		43		n/a		3			76			9		5		18		15		1
Reserve		21		n/a		—	(a)		2			1		n/a		5		24		n/a
Service		n/a		n/a		n/a			8			n/a		n/a		n/a		n/a		3
Total	$	803	$	54	$	46		$	1,527		$	250	$	61	$	370	$	165	$	26

(a) Amount rounds to less than one thousand.

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 (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, 2018, 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 remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared daily 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 generally paid monthly at an annual rate of 0.08% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to 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 0.10% of the first $100 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement and 0.05% of the average daily net assets in excess of $100 billion of all such funds. For the six months ended August 31, 2018, the effective annualized rate was 0.07% 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.

JPMCB 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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class C, Eagle Class, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Agency, Capital, Direct, Eagle Private Wealth Class, IM, Institutional

136 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

Class, Investor and Premier Shares do not participate in the Distribution Plan. 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 C

Eagle Class

E*Trade

Morgan

Reserve

Service

Prime Money Market Fund

0.75

%

n/a

n/a

n/a

0.25

%

n/a

Institutional Tax Free Money Market Fund

n/a

n/a

n/a

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.75

n/a

0.60

%

0.10

%

0.25

n/a

U.S. Government Money Market Fund

n/a

0.25

%

0.60

0.10

0.25

0.60

%

U.S. Treasury Plus Money Market Fund

0.75

n/a

n/a

0.10

0.25

n/a

Federal Money Market Fund

n/a

n/a

n/a

0.10

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

n/a

n/a

0.10

0.25

n/a

Tax Free Money Market Fund

n/a

n/a

n/a

0.10

0.25

n/a

Municipal Money Market Fund

n/a

0.25

n/a

0.10

n/a

0.60

JPMDS waived Distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the six months ended August 31, 2018, JPMDS retained the following amounts (in thousands):

	CDSC
Liquid Assets Money Market Fund	$—(a)

(a) Amount rounds to less than one thousand.

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 C

Agency

Capital

Direct

Eagle Class

Eagle Private Wealth Class

Prime Money Market Fund

0.25

%

0.15

%

0.05

%

n/a

n/a

n/a

Institutional Tax Free Money Market Fund

n/a

0.15

0.05

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.25

0.15

0.05

n/a

n/a

n/a

U.S. Government Money Market Fund

n/a

0.15

0.05

0.15

%

0.30

%

0.15

%

U.S. Treasury Plus Money Market Fund

0.25

0.15

0.05

0.15

n/a

n/a

Federal Money Market Fund

n/a

0.15

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.15

0.05

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

0.15

n/a

n/a

n/a

n/a

Municipal Money Market Fund

n/a

0.15

n/a

n/a

0.30

n/a

	E*Trade			Institutional Class			Investor			Morgan			Premier			Reserve			Service
Prime Money Market Fund		n/a			0.10	%		n/a			0.35	%		0.30	%		0.30	%		n/a
Institutional Tax Free Money Market Fund		n/a			0.10			n/a			n/a			n/a			n/a			n/a
Liquid Assets Money Market Fund		0.30	%		0.10			0.35	%		0.35			0.30			0.30			n/a
U.S. Government Money Market Fund		0.30			0.10			0.35			0.35			0.30			0.30			0.30	%
U.S. Treasury Plus Money Market Fund		n/a			0.10			0.35			0.35			0.30			0.30			n/a
Federal Money Market Fund		n/a			0.10			n/a			0.35			0.30			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			0.10			n/a			0.35			0.30			0.30			n/a
Tax Free Money Market Fund		n/a			0.10			n/a			0.35			0.30			0.30			n/a
Municipal Money Market Fund		n/a			0.10			n/a			0.35			0.30			n/a			0.30

The IM Shares do not pay a fee under the Shareholder Servicing Agreement.

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

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

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 137

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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 JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares, to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Class C

Agency

Capital

Direct

Eagle Class

Eagle Private Wealth Class

Prime Money Market Fund

0.97

%

0.26

%

0.18

%

n/a

n/a

n/a

Institutional Tax Free Money Market Fund

n/a

0.26

0.18

n/a

n/a

n/a

Liquid Assets Money Market Fund

0.97

0.26

0.18

n/a

n/a

n/a

U.S. Government Money Market Fund

n/a

0.26

0.18

0.30

%

0.70

%

0.30

%

U.S. Treasury Plus Money Market Fund

0.97

0.26

0.18

0.30

n/a

n/a

Federal Money Market Fund

n/a

0.26

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.26

0.18

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

0.26

n/a

n/a

n/a

n/a

Municipal Money Market Fund

n/a

0.26

n/a

n/a

0.70

n/a

	E*Trade			IM			Institutional Class			Investor			Morgan			Premier			Reserve			Service
Prime Money Market Fund		n/a			n/a			0.21	%		n/a			0.52	%		0.45	%		0.70	%		n/a
Institutional Tax Free Money Market Fund		n/a			0.16	%		0.21			n/a			n/a			n/a			n/a			n/a
Liquid Assets Money Market Fund		1.00	%		n/a			0.21			0.51	%		0.59			0.45			0.70			n/a
U.S. Government Money Market Fund		1.00			n/a			0.21			0.51			0.59			0.45			0.70			1.05	%
U.S. Treasury Plus Money Market Fund		n/a			n/a			0.21			0.51			0.59			0.45			0.70			n/a
Federal Money Market Fund		n/a			n/a			0.21			n/a			0.59			0.45			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			0.21			n/a			0.59			0.45			0.70			n/a
Tax Free Money Market Fund		n/a			n/a			0.21			n/a			0.59			0.45			0.70			n/a
Municipal Money Market Fund		1.00			n/a			0.21			n/a			0.59			0.45			n/a			1.05

The expense limitation agreements were in effect for the six months ended August 31, 2018, and are in place until at least June 30, 2019.

In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2018. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the six months ended August 31, 2018, 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 Reimbursements
Prime Money Market Fund	$	8	��	$	—	$	6,563	$	6,571	$	13
Institutional Tax Free Money Market Fund		19			16		7		42		177
Liquid Assets Money Market Fund		101			67		465		633		—
U.S. Government Money Market Fund		31			—		21,307		21,338		—	(a)
U.S. Treasury Plus Money Market Fund		5			—		4,764		4,769		—
Federal Money Market Fund		200			134		557		891		—
100% U.S. Treasury Securities Money Market Fund		843			559		4,968		6,370		—
Tax Free Money Market Fund		403			267		2,585		3,255		—
Municipal Money Market Fund		181			120		406		707		—

138 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	Voluntary Waivers
	Distribution
Municipal Money Market Fund	$	10

(a) Amount rounds to less than one thousand.

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 Boards 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.

Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates 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.

The Funds may use related party broker-dealers. For the six months ended August 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The 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.

The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Board. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2018, the Funds below engaged in such transactions in the following amounts (amounts in thousands):

	Purchases		Sales		Realized Gain (Loss)
Institutional Tax Free Money Market Fund	$	129,623	$	310,507	$	—
Tax Free Money Market Fund		629,800		306,304		—
Municipal Money Market Fund		210,633		325,642		—

4. Class Specific Expenses

The Funds’ class specific gross expenses for the six months ended August 31, 2018 were as follows (amounts in thousands):

	Distribution		Service
Prime Money Market Fund
Class C	$	7	$	2
Agency		—		1,223
Capital		—		6,276
Institutional Class		—		4,683
Morgan		—		1,845
Premier		—		1,779
Reserve		31		37
	$	38	$	15,845
Institutional Tax Free Money Market Fund
Agency	$	—	$	—	(a)
Capital		—		—	(a)
Institutional Class		—		13
	$	—	$	13

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 139

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

	Distribution		Service
Liquid Assets Money Market Fund
Class C	$	79	$	26
Agency		—		153
Capital		—		60
Institutional Class		—		605
Investor		—		16
Morgan		83		290
Premier		—		756
Reserve		7		9
	$	169	$	1,915
U.S. Government Money Market Fund
Agency	$	—	$	9,754
Capital		—		20,110
Eagle Class		2,358		2,830
Eagle Private Wealth Class		—		—	(a)
E*Trade		933		466
Institutional Class		—		15,574
Investor		—		1,358
Morgan		679		2,375
Premier		—		6,828
Reserve		66		80
Service		4,797		2,399
	$	8,833	$	61,774
U.S. Treasury Plus Money Market Fund
Class C	$	1,442	$	481
Agency		—		728
Capital		—		1,258
Institutional Class		—		7,425
Investor		—		67
Morgan		160		561
Premier		—		941
Reserve		19		22
	$	1,621	$	11,483
Federal Money Market Fund
Agency	$	—	$	78
Institutional Class		—		1,346
Morgan		15		54
Premier		—		334
	$	15	$	1,812
100% U.S. Treasury Securities Money Market Fund
Agency	$	—	$	1,580
Capital		—		4,661
Institutional Class		—		6,185
Morgan		976		3,417
Premier		—		1,892
Reserve		1,105		1,326
	$	2,081	$	19,061
Tax Free Money Market Fund
Agency	$	—	$	745
Institutional Class		—		5,981
Morgan		6		20
Premier		—		1,623
Reserve		2,765		3,318
	$	2,771	$	11,687

140 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	Distribution		Service
Municipal Money Market Fund
Agency	$	—	$	126
Eagle Class		728		873
Institutional Class		—		913
Morgan		8		29
Premier		—		187
Service		821		411
	$	1,557	$	2,539

(a) Amount rounds to less than one thousand.

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, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	44,033,042	$	8,045	$	253	$	7,792
Institutional Tax Free Money Market Fund		600,419		—		14		(14	)

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 JPM 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 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 5, 2018.

As of August 31, 2018, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2018, were as follows (amounts in thousands except number of days outstanding):

	Average Loans		Number of Days Outstanding		Interest Earned
U.S. Government Money Market Fund	$	16,501		68	$	102

Interest earned as a result of lending money to another fund for the six months ended August 31, 2018, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended August 31, 2018.

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 brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 141

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

As of August 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliates Omnibus Accounts		% of the Fund			Number of Non-Affiliates Omnibus Accounts		% of the Fund
Prime Money Market Fund		1		28.7	%		—		—	%
Institutional Tax Free Money Market Fund		1		95.5			—		—
Liquid Assets Money Market Fund		1		70.7			—		—
U.S. Treasury Plus Money Market Fund		—		—			2		33.8
Federal Money Market Fund		1		58.6			1		17.5
100% U.S. Treasury Securities Money Market Fund		1		23.5			—		—
Tax Free Money Market Fund		1		49.0			2		43.3
Municipal Money Market Fund		2		69.1			1		19.6

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

The Municipal Money Market Fund and Tax Free Money Market Fund 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. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Municipal Money Market Fund’s and Tax Free Money Market 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.

The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.

8. New Accounting Pronouncement

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

142 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

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, 2018, and continued to hold your shares at the end of the reporting period, August 31, 2018.

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). 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, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Prime Money Market Fund
Class C
Actual	$	1,000.00	$	1,005.90	$	4.90		0.97	%
Hypothetical		1,000.00		1,020.32		4.94		0.97
Agency
Actual		1,000.00		1,009.50		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,009.90		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,010.00		0.81		0.16
Hypothetical		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual		1,000.00		1,009.70		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,008.10		2.63		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Premier
Actual		1,000.00		1,008.50		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,007.20		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
JPMorgan Institutional Tax Free Money Market Fund
Agency
Actual		1,000.00		1,005.60		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 143

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Institutional Tax Free Money Market Fund (continued)
Capital
Actual	$	1,000.00	$	1,006.00	$	0.91		0.18	%
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,006.10		0.81		0.16
Hypothetical		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual		1,000.00		1,005.80		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
JPMorgan Liquid Assets Money Market Fund
Class C
Actual		1,000.00		1,005.60		4.90		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Agency
Actual		1,000.00		1,009.20		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,009.70		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Institutional Class
Actual		1,000.00		1,009.50		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,008.00		2.58		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51
Morgan
Actual		1,000.00		1,007.60		2.99		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,008.30		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,007.00		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
JPMorgan U.S. Government Money Market Fund
Agency
Actual		1,000.00		1,007.90		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,008.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Eagle Class
Actual		1,000.00		1,005.70		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Eagle Private Wealth Class
Actual		1,000.00		1,007.70		1.52		0.30
Hypothetical		1,000.00		1,023.69		1.53		0.30
E*Trade
Actual		1,000.00		1,004.20		5.05		1.00
Hypothetical		1,000.00		1,020.16		5.09		1.00
IM
Actual		1,000.00		1,008.40		0.81		0.16
Hypothetical		1,000.00		1,024.40		0.82		0.16

144 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Government Money Market Fund (continued)
Institutional Class
Actual	$	1,000.00	$	1,008.20	$	1.06		0.21	%
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,006.70		2.58		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51
Morgan
Actual		1,000.00		1,006.20		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,007.00		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,005.70		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Service
Actual		1,000.00		1,003.90		5.30		1.05
Hypothetical		1,000.00		1,019.91		5.35		1.05
JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Actual		1,000.00		1,004.30		4.90		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Agency
Actual		1,000.00		1,007.90		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,008.30		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
IM
Actual		1,000.00		1,008.50		0.81		0.16
Hypothetical		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual		1,000.00		1,008.20		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Investor
Actual		1,000.00		1,006.70		2.58		0.51
Hypothetical		1,000.00		1,022.63		2.60		0.51
Morgan
Actual		1,000.00		1,006.30		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,007.00		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,005.70		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
JPMorgan Federal Money Market Fund
Agency
Actual		1,000.00		1,007.80		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual		1,000.00		1,008.00		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 145

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Federal Money Market Fund (continued)
Morgan
Actual	$	1,000.00	$	1,006.10	$	2.98		0.59	%
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,006.80		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Actual		1,000.00		1,007.80		1.32		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Capital
Actual		1,000.00		1,008.20		0.91		0.18
Hypothetical		1,000.00		1,024.30		0.92		0.18
Institutional Class
Actual		1,000.00		1,008.10		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,006.10		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,006.80		2.28		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,005.60		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
JPMorgan Tax Free Money Market Fund
Agency
Actual		1,000.00		1,005.60		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual		1,000.00		1,005.90		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,004.00		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Premier
Actual		1,000.00		1,004.70		2.27		0.45
Hypothetical		1,000.00		1,022.94		2.29		0.45
Reserve
Actual		1,000.00		1,003.40		3.53		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
JPMorgan Municipal Money Market Fund
Agency
Actual		1,000.00		1,005.80		1.31		0.26
Hypothetical		1,000.00		1,023.89		1.33		0.26
Eagle Class
Actual		1,000.00		1,003.60		3.54		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Institutional Class
Actual		1,000.00		1,006.00		1.06		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Morgan
Actual		1,000.00		1,004.10		2.98		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59

146 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Municipal Money Market Fund (continued)
Premier
Actual	$	1,000.00	$	1,004.80	$	2.27		0.45	%
Hypothetical		1,000.00		1,022.94		2.29		0.45
Service
Actual		1,000.00		1,001.80		5.25		1.04
Hypothetical		1,000.00		1,019.96		5.30		1.04

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

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 147

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 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund 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 15, 2018.

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 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. 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 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 Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

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 applicable 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, including personnel changes. 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 the Adviser in its role as administrator.

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.

148 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information 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 Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

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

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.

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 considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) for certain share classes which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced 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), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. 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 Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market 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 Federal Money Market Fund and Tax Free Money Market 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 Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 149

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. 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 Prime Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the first quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for the Morgan shares was in the fifth, quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the fourth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Liquid Assets Money Market Fund’s performance for the Institutional shares was in the first quintile

based upon the Peer Group for the one-year period ended December 31, 2017, and in the first quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees noted that the performance for the Morgan shares was in the first quintile based on the Peer Group for each of the one-, three- and five-year periods ended December 31, 2017, and in the third, second, and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Government Money Market Fund’s performance for the Institutional shares was in the first quintile based upon both the Peer Group and the Universe, for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees noted that the performance for Morgan shares was in first quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the second quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for Service shares was in the fifth quintile based upon both the Peer Group and Universe for each of the one-, three- and five-year periods ended December 31, 2017 The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the first, first, and second quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Morgan shares was in the second, first, and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2017, respectively, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Federal Money Market Fund’s performance for the Institutional shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for the Morgan shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of

150 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

the Fund with the Adviser and based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares was in the second, first, and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2017, respectively, and in the second quintile based upon the Universe, for each of the one-, three- and five-year period ended December 31, 2017. The Trustees noted that the performance for the Morgan shares was in the second, first, and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2017, respectively, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Tax Free Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the first, second, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Morgan shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for the Morgan shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for the Service shares was in the third, fourth, and fourth quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2017, respectively, and in the fifth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined 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 Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional 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 Prime Money Market Fund’s net advisory fee for the Institutional shares was in the third and fifth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the third and fifth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and Universe. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Liquid Assets Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that both the net advisory fee and actual total expenses for the Morgan shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Government Money Market Fund’s net advisory fee and actual total expenses for Institutional shares were in the third and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for the Morgan shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for the Service shares were in the third and fifth quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified

AUGUST 31, 2018 J.P. MORGAN MONEY MARKET FUNDS 151

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s net advisory fee for the Institutional shares were in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the in the third and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Federal Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s net advisory fee for the Institutional shares were in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the third and second quintiles

based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the third and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Free Money Market Fund’s net advisory fee for Institutional shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses 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 the Morgan shares were in the fourth and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Municipal Money Market Fund’s net advisory fee for the Institutional shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile based upon both the Peer Group and Universe, The Trustees noted that the net advisory fee for the Service shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and Universe. After considering the factors identified above, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

152 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2018

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) 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 (retail investors) or 1-800-766-7722 (institutional investors) 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 prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. August 2018. SAN-MMKT-818

Semi-Annual Report

J.P. Morgan SMA Funds

August 31, 2018 (Unaudited)

JPMorgan Core Focus SMA Fund

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	4
Financial Statements	13
Financial Highlights	16
Notes to Financial Statements	18
Schedule of Shareholder Expenses	24
Board Approval of Investment Advisory Agreement	25

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

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

Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-766-7722 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

October 9, 2018 (Unaudited)

Dear Shareholder,

The world’s leading economies continued to expand in the six months ended August 31, 2018, though the pattern of synchronized global growth that had characterized the previous two years began to dissipate amid geopolitical tensions and rising borrowing costs for emerging market nations.

  “During the reporting period, the current U.S. economic expansion became the second longest on record.” — George C.W. Gatch

U.S. gross domestic product (GDP) growth surged to 4.2% in the second quarter of 2018 from 2.2% in the first quarter. Notably, unemployment stood at 3.9% in August, though wage growth remained subdued. While the U.S. raised import tariffs on Chinese goods worth billions of dollars and the Chinese government responded in kind during the reporting period, trade tensions with China and other U.S. trading partners appeared to have little impact on business sentiment in the U.S. In response to continued economic growth and falling unemployment, the U.S. Federal Reserve raised benchmark interest rates in March and again in June. (Subsequent to the end of the reporting period, the central bank raised interest rates in September 2018.)

In the European Union, positive economic growth was clouded by political uncertainty. Second quarter GDP rose 2.1%, though core inflation remained below the European Central Bank’s (ECB) target rate. Unemployment in the 19-nation euro area fell to 8.1% in August, the lowest level since November 2008. However, a new government in Italy raised investor concerns that its budget plans would deviate from the European Commission’s stability and growth pact and force the commission to enact punitive measures. Against this backdrop, the ECB held to its plan to maintain interest rates at current levels until at least next summer. Meanwhile, negotiations over the U.K.’s exit from the European Union continued without resolution, raising political tensions between leaders in the EU and the U.K. as well as within the Britain’s ruling Conservative Party.

While trade tensions led to a decline in Chinese exports to the U.S., the Chinese government took steps to further stimulate domestic demand and capital outflows from China appeared limited at the end of the reporting period.

Meanwhile, select emerging market nations saw the value of their currencies and their sovereign debt plummet. Nations dependent on foreign lending and imported petroleum were hit hardest by rising U.S. interest rates and a strengthening U.S. dollar that effectively raised borrowing costs. The economies of Argentina, Brazil, South Africa and Turkey were among those hurt by rising borrowing costs and/or political uncertainty.

In financial markets, U.S. equities largely recovered from a sharp sell-off in February 2018 and outperformed other regions and other asset classes. Record corporate earnings, strong consumer spending and positive economic data bolstered equity prices and pushed the S&P 500 Index to record highs in August. Equity prices in other developed markets were weak and prices fell sharply in emerging markets. Bond markets were mixed, with limited positive returns in select U.S. Treasury bonds and U.S. high yield bonds (also called “junk bonds”) and negative returns for emerging markets debt. Notably, global energy prices rose somewhat during the reporting period, which supported oil exporting economies without becoming a large drag on global economic growth.

During the reporting period, the current U.S. economic expansion became the second longest on record. While the underlying fundamentals of continued global economic growth remained in place at the end of August, the longer-term impact of protectionist U.S. trade policy and the extent of currency devaluation in emerging markets were key issues looming over global financial markets.

We believe that investors may be best served by a well-diversified portfolio and a patient outlook. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 1

JPMorgan Core Focus SMA Fund

FUND SUMMARY

FOR THE SIX MONTHS ENDED MARCH 1, 2018 (FUND INCEPTION DATE) THROUGH AUGUST 31, 2018 (Unaudited)

Reporting Period Return:
Fund*		1.60%
Bloomberg Barclays U.S. Aggregate Bond Index		0.87%
Net Assets as of 8/31/2018	$	25,385,053
Duration as of 8/31/2018		4.4 years

INVESTMENT OBJECTIVE** AND STRATEGIES

The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to provide total return. The Fund invests in a diversified portfolio of corporate bonds, U.S. government and agency securities, asset-backed, mortgage-related and mortgage backed securities. The Adviser utilizes a value-driven, bottom-up security selection process with an emphasis on risk management and leverages a team of dedicated research analysts.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	31.6	%
Asset-Backed Securities	30.5
Corporate Bonds	23.5
Commercial Mortgage-Backed Securities	8.8
U.S. Treasury Obligations	1.9
Mortgage-Backed Securities	1.5
Short-Term Investments	2.2

* 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, 2018. The Fund’s portfolio composition is subject to change.

2 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			SINCE INCEPTION*
JPMORGAN CORE FOCUS SMA FUND		March 1, 2018		1.60	%		1.60	%

* Not annualized.

LIFE OF FUND PERFORMANCE (3/1/18 TO 8/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-766-7722.

The Fund commenced operations on March 1, 2018.

The graph illustrates comparative performance for $10,000 invested in the JPMorgan Core Focus SMA Fund, the Bloomberg Barclays U.S. Aggregate Bond Index from March 1, 2018 to August 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate 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. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index

components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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.

The Fund is offered as a component of the JPMorgan Core Focus SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. The SMA Strategy consists of a separately managed account that holds both the Fund and other securities and investments directly for the SMA clients. As a result, the Fund will not hold all of the core bond investments of the SMA Strategy but rather will invest in certain securities and investments that can be traded more efficiently if held by an investment company rather than directly. Since the Fund will be used as part of a SMA Strategy, it is not intended to be a stand-alone core bond investment strategy.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 3

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — 31.5%
FHLMC REMIC
Series 2488, Class GM, 6.00%, 8/15/2032		46,320		50,054
Series 4151, Class YC, 2.50%, 1/15/2033		230,088		210,214
Series 2740, Class PE, 5.50%, 1/15/2034		154,257		166,991
Series 2943, Class ZC, 5.00%, 2/15/2034		55,459		58,663
Series 2768, Class PK, 5.00%, 3/15/2034		37,345		39,429
Series 3237, Class CE, 5.50%, 11/15/2036		50,000		57,183
Series 3249, Class CB, 4.25%, 12/15/2036		43,600		45,273
Series 3258, Class XX, 5.50%, 12/15/2036		53,000		59,136
Series 4031, Class AB, 5.50%, 6/15/2037		183,990		199,269
Series 3404, Class DC, 5.50%, 1/15/2038		50,000		55,881
Series 3601, Class HB, 5.00%, 11/15/2039		25,000		28,201
Series 3626, Class ME, 5.00%, 1/15/2040		29,000		32,153
Series 3680, Class ZA, 4.50%, 6/15/2040		191,670		201,018
Series 3777, Class WA, 4.00%, 12/15/2040		168,109		172,409
Series 3772, Class NE, 4.50%, 12/15/2040		180,000		196,974
Series 3939, Class AZ, 4.00%, 3/15/2041		243,385		248,328
Series 4240, Class DK, 4.00%, 11/15/2042		93,924		96,723
Series 4283, Class EW, 4.50%, 12/15/2043 (a)		154,793		162,481
FNMA REMIC
Series 2013-17, Class YM, 4.00%, 3/25/2033		129,696		133,551
Series 2003-32, Class UJ, 5.50%, 5/25/2033		35,055		37,860
Series 2003-82, Class Z, 5.50%, 8/25/2033		56,680		60,969
Series 2004-17, Class H, 5.50%, 4/25/2034		130,676		141,449
Series 2004-31, Class MZ, 4.25%, 5/25/2034		27,360		28,979
Series 2004-36, Class CB, 5.00%, 5/25/2034		28,000		30,131

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Series 2004-91, Class BR, 5.50%, 12/25/2034		47,078		51,378
Series 2009-13, Class PM, 4.00%, 4/25/2035		171,165		173,841
Series 2005-29, Class WQ, 5.50%, 4/25/2035		158,455		171,533
Series 2005-109, Class GD, 6.00%, 10/25/2035		20,859		22,228
Series 2015-65, Class LD, 3.50%, 1/25/2036		80,000		78,072
Series 2005-122, Class PY, 6.00%, 1/25/2036		71,000		84,170
Series 2006-24, Class Z, 5.50%, 4/25/2036		151,077		163,932
Series 2007-36, Class PH, 5.50%, 4/25/2037		43,221		46,912
Series 2007-60, Class ZB, 4.75%, 5/25/2037		240,193		256,844
Series 2009-42, Class TZ, 4.50%, 3/25/2039		204,524		214,260
Series 2009-66, Class KE, 4.00%, 9/25/2039		86,224		88,261
Series 2009-105, Class DB, 4.50%, 12/25/2039		25,000		26,611
Series 2010-43, Class EM, 5.00%, 5/25/2040		20,600		23,319
Series 2010-87, Class PJ, 3.50%, 6/25/2040		46,361		46,835
Series 2010-59, Class EB, 5.00%, 6/25/2040		300,000		339,040
Series 2011-146, Class LX, 3.50%, 10/25/2040		200,000		201,111
Series 2011-1, Class QA, 4.50%, 10/25/2040		115,600		119,801
Series 2010-133, Class GP, 4.00%, 11/25/2040		250,000		261,229
Series 2010-123, Class KU, 4.50%, 11/25/2040		123,589		131,113
Series 2010-129, Class PZ, 4.50%, 11/25/2040		224,286		224,217
Series 2010-136, Class CY, 4.00%, 12/25/2040		290,000		298,885
Series 2010-141, Class AL, 4.00%, 12/25/2040		231,000		237,029
Series 2010-154, Class KZ, 4.50%, 1/25/2041		41,348		45,883
Series 2011-55, Class BZ, 3.50%, 6/25/2041		160,578		161,214
Series 2011-115, Class UC, 4.00%, 11/25/2041		70,000		73,304

SEE NOTES TO FINANCIAL STATEMENTS.

4 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued
Series 2013-114, Class LM, 4.00%, 3/25/2042		200,000		204,585
Series 2012-120, Class PA, 3.50%, 10/25/2042		111,569		112,161
Series 2014-19, Class Z, 4.50%, 4/25/2044		242,974		261,581
Series 2015-61, Class PV, 3.50%, 5/25/2044		24,838		25,025
Series 2016-32, Class PA, 3.00%, 12/25/2045		184,942		182,862
GNMA
Series 2003-46, Class HA, 4.50%, 6/20/2033		120,518		125,832
Series 2004-55, Class MC, 5.50%, 7/20/2034		27,000		29,329
Series 2005-16, Class CA, 5.00%, 2/20/2035		29,000		31,725
Series 2005-17, Class GE, 5.00%, 2/20/2035		199,418		212,958
Series 2008-25, Class AD, 4.50%, 3/20/2038		147,981		153,871
Series 2009-16, Class ZD, 6.00%, 3/20/2039		192,932		212,216
Series 2009-58, Class PA, 4.50%, 7/20/2039		254,333		263,939
Series 2010-69, Class ME, 3.00%, 4/20/2040		117,167		116,857
Total Collateralized Mortgage Obligations (Cost $7,973,105)				7,987,282
Asset-Backed Securities — 30.4%
ACC Trust Series 2018-1, Class A, 3.70%, 12/21/2020 (b)		78,723		78,729
American Credit Acceptance Receivables Trust
Series 2016-3, Class C, 4.26%, 8/12/2022 (b)		58,000		58,381
Series 2017-1, Class C, 2.88%, 3/13/2023 (b)		95,000		94,862
Series 2017-1, Class D, 3.54%, 3/13/2023 (b)		230,000		230,138
AmeriCredit Automobile Receivables Series 2015-4, Class D, 3.72%, 12/8/2021		225,000		226,521
B2R Mortgage Trust
Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (b)		58,746		58,010
Series 2015-2, Class A, 3.34%, 11/15/2048 (b)		62,684		62,499

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Business Jet Securities LLC
Series 2018-2, Class A, 4.45%, 6/15/2033 (b)		194,317		195,883
Series 2018-2, Class B, 5.44%, 6/15/2033 (b)		192,177		193,328
CarFinance Capital Auto Trust Series 2015-1A, Class A, 1.75%, 6/15/2021 (b)		5,849		5,844
CLUB Credit Trust
Series 2017-NP1, Class B, 3.17%, 4/17/2023 ‡ (b)		52,997		52,989
Series 2018-NP1, Class A, 2.99%, 5/15/2024 (b)		110,794		110,848
Series 2018-NP1, Class B, 3.67%, 5/15/2024 ‡ (b)		115,000		114,809
CPS Auto Receivables Trust Series 2018-B, Class B, 3.23%, 7/15/2022 (b)		100,000		99,728
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 5/17/2027 (b)		250,000		250,505
Drive Auto Receivables Trust Series 2016-BA, Class C, 3.19%, 7/15/2022 (b)		40,312		40,360
DT Auto Owner Trust
Series 2017-4A, Class B, 2.44%, 1/15/2021 (b)		146,000		145,395
Series 2017-2A, Class B, 2.44%, 2/15/2021 (b)		100,000		99,896
Series 2017-3A, Class B, 2.40%, 5/17/2021 (b)		215,000		214,365
Series 2018-1A, Class B, 3.04%, 1/18/2022 (b)		98,000		97,805
Series 2018-1A, Class D, 3.81%, 12/15/2023 (b)		88,000		87,663
ENGS Commercial Finance Trust Series 2018-1A, Class A2, 3.39%, 2/22/2023 (b)		100,000		99,712
Exeter Automobile Receivables Trust
Series 2017-3A, Class A, 2.05%, 12/15/2021 (b)		138,773		138,147
Series 2017-1A, Class B, 3.00%, 12/15/2021 (b)		45,000		44,939
Series 2018-2A, Class B, 3.27%, 5/16/2022 (b)		100,000		99,881
First Investors Auto Owner Trust
Series 2015-1A, Class D, 3.59%, 1/18/2022 (b)		100,000		100,021
Series 2016-2A, Class C, 2.53%, 7/15/2022 ‡ (b)		200,000		196,525
Series 2018-1A, Class A2, 3.22%, 1/17/2023 (b)		45,000		45,052

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 5

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued
Flagship Credit Auto Trust
Series 2016-2, Class C, 6.22%, 9/15/2022 (b)		100,000		104,156
Series 2017-2, Class B, 2.57%, 4/15/2023 (b)		115,000		113,900
Series 2018-2, Class B, 3.56%, 5/15/2023 (b)		150,000		150,125
Series 2017-4, Class C, 2.92%, 11/15/2023 (b)		150,000		146,836
GM Financial Automobile Leasing Trust Series 2015-3, Class C, 2.98%, 11/20/2019		118,715		118,737
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b)		176,681		179,205
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)		107,090		106,997
Lendmark Funding Trust Series 2016-2A, Class B, 4.66%, 4/21/2025 ‡ (b)		100,000		100,899
Marlette Funding Trust Series 2018-2A, Class A, 3.06%, 7/17/2028 (b)		83,318		83,313
OnDeck Asset Securitization Trust LLC Series 2018-1A, Class A, 3.50%, 4/18/2022 (b)		104,000		103,950
OneMain Direct Auto Receivables Trust Series 2017-2A, Class B, 2.55%, 11/14/2023 (b)		100,000		98,802
OneMain Financial Issuance Trust
Series 2014-2A, Class C, 4.33%, 9/18/2024 ‡ (b)		7,082		7,088
Series 2015-2A, Class A, 2.57%, 7/18/2025 (b)		14,962		14,959
Series 2015-1A, Class A, 3.19%, 3/18/2026 (b)		135,602		135,849
Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (b)		140,000		142,098
Series 2016-2A, Class A, 4.10%, 3/20/2028 (b)		78,564		79,035
Series 2016-1A, Class A, 3.66%, 2/20/2029 (b)		100,000		100,419
Prosper Marketplace Issuance Trust
Series 2017-1A, Class A, 2.56%, 6/15/2023 (b)		85,319		85,298
Series 2017-2A, Class A, 2.41%, 9/15/2023 (b)		97,787		97,659
Series 2018-1A, Class A, 3.11%, 6/17/2024 (b)		115,982		116,031
Series 2018-2A, Class A, 3.35%, 10/15/2024 (b)		141,000		140,969

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Santander Drive Auto Receivables Trust
Series 2017-1, Class C, 2.58%, 5/16/2022		78,000		77,535
Series 2018-1, Class B, 2.63%, 7/15/2022		177,000		176,060
Series 2017-3, Class C, 2.76%, 12/15/2022		39,000		38,519
SoFi Consumer Loan Program LLC
Series 2016-3, Class A, 3.05%, 12/26/2025 (b)		100,234		99,888
Series 2017-1, Class A, 3.28%, 1/26/2026 (b)		103,189		103,201
Series 2017-2, Class A, 3.28%, 2/25/2026 (b)		106,818		106,700
SoFi Consumer Loan Program Trust Series 2018-2, Class A1, 2.93%, 4/26/2027 (b)		150,453		150,263
Springleaf Funding Trust
Series 2015-AA, Class A, 3.16%, 11/15/2024 (b)		48,630		48,646
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (b)		100,000		99,098
Tidewater Auto Receivables Trust Series 2018-AA, Class C, 3.84%, 11/15/2024 (b)		250,000		249,925
Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057 (a) (b)		92,729		90,672
VOLT LVII LLC Series 2017-NPL4, Class A1, 3.38%, 4/25/2047 ‡ (b) (c)		44,087		43,950
VOLT LXI LLC Series 2017-NPL8, Class A1, 3.13%, 6/25/2047 ��� (b) (c)		50,350		49,964
VOLT LXIX LLC
Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 (b) (c)		100,000		99,918
Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 (b) (c)		100,000		99,888
VOLT LXVII LLC Series 2018-NPL3, Class A1, 4.37%, 6/25/2048 ‡ (b) (c)		98,969		98,955
Westgate Resorts LLC
Series 2018-1A, Class A, 3.38%, 12/20/2031 (b)		233,105		232,781
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (b)		233,105		231,677
Westlake Automobile Receivables Trust Series 2016-2A, Class C, 2.83%, 5/17/2021 (b)		150,000		150,029
Total Asset-Backed Securities (Cost $7,707,822)				7,716,829

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — 23.4%
Aerospace & Defense — 0.4%
Northrop Grumman Corp. 3.20%, 2/1/2027		30,000		28,351
3.85%, 4/15/2045		20,000		18,278
Rockwell Collins, Inc. 2.80%, 3/15/2022		20,000		19,522
3.50%, 3/15/2027		15,000		14,366
United Technologies Corp. 2.80%, 5/4/2024		25,000		23,846
				104,363
Automobiles — 0.7%
Ford Motor Co. 4.35%, 12/8/2026		30,000		28,175
7.45%, 7/16/2031		35,000		38,793
General Motors Co. 5.15%, 4/1/2038		30,000		28,465
Hyundai Capital America 3.45%, 3/12/2021 (b)		30,000		29,566
Nissan Motor Acceptance Corp. 3.15%, 3/15/2021 (b)		60,000		59,540
				184,539
Banks — 4.6%
Australia & New Zealand Banking Group Ltd. (Australia) 5.10%, 1/13/2020 (b)		100,000		102,862
Bank of America Corp. (ICE LIBOR USD 3 Month + 0.93%), 2.82%, 7/21/2023 (d)		65,000		63,107
4.20%, 8/26/2024		60,000		60,282
5.00%, 1/21/2044		55,000		59,438
Bank of Montreal (Canada) 2.10%, 6/15/2020		70,000		68,930
Bank of Nova Scotia (The) (Canada)
2.35%, 10/21/2020		60,000		59,057
Citigroup, Inc. 3.75%, 6/16/2024		60,000		60,101
8.13%, 7/15/2039		30,000		43,092
Citizens Financial Group, Inc. 2.38%, 7/28/2021		50,000		48,356
Commonwealth Bank of Australia (Australia) 2.25%, 3/10/2020 (b)		30,000		29,625
3.45%, 3/16/2023 (b)		70,000		69,736
Huntington Bancshares, Inc. 2.30%, 1/14/2022		50,000		48,119
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.46%, 3/2/2023		45,000		44,784
3.78%, 3/2/2025		45,000		44,980
PNC Financial Services Group, Inc. (The) 5.13%, 2/8/2020		35,000		36,038
Regions Financial Corp. 2.75%, 8/14/2022		40,000		38,789

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Banks — continued
Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		30,000		29,646
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.06%, 7/14/2021		30,000		28,887
3.10%, 1/17/2023		25,000		24,514
3.36%, 7/12/2027		25,000		23,960
SunTrust Bank 2.25%, 1/31/2020		25,000		24,744
Wells Fargo & Co.
Series M, 3.45%, 2/13/2023		70,000		68,968
4.65%, 11/4/2044		30,000		29,496
Westpac Banking Corp. (Australia) 3.40%, 1/25/2028		65,000		62,805
				1,170,316
Beverages — 0.4%
Anheuser-Busch InBev Finance, Inc. (Belgium) 3.65%, 2/1/2026		25,000		24,456
4.90%, 2/1/2046		25,000		25,407
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 3.75%, 1/15/2022		25,000		25,396
Molson Coors Brewing Co.
4.20%, 7/15/2046		15,000		13,334
				88,593
Biotechnology — 0.5%
AbbVie, Inc. 2.85%, 5/14/2023		30,000		29,014
Amgen, Inc. 4.95%, 10/1/2041		15,000		15,353
Celgene Corp. 3.25%, 8/15/2022		15,000		14,850
4.63%, 5/15/2044		20,000		18,836
Gilead Sciences, Inc. 3.70%, 4/1/2024		30,000		30,165
4.80%, 4/1/2044		15,000		15,641
				123,859
Building Products — 0.2%
Masco Corp. 4.45%, 4/1/2025		25,000		25,388
Owens Corning 4.20%, 12/15/2022		15,000		15,156
				40,544
Capital Markets — 1.5%
Credit Suisse AG (Switzerland) 5.40%, 1/14/2020		25,000		25,704
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		15,000		19,296
Goldman Sachs Group, Inc. (The) 4.00%, 3/3/2024		50,000		50,448
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		65,000		60,417

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 7

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Macquarie Group Ltd. (Australia) 6.00%, 1/14/2020 (b)		10,000		10,338
6.25%, 1/14/2021 (b)		30,000		31,821
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (d)		20,000		18,686
Morgan Stanley 2.63%, 11/17/2021		45,000		43,944
3.13%, 1/23/2023		30,000		29,482
4.00%, 7/23/2025		60,000		60,220
3.95%, 4/23/2027		25,000		24,082
				374,438
Chemicals — 0.4%
Mosaic Co. (The) 3.25%, 11/15/2022		10,000		9,811
4.05%, 11/15/2027		10,000		9,712
5.63%, 11/15/2043		10,000		10,208
Nutrien Ltd. (Canada) 3.00%, 4/1/2025		20,000		18,564
6.13%, 1/15/2041		20,000		22,754
Sherwin-Williams Co. (The) 2.75%, 6/1/2022		35,000		34,060
				105,109
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		30,000		27,858
Consumer Finance — 0.6%
American Express Co. 2.50%, 8/1/2022		30,000		28,883
Capital One Financial Corp. 4.75%, 7/15/2021		15,000		15,523
4.20%, 10/29/2025		15,000		14,759
3.75%, 3/9/2027		25,000		23,846
General Motors Financial Co., Inc. 4.20%, 3/1/2021		25,000		25,346
3.25%, 1/5/2023		20,000		19,373
HSBC Finance Corp. 6.68%, 1/15/2021		30,000		31,991
				159,721
Diversified Financial Services — 0.2%
ORIX Corp. (Japan) 3.70%, 7/18/2027		30,000		29,034
Shell International Finance BV (Netherlands) 5.50%, 3/25/2040		25,000		29,610
				58,644
Diversified Telecommunication Services — 1.0%
AT&T, Inc. 3.00%, 6/30/2022		25,000		24,420

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Diversified Telecommunication Services — continued
3.40%, 5/15/2025		30,000		28,503
5.35%, 9/1/2040		65,000		63,952
Telefonica Emisiones SAU (Spain) 5.13%, 4/27/2020		10,000		10,303
5.46%, 2/16/2021		10,000		10,469
7.05%, 6/20/2036		15,000		18,187
Verizon Communications, Inc. 4.33%, 9/21/2028 (b)		41,000		41,306
4.86%, 8/21/2046		55,000		54,355
				251,495
Electric Utilities — 1.4%
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036		20,000		23,624
Duke Energy Corp. 1.80%, 9/1/2021		15,000		14,371
2.65%, 9/1/2026		25,000		22,737
3.75%, 9/1/2046		25,000		22,364
Edison International 4.13%, 3/15/2028		20,000		20,042
Emera US Finance LP (Canada) 2.15%, 6/15/2019		10,000		9,927
3.55%, 6/15/2026		10,000		9,503
4.75%, 6/15/2046		10,000		9,992
Entergy Louisiana LLC 4.00%, 3/15/2033		40,000		40,663
Fortis, Inc. (Canada) 3.06%, 10/4/2026		30,000		27,710
Indiana Michigan Power Co.
Series K, 4.55%, 3/15/2046		15,000		15,723
LG&E & KU Energy LLC 3.75%, 11/15/2020		20,000		20,153
Metropolitan Edison Co. 3.50%, 3/15/2023 (b)		15,000		14,898
Pacific Gas & Electric Co. 3.50%, 10/1/2020		30,000		29,999
3.30%, 3/15/2027		30,000		27,636
PNM Resources, Inc. 3.25%, 3/9/2021		15,000		14,904
PPL Capital Funding, Inc. 3.10%, 5/15/2026		20,000		18,732
Southern Co. (The) 3.25%, 7/1/2026		30,000		28,221
				371,199
Electrical Equipment — 0.2%
Eaton Corp. 2.75%, 11/2/2022		20,000		19,514
3.10%, 9/15/2027		25,000		23,562
				43,076
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.25%, 9/8/2024		25,000		23,559

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — 0.1%
Halliburton Co. 3.80%, 11/15/2025		25,000		24,949
4.50%, 11/15/2041		10,000		9,883
				34,832
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp. 5.00%, 2/15/2024		30,000		31,492
Brixmor Operating Partnership LP 3.65%, 6/15/2024		25,000		24,218
EPR Properties 5.25%, 7/15/2023		15,000		15,508
4.50%, 6/1/2027		10,000		9,641
Government Properties Income Trust 3.75%, 8/15/2019		20,000		20,104
Host Hotels & Resorts LP 5.25%, 3/15/2022		15,000		15,594
3.88%, 4/1/2024		15,000		14,773
Liberty Property LP 4.40%, 2/15/2024		35,000		35,717
National Retail Properties, Inc. 3.80%, 10/15/2022		20,000		20,060
4.00%, 11/15/2025		20,000		19,822
Realty Income Corp. 3.25%, 10/15/2022		20,000		19,822
3.65%, 1/15/2028		25,000		24,315
Select Income 3.60%, 2/1/2020		20,000		19,914
Senior Housing Properties Trust 3.25%, 5/1/2019		30,000		30,006
VEREIT Operating Partnership LP 4.13%, 6/1/2021		15,000		15,191
4.88%, 6/1/2026		10,000		10,155
Welltower, Inc. 6.13%, 4/15/2020		15,000		15,638
4.00%, 6/1/2025		25,000		24,790
				366,760
Food & Staples Retailing — 0.3%
Kroger Co. (The) 2.65%, 10/15/2026		20,000		17,997
5.15%, 8/1/2043		20,000		19,984
Sysco Corp. 3.55%, 3/15/2025		20,000		19,654
4.45%, 3/15/2048		30,000		29,755
				87,390
Food Products — 0.5%
Campbell Soup Co. 3.65%, 3/15/2023		20,000		19,553
3.80%, 8/2/2042		20,000		15,684

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Food Products — continued
Kraft Heinz Foods Co. 3.95%, 7/15/2025		20,000		19,685
6.50%, 2/9/2040		15,000		17,003
Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044		20,000		20,754
Tyson Foods, Inc. 4.50%, 6/15/2022		15,000		15,453
3.95%, 8/15/2024		15,000		15,052
5.15%, 8/15/2044		10,000		10,238
				133,422
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories 2.55%, 3/15/2022		15,000		14,589
3.75%, 11/30/2026		30,000		29,744
4.75%, 11/30/2036		15,000		15,958
Becton Dickinson and Co. 2.89%, 6/6/2022		10,000		9,736
3.70%, 6/6/2027		15,000		14,363
Zimmer Biomet Holdings, Inc. 3.70%, 3/19/2023		6,000		6,009
3.55%, 4/1/2025		10,000		9,640
				100,039
Health Care Providers & Services — 0.7%
Aetna, Inc. 2.80%, 6/15/2023		35,000		33,734
Anthem, Inc. 3.70%, 8/15/2021		15,000		15,133
3.35%, 12/1/2024		15,000		14,588
4.63%, 5/15/2042		20,000		19,378
CVS Health Corp. 3.70%, 3/9/2023		30,000		29,919
4.30%, 3/25/2028		41,000		40,691
4.78%, 3/25/2038		27,000		26,859
				180,302
Hotels, Restaurants & Leisure — 0.2%
McDonald’s Corp. 3.80%, 4/1/2028		35,000		34,790
Household Durables — 0.1%
Newell Brands, Inc. 4.00%, 12/1/2024		10,000		9,729
4.20%, 4/1/2026		15,000		14,419
5.38%, 4/1/2036		10,000		9,629
				33,777
Independent Power and Renewable Electricity Producers — 0.2%
Exelon Generation Co. LLC 5.75%, 10/1/2041		45,000		45,975

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 9

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Industrial Conglomerates — 0.4%
General Electric Co. 3.38%, 3/11/2024		40,000		39,592
4.13%, 10/9/2042		35,000		31,975
Roper Technologies, Inc. 2.80%, 12/15/2021		30,000		29,443
				101,010
Insurance — 1.5%
American Financial Group, Inc. 3.50%, 8/15/2026		20,000		18,863
American International Group, Inc. 3.30%, 3/1/2021		10,000		9,995
3.75%, 7/10/2025		20,000		19,565
3.88%, 1/15/2035		25,000		22,678
Athene Global Funding 3.00%, 7/1/2022 (b)		25,000		24,348
Athene Holding Ltd. 4.13%, 1/12/2028		10,000		9,381
Cincinnati Financial Corp. 6.92%, 5/15/2028		20,000		24,549
Lincoln National Corp. 4.20%, 3/15/2022		15,000		15,305
3.63%, 12/12/2026		15,000		14,539
4.35%, 3/1/2048		20,000		18,970
Markel Corp. 3.50%, 11/1/2027		20,000		18,838
Metropolitan Life Global Funding I 2.00%, 4/14/2020 (b)		150,000		147,650
Prudential Financial, Inc.
3.88%, 3/27/2028		30,000		30,073
				374,754
IT Services — 0.1%
Western Union Co. (The) 3.60%, 3/15/2022		10,000		9,921
Media — 0.5%
Charter Communications Operating LLC 5.75%, 4/1/2048		10,000		9,833
Comcast Corp. 3.38%, 2/15/2025		30,000		29,238
3.20%, 7/15/2036		40,000		34,371
Cox Communications, Inc. 3.15%, 8/15/2024 (b)		25,000		23,833
4.60%, 8/15/2047 (b)		15,000		13,998
				111,273
Metals & Mining — 0.2%
Glencore Funding LLC (Switzerland) 3.13%, 4/29/2019 (b)		20,000		19,885
4.63%, 4/29/2024 (b)		15,000		15,099
				34,984

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Multiline Retail — 0.0% (e)
Dollar General Corp. 4.13%, 5/1/2028		5,000		4,984
Multi-Utilities — 0.4%
Dominion Energy, Inc. 4.45%, 3/15/2021		15,000		15,360
Series D, 2.85%, 8/15/2026		25,000		22,796
Series C, 4.05%, 9/15/2042		20,000		18,776
Sempra Energy 2.40%, 3/15/2020		20,000		19,741
3.80%, 2/1/2038		25,000		22,957
				99,630
Oil, Gas & Consumable Fuels — 2.2%
Anadarko Petroleum Corp. 3.45%, 7/15/2024		25,000		24,238
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b)		30,000		29,750
Buckeye Partners LP 4.35%, 10/15/2024		10,000		9,852
5.85%, 11/15/2043		10,000		9,466
Canadian Natural Resources Ltd. (Canada) 3.80%, 4/15/2024		15,000		14,902
6.45%, 6/30/2033		15,000		17,752
Cenovus Energy, Inc. (Canada) 3.00%, 8/15/2022		25,000		24,051
Enbridge, Inc. (Canada) 4.25%, 12/1/2026		20,000		20,088
Enterprise Products Operating LLC 5.25%, 1/31/2020		25,000		25,736
3.75%, 2/15/2025		30,000		30,098
5.10%, 2/15/2045		15,000		15,889
Kinder Morgan Energy Partners LP 3.95%, 9/1/2022		25,000		25,261
Marathon Petroleum Corp. 6.50%, 3/1/2041		15,000		17,696
MPLX LP 4.13%, 3/1/2027		15,000		14,674
4.50%, 4/15/2038		10,000		9,296
Nexen Energy ULC (China) 5.88%, 3/10/2035		20,000		23,169
Noble Energy, Inc. 5.05%, 11/15/2044		30,000		29,392
ONEOK Partners LP 4.90%, 3/15/2025		30,000		31,616
Phillips 66 3.90%, 3/15/2028		20,000		19,818
4.88%, 11/15/2044		20,000		20,674
Spectra Energy Partners LP 4.50%, 3/15/2045		20,000		19,041
Sunoco Logistics Partners Operations LP 4.25%, 4/1/2024		15,000		15,030
4.00%, 10/1/2027		10,000		9,560
5.35%, 5/15/2045		30,000		29,014

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
TransCanada PipeLines Ltd. (Canada) 4.88%, 1/15/2026		25,000		26,261
4.63%, 3/1/2034		15,000		15,181
5.00%, 10/16/2043		10,000		10,301
Williams Cos., Inc. (The) 3.90%, 1/15/2025		20,000		19,785
				557,591
Pharmaceuticals — 0.2%
Allergan Funding SCS 3.00%, 3/12/2020		10,000		9,973
4.55%, 3/15/2035		10,000		9,804
Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		30,000		28,989
				48,766
Road & Rail — 0.2%
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		30,000		30,883
ERAC USA Finance LLC 5.63%, 3/15/2042 (b)		30,000		33,280
				64,163
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom Corp. 2.65%, 1/15/2023		20,000		18,921
3.88%, 1/15/2027		25,000		23,372
				42,293
Software — 0.2%
Oracle Corp. 3.85%, 7/15/2036		60,000		58,249
Specialty Retail — 0.1%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		25,000		25,605
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 4.65%, 2/23/2046		30,000		32,675
Dell International LLC 4.42%, 6/15/2021 (b)		25,000		25,424
				58,099
Tobacco — 0.2%
BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020 (b)		30,000		29,728
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		25,000		27,251
				56,979
Trading Companies & Distributors — 0.3%
Aviation Capital Group LLC 2.88%, 1/20/2022 (b)		30,000		29,138
3.50%, 11/1/2027 (b)		20,000		18,428
International Lease Finance Corp. 4.63%, 4/15/2021		35,000		35,752
				83,318

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Wireless Telecommunication Services — 0.2%
Vodafone Group plc (United Kingdom) 3.75%, 1/16/2024		20,000		19,830
4.38%, 5/30/2028		25,000		24,788
5.00%, 5/30/2038		11,000		10,944
				55,562
Total Corporate Bonds (Cost $6,005,533)				5,931,781
Commercial Mortgage-backed Securities — 8.8%
20 Times Square Trust
Series 2018-20TS, Class D, 3.20%, 5/15/2035 ‡ (a) (b)		100,000		95,384
Series 2018-20TS, Class E, 3.20%, 5/15/2035 ‡ (a) (b)		100,000		94,368
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class A3, 2.82%, 4/10/2046		24,674		24,206
Series 2014-GC19, Class A3, 3.75%, 3/10/2047		15,000		15,156
Series 2014-GC23, Class A3, 3.36%, 7/10/2047		15,000		14,946
Cold Storage Trust
Series 2017-ICE3, Class B, 3.31%, 4/15/2036 ‡ (a) (b)		200,000		200,999
Commercial Mortgage Trust
Series 2014-PAT, Class A, 2.87%, 8/13/2027 (a) (b)		125,000		125,000
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047		15,000		15,169
Series 2014-CR17, Class A4, 3.70%, 5/10/2047		30,000		30,459
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		25,000		25,140
Core Industrial Trust Series 2015-CALW, Class A, 3.04%, 2/10/2034 (b)		42,690		42,459
FHLMC Multifamily Structured Pass-Through Certificates Series K731, Class AM, 3.60%, 2/25/2025 (a)		200,000		203,748
FREMF Mortgage Trust Series 2013-K26, Class B, 3.72%, 12/25/2045 (a) (b)		99,000		99,190
GPMT Ltd. (Cayman Islands) Series 2018-FL1, Class AS, 3.27%, 11/21/2035 ‡ (a) (b)		150,000		150,217
GS Mortgage Securities Trust
Series 2013-GC16, Class AS, 4.65%, 11/10/2046		111,000		116,312
Series 2013-GC16, Class B, 5.16%, 11/10/2046 (a)		50,000		53,102

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 11

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Commercial Mortgage-backed Securities — continued
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-FL6, Class B, 4.34%, 11/15/2031 ‡ (a) (b)		151,880		152,224
Series 2013-LC11, Class A4, 2.69%, 4/15/2046		16,480		16,115
Series 2011-C5, Class B, 5.58%, 8/15/2046 (a) (b)		169,000		176,464
JPMBB Commercial Mortgage Securities Trust Series 2013-C15, Class C, 5.25%, 11/15/2045 (a)		30,000		31,347
JPMCC Re-REMIC Trust Series 2014-FRR1, Class BK10, 2.52%, 11/27/2049 ‡ (a) (b)		180,000		172,611
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C18, Class A2, 3.19%, 10/15/2047		90,568		90,917
Series 2015-C27, Class A3, 3.47%, 12/15/2047		130,000		129,234
Wells Fargo Commercial Mortgage Trust Series 2015-NXS4, Class A3, 3.45%, 12/15/2048		130,000		129,134
WFRBS Commercial Mortgage Trust Series 2013-C13, Class A3, 2.75%, 5/15/2045		28,283		27,638
Total Commercial Mortgage-Backed Securities (Cost $2,214,344)				2,231,539
U.S. Treasury Obligations — 1.9%
U.S. Treasury Notes 2.63%, 2/28/2023		265,000		263,706
2.75%, 2/15/2028		230,000		227,727
Total U.S. Treasury Obligations (Cost $492,813)				491,433
Mortgage-Backed Securities — 1.5%
FNMA, Other
Pool # AM4660, 3.77%, 12/1/2025		135,000		138,603
Pool # AM5940, 3.24%, 6/1/2026		69,873		69,744
Pool # AM6428, 3.58%, 8/1/2029		89,161		90,099
Pool # AM6430, 3.58%, 8/1/2029		89,161		90,099
Total Mortgage-Backed Securities (Cost $390,190)				388,545

INVESTMENTS	SHARES		VALUE($)
Short-term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (f) (g) (Cost $551,948)		551,860		552,025
Total Investments — 99.7% (Cost $25,335,755)				25,299,434
Other Assets Less Liabilities — 0.3%				85,619
NET ASSETS — 100.0%			$	25,385,053

Percentages indicated are based on net assets.

Abbreviations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GS	Goldman Sachs
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
USD	United States Dollar
(a)	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, 2018.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(c)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2018.
(d)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of August 31, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited)

	JPMorgan Core Focus SMA Fund
ASSETS:
Investments in non-affiliates, at value	$	24,747,409
Investments in affiliates, at value		552,025
Cash		8,715
Receivables:
Interest from non-affiliates		112,394
Dividends from affiliates		982
Due from Adviser		2,903
Prepaid expenses		14,562
Total Assets		25,438,990
LIABILITIES:
Accrued liabilities:
Custodian and accounting fees		7,608
Trustees’ and Chief Compliance Officer’s fees		1
Audit fees		40,299
Printing & Postage fees		3,116
Other		2,913
Total Liabilities		53,937
Net Assets	$	25,385,053
NET ASSETS:
Paid-in-Capital	$	25,424,974
Accumulated undistributed (distributions in excess of) net investment income		(595	)
Accumulated net realized gains (losses)		(3,005	)
Net unrealized appreciation (depreciation)		(36,321	)
Total Net Assets	$	25,385,053
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		2,542,570
Net asset value, offering and redemption price per share (a)	$	9.98
Cost of investments in non-affiliates	$	24,783,807
Cost of investments in affiliates		551,948

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 13

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

	JPMorgan Core Focus SMA Fund (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$	402,826
Interest income from affiliates		2,725
Dividend income from affiliates		18,828
Total investment income		424,379
EXPENSES:
Administration fees		10,221
Custodian and accounting fees		14,676
Professional fees		40,448
Trustees’ and Chief Compliance Officer’s fees		10,457
Printing and mailing costs		6,044
Registration and filing fees		15
Transfer agency fees		99
Offering costs		14,804
Other		4,304
Total expenses		101,068
Less fees waived		(10,221	)
Less expense reimbursements		(90,847	)
Net expenses		—
Net investment income (loss)		424,379
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(2,415	)
Investments in affiliates		(634	)
Net realized gain (loss)		(3,049	)
Distributions of capital gains received from investment company affiliates		44
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(36,398	)
Investments in affiliates		77
Change in net unrealized appreciation/depreciation		(36,321	)
Net realized/unrealized gains (losses)		(39,326	)
Change in net assets resulting from operations	$	385,053

(a) Commencement of operations was March 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

STATEMENT OF CHANGES IN NET ASSETS

FOR THE PERIOD INDICATED

	JPMorgan Core Focus SMA Fund
	Period Ended August 31, 2018 (a) (Unaudited)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	424,379
Net realized gain (loss)		(3,049	)
Distributions of capital gains received from investment company affiliates		44
Change in net unrealized appreciation/depreciation		(36,321	)
Change in net assets resulting from operations		385,053
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income		(424,974	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	25,000,000
Distributions reinvested		424,974
Change in net assets resulting from capital transactions	$	25,424,974
NET ASSETS:
Change in net assets		25,385,053
Beginning of period		—
End of period	$	25,385,053
Accumulated undistributed (distributions in excess of) net investment income	$	(595	)
SHARE TRANSACTIONS:
Issued		2,500,000
Reinvested		42,570
Change in Shares		2,542,570

(a) Commencement of operations was March 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 15

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
JPMorgan Core Focus SMA Fund
March 1, 2018 (g) through August 31, 2018 (Unaudited)	$	10.00	$	0.17	$	(0.02	)	$	0.15	$	(0.17	)

(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) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended August 31, 2018.

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

		Ratios/Supplemental data
													Ratios to average net assets (a)
Net asset value, end of period		Total return (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (f)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	9.98		1.50	%	$	25,385,053		—	%		3.37	%		0.82	%		32	%

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 17

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (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 is a separate fund of the Trust (the “Fund”) covered by this report:

	Diversified/Non-Diversified
JPMorgan Core Focus SMA Fund*	Diversified

The investment objective of the Fund is to seek to maximize total return from a portfolio of investment grade bonds securities.

* Commenced operations on March 1, 2018.

Shares of the Fund may be purchased only by or on behalf of separately managed accounts where J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Fund’s shares may not be purchased directly by individuals..

2. Significant Accounting Policies

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

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to

value level 3 securities held by the Fund at August 31, 2018.

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

18 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

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

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

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

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

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

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments:

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	6,520,767	$	1,196,062	$	7,716,829
Collateralized Mortgage Obligations		—		7,987,282		—		7,987,282
Commercial Mortgage-Backed Securities		—		1,365,736		865,803		2,231,539
Corporate Bonds
Other Corporate Bonds		—		5,931,781		—		5,931,781
Total Corporate Bonds		—		5,931,781		—		5,931,781
Mortgage-Backed Securities		—		388,545		—		388,545
U.S. Treasury Obligations		—		491,433		—		491,433
Short-Term Investments
Investment Companies		552,025		—		—		552,025
Total Investments in Securities	$	552,025	$	22,685,544	$	2,061,865	$	25,299,434

There were no transfers between any levels during the six months ended August 31, 2018.

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

	Balance as of February 28, 2018		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)		Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2018
Investments in Securities:
Asset-Backed Securities	$	—	$	—	$	(481	)	$	249	$	1,570,331	$	(374,037	)	$	—	$	—	$	1,196,062
Commercial Mortgage-Backed Securities		—		—		5,579			237		928,138		(68,151	)		—		—		865,803
	$	—	$	—	$	5,098		$	486	$	2,498,469	$	(442,188	)	$	—	$	—	$	2,061,865

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.

The change in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2018, which were valued using significant unobservable inputs (level 3), amounted to $5,098.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 19

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (continued)

Core Focus SMA Fund

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at August 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	1,196,062	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (18.81%)
				Yield (Discount Rate of Cash Flows)		2.37% - 4.42% (3.87%)
Asset-Backed Securities		1,196,062
		715,587	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.23% - 4.73% (4.47%)
Commercial Mortgage-Backed Securities		715,587
Total	$	1,911,649

# The table above does not include certain level 3 securities that are valued by brokers and pricing services. At August 31, 2018, the value of these securities was $150,216. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

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

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund. As of August 31, 2018, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be affiliated issuer. Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

For the six months ended August 31, 2018
Security Description	Value at March 1, 2018 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04% (b)(c)	$	—	$	29,331,884	$	28,779,302	$	(634	)	$	77	$	552,025		551,860	$	18,828	$	44

(a) Commencement of operations was March 1, 2018.

(b) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c) The rate shown is the current yield as of August 31, 2018.

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.

E. Allocation of 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.

F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of August 31, 2018, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

20 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Fund. It should be understood, however, that the Fund is an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated by the separately managed account sponsors.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the period ended August 31, 2018, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank N.A. (“JPMCB”) serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares. JPMDS receives no compensation in its capacity as the Fund’s underwriter.

D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amount paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian may be reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

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

E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) are borne by the Funds pursuant to contractual arrangements with the Adviser through June 30, 2019.

For the period ended August 31, 2018, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers Administration Fees		Contractual Reimbursements
$	10,221	$	(90,847	)

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

The amount of these waivers resulting from investments in these money market funds for the period ended August 31, 2018 was $2,725.

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

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

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

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (continued)

During the period ended August 31, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the period ended August 31, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the period ended August 31, 2018, 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
$	26,976,376	$	2,664,598	$	4,479,980	$	3,985,576

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, 2018 were as follows:

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	25,335,755	$	77,199	$	113,520	$	(36,321	)

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the period ended August 31, 2018.

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

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the period ended August 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

22 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

As of August 31, 2018, the Fund had one affiliated omnibus account that owned approximately 100% of the Fund’s outstanding shares.

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

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. 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 been raising interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

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

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

8. New Accounting Pronouncement

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

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

9. Subsequent Event

Effective October 5, 2018, the Fund may engage in securities lending to broker dealers or other financial institutions approved by the Fund. Citibank N.A. serves as lending agent for the Fund.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 23

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Fund at the beginning of the reporting period, March 1, 2018, and continued to hold your shares at the end of the reporting period, August 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 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, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period†*		Annualized Expense Ratio†
JPMorgan Core Focus SMA Fund
Actual	$	1,000.00	$	1,015.00	$	—		—	%
Hypothetical		1,000.00		1,025.21		—		—

† Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program.

* Expenses are equal to the Fund’s respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Commencement of operations was March 1, 2018.

24 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(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 2018, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein ( the “Advisory Agreement”). 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 Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s 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. 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 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 Advisory Agreement, the Trustees reviewed the Advisory Agreement 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 Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the overall arrangement between the Fund and the Adviser, as provided in the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

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 the 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 the 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 the Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the 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 the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund 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 Fund, 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 the Fund.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 25

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 Fund by the Adviser.

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

The Trustees noted that there was no advisory fee charged to the Funds. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, 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 on their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser did not earn fees from the Fund for providing administrative services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the 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.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that there was not an investment advisory fee charged to the Fund. The Trustees also

considered that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees also considered that the Adviser has added or enhanced services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

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

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 the 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 the 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 the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees considered the Fund’s investment strategy and process, portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

26 J.P. MORGAN SMA FUNDS AUGUST 31, 2018

Advisory Fees and Expense Ratios

The Fund is not charged a separate investment advisory fee by the Adviser because the Fund is offered as a component of the SMA Strategy to participants in separately managed account programs that hold both the Fund and other securities and investments directly for the SMA clients. The Adviser is compensated by the separately managed account sponsors. The Trustees considered the Fund’s contractual advisory fee rate and administration fee rate and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the Fee

Caps currently in place for the Fund and considered the expenses of the Fund after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustee, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Fund’s expense ratios are summarized below:

The Trustees noted that, based upon the Universe, the Fund’s contractual advisory fee and the actual total expenses were in the first quintile. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

AUGUST 31, 2018 J.P. MORGAN SMA FUNDS 27

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. August 2018. SAN-CFSMA-818

Semi-Annual Report

J.P. Morgan Municipal Bond Funds

August 31, 2018 (Unaudited)

JPMorgan Municipal Income Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Municipal Income Fund	3
JPMorgan Short-Intermediate Municipal Bond Fund	5
JPMorgan Tax Free Bond Fund	7
JPMorgan Ultra-Short Municipal Fund	9
Schedules of Portfolio Investments	11
Financial Statements	82
Financial Highlights	94
Notes to Financial Statements	102
Schedule of Shareholder Expenses	113
Board Approval of Investment Advisory Agreements	115

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 9, 2018 (Unaudited)

Dear Shareholder,

The world’s leading economies continued to expand in the six months ended August 31, 2018, though the pattern of synchronized global growth that had characterized the previous two years began to dissipate amid geopolitical tensions and rising borrowing costs for emerging market nations.

  “During the reporting period, the current U.S. economic expansion became the second longest on record.” — George C.W. Gatch

U.S. gross domestic product (GDP) growth surged to 4.2% in the second quarter of 2018 from 2.2% in the first quarter. Notably, unemployment stood at 3.9% in August, though wage growth remained subdued. While the U.S. raised import tariffs on Chinese goods worth billions of dollars and the Chinese government responded in kind during the reporting period, trade tensions with China and other U.S. trading partners appeared to have little impact on business sentiment in the U.S. In response to continued economic growth and falling unemployment, the U.S. Federal Reserve raised benchmark interest rates in March and again in June. (Subsequent to the end of the reporting period, the central bank raised interest rates in September 2018.)

In the European Union, positive economic growth was clouded by political uncertainty. Second quarter GDP rose 2.1%, though core inflation remained below the European Central Bank’s (ECB) target rate. Unemployment in the 19-nation euro area fell to 8.1% in August, the lowest level since November 2008. However, a new government in Italy raised investor concerns that its budget plans would deviate from the European Commission’s stability and growth pact and force the commission to enact punitive measures. Against this backdrop, the ECB held to its plan to maintain interest rates at current levels until at least next summer. Meanwhile, negotiations over the U.K.’s exit from the European Union continued without resolution, raising political tensions between leaders in the EU and the U.K. as well as within the Britain’s ruling Conservative Party.

While trade tensions led to a decline in Chinese exports to the U.S., the Chinese government took steps to further stimulate domestic demand and capital outflows from China appeared limited at the end of the reporting period.

Meanwhile, select emerging market nations saw the value of their currencies and their sovereign debt plummet. Nations dependent on foreign lending and imported petroleum were hit hardest by rising U.S. interest rates and a strengthening U.S. dollar that effectively raised borrowing costs. The economies of Argentina, Brazil, South Africa and Turkey were among those hurt by rising borrowing costs and/or political uncertainty.

In financial markets, U.S. equities largely recovered from a sharp sell-off in February 2018 and outperformed other regions and other asset classes. Record corporate earnings, strong consumer spending and positive economic data bolstered equity prices and pushed the S&P 500 Index to record highs in August. Equity prices in other developed markets were weak and prices fell sharply in emerging markets. Bond markets were mixed, with limited positive returns in select U.S. Treasury bonds and U.S. high yield bonds (also called “junk bonds”) and negative returns for emerging markets debt. Notably, global energy prices rose somewhat during the reporting period, which supported oil exporting economies without becoming a large drag on global economic growth.

During the reporting period, the current U.S. economic expansion became the second longest on record. While the underlying fundamentals of continued global economic growth remained in place at the end of August, the longer-term impact of protectionist U.S. trade policy and the extent of currency devaluation in emerging markets were key issues looming over global financial markets.

We believe that investors may be best served by a well-diversified portfolio and a patient outlook. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

During the reporting period, U.S. bond markets largely underperformed U.S. equities, which were supported by record corporate profits, strong consumer spending and continued economic growth. The U.S. Federal Reserve raised interest rates in March and again in June.

Within fixed-income markets, high yield bonds (also known as “junk bonds”) continued to outperform investment grade corporate debt and U.S. Treasury bonds. However, bond prices overall were weighed down by expectations of accelerating inflation and rising interest rates as the U.S. economic expansion became the second-longest on record.

Within the U.S. municipal bond market, interest rates rose significantly in the short end of the yield curve but largely moved in a narrow band for maturities of five years and longer during the reporting period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. For the six months ended August 31, 2018, the Bloomberg Barclays Municipal Bond Index returned 1.75%.

2 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		1.17%
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		1.57%
Net Assets as of 8/31/2018 (In Thousands)	$	201,430
Duration as of 8/31/2018		4.7 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, 2018, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”). Interest rates rose on two-year and five-year bonds during the reporting period and moved in a narrow range and ended slightly lower on ten-year, fifteen-year and thirty-year bonds. Overall, lower quality bonds outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s shorter duration in the housing sector hurt performance as interest rates rose on bonds with shorter maturities. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with shorter duration will experience a larger decrease in price as interest rates rise. The Fund’s underweight position in the ten-plus-year portion of the yield curve and its underweight position in general obligation bonds also detracted from relative performance. 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 overweight position and longer duration in the hospital sector and its underweight position in the pre-refunded sector were leading contributors to relative per-

formance. The Fund’s overweight position in single-A rated bonds also helped 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 slightly shorter than that of the Benchmark.

CREDIT QUALITY ALLOCATIONS***
AAA	23.5	%
AA	46.5
A	22.9
BBB	5.5
NR	1.6

* 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, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge**			(2.85	)%		(4.79	)%		1.98	%		2.72	%
Without Sales Charge			0.92			(1.03	)		2.75			3.12
CLASS C SHARES	November 4, 1997
With CDSC***			(0.24	)		(2.49	)		2.17			2.54
Without CDSC			0.76			(1.49	)		2.17			2.54
CLASS I SHARES	February 9, 1993		1.17			(0.69	)		3.01			3.39
CLASS R6 SHARES	November 6, 2017		1.11			(0.71	)		3.01			3.38

* 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 (8/31/08 TO 8/31/18)

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

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

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, 2008 to August 31, 2018. 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, 2018

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		0.94%
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index		0.94%
Net Assets as of 8/31/2018 (In Thousands)	$	1,631,990
Duration as of 8/31/2018		3.3 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, 2018, the Fund performed in line with the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”). During the reporting period, interest rates rose on two-year and five-year bonds and moved in a narrow band on two-year, fifteen-year and thirty-year bonds before ending the period slightly lower. Overall, lower quality bonds outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s longer duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price as interest rates fall. The Fund’s underweight position in pre-refunded bonds and its overweight positions in the hospitals sector and in California bonds also helped relative performance.

The Funds underweight positions in industrial development revenue/pollution control revenue bonds, leasing sector bonds and in state general obligation bonds were leading detractors from performance relative to the Benchmark.

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	24.5	%
AA	45.0
A	22.1
BBB	5.2
NR	3.2

* 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, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge**			(1.34	)%		(2.72	)%		0.46	%		1.02	%
Without Sales Charge			0.94			(0.52	)		0.92			1.25
CLASS C SHARES	November 1, 2001
With CDSC***			(0.33	)		(2.06	)		0.42			0.74
Without CDSC			0.67			(1.06	)		0.42			0.74
CLASS I SHARES	June 19, 2009		1.17			(0.07	)		1.39			1.73

* 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 (8/31/08 TO 8/31/18)

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

Returns for Class I Shares prior to its inception date 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, 2008 to August 31, 2018. 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 invest-

ment 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.

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 A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.

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

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

6 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	1.41%
Bloomberg Barclays Municipal Bond Index	1.75%
Net Assets as of 8/31/2018 (In Thousands)	$368,925
Duration as of 8/31/2018	6.5 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, 2018, the Fund underperformed the Bloomberg Barclays Municipal Bond Index (the “Benchmark”). Interest rates rose on two-year and five-year bonds during the reporting period, while interest rates on ten-year, fifteen-year and thirty-year bonds moved in a narrow range and ended slightly lower. Overall, lower rated bonds outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s overweight position in pre-refunded bonds and its underweight positions in the leasing sector and in bonds issued by California and Illinois detracted from performance.

The Fund’s longer overall duration compared with the Benchmark was a leading contributor to 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 rise. The Fund’s overweight allocation to the ten-plus year portion of the yield curve also helped relative performance. 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 overweight positions in the housing, hospital and industrial development revenue/pollution control revenue bond sector and its overweight positions in single-A rated bonds and BBB rated bonds also helped 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	12.2	%
AA	49.7
A	21.8
BBB	12.9
NR	3.4

* 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, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge**			(2.39	)%		(3.31	)%		3.34	%		3.33	%
Without Sales Charge			1.41			0.43			4.13			3.72
CLASS C SHARES	July 1, 2008
With CDSC***			0.13			(1.14	)		3.45			3.03
Without CDSC			1.13			(0.14	)		3.45			3.03
CLASS I SHARES	February 1, 1995		1.53			0.66			4.31			3.91

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/08 TO 8/31/18)

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

The 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, 2008 to August 31, 2018. 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.

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

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

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

8 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		0.73%
Bloomberg Barclays 1 Year Municipal Bond Index		0.69%
Net Assets as of 8/31/2018 (In Thousands)	$	2,417,755
Duration as of 8/31/2018		0.7 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, 2018, the Fund outperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”). Interest rates on two-year and five-year bonds generally rose during the reporting period, while interest rates on ten-year, fifteen-year and thirty-year bonds moved in a narrow band and ended slightly lower. Lower rated bonds generally outperformed higher rated bonds during the reporting period.

Relative to the Benchmark, the Fund’s allocation to floating rate bonds, which are not held in the Benchmark, was a leading contributor to performance. The Fund’s underweight position in pre-refunded bonds and its overweight positions in the housing and hospital sectors also contributed to relative performance.

The Fund’s underweight position in single-A rated bonds was a leading detractor from performance relative to the Benchmark. The Fund’s underweight position in state general obligation bonds and its overweight positions in local government obligation bonds and the transportation sector also detracted from 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	16.4	%
AA	37.7
A	17.4
BBB	4.6
BB	0.1
NR	23.8

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

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

*** Percentages indicated are based on total investments as of August 31, 2018. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Ultra-Short Municipal Fund

FUND SUMMARY

SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2016
With Sales Charge**				(1.79	)%		(1.66	)%		(0.36	)%
Without Sales Charge				0.47			0.59			0.65
CLASS I SHARES		May 31, 2016		0.73			0.90			0.90

* Not annualized.

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

LIFE OF FUND PERFORMANCE (5/31/16 TO 8/31/18)

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

The Fund commenced operations on 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, 2018. 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.

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.

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.

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.

10 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.2% (a)
Alabama — 1.2%
Utility — 1.2%
The Lower Alabama Gas District, Gas Project Series A, Rev., 5.00%, 9/1/2031		2,000		2,334
Alaska — 0.5%
Housing — 0.5%
Alaska Housing Finance Corp., General Mortgage Series A, Rev., 3.50%, 6/1/2046		895		920
Arizona — 2.7%
Water & Sewer — 2.7%
City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2022		2,645		2,964
City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,478
Total Arizona				5,442
California — 1.1%
General Obligation — 0.5%
Salinas Union High School District GO, BAN, Zero Coupon, 8/1/2020		1,000		962
Hospital — 0.2%
California Municipal Finance Authority, Eisenhower Medical Center Series B, Rev., 5.00%, 7/1/2026		410		465
Other Revenue — 0.4%
State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		685		706
Total California				2,133
Colorado — 1.5%
Education — 1.0%
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project
Rev., 4.00%, 9/1/2020		450		467
Rev., 5.00%, 9/1/2022		470		517
Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 1.92%, 10/1/2018 (b)		1,000		1,014
				1,998
Hospital — 0.5%
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (c)		1,000		1,021
Total Colorado				3,019

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Connecticut — 2.7%
Education — 1.6%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., 5.25%, 11/15/2023		1,560		1,665
Series A, Rev., 5.25%, 11/15/2024		1,500		1,599
				3,264
Housing — 1.1%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Subseries A-1, Rev., 4.00%, 11/15/2045		475		494
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,240		1,300
Subseries A-1, Rev., 4.00%, 11/15/2047		450		471
				2,265
Total Connecticut				5,529
Delaware — 0.1%
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		265		273
District of Columbia — 2.2%
Transportation — 0.6%
Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series B, Rev., 5.00%, 7/1/2025		1,000		1,165
Water & Sewer — 1.6%
District of Columbia Water and Sewer Authority Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		3,000		3,348
Total District of Columbia				4,513
Florida — 8.6%
Certificate of Participation/Lease — 3.0%
South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,565
The School Board of Miami-Dade County Series D, COP, 5.00%, 2/1/2027		3,000		3,450
				6,015
Hospital — 0.6%
Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021		1,100		1,189

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.3%
Florida Housing Finance Corp., Homeowner Mortgage, Special Program
Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		185		188
Series B, Rev., GNMA COLL, 4.50%, 1/1/2029		220		223
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		280		287
				698
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		919
County of Escambia, Pollution Control, Gulf Power Company Project Rev., 2.10%, 4/11/2019 (c)		500		500
				1,419
Other Revenue — 1.1%
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,248
Utility — 2.9%
City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,813
Total Florida				17,382
Georgia — 1.5%
Hospital — 0.5%
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		990
Housing — 1.0%
Georgia Housing and Finance Authority, Single Family Mortgage
Series A, Rev., 4.00%, 12/1/2047		705		737
Series B, Rev., 4.00%, 12/1/2047		1,245		1,307
				2,044
Total Georgia				3,034
Guam — 0.4%
Water & Sewer — 0.4%
Guam Government Waterworks Authority, Water and Wastewater System (Guam)
Rev., 5.00%, 7/1/2023		375		416
Rev., 5.00%, 7/1/2024		300		336
Total Guam				752

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Illinois — 0.9%
Hospital — 0.2%
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		410
Housing — 0.7%
City of Aurora, Single Family Mortgage
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		127		127
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		133		133
City of Peoria, City of Moline and City of Freeport, Collateralized Single Family Mortgage Series A, Rev., GNMA COLL, 7.60%, 4/1/2027		10		10
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		1,090		1,118
				1,388
Total Illinois				1,798
Indiana — 2.9%
Hospital — 0.9%
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034		1,670		1,886
Housing — 0.2%
Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		355		365
Industrial Development Revenue/Pollution Control Revenue — 1.1%
County of St. Joseph, Economic Development, St. Mary's College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,151
Water & Sewer — 0.7%
Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series A, Rev., 5.00%, 10/1/2030		1,250		1,377
Total Indiana				5,779
Iowa — 1.5%
Education — 0.5%
Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,113
Housing — 1.0%
Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2028		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — continued
Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,935		1,996
				2,006
Total Iowa				3,119
Kentucky — 0.5%
Education — 0.3%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020		515		537
Industrial Development Revenue/Pollution Control Revenue — 0.2%
County of Carroll, Pollution Control, Kentucky Utilities Company Project Series A, Rev., 1.05%, 9/1/2019 (c)		500		496
Total Kentucky				1,033
Louisiana — 0.8%
Housing — 0.2%
East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program Series A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		73		73
Louisiana Housing Finance Agency, Single Family Mortgage, Home Ownership Program Series A, Rev., GNMA/FNMA/FHLMC, 5.50%, 6/1/2040		215		216
Louisiana Housing Finance Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.60%, 12/1/2028		5		5
				294
Other Revenue — 0.6%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		789
Louisiana Public Facilities Authority, Archdiocese of New Orleans Project
Rev., 5.00%, 7/1/2021		165		178
Rev., 5.00%, 7/1/2022		250		274
				1,241
Total Louisiana				1,535
Maine — 0.7%
Housing — 0.7%
Maine State Housing Authority
Series A-1, Rev., AMT, 4.50%, 11/15/2028		210		217
Series B, Rev., 4.00%, 11/15/2043		175		180
Series A, Rev., 4.00%, 11/15/2045		925		964
Total Maine				1,361

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Maryland — 0.7%
Housing — 0.7%
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 7/1/2048		1,405		1,471
Massachusetts — 7.4%
Education — 1.1%
Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,073
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,059
				2,132
Housing — 0.3%
Massachusetts Housing Finance Agency, Single Family Housing
Series 169, Rev., 4.00%, 12/1/2044		250		258
Series 183, Rev., 3.50%, 12/1/2046		395		406
				664
Water & Sewer — 6.0%
Massachusetts Clean Water Trust, Pool Program Rev., 5.25%, 8/1/2024		3,000		3,514
Massachusetts Water Resources Authority
Series B, Rev., AGM, 5.25%, 8/1/2028		5,000		6,189
Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,499
				12,202
Total Massachusetts				14,998
Michigan — 1.7%
Education — 0.3%
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		661
Housing — 0.6%
Michigan State Housing Development Authority, Single-Family Mortgage Series B, Rev., 3.50%, 6/1/2047		1,100		1,129
Industrial Development Revenue/Pollution Control Revenue — 0.8%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (c)		570		556
Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		1,075		1,111
				1,667
Total Michigan				3,457

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Minnesota — 3.0%
General Obligation — 0.0% (d)
State of Minnesota Series A, GO, 5.00%, 10/1/2021 (e)		35		38
Housing — 3.0%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		295		304
Series B, Rev., GNMA/FNMA/FHLMC, 5.15%, 12/1/2038		7		8
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		233		233
Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project Rev., 6.10%, 9/1/2019		210		210
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		92		92
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		370		375
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series A, Rev., GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		200		203
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		170		176
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024		1,015		1,109
Rev., 5.25%, 8/1/2025		1,070		1,169
Rev., 5.25%, 8/1/2026		825		901
Minnesota Housing Finance Agency, Residential Housing Finance
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		215		220
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		920		962
				5,962
Total Minnesota				6,000
Mississippi — 0.1%
Housing — 0.1%
Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031		280		286

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — 0.9%
Housing — 0.9%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		1,680		1,731
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		145		148
Total Missouri				1,879
Nebraska — 0.9%
Hospital — 0.9%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030		1,020		1,108
Rev., 5.00%, 7/1/2031		720		781
Total Nebraska				1,889
Nevada — 0.7%
Hospital — 0.7%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2026		555		636
Rev., 5.00%, 9/1/2029		620		708
Total Nevada				1,344
New Hampshire — 2.6%
Education — 2.6%
City of Manchester, School Facilities
Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,160
Rev., NATL-RE, 5.50%, 6/1/2027		900		1,105
Total New Hampshire				5,265
New Jersey — 4.0%
Education — 1.0%
New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		1,958
General Obligation — 0.7%
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,433
Hospital — 1.6%
New Jersey Health Care Facilities Financing Authority, University Hospital Issue
Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,095
Series A, Rev., AGM, 5.00%, 7/1/2023		820		912

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,251
				3,258
Housing — 0.7%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		1,250		1,339
Total New Jersey				7,988
New York — 7.6%
Housing — 1.6%
New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044		1,455		1,499
Series 195, Rev., 4.00%, 10/1/2046		1,470		1,531
New York State Mortgage Agency, 39th Series Rev., 5.00%, 4/1/2028		170		174
				3,204
Other Revenue — 0.8%
New York State Dormitory Authority, State Sales Tax Series B, Rev., 5.00%, 3/15/2030		1,500		1,732
Prerefunded — 0.0% (d)
New York State Dormitory Authority Series A, Rev., 5.25%, 2/15/2019 (e)		5		5
Special Tax — 0.0% (d)
New York State Dormitory Authority, State Personal Income Tax Series A, Rev., 5.25%, 2/15/2024		75		76
Transportation — 1.7%
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,110
Port Authority of New York and New Jersey, Consolidated, 194th Series Rev., 5.00%, 10/15/2030		2,000		2,314
				3,424
Water & Sewer — 3.5%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031		1,000		1,146
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution
Series A, Rev., 5.25%, 6/15/2027		2,500		2,570
Series B, Rev., 5.00%, 6/15/2028		3,000		3,257
				6,973
Total New York				15,414

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
North Carolina — 2.3%
Other Revenue — 0.6%
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000			1,175
Water & Sewer — 1.7%
City of Charlotte, Water and Sewer System Rev., 5.25%, 7/1/2022		3,330			3,428
			��
Total North Carolina					4,603
North Dakota — 3.2%
Housing — 2.2%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 5.00%, 7/1/2028		130			132
Series D, Rev., 4.50%, 1/1/2029		285			287
Series F, Rev., AMT, 4.50%, 1/1/2035		260			265
Series D, Rev., 3.50%, 7/1/2046		510			525
Series D, Rev., 4.00%, 7/1/2046		1,615			1,682
Series D, Rev., FHA, 4.00%, 1/1/2048		1,415			1,487
					4,378
Utility — 1.0%
McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		2,000			2,081
Total North Dakota					6,459
Ohio — 2.5%
General Obligation — 0.9%
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500			1,775
Housing — 0.7%
Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		1,220			1,277
Ohio Housing Finance Agency, Single Family Mortgage Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		15			15
					1,292
Industrial Development Revenue/Pollution Control Revenue — 0.9%
Ohio State Water Development Authority, Water Pollution Control Loan Fund Series B, Rev., 5.00%, 12/1/2029		1,615			1,878
Total Ohio					4,945
Oklahoma — 0.3%
Housing — 0.3%
Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/1/2038		380			388

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — continued
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program Series A, Rev., GNMA COLL, 4.38%, 9/1/2027		180		183
				571
Other Revenue — 0.0% (d)
IDK Partners III Trust, Mortgage Pass-Through Certificates Class A, Rev., 5.10%, 8/1/2023 ‡		17		17
Total Oklahoma				588
Oregon — 0.4%
Housing — 0.4%
Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		785		817
Pennsylvania — 4.5%
Housing — 1.1%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 121, Rev., 3.50%, 10/1/2046		1,615		1,662
Series 122, Rev., 4.00%, 10/1/2046		490		512
				2,174
Industrial Development Revenue/Pollution Control Revenue — 2.4%
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., 5.00%, 12/1/2023		2,020		2,236
Rev., AGM, 5.00%, 12/1/2026		1,550		1,777
Rev., AGM, 5.00%, 12/1/2027		680		782
				4,795
Other Revenue — 1.0%
Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative Rev., 5.00%, 4/15/2019		2,000		2,038
Total Pennsylvania				9,007
Rhode Island — 1.0%
Housing — 1.0%
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing Series 1-A, Rev., 1.70%, 10/1/2019 (c)		2,000		1,999
South Carolina — 1.3%
Housing — 0.7%
South Carolina State Housing Finance and Development Authority
Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		135		138

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — continued
Series A, Rev., 4.00%, 1/1/2047		380		397
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		885		929
				1,464
Other Revenue — 0.6%
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,147
Total South Carolina				2,611
South Dakota — 1.0%
Housing — 1.0%
South Dakota Housing Development Authority, Homeownership Mortgage Series D, Rev., 4.00%, 11/1/2045		1,850		1,929
Tennessee — 1.1%
Housing — 1.1%
Tennessee Housing Development Agency, Housing Finance Program Series A-1, Rev., 5.00%, 1/1/2027		110		112
Tennessee Housing Development Agency, Residential Finance Program
Series 2B, Rev., 4.00%, 7/1/2043		235		243
Rev., 3.50%, 1/1/2048		1,845		1,903
Total Tennessee				2,258
Texas — 5.1%
General Obligation — 1.4%
Socorro Independent School District Series A, GO, PSF-GTD, 5.00%, 8/15/2024		2,000		2,299
State of Texas, Water Financial Assistance Series D, GO, 5.00%, 5/15/2033		450		514
				2,813
Hospital — 0.4%
Irving Hospital Authority, Baylor Scott and White Medical Center
Rev., 5.00%, 10/15/2026		250		283
Rev., 5.00%, 10/15/2027		500		565
				848
Housing — 0.7%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (c)		1,025		1,026
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		380		395
				1,421

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.6%
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,086
Transportation — 1.6%
Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,212
Water & Sewer — 0.4%
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		800
Total Texas				10,180
Utah — 4.2%
Housing — 2.6%
Utah Housing Corp., Single Family Mortgage Series D, Rev., FHA, 4.00%, 1/1/2045		1,520		1,587
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,667
				5,254
Other Revenue — 0.6%
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,193
Utility — 1.0%
Utah Associated Municipal Power System, Horse Butte Wind Project Series B, Rev., 5.00%, 9/1/2033		1,700		1,960
Total Utah				8,407
Vermont — 3.4%
Education — 2.5%
Vermont Student Assistance Corp., Education Loan
Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,087
Series A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,530
Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,365
				4,982
Housing — 0.9%
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		200		204
Series B, Rev., AMT, 3.75%, 11/1/2045		1,570		1,615
				1,819
Total Vermont				6,801
Washington — 3.3%
Hospital — 1.7%
Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,108

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
Washington Health Care Facilities Authority, Virginia Mason Medical Center Rev., 5.00%, 8/15/2026		1,125		1,268
				3,376
Housing — 1.6%
Washington Housing Finance Commission, Single-Family Program
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		400		410
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,720		2,799
				3,209
Total Washington				6,585
West Virginia — 0.5%
Other Revenue — 0.5%
West Virginia Economic Development Authority, Lease, Correctional Juvenile and Public Safety Facilities Series A, Rev., 5.00%, 6/1/2029		1,000		1,094
Wisconsin — 2.7%
Education — 2.7%
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024		250		285
Rev., 5.00%, 7/1/2025		250		287
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Rev., 5.00%, 9/1/2022		520		565
Rev., 5.00%, 9/1/2023		550		604
Rev., 5.00%, 9/1/2024		580		643
Rev., 5.00%, 9/1/2025		235		262
Rev., 5.00%, 9/1/2026		385		431
Rev., 5.00%, 9/1/2027		785		883
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series C, Rev., 5.00%, 2/15/2027		400		459
Series C, Rev., 5.00%, 2/15/2028		575		658
Series C, Rev., 5.00%, 2/15/2029		375		426
Total Wisconsin				5,503
Total Municipal Bonds (Cost $192,330)				193,733

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38% (f) (g) (Cost $5,294)		5,294		5,294
Total Investments — 98.8% (Cost $197,624)				199,027
Other Assets Less Liabilities — 1.2%				2,403
NET ASSETS — 100.0%				201,430

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
BRRH	Boca Raton Regional Hospital
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
USD	United States Dollar

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(c)	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, 2018.
(d)	Amount rounds to less than 0.1% of net assets.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of August 31, 2018.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.4% (a)
Alabama — 1.6%
Other Revenue — 0.0% (b)
Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		560
Special Tax — 0.2%
Birmingham-Jefferson Civic Center Authority, Special Tax
Series A, Rev., 5.00%, 7/1/2031		1,100		1,275
Series A, Rev., 5.00%, 7/1/2032		1,150		1,326
				2,601
Utility — 1.4%
Black Belt Energy Gas District, Gas Prepay
Series B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 2.11%, 9/13/2018 (c)		7,500		7,464
Black Belt Energy Gas District, Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (d)		8,320		8,684
Southeast Alabama Gas District, Project No. 1
Series A, Rev., 5.00%, 4/1/2021		2,865		3,067
Series A, Rev., 5.00%, 4/1/2022		3,220		3,504
				22,719
Total Alabama				25,880
Alaska — 0.0% (b)
Utility — 0.0% (b)
City of Anchorage, Electric Utilities, Senior Lien Series A, Rev., 5.00%, 12/1/2023		500		564
Arizona — 1.6%
Certificate of Participation/Lease — 0.0% (b)
Arizona School Facilities Board Series A-1, COP, 5.00%, 9/1/2019		500		516
General Obligation — 0.2%
City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,839
Hospital — 0.3%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series A, Rev., 5.00%, 12/1/2025		3,540		4,010
Industrial Development Revenue/Pollution Control Revenue — 1.1%
Maricopa County Industrial Development Authority, Banner Health
Series B, Rev., 5.00%, 10/18/2022 (d)		7,370		8,189
Series C, Rev., 5.00%, 10/18/2024 (d)		9,000		10,307
				18,496

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 0.0% (b)
Town of Marana, Excise Tax
Series B, Rev., 4.00%, 7/1/2020		75		78
Series B, Rev., 5.00%, 7/1/2021		100		108
				186
Total Arizona				26,047
Arkansas — 0.3%
Education — 0.2%
University of Arkansas, UAMS Campus
Rev., 5.00%, 3/1/2020		535		560
Rev., 5.00%, 3/1/2025		500		579
Rev., 5.00%, 3/1/2026		1,000		1,153
University of Central Arkansas, Student Housing System Series A, Rev., 5.00%, 11/1/2021		1,600		1,749
				4,041
Other Revenue — 0.1%
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		381
City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		612
				993
Total Arkansas				5,034
California — 26.4%
Certificate of Participation/Lease — 0.1%
City of Chula Vista, Police Facility Project
COP, 5.00%, 10/1/2021		360		395
COP, 5.00%, 10/1/2022		465		523
COP, 5.00%, 10/1/2023		1,000		1,148
Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		150
				2,216
Education — 1.0%
California Educational Facilities Authority, Claremont McKenna College Series A, Rev., 4.00%, 1/1/2024		1,675		1,852
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2025		275		316
Rev., 5.00%, 10/1/2026		150		173
Rev., 5.00%, 10/1/2027		150		175
Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (d)		11,505		13,204
				15,720

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — 8.6%
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,179
City and County of San Francisco Series A, GO, 5.00%, 6/15/2025		5,310		5,933
County of Los Angeles, Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,033
County of Sacramento, San Juan Unified School District, Election of 2002
GO, 5.00%, 8/1/2019		860		888
GO, 5.00%, 8/1/2020		775		826
County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,095
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2023		350		403
Grossmont Healthcare District
Series D, GO, 5.00%, 7/15/2026		1,225		1,441
Series D, GO, 5.00%, 7/15/2027		1,285		1,505
Grossmont Healthcare District, Election of 2006 Series C, GO, 5.00%, 7/15/2026		1,000		1,176
Los Angeles Unified School District Series C, GO, 5.00%, 7/1/2021		11,535		12,600
Moulton-Niguel Water District Consolidated GO, 5.00%, 9/1/2018		300		300
Novato Unified School District
GO, 4.00%, 2/1/2022		535		577
GO, 5.00%, 2/1/2023		685		778
GO, 5.00%, 2/1/2024		870		1,008
GO, 5.00%, 8/1/2025		1,500		1,741
GO, 5.00%, 8/1/2026		1,800		2,082
Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,376
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,097
Salinas Union High School District GO, BAN, Zero Coupon, 8/1/2020		2,000		1,923
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax Series R-3, GO, 5.00%, 7/1/2019		6,310		6,495
San Diego Unified School District, Election of 2012 Series F, GO, 5.00%, 7/1/2029		550		644
San Francisco Bay Area Rapid Transit District, Election of 2004
Series D, GO, 3.00%, 8/1/2022		2,735		2,869
Series D, GO, 5.00%, 8/1/2027		1,500		1,775
Series D, GO, 5.00%, 8/1/2028		1,685		1,990
San Francisco Unified School District
Series A, GO, 4.00%, 8/1/2022		30		33
Series B, GO, 5.00%, 8/1/2026		50		60

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,808
San Mateo County Community College District
GO, 5.00%, 9/1/2025		700		817
GO, 5.00%, 9/1/2026		1,095		1,274
State of California, Various Purpose
Series B, GO, 5.00%, 9/1/2023		2,810		3,227
GO, 5.00%, 11/1/2023		3,560		4,101
GO, 5.00%, 3/1/2026		13,210		15,473
GO, 5.00%, 9/1/2026		4,900		5,885
GO, 4.00%, 8/1/2028		4,000		4,458
GO, 5.00%, 9/1/2028		2,500		2,739
GO, 4.00%, 8/1/2029		4,180		4,631
GO, 5.00%, 8/1/2029		7,830		9,272
GO, 4.00%, 8/1/2030		10,000		11,001
Vacaville Unified School District, Election of 2014 Series B, GO, 4.00%, 8/1/2019		1,000		1,023
Whittier Union School District GO, 5.00%, 8/1/2023		10,495		12,036
				140,572
Hospital — 3.1%
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,190
California Health Facilities Financing Authority, Kaiser Permanente
Series C, Rev., 5.00%, 11/1/2022 (d)		5,000		5,619
Series D, Rev., 5.00%, 11/1/2022 (d)		17,420		19,579
California Health Facilities Financing Authority, Providence Health and Services
Series A, Rev., 5.00%, 10/1/2021		750		822
Series A, Rev., 5.00%, 10/1/2022		1,500		1,683
California Health Facilities Financing Authority, St. Joseph Health System
Series C, Rev., 5.00%, 10/15/2019 (d)		5,000		5,191
Series D, Rev., 5.00%, 10/15/2020 (d)		12,870		13,766
California Municipal Finance Authority, NorthBay Healthcare Group
Series A, Rev., 5.00%, 11/1/2023		500		549
Series A, Rev., 5.00%, 11/1/2024		800		887
Series A, Rev., 5.00%, 11/1/2025		745		833
California Statewide Communities Development Authority, Marin General Hospital Project Rev., 5.00%, 8/1/2028		250		298
				51,417

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.4%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016-A, Rev., 5.00%, 10/1/2032		1,725		1,890
California Statewide Communities Development Authority, LA Puente Park Apartments Series F, Rev., 1.20%, 10/1/2018 (d)		4,750		4,749
				6,639
Other Revenue — 3.2%
Alameda County Transport Authority, Sales Tax
Rev., 4.00%, 3/1/2019		5,000		5,066
Rev., 5.00%, 3/1/2020		1,240		1,305
Rev., 4.00%, 3/1/2022		5,000		5,403
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Series A-3, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.00%, 10/1/2018 (c)		8,000		8,120
Series A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.00%, 10/1/2018 (c)		7,000		7,090
California Municipal Finance Authority, Biola University
Rev., 4.00%, 10/1/2019		205		210
Rev., 5.00%, 10/1/2021		370		404
California State Public Works Board, Department of General Services Series F, Rev., 5.00%, 5/1/2021		4,500		4,892
Contra Costa County Transportation Authority, Sales Tax
Series B, Rev., 5.00%, 3/1/2019		1,750		1,783
Series A, Rev., 4.00%, 3/1/2023		3,420		3,761
Series A, Rev., 5.00%, 3/1/2023		2,420		2,766
Series A, Rev., 5.00%, 3/1/2024		2,000		2,335
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A, Rev., 5.00%, 6/1/2021		1,000		1,085
Riverside Community Properties Development, Inc., Riverside County Law Building Project
Rev., 5.00%, 10/15/2018 (e)		640		643
Rev., 5.00%, 10/15/2019 (e)		780		810
San Diego County Regional Transportation Commission, Sales Tax
Series A, Rev., 5.00%, 4/1/2021		250		271
Series A, Rev., 5.00%, 4/1/2022		100		112
San Francisco Bay Area Rapid Transit District, Sales Tax
Series A, Rev., 5.00%, 7/1/2024		525		611
Series A, Rev., 5.00%, 7/1/2025		905		1,070

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
San Francisco State Building Authority and Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022		1,700		1,918
Santa Clara County Financing Authority, Capital Projects Series A, Rev., 5.00%, 2/1/2019		1,225		1,244
Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,174
				52,073
Prerefunded — 0.4%
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016-A, Rev., 5.00%, 10/1/2021 (e)		1,275		1,403
California State Public Works Board, California State University Series E, Rev., 5.00%, 4/1/2019 (e)		1,160		1,184
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series C, Rev., 5.00%, 3/1/2023 (e)		2,820		3,210
				5,797
Transportation — 4.0%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area
Series G, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.09%, 9/13/2018 (c)		9,000		9,106
Series C, Rev., 1.88%, 4/1/2019 (d)		7,550		7,552
Series S-7, Rev., 4.00%, 4/1/2029		20,000		22,200
City of Los Angeles Department of Airports
Series C, Rev., 5.00%, 5/15/2019		1,000		1,025
Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,720
Series C, Rev., 5.00%, 5/15/2022		750		832
Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,736
Series B, Rev., 4.00%, 5/15/2023		315		344
Series B, Rev., 4.00%, 5/15/2024		365		402
Series C, Rev., 5.00%, 5/15/2024		700		805
Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,091
Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,226
Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		2,904
Los Angeles County Metropolitan Transportation Authority Series A, Rev., 5.00%, 7/1/2019		9,665		9,959
				65,902
Utility — 2.2%
California Infrastructure and Economic Development Bank, Pacific Gas and Electric Co. Series E, Rev., 1.75%, 6/1/2022 (d)		3,500		3,278

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — continued
City of Los Angeles Department of Water and Power, Power System Series B, Rev., 5.00%, 12/1/2018		10,000		10,059
City of Los Angeles, Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025		100		119
Sacramento Municipal Utility District, Electric
Series E, Rev., 5.00%, 8/15/2022		2,740		3,082
Series E, Rev., 5.00%, 8/15/2027		105		129
San Francisco City and County Public Utilities Commission Water, Green Bonds Series C, Rev., 2.12%, 10/1/2023 (d)		10,000		9,935
Southern California Public Power Authority, Magnolia Power Project Series 1, Rev., 2.00%, 7/1/2020 (d)		7,000		7,010
Southern California, Public Power Authority Canyon Power Project Series A, Rev., 5.00%, 7/1/2026		1,000		1,093
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		453
				35,158
Water & Sewer — 3.4%
Burlingame Financing Authority Water and Wastewater Rev., 4.00%, 4/1/2020		250		260
California State Department of Water Resources, Central Valley Project Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.71%, 9/13/2018 (c)		10,000		10,078
California State Department of Water Resources, Power Supply Series L, Rev., 5.00%, 5/1/2019		15,000		15,362
City of Los Angeles Wastewater System Subordinate
Series A, Rev., 5.00%, 6/1/2019		1,250		1,284
Series A, Rev., 5.00%, 6/1/2022		2,750		3,075
County of San Mateo, Silicon Valley Clean Water Rev., 4.00%, 2/1/2019		400		405
East Bay Municipal Utility District, Wastewater System
Series B, Rev., 5.00%, 6/1/2019		2,330		2,394
Series A, Rev., 5.00%, 6/1/2020		3,000		3,186
Eastern Municipal Water District, Water and Wastewater
Series C, Rev., 5.00%, 7/1/2021		2,530		2,771
Series C, Rev., 5.00%, 7/1/2022		1,700		1,909

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — continued
Metropolitan Water District of Southern California
Series A, Rev., 5.00%, 7/1/2019		8,000		8,239
Series C-1, Rev., 3.00%, 10/1/2019 (d)		6,105		6,184
				55,147
Total California				430,641
Colorado — 1.7%
Certificate of Participation/Lease — 0.3%
City of Aurora
COP, 3.00%, 12/1/2020		125		128
COP, 4.00%, 12/1/2022		375		404
City of Longmont
Series A, COP, 5.00%, 12/1/2021		100		110
Series A, COP, 5.00%, 12/1/2022		100		112
Series A, COP, 5.00%, 12/1/2024		100		113
County of Boulder, Flood Reconstruction Projects
COP, 5.00%, 12/1/2022		720		769
COP, 5.00%, 12/1/2023		500		534
COP, 5.00%, 12/1/2025		500		534
County of Eagle
COP, 3.00%, 12/1/2018		500		502
COP, 5.00%, 12/1/2022		200		222
State of Colorado Department of Transportation, Headquarters Facilities Lease Purchase Agreement
COP, 3.00%, 6/15/2020		250		255
COP, 3.00%, 6/15/2021		1,000		1,030
COP, 5.00%, 6/15/2023		450		508
				5,221
Education — 0.3%
Board of Governors of the University of Colorado, Enterprise System Series B, Rev., 5.00%, 3/1/2029		650		757
University of Colorado, Enterprise System Series A-2, Rev., 5.00%, 6/1/2022		1,080		1,197
University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,492
				5,446
General Obligation — 0.1%
Counties of Gunnison, Watershed School District No. 1
GO, 4.00%, 12/1/2022		300		325
GO, 5.00%, 12/1/2026		500		577
				902

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 0.3%
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2027		675		777
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (d)		1,150		1,159
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (d)		2,620		2,676
				4,612
Housing — 0.3%
Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project Rev., 1.50%, 11/1/2019 (d)		5,000		4,974
Other Revenue — 0.1%
Denver Convention Center Hotel Authority
Rev., 4.00%, 12/1/2019		375		383
Rev., 4.00%, 12/1/2020		500		519
				902
Prerefunded — 0.2%
Regional Transportation District Series A, COP, 5.00%, 6/1/2020 (e)		3,700		3,903
Transportation — 0.1%
E-470 Public Highway Authority, Senior LIBOR Index Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%), 2.29%, 9/13/2018 (c)		2,500		2,506
Total Colorado				28,466
Connecticut — 3.7%
Education — 2.1%
Connecticut State Health and Educational Facility Authority, Sacred Heart University Series I-1, Rev., 5.00%, 7/1/2031		400		459
State of Connecticut, Health and Educational Facilities Authority, Hartford Healthcare Issue Series G, Rev., (ICE LIBOR USD 1 Month + 0.95%), 2.39%, 10/1/2018 (c)		15,000		15,130
State of Connecticut, Health and Educational Facility Authority Series B, Rev., (ICE LIBOR USD 1 Month + 0.55%), 1.97%, 10/1/2018 (c)		18,775		18,865
				34,454
General Obligation — 1.6%
State of Connecticut Series A, GO, BAN, 5.00%, 9/14/2018		24,750		24,772

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
State of Connecticut, SIFMA Index Series B, GO, (SIFMA Municipal Swap Index Yield + 0.49%), 1.98%, 9/13/2018 (c)		1,500		1,499
				26,271
Total Connecticut				60,725
Delaware — 0.0% (b)
General Obligation — 0.0% (b)
State of Delaware GO, 5.00%, 7/1/2019		120		123
District of Columbia — 0.2%
Hospital — 0.1%
District of Columbia Children's Hospital
Rev., 5.00%, 7/15/2021		500		542
Rev., 5.00%, 7/15/2022		850		940
				1,482
Transportation — 0.1%
Metropolitan Washington Airports Authority, Airport System Series C, Rev., 5.00%, 10/1/2021		1,475		1,608
Total District of Columbia				3,090
Florida — 1.0%
Certificate of Participation/Lease — 0.1%
School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		812
Seminole County School Board
Series A, COP, 5.00%, 7/1/2019		200		205
Series A, COP, 5.00%, 7/1/2020		210		222
				1,239
Education — 0.7%
Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,755
State of Florida, State Board of Education Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,063
				11,818
General Obligation — 0.1%
Reedy Creek Improvement District Series B, GO, 4.00%, 6/1/2019		1,000		1,017
Transportation — 0.1%
Miami-Dade County Expressway Authority, Toll System
Series A, Rev., 5.00%, 7/1/2020		1,550		1,636
Series A, Rev., 5.00%, 7/1/2022		625		692
				2,328
Total Florida				16,402

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 23

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Georgia — 2.2%
General Obligation — 1.3%
City of Atlanta Series A, GO, 4.00%, 12/1/2019		1,000		1,028
State of Georgia
Series I, GO, 5.00%, 7/1/2019		1,250		1,285
Series I, GO, 5.00%, 7/1/2021		8,165		8,874
Series E, GO, 5.00%, 12/1/2025		6,750		7,960
Series F, GO, 5.00%, 7/1/2028		2,000		2,379
				21,526
Other Revenue — 0.7%
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien
Series A-1, Rev., 5.00%, 7/1/2027		1,000		1,142
Series A-1, Rev., 5.00%, 7/1/2028		1,000		1,139
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2023		325		367
Series 2017, Rev., 5.00%, 7/1/2025		250		289
Series 2017, Rev., 5.00%, 7/1/2026		275		321
Series 2017, Rev., 5.00%, 7/1/2027		300		354
Series 2017, Rev., 5.00%, 7/1/2028		375		441
Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,061
Fulton County Development Authority, Technology Athletic Association Project Series A, Rev., 5.00%, 10/1/2022		5,000		5,507
				10,621
Water & Sewer — 0.2%
City of Atlanta, Water and Wastewater, Revenue Refunding Series A-1, Rev., (ICE LIBOR USD 1 Month + 1.50%), 2.89%, 9/13/2018 (c)		3,000		3,004
Total Georgia				35,151
Guam — 0.0% (b)
Other Revenue — 0.0% (b)
Government of Guam, Limited Obligation Section 30 (Guam) Series A, Rev., 5.00%, 12/1/2018		750		755
Hawaii — 1.5%
General Obligation — 1.5%
City and County of Honolulu, Rail Transit Project GO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.79%, 9/13/2018 (c)		2,200		2,214
State of Hawaii
Series DY, GO, 5.00%, 2/1/2020		10,160		10,622
Series EF, GO, 5.00%, 11/1/2021		7,640		8,367

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Series FK, GO, 5.00%, 5/1/2029		2,765		3,265
Total Hawaii				24,468
Illinois — 4.3%
Education — 0.3%
Illinois Educational Facilities Authority, University of Chicago Series B-2, Rev., 1.55%, 2/13/2020 (d)		5,000		4,961
Illinois Finance Authority, DePaul University
Rev., 5.00%, 10/1/2023		200		225
Rev., 5.00%, 10/1/2025		300		345
Rev., 5.00%, 10/1/2028		250		289
				5,820
General Obligation — 2.6%
City of Chicago Series C, GO, 5.00%, 1/1/2022		5,000		5,290
City of Waukegan
Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,243
Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,314
Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,379
Series B, GO, AGM, 5.00%, 12/30/2028		1,245		1,441
Series B, GO, AGM, 5.00%, 12/30/2029		1,305		1,505
Cook County Township High School District No. 225 Series A, GO, 5.00%, 12/1/2023		5		6
Cook County, Community Consolidated School District No. 146 Tinley Park GO, 5.00%, 12/1/2026		700		807
Cook County, Proviso Township High School District No. 209
GO, 5.00%, 12/1/2022		2,975		3,274
GO, 5.00%, 12/1/2023		2,350		2,619
County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		378
DuPage County Forest Preserve District GO, 5.00%, 1/1/2021		2,800		2,993
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		410
Lincoln Land Community College District No. 526
GO, 5.00%, 12/15/2021		305		329
GO, 4.00%, 12/15/2022		440		460
McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		321
State of Illinois
Series D, GO, 5.00%, 11/1/2020		10,000		10,432
Series D, GO, 5.00%, 11/1/2023		5,000		5,308

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Village of Hoffman Estates
GO, 5.00%, 12/1/2030		900		1,037
GO, 5.00%, 12/1/2032		1,200		1,371
				41,917
Hospital — 1.0%
Illinois Finance Authority, Advocate Health Care Series A-1, Rev., 5.00%, 1/15/2020 (d)		6,000		6,241
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (d)		3,750		3,717
Illinois Finance Authority, Edward-Elmhurst Healthcare Series A, Rev., 5.00%, 1/1/2030		2,500		2,813
Illinois Finance Authority, Silver Cross Hospital and Medical Centers
Series C, Rev., 5.00%, 8/15/2021		150		162
Series C, Rev., 5.00%, 8/15/2022		500		547
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,328
				15,808
Transportation — 0.3%
City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding
Series A, Rev., AMT, 5.00%, 1/1/2020		1,425		1,478
Series B, Rev., 5.00%, 1/1/2020		500		519
Series A, Rev., AMT, 5.00%, 1/1/2021		2,580		2,736
				4,733
Water & Sewer — 0.1%
City of Waukegan, First Lien Water and Sewer System
Series C, Rev., AGM, 5.00%, 12/30/2023		535		597
Series C, Rev., AGM, 5.00%, 12/30/2026		680		773
Series C, Rev., AGM, 5.00%, 12/30/2027		710		806
Series C, Rev., AGM, 5.00%, 12/30/2028		395		445
				2,621
Total Illinois				70,899
Indiana — 0.6%
Education — 0.2%
Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project Series B, Rev., 5.00%, 2/1/2019		1,170		1,186
New Albany Floyd County School Building Corp.
Rev., 5.00%, 7/15/2021		700		759
Rev., 5.00%, 7/15/2022		835		924
				2,869

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 0.1%
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,123
Indiana State Office Building Commission, Indiana State Museum Facility Series C, Rev., NATL-RE, 5.25%, 7/1/2019 (e)		750		772
				1,895
Utility — 0.3%
City of Rockport, Indiana Michigan Power Company Project Series B, Rev., 3.05%, 6/1/2025		5,000		5,016
Water & Sewer — 0.0% (b)
Evansville Local Public Improvement Bond Bank, Sewage Works Project Series A, Rev., 5.00%, 7/1/2019		620		637
Total Indiana				10,417
Iowa — 0.9%
Hospital — 0.9%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.07%, 9/13/2018 (c) (f)		14,000		14,029
Kansas — 0.4%
General Obligation — 0.2%
Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		214
Johnson County Unified School District No. 233 Series B, GO, 4.00%, 9/1/2025		625		684
Seward County Unified School District No. 480 Series B, GO, 5.00%, 9/1/2025		1,750		2,022
				2,920
Hospital — 0.0% (b)
University of Kansas Hospital Authority, Health System Series A, Rev., 5.00%, 3/1/2024		275		312
Water & Sewer — 0.2%
City of Wichita, Water and Sewer Utility Series A, Rev., 5.00%, 10/1/2022		2,200		2,455
Total Kansas				5,687
Kentucky — 0.4%
Education — 0.1%
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,489
Prerefunded — 0.0% (b)
Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2021 (e)		250		266

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.3%
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (d)		2,500		2,649
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Rev., AMT, 2.55%, 5/3/2021 (d)		2,250		2,253
				4,902
Total Kentucky				6,657
Louisiana — 1.1%
Hospital — 0.6%
Louisiana Public Facilities Authority, Louisiana Children'S Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 2.14%, 9/13/2018 (c)		10,000		10,079
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2023		400		446
				10,525
Other Revenue — 0.2%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		2,350		2,546
Louisiana Public Facilities Authority, Tulane University Project
Rev., 5.00%, 12/15/2022		230		256
Rev., 5.00%, 12/15/2023		315		355
Rev., 5.00%, 12/15/2025		250		288
				3,445
Water & Sewer — 0.3%
City of Shreveport, Water and Sewer, Junior Lien
Series C, Rev., 3.00%, 12/1/2021		175		180
Series C, Rev., 5.00%, 12/1/2022		270		300
Series C, Rev., 5.00%, 12/1/2023		365		412
Series C, Rev., 5.00%, 12/1/2024		1,510		1,721
Series C, Rev., 5.00%, 12/1/2025		915		1,052
Series C, Rev., 5.00%, 12/1/2026		500		580
Series C, Rev., 5.00%, 12/1/2028		400		471
				4,716
Total Louisiana				18,686
Maryland — 1.0%
General Obligation — 0.8%
State of Maryland, State and Local Facilities Loan of 2013, Second Series Series A, GO, 5.00%, 8/1/2020		12,795		13,568

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — 0.2%
State of Maryland, State and Local Facilities Loan of 2015 Series A, GO, 5.00%, 3/1/2023 (e)		3,000		3,375
Total Maryland				16,943
Massachusetts — 1.9%
General Obligation — 0.5%
City of Boston Series A, GO, 5.00%, 3/1/2023		7,360		8,331
Hospital — 0.7%
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 1.99%, 9/13/2018 (c)		10,000		10,143
Massachusetts State Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2026		500		529
				10,672
Other Revenue — 0.2%
Massachusetts Development Finance Agency, Caregroup Series H-1, Rev., 5.00%, 7/1/2019		3,250		3,333
Water & Sewer — 0.5%
Massachusetts Clean Water Trust, State Revolving Fund Rev., 5.00%, 8/1/2025		6,775		7,951
Total Massachusetts				30,287
Michigan — 1.1%
General Obligation — 0.3%
City of Royal Oak, Capital Improvement
GO, 5.00%, 4/1/2027		625		727
GO, 5.00%, 4/1/2028		245		287
Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,102
Troy School District, School Building and Site
GO, Q-SBLF, 5.00%, 5/1/2019		650		665
GO, Q-SBLF, 5.00%, 5/1/2020		500		526
GO, Q-SBLF, 5.00%, 5/1/2021		550		594
GO, Q-SBLF, 5.00%, 5/1/2022		500		551
				4,452
Hospital — 0.3%
Michigan Finance Authority, Trinity Health Credit Group Series 2017A, Rev., 5.00%, 12/1/2025		2,500		2,901
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027		2,250		2,558
				5,459

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., 1.45%, 9/1/2021 (d)		2,600		2,538
Other Revenue — 0.1%
Michigan Finance Authority, Local Government Loan Program
Series B, Rev., 4.00%, 11/1/2018		1,290		1,294
Series B, Rev., 4.00%, 11/1/2019		675		691
Series B, Rev., 4.00%, 11/1/2020		455		474
				2,459
Water & Sewer — 0.2%
City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		385
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,460
				2,845
Total Michigan				17,753
Minnesota — 0.3%
Education — 0.0% (b)
Minnesota Higher Education Facilities Authority Series L, Rev., 4.00%, 4/1/2020		350		362
Minnesota Higher Education Facilities Authority, Macalester College Rev., 5.00%, 3/1/2029		150		175
				537
Transportation — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport
Series A, Rev., 5.00%, 1/1/2020		220		229
Series A, Rev., 5.00%, 1/1/2022		1,000		1,097
				1,326
Utility — 0.2%
Western Minnesota Municipal Power Agency, Power Supply
Series A, Rev., 5.00%, 1/1/2023		1,500		1,681
Series A, Rev., 5.00%, 1/1/2024		1,000		1,141
				2,822
Total Minnesota				4,685
Mississippi — 0.1%
Other Revenue — 0.1%
Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023		750		837

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Missouri — 0.9%
Certificate of Participation/Lease — 0.1%
City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,094
Education — 0.2%
Health and Educational Facilities Authority
Rev., 4.00%, 10/1/2018		450		451
Rev., 4.00%, 10/1/2019		625		639
Rev., 4.00%, 10/1/2020		300		312
Rev., 4.00%, 10/1/2021		300		317
Missouri State Health and Educational Facilities Authority, Health Facilities, BJC Health System
Rev., 5.00%, 1/1/2019		855		864
Rev., 5.00%, 1/1/2021		225		241
				2,824
General Obligation — 0.0% (b)
County of Clay, North Kansas City School District 74, Refunding and Improvement, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022		350		385
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		590
Other Revenue — 0.2%
City of Springfield Series A, Rev., 4.00%, 9/1/2018		350		350
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,337
				3,687
Transportation — 0.3%
Kansas City, Missouri Airport Refunding, General Improvement Series B, Rev., 5.00%, 9/1/2018		1,250		1,250
Missouri Airport Refunding, Lambert St. Louis International Airport
Rev., 5.00%, 7/1/2021		1,575		1,701
Rev., 5.00%, 7/1/2022		1,000		1,102
Rev., 5.00%, 7/1/2023		1,080		1,210
				5,263
Total Missouri				13,843
Montana — 0.2%
General Obligation — 0.2%
State of Montana, Long-Range Building Program
GO, 5.00%, 8/1/2021		690		753
GO, 5.00%, 8/1/2022		1,000		1,116

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		687
Total Montana				2,556
Nebraska — 0.1%
Certificate of Participation/Lease — 0.1%
Southeast Community College
COP, 5.00%, 12/15/2021		200		219
COP, 5.00%, 12/15/2024		440		506
COP, 5.00%, 12/15/2026		275		323
COP, 5.00%, 12/15/2027		495		586
COP, 5.00%, 12/15/2028		540		641
Total Nebraska				2,275
New Hampshire — 0.2%
General Obligation — 0.2%
State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,341
Other Revenue — 0.0% (b)
New Hampshire Municipal Bond Bank Series A, Rev., 5.00%, 2/15/2019		520		528
Total New Hampshire				3,869
New Jersey — 4.4%
Education — 0.3%
New Jersey Economic Development Authority, School Facilities Construction
Series A, Rev., 5.25%, 12/15/2020		1,040		1,065
Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,664
Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,053
				4,782
General Obligation — 1.5%
County of Passaic GO, 5.00%, 2/1/2021		90		97
State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,649
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,100
Township of South Brunswick GO, 5.00%, 9/1/2022		425		471
Township of Woodbridge GO, BAN, 3.00%, 8/16/2019		8,925		9,013
				24,330
Other Revenue — 0.4%
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2031		3,070		3,496

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Series A, Rev., 5.00%, 6/1/2032		2,500		2,833
				6,329
Prerefunded — 0.1%
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., 6.00%, 12/15/2018 (e)		1,680		1,701
Transportation — 2.1%
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Rev., 5.00%, 6/15/2028		3,000		3,360
Rev., 5.00%, 6/15/2029		5,000		5,582
Rev., 5.00%, 6/15/2030		5,000		5,566
Rev., 5.00%, 6/15/2031		4,750		5,271
New Jersey Transportation Trust Fund Authority, Transportation Program Series BB-1, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.49%, 9/13/2018 (c)		5,500		5,534
New Jersey Turnpike Authority Series C-6, Rev., VRDO, 2.23%, 10/1/2018 (d)		10,000		10,000
				35,313
Total New Jersey				72,455
New Mexico — 0.2%
Housing — 0.1%
County of Bernalillo, Arroyo Vista Apartments Project Rev., 1.40%, 3/1/2019 (d)		2,500		2,495
Other Revenue — 0.1%
New Mexico Finance Authority, Senior Lien Public Project Series B, Rev., 5.00%, 6/1/2021		800		866
Total New Mexico				3,361
New York — 9.7%
Education — 0.5%
New York State Dormitory Authority, Columbia University Series B, Rev., 5.00%, 10/1/2021		585		641
New York State Dormitory Authority, Montefiore Obligated Group
Rev., 5.00%, 8/1/2027		3,225		3,696
Rev., 5.00%, 8/1/2028		1,700		1,962
New York State Dormitory Authority, The New School Series A, Rev., 5.00%, 7/1/2024		1,100		1,249
				7,548
General Obligation — 1.4%
Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,703

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
City of New York, Fiscal Year 2012 Subseries G-1, GO, 5.00%, 4/1/2020		3,860		4,052
City of New York, Fiscal Year 2013 Series B, GO, 4.00%, 8/1/2019		3,695		3,772
Counties of Rockland and Orange, Ramapo Central School District GO, 4.00%, 10/15/2019		2,030		2,084
County of Orange, Public Improvement
Series B, GO, 5.00%, 3/1/2021		1,510		1,629
Series B, GO, 5.00%, 3/1/2022		1,000		1,107
County of Suffolk, Longwood Central School District
GO, 5.00%, 6/15/2026		365		437
GO, 5.00%, 6/15/2027		795		946
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,264
Town of East Hampton
GO, 5.00%, 5/15/2021		1,000		1,086
GO, 5.00%, 5/15/2023		1,000		1,139
White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,795
				23,014
Hospital — 0.5%
Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		595
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series B, Rev., 5.00%, 7/1/2023		800		888
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center
Series 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,185
Series 2017-1, Rev., 5.00%, 7/1/2027		4,705		5,740
				8,408
Industrial Development Revenue/Pollution Control Revenue — 0.2%
New York State Energy Research and Development Authority, Pollution Control, Electric and Gas Corp., Project Series C, Rev., 2.00%, 5/1/2020 (d)		3,000		2,995
Other Revenue — 3.5%
Battery Park City Authority
Series A, Rev., 3.00%, 11/1/2018		3,450		3,459
Series A, Rev., 4.00%, 11/1/2019		2,500		2,569
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series A, Rev., 5.00%, 7/15/2020		500		526

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		527
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series B, Rev., 5.00%, 2/1/2020		2,750		2,876
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series A, Subseries A-1, Rev., 5.00%, 11/1/2020		3,700		3,951
New York Convention Center Development Corp. Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026		5,000		5,808
New York State Dormitory Authority, State Sales Tax
Series A, Rev., 5.00%, 3/15/2021		2,000		2,156
Series A, Rev., 5.00%, 3/15/2024		6,135		7,044
Sales Tax Asset Receivable Corp., Fiscal Year 2015
Series A, Rev., 5.00%, 10/15/2020		15,405		16,455
Series A, Rev., 5.00%, 10/15/2022		4,800		5,384
Series A, Rev., 5.00%, 10/15/2025		4,500		5,223
Schenectady County Capital Resource Corp., Union College Project
Rev., 5.00%, 1/1/2024		960		1,094
Rev., 5.00%, 1/1/2025		400		462
				57,534
Prerefunded — 0.3%
Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Rev., 6.38%, 1/15/2020 (e)		4,305		4,579
Special Tax — 0.1%
New York State Dormitory Authority, Personal Income Tax Series G, Rev., 5.00%, 8/15/2021		1,110		1,209
Transportation — 2.7%
Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System
Rev., 5.00%, 1/1/2020		465		485
Rev., 5.00%, 1/1/2021		815		874
Metropolitan Transportation Authority
Series D, Rev., 5.00%, 11/15/2018		2,770		2,788
Subseries C-1, Rev., 5.00%, 11/15/2019		2,000		2,076
Subseries A-1, Rev., 5.00%, 11/15/2020		1,435		1,531
Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,440
Metropolitan Transportation Authority, Green Bonds Series B-2, Rev., 4.00%, 11/15/2032		4,000		4,312

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023		9,200		10,054
Triborough Bridge and Tunnel Authority
Subseries B-C, Rev., (ICE LIBOR USD 1 Month + 0.40%), 1.82%, 10/1/2018 (c)		15,000		15,038
Series A, Rev., 5.00%, 11/15/2024		3,290		3,700
				44,298
Utility — 0.5%
Long Island Power Authority, Electric System
Series C, Rev., (ICE LIBOR USD 1 Month + 0.65%), 2.13%, 10/1/2018 (c)		5,000		5,006
Series 2017, Rev., 5.00%, 9/1/2025		500		580
Series 2017, Rev., 5.00%, 9/1/2026		1,000		1,172
Series 2017, Rev., 5.00%, 9/1/2027		500		592
Series 2017, Rev., 5.00%, 9/1/2028		750		885
				8,235
Total New York				157,820
North Carolina — 1.0%
Education — 0.4%
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 1.82%, 10/1/2018 (c)		5,750		5,802
Winston-Salem State University Foundation LLC Rev., AGM, 5.00%, 10/1/2023		445		504
				6,306
General Obligation — 0.6%
State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		10,050
Other Revenue — 0.0% (b)
Jacksonville Public Facilities Corp. Series 2017, Rev., 5.00%, 4/1/2027		550		650
Total North Carolina				17,006
Ohio — 1.9%
Education — 0.2%
Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series A, Rev., 4.00%, 12/1/2019		535		549
Ohio State Higher Educational Facility Commission, Oberlin College
Rev., 4.00%, 10/1/2018		600		601
Rev., 4.00%, 10/1/2019		675		692

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Rev., 5.00%, 10/1/2020		1,000		1,064
				2,906
General Obligation — 0.3%
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		219
Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds
GO, 5.00%, 12/1/2028		2,300		2,677
Series 2018, GO, 4.00%, 12/1/2032		1,250		1,329
Series 2018, GO, 4.00%, 12/1/2033		1,300		1,372
				5,597
Hospital — 1.1%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		402
County of Allen, Mercy Health Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.75%), 2.24%, 9/13/2018 (c)		10,800		10,844
County of Lake, Hospital Facilities, Lake Hospital System, Inc.
Rev., 5.00%, 8/15/2023		1,445		1,588
Rev., 5.00%, 8/15/2024		1,655		1,834
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 1.74%, 9/4/2018 (d)		2,500		2,500
				17,168
Other Revenue — 0.1%
City of Cleveland, Subordinate Lien, Public Facilities Improvements
Rev., 5.00%, 10/1/2024		200		230
Rev., 5.00%, 10/1/2025		150		174
Rev., 5.00%, 10/1/2026		385		451
Rev., 5.00%, 10/1/2027		250		295
Rev., 5.00%, 10/1/2028		250		297
State of Ohio, Capital Facilities Lease-Appropriation Series A, Rev., 5.00%, 10/1/2018		1,000		1,002
				2,449
Water & Sewer — 0.2%
Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati
Series A, Rev., 5.00%, 12/1/2018		500		504
Series A, Rev., 5.00%, 12/1/2019		640		666

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — continued
Series A, Rev., 5.00%, 12/1/2021		1,375		1,508
				2,678
Total Ohio				30,798
Oklahoma — 0.6%
Education — 0.6%
Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project Rev., 5.00%, 12/1/2018		555		559
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project
Rev., 5.00%, 9/1/2025		365		411
Rev., 5.00%, 9/1/2026		820		927
Rev., 5.00%, 9/1/2027		1,250		1,421
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project
Rev., 5.00%, 9/1/2028		375		430
Rev., 5.00%, 9/1/2029		1,175		1,344
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project
Series 2018, Rev., 5.00%, 10/1/2022		500		553
Series 2018, Rev., 5.00%, 10/1/2023		355		398
Series 2018, Rev., 5.00%, 10/1/2025		1,000		1,146
Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project
Rev., 4.00%, 9/1/2018 (e)		250		250
Rev., 5.00%, 9/1/2019		325		336
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,170
				9,945
Other Revenue — 0.0% (b)
Cleveland County Justice Authority, Sales Tax, Detention Facility Project Rev., 4.00%, 3/1/2020		500		505
Total Oklahoma				10,450
Oregon — 0.6%
Education — 0.0% (b)
Oregon State Facilities Authority, Reed College Project
Series A, Rev., 5.00%, 7/1/2028		125		148
Series A, Rev., 4.00%, 7/1/2032		350		377
				525

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — 0.4%
Oregon State Department of Administrative Services, Lottery Series A, Rev., 5.25%, 4/1/2019 (e)		6,210		6,339
Transportation — 0.2%
Port of Portland, International Airport
Series 23, Rev., 5.00%, 7/1/2023		1,000		1,128
Series 23, Rev., 5.00%, 7/1/2024		1,595		1,827
				2,955
Water & Sewer — 0.0% (b)
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 10/1/2023		40		46
Total Oregon				9,865
Pennsylvania — 5.3%
Education — 0.7%
Pennsylvania State Higher Educational Facilities Authority, Trustees of the University Series B, Rev., 5.00%, 10/1/2022		5,055		5,649
State Public School Building Authority, Community College of Philadelphia Project
Rev., 5.00%, 6/15/2021		2,760		2,971
Rev., 5.00%, 6/15/2024		2,625		2,960
				11,580
General Obligation — 0.3%
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,222
Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		385
				5,607
Hospital — 1.0%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group
Rev., 5.00%, 4/1/2026		2,500		2,839
Rev., 5.00%, 4/1/2027		7,275		8,305
Berks County Industrial Development Authority, Tower Health Project
Rev., 5.00%, 11/1/2023		1,000		1,116
Rev., 5.00%, 11/1/2024		1,000		1,127
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Rev., 5.00%, 9/1/2024		1,000		1,135
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,594

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Southcentral General Authority, Wellspan Health Obligation Group Series A, Rev., 5.00%, 6/1/2024		380		431
				16,547
Industrial Development Revenue/Pollution Control Revenue — 0.4%
Lehigh County Industrial Development Authority, Pollution Control
Rev., 1.80%, 8/15/2022 (d)		4,000		3,937
Rev., 1.80%, 9/1/2022 (d)		2,500		2,460
				6,397
Other Revenue — 0.3%
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2022		555		605
Series 2018, Rev., 5.00%, 6/1/2023		1,785		1,978
Series 2018, Rev., 5.00%, 6/1/2029		1,500		1,729
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (d)		1,000		999
				5,311
Transportation — 1.0%
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.09%, 9/13/2018 (c)		13,000		12,962
Subseries A-2, Rev., (SIFMA Municipal Swap Index Yield + 0.80%), 2.29%, 9/13/2018 (c)		2,500		2,502
				15,464
Water & Sewer — 1.6%
Allegheny County Sanitary Authority, Sewer
Rev., 5.00%, 12/1/2021		3,500		3,824
Rev., 5.00%, 12/1/2022		3,000		3,343
Rev., 5.00%, 12/1/2023		4,000		4,529
City of Philadelphia, Water and Wastewater
Series A, Rev., 5.00%, 1/1/2020		8,530		8,885
Series A, Rev., 5.00%, 7/1/2022		1,510		1,671
Series A, Rev., 5.00%, 7/1/2024		2,595		2,965
				25,217
Total Pennsylvania				86,123
Rhode Island — 0.2%
General Obligation — 0.2%
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan Series A, GO, 5.00%, 10/15/2019 (e)		1,475		1,529

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2019		1,000		1,038
Total Rhode Island				2,567
South Carolina — 1.1%
General Obligation — 1.0%
County of Charleston Series C, GO, TRAN, 4.00%, 11/1/2028		14,605		16,340
Other Revenue — 0.1%
County of Charleston
Rev., 5.00%, 12/1/2018		645		650
Rev., 5.00%, 12/1/2019		1,000		1,039
				1,689
Total South Carolina				18,029
South Dakota — 0.2%
Education — 0.1%
South Dakota Health and Educational Facilities Authority
Series B, Rev., 4.00%, 11/1/2020		625		651
Series B, Rev., 4.00%, 11/1/2021		500		528
Series B, Rev., 5.00%, 11/1/2022		375		416
				1,595
Other Revenue — 0.1%
South Dakota State Building Authority
Series B, Rev., 5.00%, 6/1/2019		500		512
Series B, Rev., 5.00%, 6/1/2021		485		525
				1,037
Total South Dakota				2,632
Tennessee — 0.2%
Other Revenue — 0.0% (b)
Metropolitan Government of Nashville and Davidson, County Sports Authority, Public Improvement Rev., 5.00%, 7/1/2020		5		5
Utility — 0.2%
City of Chattanooga, Electric System Series A, Rev., 5.00%, 9/1/2022		800		891
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2022		1,460		1,537
Series A, Rev., 4.00%, 5/1/2023		1,400		1,481
				3,909
Total Tennessee				3,914

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Texas — 9.9%
Education — 2.1%
Arlington Higher Education Finance Corp., Uplift Education Series A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,084
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series C, Rev., 5.00%, 8/1/2026		250		291
Series C, Rev., 5.00%, 8/1/2027		200		235
Series C, Rev., 5.00%, 8/1/2028		275		322
Series C, Rev., 5.00%, 8/1/2029		325		379
Series C, Rev., 5.00%, 8/1/2030		445		517
Series C, Rev., 5.00%, 8/1/2031		260		301
Austin Community College District, Combined Fee Series A, Rev., 5.00%, 2/1/2021		790		845
County of Harris, Cultural Education Facilities Finance Corp., Children's Hospital Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%), 2.26%, 9/13/2018 (c)		7,500		7,593
Southwest Higher Education Authority, Inc., Southern Methodist University Project
Series 2017, Rev., 5.00%, 10/1/2021		425		464
Series 2017, Rev., 5.00%, 10/1/2022		400		445
Series 2017, Rev., 5.00%, 10/1/2023		400		453
Series 2017, Rev., 5.00%, 10/1/2024		400		460
Series 2017, Rev., 5.00%, 10/1/2025		600		697
Series 2017, Rev., 5.00%, 10/1/2026		525		616
Stephen F. Austin State University, Board of Regents, Revenue Financing System Rev., 4.00%, 10/15/2018		790		792
Texas State University, Financing System
Series A, Rev., 5.00%, 3/15/2030		5,100		5,953
Series A, Rev., 5.00%, 3/15/2032		4,365		5,053
University of Texas, Financing System Series I, Rev., 5.00%, 8/15/2023		6,735		7,643
				34,143
General Obligation — 3.1%
Austin Independent School District Series B, GO, 5.00%, 8/1/2022		1,630		1,811
City of Abilene, Taylor and Jones Counties GO, 5.00%, 2/15/2021		475		510
City of Colony GO, 5.00%, 8/15/2020		610		647
City of Denton GO, 5.00%, 2/15/2023		1,045		1,169
City of El Paso, Refunding and Improvement
GO, 5.00%, 8/15/2021		530		576
GO, 5.00%, 8/15/2025		4,035		4,660

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
City of Fort Worth, Certificates of Obligation Series A, GO, 4.00%, 3/1/2019		785		794
City of Fort Worth, Refunding and Improvement, General Purpose GO, 4.00%, 3/1/2019		1,060		1,073
City of Houston, Public Improvement
Series A, GO, 5.00%, 3/1/2021		3,000		3,220
Series A, GO, 5.00%, 3/1/2025		1,195		1,376
City of Odessa Series 2017, GO, 4.00%, 3/1/2025		1,150		1,260
Forney Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,508
GO, PSF-GTD, 5.00%, 8/15/2025		3,490		4,068
Galveston County, Unlimited Tax Road
Series 2017, GO, 4.00%, 2/1/2024		980		1,071
Series 2017, GO, 4.00%, 2/1/2025		800		879
Judson Independent School District Series A, GO, 5.00%, 2/1/2019		595		603
Katy Independent School District, School Building
GO, PSF-GTD, 4.00%, 2/15/2027		290		310
GO, PSF-GTD, 4.00%, 2/15/2028		350		373
Lewisville Independent School District, School Building
GO, PSF-GTD, 5.00%, 8/15/2024		825		933
GO, PSF-GTD, 5.00%, 8/15/2025		750		847
GO, PSF-GTD, 5.00%, 8/15/2026		750		847
GO, PSF-GTD, 5.00%, 8/15/2027		650		734
Odessa Junior College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2025		800		926
S & S Consolidated Independent School District
GO, PSF-GTD, 4.00%, 2/15/2028		580		641
GO, PSF-GTD, 4.00%, 2/15/2029		605		662
GO, PSF-GTD, 4.00%, 2/15/2030		630		686
Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		278
State of Texas, Transportation Commission Mobility Series B, GO, (SIFMA Municipal Swap Index Yield + 0.38%), 1.87%, 9/13/2018 (c)		17,500		17,483
				49,945
Hospital — 0.2%
Irving Hospital Authority, Baylor Scott and White Medical Center
Rev., VRDO, 2.59%, 9/13/2018 (d)		1,750		1,750
Rev., 5.00%, 10/15/2022		250		275
Rev., 5.00%, 10/15/2028		250		281

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Rev., 5.00%, 10/15/2029		500		559
Rev., 5.00%, 10/15/2031		1,000		1,112
				3,977
Other Revenue — 1.1%
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier
Series A, Rev., 5.00%, 1/1/2021		500		528
Series A, Rev., 5.00%, 1/1/2022		750		807
Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series B, Rev., 5.00%, 1/1/2021		800		843
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,188
State of Texas Rev., TRAN, 4.00%, 8/29/2019		10,000		10,207
				17,573
Prerefunded — 0.4%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System Series B, Rev., 7.25%, 12/1/2018 (e)		5,605		5,681
Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2022 (e)		60		66
				5,747
Transportation — 1.9%
City of Austin, Airport System
Series B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,262
Series B, Rev., AMT, 5.00%, 11/15/2027		585		673
Series B, Rev., AMT, 5.00%, 11/15/2028		630		721
Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		11,055
Harris County Toll Road Authority, Senior Lien Series A, Rev., 5.00%, 8/15/2031		8,000		9,391
North Texas Tollway Authority System, First Tier
Series C, Rev., (SIFMA Municipal Swap Index Yield + 0.67%), 2.16%, 9/13/2018 (c)		6,000		5,830
Series A, Rev., 4.00%, 1/1/2033		2,500		2,617
				31,549
Utility — 0.7%
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022		560		621
City of San Antonio, Electric and Gas Systems, Junior Lien Series B, Rev., 2.00%, 12/1/2021 (d)		6,480		6,427
City of Victoria, Utility System
Rev., 2.00%, 12/1/2018		160		160
Rev., 2.50%, 12/1/2019		150		152

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — continued
Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		2,005		2,318
West Travis County Public Utility Agency
Series 2017, Rev., 5.00%, 8/15/2022		545		603
Series 2017, Rev., 5.00%, 8/15/2023		325		366
Series 2017, Rev., 5.00%, 8/15/2027		350		412
				11,059
Water & Sewer — 0.4%
City of Dallas, Waterworks and Sewer System Series A, Rev., 5.00%, 10/1/2019		3,520		3,644
City of Galveston, Waterworks and Sewer System
Rev., 5.00%, 5/1/2019		205		209
Rev., 5.00%, 5/1/2020		245		257
Rev., 5.00%, 5/1/2021		265		286
Rev., 5.00%, 5/1/2024		380		433
City of San Antonio, Water System, Junior Lien Series E, Rev., 5.00%, 5/15/2019		1,000		1,024
North Harris County, Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2019		1,035		1,076
				6,929
Total Texas				160,922
Utah — 2.7%
General Obligation — 0.3%
State of Utah GO, 5.00%, 7/1/2021		4,925		5,358
Other Revenue — 0.9%
Utah Infrastructure Agency, Telecommunication Revenue Series A, Rev., 5.00%, 10/15/2025		10,380		11,292
West Valley City Municipal Building Authority
Rev., AGM, 4.00%, 2/1/2024		500		540
Rev., AGM, 5.00%, 2/1/2025		250		286
Rev., AGM, 5.00%, 2/1/2027		720		841
Rev., AGM, 5.00%, 2/1/2029		1,070		1,240
Rev., AGM, 5.00%, 2/1/2030		500		577
				14,776
Transportation — 1.5%
Salt Lake City Corp. Airport Revenue
Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,099
Series A, Rev., AMT, 5.00%, 7/1/2029		5,250		6,059
Series A, Rev., AMT, 5.00%, 7/1/2031		5,000		5,727
Series A, Rev., AMT, 5.00%, 7/1/2032		5,105		5,822
Series A, Rev., AMT, 5.00%, 7/1/2033		4,260		4,839
				23,546
Total Utah				43,680

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Vermont — 0.1%
Education — 0.1%
University of Vermont and State Agricultural College
Rev., 5.00%, 10/1/2021		750		818
Rev., 5.00%, 10/1/2022		855		952
				1,770
Other Revenue — 0.0% (b)
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		439
Total Vermont				2,209
Virginia — 0.6%
General Obligation — 0.1%
Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,262
Hospital — 0.1%
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 5.00%, 11/1/2028 (d)		1,375		1,642
Water & Sewer — 0.4%
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024		5,615		6,536
Total Virginia				10,440
Washington — 0.8%
Education — 0.0% (b)
University of Washington Rev., 1.75%, 4/1/2019		125		125
General Obligation — 0.1%
King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2019		870		904
Transportation — 0.2%
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax
Series S-1, Rev., 5.00%, 11/1/2023		685		782
Series S-1, Rev., 5.00%, 11/1/2034		2,000		2,298
				3,080
Utility — 0.5%
City of Seattle, Municipal Light and Power Series B-1, Rev., VRDO, 2.24%, 9/13/2018 (d)		7,500		7,500
County of Snohomish, Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025		500		582
				8,082
Total Washington				12,191

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
West Virginia — 0.2%
Utility — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Rev., 2.62%, 6/1/2022 (d)		2,905		2,906
Wisconsin — 1.0%
Education — 0.5%
Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group Series B-2, Rev., 4.00%, 5/30/2019 (d)		5,815		5,908
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group
Rev., 5.00%, 8/15/2024		200		228
Rev., 5.00%, 8/15/2025		325		374
Rev., 5.00%, 8/15/2027		150		176
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,333
				8,019
General Obligation — 0.4%
City of Racine GO, 4.00%, 12/1/2025		300		328
State of Wisconsin Series A, GO, 5.00%, 5/1/2026		5,050		5,874
				6,202
Transportation — 0.1%
County of Milwaukee, Airport
Series A, Rev., AMT, 5.00%, 12/1/2018		1,400		1,410
Series A, Rev., AMT, 5.00%, 12/1/2028		1,000		1,141
				2,551
Total Wisconsin				16,772
Total Municipal Bonds (Cost $1,536,741)				1,540,909
Collateralized Mortgage Obligations — 0.0% (b)
FNMA REMIC Series 2002-36, Class FS, 2.56%, 6/25/2032 (d) (Cost $203)		203		204

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.0%
Investment Companies — 6.0%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38% (g) (h) (Cost $97,444)		97,445		97,444
Total Investments — 100.4% (Cost $1,634,388)				1,638,557
Liabilities in Excess of Other Assets — (0.4%)				(6,567	)
NET ASSETS — 100.0%				1,631,990

Percentages indicated are based on net assets.

Abbreviations

AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COP	Certificate of Participation
FNMA	Federal National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RE	Reinsured
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SIFMA	The Securities Industry and Financial Markets Association
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, 2018.

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(d)	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, 2018.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(g)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 95.5% (a)
Alabama — 0.7%
Other Revenue — 0.3%
Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,125
UAB Medicine Finance Authority Series B-2, Rev., 3.50%, 9/1/2035		160		159
				1,284
Transportation — 0.4%
Alabama Federal Aid Highway Finance Authority Series A, Rev., 4.00%, 6/1/2037		1,350		1,414
Total Alabama				2,698
Alaska — 2.8%
Housing — 0.3%
Alaska Housing Finance Corp., General Mortgage
Series A, Rev., 4.00%, 6/1/2040		30		30
Series A, Rev., 3.50%, 6/1/2046		890		915
				945
Prerefunded — 1.4%
Alaska Municipal Bond Bank Authority Rev., 5.75%, 9/1/2018 (b)		2,500		2,500
Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 6.00%, 9/1/2019 (b)		1,745		1,817
Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance Rev., AGC, 6.00%, 9/1/2019 (b)		1,005		1,047
				5,364
Utility — 1.1%
Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series Rev., AGM, 6.00%, 7/1/2019		3,915		4,048
Total Alaska				10,357
Arizona — 0.2%
Education — 0.2%
Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project
Rev., 5.00%, 7/1/2032		350		392
Rev., 5.00%, 7/1/2033		150		168
Rev., 5.00%, 7/1/2037		200		220
				780

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.0% (c)
Phoenix-Mesa Gateway Airport Authority, Mesa Project Rev., 4.00%, 7/1/2019		20		20
Total Arizona				800
Arkansas — 0.1%
Education — 0.1%
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		212
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		117
				329
General Obligation — 0.0% (c)
State of Arkansas, Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		65
Total Arkansas				394
California — 14.9%
Certificate of Participation/Lease — 0.5%
City of Palm Springs Subseries B, COP, Zero Coupon, 4/15/2021 (b)		100		95
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,664
				1,759
Education — 0.2%
California Educational Facilities Authority, Claremont McKenna College Series A, Rev., 4.00%, 1/1/2039		500		522
General Obligation — 4.4%
Alta Loma School District, Election of 2016 Series A, GO, 5.00%, 8/1/2032		60		71
Campbell Union High School District GO, 3.00%, 8/1/2030		620		634
County of Santa Clara, Campbell Union High School District GO, 3.00%, 8/1/2031		30		30
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023		900		817
Los Angeles Unified School District Series D, GO, 5.00%, 1/1/2034		5,000		5,139
Mount San Antonio Community College District, Election of 2008 Series A, GO, Zero Coupon, 8/1/2043		7,150		6,169
Pomona Unified School District Series A, GO, NATL-RE, 6.10%, 2/1/2020		50		53

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, Zero Coupon, 8/1/2037		2,450		1,017
State of California, Various Purpose GO, 6.50%, 4/1/2033		2,285		2,350
				16,280
Hospital — 1.2%
California Health Facilities Financing Authority, Sutter Health Series A, Rev., 5.00%, 11/15/2041		250		282
California Municipal Finance Authority, Eisenhower Medical Center Series A, Rev., 5.00%, 7/1/2042		1,000		1,102
California Public Finance Authority, Henry Mayo Newhall Hospital
Rev., 5.00%, 10/15/2037		500		542
Rev., 5.00%, 10/15/2047		1,000		1,072
California Statewide Communities Development Authority, Marin General Hospital Project Rev., 4.00%, 8/1/2045		1,500		1,530
				4,528
Other Revenue — 2.2%
Golden State Tobacco Securitization Corp., Tobacco Settlement Series A-1, Rev., 3.50%, 6/1/2036		8,000		8,029
Prerefunded — 3.4%
California Health Facilities Financing Authority, Providence Health and Services Series C, Rev., 6.50%, 10/1/2018 (b)		40		40
California Health Facilities Financing Authority, Unrefunded Balance, Providence Health and Services Series C, Rev., 6.50%, 10/1/2018 (b)		1,960		1,960
San Diego Public Facilities Financing Authority, Senior Sewer Series A, Rev., 5.25%, 5/15/2019 (b)		7,500		7,701
State of California, Various Purpose GO, 6.50%, 4/1/2019 (b)		2,715		2,795
				12,496
Transportation — 0.6%
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Rev., 4.00%, 4/1/2032		335		363
City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,367
Los Angeles Harbor Department Rev., 7.60%, 10/1/2018 (b)		415		417
				2,147

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 1.3%
City of Los Angeles, Department of Water and Power, Power System
Series D, Rev., 5.00%, 7/1/2033		610		697
Series A, Rev., 5.00%, 7/1/2035		1,700		1,987
Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		2,000		2,180
				4,864
Water & Sewer — 1.1%
East Bay Municipal Utility District Water System, Green Bonds Series B, Rev., 5.00%, 6/1/2033		515		596
East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2036		2,450		2,827
Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		770
				4,193
Total California				54,818
Colorado — 3.2%
Certificate of Participation/Lease — 1.1%
Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		2,884
Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,112
				3,996
Hospital — 0.6%
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,118
Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045		1,000		1,057
				2,175
Prerefunded — 1.5%
Colorado Water Resources and Power Development Authority, Water and Wastewater Utility Enterprise Project
Series A, Rev., AGC, 5.13%, 12/1/2018 (b)		1,000		1,008
Series A, Rev., AGC, 5.25%, 12/1/2018 (b)		1,000		1,009
State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021 (b)		2,000		2,155
University of Colorado, University Enterprise Series A, Rev., 5.38%, 6/1/2019 (b)		1,500		1,541
				5,713
Total Colorado				11,884

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Connecticut — 1.0%
Education — 0.7%
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program
Series A, Rev., AMT, 5.00%, 11/15/2019		175		181
Series A, Rev., AMT, 5.00%, 11/15/2020		300		316
State of Connecticut, Health and Educational Facility Authority
Rev., 5.00%, 7/1/2034		725		811
Rev., 5.00%, 7/1/2036		450		499
Rev., 5.00%, 7/1/2039		490		540
University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		16
				2,363
General Obligation — 0.0% (c)
Town of Cheshire GO, 4.00%, 8/1/2019		80		82
Housing — 0.3%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Subseries B-2, Rev., 4.00%, 11/15/2032		515		529
Subseries A-1, Rev., 4.00%, 11/15/2045		145		151
Subseries A-1, Rev., 4.00%, 11/15/2047		440		461
				1,141
Total Connecticut				3,586
Delaware — 0.8%
Education — 0.3%
The Delaware Economic Development Authority, Newark Charter School, Inc. Project
Series A, Rev., 5.00%, 9/1/2036		500		543
Series A, Rev., 5.00%, 9/1/2046		500		534
				1,077
Hospital — 0.4%
Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series A, Rev., 4.00%, 7/1/2043		1,275		1,297
Housing — 0.1%
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029		480		494
Total Delaware				2,868
District of Columbia — 1.9%
General Obligation — 1.6%
District of Columbia Series B, GO, NATL-RE, 6.00%, 6/1/2019		3,965		4,094

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Series A, GO, 5.00%, 6/1/2037		1,500		1,729
				5,823
Prerefunded — 0.3%
District of Columbia Series A, Rev., 6.00%, 7/1/2023 (b)		1,000		1,176
Total District of Columbia				6,999
Florida — 2.3%
General Obligation — 0.7%
Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,794
Hospital — 0.1%
Orange County Health Facilities Authority Series B, Rev., 4.00%, 10/1/2045		215		215
Housing — 0.0% (c)
Florida Housing Finance Corp., Homeowner Mortgage Series 1, Rev., 5.00%, 7/1/2041		15		15
Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		120		123
				138
Other Revenue — 0.2%
Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project
Rev., 3.75%, 7/1/2023		215		216
Rev., 4.00%, 7/1/2028		375		373
				589
Prerefunded — 0.0% (c)
County of Miami-Dade, Miami International Airport Series A, Rev., AMT, AGC, 5.25%, 10/1/2018 (b)		55		55
Transportation — 0.9%
Hillsborough County Aviation Authority, Tampa International Airport Series B, Rev., NATL-RE, 6.00%, 10/1/2018		3,205		3,215
Utility — 0.4%
Tohopekaliga Water Authority, Utility System Series A, Rev., 4.00%, 10/1/2041		1,320		1,368
Total Florida				8,374
Georgia — 2.2%
Hospital — 1.9%
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		3,380		3,757

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,031
Fulton County Georgia Development Authority, Hospital Revenue Health System Rev., 5.00%, 4/1/2042		2,150		2,366
				7,154
Housing — 0.3%
Georgia Housing and Finance Authority, Single Family Mortgage
Rev., 5.00%, 6/1/2029		20		21
Subseries A-1, Rev., 4.00%, 6/1/2044		255		264
Series A, Rev., 4.00%, 12/1/2047		705		736
				1,021
Total Georgia				8,175
Hawaii — 0.6%
General Obligation — 0.6%
City and County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,231
Illinois — 2.8%
Education — 0.5%
Chicago Public Building Commission, Board of Education Series A, Rev., NATL-RE, 7.00%, 1/1/2020 (b)		1,750		1,821
General Obligation — 1.3%
City of Chicago Series 2006A, GO, AGM, 4.75%, 1/1/2030		100		100
Cook County Forest Preserve District, Limited Tax Project Series B, GO, 5.00%, 12/15/2037		295		310
State of Illinois GO, 5.50%, 7/1/2038		3,000		3,173
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,122
				4,705
Hospital — 0.1%
Illinois Finance Authority, Healthcare Enterprises, Inc.
Series C, Rev., 5.00%, 3/1/2033		305		342
Series C, Rev., 5.00%, 3/1/2034		205		229
				571
Other Revenue — 0.2%
City of Chicago, Tax Increment, Pilsen Redevelopment Project Series A, Rev., 5.00%, 6/1/2019		500		510

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		216
				726
Prerefunded — 0.4%
City of Chicago, O'Hare International Airport, Third Lien Series A, Rev., 5.75%, 1/1/2021 (b)		1,260		1,370
Transportation — 0.3%
City of Chicago, O'Hare International Airport, Third Lien Series A, Rev., 5.75%, 1/1/2039		240		259
Regional Transportation Authority Series D, Rev., NATL-RE, 7.75%, 6/1/2019		925		966
				1,225
Total Illinois				10,418
Indiana — 1.2%
Prerefunded — 1.2%
Indiana Finance Authority, State Revolving Fund Program Series A, Rev., 5.00%, 2/1/2022 (b)		4,000		4,407
Iowa — 0.2%
Housing — 0.2%
Iowa Finance Authority Single Family Mortgage-Backed Securities Program
Series 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2028		125		128
Series 1, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		25		25
Series D, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		645		663
Total Iowa				816
Kansas — 0.3%
General Obligation — 0.3%
Wyandotte County Unified School District No. 203 Series A, GO, 4.00%, 9/1/2048		1,000		1,019
Industrial Development Revenue/Pollution Control Revenue — 0.0% (c)
Kansas State Development Finance Authority, Water Pollution Control Series CW, Rev., 5.00%, 11/1/2018 (b)		15		15
Total Kansas				1,034
Kentucky — 0.6%
Education — 0.1%
Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2019		460		469

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 0.5%
City of Ashland, Kings Daughters Medical Center Rev., 4.00%, 2/1/2036		1,750		1,759
Housing — 0.0% (c)
Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		50		52
Total Kentucky				2,280
Louisiana — 0.6%
Hospital — 0.3%
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,154
Other Revenue — 0.3%
Tobacco Settlement Financing Corp., Asset-Backed Series A, Rev., 5.25%, 5/15/2035		1,000		1,081
Utility — 0.0% (c)
State of Louisiana, Gas and Fuels Tax Series A-1, Rev., 5.00%, 5/1/2020		100		105
Total Louisiana				2,340
Maine — 1.8%
Housing — 0.2%
Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		575		599
Other Revenue — 0.0% (c)
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		106
Prerefunded — 1.6%
Maine Turnpike Authority Rev., 6.00%, 7/1/2019 (b)		5,675		5,871
Total Maine				6,576
Maryland — 0.4%
Housing — 0.4%
Montgomery County Housing Opportunities Commission, Single Family Mortgage
Series A, Rev., 4.00%, 1/1/2031		325		337
Series A, Rev., 4.00%, 7/1/2048		940		985
Total Maryland				1,322
Massachusetts — 2.6%
Education — 0.3%
Massachusetts Development Finance Agency, Emerson College
Rev., 5.00%, 1/1/2036		825		913
Rev., 5.00%, 1/1/2037		315		347
				1,260

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 1.0%
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		3,831
Housing — 0.6%
Massachusetts Housing Finance Agency, Single Family Housing
Series 177, Rev., AMT, 4.00%, 6/1/2039		595		618
Series 167, Rev., 4.00%, 12/1/2043		445		460
Series 169, Rev., 4.00%, 12/1/2044		1,010		1,043
				2,121
Transportation — 0.7%
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,564
Total Massachusetts				9,776
Michigan — 0.8%
Housing — 0.4%
Michigan State Housing Development Authority, Single-Family Mortgage
Series A, Rev., 4.00%, 6/1/2046		165		171
Series B, Rev., 3.50%, 6/1/2047		1,095		1,124
				1,295
Transportation — 0.4%
State of Michigan, Trunk Line Rev., 5.00%, 11/15/2036		1,500		1,624
Total Michigan				2,919
Minnesota — 1.9%
Education — 0.5%
Minnesota Higher Education Facilities Authority, Carleton College
Rev., 4.00%, 3/1/2032		1,000		1,083
Rev., 4.00%, 3/1/2033		500		537
Minnesota Higher Educational Facilities Authority, The College of Saint Catherine Series 5-N2, Rev., VRDO, LOC: U.S. Bank NA, 1.49%, 9/13/2018 (d)		350		350
				1,970
General Obligation — 0.6%
Aurora Independent School District No. 2711, School Building, Capital Appreciation
Series B, GO, Zero Coupon, 2/1/2026		200		161
Series B, GO, Zero Coupon, 2/1/2027		425		329
Series B, GO, Zero Coupon, 2/1/2028		225		167
Series B, GO, Zero Coupon, 2/1/2029		1,560		1,108
Series B, GO, Zero Coupon, 2/1/2030		880		596
				2,361

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Housing — 0.7%
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		120		124
Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs
Series A, Rev., GNMA COLL, 4.50%, 12/1/2026		100		101
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		24		24
Series A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		110		112
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program
Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		50		51
Series D, Rev., GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		45		47
Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		105		107
Minnesota Housing Finance Agency, Residential Housing Finance
Series A, Rev., 4.00%, 7/1/2038		325		337
Series D, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		160		163
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		865		900
Series B, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		455		476
				2,442
Utility — 0.1%
City of Rochester, Electric Utility Series A, Rev., 5.00%, 12/1/2028		250		294
Total Minnesota				7,067
Mississippi — 0.3%
Water & Sewer — 0.3%
Mississippi Development Bank, Water and Sewer System Project, Special Obligation Rev., AGM, 6.88%, 12/1/2040		1,000		1,197
Missouri — 0.9%
Education — 0.6%
Missouri State Health and Educational Facilities Authority, Health Facilities, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,158

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Housing — 0.3%
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		505		520
Series B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		675		706
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program
Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		20		21
Series E-4, Rev., GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		50		51
				1,298
Industrial Development Revenue/Pollution Control Revenue — 0.0% (c)
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2025		35		37
Total Missouri				3,493
Montana — 0.2%
Housing — 0.1%
Montana Board of Housing, Single Family Homeownership
Series B2, Rev., AMT, 5.00%, 12/1/2027		290		303
Series A-2, Rev., AMT, 4.00%, 12/1/2038		170		176
				479
Prerefunded — 0.1%
City of Helena COP, 5.00%, 1/1/2019 (b)		400		404
Total Montana				883
Nebraska — 0.1%
Utility — 0.1%
Public Power Generation Agency, Whelan Energy Center Unit 2 Series A, Rev., 5.00%, 1/1/2034		185		208
Nevada — 0.1%
Transportation — 0.1%
City of Reno, Sales Tax Revenue, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Rev., AGM, 4.00%, 6/1/2048		375		379
New Hampshire — 0.1%
Housing — 0.1%
New Hampshire Housing Finance Authority, Single Family Mortgage Series C, Rev., 4.00%, 1/1/2028		135		137

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Municipal Bonds — continued
Housing — continued
Series A, Rev., 5.25%, 7/1/2028		50			52
Total New Hampshire					189
New Jersey — 4.3%
Housing — 0.3%
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series A, Rev., 4.50%, 10/1/2048		1,000			1,071
Other Revenue — 1.0%			��
Tobacco Settlement Financing Corp.
Series A, Rev., 4.00%, 6/1/2037		1,000			1,017
Series A, Rev., 5.00%, 6/1/2046		1,000			1,089
Series A, Rev., 5.25%, 6/1/2046		1,500			1,673
					3,779
Prerefunded — 0.0% (c)
New Jersey Economic Development Authority, School Facilities Construction Series Y, Rev., 4.75%, 9/1/2018 (b)		40			40
Transportation — 3.0%
New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., Zero Coupon, 12/15/2036		10,355			4,483
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement
Series A-1, Rev., 5.00%, 6/15/2027		2,670			3,003
Rev., 5.00%, 6/15/2031		3,000			3,329
					10,815
Total New Jersey					15,705
New Mexico — 0.3%
Housing — 0.3%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		35			36
Series A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		240			247
Series B-1, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2048		645			672
					955
Transportation — 0.0% (c)
New Mexico Finance Authority, State Transportation, Senior Lien Series B, Rev., 5.00%, 6/15/2024		100			106
Total New Mexico					1,061

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New York — 7.8%
Housing — 0.1%
New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		430		443
Other Revenue — 1.5%
New York City Transitional Finance Authority Series C, Rev., 5.00%, 11/1/2021		170		181
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series B, Subseries B-1, Rev., 5.00%, 8/1/2036		1,020		1,171
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series B-1, Rev., 5.00%, 8/1/2045		1,160		1,315
New York Convention Center Development Corp., Subordinated Lien Hotel Unit fee
Series B, Rev., Zero Coupon, 11/15/2055		4,970		1,036
Series B, Rev., Zero Coupon, 11/15/2056		6,500		1,328
TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2020		500		522
				5,553
Prerefunded — 0.0% (c)
Metropolitan Transportation Authority Series H, Rev., 5.00%, 11/15/2022 (b)		65		73
Special Tax — 0.0% (c)
New York State Dormitory Authority, Unrefunded Balance Series A, Rev., 4.00%, 2/15/2019		100		101
Transportation — 4.1%
Metropolitan Transportation Authority
Series D, Rev., 5.00%, 11/15/2030		400		458
Series D, Rev., 5.00%, 11/15/2031		400		459
Series B, Rev., 5.00%, 11/15/2037		2,000		2,247
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 4.00%, 1/1/2036		1,500		1,510
Rev., AMT, 5.00%, 1/1/2036		1,125		1,245
Port Authority of New York and New Jersey, Consolidated, 93rd Series Rev., 6.13%, 6/1/2094		7,580		9,028
				14,947
Utility — 1.3%
Utility Debt Securitization Authority Series TE, Rev., 5.00%, 12/15/2041		4,250		4,740
Water & Sewer — 0.8%
Erie County Water Authority Rev., 4.00%, 12/1/2038		1,000		1,054

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — continued
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects-Second Resolution Series A, Rev., 5.00%, 6/15/2037		1,750		2,023
				3,077
Total New York				28,934
North Carolina — 1.3%
Education — 0.9%
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2027		1,060		1,200
Rev., 5.00%, 6/1/2028		905		1,017
Rev., 5.00%, 6/1/2029		350		392
Rev., 5.00%, 6/1/2030		450		502
				3,111
Housing — 0.4%
North Carolina Housing Finance Agency, Homeownership
Series 2, Rev., 4.25%, 1/1/2028		60		61
Series 1, Rev., 4.50%, 7/1/2028		125		128
Series A, Rev., AMT, 3.50%, 7/1/2039		405		415
Series 38-B, Rev., 4.00%, 7/1/2047		960		1,007
				1,611
Total North Carolina				4,722
North Dakota — 0.3%
Housing — 0.3%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series B, Rev., 4.50%, 1/1/2028		170		176
Series D, Rev., 4.25%, 7/1/2028		110		111
Series B, Rev., 5.00%, 7/1/2028		20		20
Series A, Rev., 4.00%, 7/1/2034		370		383
Series D, Rev., 3.50%, 7/1/2046		515		530
Total North Dakota				1,220
Ohio — 1.9%
Education — 0.0% (c)
Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		29
General Obligation — 1.1%
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		1,863

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Greenville City School District, School Improvement
GO, 5.25%, 1/1/2038		1,000		1,097
GO, 5.25%, 1/1/2041		1,000		1,094
State of Ohio, Higher Education Series B, GO, 5.00%, 8/1/2023		110		122
				4,176
Hospital — 0.3%
County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities Series A, Rev., 5.50%, 7/1/2039		1,000		1,109
Housing — 0.1%
Ohio Housing Finance Agency, Single Family Mortgage
Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		50		51
Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		35		36
Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		125		129
				216
Prerefunded — 0.4%
County of Richland, Correctional Facilities Improvement
GO, AGC, 5.88%, 12/1/2018 (b)		500		505
GO, AGC, 6.00%, 12/1/2018 (b)		400		405
GO, AGC, 6.13%, 12/1/2018 (b)		650		657
				1,567
Total Ohio				7,097
Oklahoma — 1.5%
Hospital — 0.2%
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., AGM, 4.00%, 8/15/2048		700		696
Housing — 0.0% (c)
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program
Series B, Rev., GNMA COLL, 4.50%, 9/1/2027		60		62
Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		55		57
				119
Other Revenue — 0.0% (c)
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — 0.6%
Oklahoma City Water Utilities Trust, Water and Sewer System Series A, Rev., 5.00%, 7/1/2019 (b)		2,000		2,055
Transportation — 0.7%
Oklahoma Turnpike Authority, Turnpike System, Second Senior
Series A, Rev., 5.00%, 1/1/2037		1,665		1,891
Series C, Rev., 4.00%, 1/1/2042		600		622
				2,513
Total Oklahoma				5,394
Oregon — 0.1%
Utility — 0.1%
City of Eugene, Electric Utility System Series A, Rev., 4.00%, 8/1/2031		325		351
Pennsylvania — 9.0%
Certificate of Participation/Lease — 0.3%
Commonwealth of Pennsylvania, Certificates of Participation Series A, COP, 4.00%, 7/1/2046		1,200		1,212
General Obligation — 1.2%
City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,225
Commonwealth of Pennsylvania Series 2004, GO, AGM, 5.38%, 7/1/2020		150		159
Nazareth Area School District Series E, GO, 5.00%, 11/15/2037		1,245		1,402
The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,267
Upper Merion Area School District GO, 5.00%, 1/15/2036		250		285
				4,338
Hospital — 3.9%
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Rev., 4.00%, 4/1/2044		2,000		1,968
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		430		476
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,181
Lancaster County Hospital Authority, Health Center, Masonic Villages Project
Rev., 5.00%, 11/1/2036		510		561
Rev., 5.00%, 11/1/2037		250		274
Montgomery County Higher Education and Health Authority, Thomas Jefferson University
Rev., 4.00%, 9/1/2038		3,725		3,755

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
Rev., 4.00%, 9/1/2043		3,740		3,768
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project
Rev., 3.00%, 12/15/2023		580		576
Rev., 4.00%, 12/15/2028		1,000		1,032
Rev., 5.00%, 12/15/2038		750		811
				14,402
Housing — 0.4%
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 112, Rev., 5.00%, 4/1/2028		75		77
Series 118A, Rev., AMT, 3.50%, 4/1/2040		1,025		1,047
Series 122, Rev., 4.00%, 10/1/2046		490		512
				1,636
Other Revenue — 2.7%
Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., AGM, 4.00%, 6/1/2039		9,950		10,113
Water & Sewer — 0.5%
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,681
Total Pennsylvania				33,382
Rhode Island — 0.1%
Education — 0.1%
Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2020		300		317
South Carolina — 5.5%
Housing — 0.1%
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		375		392
Prerefunded — 2.6%
Laurens County School District No. 056 GO, AGC, SCSDE, 6.13%, 3/1/2019 (b)		9,515		9,725
Transportation — 0.3%
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,103
Utility — 2.5%
Piedmont Municipal Power Agency, Electric Rev., FGIC, 6.75%, 1/1/2020 (b)		3,900		4,155

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — continued
Piedmont Municipal Power Agency, Electric, Unrefunded Balance Rev., NATL-RE, 6.75%, 1/1/2020		4,615		4,896
				9,051
Total South Carolina				20,271
South Dakota — 0.3%
Housing — 0.3%
South Dakota Housing Development Authority, Homeownership Mortgage
Series D, Rev., AMT, 4.00%, 11/1/2029		415		426
Series A, Rev., AMT, 4.50%, 5/1/2031		75		78
Series D, Rev., 4.00%, 11/1/2045		550		573
South Dakota Housing Development Authority, Single Family Mortgage Series 2, Rev., 4.25%, 5/1/2032		160		164
Total South Dakota				1,241
Tennessee — 2.3%
Hospital — 1.1%
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Rev., 4.00%, 7/1/2040		4,000		4,029
Housing — 0.1%
Tennessee Housing Development Agency, Homeownership Program
Series A, Rev., AMT, 4.50%, 7/1/2031		120		124
Series 1A, Rev., AMT, 4.50%, 1/1/2038		110		114
Tennessee Housing Development Agency, Housing Finance Program Series A, Rev., 4.50%, 1/1/2028		55		57
				295
Utility — 1.1%
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (d)		4,000		4,246
Total Tennessee				8,570
Texas — 5.3%
Education — 1.8%
Clifton Higher Education Finance Corp., Idea Public Schools
Series B, Rev., 4.00%, 8/15/2023		500		528
Series B, Rev., 5.00%, 8/15/2024		345		385
Series B, Rev., 5.00%, 8/15/2025		460		516
Rev., 6.00%, 8/15/2033		1,250		1,411
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital
Rev., 5.13%, 9/1/2033		1,000		1,083

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Rev., 5.50%, 9/1/2043		2,300		2,549
University of Texas System Series A, Rev., 5.00%, 7/1/2031		210		242
				6,714
General Obligation — 0.2%
City of Carrollton GO, 5.00%, 8/15/2026		535		551
County of Collin, Wylie Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/15/2020		135		130
				681
Hospital — 0.1%
Harris County Health Facilities Development Corp., Children's Hospital Project Rev., 5.50%, 10/1/2019 (b)		485		495
Housing — 0.1%
Texas Department of Housing and Community Affairs, Residential Mortgage Series B, Rev., GNMA COLL, 4.25%, 1/1/2034		250		257
Prerefunded — 1.6%
Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System Series B, Rev., 7.25%, 12/1/2018 (b)		3,500		3,547
North Texas Tollway Authority, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (b)		2,000		2,233
				5,780
Transportation — 0.6%
Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2042		1,965		2,072
Utility — 0.0% (c)
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2032		35		40
Water & Sewer — 0.9%
City of Houston, Water and Sewer System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (b)		2,500		3,384
Total Texas				19,423
Vermont — 1.5%
Education — 1.2%
Vermont Student Assistance Corp., Education Loan
Series B, Class A-1, Rev., (ICE LIBOR USD 3 Month + 1.50%), 3.82%, 10/1/2018 (e)		8		8
Series A, Rev., AMT, 5.00%, 6/15/2022		725		775
Series A, Rev., AMT, 3.63%, 6/15/2029		1,000		985
Series A, Rev., AMT, 3.75%, 6/15/2030		1,400		1,388

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Series A, Rev., AMT, 4.00%, 6/15/2031		500		504
Series A, Rev., AMT, 4.00%, 6/15/2032		200		200
Series A, Rev., AMT, 4.00%, 6/15/2033		250		249
Series A, Rev., AMT, 4.00%, 6/15/2034		200		197
				4,306
Housing — 0.3%
Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		120		124
Vermont Housing Finance Agency, Multiple Purpose
Series B, Rev., AMT, 4.13%, 11/1/2042		635		647
Series A, Rev., AMT, 4.00%, 11/1/2046		350		364
				1,135
Total Vermont				5,441
Virginia — 1.8%
Hospital — 1.2%
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,450
Other Revenue — 0.0% (c)
Virginia Resources Authority, Infrastructure and State Moral Obligation
Series B, Rev., 5.00%, 11/1/2023		90		98
Series B, Rev., 5.00%, 11/1/2026		50		55
				153
Prerefunded — 0.1%
Virginia Resources Authority, Infrastructure and State Moral Obligation Series B, Rev., 5.00%, 11/1/2021 (b)		185		203
Transportation — 0.5%
Capital Region Airport Commission (Richmond International Airport)
Series A, Rev., 4.00%, 7/1/2035		350		366
Series A, Rev., 4.00%, 7/1/2036		320		333
Virginia Commonwealth Transportation Board, Capital Projects Series A, Rev., 4.00%, 5/15/2036		1,000		1,051
				1,750
Total Virginia				6,556
Washington — 2.2%
Education — 0.9%
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		2,985		3,173

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 0.0% (c)
State of Washington, Various Purpose Series D, GO, 5.00%, 2/1/2020		100		104
Housing — 0.2%
Washington Housing Finance Commission, Single-Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		390		399
Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		375		384
				783
Utility — 1.1%
Chelan County Public Utility District No. 1 Series A, Rev., AMT, 5.50%, 7/1/2026		350		381
City of Tacoma, Electric System Rev., 4.00%, 1/1/2047		3,445		3,536
				3,917
Total Washington				7,977
West Virginia — 0.3%
Education — 0.3%
West Virginia Hospital Finance Authority, University Health System Rev., 4.00%, 6/1/2051		1,000		984
Wisconsin — 4.1%
Education — 2.7%
Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280		324
Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc.
Rev., 4.00%, 8/15/2042		4,220		4,295
Rev., 4.00%, 8/15/2047		4,800		4,851
Wisconsin Health and Educational Facilities Authority, St. John's Communities, Inc. Project Series A, Rev., 5.00%, 9/15/2040		665		691
				10,161
Housing — 1.4%
Wisconsin Housing and Economic Development Authority, Home Ownership
Series B, Rev., 4.00%, 3/1/2048		2,945		3,095
Series C, Rev., FNMA COLL, 4.00%, 3/1/2048		1,905		2,004
				5,099
Total Wisconsin				15,260

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Municipal Bonds — continued
Wyoming — 0.0% (c)
Housing — 0.0% (c)
Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		30			30
Total Municipal Bonds (Cost $340,520)					352,424
	NO. OF WARRANTS (000)
Warrants — 0.0% (c)
Road & Rail — 0.0% (c)
Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00*‡ (Cost $—)		—	(f)		—
Investments	SHARES (000)
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38% (g) (h) (Cost $9,508)		9,508			9,508
Total Investments — 98.1% (Cost $350,028)					361,932
Other Assets Less Liabilities — 1.9%					6,993
NET ASSETS — 100.0%					368,925

Percentages indicated are based on net assets.

Futures contracts outstanding as of August 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF CONTRACTS

EXPIRATION DATE

TRADING CURRENCY

NOTIONAL AMOUNT ($)

VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Short Contracts

U.S. Treasury 10 Year Note

(53

)

12/2018

USD

(6,368

)

8

8

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

Abbreviations

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
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FGIC	Insured by Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
LOC	Letter of Credit
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue
SCSDE	South Carolina School District Enhancement
USD	United States Dollar
VRDO	Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2018.

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Security is prerefunded or escrowed to maturity.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	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, 2018.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(f)	Amount rounds to less than one thousand.
(g)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.5% (a)
Alabama — 2.0%
Education — 0.0% (b)
Alabama Public School and College Authority Series C, Rev., 5.00%, 9/1/2018		25		25
Madison County Board of Education, Tax Anticipation Warrants Rev., 5.00%, 9/1/2018		45		45
				70
General Obligation — 0.0% (b)
City of Orange Beach GO, AGC, 5.00%, 10/1/2018		25		25
Housing — 0.1%
Alabama Housing Finance Authority Multi-Family Housing, Summit Ridge Apartments Project Series D, Rev., FHA, 1.35%, 7/1/2019 (c)		2,890		2,876
Prerefunded — 0.0% (b)
Madison County Board of Education, Tax Anticipation Warrants
Rev., AGC, 4.80%, 9/1/2018 (d)		25		25
Rev., AGC, 5.13%, 9/1/2018 (d)		45		45
				70
Utility — 1.9%
Black Belt Energy Gas District, Gas Prepay Series B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 2.11%, 9/13/2018 (e)		30,000		29,856
Black Belt Energy Gas District, Gas Supply Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c)		11,450		11,951
Southeast Alabama Gas District, Project No. 1 Series A, Rev., 5.00%, 4/1/2020		1,000		1,046
Southeast Alabama Gas Supply District (The), Project No. 2
Series A, Rev., 4.00%, 6/1/2019		830		843
Series A, Rev., 4.00%, 6/1/2020		1,000		1,034
				44,730
Total Alabama				47,771
Arizona — 0.9%
Certificate of Participation/Lease — 0.1%
Arizona State University
Series 2018A, COP, 5.00%, 6/1/2019		1,450		1,485
Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,055
				2,540
Education — 0.0% (b)
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project
Rev., 5.00%, 7/1/2023		140		154

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Rev., 5.00%, 7/1/2024		200		223
				377
General Obligation — 0.2%
Maricopa County School District No. 66, Roosevelt Elementary
GO, 5.00%, 7/1/2020		1,450		1,529
GO, 5.00%, 7/1/2021		1,520		1,639
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement Bonds
Series 2017-A, GO, 5.00%, 7/1/2020		1,025		1,081
Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,240
Maricopa County Union High School District No. 201, School Improvement GO, 3.00%, 7/1/2019		275		278
				5,767
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., 1.60%, 5/21/2020 (c)		1,100		1,089
Other Revenue — 0.1%
City of Phoenix Civic Improvement Corp. Series A, Rev., 5.00%, 7/1/2019		1,000		1,027
Gilbert Public Facilities Municipal Property Corp., Revenue Refunding Bonds Rev., 4.00%, 7/1/2019		20		20
				1,047
Transportation — 0.4%
Arizona Department of Transportation State Highway Fund Series A, Rev., 5.00%, 7/1/2020		400		423
Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020		8,565		9,061
				9,484
Utility — 0.0% (b)
Salt River Project Agricultural Improvement and Power District, Electric System
Series B, Rev., 4.00%, 12/1/2018		25		25
Series A, Rev., 5.00%, 12/1/2018		20		20
				45
Water & Sewer — 0.0% (b)
Arizona Water Infrastructure Finance Authority, Water Quality
Series A, Rev., 5.00%, 10/1/2018		10		10

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Water & Sewer — continued
Rev., 4.00%, 10/1/2020 (d)		540		564
				574
Total Arizona				20,923
Arkansas — 0.2%
Education — 0.1%
Arkansas Technical University, Athletic Enterprises Series A, Rev., 3.00%, 6/1/2019		120		121
Arkansas Technical University, Student Fee Series A, Rev., 3.00%, 6/1/2019		200		202
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Rev., 5.00%, 11/1/2021		330		360
				683
General Obligation — 0.0% (b)
City of Fayetteville, Library Improvement GO, 3.00%, 1/1/2020		200		203
City of Little Rock GO, 4.00%, 3/1/2019		20		20
				223
Housing — 0.0% (b)
Arkansas Technical University, Housing System Series A, Rev., 3.00%, 6/1/2019		225		227
Other Revenue — 0.1%
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		512
Arkansas Development Finance Authority, Department of Community Correction Project
Rev., 3.00%, 11/1/2019		510		517
Rev., 5.00%, 11/1/2021		310		339
Rev., 5.00%, 11/1/2022		410		457
City of Little Rock
Rev., 2.00%, 10/1/2018		300		300
Rev., 3.00%, 10/1/2019		500		506
				2,631
Water & Sewer — 0.0% (b)
City of Little Rock, Water Reclamation System Rev., 1.15%, 10/1/2018		100		100
Northwest Arkansas Conservation Authority, Wastewater
Rev., 3.00%, 3/1/2019		220		223
Rev., 3.00%, 3/1/2020		280		287
				610
Total Arkansas				4,374

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
California — 3.5%
Education — 1.3%
California Educational Facilities Authority, Art Center College of Design
Series A, Rev., 5.00%, 12/1/2018		100		101
Series A, Rev., 5.00%, 12/1/2019		125		130
Series A, Rev., 5.00%, 12/1/2020		180		192
California Municipal Finance Authority, California Lutheran University
Rev., 5.00%, 10/1/2018		600		601
Rev., 5.00%, 10/1/2019		550		569
Rev., 5.00%, 10/1/2020		325		345
Rev., 5.00%, 10/1/2021		250		272
San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/28/2019		27,000		27,534
University of California Series AL-1, Rev., VRDO, 1.18%, 9/4/2018 (c)		550		550
				30,294
General Obligation — 0.1%
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022		250		234
San Mateo County Community College District Series A, GO, 5.00%, 9/1/2018		1,250		1,250
				1,484
Hospital — 0.0% (b)
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		105
Pioneers Memorial Healthcare District
Rev., 3.00%, 10/1/2019		255		256
Rev., 3.00%, 10/1/2020		265		266
				627
Other Revenue — 1.2%
California Infrastructure and Economic Development Bank, California Academy of Sciences Rev., (ICE LIBOR USD 1 Month + 0.38%), 1.86%, 9/13/2018 (e)		17,010		16,928
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust
Rev., (ICE LIBOR USD 1 Month + 0.20%), 1.68%, 10/1/2018 (e)		10,970		11,010
Series A-4, Rev., (ICE LIBOR USD 3 Month + 0.37%), 2.00%, 10/1/2018 (e)		1,000		1,013
California Statewide Communities Development Authority, Front Porch Communities and Services Rev., 5.00%, 4/1/2020		75		79

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Los Angeles County Public Works Financing Authority, Los Angeles County Regional Park and Open Space Rev., AGM, 5.25%, 10/1/2018		35		35
Riverside County Redevelopment Successor Agency, Jurupa Valley Redevelopment Project Series B, Rev., AGM, 4.00%, 10/1/2018		25		25
				29,090
Prerefunded — 0.1%
Imperial Irrigation District Electric System Series A, Rev., 5.25%, 11/1/2018 (d)		80		81
Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2021 (d)		3,000		3,337
				3,418
Transportation — 0.0% (b)
Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area Series C, Rev., 1.88%, 4/1/2019 (c)		650		650
Utility — 0.3%
California Infrastructure and Economic Development Bank, Pacific Gas and Electric Co. Series G, Rev., 1.05%, 12/1/2018		6,900		6,866
Water & Sewer — 0.5%
California State Department of Water Resources, Central Valley Project Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.71%, 9/13/2018 (e)		12,000		12,094
Total California				84,523
Colorado — 0.5%
Certificate of Participation/Lease — 0.0% (b)
Denver Health and Hospital Authority, 550 Acoma, Inc.
COP, 5.00%, 12/1/2020 (f)		110		117
COP, 5.00%, 12/1/2021 (f)		220		238
COP, 5.00%, 12/1/2022 (f)		295		323
				678
General Obligation — 0.1%
Adams 12 Five Star Schools GO, 5.00%, 12/15/2018		120		121
City of Aurora, Sterling Hills West Metropolitan District
GO, 5.00%, 12/1/2018		100		101
GO, 5.00%, 12/1/2019		110		113
GO, 5.00%, 12/1/2020		100		105

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Denver City and County School District No. 1 Series B, GO, 4.00%, 12/1/2019 (d)		255		262
Douglas County School District No. Re-1, Douglas and Elbert Counties Series B, GO, 5.00%, 12/15/2018		20		20
Mesa County Valley, School District No. 51, Grand Junction GO, 4.00%, 12/1/2018		20		20
Pueblo County School District No. 70 GO, NATL-RE, 5.00%, 12/1/2018		25		25
				767
Hospital — 0.2%
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		422
Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project
Rev., 3.00%, 9/1/2018		100		100
Rev., 3.00%, 9/1/2019		310		314
Colorado Health Facilities Authority, Sisters of Charity of Leavenworth Health System, Inc. Series A, Rev., 3.88%, 1/1/2019		50		50
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project
Rev., 5.00%, 6/1/2019		200		204
Rev., 5.00%, 6/1/2020		400		417
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c)		1,600		1,612
University of Colorado Hospital Authority Series C-1, Rev., 4.00%, 3/1/2020 (c)		380		388
				3,507
Housing — 0.2%
Adams County Colorado Housing Authority Multifamily Housing, Baker School Apartment Project Rev., 1.50%, 11/1/2019 (c)		5,000		4,975
Prerefunded — 0.0% (b)
Rio Blanco County School District No. Re-1 GO, 5.00%, 12/1/2018 (d)		20		20
Transportation — 0.0% (b)
Denver City and County, Department of Aviation Airport System Series A, Rev., 5.00%, 11/15/2018		35		36
E-470 Public Highway Authority, Senior LIBOR Index Series A, Rev., (ICE LIBOR USD 1 Month + 0.90%), 2.29%, 9/13/2018 (e)		500		501

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
Regional Transportation District, Sales Tax Series A, Rev., 5.25%, 11/1/2018		25		25
				562
Utility — 0.0% (b)
Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020		200		210
Water & Sewer — 0.0% (b)
City of Boulder, Water and Sewer Revenue Series 2012, Rev., 5.00%, 12/1/2018		100		101
Town of Milliken, Water Revenue
Rev., 3.00%, 12/1/2018		100		100
Rev., 3.00%, 12/1/2020		195		199
				400
Total Colorado				11,119
Connecticut — 2.8%
Education — 0.2%
State of Connecticut Health And Educational Facilities Authority Revenue Bonds, Yale University Issue Series B-1, Rev., 5.00%, 7/1/2020 (c)		4,000		4,230
State of Connecticut, Health and Educational Facility Authority
Rev., 5.00%, 7/1/2021		665		714
Rev., 5.00%, 7/1/2022		675		737
State of Connecticut, Health and Educational Facility Authority, Ascension Health Credit Group Series B, Rev., 1.65%, 3/1/2019 (c)		470		469
				6,150
General Obligation — 2.4%
City of Hartford Series B, GO, 4.00%, 4/1/2020 (d)		115		119
City of New Haven Series A, GO, 5.25%, 8/1/2019		750		768
City of Waterbury
Series B, GO, 3.00%, 9/1/2018		265		265
Series A, GO, 3.00%, 11/15/2018		430		431
Series B, GO, 3.00%, 9/1/2019		325		329
Series A, GO, 3.00%, 11/15/2019		485		491
City of West Haven Series A, GO, 3.00%, 11/1/2018		215		215
State of Connecticut
Series C, GO, VRDO, 1.61%, 9/13/2018 (c)		5,235		5,235
Series E, GO, 5.00%, 9/1/2019		150		154
Series F, GO, 5.00%, 11/15/2019		11,575		11,965

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Series C, GO, 5.00%, 12/1/2020		475		491
Series G, GO, 5.00%, 11/1/2021		200		216
Tender Option Bond Trust Receipts/Certificates Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.62%, 9/13/2018 (c) (g)		6,975		6,975
Town of Greenwich GO, BAN, 2.00%, 1/18/2019		29,390		29,428
Town of Groton Court, Lot A GO, 4.00%, 10/1/2018		20		20
				57,102
Other Revenue — 0.2%
Tender Option Bond Trust Receipts/Certificates
Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.62%, 9/13/2018 (c) (g)		4,550		4,550
Prerefunded — 0.0% (b)
Town of Old Saybrook GO, 3.00%, 11/1/2018 (d)		30		30
Total Connecticut				67,832
Delaware — 0.0% (b)
Utility — 0.0% (b)
Sustainable Energy Utility, Inc., Energy Efficiency Rev., 4.00%, 9/15/2018		25		25
District of Columbia — 0.2%
Other Revenue — 0.2%
District of Columbia, Income Tax Revenue
Series C, Rev., 5.00%, 12/1/2018		20		20
Series C, Rev., 4.13%, 12/1/2024		3,710		3,819
District of Columbia, Income Tax Secured Series A, Rev., 5.00%, 12/1/2018		20		20
				3,859
Transportation — 0.0% (b)
Metropolitan Washington Airports Authority Series B, Rev., 4.00%, 10/1/2018		20		20
Total District of Columbia				3,879
Florida — 1.5%
Education — 0.0% (b)
Volusia County School Board, Sales Tax Rev., 5.00%, 10/1/2018		50		50
General Obligation — 0.1%
City of Lauderhill
GO, 3.00%, 1/1/2019		175		176
GO, 3.00%, 1/1/2020		460		467
GO, 3.00%, 1/1/2021		425		435

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 53

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
County of Sarasota, Environmentally Sensitive GO, 4.00%, 10/1/2018 (d)		25		25
				1,103
Hospital — 0.7%
Highlands County Health Facilities Authority, Adventist Health System Series A, Rev., VRDO, 1.48%, 9/13/2018 (c)		15,000		15,000
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.43%, 9/13/2018 (c)		1,000		1,000
				16,000
Housing — 0.1%
Pinellas County Housing Finance Authority, Multi-Family Housing, Boca Ciega Townhomes Rev., 0.95%, 9/1/2018		2,000		2,000
Industrial Development Revenue/Pollution Control Revenue — 0.5%
Florida Department of Environmental Protection, Everglades Restoration Series B, Rev., VRDO, AGC, 1.50%, 9/13/2018 (c)		12,870		12,870
Other Revenue — 0.0% (b)
City of Cape Coral, Water and Sewer Rev., AGM, 1.40%, 9/1/2018		745		745
City of Orlando Series B, Rev., 5.00%, 10/1/2018		50		50
County of Pasco Series A, Rev., 5.00%, 12/1/2018		40		41
Osceola County, Sales Tax Rev., AGC, 4.00%, 10/1/2018 (d)		25		25
				861
Prerefunded — 0.0% (b)
County of Miami-Dade, Miami International Airport
Series B, Rev., AGC, 5.00%, 10/1/2018 (d)		25		25
Series B, Rev., AGM, 5.00%, 10/1/2018 (d)		20		20
County of Sarasota, Infrastructure Sales Surtax Series A, Rev., 4.13%, 10/1/2018 (d)		20		20
Florida State Municipal Power Agency
Rev., AGM-CR, 5.00%, 10/1/2018 (d)		20		20
Series A, Rev., 5.00%, 10/1/2018 (d)		200		200
Rev., 5.25%, 10/1/2018 (d)		85		85
JEA Electric System Series 3-A, Rev., 2.50%, 10/1/2018 (d)		105		105
				475

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.0% (b)
County of Miami-Dade, Aviation Series B, Rev., 5.00%, 10/1/2018		100		100
Utility — 0.1%
County of Charlotte, Utility System Rev., AGM, 5.00%, 10/1/2018		35		35
JEA Electric System Series 3-A, Rev., 4.00%, 10/1/2018		110		110
Orlando Utilities Commission Series B, Rev., VRDO, 1.48%, 9/13/2018 (c)		2,475		2,475
Reedy Creek Improvement District Utility Revenue Series 2, Rev., 5.00%, 10/1/2019		120		124
				2,744
Total Florida				36,203
Georgia — 1.7%
General Obligation — 0.3%
Dougherty County School District, Sales Tax
Series 2018, GO, 4.00%, 12/1/2019		1,775		1,825
Series 2018, GO, 4.00%, 12/1/2020		1,250		1,311
Hall County School District
Series 2018, GO, 5.00%, 11/1/2019		1,500		1,556
Series 2018, GO, 5.00%, 11/1/2020		1,250		1,335
Jackson County School District GO, 5.00%, 3/1/2019		250		254
Pike County School District GO, 4.00%, 10/1/2020		400		416
				6,697
Hospital — 0.0% (b)
Fulton County Development Authority, Catholic Health East Issue Rev., 3.75%, 11/15/2018 (d)		25		25
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., 5.00%, 1/1/2022		100		109
				134
Other Revenue — 0.0% (b)
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project
Series 2017, Rev., 5.00%, 7/1/2019		200		205
Series 2017, Rev., 5.00%, 7/1/2020		275		291
Series 2017, Rev., 5.00%, 7/1/2021		370		401
Series 2017, Rev., 5.00%, 7/1/2022		300		332
				1,229
Transportation — 1.0%
Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020		15,445		16,298

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Transportation — continued
Metropolitan Atlanta Rapid Transit Authority
Series A, Rev., 3.00%, 7/1/2020		2,900		2,967
Series A, Rev., 3.75%, 7/1/2021		5,585		5,878
				25,143
Utility — 0.3%
Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.50%, 9/13/2018 (c)		7,130		7,130
Water & Sewer — 0.1%
East Point Building Authority, Water and Sewer Project
Rev., AGM, 4.00%, 2/1/2019		1,000		1,010
Rev., AGM, 5.00%, 2/1/2020		550		574
				1,584
Total Georgia				41,917
Hawaii — 0.2%
General Obligation — 0.2%
City and County of Honolulu, Rail Transit Project GO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.79%, 9/13/2018 (e)		5,000		5,032
County of Maui Series 2012, GO, 5.00%, 6/1/2019		235		241
State of Hawaii Series DT, GO, 4.00%, 11/1/2018		15		15
				5,288
Total Hawaii				5,288
Idaho — 0.0% (b)
Prerefunded — 0.0% (b)
Idaho Bond Bank Authority Series C, Rev., 5.63%, 9/15/2018 (d)		30		30
Transportation — 0.0% (b)
Idaho Housing and Finance Association, Federal Highway Trust Rev., GRAN, 5.00%, 7/15/2020		425		449
Total Idaho				479
Illinois — 7.0%
Certificate of Participation/Lease — 0.0% (b)
University of Illinois Series A, COP, 5.00%, 10/1/2019		1,000		1,029
Education — 2.4%
Illinois Educational Facilities Authority, University of Chicago Series B-1, Rev., 1.80%, 2/13/2020 (c)		5,500		5,500

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Illinois Finance Authority, Chicago International Charter School Project, Refunding and Improvement
Rev., 3.00%, 12/1/2018		125		125
Rev., 3.00%, 12/1/2019		185		186
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project
Rev., 4.00%, 12/1/2019		200		205
Rev., 4.00%, 12/1/2020		230		240
Rev., 5.00%, 12/1/2021		250		271
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.48%, 9/13/2018 (c)		9,130		9,130
Illinois Finance Authority, Northwestern University Rev., VRDO, 1.46%, 9/13/2018 (c)		3,425		3,425
Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.48%, 9/13/2018 (c)		35,773		35,773
Peoria Public Building Commission, School District No. 150 Project Rev., 5.00%, 12/1/2019		300		310
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2019		315		320
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates
Series A, Rev., AGM, 4.00%, 12/1/2018		355		357
Series A, Rev., AGM, 4.00%, 12/1/2019		370		380
Series A, Rev., AGM, 4.00%, 12/1/2020		385		403
Series A, Rev., AGM, 4.00%, 12/1/2021		400		424
				57,049
General Obligation — 2.4%
Adams County School District No. 172
GO, AGM, 4.00%, 2/1/2019		270		272
GO, AGM, 4.00%, 2/1/2020		300		308
GO, AGM, 4.00%, 2/1/2021		300		312
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		330
Champaign Coles Et Al Counties Community College District No. 505
Series B, GO, 4.00%, 12/1/2019 (f)		2,490		2,555
Series C, GO, 4.00%, 12/1/2019 (f)		430		441
Series B, GO, 4.00%, 12/1/2020 (f)		1,250		1,305
Series B, GO, 4.00%, 12/1/2021 (f)		2,500		2,645
Series C, GO, 4.00%, 12/1/2021 (f)		465		492
Chicago Park District Series C, GO, 5.00%, 1/1/2022		175		189

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 55

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Chicago Park District, Limited Tax
Series B, GO, 4.00%, 1/1/2020		50		51
Series B, GO, 5.00%, 1/1/2020		225		233
Series B, GO, 4.00%, 1/1/2021		100		103
Series B, GO, 5.00%, 1/1/2021		100		106
Chicago Park District, Unlimited Tax Series C, GO, 3.00%, 1/1/2020		100		101
City of Calumet
Series 2018, GO, 4.00%, 3/1/2019		150		151
Series 2018, GO, 4.00%, 3/1/2020		150		154
City of Rock Island
Series A, GO, AGM, 2.00%, 12/1/2018		100		100
Series B, GO, AGM, 2.00%, 12/1/2018		120		120
Series A, GO, AGM, 2.00%, 12/1/2019		130		129
Series B, GO, AGM, 2.00%, 12/1/2019		150		149
Series B, GO, AGM, 3.00%, 12/1/2020		200		203
Series A, GO, AGM, 3.00%, 12/1/2021		130		132
Series B, GO, AGM, 3.00%, 12/1/2021		200		203
City of Waukegan
Series A, GO, AGM, 3.00%, 12/30/2019		430		436
Series A, GO, AGM, 3.00%, 12/30/2020		590		603
Series A, GO, AGM, 4.00%, 12/30/2023		525		566
Clinton and St. Clair Counties Community Unit School District No. 3, School Building GO, 5.00%, 12/1/2019		380		393
Cook County High School District No. 204, Lyons Township GO, 4.00%, 12/15/2018		20		20
Cook County Township High School District No. 208 Riverside-Brookfield
Series C, GO, 3.00%, 12/15/2018		920		923
Series C, GO, 3.00%, 12/15/2019		690		700
Cook County, Community Consolidated School District No. 146 Tinley Park
GO, 2.00%, 12/1/2018		225		225
GO, 3.00%, 12/1/2019		250		254
GO, 4.00%, 12/1/2020		200		209
GO, 4.00%, 12/1/2021		200		211
Cook County, Proviso Township High School District No. 209
Series B, GO, AGM, 4.00%, 12/1/2018		150		151
GO, 5.00%, 12/1/2021		2,825		3,059
County of Cook
Series 2018, GO, 3.00%, 11/15/2018		1,200		1,203
Series C, GO, 4.25%, 11/15/2018		100		100
Series A, GO, 5.00%, 11/15/2018		150		151

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Series 2018, GO, 5.00%, 11/15/2019		800		827
Series 2018, GO, 5.00%, 11/15/2020		900		952
Series 2018, GO, 5.00%, 11/15/2021		700		754
Series A, GO, 5.00%, 11/15/2021		355		382
Series C, GO, 5.00%, 11/15/2022		180		196
County of Winnebago Series C, GO, 2.00%, 12/30/2018		185		185
County of Winnebago, General Funds Alternate Revenue Source Series A, GO, AGC, 4.00%, 12/30/2018		50		50
County of Winnebago, Illinois Tax Alternate Revenue Source Series D, GO, 2.50%, 12/30/2018		200		201
DuPage County Community High School District No. 94
GO, 2.00%, 9/1/2018		300		300
GO, 4.00%, 1/1/2019		830		836
GO, 4.00%, 1/1/2020		300		308
GO, 4.00%, 1/1/2021		200		209
Ford etc. Counties Community Unit School District No. 10 Paxton-Buckley-Loda, School Building Series A, GO, AGM, 4.00%, 12/1/2018		60		60
Fox Valley Park District Series B, GO, 4.00%, 12/15/2018		60		60
Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 4.00%, 2/1/2020		1,595		1,638
Grundy Kendall and Will Counties Community High School District No. 111
GO, 4.00%, 1/1/2019		270		272
GO, 4.00%, 1/1/2020		855		876
Jackson County Community Unit School District No. 186
GO, AGM, 4.00%, 12/1/2019		200		204
GO, AGM, 4.00%, 12/1/2020		265		275
Kendall Kane and Will Counties Community Unit School District No. 308
Series B, GO, 3.00%, 10/1/2018		360		360
Series B, GO, 4.00%, 10/1/2019		120		123
Series B, GO, 4.00%, 10/1/2020		225		233
Series B, GO, 4.00%, 10/1/2021		255		268
Series B, GO, 5.00%, 10/1/2022		1,375		1,511
Lake County Forest Preserve District Series B, GO, 5.00%, 12/15/2018		35		35
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		135
Madison County Community Unit School District No. 7 GO, 4.00%, 12/1/2018		1,240		1,246

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022		1,650		1,789
Schaumburg Park District Series B, GO, 5.00%, 12/1/2018		1,600		1,613
State of Illinois
GO, 5.00%, 11/1/2018		355		356
Series D, GO, 5.00%, 11/1/2020		5,000		5,216
GO, 5.00%, 2/1/2024		3,370		3,579
Tazewell and Woodford Counties, Community Unit School District No. 701
Series A, GO, 4.00%, 12/1/2018		100		100
Series A, GO, 4.00%, 12/1/2019		260		266
Town of Cicero GO, 5.00%, 12/1/2019		550		569
Township of Campton GO, 5.00%, 12/15/2018		25		25
Village of Antioch
GO, 2.00%, 12/1/2018		220		220
GO, 2.00%, 12/1/2019		285		284
GO, 3.00%, 12/1/2020		290		295
Village of Bolingbrook
Series A, GO, 4.00%, 1/1/2019		270		272
Series A, GO, AGM, 4.00%, 1/1/2020		100		102
Series A, GO, AGM, 4.00%, 1/1/2021		185		192
Village of Flossmoor
GO, 3.00%, 12/1/2018		545		546
GO, 3.00%, 12/1/2019		425		430
GO, 3.00%, 12/1/2020		585		597
GO, 3.00%, 12/1/2021		605		620
Village of Franklin Park
GO, 4.00%, 1/1/2019		350		352
GO, 4.00%, 1/1/2021		500		519
Village of Hoffman Estates
Series A, GO, 2.00%, 12/1/2019		110		110
GO, 5.00%, 12/1/2019		380		395
Series A, GO, 3.00%, 12/1/2020		110		112
GO, 5.00%, 12/1/2020		270		288
GO, 5.00%, 12/1/2021		210		229
Village of Northbrook Series B, GO, 3.00%, 12/1/2018		20		20
Village of Oswego
GO, 2.00%, 12/15/2018		100		100
GO, 2.00%, 12/15/2019		100		100
Village of Palatine
Series A, GO, 4.00%, 12/1/2018		1,135		1,141
Series A, GO, 4.00%, 12/1/2019		1,250		1,282
Village of Plainfield, Will and Kendall Counties GO, 4.00%, 12/15/2018		60		60

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Village of Sugar Grove, Kane County, Waterworks and Sewerage
GO, 2.00%, 5/1/2019		130		130
GO, 3.00%, 5/1/2020		390		396
Village of Villa Park, Illinois Alternate Revenue Source
GO, 3.00%, 12/15/2019 (f)		325		329
GO, 3.00%, 12/15/2020 (f)		415		423
GO, 4.00%, 12/15/2021 (f)		505		533
Village of Villa Park, Illinois Sales Tax Alternate Revenue Source Series B, GO, 2.00%, 12/15/2018		100		100
Village of Woodridge
Series 2017, GO, 2.00%, 2/1/2019		175		175
Series 2017, GO, 3.00%, 2/1/2020		270		274
Series 2017, GO, 3.00%, 2/1/2021		250		255
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		333
Whiteside County Community Unit School District No. 6 Morrison
Series A, GO, AGM, 4.00%, 12/1/2020		205		211
Series A, GO, AGM, 4.00%, 12/1/2021		745		775
Will County, Alternate Revenue Source GO, 4.00%, 11/15/2018		20		20
Winnebago and Stephenson Counties School District No. 323, School Building
GO, 5.00%, 11/1/2019		100		103
GO, 5.00%, 11/1/2020		100		106
				58,426
Hospital — 0.9%
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c)		250		248
Illinois Finance Authority, OSF Healthcare System Series C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.50%, 9/13/2018 (c)		1,200		1,200
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.48%, 9/13/2018 (c)		20,015		20,015
				21,463
Other Revenue — 0.8%
City of Rochelle
Series A, Rev., AGM, 3.00%, 6/30/2019		100		101
Series A, Rev., AGM, 3.00%, 6/30/2020		275		278

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 57

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.48%, 9/13/2018 (c)		7,500		7,500
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax Rev., NATL-RE, Zero Coupon, 6/15/2019		85		83
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation
Rev., NATL-RE, Zero Coupon, 6/15/2019		25		25
Class A, Rev., NATL-RE, Zero Coupon, 6/15/2020		130		123
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series B, Rev., 3.00%, 12/15/2018		250		250
State of Illinois Rev., 4.50%, 6/15/2019		3,880		3,949
Tender Option Bond Trust Receipts/Certificates Series 2016-YX1035, Rev., VRDO, LIQ: Barclays Bank plc, 1.71%, 9/13/2018 (c) (g)		7,575		7,575
				19,884
Prerefunded — 0.2%
City of Chicago Rev., AGM, 5.25%, 11/1/2018 (d)		2,750		2,766
Illinois Finance Authority
Series B, Rev., NATL-RE, 5.25%, 11/1/2018 (d)		30		30
Rev., 6.13%, 5/15/2019 (d)		195		201
Illinois Finance Authority, Resurrection Health Rev., 6.13%, 5/15/2019 (d)		340		350
Williamson County Community Unit School District No. 5 Carterville, Capital Appreciation Series B, GO, AGC, Zero Coupon, 1/1/2019 (d)		810		482
				3,829
Special Tax — 0.0% (b)
Village of Hampshire, Special Service Area No. 14, Lakewood Crossing
Rev., 1.70%, 3/1/2019		180		180
Rev., 1.90%, 3/1/2020		200		199
				379
Transportation — 0.2%
Chicago O’Hare International Airport Series A, Rev., AMT, 5.00%, 1/1/2019		600		606
Chicago O’Hare International Airport, General Airport, Senior Lien Series G, Rev., AMT, 5.00%, 1/1/2021		200		213

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		288
Chicago Transit Authority, Federal Transit Administration Section 5337 State of Good Repair Formula Funds Rev., 4.00%, 6/1/2019		2,270		2,303
City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding Series A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,060
				4,470
Water & Sewer — 0.1%
City of Chicago, Second Lien Wastewater Transmission Series B, Rev., 5.00%, 1/1/2019		1,000		1,009
City of Chicago, Second Lien Water, Project
Rev., AGM, 4.25%, 11/1/2018		50		50
Rev., 5.00%, 11/1/2018		1,160		1,166
				2,225
Total Illinois				168,754
Indiana — 2.4%
Education — 0.6%
Hamilton Southeastern Consolidated School Building Corp. Rev., BAN, 3.00%, 12/15/2018		2,550		2,561
Indiana Finance Authority, Educational Facilities, Valparaiso University
Rev., 4.00%, 10/1/2018		200		200
Rev., 4.00%, 10/1/2019		255		261
Mount Vernon of Hancock County Multi-School Building Corp.
Rev., 4.00%, 1/15/2019		510		514
Rev., 4.00%, 7/15/2019		210		214
Purdue University, Student Facilities System Series C, Rev., VRDO, 1.43%, 9/13/2018 (c)		6,575		6,575
Southmont School Building Corp., Ad Valorem Property Tax
Rev., 4.00%, 1/15/2019		125		126
Rev., 4.00%, 7/15/2019		300		305
Rev., 4.00%, 1/15/2020		550		564
Rev., 4.00%, 7/15/2020		190		197
Wawasee High School Building Corp., Ad Valorem Property Tax First Mortgage Bonds Rev., 4.00%, 7/15/2019		50		51
Westfield High School Building Corp., Property Tax, First Mortgage
Rev., 4.00%, 1/15/2019		1,030		1,038
Rev., 4.00%, 7/15/2019		1,240		1,261
				13,867

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — 0.4%
Indiana Finance Authority, Health System, Sisters of St. Francis Health Services Rev., 5.38%, 11/1/2032		4,000		4,024
Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group Rev., 1.38%, 5/1/2020 (c)		4,510		4,463
Indiana State Finance Authority Hospital, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.48%, 9/13/2018 (c)		1,445		1,445
				9,932
Other Revenue — 0.3%
Hammond Redevelopment District Rev., 4.00%, 7/15/2019		615		626
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.48%, 9/13/2018 (c)		7,135		7,135
Miami County Holding Corp., Option Income Tax Lease Rental Rev., 3.00%, 1/15/2019		100		101
				7,862
Prerefunded — 0.0% (b)
Indiana Health Facility Financing Authority, Ascension Health Subordinate Credit Group Rev., 1.38%, 5/1/2020 (c) (d)		95		94
Utility — 1.1%
City of Rockport, Indiana Michigan Power Company Project Series B, Rev., 3.05%, 6/1/2025		6,500		6,521
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.53%, 9/13/2018 (c)		20,000		20,000
				26,521
Water & Sewer — 0.0% (b)
City of Martinsville, Waterworks
Rev., AGM, 2.00%, 1/1/2020		305		305
Rev., AGM, 2.00%, 7/1/2020		310		310
				615
Total Indiana				58,891
Iowa — 1.0%
Certificate of Participation/Lease — 0.0% (b)
Kirkwood Community College Series A, COP, 3.00%, 6/1/2019		175		176

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — 0.1%
Iowa Higher Education Loan Authority, Dubuque University, Private Education Working Capital Loan Program Series A, Rev., RAN, 3.50%, 5/9/2019		2,000		2,024
General Obligation — 0.0% (b)
City of Sac City
GO, 5.00%, 6/1/2020		150		158
GO, 5.00%, 6/1/2021		160		172
				330
Hospital — 0.9%
Iowa Finance Authority, Health Systems Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 2.07%, 9/13/2018 (e) (g)		21,000		21,043
Other Revenue — 0.0% (b)
City of Coralville, Annual Appropriation
Series D, Rev., 3.00%, 5/1/2019		500		502
Series D, Rev., 3.00%, 5/1/2020		300		303
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		434
				1,239
Water & Sewer — 0.0% (b)
Muscatine Power and Water Rev., 2.00%, 12/1/2018		110		110
Total Iowa				24,922
Kansas — 0.1%
General Obligation — 0.0% (b)
City of Olathe Series 218, GO, 5.00%, 10/1/2018		25		25
County of Neosho, Sales Tax GO, 3.00%, 10/1/2018		65		65
Douglas County Unified School District No. 497
Series A, GO, 2.00%, 9/1/2018		20		20
Series A, GO, 5.00%, 9/1/2018		20		20
Ford County Unified School District No. 443 Series B, GO, 5.00%, 9/1/2018		100		100
Johnson County Unified School District No. 233 Series B, GO, 4.00%, 9/1/2018		25		25
				255
Hospital — 0.1%
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.
Series A, Rev., 5.00%, 5/15/2019		410		417
Series A, Rev., 5.00%, 5/15/2020		440		458
				875

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 59

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.0% (b)
County of Shawnee, Public Building Commission, Expocentre Project Rev., 4.00%, 9/1/2019		575		588
Prerefunded — 0.0% (b)
City of Manhattan Series A, GO, 4.10%, 11/1/2018 (d)		25		25
Kansas Unified School District No. 265 Sedgwick County GO, AGC, 4.50%, 10/1/2018 (d)		20		20
Kansas Unified School District No. 266 Sedgwick County GO, AGM, 5.25%, 9/1/2018 (d)		60		60
				105
Total Kansas				1,823
Kentucky — 1.3%
Education — 0.0% (b)
City of Berea Education Facilities, Berea College Project Series A, Rev., VRDO, 1.48%, 9/4/2018 (c)		1,150		1,150
Eastern Kentucky University Series A, Rev., 2.50%, 10/1/2018		50		50
				1,200
Hospital — 0.0% (b)
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. Series A, Rev., 5.00%, 6/1/2019		375		381
Housing — 0.3%
Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (c)		7,200		7,191
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas and Electric Company Project
Series A, Rev., 1.50%, 4/1/2019 (c)		300		299
Rev., 1.25%, 6/3/2019 (c)		4,200		4,177
				4,476
Other Revenue — 0.2%
Kentucky Rural Water Finance Corp., Construction Series E-1, Rev., 2.25%, 3/1/2020 (f)		5,000		5,012
Kentucky State Property and Buildings Commission, Project No. 82 Rev., AGM, 5.25%, 10/1/2018		75		75
Kentucky State Property and Buildings Commission, Project No. 90 Rev., 5.00%, 11/1/2018		200		201
				5,288

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — 0.2%
Kentucky State Property and Buildings Commission, Project No. 90 Rev., 5.00%, 11/1/2018 (d)		4,500		4,524
University of Louisville, General Receipts Series A, Rev., 4.50%, 9/1/2018 (d)		25		25
				4,549
Utility — 0.3%
Kentucky Public Energy Authority, Gas Supply
Series A, Rev., 4.00%, 4/1/2019		665		673
Series A, Rev., 4.00%, 4/1/2020		780		804
Series A, Rev., 4.00%, 4/1/2021		775		810
Series A, Rev., 4.00%, 4/1/2022		1,210		1,274
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Rev., AMT, 2.55%, 5/3/2021 (c)		2,750		2,754
				6,315
Water & Sewer — 0.1%
Louisville/Jefferson County Metro Government, Water System Rev., 5.00%, 11/15/2019		2,440		2,534
Total Kentucky				31,934
Louisiana — 2.2%
Education — 0.0% (b)
Louisiana Public Facilities Authority, Capital Appreciation, Loyola University Project Rev., Zero Coupon, 10/1/2018		175		175
General Obligation — 0.1%
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		535
Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		150
Natchitoches Parish Consolidated School District No. 7 GO, 2.00%, 3/1/2019		100		100
St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		343
State of Louisiana, St. Tammany Parishwide School District No. 12
GO, 2.00%, 3/1/2019		100		100
GO, 2.00%, 3/1/2020		200		201
				1,429
Hospital — 1.7%
Louisiana Public Facilities Authority, Louisiana Children’S Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 2.14%, 9/13/2018 (e)		40,000		40,316

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project
Rev., 4.00%, 5/15/2019		225		228
Rev., 4.00%, 5/15/2020		195		202
Rev., 5.00%, 5/15/2020		325		342
				41,088
Housing — 0.0% (b)
Louisiana Public Facilities Authority, University Alexandria Student Housing Project Series A, Rev., 2.00%, 10/1/2018		160		160
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
St. Charles Parish, Pollution Control, Shell Oil Co. Project Series B, Rev., VRDO, 1.34%, 9/4/2018 (c)		150		150
Other Revenue — 0.4%
Lafayette Consolidated Government, Public Improvement Sales Tax Series A, Rev., 3.00%, 3/1/2019		100		101
Louisiana Local Government Environmental Facilities and Community Development Authority, Delta Campus Facilities Project
Rev., 5.00%, 10/1/2018		1,000		1,002
Rev., 5.00%, 10/1/2019		1,715		1,771
Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020		200		207
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,625
Louisiana Office Facilities Corp., Lease Revenue, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020		4,290		4,507
				9,213
Special Tax — 0.0% (b)
St. Charles Parish, Limited Tax Series A, Rev., AGM, 3.00%, 3/1/2019		250		252
Transportation — 0.0% (b)
New Orleans Aviation Board, General Airport, North Terminal Project Series A, Rev., 5.00%, 1/1/2020		135		140
Water & Sewer — 0.0% (b)
City of Shreveport, Water and Sewer Series A, Rev., AGM, 4.00%, 12/1/2018		200		201

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — continued
City of Shreveport, Water and Sewer, Junior Lien Series B, Rev., AGM, 4.00%, 12/1/2018		150		151
				352
Total Louisiana				52,959
Maine — 0.0% (b)
Education — 0.0% (b)
Maine Health and Higher Educational Facilities Authority, University of New England Rev., 4.00%, 7/1/2019		540		550
Other Revenue — 0.0% (b)
Maine Municipal Bond Bank Series F, Rev., 5.00%, 11/1/2018		25		25
Total Maine				575
Maryland — 0.9%
General Obligation — 0.7%
County of Anne Arundel, Consolidated General Improvements GO, 5.00%, 4/1/2019		6,905		7,040
Washington Suburban Sanitary Commission Series A, GO, VRDO, BAN, 1.46%, 9/13/2018 (c)		10,400		10,400
				17,440
Other Revenue — 0.2%
City of Rockville, Ingleside at King Farm Project
Series A-2, Rev., 4.00%, 11/1/2018		165		165
Rev., 5.00%, 11/1/2018		400		402
Series A-2, Rev., 4.00%, 11/1/2019		100		102
Rev., 5.00%, 11/1/2019		150		155
Maryland Stadium Authority, Construction and Revitalization Program
Series 2018A, Rev., 5.00%, 5/1/2019		1,800		1,839
Series 2018A, Rev., 5.00%, 5/1/2020		800		842
Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,312
				4,817
Prerefunded — 0.0% (b)
State of Maryland, Department of Transportation Rev., 4.00%, 9/1/2018 (d)		20		20
Total Maryland				22,277
Massachusetts — 3.5%
Education — 0.0% (b)
Massachusetts Development Finance Agency, Western New England University
Rev., 5.00%, 9/1/2020		300		316
Rev., 5.00%, 9/1/2021		265		285

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 61

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
University of Massachusetts Building Authority Series 2, Rev., 4.00%, 11/1/2018		20		20
				621
General Obligation — 1.4%
Commonwealth of Massachusetts
Series D, GO, 5.50%, 10/1/2018		2,730		2,738
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 2.12%, 11/1/2018 (e)		30,000		29,723
Series D, GO, AMBAC, 5.50%, 10/1/2019		325		338
Town of Avon, Municipal Purpose Loan GO, 4.00%, 12/1/2018		55		55
				32,854
Hospital — 0.6%
Massachusetts Development Finance Agency, Lawrence General Hospital Rev., 5.00%, 7/1/2019		335		342
Massachusetts Development Finance Agency, Partners Healthcare System Series M-1, Rev., VRDO, LOC: U.S. Bank NA, 1.45%, 9/4/2018 (c)		4,195		4,195
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 1.91%, 9/13/2018 (e)		10,000		10,108
				14,645
Housing — 0.2%
Massachusetts Housing Finance Agency, Construction Loan Series A, Rev., 1.85%, 6/1/2020		5,700		5,691
Other Revenue — 0.0% (b)
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Series 20, Rev., 3.00%, 10/1/2019 (g)		620		625
Prerefunded — 0.2%
Massachusetts Clean Water Trust, State Revolving Fund Rev., 5.00%, 8/1/2020 (d)		4,720		5,007
Massachusetts Development Finance Agency, Harvard Series A, Rev., 5.50%, 11/15/2018 (d)		15		15
Massachusetts Development Finance Agency, Phillips Academy Rev., 5.00%, 9/1/2018 (d)		20		20
Springfield Water and Sewer Commission Series A, Rev., AGC, 5.00%, 10/15/2018 (d)		30		30
				5,072

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — 0.6%
Massachusetts Bay Transportation Authority, General Transportation System Series A-2, Rev., VRDO, 1.56%, 9/13/2018 (c)		14,245		14,245
Water & Sewer — 0.5%
Massachusetts Clean Water Trust (The), Green Bonds Series 20, Rev., 3.00%, 2/1/2019		1,000		1,006
Massachusetts Clean Water Trust, State Revolving Fund Series 15A, Rev., 5.00%, 8/1/2020		200		212
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, 1.51%, 9/13/2018 (c)		9,735		9,735
				10,953
Total Massachusetts				84,706
Michigan — 1.3%
General Obligation — 0.6%
City of Garden, Capital Improvement
GO, 4.00%, 10/1/2019		790		807
GO, 4.00%, 10/1/2020		795		826
City of Marquette, Capital Improvement
GO, 4.00%, 5/1/2019		180		183
GO, 4.00%, 5/1/2020		75		77
GO, 4.00%, 5/1/2021		150		157
City of Marquette, Limited Tax
GO, 3.00%, 5/1/2019		280		282
GO, 3.00%, 5/1/2020		85		87
GO, 3.00%, 5/1/2021		125		128
City of Romulus, Capital Improvement
Series B, GO, 3.00%, 11/1/2018		165		165
Series B, GO, 3.00%, 11/1/2019		140		142
Kalamazoo Public Schools, School Building and Site
GO, 4.00%, 5/1/2019		1,275		1,295
GO, 4.00%, 5/1/2020		1,820		1,885
GO, 4.00%, 5/1/2021		775		816
Spring Lake Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 11/1/2018		2,425		2,438
Waterford School District GO, 3.00%, 9/25/2019 (f)		5,000		5,040
				14,328
Hospital — 0.1%
Michigan Finance Authority, Trinity Health Credit Group Series A, Rev., 5.00%, 12/1/2018		120		121
Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group Rev., 5.00%, 11/15/2018		330		332

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Subseries A-1, Rev., 1.38%, 5/1/2020 (c)		2,710		2,679
				3,132
Housing — 0.5%
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, 1.51%, 9/13/2018 (c)		12,700		12,700
Prerefunded — 0.0% (b)
Ferris State University Rev., AGC, 4.75%, 10/1/2018 (d)		20		20
State of Michigan, School Loan Series A, GO, 5.00%, 11/1/2018 (d)		20		20
				40
Transportation — 0.1%
Wayne County Airport Authority, Junior Lien
Series B, Rev., AMT, 5.00%, 12/1/2018		400		403
Series B, Rev., AMT, 5.00%, 12/1/2019		550		569
Series B, Rev., AMT, 5.00%, 12/1/2020		550		582
				1,554
Water & Sewer — 0.0% (b)
North Kent Sewer Authority Rev., 3.00%, 11/1/2018		25		25
Total Michigan				31,779
Minnesota — 1.0%
Certificate of Participation/Lease — 0.0% (b)
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		994
Education — 0.2%
City of Deephaven, Minnesota Charter School Lease, Eagle Ridge Academy Project Series A, Rev., 3.00%, 7/1/2019		50		50
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University
Rev., 4.00%, 10/1/2018		300		300
Rev., 4.00%, 10/1/2019		750		762
Rev., 4.00%, 10/1/2020		780		802
Minnesota State Colleges and Universities Rev., 2.00%, 10/1/2018		25		25
University of Minnesota Series A, Rev., 5.00%, 4/1/2022		2,715		2,999
				4,938

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 0.2%
City of Glencoe
Series 2018-A, GO, 3.00%, 8/1/2019		75		76
Series 2018-A, GO, 3.00%, 8/1/2020		75		76
Series 2018-A, GO, 3.00%, 8/1/2021		80		82
State of Minnesota Series A, GO, 5.00%, 10/1/2018		1,845		1,850
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,919
				4,003
Hospital — 0.5%
City of Maple Grove, Maple Grove Hospital Corporation Rev., 3.00%, 5/1/2019		930		937
City of Rochester, Health Care Facilities, Mayo Clinic
Series A, Rev., VRDO, 1.47%, 9/13/2018 (c)		10,000		10,000
Series A, Rev., 4.00%, 11/15/2018 (c)		335		337
St. Paul Minnesota, Housing and Redevelopment Authority Health Care Series A, Rev., 2.00%, 11/15/2018		850		851
				12,125
Housing — 0.1%
City of St. Paul Park, Senior Housing and Health Care, Presbyterian Homes Bloomington Project
Rev., 3.00%, 9/1/2018		445		445
Rev., 3.00%, 9/1/2019		795		803
St. Paul Minnesota, Housing and Redevelopment Authority, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		527
				1,775
Other Revenue — 0.0% (b)
State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		400		419
Utility — 0.0% (b)
City of Chaska, Electric Generating Facilities Series A, Rev., 4.00%, 10/1/2018		20		20
Total Minnesota				24,274
Mississippi — 1.0%
General Obligation — 0.2%
State of Mississippi Series F, GO, 5.00%, 11/1/2020		4,000		4,270
Hospital — 0.1%
Mississippi Hospital Equipment and Facilities Authority, Baptist Memorial Health Care Series B2, Rev., 2.13%, 1/9/2019 (c)		3,000		3,002

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 63

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Industrial Development Revenue/Pollution Control Revenue — 0.7%
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project
Series A, Rev., VRDO, 1.49%, 9/13/2018 (c)		11,150		11,150
Series E, Rev., VRDO, 1.50%, 9/13/2018 (c)		6,200		6,200
				17,350
Other Revenue — 0.0% (b)
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022		100		103
Total Mississippi				24,725
Missouri — 0.8%
Certificate of Participation/Lease — 0.1%
Blue Eye R-V School District
COP, 4.00%, 4/1/2019		135		137
COP, 4.00%, 4/1/2021		75		78
City of Arnold
COP, 3.00%, 12/15/2018		120		120
COP, 3.00%, 12/15/2019		120		122
City of Waynesville
Series C, COP, 2.00%, 4/15/2019		125		125
Series C, COP, 2.00%, 4/15/2020		250		250
County of Stone
COP, 3.00%, 12/1/2018		100		100
COP, 3.00%, 12/1/2019		100		101
COP, 3.00%, 12/1/2020		145		148
				1,181
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Branson IDA, Branson Shoppes Redevelopment Project Series A, Rev., 3.00%, 11/1/2018		250		250
Cape Girardeau County IDA, South Eastern Health
Rev., 5.00%, 3/1/2019		300		303
Rev., 5.00%, 3/1/2020		320		330
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		317
Riverside IDA, Riverside Horizons Infrastructure Project Rev., 3.00%, 5/1/2019		2,055		2,070
				3,270
Other Revenue — 0.5%
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,450
Missouri State Board of Public Buildings Series A, Rev., 4.00%, 10/1/2018		25		25

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.66%, 9/13/2018 (c) (g)		8,200		8,200
				12,675
Prerefunded — 0.0% (b)
Missouri State Health and Educational Facilities Authority, Health Facilities Series A, Rev., AGM, 5.50%, 11/15/2018 (d)		100		101
Missouri State Health and Educational Facilities Authority, Health Facilities, Coxhealth Series A, Rev., 5.50%, 11/15/2018 (d)		15		15
				116
Transportation — 0.1%
City of St. Louis, Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,405
Total Missouri				18,647
Montana — 0.3%
Education — 0.1%
Montana State Board of Regents, Montana State University Series F, Rev., VRDO, 1.94%, 9/13/2018 (c)		3,500		3,500
Other Revenue — 0.2%
Montana Board of Investments, Municipal Finance Consolidation Act, Intercap Revolving Program Series 2000, Rev., 1.65%, 3/1/2019 (c)		2,600		2,602
Total Montana				6,102
Nebraska — 0.1%
General Obligation — 0.1%
Papio-Missouri River Natural Resource District
GO, 3.00%, 12/15/2018		330		331
GO, 4.00%, 12/15/2019		720		740
GO, 4.00%, 12/15/2020		405		423
				1,494
Hospital — 0.0% (b)
Madison County Hospital Authority No. 1, Faith Regional Health Services Project Series A, Rev., 4.00%, 7/1/2019		725		735
Other Revenue — 0.0% (b)
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Rev., AGM, 3.00%, 12/15/2020		250		256

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Prerefunded — 0.0% (b)
Douglas County Hospital Authority No. 3 Rev., BHAC-CR, 5.50%, 11/1/2018 (d)		20		20
Utility — 0.0% (b)
City of Lincoln, Electric System Rev., 5.00%, 9/1/2018		20		20
Total Nebraska				2,525
Nevada — 1.2%
General Obligation — 0.1%
Clark County School District Series C, GO, 5.00%, 6/15/2023		2,000		2,243
Hospital — 0.1%
City of Carson, Carson Tahoe Regional Healthcare Project
Rev., 5.00%, 9/1/2018		460		460
Rev., 5.00%, 9/1/2019		325		335
Rev., 5.00%, 9/1/2020		250		264
Rev., 5.00%, 9/1/2027		610		703
				1,762
Other Revenue — 0.0% (b)
City of Henderson Nevada Local Improvement District No. T-14 Rev., 2.50%, 3/1/2019		340		341
City of Henderson Nevada Local Improvement District No. T-17 Rev., 2.00%, 9/1/2019		195		195
				536
Transportation — 0.9%
County of Clark, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		20,012
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series D-3, Rev., VRDO, LOC: Bank of America NA, 1.50%, 9/13/2018 (c)		2,035		2,035
				22,047
Utility — 0.1%
County of Clark, Nevada Power Company Projects Rev., 1.60%, 5/21/2020 (c)		3,000		2,976
County of Washoe, Gas and Water Facilities, Sierra Pacific Power Company Project Series B, Rev., 3.00%, 6/1/2022 (c)		580		595
				3,571
Total Nevada				30,159

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
New Hampshire — 0.4%
Education — 0.4%
New Hampshire Health and Education Facilities Authority Act, University System Series A, Rev., 5.00%, 7/1/2019		1,385		1,423
New Hampshire Health and Education Facilities Authority, Dartmouth College Rev., VRDO, 1.45%, 9/13/2018 (c)		9,000		9,000
				10,423
Prerefunded — 0.0% (b)
State of New Hampshire, Capital Improvement Series C, GO, 4.75%, 11/1/2018 (d)		55		55
Transportation — 0.0% (b)
New Hampshire State Turnpike System Rev., 5.00%, 10/1/2018		25		25
Total New Hampshire				10,503
New Jersey — 11.6%
Education — 0.3%
New Jersey Economic Development Authority, School Facilities Construction
Series DDD, Rev., 5.00%, 6/15/2019		500		512
Series DDD, Rev., 5.00%, 6/15/2020		500		524
Series PP, Rev., 5.00%, 6/15/2020		200		209
New Jersey EDA, School Facilities Construction Series XX, Rev., 5.00%, 6/15/2021		5,000		5,333
New Jersey Educational Facilities Authority, The William Paterson University Rev., 5.00%, 7/1/2020		100		105
				6,683
General Obligation — 8.3%
Atlantic County, Township of Galloway Series A, GO, BAN, 3.00%, 8/15/2019		3,700		3,733
Borough of Alpha GO, BAN, 2.50%, 12/10/2018		2,845		2,851
Borough of Avalon GO, BAN, 2.50%, 2/19/2019		9,254		9,289
Borough of Beachwood GO, BAN, 3.00%, 3/6/2019		12,556		12,646
Borough of Bound Brook GO, BAN, 2.75%, 4/19/2019		2,838		2,851
Borough of East Rutherford
GO, BAN, 2.25%, 10/19/2018		5,274		5,273
GO, AGM, 4.00%, 12/1/2018		260		261
GO, AGM, 5.00%, 12/1/2019		145		150
GO, AGM, 5.00%, 12/1/2020		290		308
Borough of Englewood Cliffs GO, BAN, 2.50%, 2/22/2019		5,284		5,304

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 65

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Borough of Highlands GO, BAN, 2.25%, 10/5/2018		2,967		2,968
Borough of Matawan GO, BAN, 2.75%, 6/5/2019		2,606		2,619
Borough of Metuchen GO, 4.00%, 9/1/2018		25		25
Borough of Oakland GO, BAN, 2.50%, 12/14/2018		5,251		5,263
Borough of Oceanport GO, BAN, 2.75%, 6/28/2019		8,062		8,111
Borough of Rockaway GO, BAN, 2.25%, 9/14/2018		6,173		6,173
Borough of Wallington GO, BAN, 2.75%, 8/23/2019		5,733		5,772
Borough of Woodbury Heights Series A, GO, BAN, 2.75%, 8/1/2019		5,277		5,311
Borough of Woodcliff Lake GO, BAN, 2.50%, 2/22/2019		5,530		5,551
Borough of Wood-Ridge GO, BAN, 2.25%, 11/8/2018		3,034		3,037
City of Atlantic
Series B, GO, AGM, 4.00%, 3/1/2019		250		253
Series B, GO, AGM, 5.00%, 3/1/2020		200		209
City of Atlantic, Tax Appeal Series A, GO, 5.00%, 3/1/2020		650		679
City of Bridgeton GO, 3.00%, 8/23/2019		9,553		9,630
City of Egg Harbor Series A, GO, BAN, 3.00%, 4/8/2019		865		870
City of North Wildwood GO, BAN, 3.00%, 8/22/2019		9,620		9,704
City of Union, County of Hudson Series 2017, GO, 4.00%, 11/1/2019		1,000		1,019
County of Burlington Series A-1, GO, 4.00%, 9/1/2018		25		25
County of Essex Series A, GO, 4.00%, 10/1/2018		15		15
County of Salem Series A, GO, BAN, 3.00%, 6/19/2019		10,531		10,616
County of Somerset GO, 4.00%, 12/1/2018		20		20
Mullica Township School District
GO, 2.00%, 9/15/2018		106		106
GO, 2.00%, 9/15/2019		105		105
The County of Monmouth, The Board of Education of The Borough of Freehold GO, GAN, 2.50%, 11/1/2018		6,000		6,006
The County of Union State of New Jersey, Township of Hillside GO, 3.00%, 7/18/2019		6,566		6,620
Township of Belleville GO, TAN, 3.00%, 4/17/2019		8,000		8,051

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
Township of Cherry Hill GO, BAN, 3.00%, 10/16/2018		2,977		2,982
Township of Clinton GO, BAN, 3.00%, 3/20/2019		2,732		2,748
Township of Edison, Sewer Utility GO, BAN, 3.00%, 2/8/2019		26,330		26,502
Township of Lyndhurst GO, BAN, 2.50%, 3/14/2019		8,574		8,609
Township of Medford Series A, GO, BAN, 2.25%, 9/25/2018		5,822		5,824
Township of Mount Laure Series 2014, GO, 4.00%, 9/1/2018		20		20
Township of North Hanover Series A, GO, BAN, 2.50%, 10/23/2018		5,900		5,893
Township of South Brunswick Series 2014, GO, 4.00%, 9/1/2018		20		20
Township of West Orange GO, BAN, 2.25%, 9/7/2018		6,122		6,122
				200,144
Hospital — 0.0% (b)
New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		390
Housing — 0.5%
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit Camden Townhouses Project Series F, Rev., 1.35%, 2/1/2019 (c)		3,500		3,494
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Garden Spires Project Series A, Rev., 2.02%, 8/1/2020 (c)		8,000		7,991
				11,485
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Passaic County Utilities Authority, Solid Waste Disposal
Series 2018, Rev., 4.13%, 3/1/2019		170		172
Series 2018, Rev., 4.25%, 3/1/2020		180		187
Series 2018, Rev., 4.38%, 3/1/2021		255		270
				629
Other Revenue — 0.8%
Atlantic County Improvement Authority, Aviation Park Project Rev., 2.00%, 10/3/2018		6,500		6,502
Burlington County Bridge Commission, Governmental Leasing Program Series A, Rev., 5.00%, 10/15/2018		30		30

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — continued
Gloucester County Improvement Authority Series A, Rev., 5.00%, 11/1/2019		500		518
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.68%, 9/13/2018 (c) (g)		5,000		5,000
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		370
Tobacco Settlement Financing Corp.
Series A, Rev., 5.00%, 6/1/2019		3,500		3,580
Series A, Rev., 5.00%, 6/1/2020		3,000		3,152
				19,152
Prerefunded — 0.0% (b)
County of Burlington, General Improvement Series A, GO, 4.00%, 9/1/2018 (d)		25		25
New Jersey Economic Development Authority, School Facilities Construction
Series Y, Rev., 4.50%, 9/1/2018 (d)		25		25
Series Z, Rev., AGC, 5.50%, 12/15/2018 (d)		85		86
New Jersey Health Care Facilities Financing Authority, Hospital Asset Transformation
Rev., 5.00%, 10/1/2018 (d)		30		30
Rev., 5.25%, 10/1/2018 (d)		35		35
State of New Jersey, Equipment Lease Purchase Series A, COP, 5.25%, 6/15/2019 (d)		25		26
				227
Transportation — 1.7%
New Jersey Economic Development Authority, Transportation Project Series A, Rev., 5.00%, 5/1/2019		3,580		3,651
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Rev., 5.00%, 6/15/2021		6,000		6,427
New Jersey Transportation Trust Fund Authority, Transportation Program Series BB-1, Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.49%, 9/13/2018 (e)		700		704
New Jersey Transportation Trust Fund Authority, Transportation System
Rev., 5.00%, 12/15/2018		20,000		20,174
Series B-4, Rev., 5.25%, 12/15/2019		225		234
New Jersey Turnpike Authority
Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 1.82%, 10/1/2018 (e)		4,000		4,003
Series B, Rev., 5.00%, 1/1/2025		5,345		5,967
				41,160

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — 0.0% (b)
Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020		100		103
Total New Jersey				279,973
New Mexico — 0.0% (b)
General Obligation — 0.0% (b)
Jal Public School District No. 19, Credit Enhancement Program GO, AGM, 5.00%, 8/1/2019		880		906
New York — 18.8%
Education — 0.1%
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,041
New York State Dormitory Authority, St. John’s University Series B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 9/13/2018 (c)		1,180		1,180
				2,221
General Obligation — 10.9%
Bath Central School District, Steuben County GO, BAN, 3.00%, 6/21/2019		8,320		8,384
Beekmantown Central School District, Clinton County New York GO, BAN, 2.75%, 6/27/2019		4,035		4,060
Binghamton City School District GO, RAN, 2.50%, 1/25/2019		3,500		3,508
City of New York Series E, Subseries E-3, GO, VRDO, LOC: Bank of America NA, 1.47%, 9/13/2018 (c)		15,000		15,000
City of New York, Fiscal Year 2012 Subseries G-4, GO, VRDO, LOC: Citibank NA, 1.46%, 9/13/2018 (c)		10,000		10,000
City of New York, Fiscal Year 2017 GO, VRDO, LOC: Citibank NA, 1.46%, 9/13/2018 (c)		14,100		14,100
City of Olean GO, BAN, 2.75%, 6/13/2019		6,024		6,068
City of Tonawanda GO, BAN, 3.00%, 6/6/2019		2,894		2,922
City of Watertown Series A, GO, BAN, 3.00%, 4/1/2019		4,360		4,391
County of Cattaraugus GO, BAN, 2.75%, 4/3/2019		707		710
County of Columbia, Germantown Central School District GO, BAN, 2.75%, 6/28/2019		8,937		8,995
County of Nassau Series B, GO, TAN, 3.00%, 9/18/2018		22,495		22,508
County of Schoharie
GO, BAN, 2.50%, 2/8/2019		14,700		14,751
GO, BAN, 2.75%, 6/20/2019		15,000		15,103
County of Suffolk Series I, GO, TAN, 2.25%, 9/27/2018		5,275		5,276

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 67

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		327
County of Westchester Series A, GO, BAN, 3.00%, 12/14/2018		11,100		11,140
East Ramapo Central School District GO, BAN, 3.00%, 4/26/2019		9,797		9,873
Erie County, Cleveland Hill Union Free School District GO, BAN, 2.75%, 6/25/2019		7,650		7,699
Hilton Central School District GO, BAN, 2.75%, 6/28/2019		5,800		5,839
Holley Central School District GO, BAN, 2.50%, 6/25/2019		2,105		2,114
Marcellus Central School District GO, BAN, 3.00%, 2/22/2019		6,713		6,747
Mayfield Central School District GO, BAN, 2.75%, 6/28/2019		14,975		15,082
Morrisville-Eaton Central School District Series A, GO, BAN, 2.75%, 9/28/2018		6,500		6,504
Newark Central School District GO, BAN, 2.75%, 6/20/2019		14,000		14,104
Oneida County, Sherrill City School District Series B, GO, BAN, 2.50%, 7/26/2019		8,751		8,792
Owego Apalachin Central School District
Series B, GO, RAN, 2.38%, 6/27/2019		6,443		6,455
Series C, GO, RAN, 2.38%, 6/27/2019		2,500		2,504
Pavilion Central School District, Livingston and Wyoming Counties GO, BAN, 2.75%, 6/21/2019		2,622		2,639
Rome City School District GO, BAN, 2.75%, 8/2/2019		24,925		25,119
Town of Islip, Public Improvement Series A, GO, 4.00%, 11/15/2020		500		503
Town of Plattsburgh GO, BAN, 2.75%, 8/23/2019		3,000		3,018
				264,235
Hospital — 0.1%
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project
Series A, Rev., 2.00%, 11/1/2018		515		514
Series A, Rev., 2.00%, 11/1/2019		550		545
Series A, Rev., 3.00%, 11/1/2020		575		577
				1,636
Housing — 0.1%
Amherst Development Corp., Student Housing Facility, Greiner and Hadley Refunding Projects Series A, Rev., 3.00%, 10/1/2018		2,360		2,362

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Development Revenue/Pollution Control Revenue — 0.8%
Syracuse City Industrial Development Agency, Syracuse University Project Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 9/13/2018 (c)		20,145		20,145
Other Revenue — 1.7%
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003
Subseries A-4, Rev., VRDO, 1.40%, 9/4/2018 (c)		1,250		1,250
Series 2003A-1, Rev., 5.00%, 11/1/2018		1,000		1,006
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010
Subseries F-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.49%, 9/13/2018 (c)		14,675		14,675
Series D, Rev., 5.00%, 11/1/2018		25		25
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013
Subseries A-7, Rev., VRDO, 1.47%, 9/13/2018 (c)		12,055		12,055
Subseries F-1, Rev., 5.00%, 2/1/2019		150		152
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, 1.51%, 9/13/2018 (c)		4,000		4,000
New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series A, Rev., 4.00%, 5/1/2020		150		156
Schenectady Metroplex Development Authority Series A, Rev., BAN, 3.00%, 12/28/2018		1,240		1,246
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.71%, 9/13/2018 (c) (g)		6,000		6,000
TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2019		150		153
				40,718
Prerefunded — 0.0% (b)
Onondaga County Water Authority Series A, Rev., 5.00%, 9/15/2018 (d)		50		50
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series A, Rev., 5.00%, 1/1/2022 (d)		1,120		1,235
				1,285
Special Tax — 0.0% (b)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series A, Rev., 5.00%, 2/15/2021		200		215

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Special Tax — continued
New York State Environmental Facilities Corp., State Personal Income Tax Series A, Rev., 5.25%, 12/15/2018		25		25
				240
Transportation — 4.3%
Metropolitan Transportation Authority
Subseries E-3, Rev., VRDO, LOC: Citibank NA, 1.57%, 9/13/2018 (c)		2,365		2,365
Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.58%, 9/13/2018 (c)		6,935		6,935
Rev., (ICE LIBOR USD 1 Month + 0.30%), 1.72%, 10/1/2018 (e)		3,505		3,493
Series C-2D, Rev., BAN, 4.00%, 5/15/2019		15,000		15,233
Series A-3, Rev., BAN, 4.00%, 8/15/2019		13,750		14,030
New York State Thruway Authority Series A, Rev., 5.00%, 5/1/2019		24,395		24,909
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C & D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,000		15,061
Port Authority of New York and New Jersey, Consolidated, 173rd Series Rev., 5.00%, 12/1/2018		100		101
Triborough Bridge and Tunnel Authority Series B, Rev., VRDO, LOC: State Street Bank & Trust, 1.44%, 9/13/2018 (c)		12,950		12,950
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels
Series B-4D, Rev., (ICE LIBOR USD 1 Month + 0.58%), 2.00%, 10/1/2018 (e)		1,500		1,503
Series A, Rev., 4.00%, 11/15/2018		2,210		2,221
Series A, Rev., 5.00%, 11/15/2018		4,010		4,038
Series B, Rev., 5.00%, 11/15/2018		20		20
				102,859
Utility — 0.0% (b)
Long Island Power Authority, Electric System Series A, Rev., AGM, Zero Coupon, 12/1/2018		25		25
Water & Sewer — 0.8%
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, 1.50%, 9/13/2018 (c)		12,560		12,560

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Water & Sewer — continued
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB-3, Rev., VRDO, 1.47%, 9/13/2018 (c)		5,680		5,680
				18,240
Total New York				453,966
North Carolina — 1.1%
Education — 0.2%
North Carolina Capital Facilities Finance Agency, Meredith College
Rev., 5.00%, 6/1/2019		250		256
Rev., 5.00%, 6/1/2020		275		288
University of North Carolina, Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 1.82%, 10/1/2018 (e)		3,250		3,279
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina
Rev., AGM, 3.00%, 10/1/2018		110		110
Rev., AGM, 4.00%, 10/1/2019		90		92
Rev., AGM, 4.00%, 10/1/2020		120		126
				4,151
General Obligation — 0.1%
County of Lincoln Series A, GO, 4.00%, 6/1/2019		2,535		2,581
State of North Carolina Series A, GO, 5.00%, 6/1/2019		500		513
				3,094
Hospital — 0.1%
North Carolina Medical Care Commission, Firsthealth Carolinas Series A, Rev., VRDO, 1.52%, 9/13/2018 (c)		2,935		2,935
North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc., Retirement Facilities
Rev., 5.00%, 10/1/2018		180		181
Rev., 5.00%, 10/1/2019		275		283
Northern Hospital District of Surry County, Health Care Facilities Rev., 4.00%, 10/1/2018		380		380
				3,779
Housing — 0.2%
Asheville Housing Authority, Ledgewood Village, Multifamily Housing Rev., 1.90%, 12/1/2019 (c)		4,000		3,999

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 69

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 0.3%
City of Greensboro, Combined Enterprise System Series A, Rev., VRDO, 1.47%, 9/13/2018 (c)		6,005		6,005
County of Chatham Series 2014, Rev., 5.00%, 11/1/2019		210		218
				6,223
Transportation — 0.0% (b)
North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020		420		444
Water & Sewer — 0.2%
City of Charlotte, Water and Sewer System Series B, Rev., VRDO, 1.41%, 9/13/2018 (c)		5,810		5,810
Total North Carolina				27,500
North Dakota — 0.0% (b)
Hospital — 0.0% (b)
City of Grand Forks, Health Care System, Altru Health System Obligated Group Series A, Rev., 5.00%, 12/1/2018		270		272
Ohio — 3.9%
Certificate of Participation/Lease — 0.0% (b)
Goshen Local School District, School Facilities Project
COP, 4.00%, 12/15/2018		170		171
COP, 4.00%, 12/15/2019		240		246
COP, 1.50%, 12/15/2020		280		277
				694
Education — 0.0% (b)
Lorain County Community College District Rev., 2.00%, 12/1/2018		225		225
Miami University, A State University of Ohio Rev., 4.00%, 9/1/2018		50		50
				275
General Obligation — 1.0%
Antwerp Local School District, School Facilities Construction and Improvement GO, 3.00%, 12/1/2018		215		216
City of Cincinnati, Unlimited Tax Refunding and Improvement
Series 2014A, GO, 5.00%, 12/1/2018		2,000		2,017
Series 2014A, GO, 5.00%, 12/1/2019		5,925		6,164
City of Elyria, Improvement and Refunding, Various Purpose
GO, 3.00%, 12/1/2018		685		687
GO, 5.00%, 12/1/2019		1,340		1,393

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — continued
City of Elyria, Various Purpose GO, BAN, 2.38%, 5/23/2019		820		825
City of Fairborn, Various Purpose Series B, GO, BAN, 1.75%, 9/7/2018		425		425
City of Fairfield, Various Purpose GO, BAN, 2.50%, 5/1/2019		3,300		3,316
City of Lorain, Streetscape Improvements GO, BAN, 2.75%, 6/20/2019		650		656
City of Marietta, Various Purpose Series A, GO, BAN, 3.00%, 5/9/2019		3,973		3,999
City of Middletown, Various Purpose
GO, 4.00%, 12/1/2018		250		251
GO, 4.00%, 12/1/2019		500		514
City of North Olmsted, Capital Improvements GO, BAN, 2.50%, 4/23/2019		615		618
City of Springboro GO, 5.00%, 12/1/2018		25		25
City of Toledo
GO, AGM, 2.00%, 12/1/2019		180		180
GO, AGM, 4.00%, 12/1/2020		100		105
County of Crawford, Various Purpose GO, AGM, 2.00%, 12/1/2018		225		225
Madison Local School District, Energy Conservation Improvement GO, BAN, 2.00%, 10/4/2018		645		645
Painesville City Local School District, School Improvement GO, Zero Coupon, 12/1/2018		95		95
Riverside Local School District, School Construction and Improvement Series C, GO, 5.00%, 10/1/2018		100		100
State of Ohio Series A, GO, 5.00%, 3/15/2019		1,000		1,018
Wauseon Exempted Village School District, Classroom Facilities and School Improvement GO, 2.00%, 12/1/2018		230		230
				23,704
Hospital — 1.4%
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		134
City of Centerville, Graceworks Lutheran Services
Rev., 5.00%, 11/1/2020		275		288
Rev., 5.00%, 11/1/2021		285		303
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c)		2,000		2,188
County of Franklin, Hospital Facilities Class A, Rev., VRDO, 1.49%, 9/13/2018 (c)		1,190		1,190
County of Franklin, Trinity Health Credit Group Rev., 1.37%, 11/1/2018 (c)		20,000		19,982

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.74%, 9/4/2018 (c)		8,250		8,250
				32,335
Industrial Development Revenue/Pollution Control Revenue — 1.0%
Ohio State Water Development Authority, Water Pollution Control Loan Fund
Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank NA, 1.55%, 9/13/2018 (c)		10,400		10,400
Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.71%, 9/13/2018 (e)		13,935		13,919
				24,319
Other Revenue — 0.0% (b)
City of Cleveland, Subordinate Lien, Public Facilities Improvements Rev., 5.00%, 10/1/2022		265		295
Village of Obetz
Rev., 5.00%, 12/1/2019		110		114
Rev., 5.00%, 12/1/2020		185		198
Rev., 5.00%, 12/1/2021		125		137
				744
Prerefunded — 0.0% (b)
City of Cincinnati, Economic Development, Baldwin 300 Project Series B, Rev., 5.00%, 11/1/2018 (d)		20		20
Dublin City School District, School Facilities Construction and Improvement GO, 5.00%, 12/1/2018 (d)		25		25
Miamisburg City School District, Facilities Construction and Improvement GO, 5.00%, 12/1/2018 (d)		25		25
Monroeville Local School District, School Improvement GO, 4.00%, 12/1/2018 (d)		20		20
Northmor Local School District, School Facilities Construction and Improvement GO, 5.00%, 11/1/2018 (d)		50		51
				141
Transportation — 0.5%
City of Cleveland, Airport System Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 9/13/2018 (c)		1,420		1,420
Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.48%, 9/13/2018 (c)		8,785		8,785

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Transportation — continued
Ohio Turnpike and Infrastructure Commission, Junior Lien, Infrastructure Projects Series A-1, Rev., 5.00%, 2/15/2019		735		746
				10,951
Water & Sewer — 0.0% (b)
City of Cincinnati, Water System Series A, Rev., 5.00%, 12/1/2018		20		20
County of Butler Rev., 4.00%, 12/1/2018		30		30
				50
Total Ohio				93,213
Oklahoma — 0.2%
Education — 0.1%
Canadian County Educational Facilities Authority, Mustang Public Schools Project
Rev., 3.00%, 9/1/2018		335		335
Rev., 3.00%, 9/1/2019		1,000		1,011
Cleveland County Educational Facilities Authority, Educational Facilities Lease, Noble Public Schools Project
Rev., 4.00%, 9/1/2018		125		125
Rev., 4.00%, 9/1/2019		120		122
Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 5.00%, 6/1/2019		300		307
Okarche Economic Development Authority, Okarche Public Schools Project Rev., 4.00%, 9/1/2019		125		127
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project Series 2018, Rev., 5.00%, 10/1/2018		160		160
Oklahoma County Finance Authority, Educational Facilities, Lease Western Harrah Public Schools Project Rev., 2.00%, 9/1/2018		200		200
Sequoyah County Educational Facilities Authority, Sallisaw Public Schools Project Rev., 2.00%, 9/1/2018		500		500
				2,887
Housing — 0.1%
Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., 1.90%, 3/1/2020 (c)		1,500		1,499
Utility — 0.0% (b)
Stillwater Utilities Authority, Utility System and Sales Tax Series A, Rev., 4.00%, 10/1/2018		75		75
Total Oklahoma				4,461

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 71

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Oregon — 0.5%
Certificate of Participation/Lease — 0.1%
Oregon Education Districts Series A, COP, 2.50%, 12/31/2018		1,800		1,806
General Obligation — 0.1%
Clackamas County School District No. 12 Series A, GO, Zero Coupon, 6/15/2019		250		247
County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		2,032
Salem-Keizer School District No. 24J
GO, 4.00%, 6/15/2019		375		382
GO, 4.00%, 6/15/2020		225		234
GO, 4.00%, 6/15/2021		175		185
GO, 5.00%, 6/15/2021		500		543
State of Oregon Series L, GO, 5.00%, 11/1/2018		25		25
				3,648
Hospital — 0.3%
Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 9/13/2018 (c)		1,000		1,000
Klamath Falls Intercommunity Hospital Authority, Sky Lakes Medical Center Project Rev., 3.00%, 9/1/2018		100		100
Salem Hospital Facility Authority, Hospital Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.47%, 9/13/2018 (c)		5,350		5,350
				6,450
Transportation — 0.0% (b)
Tri-County Metropolitan Transportation District of Oregon, Capital Grant Receipts Series A, Rev., 5.00%, 10/1/2018		35		35
Total Oregon				11,939
Pennsylvania — 4.9%
Education — 1.2%
Chester County Health and Education Facilities Authority, Immaculata University Project Rev., 3.00%, 11/1/2018		255		255
Pennsylvania Higher Educational Facilities Authority
Series A, Rev., 5.00%, 9/1/2019 (d)		8,950		9,242
Series AN, Rev., 5.00%, 6/15/2020		5,975		6,269
Pennsylvania Higher Educational Facilities Authority, Aicup Financing Program-York College of Pennsylvania Project Rev., 2.23%, 5/1/2019 (c)		1,000		1,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Education — continued
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (c)		2,500		2,535
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 5.00%, 8/15/2019		200		206
Pennsylvania Higher Educational Facilities Authority, Widener University Rev., 2.00%, 7/15/2019		290		289
Snyder County Higher Education Authority, Susquehanna University Project Rev., 4.00%, 1/1/2019		375		378
University of Pittsburgh of the Commonwealth System, Higher Education Panthers Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 1.73%, 9/13/2018 (e)		10,000		10,080
				30,254
General Obligation — 0.6%
Butler Area School District
GO, AGM, 2.00%, 10/1/2018		250		250
GO, AGM, 3.00%, 10/1/2019		1,150		1,165
GO, AGM, 4.00%, 10/1/2020		865		902
City of Easton Series A, GO, AGM, 2.00%, 11/15/2018		350		350
Commonwealth of Pennsylvania Series 2015, GO, 5.00%, 8/15/2022		8,995		9,930
Cumberland Valley School District, Refunding and Improvement Series A, GO, 4.00%, 11/15/2018		20		20
Great Valley School District GO, 4.00%, 11/1/2018		20		20
Juniata County School District
GO, AGM, 2.00%, 11/15/2019 (f)		190		190
GO, AGM, 5.00%, 11/15/2021 (f)		185		202
Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,095
Souderton Area School District Series A, GO, 4.00%, 11/15/2018		20		20
The School Board of Philadelphia County Series A, GO, 5.00%, 9/1/2019		500		515
Township of Upper Darby GO, AGM, 2.00%, 5/1/2019		210		210
				14,869
Hospital — 0.1%
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Rev., 5.00%, 9/1/2019		500		515

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Hospital — continued
Philadelphia Hospitals and Higher Education Facilities Authority, Temple University Health System, Hospital Revenue Rev., 5.00%, 7/1/2019		1,385		1,416
				1,931
Housing — 0.0% (b)
Philadelphia Housing Authority, PHA Headquarters Project Rev., 4.00%, 5/1/2019		250		254
Industrial Development Revenue/Pollution Control Revenue — 0.1%
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020		520		531
Lackawanna County Industrial Development Authority, University of Scranton
Rev., 3.00%, 11/1/2018		25		25
Rev., 3.00%, 11/1/2019		50		50
Rev., 4.00%, 11/1/2020		100		104
Rev., 5.00%, 11/1/2021		1,000		1,081
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 1.55%, 12/3/2018 (c)		300		300
				2,091
Other Revenue — 1.2%
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (g)		250		268
Commonwealth Financing Authority, Tobacco Master Settlement Payment
Series 2018, Rev., 5.00%, 6/1/2020		555		581
Series 2018, Rev., 5.00%, 6/1/2021		535		573
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., 2.00%, 4/30/2020 (c)		250		250
Emmaus General Authority Rev., VRDO, AGM, 1.54%, 9/13/2018 (c)		6,090		6,090
Philadelphia Municipal Authority, City Agreement, Juvenile Justice Services Center Rev., 4.00%, 4/1/2019		195		197
Tender Option Bond Trust Receipts/Certificates
Series 2018-XL0060, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.66%, 9/13/2018 (c) (g)		5,650		5,650
Series 2018-XX1, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.66%, 9/13/2018 (c) (g)		8,000		8,000

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
Series 2018-XM0594, Rev., VRDO, LIQ: Barclays Bank plc, 1.68%, 9/13/2018 (c) (g)		4,600		4,600
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., 2.25%, 6/1/2020 (c)		1,850		1,853
				28,062
Prerefunded — 0.0% (b)
County of Allegheny, West Mifflin Area School District GO, AGM, 5.38%, 10/1/2018 (d)		15		15
The School Board of Philadelphia County Series F, GO, BHAC-CR, 5.13%, 9/1/2018 (d)		35		35
West Shore School District GO, AGC, 4.50%, 5/15/2019 (d)		25		25
				75
Transportation — 1.4%
Delaware River Port Authority Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.47%, 9/13/2018 (c)		15,000		15,000
Pennsylvania Turnpike Commission
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 2.09%, 9/13/2018 (e)		18,000		17,947
Series B, Subseries B-2, Rev., 5.00%, 6/1/2019		75		77
Series B, Subseries B-2, Rev., 5.00%, 6/1/2020		50		53
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		118
				33,195
Utility — 0.3%
City of Philadelphia, Gas Works, 1998 General Ordinance, Fifteen Rev., 3.00%, 8/1/2019		2,100		2,120
Philadelphia Gas Works Co. Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.47%, 9/13/2018 (c)		6,000		6,000
				8,120
Total Pennsylvania				118,851
Rhode Island — 0.6%
Education — 0.2%
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series A, Rev., VRDO, LOC: U.S. Bank NA, 1.48%, 9/13/2018 (c)		4,960		4,960

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 73

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Rhode Island Infrastructure Bank, Water Pollution Control Revolving Fund Series A, Rev., 5.00%, 10/1/2018		35		35
Other Revenue — 0.0% (b)
Providence Public Building Authority, Capital Improvement
Series A, Rev., 3.00%, 9/15/2018		125		125
Series A, Rev., 4.00%, 9/15/2019		250		254
Series A, Rev., 5.00%, 9/15/2020		200		210
				589
Transportation — 0.1%
Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project
Series 2018, Rev., 5.00%, 7/1/2019		500		512
Series 2018, Rev., 5.00%, 7/1/2020		585		615
				1,127
Water & Sewer — 0.3%
Narragansett Bay Commission, Wastewater System Series A, Rev., VRDO, LOC: TD Bank NA, 1.38%, 9/13/2018 (c)		7,000		7,000
Total Rhode Island				13,711
South Carolina — 0.1%
Education — 0.1%
County of Spartanburg, School District No. 7 Rev., 3.00%, 12/1/2018		300		301
Educational Facilities Authority, Wofford College Series B, Rev., 2.38%, 4/1/2022 (c)		500		497
Scago Educational Facilities Corp. for Colleton School District Rev., 5.00%, 12/1/2018		1,420		1,431
				2,229
Hospital — 0.0% (b)
Lexington County Health Services District, Inc., Hospital, LexMed Obligated Group Series 2017, Rev., 5.00%, 11/1/2018		750		753
Utility — 0.0% (b)
Piedmont Municipal Power Agency, Electric Series A, Rev., 5.00%, 1/1/2019		250		252
Total South Carolina				3,234
South Dakota — 0.0% (b)
Housing — 0.0% (b)
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022		375		412

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — 0.0% (b)
South Dakota State Building Authority
Series A, Rev., 3.00%, 6/1/2019		150		151
Series A, Rev., 3.00%, 6/1/2020		200		204
				355
Total South Dakota				767
Tennessee — 1.9%
Education — 0.8%
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board Rev., 1.30%, 7/1/2019 (c)		6,250		6,218
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, East Webster Street Apartments Project Rev., 2.05%, 4/1/2020 (c)		2,500		2,508
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (c)		6,500		6,521
Metropolitan Government of Nashville and Davidson County, Health and Educational Facilities Board, Twelfth and Wedgewood Apartments Project Series 2017, Rev., GNMA, 1.80%, 12/1/2019 (c)		4,000		3,996
				19,243
General Obligation — 0.2%
County of Monroe GO, BAN, 1.20%, 6/15/2019		3,500		3,482
County of Shelby, Public Improvment Series B, GO, VRDO, 1.50%, 9/13/2018 (c)		2,000		2,000
County of Sumner, School and Public Improvement Series 2013, GO, 5.00%, 12/1/2019		105		109
				5,591
Housing — 0.7%
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., 1.87%, 7/1/2020 (c)		2,400		2,396
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (c)		10,000		10,020
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers Ii Project Rev., 2.00%, 1/1/2021 (c)		5,000		5,009
				17,425

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.1%
City of Knoxville, Gas System Series W, Rev., 5.00%, 3/1/2019		120		122
Tennessee Energy Acquisition Corp., Gas Project
Series A, Rev., 4.00%, 5/1/2019		625		634
Series A, Rev., 4.00%, 5/1/2020		780		804
Series A, Rev., 4.00%, 5/1/2021		730		763
				2,323
Water & Sewer — 0.1%
Jackson Energy Authority, Wastewater System
Rev., 5.00%, 12/1/2018		425		428
Rev., 5.00%, 12/1/2019		350		364
				792
Total Tennessee				45,374
Texas — 7.4%
Education — 0.3%
Arlington Higher Education Finance Corp., Uplift Education
Series A, Rev., PSF-GTD, 2.00%, 12/1/2018		700		701
Series A, Rev., PSF-GTD, 3.00%, 12/1/2019		435		442
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project
Series C, Rev., 5.00%, 8/1/2024		200		228
Series C, Rev., 5.00%, 8/1/2025		200		230
Austin Community College District, Combined Fee
Rev., 5.00%, 2/1/2020		110		115
Rev., 5.00%, 2/1/2021		160		171
Rev., 5.00%, 2/1/2022		165		181
Rev., 5.00%, 2/1/2023		170		190
County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital
Rev., 5.00%, 11/15/2018		3,155		3,175
Series D, Rev., 5.00%, 11/15/2018 (d)		25		25
Harris County Cultural Education Facilities Finance Corp., TECO Project Series 2017, Rev., 5.00%, 11/15/2019		175		182
New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project Rev., 5.00%, 1/1/2020		195		201
Newark Higher Education Finance Corp., Orenda Education Rev., PSF-GTD, 4.00%, 8/15/2019		200		204
Tarrant County Cultural Education Facilities Finance Corp., Buckner Retirement Services, Inc. Project Rev., 5.00%, 11/15/2018		300		302
				6,347

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
General Obligation — 3.8%
City of Austin GO, 4.00%, 9/1/2018		20		20
City of Granbury
Series 2018, GO, 2.00%, 8/15/2019		160		160
Series 2018, GO, 2.00%, 8/15/2020		185		185
City of Odessa
Series 2017, GO, 4.00%, 3/1/2019		360		364
Series 2017, GO, 4.00%, 3/1/2020		300		310
Clear Creek Independent School District, School Building Series B, GO, PSF-GTD, 1.45%, 8/14/2020 (c)		2,200		2,183
Corpus Christi Independent School District, School Building Series A, GO, PSF-GTD, 2.00%, 8/15/2019 (c)		1,250		1,254
County of Bexar, Harlandale Independent School District GO, PSF-GTD, 3.00%, 8/15/2021 (c)		4,000		4,083
County of Harris
Series B, GO, 4.00%, 10/1/2018		30		30
Series A, GO, 5.00%, 10/1/2018		25		25
County of La Salle
GO, AGM, 5.00%, 3/1/2019		295		300
GO, AGM, 5.00%, 3/1/2020		315		329
GO, AGM, 5.00%, 3/1/2021		345		370
County of La Salle, Unlimited Tax
GO, AGM, 5.00%, 3/1/2019		1,000		1,016
GO, AGM, 5.00%, 3/1/2020		2,075		2,169
GO, AGM, 5.00%, 3/1/2021		2,135		2,287
Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		109
El Paso County Hospital District GO, 5.00%, 8/15/2019		175		179
Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		194
Fort Bend County, Levee Improvement District No. 15 GO, 0.75%, 9/1/2018		2,545		2,545
Fort Bend Independent School District Series B, GO, PSF-GTD, 1.35%, 8/1/2019 (c)		6,560		6,543
Goose Creek Consolidated Independent School District Series B, GO, PSF-GTD, 1.18%, 8/15/2019 (c)		3,100		3,083
Harris County Municipal Utility District No. 412 GO, 2.00%, 9/1/2018		100		100
Houston Independent School District, Schoolhouse Series A-2, GO, PSF-GTD, 3.00%, 6/1/2019 (c)		6,000		6,058
Leander Independent School District, Capital Appreciation Series B, GO, Zero Coupon, 8/15/2019		220		216

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 75

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
General Obligation — continued
Midlothian Independent School District, School Building Series B, GO, PSF-GTD, 2.50%, 8/1/2020 (c)		5,000		5,056
New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (c)		1,500		1,544
Northside Independent School District GO, PSF-GTD, 1.45%, 6/1/2020 (c)		4,000		3,972
Northside Independent School District, School Building GO, PSF-GTD, 2.00%, 6/1/2021 (c)		1,000		995
Pasadena Independent School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 2/15/2019		600		609
Sienna Plantation Levee Improvement District of Fort Bend County GO, 2.00%, 9/1/2019		250		250
Southside Independent School District, School Building GO, PSF-GTD, 2.00%, 8/15/2019		250		251
State of Texas, Public Finance Authority Series A, GO, 5.00%, 10/1/2018		40		40
State of Texas, Transportation Commission, Multi Mode Mobility Fund Series B-R, GO, VRDO, LIQ: Texas Comptroller of Public Accounts, 1.48%, 9/13/2018 (c)		23,505		23,505
State of Texas, Veterans Bonds GO, VRDO, 1.53%, 9/13/2018 (c)		21,800		21,800
Weslaco Independent School District, Maintenance Tax Notes GO, AGM, 3.00%, 2/15/2019		230		231
				92,365
Hospital — 1.1%
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System
Rev., VRDO, 1.51%, 9/13/2018 (c)		17,215		17,215
Series D, Rev., VRDO, 1.51%, 9/13/2018 (c)		8,800		8,800
				26,015
Industrial Development Revenue/Pollution Control Revenue — 0.2%
Matagorda County Navigation District No. 1, Pollution Control Rev., AMT, 1.75%, 9/1/2020 (c)		4,000		3,928
Other Revenue — 0.5%
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier Series A, Rev., 5.00%, 1/1/2019		1,100		1,110
Mission Redevelopment Authority, Tax Increment Contract Revenue Rev., AGM, 4.00%, 9/1/2018		960		960

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Other Revenue — continued
State of Texas Rev., TRAN, 4.00%, 8/29/2019		10,000		10,207
				12,277
Prerefunded — 0.3%
City of Dallas, Waterworks and Sewer System Rev., 5.00%, 10/1/2018 (d)		25		25
Corpus Christi Independent School District, School Building GO, 5.00%, 8/15/2019 (d)		500		515
Dallas Area Rapid Transit, Senior Lien Rev., 5.00%, 12/1/2018 (d)		45		45
Garland Independent School District, School Building Series A, GO, 5.00%, 2/15/2019 (d)		4,830		4,902
Hidalgo County Drain District No. 1, Improvement GO, AGC, 4.75%, 9/1/2018 (d)		20		20
North Texas Tollway Authority System, First Tier
Series K-1, Rev., AGC, 5.75%, 1/1/2019 (d)		70		71
Series A, Rev., 6.00%, 1/1/2019 (d)		1,220		1,237
Series A, Rev., 6.25%, 1/1/2019 (d)		50		51
				6,866
Transportation — 0.5%
Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series B, Rev., BAN, 1.45%, 3/1/2020		7,000		6,965
Camino Real Regional Mobility Authority, Subordinate Lien Vehicle Rev., AGM, 5.00%, 6/1/2019		155		159
Dallas Area Rapid Transit, Senior Lien
Rev., 5.00%, 12/1/2018		50		51
Series A, Rev., 5.00%, 12/1/2018		50		50
Dallas-Fort Worth International Airport Series E, Rev., 5.00%, 11/1/2019		525		544
Harris County Toll Road Authority, Senior Lien
Series A, Rev., 5.00%, 8/15/2019		1,850		1,907
Series A, Rev., 5.00%, 8/15/2020		1,500		1,591
Series A, Rev., 5.00%, 8/15/2021		1,500		1,630
Harris County, Metropolitan Transit Authority Rev., 4.00%, 11/1/2018 (d)		30		30
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		135
Port Beaumont Navigation District
Rev., 3.00%, 9/1/2019		100		101
Rev., 4.00%, 9/1/2020		155		160
Texas Transportation Commission, State Highway Fund
Rev., 4.00%, 10/1/2018		20		20
Series A, Rev., 5.00%, 10/1/2018		20		20
				13,363

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Utility — 0.2%
City of Houston, Combined Utility System, First Lien Series C, Rev., 5.00%, 11/15/2018		25		25
City of Houston, Utility System Series B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.49%, 9/13/2018 (c)		4,425		4,425
				4,450
Water & Sewer — 0.5%
City of Austin, Water and Wastewater System Rev., VRDO, LOC: Citibank NA, 1.50%, 9/13/2018 (c)		11,275		11,275
North Texas Municipal Water District, Water System Rev., 4.00%, 9/1/2018		20		20
Trinity River Authority Central Regional Wastewater System Revenue
Rev., 5.00%, 8/1/2019		1,255		1,292
Rev., 5.00%, 8/1/2020		675		716
				13,303
Total Texas				178,914
Utah — 0.9%
Education — 0.1%
Utah Charter School Finance Authority, Utah Charter Academies Project
Rev., 3.00%, 10/15/2019		200		202
Rev., 3.00%, 10/15/2020		220		223
Rev., 4.00%, 10/15/2021		305		320
				745
Hospital — 0.7%
County of Utah Hospital, IHC Health Services, Inc.
Series B, Rev., VRDO, 1.47%, 9/13/2018 (c)		4,000		4,000
Series C, Rev., VRDO, 1.47%, 9/13/2018 (c)		2,500		2,500
Series D, Rev., VRDO, 1.47%, 9/13/2018 (c)		11,275		11,275
				17,775
Other Revenue — 0.1%
City of Murray, Sales Tax
Series 2018, Rev., 2.00%, 11/15/2018		200		200
Series 2018, Rev., 3.00%, 11/15/2019		100		101
Series 2018, Rev., 3.00%, 11/15/2020		235		241
Series 2018, Rev., 4.00%, 11/15/2021		150		159
Utah Infrastructure Agency, Telecommunication Revenue
Series A, Rev., 2.00%, 10/15/2018		540		540
Series A, Rev., 2.00%, 10/15/2019		1,000		993
				2,234

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Utility — 0.0% (b)
City of Lehi, Electric Utility
Series 2018, Rev., 4.00%, 6/1/2019		75		76
Series 2018, Rev., 5.00%, 6/1/2020		85		90
Series 2018, Rev., 5.00%, 6/1/2021		75		81
				247
Water & Sewer — 0.0% (b)
Snyderville Basin Water Reclamation District, Sewer Rev., 5.00%, 9/15/2018		20		20
Weber Basin Water Conservancy District Series A, Rev., 5.00%, 10/1/2018		20		20
				40
Total Utah				21,041
Virginia — 2.9%
Education — 0.4%
Virginia College Building Authority, Education Facilities, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2018		110		110
Virginia College Building Authority, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2020		7,685		8,168
Virginia Public School Authority, School Technology and Security Series IV, Rev., 5.00%, 4/15/2019		1,000		1,021
				9,299
General Obligation — 0.1%
City of Charlottesville, Public Improvement Series B, GO, 4.00%, 7/15/2020		200		209
City of Norfolk Series G, GO, 4.00%, 10/1/2018		25		25
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,606
				1,840
Housing — 0.4%
Newport News Redevelopment and Housing Authority, Berkley Preservation Project Rev., FHA, GNMA, 1.20%, 4/1/2019		10,000		9,963
Industrial Development Revenue/Pollution Control Revenue — 0.6%
Louisa Industrial Development Authority, Virginia Pollution Control Revenue Refunding Bonds Rev., 1.85%, 5/16/2019 (c)		7,550		7,538
Wise County Industrial Development Authority Series 2009-A, Rev., 2.15%, 9/1/2020 (c)		7,500		7,482
				15,020

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Other Revenue — 1.0%
Virginia Public Building Authority, Public Facilities
Series A, Rev., 5.00%, 8/1/2020		5,220		5,535
Series C, Rev., 5.00%, 8/1/2020		18,830		19,968
Virginia Resources Authority, Infrastructure, Unrefunded Balance Rev., 4.00%, 11/1/2018		20		20
				25,523
Prerefunded — 0.4%
Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2021 (d)		8,235		8,769
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series A, Rev., 5.00%, 2/1/2019 (d)		20		20
				8,789
Total Virginia				70,434
Washington — 1.1%
Education — 0.1%
University of Washington Series A, Rev., 5.00%, 12/1/2018		1,100		1,109
General Obligation — 0.0% (b)
Pend Oreille County, Public Hospital District No. 1
GO, 3.00%, 12/1/2019		155		156
GO, 3.00%, 12/1/2020		155		156
Snohomish County School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		182
State of Washington, Various Purpose Series R-2011B, GO, 5.00%, 7/1/2019		400		411
				905
Hospital — 0.8%
Washington Biomedical Research Properties 3.2 Series A, Rev., 5.00%, 1/1/2019		145		147
Washington Health Care Facilities Authority, Catholic Health Initiatives
Rev., (SIFMA Municipal Swap Index Yield + 1.00%), 2.49%, 9/13/2018 (e)		5,000		5,064
Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 2.89%, 9/13/2018 (e)		10,000		10,045
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,332
Washington Health Care Facilities Authority, Providence Health and Service Series C, Rev., VRDO, 1.49%, 9/13/2018 (c)		3,150		3,150

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hospital — continued
Washington Health Care Facilities Authority, Seattle Children’s Hospital Rev., 5.00%, 10/1/2018		20		20
				19,758
Housing — 0.2%
Washington State Housing Finance Commission, Royal Hills Apartments Series A, Rev., 1.40%, 11/1/2019		4,000		3,975
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
Washington Economic Development Finance Authority, Seadrunar Project Series E, Rev., VRDO, LOC: U.S. Bank NA, 1.70%, 9/13/2018 (c)		120		120
Prerefunded — 0.0% (b)
Snohomish County School District No. 201, Snohomish GO, 5.25%, 12/1/2018 (d)		15		15
Utility — 0.0% (b)
City of Seattle, Municipal Light and Power Series B-2, Rev., VRDO, 2.24%, 9/13/2018 (c)		100		100
Lewis County Public Utility District No. 1, Cowlitz Falls Hydroelectric Project Rev., 5.00%, 10/1/2018		20		20
				120
Total Washington				26,002
West Virginia — 0.2%
Utility — 0.2%
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Rev., 2.62%, 6/1/2022 (c)		3,805		3,806
Wisconsin — 2.4%
Education — 1.6%
Madison Metropolitan School District Rev., TRAN, 2.00%, 9/6/2018		8,500		8,500
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 1.84%, 9/13/2018 (e)		21,865		21,926
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Rev., 4.00%, 9/1/2018		175		175
Rev., 5.00%, 9/1/2019		145		149
Rev., 5.00%, 9/1/2020		155		163
Rev., 5.00%, 9/1/2021		160		171

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued
Education — continued
Wisconsin School Districts, Cash Flow Administration Program Series A, Rev., 1.38%, 10/8/2018		8,000		7,999
				39,083
General Obligation — 0.2%
City of Fond Du Lac Series B, GO, 2.00%, 4/1/2019		225		226
City of Madison Series A, GO, 5.00%, 10/1/2018		30		30
City of Middletown
GO, 3.00%, 3/1/2020		200		203
GO, 3.00%, 3/1/2021		355		364
City of New Berlin, Promissory Notes GO, 3.50%, 12/1/2018		25		25
Coleman School District, Marinette and Oconto Counties GO, 3.00%, 3/1/2019		50		50
County of Manitowoc
GO, 2.00%, 11/1/2018		105		105
GO, 2.00%, 11/1/2019		215		215
County of Milwaukee, Whitnall School District GO, 3.00%, 3/1/2019		175		176
Eleva-Strum School District
GO, 4.00%, 4/1/2019		165		167
GO, 3.00%, 4/1/2020		230		233
GO, 3.00%, 4/1/2021		450		460
Randall Consolidated School Joint No. 1
GO, 4.00%, 3/1/2019		360		364
GO, 4.00%, 3/1/2020		380		391
GO, 4.00%, 3/1/2021		175		183
Village of Menomonee Falls, Promissory Note
Series A, GO, 3.00%, 6/1/2019		50		50
Series B, GO, 3.38%, 3/1/2020		250		254
Series A, GO, 3.00%, 6/1/2021		270		277
Village of Pulaski
GO, AGM, 2.00%, 4/1/2019		160		160
GO, AGM, 3.00%, 4/1/2020		160		163
				4,096
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)
State of Wisconsin Environmental Improvement Fund Series A, Rev., 5.00%, 6/1/2019		1,000		1,025
Other Revenue — 0.5%
Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		4,964
Village of Howard Rev., 2.00%, 12/1/2021		6,965		6,931
				11,895

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Prerefunded — 0.0% (b)
City of Racine GO, 5.00%, 12/1/2018 (d)		20		20
Transportation — 0.1%
Wisconsin Department of Transportation Series 1, Rev., 5.00%, 7/1/2020		2,135		2,259
Total Wisconsin				58,378
Wyoming — 0.0% (b)
Utility — 0.0% (b)
Wyoming Municipal Power Agency, Inc., Power Supply System Series A, Rev., 4.00%, 1/1/2019		175		176
Total Municipal Bonds (Cost $2,335,002)				2,332,806
Short-Term Investments — 5.4%
Commercial Paper — 0.8%
New York City Trust For Cultural Resources (SIFMA Municipal Swap Index Yield + 0.02%), 1.58%, 4/1/2044 (e) (Cost $20,000)		20,000		20,000
	SHARES (000)
Investment Companies — 4.6%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38% (h) (i) (Cost $111,466)		111,467		111,466
Total Short-Term Investments (Cost $131,466)				131,466
Total Investments — 101.9% (Cost $2,466,468)				2,464,272
Liabilities in Excess of Other Assets — (1.9%)				(46,517	)
NET ASSETS — 100.0%				2,417,755

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Abbreviations

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.
COP	Certificate of Participation
CR	Custodial Receipts
EDA	Economic Development Authority
FHA	Federal Housing Administration
GAN	Grant Anticipation Notes
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
IDA	Industrial Development Authority
LIBOR	London Interbank Offered Rate
LIQ	Liquidity Agreement
LOC	Letter of Credit
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
Q-SBLF	Qualified School Bond Loan Fund
RAN	Revenue Anticipation Note
RE	Reinsured
Rev.	Revenue
SIFMA	The 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, 2018.

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	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, 2018.
(d)	Security is prerefunded or escrowed to maturity.
(e)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.
(f)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(h)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Municipal Income Fund		JPMorgan Short- Intermediate Municipal Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	193,733	$	1,541,113
Investments in affiliates, at value		5,294		97,444
Receivables:
Investment securities sold		490		1,058
Investment securities sold — delayed delivery securities		30		—
Fund shares sold		12		484
Interest from non-affiliates		2,096		14,758
Dividends from affiliates		6		150
Other assets		26		—
Total Assets		201,687		1,655,007
LIABILITIES:
Payables:
Due to custodian		23		—	(a)
Investment securities purchased		—		18,518
Fund shares redeemed		87		4,023
Accrued liabilities:
Investment advisory fees		37		203
Administration fees		4		22
Distribution fees		22		10
Service fees		12		94
Custodian and accounting fees		18		53
Audit fees		36		36
Other		18		58
Total Liabilities		257		23,017
Net Assets	$	201,430	$	1,631,990

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	198,866		$	1,642,818
Accumulated undistributed (distributions in excess of) net investment income		(42	)		411
Accumulated net realized gains (losses)		1,203			(15,408	)
Net unrealized appreciation (depreciation)		1,403			4,169
Total Net Assets	$	201,430		$	1,631,990
Net Assets:
Class A	$	59,796		$	31,159
Class C		14,048			5,176
Class I		66,251			1,595,655
Class R6		61,335			—
Total	$	201,430		$	1,631,990
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		6,293			2,994
Class C		1,493			493
Class I		7,023			152,534
Class R6		6,504			—
Net Asset Value (a):
Class A — Redemption price per share	$	9.50		$	10.41
Class C — Offering price per share (b)		9.41			10.50
Class I — Offering and redemption price per share		9.43			10.46
Class R6 — Offering and redemption price per share		9.43			—
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)]	$	9.87		$	10.65
Cost of investments in non-affiliates	$	192,330		$	1,536,944
Cost of investments in affiliates		5,294			97,444

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 83

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
ASSETS:
Investments in non-affiliates, at value	$	352,424		$	2,352,806
Investments in affiliates, at value		9,508			111,466
Cash		—	(a)		—
Deposits at broker for futures contracts		115			—
Receivables:
Due from custodian		—			7,003
Investment securities sold		2,399			5,315
Investment securities sold—delayed delivery securities		1,200			135
Fund shares sold		108			4,206
Interest and dividends from non-affiliates		4,069			14,232
Dividends from affiliates		13			207
Due from adviser		—			59
Prepaid expenses		27			—
Total Assets		369,863			2,495,429
LIABILITIES:
Payables:
Due to custodian		—			10,339
Investment securities purchased		—			31,702
Investment securities purchased — delayed delivery securities		—			19,855
Fund shares redeemed		664			15,164
Variation margin on futures contracts		—	(a)		—
Accrued liabilities:
Investment advisory fees		51			—
Distribution fees		47			2
Service fees		63			444
Custodian and accounting fees		24			44
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1
Audit fees		72			48
Other		17			75
Total Liabilities		938			77,674
Net Assets	$	368,925		$	2,417,755

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	359,762		$	2,420,128
Accumulated undistributed (distributions in excess of) net investment income		(51	)		70
Accumulated net realized gains (losses)		(2,698	)		(247	)
Net unrealized appreciation (depreciation)		11,912			(2,196	)
Total Net Assets	$	368,925		$	2,417,755
Net Assets:
Class A	$	133,986		$	8,138
Class C		28,657			—
Class I		206,282			2,409,617
Total	$	368,925		$	2,417,755
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		11,373			813
Class C		2,453			—
Class I		17,587			240,816
Net Asset Value (a):
Class A — Redemption price per share	$	11.78		$	10.01
Class C — Offering price per share (b)		11.68			—
Class I — Offering and redemption price per share		11.73			10.01
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)]	$	12.24		$	10.24
Cost of investments in non-affiliates	$	340,520		$	2,355,002
Cost of investments in affiliates		9,508			111,466

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

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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 85

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	3,026		$	18,030
Interest income from affiliates		—	(a)		—
Dividend income from affiliates		44			321
Total investment income		3,070			18,351
EXPENSES:
Investment advisory fees		315			2,079
Administration fees		85			674
Distribution fees:
Class A		78			40
Class C		54			21
Service fees:
Class A		78			40
Class C		18			7
Class I		86			2,033
Custodian and accounting fees		37			95
Interest expense to affiliates		—			1
Professional fees		30			40
Trustees’ and Chief Compliance Officer’s fees		13			15
Printing and mailing costs		2			13
Registration and filing fees		19			30
Transfer agency fees (See Note 2.F.)		4			11
Other		6			22
Total expenses		825			5,121
Less fees waived		(254	)		(2,968	)
Net expenses		571			2,153
Net investment income (loss)		2,499			16,198
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		328			(3,778	)
Investments in affiliates		—	(a)		—
Net realized gain (loss)		328			(3,778	)
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(659	)		6,194
Net realized/unrealized gains (losses)		(331	)		2,416
Change in net assets resulting from operations	$	2,168		$	18,614

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	7,281		$	15,863
Interest income from affiliates		—	(a)		—	(a)
Dividend income from non-affiliates		—	(a)		—
Dividend income from affiliates		76			1,012
Total investment income		7,357			16,875
EXPENSES:
Investment advisory fees		538			1,693
Administration fees		145			915
Distribution fees:
Class A		169			6
Class C		106			—
Service fees:
Class A		169			6
Class C		35			—
Class I		245			2,815
Custodian and accounting fees		51			86
Interest expense to affiliates		—	(a)		1
Professional fees		33			40
Trustees’ and Chief Compliance Officer’s fees		16			17
Printing and mailing costs		2			19
Registration and filing fees		19			229
Transfer agency fees (See Note 2.F.)		10			5
Other		52			32
Total expenses		1,590			5,864
Less fees waived		(530	)		(3,146	)
Less expense reimbursements		—			(23	)
Net expenses		1,060			2,695
Net investment income (loss)		6,297			14,180
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(846	)		(190	)
Investments in affiliates		—	(a)		—
Futures contracts		(48	)		—
Net realized gain (loss)		(894	)		(190	)
Distributions of capital gains received from investment company non-affiliates		8			—
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(245	)		808
Futures contracts		20			—
Change in net unrealized appreciation/depreciation		(225	)		808
Net realized/unrealized gains (losses)		(1,111	)		618
Change in net assets resulting from operations	$	5,186		$	14,798

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Municipal Income Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,499		$	6,387		$	16,198		$	35,300
Net realized gain (loss)		328			2,097			(3,778	)		(2,785	)
Change in net unrealized appreciation/depreciation		(659	)		(4,584	)		6,194			(12,921	)
Change in net assets resulting from operations		2,168			3,900			18,614			19,594
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(693	)		(1,664	)		(234	)		(348	)
From net realized gains		—			(471	)		—			—
Class C
From net investment income		(123	)		(293	)		(26	)		(56	)
From net realized gains		—			(111	)		—			—
Class I
From net investment income		(866	)		(3,943	)		(15,539	)		(34,696	)
From net realized gains		—			(566	)		—			—
Class R6 (a)
From net investment income		(833	)		(494	)		—			—
From net realized gains		—			(593	)		—			—
Select Class (b)
From net investment income		—			—			—			(171	)
Total distributions to shareholders		(2,515	)		(8,135	)		(15,799	)		(35,271	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(15,518	)		(49,281	)		(90,411	)		(340,775	)
NET ASSETS:
Change in net assets		(15,865	)		(53,516	)		(87,596	)		(356,452	)
Beginning of period		217,295			270,811			1,719,586			2,076,038
End of period	$	201,430		$	217,295		$	1,631,990		$	1,719,586
Accumulated undistributed (distributions in excess of) net investment income	$	(42	)	$	(26	)	$	411		$	12

(a) Commencement of offering of class of shares effective November 6, 2017 for JPMorgan Municipal Income Fund.

(b) Select Class Shares of JPMorgan Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Tax Free Bond Fund						JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,297		$	10,704		$	14,180		$	10,258
Net realized gain (loss)		(894	)		(95	)		(190	)		(57	)
Distributions of capital gains received from investment company non-affiliates		8			—			—			—
Change in net unrealized appreciation/depreciation		(225	)		(3,101	)		808			(3,044	)
Change in net assets resulting from operations		5,186			7,508			14,798			7,157
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,314	)		(4,552	)		(26	)		(8	)
Class C
From net investment income		(412	)		(779	)		—			—
Class I
From net investment income		(3,611	)		(5,375	)		(14,199	)		(10,137	)
Total distributions to shareholders		(6,337	)		(10,706	)		(14,225	)		(10,145	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		54,051			(3,172	)		352,113			2,035,882
NET ASSETS:
Change in net assets		52,900			(6,370	)		352,686			2,032,894
Beginning of period		316,025			322,395			2,065,069			32,175
End of period	$	368,925		$	316,025		$	2,417,755		$	2,065,069
Accumulated undistributed (distributions in excess of) net investment income	$	(51	)	$	(11	)	$	70		$	115

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Municipal Income Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,835		$	22,238		$	3,783		$	10,656
Distributions reinvested		677			2,094			232			344
Cost of shares redeemed		(9,869	)		(33,567	)		(5,282	)		(8,869	)
Change in net assets resulting from Class A capital transactions	$	(6,357	)	$	(9,235	)	$	(1,267	)	$	2,131
Class C
Proceeds from shares issued	$	722		$	5,107		$	315		$	861
Distributions reinvested		113			362			23			49
Cost of shares redeemed		(1,897	)		(7,178	)		(1,578	)		(8,514	)
Change in net assets resulting from Class C capital transactions	$	(1,062	)	$	(1,709	)	$	(1,240	)	$	(7,604	)
Class I
Proceeds from shares issued	$	10,109		$	42,887		$	236,604		$	1,080,724
Distributions reinvested		839			1,807			15,272			16,842
Cost of shares redeemed		(15,752	)		(149,658	)		(339,780	)		(1,429,300	)
Conversion from Select Class Shares		—			—			—			140,758
Change in net assets resulting from Class I capital transactions	$	(4,804	)	$	(104,964	)	$	(87,904	)	$	(190,976	)
Class R6 (a)
Proceeds from shares issued	$	13,355		$	90,639		$	—		$	—
Distributions reinvested		830			1,086			—			—
Cost of shares redeemed		(17,480	)		(25,098	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(3,295	)	$	66,627		$	—		$	—
Select Class (b)
Proceeds from shares issued	$	—		$	—		$	—		$	1,645
Distributions reinvested		—			—			—			28
Cost of shares redeemed		—			—			—			(5,241	)
Conversion to Class I Shares		—			—			—			(140,758	)
Change in net assets resulting from Select Class capital transactions	$	—		$	—		$	—		$	(144,326	)
Total change in net assets resulting from capital transactions	$	(15,518	)	$	(49,281	)	$	(90,411	)	$	(340,775	)

(a) Commencement of offering of class of shares effective November 6, 2017 for JPMorgan Municipal Income Fund.

(b) Select Class Shares of JPMorgan Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Municipal Income Fund						JPMorgan Short-Intermediate Municipal Bond Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		297			2,271			363			1,013
Reinvested		72			215			23			33
Redeemed		(1,038	)		(3,430	)		(508	)		(844	)
Change in Class A Shares		(669	)		(944	)		(122	)		202
Class C
Issued		77			526			30			81
Reinvested		12			38			2			4
Redeemed		(202	)		(742	)		(150	)		(801	)
Change in Class C Shares		(113	)		(178	)		(118	)		(716	)
Class I
Issued		1,072			4,427			22,616			102,244
Reinvested		89			188			1,462			1,599
Redeemed		(1,668	)		(15,458	)		(32,503	)		(135,480	)
Conversion from Select Class Shares		—			—			—			13,367
Change in Class I Shares		(507	)		(10,843	)		(8,425	)		(18,270	)
Class R6 (a)
Issued		1,415			9,369			—			—
Reinvested		88			113			—			—
Redeemed		(1,851	)		(2,630	)		—			—
Change in Class R6 Shares		(348	)		6,852			—			—
Select Class (b)
Issued		—			—			—			152
Reinvested		—			—			—			3
Redeemed		—			—			—			(500	)
Conversion to Class I Shares		—			—			—			(13,393	)
Change in Select Class Shares		—			—			—			(13,738	)

(a) Commencement of offering of class of shares effective November 6, 2017 for JPMorgan Municipal Income Fund.

(b) Select Class Shares of JPMorgan Short-Intermediate Municipal Bond Fund had no assets from the close of business on April 3, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 91

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Tax Free Bond Fund						JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,146		$	31,215		$	14,569		$	2,427
Net assets acquired in Fund reorganization (See Note 8)		21,528			—			—			—
Distributions reinvested		2,226			4,375			26			8
Cost of shares redeemed		(28,956	)		(52,729	)		(7,231	)		(2,179	)
Change in net assets resulting from Class A capital transactions	$	3,944		$	(17,139	)	$	7,364		$	256
Class C
Proceeds from shares issued	$	646		$	3,952		$	—		$	—
Net assets acquired in Fund reorganization (See Note 8)		6,298			—			—			—
Distributions reinvested		401			770			—			—
Cost of shares redeemed		(3,764	)		(11,395	)		—			—
Change in net assets resulting from Class C capital transactions	$	3,581		$	(6,673	)	$	—		$	—
Class I
Proceeds from shares issued	$	28,017		$	59,833		$	1,157,440		$	3,119,503
Net assets acquired in Fund reorganization (See Note 8)		76,798			—			—			—
Distributions reinvested		3,393			3,871			14,151			5,769
Cost of shares redeemed		(61,682	)		(43,064	)		(826,842	)		(1,089,646	)
Change in net assets resulting from Class I capital transactions	$	46,526		$	20,640		$	344,749		$	2,035,626
Total change in net assets resulting from capital transactions	$	54,051		$	(3,172	)	$	352,113		$	2,035,882

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

	JPMorgan Tax Free Bond Fund						JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018			Six Months Ended August 31, 2018 (Unaudited)			Year Ended February 28, 2018
SHARE TRANSACTIONS:
Class A
Issued		773			2,587			1,456			242
Shares issued in connection with Fund reorganization (See Note 8)		1,824			—			—			—
Reinvested		189			365			3			1
Redeemed		(2,450	)		(4,402	)		(723	)		(218	)
Change in Class A Shares		336			(1,450	)		736			25
Class C
Issued		56			331			—			—
Shares issued in connection with Fund reorganization (See Note 8)		538			—			—			—
Reinvested		34			65			—			—
Redeemed		(322	)		(957	)		—			—
Change in Class C Shares		306			(561	)		—			—
Class I
Issued		2,381			5,004			115,671			311,420
Shares issued in connection with Fund reorganization (See Note 8)		6,534			—			—			—
Reinvested		289			324			1,415			577
Redeemed		(5,244	)		(3,597	)		(82,634	)		(108,793	)
Change in Class I Shares		3,960			1,731			34,452			203,204

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 93

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
JPMorgan Municipal Income Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)	$	9.52	$	0.11		$	(0.02	)	$	0.09		$	(0.11	)	$	—		$	(0.11	)
Year Ended February 28, 2018		9.70		0.23	(f)		(0.11	)		0.12			(0.23	)		(0.07	)		(0.30	)
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	)		—	(g)		(0.29	)		(0.14	)		(0.43	)
Class C
Six Months Ended August 31, 2018 (Unaudited)		9.42		0.08			(0.01	)		0.07			(0.08	)		—			(0.08	)
Year Ended February 28, 2018		9.61		0.17	(f)		(0.12	)		0.05			(0.17	)		(0.07	)		(0.24	)
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	)
Class I
Six Months Ended August 31, 2018 (Unaudited)		9.45		0.12			(0.02	)		0.10			(0.12	)		—			(0.12	)
Year Ended February 28, 2018		9.63		0.25	(f)		(0.11	)		0.14			(0.25	)		(0.07	)		(0.32	)
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	)
Class R6
Six Months Ended August 31, 2018 (Unaudited)		9.45		0.12			(0.02	)		0.10			(0.12	)		—			(0.12	)
November 6, 2017 (h) through February 28, 2018		9.74		0.08	(f)		(0.21	)		(0.13	)		(0.09	)		(0.07	)		(0.16	)

(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) Net investment income (loss) may appear disproportionate among classes due to the timing of the Class R6 Shares commencement of operations on November 6, 2017.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

		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)
$	9.50		0.92	%	$	59,796		0.69	%		2.23	%		0.99	%		2	%
	9.52		1.16			66,258		0.69			2.33	(f)		1.01			21
	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
	9.41		0.76			14,048		1.24			1.68			1.49			2
	9.42		0.51			15,138		1.24			1.78	(f)		1.51			21
	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
	9.43		1.06			66,251		0.44			2.48			0.74			2
	9.45		1.42			71,161		0.44			2.57	(f)		0.74			21
	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
	9.43		1.11			61,335		0.34			2.58			0.48			2
	9.45		(1.42	)		64,738		0.34			2.67	(f)		0.57			21

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 95

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
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)	$	10.39	$	0.08	$	0.02		$	0.10		$	(0.08	)	$	—		$	(0.08	)
Year Ended February 28, 2018		10.48		0.12		(0.09	)		0.03			(0.12	)		—			(0.12	)
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	)
Class C
Six Months Ended August 31, 2018 (Unaudited)		10.48		0.05		0.02			0.07			(0.05	)		—			(0.05	)
Year Ended February 28, 2018		10.56		0.06		(0.08	)		(0.02	)		(0.06	)		—			(0.06	)
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	)
Class I
Six Months Ended August 31, 2018 (Unaudited)		10.44		0.10		0.02			0.12			(0.10	)		—			(0.10	)
Year Ended February 28, 2018		10.53		0.16		(0.09	)		0.07			(0.16	)		—			(0.16	)
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	)

(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.

96 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

		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)
$	10.41		0.94	%	$	31,159		0.70	%		1.51	%		0.86	%		19	%
	10.39		0.26			32,373		0.69			1.10			0.86			73
	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
	10.50		0.67			5,176		1.20			1.01			1.38			19
	10.48		(0.19	)		6,406		1.19			0.56			1.37			73
	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
	10.46		1.17			1,595,655		0.25			1.96			0.61			19
	10.44		0.70			1,680,807		0.24			1.53			0.60			73
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 97

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
JPMorgan Tax Free Bond Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)	$	11.82	$	0.20	$	(0.03	)	$	0.17		$	(0.21	)	$	—		$	(0.21	)
Year Ended February 28, 2018		11.93		0.39		(0.11	)		0.28			(0.39	)		—			(0.39	)
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	)
Class C
Six Months Ended August 31, 2018 (Unaudited)		11.72		0.17		(0.04	)		0.13			(0.17	)		—			(0.17	)
Year Ended February 28, 2018		11.84		0.32		(0.12	)		0.20			(0.32	)		—			(0.32	)
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	)
Class I
Six Months Ended August 31, 2018 (Unaudited)		11.77		0.22		(0.04	)		0.18			(0.22	)		—			(0.22	)
Year Ended February 28, 2018		11.88		0.42		(0.11	)		0.31			(0.42	)		—			(0.42	)
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	)

(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, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c) (d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	11.78		1.41	%	$	133,986		0.66	%		3.44	%		0.99	%		28	%
	11.82		2.36			130,462		0.66			3.27			0.98			39
	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
	11.68		1.13			28,657		1.24			2.85			1.48			28
	11.72		1.70			25,172		1.24			2.69			1.48			39
	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
	11.73		1.53			206,282		0.44			3.64			0.73			28
	11.77		2.60			160,391		0.44			3.49			0.72			39
	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

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 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
JPMorgan Ultra-Short Municipal Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)	$	10.01	$	0.05	$	—	(f)	$	0.05	$	(0.05	)
Year Ended February 28, 2018		10.02		0.07		(0.02	)		0.05		(0.06	)
May 31, 2016 (h) through February 28, 2017		10.00		0.06		(0.01	)		0.05		(0.03	)
Class I
Six Months Ended August 31, 2018 (Unaudited)		10.00		0.06		0.01			0.07		(0.06	)
Year Ended February 28, 2018		10.02		0.09		(0.03	)		0.06		(0.08	)
May 31, 2016 (h) through February 28, 2017		10.00		0.06		—	(f)		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) 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.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 28, 2018 and for the period ended February 28, 2017.

(h) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

		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)
$	10.01		0.47	%	$	8,138		0.44	%		1.09	%		0.78	%		34	%
	10.01		0.47			772		0.44	(g)		0.67	(g)		0.85	(g)		71
	10.02		0.52			519		0.44	(g)		0.81	(g)		2.56	(g)		80
	10.01		0.73			2,409,617		0.24			1.26			0.52			34
	10.00		0.63			2,064,297		0.24	(g)		0.90	(g)		0.56	(g)		71
	10.02		0.65			31,656		0.27	(g)		0.74	(g)		2.00	(g)		80

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 101

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (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 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 4 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Municipal Income Fund	Class A, Class C, Class I and Class R6*	JPM II	Diversified
JPMorgan Short-Intermediate Municipal Bond Fund	Class A, Class C and Class I**	JPM II	Diversified
JPMorgan Tax Free Bond Fund	Class A, Class C and Class I	JPM II	Diversified
JPMorgan Ultra-Short Municipal Fund***	Class A and Class I	JPM IV	Diversified

* Class R6 Shares commenced operations on November 6, 2017 for the JPMorgan Municipal Income Fund.

** On April 3, 2017, Select Class Shares of the JPMorgan 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 JPMorgan 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”).

The investment objective of JPMorgan Municipal Income Fund (“Municipal Income Fund”) is to seek current income exempt from federal income taxes.

The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund (“Short-Intermediate Bond Fund”), JPMorgan Tax Free Bond Fund (“Tax Free Bond Fund”) and JPMorgan Ultra-Short Municipal Fund (“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.

Tax Free Bond Fund acquired all the assets and liabilities of the JPMorgan Tax Aware Income Opportunities Fund (“Tax Aware Income Opportunities Fund”) in a reorganization on May 4, 2018. Please refer to Note 8 discussing the merger.

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’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan, 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, thus, 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 Boards of Trustees (the “Boards”), 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards 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 Boards. 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 Boards.

102 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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 Boards. 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 contracts 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
Oklahoma
Housing	$	—	$	571	$	—	$	571
Other Revenue		—		—		17		17
Total Oklahoma		—		571		17		588
Other Municipal Bonds		—		193,145		—		193,145
Total Municipal Bonds		—		193,716		17		193,733
Short-Term Investments
Investment Companies		5,294		—		—		5,294
Total Investments in Securities	$	5,294	$	193,716	$	17	$	199,027

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 103

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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)	$	97,444	$	1,541,113	$	—	$	1,638,557

Tax Free Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Municipal Bonds
Other Municipal Bonds	$	—	$	352,424	$	—		$	352,424
Warrants
Road & Rail		—		—		—	(b)		—
Short-Term Investments
Investment Companies		9,508		—		—			9,508
Total Investments in Securities	$	9,508	$	352,424	$	—		$	361,932
Appreciation in Other Financial Instruments
Futures Contracts	$	8	$	—	$	—		$	8

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)	$	111,466	$	2,352,806	$	—	$	2,464,272

(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.

(b) Value is zero.

There were no transfers among any levels during the six months ended August 31, 2018.

B. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Municipal Income Fund, Tax Free Bond 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.

Municipal Income Fund, Tax Free Bond and Ultra-Short Municipal Fund had when-issued securities, forward commitments or delayed delivery securities outstanding as of August 31, 2018, 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, 2018 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of August 31, 2018.

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

104 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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, which is considered restricted, 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, 2018 (amounts in thousands):

	Tax Free Bond Fund
Futures Contracts-Interest Rate:
Average Notional Balance Short	$	6,520
Ending Notional Balance Short		6,368

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).

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Amounts in the tables below are in thousands.

Municipal Income Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38%(a)(b)	$	—	$	16,302	$	11,008	$	—	(c)	$	—	$	5,294		5,294	$	13	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.25%(a)(b)		4,335		22,268		26,603		—			—		—		—		31		—
Total	$	4,335	$	38,570	$	37,611	$	—	(c)	$	—	$	5,294			$	44	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of August 31, 2018.

(c) Amount rounds to less than one thousand.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 105

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Short-Intermediate Municipal Bond Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38%(a)(b)	$	—	$	260,655	$	163,211	$	—	$	—	$	97,444		97,445	$	235	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.25%(a)(b)		11,128		169,164		180,292		—		—		—		—		86		—
Total	$	11,128	$	429,819	$	343,503	$	—	$	—	$	97,444			$	321	$	—

Tax Free Bond Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38%(a)(b)	$	—	$	44,814	$	35,306	$	—	(c)	$	—	$	9,508		9,508	$	24	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.25%(a)(b)		9,885		77,824		87,709		—			—		—		—		52		—
Total	$	9,885	$	122,638	$	123,015	$	—	(c)	$	—	$	9,508			$	76	$	—

Ultra-Short Municipal Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.38%(a)(b)	$	—	$	678,238	$	566,772	$	—	$	—	$	111,466		111,467	$	487	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.25%(a)(b)		92,021		518,178		610,199		—		—		—		—		525		—
Total	$	92,021	$	1,196,416	$	1,176,971	$	—	$	—	$	111,466			$	1,012	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of August 31, 2018.

(c) Amount rounds to less than one thousand.

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.

106 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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. The amount of transfer agency fees charged to each class of the Funds for the six months ended August 31, 2018 are as follows (amounts in thousands):

	Class A			Class C		Class I		Class R6			Total
Municipal Income Fund
Transfer agency fees	$	2		$	1	$	1	$	—	(a)	$	4
Short-Intermediate Municipal Bond Fund
Transfer agency fees		1			1		9		n/a			11
Tax Free Bond Fund
Transfer agency fees		7			1		2		n/a			10
Ultra-Short Municipal Fund
Transfer agency fees		—	(a)		n/a		5		n/a			5

(a) Amount rounds to less than one thousand.

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 (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, 2018, 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 remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, 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 Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Municipal Income 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, 2018, 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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

The Boards have 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. Class I Shares and Class R6 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, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Municipal Income Fund	$	5	$	—
Short-Intermediate Municipal Bond Fund		1		—
Tax Free Bond Fund		6		—
Ultra-Short Municipal Fund		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, except for Class R6 Shares which do not charge a service 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
Municipal Income Fund		0.25	%		0.25	%		0.25	%
Short-Intermediate Municipal Bond Fund		0.25			0.25			0.25
Tax Free Bond Fund		0.25			0.25			0.25
Ultra-Short Municipal Fund		0.25			n/a			0.25

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

JPMDS waived service fees as outlined in Note 3.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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP/Statements of Operations. Prior to March 1, 2018, payments to the custodian were 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, expenses related to trustee elections 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			Class R6
Municipal Income Fund		0.70	%		1.25	%		0.45	%		0.35	%
Short-Intermediate Municipal Bond Fund		0.70			1.20			0.25			n/a
Tax Free Bond Fund		0.67			1.25			0.45			n/a
Ultra-Short Municipal Fund		0.45			n/a			0.25			n/a

The expense limitation agreements were in effect for the six months ended August 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2019.

108 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

For the six months ended August 31, 2018, 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	$	84	$	56	$	109	$	249	$	—
Short-Intermediate Municipal Bond Fund		810		540		1,592		2,942		—
Tax Free Bond Fund		273		143		105		521		—
Ultra-Short Municipal Fund		1,693		915		407		3,015		23

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 Fund’s investment in such affiliated money market fund.

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2018 were as follows (amounts in thousands):

Municipal Income Fund	$	5
Short-Intermediate Municipal Bond Fund		26
Tax Free Bond Fund		9
Ultra-Short Municipal Fund		131

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 Boards 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, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended August 31, 2018, 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, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Municipal Income Fund	$	4,233	$	19,373
Short-Intermediate Municipal Bond Fund		305,713		481,606
Tax Free Bond Fund		94,234		145,887
Ultra-Short Municipal Fund		1,079,163		628,181

During the six months ended August 31, 2018, there were no purchases or sales of U.S. Government securities.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	197,624	$	3,486	$	2,083	$	1,403
Short-Intermediate Municipal Bond Fund		1,634,388		10,382		6,213		4,169
Tax Free Bond Fund		350,028		13,540		1,628		11,912
Ultra-Short Municipal Fund		2,466,468		1,456		3,652		(2,196	)

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2018, the following Funds deferred to March 1, 2018 the net capital losses of (amounts in thousands):

	Net Capital Loss
	Short-Term		Long-Term
Municipal Income Fund	$	32	$	—
Short-Intermediate Municipal Bond Fund		2,788		7
Tax Free Bond Fund		92		107
Ultra-Short Municipal Fund		57		—

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 JPM 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 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at August 31, 2018. Average borrowings from the Facility during the six months ended August 31, 2018, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Ultra-Short Municipal Fund	$	2,192		2.43	%		1	$	—	(a)

(a) Amount rounds to less than one thousand.

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.

JPM II and JPM IV, each on behalf of certain funds, along with certain other trusts (“Borrowers”), have 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

110 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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 14, 2018, 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, 2018.

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 brought 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, 2018, the Funds had affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Municipal Income Fund		1		68.7	%
Short-Intermediate Municipal Bond Fund		1		92.2
Tax Free Bond Fund		1		54.3
Ultra-Short Municipal Fund		1		98.4

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.

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 been raising 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. 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. Business Combinations

At a meeting held November 14-15, 2017, the Boards of the JPM I and JPM II approved the Plan of Reorganization of the Tax Aware Income Opportunities Fund (the “Target Fund”), a fund of JPM I, into Tax Free Bond Fund (the “Acquiring Fund”), a fund of JPM II. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on May 4, 2018. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C and Class I shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $102,702,000 and identified cost of approximately $103,125,000 as of the date of the reorganization, was the principal asset acquired

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of May 4, 2018, the Target Fund had net capital loss carryforwards of $4,414,866.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Tax Aware Income Opportunities Fund							$	(424	)
Class A		2,145	$	21,528	$	10.04
Class C		635		6,298		9.92
Class I		7,654		76,798		10.03
Acquiring Fund
Tax Free Bond Fund							$	12,230
Class A		10,401	$	122,768	$	11.80
Class C		2,106		24,650		11.70
Class I		14,107		165,807		11.75
Post Reorganization
Tax Free Bond Fund							$	11,806
Class A		12,225	$	144,296	$	11.80
Class C		2,644		30,948		11.70
Class I		20,641		242,605		11.75

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on March 1, 2018, the beginning of the annual reporting period, the pro forma results of operations for the six months ended August 31, 2018, are as follows:

Net investment income (loss)	$	6,939
Net realized/unrealized gains (losses)		(1,574	)
Change in net assets resulting from operations	$	5,365

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since May 4, 2018.

9. New Accounting Pronouncements

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

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

10. Subsequent Event

Effective October 5, 2018, the Funds may engage in securities lending to broker dealers or other financial institutions approved by the Funds. Citibank N.A. serves as lending agent for the Funds.

112 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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, 2018, and continued to hold your shares at the end of the reporting period, August 31, 2018.

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, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Municipal Income Fund
Class A
Actual	$	1,000.00	$	1,009.20	$	3.49		0.69	%
Hypothetical		1,000.00		1,021.73		3.52		0.69
Class C
Actual		1,000.00		1,007.60		6.27		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I
Actual		1,000.00		1,010.60		2.23		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		1,011.10		1.72		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Actual		1,000.00		1,009.40		3.55		0.70
Hypothetical		1,000.00		1,021.68		3.57		0.70
Class C
Actual		1,000.00		1,006.70		6.07		1.20
Hypothetical		1,000.00		1,019.16		6.11		1.20
Class I
Actual		1,000.00		1,011.70		1.27		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 113

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

	Beginning Account Value March 1, 2018		Ending Account Value August 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Tax Free Bond Fund
Class A
Actual	$	1,000.00	$	1,014.10	$	3.35		0.66	%
Hypothetical		1,000.00		1,021.88		3.36		0.66
Class C
Actual		1,000.00		1,011.30		6.29		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class I
Actual		1,000.00		1,015.30		2.24		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
JPMorgan Ultra-Short Municipal Fund
Class A
Actual*		1,000.00		1,004.70		2.22		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class I
Actual*		1,000.00		1,007.30		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).

114 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund 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 15, 2018.

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. 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. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts 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 Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

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 applicable 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, including personnel changes. 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 the Adviser in its role as administrator.

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.

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 115

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information 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 Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

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

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.

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 considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced 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), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. 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, 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.

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

116 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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 information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The 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 the special 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 Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. 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 fifth, fourth, and fourth quintiles based upon the Peer Group, and in the fourth, third, and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for the one-, and three-year periods ended December 31, 2017, and in the fourth, second and second quintiles based upon the Universe,

for the one-, three-, and five-year periods ended December 31, 2017, 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 satisfactory.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the fourth, fourth and fifth quintiles based upon the Peer Group and in the third, fourth, and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, second, and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, 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 satisfactory, under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Board’s 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 third, fourth, and first quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth, fourth, and third quintiles based upon the Peer Group, and in the fourth, third, and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, 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 satisfactory.

The Trustees noted that the Ultra-Short Municipal Fund’s performance for Class A and Class I shares was in the fifth quintile based upon the Universe for the one-year period ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon these discussions and various other factors, concluded that the performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by

AUGUST 31, 2018 J.P. MORGAN MUNICIPAL BOND FUNDS 117

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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 Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional 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 second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in

light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

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 third quintile based upon both the Peer Group and Universe. The Trustees noted that both 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the Tax Free Bond 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 satisfactory in light of the services provided to the Fund.

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 satisfactory in light of the services provided to the Fund.

118 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2018

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

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

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

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 prospectuses and Statement of Additional Information.

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

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

^© JPMorgan Chase & Co., 2018.  All rights reserved. August 2018. SAN-MUNIBOND-818

J.P. Morgan Income Funds

Semi-Annual Report

August 31, 2018

(Unaudited)

JPMorgan Flexible Long/Short Fund

JPMorgan High Yield Opportunities Fund

Contents
CEO’s Letter	1
Fund Summaries:
JPMorgan Flexible Long/Short Fund	2
JPMorgan High Yield Opportunities Fund	5
Schedule of Portfolio Investments	8
Financial Statements	38
Financial Highlights	43
Notes to Financial Statements	45
Schedule of Shareholder Expenses	59
Board Approval of Investment Advisory Agreements	61

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 9, 2018 (Unaudited)

Dear Shareholder,

The world’s leading economies continued to expand in the six months ended August 31, 2018, though the pattern of synchronized global growth that had characterized the previous two years began to dissipate amid geopolitical tensions and rising borrowing costs for emerging market nations.

U.S. gross domestic product (GDP) growth surged to 4.2% in the second quarter of 2018 from 2.2% in the first quarter. Notably, unemployment stood at 3.9% in August, though wage growth remained subdued. While the U.S. raised import tariffs on Chinese goods worth billions of dollars and the Chinese government responded in kind during the reporting period, trade tensions with China and other U.S. trading partners appeared to have little impact on business sentiment in the U.S. In response to continued economic growth and falling unemployment, the U.S. Federal Reserve raised benchmark interest rates in March and again in June. (Subsequent to the end of the reporting period, the central bank raised interest rates in September 2018.)

In the European Union, positive economic growth was clouded by political uncertainty. Second quarter GDP rose 2.1%, though core inflation remained below the European Central Bank’s (ECB) target rate. Unemployment in the 19-nation euro area fell to 8.1% in August, the lowest level since November 2008. However, a new government in Italy raised investor concerns that its budget plans would deviate from the European Commission’s stability and growth pact and force the commission to enact punitive measures. Against this backdrop, the ECB held to its plan to maintain interest rates at current levels until at least next summer. Meanwhile, negotiations over the U.K.’s exit from the European Union continued without resolution, raising political tensions between leaders in the EU and the U.K. as well as within the Britain’s ruling Conservative Party.

While trade tensions led to a decline in Chinese exports to the U.S., the Chinese government took steps to further stimulate domestic demand and capital outflows from China appeared limited at the end of the reporting period.

Meanwhile, select emerging market nations saw the value of their currencies and their sovereign debt plummet. Nations dependent on foreign lending and imported petroleum were hit hardest by rising U.S. interest rates and a strengthening U.S. dollar that effectively raised borrowing costs. The economies of Argentina, Brazil, South Africa and Turkey were among those hurt by rising borrowing costs and/or political uncertainty.

In financial markets, U.S. equities largely recovered from a sharp sell-off in February 2018 and outperformed other regions and other asset classes. Record corporate earnings, strong consumer spending and positive economic data bolstered equity prices and pushed the S&P 500 Index to record highs in August. Equity prices in other developed markets were weak and prices fell sharply in emerging markets. Bond markets were mixed, with limited positive returns in select U.S. Treasury bonds and U.S. high yield bonds (also called “junk bonds”) and negative returns for emerging markets debt. Notably, global energy prices rose somewhat during the reporting period, which supported oil exporting economies without becoming a large drag on global economic growth.

During the reporting period, the current U.S. economic expansion became the second longest on record. While the underlying fundamentals of continued global economic growth remained in place at the end of August, the longer-term impact of protectionist U.S. trade policy and the extent of currency devaluation in emerging markets were key issues looming over global financial markets.

We believe that investors may be best served by a well-diversified portfolio and a patient outlook. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

1

JPMorgan Flexible Long/Short Fund

Fund Summary

Six Months Ended August 31, 2018 (Unaudited)

Reporting Period Return:
Fund (Class I Shares) *	0.73%
Bloomberg Barclays Multiverse Corporate Index	(0.93)%
Net Assets as of 8/31/2018 (In Thousands)	$26,885,797
Duration as of 8/31/2018	3.0 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	66.1%
Loan Assignments	24.5
Convertible Bonds	2.2
Others (each less than 1.0%)	1.0
Short-Term Investments	6.2

* 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, 2018. The Fund’s portfolio composition is subject to change.

2

JPMorgan Flexible Long/Short Fund

Fund Summary

Six Months Ended August 31, 2018 (Unaudited)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*		1 YEAR		SINCE INCEPTION
CLASS A SHARES		June 30, 2016
With Sales Charge**				(3.15)%		(2.22)%		1.35%
Without Sales Charge				0.59		1.62		3.15
CLASS C SHARES		June 30, 2016
With CDSC***				(0.65)%		0.22		2.67
Without CDSC				0.35		1.22		2.67
CLASS I SHARES		June 30, 2016		0.73		1.84		3.41
CLASS R6 SHARES		June 30, 2016		0.85		2.08		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 period and 0% CDSC thereafter.

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.

3

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, 2018. 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.

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

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2018 (Unaudited)

Reporting Period Return:
Fund (Class I Shares)*		2.28%
Bloomberg Barclays Global Aggregate Index (Hedged USD)		1.36%
Net Assets as of 8/31/2018 (In Thousands)	$	27,905,688

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 (also known as “junk bonds”) 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	87.8%
Loan Assignments	4.2
Convertible Bonds	2.6
Common Stocks	0.8
Short-Term Investments	4.6

* 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, 2018. The Fund’s portfolio composition is subject to change.

5

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*		1 YEAR		SINCE  INCEPTION
CLASS A SHARES		November 1, 2016
With Sales Charge**				(1.61)%		(0.12)%		3.94%
Without Sales Charge				2.18		3.74		6.14
CLASS C SHARES		November 1, 2016
With CDSC***				0.89		2.17		5.55
Without CDSC				1.89		3.17		5.55
CLASS I SHARES		November 1, 2016		2.28		3.94		6.35
CLASS R6 SHARES		November 1, 2016		2.28		4.15		6.56

* Not annualized

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

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

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.

6

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, 2018. 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.

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.

7

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

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

Investments		Principal Amount		Value
CORPORATE BONDS - 66.0%
Aerospace & Defense - 1.7%
Arconic, Inc. 5.13%, 10/1/2024			22,000		22,099
5.90%, 2/1/2027			79,000		79,995
6.75%, 1/15/2028			8,000		8,180
Bombardier, Inc. 7.75%, 3/15/2020(a)			42,000		44,100
7.50%, 12/1/2024(a)			5,000		5,263
Leonardo SpA 4.88%, 3/24/2025	EUR		100,000		133,382
Rockwell Collins, Inc. 3.50%, 3/15/2027			90,000		86,199
TransDigm, Inc. 6.00%, 7/15/2022			11,000		11,110
6.38%, 6/15/2026			11,000		11,117
United Technologies Corp. 3.95%, 8/16/2025			20,000		20,088
4.13%, 11/16/2028			25,000		24,987
					446,520
Airlines - 0.4%
Continental Airlines Pass-Through Trust Series 2012-2, Class A, 4.00%, 10/29/2024			77,254		77,686
United Continental Holdings, Inc. 4.25%, 10/1/2022			15,000		14,737
5.00%, 2/1/2024			15,000		14,850
					107,273
Auto Components - 0.8%
American Axle & Manufacturing, Inc. 6.63%, 10/15/2022			6,000		6,150
6.25%, 4/1/2025			32,000		31,840
6.25%, 3/15/2026			4,000		3,945
6.50%, 4/1/2027			6,000		5,940
Dana Financing Luxembourg SARL 5.75%, 4/15/2025(a)			14,000		14,000
Goodyear Tire & Rubber Co. (The) 4.88%, 3/15/2027			34,000		31,195
LKQ Italia Bondco SpA 3.88%, 4/1/2024(b)	EUR		100,000		123,039
					216,109
Automobiles - 0.1%
General Motors Co. 4.00%, 4/1/2025			35,000		34,095
Banks - 11.1%
Allied Irish Banks plc (EUR Swap Annual 5 Year + 3.95%), 4.13%, 11/26/2025(b)(c)	EUR		100,000		122,898
Bank of America Corp. Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024(c)(d)(e)			225,000		237,375
(ICE LIBOR USD 3 Month + 0.77%), 3.11%, 2/5/2026(c)			55,000		54,190

Investments		Principal Amount		Value
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028(c)(d)(e)			95,000		95,000
Bank of Ireland (EUR Swap Annual 5 Year + 3.55%), 4.25%, 6/11/2024(b)(c)	EUR		100,000		118,924
Bankia SA (EUR Swap Annual 5 Year + 3.35%), 3.38%, 3/15/2027(b)(c)	EUR		100,000		118,772
Bankinter SA (EUR Swap Annual 5 Year + 2.40%), 2.50%, 4/6/2027(b)(c)	EUR		100,000		117,491
Barclays plc (ICE LIBOR USD 3 Month + 1.38%), 3.70%, 5/16/2024(c)			200,000		198,419
CaixaBank SA (EUR Swap Annual 5 Year + 3.35%), 3.50%, 2/15/2027(b)(c)	EUR		100,000		121,832
CIT Group, Inc. 5.38%, 5/15/2020			3,000		3,090
5.00%, 8/15/2022			24,000		24,480
5.25%, 3/7/2025			4,000		4,067
Citigroup, Inc. Series R, (ICE LIBOR USD 3 Month + 4.48%), 6.12%, 11/15/2020(c)(d)(e)			18,000		18,819
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025(c)(d)(e)			225,000		229,151
Commerzbank AG 4.00%, 3/23/2026(b)	EUR		70,000		87,807
Credit Agricole SA (USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025(a)(c)(d)(e)			200,000		220,025
HSBC Holdings plc (USD ICE Swap Rate 5 Year + 5.51%), 6.87%, 6/1/2021(c)(d)(e)			200,000		208,250
(EURIBOR 3 Month + 0.50%), 0.18%, 10/5/2023(b)(c)	EUR		100,000		115,725
ING Groep NV (EUR Swap Annual 5 Year + 2.85%), 3.00%, 4/11/2028(c)	EUR		100,000		122,683
Intesa Sanpaolo SpA (USD Swap Semi 5 Year + 5.46%), 7.70%, 9/17/2025(a)(c)(d)(e)			200,000		185,024
Royal Bank of Scotland Group plc 6.00%, 12/19/2023			20,000		20,854
Societe Generale SA (EUR Swap Annual 5 Year + 5.54%), 6.75%, 4/7/2021(b)(c)(d)(e)	EUR		100,000		125,836
SunTrust Bank (ICE LIBOR USD 3 Month + 0.59%), 2.92%, 8/2/2022(c)			70,000		70,084

SEE NOTES TO FINANCIAL STATEMENTS.

8

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
SunTrust Banks, Inc. Series H, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027(c)(d)(e)			65,000		61,154
UBS Group AG (EUR Swap Annual 5 Year + 5.29%), 5.75%, 2/19/2022(b)(c)(d)(e)	EUR		200,000		257,658
Wells Fargo & Co. 4.75%, 12/7/2046			50,000		49,519
					2,989,127
Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc. 4.90%, 2/1/2046			30,000		30,488
Anheuser-Busch InBev Worldwide, Inc. (ICE LIBOR USD 3 Month + 0.74%), 3.08%, 1/12/2024(c)			40,000		40,304
Cott Holdings, Inc. 5.50%, 4/1/2025(a)			3,000		2,938
Keurig Dr Pepper, Inc.
4.06%, 5/25/2023(a)			40,000		40,226
					113,956
Building Products - 0.7%
Jeld-Wen, Inc.
4.63%, 12/15/2025(a)			2,000		1,865
4.88%, 12/15/2027(a)			2,000		1,865
Masco Corp.
4.38%, 4/1/2026			65,000		65,062
3.50%, 11/15/2027			15,000		13,896
Masonite International Corp.
5.75%, 9/15/2026(a)			2,000		2,020
Owens Corning
3.40%, 8/15/2026			45,000		41,752
4.30%, 7/15/2047			30,000		24,836
PGT Escrow Issuer, Inc.
6.75%, 8/1/2026(a)			2,000		2,052
Standard Industries, Inc.
6.00%, 10/15/2025(a)			22,000		22,499
Summit Materials LLC
6.13%, 7/15/2023			19,000		19,261
					195,108
Capital Markets - 4.5%
Bank of New York Mellon Corp. (The) Series E, (ICE LIBOR USD 3 Month + 3.42%), 4.95%, 6/20/2020(c)(d)(e)			50,000		51,060
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026(c)(d)(e)			94,000		90,475
Credit Suisse Group AG (USD Swap Semi 5 Year + 4.60%), 7.50%, 12/11/2023(a)(c)(d)(e)			200,000		212,500
Goldman Sachs Group, Inc. (The) Series M, (ICE LIBOR USD 3 Month + 3.92%), 5.38%, 5/10/2020(c)(d)(e)			225,000		230,344
Series D, 6.00%, 6/15/2020			40,000		41,893

Investments		Principal Amount		Value
Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022(c)(d)(e)			120,000		113,519
(ICE LIBOR USD 3 Month + 1.17%), 3.48%, 5/15/2026(c)			35,000		34,825
(ICE LIBOR USD 3 Month + 1.16%), 3.81%, 4/23/2029(c)			18,000		17,204
LPL Holdings, Inc. 5.75%, 9/15/2025(a)			7,000		6,842
Morgan Stanley Series H, (ICE LIBOR USD 3 Month + 3.61%), 5.45%, 7/15/2019(c)(d)(e)			225,000		228,094
2.80%, 6/16/2020			70,000		69,597
2.38%, 3/31/2021	EUR		20,000		24,569
3.88%, 1/27/2026			50,000		49,309
3.13%, 7/27/2026			30,000		28,026
MSCI, Inc. 5.25%, 11/15/2024(a)			18,000		18,495
5.38%, 5/15/2027(a)			3,000		3,083
					1,219,835
Chemicals - 1.7%
Blue Cube Spinco LLC 10.00%, 10/15/2025			15,000		17,362
CF Industries, Inc. 4.50%, 12/1/2026(a)			10,000		9,981
Chemours Co. (The) 5.38%, 5/15/2027			6,000		5,895
Cornerstone Chemical Co. 6.75%, 8/15/2024(a)			3,000		2,985
CTC BondCo GmbH 5.25%, 12/15/2025(b)	EUR		100,000		114,624
CVR Partners LP 9.25%, 6/15/2023(a)			43,000		45,849
FXI Holdings, Inc. 7.88%, 11/1/2024(a)			8,000		7,710
Hexion, Inc. 6.63%, 4/15/2020			21,000		19,871
9.00%, 11/15/2020			4,000		3,390
INEOS Group Holdings SA 5.38%, 8/1/2024(b)	EUR		100,000		122,053
Ingevity Corp. 4.50%, 2/1/2026(a)			7,000		6,563
Koppers, Inc. 6.00%, 2/15/2025(a)			2,000		2,010
NOVA Chemicals Corp. 4.88%, 6/1/2024(a)			15,000		14,663
Nufarm Australia Ltd. 5.75%, 4/30/2026(a)			3,000		2,790
Olin Corp. 5.13%, 9/15/2027			17,000		16,830
PolyOne Corp. 5.25%, 3/15/2023			9,000		9,261
PQ Corp. 5.75%, 12/15/2025(a)			2,000		1,970
Scotts Miracle-Gro Co. (The) 5.25%, 12/15/2026			12,000		11,400
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)			4,000		3,925
Tronox Finance plc 5.75%, 10/1/2025(a)			18,000		17,325

SEE NOTES TO FINANCIAL STATEMENTS.

9

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Tronox, Inc.
6.50%, 4/15/2026(a)			5,000		4,900
Valvoline, Inc.
4.38%, 8/15/2025			16,000		15,280
Venator Finance SARL
5.75%, 7/15/2025(a)			10,000		9,325
					465,962
Commercial Services & Supplies - 1.4%
ACCO Brands Corp.
5.25%, 12/15/2024(a)			3,000		2,985
ADT Corp. (The)
4.13%, 6/15/2023			20,000		19,025
Aramark Services, Inc.
5.00%, 2/1/2028(a)			8,000		7,840
Brink’s Co. (The)
4.63%, 10/15/2027(a)			9,000		8,415
Covanta Holding Corp.
5.88%, 3/1/2024			15,000		15,112
Garda World Security Corp.
8.75%, 5/15/2025(a)			40,000		39,400
Paprec Holding SA (EURIBOR 3 Month + 3.50%), 3.50%, 3/31/2025(b)(c)	EUR		100,000		116,946
Prime Security Services Borrower LLC
9.25%, 5/15/2023(a)			37,000		39,638
Verisure Midholding AB
5.75%, 12/1/2023(b)	EUR		100,000		116,860
					366,221
Communications Equipment - 0.1%
Avaya, Inc.
7.00%, 4/1/2019‡(f)			32,000		3
CommScope Technologies LLC
5.00%, 3/15/2027(a)			17,000		16,533
Nokia OYJ
3.38%, 6/12/2022			5,000		4,887
4.38%, 6/12/2027			5,000		4,806
ViaSat, Inc.
5.63%, 9/15/2025(a)			12,000		11,280
					37,509
Construction & Engineering - 0.2%
AECOM
5.88%, 10/15/2024			37,000		39,493
Tutor Perini Corp.
6.88%, 5/1/2025(a)			21,000		21,368
					60,861
Construction Materials - 0.2%
Martin Marietta Materials, Inc.
3.50%, 12/15/2027			25,000		23,193
4.25%, 12/15/2047			11,000		9,704
US Concrete, Inc.
6.38%, 6/1/2024			9,000		9,079
					41,976
Consumer Finance - 1.3%
Ally Financial, Inc.
4.63%, 3/30/2025			43,000		42,946
8.00%, 11/1/2031			10,000		12,225
Capital One Financial Corp.
3.75%, 4/24/2024			50,000		49,322
Caterpillar Financial Services Corp.
2.00%, 3/5/2020			70,000		69,136

Investments		Principal Amount		Value
Curo Group Holdings Corp.
8.25%, 9/1/2025(a)			9,000		8,910
FirstCash, Inc.
5.38%, 6/1/2024(a)			3,000		3,000
General Motors Financial Co., Inc.
3.95%, 4/13/2024			10,000		9,783
John Deere Capital Corp.
1.95%, 6/22/2020			70,000		68,886
Springleaf Finance Corp.
8.25%, 12/15/2020			42,000		45,413
7.13%, 3/15/2026			3,000		2,985
Synchrony Financial
3.95%, 12/1/2027			28,000		25,513
					338,119
Containers & Packaging - 2.0%
Ardagh Packaging Finance plc
6.75%, 5/15/2024(b)	EUR		125,000		156,796
Ball Corp.
4.00%, 11/15/2023			12,000		11,715
4.88%, 3/15/2026			3,000		2,977
Berry Global, Inc.
6.00%, 10/15/2022			16,000		16,460
4.50%, 2/15/2026(a)			3,000		2,813
Crown Americas LLC
4.75%, 2/1/2026(a)			8,000		7,680
Crown European Holdings SA
2.63%, 9/30/2024(b)	EUR		100,000		117,477
OI European Group BV
4.00%, 3/15/2023(a)			3,000		2,846
Owens-Brockway Glass Container, Inc.
5.00%, 1/15/2022(a)			7,000		7,018
Reynolds Group Issuer, Inc.
5.75%, 10/15/2020			33,919		33,961
Sealed Air Corp.
4.88%, 12/1/2022(a)			19,000		19,095
SIG Combibloc Holdings SCA
7.75%, 2/15/2023(b)	EUR		125,000		151,073
					529,911
Distributors - 0.1%
Global Partners LP
6.25%, 7/15/2022			10,000		9,925
Performance Food Group, Inc.
5.50%, 6/1/2024(a)			8,000		7,880
					17,805
Diversified Consumer Services - 0.1%
Graham Holdings Co.
5.75%, 6/1/2026(a)			3,000		3,068
Service Corp. International
7.50%, 4/1/2027			20,000		22,300
Sotheby’s
4.88%, 12/15/2025(a)			10,000		9,548
					34,916
Diversified Financial Services - 1.0%
ACE Cash Express, Inc.
12.00%, 12/15/2022(a)			10,000		10,695
CNG Holdings, Inc.
9.38%, 5/15/2020(a)			10,000		9,950
EDP Finance BV
5.25%, 1/14/2021(a)			200,000		206,163

SEE NOTES TO FINANCIAL STATEMENTS.

10

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Nationstar Mortgage LLC
6.50%, 7/1/2021			37,000		37,000
					263,808
Diversified Telecommunication Services - 3.1%
AT&T, Inc.
5.25%, 3/1/2037			40,000		39,662
CCO Holdings LLC
5.88%, 4/1/2024(a)			18,000		18,360
5.75%, 2/15/2026(a)			16,000		16,000
5.50%, 5/1/2026(a)			10,000		9,875
5.13%, 5/1/2027(a)			49,000		46,734
5.88%, 5/1/2027(a)			8,000		7,950
CenturyLink, Inc.
Series T, 5.80%, 3/15/2022			5,000		5,111
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)			23,000		20,240
Consolidated Communications, Inc.
6.50%, 10/1/2022			10,000		9,437
eircom Finance DAC
4.50%, 5/31/2022(b)	EUR		120,000		142,369
Embarq Corp.
8.00%, 6/1/2036			35,000		34,125
Frontier Communications Corp.
11.00%, 9/15/2025			8,000		6,120
8.50%, 4/1/2026(a)			5,000		4,704
Intelsat Jackson Holdings SA
7.25%, 10/15/2020			11,000		11,014
7.50%, 4/1/2021			10,000		10,062
5.50%, 8/1/2023			12,000		10,946
8.00%, 2/15/2024(a)			28,000		29,470
9.75%, 7/15/2025(a)			5,000		5,294
Level 3 Financing, Inc.
5.38%, 5/1/2025			24,000		23,700
Qwest Corp.
6.75%, 12/1/2021			9,000		9,639
7.13%, 11/15/2043			30,000		29,538
TDC A/S
3.75%, 3/2/2022(g)	EUR		100,000		127,102
Verizon Communications, Inc. (ICE LIBOR USD 3 Month + 1.00%), 3.33%, 3/16/2022(c)			20,000		20,329
2.63%, 8/15/2026			40,000		36,225
Virgin Media Finance plc
4.50%, 1/15/2025(b)	EUR		120,000		141,559
Windstream Services LLC
9.00%, 6/30/2025(a)			9,000		6,503
					822,068
Electric Utilities - 2.1%
Duke Energy Corp.
1.80%, 9/1/2021			70,000		67,065
Emera US Finance LP
3.55%, 6/15/2026			72,000		68,421
Exelon Corp.
3.40%, 4/15/2026			30,000		28,898
FirstEnergy Corp.
Series B, 3.90%, 7/15/2027			50,000		49,103
Fortis, Inc.
3.06%, 10/4/2026			15,000		13,855
Iberdrola Finanzas SA
7.38%, 1/29/2024	GBP		50,000		81,856
ITC Holdings Corp.
2.70%, 11/15/2022			70,000		67,468

Investments		Principal Amount		Value
NextEra Energy Operating Partners LP
4.25%, 9/15/2024(a)			4,000		3,900
4.50%, 9/15/2027(a)			3,000		2,850
Pennsylvania Electric Co.
3.25%, 3/15/2028(a)			35,000		32,960
PPL Capital Funding, Inc.
3.10%, 5/15/2026			100,000		93,658
Public Service Co. of Colorado
3.20%, 11/15/2020			30,000		30,063
Terraform Global Operating LLC
6.13%, 3/1/2026(a)			4,000		3,870
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)			14,000		14,249
					558,216
Electrical Equipment - 0.6%
Orano SA
3.13%, 3/20/2023(b)	EUR		100,000		116,955
Sensata Technologies BV
4.88%, 10/15/2023(a)			5,000		5,000
5.63%, 11/1/2024(a)			19,000		19,665
Vertiv Group Corp.
9.25%, 10/15/2024(a)			33,000		33,907
					175,527
Electronic Equipment, Instruments & Components - 0.4%
Anixter, Inc.
5.63%, 5/1/2019			32,000		32,480
5.50%, 3/1/2023			28,000		29,260
CDW LLC
5.50%, 12/1/2024			41,000		42,640
					104,380
Energy Equipment & Services - 0.6%
Baker Hughes a GE Co. LLC
3.34%, 12/15/2027			42,000		39,722
Bristow Group, Inc.
8.75%, 3/1/2023(a)			3,000		2,865
Calfrac Holdings LP
8.50%, 6/15/2026(a)			2,000		1,905
Diamond Offshore Drilling, Inc.
7.88%, 8/15/2025			5,000		5,100
Ensco plc
5.20%, 3/15/2025			2,000		1,672
Nabors Industries, Inc.
5.50%, 1/15/2023			13,000		12,960
5.75%, 2/1/2025(a)			7,000		6,733
Noble Holding International Ltd.
7.88%, 2/1/2026(a)			6,000		6,150
Rowan Cos., Inc.
7.38%, 6/15/2025			8,000		7,680
Shelf Drilling Holdings Ltd.
8.25%, 2/15/2025(a)			18,000		18,293
Transocean Guardian Ltd.
5.88%, 1/15/2024(a)			4,000		4,020
Transocean Pontus Ltd.
6.13%, 8/1/2025(a)			2,000		2,040
Transocean Proteus Ltd.
6.25%, 12/1/2024(a)			11,050		11,320
Transocean, Inc.
9.00%, 7/15/2023(a)			9,000		9,709
7.50%, 1/15/2026(a)			5,000		5,094
6.80%, 3/15/2038			11,000		9,061

SEE NOTES TO FINANCIAL STATEMENTS.

11

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
USA Compression Partners LP
6.88%, 4/1/2026(a)			3,000		3,090
Weatherford International Ltd. 7.75%, 6/15/2021			2,000		1,960
4.50%, 4/15/2022			2,000		1,740
6.75%, 9/15/2040			15,000		11,212
5.95%, 4/15/2042			3,000		2,108
					164,434
Equity Real Estate Investment Trusts (REITs) - 1.2%
American Tower Corp. REIT, 3.60%, 1/15/2028			60,000		56,337
CyrusOne LP REIT, 5.00%, 3/15/2024			4,000		4,050
REIT, 5.38%, 3/15/2027			12,000		12,060
Equinix, Inc. REIT, 5.75%, 1/1/2025			14,000		14,420
REIT, 2.88%, 10/1/2025	EUR		100,000		113,893
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025(a)			10,000		9,687
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027(a)			4,000		3,707
REIT, 5.25%, 3/15/2028(a)			5,000		4,731
SBA Communications Corp. REIT, 4.88%, 7/15/2022			13,000		13,163
VEREIT Operating Partnership LP REIT, 4.60%, 2/6/2024			67,000		67,582
REIT, 3.95%, 8/15/2027			20,000		19,053
					318,683
Food & Staples Retailing - 1.3%
Albertsons Cos. LLC 6.63%, 6/15/2024			21,000		20,265
5.75%, 3/15/2025			2,000		1,810
Iceland Bondco plc 6.75%, 7/15/2024(b)	GBP		100,000		134,247
Kroger Co. (The) 2.65%, 10/15/2026			45,000		40,494
New Albertsons LP 7.45%, 8/1/2029			4,000		3,360
8.70%, 5/1/2030			8,000		7,020
8.00%, 5/1/2031			5,000		4,238
Picard Groupe SAS (EURIBOR 3 Month + 3.00%), 3.00%, 11/30/2023(b)(c)	EUR		100,000		114,235
SUPERVALU, Inc. 6.75%, 6/1/2021			11,000		11,192
7.75%, 11/15/2022			19,000		19,713
					356,574
Food Products - 0.8%
B&G Foods, Inc. 5.25%, 4/1/2025			10,000		9,712
Dean Foods Co. 6.50%, 3/15/2023(a)			5,000		4,762
Dole Food Co., Inc. 7.25%, 6/15/2025(a)			11,000		10,780
General Mills, Inc. (ICE LIBOR USD 3 Month + 0.54%), 2.88%, 4/16/2021(c)			65,000		65,290
JBS USA LUX SA 7.25%, 6/1/2021(a)			40,000		40,400
5.88%, 7/15/2024(a)			13,000		12,382
6.75%, 2/15/2028(a)			10,000		9,550

Investments		Principal Amount		Value
Kraft Heinz Foods Co. 4.38%, 6/1/2046			10,000		8,738
Lamb Weston Holdings, Inc. 4.63%, 11/1/2024(a)			3,000		2,948
4.88%, 11/1/2026(a)			3,000		2,955
Pilgrim’s Pride Corp. 5.75%, 3/15/2025(a)			7,000		6,773
5.88%, 9/30/2027(a)			5,000		4,750
Smithfield Foods, Inc. 3.35%, 2/1/2022(a)			25,000		24,171
4.25%, 2/1/2027(a)			15,000		14,170
					217,381
Gas Utilities - 0.0%(h)
AmeriGas Partners LP 5.50%, 5/20/2025			3,000		2,940
Health Care Equipment & Supplies - 0.1%
Hologic, Inc. 4.38%, 10/15/2025(a)			12,000		11,550
Mallinckrodt International Finance SA 5.63%, 10/15/2023(a)			8,000		7,130
					18,680
Health Care Providers & Services - 2.3%
Acadia Healthcare Co., Inc. 6.50%, 3/1/2024			25,000		25,906
Centene Corp. 6.13%, 2/15/2024			11,000		11,564
4.75%, 1/15/2025			5,000		5,025
Community Health Systems, Inc. 5.13%, 8/1/2021			3,000		2,895
6.25%, 3/31/2023			12,000		11,400
8.63%, 1/15/2024(a)			8,000		8,340
8.13%, 6/30/2024(a)			14,000		11,515
Constantin Investissement 3 SASU 5.38%, 4/15/2025(b)	EUR		100,000		114,944
DaVita, Inc. 5.13%, 7/15/2024			33,000		31,816
5.00%, 5/1/2025			50,000		47,375
Elanco Animal Health, Inc. 3.91%, 8/27/2021(a)			20,000		20,058
Envision Healthcare Corp. 5.63%, 7/15/2022			24,000		24,600
HCA, Inc. 5.88%, 3/15/2022			29,000		30,812
5.88%, 5/1/2023			21,000		22,050
5.00%, 3/15/2024			54,000		55,215
5.88%, 2/15/2026			16,000		16,540
5.50%, 6/15/2047			10,000		10,025
MPH Acquisition Holdings LLC 7.13%, 6/1/2024(a)			20,000		20,700
NVA Holdings, Inc. 6.88%, 4/1/2026(a)			3,000		2,981
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022(a)(i)			7,000		7,228
Team Health Holdings, Inc. 6.38%, 2/1/2025(a)			20,000		17,350
Tenet Healthcare Corp. 4.50%, 4/1/2021			24,000		23,970
4.38%, 10/1/2021			20,000		19,950
6.75%, 6/15/2023			39,000		39,000
4.63%, 7/15/2024			6,000		5,877

SEE NOTES TO FINANCIAL STATEMENTS.

12

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
5.13%, 5/1/2025			25,000		24,844
7.00%, 8/1/2025			2,000		1,996
WellCare Health Plans, Inc. 5.25%, 4/1/2025			10,000		10,225
					624,201
Health Care Technology - 0.5%
IQVIA, Inc. 4.88%, 5/15/2023(a)			11,000		11,028
3.25%, 3/15/2025(b)	EUR		100,000		117,269
					128,297
Hotels, Restaurants & Leisure - 2.1%
1011778 BC ULC 4.25%, 5/15/2024(a)			8,000		7,640
Boyd Gaming Corp. 6.88%, 5/15/2023			9,000		9,461
Boyne USA, Inc. 7.25%, 5/1/2025(a)			8,000		8,480
Choice Hotels International, Inc. 5.75%, 7/1/2022			31,000		32,666
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023(a)			3,000		2,993
Eldorado Resorts, Inc. 6.00%, 4/1/2025			5,000		5,081
Enterprise Development Authority (The) 12.00%, 7/15/2024(a)			10,000		9,713
Gateway Casinos & Entertainment Ltd. 8.25%, 3/1/2024(a)			10,000		10,600
GLP Capital LP 5.38%, 11/1/2023			154,000		162,085
Golden Nugget, Inc. 6.75%, 10/15/2024(a)			11,000		11,179
International Game Technology plc 4.75%, 2/15/2023(b)	EUR		125,000		157,434
IRB Holding Corp. 6.75%, 2/15/2026(a)			4,000		3,820
KFC Holding Co. 5.25%, 6/1/2026(a)			10,000		10,000
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)			6,000		6,120
MGM Resorts International 8.63%, 2/1/2019			30,000		30,588
6.00%, 3/15/2023			39,000		40,488
Scientific Games International, Inc. 5.00%, 10/15/2025(a)			6,000		5,700
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)			16,000		15,720
Stars Group Holdings BV 7.00%, 7/15/2026(a)			5,000		5,200
Station Casinos LLC 5.00%, 10/1/2025(a)			5,000		4,831
Wyndham Destinations, Inc. 4.15%, 4/1/2024(g)			7,000		6,916
5.10%, 10/1/2025(g)			3,000		3,036
4.50%, 4/1/2027(g)			5,000		4,776
Wyndham Hotels & Resorts, Inc. 5.38%, 4/15/2026(a)			4,000		3,970
					558,497

Investments		Principal Amount		Value
Household Durables - 0.4%
Lennar Corp.
4.50%, 6/15/2019			33,000		33,206
4.88%, 12/15/2023			15,000		15,019
5.88%, 11/15/2024			10,000		10,376
LGI Homes, Inc. 6.88%, 7/15/2026(a)			3,000		2,981
M/I Homes, Inc. 6.75%, 1/15/2021			8,000		8,179
Mattamy Group Corp. 6.50%, 10/1/2025(a)			10,000		9,852
New Home Co., Inc. (The) 7.25%, 4/1/2022			9,000		9,135
Tempur Sealy International, Inc.
5.50%, 6/15/2026			15,000		14,625
Toll Brothers Finance Corp. 4.35%, 2/15/2028			10,000		9,150
					112,523
Household Products - 0.2%
Central Garden & Pet Co. 6.13%, 11/15/2023			9,000		9,281
Kronos Acquisition Holdings, Inc.
9.00%, 8/15/2023(a)			4,000		3,660
Spectrum Brands, Inc.
6.13%, 12/15/2024			28,000		28,630
					41,571
Independent Power and Renewable Electricity Producers - 0.4%
Calpine Corp. 6.00%, 1/15/2022(a)			14,000		14,245
5.25%, 6/1/2026(a)			39,000		36,819
NRG Energy, Inc. 6.63%, 1/15/2027			20,000		20,925
5.75%, 1/15/2028(a)			4,000		4,040
NRG Yield Operating LLC 5.38%, 8/15/2024			9,000		9,045
Vistra Energy Corp. 5.88%, 6/1/2023			23,000		23,661
					108,735
Industrial Conglomerates - 0.1%
General Electric Co. 4.50%, 3/11/2044			35,000		33,869
Insurance - 0.7%
American International Group, Inc.
3.90%, 4/1/2026			130,000		127,547
AmWINS Group, Inc. 7.75%, 7/1/2026(a)			8,000		8,430
CNO Financial Group, Inc. 5.25%, 5/30/2025			5,000		5,075
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025(a)			11,000		10,890
MetLife, Inc. 4.72%, 12/15/2044(g)			30,000		31,187
Zurich Finance UK plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 2.85%), 6.62%, 10/2/2022(c)(d)(e)	GBP		9,000		13,155
					196,284
Internet & Direct Marketing Retail - 0.0%(h)
Netflix, Inc. 4.88%, 4/15/2028(a)			5,000		4,738

SEE NOTES TO FINANCIAL STATEMENTS.

13

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
5.88%, 11/15/2028(a)			4,000		4,009
					8,747
Internet Software & Services - 0.2%
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)			35,000		34,453
Zayo Group LLC 6.38%, 5/15/2025			27,000		28,215
5.75%, 1/15/2027(a)			3,000		3,008
					65,676
IT Services - 0.4%
Alliance Data Systems Corp. 5.88%, 11/1/2021(a)			14,000		14,315
5.38%, 8/1/2022(a)			30,000		30,150
First Data Corp. 7.00%, 12/1/2023(a)			10,000		10,405
5.00%, 1/15/2024(a)			30,000		30,061
5.75%, 1/15/2024(a)			20,000		20,400
					105,331
Leisure Products - 0.0%(h)
Mattel, Inc. 3.15%, 3/15/2023			3,000		2,622
6.75%, 12/31/2025(a)			2,000		1,959
					4,581
Machinery - 0.2%
Navistar International Corp. 6.63%, 11/1/2025(a)			3,000		3,120
Novelis Corp. 6.25%, 8/15/2024(a)			10,000		10,125
5.88%, 9/30/2026(a)			10,000		9,738
Oshkosh Corp. 5.38%, 3/1/2025			7,000		7,227
RBS Global, Inc. 4.88%, 12/15/2025(a)			2,000		1,925
Tennant Co. 5.63%, 5/1/2025			3,000		3,023
Terex Corp. 5.63%, 2/1/2025(a)			11,000		10,918
Wabash National Corp. 5.50%, 10/1/2025(a)			17,000		16,150
					62,226
Media - 4.8%
Altice Luxembourg SA 6.25%, 2/15/2025(b)	EUR		200,000		221,466
AMC Networks, Inc. 5.00%, 4/1/2024			21,000		20,659
Cablevision Systems Corp. 8.00%, 4/15/2020			30,000		31,575
5.88%, 9/15/2022			4,000		4,070
Charter Communications Operating LLC
6.48%, 10/23/2045			30,000		31,983
Cinemark USA, Inc. 4.88%, 6/1/2023			19,000		18,762
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020			16,000		16,060
Cox Communications, Inc. 3.35%, 9/15/2026(a)			65,000		60,952
3.50%, 8/15/2027(a)			60,000		56,634
CSC Holdings LLC 6.75%, 11/15/2021			2,000		2,120

Investments		Principal Amount		Value
5.25%, 6/1/2024			42,000		40,740
DISH DBS Corp. 7.88%, 9/1/2019			14,000		14,473
6.75%, 6/1/2021			31,000		31,465
5.88%, 7/15/2022			14,000		13,440
5.00%, 3/15/2023			9,000		8,010
5.88%, 11/15/2024			7,000		6,090
7.75%, 7/1/2026			10,000		9,025
EMI Music Publishing Group North America Holdings, Inc. 7.63%, 6/15/2024(a)			4,000		4,305
EW Scripps Co. (The) 5.13%, 5/15/2025(a)			14,000		13,370
Gray Television, Inc. 5.13%, 10/15/2024(a)			19,000		18,620
iHeartCommunications, Inc. 9.00%, 12/15/2019(f)			25,000		18,563
Nexstar Broadcasting, Inc. 6.13%, 2/15/2022(a)			21,000		21,354
SES SA (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(b)(c)(d)(e)	EUR		100,000		120,132
Sinclair Television Group, Inc. 5.63%, 8/1/2024(a)			29,000		28,565
5.13%, 2/15/2027(a)			30,000		27,750
Sirius XM Radio, Inc. 5.38%, 7/15/2026(a)			14,000		13,965
5.00%, 8/1/2027(a)			5,000		4,831
Sky plc 2.25%, 11/17/2025(b)	EUR		150,000		186,788
TEGNA, Inc. 5.50%, 9/15/2024(a)			13,000		13,228
Unitymedia GmbH 3.75%, 1/15/2027(b)	EUR		100,000		122,524
Univision Communications, Inc. 5.13%, 2/15/2025(a)			24,000		22,020
Viacom, Inc. 4.38%, 3/15/2043			4,000		3,444
(ICE LIBOR USD 3 Month + 3.90%), 5.88%, 2/28/2057(c)			13,000		12,690
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057(c)			7,000		6,928
Videotron Ltd. 5.00%, 7/15/2022			13,000		13,228
5.13%, 4/15/2027(a)			14,000		13,860
Warner Media LLC 2.95%, 7/15/2026			16,000		14,534
WMG Acquisition Corp. 5.63%, 4/15/2022(a)			7,000		7,105
5.00%, 8/1/2023(a)			5,000		4,963
5.50%, 4/15/2026(a)			8,000		7,860
					1,288,151
Metals & Mining - 1.5%
AK Steel Corp. 7.50%, 7/15/2023			9,000		9,405
7.00%, 3/15/2027			4,000		3,790
Cleveland-Cliffs, Inc. 4.88%, 1/15/2024(a)			5,000		4,875
Commercial Metals Co. 4.88%, 5/15/2023			10,000		9,750

SEE NOTES TO FINANCIAL STATEMENTS.

14

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
FMG Resources August 2006 Pty. Ltd. 4.75%, 5/15/2022(a)			4,000		3,925
5.13%, 5/15/2024(a)			5,000		4,838
Freeport-McMoRan, Inc. 3.55%, 3/1/2022			87,000		83,955
3.88%, 3/15/2023			17,000		16,363
5.45%, 3/15/2043			13,000		11,597
Glencore Funding LLC 4.00%, 3/27/2027(a)			20,000		18,774
Hudbay Minerals, Inc. 7.25%, 1/15/2023(a)			10,000		10,175
Kaiser Aluminum Corp. 5.88%, 5/15/2024			23,000		23,575
Newcrest Finance Pty. Ltd. 5.75%, 11/15/2041(a)			10,000		10,373
Nyrstar Netherlands Holdings BV 6.88%, 3/15/2024(b)	EUR		100,000		103,149
Southern Copper Corp. 6.75%, 4/16/2040			20,000		23,750
Steel Dynamics, Inc. 5.50%, 10/1/2024			22,000		22,550
thyssenkrupp AG 2.50%, 2/25/2025(b)	EUR		30,000		36,572
United States Steel Corp. 6.88%, 8/15/2025			5,000		5,075
6.25%, 3/15/2026			8,000		7,970
					410,461
Multi-Utilities - 1.1%
Consolidated Edison, Inc. Series A, 2.00%, 3/15/2020			30,000		29,524
innogy Finance BV 5.63%, 12/6/2023(b)	GBP		15,000		22,836
NGG Finance plc (GBP Swap 12 Year + 3.48%), 5.63%,
6/18/2073(b)(c)	GBP		100,000		141,999
NiSource, Inc. 3.49%, 5/15/2027			70,000		67,607
Sempra Energy 3.80%, 2/1/2038			35,000		32,140
					294,106
Oil, Gas & Consumable Fuels - 4.5%
Anadarko Petroleum Corp. 3.45%, 7/15/2024			30,000		29,086
Antero Resources Corp. 5.13%, 12/1/2022			24,000		24,240
Buckeye Partners LP 4.35%, 10/15/2024			40,000		39,407
California Resources Corp. 8.00%, 12/15/2022(a)			4,000		3,585
Cenovus Energy, Inc. 4.25%, 4/15/2027			5,000		4,830
6.75%, 11/15/2039			9,000		10,283
5.20%, 9/15/2043			35,000		34,092
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025			10,000		10,625
Chesapeake Energy Corp. 8.00%, 1/15/2025			23,000		23,489
CITGO Petroleum Corp. 6.25%, 8/15/2022(a)			5,000		5,037

Investments		Principal Amount		Value
Concho Resources, Inc. 3.75%, 10/1/2027			12,000		11,474
4.88%, 10/1/2047			4,000		4,037
DCP Midstream Operating LP 3.88%, 3/15/2023			36,000		35,100
Delek Logistics Partners LP 6.75%, 5/15/2025			5,000		5,000
Enable Midstream Partners LP 4.95%, 5/15/2028			45,000		44,674
Enbridge, Inc. (ICE LIBOR USD 3 Month + 3.64%), 6.25%, 3/1/2078(c)			20,000		19,384
Energy Transfer Equity LP 5.88%, 1/15/2024			21,000		22,312
EnLink Midstream Partners LP 4.40%, 4/1/2024			15,000		14,616
4.85%, 7/15/2026			5,000		4,854
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077(c)			80,000		75,600
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078(c)			7,000		6,540
EP Energy LLC 9.38%, 5/1/2024(a)			16,000		12,600
7.75%, 5/15/2026(a)			12,000		12,270
EQT Corp. 3.00%, 10/1/2022			55,000		53,369
Genesis Energy LP 6.00%, 5/15/2023			14,000		13,772
Gulfport Energy Corp. 6.38%, 1/15/2026			2,000		1,950
Hilcorp Energy I LP 5.00%, 12/1/2024(a)			39,000		37,684
Holly Energy Partners LP 6.00%, 8/1/2024(a)			5,000		5,087
MEG Energy Corp. 6.38%, 1/30/2023(a)			3,000		2,722
7.00%, 3/31/2024(a)			2,000		1,818
Noble Energy, Inc. 3.85%, 1/15/2028			35,000		33,378
Oasis Petroleum, Inc. 6.88%, 3/15/2022			5,000		5,094
Peabody Energy Corp. 6.00%, 3/31/2022(a)			5,000		5,019
Phillips 66 Partners LP 3.75%, 3/1/2028			35,000		33,298
QEP Resources, Inc. 5.25%, 5/1/2023			20,000		19,500
5.63%, 3/1/2026			2,000		1,913
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075(b)(c)	EUR		100,000		123,459
Rockies Express Pipeline LLC 6.00%, 1/15/2019(a)			15,000		15,141
SemGroup Corp. 5.63%, 7/15/2022			11,000		10,904
SM Energy Co. 5.63%, 6/1/2025			10,000		9,900
Summit Midstream Holdings LLC 5.50%, 8/15/2022			10,000		9,950

SEE NOTES TO FINANCIAL STATEMENTS.

15

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Sunoco LP 4.88%, 1/15/2023(a)			2,000		1,973
5.50%, 2/15/2026(a)			3,000		2,873
Tallgrass Energy Partners LP 5.50%, 9/15/2024(a)			25,000		25,719
Targa Resources Partners LP 5.13%, 2/1/2025			5,000		5,025
5.00%, 1/15/2028(a)			5,000		4,856
TerraForm Power Operating LLC 4.25%, 1/31/2023(a)			21,000		20,475
6.62%, 6/15/2025(a)(g)			48,000		51,120
5.00%, 1/31/2028(a)			5,000		4,681
TOTAL SA (EUR Swap Annual 5 Year + 1.86%), 2.25%, 2/26/2021(b)(c)(d)(e)	EUR		100,000		118,911
TransCanada PipeLines Ltd. 4.25%, 5/15/2028			30,000		30,214
Ultra Resources, Inc. 6.88%, 4/15/2022(a)			11,000		5,363
7.13%, 4/15/2025(a)			28,000		12,390
Western Gas Partners LP 4.65%, 7/1/2026			50,000		50,053
Whiting Petroleum Corp. 5.75%, 3/15/2021			8,000		8,200
6.63%, 1/15/2026			6,000		6,240
WPX Energy, Inc. 5.75%, 6/1/2026			2,000		2,018
YPF SA 6.95%, 7/21/2027(b)			30,000		24,000
					1,211,204
Paper & Forest Products - 0.1%
Clearwater Paper Corp. 5.38%, 2/1/2025(a)			7,000		6,422
Fibria Overseas Finance Ltd. 5.50%, 1/17/2027			25,000		24,715
					31,137
Personal Products - 0.1%
Prestige Brands, Inc. 6.38%, 3/1/2024(a)			9,000		9,082
Revlon Consumer Products Corp. 6.25%, 8/1/2024			8,000		4,640
					13,722
Pharmaceuticals - 1.0%
Bausch Health Cos., Inc. 6.50%, 3/15/2022(a)			8,000		8,280
5.88%, 5/15/2023(a)			3,000		2,868
7.00%, 3/15/2024(a)			6,000		6,330
5.50%, 11/1/2025(a)			9,000		8,978
9.00%, 12/15/2025(a)			8,000		8,460
8.50%, 1/31/2027(a)			4,000		4,110
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026(a)			2,000		1,907
Concordia International Corp. 9.00%, 4/1/2022(a)			2,000		1,820
7.00%, 4/15/2023‡(a)(f)			32,000		1,920
Endo Finance LLC 5.75%, 1/15/2022(a)			20,000		18,500
Mylan NV 3.95%, 6/15/2026			50,000		47,418

Investments		Principal Amount		Value
Nidda Healthcare Holding GmbH 3.50%, 9/30/2024(b)	EUR		100,000		115,485
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/2026			50,000		41,500
					267,576
Professional Services - 0.5%
AMN Healthcare, Inc. 5.13%, 10/1/2024(a)			12,000		11,655
IHS Markit Ltd. 4.00%, 3/1/2026(a)			6,000		5,757
La Financiere Atalian SASU 4.00%, 5/15/2024(b)	EUR		100,000		112,651
					130,063
Road & Rail - 1.4%
Avis Budget Car Rental LLC 5.25%, 3/15/2025(a)			8,000		7,500
Avolon Holdings Funding Ltd. 5.50%, 1/15/2023(a)			4,000		4,110
DAE Funding LLC 4.50%, 8/1/2022(a)			3,000		2,963
5.00%, 8/1/2024(a)			3,000		2,951
EC Finance plc 2.38%, 11/15/2022(b)	EUR		125,000		145,986
Great Rolling Stock Co. Ltd. (The) 6.88%, 7/27/2035(b)	GBP		38,880		63,642
Hertz Corp. (The) 7.38%, 1/15/2021			2,000		1,998
Loxam SAS 4.25%, 4/15/2024(b)	EUR		100,000		122,437
Park Aerospace Holdings Ltd. 5.25%, 8/15/2022(a)			12,000		12,225
4.50%, 3/15/2023(a)			8,000		7,910
					371,722
Semiconductors & Semiconductor Equipment - 0.1%
Entegris, Inc. 4.63%, 2/10/2026(a)			2,000		1,927
MagnaChip Semiconductor SA 5.00%, 3/1/2021			10,000		14,950
Versum Materials, Inc. 5.50%, 9/30/2024(a)			4,000		4,090
					20,967
Software - 0.5%
Camelot Finance SA 7.88%, 10/15/2024(a)			6,000		5,978
CURO Financial Technologies Corp. 12.00%, 3/1/2022(a)			5,000		5,503
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024(a)			17,000		18,955
Infor Software Parent LLC 7.13% (cash), 5/1/2021(a)(i)			6,000		6,054
Infor US, Inc. 6.50%, 5/15/2022			18,000		18,233
Informatica LLC 7.13%, 7/15/2023(a)			6,000		6,105
j2 Cloud Services LLC 6.00%, 7/15/2025(a)			2,000		2,058
Oracle Corp. 3.25%, 11/15/2027			65,000		62,953
					125,839

SEE NOTES TO FINANCIAL STATEMENTS.

16

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Specialty Retail - 0.8%
EVOCA SpA 7.00%, 10/15/2023(b)	EUR		100,000		123,549
L Brands, Inc. 5.25%, 2/1/2028			6,000		5,160
Party City Holdings, Inc. 6.63%, 8/1/2026(a)			10,000		10,075
PetSmart, Inc. 7.13%, 3/15/2023(a)			13,000		8,742
5.88%, 6/1/2025(a)			4,000		3,245
8.88%, 6/1/2025(a)			5,000		3,375
Sonic Automotive, Inc. 5.00%, 5/15/2023			27,000		25,448
6.13%, 3/15/2027			2,000		1,875
Staples, Inc. 8.50%, 9/15/2025(a)			20,000		18,898
					200,367
Technology Hardware, Storage & Peripherals - 0.3%
Dell International LLC 5.88%, 6/15/2021(a)			3,000		3,086
7.13%, 6/15/2024(a)			3,000		3,207
Diebold Nixdorf, Inc. 8.50%, 4/15/2024			23,000		16,244
EMC Corp. 3.38%, 6/1/2023			25,000		23,587
Western Digital Corp. 4.75%, 2/15/2026			32,000		31,374
					77,498
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc. 4.63%, 5/15/2024(a)			15,000		14,625
Thrifts & Mortgage Finance - 0.2%
Ladder Capital Finance Holdings LLLP 5.25%, 3/15/2022(a)			7,000		7,026
5.25%, 10/1/2025(a)			3,000		2,816
Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023(a)			3,000		3,113
9.13%, 7/15/2026(a)			4,000		4,165
Quicken Loans, Inc. 5.75%, 5/1/2025(a)			21,000		20,790
Radian Group, Inc. 4.50%, 10/1/2024			14,000		13,790
					51,700
Tobacco - 0.5%
Altria Group, Inc. 4.25%, 8/9/2042			50,000		46,592
BAT Capital Corp. 4.39%, 8/15/2037(a)			30,000		27,915
Philip Morris International, Inc. 2.00%, 2/21/2020			70,000		69,080
					143,587
Trading Companies & Distributors - 0.8%
H&E Equipment Services, Inc. 5.63%, 9/1/2025			5,000		4,964
United Rentals North America, Inc. 4.63%, 10/15/2025			3,000		2,933
5.50%, 5/15/2027			49,000		48,877
4.88%, 1/15/2028			5,000		4,766

Investments		Principal Amount		Value
WESCO Distribution, Inc.
5.38%, 12/15/2021			140,000		141,750
5.38%, 6/15/2024			9,000		8,932
					212,222
Water Utilities - 0.0%(h)
Northumbrian Water Finance plc 6.88%, 2/6/2023(b)	GBP		10,000		15,664
Wireless Telecommunication Services - 2.2%
America Movil SAB de CV Series B, (EUR Swap Annual 5 Year + 4.55%), 6.37%, 9/6/2073(b)(c)	EUR		100,000		136,243
Comunicaciones Celulares SA 6.88%, 2/6/2024(b)			200,000		206,250
Hughes Satellite Systems Corp. 5.25%, 8/1/2026			25,000		23,906
Intelsat Connect Finance SA 9.50%, 2/15/2023(a)			4,000		3,987
Matterhorn Telecom SA 3.88%, 5/1/2022(b)	EUR		100,000		118,231
Sprint Communications, Inc. 9.00%, 11/15/2018(a)			18,000		18,202
9.25%, 4/15/2022			21,000		23,835
Sprint Corp. 7.88%, 9/15/2023			9,000		9,686
7.13%, 6/15/2024			25,000		25,937
7.63%, 2/15/2025			20,000		21,225
7.63%, 3/1/2026			4,000		4,201
T-Mobile US, Inc. 4.50%, 2/1/2026‡			3,000		—
T-Mobile USA, Inc. 4.50%, 2/1/2026			3,000		2,861
4.75%, 2/1/2028			3,000		2,826
4.75%, 2/1/2028‡			3,000		—
					597,390
TOTAL CORPORATE BONDS (Cost $17,913,346)					17,746,533
Investments		Principal Amount		Value
LOAN ASSIGNMENTS - 24.5%(j)
Aerospace & Defense - 0.2%
Bombardier Recreational Products, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.08%, 5/23/2025(c)			43,500		43,365
Airlines - 0.4%
American Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.81%, 6/27/2025(c)			100,000		97,859
Chemicals - 1.0%
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 4.08%, 6/1/2024(c)			97,506		97,530

SEE NOTES TO FINANCIAL STATEMENTS.

17

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
Pelican Products, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.50%), 5.58%, 5/1/2025(c)		35,000		34,847
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.08%, 9/6/2024(c)		99,749		99,699
Tronox Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 9/23/2024(c)		38,528		38,644
(ICE LIBOR USD 1 Month + 3.00%), 5.08%, 9/23/2024(c)		16,695		16,746
				287,466
Commercial Services & Supplies - 1.1%
Camelot Finance LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.33%, 10/3/2023(c)		75,585		75,474
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%, ICE LIBOR USD 3 Month + 3.50%), 5.80%, 5/24/2024(c)		84,576		84,893
Prime Security Services Borrower LLC, Term B-1 Loan (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 5/2/2022(c)		147,882		148,185
				308,552
Communications Equipment - 0.3%
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.31%, 12/15/2024(c)		100,000		100,613
Containers & Packaging - 0.8%
Berry Global, Inc., 1st Lien Term Loan (ICE LIBOR USD 2 Month + 1.75%), 4.19%, 1/6/2021(c)		100,000		99,925
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.58%, 4/3/2024(c)		42,570		42,388
Consolidated Container, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 5/22/2024(c)		29,775		29,798
Flex Acquisition Co., Inc., Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.34%, 12/29/2023(c)		37,581		37,428
				209,539
Diversified Consumer Services - 0.6%
Altran Technologies SA, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 4.57%, 3/20/2025(c)		12,070		12,028
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 5.59%, 11/14/2022(c)		147,369		147,696
				159,724

Investments	Principal Amount		Value
Diversified Financial Services - 0.2%
Telenet Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.31%, 8/15/2026(c)(k)		60,000		59,233
Diversified Telecommunication Services - 1.8%
Centurylink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 1/31/2025(c)		99,500		98,306
Hargray Communications Group, Inc., Senior Secured Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 5/16/2024(c)		96,525		96,766
Intelsat Jackson Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 5.81%, 11/27/2023(c)		150,000		150,647
TDC A/S, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 5.84%, 6/4/2025(c)(k)		100,000		100,750
Zayo Group LLC, Term B-2 Loan (ICE LIBOR USD 1 Month + 2.25%), 4.33%, 1/19/2024(c)		53,622		53,799
				500,268
Electric Utilities - 0.9%
Lightstone Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.83%, 1/30/2024(c)		71,465		71,063
Lightstone Holdco LLC, 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.75%), 5.83%, 1/30/2024(c)		4,305		4,281
Vistra Operations Co. LLC, Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.08%, 8/4/2023(c)		160,414		160,097
				235,441
Electrical Equipment - 0.5%
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 5.83%, 8/1/2025(c)		49,300		49,559
Brookfield WEC Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 3 Month + 6.75%), 8.83%, 8/3/2026(c)(k)		30,000		30,412
Cortes NP Acquisition Corp., Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 6.31%, 11/30/2023(c)		50,000		49,938
				129,909
Food & Staples Retailing - 1.3%
Albertson’s LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.34%, 12/21/2022(c)		98,753		98,454
(ICE LIBOR USD 3 Month + 3.00%), 5.31%, 6/22/2023(c)		29,924		29,792

SEE NOTES TO FINANCIAL STATEMENTS.

18

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
Moran Foods LLC, Term Loan B (ICE LIBOR USD 1 Month + 6.00%), 8.08%, 12/5/2023(c)		98,500		70,346
SUPERVALU, Inc., Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 3.50%), 5.58%, 6/8/2024(c)		54,531		54,588
SUPERVALU, Inc., Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 5.58%, 6/8/2024(c)		90,885		90,980
				344,160
Food Products - 1.2%
Dole Food Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%; ICE LIBOR USD 3 Month + 2.75%; US Prime Rate + 5.00%), 4.83%, 4/6/2024(c)		56,550		56,425
Hearthside Group Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.06%, 5/23/2025(c)		139,130		137,924
JBS USA LLC, Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 3 Month + 2.50%), 4.83%, 10/30/2022(c)		78,952		78,876
Pinnacle Foods Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.84%, 2/2/2024(c)		43,285		43,285
				316,510
Health Care Equipment & Supplies - 0.5%
Mallinckrodt International Finance, Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.20%, 9/24/2024(c)		129,458		128,325
Health Care Providers & Services - 2.1%
CHG Healthcare Services, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.34%, 6/7/2023(c)		65,000		65,122
Community Health Systems, Inc., Incremental 2021 Term H Loan (ICE LIBOR USD 3 Month + 3.25%), 5.54%, 1/27/2021(c)		46,360		45,660
Jaguar Holding Co. II, Ist Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 4.58%, 8/18/2022(c)		98,219		98,119
MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.08%, 6/7/2023(c)		168,300		168,137
National Mentor Holdings, Inc., Tranche B Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.33%, 1/31/2021(c)		97,954		98,223

Investments	Principal Amount		Value
Tennessee Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 2/6/2024(c)(k)		100,000		95,417
				570,678
Hotels, Restaurants & Leisure - 1.5%
1011778 BC ULC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.33%, 2/16/2024(c)		80,973		80,923
Gateway Casinos & Entertainment Ltd., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.47%, 12/1/2023(c)(k)		35,000		35,142
Las Vegas Sands Corp., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 3.83%, 3/27/2025(c)		99,750		99,539
Penn National Gaming, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 2.50%, 8/14/2025(c)(k)		85,000		85,106
Seminole Hard Rock Entertainment, Inc., Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 5.09%, 5/14/2020(c)		73,454		73,606
Wyndham Hotels & Resorts, Inc., 1st Lien Senior Secured Term Loan (ICE LIBOR USD 1 Month + 1.75%), 3.83%, 5/30/2025(c)		35,168		35,203
				409,519
Independent Power and Renewable Electricity Producers - 1.6%
Calpine Corp., Term Loan (ICE LIBOR USD 3 Month + 2.50%), 4.84%, 1/15/2024(c)		146,970		147,098
ExGen Renewables I LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.00%), 5.32%, 11/28/2024(c)		36,776		36,868
NRG Energy, Inc., Term Loan (ICE LIBOR USD 3 Month + 1.75%), 4.08%, 6/30/2023(c)		147,000		146,834
Talen Energy Supply, Term Loan B-2 (ICE LIBOR USD 1 Month + 4.00%), 6.08%, 4/15/2024(c)		92,297		92,512
				423,312
Insurance - 0.2%
Asurion LLC, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.58%, 8/4/2025(c)		9,100		9,358
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 3 Month + 3.00%), 5.08%, 11/3/2024(c)		45,300		45,413
				54,771
Internet Software & Services - 0.5%
BMC Software Finance, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 3.50%, 9/1/2025(c)(k)		50,000		50,015

SEE NOTES TO FINANCIAL STATEMENTS.

19

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
Rackspace Hosting, Inc., 1st Lien Term Loan B (ICE LIBOR USD 2 Month + 3.00%; ICE LIBOR USD 3 Month + 3.00%), 5.35%, 11/3/2023(c)		79,002		78,459
				128,474
IT Services - 0.3%
First Data Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 4.07%, 7/8/2022(c)(k)		74,185		74,134
Leisure Products - 0.5%
Delta 2 SARL, 1st Lien Term loan B (ICE LIBOR USD 1 Month + 2.50%), 4.58%, 2/1/2024(c)		131,829		130,774
Media - 2.9%
Altice US Finance I Corp., Term Loan ( ICE LIBOR USD 1 Month + 2.25%), 4.33%, 7/28/2025(c)		89,100		88,915
AMC Entertainment, Inc., Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.31%, 12/15/2023(c)		98,500		98,521
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 4.31%, 7/17/2025(c)		138,250		137,633
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.33%, 2/7/2024(c)		47,999		48,029
Red Ventures LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.00%), 6.08%, 11/8/2024(c)		28,613		28,899
Sinclair Broadcast Group, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 4.33%, 1/3/2024(c)		69,727		69,692
Tribune Media Co., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 1/26/2024(c)		74,724		74,865
Univision Communications, Inc., 1st Lien Term Loan C-5 (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 3/15/2024(c)		56,486		54,170
WMG Acquisition Corp., 1st Lien Term Loan F (ICE LIBOR USD 1 Month + 2.13%), 4.20%, 11/1/2023(c)		76,805		76,468
Zuffa LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.33%, 8/18/2023(c)		115,530		115,942
				793,134
Oil, Gas & Consumable Fuels - 1.5%
California Resources Corp., Senior Secured First Out Term Loan (ICE LIBOR USD 1 Month + 4.75%), 6.82%, 12/31/2022(c)		100,000		101,375

Investments	Principal Amount		Value
Chesapeake Energy Corp., 1st Lien Last Out Term Loan (ICE LIBOR USD 1 Month + 7.50%), 9.58%, 8/23/2021(c)		10,000		10,427
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 7.59%, 8/25/2023(c)		188,418		156,270
MEG Energy Corp., 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 3.50%), 5.58%, 12/31/2023(c)		9,375		9,382
Summit Midstream Partners Holdings LLC, Senior Secured Term Loan (ICE LIBOR USD 1 Month + 6.00%), 8.08%, 5/13/2022(c)		19,896		20,144
Terraform Power Operating LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 4.08%, 11/8/2022(c)		16,915		16,915
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 4/12/2024(c)		81,400		72,836
				387,349
Personal Products - 0.2%
Prestige Brands, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 2.00%), 4.08%, 1/26/2024(c)		62,747		62,639
Pharmaceuticals - 1.0%
Concordia Healthcare Corp., Initial Dollar Term Loan (ICE LIBOR USD 1 Month + 4.25%), 6.33%, 10/21/2021(c)		81,369		73,345
Grifols Worldwide Operations Ltd., Term Loan B (1 Week LIBOR + 2.25%), 4.21%, 1/31/2025(c)		88,875		89,219
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 6/2/2025(c)		98,750		99,062
				261,626
Semiconductors & Semiconductor Equipment - 0.2%
ON Semiconductor Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.83%, 3/31/2023(c)		48,398		48,445
Software - 0.4%
Infor US, Inc., Tranche B-6 Term Loan (ICE LIBOR USD 1 Month + 2.75%), 4.83%, 2/1/2022(c)		107,765		107,823
Technology Hardware, Storage & Peripherals - 0.2%
Quest Software US Holdings, Inc., 1st Lien Term Loan

SEE NOTES TO FINANCIAL STATEMENTS.

20

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
(ICE LIBOR USD 2 Month + 4.25%), 6.57%, 5/16/2025(c)		50,000		49,766
Textiles, Apparel & Luxury Goods - 0.2%
Samsonite IP Holdings SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 3.83%, 4/25/2025(c)		59,000		58,652
Wireless Telecommunication Services - 0.4%
Syniverse Holdings, Inc., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 5.00%), 7.07%, 3/9/2023(c)		99,750		98,878
TOTAL LOAN ASSIGNMENTS (Cost $6,627,841)				6,580,938
Investments	Principal Amount		Value
CONVERTIBLE BONDS - 2.2%
Auto Components - 0.0%(h)
Horizon Global Corp. 2.75%, 7/1/2022		10,000		7,242
Communications Equipment - 0.1%
Finisar Corp. 0.50%, 12/15/2036		25,000		23,037
Electronic Equipment, Instruments & Components - 0.2%
II-VI, Inc. 0.25%, 9/1/2022(a)		20,000		24,200
Knowles Corp. 3.25%, 11/1/2021		30,000		35,744
				59,944
Energy Equipment & Services - 0.1%
Nabors Industries, Inc. 0.75%, 1/15/2024		20,000		15,745
Health Care Technology - 0.1%
Vocera Communications, Inc. 1.50%, 5/15/2023(a)		15,000		17,595
Hotels, Restaurants & Leisure - 0.1%
Huazhu Group Ltd. 0.38%, 11/1/2022(a)		25,000		25,500
Internet & Direct Marketing Retail - 0.2%
Ctrip.com International Ltd. 1.00%, 7/1/2020		20,000		19,568
Liberty Expedia Holdings, Inc. 1.00%, 6/30/2047(a)		20,000		20,059
				39,627
Internet Software & Services - 0.3%
Envestnet, Inc. 1.75%, 12/15/2019		10,000		11,276
Etsy, Inc. Zero Coupon, 3/1/2023(a)		20,000		29,175
Nutanix, Inc. Zero Coupon, 1/15/2023(a)		20,000		26,243

Investments	Principal Amount		Value
Zillow Group, Inc. 2.00%, 12/1/2021		20,000		22,525
				89,219
Media - 0.5%
DISH Network Corp. 3.38%, 8/15/2026		10,000		9,406
Liberty Interactive LLC 4.00%, 11/15/2029		52,000		35,880
3.75%, 2/15/2030		89,000		60,742
Live Nation Entertainment, Inc. 2.50%, 3/15/2023(a)		30,000		31,069
				137,097
Oil, Gas & Consumable Fuels - 0.1%
Oasis Petroleum, Inc. 2.63%, 9/15/2023		15,000		19,719
SM Energy Co. 1.50%, 7/1/2021		20,000		21,268
				40,987
Real Estate Management & Development - 0.0%(h)
Redfin Corp. 1.75%, 7/15/2023		15,000		13,894
Semiconductors & Semiconductor Equipment - 0.3%
Cree, Inc. 0.88%, 9/1/2023(a)		5,000		5,133
Cypress Semiconductor Corp. 4.50%, 1/15/2022		20,000		28,025
ON Semiconductor Corp. 1.00%, 12/1/2020		25,000		31,753
Teradyne, Inc. 1.25%, 12/15/2023		20,000		28,016
				92,927
Software - 0.2%
FireEye, Inc. 0.88%, 6/1/2024(a)		20,000		19,547
Nuance Communications, Inc. 1.50%, 11/1/2035		20,000		19,822
				39,369
TOTAL CONVERTIBLE BONDS (Cost $568,199)				602,183
Investments	Principal Amount		Value
U.S. TREASURY OBLIGATIONS - 0.6%
U.S. Treasury Bonds 2.75%, 11/15/2047		130,500		123,506
3.00%, 2/15/2048		15,000		14,924
U.S. Treasury Notes 2.75%, 5/31/2023		18,000		18,004
TOTAL U.S. TREASURY OBLIGATIONS (Cost $156,290)				156,434
Investments	Principal Amount		Value
ASSET-BACKED SECURITIES - 0.3%
American Airlines Pass-Through Trust Series 2017-2, Class AA,
3.35%, 10/15/2029		20,000		19,257

SEE NOTES TO FINANCIAL STATEMENTS.

21

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
United Airlines Pass-Through Trust Series 2016-2, Class B,
3.65%, 10/7/2025		14,358		13,872
Series 2016-1, Class B, 3.65%, 1/7/2026		14,358		13,893
Series 2018-1, Class B, 4.60%, 3/1/2026		35,000		35,208
TOTAL ASSET-BACKED SECURITIES (Cost $83,715)				82,230
Investments	Shares		Value
COMMON STOCKS - 0.1%
Aerospace & Defense - 0.0%(h)
Remington Outdoor Co., Inc.*‡		199		1,638
Software - 0.1%
Avaya Holdings Corp.*		704		16,445
TOTAL COMMON STOCKS (Cost $13,995)				18,083
Investments	Shares		Value
SHORT-TERM INVESTMENTS - 6.2%
INVESTMENT COMPANIES - 6.2%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04%(l)(m)		299,488		299,578
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.82%(l)(m)		1,362,752		1,362,752
TOTAL SHORT-TERM INVESTMENTS (Cost $1,662,279)				1,662,330
Total Investments - 99.9% (Cost $27,025,665)				26,848,731
Other Assets Less Liabilities - 0.1%				37,066
Net Assets - 100.0%				26,885,797

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

22

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

Over the Counter (“OTC”) Credit default swaptions purchased outstanding as of August 31, 2018:

Description	Counterparty		Expiration Date		Exercise Rate		Pay Financing Rate		Receive Floating Rate Index		Implied Credit Spread(%)(1)			Notional Amount			Value ($)
Call Contracts
Buy Protection on 5 Year Credit Default Swap Index, expiring 9/19/2018, European Style		Goldman Sachs International		09/19/18		1.06%		5.00%		CDX.NA.HY.30- V1.Jun.2023		3.33	%		USD	2,000,000		1,726
Buy Protection on 5 Year Credit Default Swap Index, expiring 9/19/2018, European Style		Goldman Sachs International		09/19/18		3.25%		5.00%		iTraxx Europe Crossover Series 29 V1.Jun.2023		3.00	%		EUR	1,135,000		1,654
Buy Protection on 5 Year Credit Default Swap Index, expiring 9/19/2018, European Style		Barclays Bank plc		09/19/18		0.65%		1.00%		iTraxx Europe Series 29 V1.Jun.2023		0.68	%		EUR	4,500,000		12,727
Total OTC Swaptions Purchased (Premiums Paid $54,820)																		16,107

OTC Credit default swaptions written outstanding as of August 31, 2018:

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 9/19/2018, European Style		Goldman Sachs International		09/19/18		1.04%		5.00%		CDX.NA.HY.30- V1.Jun.2023		3.33	%		USD	2,000,000		(753	)
Buy Protection on 5 Year Credit Default Swap Index, expiring 9/19/2018, European Style		Goldman Sachs International		09/19/18		3.75%		5.00%		iTraxx Europe Crossover Series 29 V1.Jun.2023		3.00	%		EUR	1,135,000		(448	)
Buy Protection on 5 Year Credit Default Swap Index, expiring 9/19/2018, European Style		Barclays Bank plc		09/19/18		0.75%		1.00%		iTraxx Europe Series 29 V1.Jun.2023		0.68	%		EUR	4,500,000		(2,675	)
Total OTC Swaptions Written (Premiums Received $30,299)																		(3,876	)

(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 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.

SEE NOTES TO FINANCIAL STATEMENTS.

23

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of August 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Euro-Schatz		2			12/2018		EUR		259,904			32
U.S. Treasury 2 Year Note		3			12/2018		USD		634,031			(287)
U.S. Treasury 5 Year Note		6			12/2018		USD		680,109			(1,044)
U.S. Treasury 10 Year Note		2			12/2018		USD		240,313			(645)
U.S. Treasury Long Bond		2			12/2018		USD		288,000			(817)
												(2,761)
Short Contracts
Euro-Bobl		(3	)		12/2018		EUR		(458,299	)		(352)
Euro-Bund		(1	)		12/2018		EUR		(186,625	)		(524)
Long Gilt		(2	)		12/2018		GBP		(317,189	)		21
U.S. Treasury 10 Year Note		(1	)		12/2018		USD		(120,266	)		209
U.S. Treasury 10 Year Ultra Note		(2	)		12/2018		USD		(255,844	)		902
												256
												(2,505)

Forward foreign currency exchange contracts outstanding as of August 31, 2018:
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	274,643	USD	317,415	Barclays Bank plc		9/5/2018		1,378
EUR	11,327	USD	12,917	Citibank, NA		9/5/2018		231
EUR	3,066	USD	3,495	Royal Bank of Canada		9/5/2018		64
GBP	118,316	USD	150,796	Citibank, NA		9/5/2018		2,595
USD	5,687,334	EUR	4,839,120	Barclays Bank plc		9/5/2018		70,325
USD	241,638	EUR	206,397	Citibank, NA		9/5/2018		2,063
USD	133,126	EUR	114,567	HSBC Bank, NA		9/5/2018		143
USD	14,052	EUR	12,045	Royal Bank of Canada		9/5/2018		71
USD	2,417	GBP	1,835	Barclays Bank plc		9/5/2018		38
USD	627,127	GBP	476,162	BNP Paribas		9/5/2018		9,806
GBP	2,404	USD	3,099	Barclays Bank plc		10/3/2018		21
USD	5,748,006	EUR	4,905,929	BNP Paribas		10/3/2018		41,629
USD	3,895	EUR	3,331	Royal Bank of Canada		10/3/2018		21
USD	339,899	GBP	260,679	BNP Paribas		10/3/2018		1,559
Total unrealized appreciation								129,944
EUR	9,186	USD	10,670	Barclays Bank plc		9/5/2018		(8	)
EUR	4,905,929	USD	5,736,017	BNP Paribas		9/5/2018		(41,460	)
GBP	260,679	USD	339,513	BNP Paribas		9/5/2018		(1,556	)
GBP	99,002	USD	130,711	HSBC Bank, NA		9/5/2018		(2,360	)
USD	5,105	EUR	4,401	Barclays Bank plc		9/5/2018		(4	)
USD	10,129	EUR	8,881	BNP Paribas		9/5/2018		(180	)
USD	5,011	EUR	4,372	Morgan Stanley		9/5/2018		(63	)
USD	16,552	EUR	14,368	Royal Bank of Canada		9/5/2018		(125	)
EUR	70,280	USD	81,980	Australia & New Zealand Banking Group Ltd.		10/3/2018		(233	)
USD	137,561	GBP	106,744	HSBC Bank, NA		10/3/2018		(983	)
Total unrealized depreciation								(46,972	)
Net unrealized appreciation								82,972

SEE NOTES TO FINANCIAL STATEMENTS.

24

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

OTC Credit default swap contracts outstanding - buy protection⁽¹⁾ as of August 31, 2018:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)	Payments Frequency	Counterparty	Maturity Date	Implied Credit Spread (%)(3)	Notional Amount(4)		Upfront Payments (Receipts) ($)(5)			Unrealized Appreciation (Depreciation) ($)			Value ($)
Baxter International, Inc., 1.70, 8/15/2021	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.31		USD 225,000		(6,390	)		(1,016	)		(7,406	)
BMW Finance NV, 0.13%, 1/12/2021	1.00	Quarterly	Barclays Bank plc	6/20/2023	0.57		EUR 110,000		(3,865	)		970			(2,895	)
BMW Finance NV, 0.13%, 1/12/2021	1.00	Quarterly	Merrill Lynch International	6/20/2023	0.57		EUR 120,000		(1,472	)		(1,686	)		(3,158	)
Carrefour SA, 1.75%, 5/22/2019	1.00	Quarterly	Merrill Lynch International	6/20/2023	0.85		EUR 115,000		(1,795	)		570			(1,225	)
Honeywell International, Inc., 5.70%, 3/15/2036	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.35		USD 225,000		(6,235	)		(829	)		(7,064	)
HP, Inc., 4.65%, 12/9/2021	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.47		USD 225,000		(5,160	)		(668	)		(5,828	)
Rolls-Royce plc, 6.75%, 4/30/2019	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.85		EUR 110,000		(2,621	)		1,442			(1,179	)
Unilever N.V., 1.75%, 8/5/2020	1.00	Quarterly	Barclays Bank plc	6/20/2023	0.30		EUR 65,000		(2,638	)		(80	)		(2,718	)
United Parcel Service, Inc., 8.38%, 4/01/2030	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.31		USD 225,000		(6,441	)		(1,039	)		(7,480	)
Valero Energy Corp., 8.75%, 06/15/2030	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.42		USD 200,000		(4,044	)		(1,540	)		(5,584	)
Vodafone Group plc, 1.00%, 9/11/2020	1.00	Quarterly	Goldman Sachs International	6/20/2023	0.75		EUR 65,000		(1,053	)		(16	)		(1,069	)
									(41,714	)		(3,892	)		(45,606	)

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of August 31, 2018:

Reference Obligation/Index	Financing Rate Paid by the Fund (%)		Payments Frequency		Maturity Date		Implied Credit Spread (%)(3)		Notional Amount(4)		Upfront Payments (Receipts) ($)(5)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX.NA.IG.30-V1		1.00		Quarterly		6/20/2023		0.60		USD 1,900,000		(32,335	)		(4,958	)		(37,293	)
iTraxx Europe Senior		1.00		Quarterly
Financials 29.1						6/20/2023		0.85		EUR 1,055,000		(12,400	)		1,113			(11,287	)
												(44,735	)		(3,845	)		(48,580	)

OTC Credit default swap contracts outstanding - sell protection⁽²⁾ as of August 31, 2018:

Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payments Frequency		Counterparty		Maturity Date		Implied Credit Spread (%)(3)		Notional Amount(4)		Upfront Payments (Receipts) ($)(5)		Unrealized Appreciation (Depreciation) ($)			Value ($)
Telefonica Emisiones SA, 2.74%, 5/29/2019		1.00		Quarterly		Merrill Lynch International		6/20/2023		0.90		EUR 50,000		664		(271	)		393
														664		(271	)		393

SEE NOTES TO FINANCIAL STATEMENTS.

25

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Centrally Cleared Credit default swap contracts outstanding - sell protection(2) as of August 31, 2018:

Reference Obligation/Index	Financing Rate Received by the Fund (%)		Payments Frequency		Maturity Date		Implied Credit Spread (%)(3)		Notional Amount(4)		Upfront Payments (Receipts) ($)(5)			Unrealized Appreciation (Depreciation) ($)			Value ($)
iTraxx Europe 29.1		1.00		Quarterly		6/20/2023		0.68		EUR 97,000		2,313			(406	)		1,907
												2,313			(406	)		1,907
CDX.NA.IG.30-V1		1.00		Quarterly		6/20/2028		1.08		USD 1,100,000		(2,988	)		(1,863	)		(4,851	)
												(2,988	)		(1,863	)		(4,851	)
												(675	)		(2,269	)		(2,944	)

Centrally Cleared Interest rate swap contracts outstanding as of August 31, 2018:

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	2.34% semi-annually	Receive
quarterly				4/10/2027		USD 450,000		–		17,298
								–		17,298

(a) Value of floating rate index at August 31, 2018 was 2.32%.

(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.

(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, 2018:

	Net Upfront Payments (Receipts) ($)			Value ($)
Assets
OTC Credit default swap contracts outstanding - sell protection		664			393
Total OTC swap contracts outstanding		664			393
Liabilities
OTC Credit default swap contracts outstanding - buy protection		(41,714	)		(45,606	)
Total OTC swap contracts outstanding		(41,714	)		(45,606	)

SEE NOTES TO FINANCIAL STATEMENTS.

26

JPMorgan Flexible Long/Short Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

Abbreviations

CDX	Credit Default Swap Index
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
USD	United States Dollar

(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.

(d) 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, 2018.

(e) Security is an interest bearing note with preferred security characteristics.

(f) Defaulted security.

(g) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2018.

(h) Amount rounds to less than 0.1% of net assets.

(i) Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(j) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

(k) All or a portion of this security is unsettled as of August 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

(l) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(m) The rate shown is the current yield as of August 31, 2018.

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

27

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

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

Investments		Principal Amount		Value
CORPORATE BONDS - 88.3%
Aerospace & Defense - 1.7%
Arconic, Inc. 5.90%, 2/1/2027			150,000		151,890
BWX Technologies, Inc. 5.38%, 7/15/2026(a)			10,000		10,100
KLX, Inc. 5.88%, 12/1/2022(a)			70,000		72,450
Kratos Defense & Security Solutions, Inc.
6.50%, 11/30/2025(a)			25,000		25,812
Leonardo SpA (Italy) 5.25%, 1/21/2022	EUR		90,000		117,941
Triumph Group, Inc. 7.75%, 8/15/2025			90,000		87,413
					465,606
Air Freight & Logistics - 0.3%
XPO Logistics, Inc. 6.50%, 6/15/2022(a)			75,000		77,473
Auto Components - 3.2%
Adient Global Holdings Ltd. 3.50%, 8/15/2024(b)	EUR		150,000		162,682
Allison Transmission, Inc. 5.00%, 10/1/2024(a)			20,000		19,700
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025			65,000		64,675
6.25%, 3/15/2026			75,000		73,969
6.50%, 4/1/2027			35,000		34,650
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)			70,000		68,950
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)			135,000		138,544
Delphi Technologies plc 5.00%, 10/1/2025(a)			75,000		70,841
Goodyear Tire & Rubber Co. (The) 5.13%, 11/15/2023			100,000		99,750
Kongsberg Actuation Systems BV (Switzerland)
5.00%, 7/15/2025(a)	EUR		100,000		115,845
Tenneco, Inc. 5.38%, 12/15/2024			35,000		32,769
5.00%, 7/15/2026			25,000		22,187
					904,562
Banks - 0.1%
Citigroup, Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%,
11/15/2019(c)(d)(e)			20,000		20,450
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%,
3/27/2020(c)(d)(e)			25,000		25,635
					46,085
Building Products - 0.6%
American Woodmark Corp. 4.88%, 3/15/2026(a)			40,000		38,500

Investments		Principal Amount		Value
Jeld-Wen, Inc. 4.63%, 12/15/2025(a)			25,000		23,312
4.88%, 12/15/2027(a)			10,000		9,325
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)			30,000		30,778
Standard Industries, Inc. 4.75%, 1/15/2028(a)			75,000		69,773
					171,688
Capital Markets - 0.1%
MSCI, Inc. 5.38%, 5/15/2027(a)			30,000		30,825
Chemicals - 3.5%
Chemours Co. (The) 6.63%, 5/15/2023			55,000		57,612
CTC BondCo GmbH (Germany) 5.25%, 12/15/2025(a)	EUR		100,000		114,624
Gates Global LLC 6.00%, 7/15/2022(a)			36,000		36,360
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)			55,000		53,900
Hexion, Inc. 6.63%, 4/15/2020			90,000		85,162
INEOS Group Holdings SA (Luxembourg)
5.63%, 8/1/2024(a)			200,000		197,414
Kraton Polymers LLC 5.25%, 5/15/2026(a)	EUR		100,000		119,853
NOVA Chemicals Corp. (Canada) 4.88%, 6/1/2024(a)			45,000		43,988
5.25%, 6/1/2027(a)			20,000		19,000
Rain CII Carbon LLC 7.25%, 4/1/2025(a)			60,000		61,500
Scotts Miracle-Gro Co. (The) 6.00%, 10/15/2023			100,000		101,500
5.25%, 12/15/2026			5,000		4,750
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)			35,000		34,344
Venator Finance SARL 5.75%, 7/15/2025(a)			45,000		41,963
					971,970
Commercial Services & Supplies - 1.1%
ACCO Brands Corp. 5.25%, 12/15/2024(a)			25,000		24,875
Aramark Services, Inc. 5.00%, 2/1/2028(a)			75,000		73,500
Paprec Holding SA (France) 4.00%, 3/31/2025(a)	EUR		100,000		117,209
Verisure Holding AB (Sweden) 6.00%, 11/1/2022(b)	EUR		90,000		108,526
					324,110
Communications Equipment - 0.6%
CommScope Technologies LLC 6.00%, 6/15/2025(a)			160,000		165,600
Containers & Packaging - 3.0%
Ardagh Packaging Finance plc (Ireland)
6.75%, 5/15/2024(b)	EUR		100,000		125,437
7.25%, 5/15/2024(a)			200,000		210,250

SEE NOTES TO FINANCIAL STATEMENTS.

28

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Horizon Parent Holdings SARL (France)
8.25% (cash), 2/15/2022(b)(f)	EUR		100,000		121,531
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020			96,911		97,032
(ICE LIBOR USD 3 Month + 3.50%), 5.84%, 7/15/2021(a)(d)			50,000		50,562
SIG Combibloc Holdings SCA (Luxembourg)
7.75%, 2/15/2023(b)	EUR		100,000		120,858
Silgan Holdings, Inc. 3.25%, 3/15/2025	EUR		100,000		119,174
					844,844
Distributors - 0.1%
Core & Main LP 6.13%, 8/15/2025(a)			20,000		19,200
Diversified Consumer Services - 0.4%
Service Corp. International 7.50%, 4/1/2027			100,000		111,500
Diversified Financial Services - 0.9%
ProGroup AG (Germany) 3.00%, 3/31/2026(a)	EUR		100,000		116,075
Worldpay Finance plc (United Kingdom)
3.75%, 11/15/2022(b)	EUR		100,000		125,361
					241,436
Diversified Telecommunication Services - 8.4%
Altice France SA (France) 5.63%, 5/15/2024(b)	EUR		100,000		121,322
7.38%, 5/1/2026(a)			200,000		196,500
CCO Holdings LLC 5.88%, 4/1/2024(a)			240,000		244,800
5.75%, 2/15/2026(a)			465,000		465,000
5.50%, 5/1/2026(a)			40,000		39,500
5.13%, 5/1/2027(a)			35,000		33,381
CenturyLink, Inc. 5.63%, 4/1/2025			155,000		151,512
Frontier Communications Corp. 7.13%, 1/15/2023			100,000		68,125
8.50%, 4/1/2026(a)			35,000		32,928
Intelsat Jackson Holdings SA (Luxembourg)
7.25%, 10/15/2020			145,000		145,182
5.50%, 8/1/2023			145,000		132,269
8.00%, 2/15/2024(a)			100,000		105,250
9.75%, 7/15/2025(a)			75,000		79,406
Sprint Capital Corp. 8.75%, 3/15/2032			245,000		270,725
Telecom Italia SpA (Italy) 3.63%, 5/25/2026(b)	EUR		100,000		121,272
Windstream Services LLC 10.50%, 6/30/2024(a)			10,000		8,000
9.00%, 6/30/2025(a)			199,000		143,778
					2,358,950

Investments		Principal Amount		Value
Electric Utilities - 0.5%
EDP - Energias de Portugal SA (Portugal)
(EUR Swap Annual 5 Year + 5.04%), 5.38%, 9/16/2075(b)(d)	EUR		100,000		125,623
Electrical Equipment - 0.6%
Energizer Gamma Acquisition, Inc. 6.38%, 7/15/2026(a)			25,000		25,844
Sensata Technologies BV 4.88%, 10/15/2023(a)			135,000		135,000
					160,844
Energy Equipment & Services - 1.0%
Nabors Industries, Inc. 5.75%, 2/1/2025(a)			50,000		48,093
Precision Drilling Corp. (Canada) 7.75%, 12/15/2023			35,000		37,012
7.13%, 1/15/2026(a)			30,000		30,863
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)			30,000		30,150
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)			13,000		13,260
Transocean, Inc. 7.50%, 1/15/2026(a)			30,000		30,562
Vallourec SA (France) 2.25%, 9/30/2024(b)	EUR		100,000		95,481
Weatherford International Ltd. 9.88%, 2/15/2024			10,000		9,450
					294,871
Equity Real Estate Investment Trusts (REITs) - 2.4%
CoreCivic, Inc. 4.63%, 5/1/2023			75,000		72,750
ESH Hospitality, Inc. 5.25%, 5/1/2025(a)			100,000		96,875
GEO Group, Inc. (The) 5.13%, 4/1/2023			125,000		120,625
5.88%, 10/15/2024			20,000		19,500
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024			100,000		102,875
4.50%, 1/15/2028			10,000		9,219
RHP Hotel Properties LP 5.00%, 4/15/2021			50,000		50,414
Uniti Group LP 6.00%, 4/15/2023(a)			100,000		96,000
8.25%, 10/15/2023			30,000		28,266
7.13%, 12/15/2024(a)			15,000		13,551
VICI Properties 1 LLC 8.00%, 10/15/2023			53,880		59,538
					669,613
Food & Staples Retailing - 1.8%
Albertsons Cos. LLC 5.75%, 3/15/2025			40,000		36,200
Iceland Bondco plc (United Kingdom)
4.63%, 3/15/2025(b) GBP			100,000		118,131
Picard Bondco SA (Luxembourg) 5.50%, 11/30/2024(a)	EUR		122,000		133,823
Rite Aid Corp.
6.13%, 4/1/2023(a)			110,000		98,692

SEE NOTES TO FINANCIAL STATEMENTS.

29

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Tesco Corporate Treasury Services plc (United Kingdom)
2.50%, 7/1/2024(b)	EUR		100,000		123,129
					509,975
Food Products - 1.4%
Nomad Foods Bondco plc (United Kingdom)
3.25%, 5/15/2024(b)	EUR		100,000		117,232
Post Holdings, Inc. 5.50%, 3/1/2025(a)			60,000		59,850
5.75%, 3/1/2027(a)			10,000		9,875
5.63%, 1/15/2028(a)			25,000		24,156
Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026(b)	EUR		100,000		110,393
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)			50,000		50,625
					372,131
Gas Utilities - 0.1%
AmeriGas Partners LP 5.50%, 5/20/2025			30,000		29,400
Health Care Equipment & Supplies - 1.8%
Auris Luxembourg II SA (Luxembourg)
8.00%, 1/15/2023(b)	EUR		100,000		120,747
Avantor, Inc. 6.00%, 10/1/2024(a)			35,000		35,525
DJO Finance LLC 8.13%, 6/15/2021(a)			140,000		144,592
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025(a)			90,000		87,525
Hologic, Inc. 4.38%, 10/15/2025(a)			35,000		33,687
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)			100,000		89,125
					511,201
Health Care Providers & Services - 6.7%
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)			70,000		63,000
Community Health Systems, Inc. 8.63%, 1/15/2024(a)			35,000		36,487
Constantin Investissement 3 SASU (France)
5.38%, 4/15/2025(b)	EUR		100,000		114,944
DaVita, Inc. 5.00%, 5/1/2025			100,000		94,750
Elanco Animal Health, Inc. 4.27%, 8/28/2023(a)			20,000		20,084
4.90%, 8/28/2028(a)			20,000		20,152
Encompass Health Corp. 5.75%, 11/1/2024			100,000		101,250
HCA, Inc. 5.38%, 2/1/2025			560,000		566,401
5.88%, 2/15/2026			220,000		227,425
5.25%, 6/15/2026			5,000		5,150
5.38%, 9/1/2026			65,000		65,325
Tenet Healthcare Corp. 7.50%, 1/1/2022(a)			25,000		26,180

Investments	Principal Amount		Value
8.13%, 4/1/2022		130,000		137,312
6.75%, 6/15/2023		190,000		190,000
4.63%, 7/15/2024		170,000		166,520
7.00%, 8/1/2025		20,000		19,963
				1,854,943
Health Care Technology - 0.2%
IQVIA, Inc. 4.88%, 5/15/2023(a)		50,000		50,125
Hotels, Restaurants & Leisure - 4.1%
Boyd Gaming Corp. 6.00%, 8/15/2026		35,000		35,262
Boyne USA, Inc. 7.25%, 5/1/2025(a)		15,000		15,900
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)		45,000		42,525
GLP Capital LP 5.25%, 6/1/2025		45,000		46,800
5.75%, 6/1/2028		45,000		47,691
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026(a)		54,000		54,067
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		10,000		10,300
Hilton Worldwide Finance LLC 4.63%, 4/1/2025		20,000		19,750
4.88%, 4/1/2027		30,000		29,513
Interval Acquisition Corp. 5.63%, 4/15/2023		50,000		50,375
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		80,000		82,800
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026(a)		55,000		56,100
MGM Resorts International 5.75%, 6/15/2025		50,000		50,350
4.63%, 9/1/2026		390,000		367,575
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		95,000		95,713
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		25,000		26,000
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		100,000		98,940
				1,129,661
Household Durables - 0.4%
Tempur Sealy International, Inc. 5.63%, 10/15/2023		120,000		120,000
Household Products - 1.4%
Central Garden & Pet Co. 6.13%, 11/15/2023		100,000		103,125
5.13%, 2/1/2028		40,000		37,650
Energizer Holdings, Inc. 5.50%, 6/15/2025(a)		50,000		49,875
Kronos Acquisition Holdings, Inc. (Canada)
9.00%, 8/15/2023(a)		50,000		45,750
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022		100,000		102,750

SEE NOTES TO FINANCIAL STATEMENTS.

30

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
Spectrum Brands, Inc.
5.75%, 7/15/2025			60,000		60,600
					399,750
Independent Power and Renewable Electricity Producers - 0.5%
AES Corp. 4.00%, 3/15/2021			45,000		45,122
Calpine Corp. 5.25%, 6/1/2026(a)			25,000		23,602
Vistra Energy Corp. 5.88%, 6/1/2023			80,000		82,300
					151,024
Internet & Direct Marketing Retail - 0.8%
eDreams ODIGEO SA (Spain) 8.50%, 8/1/2021(a)	EUR		97,701		118,212
Netflix, Inc. 4.88%, 4/15/2028(a)			55,000		52,113
5.88%, 11/15/2028(a)			62,000		62,143
					232,468
Internet Software & Services - 0.7%
Cogent Communications Group, Inc.
5.38%, 3/1/2022(a)			60,000		61,050
Rackspace Hosting, Inc. 8.63%, 11/15/2024(a)			30,000		29,531
Zayo Group LLC 6.38%, 5/15/2025			100,000		104,500
					195,081
IT Services - 1.6%
First Data Corp. 5.38%, 8/15/2023(a)			10,000		10,177
5.75%, 1/15/2024(a)			295,000		300,900
Gartner, Inc. 5.13%, 4/1/2025(a)			25,000		25,312
GCI LLC 6.88%, 4/15/2025			95,000		98,206
					434,595
Leisure Products - 0.8%
Mattel, Inc. 6.75%, 12/31/2025(a)			105,000		102,841
Vista Outdoor, Inc. 5.88%, 10/1/2023			125,000		122,500
					225,341
Machinery - 2.0%
Galapagos SA (Luxembourg) 5.38%, 6/15/2021‡(b)	EUR		100,000		104,078
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)			55,000		52,250
Mueller Water Products, Inc. 5.50%, 6/15/2026(a)			20,000		20,100
Novelis Corp. 5.88%, 9/30/2026(a)			100,000		97,380
RBS Global, Inc. 4.88%, 12/15/2025(a)			20,000		19,250
SPX FLOW, Inc. 5.63%, 8/15/2024(a)			45,000		45,113
5.88%, 8/15/2026(a)			15,000		15,150
Terex Corp. 5.63%, 2/1/2025(a)			40,000		39,700
TriMas Corp. 4.88%, 10/15/2025(a)			30,000		28,875

Investments		Principal Amount		Value
Wabash National Corp.
5.50%, 10/1/2025(a)			35,000		33,250
Welbilt, Inc. 9.50%, 2/15/2024			100,000		109,500
					564,646
Media - 10.0%
Altice Luxembourg SA (Luxembourg)
7.25%, 5/15/2022(b)	EUR		110,000		128,516
7.75%, 5/15/2022(a)			200,000		192,750
AMC Entertainment Holdings, Inc. 5.88%, 2/15/2022			10,000		10,163
5.75%, 6/15/2025			45,000		43,678
AMC Networks, Inc. 5.00%, 4/1/2024			55,000		54,106
CBS Radio, Inc. 7.25%, 11/1/2024(a)			50,000		47,875
Clear Channel Worldwide Holdings, Inc. Series B, 7.63%, 3/15/2020			190,000		190,712
Series B, 6.50%, 11/15/2022			305,000		311,863
DISH DBS Corp. 5.88%, 7/15/2022			115,000		110,400
5.00%, 3/15/2023			60,000		53,400
5.88%, 11/15/2024			465,000		404,550
7.75%, 7/1/2026			60,000		54,150
Meredith Corp. 6.88%, 2/1/2026(a)			35,000		35,438
SES SA (Luxembourg) (EUR Swap Annual 5 Year + 4.66%), 4.62%, 1/2/2022(b)(c)(d)(e)	EUR		100,000		120,133
(EUR Swap Annual 5 Year + 5.40%), 5.63%, 1/29/2024(b)(c)(d)(e)	EUR		100,000		123,492
Sinclair Television Group, Inc. 5.63%, 8/1/2024(a)			100,000		98,500
Sirius XM Radio, Inc. 6.00%, 7/15/2024(a)			175,000		181,843
5.38%, 4/15/2025(a)			120,000		121,800
5.00%, 8/1/2027(a)			10,000		9,662
Telenet Finance VI Luxembourg SCA (Luxembourg)
4.88%, 7/15/2027(b)	EUR		90,000		112,010
Videotron Ltd. (Canada) 5.38%, 6/15/2024(a)			200,000		205,500
5.13%, 4/15/2027(a)			25,000		24,750
Ziggo Bond Finance BV (Netherlands)
4.63%, 1/15/2025(b)	EUR		125,000		144,368
					2,779,659
Metals & Mining - 0.6%
Freeport-McMoRan, Inc. 3.88%, 3/15/2023			120,000		115,500
4.55%, 11/14/2024			40,000		38,500
					154,000
Multiline Retail - 0.2%
Neiman Marcus Group Ltd. LLC 8.75% (cash),
10/15/2021(a)(f)			87,780		59,910

SEE NOTES TO FINANCIAL STATEMENTS.

31

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
Oil, Gas & Consumable Fuels - 8.3%
Andeavor Logistics LP 5.25%, 1/15/2025		20,000		20,475
Antero Midstream Partners LP 5.38%, 9/15/2024		100,000		100,750
Blue Racer Midstream LLC 6.13%, 11/15/2022(a)		80,000		81,598
6.63%, 7/15/2026(a)		25,000		25,188
Carrizo Oil & Gas, Inc. 8.25%, 7/15/2025		15,000		16,087
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025		35,000		37,187
5.13%, 6/30/2027		30,000		30,525
Chesapeake Energy Corp. 8.00%, 12/15/2022(a)		70,000		73,587
8.00%, 1/15/2025		95,000		97,019
8.00%, 6/15/2027		50,000		50,625
Covey Park Energy LLC 7.50%, 5/15/2025(a)		30,000		30,563
DCP Midstream Operating LP 5.38%, 7/15/2025		16,000		16,400
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		48,000		51,300
Diamondback Energy, Inc. 5.38%, 5/31/2025		20,000		20,450
EnLink Midstream Partners LP 4.40%, 4/1/2024		40,000		38,975
4.85%, 7/15/2026		20,000		19,415
EP Energy LLC 9.38%, 5/1/2024(a)		115,000		90,563
8.00%, 11/29/2024(a)		30,000		30,075
8.00%, 2/15/2025(a)		15,000		10,837
7.75%, 5/15/2026(a)		140,000		143,150
Gulfport Energy Corp. 6.63%, 5/1/2023		25,000		25,500
Halcon Resources Corp. 6.75%, 2/15/2025		55,000		51,356
Hess Infrastructure Partners LP 5.63%, 2/15/2026(a)		20,000		20,150
Jagged Peak Energy LLC 5.88%, 5/1/2026(a)		20,000		19,700
MEG Energy Corp. (Canada) 7.00%, 3/31/2024(a)		145,000		131,769
6.50%, 1/15/2025(a)		45,000		44,775
Newfield Exploration Co. 5.38%, 1/1/2026		60,000		62,550
NGPL PipeCo LLC 4.38%, 8/15/2022(a)		35,000		35,263
4.88%, 8/15/2027(a)		10,000		10,077
Oasis Petroleum, Inc. 6.88%, 1/15/2023		140,000		142,975
6.25%, 5/1/2026(a)		40,000		40,700
Parsley Energy LLC 5.38%, 1/15/2025(a)		20,000		20,148
5.25%, 8/15/2025(a)		30,000		29,775
5.63%, 10/15/2027(a)		20,000		20,250
SM Energy Co. 6.63%, 1/15/2027		28,000		28,876
Southwestern Energy Co. 4.10%, 3/15/2022		30,000		29,250

Investments		Principal Amount		Value
6.20%, 1/23/2025(g)			75,000		75,094
7.50%, 4/1/2026			20,000		20,950
7.75%, 10/1/2027			20,000		21,150
Summit Midstream Holdings LLC 5.75%, 4/15/2025			25,000		24,125
Sunoco LP 4.88%, 1/15/2023(a)			10,000		9,865
5.50%, 2/15/2026(a)			15,000		14,363
Tallgrass Energy Partners LP 5.50%, 1/15/2028(a)			60,000		60,600
Targa Resources Partners LP 4.25%, 11/15/2023			100,000		97,000
5.88%, 4/15/2026(a)			35,000		35,875
5.00%, 1/15/2028(a)			30,000		29,138
Whiting Petroleum Corp. 5.75%, 3/15/2021			85,000		87,125
6.63%, 1/15/2026			15,000		15,600
WildHorse Resource Development Corp. 6.88%, 2/1/2025			50,000		50,375
6.88%, 2/1/2025(a)			15,000		15,113
WPX Energy, Inc. 6.00%, 1/15/2022			15,000		15,487
8.25%, 8/1/2023			15,000		17,025
5.75%, 6/1/2026			21,000		21,184
					2,307,952
Personal Products - 0.4%
Coty, Inc. 6.50%, 4/15/2026(a)			70,000		65,844
High Ridge Brands Co. 8.88%, 3/15/2025(a)			40,000		18,800
Prestige Brands, Inc. 6.38%, 3/1/2024(a)			20,000		20,181
					104,825
Pharmaceuticals - 3.6%
Bausch Health Cos., Inc. 4.50%, 5/15/2023(b)	EUR		435,000		492,303
7.00%, 3/15/2024(a)			45,000		47,475
6.13%, 4/15/2025(a)			225,000		209,250
5.50%, 11/1/2025(a)			25,000		24,937
9.00%, 12/15/2025(a)			55,000		58,163
8.50%, 1/31/2027(a)			26,000		26,715
inVentiv Group Holdings, Inc. 7.50%, 10/1/2024(a)			31,000		32,786
Nidda BondCo GmbH (Germany) 5.00%, 9/30/2025(b)	EUR		100,000		113,071
					1,004,700
Professional Services - 0.4%
La Financiere Atalian SASU (France)
5.13%, 5/15/2025(a)	EUR		100,000		114,131
Road & Rail - 1.7%
Avis Budget Car Rental LLC 6.38%, 4/1/2024(a)			125,000		124,375
Herc Rentals, Inc. 7.75%, 6/1/2024(a)			85,000		91,668
Hertz Corp. (The) 7.63%, 6/1/2022(a)			70,000		69,475
6.25%, 10/15/2022			45,000		41,962

SEE NOTES TO FINANCIAL STATEMENTS.

32

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments		Principal Amount		Value
5.50%, 10/15/2024(a)			185,000		154,938
					482,418
Semiconductors & Semiconductor Equipment - 0.5%
Amkor Technology, Inc. 6.38%, 10/1/2022			100,000		101,750
Entegris, Inc. 4.63%, 2/10/2026(a)			45,000		43,369
					145,119
Software - 1.8%
ACI Worldwide, Inc. 6.38%, 8/15/2020(a)			100,000		100,000
5.75%, 8/15/2026(a)			41,000		41,410
Ascend Learning LLC 6.88%, 8/1/2025(a)			20,000		20,200
Fair Isaac Corp. 5.25%, 5/15/2026(a)			21,000		21,158
Infor US, Inc. 6.50%, 5/15/2022			260,000		263,372
Informatica LLC 7.13%, 7/15/2023(a)			70,000		71,225
					517,365
Specialty Retail - 1.7%
EVOCA SpA (Italy) 7.00%, 10/15/2023(b)	EUR		100,000		123,550
Hema Bondco I BV (Netherlands) (EURIBOR 3 Month +
6.25%), 6.25%,
7/15/2022(b)(d)	EUR		100,000		110,704
PetSmart, Inc. 7.13%, 3/15/2023(a)			90,000		60,525
5.88%, 6/1/2025(a)			60,000		48,675
8.88%, 6/1/2025(a)			35,000		23,625
Staples, Inc. 8.50%, 9/15/2025(a)			100,000		94,490
					461,569
Trading Companies & Distributors - 1.3%
Rexel SA (France) 2.63%, 6/15/2024(b)	EUR		100,000		118,440
United Rentals North America, Inc.
5.50%, 5/15/2027			170,000		169,575
4.88%, 1/15/2028			75,000		71,484
					359,499
Wireless Telecommunication Services - 5.0%
Crystal Almond SARL (Greece) 10.00%, 11/1/2021(b)	EUR		100,000		125,361
Sprint Corp. 7.63%, 2/15/2025			680,000		721,650
7.63%, 3/1/2026			15,000		15,753
Telefonica Europe BV (Spain) (EUR Swap Annual 8 Year +
2.97%), 3.88%,
9/22/2026(b)(c)(d)(e)	EUR		100,000		107,067
T-Mobile US, Inc. 6.50%, 1/15/2024‡			95,000		—
6.50%, 1/15/2026‡			160,000		—
T-Mobile USA, Inc. 6.50%, 1/15/2024			95,000		98,325
6.50%, 1/15/2026			160,000		169,150
4.75%, 2/1/2028			25,000		23,545

Investments	Principal Amount		Value
4.75%, 2/1/2028‡		25,000		—
United States Cellular Corp. 6.70%, 12/15/2033		125,000		127,656
				1,388,507
TOTAL CORPORATE BONDS (Cost $24,744,806)				24,644,795
Investments	Principal Amount		Value
LOAN ASSIGNMENTS - 4.2%(h)
Communications Equipment - 0.2%
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.50%), 4.58%, 7/2/2025(d)		65,000		64,810
Containers & Packaging - 0.4%
Bway Holding Co., 1st Lien Term
Loan (ICE LIBOR USD 3 Month + 3.25%), 5.58%, 4/3/2024(d)		108,900		108,433
Health Care Providers & Services - 0.4%
AirMedical Group, 1st Lien Term
Loan B (ICE LIBOR USD 1 Month + 4.25%), 6.33%, 3/14/2025(d)		104,475		103,757
Hotels, Restaurants & Leisure - 0.3%
Club Corp Holdings, Inc., Term Loan B (ICE LIBOR USD 2 Month + 2.75%), 5.08%, 9/18/2024(d)		93,030		91,937
Household Products - 0.1%
Kronos Acquisition Intermediate Inc.,
1st Lien Term B Loan (Canada) (ICE LIBOR USD 1 Month + 4.00%), 6.06%, 5/15/2023(d)		30,000		29,719
Leisure Products - 0.5%
Steinway Musical Instruments, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 5.81%, 2/14/2025(d)		134,663		134,663
Machinery - 0.6%
Accudyne Industries LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 8/18/2024(d)		69,352		69,526
Titan Acquisition Ltd., 1st Lien Term
Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 3/28/2025(d)		109,725		103,847
				173,373
Media - 0.6%
iHeartCommunications, Inc., Term
Loan D(f)
(ICE LIBOR USD 1 Month + 6.75%), 8.83%, 1/30/2019(d)		150,000		111,626

SEE NOTES TO FINANCIAL STATEMENTS.

33

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

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

Investments	Principal Amount		Value
Meredith Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 5.08%, 1/31/2025(d)		65,936		66,082
				177,708
Multiline Retail - 0.4%
Neiman Marcus Group, Inc., Other Term Loan
(ICE LIBOR USD 1 Month + 3.25%), 5.33%, 10/25/2020(d)		113,222		104,956
Oil, Gas & Consumable Fuels - 0.1%
MEG Energy Corp., 1st Lien Term B
Loan (Canada)
(ICE LIBOR USD 1 Month + 3.50%), 5.58%, 12/31/2023(d)		9,375		9,382
Real Estate Management & Development - 0.2%
CityCenter Holdings LLC, Term Loan B
(ICE LIBOR USD 1 Month + 2.25%), 4.33%, 4/18/2024(d)		59,662		59,634
Specialty Retail - 0.4%
Staples, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.00%), 6.34%, 9/12/2024(d)		109,175		108,805
TOTAL LOAN ASSIGNMENTS
(Cost $1,183,113)				1,167,177
Investments	Principal Amount		Value
CONVERTIBLE BONDS - 2.6%
Communications Equipment - 0.3%
Finisar Corp. 0.50%, 12/15/2036		100,000		92,149
Electronic Equipment, Instruments & Components - 0.4%
II-VI, Inc. 0.25%, 9/1/2022(a)		100,000		121,000
Media - 1.0%
DISH Network Corp. 3.38%, 8/15/2026		40,000		37,624
Live Nation Entertainment, Inc. 2.50%, 5/15/2019		100,000		145,139
2.50%, 3/15/2023(a)		100,000		103,562
				286,325
Oil, Gas & Consumable Fuels - 0.0%(i)
Chesapeake Energy Corp. 5.50%, 9/15/2026(g)		10,000		9,679
Semiconductors & Semiconductor Equipment - 0.9%
Cypress Semiconductor Corp. 2.00%, 2/1/2023(a)		100,000		106,958

Investments	Principal Amount		Value
ON Semiconductor Corp.
1.00%, 12/1/2020		100,000		127,011
				233,969
TOTAL CONVERTIBLE BONDS
(Cost $661,111)				743,122
Investments	Shares		Value
COMMON STOCKS - 0.8%
Equity Real Estate Investment Trusts (REITs) - 0.6%
VICI Properties, Inc.‡		6,638		138,800
VICI Properties, Inc.*‡		1,757		36,739
				175,539
Hotels, Restaurants & Leisure - 0.2%
Caesars Entertainment Corp.*		4,948		50,470
TOTAL COMMON STOCKS
(Cost $190,641)				226,009
Investments	Shares		Value
SHORT-TERM INVESTMENTS - 4.7%
INVESTMENT COMPANIES - 4.7%
JPMorgan U.S. Government Money
Market Fund Class Institutional
Shares, 1.82%(j)(k) (Cost $1,301,007)		1,301,007		1,301,007
Total Investments - 100.6% (Cost $28,080,678)				28,082,110
Liabilities in Excess of Other Assets - (0.6%)				(176,422	)
Net Assets - 100.0%				27,905,688

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

34

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited)

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

Futures contracts outstanding as of August 31, 2018:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury 10 Year Note		(4	)		12/2018		USD		(480,625	)		616
U.S. Treasury 5 Year Note		(6	)		12/2018		USD		(680,109	)		34
												650

Forward foreign currency exchange contracts outstanding as of August 31, 2018:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
EUR	20,940	USD	24,284	Australia & New Zealand Banking
				Group Ltd.		9/5/2018		21
USD	8,514	EUR	7,278	Barclays Bank plc		9/5/2018		66
USD	1,550,644	EUR	1,318,230	Citibank, NA		9/5/2018		20,509
USD	2,840,453	EUR	2,416,751	HSBC Bank, NA		9/5/2018		35,210
USD	19,907	EUR	17,087	Royal Bank of Canada		9/5/2018		73
USD	123,167	GBP	93,506	TD Bank Financial Group		9/5/2018		1,942
USD	2,629,320	EUR	2,244,719	Goldman Sachs International		10/3/2018		18,354
USD	1,764,612	EUR	1,504,994	HSBC Bank, NA		10/3/2018		14,064
USD	146,786	EUR	125,631	National Australia Bank Ltd.		10/3/2018		658
USD	121,784	GBP	93,506	Barclays Bank plc		10/3/2018		422
Total unrealized appreciation								91,319
EUR	2,244,719	USD	2,623,861	Goldman Sachs International		9/5/2018		(18,303	)
EUR	1,504,994	USD	1,760,952	HSBC Bank, NA		9/5/2018		(14,030	)
EUR	4,152	USD	4,820	National Australia Bank Ltd.		9/5/2018		–	(l)
GBP	93,506	USD	121,646	Barclays Bank plc		9/5/2018		(421	)
USD	17,784	EUR	15,460	Royal Bank of Canada		9/5/2018		(162	)
Total unrealized depreciation								(32,916	)
Net unrealized appreciation								58,403

SEE NOTES TO FINANCIAL STATEMENTS.

35

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

Centrally Cleared Credit default swap contracts outstanding - buy protection⁽¹⁾ as of August 31, 2018:

Reference Obligation/Index	Financing Rate Paid / (Received) by the Fund (%)	Payments Frequency	Maturity Date	Implied Credit Spread (%)(2)	Notional Amount(3)	Upfront Payments (Receipts) ($)(4)	Unrealized Appreciation (Depreciation) ($)	Value ($)
CDX.NA.HY.30-V1	5.00	Quarterly	6/20/2023	3.31	USD 1,000,000	(62,002)	(17,230)	(79,232)
						(62,002)	(17,230)	(79,232)

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

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

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

(4) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
GBP	British Pound
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
SCA	Limited partnership with share capital
USD	United States Dollar

(a) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(c) 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, 2018.

(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2018.

(e) Security is an interest bearing note with preferred security characteristics.

SEE NOTES TO FINANCIAL STATEMENTS.

36

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2018 (Unaudited) (continued)

(f) Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.

(g) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2018.

(h) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. (i) Amount rounds to less than 0.1% of net assets.

(j) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P.

Morgan Investment Management Inc.

(k) The rate shown is the current yield as of August 31, 2018. (l) Amount rounds to less than 1.

* Non-income producing security.

‡ Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

37

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018

	JPMorgan Flexible Long/Short Fund		JPMorgan High Yield Opportunities Fund
ASSETS:
Investments in non-affiliates, at value	$	25,186,401	$	26,781,103
Investments in affiliates, at value		1,662,330		1,301,007
Options and swaptions purchased, at value		16,107		—
Cash		43,443		4,975
Foreign currency, at value		10,640		—
Deposits at broker for futures contracts		33,000		30,000
Deposits at broker for centrally cleared swaps		34,386		45,000
Receivables:
Investment securities sold		90,186		76,177
Interest from non-affiliates		284,706		379,023
Dividends from affiliates		2,825		2,389
Tax reclaims		2,483		—
Unrealized appreciation on forward foreign currency exchange contracts		129,944		91,319
Outstanding OTC swap contracts, at value (net upfront payments of $664 and $0, respectively)		393		—
Due from Adviser		13,440		2,651
Total Assets		27,510,284		28,713,644
LIABILITIES:
Payables:
Foreign currency due to custodian, at value		—		482,171
Investment securities purchased		408,210		175,962
Variation margin on futures contracts		3,942		328
Unrealized depreciation on forward foreign currency exchange contracts		46,972		32,916
Outstanding options and swaptions written, at fair value		3,876		—
Outstanding OTC swap contracts, at value (net upfront receipts of $41,714 and $0, respectively)		45,606		—
Variation margin on centrally cleared swaps (net upfront receipts of $45,410 and $62,002 respectively)		385		1,999
Accrued liabilities:
Distribution fees		18		19
Service fees		5,685		4,729
Custodian and accounting fees		9,063		6,858
Collateral management fees		3,487		884
Trustees’ and Chief Compliance Officer’s fees		132		208
Audit fees		84,098		81,649
Other		13,013		20,233
Total Liabilities		624,487		807,956
Net Assets	$	26,885,797	$	27,905,688

SEE NOTES TO FINANCIAL STATEMENTS.

38

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2018 (continued)

	JPMorgan Flexible Long/Short Fund			JPMorgan High Yield Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	26,574,277		$	27,811,533
Accumulated undistributed (distributions in excess of) net investment income		(9,695	)		(15,639)
Accumulated net realized gains (losses)		423,972			68,543
Net unrealized appreciation (depreciation)		(102,757	)		41,251
Total Net Assets	$	26,885,797		$	27,905,688
Net Assets:
Class A	$	21,393		$	22,293
Class C		21,163			22,068
Class I		26,821,616			27,838,872
Class R6		21,625			22,455
Total	$	26,885,797		$	27,905,688
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,114			2,217
Class C		2,099			2,195
Class I		2,650,237			2,768,819
Class R6		2,137			2,233
Net Asset Value (a):
Class A - Redemption price per share	$	10.12		$	10.06
Class C - Offering price per share (b)		10.08			10.05
Class I - Offering and redemption price per share		10.12			10.05
Class R6 - Offering and redemption price per share		10.12			10.06
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)]	$	10.51		$	10.45
Cost of investments in non-affiliates	$	25,363,386		$	26,779,671
Cost of investments in affiliates		1,662,279			1,301,007
Cost of options and swaptions purchased		54,820			—
Cost of foreign currency		10,634			(480,673)
Premiums received from options and swaptions written		30,299			—

(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.

39

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2018 (Unaudited)

	JPMorgan Flexible Long/Short Fund			JPMorgan High Yield Opportunities Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	615,005		$	��         830,428
Interest income from affiliates		3			—
Dividend income from non-affiliates		—			3,547
Dividend income from affiliates		9,526			7,938
Foreign taxes withheld		(4,830	)		(2,217	)
Total investment income		619,704			839,696
EXPENSES:
Investment advisory fees		67,253			83,362
Administration fees		10,907			11,266
Distribution fees:
Class A		27			28
Class C		79			82
Service fees:
Class A		27			28
Class C		26			27
Class I		33,546			34,651
Custodian and accounting fees		43,930			17,854
Collateral management fees		6,974			1,768
Interest expense to affiliates		83			740
Professional fees		61,475			62,240
Trustees’ and Chief Compliance Officer’s fees		12,555			12,632
Printing and mailing costs		3,309			3,927
Registration and filing fees		221			239
Transfer agency fees (See Note 2.I.)		87			83
Other		5,406			5,784
Total expenses		245,905			234,711
Less fees waived		(79,147	)		(102,577	)
Less expense reimbursements		(46,253	)		(21,074	)
Net expenses		120,505			111,060
Net investment income (loss)		499,199			728,636
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		9,449			124,101
Investments in affiliates		26			—
Options and swaptions purchased		(36,162	)		—
Futures contracts		(19,339	)		(3,429	)
Foreign currency transactions		2,395			2,458
Forward foreign currency exchange contracts		530,607			332,765
Options and swaptions written		33,500			—
Swaps		(4,737	)		(19,306	)
Net realized gain (loss)		515,739			436,589
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(710,642	)		(489,887	)
Investments in affiliates		60			—
Options and swaptions purchased		(42,690	)		—
Futures contracts		1,483			1,640
Foreign currency translations		(4,043	)		(2,261	)
Forward foreign currency exchange contracts		(86,445	)		(42,511	)
Options and swaptions written		25,450			—
Swaps		(10,201	)		(9,779	)
Change in net unrealized appreciation/depreciation		(827,028	)		(542,798	)
Net realized/unrealized gains (losses)		(311,289	)		(106,209	)
Change in net assets resulting from operations	$	187,910		$	622,427

SEE NOTES TO FINANCIAL STATEMENTS.

40

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Flexible Long/Short Fund						JPMorgan High Yield Opportunities Fund
	Six Months Ended August 31, 2018			Year Ended			Six Months Ended August 31, 2018			Year Ended
	(Unaudited)			February 28, 2018			(Unaudited)			February 28, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	499,199		$	973,422		$	728,636		$	1,384,884
Net realized gain (loss)		515,739			(726,542	)		436,589			(190,509	)
Change in net unrealized appreciation/depreciation		(827,028	)		611,840			(542,798	)		(44,278	)
Change in net assets resulting from operations		187,910			858,720			622,427			1,150,097
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(84	)		(549	)		(622	)		(1,108	)
From net realized gains		—			—			—			(196	)
Class C
From net investment income		(53	)		(495	)		(556	)		(986	)
From net realized gains		—			—			—			(194	)
Class I
From net investment income		(140,114	)		(745,177	)		(807,797	)		(1,439,410	)
From net realized gains		—			—			—			(244,505	)
Class R6
From net investment income		(140	)		(652	)		(671	)		(1,198	)
From net realized gains		—			—			—			(196	)
Total distributions to shareholders		(140,391	)		(746,873	)		(809,646	)		(1,687,793	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		140,391			746,873			703,905			1,730,714
NET ASSETS:
Change in net assets		187,910			858,720			516,686			1,193,018
Beginning of period		26,697,887			25,839,167			27,389,002			26,195,984
End of period	$	26,885,797		$	26,697,887		$	27,905,688		$	27,389,002
Accumulated undistributed (distributions in excess of) net investment income	$	(9,695	)	$	(368,503	)	$	(15,639	)	$	65,371

SEE NOTES TO FINANCIAL STATEMENTS.

41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Flexible Long/Short Fund					JPMorgan High Yield Opportunities Fund
	Six Months Ended					Six Months Ended
	August 31, 2018		Year Ended			August 31, 2018			Year Ended
	(Unaudited)		February 28, 2018			(Unaudited)			February 28, 2018
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested		84		549			622			1,304
Change in net assets resulting from Class A capital transactions	$	84	$	549		$	622		$	1,304
Class C
Distributions reinvested		53		495			556			1,180
Change in net assets resulting from Class C capital transactions	$	53	$	495		$	556		$	1,180
Class I
Proceeds from shares issued	$	—	$	892,665		$	106,373		$	1,298,571
Distributions reinvested		140,114		745,177			807,797			1,683,915
Cost of shares redeemed		—		(892,665	)		(212,114	)		(1,255,650)
Change in net assets resulting from Class I capital transactions	$	140,114	$	745,177		$	702,056		$	1,726,836
Class R6
Distributions reinvested		140		652			671			1,394
Change in net assets resulting from Class R6 capital transactions	$	140	$	652		$	671		$	1,394
Total change in net assets resulting from capital transactions	$	140,391	$	746,873		$	703,905		$	1,730,714
SHARE TRANSACTIONS:
Class A
Reinvested		9		54			62			127
Change in Class A Shares		9		54			62			127
Class C
Reinvested		5		49			56			114
Change in Class C Shares		5		49			56			114
Class I
Issued		—		87,516			10,532			126,882
Reinvested		13,927		73,657			80,724			163,503
Redeemed		—		(87,516	)		(21,064	)		(122,742)
Change in Class I Shares		13,927		73,657			70,192			167,643
Class R6
Reinvested		14		65			67			135
Change in Class R6 Shares		14		65			67			135

SEE NOTES TO FINANCIAL STATEMENTS.

42

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance												Ratios/Supplemental data
	Net asset value, beginning of period		Investment operations						Distributions						Net asset value, end of period		Total return (excludes sales charge) (c)(d)		Net assets, end of period		Ratios to average net assets (a)						Portfolio turnover rate (c)
			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 expenses (e)		Net investment income (loss)		Expenses without waivers, reimbursements and earnings credits
JPMorgan Flexible Long/Short Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)		$10.10		$0.18		$(0.12)		$0.06		$(0.04)		$     —	$	(0.04)		$10.12		0.59 %		$21,393		1.16%		3.46 %		2.10%		25 %
Year Ended February 28, 2018		10.06		0.35		(0.05)		0.30		(0.26)		—		(0.26)		10.10		3.05		21,270		1.14(f)		3.44(f)		3.56(f)		57
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(f)		3.11(f)		3.13(f)		30
Class C
Six Months Ended August 31, 2018 (Unaudited)		10.07		0.15		(0.11)		0.04		(0.03)		—		(0.03)		10.08		0.35		21,163		1.63		2.97		2.61		25
Year Ended February 28, 2018		10.06		0.30		(0.05)		0.25		(0.24)		—		(0.24)		10.07		2.50		21,094		1.64(f)		2.94(f)		4.06(f)		57
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(f)		2.61(f)		3.61(f)		30
Class I
Six Months Ended August 31, 2018 (Unaudited)		10.10		0.19		(0.12)		0.07		(0.05)		—		(0.05)		10.12		0.73		26,821,616		0.90		3.71		1.83		25
Year Ended February 28, 2018		10.06		0.37		(0.04)		0.33		(0.29)		—		(0.29)		10.10		3.28		26,634,076		0.89(f)		3.69(f)		1.91(f)		57
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(f)		3.36(f)		2.01(f)		30
Class R6
Six Months Ended August 31, 2018 (Unaudited)		10.10		0.20		(0.11)		0.09		(0.07)		—		(0.07)		10.12		0.85		21,625		0.64		3.96		1.61		25
Year Ended February 28, 2018		10.06		0.40		(0.05)		0.35		(0.31)		—		(0.31)		10.10		3.54		21,447		0.64(f)		3.94(f)		3.05(f)		57
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(f)		3.61(f)		2.61(f)		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) 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) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 28, 2018 and for the period ended February 28, 2017.

(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance												Ratios/Supplemental data
	Net asset value, beginning of period		Investment operations						Distributions						Net asset value, end of period		Total return (excludes sales charge) (c)(d)		Net assets, end of period		Ratios to average net assets (a)						Portfolio turnover rate (c)
			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 expenses (e)		Net investment income (loss)		Expenses without waivers, reimbursements and earnings credits
JPMorgan High Yield Opportunities Fund
Class A
Six Months Ended August 31, 2018 (Unaudited)		$10.13		$0.26		$(0.04)		$0.22		$(0.29)		$     —	$	(0.29)		$10.06		2.18 %		$22,293		1.00%		5.06 %		1.96%		20 %
Year Ended February 28, 2018		10.33		0.51		(0.09)		0.42		(0.53)		(0.09)		(0.62)		10.13		4.18		21,820		0.99(f)		4.95(f)		3.60(f)		37
November 1, 2016 (g) through February 28, 2017		10.00		0.15		0.32		0.47		(0.14)		—		(0.14)		10.33		4.76		20,944		0.97(f)		4.41(f)		3.73(f)		6
Class C
Six Months Ended August 31, 2018 (Unaudited)		10.13		0.23		(0.05)		0.18		(0.26)		—		(0.26)		10.05		1.79		22,068		1.55		4.49		2.47		20
Year Ended February 28, 2018		10.33		0.45		(0.08)		0.37		(0.48)		(0.09)		(0.57)		10.13		3.61		21,660		1.55(f)		4.40(f)		4.10(f)		37
November 1, 2016 (g) through February 28, 2017		10.00		0.13		0.32		0.45		(0.12)		—		(0.12)		10.33		4.57		20,906		1.53(f)		3.87(f)		4.25(f)		6
Class I
Six Months Ended August 31, 2018 (Unaudited)		10.13		0.27		(0.05)		0.22		(0.30)		—		(0.30)		10.05		2.18		27,838,872		0.80		5.25		1.69		20
Year Ended February 28, 2018		10.33		0.53		(0.09)		0.44		(0.55)		(0.09)		(0.64)		10.13		4.39		27,323,588		0.79(f)		5.15(f)		1.86(f)		37
November 1, 2016 (g) through February 28, 2017		10.00		0.15		0.33		0.48		(0.15)		—		(0.15)		10.33		4.83		26,133,164		0.78(f)		4.61(f)		2.67(f)		6
Class R6
Six Months Ended August 31, 2018 (Unaudited)		10.13		0.28		(0.04)		0.24		(0.31)		—		(0.31)		10.06		2.38		22,455		0.60		5.44		1.46		20
Year Ended February 28, 2018		10.33		0.55		(0.09)		0.46		(0.57)		(0.09)		(0.66)		10.13		4.60		21,934		0.59(f)		5.35(f)		3.08(f)		37
November 1, 2016 (g) through February 28, 2017		10.00		0.16		0.33		0.49		(0.16)		—		(0.16)		10.33		4.90		20,970		0.58(f)		4.82(f)		3.24(f)		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) 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) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended February 28, 2018 and for the period ended February 28, 2017.

^(g) Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

44

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2018 (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 (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Flexible Long/Short Fund	Class A, Class C, Class I and Class R6	Diversified
JPMorgan High Yield Opportunities Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the JPMorgan Flexible Long/Short Fund (“Flexible Long/Short Fund”) is to seek to provide total return.

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in

45

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.

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

Futures contracts 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.

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

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

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

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

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

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

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

Flexible Long/Short Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	–	$	82,230	$	–	$	82,230
Convertible Bonds
Other Convertible Bonds		–		602,183		–		602,183
Corporate Bonds
Communications Equipment		–		37,506		3		37,509
Pharmaceuticals		–		265,656		1,920		267,576
Wireless Telecommunication Services		–		597,390		–(a)		597,390
Other Corporate Bonds		–		16,844,058		–		16,844,058
Total Corporate Bonds		–		17,744,610		1,923		17,746,533
U.S. Treasury Obligations		–		156,434		–		156,434
Common Stock
Aerospace & Defense		–		–		1,638		1,638
Other Common Stocks		16,445		–		–		16,445
Total Common Stocks		16,445		–		1,638		18,083
Loan Assignments
Other Loan Assignments		–		6,580,938		–		6,580,938
Short-Term Investments
Investment Companies		1,662,330		–		–		1,662,330
Total Investments in Securities	$	1,678,775	$	25,166,395	$	3,561	$	26,848,731

46

Flexible Long/Short Fund (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–	$	129,944	$	–	$	129,944
Futures Contracts		1,164		–		–		1,164
Swaptions Purchased		–		16,107		–		16,107
Swaps		–		21,393		–		21,393
Total Appreciation in Other Financial Instruments	$	1,164	$	167,444	$	–	$	168,608
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–	$	(46,972)	$	–	$	(46,972)
Futures		(3,669)		–		–		(3,669)
Swaptions Written		–		(3,876)		–		(3,876)
Swaps		–		(14,372)		–		(14,372)
Total Depreciation in Other Financial Instruments	$	(3,669)	$	(65,220)	$	–	$	(68,889)

47

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
Other Convertible Bonds	$	–	$	743,122	$	–	$	743,122
Corporate Bonds Machinery		–		460,568		104,078		564,646
Wireless Telecommunication Services		–		1,388,507		–(a)		1,388,507
Other Corporate Bonds		–		22,691,642		–		22,691,642
Total Corporate Bonds		–		24,540,717		104,078		24,644,795
Common Stocks
Equity Real Estate Investment Trusts (REITs)		–		–		175,539		175,539
Other Common Stocks		50,470		–		–		50,470
Total Common Stocks		50,470		–		175,539		226,009
Loan Assignments
Other Loan Assignments		–		1,167,177		–		1,167,177
Short-Term Investments
Investment Companies		1,301,007		–		–		1,301,007
Total Investments in Securities	$	1,351,477	$	26,451,016	$	279,617*	$	28,082,110
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–	$	91,319	$	–	$	91,319
Futures Contracts		650		–		–		650
Total Appreciation in Other Financial Instruments	$	650	$	91,319	$	–	$	91,969
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–	$	(32,916)	$	–	$	(32,916)
Swaps		–		(17,230)		–		(17,230)
Total Depreciation in Other Financial Instruments	$	–	$	(50,146)	$	–	$	(50,146)

(a) Value is zero.

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

There were no significant transfers between any levels during the six months ended August 31, 2018

* Level 3 securities are valued by brokers and pricing services. At August 31, 2018, the value of these securities was approximately $279,617. 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.

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, 2018		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)		Purchases 1		Sales 2		Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2018
Investments in Securities:
Common Stocks — Equity Real Estate Investment Trusts (REITs)	$	—	$	—	$	11,417	$	—	$	—	$	—	$	164,122	$	—	$	175,539
Corporate Bonds — Machinery		—		—		(15,039)		186		—		—		118,931		—		104,078
Corporate Bonds — Wireless Telecommunication Services		—		—		—		—		—		—		—		—		—(a)
Total	$	—	$	—	$	(3,622)	$	186	$	—	$	—	$	283,053	$	—	$	279,617

(a) Value is zero.

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.

The change in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2018, which were valued using significant unobservable inputs (level 3), amounted to $(3,622).

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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, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of August 31, 2018, 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.

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 a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and 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 and sold (“wrote”) 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 Statements of Assets and Liabilities as options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium they paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change is recorded as Change in net unrealized appreciation/depreciation of Options written on the Statements of Operations. Premiums received from options written that expire are treated as

49

realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

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

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

The Fund may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.

(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 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, which is considered restricted, 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 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 Statements 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, 2018, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(4). Swaps — The Funds 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 Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the 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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the

50

Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral for OTC Swaps.

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

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

(5). Summary of Derivatives Information

The following tables present the value of derivatives held as of August 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

Flexible Long-Short Fund

Derivative Contracts		Statements of Assets and Liabilities Location
Gross Assets:		Options and Swaptions (a)		Futures     Contracts (b)		Forward Foreign Currency Exchange Contracts		Centrally Cleared Swaps (c)		OTC Swaps		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		$        —	$	1,164		$          —		$  17,298	$	—		$   18,462
Foreign exchange contracts	Receivables		—		—		129,944		—		—		129,944
Credit contracts	Receivables		16,107		—		—		1,907		393		18,407
Total			$    16,107	$	1,164		$    129,944		$  19,205	$	393		$166,813
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		$        —	$	(3,669)		$          —		$        —	$	—		$    (3,669)
Foreign exchange contracts	Payables		—		—		(46,972)		—		—		(46,972)
Credit contracts	Payables		(3,876)		—		—		(53,431)		(45,606)		(102,913)
Total			$    (3,876)	$	(3,669)		$    (46,972)		$    (53,431)	$	(45,606)		$(153,554)

(a) The market value of options purchased is reported as investments in non-affiliates, at value on the Statements of Assets and Liabilities.

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

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

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The following tables present the value of derivatives held as of August 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

High Yield Opportunities Fund

Derivative Contracts		Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Centrally Cleared Swaps (b)		Total
Interest rate contracts	Receivable, Net Assets-Unrealized
	Appreciation	$	650	$	—	$	—	$	650
Foreign exchange contracts	Receivable		—		91,319		—		91,319
Total		$	650	$	91,319	$	—	$	91,969
Gross Liabilities:
Foreign exchange contracts	Payables	$	—	$	(32,916)	$	—	$	(32,916)
Credit contracts	Payables		—		—		(79,232)		(79,232)
Total		$	—	$	(32,916)	$	(79,232)	$	(112,148)

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

(b) This amount represents the value of centrally cleared swaps as reported on the SOI. The Statements 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 Statements of Operations for the six months ended August 31, 2018, by primary underlying risk exposure:

Flexible Long/Short Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options and Swaptions		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	(4,996)	$	(19,339)	$	—	$	(681)	$	(25,016)
Foreign exchange contracts		—		—		530,607		—		530,607
Credit contracts		2,334		—		—		(4,056)		(1,722)
Total	$	(2,662)	$	(19,339)	$	530,607	$	(4,737)	$	503,869

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Options and Swaptions		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	1,062	$	1,483	$	—	$	1,270	$	3,815
Foreign exchange contracts		—		—		(86,445)		—		(86,445)
Credit contracts		(18,302)		—		—		(11,471)		(29,773)
Total	$	(17,240)	$	1,483	$	(86,445)	$	(10,201)	$	(112,403)

High Yield Opportunities Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	(3,429)	$	—	$	—	$	(3,429)
Foreign exchange contracts		—		332,765		—		332,765
Credit contracts		—		—		(19,306)		(19,306)
Total	$	(3,429)	$	332,765	$	(19,306)	$	310,030

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High Yield Opportunities Fund
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps		Total
Interest rate contracts	$	1,640	$	—	$	—	$	1,640
Foreign exchange contracts		—		(42,511)		—		(42,511)
Credit contracts		—		—		(9,779)		(9,779)
Total	$	1,640	$	(42,511)	$	(9,779)	$	(50,650)

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts, options and swaps activity during the six months ended August 31, 2018. 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 - Interest:
Average Notional Balance Long	$	1,441,823	$	—
Average Notional Balance Short		2,408,129		1,162,395
Ending Notional Balance Long		2,102,357		—
Ending Notional Balance Short		1 338 223		1,160,734
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		3,279,553		2,118,723
Average Settlement Value Sold		12,166,289		7,997,637
Ending Settlement Value Purchased		6,786,613		4,535,563
Ending Settlement Value Sold		12,971,852		9,222,971
Credit Default Swaps:
Average Notional Balance - Buy Protection		4,410,757		1,000,000
Average Notional Balance - Sell Protection		1,577,054		—
Ending Notional Balance - Buy Protection		4,903,630		1,000,000
Ending Notional Balance - Sell Protection		1,270,630		—
Exchange-Traded Options:
Average Number of Contracts Purchased		17		—
Average Number of Contracts Written		17		—
Ending Number of Contracts Purchased		—		—
Ending Number of Contracts Written		—		—
Swaptions & OTC Options:
Average Notional Balance Purchased		4,885,000		—
Average Notional Balance Written		4,885,000		—
Ending Notional Balance Purchased		7,635,000		—
Ending Notional Balance Written		7,635,000		—
Interest Rate-Related Swaps:
Average Notional Balance — Pays Fixed Rate		450,000		—
Ending Notional Balance — Pays Fixed Rate		450,000		—

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 Statements of Assets and Liabilities as Restricted cash.

The Funds’ derivatives contracts held at August 31, 2018 are not accounted for as hedging instruments under GAAP.

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

F. Investment Transactions with Affiliates —The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

Flexible Long/Short Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.04%(a)(b)		$400,800		$1,992,173		$2,093,481		$26		$60		$299,578		299,488		$3,663		$—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.82%(a)(b)		44,636		2,001,456		683,340		—		—		1,362,752		1,362,752		5,863		$—
Total		$445,436		$3,993,629		$2,776,821		$26		$60		$1,662,330				$9,526		$—

High Yield Opportunities Fund

For the six months ended August 31, 2018
Security Description	Value at February 28, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2018		Shares at August 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.82%(a)(b)		$1,311,048		$7,444,953		$7,454,994		$—		$—		$1,301,007		1,301,007		$7,938		$—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of August 31, 2018.

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 from non-affiliates 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.

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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, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R6		Total
Flexible Long/Short Fund		$3		$3		$78		$3		$87
High Yield Opportunities Fund		3		3		74		3		83

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 (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, 2018, 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, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Distributions to Shareholders — Distributions from net investment income are generally declared and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by 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 Fund’s 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, 2018, 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.G.

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”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund 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. 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, 2018, JPMDS did not retain any front-end sales charges or CDSC.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service 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 has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

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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. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP/Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations. F. Collateral Management Fees — JPMCB provides derivatives collateral management services for 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 agreements were in effect for the six months ended August 31, 2018 and are in place until at least June 30, 2019.

For the six months ended August 31, 2018, 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		Contractual Reimbursements
Flexible Long/Short Fund		$67,253		$10,907		$     84	$	78,244		$46,253
High Yield Opportunities Fund		83,362		11,266		7,027		101,655		21,074

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 Fund’s 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, 2018 were as follows:

Flexible Long/Short Fund	$	903
High Yield Opportunities Fund		922

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

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

Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

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

During the six months ended August 31, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended August 31, 2018, 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.

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4. Investment Transactions

During the six months ended August 31, 2018, 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		$6,292,124		$6,013,869		$325,066		$186,773
High Yield Opportunities Fund		6,464,973		5,193,613		—		—

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, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Flexible Long/Short Fund		$26,963,726		$594,963		$696,699		$(101,736)
High Yield Opportunities Fund		28,018,676		682,483		639,228		43,255

As of February 28, 2018, the following Funds had net capital loss carryforwards:

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Flexible Long/Short Fund		$                  38,721		$                  —
High Yield Opportunities Fund		—		177,390

Specified ordinary losses and net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2018, the Funds deferred to March 1, 2018 the following specified ordinary losses and net capital losses of:

	Net capital loss
	Short-Term		Long-Term		Specified Loss
Flexible Long/Short Fund		$         —		$         —		$196,440
High Yield Opportunities Fund		43,552		46,926		—

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 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).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 5, 2018.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at August 31, 2018.

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 brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2018, all the Funds’ shares were 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 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

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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 been raising interest rates, 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.

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.

The Funds 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.

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. Certain derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

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

8. New Accounting Pronouncement

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

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management is currently evaluating the implications of these changes.

9. Subsequent Event

Effective October 5, 2018, the Funds may engage in securities lending to broker dealers or other financial institutions approved by the Funds. Citibank N. A. serves as lending agent for the Funds.

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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, 2018, and continued to hold your shares at the end of the reporting period, August 31, 2018.

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, 2018	Ending           Account Value     August 31, 2018	Expenses       Paid During the Period*	Annualized Expense   Ratio
Flexible Long/Short Fund
Class A
Actual	$1,000.00	$1,005.90	$5.86	1.16%
Hypothetical	1,000.00	1,019.36	5.90	1.16
Class C
Actual	1,000.00	1,003.50	8.23	1.63
Hypothetical	1,000.00	1,016.99	8.29	1.63
Class I
Actual	1,000.00	1,007.30	4.55	0.90
Hypothetical	1,000.00	1,020.67	4.58	0.90
Class R6
Actual	1,000.00	1,008.50	3.24	0.64
Hypothetical	1,000.00	1,021.98	3.26	0.64

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SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning         Account Value     March 1, 2018	Ending           Account Value     August 31, 2018	Expenses       Paid During the Period*	Annualized Expense   Ratio
High Yield Opportunities Fund
Class A
Actual	$1,000.00	$1,0121.80	$5.10	1.00%
Hypothetical	1,000.00	1,020.16	5.09	1.00
Class C
Actual	1,000.00	1,017.90	7.88	1.55
Hypothetical	1,000.00	1,017.39	7.88	1.55
Class I
Actual	1,000.00	1,021.80	4.08	080
Hypothetical	1,000.00	1,021.17	4.08	0.80
Class R6
Actual	1,000.00	1,023.80	3.06	0.60
Hypothetical	1,000.00	1,022.18	3.06	0.60

* 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).

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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 2018 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 15, 2018.

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. 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”). Before voting on the Advisory Agreements, the Trustees reviewed the 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 Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholder.

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 applicable 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

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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, including personnel changes. 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 the Adviser in its role as administrator.

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.

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

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information 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.

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 will be paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

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.

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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 considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced 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), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders

Independent Written Evaluation of the Fund’s Chief Compliance Officer

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee 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 information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe

63

were less meaningful and the independent consultant prepared an analysis of those Funds across various risk and return metrics including tracking error, volatility, total excess return versus various indices and customized peer groups across groups of funds with similar portfolio objectives (as selected by the independent consultant). The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. 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 Flexible Long/Short Fund’s performance for Class A shares was in the third quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2017. The Trustees noted the performance for Class I shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, for the one-year period ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the High Yield Opportunities Fund’s performance for both Class A and Class I shares was in the second quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and the administration fee rate paid by each Fund to the Adviser and compared the combined 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 Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Funds’ advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Flexible Long/Short Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe and the actual total expenses for Class A shares were in the second and third quintile based on the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and 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 fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the High Yield Opportunities Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe and that the actual total expenses for Class I shares were in the first and 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 satisfactory in light of the services provided to the Fund.

64

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ◾  Social Security number and account balances   ◾  transaction history and account transactions   ◾  checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit  this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ◾  open an account or provide contact information ◾  give us your account information or pay us by check ◾  make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ◾  sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾  affiliates from using your information to market to you ◾  sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾  J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾  J.P. Morgan Funds doesn’t jointly market.

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. 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.

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. 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 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., 2018. All rights reserved. August 2018.            

ITEM 2. CODE OF ETHICS.

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

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

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

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

Included in Item 1.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

SIGNATURES

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

JPMorgan Trust IV

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 07, 2018

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

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 07, 2018
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	November 07, 2018