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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(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, 2019 through August 31, 2019

FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).

Semi-Annual Report

J.P. Morgan Money Market Funds

August 31, 2019 (Unaudited)

JPMorgan Prime Money Market Fund

JPMorgan Institutional Tax Free Money Market Fund

JPMorgan Securities Lending 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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.comand you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.comor call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

LOGO

CONTENTS



Letter to Shareholders			1

Fund Facts:

JPMorgan Prime Money Market Fund			2

JPMorgan Institutional Tax Free Money Market Fund			3

JPMorgan Securities Lending Money Market Fund			4

JPMorgan Liquid Assets Money Market Fund			5

JPMorgan U.S. Government Money Market Fund			6

JPMorgan U.S. Treasury Plus Money Market Fund			7

JPMorgan Federal Money Market Fund			8

JPMorgan 100% U.S. Treasury Securities Money Market Fund			9

JPMorgan Tax Free Money Market Fund			10

JPMorgan Municipal Money Market Fund			11

Schedules of Portfolio Investments			12

Financial Statements			78

Financial Highlights			104

Notes to Financial Statements			132

Schedule of Shareholder Expenses			144

Board Approval of Investment Advisory Agreements			149

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, JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending 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 at1-800-480-4111 (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.

LETTER TO SHAREHOLDERS

October 22, 2019 (Unaudited)

Dear Shareholders,

By way of introduction, I am head of the Americas Client organization for J.P. Morgan Asset Management, as well as a twenty year J.P. Morgan veteran, spending nearly all of my career in Asset Management. The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; our shareholders & clients. Our shareholders & clients are our highest priority and at the center of everything we do. As such, I plan to use our Letter to Shareholders as an opportunity to provide updates on recent market events and also, from time to time, introduce innovative initiatives happening within J.P. Morgan Asset Management that are designed in part to continue to improve the shareholder & client experiences.

“The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; our shareholders & clients.” — Andrea L. Lisher

While the longest U.S. economic expansion on record showed signs of slowing in 2019, financial markets have so far largely

provided positive returns in 2019. In response to a weaker global economic outlook and muted inflationary pressure, the U.S. Federal Reserve cut interest rates in July for the first time in more than a decade and then reduced interest rates further in September, which provided support for both equity and bond prices. However, global economic growth continued to weaken in the third quarter of 2019 and continued uncertainty about U.S.-China trade has led to increased volatility in financial markets. Given continued uncertainty around trade, we expect market volatility to continue going forward. For long-term investors, we recommend maintaining a long-term view and a properly diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	1

JPMorgan Prime Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, Academy^, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of August 31, 2019		$55.9 Billion
Weighted Average Maturity^^		41 calendar days
Weighted Average Life^^^		83 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	43.4	%
8–30 calendar days	16.1
31–60 calendar days	14.8
61–90 calendar days	11.9
91–180 calendar days	9.7
181+ calendar days	4.1


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Class C Shares	1.40	%
Academy Shares	2.21
Agency Shares	2.13
Capital Shares	2.21
IM Shares	2.24
Institutional Class Shares	2.18
Morgan Shares	1.87
Premier Shares	1.93
Reserve Shares	1.68

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. Forup-to-datemonth-end performance information please call1-800-480-4111 (retail investors) or1-800-766-7722 (institutional investors).

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

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

^	Commenced operations on May 15, 2019.

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, 2019.

⁽¹⁾

The yields for Class C Shares, Academy 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 (2.35)%, 2.19%, 2.09%, 2.19%, 2.24%, 2.14%, 1.87%, 1.93% and 1.44% for Class C Shares, Academy Shares, Agency Shares, Capital Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list ofprior-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, 2019

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


Objective^†		Aims to provide 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, 2019		$984.3 Million
Weighted Average Maturity^		27 calendar days
Weighted Average Life^^		27 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	23.1	%
8–30 calendar days	54.2
31–60 calendar days	15.3
61–90 calendar days	2.3
91–180 calendar days	2.4
181+ calendar days	2.7


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency Shares	1.17	%
Capital Shares	1.25
IM Shares	1.27
Institutional Class Shares	1.22

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

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

^^	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, 2019.

⁽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 1.17%, 1.25%, 1.27% and 1.22% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively.

An unaudited, uncertified list ofprior-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, 2019	J.P. MORGAN MONEY MARKET FUNDS	3

JPMorgan Securities Lending Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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		Agency SL
Net Assets as of August 31, 2019		$3.6 Billion
Weighted Average Maturity^		34 calendar days
Weighted Average Life^^		95 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	45.0	%
8–30 calendar days	23.5
31–60 calendar days	10.4
61–90 calendar days	11.6
91–180 calendar days	8.1
181+ calendar days	1.4


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency SL Shares	2.32	%

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

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

^^	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, 2019.

⁽¹⁾	The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yield would have been 2.22% for Agency SL Shares.

An unaudited, uncertified list ofprior-day portfolio holdings of the JPMorgan Securities Lending 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, 2019

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, ETrade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares**
Net Assets as of August 31, 2019		$8.0 Billion
Weighted Average Maturity^^		42 calendar days
Weighted Average Life^^^		77 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	43.8	%
8–30 calendar days	16.7
31–60 calendar days	11.2
61–90 calendar days	15.8
91–180 calendar days	7.2
181+ calendar days	5.3


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Class C Shares	1.40	%
Agency Shares	2.12
Capital Shares	2.21
Institutional Class Shares	2.18
Investor Shares	1.87
Morgan Shares	1.79
Premier Shares	1.93
Reserve Shares	1.68

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

^	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.

*	Percentages indicated are based upon total investments as of August 31, 2019.

⁽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 1.18%, 2.07%, 2.18%, 2.13%, 1.87%, 1.74%, 1.92% and 1.47% 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 ofprior-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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	5

JPMorgan U.S. Government Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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		Academy^, Agency, Capital, Direct^^, Eagle Class^^^*, Eagle Private Wealth Class, ETrade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares**
Net Assets as of August 31, 2019		$150.2 Billion
Weighted Average Maturity^^^^		22 calendar days
Weighted Average Life^^^^^		117 calendar days


MATURITY SCHEDULE*^^^^
2–7 calendar days	72.7	%
8–30 calendar days	10.1
31–60 calendar days	2.4
61–90 calendar days	8.4
91–180 calendar days	5.2
181+ calendar days	1.2


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Academy Shares	2.03	%
Agency Shares	1.95
Capital Shares	2.03
Eagle Private Wealth Class Shares	1.92
E*Trade Shares	1.20
IM Shares	2.06
Institutional Class Shares	2.00
Investor Shares	1.71
Morgan Shares	1.61
Premier Shares	1.76
Reserve Shares	1.50
Service Shares	1.15

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

^	Commenced operations on May 15, 2019.

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

^^^	Eagle Class Shares had no assets from the close of business on June 11, 2019.

^^^^

^^^^^

*	Percentages indicated are based upon total investments as of August 31, 2019.

⁽¹⁾

The yields for Academy Shares, Agency Shares, Capital 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 2.01%, 1.91%, 2.01%, 1.92%, 1.15%, 2.06%, 1.96%, 1.71%, 1.60%, 1.76%, 1.49% and 1.15% for Academy Shares, Agency Shares, Capital 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 ofprior-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.



6	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, 2019		$31.5 Billion
Weighted Average Maturity^^		21 calendar days
Weighted Average Life^^^		111 calendar days


MATURITY SCHEDULE*^^
2–7 calendar days	81.6	%
8–30 calendar days	5.3
31–60 calendar days	4.0
91–180 calendar days	7.1
181+ calendar days	2.0


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Class C Shares	1.19	%
Agency Shares	1.92
Capital Shares	2.00
IM Shares	2.03
Institutional Class Shares	1.97
Investor Shares	1.67
Morgan Shares	1.58
Premier Shares	1.73
Reserve Shares	1.47

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

^	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.

*	Percentages indicated are based upon total investments as of August 31, 2019.

⁽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 1.01%, 1.88%, 2.00%, 2.03%, 1.93%, 1.67%, 1.57%, 1.73% and 1.34% 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 ofprior-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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	7

JPMorgan Federal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, 2019		$2.5 Billion
Weighted Average Maturity^		33 calendar days
Weighted Average Life^^		102 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	24.4	%
8–30 calendar days	32.8
31–60 calendar days	33.3
61–90 calendar days	7.9
91–180 calendar days	0.8
181+ calendar days	0.8


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency Shares	1.90	%
Institutional Class Shares	1.95
Morgan Shares	1.56
Premier Shares	1.70

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

^^	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, 2019.

⁽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 1.86%, 1.91%, 1.42% and 1.69% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively.

An unaudited, uncertified list ofprior-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.



8	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, 2019		$60.4 Billion
Weighted Average Maturity^		34 calendar days
Weighted Average Life^^		110 calendar days


MATURITY SCHEDULE*^
2–7 calendar days	22.8	%
8–30 calendar days	24.7
31–60 calendar days	43.9
61–90 calendar days	5.5
91–180 calendar days	1.4
181+ calendar days	1.7


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency Shares	1.88	%
Capital Shares	1.96
Institutional Class Shares	1.93
Morgan Shares	1.55
Premier Shares	1.69
Reserve Shares	1.44

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

^^	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, 2019.

⁽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 1.84%, 1.94%, 1.89%, 1.54%, 1.69% and 1.44% for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list ofprior-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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	9

JPMorgan Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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, 2019		$13.3 Billion
Weighted Average Maturity^		27 calendar days
Weighted Average Life^^		28 calendar days


MATURITY SCHEDULE**^
2–7 calendar days	14.9	%
8–30 calendar days	67.9
31–60 calendar days	7.6
61–90 calendar days	4.2
91–180 calendar days	1.9
181+ calendar days	3.5


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency Shares	1.15	%
Institutional Class Shares	1.20
Morgan Shares	0.82
Premier Shares	0.96
Reserve Shares	0.71

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

^^	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, 2019.

⁽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 1.11%, 1.16%, 0.72%, 0.96% and 0.71% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list ofprior-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.



10	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2019 (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^*, ETrade^^, Institutional Class, Morgan, Premier and Service Shares**
Net Assets as of August 31, 2019		$2.4 Billion
Weighted Average Maturity^^^		22 calendar days
Weighted Average Life^^^^		22 calendar days


MATURITY SCHEDULE**^^^
2–7 calendar days	7.7	%
8–30 calendar days	83.6
31–60 calendar days	2.1
61–90 calendar days	2.1
91–180 calendar days	2.2
181+ calendar days	2.3


7-DAY SEC YIELDAS OF AUGUST 31, 2019⁽¹⁾
Agency Shares	1.16	%
Institutional Class Shares	1.21
Morgan Shares	0.83
Premier Shares	0.97
Service Shares	0.36

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

^	Eagle Class Shares had no assets from the close of business on June 11, 2019.

^^	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.

*	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, 2019.

⁽¹⁾

The yields for Agency 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 1.08%, 1.12%, 0.75%, 0.92% and 0.31% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

An unaudited, uncertified list ofprior-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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 33.1%

Barclays Capital, Inc., 2.40%, dated 8/30/2019, due 10/4/2019, repurchase price $190,443, collateralized by Asset-Backed Securities, 0.00% - 7.74%, due 1/25/2022 - 7/20/2118, and Collateralized Mortgage Obligations, 0.00%, due 6/27/2046 with a value of $208,356.		190,000		190,000

Barclays Capital, Inc., 2.43%, dated 8/30/2019, due 10/4/2019, repurchase price $400,945, collateralized by Collateralized Mortgage Obligations, 0.00% - 43.32%, due 7/15/2020 -5/17/2061, and FNMA Connecticut Avenue Securities, 4.00% - 13.90%, due 7/25/2029 - 8/25/2056 with a value of $432,000.		400,000		400,000

BMO Capital Markets Corp., 2.20%, dated 8/30/2019, due 9/3/2019, repurchase price $27,007, collateralized by Asset-Backed Securities, 0.00% - 8.15%, due 5/11/2020 - 6/25/2058, Collateralized Mortgage Obligations, 0.00% - 1.12%, due 2/18/2030 - 1/15/2049, Corporate Bonds, 1.85% - 7.25%, due 9/9/2019 -1/15/2030, and Corporate Notes, 6.35%, due 1/30/2026 with a value of $29,064.		27,000		27,000

BMO Capital Markets Corp., 2.20%, dated 8/30/2019, due 9/3/2019, repurchase price $110,027, collateralized by Asset-Backed Securities, 2.09% - 4.77%, due 11/18/2021 - 6/27/2067, Collateralized Mortgage Obligations, 8.50%, due 12/25/2031, Corporate Bonds, 1.88% - 12.50%, due 10/16/2019 - 3/30/2067, Corporate Notes, 1.95% - 4.00%, due 1/15/2020 - 1/20/2023, Sovereign Government Securities, 1.25%, due 9/20/2019 and Certificates of Deposit, 2.59%, due 12/9/2019 with a value of $116,374.		110,000		110,000

BMO Capital Markets Corp., 2.30%, dated 8/30/2019, due 9/3/2019, repurchase price $40,010, collateralized by Corporate Bonds, 2.13% - 6.00%, due 9/9/2019 - 1/15/2027, with a value of $43,013.		40,000		40,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BMO Capital Markets Corp., 2.22%, dated 8/30/2019, due 9/6/2019, repurchase price $100,043, collateralized by Asset-Backed Securities, 2.84% - 3.44%, due 2/15/2022 - 3/20/2024, Corporate Bonds, 1.85% - 11.38%, due 1/25/2021 - 1/15/2027, Corporate Notes, 2.65% - 5.50%, due 7/24/2020 - 5/17/2021, and Sovereign Government Securities, 1.63% - 2.30%, due 1/13/2020 - 1/17/2020 with a value of $107,070.		100,000		100,000

BMO Capital Markets Corp., 2.26%, dated 8/30/2019, due 9/6/2019, repurchase price $25,011, collateralized by Asset-Backed Securities, 2.57% - 8.15%, due 2/15/2022 - 7/25/2033, Corporate Bonds, 2.00% - 12.50%, due 8/4/2020 - 3/14/2027, and Corporate Notes, 2.85%, due 2/21/2020 with a value of $26,760.		25,000		25,000

BNP Paribas SA, 2.30%, dated 8/30/2019, due 9/4/2019, repurchase price $235,075, collateralized by Asset-Backed Securities, 0.00% - 3.45%, due 6/20/2022 -9/25/2041, Collateralized Mortgage Obligations, 2.36% - 37.79%, due 5/25/2034 -3/25/2058, Corporate Bonds, 0.00% -11.00%, due 8/17/2020 - 1/1/2099, Corporate Notes, 3.50% - 4.38%, due 6/12/2028 - 4/16/2029, FNMA Connecticut Avenue Securities, 4.45% - 6.30%, due 8/25/2031 -9/25/2031, Sovereign Government Securities, 3.50% - 7.60%, due 1/11/2028 -3/1/2029 and U.S. Treasury Securities, 0.50% - 2.75%, due 9/15/2021 -4/15/2024 with a value of $249,132.		235,000		235,000

Bofa Securities, Inc., 2.25%, dated 8/30/2019, due 9/3/2019, repurchase price $100,025, collateralized by Corporate Bonds, 0.00% - 8.13%, due 5/30/2020 - 3/9/2049, and Corporate Notes, 4.15%, due 4/28/2027 with a value of $105,052.		100,000		100,000

Bofa Securities, Inc., 2.30%, dated 8/30/2019, due 9/3/2019, repurchase price $100,026, collateralized by Asset-Backed Securities, 0.00% - 4.25%, due 5/15/2030 - 11/25/2058, and Collateralized Mortgage Obligations, 2.71% - 3.95%, due 4/14/2033 -7/15/2050 with a value of $106,343.		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Bofa Securities, Inc., 2.47%, dated 8/30/2019, due 10/4/2019, repurchase price $280,672, collateralized by Asset-Backed Securities, 0.00% - 5.94%, due 2/6/2020 - 1/17/2073, and Collateralized Mortgage Obligations, 0.00% - 6.50%, due 10/7/2020 - 11/17/2061 with a value of $299,567.		280,000		280,000

Bofa Securities, Inc., 2.47%, dated 8/30/2019, due 10/4/2019, repurchase price $300,720, collateralized by Asset-Backed Securities, 2.79% - 6.25%, due 7/19/2027 - 4/25/2058, with a value of $318,000.		300,000		300,000

Bofa Securities, Inc., 2.52%, dated 8/30/2019, due 10/4/2019, repurchase price $272,666, collateralized by Collateralized Mortgage Obligations, 0.18% - 6.83%, due 8/15/2031 -2/25/2049, and Corporate Bonds, 0.00% - 11.13%, due 9/15/2021 - 1/1/2099 with a value of $293,760.		272,000		272,000

Citigroup Global Markets Holdings, Inc., 2.39%, dated 8/30/2019, due 9/3/2019, repurchase price $237,763, collateralized by Corporate Bonds, 0.00% - 10.00%, due 4/1/2020 - 1/1/2099, Corporate Notes, 3.50% - 6.13%, due 11/7/2022 - 12/31/2099, FHLMC, 2.74% - 4.53%, due 7/25/2029 - 2/25/2052, and Municipal Debt Securities, 0.00%, due 7/1/2046 with a value of $254,316.		237,700		237,700

Citigroup Global Markets Holdings, Inc., 2.54%, dated 8/30/2019, due 9/3/2019, repurchase price $227,264, collateralized by Asset-Backed Securities, 0.00% - 6.00%, due 7/22/2032 - 7/26/2045, Collateralized Mortgage Obligations, 5.00%, due 11/25/2033, Corporate Bonds, 4.13% - 10.50%, due 1/15/2020 - 8/15/2027, FNMA Connecticut Avenue Securities, 5.05% - 5.90%, due 7/25/2024 - 10/25/2027 and Municipal Debt Securities, 0.00% - 5.00%, due 7/1/2046 - 7/1/2058 with a value of $245,286.		227,200		227,200


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Credit Suisse Securities USA LLC, 2.31%, dated 8/30/2019, due 9/4/2019, repurchase price $100,032, collateralized by Asset-Backed Securities, 0.00% - 5.56%, due 4/15/2026 - 3/15/2047, and Collateralized Mortgage Obligations, 2.74%, due 8/25/2037 with a value of $110,049.		100,000		100,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $500,120, collateralized by U.S. Treasury Securities, 3.00% - 3.38%, due 5/15/2047 - 11/15/2048, with a value of $510,002.		500,000		500,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $2,000,480, collateralized by U.S. Treasury Securities, 0.63% - 3.00%, due 7/31/2025 - 1/15/2026 with a value of $2,040,000.		2,000,000		2,000,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $4,000,960, collateralized by U.S. Treasury Securities, 0.38% - 3.38%, due 1/15/2020 - 11/15/2048 with a value of $4,080,000.		4,000,000		4,000,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $5,001,200, collateralized by U.S. Treasury Securities, 0.63% - 6.00%, due 1/15/2026 - 11/15/2026, with a value of $5,100,005.		5,000,000		5,000,000

HSBC Securities USA, Inc., 2.22%, dated 8/30/2019, due 9/3/2019, repurchase price $20,005, collateralized by Asset-Backed Securities, 2.65% - 3.56%, due 12/15/2021 - 7/15/2024, and Municipal Debt Securities, 0.00%, due 8/1/2031 with a value of $21,205.		20,000		20,000

HSBC Securities USA, Inc., 2.22%, dated 8/30/2019, due 9/3/2019, repurchase price $94,023, collateralized by Corporate Bonds, 2.85% - 7.00%, due 3/9/2020 - 3/1/2048, Corporate Notes, 4.27% - 6.00%, due 1/12/2022 - 3/1/2047, and Sovereign Government Securities, 3.13% - 8.50%, due 9/6/2023 - 1/23/2046 with a value of $98,724.		94,000		94,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

HSBC Securities USA, Inc., 2.37%, dated 8/30/2019, due 9/3/2019, repurchase price $106,028, collateralized by Corporate Bonds, 4.69% - 10.50%, due 4/15/2021 - 12/15/2044, with a value of $114,510.		106,000		106,000

ING Financial Markets LLC, 2.25%, dated 8/30/2019, due 9/3/2019, repurchase price $200,050, collateralized by Corporate Bonds, 2.85% - 8.00%, due 4/15/2021 - 1/15/2049, and Sovereign Government Securities, 3.15% - 8.88%, due 10/14/2019 - 2/14/2034 with a value of $213,970.		200,000		200,000

ING Financial Markets LLC, 2.30%, dated 8/30/2019, due 9/3/2019, repurchase price $75,019, collateralized by Corporate Bonds, 4.80% - 8.00%, due 1/27/2025 - 6/15/2047, Corporate Notes, 3.95%, due 2/1/2022, and Sovereign Government Securities, 4.88% - 6.88%, due 1/22/2021 - 3/13/2027 with a value of $81,167.		75,000		75,000

ING Financial Markets LLC, 2.31%, dated 8/30/2019, due 9/10/2019, repurchase price $100,071, collateralized by Corporate Bonds, 3.62% - 8.00%, due 6/12/2024 - 6/15/2045, Corporate Notes, 3.95%, due 2/1/2022, and Sovereign Government Securities, 6.50% - 6.88%, due 8/4/2026 - 3/13/2027 with a value of $108,238.		100,000		100,000

ING Financial Markets LLC, 2.25%, dated 8/30/2019, due 10/1/2019, repurchase price $100,200, collateralized by Corporate Bonds, 2.13% - 8.00%, due 5/5/2020 - 8/15/2029, and Sovereign Government Securities, 3.70% - 6.38%, due 1/22/2021 - 1/8/2022 with a value of $107,711.		100,000		100,000

Societe Generale SA, 2.24%, dated 8/30/2019, due 9/3/2019, repurchase price $582,145, collateralized by Asset-Backed Securities, 3.38%, due 11/1/2028, Commercial Paper, 0.00%, due 10/2/2019 - 2/3/2020, Corporate Bonds, 1.95% - 7.75%, due 9/22/2019 -1/1/2099, Corporate Notes, 2.15% - 5.90%, due 9/23/2019 - 1/1/2099, and Sovereign Government Securities, 2.88% - 5.20%, due 1/30/2020 -1/25/2050 with a value of $611,276.		582,000		582,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Societe Generale SA, 2.34%, dated 8/30/2019, due 9/3/2019, repurchase price $1,043,271, collateralized by Corporate Bonds, 2.20% - 11.50%, due 11/15/2019 - 1/1/2099, Corporate Notes, 2.71% - 8.63%, due 11/21/2019 - 1/1/2099, and Sovereign Government Securities, 0.00% - 11.88%, due 10/14/2019 - 1/25/2050 with a value of $1,123,639.		1,043,000		1,043,000

Societe Generale SA, 2.39%, dated 8/30/2019, due 9/4/2019, repurchase price $235,078, collateralized by Corporate Bonds, 4.50% - 11.50%, due 4/1/2021 - 1/1/2099, Corporate Notes, 3.13%, due 4/26/2021, and Sovereign Government Securities, 0.00% - 11.88%, due 10/14/2019 - 1/11/2048 with a value of $253,810.		235,000		235,000

UBS AG, 2.32%, dated 8/30/2019, due 9/6/2019, repurchase price $300,135, collateralized by Corporate Bonds, 2.20% - 8.45%, due 6/8/2020 - 1/1/2099, Corporate Notes, 2.64% - 5.25%, due 6/1/2020 -6/26/2048, Sovereign Government Securities, 0.00%, due 6/29/2037 and U.S. Treasury Securities, 0.00% - 6.13%, due 9/12/2019 - 8/15/2047 with a value of $313,028.		300,000		300,000

Wells Fargo Securities LLC, 2.20%, dated 8/30/2019, due 9/3/2019, repurchase price $200,049, collateralized by Commercial Paper, 0.00%, due 9/19/2019 - 9/26/2019, with a value of $210,051.		200,000		200,000

Wells Fargo Securities LLC, 2.20%, dated 8/30/2019, due 9/3/2019, repurchase price $400,098, collateralized by Commercial Paper, 0.00%, due 9/26/2019 - 10/17/2019, with a value of $420,103.		400,000		400,000

Wells Fargo Securities LLC, 2.25%, dated 8/30/2019, due 9/3/2019, repurchase price $30,008, collateralized by Commercial Paper, 0.00%, due9/11/2019 - 12/5/2019 with a value of $31,514.		30,000		30,000

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Wells Fargo Securities LLC, 2.25%, dated 8/30/2019, due 9/3/2019, repurchase price $300,075, collateralized by Common Stocks, 0.00%, due 1/1/2099, and Preferred Stocks, 4.11% - 9.00%, due 8/1/2042 - 1/1/2099 with a value of $324,081.		300,000		300,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/3/2019, repurchase price $130,033, collateralized by Commercial Paper, 0.00%, due 9/25/2019 - 9/27/2019, with a value of $136,543.		130,000		130,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/4/2019, repurchase price $170,053, collateralized by Commercial Paper, 0.00%, due 10/17/2019 - 12/5/2019, with a value of $178,578.		170,000		170,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/5/2019, repurchase price $149,056, collateralized by Commercial Paper, 0.00%, due 9/24/2019 - 9/27/2019, with a value of $156,519.		149,000		149,000


Total Repurchase Agreements (Cost $18,477,900)				18,477,900

U.S. Treasury Obligations — 1.2%

U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.07%, 9/3/2019 (b) (Cost $649,807)		650,000		649,127

Corporate Notes — 1.1%

Banks — 0.9%

Barclays Bank plc (United Kingdom)

(ICE LIBOR USD 1 Month + 0.05%), 2.25%, 9/9/2019 (b) (c)		330,000		330,000

(ICE LIBOR USD 1 Month + 0.05%), 2.26%, 9/9/2019 (b) (c)		200,000		200,000


				530,000


Consumer Finance — 0.2%

Toyota Motor Credit Corp. (ICE LIBOR USD 3 Month + 0.14%), 2.32%, 11/14/2019 (b)		117,000		117,048


Total Corporate Notes (Cost $647,024)				647,048


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 0.2%

California — 0.1%

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-4, Rev., VRDO, LOC: Bank of China, 2.18%, 9/6/2019 (d)		19,730		19,730

Series H-3, Rev., VRDO, LOC: Bank of China, 2.24%, 9/6/2019 (d)		12,355		12,355


				32,085


New York — 0.1%

New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.25%, 9/3/2019 (d)		38,850		38,850


Total Municipal Bonds (Cost $70,935)				70,935

Short-Term Investments — 63.7%

Certificates of Deposit — 39.3%

ABN AMRO Bank NV (Netherlands)

2.45%, 10/4/2019 (e)		151,000		150,685

2.45%, 10/7/2019		200,000		200,061

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 1 Month + 0.17%), 2.40%, 9/9/2019 (b)		55,000		54,980

(ICE LIBOR USD 1 Month + 0.17%), 2.38%, 9/10/2019 (b)		50,000		49,981

3.00%, 9/11/2019		90,000		90,025

(ICE LIBOR USD 3 Month + 0.14%), 2.46%, 10/16/2019 (b)		185,000		185,094

(US Federal Funds Effective Rate (continuous series) + 0.33%), 2.45%, 10/23/2019 (b)		100,000		99,999

BNP Paribas SA (France)

(ICE LIBOR USD 1 Month + 0.21%), 2.43%, 9/9/2019 (b)		70,000		69,984

2.60%, 10/17/2019		350,000		350,218

(ICE LIBOR USD 3 Month + 0.07%), 2.36%, 11/5/2019 (b)		100,000		100,006

2.26%, 12/11/2019		300,000		300,145

Canadian Imperial Bank of Commerce (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/3/2019 (b)		115,000		115,030

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/9/2019 (b)		66,000		65,995

Chiba Bank Ltd. (Japan)

2.34%, 10/16/2019		50,000		50,007

2.30%, 10/31/2019		40,000		40,004

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

China Construction Bank Corp. (China)

2.66%, 9/3/2019		125,000		125,007

2.66%, 9/4/2019		125,000		125,009

2.59%, 9/20/2019		45,000		45,009

2.55%, 9/30/2019		125,000		125,024

2.50%, 10/11/2019		75,000		75,015

2.50%, 10/18/2019		125,000		125,030

2.42%, 11/8/2019		100,000		100,021

2.30%, 11/27/2019		100,000		99,998

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 1 Month + 0.18%), 2.42%, 9/5/2019 (b)		75,000		74,988

(ICE LIBOR USD 3 Month + 0.06%), 2.36%, 10/17/2019 (b)		100,000		99,987

Cooperatieve Rabobank UA (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 2.36%, 9/20/2019 (b)		250,000		249,982

(ICE LIBOR USD 3 Month + 0.08%), 2.35%, 10/30/2019 (b)		437,000		437,154

Credit Agricole Corporate and Investment Bank (France) 2.30%, 10/4/2019		125,000		125,026

Credit Industriel et Commercial (France)

2.65%, 9/5/2019		100,000		100,009

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/5/2019 (b)		200,000		200,000

(ICE LIBOR USD 3 Month + 0.10%), 2.42%, 10/16/2019 (b)		150,000		150,016

2.61%, 11/8/2019 (e)		57,000		56,765

2.66%, 12/20/2019 (e)		350,000		347,691

2.65%, 1/10/2020 (e)		100,000		99,236

2.58%, 2/20/2020 (e)		195,000		193,113

2.27%, 3/24/2020 (e)		200,000		197,707

2.02%, 5/26/2020 (e)		400,000		394,074

Credit Suisse AG (Switzerland) 2.62%, 10/11/2019		200,000		200,107

DZ Bank AG (Germany)

2.35%, 11/1/2019 (e)		200,000		199,239

2.35%, 11/14/2019 (e)		165,000		164,244

2.31%, 12/2/2019 (e)		160,000		159,101

2.25%, 2/3/2020 (e)		175,000		173,400

2.31%, 3/13/2020 (e)		185,000		182,940

1.94%, 5/15/2020 (e)		145,000		142,995

HSBC Bank USA NA 2.23%, 1/22/2020		50,000		50,034


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

Industrial & Commercial Bank of China Ltd. (China)

2.66%, 9/3/2019		200,000		200,011

2.59%, 9/23/2019 (e)		200,000		199,712

2.55%, 9/24/2019		470,000		470,076

2.54%, 10/11/2019		100,000		100,024

2.50%, 10/25/2019		40,000		40,011

2.45%, 11/8/2019		300,000		300,081

2.31%, 11/27/2019		100,000		100,002

ING Bank NV (Netherlands)

(ICE LIBOR USD 1 Month + 0.20%), 2.40%, 9/10/2019 (b)		305,000		305,035

(ICE LIBOR USD 3 Month + 0.17%), 2.47%, 10/4/2019 (b)		60,000		60,003

(ICE LIBOR USD 3 Month + 0.18%), 2.47%, 11/3/2019 (b)		150,000		150,027

2.60%, 11/4/2019		75,000		75,063

(ICE LIBOR USD 3 Month + 0.16%), 2.40%, 11/6/2019 (b)		375,000		375,082

2.70%, 12/20/2019		300,000		300,477

KBC Bank NV (Belgium) 2.57%, 10/11/2019 (e)		250,000		249,373

Mitsubishi UFJ Trust & Banking Corp. (Japan)

(ICE LIBOR USD 1 Month + 0.18%), 2.33%, 9/27/2019 (b)		100,000		99,998

(ICE LIBOR USD 1 Month + 0.19%), 2.31%, 9/29/2019 (b)		200,000		199,995

(ICE LIBOR USD 1 Month + 0.19%), 2.30%, 9/30/2019 (b)		200,000		199,993

2.35%, 11/15/2019 (e)		65,000		64,703

Mizuho Bank Ltd. (Japan)

2.35%, 10/10/2019 (e)		100,000		99,755

2.60%, 10/15/2019		200,000		200,103

2.33%, 10/16/2019 (e)		135,000		134,621

2.61%, 10/21/2019		100,000		100,060

2.27%, 12/18/2019		75,000		75,054

Mizuho Corporate Bank Ltd. (Japan)

2.36%, 10/11/2019 (e)		75,000		74,812

2.60%, 10/16/2019 (e)		75,000		74,790

2.22%, 11/19/2019 (e)		252,000		250,784

MUFG Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.19%), 2.39%, 9/12/2019 (b)		50,000		49,988

(ICE LIBOR USD 1 Month + 0.25%), 2.44%, 9/13/2019 (b)		100,000		99,988

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

(ICE LIBOR USD 1 Month + 0.17%), 2.32%, 9/24/2019 (b)		75,000		74,979

2.61%, 12/18/2019 (e)		200,000		198,722

2.23%, 3/13/2020		160,000		160,179

2.26%, 3/19/2020 (e)		100,000		98,886

1.99%, 5/15/2020 (e)		150,000		147,904

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/3/2019 (b)		210,000		209,976

(ICE LIBOR USD 1 Month + 0.20%), 2.41%, 9/10/2019 (b)		255,000		254,964

(ICE LIBOR USD 3 Month + 0.07%), 2.33%, 10/29/2019 (b)		275,000		274,976

Natixis SA (France)

3.05%, 9/16/2019		183,000		183,077

(ICE LIBOR USD 3 Month + 0.15%), 2.45%, 10/15/2019 (b)		300,000		300,032

2.65%, 12/16/2019		250,000		250,382

2.70%, 12/20/2019		444,000		444,765

2.25%, 3/18/2020		195,000		195,267

Nordea Bank AB (Finland) (ICE LIBOR USD 3 Month + 0.05%), 2.36%, 10/9/2019 (b)		95,000		95,005

Norinchukin Bank (The) (Japan)

2.33%, 10/16/2019 (e)		100,000		99,719

2.25%, 11/1/2019		65,000		65,016

2.53%, 11/25/2019		100,000		100,108

2.29%, 1/13/2020 (e)		65,000		64,484

2.22%, 1/31/2020		400,000		400,333

Oversea-Chinese Banking Corp. Ltd. (Singapore)

2.20%, 11/5/2019		83,320		83,328

2.29%, 3/13/2020 (e)		175,000		173,052

Rabobank International (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 2.42%, 9/3/2019 (b)		375,000		374,975

(ICE LIBOR USD 1 Month + 0.20%), 2.41%, 9/8/2019 (b)		240,000		240,000

Royal Bank of Canada (Canada) (ICE LIBOR USD 1 Month + 0.17%), 2.37%, 9/14/2019 (b)		100,000		99,962

Skandinaviska Enskilda Banken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.10%), 2.31%, 9/9/2019 (b)		200,000		200,009

(ICE LIBOR USD 3 Month + 0.13%), 2.42%, 10/4/2019 (b)		100,000		100,010

(ICE LIBOR USD 3 Month + 0.02%), 2.28%, 10/28/2019 (b)		35,000		35,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

(ICE LIBOR USD 3 Month + 0.01%), 2.27%, 10/29/2019 (b)		115,000		114,999

2.26%, 10/31/2019		240,000		240,068

2.60%, 12/2/2019		300,000		300,376

2.30%, 12/13/2019		100,000		100,060

Standard Chartered Bank (United Kingdom)

(ICE LIBOR USD 1 Month + 0.23%), 2.45%, 9/9/2019 (b)		125,000		125,012

2.68%, 9/13/2019		25,000		25,004

(ICE LIBOR USD 1 Month + 0.21%), 2.36%, 9/27/2019 (b)		225,000		225,074

2.61%, 10/21/2019 (e)		160,000		159,505

2.28%, 1/10/2020		157,000		157,123

2.05%, 3/2/2020		125,000		125,015

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 1 Month + 0.14%), 2.38%, 9/7/2019 (b)		150,000		150,025

(ICE LIBOR USD 1 Month + 0.15%), 2.35%, 9/12/2019 (b)		150,000		149,970

(ICE LIBOR USD 1 Month + 0.13%), 2.30%, 9/21/2019 (b)		30,000		29,999

(ICE LIBOR USD 1 Month + 0.13%), 2.30%, 9/24/2019 (b)		175,000		174,988

Sumitomo Mitsui Trust Bank Ltd. (Japan)

(SOFR + 0.21%), 2.33%, 9/3/2019 (b)		60,000		60,006

2.14%, 9/4/2019		220,000		220,000

(ICE LIBOR USD 1 Month + 0.19%), 2.43%, 9/7/2019 (b)		75,000		74,999

(ICE LIBOR USD 1 Month + 0.19%), 2.31%, 9/29/2019 (b)		150,000		150,005

(ICE LIBOR USD 1 Month + 0.19%), 2.30%, 9/30/2019 (b)		100,000		100,003

2.61%, 11/12/2019 (e)		95,000		94,580

2.25%, 11/29/2019		75,000		75,031

2.25%, 1/7/2020		200,000		200,127

2.25%, 1/8/2020		100,000		100,064

Sumitomo Mitsui Trust International Ltd. (Japan)

2.62%, 10/15/2019 (e)		50,000		49,862

2.61%, 11/1/2019 (e)		80,000		79,699

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.19%), 2.43%, 9/5/2019 (b)		105,000		104,975

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.19%), 2.41%, 9/3/2019 (b)		126,000		125,965

3.00%, 9/9/2019		40,000		40,009

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

(ICE LIBOR USD 1 Month + 0.24%), 2.39%, 9/27/2019 (b)		150,000		149,948

(ICE LIBOR USD 1 Month + 0.18%), 2.29%, 9/28/2019 (b)		200,000		199,921

(ICE LIBOR USD 1 Month + 0.25%), 2.36%, 9/30/2019 (b)		175,000		174,948

2.60%, 10/15/2019		130,000		130,078

2.28%, 1/13/2020 (e)		260,000		258,014

2.23%, 2/3/2020 (e)		170,000		168,512

Wells Fargo Bank NA

(US Federal Funds Effective Rate (continuous series) + 0.36%), 2.48%, 9/3/2019 (b)		375,000		375,167

(SOFR + 0.35%), 2.47%, 9/3/2019 (b)		84,250		84,267

(ICE LIBOR USD 1 Month + 0.18%), 2.39%, 9/9/2019 (b)		233,000		232,946

(ICE LIBOR USD 1 Month + 0.37%), 2.60%, 9/9/2019 (b)		200,000		200,120

(ICE LIBOR USD 3 Month + 0.23%), 2.56%, 10/3/2019 (b)		90,000		90,070

Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.04%), 2.22%, 11/13/2019 (b)		35,000		35,001


Total Certificates of Deposit (Cost $21,957,959)				21,966,401


Commercial Paper — 19.5%

Agricultural Bank of China Ltd. (China) 2.37%, 11/12/2019 (c) (e)		150,000		149,331

Alpine Securitization Ltd. (Switzerland) 2.58%, 11/14/2019 (c)		125,000		125,098

2.58%, 11/20/2019 (c)		162,000		162,139

Atlantic Asset Securitization LLC

2.44%, 11/1/2019 (c) (e)		50,000		49,815

2.43%, 12/2/2019 (c) (e)		30,000		29,835

Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.19%), 2.35%, 11/26/2019 (b) (c)		100,000		100,043

Bank of China Ltd. (China)

2.57%, 9/30/2019 (e)		250,000		249,521

2.45%, 10/9/2019 (e)		35,000		34,912

2.37%, 11/12/2019 (e)		380,000		378,232

2.36%, 11/27/2019 (e)		207,000		205,829

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 1 Month + 0.22%), 2.47%, 9/9/2019 (b) (c)		90,000		90,019

(ICE LIBOR USD 1 Month + 0.17%), 2.40%, 9/14/2019 (b) (c)		175,000		174,934


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

(ICE LIBOR USD 3 Month + 0.11%), 2.45%, 9/27/2019 (b) (c)		150,000		150,011

(US Federal Funds Effective Rate (continuous series) + 0.34%), 2.49%, 11/7/2019 (b) (c)		100,000		99,999

Banque et Caisse d Epargne de l Etat (Luxembourg) 2.21%, 4/3/2020 (e)		40,000		39,511

Bedford Row Funding Corp.

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/11/2019 (b) (c)		20,000		20,001

(ICE LIBOR USD 1 Month + 0.15%), 2.33%, 9/26/2019 (b) (c)		60,000		59,968

(ICE LIBOR USD 3 Month + 0.09%), 2.46%, 10/7/2019 (b) (c)		100,000		100,000

(ICE LIBOR USD 3 Month + 0.07%), 2.41%, 10/8/2019 (b) (c)		50,000		50,003

2.43%, 11/5/2019 (c) (e)		85,000		84,676

Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.32%), 2.59%, 9/3/2019 (b) (c)		50,000		50,013

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 1 Month + 0.21%), 2.44%, 9/16/2019 (b) (c)		29,000		29,004

(ICE LIBOR USD 1 Month + 0.28%), 2.50%, 9/19/2019 (b) (c)		160,000		160,053

(ICE LIBOR USD 3 Month + 0.03%), 2.33%, 10/30/2019 (b) (c)		50,000		50,002

(ICE LIBOR USD 3 Month + 0.05%), 2.29%, 11/7/2019 (b) (c)		40,000		40,005

(ICE LIBOR USD 3 Month + 0.04%), 2.31%, 11/7/2019 (b) (c)		50,000		50,004

(ICE LIBOR USD 3 Month + 0.05%), 2.26%, 11/10/2019 (b) (c)		100,000		100,008

Credit Suisse AG 2.61%, 10/15/2019 (e)		200,000		199,457

DBS Bank Ltd. (Singapore)

2.26%, 1/7/2020 (c) (e)		25,000		24,817

2.21%, 1/27/2020 (c) (e)		200,000		198,342

DNB Bank ASA (Norway)

(ICE LIBOR USD 1 Month + 0.13%), 2.36%, 9/12/2019 (b) (c)		110,000		110,014

(ICE LIBOR USD 1 Month + 0.19%), 2.36%, 9/27/2019 (b) (c)		250,000		249,943

Federation des Caisses Desjardins du Quebec (Canada)

(ICE LIBOR USD 3 Month + 0.09%), 2.43%, 10/15/2019 (b) (c)		150,000		149,999

2.25%, 1/10/2020 (c) (e)		58,000		57,551

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

First Abu Dhabi Bank PJSC (United Arab Emirates)

2.43%, 9/9/2019 (c) (e)		225,000		224,866

2.30%, 10/11/2019 (c) (e)		420,000		418,949

2.24%, 11/4/2019 (c) (e)		243,000		242,044

2.20%, 11/12/2019 (c) (e)		165,000		164,274

HSBC Bank plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.04%), 2.25%, 11/8/2019 (b) (c)		300,000		300,014

(ICE LIBOR USD 3 Month + 0.04%), 2.19%, 11/15/2019 (b) (c)		130,000		130,007

2.60%, 12/6/2019 (c) (e)		250,000		248,638

2.62%, 12/17/2019 (c) (e)		175,000		173,945

Kells Funding LLC

2.26%, 10/30/2019 (c) (e)		95,000		94,670

2.25%, 11/7/2019 (c) (e)		100,000		99,606

2.27%, 11/12/2019 (c) (e)		74,000		73,687

2.25%, 1/7/2020 (c) (e)		50,000		49,628

Lloyds Bank plc (United Kingdom)

2.66%, 9/13/2019 (e)		200,000		199,833

(ICE LIBOR USD 1 Month + 0.18%), 2.35%, 9/26/2019 (b)		125,000		125,005

2.36%, 9/27/2019		55,000		55,006

(ICE LIBOR USD 3 Month + 0.05%), 2.37%, 10/4/2019 (b)		100,000		100,002

LMA-Americas LLC

2.59%, 11/13/2019 (c) (e)		60,000		59,740

2.43%, 12/2/2019 (c) (e)		79,100		78,665

Matchpoint Finance plc (Ireland)

2.47%, 11/4/2019 (c) (e)		100,000		99,632

2.61%, 11/6/2019 (c) (e)		40,000		39,848

2.47%, 12/2/2019 (c) (e)		90,000		89,511

MetLife Short Term Funding LLC 2.61%, 10/24/2019 (c) (e)		41,000		40,873

Mizuho Bank Ltd. (Japan)

2.66%, 9/9/2019 (c) (e)		35,000		34,979

2.56%, 11/12/2019 (c) (e)		85,000		84,632

MUFG Bank Ltd. (Japan) 2.28%, 3/13/2020 (e)		15,000		14,835

National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.37%), 2.59%, 9/17/2019 (b) (c)		123,000		123,102

Natixis SA (France) (ICE LIBOR USD 1 Month + 0.19%), 2.45%, 9/7/2019 (b)		120,000		120,011

Nieuw Amsterdam Receivables Corp. 2.23%, 1/16/2020 (e)		75,000		74,409


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Nordea Bank AB (Finland)

2.59%, 10/4/2019 (e)		125,000		124,747

2.59%, 10/8/2019 (c) (e)		100,000		99,775

Old Line Funding LLC (US Federal Funds Effective Rate (continuous series) + 0.35%),

2.50%, 9/3/2019 (b) (c)		100,000		100,000

2.60%, 10/16/2019 (c) (e)		100,000		99,732

2.60%, 11/4/2019 (c) (e)		150,000		149,439

Royal Bank of Canada (Canada)

(ICE LIBOR USD 1 Month + 0.18%), 2.44%, 9/3/2019 (b) (c)		125,000		124,963

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/12/2019 (b) (c)		100,000		99,956

(ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/8/2019 (b) (c)		100,000		100,061

(ICE LIBOR USD 3 Month + 0.16%), 2.50%, 10/15/2019 (b) (c)		115,000		115,054

(ICE LIBOR USD 3 Month + 0.06%), 2.40%, 10/17/2019 (b) (c)		300,000		299,999

(US Federal Funds Effective Rate (continuous series) + 0.36%), 2.51%, 10/31/2019 (b) (c)		177,000		177,016

Societe Generale SA (France) (ICE LIBOR USD 1 Month + 0.14%), 2.42%, 9/3/2019 (b) (c)		220,000		220,005

Starbird Funding Corp.

2.61%, 10/15/2019 (c) (e)		150,000		149,591

2.61%, 11/4/2019 (c) (e)		30,000		29,883

2.57%, 11/13/2019 (c) (e)		30,000		29,868

Sumitomo Mitsui Trust Bank Ltd. (Japan) 2.20%, 9/3/2019 (c) (e)		48,000		47,989

2.51%, 9/27/2019 (c) (e)		80,000		79,868

Thunder Bay Funding LLC (ICE LIBOR USD 1 Month + 0.12%), 2.35%, 9/13/2019 (b) (c)		140,000		140,002

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.21%), 2.44%, 9/13/2019 (b) (c)		60,000		60,006

(ICE LIBOR USD 1 Month + 0.37%), 2.58%, 9/20/2019 (b) (c)		200,000		200,146

Toyota Credit Canada, Inc. (Canada) 2.38%, 10/18/2019		30,000		30,002

Toyota Finance Australia Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.23%), 2.48%, 9/9/2019 (b)		100,000		99,996

(ICE LIBOR USD 3 Month + 0.15%), 2.64%, 9/9/2019 (b)		50,000		50,001

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	19

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Toyota Motor Credit Corp. (Japan) (ICE LIBOR USD 3 Month + 0.10%), 2.44%, 10/11/2019 (b)		75,000		75,009

UBS AG (Switzerland)

(ICE LIBOR USD 3 Month + 0.05%), 2.41%, 10/16/2019 (b) (c)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.09%), 2.33%, 11/7/2019 (b) (c)		160,000		159,999

2.28%, 3/13/2020 (c) (e)		400,000		395,664

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 3 Month + 0.10%), 2.52%, 9/20/2019 (b) (c)		100,000		100,004

(ICE LIBOR USD 3 Month + 0.13%), 2.47%, 10/15/2019 (b) (c)		131,000		131,052


Total Commercial Paper (Cost $10,900,162)				10,903,327


Time Deposits — 4.1%

Australia & New Zealand Banking Group Ltd. 2.16%, 9/3/2019		200,000		200,000

Canadian Imperial Bank of Commerce 2.10%, 9/3/2019		2,499		2,499

Citibank NA 2.20%, 9/4/2019		800,000		800,000

Credit Agricole Corporate and Investment Bank

2.09%, 9/3/2019		23,648		23,648

2.18%, 9/6/2019		300,000		300,000

DBS Bank Ltd. 2.17%, 9/4/2019		400,000		400,000

Mizuho Bank Ltd. 2.12%, 9/3/2019		561,826		561,826

Natixis SA (France) 2.09%, 9/3/2019		7,700		7,700


Total Time Deposits (Cost $2,295,673)				2,295,673


U.S. Treasury Obligations — 0.8%

U.S. Treasury Bills

2.42%, 10/10/2019 (e)		200,000		199,589


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


U.S. Treasury Obligations — continued

2.40%, 11/14/2019 (e)		250,000		249,034


Total U.S. Treasury Obligations (Cost $448,264)				448,623


TotalShort-Term Investments (Cost $35,602,058)				35,614,024

Total Investments — 99.3% (Cost $55,447,724)				55,459,034
Other Assets Less Liabilities — 0.7%				398,036

NET ASSETS — 100.0%				55,857,070

Percentages indicated are based on net assets.

Abbreviations


FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LOC		Letter of Credit
PJSC		Public Joint Stock Company
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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, 2019.
(e)		The rate shown is the effective yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 62.8%

Alabama — 0.4%

Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.40%, 9/9/2019 (b) (c)		3,785		3,785


Alaska — 0.5%

City of Valdez, Exxon Pipeline Co. Project

Series 1993-C, Rev., VRDO, 1.35%, 9/3/2019 (b)		3,000		3,000

Series B, Rev., VRDO, 1.35%, 9/3/2019 (b)		2,250		2,250


				5,250


Arizona — 0.4%

Arizona Health Facilities Authority, Banner Health Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.40%, 9/3/2019 (b)		425		425

Tender Option Bond Trust Receipts/CertificatesSeries 2019-XG0231, Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		4,065		4,065


				4,490


California — 3.8%

California Statewide Communities Development Authority, Kaiser Permanente

Series C-2, Rev., VRDO, 1.32%, 9/9/2019 (b)		5,000		5,000

Series C-3, Rev., VRDO, 1.32%, 9/9/2019 (b)		16,175		16,175

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower ApartmentsSeries H-2, Rev., VRDO, LOC: Bank of China, 1.36%, 9/9/2019 (b)		11,300		11,300

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-26, Rev., VRDO, LOC: Royal Bank of Canada, 1.50%, 9/9/2019 (b) (c)		5,000		5,000


				37,475


Colorado — 2.2%

City of Colorado Springs, Utilities System Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.37%, 9/9/2019 (b)		6,760		6,760

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 1.44%, 9/9/2019 (b) (c)		4,925		4,925

University of Colorado Hospital AuthoritySeries 2018-C, Rev., VRDO, LIQ: TD Bank NA, 1.36%, 9/9/2019 (b)		10,000		10,000


				21,685


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Connecticut — 1.5%

Tender Option Bond Trust Receipts/CertificatesSeries 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 1.53%, 9/9/2019 (b)		10,000		10,000

Town of Waterford GO, BAN, 2.25%, 7/23/2020		5,000		5,041


				15,041


Delaware — 1.7%

University of Delaware Series C, Rev., VRDO, LIQ: TD Bank NA, 1.39%, 9/3/2019 (b)		16,770		16,770


District of Columbia — 1.1%

Tender Option Bond Trust Receipts/CertificatesSeries 2019-BAML8002, Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		10,445		10,445


Florida — 4.5%

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated GroupSeries I-2, Rev., VRDO, 1.34%, 9/9/2019 (b)		9,275		9,275

Tender Option Bond Trust Receipts/Certificates

Series 2019-XF2808, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		2,500		2,500

Series 2019-XL0107, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		2,650		2,650

Series 2019-XF0776, Rev., VRDO, LIQ: Bank of America NA, 1.39%, 9/9/2019 (b) (c)		2,000		2,000

Series 2019-XF0749, Rev., VRDO, LIQ: Royal Bank of Canada, 1.40%, 9/9/2019 (b)		7,735		7,735

Series 2019-XG0241, Rev., VRDO, LIQ: Bank of America NA, 1.41%, 9/9/2019 (b) (c)		2,000		2,000

Rev., VRDO, LOC: Royal Bank of Canada, 1.55%, 9/9/2019 (b)		12,000		12,000

Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 1.55%, 3/2/2020 (b)		5,665		5,665


				43,825


Idaho — 0.0% (d)

State of Idaho GO, TAN, 3.00%, 6/30/2020		510		518


Illinois — 1.3%

Illinois Finance Authority, The University of Chicago Medical Center Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.36%, 9/9/2019 (b)		1,380		1,380

Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.35%, 9/9/2019 (b)		4,200		4,200

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	21

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — continued

Illinois Finance Authority, Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.36%, 9/9/2019 (b)		2,615		2,615

Illinois State Toll Highway Authority, Variable Rate Senior PrioritySeries A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.40%, 9/9/2019 (b)		5,100		5,100


				13,295


Indiana — 0.5%

Tender Option Bond Trust Receipts/Certificates

Series 2019-XF0756, Rev., VRDO, LIQ: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		1,875		1,875

Series 2019-XG0242, Rev., VRDO, LIQ: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		3,500		3,500


				5,375


Iowa — 3.3%

Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.40%, 9/9/2019 (b)		23,985		23,985

Iowa Finance Authority, Wellness Facility, Community of Marshall Town Project Rev., VRDO, LOC: Northern Trust Co., 1.39%, 9/9/2019 (b)		7,725		7,725

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		1,200		1,200


				32,910


Kansas — 0.2%

City of Wichita, Temporary Notes Series 296, GO, 3.00%, 10/15/2019		1,550		1,553


Maine — 0.3%

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZF2749, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		2,630		2,630


Maryland — 2.5%

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-28, Rev., VRDO, LOC: Royal Bank of Canada, 1.55%, 9/9/2019 (b) (c)		7,615		7,615

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2763, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		5,000		5,000

Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		3,350		3,350


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Maryland — continued

Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		3,750		3,750

Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 1.55%, 9/9/2019 (b)		5,000		5,000


				24,715


Massachusetts — 0.1%

City of Quincy GO, BAN, 2.25%, 7/10/2020		1,135		1,145


Michigan — 0.8%

Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.41%, 9/9/2019 (b)		4,385		4,385

Rib Floater Trust Various StatesSeries 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		4,000		4,000


				8,385


Mississippi — 3.5%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2009 B, Rev., VRDO, 1.35%, 9/3/2019 (b)		16,695		16,695

Series 2010 H, Rev., VRDO, 1.35%, 9/3/2019 (b)		16,500		16,500

Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 1.35%, 9/3/2019 (b)		1,375		1,375


				34,570


Missouri — 6.6%

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series E, Rev., VRDO, 1.37%, 9/9/2019 (b)		7,670		7,670

Health and Educational Facilities Authority of the State of Missouri, SSM Health

Series F, Rev., VRDO, 1.35%, 9/9/2019 (b)		1,000		1,000

Series G, Rev., VRDO, 1.35%, 9/9/2019 (b)		29,435		29,435

Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series A, Rev., VRDO, LIQ: PNC Bank NA, 1.38%, 9/3/2019 (b)		17,400		17,400

RBC Municipal Products, Inc. Trust, Floater Certificates Rev., VRDO, LOC: Royal Bank of Canada, 1.39%, 9/9/2019 (b)		4,000		4,000

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Missouri — continued

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 1.40%, 9/9/2019 (b)		5,000		5,000


				64,505


Nebraska — 0.8%

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2558, Rev., VRDO, LIQ: Citibank NA, 1.40%, 9/9/2019 (b)		8,000		8,000


Nevada — 2.0%

City of Reno, Hospital, Renown Regional Medical Center Project Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		18,790		18,790

City of Reno, Renown Regional Medical Center Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		1,300		1,300


				20,090


New Hampshire — 0.7%

County of Merrimack GO, TAN, 3.00%, 12/27/2019		6,825		6,865


New Jersey — 1.1%

Borough of Roselle GO, BAN, 3.00%, 9/12/2019		6,150		6,152

Passaic County Improvement Authority, City of Paterson Project Rev., BAN, 3.00%, 8/25/2020		5,000		5,084


				11,236


New York — 8.6%

City of New York, Fiscal Year 2012

Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.40%, 9/3/2019 (b)		7,460		7,460

Subseries 2012G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 1.40%, 9/3/2019 (b)		24,650		24,650

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2009 Subseries BB-1, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.37%, 9/3/2019 (b)		5,025		5,025

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 1.39%, 9/3/2019 (b)		12,500		12,500

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.37%, 9/9/2019 (b)		1,425		1,425


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

New York City Transitional Finance Authority, Future Tax Secured Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.48%, 9/3/2019 (b)		9,000		9,000

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 SubseriesA-6, Rev., VRDO, LIQ: State Street Bank & Trust, 1.42%, 9/3/2019 (b)		3,550		3,550

Tender Option Bond Trust Receipts/Certificates

Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 1.37%, 9/9/2019 (b) (c)		6,265		6,265

Series 2018-XF0238, Rev., VRDO, LIQ: TD Bank NA, 1.37%, 9/9/2019 (b)		13,815		13,815


				83,690


North Carolina — 2.3%

North Carolina Medical Care Commission, Moses Cone Health System Series B, Rev., VRDO, LIQ: Bank of Montreal, 1.38%, 9/3/2019 (b)		10,960		10,960

Tender Option Bond Trust Receipts/CertificatesSeries 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 1.40%, 9/9/2019 (b) (c)		3,415		3,415

University of North Carolina, University Hospital at Chapel Hill Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.37%, 9/3/2019 (b)		8,075		8,075


				22,450


Ohio — 0.6%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF0670, Rev., VRDO, LIQ: Bank of America NA, 1.38%, 9/9/2019 (b) (c)		2,000		2,000

Series 2018-XF2613-1, Rev., VRDO, LIQ: Citibank NA, 1.43%, 9/9/2019 (b) (c)		4,000		4,000


				6,000


Pennsylvania — 1.0%

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		10,000		10,000


Rhode Island — 1.8%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2712, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Morgan Stanley Bank, 1.39%, 9/9/2019 (b) (c)		3,700		3,700

Series 2019-ZF2826, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		3,570		3,570

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	23

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Rhode Island — continued

Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 1.40%, 9/9/2019 (b)		6,035		6,035

Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 1.40%, 9/9/2019 (b)		4,050		4,050


				17,355


South Carolina — 0.5%

Tender Option Bond Trust Receipts/CertificatesSeries 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 1.55%, 9/9/2019 (b)		5,000		5,000


Tennessee — 0.1%

Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.34%, 9/9/2019 (b)		700		700


Texas — 5.9%

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series A, Rev., VRDO, 1.35%, 9/3/2019 (b)		250		250

Series A-2, Rev., VRDO, 1.35%, 9/3/2019 (b)		1,170		1,170

SubseriesA-3, Rev., VRDO, 1.35%, 9/3/2019 (b)		300		300

State of Texas Rev., TRAN, 4.00%, 8/27/2020		15,000		15,415

State of Texas, Veterans Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		8,500		8,500

Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series B, Rev., VRDO, LOC: TD Bank NA, 1.39%, 9/3/2019 (b)		10,700		10,700

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 1.38%, 9/9/2019 (b) (c)		4,000		4,000

Series 2018-XF0648, GO, VRDO, PSF-GTD, LIQ: TD Bank NA, 1.38%, 9/9/2019 (b) (c)		3,745		3,745

Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		5,995		5,995

Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		3,840		3,840

Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		3,335		3,335


				57,250


Utah — 1.0%

County of Utah Hospital, IHC Health Services, Inc.

Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.34%, 9/9/2019 (b)		350		350


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utah — continued

Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.34%, 9/9/2019 (b)		325		325

Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.37%, 9/9/2019 (b)		2,975		2,975

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.39%, 9/9/2019 (b) (c)		3,425		3,425

Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 1.41%, 9/9/2019 (b)		3,000		3,000


				10,075


Washington — 0.1%

Washington State Housing Finance Commission, The Overlake School Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.36%, 9/9/2019 (b)		665		665


Wisconsin — 0.8%

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2634, Rev., VRDO, LIQ: Credit Suisse AG, 1.38%, 9/9/2019 (b)		2,000		2,000

Series 2018-XG0174, Rev., VRDO, LIQ: Bank of America NA, 1.40%, 9/9/2019 (b) (c)		4,000		4,000

Wisconsin Housing & Economic Development Authority Series E, Rev., VRDO, AMT, LIQ: FHLB, 1.39%, 9/9/2019 (b)		1,825		1,825


				7,825


Wyoming — 0.3%

County of Uinta, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.35%, 9/3/2019 (b)		2,775		2,775


Total Municipal Bonds (Cost $618,312)				618,343


	SHARES (000)
Variable Rate Demand Preferred Shares — 5.2%

New York — 1.0%

Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Citibank NA, 1.41%, 9/9/2019 # (c)		10,000		10,000


Other — 4.2%

Nuveen AMT-Free Municipal Credit Income Fund Series 1, LIQ: Citibank NA, 1.43%, 9/9/2019 # (c)		11,000		11,000

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — continued

Other — continued

Nuveen AMT-Free Quality Municipal Income Fund Series 4, LIQ: Barclays Bank plc, 1.43%, 9/9/2019 # (c)		30,000		30,000


				41,000


Total Variable Rate Demand Preferred Shares (Cost $51,000)				51,000


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 33.4%

Commercial Paper — 33.4%

Alachua County Health Facilities Authority 1.42%, 10/3/2019		10,000		10,000

California Statewide Communities Development Authority 1.34%, 12/10/2019		5,000		5,001

City of Atlanta, Airport

1.37%, 9/16/2019		9,383		9,383

1.37%, 9/20/2019		5,000		5,000

City of Dallas 1.40%, 10/9/2019		21,500		21,499

City of Garland 1.36%, 10/17/2019		11,000		11,000

City of Garland, Electric Utility System 1.34%, 9/4/2019		6,470		6,470

City of Houston

1.33%, 9/10/2019		10,000		10,000

1.33%, 9/11/2019		10,000		10,000

City of San Antonio, Electric & Gas Systems 1.34%, 12/11/2019		7,000		7,001

City of San Antonio, Electric and Gas Systems 1.55%, 9/12/2019		9,500		9,501

County of Hillsborough, Capital Improvement Program

1.32%, 9/26/2019		1,000		1,000

1.33%, 10/17/2019		3,600		3,600

County of York, National Rural Utilities Cooperative Finance Corp.

1.46%, 9/3/2019		15,950		15,950

1.46%, 9/3/2019		12,500		12,500

Dallas Area Rapid Transit, Senior Lien 1.55%, 9/19/2019		10,000		10,001

District of Columbia 1.45%, 9/5/2019		20,000		20,000

Harris County Toll Road, Senior Lien

1.57%, 9/12/2019		2,500		2,500

1.55%, 10/10/2019		7,500		7,502

1.38%, 11/7/2019		5,000		5,000

Health & Educational Facilities Authority of the State of Missouri 1.60%, 9/5/2019		5,000		5,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Illinois Finance Authority

1.58%, 9/17/2019		6,000		6,001

1.42%, 10/24/2019		5,000		5,001

1.43%, 11/5/2019		5,600		5,600

Las Vegas Valley Water District 1.36%, 10/8/2019		10,000		10,000

Massachusetts Health & Educational Facilities Authority 1.45%, 10/10/2019		5,000		5,001

Norfolk Va Industrial Development Authority 1.52%, 10/2/2019		12,000		12,001

Omaha Public Power District, Electric System

1.52%, 9/18/2019		10,050		10,050

1.50%, 10/4/2019		7,500		7,500

1.48%, 11/5/2019		7,500		7,501

Salt River Project Agricultural Improvement & Power District 1.36%, 10/3/2019		6,000		6,000

Southwestern Illinois Development Authority, Health Facilities 1.63%, 10/3/2019		10,000		10,006

University of Houston 1.48%, 10/4/2019		7,500		7,500

University of Massachusetts Building Authority 1.53%, 10/23/2019		4,000		4,001

1.55%, 10/23/2019		7,000		7,003

University of Minnesota 1.40%, 10/3/2019		9,500		9,500

University of Texas System 1.57%, 9/12/2019		5,000		5,000

University of Texas System (The)

1.63%, 10/10/2019		7,500		7,502

1.34%, 11/14/2019		5,000		5,000

1.54%, 1/7/2020		5,000		5,001

Upper Trinity Regional Water District

1.38%, 10/1/2019		5,900		5,900


Total Commercial Paper (Cost $328,953)				328,976


TotalShort-Term Investments (Cost $328,953)				328,976

Total Investments — 101.4% (Cost $998,265)				998,319
Liabilities in Excess of Other Assets — (1.4)%				(14,057	)

NET ASSETS — 100.0%				984,262

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	25

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Abbreviations


AMT		Alternative Minimum Tax
BAN		Bond Anticipation Note
COP		Certificate of Participation
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
GTD		Guaranteed
LIQ		Liquidity Agreement
LOC		Letter of Credit
PSF-GTD		Permanent School Fund Guaranteed
Rev.		Revenue
TAN		Tax Anticipation Note
TRAN		Tax & Revenue Anticipation Note


VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 17.1%

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $500,120, collateralized by U.S. Treasury Securities, 3.63%, due 8/15/2043, with a value of $510,003.		500,000		500,000

HSBC Securities USA, Inc., 2.22%, dated 8/30/2019, due 9/3/2019, repurchase price $15,004, collateralized by Corporate Bonds, 3.90%, due 8/21/2027, with a value of $15,754.		15,000		15,000

HSBC Securities USA, Inc., 2.37%, dated 8/30/2019, due 9/3/2019, repurchase price $25,007, collateralized by Corporate Bonds, 0.00% - 8.13%, due 3/15/2023 - 1/15/2040, with a value of $27,007.		25,000		25,000

Societe Generale SA, 2.34%, dated 8/30/2019, due 9/3/2019, repurchase price $75,020, collateralized by Corporate Bonds, 4.38% - 8.25%, due 10/1/2021 - 4/5/2041, Corporate Notes, 3.50%, due 11/7/2022, and Sovereign Government Securities, 4.88% - 7.63%, due 11/7/2019 - 1/27/2045 with a value of $81,022.		75,000		75,000


Total Repurchase Agreements (Cost $615,000)				615,000

Municipal Bonds — 0.5%

New York — 0.5%

New York State Housing Finance Agency, 222 East 44th Street Housing Series 2017A, Rev., VRDO, LOC: Bank of China, 2.20%, 9/3/2019 (b)		7,500		7,500

New York State Housing Finance Agency, Manhattan West Residential Housing Series 2016 B-1, Rev., VRDO, LOC: Bank of China, 2.25%, 9/3/2019 (b)		8,750		8,750


Total Municipal Bonds (Cost $16,250)				16,250

Corporate Notes — 0.2%

Banks — 0.2%

Barclays Bank plc (United Kingdom) (ICE LIBOR USD 1 Month + 0.05%), 2.25%, 9/9/2019 (c) (d) (Cost $6,000)		6,000		6,000

Short-Term Investments — 82.3%

Commercial Paper — 37.8%

Agricultural Bank of China Ltd. (China) 2.31%, 11/15/2019 (d) (e)		50,000		49,768

Bank of China Ltd. (China) 2.60%, 9/17/2019 (e)		22,000		21,976


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.11%), 2.45%, 9/27/2019 (c) (d)		1,000		1,000

Barclays Bank plc (United Kingdom) 2.15%, 9/3/2019 (d) (e)		85,811		85,791

Barton Capital LLC 2.15%, 9/3/2019 (d) (e)		100,000		99,976

Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.35%), 2.62%, 9/3/2019 (c) (d)		35,000		35,010

Cedar Springs Capital Co. LLC 2.17%, 9/3/2019 (d) (e)		115,137		115,108

China Construction Bank Corp. (China)

2.61%, 9/6/2019 (d) (e)		41,000		40,984

2.30%, 11/22/2019 (d) (e)		30,000		29,838

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 1 Month + 0.21%), 2.44%, 9/16/2019 (c) (d)		1,000		1,000

(ICE LIBOR USD 3 Month + 0.03%), 2.33%, 10/30/2019 (c) (d)		10,000		10,000

(ICE LIBOR USD 3 Month + 0.05%), 2.29%, 11/7/2019 (c) (d)		48,000		48,006

Credit Suisse AG 2.61%, 10/15/2019 (e)		40,000		39,891

DBS Bank Ltd. (Singapore) 2.32%, 11/19/2019 (d) (e)		58,000		57,721

Federation des caisses Desjardins du Quebec 2.04%, 2/27/2020 (d) (e)		54,000		53,444

First Abu Dhabi Bank PJSC (United Arab Emirates) 2.30%, 10/11/2019 (d) (e)		30,000		29,925

HSBC Bank plc (United Kingdom)

(ICE LIBOR USD 1 Month + 0.24%), 2.47%, 9/12/2019 (c) (d)		60,000		60,003

(ICE LIBOR USD 3 Month + 0.04%), 2.19%, 11/15/2019 (c) (d)		25,000		25,001

Kells Funding LLC

2.61%, 9/19/2019 (d) (e)		20,000		19,977

2.26%, 10/30/2019 (d) (e)		30,000		29,896

2.04%, 2/20/2020 (d) (e)		30,000		29,708

Liberty Street Funding LLC 2.46%, 9/3/2019 (d) (e)		5,000		4,999

Lloyds Bank plc (United Kingdom) 2.66%, 9/13/2019 (e)		25,000		24,979

MetLife Short Term Funding LLC 2.27%, 11/27/2019 (d) (e)		30,000		29,849

MUFG Bank Ltd. (Japan)

2.59%, 11/12/2019 (e)		47,000		46,796

2.39%, 3/2/2020 (e)		16,000		15,834

2.30%, 3/5/2020 (e)		5,000		4,947

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	27

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.12%), 2.30%, 9/24/2019 (c) (d)		30,000		29,993

(ICE LIBOR USD 1 Month + 0.16%), 2.34%, 9/24/2019 (c) (d)		6,000		5,998

Natixis SA (France) (ICE LIBOR USD 3 Month + 0.14%), 2.52%, 10/7/2019 (c)		48,000		48,004

Old Line Funding LLC 2.33%, 12/5/2019 (e)		10,800		10,741

Pfizer, Inc. 2.26%, 12/17/2019 (d) (e)		5,000		4,969

Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.08%), 2.40%, 11/5/2019 (c) (d)		100,000		100,000

Sheffield Receivables Co. LLC (United Kingdom) 2.49%, 9/4/2019 (d) (e)		15,000		14,995

Standard Chartered Bank (United Kingdom) 2.06%, 2/24/2020 (d) (e)		22,000		21,779

Toyota Finance Australia Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.15%), 2.64%, 9/9/2019 (c)		10,000		10,000

Toyota Motor Credit Corp. (Japan) (ICE LIBOR USD 1 Month + 0.14%), 2.42%, 9/3/2019 (c)		35,000		34,997

UBS AG (Switzerland) (ICE LIBOR USD 1 Month + 0.16%), 2.39%, 9/14/2019 (c) (d)		30,000		30,000

Westpac Banking Corp. (Australia) (ICE LIBOR USD 1 Month + 0.32%), 2.57%, 9/10/2019 (c) (d)		36,000		36,019


Total Commercial Paper (Cost $1,358,816)				1,358,922


Certificates of Deposit — 32.6%

Agricultural Bank of China Ltd. (China) 2.61%, 9/13/2019		20,000		20,003

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 1 Month + 0.34%), 2.58%, 9/5/2019 (c)		13,500		13,505

3.00%, 9/11/2019		5,000		5,001

(ICE LIBOR USD 1 Month + 0.17%), 2.36%, 9/13/2019 (c)		45,000		44,983

(US Federal Funds Effective Rate (continuous series) + 0.33%), 2.45%, 10/23/2019 (c)		60,000		60,000

BNP Paribas SA (France) (ICE LIBOR USD 1 Month + 0.21%), 2.43%, 9/9/2019 (c)		30,000		29,993

Canadian Imperial Bank of Commerce (Canada) (US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/3/2019 (c)		25,000		25,007

Chiba Bank Ltd. (Japan) 2.50%, 9/3/2019		25,000		25,001


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

Cooperatieve Rabobank UA (Netherlands) (ICE LIBOR USD 3 Month + 0.08%), 2.35%, 10/30/2019 (c)		28,000		28,010

Credit Industriel et Commercial (France)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/23/2019 (c)		43,000		43,000

(ICE LIBOR USD 3 Month + 0.10%), 2.42%, 10/16/2019 (c)		36,000		36,004

DZ Bank AG (Germany) (ICE LIBOR USD 3 Month + 0.05%), 2.18%, 11/27/2019 (c)		30,000		29,999

HSBC Bank USA NA 2.23%, 1/22/2020		20,000		20,014

Industrial & Commercial Bank of China Ltd. (China)

2.54%, 10/11/2019		15,000		15,004

2.50%, 10/25/2019		8,000		8,002

Mizuho Bank Ltd. (Japan) (ICE LIBOR USD 1 Month + 0.12%), 2.29%, 9/24/2019 (c)		60,000		60,010

MUFG Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.17%), 2.32%, 9/24/2019 (c)		25,000		24,993

1.99%, 5/15/2020 (e)		15,000		14,790

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/3/2019 (c)		40,000		39,995

(ICE LIBOR USD 1 Month + 0.20%), 2.41%, 9/10/2019 (c)		30,000		29,996

Natixis SA (France)

2.73%, 12/13/2019		30,000		30,051

2.33%, 3/6/2020		15,000		15,025

Nordea Bank AB (Finland)

2.62%, 2/3/2020		10,000		10,026

2.72%, 2/20/2020		25,685		25,790

Norinchukin Bank (The) (Japan)

2.30%, 12/11/2019		20,000		20,014

2.30%, 12/17/2019		25,000		25,018

Rabobank International (United Kingdom) (ICE LIBOR USD 1 Month + 0.20%), 2.41%, 9/8/2019 (c)		25,000		25,000

Shizuoka Bank (Japan) 2.21%, 10/18/2019		20,000		20,001

Skandinaviska Enskilda Banken AB (Sweden) 2.30%, 12/13/2019		39,000		39,023

Standard Chartered Bank (United Kingdom)

2.68%, 9/13/2019		70,000		70,012

(ICE LIBOR USD 1 Month + 0.21%), 2.36%, 9/27/2019 (c)		15,000		15,005

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

Sumitomo Mitsui Banking Corp. (Japan) (ICE LIBOR USD 1 Month + 0.13%), 2.30%, 9/24/2019 (c)		25,000		24,998

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 1 Month + 0.19%), 2.43%, 9/5/2019 (c)		45,000		44,990

Toronto-Dominion Bank (The) (Canada)

3.00%, 9/9/2019		5,000		5,001

(ICE LIBOR USD 1 Month + 0.24%), 2.39%, 9/27/2019 (c)		40,000		39,986

(ICE LIBOR USD 1 Month + 0.18%), 2.29%, 9/28/2019 (c)		75,000		74,971

Wells Fargo Bank NA

(SOFR + 0.35%), 2.47%, 9/3/2019 (c)		750		750

(ICE LIBOR USD 1 Month + 0.18%), 2.41%, 9/3/2019 (c)		70,000		69,979

(ICE LIBOR USD 1 Month + 0.36%), 2.59%, 9/9/2019 (c)		16,500		16,510

(ICE LIBOR USD 1 Month + 0.37%), 2.57%, 9/17/2019 (c)		27,000		27,019


Total Certificates of Deposit (Cost $1,172,262)				1,172,479


Time Deposits — 10.6%

Erste Group Bank AG 2.12%, 9/3/2019		170,054		170,054

ING Bank NV 2.15%, 9/3/2019		150,000		150,000

Mizuho Bank Ltd. 2.12%, 9/3/2019		59,458		59,458


Total Time Deposits (Cost $379,512)				379,512


U.S. Treasury Obligations — 1.3%

U.S. Treasury Bills 2.42%, 10/10/2019 (e) (Cost $49,871)		50,000		49,897


TotalShort-Term Investments (Cost $2,960,461)				2,960,810

Total Investments — 100.1% (Cost $3,597,711)				3,598,060
Liabilities in Excess of Other Assets — (0.1)%				(2,653	)

NET ASSETS — 100.0%				3,595,407

Percentages indicated are based on net assets.

Abbreviations


ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LOC		Letter of Credit
PJSC		Public Joint Stock Company
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(c)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		The rate shown is the effective yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	29

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 32.1%

Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.16% - 2.18%, dated 8/30/2019, due 9/3/2019, repurchase price $190,023.^[1]		189,977		189,977

Barclays Capital, Inc., 2.40%, dated 8/30/2019, due 10/4/2019, repurchase price $10,023, collateralized by Asset-Backed Securities, 2.55% - 5.29%, due 10/16/2023 - 7/25/2036, with a value of $11,000.		10,000		10,000

Barclays Capital, Inc., 2.43%, dated 8/30/2019, due 10/4/2019, repurchase price $30,071, collateralized by Asset-Backed Securities, 0.00% - 5.07%, due 5/25/2026 - 1/10/2031, with a value of $33,000.		30,000		30,000

BMO Capital Markets Corp., 2.20%, dated 8/30/2019, due 9/3/2019, repurchase price $90,022, collateralized by Asset-Backed Securities, 2.29% - 3.42%, due 4/12/2021 - 7/15/2025, Collateralized Mortgage Obligations, 3.61% - 3.99%, due 7/25/2043 - 1/17/2059, Corporate Bonds, 1.88% - 12.50%, due 9/9/2019 - 11/15/2031, and Corporate Notes, 2.50% - 7.25%, due 7/24/2020 - 6/15/2025 with a value of $95,647.		90,000		90,000

BMO Capital Markets Corp., 2.22%, dated 8/30/2019, due 9/6/2019, repurchase price $25,011, collateralized by Asset-Backed Securities, 2.43% - 4.06%, due 11/15/2030 - 7/25/2036, Corporate Bonds, 6.38% - 12.50%, due 11/1/2021 - 5/15/2025, and Corporate Notes, 2.15% - 5.50%, due 7/24/2020 - 11/9/2020 with a value of $27,091.		25,000		25,000

BNP Paribas SA, 2.30%, dated 8/30/2019, due 9/4/2019, repurchase price $25,008, collateralized by Asset-Backed Securities, 4.90% - 5.50%, due 12/15/2023 - 4/25/2029, Corporate Bonds, 9.63%, due 1/15/2022, and Sovereign Government Securities, 4.63% - 4.88%, due 1/22/2021 - 1/13/2028 with a value of $27,245.		25,000		25,000

Bofa Securities, Inc., 2.47%, dated 8/30/2019, due 10/4/2019, repurchase price $25,060, collateralized by FNMA Connecticut Avenue Securities, 5.15% - 8.05%, due 7/25/2024 - 10/25/2028, and Sovereign Government Securities, 4.38% - 11.75%, due 2/25/2020 - 10/27/2027 with a value of $26,670.		25,000		25,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Bofa Securities, Inc., 2.52%, dated 8/30/2019, due 10/4/2019, repurchase price $39,096, collateralized by Commercial Paper, 0.00%, due 9/16/2019, Municipal Debt Securities, 6.50%, due 7/1/2036, and Sovereign Government Securities, 0.00% - 7.88%, due 7/23/2020 - 2/15/2048 with a value of $41,851.		39,000		39,000

Credit Suisse Securities USA LLC, 2.31%, dated 8/30/2019, due 9/4/2019, repurchase price $25,008, collateralized by Asset-Backed Securities, 0.00% - 5.93%, due 4/15/2026 - 5/16/2042, with a value of $27,512.		25,000		25,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $200,048, collateralized by U.S. Treasury Securities, 0.63%, due 7/15/2021, with a value of $204,000.		200,000		200,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $500,120, collateralized by U.S. Treasury Securities, 3.75%, due 11/15/2043, with a value of $510,005.		500,000		500,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $800,192, collateralized by U.S. Treasury Securities, 3.00%, due 10/31/2025, with a value of $816,002.		800,000		800,000

HSBC Securities USA, Inc., 2.22%, dated 8/30/2019, due 9/3/2019, repurchase price $41,010, collateralized by Corporate Bonds, 3.40% - 6.63%, due 8/27/2021 - 10/6/2048, Corporate Notes, 3.25% - 3.90%, due 2/21/2023 -3/16/2028, and Sovereign Government Securities, 2.75% - 7.13%, due 1/21/2026 - 11/2/2027 with a value of $43,061.		41,000		41,000

HSBC Securities USA, Inc., 2.37%, dated 8/30/2019, due 9/3/2019, repurchase price $44,012, collateralized by Corporate Bonds, 0.00% - 7.25%, due 11/9/2019 - 10/15/2039, with a value of $47,533.		44,000		44,000

ING Financial Markets LLC, 2.30%, dated 8/30/2019, due 9/3/2019, repurchase price $25,006, collateralized by Corporate Bonds, 5.30%, due 1/27/2025, with a value of $27,057.		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Societe Generale SA, 2.24%, dated 8/30/2019, due 9/3/2019, repurchase price $43,011, collateralized by Corporate Bonds, 4.55%, due 3/11/2026, Corporate Notes, 2.71% - 2.90%, due 11/19/2019 - 2/21/2020, and Sovereign Government Securities, 5.00%, due 1/13/2037 with a value of $45,163.		43,000		43,000

Societe Generale SA, 2.34%, dated 8/30/2019, due 9/3/2019, repurchase price $182,047, collateralized by Corporate Bonds, 4.50% - 9.75%, due 4/22/2020 - 1/1/2099, Corporate Notes, 3.50% - 7.50%, due 11/7/2022 - 10/25/2027, and Sovereign Government Securities, 0.00% - 10.13%, due 7/25/2022 - 1/14/2041 with a value of $196,608.		182,000		182,000

Societe Generale SA, 2.39%, dated 8/30/2019, due 9/4/2019, repurchase price $25,008, collateralized by Corporate Bonds, 2.65% - 9.25%, due 11/15/2021 - 1/1/2099, Corporate Notes, 3.50% -7.50%, due 10/10/2024 - 10/25/2027, and Sovereign Government Securities, 3.50% - 7.63%, due 9/26/2022 - 1/25/2050 with a value of $27,011.		25,000		25,000

Wells Fargo Securities LLC, 2.25%, dated 8/30/2019, due 9/3/2019, repurchase price $60,015, collateralized by Sovereign Government Securities, 1.50% - 2.98%, due 10/18/2019 - 2/15/2022 with a value of $63,028.		60,000		60,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/3/2019, repurchase price $60,015, collateralized by Sovereign Government Securities, 1.50% - 3.88%, due 4/12/2021 - 9/20/2048 with a value of $63,020.		60,000		60,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/4/2019, repurchase price $100,031, collateralized by Sovereign Government Securities, 1.25% - 5.63%, due 9/30/2019 - 10/25/2042, and Certificates of Deposit, 0.00%, due 1/6/2022 - 10/3/2025 with a value of $105,047.		100,000		100,000

Wells Fargo Securities LLC, 2.26%, dated 8/30/2019, due 9/5/2019, repurchase price $42,016, collateralized by Commercial Paper, 0.00%, due 2/12/2020, with a value of $44,119.		42,000		42,000


Total Repurchase Agreements (Cost $2,580,977)				2,580,977


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Notes — 1.2%

Banks — 1.2%

Barclays Bank plc (United Kingdom)

(ICE LIBOR USD 1 Month + 0.05%), 2.25%, 9/9/2019 (b) (c)		45,000		45,000

(ICE LIBOR USD 1 Month + 0.05%), 2.26%, 9/9/2019 (b) (c)		50,000		50,000


Total Corporate Notes (Cost $95,000)				95,000

Municipal Bonds — 0.3%

California — 0.1%

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-4, Rev., VRDO, LOC: Bank of China, 2.18%, 9/6/2019 (d)		1,630		1,630

Series H-3, Rev., VRDO, LOC: Bank of China, 2.24%, 9/6/2019 (d)		1,625		1,625


				3,255

New York — 0.2%

New York State Housing Finance Agency, 222 East 44th Street Housing Series 2017A, Rev., VRDO, LOC: Bank of China, 2.20%, 9/3/2019 (d)		7,710		7,710

New York State Housing Finance Agency, 572 11th Avenue Housing Series A, Rev., VRDO, LOC: Bank of China, 2.25%, 9/3/2019 (d)		10,000		10,000


				17,710


Total Municipal Bonds (Cost $20,965)				20,965

Short-Term Investments — 66.7%

Certificates of Deposit — 33.6%

ABN AMRO Bank NV (Netherlands) 2.45%, 10/4/2019 (e)		40,000		39,911

Agricultural Bank of China Ltd. (China) 2.61%, 9/12/2019		25,000		25,000

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 1 Month + 0.17%), 2.40%, 9/9/2019 (b)		10,000		10,000

3.00%, 9/11/2019		5,000		5,000

(ICE LIBOR USD 3 Month + 0.14%), 2.46%, 10/16/2019 (b)		12,000		12,000

(US Federal Funds Effective Rate (continuous series) + 0.33%), 2.45%, 10/23/2019 (b)		40,000		40,000

BNP Paribas SA (France)

(ICE LIBOR USD 1 Month + 0.21%), 2.43%, 9/9/2019 (b)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.07%), 2.36%, 11/5/2019 (b)		40,000		40,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	31

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

Canadian Imperial Bank of Commerce (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/3/2019 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/9/2019 (b)		15,000		15,000

China Construction Bank Corp. (China)

2.59%, 9/20/2019		80,000		80,000

2.55%, 9/23/2019		25,000		25,000

2.31%, 11/25/2019		80,000		80,000

Commonwealth Bank of Australia (Australia) (ICE LIBOR USD 1 Month + 0.18%), 2.42%, 9/5/2019 (b)		25,000		25,000

Cooperatieve Rabobank UA (Netherlands)

(ICE LIBOR USD 1 Month + 0.19%), 2.36%, 9/20/2019 (b)		75,000		75,000

(ICE LIBOR USD 3 Month + 0.08%), 2.35%, 10/30/2019 (b)		55,000		55,000

Credit Agricole Corporate and Investment Bank (France) 2.30%, 10/4/2019		17,000		17,000

Credit Industriel et Commercial (France)

2.65%, 9/5/2019		45,000		45,000

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/5/2019 (b)		26,000		26,000

(US Federal Funds Effective Rate (continuous series) + 0.31%), 2.43%, 9/23/2019 (b)		18,000		18,000

(ICE LIBOR USD 3 Month + 0.10%), 2.42%, 10/16/2019 (b)		30,000		30,000

2.61%, 11/8/2019 (e)		13,000		12,936

2.65%, 12/20/2019 (e)		30,000		29,758

2.62%, 1/21/2020 (e)		10,000		9,898

2.58%, 2/20/2020 (e)		15,000		14,817

2.35%, 3/11/2020 (e)		25,000		24,690

2.27%, 3/24/2020 (e)		20,000		19,744

DZ Bank AG (Germany)

2.35%, 11/14/2019 (e)		10,000		9,952

(ICE LIBOR USD 3 Month + 0.05%), 2.18%, 11/27/2019 (b)		40,000		40,000

2.31%, 12/2/2019 (e)		15,000		14,912

2.25%, 2/3/2020 (e)		25,000		24,761

2.31%, 3/13/2020 (e)		25,000		24,693

1.94%, 5/15/2020 (e)		15,000		14,795

HSBC Bank USA NA 2.23%, 1/22/2020		20,000		20,000

Industrial & Commercial Bank of China Ltd. (China)

2.61%, 9/9/2019		5,000		5,000

2.55%, 9/24/2019		30,000		30,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

2.54%, 10/11/2019		30,000		30,000

2.50%, 10/25/2019		15,000		15,000

2.31%, 11/27/2019		40,000		40,000

ING Bank NV (Netherlands)

(ICE LIBOR USD 1 Month + 0.20%), 2.40%, 9/10/2019 (b)		15,000		15,000

(ICE LIBOR USD 3 Month + 0.17%), 2.47%, 10/4/2019 (b)		10,000		10,000

(ICE LIBOR USD 3 Month + 0.18%), 2.47%, 11/3/2019 (b)		65,000		65,000

2.60%, 11/4/2019		20,000		20,000

(ICE LIBOR USD 3 Month + 0.16%), 2.40%, 11/6/2019 (b)		25,000		25,000

2.70%, 12/20/2019		20,000		20,000

KBC Bank NV (Belgium) 2.57%, 10/11/2019 (e)		50,000		49,857

Landesbank Hessen-Thuringen Girozentrale (Germany) 2.24%, 1/3/2020 (e)		25,000		24,809

Mitsubishi UFJ Trust & Banking Corp. (Japan) 2.35%, 11/15/2019 (e)		10,000		9,951

Mizuho Corporate Bank Ltd. (Japan)

2.36%, 10/11/2019 (e)		25,000		24,935

2.60%, 10/16/2019 (e)		15,000		14,951

2.22%, 11/19/2019 (e)		50,000		49,758

MUFG Bank Ltd. (Japan)

(ICE LIBOR USD 1 Month + 0.19%), 2.39%, 9/12/2019 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.17%), 2.31%, 9/28/2019 (b)		50,000		50,000

2.60%, 10/31/2019		50,000		50,000

2.61%, 12/18/2019 (e)		50,000		49,611

2.23%, 3/13/2020		9,000		9,000

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/3/2019 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.20%), 2.41%, 9/10/2019 (b)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.07%), 2.33%, 10/29/2019 (b)		20,000		20,000

Natixis SA (France)

3.05%, 9/16/2019		20,000		20,000

(ICE LIBOR USD 3 Month + 0.15%), 2.45%, 10/15/2019 (b)		50,000		50,000

2.64%, 12/4/2019		10,000		10,000

2.73%, 12/13/2019		50,000		50,000

2.70%, 12/20/2019		6,000		6,000

2.25%, 3/18/2020		60,000		60,000

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

Nordea Bank AB (Finland) 2.30%, 3/9/2020		50,000		50,000

Norinchukin Bank (The) (Japan)

2.25%, 11/1/2019		25,000		25,000

2.25%, 1/10/2020		25,000		25,000

2.29%, 1/13/2020 (e)		10,000		9,915

Oversea-Chinese Banking Corp. Ltd. (Singapore) 2.29%, 3/13/2020 (e)		25,000		24,695

Rabobank International (Netherlands) (ICE LIBOR USD 1 Month + 0.19%), 2.42%, 9/3/2019 (b)		25,000		25,000

Standard Chartered Bank (United Kingdom)

(ICE LIBOR USD 1 Month + 0.23%), 2.45%, 9/9/2019 (b)		10,000		10,000

2.68%, 9/13/2019		50,000		50,000

2.67%, 9/25/2019		100,000		100,000

2.61%, 10/16/2019 (e)		75,000		74,756

2.28%, 1/10/2020		20,000		20,000

Sumitomo Mitsui Banking Corp. (Japan)

(ICE LIBOR USD 1 Month + 0.14%), 2.38%, 9/7/2019 (b)		50,000		50,000

(ICE LIBOR USD 1 Month + 0.13%), 2.30%, 9/21/2019 (b)		10,000		10,000

Sumitomo Mitsui Trust Bank Ltd. (Japan)

(SOFR + 0.21%), 2.33%, 9/3/2019 (b)		15,000		15,000

(ICE LIBOR USD 1 Month + 0.19%), 2.43%, 9/7/2019 (b)		25,000		25,000

2.61%, 11/12/2019 (e)		11,000		10,943

Sumitomo Mitsui Trust International Ltd. (Japan)

2.62%, 10/15/2019 (e)		5,000		4,984

2.61%, 11/1/2019 (e)		10,000		9,956

Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.15%), 2.48%, 10/3/2019 (b)		40,000		40,000

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.19%), 2.41%, 9/3/2019 (b)		17,000		17,000

3.00%, 9/9/2019		25,000		25,000

(ICE LIBOR USD 1 Month + 0.24%), 2.39%, 9/27/2019 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.18%), 2.29%, 9/28/2019 (b)		40,000		40,000

2.28%, 1/13/2020 (e)		35,000		34,705

Wells Fargo Bank NA

(US Federal Funds Effective Rate (continuous series) + 0.36%), 2.48%, 9/3/2019 (b)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.18%), 2.39%, 9/9/2019 (b)		7,000		7,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

(ICE LIBOR USD 3 Month + 0.23%), 2.56%, 10/3/2019 (b)		5,000		5,000

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 1 Month + 0.15%), 2.39%, 9/3/2019 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.04%), 2.22%, 11/13/2019 (b)		15,000		15,000


Total Certificates of Deposit (Cost $2,701,693)				2,701,693


Commercial Paper — 26.2%

Agricultural Bank of China Ltd. (China) 2.37%, 11/12/2019 (c) (e)		50,000		49,764

Alpine Securitization Ltd. (Switzerland)

2.58%, 11/20/2019 (c)		25,000		25,000

2.06%, 2/21/2020 (c) (e)		111,000		109,912

Atlantic Asset Securitization LLC 2.44%, 11/1/2019 (c) (e)		50,000		49,795

Bank of China Ltd. (China)

2.57%, 9/30/2019 (e)		45,000		44,908

2.36%, 11/27/2019 (e)		75,000		74,574

Bank of Nova Scotia (The) (Canada)

(ICE LIBOR USD 1 Month + 0.22%), 2.47%, 9/9/2019 (b) (c)		10,000		10,000

(ICE LIBOR USD 3 Month + 0.11%), 2.45%, 9/27/2019 (b) (c)		7,000		7,000

(US Federal Funds Effective Rate (continuous series) + 0.34%), 2.49%, 11/7/2019 (b) (c)		20,000		20,000

Banque et Caisse d Epargne de l Etat (Luxembourg) 2.21%, 4/3/2020 (e)		5,000		4,935

Barton Capital LLC

2.40%, 9/18/2019 (c) (e)		25,000		24,972

2.36%, 10/8/2019 (c) (e)		15,000		14,964

Bedford Row Funding Corp.

(ICE LIBOR USD 1 Month + 0.17%), 2.34%, 9/28/2019 (b) (c)		25,000		25,000

(ICE LIBOR USD 3 Month + 0.07%), 2.41%, 10/8/2019 (b) (c)		20,000		20,000

BNG Bank NV (Netherlands) 2.00%, 3/3/2020 (c) (e)		40,000		39,600

Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 1 Month + 0.32%), 2.59%, 9/3/2019 (b) (c)		25,000		25,000

Commonwealth Bank of Australia (Australia)

(ICE LIBOR USD 1 Month + 0.28%), 2.50%, 9/19/2019 (b) (c)		15,000		15,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	33

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

(ICE LIBOR USD 3 Month + 0.03%), 2.33%, 10/30/2019 (b) (c)		20,000		20,000

Concord Minutemen Capital Co. LLC 2.17%, 9/3/2019 (c) (e)		40,000		39,995

Credit Suisse AG 2.61%, 10/15/2019 (e)		20,000		19,937

DBS Bank Ltd. (Singapore)

2.30%, 11/18/2019 (e)		50,000		49,753

2.26%, 1/7/2020 (c) (e)		4,000		3,968

2.20%, 1/27/2020 (c) (e)		50,000		49,554

DNB Bank ASA (Norway) (ICE LIBOR USD 1 Month + 0.19%), 2.36%, 9/27/2019 (b) (c)		50,000		50,000

Federation des Caisses Desjardins du Quebec (Canada) 2.25%, 1/10/2020 (c) (e)		8,000		7,935

First Abu Dhabi Bank PJSC (United Arab Emirates)

2.26%, 11/4/2019 (c) (e)		50,000		49,800

2.20%, 11/12/2019 (c) (e)		30,000		29,869

2.11%, 11/22/2019 (c) (e)		35,000		34,832

HSBC Bank plc (United Kingdom)

(ICE LIBOR USD 3 Month + 0.04%), 2.25%, 11/8/2019 (b) (c)		72,000		72,000

(ICE LIBOR USD 3 Month + 0.04%), 2.19%, 11/15/2019 (b) (c)		25,000		25,000

Kells Funding LLC

2.27%, 11/12/2019 (c) (e)		25,000		24,887

2.02%, 3/11/2020 (e)		50,000		49,467

Lloyds Bank plc (United Kingdom)

(ICE LIBOR USD 1 Month + 0.18%), 2.35%, 9/26/2019 (b)		50,000		50,000

2.36%, 9/27/2019		25,000		25,000

LMA-Americas LLC

2.67%, 9/12/2019 (c) (e)		37,000		36,970

2.20%, 1/15/2020 (c) (e)		50,000		49,590

Matchpoint Finance plc (Ireland)

2.61%, 10/15/2019 (c) (e)		50,000		49,842

2.61%, 11/6/2019 (c) (e)		35,000		34,835

MUFG Bank Ltd. (Japan)

2.30%, 3/5/2020 (e)		61,000		60,288

2.28%, 3/6/2020 (e)		45,000		44,476

National Australia Bank Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.18%), 2.44%, 9/3/2019 (b) (c)		25,000		25,000

(ICE LIBOR USD 1 Month + 0.37%), 2.59%, 9/17/2019 (b) (c)		27,000		27,000

Nieuw Amsterdam Receivables Corp. 2.48%, 9/6/2019 (c) (e)		50,000		49,983


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

Old Line Funding LLC (US Federal Funds Effective Rate (continuous series) + 0.35%), 2.50%, 9/3/2019 (b) (c)		25,000		25,000

Royal Bank of Canada (Canada)

(ICE LIBOR USD 1 Month + 0.20%), 2.43%, 9/12/2019 (b) (c)		15,000		15,000

(ICE LIBOR USD 3 Month + 0.21%), 2.55%, 10/8/2019 (b) (c)		30,000		30,000

(ICE LIBOR USD 3 Month + 0.16%), 2.50%, 10/15/2019 (b) (c)		10,000		10,000

(US Federal Funds Effective Rate (continuous series) + 0.36%), 2.51%, 10/31/2019 (b) (c)		23,000		23,000

(ICE LIBOR USD 3 Month + 0.08%), 2.40%, 11/5/2019 (b) (c)		50,000		50,000

Societe Generale SA (France) (ICE LIBOR USD 1 Month + 0.14%), 2.42%, 9/3/2019 (b) (c)		50,000		50,000

Starbird Funding Corp. 2.57%, 11/13/2019 (c) (e)		45,000		44,768

Toronto-Dominion Bank (The) (Canada)

(ICE LIBOR USD 1 Month + 0.21%), 2.44%, 9/13/2019 (b) (c)		15,000		15,000

(ICE LIBOR USD 1 Month + 0.37%), 2.58%, 9/20/2019 (b) (c)		50,000		50,000

2.62%, 10/22/2019 (c) (e)		25,000		24,909

Toyota Finance Australia Ltd. (Australia)

(ICE LIBOR USD 1 Month + 0.23%), 2.48%, 9/9/2019 (b)		50,000		50,000

(ICE LIBOR USD 3 Month + 0.15%), 2.64%, 9/9/2019 (b)		20,000		20,000

(ICE LIBOR USD 1 Month + 0.17%), 2.40%, 9/15/2019 (b)		62,000		62,000

Toyota Motor Credit Corp. (Japan) (ICE LIBOR USD 3 Month + 0.10%), 2.44%, 10/10/2019 (b)		50,000		50,000

UBS AG (Switzerland) (ICE LIBOR USD 3 Month + 0.09%), 2.33%, 11/7/2019 (b) (c)		10,000		10,000

Westpac Banking Corp. (Australia)

(ICE LIBOR USD 3 Month + 0.13%), 2.47%, 10/15/2019 (b) (c)		12,000		12,000

(ICE LIBOR USD 3 Month + 0.04%), 2.33%, 10/29/2019 (b) (c)		25,000		25,000


Total Commercial Paper (Cost $2,107,082)				2,107,082


Time Deposits — 5.0%

Bank of Nova Scotia (The) 2.15%, 9/3/2019		100,000		100,000

DBS Bank Ltd. 2.17%, 9/4/2019		200,000		200,000

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Time Deposits — continued

ING Bank NV 2.15%, 9/3/2019		100,000		100,000


Total Time Deposits (Cost $400,000)				400,000


U.S. Treasury Obligations — 1.9%

U.S. Treasury Bills

2.42%, 10/10/2019 (e)		50,000		49,870

2.40%, 11/14/2019 (e)		100,000		99,513


Total U.S. Treasury Obligations (Cost $149,383)				149,383


TotalShort-Term Investments (Cost $5,358,158)				5,358,158

Total Investments — 100.3% (Cost $8,055,100) *				8,055,100
Liabilities in Excess of Other Assets — (0.3)%				(23,786	)

NET ASSETS — 100.0%				8,031,314

Percentages indicated are based on net assets.

Abbreviations


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
PJSC		Public Joint Stock Company
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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, 2019.
(e)		The rate shown is the effective yield as of August 31, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Agency Joint Trading Account I — At August 30, 2019, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of September 3, 2019, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan Liquid Assets Money Market Fund	$189,977	$	190,023	$	193,784

Repurchase Agreements — At August 30, 2019, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):



Counterparty	Interest Rate	JPMorgan Liquid Assets Money Market Fund
Bofa Securities, Inc.	2.16%	$	139,844
Citibank NA	2.18%		23,747
Citigroup Global Markets Holdings, Inc.	2.18%		26,386

Total		$	189,977

At August 30, 2019, the Agency Joint Trading Account I was fully collateralized by:



Issuer	Interest Rates		Maturity Dates
FHLMC		2.60% - 5.00%		8/1/2025 - 8/1/2049
FNMA		2.23% - 6.10%		4/1/2021 - 9/1/2049
GNMA		2.50% - 5.70%		6/15/2042 - 8/20/2069
U.S. Treasury Securities		3.13% - 3.63%		11/15/2028 - 8/15/2043

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	35

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 55.4%

Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $8,201,977. ^[1]		8,200,000		8,200,000

Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 2.16% - 2.18%, dated 8/30/2019, due 9/3/2019, repurchase price $832,100. ^[2]		831,901		831,901

Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $95,008. ^[3]		94,985		94,985

Bank of America Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $750,180, collateralized by GNMA, 3.00%, due 7/20/2046, with a value of $765,000.		750,000		750,000

Bank of Nova Scotia (The), 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $2,000,482, collateralized by FHLMC, 2.50% - 6.00%, due 11/1/2026 - 2/1/2049, FNMA, 2.39% - 5.50%, due 9/1/2024 - 5/1/2049, and U.S. Treasury Securities, 1.13%, due 6/30/2021 with a value of $2,040,000.		2,000,000		2,000,000

Barclays Capital, Inc., 2.20%, dated 8/30/2019, due 9/4/2019, repurchase price $1,300,397, collateralized by U.S. Treasury Securities, 2.63% - 3.00%, due 6/15/2021 - 5/15/2045, with a value of $1,326,000.		1,300,000		1,300,000

BMO Capital Markets Corp., 2.22%, dated 8/30/2019, due 9/3/2019, repurchase price $500,123, collateralized by FHLMC, 1.38% - 6.00%, due 5/1/2020 -8/1/2049, FNMA, 2.50% - 4.50%, due 2/25/2025 - 9/25/2049, and GNMA, 0.00% - 5.00%, due 5/20/2039 -8/20/2069 with a value of $515,886.		500,000		500,000

BNP Paribas SA, 2.50%, dated 8/30/2019, due 9/3/2019, repurchase price $1,500,417, collateralized by FHLMC, 2.50% - 7.50%, due 4/1/2028 -8/1/2049, FNMA, 0.00% - 8.50%, due 5/15/2022 - 6/1/2049, GNMA, 2.00% -6.50%, due 4/15/2029 - 6/20/2049 and U.S. Treasury Securities, 0.00% - 6.25%, due 7/16/2020 - 11/15/2045 with a value of $1,549,366.		1,500,000		1,500,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BNP Paribas SA, 2.50%, dated 8/30/2019, due 9/5/2019, repurchase price $1,000,417, collateralized by FHLB, 2.70% - 2.79%, due 8/10/2035 - 8/8/2036, FHLMC, 3.00% - 7.50%, due 4/1/2028 - 6/1/2049, FNMA, 2.50% - 8.50%, due 6/1/2027 - 6/1/2051, GNMA, 2.00% - 6.00%, due 7/15/2024 - 6/20/2049 and U.S. Treasury Securities, 0.00% - 6.75%, due 2/27/2020 - 8/15/2046 with a value of $1,033,283.		1,000,000		1,000,000

BNP Paribas SA, 2.00%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,389, collateralized by FHLB, 1.48%, due 1/28/2020, FHLMC, 2.88% -7.50%, due 4/1/2028 - 8/1/2049, FNMA, 2.50% - 8.50%, due 4/1/2022 -8/1/2049, GNMA, 2.50% - 5.50%, due 6/20/2039 - 8/20/2049 and U.S. Treasury Securities, 0.00% - 6.00%, due 6/30/2020 - 2/15/2048 with a value of $1,025,489.		1,000,000		1,000,000

BNP Paribas SA, 2.05%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,399, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 5/15/2020 - 2/15/2049 with a value of $1,023,601.		1,000,000		1,000,000

BNP Paribas SA, 2.09%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,406, collateralized by FHLMC, 3.50% - 7.00%, due 10/1/2036 -6/1/2049, FNMA, 2.50% - 8.50%, due 9/1/2026 - 6/1/2051, GNMA, 2.50% -6.50%, due 12/15/2033 - 6/20/2049 and U.S. Treasury Securities, 0.00% -2.88%, due 6/30/2020 - 5/15/2046 with a value of $1,023,612.		1,000,000		1,000,000

BNP Paribas SA, 2.13%, dated 8/30/2019, due 9/6/2019, repurchase price $500,207, collateralized by FHLMC, 3.00% - 6.00%, due 2/15/2032 -4/1/2049, FNMA, 3.50% - 7.00%, due 10/1/2030 - 1/1/2058, GNMA, 2.50% -5.50%, due 6/20/2041 - 1/20/2049 and U.S. Treasury Securities, 0.00% - 6.25%, due 7/16/2020 - 2/15/2048 with a value of $511,908.		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

BNP Paribas SA, 2.14%, dated 8/30/2019, due 9/6/2019, repurchase price $500,208, collateralized by FFCB, 3.98%, due 4/5/2038, FHLMC, 3.50% - 5.00%, due 9/1/2042 - 8/1/2049, FNMA, 2.50% - 4.50%, due 5/1/2030 -11/1/2048, GNMA, 3.00% - 4.50%, due 5/20/2040 - 1/20/2049 and U.S. Treasury Securities, 0.00% - 3.63%, due 12/26/2019 - 5/15/2048 with a value of $512,759.		500,000		500,000

BNP Paribas SA, 2.20%, dated 8/30/2019, due 9/6/2019, repurchase price $500,214, collateralized by FFCB, 3.98%, due 4/5/2038, FHLMC, 3.00% - 4.50%, due 2/1/2027 - 3/1/2049, FNMA, 3.00% - 6.50%, due 8/1/2034 -11/1/2048, GNMA, 2.50% - 4.50%, due 6/20/2041 - 3/20/2049 and U.S. Treasury Securities, 0.00% - 2.75%, due 4/30/2020 - 8/15/2039 with a value of $511,901.		500,000		500,000

BNP Paribas SA, 2.23%, dated 8/30/2019, due 9/6/2019, repurchase price $500,217, collateralized by FHLMC, 3.50% - 4.50%, due 9/1/2042 -3/1/2049, FNMA, 2.50% - 5.00%, due 1/1/2027 - 8/1/2049, GNMA, 2.80% -6.50%, due 4/15/2029 - 7/20/2049 and U.S. Treasury Securities, 0.00% -2.63%, due 2/15/2021 - 8/15/2032 with a value of $512,993.		500,000		500,000

BNP Paribas SA, 2.24%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,436, collateralized by FHLMC, 3.50% - 6.50%, due 10/15/2023 -4/15/2054, FNMA, 3.00% - 8.50%, due 6/18/2027 - 11/1/2048, GNMA, 2.80% - 5.00%, due 9/15/2024 -6/20/2049 and U.S. Treasury Securities, 0.00% - 4.25%, due 7/16/2020 -2/15/2048 with a value of $1,026,348.		1,000,000		1,000,000

BNP Paribas SA, 2.26%, dated 8/30/2019, due 9/6/2019, repurchase price $500,220, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 4/15/2020 - 11/15/2048, with a value of $512,914.		500,000		500,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BNP Paribas SA, 2.27%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,441, collateralized by FHLMC, 0.00% - 4.50%, due 12/11/2025 -5/1/2049, FNMA, 2.50% - 5.00%, due 11/1/2025 - 6/1/2049, GNMA, 2.50% -5.00%, due 1/20/2028 - 7/20/2049 and U.S. Treasury Securities, 0.00% -4.25%, due 7/16/2020 - 2/15/2048 with a value of $1,025,853.		1,000,000		1,000,000

BNP Paribas SA, 2.45%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,476, collateralized by FHLB, 4.05%, due 11/26/2030, FHLMC, 0.00% - 6.50%, due 10/15/2023 -8/1/2049, FNMA, 0.00% -8.50%, due 5/15/2022 - 6/1/2051, GNMA, 2.50% -5.50%, due 9/15/2027 -7/20/2049 and U.S. Treasury Securities, 0.00% - 6.00%, due 12/15/2019 -11/15/2048 with a value of $1,032,495.		1,000,000		1,000,000

BNP Paribas SA, 2.46%, dated 8/30/2019, due 9/6/2019, repurchase price $1,500,718, collateralized by FFCB, 1.88%, due 6/2/2022, FHLMC, 0.00% -7.00%, due 12/11/2025 - 6/1/2049, FNMA, 2.50% - 6.07%, due 6/1/2023 -1/1/2058, GNMA, 2.50% - 6.50%, due 5/15/2032 - 6/20/2049 and U.S. Treasury Securities, 0.00% - 3.63%, due 11/15/2019 -2/15/2048 with a value of $1,549,067.		1,500,000		1,500,000

Daiwa Capital Markets America, Inc., 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $4,251,025, collateralized by FFCB, 2.54% - 3.32%, due 10/24/2025 - 8/19/2032, FHLB, 2.00%, due 9/9/2022, FHLMC, 0.00% -6.00%, due 12/18/2019 - 8/1/2049, FNMA, 2.38% - 7.00%, due 5/1/2020 -8/1/2049, GNMA, 2.47% -5.50%, due 7/20/2033 - 8/20/2049 and U.S. Treasury Securities, 0.00% -8.50%, due 9/3/2019 - 7/15/2029 with a value of $4,337,111.		4,250,000		4,250,000

Deutsche Bank Securities, Inc., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $449,587, collateralized by U.S. Treasury Securities, 0.00% - 3.00%, due 12/12/2019 - 2/15/2049, with a value of $458,469.		449,479		449,479

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	37

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Deutsche Bank Securities, Inc., 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $750,181, collateralized by FNMA, 3.50% - 4.50%, due 1/1/2048 - 8/1/2058, GNMA, 3.62% - 4.80%, due 12/15/2045 - 6/20/2069, and U.S. Treasury Securities, 3.13% - 3.75%, due 11/15/2028 - 11/15/2043 with a value of $765,001.		750,000		750,000

Fixed Income Clearing Corp., 2.10%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,233, collateralized by U.S. Treasury Securities, 3.00% - 3.13%, due 8/15/2044 - 11/15/2044, with a value of $1,020,000.		1,000,000		1,000,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,240, collateralized by U.S. Treasury Securities, 0.63% - 2.88%, due 1/15/2021 - 10/31/2023, with a value of $1,020,000.		1,000,000		1,000,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $2,300,552, collateralized by U.S. Treasury Securities, 0.38% - 2.88%, due 2/15/2027 - 5/15/2028, with a value of $2,346,000.		2,300,000		2,300,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $4,501,080, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 6/30/2020 - 5/15/2047 with a value of $4,590,000.		4,500,000		4,500,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $7,101,704, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 2/29/2024 - 7/31/2025, with a value of $7,242,005.		7,100,000		7,100,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $7,401,776, collateralized by U.S. Treasury Securities, 2.25% - 6.25%, due 5/31/2023 - 2/29/2024, with a value of $7,548,005.		7,400,000		7,400,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $8,001,920, collateralized by U.S. Treasury Securities, 2.50% - 3.00%, due 11/30/2023 - 2/15/2047, with a value of $8,160,000.		8,000,000		8,000,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Goldman Sachs & Co. LLC, 2.17%, dated 8/30/2019, due 9/4/2019, repurchase price $500,151, collateralized by U.S. Treasury Securities, 0.00% - 1.75%, due 4/30/2021 - 5/15/2048, with a value of $510,000.		500,000		500,000

Goldman Sachs & Co. LLC, 2.15%, dated 8/30/2019, due 9/6/2019, repurchase price $1,500,627, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 4/15/2022 - 5/15/2043, with a value of $1,530,000.		1,500,000		1,500,000

ING Financial Markets LLC, 2.19%, dated 8/30/2019, due 9/10/2019, repurchase price $500,335, collateralized by FHLMC, 2.31% - 4.89%, due 11/1/2029 -5/1/2049, and FNMA, 2.15% - 6.50%, due 7/1/2024 -5/1/2058 with a value of $511,055.		500,000		500,000

Mitsubishi UFJ Trust & Banking Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $1,100,264, collateralized by GNMA, 3.00% - 5.00%, due 8/15/2038 - 7/20/2049, with a value of $1,122,068.		1,100,000		1,100,000

Natixis SA, 2.20%, dated 8/30/2019, due 9/6/2019, repurchase price $1,300,556, collateralized by FFCB, 2.48% - 3.13%, due 10/19/2029 - 6/2/2036, FHLMC, 0.00% - 5.02%, due 2/15/2024 -6/15/2049, FNMA, 0.00% - 5.50%, due 8/1/2028 - 9/25/2049, GNMA, 2.00% -5.00%, due 2/20/2032 - 3/16/2057 and U.S. Treasury Securities, 0.00% -8.13%, due 9/19/2019 - 8/15/2049 with a value of $1,335,207.		1,300,000		1,300,000

Natwest Markets Securities, Inc., 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $750,179, collateralized by U.S. Treasury Securities, 0.13% - 3.13%, due 11/30/2020 - 8/15/2046, with a value of $765,183.		750,000		750,000

Nomura Securities Co. Ltd., 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $350,084, collateralized by U.S. Treasury Securities, 0.00% - 7.88%, due 11/15/2019 - 5/15/2049, with a value of $357,085.		350,000		350,000

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Nomura Securities Co. Ltd., 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $4,000,964, collateralized by FHLMC, 2.00% - 7.80%, due 9/15/2019 - 7/25/2058, FNMA, 2.16% - 8.50%, due 10/1/2019 - 2/1/2052, GNMA, 2.00% - 9.50%, due 9/15/2019 - 7/20/2069 and U.S. Treasury Securities, 0.13%, due 4/15/2020 with a value of $4,080,984.		4,000,000		4,000,000

Norinchukin Bank (The), 2.42%, dated 8/30/2019, due 9/6/2019, repurchase price $200,094, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $204,000.		200,000		200,000

Norinchukin Bank (The), 2.38%, dated 8/30/2019, due 9/12/2019, repurchase price $650,557, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $663,000.		650,000		650,000

Norinchukin Bank (The), 2.32%, dated 8/30/2019, due 10/11/2019, repurchase price $250,677, collateralized by U.S. Treasury Securities, 0.38% -3.63%, due 1/15/2021 - 4/15/2028, with a value of $255,000.		250,000		250,000

Norinchukin Bank (The), 2.14%, dated 8/30/2019, due 11/8/2019, repurchase price $451,873, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $459,000.		450,000		450,000

Norinchukin Bank (The), 2.11%, dated 8/30/2019, due 11/18/2019, repurchase price $200,938, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $204,000.		200,000		200,000

Norinchukin Bank (The), 2.11%, dated 8/30/2019, due 11/18/2019, repurchase price $251,172, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $255,000.		250,000		250,000

Norinchukin Bank (The), 2.10%, dated 8/30/2019, due 11/25/2019, repurchase price $502,538, collateralized by U.S. Treasury Securities, 0.38% -3.63%, due 1/15/2021 - 4/15/2028, with a value of $510,000.		500,000		500,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Norinchukin Bank (The), 2.09%, dated 8/30/2019, due 11/26/2019, repurchase price $552,810, collateralized by U.S. Treasury Securities, 0.38% - 3.63%, due 1/15/2021 - 4/15/2028, with a value of $561,000.		550,000		550,000

RBC Capital Markets LLC, 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $1,775,428, collateralized by FHLB, 3.50% - 4.00%, due 9/21/2028 - 2/14/2034, FHLMC, 1.75% - 6.00%, due 1/25/2021 - 5/15/2044, FNMA, 2.04% - 3.90%, due 9/25/2022 - 1/25/2043, GNMA, 2.50% - 4.00%, due 11/20/2044 - 3/20/2069, Tennessee Valley Authority, 4.63%, due 9/15/2060 and U.S. Treasury Securities, 1.25%, due 3/31/2021 with a value of $1,827,730.		1,775,000		1,775,000

Societe Generale SA, 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,241, collateralized by FHLB, 1.88%, due 12/11/2020, FHLMC, 2.65% - 5.97%, due 1/1/2020 -6/1/2049, FNMA, 2.35% - 4.50%, due 5/25/2023 - 5/1/2058, GNMA, 2.27% -5.00%, due 12/16/2027 - 4/20/2067 and U.S. Treasury Securities, 0.00% -3.00%, due 11/7/2019 - 2/15/2047 with a value of $1,020,008.		1,000,000		1,000,000

Societe Generale SA, 2.20%, dated 8/30/2019, due 9/13/2019, repurchase price $500,428, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 10/3/2019 - 5/15/2048 with a value of $510,000.		500,000		500,000

Societe Generale SA, 2.20%, dated 8/30/2019, due 9/17/2019, repurchase price $500,550, collateralized by FHLMC, 2.38% - 4.00%, due 1/13/2022 -6/1/2049, FNMA, 2.85% - 4.00%, due 5/25/2023 - 3/1/2049, GNMA, 3.00% -5.00%, due 9/15/2040 - 4/15/2057 and U.S. Treasury Securities, 0.00% -3.00%, due 11/7/2019 - 2/15/2047 with a value of $510,000.		500,000		500,000

Sumitomo Mitsui Banking Corp., 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $500,119, collateralized by U.S. Treasury Securities, 1.38% - 1.88%, due 8/31/2020 - 4/30/2022, with a value of $510,122.		500,000		500,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	39

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Sumitomo Mitsui Banking Corp., 2.17%, dated 8/30/2019, due 9/3/2019, repurchase price $3,000,723, collateralized by GNMA, 3.00% - 4.00%, due 10/20/2042 - 2/20/2048, with a value of $3,060,738.		3,000,000		3,000,000


Total Repurchase Agreements (Cost $83,251,364)				83,251,364

U.S. Government Agency Securities — 32.5%

FFCB

(US Treasury 3 Month Bill Money Market Yield + 0.06%), 2.02%, 9/3/2019 (b)		275,000		275,000

(US Federal Funds Effective Rate (continuous series) + 0.07%), 2.19%, 9/3/2019 (b)		250,000		250,000

(US Federal Funds Effective Rate (continuous series) + 0.10%), 2.22%, 9/3/2019 (b)		100,000		100,000

(US Federal Funds Effective Rate (continuous series) + 0.14%), 2.26%, 9/3/2019 (b)		425,000		425,000

(ICE LIBOR USD 1 Month + 0.04%), 2.27%, 9/3/2019 (b)		450,000		450,000

(Federal Reserve Bank Prime Loan Rate US - 2.98%), 2.27%, 9/3/2019 (b)		225,000		225,000

(Federal Reserve Bank Prime Loan Rate US - 2.98%), 2.27%, 9/3/2019 (b)		300,000		300,000

(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.32%, 9/3/2019 (b)		325,000		325,000

(ICE LIBOR USD 1 Month + 0.35%), 2.59%, 9/5/2019 (b)		50,000		50,216

(ICE LIBOR USD 1 Month - 0.03%), 2.20%, 9/7/2019 (b)		275,000		275,000

(ICE LIBOR USD 1 Month + 0.00%), 2.22%, 9/7/2019 (b)		90,000		89,980

(ICE LIBOR USD 1 Month + 0.04%), 2.26%, 9/7/2019 (b)		400,000		400,000

(ICE LIBOR USD 1 Month + 0.00%), 2.23%, 9/9/2019 (b)		400,000		400,000

(ICE LIBOR USD 3 Month - 0.11%), 2.34%, 9/11/2019 (b)		400,000		400,000

(ICE LIBOR USD 1 Month - 0.01%), 2.19%, 9/15/2019 (b)		200,000		199,941

(ICE LIBOR USD 1 Month + 0.05%), 2.24%, 9/16/2019 (b)		50,000		50,000

(ICE LIBOR USD 1 Month - 0.07%), 2.12%, 9/17/2019 (b)		275,000		275,000

(ICE LIBOR USD 1 Month - 0.06%), 2.11%, 9/23/2019 (b)		300,000		299,999


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


(ICE LIBOR USD 1 Month + 0.00%), 2.15%, 9/24/2019 (b)		300,000		299,975

(ICE LIBOR USD 1 Month + 0.04%), 2.19%, 9/24/2019 (b)		550,000		550,000

(ICE LIBOR USD 1 Month + 0.04%), 2.18%, 9/27/2019 (b)		185,000		184,989

(ICE LIBOR USD 1 Month + 0.03%), 2.14%, 9/30/2019 (b)		250,000		250,000

DN, 2.16%, 11/18/2019 (c)		25,000		24,884

(SOFR + 0.07%), 2.18%, 11/20/2019 (b)		105,000		105,000

FHLB

(SOFR + 0.02%), 2.14%, 9/3/2019 (b)		352,000		352,000

(SOFR + 0.03%), 2.14%, 9/3/2019 (b)		810,000		810,000

(SOFR + 0.03%), 2.15%, 9/3/2019 (b)		787,000		787,000

(SOFR + 0.04%), 2.16%, 9/3/2019 (b)		505,000		505,000

(ICE LIBOR USD 1 Month - 0.03%), 2.21%, 9/3/2019 (b)		350,000		350,000

(ICE LIBOR USD 1 Month - 0.03%), 2.21%, 9/3/2019 (b)		250,000		250,000

(ICE LIBOR USD 1 Month + 0.04%), 2.27%, 9/3/2019 (b)		900,000		900,000

(ICE LIBOR USD 3 Month - 0.23%), 2.29%, 9/3/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 2.29%, 9/3/2019 (b)		300,000		300,000

(ICE LIBOR USD 3 Month - 0.23%), 2.29%, 9/3/2019 (b)		250,000		250,000

(ICE LIBOR USD 1 Month - 0.02%), 2.22%, 9/4/2019 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.02%), 2.22%, 9/4/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 2.25%, 9/5/2019 (b)		250,000		250,000

(ICE LIBOR USD 1 Month - 0.03%), 2.19%, 9/7/2019 (b)		750,000		750,000

(ICE LIBOR USD 1 Month - 0.03%), 2.18%, 9/8/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 2.21%, 9/12/2019 (b)		1,000,000		1,000,000

(ICE LIBOR USD 3 Month - 0.23%), 2.22%, 9/13/2019 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.04%), 2.16%, 9/15/2019 (b)		500,000		500,000

(ICE LIBOR USD 1 Month - 0.06%), 2.13%, 9/17/2019 (b)		3,250,000		3,250,000

(ICE LIBOR USD 3 Month - 0.13%), 2.28%, 9/17/2019 (b)		400,000		400,000

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — continued

DN, 2.15%, 9/20/2019 (c)		245,000		244,722

(ICE LIBOR USD 3 Month - 0.20%), 2.19%, 9/20/2019 (b)		700,000		700,000

(ICE LIBOR USD 1 Month - 0.04%), 2.11%, 9/25/2019 (b)		250,000		250,000

(ICE LIBOR USD 1 Month - 0.04%), 2.11%, 9/27/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.15%), 2.18%, 10/3/2019 (b)		200,000		199,988

(ICE LIBOR USD 3 Month - 0.09%), 2.23%, 10/4/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.12%), 2.22%, 10/13/2019 (b)		250,000		250,000

(ICE LIBOR USD 3 Month - 0.12%), 2.22%, 10/14/2019 (b)		600,000		600,000

2.24%, 10/25/2019		100,000		100,013

(ICE LIBOR USD 3 Month - 0.12%), 2.13%, 11/1/2019 (b)		500,000		500,000

(SOFR + 0.03%), 2.15%, 11/6/2019 (b)		274,000		274,000

(ICE LIBOR USD 3 Month - 0.21%), 2.00%, 11/7/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.21%), 2.00%, 11/7/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 1.96%, 11/8/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 1.96%, 11/8/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.12%), 2.06%, 11/12/2019 (b)		1,000,000		1,000,000

(SOFR + 0.02%), 2.14%, 11/14/2019 (b)		424,000		424,000

(SOFR + 0.06%), 2.18%, 11/14/2019 (b)		500,000		500,000

(ICE LIBOR USD 3 Month - 0.23%), 1.93%, 11/15/2019 (b)		500,000		500,000

(SOFR + 0.03%), 2.15%, 11/21/2019 (b)		380,000		380,000

(SOFR + 0.07%), 2.18%, 11/26/2019 (b)		1,110,000		1,110,000

DN, 1.98%, 11/27/2019 (c)		623,000		620,037

2.10%, 11/29/2019		1,000,000		999,962

2.10%, 11/29/2019		1,000,000		999,922

DN, 2.16%, 12/13/2019 (c)		27,000		26,834

2.10%, 12/30/2019		1,000,000		999,974

2.07%, 1/15/2020		200,000		199,981

2.07%, 1/17/2020		250,000		249,976

2.07%, 1/17/2020		750,000		749,929

2.07%, 1/17/2020		750,000		749,929


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


2.07%, 1/27/2020		350,000		349,968

2.57%, 3/12/2020		935,000		935,000

2.58%, 3/20/2020		900,000		900,000

FHLMC

(SOFR + 0.02%), 2.14%, 9/3/2019 (b)		2,180,000		2,180,000

(SOFR + 0.02%), 2.14%, 9/3/2019 (b)		1,500,000		1,500,000

(SOFR + 0.02%), 2.14%, 9/3/2019 (b)		645,000		645,000

(SOFR + 0.04%), 2.16%, 9/3/2019 (b)		2,150,000		2,150,000

(SOFR + 0.02%), 2.21%, 9/4/2019 (b)		1,150,000		1,150,000

DN, 2.43%, 9/18/2019 (c)		2,000,000		1,997,710

DN, 2.42%, 9/24/2019 (c)		195,653		195,350

DN, 2.13%, 11/19/2019 (c)		500,000		497,674

DN, 2.12%, 11/29/2019 (c)		250,000		248,696

(SOFR + 0.03%), 2.22%, 12/2/2019 (b)		875,000		875,000

DN, 2.11%, 12/12/2019 (c)		250,000		248,513


Total U.S. Government Agency Securities (Cost $48,861,162)				48,861,162


U.S. Treasury Obligations — 9.4%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.00%, 9/3/2019 (b)		2,779,000		2,779,485

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.00%, 9/3/2019 (b)		4,024,000		4,023,809

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.01%, 9/3/2019 (b)		50,000		50,003

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.07%, 9/3/2019 (b)		997,000		996,520

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.10%, 9/3/2019 (b)		2,175,450		2,174,821

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 2.18%, 9/3/2019 (b)		2,200,000		2,199,421

U.S. Treasury Notes

1.50%, 10/31/2019		500,000		499,229

1.13%, 12/31/2019		200,000		199,412

1.63%, 12/31/2019		815,000		813,917

1.38%, 1/31/2020		291,000		290,117


Total U.S. Treasury Obligations (Cost $14,026,734)				14,026,734

Short-Term Investments — 2.6%

U.S. Treasury Obligations — 2.6%

U.S. Treasury Bills

2.48%, 9/5/2019 (c)		60,000		59,984

2.22%, 10/10/2019 (c)		1,695,000		1,690,938

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	41

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

U.S. Treasury Obligations — continued

1.96%, 2/6/2020 (c)		2,125,000		2,106,901


Total U.S. Treasury Obligations (Cost $3,857,823)				3,857,823


TotalShort-Term Investments (Cost $3,857,823)				3,857,823

Total Investments — 99.9% (Cost $149,997,083) *				149,997,083
Other Assets Less Liabilities — 0.1%				179,710

NET ASSETS — 100.0%				150,176,793

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
SOFR		Secured Overnight Financing 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, 2019.
(c)		The rate shown is the effective yield as of August 31, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$8,200,000	$	8,201,977	$	8,366,017

Repurchase Agreements — August 30, 2019, 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	2.17%	$	900,000
TD Securities (USA) LLC	2.17%		1,800,000
Wells Fargo Securities LLC	2.17%		5,500,000

Total		$	8,200,000

At August 30, 2019, the Agency Joint Trading Account I was fully collateralized by:



Issuer	Interest Rates			Maturity Dates
FFCB		2.11	% - 2.76%		12/13/2021 - 2/12/2027
FHLB		2.29	% - 2.87%		12/3/2019 - 8/8/2036
FHLMC		2.50	% - 7.50%		9/5/2019 - 8/1/2049
FNMA		2.35	% - 8.50%		1/1/2026 - 2/1/2056
GNMA		2.00	% - 6.00%		2/15/2024 - 7/20/2049
Tennessee Valley Authority		4.63	%		9/15/2060
U.S. Treasury Securities		0.00	% - 8.75%		12/26/2019 - 11/15/2048

^[2] Agency Joint Trading Account II — At August 30, 2019, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 3, 2019, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$831,901	$	832,100	$	848,575

Repurchase Agreements — At August 30, 2019, 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
Bofa Securities, Inc.	2.16%	$	612,371
Citibank NA	2.18%		103,988
Citigroup Global Markets Holdings, Inc.	2.18%		115,542

Total		$	831,901

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

At August 30, 2019, the Agency Joint Trading Account II was fully collateralized by:



Issuer	Interest Rates			Maturity Dates
FHLMC		2.60	% - 5.00%		8/1/2025 - 8/1/2049
FNMA		2.23	% - 6.10%		4/1/2021 - 9/1/2049
GNMA		2.50	% - 5.70%		6/15/2042 - 8/20/2069
U.S. Treasury Securities		3.13	% - 3.63%		11/15/2028 - 8/15/2043

^[3] Agency Joint Trading Account III — At August 30, 2019, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of September 3, 2019, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Government Money Market Fund	$94,985	$	95,008	$	96,908

Repurchase Agreements — At August 30, 2019, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account III were as follows (amounts in thousands):

At August 30, 2019, the Agency Joint Trading Account III was fully collateralized by:



Issuer	Interest Rates			Maturity Dates
FHLMC		4.89	% - 6.50%		10/15/2023 - 8/1/2037
FNMA		2.50	% - 8.50%		6/18/2027 - 10/1/2048

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	43

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 60.3%

Barclays Capital, Inc., 2.20%, dated 8/30/2019, due 9/4/2019, repurchase price $200,061, collateralized by U.S. Treasury Securities, 2.38%, due 4/30/2026, with a value of $204,000.		200,000		200,000

BNP Paribas SA, 2.45%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,272, collateralized by U.S. Treasury Securities, 0.00% - 6.25%, due 4/30/2020 - 2/15/2049 with a value of $1,028,677.		1,000,000		1,000,000

BNP Paribas SA, 2.05%, dated 8/30/2019, due 9/6/2019, repurchase price $1,000,399, collateralized by U.S. Treasury Securities, 0.00% - 6.00%, due 8/31/2019 - 11/15/2048, with a value of $1,023,601.		1,000,000		1,000,000

BNP Paribas SA, 2.26%, dated 8/30/2019, due 9/6/2019, repurchase price $500,220, collateralized by U.S. Treasury Securities, 0.00% - 4.50%, due 4/30/2020 - 5/15/2047 with a value of $512,914.		500,000		500,000

Bofa Securities, Inc., 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $69,634, collateralized by U.S. Treasury Securities, 3.88%, due 4/15/2029, with a value of $71,009.		69,617		69,617

Citigroup Global Markets Holdings, Inc., 2.19%, dated 8/30/2019, due 9/4/2019, repurchase price $950,289, collateralized by U.S. Treasury Securities, 0.13% - 6.75%, due 6/30/2026 - 5/15/2027, with a value of $969,000.		950,000		950,000

Deutsche Bank Securities, Inc., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $250,060, collateralized by U.S. Treasury Securities, 0.00% - 2.50%, due 9/30/2022 - 2/15/2044, with a value of $255,000.		250,000		250,000

Fixed Income Clearing Corp., 2.10%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,233, collateralized by U.S. Treasury Securities, 3.13% - 3.75%, due 11/15/2043 - 8/15/2044, with a value of $1,020,006.		1,000,000		1,000,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,240, collateralized by U.S. Treasury Securities, 0.38% - 2.25%, due 11/15/2026 - 2/15/2027, with a value of $1,020,002.		1,000,000		1,000,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $1,800,432, collateralized by U.S. Treasury Securities, 2.13% - 4.63%, due 5/15/2028 - 11/15/2043, with a value of $1,836,005.		1,800,000		1,800,000

Fixed Income Clearing Corp., 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $2,500,600, collateralized by U.S. Treasury Securities, 0.63% - 3.00%, due 2/28/2021 - 9/30/2025, with a value of $2,550,000.		2,500,000		2,500,000

Goldman Sachs & Co. LLC, 2.17%, dated 8/30/2019, due 9/4/2019, repurchase price $500,151, collateralized by U.S. Treasury Securities, 0.00% - 5.50%, due 8/15/2021 - 2/15/2047, with a value of $510,000.		500,000		500,000

J.P. Morgan Securities LLC, 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $250,060, collateralized by U.S. Treasury Securities, 2.75% - 2.88%, due 6/30/2025 - 5/15/2028, with a value of $255,061.		250,000		250,000

Natixis SA, 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,239, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 12/5/2019 - 8/15/2048, with a value of $1,020,244.		1,000,000		1,000,000

Natixis SA, 2.19%, dated 8/30/2019, due 9/6/2019, repurchase price $1,700,724, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 9/19/2019 -11/15/2048 with a value of $1,743,494.		1,700,000		1,700,000

Natwest Markets Securities, Inc., 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $1,000,239, collateralized by U.S. Treasury Securities, 1.25% - 3.00%, due 7/15/2020 - 8/15/2048, with a value of $1,020,244.		1,000,000		1,000,000

Norinchukin Bank (The), 2.38%, dated 8/30/2019, due 9/12/2019, repurchase price $200,172, collateralized by U.S. Treasury Securities, 2.00%, due 11/15/2026, with a value of $204,000.		200,000		200,000

Norinchukin Bank (The), 2.32%, dated 8/30/2019, due 10/11/2019, repurchase price $250,677, collateralized by U.S. Treasury Securities, 2.00%, due 11/15/2026, with a value of $255,000.		250,000		250,000

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Societe Generale SA, 2.06%, dated 8/30/2019, due 10/23/2019, repurchase price $551,700, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 10/31/2019 - 2/15/2049, with a value of $561,000.		550,000		550,000

Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 2.15% - 2.16%, dated 8/30/2019, due 9/3/2019, repurchase price $2,625,627. ^[1]		2,625,000		2,625,000

Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 2.15%, dated 8/30/2019, due 9/3/2019, repurchase price $655,545.^[3]		655,388		655,388


Total Repurchase Agreements (Cost $19,000,005)				19,000,005


U.S. Treasury Obligations - 28.1%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.96%, 9/3/2019 (b)		990,000		989,965

(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.99%, 9/3/2019 (b)		1,023,000		1,023,068

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.00%, 9/3/2019 (b)		770,000		769,993

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.00%, 9/3/2019 (b)		1,800,000		1,799,534

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.01%, 9/3/2019 (b)		52,000		52,000

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.07%, 9/3/2019 (b)		800,000		799,904

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.10%, 9/3/2019 (b)		700,000		699,699

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 2.18%, 9/3/2019 (b)		900,000		899,847

U.S. Treasury Notes

0.88%, 9/15/2019		100,000		99,940

1.00%, 9/30/2019		500,000		499,410

1.13%, 12/31/2019		117,000		116,656

1.38%, 1/31/2020		114,000		113,748

3.63%, 2/15/2020		387,000		389,830

1.25%, 2/29/2020		121,000		120,613

1.38%, 2/29/2020		226,000		225,290

2.25%, 3/31/2020		200,000		200,412

1.38%, 4/30/2020		67,000		66,693


Total U.S. Treasury Obligations (Cost $8,866,602)				8,866,602


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 9.8%

U.S. Treasury Obligations — 9.8%

U.S. Treasury Bills

2.48%, 9/5/2019 (c)		200,000		199,946

2.14%, 9/24/2019 (c)		340,000		339,536

2.44%, 9/26/2019 (c)		500,000		499,163

2.22%, 10/10/2019 (c)		442,000		440,942

2.16%, 12/12/2019 (c)		150,000		149,092

2.05%, 12/26/2019 (c)		60,000		59,607

2.10%, 1/9/2020 (c)		400,000		396,996

1.96%, 2/6/2020 (c)		500,000		495,743

1.85%, 2/20/2020 (c)		497,000		492,637


Total U.S. Treasury Obligations (Cost $3,073,662)				3,073,662


TotalShort-Term Investments (Cost $3,073,662)				3,073,662

Total Investments — 98.2% (Cost $30,940,269) *				30,940,269
Other Assets Less Liabilities — 1.8%				561,901

NET ASSETS — 100.0%				31,502,170

Percentages indicated are based on net assets.

Abbreviations


(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, 2019.
(c)		The rate shown is the effective yield as of August 31, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

Additional Investment Information:

^[1] Treasury Joint Trading Account I — At August 30, 2019, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of September 3, 2019, as follows (amounts in thousands):



Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$2,625,000	$	2,625,627	$	2,678,112

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	45

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Repurchase Agreements — At August 30, 2019, 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
BNP Paribas SA	2.15%	$	913,044
Citibank NA	2.16%		114,130
Wells Fargo Securities LLC	2.15%		1,597,826

Total		$	2,625,000

At August 30, 2019, the Treasury Joint Account I was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
U.S. Treasury Securities		0.00	% - 8.13%		9/3/2019 -5/15/2048

^[3] Treasury Joint Trading Account III — At August 30, 2019, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of September 3, 2019, as follows (amounts in thousands):


Fund	Principal Amount	Repurchase Price		Collateral Value Allocation
JPMorgan U.S. Treasury Plus Money Market Fund	$655,388	$	655,545	$	688,496

Repurchase Agreements — At August 30, 2019, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account III were as follows (amounts in thousands):


Counterparty	Interest Rate	JPMorgan U.S. Treasury Plus Money Market Fund
Bofa Securities, Inc.	2.15%	$	374,507
Credit Agricole Corporate and Investment Bank	2.15%		187,254
Societe Generale	2.15%		93,627

Total		$	655,388

At August 30, 2019, the Treasury Joint Account III was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
U.S. Treasury Securities		0.00	% - 6.38%		10/31/2019 - 8/15/2048

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Government Agency Securities — 71.7%

FFCB

(US Treasury 3 Month Bill Money Market Yield + 0.10%), 2.05%, 9/3/2019 (b)		25,000		25,000

(US Federal Funds Effective Rate (continuous series) + 0.10%), 2.22%, 9/3/2019 (b)		75,000		75,000

(US Federal Funds Effective Rate (continuous series) + 0.11%), 2.23%, 9/3/2019 (b)		42,000		41,995

(US Federal Funds Effective Rate (continuous series) + 0.13%), 2.25%, 9/3/2019 (b)		25,000		25,000

(Federal Reserve Bank Prime Loan Rate US - 2.96%), 2.29%, 9/3/2019 (b)		50,000		50,000

(Federal Reserve Bank Prime Loan Rate US - 2.93%), 2.32%, 9/3/2019 (b)		25,000		25,000

(Federal Reserve Bank Prime Loan Rate US - 2.91%), 2.34%, 9/3/2019 (b)		25,000		24,999

(ICE LIBOR USD 1 Month - 0.01%), 2.19%, 9/15/2019 (b)		50,000		49,985

DN, 2.10%, 10/21/2019 (c)		15,000		14,957

FHLB

(SOFR + 0.03%), 2.14%, 9/3/2019 (b)		25,000		25,000

(SOFR + 0.03%), 2.14%, 9/3/2019 (b)		20,000		20,000

DN, 2.06%, 9/3/2019 (c)		5,000		4,999

(3 Month Treasury Bill Rate + 0.07%), 2.06%, 9/3/2019 (b)		25,000		25,000

DN, 2.08%, 9/4/2019 (c)		75,000		74,987

DN, 2.15%, 9/16/2019 (c)		75,000		74,933

DN, 2.14%, 9/18/2019 (c)		100,000		99,899

DN, 2.03%, 9/20/2019 (c)		60,159		60,095

DN, 2.08%, 9/25/2019 (c)		144,230		144,030

DN, 2.13%, 9/26/2019 (c)		50,000		49,926

DN, 2.14%, 9/27/2019 (c)		112,301		112,128

DN, 2.12%, 9/30/2019 (c)		50,000		49,915

DN, 2.14%, 10/3/2019 (c)		75,000		74,857

DN, 2.03%, 10/9/2019 (c)		75,000		74,839

DN, 2.14%, 10/11/2019 (c)		75,000		74,822

DN, 2.10%, 10/16/2019 (c)		75,000		74,804

DN, 2.11%, 10/18/2019 (c)		150,000		149,587

DN, 2.11%, 10/23/2019 (c)		50,000		49,848

DN, 2.11%, 10/25/2019 (c)		66,000		65,792

DN, 2.11%, 10/30/2019 (c)		50,000		49,828

(SOFR + 0.02%), 2.14%, 11/14/2019 (b)		20,000		20,000

DN, 1.97%, 11/22/2019 (c)		75,000		74,665

2.57%, 3/12/2020		20,000		20,000


Total U.S. Government Agency Securities (Cost $1,801,890)				1,801,890


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 12.3%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.96%, 9/3/2019 (b)		50,000		49,975

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.00%, 9/3/2019 (b)		25,000		24,985

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.07%, 9/3/2019 (b)		75,000		74,988

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 2.18%, 9/3/2019 (b)		40,000		40,004

U.S. Treasury Notes

3.38%, 11/15/2019		100,000		100,286

3.63%, 2/15/2020		20,000		20,151


Total U.S. Treasury Obligations (Cost $310,389)				310,389

Short-Term Investments — 14.9%

U.S. Treasury Obligations — 14.9%

U.S. Treasury Bills

2.03%, 9/16/2019 (c)		37,000		36,969

2.02%, 9/17/2019 (c)		38,000		37,966

2.15%, 9/24/2019 (c)		100,000		99,863

2.11%, 10/1/2019 (c)		100,000		99,825

1.97%, 10/22/2019 (c)		100,000		99,721


Total U.S. Treasury Obligations (Cost $374,344)				374,344


TotalShort-Term Investments (Cost $374,344)				374,344

Total Investments — 98.9% (Cost $2,486,623) *				2,486,623
Other Assets Less Liabilities — 1.1%				27,352

NET ASSETS — 100.0%				2,513,975

Percentages indicated are based on net assets.

Abbreviations


DN		Discount Notes
FFCB		Federal Farm Credit Bank
FHLB		Federal Home Loan Bank
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing 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, 2019.
(c)		The rate shown is the effective yield as of August 31, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	47

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
U.S. Treasury Obligations — 23.3%

U.S. Treasury Floating Rate Notes

(US Treasury 3 Month Bill Money Market Yield + 0.00%), 1.96%, 9/3/2019 (b)		599,000		598,945

(US Treasury 3 Month Bill Money Market Yield + 0.03%), 1.99%, 9/3/2019 (b)		1,618,400		1,618,348

(US Treasury 3 Month Bill Money Market Yield + 0.04%), 2.00%, 9/3/2019 (b)		1,207,775		1,207,744

(US Treasury 3 Month Bill Money Market Yield + 0.05%), 2.00%, 9/3/2019 (b)		2,250,000		2,249,798

(US Treasury 3 Month Bill Money Market Yield + 0.12%), 2.07%, 9/3/2019 (b)		1,974,400		1,974,020

(US Treasury 3 Month Bill Money Market Yield + 0.14%), 2.10%, 9/3/2019 (b)		1,750,000		1,749,456

(US Treasury 3 Month Bill Money Market Yield + 0.22%), 2.18%, 9/3/2019 (b)		1,400,000		1,399,891

U.S. Treasury Notes

1.00%, 9/30/2019		100,000		99,887

1.38%, 9/30/2019		100,000		99,916

1.75%, 9/30/2019		600,000		599,675

1.25%, 10/31/2019		43,000		42,918

1.50%, 10/31/2019		601,000		600,218

3.38%, 11/15/2019		323,000		323,924

3.63%, 2/15/2020		460,000		463,469

1.38%, 3/31/2020		500,000		497,928

2.25%, 3/31/2020		570,000		570,480


Total U.S. Treasury Obligations (Cost $14,096,617)				14,096,617

Short-Term Investments — 81.1%

U.S. Treasury Obligations — 81.1%

U.S. Treasury Bills

2.16%, 9/3/2019 (c)		3,573,000		3,572,573

2.13%, 9/10/2019 (c)		5,100,000		5,097,287

2.13%, 9/17/2019 (c)		5,500,000		5,494,818


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


U.S. Treasury Obligations — continued

2.15%, 9/24/2019 (c)		5,000,000		4,993,168

1.51%, 10/1/2019 (c)		5,000,000		4,991,499

2.42%, 10/3/2019 (c)		100,000		99,788

2.04%, 10/8/2019 (c)		4,999,600		4,989,173

2.35%, 10/10/2019 (c)		3,124,000		3,116,117

1.96%, 10/15/2019 (c)		5,000,000		4,988,066

2.39%, 10/17/2019 (c)		1,350,000		1,345,918

1.99%, 10/22/2019 (c)		5,000,000		4,985,946

1.56%, 10/29/2019 (c)		2,400,000		2,392,532

1.98%, 11/14/2019 (c)		2,500,000		2,489,888

2.04%, 1/9/2020 (c)		200,000		198,544

2.03%, 1/23/2020 (c)		200,000		198,390


Total U.S. Treasury Obligations (Cost $48,953,707)				48,953,707


TotalShort-Term Investments (Cost $48,953,707)				48,953,707

Total Investments — 104.4% (Cost $63,050,324) *				63,050,324
Liabilities in Excess of Other Assets — (4.4)%				(2,669,906	)

NET ASSETS — 100.0%				60,380,418

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, 2019.
(c)		The rate shown is the effective yield as of August 31, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 71.6%

Alabama — 0.3%

East Alabama Health Care Authority, Health Care Facilities Series B, Rev., VRDO, 1.39%, 9/9/2019 (b)		29,369		29,369

Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 1.35%, 9/3/2019 (b)		2,425		2,425

Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project

Series A, Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/9/2019 (b) (c)		6,970		6,970

Series B, Rev., VRDO, LOC: Societe Generale, 1.40%, 9/9/2019 (b) (c)		4,970		4,970


				43,734


Alaska — 0.8%

Alaska Housing Finance Corp., Home Mortgage

Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.30%, 9/9/2019 (b)		34,500		34,500

Series A, Rev., VRDO, LIQ: FHLB, 1.30%, 9/9/2019 (b)		14,280		14,280

Series B, Rev., VRDO, LIQ: FHLB, 1.30%, 9/9/2019 (b)		14,245		14,245

Alaska Housing Finance Corp., Various, Governmental Purpose Series A, Rev., VRDO, LIQ: FHLMC, 1.30%, 9/9/2019 (b)		23,685		23,685

City of Valdez, Exxon Pipeline Co. ProjectSeries 1993-C, Rev., VRDO, 1.35%, 9/3/2019 (b)		10,400		10,400


				97,110


Arizona — 1.4%

Arizona Health Facilities Authority, Banner Health Series H, Rev., VRDO, LOC: Northern Trust Co., 1.38%, 9/9/2019 (b)		37,000		37,000

Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.35%, 9/9/2019 (b)		3,680		3,680

Arizona State University Series A, Rev., VRDO, 1.35%, 9/9/2019 (b)		14,750		14,750

Maricopa County Industrial Development Authority, Banner Health Series F, Rev., VRDO, 1.32%, 9/9/2019 (b)		80,000		80,000

Maricopa County Industrial Development Authority, Multifamily Housing, San Clemente Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.38%, 9/9/2019 (b)		18,200		18,200


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Arizona — continued

Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/9/2019 (b)		34,655		34,655


				188,285


California — 2.1%

Abag Finance Authority for Nonprofit Corp., Multifamily Housing, Crossing Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		19,050		19,050

California Pollution Control Financing Authority, Solid Waste Disposal, Recology, Inc. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.37%, 9/9/2019 (b)		12,385		12,385

California Statewide Communities Development Authority, Kaiser Permanente Series M, Rev., VRDO, 1.25%, 9/9/2019 (b)		3,900		3,900

California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court Series B, Rev., VRDO, FNMA, LOC: FNMA, 1.51%, 9/9/2019 (b)		23,345		23,345

California Statewide Communities Development Authority, Multifamily Housing, Wyndover Apartments Series LL, Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		10,000		10,000

City & County of San Francisco, Multifamily Housing, Transbay Block 8 Tower Apartments

Series H-2, Rev., VRDO, LOC: Bank of China, 1.36%, 9/9/2019 (b)		61,565		61,565

Series H-1, Rev., VRDO, LOC: Bank of China, 1.40%, 9/9/2019 (b)		55,390		55,390

County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project Rev., VRDO, LOC: Bank of America NA, 1.39%, 9/9/2019 (b)		5,800		5,800

San Francisco City & County Airport Commission, International AirportSeries A-3, Rev., VRDO, AMT, LOC: Bank of America NA, 1.40%, 9/9/2019 (b)		35,000		35,000

Tender Option Bond Trust Receipts/Certificates

Series XF0568, Rev., VRDO, LIQ: Bank of America NA, 1.35%, 9/9/2019 (b) (c)		14,400		14,400

Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.45%, 9/9/2019 (b) (c)		35,480		35,480


				276,315

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	49

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Colorado — 2.2%

City of Colorado Springs, Utilities System

Series C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.35%, 9/9/2019 (b)		18,335		18,335

Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.37%, 9/9/2019 (b)		7,125		7,125

City of Colorado Springs, Utilities System, Subordinate Lien Series A, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.38%, 9/9/2019 (b)		40,930		40,930

Colorado Educational and Cultural Facilities Authority, Nature Conservancy Project Series 2012, Rev., VRDO, 1.39%, 9/9/2019 (b)		47,580		47,580

Colorado Housing and Finance Authority, Single Family Mortgage Series 2019 D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.40%, 9/9/2019 (b)		22,500		22,500

County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, FHLMC, LOC: FHLMC, 1.35%, 9/9/2019 (b)		13,920		13,920

State of Colorado, General Fund Tax Rev., TRAN, 5.00%, 6/26/2020		50,000		51,557

University of Colorado Hospital Authority

Series 2018-B, Rev., VRDO, LIQ: TD Bank NA, 1.36%, 9/9/2019 (b)		35,700		35,700

Series 2018-C, Rev., VRDO, LIQ: TD Bank NA, 1.36%, 9/9/2019 (b)		50,000		50,000


				287,647


Connecticut — 1.2%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

SubseriesA-3, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.34%, 9/9/2019 (b)		20,335		20,335

Subseries B-3, Rev., VRDO, LIQ: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		10,000		10,000

Subseries F-5, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.35%, 9/9/2019 (b)		48,200		48,200

Subseries C-3, Rev., VRDO, AMT, LIQ: TD Bank NA, 1.40%, 9/9/2019 (b)		20,000		20,000

Series D, Subseries D-3, Rev., VRDO, AMT, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.41%, 9/9/2019 (b)		33,355		33,355

State of Connecticut, Health and Educational Facilities Authority, Yale New Haven Hospital Issue Series O, Rev., VRDO, 1.35%, 9/9/2019 (b)		21,000		21,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Connecticut — continued

Tender Option Bond Trust Receipts/Certificates GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		5,000		5,000


				157,890


Delaware — 0.1%

Delaware State Health Facilities Authority, Christiana Care Health Services Series B, Rev., VRDO, 1.36%, 9/9/2019 (b)		17,530		17,530


District of Columbia — 2.5%

District of Columbia, Georgetown University

Series C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.33%, 9/9/2019 (b)		33,055		33,055

Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.36%, 9/9/2019 (b)		22,525		22,525

District of Columbia, Medlantic/Helix Issue, Tranche II Series A, Rev., VRDO, LOC: TD Bank NA, 1.36%, 9/9/2019 (b)		21,610		21,610

District of Columbia, The Pew Charitable Trust Series A, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		92,755		92,755

District of Columbia, Water and Sewer Authority, Public Utility Subordinated Lien Multimodal, Weekly Rate Period Series B, Subseries B-1, Rev., VRDO, LIQ: TD Bank NA, 1.39%, 9/9/2019 (b)		22,510		22,510

Metropolitan Washington Airports Authority, Airport System

Series A, SubseriesA-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.38%, 9/9/2019 (b)		50,215		50,215

Series D, Subseries D-2, Rev., VRDO, LOC: TD Bank NA, 1.38%, 9/9/2019 (b)		13,625		13,625

Series D-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.40%, 9/9/2019 (b)		19,140		19,140

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries E-108, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		50,000		50,000


				325,435


Florida — 1.8%

City of Jacksonville, Health Care Facilities, Baptist Health

Series 2019 B, Rev., VRDO, 1.33%, 9/9/2019 (b)		46,990		46,990

Series 2019 C, Rev., VRDO, 1.33%, 9/9/2019 (b)		4,025		4,025

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Florida — continued

County of Miami-Dade, Juvenile Courthouse Series B, Rev., VRDO, AMBAC, LOC: TD Bank NA, 1.36%, 9/9/2019 (b)		5,000		5,000

County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 1.35%, 9/9/2019 (b)		20,000		20,000

Florida Department of Environmental Protection, Everglades Restoration Series A, Rev., VRDO, AGC, 1.37%, 9/9/2019 (b)		4,175		4,175

Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.35%, 9/9/2019 (b)		16,575		16,575

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group

Series I-2, Rev., VRDO, 1.34%, 9/9/2019 (b)		39,825		39,825

Series 2012I, Rev., VRDO, 1.35%, 9/9/2019 (b)		30,300		30,300

Series I-1, Rev., VRDO, 1.36%, 9/9/2019 (b)		26,770		26,770

Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		2,845		2,845

Orange County Housing Finance Authority, Multifamily, Post Fountains Project Rev., VRDO, FNMA, LIQ: FNMA, 1.35%, 9/9/2019 (b)		13,800		13,800

Osceola County Multi-Family Housing Finance Authority, Regatta Bay Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		10,230		10,230

Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		8,530		8,530

Tender Option Bond Trust Receipts/CertificatesSeries 2019-XF2817, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		6,400		6,400


				235,465


Georgia — 0.4%

Brookhaven Development Authority, Children’s Healthcare Series D, Rev., VRDO, LIQ: PNC Bank NA, 1.35%, 9/9/2019 (b)		43,000		43,000

Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 1.47%, 9/9/2019 (b)		1,810		1,810


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Georgia — continued

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 1.39%, 9/9/2019 (b) (c)		7,500		7,500


				52,310


Hawaii — 0.2%

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-13, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		20,000		20,000



Idaho — 0.4%

City of Coeur d’Alene Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/9/2019 (b)		3,375		3,375

State of Idaho GO, TAN, 3.00%, 6/30/2020		50,000		50,696


				54,071


Illinois — 4.7%

Chicago Midway International Airport, Second LienSeries C-1, Rev., VRDO, AMT, LOC: Bank of Montreal, 1.40%, 9/9/2019 (b)		38,790		38,790

Chicago O’Hare International Airport, Third Lien Rev., VRDO, LOC: Barclays Bank plc, 1.37%, 9/9/2019 (b)		77,200		77,200

City of Galesburg, Knox College Project Series 1996, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		4,300		4,300

County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.40%, 9/9/2019 (b)		835		835

County of Lake, Multifamily Housing, Whispering Oaks Apartments Project Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		21,500		21,500

County of Will, ExxonMobil Project Rev., VRDO, 1.39%, 9/3/2019 (b)		17,560		17,560

Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 1.35%, 9/9/2019 (b)		11,790		11,790

Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 1.40%, 9/9/2019 (b)		8,000		8,000

Illinois Finance Authority, Advocate Healthcare Network Subseries C-3A, Rev., VRDO, LIQ: Northern Trust Co., 1.38%, 9/9/2019 (b)		17,150		17,150

Illinois Finance Authority, Bradley University

Series A, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		28,385		28,385

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	51

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — continued

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		12,790		12,790

Illinois Finance Authority, Chicago Historical Society Rev., VRDO, LOC: BMO Harris Bank NA, 1.36%, 9/9/2019 (b)		47,025		47,025

Illinois Finance Authority, Chicago Symphony Orchestra Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		43,015		43,015

Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated GroupSeries 2012-G, Rev., VRDO, LOC: Bank of Montreal, 1.36%, 9/9/2019 (b)		20,945		20,945

Illinois Finance Authority, Mccormick TheologicalSeries 2001-B, Rev., VRDO, LOC: Northern Trust Co., 1.34%, 9/9/2019 (b)		15,250		15,250

Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.36%, 9/9/2019 (b)		12,300		12,300

Illinois Finance Authority, Northwestern Memorial Hospital

Series A-4, Rev., VRDO, LIQ: TD Bank NA, 1.40%, 9/3/2019 (b)		4,160		4,160

Series A-1, Rev., VRDO, 1.35%, 9/9/2019 (b)		15,000		15,000

Illinois Finance Authority, The University of Chicago Medical Center

Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.38%, 9/3/2019 (b)		5,955		5,955

Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.36%, 9/9/2019 (b)		38,820		38,820

Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 1.35%, 9/9/2019 (b)		15,000		15,000

Illinois Finance Authority, University of Chicago Series B, Rev., VRDO, 1.34%, 9/9/2019 (b)		19,419		19,419

Illinois Housing Development Authority, Alden Gardens Bloomingdale Rev., VRDO, LOC: BMO Harris Bank NA, 1.36%, 9/9/2019 (b)		7,790		7,790

Illinois Housing Development Authority, Homeowner Mortgage

Series 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLB, 1.35%, 9/9/2019 (b)		12,500		12,500

Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 1.44%, 9/9/2019 (b)		5,420		5,420


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Illinois — continued

Illinois Housing Development Authority, Multifamily Housing, Prairie Station Apartments Rev., VRDO, FNMA, LIQ: FNMA, 1.39%, 9/9/2019 (b)		17,900		17,900

Illinois State Toll Highway Authority, Variable Rate Senior Priority

Series A-1B, Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/9/2019 (b)		20,000		20,000

Series A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.40%, 9/9/2019 (b)		63,600		63,600

Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services Rev., VRDO, LOC: Wells Fargo Bank NA, 1.39%, 9/9/2019 (b)		21,300		21,300

Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		9,200		9,200


				632,899


Indiana — 1.2%

Indiana Finance Authority, Ascention Health SR Credit GroupSeries E-8, Rev., VRDO, 1.38%, 9/9/2019 (b)		39,525		39,525

Indiana Finance Authority, Duke Energy Indiana, Inc., ProjectSeries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.43%, 9/9/2019 (b)		30,610		30,610

Indiana Finance Authority, Educational Facilities, Depauw University Project Series A, Rev., VRDO, LOC: BMO Harris Bank NA, 1.32%, 9/9/2019 (b)		4,910		4,910

Indiana Finance Authority, Parkview Health System Obligated Group

Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.37%, 9/3/2019 (b)		7,075		7,075

Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.40%, 9/9/2019 (b)		53,375		53,375

Indiana Health and Educational Facilities Financing Authority, Community Hospital Lagrange County Series A, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		17,095		17,095

Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.33%, 9/9/2019 (b)		13,975		13,975


				166,565

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Iowa — 1.5%

Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project

Rev., VRDO, 1.40%, 9/9/2019 (b)		20,750		20,750

Rev., VRDO, 1.42%, 9/9/2019 (b)		27,635		27,635

Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Series 2011, Rev., VRDO, LOC: U.S. Bank NA, 1.37%, 9/9/2019 (b)		6,130		6,130

Iowa Finance Authority, Multi-Family Housing Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.40%, 9/9/2019 (b)		11,130		11,130

Iowa Finance Authority, Single Family Mortgage Series B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 1.34%, 9/9/2019 (b)		10,000		10,000

Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.43%, 9/9/2019 (b)		110,300		110,300

Iowa Finance Authority, Trinity Health Series D, Rev., VRDO, 1.38%, 9/9/2019 (b)		7,230		7,230


				193,175


Kentucky — 1.1%

Boyle County, Centre College Project Series A, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		34,035		34,035

County of Carroll, Kentucky Environmental Facilities, Utilities Co. ProjectSeries 2008-A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.50%, 9/9/2019 (b)		46,947		46,947

Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding

Series C, Rev., VRDO, 1.38%, 9/3/2019 (b)		33,800		33,800

Series A, Rev., VRDO, 1.45%, 9/3/2019 (b)		20,000		20,000


				134,782


Louisiana — 0.6%

Louisiana Public Facilities Authority, Multifamily Housing, River View Rev., VRDO, FHLMC, LOC: FHLMC, 1.35%, 9/9/2019 (b)		11,200		11,200

Parish of East Baton Rouge, ExxonMobil Project Rev., VRDO, 1.39%, 9/3/2019 (b)		2,600		2,600

Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 1.44%, 9/3/2019 (b)		50,000		50,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Louisiana — continued

State of Louisiana, Gas and Fuels TaxSeries 2016-XG0035, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b) (c)		7,240		7,240


				71,040


Maine — 0.2%

Maine State Housing Authority

Series B2, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.42%, 9/9/2019 (b)		14,000		14,000

Series G, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.42%, 9/9/2019 (b)		10,265		10,265


				24,265


Maryland — 1.2%

Maryland Community Development Administration, Department of Housing and Community Development, Multifamily, Barrington Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.38%, 9/9/2019 (b)		5,265		5,265

Maryland Community Development Administration, Department of Housing and Community Development, Multifamily, Monteverde Apartments Series E, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.41%, 9/9/2019 (b)		7,100		7,100

Maryland Community Development Administration, Department of Housing and Community Development, Multifamily, Walker Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.43%, 9/9/2019 (b)		11,700		11,700

Maryland Economic Development Corp., Howard Hughes Medical Series B, Rev., VRDO, 1.39%, 9/9/2019 (b)		46,685		46,685

Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program

Series B, Rev., VRDO, LOC: TD Bank NA, 1.36%, 9/9/2019 (b)		6,300		6,300

Series D, Rev., VRDO, LOC: Bank of America NA, 1.40%, 9/9/2019 (b)		1,354		1,354

Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series D, Rev., VRDO, LOC: TD Bank NA, 1.39%, 9/3/2019 (b)		1,100		1,100

Maryland Stadium Authority, Sports Facilities, Football Stadium Issue Series 2007, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.31%, 9/9/2019 (b)		23,045		23,045

Montgomery County Housing Opportunities Commission, Oakfield Apartments Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.43%, 9/9/2019 (b)		2,000		2,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	53

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Maryland — continued

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 1.39%, 9/9/2019 (b)		8,450		8,450

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		19,460		19,460

Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		13,485		13,485


				145,944


Massachusetts — 1.8%

City of Quincy

Series A, GO, BAN, 3.00%, 6/12/2020		39,699		40,207

GO, BAN, 2.25%, 7/10/2020		50,000		50,380

Massachusetts Bay Transportation Authority, General Transportation SystemSeries A-1, Rev., VRDO, LIQ: Barclays Bank plc, 1.35%, 9/9/2019 (b)		27,260		27,260

Massachusetts Bay Transportation Authority, Sales Tax SubseriesA-1, Rev., VRDO, LIQ: State Street Bank & Trust, 1.35%, 9/9/2019 (b)		39,935		39,935

Massachusetts Development Finance Agency, First Mortgage Brookhaven Series B, Rev., VRDO, LOC: Bank of America NA, 1.36%, 9/9/2019 (b)		1,600		1,600

Massachusetts Health and Educational Facilities Authority, Capital Asset Program

Series M-4A, Rev., VRDO, LOC: Bank of America NA, 1.36%, 9/9/2019 (b)		1,635		1,635

Series M-2, Rev., VRDO, LOC: Bank of America NA, 1.37%, 9/9/2019 (b)		5,495		5,495

Massachusetts Health and Educational Facilities Authority, Partners Healthcare System Series F3, Rev., VRDO, LOC: TD Bank NA, 1.33%, 9/9/2019 (b)		14,600		14,600

Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		3,400		3,400

Rib Floater Trust Various States

Series 2018-012, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		11,870		11,870

Series 2019-004, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		38,000		38,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Massachusetts — continued

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 1.37%, 9/9/2019 (b)		4,190		4,190


				238,572


Michigan — 1.4%

Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.39%, 9/9/2019 (b)		1,140		1,140

Michigan State Housing Development Authority, Rental Housing

Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		43,930		43,930

Series D, Rev., VRDO, AMT, LIQ: Bank of America NA, 1.41%, 9/9/2019 (b)		51,535		51,535

Michigan State Housing Development Authority, Single-Family Mortgage

Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.41%, 9/9/2019 (b)		11,130		11,130

Series B, Rev., VRDO, AMT, LIQ: Industrial & Commercial Bank of China, 1.44%, 9/9/2019 (b)		48,325		48,325

Tender Option Bond Trust Receipts/Certificates

Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 1.38%, 9/9/2019 (b) (c)		11,580		11,580

Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 1.38%, 9/9/2019 (b) (c)		21,540		21,540


				189,180


Minnesota — 2.1%

City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.37%, 9/3/2019 (b)		20,000		20,000

City of Oak Park Heights, Multi-Family Housing, Boutwells Landing Rev., VRDO, FHLMC, LIQ: FHLMC, 1.35%, 9/9/2019 (b)		21,900		21,900

City of Rochester, Health Care Facilities, Mayo Clinic

Series A, Rev., VRDO, 1.35%, 9/9/2019 (b)		10,200		10,200

Series B, Rev., VRDO, 1.35%, 9/9/2019 (b)		41,250		41,250

Rev., VRDO, 1.37%, 9/9/2019 (b)		42,960		42,960

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Minnesota — continued

Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.34%, 9/9/2019 (b)		7,310		7,310

Minneapolis and St Paul Housing and Redevelopment Authority, Health Care, Allina Health

Series C-1, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.29%, 9/9/2019 (b)		42,875		42,875

Series C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.30%, 9/9/2019 (b)		36,900		36,900

Minnesota Housing Finance Agency, Residential Housing Finance

Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		37,800		37,800

Series F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 1.40%, 9/9/2019 (b)		23,000		23,000


				284,195


Mississippi — 2.7%

County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 1.35%, 9/3/2019��(b)		4,500		4,500

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2011 F, Rev., VRDO, 1.34%, 9/3/2019 (b)		14,895		14,895

Series 2007C, Rev., VRDO, 1.35%, 9/3/2019 (b)		200		200

Series 2007E, Rev., VRDO, 1.35%, 9/3/2019 (b)		26,075		26,075

Series 2009 B, Rev., VRDO, 1.35%, 9/3/2019 (b)		7,000		7,000

Series 2009A, Rev., VRDO, 1.35%, 9/3/2019 (b)		5,390		5,390

Series 2009E, Rev., VRDO, 1.35%, 9/3/2019 (b)		20,375		20,375

Series 2010 I, Rev., VRDO, 1.35%, 9/3/2019 (b)		7,250		7,250

Series 2011 G, Rev., VRDO, 1.35%, 9/3/2019 (b)		6,450		6,450

Series 2011A, Rev., VRDO, 1.35%, 9/3/2019 (b)		20,025		20,025

Series B, Rev., VRDO, 1.35%, 9/3/2019 (b)		27,865		27,865


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Mississippi — continued

Series C, Rev., VRDO, 1.35%, 9/3/2019 (b)		2,820		2,820

Series C, Rev., VRDO, 1.35%, 9/3/2019 (b)		2,680		2,680

Series D, Rev., VRDO, 1.35%, 9/3/2019 (b)		18,400		18,400

Series G, Rev., VRDO, 1.35%, 9/3/2019 (b)		8,075		8,075

Series K, Rev., VRDO, 1.35%, 9/3/2019 (b)		20,600		20,600

Series L, Rev., VRDO, 1.35%, 9/3/2019 (b)		27,260		27,260

Series A, Rev., VRDO, 1.36%, 9/9/2019 (b)		78,430		78,430

Series C, Rev., VRDO, 1.36%, 9/9/2019 (b)		24,125		24,125

Mississippi Development Bank, Industrial Water System Project Series 2009, Rev., VRDO, 1.35%, 9/3/2019 (b)		3,800		3,800

Mississippi Hospital Equipment and Facilities Authority, North Mississippi Health Services

Series 1, Rev., VRDO, 1.32%, 9/9/2019 (b)		31,725		31,725

Series 1997-1, Rev., VRDO, 1.34%, 9/9/2019 (b)		7,305		7,305


				365,245


Missouri — 3.7%

City of Kansas, ROE Bartle Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.36%, 9/9/2019 (b)		59,075		59,075

Health & Educational Facilities Authority of the State of Missouri, SSM Healthcare Series D, Rev., VRDO, 1.34%, 9/9/2019 (b)		35,915		35,915

Health and Educational Facilities Authority of the State of Missouri, BJC Health System

Series D, Rev., VRDO, 1.31%, 9/9/2019 (b)		37,815		37,815

Series A, Rev., VRDO, LIQ: BJC Health System, 1.33%, 9/9/2019 (b)		69,395		69,395

Series B, Rev., VRDO, LIQ: BJC Health System, 1.33%, 9/9/2019 (b)		77,295		77,295

Series C, Rev., VRDO, LIQ: BJC Health System, 1.34%, 9/9/2019 (b)		39,225		39,225

Series E, Rev., VRDO, 1.37%, 9/9/2019 (b)		37,500		37,500

Health and Educational Facilities Authority of the State of Missouri, Saint Louis University Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/3/2019 (b)		6,700		6,700

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	55

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Missouri — continued

Health and Educational Facilities Authority of the State of Missouri, SSM Health

Series F, Rev., VRDO, 1.44%, 9/3/2019 (b)		22,675		22,675

Series E, Rev., VRDO, 1.34%, 9/9/2019 (b)		44,635		44,635

Series G, Rev., VRDO, 1.35%, 9/9/2019 (b)		12,375		12,375

Missouri Development Finance Board, Cultural Facilities, The Nelson Gallery Foundation Series A, Rev., VRDO, LIQ: Northern Trust Co., 1.40%, 9/3/2019 (b)		15,575		15,575

RBC Municipal Products, Inc. Trust, Floater Certificates Rev., VRDO, LOC: Royal Bank of Canada, 1.39%, 9/9/2019 (b)		10,000		10,000

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XM0575, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		8,000		8,000


				476,180


Nebraska — 0.1%

County of Lancaster, Hospital Authority No. 1, BryanLGH Medical CenterSeries B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/3/2019 (b)		7,000		7,000


Nevada — 1.0%

City of Reno, Hospital, Renown Regional Medical Center Project

Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		32,175		32,175

Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		14,035		14,035

City of Reno, Renown Regional Medical Center Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		20,010		20,010

Clark County, Department of Aviation, Nevada Airport System, Subordinate LienSeries C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.40%, 9/9/2019 (b)		8,730		8,730

Clark County, Industrial Development, Southwest Gas Corp. Project Series A, Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/9/2019 (b)		16,555		16,555

Clark County, Passenger Facility Charge, Mccarran International AirportSeries F-2, Rev., VRDO, LOC: Union Bank NA, 1.36%, 9/9/2019 (b)		23,655		23,655

Nevada Housing Division,Multi-Unit Housing Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		7,750		7,750


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Nevada — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2733, GO, VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		15,000		15,000

Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		4,750		4,750


				142,660


New Jersey — 0.2%

Rib Floater Trust Various States

Series 2018-019, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		15,820		15,820

Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.42%, 9/9/2019 (b) (c)		17,495		17,495


				33,315


New Mexico — 0.1%

University of New Mexico, Subordinate Lien System Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.36%, 9/9/2019 (b)		13,185		13,185


New York — 9.8%

Albany City School District Series B, GO, BAN, 2.00%, 7/31/2020		26,857		27,014

City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 1.39%, 9/3/2019 (b)		11,325		11,325

City of New York, Fiscal Year 2008

Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thueringen, 1.39%, 9/3/2019 (b)		55,310		55,310

Subseries D-3, GO, VRDO, LIQ: BMO Harris Bank NA, 1.31%, 9/9/2019 (b)		24,700		24,700

City of New York, Fiscal Year 2012 Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon, 1.42%, 9/3/2019 (b)		49,155		49,155

City of New York, Fiscal Year 2013 Series A, SubseriesA-2, GO, VRDO, LOC: Mizuho Bank Ltd., 1.52%, 9/3/2019 (b)		28,100		28,100

City of New York, Fiscal Year 2014 Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		61,550		61,550

City of New York, Fiscal Year 2015 Subseries F-5, GO, VRDO, LIQ: Barclays Bank plc, 1.43%, 9/3/2019 (b)		6,125		6,125

City of New York, Fiscal Year 2017 Series A, SubseriesA-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 1.39%, 9/3/2019 (b)		35,345		35,345

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

City of New York, Fiscal Year 2018 Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 1.43%, 9/3/2019 (b)		8,000		8,000

County of Nassau Series B, GO, TAN, 4.00%, 9/16/2019		48,575		48,615

Metropolitan Transportation Authority

SubseriesE-3, Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/3/2019 (b)		8,800		8,800

SubseriesE-1, Rev., VRDO, LOC: U.S. Bank NA, 1.42%, 9/3/2019 (b)		1,615		1,615

Subseries G-2, Rev., VRDO, LOC: TD Bank NA, 1.33%, 9/9/2019 (b)		18,800		18,800

SubseriesE-1, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		10,000		10,000

Nassau County Interim Finance Authority, Sales Tax Secured Series A, Rev., VRDO, LIQ: TD Bank NA, 1.35%, 9/9/2019 (b)		25,585		25,585

New York City Housing Development Corp., Multi-Family Housing, Ogden Avenue Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.43%, 9/9/2019 (b)		4,760		4,760

New York City Housing Development Corp., Multi-Family Rental Housing Series 2001A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		24,800		24,800

New York City Housing Development Corp., Multi-Family Rental Housing, Brittany Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		6,200		6,200

New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.37%, 9/9/2019 (b)		10,630		10,630

New York City Housing Development Corp., Multi-Family Rental Housing, Westport Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		15,000		15,000

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 1.35%, 9/9/2019 (b)		13,780		13,780

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2008 Subseries B-1A, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.33%, 9/9/2019 (b)		50,000		50,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012

SubseriesA-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.38%, 9/3/2019 (b)		15,025		15,025

Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.42%, 9/3/2019 (b)		4,205		4,205

Series B, Subseries B-4, Rev., VRDO, LIQ: State Street Bank & Trust, 1.42%, 9/3/2019 (b)		5,240		5,240

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.52%, 9/3/2019 (b)		32,250		32,250

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2009 Subseries BB-1, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.37%, 9/3/2019 (b)		8,200		8,200

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 1.48%, 9/3/2019 (b)		12,065		12,065

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.52%, 9/3/2019 (b)		32,565		32,565

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015Series 2015-BB-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.40%, 9/3/2019 (b)		15,805		15,805

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2019 Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.37%, 9/9/2019 (b)		40,050		40,050

New York City Transitional Finance Authority, Future Tax Secured Subseries C4, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.40%, 9/3/2019 (b)		1,100		1,100

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001 Series C, Rev., VRDO, LIQ: PNC Bank NA, 1.36%, 9/9/2019 (b)		50,510		50,510

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	57

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New York — continued

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2010 Subseries 2010 G-6, Rev., VRDO, LIQ: Barclays Bank plc, 1.43%, 9/3/2019 (b)		15,690		15,690

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 SubseriesA-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.33%, 9/9/2019 (b)		20,415		20,415

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.52%, 9/3/2019 (b)		83,190		83,190

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015

SubseriesE-4, Rev., VRDO, LIQ: Bank of America NA, 1.38%, 9/3/2019 (b)		7,000		7,000

SubseriesA-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 1.43%, 9/3/2019 (b)		76,365		76,365

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Subseries C-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.38%, 9/9/2019 (b)		36,000		36,000

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Subseries B-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.42%, 9/3/2019 (b)		1,125		1,125

New York City Transitional Finance Authority, Future Tax Secured, New York City Recovery

Series 1, Subseries 1D, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.39%, 9/3/2019 (b)		6,795		6,795

Subseries 2-F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.34%, 9/9/2019 (b)		9,110		9,110

Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 1.36%, 9/9/2019 (b)		1,445		1,445

New York City Transitional Finance Authority, New York City Recovery Series 3,Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.38%, 9/9/2019 (b)		12,070		12,070

New York State Dormitory Authority, Court Facilities Lease Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.45%, 9/9/2019 (b)		69,525		69,525

New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project

Series A, SubseriesA-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.33%, 9/9/2019 (b)		920		920


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Series C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.38%, 9/9/2019 (b)		10,600		10,600

New York State Housing Finance Agency

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.34%, 9/9/2019 (b)		7,050		7,050

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.37%, 9/9/2019 (b)		1,700		1,700

New York State Housing Finance Agency, 350 West 43rd Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.48%, 9/3/2019 (b)		5,415		5,415

New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.37%, 9/9/2019 (b)		2,400		2,400

New York State Housing Finance Agency, 505 West 37th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.46%, 9/3/2019 (b)		28,310		28,310

New York State Housing Finance Agency, Weyant Green Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.33%, 9/9/2019 (b)		100		100

New York State Housing Finance Agency, Worth Street

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.37%, 9/9/2019 (b)		3,400		3,400

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.37%, 9/9/2019 (b)		2,100		2,100

RBC Municipal Products, Inc. Trust, Floater Certificates

Series E-121, Rev., VRDO, LOC: Royal Bank of Canada, 1.41%, 9/3/2019 (b) (c)		28,600		28,600

Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		27,000		27,000

Tender Option Bond Trust Receipts/Certificates

Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 1.41%, 9/3/2019 (b)		18,300		18,300

Series E-120, Rev., VRDO, LOC: Royal Bank of Canada, 1.41%, 9/3/2019 (b)		12,200		12,200

Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		35,000		35,000

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series A, Rev., VRDO, LOC: TD Bank NA, 1.35%, 9/9/2019 (b)		15,460		15,460


				1,299,509

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

North Carolina — 2.5%

Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		23,165		23,165

Charlotte-Mecklenburg Hospital Authority, Health Care

Series F, Rev., VRDO, 1.34%, 9/9/2019 (b)		43,600		43,600

Series E, Rev., VRDO, AGM, LOC: TD Bank NA, 1.39%, 9/9/2019 (b)		27,805		27,805

City of Charlotte, 2003 Governmental Facilities Projects

Series G, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.30%, 9/9/2019 (b)		25,650		25,650

Series F, COP, VRDO, LIQ: Bank of America NA, 1.34%, 9/9/2019 (b)		7,675		7,675

City of Greensboro, Combined Enterprise System Series A, Rev., VRDO, LIQ: Bank of America NA, 1.35%, 9/9/2019 (b)		30,660		30,660

City of Raleigh, Downtown Improvement Projects

Series A, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.37%, 9/9/2019 (b)		40,900		40,900

Series B-1, COP, VRDO, LIQ: Wells Fargo Bank NA, 1.37%, 9/9/2019 (b)		56,665		56,665

Series B-2, COP, VRDO, LIQ: PNC Bank NA, 1.40%, 9/9/2019 (b)		37,665		37,665

Forsyth County Series A, GO, VRDO, LIQ: Wells Fargo Bank NA, 1.31%, 9/9/2019 (b)		5,145		5,145

North Carolina Capital Facilities Finance Agency, NCCU Real Estate Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.36%, 9/9/2019 (b)		14,600		14,600

North Carolina Medical Care Commission, Moses Cone Health System Series B, Rev., VRDO, LIQ: Bank of Montreal, 1.38%, 9/3/2019 (b)		5,650		5,650

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, 1.39%, 9/9/2019 (b)		14,800		14,800

University of North Carolina, University Hospital at Chapel Hill Series B, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.37%, 9/3/2019 (b)		5,450		5,450


				339,430


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Ohio — 1.7%

City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Series 2008, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		200		200

City of Cleveland, Airport System Series D, Rev., VRDO, LOC: U.S. Bank NA, 1.34%, 9/9/2019 (b)		5,175		5,175

Cleveland-Cuyahoga County, Port Authority Cultural Facility, Museum of Art Project Series B, Rev., VRDO, LIQ: PNC Bank NA, 1.36%, 9/9/2019 (b)		20,000		20,000

Columbus Regional Airport Authority, Flightsafety International Inc., Project Series B, Rev., VRDO, AMT, 1.45%, 9/9/2019 (b)		15,040		15,040

County of Hamilton, Cincinnati Childrens Hospital Medical CenterSeries 2018-Z, Rev., VRDO, 1.32%, 9/9/2019 (b)		19,100		19,100

County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association

Series A, Rev., VRDO, LOC: Northern Trust Co., 1.36%, 9/9/2019 (b)		13,250		13,250

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		9,500		9,500

Franklin County, Hospital Facilities, Ohiohealth Corp. Series C, Rev., VRDO, 1.34%, 9/9/2019 (b)		7,100		7,100

Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health SystemSeries 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon, 1.42%, 9/3/2019 (b)		6,550		6,550

Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016 A, Rev., VRDO, LIQ: TD Bank NA, 1.32%, 9/9/2019 (b)		25,000		25,000

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries E-119, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		15,000		15,000

State of Ohio, Cleveland Clinic Health System Series 2019 D2, Rev., VRDO, 1.35%, 9/9/2019 (b)		8,400		8,400

State of Ohio, Clinic Health System Rev., VRDO, LIQ: PNC Bank NA, 1.46%, 9/3/2019 (b)		22,550		22,550

State of Ohio, University Hospitals Health System, Inc.Series 2018-B, Rev., VRDO, LOC: PNC Bank NA, 1.38%, 9/9/2019 (b)		12,245		12,245

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	59

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Ohio — continued

Tender Option Bond Trust Receipts/Certificates

Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		12,800		12,800

Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		25,000		25,000


				216,910


Oregon — 0.2%

Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.36%, 9/9/2019 (b)		15,450		15,450

Oregon Health and Science University Series C, Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/3/2019 (b)		9,560		9,560

Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/3/2019 (b)		5,850		5,850


				30,860


Other — 0.9%

FHLMC, Multi-Family Housing

Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		19,705		19,705

Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		10,995		10,995

Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		5,180		5,180

Series M019, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		33,014		33,014

Series M020, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		17,213		17,213

Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		40,210		40,210

SunAmerica Taxable Trust, Various States Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.41%, 9/9/2019 (b)		780		780


				127,097


Pennsylvania — 4.0%

Allegheny County Higher Education Building Authority, Carnegie Mellon UniversitySeries 2008-A, Rev., VRDO, LIQ: Bank of New York Mellon, 1.46%, 9/3/2019 (b)		3,450		3,450

Bucks County IDA, Grand View Hospital

Series A, Rev., VRDO, LOC: TD Bank NA, 1.34%, 9/9/2019 (b)		400		400

Series B, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		19,200		19,200


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Pennsylvania — continued

County of Allegheny

Series C, GO, VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		33,775		33,775

Series C-51, GO, VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		12,000		12,000

Fayette County Hospital Authority, Regional Health System Series A, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		25,030		25,030

Lackawanna County Multi-Purpose Stadium Authority, Hotel Room Rental Tax Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		14,840		14,840

Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project

Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		18,910		18,910

Series A-T2, Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		990		990

Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		17,080		17,080

Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		2,200		2,200

Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania, Health System Series A, Rev., VRDO, LOC: Bank of America NA, 1.32%, 9/9/2019 (b)		12,870		12,870

Philadelphia Authority for Industrial Development, Multi-Modal LeaseSeries B-3, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		28,305		28,305

Philadelphia Gas Works Co., 1998 General Ordinance

Series B, Rev., VRDO, LOC: TD Bank NA, 1.34%, 9/9/2019 (b)		18,115		18,115

Series E, Rev., VRDO, LOC: TD Bank NA, 1.34%, 9/9/2019 (b)		24,770		24,770

Series D, Rev., VRDO, LOC: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		12,300		12,300

RBC Municipal Products, Inc. Trust, Floater Certificates

Series E-110, Rev., VRDO, LOC: Royal Bank of Canada, 1.41%, 9/3/2019 (b) (c)		40,000		40,000

Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 1.41%, 9/3/2019 (b) (c)		160,095		160,095

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Pennsylvania — continued

Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		72,250		72,250

Tender Option Bond Trust Receipts/Certificates

Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		5,070		5,070

Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		15,000		15,000


				536,650



Rhode Island — 0.3%

Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 1.42%, 9/9/2019 (b)		1,390		1,390

Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008 B, Rev., VRDO, LOC: TD Bank NA, 1.36%, 9/9/2019 (b)		7,045		7,045

Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.45%, 9/9/2019 (b)		7,000		7,000

Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 1.35%, 9/3/2019 (b)		450		450

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		9,000		9,000


				24,885


Tennessee — 0.8%

Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 1.40%, 9/3/2019 (b)		22,055		22,055

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Arbor Knoll Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		13,400		13,400

Tender Option Bond Trust Receipts/CertificatesSeries 2018-BAML5001, Rev., VRDO, LIQ: Bank of America NA, 1.40%, 9/9/2019 (b) (c)		72,830		72,830


				108,285


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Texas — 8.9%

Bexar County Housing Finance Authority, Multifamily Housing, Altamonte Apartment Projects Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		8,100		8,100

City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Series A, Rev., VRDO, LOC: Citibank NA, 1.35%, 9/9/2019 (b)		17,425		17,425

City of Austin, Water and Wastewater System Rev., VRDO, LOC: Barclays Bank plc, 1.34%, 9/9/2019 (b)		48,000		48,000

City of Houston, Airport System Subordinate Lien Rev., VRDO, LOC: Barclays Bank plc, 1.37%, 9/9/2019 (b)		35,410		35,410

City of Houston, Combined Utility System, First Lien

Series B-2, Rev., VRDO, LOC: Citibank NA, 1.33%, 9/9/2019 (b)		21,000		21,000

Series B-4, Rev., VRDO, LOC: PNC Bank NA, 1.33%, 9/9/2019 (b)		50,000		50,000

Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.34%, 9/9/2019 (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., 1.42%, 9/9/2019 (b)		12,000		12,000

Gulf Coast Waste Disposal Authority, Environmental Facilities, Exxonmobil Project Series A, Rev., VRDO, 1.39%, 9/3/2019 (b)		4,300		4,300

Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project

Rev., VRDO, 1.39%, 9/3/2019 (b)		6,150		6,150

Series B, Rev., VRDO, 1.39%, 9/3/2019 (b)		1,300		1,300

Gulf Coast Waste Disposal Authority, Pollution Control, Exxon Project Rev., VRDO, 1.33%, 9/3/2019 (b)		300		300

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Rev., VRDO, 1.37%, 9/9/2019 (b)		25,000		25,000

Rev., VRDO, 1.37%, 9/9/2019 (b)		24,300		24,300

Series D, Rev., VRDO, 1.37%, 9/9/2019 (b)		18,500		18,500

Harris County Industrial Development Corp., Exxon Project Rev., VRDO, 1.35%, 9/3/2019 (b)		19,475		19,475

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	61

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Texas — continued

Harris County Industrial Development Corp., Pollution Control, Exxon Project Rev., VRDO, 1.39%, 9/3/2019 (b)		7,300		7,300

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series A-2, Rev., VRDO, 1.35%, 9/3/2019 (b)		1,300		1,300

SubseriesA-3, Rev., VRDO, 1.35%, 9/3/2019 (b)		100		100

Series B, Rev., VRDO, 1.39%, 9/3/2019 (b)		7,750		7,750

Subseries B-4, Rev., VRDO, 1.39%, 9/3/2019 (b)		4,455		4,455

Midlothian Industrial Development Corp., Holcim Project Rev., VRDO, LOC: UBS AG, 1.34%, 9/9/2019 (b)		19,600		19,600

North Texas Tollway Authority SystemSeries 2016-XG0036, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b) (c)		6,750		6,750

Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.42%, 9/9/2019 (b)		10,600		10,600

State of Texas

GO, VRDO, LIQ: FHLB, 1.50%, 9/9/2019 (b)		53,985		53,985

Rev., TRAN, 4.00%, 8/27/2020		190,000		195,009

State of Texas, Veterans

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		13,140		13,140

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		10,080		10,080

State of Texas, Veterans Housing Assistance Program

Series 2008-B, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		26,875		26,875

Series 2001-C2, GO, VRDO, LIQ: State Street Bank & Trust, 1.54%, 9/9/2019 (b)		23,465		23,465

Series 2004-A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.54%, 9/9/2019 (b)		20,490		20,490

Series 2007-A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.54%, 9/9/2019 (b)		27,135		27,135

Series 2008-A, GO, VRDO, LIQ: State Street Bank & Trust, 1.54%, 9/9/2019 (b)		28,580		28,580

Tarrant County Cultural Education Facilities Finance Corp., Christus HealthSeries C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.39%, 9/9/2019 (b)		20,200		20,200


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Texas — continued

Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 1.39%, 9/3/2019 (b)		11,000		11,000

Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System

Series 2008-C, Rev., VRDO, 1.34%, 9/9/2019 (b)		35,900		35,900

Series 2012-B, Rev., VRDO, 1.34%, 9/9/2019 (b)		34,000		34,000

Series A, Rev., VRDO, 1.34%, 9/9/2019 (b)		47,580		47,580

Series 2017-A, Rev., VRDO, 1.35%, 9/9/2019 (b)		18,000		18,000

Series 2017-B, Rev., VRDO, 1.37%, 9/9/2019 (b)		55,735		55,735

Tender Option Bond Trust Receipts/Certificates

Series 2018-XM0685, Rev., VRDO, LIQ: Citibank NA, 1.37%, 9/9/2019 (b)		34,815		34,815

Series 2018-E-128, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		1,410		1,410

Series 2018-XF2669, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		17,820		17,820

Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		4,000		4,000

Series 2015-XM0071, Rev., VRDO, AGM, LIQ: Bank of America NA, 1.41%, 9/9/2019 (b) (c)		1,360		1,360

Texas Department of Housing and Community Affairs, Multi-Family Housing, Terraces Cibolo Rev., VRDO, LOC: Citibank NA, 1.42%, 9/9/2019 (b)		4,600		4,600

Texas Department of Housing and Community Affairs, Multi-Family Housing, Timber Point Apartments ProjectSeries A-1, Rev., VRDO, FHLMC, LOC: FHLMC, 1.41%, 9/9/2019 (b)		740		740

Texas Department of Housing and Community Affairs, Single Family Mortgage Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 1.38%, 9/9/2019 (b)		12,425		12,425

Texas Transportation Commission, State Highway Fund, First Tier Series B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.40%, 9/9/2019 (b)		69,085		69,085

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Texas — continued

University of Texas System Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.28%, 9/9/2019 (b)		59,960		59,960


				1,187,104


Utah — 0.5%

Central Utah Water Conservancy District, Limited Tax Series A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.40%, 9/9/2019 (b)		22,300		22,300

City of Murray, IHC Health Services Inc. Series D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.35%, 9/3/2019 (b)		1,345		1,345

County of Utah Hospital, IHC Health Services, Inc.

Series C, Rev., VRDO, LIQ: TD Bank NA, 1.35%, 9/3/2019 (b)		2,175		2,175

Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.34%, 9/9/2019 (b)		10,100		10,100

Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.34%, 9/9/2019 (b)		8,725		8,725

County of Weber, IHC Health Services, Inc. Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.35%, 9/9/2019 (b)		2,340		2,340

Utah Housing Corp., Single Family Mortgage

Series D-1, Rev., VRDO, AMT, LIQ: FHLB, 1.42%, 9/9/2019 (b)		1,935		1,935

Series E-1, Class I, Rev., VRDO, AMT, LIQ: FHLB, 1.42%, 9/9/2019 (b)		2,045		2,045

Series F-2, Class I, Rev., VRDO, LIQ: FHLB, 1.43%, 9/9/2019 (b)		2,245		2,245

Utah Water Finance AgencySeries B-2, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 1.40%, 9/9/2019 (b)		25,000		25,000


				78,210


Virginia — 1.7%

Albermarle County Economic Development Authority, Virginia Hospital Facilities, Sentara Martha Jefferson Hospital Series A, Rev., VRDO, LIQ: TD Bank NA, 1.35%, 9/9/2019 (b)		15,880		15,880

Loudoun County Economic Development Authority, Howard Huges Medical Institute

Series A, Rev., VRDO, 1.33%, 9/9/2019 (b)		6,750		6,750

Series E, Rev., VRDO, 1.37%, 9/9/2019 (b)		20,500		20,500

Series B, Rev., VRDO, 1.39%, 9/9/2019 (b)		300		300


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Virginia — continued

Series C, Rev., VRDO, 1.39%, 9/9/2019 (b)		18,570		18,570

Series D, Rev., VRDO, 1.39%, 9/9/2019 (b)		21,350		21,350

Loudoun County Sanitation Authority, Water and Sewer System Rev., VRDO, LIQ: Bank of America NA, 1.33%, 9/9/2019 (b)		5,895		5,895

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 1.37%, 9/9/2019 (b) (c)		8,500		8,500

Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		8,170		8,170

Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		7,500		7,500

Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		7,000		7,000

Virginia College Building Authority, Educational Facilities, University of Richmond Project Series 2004, Rev., VRDO, LIQ: U.S. Bank NA, 1.32%, 9/9/2019 (b)		9,975		9,975

Virginia Small Business Financing Authority, Carilion Clinic Obligated Group

Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 1.33%, 9/9/2019 (b)		40,000		40,000

Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.33%, 9/9/2019 (b)		37,900		37,900


				208,290


Washington — 1.4%

Chelan County Public Utility District No. 1 Series B, Rev., VRDO, LIQ: Barclays Bank plc, 1.35%, 9/9/2019 (b)		17,360		17,360

County of King, Junior Lien, Sewer Series B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.35%, 9/9/2019 (b)		22,000		22,000

Port of Seattle, Subordinate Lien Series 1997, Rev., VRDO, LOC: Bank of America NA, 1.38%, 9/9/2019 (b)		5,580		5,580

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		8,800		8,800

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	63

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Washington — continued

Series 2018-ZF2682, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		7,000		7,000

Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project Rev., VRDO, LOC: U.S. Bank NA, 1.45%, 9/3/2019 (b)		1,375		1,375

Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.41%, 9/9/2019 (b)		9,985		9,985

Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens at University Village Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		23,540		23,540

Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		27,180		27,180

Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, FNMA, LOC: FNMA, 1.40%, 9/9/2019 (b)		13,270		13,270

Washington State Housing Finance Commission, Multi-Family Housing, The New Haven Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		17,400		17,400

Washington State Housing Finance Commission, Multi-Family Housing, Urban Center Apartments Project Series 2012, Rev., VRDO, FHLMC, LOC: FHLMC, 1.36%, 9/9/2019 (b)		23,985		23,985

Washington State Housing Finance Commission, Multi-Family Housing, Vintage Spokane Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.39%, 9/9/2019 (b)		15,095		15,095


				192,570


West Virginia — 0.1%

West Virginia Hospital Finance Authority, HospitalSeries 2018-D, Rev., VRDO, LOC: PNC Bank NA, 1.36%, 9/9/2019 (b)		8,190		8,190


Wisconsin — 1.2%

City of Milwaukee Series 2019 R2, Rev., RAN, 4.00%, 5/7/2020		55,000		55,854

Green Bay Redevelopment Authority, Greenbay Packing Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.41%, 9/9/2019 (b) (c)		50,000		50,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Wisconsin — continued

Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. Series 2018B, Rev., VRDO, LOC: Barclays Bank plc, 1.35%, 9/9/2019 (b)		36,500		36,500

Wisconsin Housing & Economic Development Authority Series 2009 A, Rev., VRDO, LOC: Bank of America NA, 1.39%, 9/9/2019 (b)		4,295		4,295

Wisconsin Housing & Economic Development Authority, Home Ownership

Series 2019 B, Rev., VRDO, FNMA, LIQ: FHLB, 1.35%, 9/9/2019 (b)		8,000		8,000

Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		11,205		11,205


				165,854


Wyoming — 0.6%

County of Lincoln, Wyoming Pollution Control, ExxonMobile Project Series 2014, Rev., VRDO, AMT, 1.38%, 9/3/2019 (b)		45,300		45,300

County of Uinta, Pollution Control, Chevron USA, Inc. Project Rev., VRDO, 1.35%, 9/3/2019 (b)		21,650		21,650

Wyoming Community Development Authority

Series 2, Rev., VRDO, LIQ: RBC Capital Markets, 1.35%, 9/9/2019 (b)		9,000		9,000

Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 1.35%, 9/9/2019 (b)		9,750		9,750


				85,700


Total Municipal Bonds (Cost $9,483,538)				9,483,538


	SHARES (000)
Variable Rate Demand Preferred Shares — 9.2%

California — 2.2%

Nuveen California AMT-Free Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.35%, 9/9/2019 # (c)		26,500		26,500

Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.36%, 9/9/2019 # (c)		15,000		15,000

Nuveen California Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.44%, 9/9/2019 # (c)		26,800		26,800

Series 1, LIQ: Societe Generale, 1.47%, 9/9/2019 # (c)		59,200		59,200

Series 2, LIQ: Citibank NA, 1.48%, 9/9/2019 # (c)		27,500		27,500

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — continued

California — continued

Series 6, LIQ: Citibank NA, 1.48%, 9/9/2019 # (c)		67,600		67,600

Series 4, LIQ: Royal Bank of Canada, 1.49%, 9/9/2019 # (c)		58,500		58,500

Series 7, LIQ: Royal Bank of Canada, 1.49%, 9/9/2019 # (c)		21,000		21,000


				302,100


New York — 0.8%

Nuveen New York AMT-Free Quality Municipal Income Fund

Series 1, LIQ: Citibank NA, 1.41%, 9/7/2019 # (c)		28,600		28,600

Series 5, LIQ: TD Bank NA, 1.39%, 9/9/2019 # (c)		40,000		40,000

Series 2, LIQ: Citibank NA, 1.41%, 9/9/2019 # (c)		40,000		40,000


				108,600


Other — 6.2%

BlackRock MuniYield Investment Fund LIQ: TD Bank NA, 1.47%, 9/9/2019 #(c)		27,400		27,400

Nuveen AMT-Free Municipal Credit Income Fund

Series 1, LIQ: Citibank NA, 1.43%, 9/9/2019 # (c)		24,000		24,000

Series 5, LIQ: Societe Generale, 1.43%, 9/9/2019 # (c)		147,000		147,000

Series 6, LIQ: Sumitomo Mitsui Banking Corp., 1.43%, 9/9/2019 # (c)		133,300		133,300

Nuveen AMT-Free Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.40%, 9/9/2019 # (c)		153,500		153,500

Series 2, LIQ: Citibank NA, 1.43%, 9/9/2019 # (c)		92,000		92,000

Series 4, LIQ: Barclays Bank plc, 1.43%, 9/9/2019 # (c)		11,900		11,900

Series 5, LOC: Sumitomo Mitsui Banking Corp., 1.44%, 9/9/2019 # (c)		30,000		30,000

Nuveen Quality Municipal Income Fund

Series 1, LIQ: Barclays Bank plc, 1.50%, 9/9/2019 # (c)		51,600		51,600

Series 2, LIQ: Barclays Bank plc, 1.50%, 9/9/2019 # (c)		151,900		151,900


				822,600


Total Variable Rate Demand Preferred Shares (Cost $1,233,300)				1,233,300


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 21.2%

Commercial Paper — 21.2%

Alachua County Health Facilities Authority 1.42%, 10/3/2019		21,240		21,240

California Statewide Communities Development Authority

1.34%, 12/10/2019		20,000		20,000

1.34%, 12/10/2019		19,000		19,000

1.34%, 12/10/2019		23,000		23,000

1.34%, 1/8/2020		20,000		20,000

City of Atlanta, Airport

1.37%, 9/16/2019		66,882		66,882

1.37%, 9/20/2019		16,009		16,009

1.37%, 9/20/2019		11,000		11,000

1.42%, 9/20/2019		60,000		60,000

City of Houston 1.36%, 9/11/2019		15,000		15,000

City of Memphis 1.52%, 10/2/2019		19,000		19,000

City of Rochester

1.42%, 9/5/2019		20,000		20,000

1.35%, 10/17/2019		95,000		95,000

1.33%, 11/14/2019		50,000		50,000

City of Rochester, Health Care Facilities 1.37%, 9/4/2019		88,000		88,000

City of San Antonio, Electric & Gas Systems 1.34%, 12/11/2019		50,000		50,000

City of San Antonio, Electric and Gas Systems 1.55%, 9/12/2019		45,000		45,000

County of Hillsborough 1.42%, 9/5/2019		16,138		16,138

County of Miami-Dade, Water and Sewer System 1.35%, 11/6/2019		21,000		21,000

County of York, National Rural Utilities Cooperative Finance Corp.

1.46%, 9/3/2019		35,000		35,000

1.46%, 9/3/2019		22,500		22,500

1.46%, 9/3/2019		8,350		8,350

District of Columbia

1.45%, 9/5/2019		100,000		100,000

1.35%, 10/10/2019		59,300		59,300

Health & Educational Facilities Authority of the State of Missouri

1.60%, 9/5/2019		50,000		50,000

1.60%, 9/5/2019		45,000		45,000

1.37%, 11/14/2019		50,000		50,000

1.34%, 12/3/2019		50,000		50,000

Illinois Finance Authority

1.43%, 9/17/2019		32,040		32,040

1.58%, 9/17/2019		10,000		10,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	65

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

1.42%, 10/24/2019		37,000		37,000

1.43%, 11/5/2019		25,000		25,000

1.32%, 11/19/2019		22,200		22,200

Indiana Finance Authority 1.40%, 10/3/2019		63,570		63,570

Jacksonville Health Care Authority 1.33%, 11/14/2019		120,000		120,000

Las Vegas Valley Water District 1.36%, 10/8/2019		135,000		135,000

Maryland Health & Higher Educational Facilities Authority 1.34%, 9/16/2019		19,000		19,000

Massachusetts Health & Educational Facilities Authority

1.55%, 9/5/2019		18,340		18,340

1.68%, 10/3/2019		19,585		19,585

1.45%, 10/10/2019		45,000		45,000

1.34%, 11/6/2019		10,750		10,750

1.33%, 11/7/2019		13,835		13,835

Metropolitan Government of Nashville & Davidson County, Water & Sewer 1.43%, 10/9/2019		25,000		25,000

Michigan State Building Authority 1.50%, 10/3/2019		73,580		73,580

Norfolk Va Industrial Development Authority 1.52%, 10/2/2019		12,300		12,300

Omaha Public Power District, Electric System

1.30%, 9/4/2019		14,300		14,300

1.34%, 9/16/2019		15,000		15,000

1.38%, 10/3/2019		10,000		10,000

Regents of the University of Michigan 1.62%, 9/4/2019		49,760		49,760

1.36%, 10/2/2019		13,000		13,000

Regents of the University of Minnesota 1.34%, 9/4/2019		38,000		38,000

Salt River Project Agricultural Improvement & Power District 1.36%, 10/3/2019		20,000		20,000

Southwestern Illinois Development Authority, Health Facilities 1.63%, 10/3/2019		39,870		39,870

State of Wisconsin

1.34%, 11/5/2019		24,515		24,515

1.34%, 11/5/2019		19,574		19,574

Texas Public Finance Authority 1.36%, 11/5/2019		18,390		18,390

Truckee Meadows Water Authority LOC: Wells Fargo Bank NA, 1.52%, 10/2/2019		12,870		12,870

University of Massachusetts Building Authority 1.55%, 10/23/2019		28,590		28,590


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial paper — continued

University of Minnesota

1.38%, 9/19/2019		21,700		21,700

1.38%, 9/19/2019		12,128		12,128

1.40%, 10/3/2019		22,750		22,750

1.34%, 10/4/2019		15,515		15,515

University of Missouri

1.50%, 11/5/2019		20,000		20,000

1.27%, 12/5/2019		15,000		15,000

University of Texas System

1.42%, 9/4/2019		25,000		25,000

1.57%, 9/12/2019		17,000		17,000

1.57%, 9/13/2019		15,000		15,000

1.38%, 9/17/2019		25,000		25,000

1.32%, 9/18/2019		22,336		22,336

1.33%, 9/19/2019		20,000		20,000

1.40%, 10/3/2019		25,000		25,000

1.63%, 10/3/2019		24,080		24,080

1.32%, 10/7/2019		25,000		25,000

1.35%, 10/9/2019		25,000		25,000

1.36%, 10/10/2019		25,000		25,000

1.63%, 10/10/2019		17,500		17,500

1.63%, 10/10/2019		25,000		25,000

1.47%, 10/15/2019		20,039		20,039

1.47%, 10/15/2019		25,000		25,000

1.47%, 10/15/2019		14,419		14,419

1.52%, 10/15/2019		12,740		12,740

1.60%, 10/15/2019		25,000		25,000

1.50%, 11/4/2019		5,000		5,000

1.73%, 11/4/2019		25,000		25,000

1.34%, 11/7/2019		25,000		25,000

1.34%, 11/14/2019		20,000		20,000

1.34%, 11/15/2019		25,000		25,000

1.36%, 11/18/2019		25,000		25,000

1.33%, 11/19/2019		25,000		25,000

1.35%, 12/4/2019		22,100		22,095

1.30%, 12/5/2019		25,000		25,000

1.54%, 1/7/2020		20,000		20,000

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term investments — continued

Commercial Paper — continued

Wisconsin Health & Educational Facilities Authority 1.34%, 11/5/2019		29,415		29,415


Total commercial paper (Cost $2,824,205)				2,824,205


TotalShort-Term Investments (Cost $2,824,205)				2,824,205

Total Investments — 102.0% (Cost $13,541,043) *				13,541,043
Liabilities in Excess of Other Assets — (2.0)%				(205,344	)

NET ASSETS — 100.0%				13,335,699

Percentages indicated are based on net assets.

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
COLL		Collateral
COP		Certificate of Participation
FHLB		Federal Home Loan Bank
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
GTD		Guaranteed
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
LOC		Letter of Credit
MTA		Metropolitan Transportation Authority
PCR		Pollution Control Revenue
RAN		Revenue Anticipation Note


Rev.		Revenue
TAN		Tax Anticipation Note
TRAN		Tax & Revenue Anticipation Note
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
#		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, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	67

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 83.2%

Alabama — 0.8%

Alabama Housing Finance Authority, Multi-Family Housing, Alison Apartments ProjectSeries 2007-B, Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/9/2019 (b)		7,935		7,935

Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series B, Rev., VRDO, LOC: Societe Generale, 1.40%, 9/9/2019 (b) (c)		3,270		3,270

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZF2770, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		9,000		9,000


				20,205


Alaska — 0.0% (d)

City of Valdez, Exxon Pipeline Co. Project Series B, Rev., VRDO, 1.35%, 9/3/2019 (b)		325		325


Arizona — 1.0%

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2758, Rev., VRDO, LIQ: Barclays Bank plc, 1.41%, 9/9/2019 (b) (c)		3,125		3,125

Series 2018-ZM0615, Rev., VRDO, LIQ: Royal Bank of Canada, 1.43%, 9/9/2019 (b)		7,500		7,500

Series 2019-BAML8004, Rev., VRDO, LIQ: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		15,000		15,000


				25,625


Arkansas — 0.8%

City of Osceola, Solid Waste Disposal, Plum Point Energy Associates, LLC Project Rev., VRDO, LOC: Goldman Sachs Bank USA, 1.36%, 9/9/2019 (b)		20,000		20,000


California — 1.3%

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2724, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.40%, 9/9/2019 (b) (c)		15,000		15,000

Series 2018-BAML0005, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.45%, 9/9/2019 (b) (c)		7,000		7,000

Series 2019-BAML8003, Rev., VRDO, LOC: Bank of America NA, 1.45%, 9/9/2019 (b) (c)		7,900		7,900


				29,900


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Colorado — 3.5%

Colorado Housing and Finance Authority, Multifamily Housing, Terrace PK Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/9/2019 (b)		11,205		11,205

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-24, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		12,500		12,500

Tender Option Bond Trust Receipts/Certificates

Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 1.42%, 9/9/2019 (b) (c)		52,895		52,895

Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		3,250		3,250

Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		2,905		2,905


				82,755


Connecticut — 0.7%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program Subseries D-3, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 1.40%, 9/9/2019 (b)		7,000		7,000

Connecticut State Development Authority, Solid Waste Project Rand Whitny Rev., VRDO, LOC: Bank of Montreal, 1.39%, 9/9/2019 (b)		9,000		9,000


				16,000


Delaware — 1.5%

County of New Castle, Flight Safety International, Inc. Project Rev., VRDO, 1.38%, 9/9/2019 (b)		36,200		36,200


District of Columbia — 2.0%

Metropolitan Washington Airports Authority, Airport System

SubseriesA-2, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 1.38%, 9/9/2019 (b)		6,660		6,660

SubseriesA-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.38%, 9/9/2019 (b)		14,400		14,400

Series D-1, Rev., VRDO, AMT, LOC: TD Bank NA, 1.40%, 9/9/2019 (b)		16,360		16,360

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0610, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		4,365		4,365

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

District of Columbia — continued

Series 2019-XF2794, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.40%, 9/9/2019 (b) (c)		3,100		3,100

Series 2017-ZM0554, Rev., VRDO, LIQ: Citibank NA, 1.41%, 9/9/2019 (b) (c)		2,500		2,500


				47,385


Florida — 7.6%

Alachua County Housing Finance Authority, Multifamily Housing, Brookside Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		5,775		5,775

Alachua County Housing Finance Authority, Multifamily, Santa Fe Apartments Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		3,230		3,230

Broward County Airtport Facility Series A, Rev., VRDO, AMT, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		5,775		5,775

Collier County Housing Finance Authority, Multifamily Housing, Brittany Bay Apartments Project Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.43%, 9/9/2019 (b)		2,470		2,470

Collier County Housing Finance Authority, Multifamily Housing-Sawgrass Pines Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.40%, 9/9/2019 (b)		6,100		6,100

Collier County IDA, Allete, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.41%, 9/9/2019 (b)		26,300		26,300

Collier County IDA, Ave Maria Utility Co. Project Rev., VRDO, AMT, LOC: Northern Trust Co., 1.38%, 9/9/2019 (b)		13,115		13,115

County of Miami-Dade, Seaport Department Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 1.40%, 9/9/2019 (b)		10,150		10,150

County of Okeechobee, Landfill, Inc. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.41%, 9/9/2019 (b)		15,000		15,000

County of Palm Beach, Special Purpose Facilities, Flight Safety Project Rev., VRDO, 1.38%, 9/9/2019 (b)		18,000		18,000

Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		14,175		14,175

Florida Housing Finance Corp., Multi-Family Mortgage, Riverwalk Apartments Rev., VRDO, FHLMC, LOC: FHLMC, 1.39%, 9/9/2019 (b)		4,650		4,650


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Florida — continued

Hillsborough County Housing Finance Authority, Housing-Hunters Run Apartments Project Series 2002 A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		4,940		4,940

Hillsborough County, Housing Finance Authority, Multifamily Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		3,195		3,195

Polk County Housing Finance Authority, Multifamily Housing, Cambridge Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		6,600		6,600

Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project Rev., VRDO, LOC: Bank of America NA, 1.49%, 9/9/2019 (b)		16,000		16,000

Tender Option Bond Trust Receipts/Certificates

Series 2018-XL0091, Rev., VRDO, LIQ: Credit Suisse AG, 1.38%, 9/9/2019 (b)		4,000		4,000

Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		7,500		7,500

Series 2017-ZF2503, Rev., VRDO, LIQ: Citibank NA, 1.41%, 9/9/2019 (b)		3,750		3,750

Series 2018-XM0701, Rev., VRDO, LIQ: Citibank NA, 1.41%, 9/9/2019 (b)		3,400		3,400

Volusia County Housing Finance Authority, Saxon Trace Apartments Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		6,600		6,600


				180,725


Georgia — 2.0%

Atlanta Independent School System GO, TAN, 3.00%, 12/31/2019		25,000		25,140

Fulton County Development Authority, Airport Facility, FlightSafety International, Inc. Series B, Rev., VRDO, 1.38%, 9/9/2019 (b)		6,850		6,850

Richmond County Development Authority, Multifamily Housing, Stonegate Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.43%, 9/9/2019 (b)		6,810		6,810

Tender Option Bond Trust Receipts/CertificatesSeries 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 1.39%, 9/9/2019 (b) (c)		3,750		3,750

Valdosta-Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 1.46%, 9/9/2019 (b)		1,830		1,830


				44,380

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	69

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — 1.6%

County of Will, ExxonMobil Project Rev., VRDO, 1.39%, 9/3/2019 (b)		8,040		8,040

Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 1.40%, 9/9/2019 (b)		10,000		10,000

Illinois Housing Development Authority, Brainard Landings II Apartments Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/9/2019 (b)		2,450		2,450

Illinois Housing Development Authority, Homeowner MortgageSeries 2018-A-2, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLB, 1.35%, 9/9/2019 (b)		700		700

Illinois State Toll Highway Authority, Variable Rate Senior PrioritySeries A-1B, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 1.40%, 9/9/2019 (b)		11,410		11,410

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XM0686, Rev., VRDO, LIQ: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		4,160		4,160


				36,760


Indiana — 1.6%

City of Indianapolis, Economic Development, Pine Glen Apartments Project Rev., VRDO, 1.40%, 9/9/2019 (b)		5,810		5,810

City of Indianapolis, Multi-Family Housing, Nora CommonsSeries 2004-A, Rev., VRDO, AMT, LOC: U.S. Bank NA, 1.50%, 9/3/2019 (b)		12,345		12,345

Class B, Rev., VRDO, LOC: U.S. Bank NA, 1.42%, 9/9/2019 (b)		625		625

Gary Chicago International Airport Authority, Multi-Modal Special Purpose Facility Rev., VRDO, LOC: BMO Harris Bank NA, 1.40%, 9/9/2019 (b)		5,560		5,560

Indiana Finance Authority, Parkview Health System Obligated Group Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.40%, 9/9/2019 (b)		5,475		5,475

Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 1.47%, 9/9/2019 (b)		4,100		4,100

Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 1.47%, 9/9/2019 (b)		1,860		1,860

Tender Option Bond Trust Receipts/CertificatesSeries 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 1.39%, 9/9/2019 (b)		2,500		2,500


				38,275


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Iowa — 2.7%

Iowa Finance Authority, Industrial Development, Cone Entertainment Project Rev., VRDO, LOC: Wells Fargo Bank NA, 1.39%, 9/9/2019 (b)		4,655		4,655

Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 1.40%, 9/9/2019 (b)		23,995		23,995

Iowa Finance Authority, Multi-Family Housing Series B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.40%, 9/9/2019 (b)		7,230		7,230

Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 1.43%, 9/9/2019 (b)		25,000		25,000

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 1.38%, 9/9/2019 (b) (c)		2,550		2,550


				63,430


Kansas — 0.8%

City of Mission, Multi-Family Housing, The Falls Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 1.41%, 9/9/2019 (b)		7,750		7,750

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-23, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		12,500		12,500


				20,250


Kentucky — 1.0%

County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project

Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.47%, 9/9/2019 (b)		7,100		7,100

Series 2008-A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.50%, 9/9/2019 (b)		6,800		6,800

Kenton County Airport Board, Flight Safety International, Inc. Series A, Rev., VRDO, 1.38%, 9/9/2019 (b)		3,125		3,125

Louisville Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding Series A, Rev., VRDO, 1.45%, 9/3/2019 (b)		3,000		3,000

Maysville Industrial Building., Green Tokai Co. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.42%, 9/9/2019 (b)		5,740		5,740


				25,765

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Louisiana — 2.1%

Parish of St Bernard, Mobil Oil Rev., VRDO, 1.39%, 9/3/2019 (b)		8,000		8,000

Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Rev., VRDO, 1.45%, 9/3/2019 (b)		11,000		11,000

Series A, Rev., VRDO, 1.45%, 9/3/2019 (b)		13,700		13,700

Tender Option Bond Trust Receipts/Certificates

Series 2019-XM0738, Rev., VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		3,245		3,245

Series 2019-BAML7003, Rev., VRDO, LOC: Bank of America NA, 1.40%, 9/9/2019 (b) (c)		12,450		12,450


				48,395


Maryland — 4.2%

City of BaltimoreSeries 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.43%, 9/9/2019 (b) (c)		6,665		6,665

Maryland Community Development Administration, Department of Housing and Community Development, Residential

Series J, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 1.38%, 9/9/2019 (b)		50,000		50,000

Series G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 1.42%, 9/9/2019 (b)		18,760		18,760

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2763, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		10,000		10,000

Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		7,500		7,500

Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 1.38%, 9/9/2019 (b) (c)		4,000		4,000

Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 1.40%, 9/9/2019 (b) (c)		3,300		3,300


				100,225


Massachusetts — 0.2%

Greater Attleboro-Taunton Regional Transit Authority Rev., RAN, 2.00%, 8/21/2020		5,000		5,031


Michigan — 3.6%

Kent Hospital Finance Authority, Spectrum Health System Series C, Rev., VRDO, LOC: Bank of New York Mellon, 1.39%, 9/9/2019 (b)		7,665		7,665


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Michigan — continued

Michigan State Housing Development Authority, Jackson Project Rev., VRDO, 1.53%, 9/3/2019 (b)		9,635		9,635

Michigan State Housing Development Authority, Single-Family Mortgage

Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.41%, 9/9/2019 (b)		5,590		5,590

Series B, Rev., VRDO, AMT, LIQ: Industrial & Commercial Bank of China, 1.44%, 9/9/2019 (b)		49,010		49,010

Rib Floater Trust Various StatesSeries 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		6,000		6,000

Tender Option Bond Trust Receipts/Certificates

Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		3,000		3,000

Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 1.38%, 9/9/2019 (b) (c)		4,075		4,075


				84,975


Minnesota — 0.9%

Minnesota Housing Finance Agency, Residential Housing FinanceSeries 2017-C, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 1.40%, 9/9/2019 (b)		13,200		13,200

Oakdale Multifamily, Housing Cottage Homesteads Rev., VRDO, FHLMC, LOC: FHLMC, 1.40%, 9/9/2019 (b)		7,000		7,000


				20,200


Mississippi — 0.5%

County of Jackson, Chevron USA, Inc. Project Rev., VRDO, 1.39%, 9/3/2019 (b)		7,800		7,800

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series C, Rev., VRDO, 1.35%, 9/3/2019 (b)		4,540		4,540


				12,340


Missouri — 4.0%

Rib Floater Trust Various StatesSeries 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		26,945		26,945

St. Charles County Industrial Development Authority, Country Club Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		25,000		25,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	71

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Missouri — continued

St. Charles County Industrial Development Authority, Remington Apartments Project Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		11,100		11,100

Tender Option Bond Trust Receipts/CertificatesSeries C-16, Rev., VRDO, LOC: Royal Bank of Canada, 1.41%, 9/9/2019 (b)		30,000		30,000


				93,045


Nebraska — 0.8%

Nebraska Investment Finance Authority, Multi-Family Housing Series A, Rev., VRDO, LOC: Citibank NA, 1.40%, 9/9/2019 (b)		10,000		10,000

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2551, Rev., VRDO, LIQ: Citibank NA, 1.40%, 9/9/2019 (b)		9,635		9,635


				19,635


Nevada — 1.3%

Clark County Series A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.40%, 9/9/2019 (b)		17,850		17,850

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0612, GO, VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		6,840		6,840

Series 2018-ZM0633, GO, VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		4,100		4,100


				28,790


New Jersey — 2.1%

Borough of Butler GO, BAN, 2.00%, 9/11/2020 (e)		7,233		7,284

Borough of Glassboro Series A, GO, BAN, 2.00%, 1/15/2020		9,129		9,152

Rib Floater Trust Various StatesSeries 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 1.42%, 9/9/2019 (b) (c)		25,700		25,700

Township of Vernon GO, BAN, 2.00%, 9/4/2020 (e)		7,366		7,417


				49,553


North Carolina — 0.5%

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		3,000		3,000

Union County Industrial Facilities and Pollution Control Financing Authority, Darnel, Inc. Project Rev., VRDO, LOC: BB&T Corp., 1.41%, 9/9/2019 (b)		10,000		10,000


				13,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Ohio — 0.2%

RBC Municipal Products, Inc. Trust, Floater CertificatesSeries G-30, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		3,905		3,905


Oregon — 2.9%

Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/9/2019 (b)		235		235

Port of Portland, Oregon International Airport, Multimodal Variable Rate

Series 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.43%, 9/9/2019 (b)		27,615		27,615

Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 1.44%, 9/9/2019 (b)		26,350		26,350

Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 1.43%, 9/3/2019 (b)		6,990		6,990

Tender Option Bond Trust Receipts/CertificatesSeries 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		7,500		7,500


				68,690


Other — 6.9%

Eagle Tax-Exempt Trust Series 0055F, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b) (c)		24,000		24,000

FHLMC, Multi-Family Housing

Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		72,900		72,900

Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		19,770		19,770

Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.39%, 9/9/2019 (b)		21,045		21,045

Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		14,045		14,045

Series M021, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.40%, 9/9/2019 (b)		10,465		10,465

SunAmerica Taxable Trust, Various States Series 2, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 1.41%, 9/9/2019 (b)		1,475		1,475


				163,700


Pennsylvania — 1.1%

City of Philadelphia, Water and Wastewater Series B, Rev., VRDO, LOC: TD Bank NA, 1.36%, 9/9/2019 (b)		1,540		1,540

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Pennsylvania — continued

Pennsylvania Housing Finance Agency, Single Family Mortgage

Series 2006-93B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.38%, 9/9/2019 (b)		3,430		3,430

Series 2007-98C, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 1.38%, 9/9/2019 (b)		8,200		8,200

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF0702, Rev., VRDO, LIQ: Bank of America NA, 1.37%, 9/9/2019 (b) (c)		2,000		2,000

Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		5,000		5,000

Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		4,490		4,490


				24,660


Rhode Island — 1.1%

Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, University Heights Project Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 1.45%, 9/9/2019 (b)		25,500		25,500


South Carolina — 1.5%

South Carolina State Housing Finance and Development Authority, Rental Housing, Rocky Creek Rev., VRDO, LOC: Wells Fargo Bank NA, 1.41%, 9/9/2019 (b)		4,085		4,085

Tender Option Bond Trust Receipts/CertificatesSeries 2019-BAML5004, Rev., VRDO, LIQ: Bank of America NA, 1.40%, 9/9/2019 (b) (c)		30,725		30,725


				34,810


Tennessee — 2.3%

Jackson Industrial Development Board, General Cable Corp. Project Rev., VRDO, LOC: PNC Bank NA, 1.39%, 9/9/2019 (b)		9,000		9,000

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Arbor Crest Rev., VRDO, FNMA, LOC: FNMA, 1.35%, 9/9/2019 (b)		12,750		12,750

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Retreat Dry Rev., VRDO, LOC: Citibank NA, 1.40%, 9/9/2019 (b)		10,625		10,625


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Tennessee — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 1.39%, 9/9/2019 (b) (c)		15,390		15,390

Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 1.41%, 9/9/2019 (b)		4,420		4,420


				52,185


Texas — 12.0%

Capital Area Housing Finance Corp., Multi-Family Housing, Cypress Creek At River Apartments Rev., VRDO, LOC: Citibank NA, 1.42%, 9/9/2019 (b)		10,065		10,065

Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project

Rev., VRDO, 1.39%, 9/3/2019 (b)		14,300		14,300

Series B, Rev., VRDO, 1.39%, 9/3/2019 (b)		15,000		15,000

Harris County Industrial Development Corp., Pollution Control, Exxon Project Rev., VRDO, 1.39%, 9/3/2019 (b)		7,000		7,000

Lower Neches Valley Authority Industrial Development Corp. Subseries B-2, Rev., VRDO, 1.39%, 9/3/2019 (b)		26,730		26,730

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Subseries B-4, Rev., VRDO, 1.39%, 9/3/2019 (b)		2,475		2,475

Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes Rev., VRDO, LOC: Citibank NA, 1.42%, 9/9/2019 (b)		12,075		12,075

North Texas Tollway Authority SystemSeries 2016-XF2220, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b) (c)		7,200		7,200

Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 1.42%, 9/9/2019 (b)		7,825		7,825

RBC Municipal Products, Inc. Trust, Floater Certificates

Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		10,000		10,000

Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		3,000		3,000

Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b) (c)		5,400		5,400

State of Texas Rev., TRAN, 4.00%, 8/27/2020		35,000		35,914

State of Texas, Veterans

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		175		175

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	73

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Texas — continued

Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.47%, 9/9/2019 (b)		9,480		9,480

GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.52%, 9/9/2019 (b)		12,580		12,580

State of Texas, Veterans Housing Assistance ProgramSeries 2007-B, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 1.52%, 9/9/2019 (b)		28,340		28,340

Tarrant County Cultural Education Facilities Finance Corp., Christus HealthSeries C-2, Rev., VRDO, LOC: Bank of New York Mellon, 1.39%, 9/9/2019 (b)		3,200		3,200

Tender Option Bond Trust Receipts/Certificates

Series 2017-XF0599, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		9,000		9,000

Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		7,125		7,125

Series 2018-G-85, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		6,175		6,175

Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 1.38%, 9/9/2019 (b)		5,000		5,000

Series 2016-ZF0465, Rev., VRDO, LOC: Royal Bank of Canada, 1.42%, 9/9/2019 (b)		48,605		48,605


				286,664


Utah — 0.6%

Utah Housing Corp., Single Family Mortgage

Series A-1, Class I, Rev., VRDO, LIQ: FHLB, 1.42%, 9/9/2019 (b)		1,940		1,940

Series A-2, Rev., VRDO, LIQ: FHLB, 1.42%, 9/9/2019 (b)		1,535		1,535

Series B, Class I, Rev., VRDO, LIQ: FHLB, 1.42%, 9/9/2019 (b)		3,045		3,045

Series C-2, Class I, Rev., VRDO, FHA, LIQ: FHLB, 1.42%, 9/9/2019 (b)		3,635		3,635

Series D-2, Class I, Rev., VRDO, LIQ: FHLB, 1.42%, 9/9/2019 (b)		3,780		3,780


				13,935


Virginia — 1.5%

Arlington County Industrial Development Authority, Multi-family, Gates Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 1.42%, 9/9/2019 (b)		15,300		15,300


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Virginia — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 1.37%, 9/9/2019 (b) (c)		5,415		5,415

Series 2018-BAML0004, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.45%, 9/9/2019 (b) (c)		15,190		15,190


				35,905


Washington — 1.4%

Port Grays Harbor Industrial Development Corp., Murphy Co. Project Rev., VRDO, LOC: U.S. Bank NA, 1.40%, 9/9/2019 (b)		10,000		10,000

Port of Seattle, Subordinate Lien Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.38%, 9/9/2019 (b)		14,200		14,200

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF0658, Rev., VRDO, LIQ: Bank of America NA, 1.43%, 9/9/2019 (b) (c)		5,610		5,610

Washington State Housing Finance Commission, Multi-Family Housing, Alderwood Court Apartments Series A, Rev., VRDO, FNMA, LOC: FNMA, 1.41%, 9/9/2019 (b)		5,350		5,350


				35,160


Wisconsin — 1.2%

Green Bay Redevelopment Authority, Greenbay Packing Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 1.41%, 9/9/2019 (b) (c)		27,000		27,000

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2541, Rev., VRDO, LIQ: Citibank NA, 1.38%, 9/9/2019 (b)		3,400		3,400


				30,400


Wyoming — 1.4%

County of Laramie, Industrial Development, Cheyenne Light Fuel and Power Co. Project Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.39%, 9/9/2019 (b)		7,000		7,000

County of Sublette, Wyoming Pollution Control, ExxonMobile Project Rev., VRDO, AMT, 1.38%, 9/3/2019 (b)		22,150		22,150

Wyoming Community Development Authority, Composite Reoffering Housing Series 6, Rev., VRDO, AMT, LIQ: FHLB, 1.42%, 9/9/2019 (b)		4,400		4,400


				33,550


Total Municipal Bonds (Cost $1,972,233)				1,972,233

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 9.8%

California — 0.4%

Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 1.49%, 9/9/2019 # (c)		10,000		10,000


New York — 1.1%

BlackRock MuniYield New York Quality Fund, Inc.Series W-7, LIQ: Citibank NA, 1.47%, 9/9/2019 # (c)		25,000		25,000


Other — 7.9%

BlackRock MuniYield Quality Fund III Inc. LIQ: Citibank NA, 1.50%, 9/7/2019 # (c)		30,000		30,000

Nuveen AMT-Free Quality Municipal Income Fund

Series 3, LIQ: TD Bank NA, 1.40%, 9/9/2019 # (c)		25,000		25,000

Series 4, LIQ: Barclays Bank plc, 1.43%, 9/9/2019 # (c)		16,700		16,700

Nuveen Quality Municipal Income Fund

Series 1, LIQ: Barclays Bank plc, 1.50%, 9/9/2019 # (c)		71,400		71,400

Series 2, LIQ: Barclays Bank plc, 1.50%, 9/9/2019 # (c)		20,000		20,000

Series 3, LIQ: Barclays Bank plc, 1.50%, 9/9/2019 # (c)		24,200		24,200


				187,300


Pennsylvania — 0.4%

BlackRock MuniYield Pennsylvania Quality Fund VRDO, LIQ: TD Bank NA, 1.47%, 9/7/2019 # (c)		10,000		10,000


Total Variable Rate Demand Preferred Shares (Cost $232,300)				232,300


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 7.5%

Commercial Paper — 7.5%

City of Atlanta, Airport

1.42%, 9/16/2019		21,119		21,119

1.42%, 9/20/2019		27,249		27,249

City of Garland, Electric Utility System 1.34%, 9/4/2019		10,000		10,000

City of Houston 1.51%, 9/11/2019		1,400		1,400

City of Rochester 1.35%, 10/17/2019		5,000		5,000

City of San Antonio, Electric & Gas Systems 1.34%, 12/11/2019		10,000		10,000

County of Harris

1.40%, 10/1/2019		2,450		2,450


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

1.40%, 10/1/2019		475		475

Harris County Toll Road, Senior Lien 1.35%, 11/7/2019		3,700		3,700

1.35%, 11/7/2019		1,500		1,500

1.38%, 11/7/2019		28,815		28,815

Indiana Finance Authority 1.40%, 10/3/2019		10,000		10,000

Las Vegas Valley Water District 1.36%, 10/8/2019		5,000		5,000

Omaha Public Power District, Electric System 1.31%, 10/16/2019		8,700		8,700

Salt River Project Agricultural Improvement & Power District 1.36%, 10/3/2019		10,000		10,000

Southwestern Illinois Development Authority 1.43%, 11/5/2019		15,000		15,000

University of Texas System (The) 1.30%, 12/5/2019		7,932		7,932

Upper Trinity Regional Water District

1.38%, 10/1/2019		10,000		10,000


Total Commercial Paper (Cost $178,340)				178,340


TotalShort-Term Investments (Cost $178,340)				178,340

Total Investments — 100.5% (Cost $2,382,873) *				2,382,873
Liabilities in Excess of Other Assets — (0.5)%				(9,192	)

NET ASSETS — 100.0%				2,373,681

Percentages indicated are based on net assets.

Abbreviations


AMT		Alternative Minimum Tax
COLL		Collateral
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
GTD		Guaranteed
IDA		Industrial Development Authority
LIQ		Liquidity Agreement
LOC		Letter of Credit
PSF-GTD		Permanent School Fund Guaranteed
Rev.		Revenue
TRAN		Tax & Revenue Anticipation Note
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	75

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


(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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.


(d)		Amount rounds to less than 0.1% of net assets.
(e)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
#		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, 2019.
*		The cost of securities is substantially the same for federal income tax purposes.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	77

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
ASSETS:
Investments innon-affiliates, at value	$	36,981,134	$	998,319		$	2,983,060
Repurchase agreements, at value		18,477,900		—			615,000
Cash		400,001		2			2
Deferred offering cost (See Note 2.E.)		—		—			2
Receivables:
Investment securities sold		—		215			—
Interest fromnon-affiliates		86,502		2,302			4,675

Total Assets		55,945,537		1,000,838			3,602,739


LIABILITIES:
Payables:
Distributions		77,526		998			7,134
Investment securities purchased		—		15,390			—
Accrued liabilities:
Investment advisory fees		3,776		54			57
Administration fees		2,726		39			54
Distribution fees		3		—			—
Service fees		3,089		12			—
Custodian and accounting fees		296		34			54
Trustees’ and Chief Compliance Officer’s fees		40		—	(a)		—
Other		1,011		49			33

Total Liabilities		88,467		16,576			7,332

Net Assets	$	55,857,070	$	984,262		$	3,595,407

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Prime Money Market Fund		JPMorgan Institutional Tax Free Money Market Fund		JPMorgan Securities Lending Money Market Fund
NET ASSETS:
Paid-in-Capital	$	55,846,422	$	984,154	$	3,595,056
Total distributable earnings (loss)		10,648		108		351

Total Net Assets	$	55,857,070	$	984,262	$	3,595,407


Net Assets:
Class C	$	875	$	—	$	—
Academy		20		—		—
Agency		2,467,012		58,770		—
Agency SL		—		—		3,595,407
Capital		28,168,220		123,200		—
IM		5,427,999		527,178		—
Institutional Class		14,702,896		275,114		—
Morgan		2,772,538		—		—
Premier		2,306,744		—		—
Reserve		10,766		—		—

Total	$	55,857,070	$	984,262	$	3,595,407


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		875		—		—
Academy		20		—		—
Agency		2,465,908		58,763		—
Agency SL		—		—		3,595,172
Capital		28,158,672		123,184		—
IM		5,425,972		527,131		—
Institutional Class		14,697,827		275,082		—
Morgan		2,771,156		—		—
Premier		2,305,895		—		—
Reserve		10,761		—		—

Net Asset Value offering and redemption price per share (all classes, except Prime Money Market Fund)	$	—	$	1.0001	$	1.0001

Net Asset Value offering and redemption price per share
Class C	$	1.0003	$	—	$	—
Academy		1.0004		—		—
Agency		1.0004		—		—
Capital		1.0003		—		—
IM		1.0004		—		—
Institutional Class		1.0003		—		—
Morgan		1.0005		—		—
Premier		1.0004		—		—
Reserve		1.0005		—		—


Cost of investments innon-affiliates	$	36,969,824	$	998,265	$	2,982,711
Cost of repurchase agreements		18,477,900		—		615,000

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	79

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Liquid Assets Money Market Fund		JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
ASSETS:
Investments innon-affiliates, at value	$	5,474,123	$	66,745,719		$	11,940,264
Repurchase agreements, at value		2,580,977		83,251,364			19,000,005
Cash		15,001		2,124,815			650,869
Receivables:
Investment securities sold		—		—			300,000
Fund shares sold		—		3,007			—
Interest fromnon-affiliates		11,629		239,414			40,402

Total Assets		8,081,730		152,364,319			31,931,540


LIABILITIES:
Payables:
Distributions		8,857		130,794			25,785
Investment securities purchased		39,600		2,025,000			397,008
Fund shares redeemed		—		1,372			—
Accrued liabilities:
Investment advisory fees		519		10,043			2,100
Administration fees		374		7,244			1,515
Distribution fees		47		1,170			252
Service fees		827		7,878			1,936
Custodian and accounting fees		27		667			142
Trustees’ and Chief Compliance Officer’s fees		3		16			5
Other		162		3,342			627
					��
Total Liabilities		50,416		2,187,526			429,370

Net Assets	$	8,031,314	$	150,176,793		$	31,502,170

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
NET ASSETS:
Paid-in-Capital	$	8,031,516		$	150,182,771		$	31,502,715
Total distributable earnings (loss)		(202	)		(5,978	)		(545	)

Total Net Assets	$	8,031,314		$	150,176,793		$	31,502,170


Net Assets:
Class C	$	19,821		$	—		$	288,773
Academy		—			20			—
Agency		735,845			13,604,616			2,225,012
Capital		1,427,138			79,735,586			9,375,597
Direct		—			—			—
Eagle Class		—			—			—
Eagle Private Wealth Class		—			21			—
E*Trade		—			271,705			—
IM		—			6,353,040			405,866
Institutional Class		3,216,213			41,945,915			17,198,227
Investor		7,482			861,904			34,823
Morgan		401,655			1,877,118			831,368
Premier		2,219,353			3,922,086			1,136,532
Reserve		3,807			19,353			5,972
Service		—			1,585,429			—

Total	$	8,031,314		$	150,176,793		$	31,502,170


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		19,823			—			288,774
Academy		—			20			—
Agency		735,847			13,604,911			2,225,035
Capital		1,427,137			79,739,078			9,375,750
Direct		—			—			—
Eagle Class		—			—			—
Eagle Private Wealth Class		—			21			—
E*Trade		—			271,712			—
IM		—			6,353,295			405,878
Institutional Class		3,216,227			41,947,619			17,198,570
Investor		7,482			861,945			34,823
Morgan		401,662			1,877,123			831,365
Premier		2,219,359			3,922,184			1,136,545
Reserve		3,808			19,353			5,972
Service		—			1,585,490			—
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00


Cost of investments innon-affiliates	$	5,474,123		$	66,745,719		$	11,940,264
Cost of repurchase agreements		2,580,977			83,251,364			19,000,005

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	81

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	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
ASSETS:
Investments innon-affiliates, at value	$	2,486,623	$	63,050,324	$	13,541,043	$	2,382,873
Cash		27,944		1,159,347		7		—
Receivables:
Investment securities sold		—		—		3,116		40,417
Investment securities sold — delayed delivery securities		—		—		5,095		5,780
Fund shares sold		6,154		—		—		—
Interest fromnon-affiliates		2,723		40,960		23,779		5,515
Prepaid expenses		—		—		—		108

Total Assets		2,523,444		64,250,631		13,573,040		2,434,693


LIABILITIES:
Payables:
Due to custodian		—		—		—		19
Distributions		2,645		67,772		11,785		668
Investment securities purchased		—		3,790,310		221,994		45,066
Investment securities purchased — delayed delivery securities		—		—		—		14,701
Fund shares redeemed		5,874		—		—		—
Accrued liabilities:
Investment advisory fees		162		4,049		938		108
Administration fees		118		2,920		677		81
Distribution fees		3		679		356		78
Service fees		181		3,988		1,274		191
Custodian and accounting fees		24		206		85		20
Trustees’ and Chief Compliance Officer’s fees		1		13		2		—
Other		461		276		230		80

Total Liabilities		9,469		3,870,213		237,341		61,012

Net Assets	$	2,513,975	$	60,380,418	$	13,335,699	$	2,373,681

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	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
NET ASSETS:
Paid-in-Capital	$	2,514,072		$	60,380,778		$	13,335,577	$	2,373,548
Total distributable earnings (loss)		(97	)		(360	)		122		133

Total Net Assets	$	2,513,975		$	60,380,418		$	13,335,699	$	2,373,681


Net Assets:
Agency	$	196,893		$	3,634,173		$	774,805	$	127,283
Capital		—			29,836,916			—		—
Eagle Class		—			—			—		—
E*Trade		—			—			—		—
Institutional Class		2,141,176			20,527,865			9,957,349		1,958,463
Morgan		34,008			1,918,740			11,610		22,106
Premier		141,898			2,388,045			924,455		125,310
Reserve		—			2,074,679			1,667,480		—
Service		—			—			—		140,519

Total	$	2,513,975		$	60,380,418		$	13,335,699	$	2,373,681


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		196,926			3,634,182			774,788		127,276
Capital		—			29,837,048			—		—
Eagle Class		—			—			—		—
E*Trade		—			—			—		—
Institutional Class		2,141,502			20,527,991			9,957,006		1,958,346
Morgan		34,014			1,918,749			11,609		22,105
Premier		141,924			2,388,048			924,376		125,303
Reserve		—			2,074,670			1,667,344		—
Service		—			—			—		140,508
Net Asset Value offering and redemption price per share (all classes)	$	1.00		$	1.00		$	1.00	$	1.00


Cost of investments innon-affiliates	$	2,486,623		$	63,050,324		$	13,541,043	$	2,382,873

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	83

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)

(Amounts in thousands)


	JPMorgan Prime Money Market Fund			JPMorgan Institutional Tax Free Money Market Fund			JPMorgan Securities Lending Money Market Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	655,911		$	7,261		$	42,122
Interest income from affiliates		4,745			—	(a)		—

Total investment income		660,656			7,261			42,122


EXPENSES:
Investment advisory fees		20,426			365			1,320
Administration fees		15,119			270			977
Distribution fees (See Note 4)		18			—			—
Service fees (See Note 4)		22,516			220			—
Custodian and accounting fees		644			70			112
Interest expense to affiliates		1			—	(a)		—	(a)
Professional fees		308			28			41
Trustees’ and Chief Compliance Officer’s fees		137			14			18
Printing and mailing costs		24			—			—	(a)
Registration and filing fees		785			38			70
Transfer agency fees (See Note 2.G.)		872			59			25
Offering costs		—			—	(a)		22
Other		129			10			20

Total expenses		60,979			1,074			2,605

Less fees waived		(5,675	)		(223	)		(1,593	)
Less expense reimbursements		(13	)		(8	)		(22	)

Net expenses		55,291			843			990

Net investment income (loss)		605,365			6,418			41,132


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments innon-affiliates		15			51			1
Change in net unrealized appreciation/depreciation on investments innon-affiliates		2,253			87			(134	)

Net realized/unrealized gains (losses)		2,268			138			(133	)

Change in net assets resulting from operations	$	607,633		$	6,556		$	40,999

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Liquid Assets Money Market Fund			JPMorgan U.S. Government Money Market Fund			JPMorgan U.S. Treasury Plus Money Market Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	83,669		$	1,694,076		$	345,266
Interest income from affiliates		177			41,529			7,638
Dividend income fromnon-affiliates		—			13			—
Income from interfund lending (net)		95			—			—

Total investment income		83,941			1,735,618			352,904


EXPENSES:
Investment advisory fees		2,605			57,584			11,762
Administration fees		1,926			42,629			8,706
Distribution fees (See Note 4)		270			11,320			1,674
Service fees (See Note 4)		5,272			64,952			15,263
Custodian and accounting fees		94			1,211			322
Professional fees		65			745			180
Trustees’ and Chief Compliance Officer’s fees		26			296			73
Printing and mailing costs		25			281			15
Registration and filing fees		537			2,873			157
Transfer agency fees (See Note 2.G.)		107			1,549			321
Other		1			317			63

Total expenses		10,928			183,757			38,536

Less fees waived		(1,327	)		(17,599	)		(4,466	)

Net expenses		9,601			166,158			34,070

Net investment income (loss)		74,340			1,569,460			318,834


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments innon-affiliates		14			(388	)		215

Change in net assets resulting from operations	$	74,354		$	1,569,072		$	319,049

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	85

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in thousands)


	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
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	34,513		$	631,805		$	121,312		$	23,644
Interest income from affiliates		302			12,988			—	(a)		—	(a)
Dividend income fromnon-affiliates		—			—			—	(a)		—

Total investment income		34,815			644,793			121,312			23,644


EXPENSES:
Investment advisory fees		1,165			21,904			6,057			1,160
Administration fees		864			16,210			4,487			860
Distribution fees (See Note 4)		17			3,387			2,226			990
Service fees (See Note 4)		1,695			28,333			10,605			2,130
Custodian and accounting fees		45			493			197			53
Interest expense to affiliates		2			—			9			4
Professional fees		35			279			112			40
Trustees’ and Chief Compliance Officer’s fees		19			126			44			18
Printing and mailing costs		54			63			17			44
Registration and filing fees		55			708			171			429
Transfer agency fees (See Note 2.G.)		54			557			165			30
Other		9			99			51			6

Total expenses		4,014			72,159			24,141			5,764

Less fees waived		(664	)		(6,552	)		(2,424	)		(918	)

Net expenses		3,350			65,607			21,717			4,846

Net investment income (loss)		31,465			579,186			99,595			18,798


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments innon-affiliates		89			459			73			100

Change in net assets resulting from operations	$	31,554		$	579,645		$	99,668		$	18,898

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	605,365		$	884,549		$	6,418		$	7,858
Net realized gain (loss)		15			131			51			14
Change in net unrealized appreciation/depreciation		2,253			8,894			87			(33	)

Change in net assets resulting from operations		607,633			893,574			6,556			7,839


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		(9	)		(21	)		—			—
Academy (b)		—	(c)		—			—			—
Agency		(28,629	)		(40,387	)		(339	)		(83	)
Capital		(312,176	)		(535,595	)		(955	)		(263	)
IM		(60,362	)		(40,957	)		(3,076	)		(5,663	)
Institutional Class		(154,793	)		(212,564	)		(2,049	)		(1,859	)
Morgan		(26,758	)		(28,290	)		—			—
Premier		(22,535	)		(26,502	)		—			—
Reserve		(104	)		(346	)		—			—

Total distributions to shareholders		(605,366	)		(884,662	)		(6,419	)		(7,868	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		8,772,954			8,474,416			40,776			943,378


NET ASSETS:
Change in net assets		8,775,221			8,483,328			40,913			943,349
Beginning of period		47,081,849			38,598,521			943,349			—

End of period	$	55,857,070		$	47,081,849		$	984,262		$	943,349

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

(b)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

(c)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	41,132		$	15,410		$	74,340		$	64,681
Net realized gain (loss)		1			1			14			6
Change in net unrealized appreciation/depreciation		(134	)		483			—			—

Change in net assets resulting from operations		40,999			15,894			74,354			64,687


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(175	)		(279	)
Agency		—			—			(7,067	)		(6,245	)
Agency SL		(41,132	)		(15,410	)		—			—
Capital		—			—			(12,668	)		(5,669	)
Institutional Class		—			—			(33,252	)		(35,769	)
Investor		—			—			(71	)		(179	)
Morgan		—			—			(3,673	)		(3,399	)
Premier		—			—			(17,395	)		(13,059	)
Reserve		—			—			(40	)		(87	)

Total distributions to shareholders		(41,132	)		(15,410	)		(74,341	)		(64,686	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		730,001			2,865,055			2,729,955			3,508,402


NET ASSETS:
Change in net assets		729,868			2,865,539			2,729,968			3,508,403
Beginning of period		2,865,539			—			5,301,346			1,792,943

End of period	$	3,595,407		$	2,865,539		$	8,031,314		$	5,301,346

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,569,460		$	2,578,969		$	318,834		$	506,910
Net realized gain (loss)		(388	)		(3,877	)		215			(176	)

Change in net assets resulting from operations		1,569,072			2,575,092			319,049			506,734


DISTRIBUTIONS TO SHAREHOLDERS:
Class C		—			—			(2,497	)		(4,095	)
Academy (a)		—	(b)		—			—			—
Agency		(129,189	)		(222,066	)		(23,067	)		(25,590	)
Capital		(847,293	)		(1,466,420	)		(80,747	)		(103,670	)
Eagle Class (c)		(16,148	)		(37,312	)		—			—
Eagle Private Wealth Class		—	(b)		—	(b)		—			—
E*Trade		(1,953	)		(3,012	)		—			—
IM		(63,303	)		(89,246	)		(9,478	)		(48,958	)
Institutional Class		(432,309	)		(635,300	)		(185,943	)		(304,942	)
Investor		(10,084	)		(14,298	)		(308	)		(622	)
Morgan		(16,434	)		(21,441	)		(6,633	)		(6,356	)
Premier		(35,807	)		(67,583	)		(10,108	)		(12,497	)
Reserve		(162	)		(542	)		(54	)		(180	)
Service		(16,777	)		(21,750	)		—			—

Total distributions to shareholders		(1,569,459	)		(2,578,970	)		(318,835	)		(506,910	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		4,817,324			(6,980,523	)		1,818,369			7,326,156


NET ASSETS:
Change in net assets		4,816,937			(6,984,401	)		1,818,583			7,325,980
Beginning of period		145,359,856			152,344,257			29,683,587			22,357,607

End of period	$	150,176,793		$	145,359,856		$	31,502,170		$	29,683,587

(a)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b)	Amount rounds to less than one thousand.

(c)	Eagle Class Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	89

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	31,465		$	58,381		$	579,186		$	746,543
Net realized gain (loss)		89			13			459			(222	)

Change in net assets resulting from operations		31,554			58,394			579,645			746,321


DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(2,078	)		(2,217	)		(35,118	)		(41,806	)
Capital		—			—			(289,385	)		(376,988	)
Institutional Class		(27,665	)		(52,791	)		(198,398	)		(258,873	)
Morgan		(298	)		(433	)		(17,606	)		(27,970	)
Premier		(1,423	)		(2,945	)		(22,858	)		(24,668	)
Reserve		—			—			(15,822	)		(16,269	)

Total distributions to shareholders		(31,464	)		(58,386	)		(579,187	)		(746,574	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,235,945	)		691,739			10,795,813			14,571,405


NET ASSETS:
Change in net assets		(1,235,855	)		691,747			10,796,271			14,571,152
Beginning of period		3,749,830			3,058,083			49,584,147			35,012,995

End of period	$	2,513,975		$	3,749,830		$	60,380,418		$	49,584,147

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	99,595		$	196,826		$	18,798		$	33,600
Net realized gain (loss)		73			1,154			100			255

Change in net assets resulting from operations		99,668			197,980			18,898			33,855


DISTRIBUTIONS TO SHAREHOLDERS:
Agency		(6,102	)		(12,956	)		(922	)		(2,215	)
Eagle Class (a)		—			—			(1,387	)		(4,615	)
Institutional Class		(79,549	)		(156,952	)		(14,995	)		(24,246	)
Morgan		(57	)		(96	)		(105	)		(157	)
Premier		(5,855	)		(10,954	)		(767	)		(1,365	)
Reserve		(8,031	)		(16,694	)		—			—
Service		—			—			(622	)		(1,260	)

Total distributions to shareholders		(99,594	)		(197,652	)		(18,798	)		(33,858	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(3,232,185	)		(315,886	)		(724,652	)		421,121


NET ASSETS:
Change in net assets		(3,232,111	)		(315,558	)		(724,552	)		421,118
Beginning of period		16,567,810			16,883,368			3,098,233			2,677,115

End of period	$	13,335,699		$	16,567,810		$	2,373,681		$	3,098,233

(a)	Eagle Class Shares of JPMorgan Municipal Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	91

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, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019 (a)
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—	(b)	$	6		$	—		$	—
Distributions reinvested		9			21			—			—
Cost of shares redeemed		(351	)		(821	)		—			—

Change in net assets resulting from Class C capital transactions	$	(342	)	$	(794	)	$	—		$	—

Academy(c)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—

Change in net assets resulting from Academy capital transactions	$	20		$	—		$	—		$	—

Agency
Proceeds from shares issued	$	105,419,143		$	208,462,873		$	93,747		$	34,694
Distributions reinvested		4,026			5,212			—	(b)		1
Cost of shares redeemed		(105,430,265	)		(207,488,850	)		(52,131	)		(17,546	)

Change in net assets resulting from Agency capital transactions	$	(7,096	)	$	979,235		$	41,616		$	17,149

Capital
Proceeds from shares issued	$	93,991,146		$	192,273,369		$	353,248		$	113,212
Distributions reinvested		111,710			212,051			14			10
Cost of shares redeemed		(92,661,841	)		(190,418,265	)		(303,022	)		(40,287	)

Change in net assets resulting from Capital transactions	$	1,441,015		$	2,067,155		$	50,240		$	72,935

IM
Proceeds from shares issued	$	23,740,655		$	10,849,841		$	2,959,601		$	4,979,384
Distributions reinvested		1,257			775			—	(b)		145
Cost of shares redeemed		(20,210,694	)		(10,986,734	)		(2,907,855	)		(4,504,146	)

Change in net assets resulting from IM capital transactions	$	3,531,218		$	(136,118	)	$	51,746		$	475,383

Institutional Class
Proceeds from shares issued	$	38,116,472		$	55,247,913		$	1,169,220		$	835,339
Distributions reinvested		26,431			41,157			—	(b)		219
Cost of shares redeemed		(35,132,332	)		(52,166,752	)		(1,272,046	)		(457,647	)

Change in net assets resulting from Institutional Class capital transactions	$	3,010,571		$	3,122,318		$	(102,826	)	$	377,911

Morgan
Proceeds from shares issued	$	292,277,166		$	307,090,167		$	—		$	—
Distributions reinvested		2,180			3,741			—			—
Cost of shares redeemed		(291,901,642	)		(305,439,466	)		—			—

Change in net assets resulting from Morgan capital transactions	$	377,704		$	1,654,442		$	—		$	—

Premier
Proceeds from shares issued	$	32,190,622		$	40,290,030		$	—		$	—
Distributions reinvested		700			1,477			—			—
Cost of shares redeemed		(31,769,201	)		(39,500,495	)		—			—

Change in net assets resulting from Premier capital transactions	$	422,121		$	791,012		$	—		$	—

Reserve
Proceeds from shares issued	$	1,152,123		$	4,012,689		$	—		$	—
Distributions reinvested		14			73			—			—
Cost of shares redeemed		(1,154,394	)		(4,015,596	)		—			—

Change in net assets resulting from Reserve capital transactions	$	(2,257	)	$	(2,834	)	$	—		$	—

Total change in net assets resulting from capital transactions	$	8,772,954		$	8,474,416		$	40,776		$	943,378

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

(b)	Amount rounds to less than one thousand.

(c)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Prime Money Market Fund						JPMorgan Institutional Tax Free Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019 (a)
SHARE TRANSACTIONS:
Class C
Issued		—	(b)		6			—			—
Reinvested		9			21			—			—
Redeemed		(352	)		(821	)		—			—

Change in Class C Shares		(343	)		(794	)		—			—

Academy(c)
Issued		20			—			—			—
Reinvested		—	(b)		—			—			—

Change in Academy Shares		20			—			—			—

Agency
Issued		105,379,225			208,425,101			93,745			34,693
Reinvested		4,025			5,212			—	(b)		1
Redeemed		(105,390,673	)		(207,450,783	)		(52,130	)		(17,546	)

Change in Agency Shares		(7,423	)		979,530			41,615			17,148

Capital
Issued		93,966,075			192,248,217			353,239			113,211
Reinvested		111,673			212,014			14			10
Redeemed		(92,637,036	)		(190,393,300	)		(303,003	)		(40,287	)

Change in Capital Shares		1,440,712			2,066,931			50,250			72,934

IM
Issued		23,733,418			10,848,505			2,959,475			4,979,388
Reinvested		1,256			775			—	(b)		145
Redeemed		(20,204,370	)		(10,985,420	)		(2,907,729	)		(4,504,148	)

Change in IM Shares		3,530,304			(136,140	)		51,746			475,385

Institutional Class
Issued		38,106,611			55,241,965			1,169,156			835,334
Reinvested		26,422			41,149			1			219
Redeemed		(35,123,315	)		(52,161,197	)		(1,271,986	)		(457,642	)

Change in Institutional Class Shares		3,009,718			3,121,917			(102,829	)		377,911

Morgan
Issued		292,156,579			307,042,558			—			—
Reinvested		2,179			3,740			—			—
Redeemed		(291,782,106	)		(305,391,593	)		—			—

Change in Morgan Shares		376,652			1,654,705			—			—

Premier
Issued		32,179,831			40,284,169			—			—
Reinvested		700			1,477			—			—
Redeemed		(31,758,607	)		(39,494,691	)		—			—

Change in Premier Shares		421,924			790,955			—			—

Reserve
Issued		1,151,658			4,012,072			—			—
Reinvested		14			73			—			—
Redeemed		(1,153,932	)		(4,014,969	)		—			—

Change in Reserve Shares		(2,260	)		(2,824	)		—			—

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

(b)	Amount rounds to less than one thousand.

(c)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	93

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	6,907		$	17,379
Distributions reinvested		—			—			174			279
Cost of shares redeemed		—			—			(9,332	)		(17,852	)

Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(2,251	)	$	(194	)

Agency
Proceeds from shares issued	$	—		$	—		$	702,311		$	946,895
Distributions reinvested		—			—			239			295
Cost of shares redeemed		—			—			(508,709	)		(563,714	)

Change in net assets resulting from Agency capital transactions	$	—		$	—		$	193,841		$	383,476

Agency SL
Proceeds from shares issued	$	12,421,300		$	7,082,500		$	—		$	—
Distributions reinvested		1			145			—			—
Cost of shares redeemed		(11,691,300	)		(4,217,590	)		—			—

Change in net assets resulting from Agency SL capital transactions	$	730,001		$	2,865,055		$	—		$	—

Capital
Proceeds from shares issued	$	—		$	—		$	1,878,745		$	1,101,524
Distributions reinvested		—			—			4,312			660
Cost of shares redeemed		—			—			(1,014,412	)		(642,507	)

Change in net assets resulting from Capital capital transactions	$	—		$	—		$	868,645		$	459,677

Institutional Class
Proceeds from shares issued	$	—		$	—		$	2,579,774		$	3,885,697
Distributions reinvested		—			—			12,439			12,958
Cost of shares redeemed		—			—			(2,093,551	)		(2,169,444	)

Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	498,662		$	1,729,211

Investor
Proceeds from shares issued	$	—		$	—		$	2,637		$	19,039
Distributions reinvested		—			—			71			173
Cost of shares redeemed		—			—			(3,373	)		(19,681	)

Change in net assets resulting from Investor capital transactions	$	—		$	—		$	(665	)	$	(469	)

Morgan
Proceeds from shares issued	$	—		$	—		$	291,835		$	316,847
Distributions reinvested		—			—			3,465			3,328
Cost of shares redeemed		—			—			(201,230	)		(168,640	)

Change in net assets resulting from Morgan capital transactions	$	—		$	—		$	94,070		$	151,535

Premier
Proceeds from shares issued	$	—		$	—		$	2,223,176		$	1,950,030
Distributions reinvested		—			—			3,413			141
Cost of shares redeemed		—			—			(1,148,195	)		(1,163,026	)

Change in net assets resulting from Premier capital transactions	$	—		$	—		$	1,078,394		$	787,145

Reserve
Proceeds from shares issued	$	—		$	—		$	129		$	1,161
Distributions reinvested		—			—			40			87
Cost of shares redeemed		—			—			(910	)		(3,227	)

Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	(741	)	$	(1,979	)

Total change in net assets resulting from capital transactions	$	730,001		$	2,865,055		$	2,729,955		$	3,508,402

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Securities Lending Money Market Fund						JPMorgan Liquid Assets Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Period Ended February 28, 2019 (a)			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class C
Issued		—			—			6,907			17,379
Reinvested		—			—			174			279
Redeemed		—			—			(9,332	)		(17,852	)

Change in Class C Shares		—			—			(2,251	)		(194	)

Agency
Issued		—			—			702,311			946,895
Reinvested		—			—			239			295
Redeemed		—			—			(508,709	)		(563,714	)

Change in Agency Shares		—			—			193,841			383,476

Agency SL
Issued		12,419,937			7,082,844			—			—
Reinvested		1			145			—			—
Redeemed		(11,690,010	)		(4,217,745	)		—			—

Change in Agency SL Shares		729,928			2,865,244			—			—

Capital
Issued		—			—			1,878,745			1,101,524
Reinvested		—			—			4,312			660
Redeemed		—			—			(1,014,412	)		(642,507	)

Change in Capital Shares		—			—			868,645			459,677

Institutional Class
Issued		—			—			2,579,774			3,885,697
Reinvested		—			—			12,439			12,958
Redeemed		—			—			(2,093,551	)		(2,169,444	)

Change in Institutional Class Shares		—			—			498,662			1,729,211

Investor
Issued		—			—			2,637			19,039
Reinvested		—			—			71			173
Redeemed		—			—			(3,373	)		(19,681	)

Change in Investor Shares		—			—			(665	)		(469	)

Morgan
Issued		—			—			291,835			316,846
Reinvested		—			—			3,465			3,328
Redeemed		—			—			(201,230	)		(168,639	)

Change in Morgan Shares		—			—			94,070			151,535

Premier
Issued		—			—			2,223,176			1,950,030
Reinvested		—			—			3,413			141
Redeemed		—			—			(1,148,195	)		(1,163,026	)

Change in Premier Shares		—			—			1,078,394			787,145

Reserve
Issued		—			—			129			1,161
Reinvested		—			—			40			87
Redeemed		—			—			(910	)		(3,227	)

Change in Reserve Shares		—			—			(741	)		(1,979	)

(a)	Commencement of operations was September 19, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	95

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class C
Proceeds from shares issued	$	—		$	—		$	100,883		$	178,940
Distributions reinvested		—			—			2,497			4,094
Cost of shares redeemed		—			—			(189,838	)		(224,858	)

Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(86,458	)	$	(41,824	)

Academy(a)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—

Change in net assets resulting from Academy capital transactions	$	20		$	—		$	—		$	—

Agency
Proceeds from shares issued	$	620,490,187		$	1,353,183,882		$	80,951,564		$	124,453,173
Distributions reinvested		5,186			6,868			2,190			2,907
Cost of shares redeemed		(618,003,155	)		(1,355,984,012	)		(80,742,742	)		(123,372,740	)

Change in net assets resulting from Agency capital transactions	$	2,492,218		$	(2,793,262	)	$	211,012		$	1,083,340

Capital
Proceeds from shares issued	$	598,703,824		$	1,198,580,018		$	41,192,950		$	54,777,524
Distributions reinvested		364,471			666,003			16,248			27,610
Cost of shares redeemed		(592,722,821	)		(1,218,601,159	)		(38,258,843	)		(51,881,006	)

Change in net assets resulting from Capital capital transactions	$	6,345,474		$	(19,355,138	)	$	2,950,355		$	2,924,128

Eagle Class(c)
Proceeds from shares issued	$	543,448		$	4,923,912		$	—		$	—
Distributions reinvested		14,518			36,954			—			—
Cost of shares redeemed		(4,416,056	)		(2,275,477	)		—			—

Change in net assets resulting from Eagle Class capital transactions	$	(3,858,090	)	$	2,685,389		$	—		$	—

Eagle Private Wealth Class
Proceeds from shares issued	$	1		$	—		$	—		$	—
Distributions reinvested		—	(b)		—	(b)		—			—

Change in net assets resulting from Eagle Private Wealth Class capital transactions	$	1		$	—	(b)	$	—		$	—

*ETrade**
Proceeds from shares issued	$	93,233		$	279,841		$	—		$	—
Distributions reinvested		1,953			3,012			—			—
Cost of shares redeemed		(98,474	)		(299,680	)		—			—

Change in net assets resulting from E*Trade capital transactions	$	(3,288	)	$	(16,827	)	$	—		$	—

IM
Proceeds from shares issued	$	24,591,498		$	36,187,070		$	1,049,947		$	10,181,348
Distributions reinvested		23,573			40,933			6,783			28,953
Cost of shares redeemed		(24,370,995	)		(32,612,636	)		(2,102,356	)		(11,810,374	)

Change in net assets resulting from IM capital transactions	$	244,076		$	3,615,367		$	(1,045,626	)	$	(1,600,073	)

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	175,488,503		$	373,572,925		$	45,207,400		$	111,302,840
Distributions reinvested		280,565			324,296			129,877			190,534
Cost of shares redeemed		(175,691,663	)		(364,571,713	)		(45,905,600	)		(107,227,739	)

Change in net assets resulting from Institutional Class capital transactions	$	77,405		$	9,325,508		$	(568,323	)	$	4,265,635

Investor
Proceeds from shares issued	$	177,878		$	990,064		$	98,573		$	133,947
Distributions reinvested		10,084			14,298			7			8
Cost of shares redeemed		(453,728	)		(624,967	)		(92,341	)		(154,190	)

Change in net assets resulting from Investor capital transactions	$	(265,766	)	$	379,395		$	6,239		$	(20,235	)

Morgan
Proceeds from shares issued	$	143,951,154		$	208,722,801		$	79,565,824		$	80,166,283
Distributions reinvested		4,727			7,865			516			761
Cost of shares redeemed		(143,739,237	)		(208,301,366	)		(79,369,486	)		(79,816,151	)

Change in net assets resulting from Morgan capital transactions	$	216,644		$	429,300		$	196,854		$	350,893

Premier
Proceeds from shares issued	$	82,186,964		$	164,890,575		$	11,888,523		$	15,269,775
Distributions reinvested		2,400			3,317			3,192			3,317
Cost of shares redeemed		(81,212,793	)		(167,448,259	)		(11,736,385	)		(14,903,539	)

Change in net assets resulting from Premier capital transactions	$	976,571		$	(2,554,367	)	$	155,330		$	369,553

Reserve
Proceeds from shares issued	$	6,264		$	1,561,266		$	575		$	1,360,549
Distributions reinvested		161			451			54			103
Cost of shares redeemed		(6,540	)		(1,601,583	)		(1,643	)		(1,365,913	)

Change in net assets resulting from Reserve capital transactions	$	(115	)	$	(39,866	)	$	(1,014	)	$	(5,261	)

Service
Proceeds from shares issued	$	314,695		$	2,999,804		$	—		$	—
Distributions reinvested		16,777			21,750			—			—
Cost of shares redeemed		(1,739,298	)		(1,677,576	)		—			—

Change in net assets resulting from Service capital transactions	$	(1,407,826	)	$	1,343,978		$	—		$	—

Total change in net assets resulting from capital transactions	$	4,817,324		$	(6,980,523	)	$	1,818,369		$	7,326,156

(a)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b)	Amount rounds to less than one thousand.

(c)	Eagle Class Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	97

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class C
Issued		—			—			100,881			178,940
Reinvested		—			—			2,497			4,094
Redeemed		—			—			(189,838	)		(224,858	)

Change in Class C Shares		—			—			(86,460	)		(41,824	)

Academy(a)
Issued		20			—			—			—
Reinvested		—	(b)		—			—			—

Change in Academy Shares		20			—			—			—

Agency
Issued		620,489,750			1,353,183,800			80,951,548			124,453,173
Reinvested		5,186			6,868			2,190			2,907
Redeemed		(618,002,934	)		(1,355,984,012	)		(80,742,722	)		(123,372,736	)

Change in Agency Shares		2,492,002			(2,793,344	)		211,016			1,083,344

Capital
Issued		598,703,603			1,198,580,023			41,192,948			54,777,524
Reinvested		364,471			666,003			16,248			27,610
Redeemed		(592,722,530	)		(1,218,600,907	)		(38,258,673	)		(51,881,006	)

Change in Capital Shares		6,345,544			(19,354,881	)		2,950,523			2,924,128

Eagle Class(c)
Issued		543,315			4,923,910			—			—
Reinvested		14,518			36,954			—			—
Redeemed		(4,416,055	)		(2,275,477	)		—			—

Change in Eagle Class Shares		(3,858,222	)		2,685,387			—			—

Eagle Private Wealth Class
Issued		1			—			—			—
Reinvested		—	(b)		—	(b)		—			—

Change in Eagle Private Wealth Class Shares		1			—	(b)		—			—

*ETrade**
Issued		93,229			279,832			—			—
Reinvested		1,953			3,012			—			—
Redeemed		(98,467	)		(299,680	)		—			—

Change in E*Trade Shares		(3,285	)		(16,836	)		—			—

IM
Issued		24,591,462			36,187,065			1,049,868			10,181,266
Reinvested		23,573			40,933			6,783			28,953
Redeemed		(24,370,908	)		(32,612,636	)		(2,102,355	)		(11,810,374	)

Change in IM Shares		244,127			3,615,362			(1,045,704	)		(1,600,155	)

Institutional Class
Issued		175,488,390			373,572,906			45,207,280			111,302,840
Reinvested		280,565			324,296			129,877			190,534
Redeemed		(175,691,263	)		(364,571,713	)		(45,905,571	)		(107,227,661	)

Change in Institutional Class Shares		77,692			9,325,489			(568,414	)		4,265,713

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan U.S. Government Money Market Fund						JPMorgan U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS: (continued)
Investor
Issued		177,873			990,065			98,573			133,947
Reinvested		10,084			14,298			7			8
Redeemed		(453,723	)		(624,961	)		(92,341	)		(154,190	)

Change in Investor Shares		(265,766	)		379,402			6,239			(20,235	)

Morgan
Issued		143,951,046			208,722,785			79,565,813			80,166,283
Reinvested		4,727			7,865			516			761
Redeemed		(143,739,171	)		(208,301,364	)		(79,369,480	)		(79,816,151	)

Change in Morgan Shares		216,602			429,286			196,849			350,893

Premier
Issued		82,186,915			164,890,457			11,888,522			15,269,775
Reinvested		2,400			3,317			3,192			3,317
Redeemed		(81,212,764	)		(167,448,259	)		(11,736,379	)		(14,903,539	)

Change in Premier Shares		976,551			(2,554,485	)		155,335			369,553

Reserve
Issued		6,264			1,561,264			575			1,360,549
Reinvested		161			451			54			103
Redeemed		(6,540	)		(1,601,583	)		(1,643	)		(1,365,913	)

Change in Reserve Shares		(115	)		(39,868	)		(1,014	)		(5,261	)

Service
Issued		314,651			2,999,798			—			—
Reinvested		16,777			21,750			—			—
Redeemed		(1,739,254	)		(1,677,576	)		—			—

Change in Service Shares		(1,407,826	)		1,343,972			—			—

(a)	Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund.

(b)	Amount rounds to less than one thousand.

(c)	Eagle Class Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	99

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	2,085,741		$	1,456,233		$	191,082,786		$	290,643,445
Distributions reinvested		312			347			3,823			7,057
Cost of shares redeemed		(2,037,289	)		(1,435,910	)		(190,019,526	)		(290,064,493	)

Change in net assets resulting from Agency capital transactions	$	48,764		$	20,670		$	1,067,083		$	586,009

Capital
Proceeds from shares issued	$	—		$	—		$	157,081,713		$	229,066,272
Distributions reinvested		—			—			129,613			188,850
Cost of shares redeemed		—			—			(150,902,893	)		(224,935,268	)

Change in net assets resulting from Capital transactions	$	—		$	—		$	6,308,433		$	4,319,854

Institutional Class
Proceeds from shares issued	$	4,919,529		$	10,425,426		$	32,797,091		$	61,988,985
Distributions reinvested		8,840			16,645			36,623			66,667
Cost of shares redeemed		(6,204,688	)		(9,693,272	)		(30,164,561	)		(55,295,514	)

Change in net assets resulting from Institutional Class capital transactions	$	(1,276,319	)	$	748,799		$	2,669,153		$	6,760,138

Morgan
Proceeds from shares issued	$	23,647		$	86,809		$	41,252,906		$	53,209,341
Distributions reinvested		279			389			13,023			20,549
Cost of shares redeemed		(19,208	)		(90,133	)		(41,356,334	)		(52,838,733	)

Change in net assets resulting from Morgan capital transactions	$	4,718		$	(2,935	)	$	(90,405	)	$	391,157

Premier
Proceeds from shares issued	$	435,015		$	822,795		$	11,326,751		$	21,201,215
Distributions reinvested		281			456			5,127			8,063
Cost of shares redeemed		(448,404	)		(898,046	)		(11,003,158	)		(19,998,870	)

Change in net assets resulting from Premier capital transactions	$	(13,108	)	$	(74,795	)	$	328,720		$	1,210,408

Reserve
Proceeds from shares issued	$	—		$	—		$	9,606,231		$	9,672,898
Distributions reinvested		—			—			140			120
Cost of shares redeemed		—			—			(9,093,542	)		(8,369,179	)

Change in net assets resulting from Reserve capital transactions	$	—		$	—		$	512,829		$	1,303,839

Total change in net assets resulting from capital transactions	$	(1,235,945	)	$	691,739		$	10,795,813		$	14,571,405

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Federal Money Market Fund						JPMorgan 100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Agency
Issued		2,085,702			1,456,230			191,082,786			290,643,445
Reinvested		312			347			3,823			7,057
Redeemed		(2,037,233	)		(1,435,900	)		(190,019,526	)		(290,064,493	)

Change in Agency Shares		48,781			20,677			1,067,083			586,009

Capital
Issued		—			—			157,081,713			229,066,272
Reinvested		—			—			129,613			188,850
Redeemed		—			—			(150,902,893	)		(224,935,268	)

Change in Capital Shares		—			—			6,308,433			4,319,854

Institutional Class
Issued		4,919,463			10,425,417			32,797,091			61,988,985
Reinvested		8,840			16,645			36,623			66,667
Redeemed		(6,204,654	)		(9,693,266	)		(30,164,561	)		(55,295,514	)

Change in Institutional Class Shares		(1,276,351	)		748,796			2,669,153			6,760,138

Morgan
Issued		23,645			86,804			41,252,906			53,209,341
Reinvested		279			389			13,023			20,549
Redeemed		(19,203	)		(90,132	)		(41,356,334	)		(52,838,733	)

Change in Morgan Shares		4,721			(2,939	)		(90,405	)		391,157

Premier
Issued		435,014			822,779			11,326,751			21,201,215
Reinvested		281			456			5,127			8,063
Redeemed		(448,391	)		(898,030	)		(11,003,158	)		(19,998,870	)

Change in Premier Shares		(13,096	)		(74,795	)		328,720			1,210,408

Reserve
Issued		—			—			9,606,231			9,672,898
Reinvested		—			—			140			120
Redeemed		—			—			(9,093,542	)		(8,369,179	)

Change in Reserve Shares		—			—			512,829			1,303,839

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	101

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	443,942		$	1,881,247		$	104,489		$	327,541
Distributions reinvested		212			926			73			205
Cost of shares redeemed		(733,294	)		(1,649,384	)		(104,420	)		(341,416	)

Change in net assets resulting from Agency capital transactions	$	(289,140	)	$	232,789		$	142		$	(13,670	)

Eagle Class (a)
Proceeds from shares issued	$	—		$	—		$	142,010		$	654,485
Distributions reinvested		—			—			1,270			4,571
Cost of shares redeemed		—			—			(708,766	)		(642,629	)

Change in net assets resulting from Eagle Class capital transactions	$	—		$	—		$	(565,486	)	$	16,427

Institutional Class
Proceeds from shares issued	$	19,382,503		$	47,004,898		$	6,697,261		$	12,422,726
Distributions reinvested		8,492			13,824			10,832			14,148
Cost of shares redeemed		(21,835,999	)		(46,587,179	)		(6,753,211	)		(12,008,484	)

Change in net assets resulting from Institutional Class capital transactions	$	(2,445,004	)	$	431,543		$	(45,118	)	$	428,390

Morgan
Proceeds from shares issued	$	5,340		$	8,505		$	14,327		$	16,338
Distributions reinvested		56			93			105			156
Cost of shares redeemed		(3,671	)		(8,268	)		(8,225	)		(14,389	)

Change in net assets resulting from Morgan capital transactions	$	1,725		$	330		$	6,207		$	2,105

Premier
Proceeds from shares issued	$	681,205		$	2,529,757		$	89,292		$	238,003
Distributions reinvested		79			111			26			39
Cost of shares redeemed		(819,545	)		(3,027,490	)		(93,272	)		(225,100	)

Change in net assets resulting from Premier capital transactions	$	(138,261	)	$	(497,622	)	$	(3,954	)	$	12,942

Reserve
Proceeds from shares issued	$	5,253,447		$	11,795,597		$	—		$	—
Distributions reinvested		11			27			—			—
Cost of shares redeemed		(5,614,963	)		(12,278,550	)		—			—

Change in net assets resulting from Reserve capital transactions	$	(361,505	)	$	(482,926	)	$	—		$	—

Service
Proceeds from shares issued	$	—		$	—		$	36,138		$	202,460
Distributions reinvested		—			—			622			1,260
Cost of shares redeemed		—			—			(153,203	)		(228,793	)

Change in net assets resulting from Service capital transactions	$	—		$	—		$	(116,443	)	$	(25,073	)

Total change in net assets resulting from capital transactions	$	(3,232,185	)	$	(315,886	)	$	(724,652	)	$	421,121

(a)	Eagle Class Shares of JPMorgan Municipal Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	JPMorgan Tax Free Money Market Fund						JPMorgan Municipal Money Market Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Agency
Issued		443,942			1,881,247			104,485			327,541
Reinvested		212			926			73			205
Redeemed		(733,294	)		(1,649,384	)		(104,420	)		(341,416	)

Change in Agency Shares		(289,140	)		232,789			138			(13,670	)

Eagle Class(a)
Issued		—			—			142,010			654,485
Reinvested		—			—			1,270			4,571
Redeemed		—			—			(708,738	)		(642,629	)

Change in Eagle Class Shares		—			—			(565,458	)		16,427

Institutional Class
Issued		19,382,503			47,004,898			6,697,223			12,422,726
Reinvested		8,492			13,824			10,832			14,148
Redeemed		(21,835,999	)		(46,587,179	)		(6,753,211	)		(12,008,484	)

Change in Institutional Class Shares		(2,445,004	)		431,543			(45,156	)		428,390

Morgan
Issued		5,340			8,505			14,327			16,338
Reinvested		56			93			105			156
Redeemed		(3,671	)		(8,268	)		(8,225	)		(14,389	)

Change in Morgan Shares		1,725			330			6,207			2,105

Premier
Issued		681,205			2,529,757			89,290			238,003
Reinvested		79			111			26			39
Redeemed		(819,545	)		(3,027,490	)		(93,272	)		(225,100	)

Change in Premier Shares		(138,261	)		(497,622	)		(3,956	)		12,942

Reserve
Issued		5,253,447			11,795,597			—			—
Reinvested		11			27			—			—
Redeemed		(5,614,963	)		(12,278,550	)		—			—

Change in Reserve Shares		(361,505	)		(482,926	)		—			—

Service
Issued		—			—			36,139			202,460
Reinvested		—			—			622			1,260
Redeemed		—			—			(153,188	)		(228,793	)

Change in Service Shares		—			—			(116,427	)		(25,073	)

(a)	Eagle Class Shares of JPMorgan Municipal Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	103

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, 2019 (Unaudited)	$	1.0003	$	0.0082		$	—	(d)	$	0.0082		$	(0.0082	)	$	—		$	(0.0082	)
Year Ended February 28, 2019		1.0001		0.0133			0.0002			0.0135			(0.0133	)		—	(d)		(0.0133	)
Year Ended February 28, 2018		1.0004		0.0039	(e)		—	(d)		0.0039			(0.0042	)		—	(d)		(0.0042	)
Year Ended February 28, 2017		1.0000		0.0001	(e)		0.0006			0.0007			(0.0003	)		—	(d)		(0.0003	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Academy
May 15, 2019 (g) through August 31, 2019 (Unaudited)		1.0003		0.0070			0.0001			0.0071			(0.0070	)	$	—			(0.0070	)

Agency
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0118			0.0001			0.0119			(0.0118	)		—			(0.0118	)
Year Ended February 28, 2019		1.0001		0.0204			0.0002			0.0206			(0.0204	)		—	(d)		(0.0204	)
Year Ended February 28, 2018		1.0004		0.0114	(e)		(0.0004	)		0.0110			(0.0113	)		—	(d)		(0.0113	)
Year Ended February 28, 2017		1.0000		0.0036	(e)		0.0016			0.0052			(0.0048	)		—	(d)		(0.0048	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0122			—	(d)		0.0122			(0.0122	)		—			(0.0122	)
Year Ended February 28, 2019		1.0001		0.0212			0.0002			0.0214			(0.0212	)		—	(d)		(0.0212	)
Year Ended February 28, 2018		1.0004		0.0122	(e)		(0.0004	)		0.0118			(0.0121	)		—	(d)		(0.0121	)
Year Ended February 28, 2017		1.0000		0.0047	(e)		0.0014			0.0061			(0.0057	)		—	(d)		(0.0057	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

IM
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0123			0.0001			0.0124			(0.0123	)		—			(0.0123	)
Year Ended February 28, 2019		1.0001		0.0215			0.0002			0.0217			(0.0215	)		—	(d)		(0.0215	)
Year Ended February 28, 2018		1.0004		0.0124	(e)		(0.0004	)		0.0120			(0.0123	)		—	(d)		(0.0123	)
Year Ended February 28, 2017		1.0000		0.0055	(e)		0.0007			0.0062			(0.0058	)		—	(d)		(0.0058	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0120			—	(d)		0.0120			(0.0120	)		—			(0.0120	)
Year Ended February 28, 2019		1.0001		0.0209			0.0002			0.0211			(0.0209	)		—	(d)		(0.0209	)
Year Ended February 28, 2018		1.0004		0.0119	(e)		(0.0004	)		0.0115			(0.0118	)		—	(d)		(0.0118	)
Year Ended February 28, 2017		1.0000		0.0044	(e)		0.0014			0.0058			(0.0054	)		—	(d)		(0.0054	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		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)	Amount rounds to less than $0.00005.

(e)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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		0.82	%	$	875		0.97	%		1.64	%		3.46	%
	1.0003		1.36			1,218		0.97			1.30			2.80
	1.0001		0.39			2,012		0.97			0.39			2.27
	1.0004		0.07			4,289		0.60			0.01			1.20
	1.00		0.01			39,558		0.34			0.01			1.18
	1.00		0.01			16,897		0.22			0.01			1.16


	1.0004		0.71			20		0.17			2.36			0.20


	1.0004		1.19			2,467,012		0.26			2.34			0.30
	1.0003		2.08			2,474,137		0.26			2.09			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
	1.00		0.07			8,141,439		0.26			0.07			0.31
	1.00		0.01			6,603,508		0.22			0.01			0.31


	1.0003		1.22			28,168,220		0.18			2.42			0.20
	1.0003		2.16			26,725,832		0.18			2.13			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
	1.00		0.14			64,690,852		0.18			0.14			0.21
	1.00		0.05			66,140,350		0.18			0.05			0.21


	1.0004		1.24			5,427,999		0.15			2.43			0.15
	1.0003		2.19			1,896,262		0.16			2.13			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
	1.00		0.17			2,628,508		0.16			0.16			0.16
	1.00		0.07			3,749,460		0.16			0.08			0.16


	1.0003		1.21			14,702,896		0.21			2.38			0.25
	1.0003		2.13			11,691,618		0.21			2.12			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
	1.00		0.11			20,011,248		0.21			0.10			0.26
	1.00		0.02			27,718,738		0.21			0.02			0.26

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			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)
Morgan
Six Months Ended August 31, 2019 (Unaudited)	$	1.0003	$	0.0105		$	0.0002		$	0.0107		$	(0.0105	)	$	—		$	(0.0105	)
Year Ended February 28, 2019		1.0001		0.0179			0.0002			0.0181			(0.0179	)		—	(d)		(0.0179	)
Year Ended February 28, 2018		1.0004		0.0089	(e)		(0.0005	)		0.0084			(0.0087	)		—	(d)		(0.0087	)
Year Ended February 28, 2017		1.0000		0.0014	(e)		0.0012			0.0026			(0.0022	)		—	(d)		(0.0022	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0108			0.0001			0.0109			(0.0108	)		—			(0.0108	)
Year Ended February 28, 2019		1.0001		0.0185			0.0002			0.0187			(0.0185	)		—	(d)		(0.0185	)
Year Ended February 28, 2018		1.0004		0.0096	(e)		(0.0005	)		0.0091			(0.0094	)		—	(d)		(0.0094	)
Year Ended February 28, 2017		1.0000		0.0020	(e)		0.0013			0.0033			(0.0029	)		—	(d)		(0.0029	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.0003		0.0095			0.0002			0.0097			(0.0095	)		—			(0.0095	)
Year Ended February 28, 2019		1.0001		0.0160			0.0002			0.0162			(0.0160	)		—	(d)		(0.0160	)
Year Ended February 28, 2018		1.0004		0.0062	(e)		0.0004			0.0066			(0.0069	)		—	(d)		(0.0069	)
Year Ended February 28, 2017		1.0000		0.0003	(e)		0.0013			0.0016			(0.0012	)		—	(d)		(0.0012	)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		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)	Amount rounds to less than $0.00005.

(e)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

*	The JPMorgan 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, 2019


		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


$	1.0005		1.07	%	$	2,772,538		0.51	%		2.08	%		0.51	%
	1.0003		1.82			2,395,205		0.52			1.88			0.53
	1.0001		0.84			739,866		0.52			0.89			0.56
	1.0004		0.26			534,288		0.52			0.14			0.54
	1.00		0.01			1,877,099		0.31			0.01			0.52
	1.00		0.01			2,278,962		0.22			0.01			0.51


	1.0004		1.09			2,306,744		0.45			2.14			0.45
	1.0003		1.89			1,884,553		0.45			1.90			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
	1.00		0.02			2,030,985		0.30			0.02			0.46
	1.00		0.01			1,589,780		0.22			0.01			0.46


	1.0005		0.97			10,766		0.70			1.90			0.98
	1.0003		1.64			13,024		0.70			1.57			0.85
	1.0001		0.66			15,846		0.70			0.62			0.76
	1.0004		0.16			99,446		0.58			0.03			0.71
	1.00		0.01			930,188		0.31			0.01			0.71
	1.00		0.01			1,154,468		0.22			0.01			0.71

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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 Institutional Tax Free Money Market Fund
Agency
Six Months Ended August 31, 2019 (Unaudited)	$	1.0000	$	0.0068	$	0.0001		$	0.0069	$	(0.0068	)	$	—		$	(0.0068	)
March 1, 2018 (e) through February 28, 2019		1.0000		0.0123		0.0000	(f)		0.0123		(0.0123	)		0.0000	(f)		(0.0123	)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.0000		0.0072		0.0001			0.0073		(0.0072	)		—			(0.0072	)
March 1, 2018 (e) through February 28, 2019		1.0000		0.0131		0.0000	(f)		0.0131		(0.0131	)		0.0000	(f)		(0.0131	)

IM
Six Months Ended August 31, 2019 (Unaudited)		1.0000		0.0073		0.0001			0.0074		(0.0073	)		—			(0.0073	)
March 1, 2018 (e) through February 28, 2019		1.0000		0.0133		0.0000	(f)		0.0133		(0.0133	)		0.0000	(f)		(0.0133	)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.0000		0.0070		0.0001			0.0071		(0.0070	)		—			(0.0070	)
March 1, 2018 (e) through February 28, 2019		1.0000		0.0128		0.0000	(f)		0.0128		(0.0128	)		0.0000	(f)		(0.0128	)

(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)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(e)	Commencement of operations.

(f)	Amount rounds to less than $0.00005.

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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)


$	1.0001		0.69	%	$	58,770		0.26	%		1.33	%		0.37	%
	1.0000		1.24			17,148		0.26			1.36			2.96


	1.0001		0.73			123,200		0.18			1.41			0.25
	1.0000		1.32			72,933		0.18			1.42			0.40


	1.0001		0.74			527,178		0.16			1.43			0.18
	1.0000		1.34			475,368		0.16			1.32			0.23


	1.0001		0.72			275,114		0.21			1.39			0.29
	1.0000		1.29			377,900		0.21			1.40			0.37

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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 Securities Lending Money Market Fund
Agency SL
Six Months Ended August 31, 2019 (Unaudited)	$	1.0001	$	0.0126	$	0.0000	(e)	$	0.0126	$	(0.0126	)
September 19, 2018 (f) through February 28, 2019		1.0000		0.0109		0.0001			0.0110		(0.0109	)

(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)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(e)	Amount rounds to less than $0.00005.

(f)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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)


$	1.0001		1.26	%	$	3,595,407		0.06	%		2.50	%		0.16	%
	1.0001		1.10			2,865,539		0.06			2.53			0.23

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Agency
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

*ETrade**(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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Investor
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

(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 JPMorgan 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, 2019


		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	%	$	19,821		0.97	%		1.63	%		1.18	%
	1.00		1.34			22,073		0.97			1.34			1.19
	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		1.18			735,845		0.26			2.33			0.31
	1.00		2.06			542,003		0.26			2.13			0.33
	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		1.22			1,427,138		0.18			2.39			0.21
	1.00		2.14			558,492		0.18			2.16			0.23
	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		0.01			—		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		1.21			3,216,213		0.21			2.38			0.26
	1.00		2.11			2,717,544		0.21			2.17			0.28
	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		1.05			7,482		0.51			2.08			0.52
	1.00		1.81			8,147		0.51			1.79			0.54
	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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

(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, 2019


		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		1.01	%	$	401,655		0.59	%		2.00	%		0.64	%
	1.00		1.73			307,584		0.59			1.76			0.68
	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		1.08			2,219,353		0.45			2.13			0.46
	1.00		1.87			1,140,955		0.45			1.93			0.48
	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		0.96			3,807		0.70			1.90			0.90
	1.00		1.61			4,548		0.70			1.59			0.74
	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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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
Academy
May 15, 2019 (d) through August 31, 2019 (Unaudited)	$	1.00	$	0.01	(e)	$	—	(f)	$	0.01		$	(0.01	)	$	—		$	(0.01	)

Agency
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Direct(g)
For the period ended November 22, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Eagle Class(h)
For the Period Ended June 11, 2019 (Unaudited)		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—			—	(f)
Year Ended February 28, 2019		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Eagle Private Wealth Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
August 18, 2017 (d) through February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

*ETrade**
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
March 9, 2016 (d) through February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

IM
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		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)	Commencement of offering of class of shares.

(e)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

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

(h)	Eagle Class Shares of JPMorgan U.S. Government Money Market Fund had no assets from the close of business on June 11, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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		0.65	%	$	20		0.18	%		2.19	%		0.20	%


	1.00		1.09			13,604,616		0.26			2.16			0.30
	1.00		1.82			11,112,454		0.26			1.79			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		1.13			79,735,586		0.18			2.24			0.20
	1.00		1.90			73,390,258		0.18			1.87			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		0.49			—		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		0.50			—		0.70			1.78			0.70
	1.00		1.37			3,858,134		0.70			1.45			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		1.08			21		0.29			2.13			0.39
	1.00		1.77			20		0.30			1.76			1.11
	1.00		0.49			20		0.30			0.92			0.33


	1.00		0.71			271,705		1.00			1.42			1.05
	1.00		1.07			274,993		1.00			1.04			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		1.15			6,353,040		0.15			2.27			0.15
	1.00		1.92			6,108,975		0.16			1.95			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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(e)	$	—	(f)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Investor
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(e)		—	(f)		0.02			(0.02	)		—			(0.02	)
Year Ended February 28, 2018		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—	(f)		(0.01	)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		1.00		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)

Service
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(e)		—	(f)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2018		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2017		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 29, 2016		1.00		—	(e)(f)		—	(f)		—	(f)		—	(f)		—	(f)		—	(f)
Year Ended February 28, 2015		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)	Commencement of offering of class of shares.

(e)	Calculated based upon average shares outstanding.

(f)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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		1.12	%	$	41,945,915		0.21	%		2.21	%		0.25	%
	1.00		1.87			41,868,607		0.21			1.88			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		0.97			861,904		0.50			1.93			0.50
	1.00		1.57			1,127,675		0.50			1.60			0.50
	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		0.92			1,877,118		0.59			1.83			0.60
	1.00		1.48			1,660,477		0.59			1.49			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		0.99			3,922,086		0.45			1.97			0.45
	1.00		1.62			2,945,521		0.45			1.59			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		0.87			19,353		0.70			1.72			0.71
	1.00		1.37			19,468		0.70			1.28			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		0.69			1,585,429		1.05			1.38			1.05
	1.00		1.02			2,993,274		1.05			1.08			1.05
	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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		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)

Agency
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

IM
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

(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 JPMorgan 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, 2019


		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		0.72	%	$	288,773		0.97	%		1.45	%		1.15	%
	1.00		1.11			375,230		0.97			1.09			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		1.09			2,225,012		0.26			2.15			0.30
	1.00		1.83			2,013,982		0.26			1.90			0.30
	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		1.13			9,375,597		0.18			2.22			0.20
	1.00		1.91			6,425,187		0.18			1.92			0.20
	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		1.14			405,866		0.15			2.30			0.15
	1.00		1.93			1,451,488		0.15			1.87			0.15
	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		1.11			17,198,227		0.21			2.20			0.25
	1.00		1.88			17,766,429		0.21			1.89			0.25
	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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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)
Investor
Six Months Ended August 31, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—			(0.02	)
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)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		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)

(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, 2019


		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		0.96	%	$	34,823		0.50	%		1.90	%		0.50	%
	1.00		1.58			28,583		0.51			1.57			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		0.92			831,368		0.59			1.81			0.60
	1.00		1.49			634,508		0.59			1.55			0.61
	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		0.99			1,136,532		0.45			1.96			0.45
	1.00		1.63			981,194		0.45			1.68			0.45
	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		0.86			5,972		0.70			1.71			0.72
	1.00		1.38			6,986		0.70			1.34			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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)	$	—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)	$	—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)	$	—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

(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, 2019


		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		1.07	%	$	196,893		0.26	%		2.10	%		0.31	%
	1.00		1.80			148,122		0.26			1.82			0.31
	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		1.10			2,141,176		0.21			2.19			0.26
	1.00		1.85			3,417,418		0.21			1.85			0.26
	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		0.91			34,008		0.59			1.79			0.66
	1.00		1.46			29,289		0.59			1.45			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		0.98			141,898		0.45			1.93			0.46
	1.00		1.60			155,001		0.45			1.54			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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Capital
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.02	(d)		—	(e)		0.02			(0.02	)		—	(e)		(0.02	)
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)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

(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, 2019


		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		1.06	%	$	3,634,173		0.26	%		2.10	%		0.30	%
	1.00		1.79			2,567,061		0.26			1.81			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		1.11			29,836,916		0.18			2.18			0.20
	1.00		1.88			23,528,259		0.18			1.88			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		1.09			20,527,865		0.21			2.15			0.25
	1.00		1.84			17,858,556		0.21			1.87			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		0.90			1,918,740		0.59			1.78			0.60
	1.00		1.46			2,009,129		0.59			1.45			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		0.97			2,388,045		0.45			1.93			0.45
	1.00		1.60			2,059,307		0.45			1.65			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		0.84			2,074,679		0.70			1.66			0.70
	1.00		1.35			1,561,835		0.70			1.42			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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Reserve
Six Months Ended August 31, 2019 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

(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, 2019


		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		0.68	%	$	774,805		0.26	%		1.35	%		0.30	%
	1.00		1.24			1,063,941		0.26			1.23			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		0.70			9,957,349		0.21			1.40			0.25
	1.00		1.29			12,402,297		0.21			1.27			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		0.51			11,610		0.59			1.00			0.66
	1.00		0.90			9,884		0.59			0.89			0.68
	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		0.58			924,455		0.45			1.15			0.45
	1.00		1.04			1,062,712		0.45			1.03			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		0.45			1,667,480		0.70			0.91			0.70
	1.00		0.79			2,028,976		0.70			0.78			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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	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, 2019 (Unaudited)	$	1.00	$	0.01	(d)	$	—	(e)	$	0.01		$	(0.01	)	$	—		$	(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Eagle Class(f)
For the Period Ended June 11, 2019 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(0.01	)
Year Ended February 28, 2018		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
July 1, 2016 (g) through February 28, 2017		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

*ETrade**(h)
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)

Institutional Class
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Morgan
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Premier
Six Months Ended August 31, 2019 (Unaudited)		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—			(0.01	)
Year Ended February 28, 2019		1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—	(e)		(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)

Service
Six Months Ended August 31, 2019 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2019		1.00		—	(d)(e)		—	(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)

(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)	Eagle Class Shares of JPMorgan Municipal Money Market Fund had no assets from the close of business on June 11, 2019.

(g)	Commencement of offering of class of shares.

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

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


		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		0.69	%	$	127,283		0.26	%		1.36	%		0.33	%
	1.00		1.26			127,136		0.26			1.25			0.33
	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		0.28			—		0.70			1.00			0.73
	1.00		0.82			565,483		0.70			0.80			0.73
	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		0.71			1,958,463		0.21			1.42			0.28
	1.00		1.31			2,003,502		0.21			1.30			0.28
	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		0.52			22,106		0.59			1.02			0.65
	1.00		0.93			15,899		0.59			0.92			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		0.59			125,310		0.45			1.18			0.49
	1.00		1.07			129,260		0.45			1.06			0.48
	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		0.29			140,519		1.05			0.59			1.08
	1.00		0.47			256,953		1.05			0.46			1.08
	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

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	131

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (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, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies.

The following are 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Prime Money Market Fund	Class C, Academy⁽¹⁾, Agency, Capital, IM, Institutional Class, Morgan, Premier and Reserve	JPM I	Diversified
JPMorgan Institutional Tax Free Money Market Fund⁽²⁾	Agency, Capital, IM and Institutional Class	JPMIV	Diversified
JPMorgan Securities Lending Money Market Fund⁽³⁾	Agency SL	JPMIV	Diversified
JPMorgan Liquid Assets Money Market Fund	Class C, Agency, Capital, E*Trade⁽⁴⁾, Institutional Class, Investor, Morgan, Premier and Reserve	JPM II	Diversified
JPMorgan U.S. Government Money Market Fund	Academy⁽¹⁾, Agency, Capital, Direct⁽⁵⁾, Eagle Class⁽⁶⁾, 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⁽⁵⁾, 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⁽⁶⁾, E*Trade⁽⁴⁾, Institutional Class, Morgan, Premier and Service	JPM II	Diversified

⁽¹⁾	Commenced operations on May 15, 2019.

⁽²⁾	The JPMorgan Institutional Tax Free Money Market Fund commenced operations on March 1, 2018.

⁽³⁾	The JPMorgan Securities Lending Money Market Fund commenced operations on September 19, 2018.

⁽⁴⁾	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.

⁽⁵⁾	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.

⁽⁶⁾	Eagle Class Shares of JPMorgan U.S. Government Money Market Fund and JPMorgan Municipal Money Market Fund had no assets from the close of business on June 11, 2019.

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

The investment objective of JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to aim to provide 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 aim 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 aim 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 aim 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.



132	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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 of the Trusts (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 Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending 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 Academy, Agency, Agency SL, 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 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 (“FASB”) 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 Rule2a-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, Institutional Tax Free Money Market Fund and Securities Lending 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 generally 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, Institutional Tax Free Money Market Fund and Securities Lending 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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	133

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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 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)	$	—	$	55,459,034	$	—	$	55,459,034


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)	$	—	$	998,319	$	—	$	998,319


Securities Lending Money Market Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities(a)	$	—	$	3,598,060	$	—	$	3,598,060


The following is a summary of the inputs used as of August 31, 2019, 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)	$	—	$	8,055,100	$	—	$	8,055,100


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)	$	—	$	149,997,083	$	—	$	149,997,083


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)	$	—	$	30,940,269	$	—	$	30,940,269


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)	$	—	$	2,486,623	$	—	$	2,486,623



134	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


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)	$	—	$	63,050,324	$	—	$	63,050,324


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)	$	—	$	13,541,043	$	—	$	13,541,043


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)	$	—	$	2,382,873	$	—	$	2,382,873

(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 into and out of level 3 for the six months ended August 31, 2019.

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, 2019, 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. 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 maintainpro-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, 2019, 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, 2019 are detailed on the SOIs.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

E. Offering and Organization Costs — Total offering costs of $119,279 and $44,004 paid in connection with the offering of shares of Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively, are amortized on a straight line basis over 12 months from

the date the fund commenced operations. Costs paid in connection with the organization of Institutional Tax Free Money Fund and Securities Lending Money Market Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the six months ended August 31, 2019, total offering costs amortized were $327 and $22,424 for the Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, respectively.

F. 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.

G. 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 applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2019 are as follows (amounts in thousands):


	Prime Money Market Fund		Institutional Tax Free Money Market Fund		Securities Lending 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	$	12		n/a		n/a	$	2			n/a		$	4		n/a		n/a		n/a		n/a
Academy		n/a		n/a		n/a		n/a			n/a			n/a		n/a		n/a		n/a		n/a
Agency		45	$	12		n/a		5		$	124			19	$	1	$	32	$	11	$	2
Agency SL		n/a		n/a	$	25		n/a			n/a			n/a		n/a		n/a		n/a		n/a	��
Capital		335		15		n/a		3			846			63		n/a		253		n/a		n/a
Direct		n/a		n/a		n/a		n/a			n/a			n/a		n/a		n/a		n/a		n/a
Eagle Class		n/a		n/a		n/a		n/a			13			n/a		n/a		n/a		n/a		3
Eagle Private Wealth Class		n/a		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		n/a			3			n/a		n/a		n/a		n/a		n/a
IM		79		14		n/a		n/a			58			18		n/a		n/a		n/a		n/a
Institutional Class		164		18		n/a		28			385			187		40		191		122		19
Investor		n/a		n/a		n/a		—	(a)		9			1		n/a		n/a		n/a		n/a
Morgan		178		n/a		n/a		53			48			16		10		42		3		2
Premier		44		n/a		n/a		12			41			12		3		22		10		2
Reserve		15		n/a		n/a		4			1			1		n/a		17		19		n/a
Service		n/a		n/a		n/a		n/a			21			n/a		n/a		n/a		n/a		2

Total	$	872	$	59	$	25	$	107		$	1,549		$	321	$	54	$	557	$	165	$	30

(a)	Amount rounds to less than one thousand.

H. 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, 2019, no liability for Federal 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.

I. 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 Federaltax-basis treatment.



136	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

J. New Accounting Pronouncement — In August 2018, the FASB issuedAccounting Standards Update (“ASU”)2018-13 (“ASU2018-13”),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. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the six months ended August 31, 2019, 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 asSub-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 Funds’ 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, pursuant to Rule12b-1 under the 1940 Act. The Academy, Agency, Agency SL, Capital, Direct, Eagle Private Wealth Class, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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

0.25

n/a

Institutional Tax Free Money Market Fund

n/a

Securities Lending Money Market Fund

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

0.10

0.25

n/a

Federal Money Market Fund

n/a

0.10

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.10

0.25

n/a

Tax Free Money Market Fund

n/a

0.10

0.25

n/a

Municipal Money Market Fund

n/a

0.25

0.60

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, 2019, JPMDS retained the following amounts (in thousands):


	CDSC
Liquid Assets Money Market Fund	$	—	(a)
U.S. Treasury Plus Money Market Fund		—	(a)

(a)	Amount rounds to less than one thousand.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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 with respect to all share classes, except Agency SL and IM 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 C

Academy

Agency

Capital

Direct

Eagle Class

Eagle
Private

Wealth
Class

Prime Money Market Fund

0.25

0.05

0.15

0.05

n/a

Institutional Tax Free Money Market Fund

n/a

0.15

0.05

n/a

Securities Lending Money Market Fund

n/a

Liquid Assets Money Market Fund

0.25

n/a

0.15

0.05

n/a

U.S. Government Money Market Fund

n/a

0.05

0.15

0.05

0.15

0.30

0.15

U.S. Treasury Plus Money Market Fund

0.25

n/a

0.15

0.05

0.15

n/a

Federal Money Market Fund

n/a

0.15

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.15

0.05

n/a

Tax Free Money Market Fund

n/a

0.15

n/a

Municipal Money Market Fund

n/a

0.15

n/a

0.30

n/a


	*ETrade**			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
Securities Lending Money Market Fund		n/a			n/a			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		0.30			0.10			n/a			0.35			0.30			n/a			0.30

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. Pursuant to such contracts, 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, plusout-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.

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



138	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares of the Prime Money Market Fund, U.S. Government Money Market Fund and the U.S. Treasury Plus Money Market Fund, 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, 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 C

Academy

Agency

Agency
SL

Capital

Direct

Eagle

Class

Eagle
Private
Wealth
Class

Prime Money Market Fund

0.97

0.18

0.26

n/a

0.18

n/a

Institutional Tax Free Money Market Fund

n/a

0.26

n/a

0.18

n/a

Securities Lending Money Market Fund

n/a

0.06

n/a

Liquid Assets Money Market Fund

0.97

n/a

0.26

n/a

0.18

n/a

U.S. Government Money Market Fund

n/a

0.18

0.26

n/a

0.18

0.30

0.70

0.30

U.S. Treasury Plus Money Market Fund

0.97

n/a

0.26

n/a

0.18

0.30

n/a

Federal Money Market Fund

n/a

0.26

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.26

n/a

0.18

n/a

Tax Free Money Market Fund

n/a

0.26

n/a

Municipal Money Market Fund

n/a

0.26

n/a

0.70

n/a


	*ETrade**			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
Securities Lending Money Market Fund		n/a			n/a			n/a			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, 2019, and are in place until at least June 30, 2020. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2019. 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, 2019, 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	$	5	$	—	$	5,670	$	5,675	$	13
Institutional Tax Free Money Market Fund		57		38		128		223		8
Securities Lending Money Market Fund		956		637		—		1,593		22
Liquid Assets Money Market Fund		113		75		1,139		1,327		—
U.S. Government Money Market Fund		14		—		17,585		17,599		—
U.S. Treasury Plus Money Market Fund		3		—		4,463		4,466		—
Federal Money Market Fund		79		53		532		664		—
100% U.S. Treasury Securities Money Market Fund		5		—		6,547		6,552		—
Tax Free Money Market Fund		—		—		2,424		2,424		—
Municipal Money Market Fund		278		185		455		918		—

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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on apro-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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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 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 Rule17a-7 under 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, 2019, 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	$	327,440	$	1,219,364	$	—
Tax Free Money Market Fund		1,339,568		989,640		—
Municipal Money Market Fund		303,817		671,163		—

4. Class Specific Expenses

The Funds’ class specific gross expenses for the six months ended August 31, 2019 were as follows (amounts in thousands):


	Distribution		Service
Prime Money Market Fund
Class C	$	4	$	1
Academy		—		—	(a)
Agency		—		1,840
Capital		—		6,479
Institutional Class		—		6,513
Morgan		—		4,505
Premier		—		3,161
Reserve		14		17

	$	18	$	22,516

Institutional Tax Free Money Market Fund
Agency	$	—	$	38
Capital		—		34
Institutional Class		—		148

	$	—	$	220

Liquid Assets Money Market Fund
Class C	$	81	$	27
Agency		—		457
Capital		—		266
Institutional Class		—		1,400
Investor		—		12
Morgan		184		644
Premier		—		2,460
Reserve		5		6

	$	270	$	5,272



140	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	Distribution		Service
U.S. Government Money Market Fund
Academy	$	—	$	—	(a)
Agency		—		9,012
Capital		—		19,002
Eagle Class		2,275		2,730
Eagle Private Wealth Class		—		—	(a)
E*Trade		828		414
Institutional Class		—		19,649
Investor		—		1,836
Morgan		902		3,157
Premier		—		5,479
Reserve		24		28
Service		7,291		3,645

	$	11,320	$	64,952

U.S. Treasury Plus Money Market Fund
Class C	$	1,299	$	433
Agency		—		1,617
Capital		—		1,825
Institutional Class		—		8,483
Investor		—		57
Morgan		367		1,285
Premier		—		1,554
Reserve		8		9

	$	1,674	$	15,263

Federal Money Market Fund
Agency	$	—	$	149
Institutional Class		—		1,266
Morgan		17		58
Premier		—		222

	$	17	$	1,695

100% U.S. Treasury Securities Money Market Fund
Agency	$	—	$	2,515
Capital		—		6,659
Institutional Class		—		9,248
Morgan		993		3,476
Premier		—		3,563
Reserve		2,394		2,872

	$	3,387	$	28,333

Tax Free Money Market Fund
Agency	$	—	$	680
Institutional Class		—		5,715
Morgan		5		20
Premier		—		1,525
Reserve		2,221		2,665

	$	2,226	$	10,605

Municipal Money Market Fund
Agency	$	—	$	102
Eagle Class		350		419
Institutional Class		—		1,062
Morgan		10		36
Premier		—		196
Service		630		315

	$	990	$	2,130

(a)	Amount rounds to less than one thousand.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (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, 2019 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	55,447,724	$	12,938	$	1,628	$	11,310
Institutional Tax Free Money Market Fund		998,265		58		4		54
Securities Lending Money Market Fund		3,597,711		542		193		349

As of February 28, 2019, the following Funds had the following net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	2,492	$	9
U.S. Treasury Plus Money Market Fund		76		—
100% U.S. Treasury Securities Money Market Fund		118		—

Net Capital Losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. As of February 28, 2019, the following Fund deferred to March 1, 2019 the following net capital losses of (amounts in thousands):


	Net Capital Losses (Gains)
	Short-Term		Long-Term
U.S. Government Money Market Fund	$	1,749	$	(17	)
U.S. Treasury Plus Money Market Fund		242		(85	)
100% U.S. Treasury Securities Money Market Fund		94		(39	)

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).

As of August 31, 2019, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the six months ended August 31, 2019, were as follows (amounts in thousands, except number of days outstanding):


	Average Loans		Number of Days Outstanding		Interest Earned
Liquid Assets Money Market Fund	$	14,218		64	$	95

Interest earned as a result of lending money to another fund for the six months ended August 31, 2019, if any, is included in Income from interfund lending (net) on the Statements of Operations.

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 4, 2019.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2019.

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.



142	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

As of August 31, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliates Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliates Omnibus Accounts		% of the Fund
Prime Money Market Fund		1		68.3	%		—		—
Institutional Tax Free Money Market Fund		1		99.7			—		—
Securities Lending Money Market Fund		—		—			1		100.0	%
Liquid Assets Money Market Fund		1		62.4			—		—
U.S. Government Money Market Fund		1		28.1			1		11.5
U.S. Treasury Plus Money Market Fund		1		21.6			2		42.4
Federal Money Market Fund		1		59.6			1		23.7
100% U.S. Treasury Securities Money Market Fund		1		45.3			1		10.3
Tax Free Money Market Fund		1		50.1			1		40.0
Municipal Money Market Fund		2		91.6			—		—

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

The Institutional Tax Free Money Market Fund, 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 Institutional Tax Free Money Market Fund, 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.



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	143

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, 2019, and continued to hold your shares at the end of the reporting period, August 31, 2019.

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, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Prime Money Market Fund
Class C
Actual*	$	1,000.00	$	1,008.20	$	4.90		0.97	%
Hypothetical*		1,000.00		1,020.26		4.93		0.97
Academy
Actual**		1,000.00		1,007.10		0.51		0.17
Hypothetical*		1,000.00		1,024.28		0.87		0.17
Agency
Actual*		1,000.00		1,011.90		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,012.20		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
IM
Actual*		1,000.00		1,012.40		0.76		0.15
Hypothetical*		1,000.00		1,024.38		0.76		0.15
Institutional Class
Actual*		1,000.00		1,012.10		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Morgan
Actual*		1,000.00		1,010.70		2.58		0.51
Hypothetical*		1,000.00		1,022.57		2.59		0.51
Premier
Actual*		1,000.00		1,010.90		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Reserve
Actual*		1,000.00		1,009.70		3.54		0.70
Hypothetical*		1,000.00		1,021.62		3.56		0.70



144	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Institutional Tax Free Money Market Fund
Agency
Actual*	$	1,000.00	$	1,006.90	$	1.31		0.26	%
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,007.30		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
IM
Actual*		1,000.00		1,007.40		0.81		0.16
Hypothetical*		1,000.00		1,024.33		0.81		0.16
Institutional Class
Actual*		1,000.00		1,007.20		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21

JPMorgan Securities Lending Money Market Fund
Agency SL
Actual*		1,000.00		1,012.60		0.30		0.06
Hypothetical*		1,000.00		1,024.83		0.31		0.06

JPMorgan Liquid Assets Money Market Fund
Class C
Actual*		1,000.00		1,008.20		4.90		0.97
Hypothetical*		1,000.00		1,020.26		4.93		0.97
Agency
Actual*		1,000.00		1,011.80		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,012.20		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
Institutional Class
Actual*		1,000.00		1,012.10		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Investor
Actual*		1,000.00		1,010.50		2.58		0.51
Hypothetical*		1,000.00		1,022.57		2.59		0.51
Morgan
Actual*		1,000.00		1,010.10		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,010.80		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Reserve
Actual*		1,000.00		1,009.60		3.54		0.70
Hypothetical*		1,000.00		1,021.62		3.56		0.70

JPMorgan U.S. Government Money Market Fund
Academy
Actual**		1,000.00		1,006.50		0.54		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
Agency
Actual*		1,000.00		1,010.90		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,011.30		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	145

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Government Money Market Fund (continued)
Eagle Private Wealth Class
Actual*	$	1,000.00	$	1,010.80	$	1.47		0.29	%
Hypothetical*		1,000.00		1,023.68		1.48		0.29
*ETrade**
Actual*		1,000.00		1,007.10		5.05		1.00
Hypothetical*		1,000.00		1,020.11		5.08		1.00
IM
Actual*		1,000.00		1,011.50		0.76		0.15
Hypothetical*		1,000.00		1,024.38		0.76		0.15
Institutional Class
Actual*		1,000.00		1,011.20		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Investor
Actual*		1,000.00		1,009.70		2.53		0.50
Hypothetical*		1,000.00		1,022.62		2.54		0.50
Morgan
Actual*		1,000.00		1,009.20		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,009.90		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Reserve
Actual*		1,000.00		1,008.70		3.53		0.70
Hypothetical*		1,000.00		1,021.62		3.56		0.70
Service
Actual*		1,000.00		1,006.90		5.30		1.05
Hypothetical*		1,000.00		1,019.86		5.33		1.05

JPMorgan U.S. Treasury Plus Money Market Fund
Class C
Actual*		1,000.00		1,007.20		4.89		0.97
Hypothetical*		1,000.00		1,020.26		4.93		0.97
Agency
Actual*		1,000.00		1,010.90		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,011.30		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
IM
Actual*		1,000.00		1,011.40		0.76		0.15
Hypothetical*		1,000.00		1,024.38		0.76		0.15
Institutional Class
Actual*		1,000.00		1,011.10		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Investor
Actual*		1,000.00		1,009.60		2.53		0.50
Hypothetical*		1,000.00		1,022.62		2.54		0.50
Morgan
Actual*		1,000.00		1,009.20		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,009.90		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45



146	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Treasury Plus Money Market Fund (continued)
Reserve
Actual*	$	1,000.00	$	1,008.60	$	3.53		0.70	%
Hypothetical*		1,000.00		1,021.62		3.56		0.70

JPMorgan Federal Money Market Fund
Agency
Actual*		1,000.00		1,010.70		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Institutional Class
Actual*		1,000.00		1,011.00		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Morgan
Actual*		1,000.00		1,009.10		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,009.80		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45

JPMorgan 100% U.S. Treasury Securities Money Market Fund
Agency
Actual*		1,000.00		1,010.60		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Capital
Actual*		1,000.00		1,011.10		0.91		0.18
Hypothetical*		1,000.00		1,024.23		0.92		0.18
Institutional Class
Actual*		1,000.00		1,010.90		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Morgan
Actual*		1,000.00		1,009.00		2.98		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,009.70		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Reserve
Actual*		1,000.00		1,008.40		3.53		0.70
Hypothetical*		1,000.00		1,021.62		3.56		0.70

JPMorgan Tax Free Money Market Fund
Agency
Actual*		1,000.00		1,006.80		1.31		0.26
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Institutional Class
Actual*		1,000.00		1,007.00		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Morgan
Actual*		1,000.00		1,005.10		2.97		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,005.80		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Reserve
Actual*		1,000.00		1,004.50		3.53		0.70
Hypothetical*		1,000.00		1,021.62		3.56		0.70



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	147

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Municipal Money Market Fund
Agency
Actual*	$	1,000.00	$	1,006.90	$	1.31		0.26	%
Hypothetical*		1,000.00		1,023.83		1.32		0.26
Institutional Class
Actual*		1,000.00		1,007.10		1.06		0.21
Hypothetical*		1,000.00		1,024.08		1.07		0.21
Morgan
Actual*		1,000.00		1,005.20		2.97		0.59
Hypothetical*		1,000.00		1,022.17		3.00		0.59
Premier
Actual*		1,000.00		1,005.90		2.27		0.45
Hypothetical*		1,000.00		1,022.87		2.29		0.45
Service
Actual*		1,000.00		1,002.90		5.29		1.05
Hypothetical*		1,000.00		1,019.86		5.33		1.05

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

**	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 109/366 (to reflect the one-half year period). Commencement of operations was May 15, 2019.



148	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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 2019, 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 14, 2019.

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 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, personnel changes, if any, 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, if any. 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 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



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	149

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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, and taking into consideration the factors noted above, 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

benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. 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. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. 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 and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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



150	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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 Institutional Tax Free Money Market Fund, Federal Money Market Fund, Tax Free Money Market Fund and Securities Lending 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, 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 Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. 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 each of the one-, three-, and five-year periods ended December 31, 2018, and in the second, first, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for the Morgan shares was in the fifth quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2018, and in the fifth, fourth, and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2018, 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 under the circumstances.

The Trustees noted the performance of the Institutional Tax Free Money Market Fund since its inception on March 1, 2018 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Liquid Assets Money Market Fund’s performance for the Institutional shares was in the first quintile based upon both the Peer Group and Universe for each of the one-, three- and five-year periods ended December 31, 2018. 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, 2018, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2018. 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 the Peer Group for each of the one-, three- and five-year periods ended December 31, 2018, and in the first, second, and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2018, and in the third, second, and second



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	151

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

quintiles based upon the Universe for the one-, three-, andfive-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for the 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, 2018. 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 under the circumstances.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the first, second, and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2018, respectively, and in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2018. The Trustees noted that the performance for the Morgan shares was in the second, second, and first quintiles based upon the Peer Group for the one-, three- andfive-year periods ended December 31, 2018, respectively, and in the third quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2018. 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, 2018. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group for each of the one-, three, and five-year periods ended December 31, 2018, and the third, second, and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2018, 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 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares was in the second quintile based upon both the Peer Group and Universe for each of the one-, three- and five-year periods ended December 31, 2018. The Trustees noted that the performance for the Morgan shares was in the second, second, and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2018, respectively, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2018. 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 second, third, and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2018, respectively, and in the first, second, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2018, 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, 2018. 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 under the circumstances.

The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the first, first, and second quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2018, respectively, and in the first quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2018. 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, 2018. The Trustees noted that the performance for the Service shares was in the third and fourth quintiles based upon the Peer Group for the one- and three-year periods ended December 31, 2018, respectively, and in the fifth quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2018. 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 under the circumstances.

The Trustees noted the performance of the Securities Lending Money Market Fund since its inception on September 19, 2018 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate 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



152	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates, and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had the Fee Caps in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first and third 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 fourth 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, 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 Institutional Tax Free Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were in the third quintile based upon the Universe. 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 Liquid Assets Money Market Fund’s net advisory fee and actual total expenses for the Institutional 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 the Morgan 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. 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 U.S. Government Money Market Fund’s net advisory fee for Institutional shares was in the second quintile based upon both the Peer Group and Universe, and 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 and actual total expenses for the Morgan shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for the Service shares were in the second and fifth quintiles, respectively, 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 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 and actual total expenses for the Institutional shares 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 first quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the in the second and first 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 Federal Money Market Fund’s net advisory fee for the Institutional shares was in the second quintiles 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 and actual total expenses for the Morgan shares were in the second and first 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 100% U.S. Treasury Securities Money Market Fund’s net advisory fee and the actual total expenses for the Institutional shares 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 first quintile based upon both the Peer Group and Universe and that the actual total expenses were in the second and first 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 Tax Free Money Market Fund’s net advisory fee for Institutional shares was in the first and third quintiles based upon the Peer Group and Universe, respectively,



AUGUST 31, 2019	J.P. MORGAN MONEY MARKET FUNDS	153

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

and that the actual total expenses were in the second and first 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 and third 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. 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 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 second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan 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 Service 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 fifth 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 fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Securities Lending Money Market Fund’s net advisory fee and actual total expenses for the Agency SL 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 fees were satisfactory in light of the services provided to the Fund.



154	J.P. MORGAN MONEY MARKET FUNDS	AUGUST 31, 2019

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. at1-800-480-4111 (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 at202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-PORT. Prior to March 31, 2019, each Fund filed 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’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 calling1-800-480-4111 (retail investors) or1-800-766-7722 (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 recent12-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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2019. All rights reserved. August 2019.		SAN-MMKT-819

Semi-Annual Report

J.P. Morgan SMA Funds

August 31, 2019 (Unaudited)

JPMorgan Core Focus SMA Fund

LOGO

CONTENTS



Letter to Shareholders			1

Fund Commentary			2

Schedule of Portfolio Investments			4

Financial Statements			14

Financial Highlights			18

Notes to Financial Statements			20

Schedule of Shareholder Expenses			26

Board Approval of Investment Advisory Agreement			27

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.

LETTER TO SHAREHOLDERS

October 22, 2019 (Unaudited)

Dear Shareholders,

“The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; our shareholders & clients.” — Andrea L. Lisher

While the longest U.S. economic expansion on record showed signs of slowing in 2019, financial markets have so far largely

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	1

JPMorgan Core Focus SMA Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund*		6.50%
Bloomberg Barclays U.S. Aggregate Index		8.02%

Net Assets as of 8/31/2019	$	27,656,283
Duration as of 8/31/2019		3.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to maximize total return.

HOW DID THE MARKET PERFORM?

Both equity and bond markets in the U.S. provided positive returns for the six month reporting period amid continued economic growth, buoyant corporate earnings and the first reduction in benchmark interest rates in a more than decade from the U.S. Federal Reserve (the “Fed”). Global bond markets generally provided positive returns, particularly in emerging markets and high yield bonds (also known as “junk bonds”), which benefitted from investor demand for higher yielding assets.

While financial markets largely rallied in the first months of the reporting period, investor concerns about slowing global growth and an increase in U.S.-China trade tensions drove an increase in market volatility and weighed down asset prices in the final months of the period.

Amid market volatility, investors flocked to longer-dated U.S. Treasury bonds in August, which drove the yields on the30-year U.S. Treasury bond below 2% for the first time. More notably, yields on 10-year Treasury bonds fell below yields ontwo-year Treasury bonds for the first time since 2007. Thisso-called yield curve inversion, which has preceded every U.S. economic recession since 1950, put further pressure on financial markets at the end of the reporting period.

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

For the six months ended August 31, 2019, the Fund underperformed the Bloomberg Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight allocation to the20-to-30 year portion of the yield curve, which benefitted

the most from falling interest rates late in the period, was a leading detractor from 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 allocation to asset-backed securities,non-agency mortgage-backed securities and commercial mortgage-backed securities were leading contributors to relative performance amid investor demand for asset classes with relatively attractive yields.

HOW WAS THE FUND POSITIONED?

The Fund was invested primarily in a diversified portfolio of corporate bonds, U.S. government and agency securities, asset-backed securities, and mortgage-related and mortgage-backed securities.


PORTFOLIO COMPOSITION***
Asset-Backed Securities	32.2	%
Collateralized Mortgage Obligations	28.8
Corporate Bonds	24.5
Commercial Mortgage-Backed Securities	6.8
U.S. Treasury Obligations	2.0
Mortgage-Backed Securities	1.5
Short-Term Investments	4.2

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, 2019. The Fund’s portfolio composition is subject to change.



2	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF FUND		6 MONTH*			1 YEAR			SINCE INCEPTION
JPMORGAN CORE FOCUS SMA FUND		March 1, 2018		6.50	%		8.88	%		6.96	%

Not annualized.

LIFE OF FUND PERFORMANCE (3/1/18 TO 8/31/19)

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 Index from March 1, 2018 to August 31, 2019. 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 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 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, 2019	J.P. MORGAN SMA FUNDS	3

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — 32.1%

ACC TrustSeries 2018-1, Class A, 3.70%, 12/21/2020 (a)		17,972		17,995

American Credit Acceptance Receivables Trust

Series 2016-3, Class C, 4.26%, 8/12/2022 (a)		49,400		49,773

Series 2019-3, Class A, 2.44%, 12/12/2022 (a)		110,000		110,014

Series 2017-1, Class C, 2.88%, 3/13/2023 (a)		22,719		22,731

Series 2017-1, Class D, 3.54%, 3/13/2023 (a)		230,000		232,228

AmeriCredit Automobile ReceivablesSeries 2015-4, Class D, 3.72%, 12/8/2021		225,000		226,892

B2R Mortgage Trust

Series 2015-1, Class A1, 2.52%, 5/15/2048 ‡ (a)		2,224		2,217

Series 2015-2, Class A, 3.34%, 11/15/2048 (a)		42,613		42,672

Business Jet Securities LLC

Series 2018-2, Class A, 4.45%, 6/15/2033 (a)		159,949		162,474

Series 2018-2, Class B, 5.44%, 6/15/2033 (a)		162,905		166,265

Series 2019-1, Class A, 4.21%, 7/15/2034 (a)		121,466		125,014

Capital Auto Receivables Asset TrustSeries 2016-2, Class B, 2.11%, 3/22/2021		125,000		124,865

CoreVest American Finance2019-2TrustSeries 2019-2, Class B, 3.42%, 6/15/2052 ‡ (a)		250,000		264,179

CPS Auto Receivables Trust

Series 2015-B, Class C, 4.20%, 5/17/2021 (a)		162,776		163,929

Series 2018-B, Class B, 3.23%, 7/15/2022 (a)		100,000		100,553

Series 2019-C, Class B, 2.63%, 8/15/2023 (a)		130,000		130,554

Credit Acceptance Auto Loan TrustSeries 2018-2A, Class A, 3.47%, 5/17/2027 (a)		250,000		254,296

DT Auto Owner Trust

Series 2018-1A, Class B, 3.04%, 1/18/2022 (a)		79,959		80,045

Series 2017-1A, Class D, 3.55%, 11/15/2022 (a)		150,000		151,091

Series 2018-1A, Class D, 3.81%, 12/15/2023 (a)		88,000		89,369


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Series 2019-1A, Class C, 3.61%, 11/15/2024 (a)		90,000		91,975

Series 2019-2A, Class C, 3.18%, 2/18/2025 (a)		190,000		193,262

Exeter Automobile Receivables Trust

Series 2017-3A, Class A, 2.05%, 12/15/2021 (a)		22,618		22,610

Series 2017-1A, Class B, 3.00%, 12/15/2021 (a)		18,697		18,719

Series 2018-2A, Class B, 3.27%, 5/16/2022 (a)		100,000		100,303

Series 2019-3A, Class B, 2.58%, 8/15/2023 (a)		195,000		196,136

First Investors Auto Owner Trust

Series 2015-1A, Class D, 3.59%, 1/18/2022 (a)		100,000		100,034

Series 2016-2A, Class C, 2.53%, 7/15/2022 (a)		200,000		199,904

Series 2018-1A, Class A2, 3.22%, 1/17/2023 (a)		45,000		45,324

Series 2019-1A, Class B, 3.02%, 3/17/2025 (a)		120,000		122,864

Flagship Credit Auto Trust

Series 2016-2, Class C, 6.22%, 9/15/2022 (a)		100,000		103,715

Series 2017-2, Class B, 2.57%, 4/15/2023 (a)		115,000		115,052

Series 2018-2, Class B, 3.56%, 5/15/2023 (a)		150,000		153,028

Series 2019-1, Class A, 3.11%, 8/15/2023 (a)		234,772		236,974

Series 2017-4, Class C, 2.92%, 11/15/2023 (a)		150,000		151,554

Series 2019-3, Class B, 2.48%, 8/15/2024 (a)		225,000		226,138

Series 2019-1, Class D, 4.08%, 2/18/2025 (a)		167,000		174,102

FREED ABS TrustSeries 2018-2, Class A, 3.99%, 10/20/2025 (a)		68,162		68,690

GLS Auto Receivables Issuer Trust

Series 2019-1A, Class A, 3.37%, 1/17/2023 (a)		50,645		51,067

Series 2019-2A, Class A, 3.06%, 4/17/2023 (a)		78,714		79,221

Series 2019-3A, Class A, 2.58%, 7/17/2023 (a)		140,000		140,028

GLS Auto Receivables Trust

Series 2018-3A, Class A, 3.35%, 8/15/2022 (a)		69,189		69,529

SEE NOTES TO FINANCIAL STATEMENTS.



4	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Asset-Backed Securities — continued

Series 2018-3A, Class B, 3.78%, 8/15/2023 (a)		100,000		102,011

Goodgreen (Cayman Islands)Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b)		152,955		162,833

HERO Funding (Cayman Islands)Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a)		90,863		96,088

Hyundai Auto Lease Securitization TrustSeries 2019-A, Class A3, 2.98%, 7/15/2022 (a)		150,000		152,090

Lendmark Funding TrustSeries 2019-1A, Class A, 3.00%, 12/20/2027 (a)		175,000		177,325

Marlette Funding Trust

Series 2018-2A, Class A, 3.06%, 7/17/2028 (a)		25,666		25,691

Series 2019-1A, Class A, 3.44%, 4/16/2029 (a)		226,374		228,144

OnDeck Asset Securitization Trust LLCSeries 2018-1A, Class A, 3.50%, 4/18/2022 (a)		104,000		104,608

OneMain Direct Auto Receivables TrustSeries 2017-2A, Class B, 2.55%, 11/14/2023 (a)		100,000		100,113

OneMain Financial Issuance Trust

Series 2015-1A, Class C, 5.12%, 3/18/2026 ‡ (a)		140,000		140,609

Series 2016-1A, Class A, 3.66%, 2/20/2029 (a)		39,201		39,353

Progress Residential TrustSeries 2015-SFR3, Class A, 3.07%, 11/12/2032 ‡ (a)		98,694		98,600

Prosper Marketplace Issuance Trust

Series 2018-1A, Class A, 3.11%, 6/17/2024 (a)		4,913		4,914

Series 2018-2A, Class A, 3.35%, 10/15/2024 (a)		55,417		55,587

Series 2019-3A, Class A, 3.19%, 7/15/2025 (a)		135,054		135,713

Santander Drive Auto Receivables Trust

Series 2017-1, Class C, 2.58%, 5/16/2022		64,397		64,461

Series 2018-1, Class B, 2.63%, 7/15/2022		170,502		170,635

Series 2017-3, Class C, 2.76%, 12/15/2022		39,000		39,135

Series 2019-1, Class B, 3.21%, 9/15/2023		90,000		91,436

Santander Retail Auto Lease TrustSeries 2018-A, Class D, 3.75%, 12/20/2022 (a)		200,000		202,615


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


SoFi Consumer Loan Program LLC

Series 2016-3, Class A, 3.05%, 12/26/2025 (a)		45,332		45,524

Series 2017-1, Class A, 3.28%, 1/26/2026 (a)		51,937		52,332

Series 2017-2, Class A, 3.28%, 2/25/2026 (a)		54,691		55,153

SoFi Consumer Loan Program TrustSeries 2018-2, Class A1, 2.93%, 4/26/2027 (a)		38,695		38,731

Springleaf Funding TrustSeries 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (a)		100,000		102,251

Tesla Auto Lease TrustSeries 2018-B, Class A, 3.71%, 8/20/2021 (a)		54,570		55,540

Tidewater Auto Receivables TrustSeries 2018-AA, Class C, 3.84%, 11/15/2024 (a)		250,000		255,233

Towd Point Mortgage TrustSeries 2017-6, Class A1, 2.75%, 10/25/2057 ‡ (a) (b)		78,582		79,643

Vericrest Opportunity Loan TrustSeries 2019-NPL4, Class A1A, 3.35%, 8/25/2049 (a) (c)		135,000		135,049

VOLT LXIX LLC

Series 2018-NPL5, Class A1A, 4.21%, 8/25/2048 ‡ (a) (c)		82,723		83,019

Series 2018-NPL5, Class A1B, 4.70%, 8/25/2048 ‡ (a) (c)		100,000		99,840

VOLT LXVII LLCSeries 2018-NPL3, Class A1, 4.38%, 6/25/2048 ‡ (a) (c)		68,936		69,156

VOLT LXXV LLCSeries 2019-NPL1, Class A1A, 4.34%, 1/25/2049 ‡ (a) (c)		87,365		88,023

Westgate Resorts LLC

Series 2018-1A, Class A, 3.38%, 12/20/2031 (a)		169,183		171,295

Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (a)		169,183		171,278


Total Asset-Backed Securities (Cost $8,748,365)				8,871,413

Collateralized Mortgage Obligations — 28.7%

FHLMC, REMIC

Series 2488, Class GM, 6.00%, 8/15/2032		36,019		40,023

Series 4151, Class YC, 2.50%, 1/15/2033		230,088		227,493

Series 2740, Class PE, 5.50%, 1/15/2034		132,452		151,091

Series 2943, Class ZC, 5.00%, 2/15/2034		46,708		52,068

Series 2768, Class PK, 5.00%, 3/15/2034		37,345		40,725

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	5

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued

Series 3237, Class CE, 5.50%, 11/15/2036		50,000		62,211

Series 3249, Class CB, 4.25%, 12/15/2036		43,462		47,291

Series 3258, Class XX, 5.50%, 12/15/2036		53,000		60,060

Series 4031, Class AB, 5.50%, 6/15/2037		151,548		173,312

Series 3404, Class DC, 5.50%, 1/15/2038		50,000		61,868

Series 3601, Class HB, 5.00%, 11/15/2039		25,000		31,736

Series 3626, Class ME, 5.00%, 1/15/2040		29,000		33,247

Series 3680, Class ZA, 4.50%, 6/15/2040		162,901		178,981

Series 3777, Class WA, 4.00%, 12/15/2040		148,611		160,749

Series 3772, Class NE, 4.50%, 12/15/2040		180,000		217,208

Series 3939, Class AZ, 4.00%, 3/15/2041		206,792		220,560

Series 4240, Class DK, 4.00%, 11/15/2042		79,995		86,551

Series 4283, Class EW, 4.50%, 12/15/2043 (b)		135,322		145,392

FNMA, REMIC

Series 2013-17, Class YM, 4.00%, 3/25/2033		107,563		117,489

Series 2003-32, Class UJ, 5.50%, 5/25/2033		29,154		32,738

Series 2003-82, Class Z, 5.50%, 8/25/2033		47,492		53,865

Series 2004-17, Class H, 5.50%, 4/25/2034		112,729		129,830

Series 2004-31, Class MZ, 4.25%, 5/25/2034		28,645		34,657

Series 2004-36, Class CB, 5.00%, 5/25/2034		28,000		31,689

Series 2004-91, Class BR, 5.50%, 12/25/2034		39,771		45,829

Series 2009-13, Class PM, 4.00%, 4/25/2035		123,783		127,933

Series 2005-29, Class WQ, 5.50%, 4/25/2035		134,266		153,713

Series 2005-109, Class GD, 6.00%, 10/25/2035		20,859		23,067

Series 2015-65, Class LD, 3.50%, 1/25/2036		80,000		89,166


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Series 2005-122, Class PY, 6.00%, 1/25/2036		71,000		86,578

Series 2006-24, Class Z, 5.50%, 4/25/2036		130,292		145,263

Series 2007-36, Class PH, 5.50%, 4/25/2037		37,284		42,897

Series 2007-60, Class ZB, 4.75%, 5/25/2037		252,851		284,439

Series 2009-42, Class TZ, 4.50%, 3/25/2039		213,920		249,674

Series 2009-66, Class KE, 4.00%, 9/25/2039		71,650		76,411

Series 2009-105, Class DB, 4.50%, 12/25/2039		25,000		29,862

Series 2010-43, Class EM, 5.00%, 5/25/2040		20,600		26,138

Series 2010-87, Class PJ, 3.50%, 6/25/2040		36,575		37,638

Series 2010-59, Class EB, 5.00%, 6/25/2040		300,000		386,784

Series 2011-146, Class LX, 3.50%, 10/25/2040		200,000		211,318

Series 2011-1, Class QA, 4.50%, 10/25/2040		104,647		111,605

Series 2010-133, Class GP, 4.00%, 11/25/2040		250,000		287,185

Series 2010-123, Class KU, 4.50%, 11/25/2040		123,589		144,745

Series 2010-129, Class PZ, 4.50%, 11/25/2040		235,470		253,031

Series 2010-136, Class CY, 4.00%, 12/25/2040		290,000		327,995

Series 2010-141, Class AL, 4.00%, 12/25/2040		224,473		242,250

Series 2010-154, Class KZ, 4.50%, 1/25/2041		43,246		57,487

Series 2011-55, Class BZ, 3.50%, 6/25/2041		166,290		180,180

Series 2011-115, Class UC, 4.00%, 11/25/2041		70,000		82,920

Series 2013-114, Class LM, 4.00%, 3/25/2042		200,000		225,924

Series 2012-120, Class PA, 3.50%, 10/25/2042		94,918		100,548

Series 2014-19, Class Z, 4.50%, 4/25/2044		255,089		307,796

Series 2015-61, Class PV, 3.50%, 5/25/2044		22,693		24,241

Series 2016-32, Class PA, 3.00%, 12/25/2045		159,895		167,719

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Collateralized Mortgage Obligations — continued

GNMA

Series 2003-46, Class HA, 4.50%, 6/20/2033		102,517		110,269

Series 2004-55, Class MC, 5.50%, 7/20/2034		24,686		27,929

Series 2005-16, Class CA, 5.00%, 2/20/2035		29,000		33,608

Series 2005-17, Class GE, 5.00%, 2/20/2035		175,560		196,306

Series 2008-25, Class AD, 4.50%, 3/20/2038		128,004		138,250

Series 2009-16, Class ZD, 6.00%, 3/20/2039		169,368		194,484

Series 2009-58, Class PA, 4.50%, 7/20/2039		209,611		227,884

Series 2010-69, Class ME, 3.00%, 4/20/2040		82,911		83,892


Total Collateralized Mortgage Obligations (Cost $7,382,189)				7,933,792

Corporate Bonds — 24.5%

Aerospace & Defense — 0.5%

Boeing Co. (The) 3.95%, 8/1/2059		15,000		16,995

Northrop Grumman Corp.

3.20%, 2/1/2027		30,000		31,743

3.85%, 4/15/2045		20,000		22,424

Rockwell Collins, Inc.

2.80%, 3/15/2022		20,000		20,346

3.50%, 3/15/2027		15,000		16,155

United Technologies Corp. 2.80%, 5/4/2024		25,000		25,738


				133,401


Automobiles — 0.4%

General Motors Co. 5.15%, 4/1/2038		30,000		31,114

Hyundai Capital America 3.45%, 3/12/2021 (a)		30,000		30,469

Nissan Motor Acceptance Corp. 3.15%, 3/15/2021 (a)		60,000		60,669


				122,252


Banks — 4.6%

Australia & New Zealand Banking Group Ltd. (Australia) 5.10%, 1/13/2020 (a)		100,000		101,025

Bank of America Corp. (ICE LIBOR USD 3 Month + 0.93%),

2.82%, 7/21/2023 (d)		65,000		66,233

4.20%, 8/26/2024		60,000		64,755

5.00%, 1/21/2044		55,000		71,929


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Banks — continued

Bank of Montreal (Canada) 2.10%, 6/15/2020		70,000		70,057

Bank of Nova Scotia (The) (Canada) 3.13%, 4/20/2021		60,000		61,162

Citigroup, Inc.

3.75%, 6/16/2024		41,000		43,936

3.20%, 10/21/2026		19,000		19,827

8.13%, 7/15/2039		30,000		50,150

Citizens Financial Group, Inc. 2.38%, 7/28/2021		50,000		50,170

Commonwealth Bank of Australia (Australia)

2.25%, 3/10/2020 (a)		30,000		30,034

3.45%, 3/16/2023 (a)		70,000		73,576

Fifth Third Bancorp 3.65%, 1/25/2024		35,000		37,113

Huntington Bancshares, Inc. 2.30%, 1/14/2022		50,000		50,236

Mitsubishi UFJ Financial Group, Inc. (Japan)

3.46%, 3/2/2023		45,000		46,881

3.78%, 3/2/2025		45,000		48,409

PNC Financial Services Group, Inc. (The) 5.13%, 2/8/2020		35,000		35,433

Regions Financial Corp. 2.75%, 8/14/2022		40,000		40,704

Santander UK Group Holdings plc (United Kingdom) 3.13%, 1/8/2021		30,000		30,161

Sumitomo Mitsui Financial Group, Inc. (Japan)

2.06%, 7/14/2021		30,000		29,965

3.10%, 1/17/2023		25,000		25,789

3.36%, 7/12/2027		25,000		26,661

SunTrust Bank 2.25%, 1/31/2020		25,000		24,994

Wells Fargo & Co.

Series M, 3.45%, 2/13/2023		70,000		72,723

4.65%, 11/4/2044		30,000		36,043

Westpac Banking Corp. (Australia) 2.85%, 5/13/2026		65,000		67,754


				1,275,720


Beverages — 0.4%

Anheuser-Busch Cos. LLC (Belgium)

3.65%, 2/1/2026		30,000		32,237

4.90%, 2/1/2046		25,000		29,870

Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.95%, 1/15/2042		30,000		35,674

Molson Coors Brewing Co. 4.20%, 7/15/2046		15,000		15,268


				113,049

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	7

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Biotechnology — 0.3%

Celgene Corp.

3.25%, 8/15/2022		15,000		15,497

4.63%, 5/15/2044		10,000		12,215

Gilead Sciences, Inc.

3.70%, 4/1/2024		30,000		31,883

4.80%, 4/1/2044		15,000		18,127


				77,722


Building Products — 0.1%

Masco Corp. 4.45%, 4/1/2025		25,000		27,233


Capital Markets — 1.6%

Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029		25,000		28,345

Credit Suisse AG (Switzerland) 5.40%, 1/14/2020		25,000		25,268

Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		15,000		22,237

Goldman Sachs Group, Inc. (The)

4.00%, 3/3/2024		50,000		53,773

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)		65,000		72,045

Macquarie Group Ltd. (Australia)

6.00%, 1/14/2020 (a)		10,000		10,134

6.25%, 1/14/2021 (a)		30,000		31,581

(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (d)		20,000		21,116

Morgan Stanley

2.63%, 11/17/2021		45,000		45,471

3.13%, 1/23/2023		30,000		30,933

4.00%, 7/23/2025		60,000		64,997

3.95%, 4/23/2027		25,000		26,758


				432,658


Chemicals — 0.7%

DuPont de Nemours, Inc. 4.49%, 11/15/2025		100,000		111,032

Mosaic Co. (The)

3.25%, 11/15/2022		10,000		10,248

4.05%, 11/15/2027		10,000		10,435

5.63%, 11/15/2043		10,000		11,115

Nutrien Ltd. (Canada)

3.00%, 4/1/2025		20,000		20,444

6.13%, 1/15/2041		20,000		25,427

Sherwin-Williams Co. (The) 2.75%, 6/1/2022		16,000		16,247


				204,948


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Construction Materials — 0.1%

Martin Marietta Materials, Inc. 3.45%, 6/1/2027		30,000		30,896


Consumer Finance — 0.6%

American Express Co. 2.50%, 8/1/2022		30,000		30,422

Capital One Financial Corp.

4.75%, 7/15/2021		15,000		15,681

4.20%, 10/29/2025		15,000		16,038

3.75%, 3/9/2027		25,000		26,484

General Motors Financial Co., Inc.

4.20%, 3/1/2021		25,000		25,591

3.25%, 1/5/2023		20,000		20,344

HSBC Finance Corp. 6.68%, 1/15/2021		30,000		31,491


				166,051


Diversified Financial Services — 0.3%

ORIX Corp. (Japan) 3.70%, 7/18/2027		30,000		32,441

Shell International Finance BV (Netherlands) 5.50%, 3/25/2040		25,000		33,934

Voya Financial, Inc. 3.65%, 6/15/2026		20,000		21,231


				87,606


Diversified Telecommunication Services — 1.1%

AT&T, Inc.

3.00%, 6/30/2022		25,000		25,559

3.40%, 5/15/2025		30,000		31,510

5.35%, 9/1/2040		65,000		77,424

Telefonica Emisiones SA (Spain)

5.13%, 4/27/2020		10,000		10,181

5.46%, 2/16/2021		10,000		10,466

7.05%, 6/20/2036		15,000		20,449

Verizon Communications, Inc.

4.33%, 9/21/2028		41,000		47,096

4.86%, 8/21/2046		55,000		68,487


				291,172


Electric Utilities — 1.1%

Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036		20,000		25,997

Duke Energy Corp.

1.80%, 9/1/2021		15,000		14,909

2.65%, 9/1/2026		25,000		25,300

3.75%, 9/1/2046		25,000		26,324

Emera US Finance LP (Canada)

3.55%, 6/15/2026		10,000		10,554

4.75%, 6/15/2046		10,000		11,854

Entergy Louisiana LLC 4.00%, 3/15/2033		40,000		46,423

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Electric Utilities — continued

Fortis, Inc. (Canada) 3.06%, 10/4/2026		19,000		19,453

Indiana Michigan Power Co. Series K, 4.55%, 3/15/2046		15,000		18,497

LG&E & KU Energy LLC 3.75%, 11/15/2020		20,000		20,301

Metropolitan Edison Co. 3.50%, 3/15/2023 (a)		15,000		15,647

PNM Resources, Inc. 3.25%, 3/9/2021		15,000		15,171

PPL Capital Funding, Inc. 3.10%, 5/15/2026		20,000		20,514

Southern Co. (The) 3.25%, 7/1/2026		30,000		31,067


				302,011


Electrical Equipment — 0.2%

Eaton Corp.

2.75%, 11/2/2022		20,000		20,394

3.10%, 9/15/2027		25,000		26,275


				46,669


Electronic Equipment, Instruments & Components — 0.1%

Arrow Electronics, Inc. 3.25%, 9/8/2024		25,000		25,325


Energy Equipment & Services — 0.3%

Halliburton Co.

3.80%, 11/15/2025		25,000		26,483

4.50%, 11/15/2041		10,000		10,452

Schlumberger Holdings Corp. 4.30%, 5/1/2029 (a)		30,000		32,945


				69,880


Equity Real Estate Investment Trusts (REITs) — 1.3%

American Tower Corp. 5.00%, 2/15/2024		30,000		33,330

Boston Properties LP 3.40%, 6/21/2029		25,000		26,535

Brixmor Operating Partnership LP 3.65%, 6/15/2024		25,000		26,177

EPR Properties 5.25%, 7/15/2023		15,000		16,236

HCP, Inc. 3.25%, 7/15/2026		50,000		51,706

Host Hotels & Resorts LP

5.25%, 3/15/2022		15,000		15,930

3.88%, 4/1/2024		15,000		15,756

Life Storage LP 4.00%, 6/15/2029		5,000		5,401

National Retail Properties, Inc.

3.80%, 10/15/2022		20,000		20,844

4.00%, 11/15/2025		20,000		21,617

Office Properties Income Trust 3.60%, 2/1/2020		20,000		20,041

Realty Income Corp.

3.25%, 10/15/2022		20,000		20,736

3.65%, 1/15/2028		25,000		27,139


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Equity Real Estate Investment Trusts (REITs) — continued

UDR, Inc. 3.20%, 1/15/2030		10,000		10,458

VEREIT Operating Partnership LP

4.13%, 6/1/2021		15,000		15,426

4.88%, 6/1/2026		10,000		11,193

Welltower, Inc. 4.00%, 6/1/2025		25,000		26,852


				365,377


Food & Staples Retailing — 0.3%

Kroger Co. (The) 5.15%, 8/1/2043		20,000		22,312

Sysco Corp.

3.55%, 3/15/2025		20,000		21,323

4.45%, 3/15/2048		30,000		35,970


				79,605


Food Products — 0.6%

Campbell Soup Co.

3.65%, 3/15/2023		20,000		20,806

3.80%, 8/2/2042		20,000		19,171

Conagra Brands, Inc.

4.60%, 11/1/2025		5,000		5,520

5.30%, 11/1/2038		5,000		5,855

Kraft Heinz Foods Co.

3.95%, 7/15/2025		20,000		20,753

6.50%, 2/9/2040		15,000		17,786

Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044		20,000		25,519

Tyson Foods, Inc.

4.50%, 6/15/2022		15,000		15,920

3.95%, 8/15/2024		15,000		16,137

5.15%, 8/15/2044		10,000		12,200


				159,667


Health Care Equipment & Supplies — 0.6%

Abbott Laboratories

2.55%, 3/15/2022		15,000		15,244

3.75%, 11/30/2026		17,000		18,707

4.75%, 11/30/2036		15,000		18,789

Becton Dickinson and Co.

2.89%, 6/6/2022		10,000		10,165

3.70%, 6/6/2027		10,000		10,713

Boston Scientific Corp. 3.85%, 5/15/2025		25,000		27,018

Liberty Property LP REIT, 4.40%, 2/15/2024		35,000		37,947

Zimmer Biomet Holdings, Inc.

3.70%, 3/19/2023		6,000		6,258

3.55%, 4/1/2025		10,000		10,530


				155,371

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	9

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Health Care Providers & Services — 0.7%

Aetna, Inc. 2.80%, 6/15/2023		35,000		35,558

Anthem, Inc.

3.70%, 8/15/2021		15,000		15,394

3.35%, 12/1/2024		15,000		15,678

4.63%, 5/15/2042		20,000		22,786

CVS Health Corp.

3.70%, 3/9/2023		30,000		31,371

4.30%, 3/25/2028		41,000		44,753

4.78%, 3/25/2038		27,000		30,277


				195,817


Hotels, Restaurants & Leisure — 0.2%

McDonald’s Corp. 3.80%, 4/1/2028		35,000		38,799

Starbucks Corp. 4.45%, 8/15/2049		15,000		17,561


				56,360


Independent Power and Renewable Electricity Producers — 0.2%

Exelon Generation Co. LLC 5.75%, 10/1/2041		45,000		53,593


Industrial Conglomerates — 0.4%

General Electric Co.

3.38%, 3/11/2024		40,000		40,535

4.13%, 10/9/2042		35,000		33,554

Roper Technologies, Inc. 2.80%, 12/15/2021		30,000		30,414


				104,503


Insurance — 1.8%

American Financial Group, Inc. 3.50%, 8/15/2026		20,000		20,790

American International Group, Inc.

3.30%, 3/1/2021		10,000		10,166

3.75%, 7/10/2025		20,000		21,302

3.88%, 1/15/2035		25,000		26,536

4.38%, 1/15/2055		15,000		16,351

Athene Global Funding 3.00%, 7/1/2022 (a)		25,000		25,485

Athene Holding Ltd. 4.13%, 1/12/2028		10,000		10,231

Cincinnati Financial Corp. 6.92%, 5/15/2028		20,000		26,555

Lincoln National Corp.

4.20%, 3/15/2022		15,000		15,703

3.63%, 12/12/2026		15,000		15,968

4.35%, 3/1/2048		20,000		22,482

Markel Corp.

3.50%, 11/1/2027		20,000		20,712

5.00%, 5/20/2049		15,000		18,125


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Insurance — continued

Marsh & McLennan Cos., Inc.

3.50%, 12/29/2020		15,000		15,271

4.38%, 3/15/2029		30,000		34,464

Metropolitan Life Global Funding I 2.00%, 4/14/2020 (a)		150,000		149,940

Principal Financial Group, Inc. 3.70%, 5/15/2029		5,000		5,435

Prudential Financial, Inc. 3.88%, 3/27/2028		30,000		33,607


				489,123


IT Services — 0.0% (e)

Western Union Co. (The) 3.60%, 3/15/2022		10,000		10,315


Media — 0.8%

Charter Communications Operating LLC 5.75%, 4/1/2048		10,000		11,667

Comcast Corp.

3.38%, 2/15/2025		30,000		31,776

3.15%, 3/1/2026		30,000		31,610

3.20%, 7/15/2036		40,000		41,169

6.40%, 5/15/2038		30,000		42,851

Cox Communications, Inc.

3.15%, 8/15/2024 (a)		25,000		25,762

4.60%, 8/15/2047 (a)		15,000		16,705

Fox Corp. 4.71%, 1/25/2029 (a)		10,000		11,584


				213,124


Metals & Mining — 0.1%

Glencore Funding LLC (Switzerland) 4.63%, 4/29/2024 (a)		15,000		15,886


Multiline Retail — 0.0% (e)

Dollar General Corp. 4.13%, 5/1/2028		5,000		5,532


Multi-Utilities — 0.3%

Dominion Energy, Inc.

Series D, 2.85%, 8/15/2026		25,000		25,335

Series C, 4.05%, 9/15/2042		20,000		21,513

Sempra Energy

2.40%, 3/15/2020		20,000		19,977

3.80%, 2/1/2038		25,000		26,240


				93,065


Oil, Gas & Consumable Fuels — 2.3%

APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (a)		30,000		32,391

Boardwalk Pipelines LP 5.95%, 6/1/2026		20,000		22,609

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Buckeye Partners LP

4.35%, 10/15/2024		10,000		9,703

5.85%, 11/15/2043		10,000		8,613

Canadian Natural Resources Ltd. (Canada)

3.80%, 4/15/2024		15,000		15,795

6.45%, 6/30/2033		15,000		19,504

Cenovus Energy, Inc. (Canada) 3.00%, 8/15/2022		25,000		25,241

Enbridge, Inc. (Canada) 4.25%, 12/1/2026		20,000		22,168

Energy Transfer Operating LP 6.25%, 4/15/2049		15,000		18,561

Enterprise Products Operating LLC

5.25%, 1/31/2020		25,000		25,287

3.75%, 2/15/2025		30,000		32,165

5.10%, 2/15/2045		15,000		17,962

Kinder Morgan Energy Partners LP 3.95%, 9/1/2022		25,000		26,087

Marathon Petroleum Corp. 6.50%, 3/1/2041		15,000		19,082

MPLX LP

4.13%, 3/1/2027		15,000		15,812

4.50%, 4/15/2038		10,000		10,376

Nexen, Inc. (China) 5.88%, 3/10/2035		20,000		26,537

Noble Energy, Inc. 5.05%, 11/15/2044		30,000		33,347

ONEOK Partners LP 4.90%, 3/15/2025		30,000		32,800

Petroleos Mexicanos (Mexico) 6.50%, 1/23/2029		13,000		13,122

Phillips 66

3.90%, 3/15/2028		20,000		21,743

4.88%, 11/15/2044		20,000		23,957

Spectra Energy Partners LP 4.50%, 3/15/2045		20,000		21,869

Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033		20,000		24,907

Sunoco Logistics Partners Operations LP

4.00%, 10/1/2027		10,000		10,557

5.35%, 5/15/2045		30,000		32,690

TransCanada PipeLines Ltd. (Canada)

4.88%, 1/15/2026		25,000		28,170

4.63%, 3/1/2034		15,000		17,149

5.00%, 10/16/2043		10,000		11,781

Williams Cos., Inc. (The) 3.90%, 1/15/2025		20,000		21,030


				641,015


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Pharmaceuticals — 0.2%

Allergan Funding SCS

3.00%, 3/12/2020		10,000		10,031

4.55%, 3/15/2035		10,000		10,757

Shire Acquisitions Investments Ireland DAC 2.40%, 9/23/2021		30,000		30,093


				50,881


Road & Rail — 0.4%

Burlington Northern Santa Fe LLC 4.40%, 3/15/2042		30,000		35,762

ERAC USA Finance LLC 5.63%, 3/15/2042 (a)		30,000		38,560

JB Hunt Transport Services, Inc. 3.88%, 3/1/2026		40,000		43,055


				117,377


Semiconductors & Semiconductor Equipment — 0.2%

Broadcom Corp.

2.65%, 1/15/2023		20,000		19,973

3.88%, 1/15/2027		25,000		25,017


				44,990


Software — 0.5%

Microsoft Corp. 4.20%, 11/3/2035		60,000		72,246

Oracle Corp. 3.85%, 7/15/2036		60,000		67,663


				139,909


Specialty Retail — 0.1%

Advance Auto Parts, Inc. 4.50%, 12/1/2023		25,000		26,922


Technology Hardware, Storage & Peripherals — 0.3%

Apple, Inc.

2.75%, 1/13/2025		30,000		31,187

4.65%, 2/23/2046		30,000		38,368

Dell International LLC 4.42%, 6/15/2021 (a)		25,000		25,795


				95,350


Tobacco — 0.2%

BAT International Finance plc (United Kingdom) 2.75%, 6/15/2020 (a)		30,000		30,067

Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045		35,000		39,484


				69,551


Trading Companies & Distributors — 0.4%

Air Lease Corp. 3.50%, 1/15/2022		25,000		25,701

Aviation Capital Group LLC

2.88%, 1/20/2022 (a)		30,000		30,449

3.50%, 11/1/2027 (a)		20,000		20,887

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	11

JPMorgan Core Focus SMA Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
Corporate Bonds — continued

Trading Companies & Distributors — continued

International Lease Finance Corp. 4.63%, 4/15/2021		35,000		36,135


				113,172


Wireless Telecommunication Services — 0.2%

Vodafone Group plc (United Kingdom)

3.75%, 1/16/2024		20,000		21,158

4.38%, 5/30/2028		25,000		28,045

5.00%, 5/30/2038		11,000		12,740


				61,943


Total Corporate Bonds (Cost $6,298,860)				6,765,041

Commercial Mortgage-Backed Securities — 6.7%

20 Times Square Trust

Series 2018-20TS, Class D, 3.20%, 5/15/2035 ‡ (a) (b)		100,000		100,919

Series 2018-20TS, Class E, 3.20%, 5/15/2035 ‡ (a) (b)		100,000		99,602

Citigroup Commercial Mortgage Trust

Series 2013-GC11, Class A3, 2.82%, 4/10/2046		24,674		25,387

Series 2014-GC19, Class A3, 3.75%, 3/10/2047		8,323		8,892

Series 2014-GC23, Class A3, 3.36%, 7/10/2047		12,593		13,384

Commercial Mortgage Trust

Series 2014-UBS2, Class A4, 3.69%, 3/10/2047		15,000		15,998

Series 2014-CR17, Class A4, 3.70%, 5/10/2047		30,000		32,111

Series 2014-UBS3, Class A3, 3.55%, 6/10/2047		23,881		25,420

Core Industrial TrustSeries 2015-CALW, Class A, 3.04%, 2/10/2034 (a)		42,690		43,789

FHLMC, Multifamily Structured Pass-Through Certificates

Series K731, Class AM, 3.60%, 2/25/2025 (b)		200,000		214,906

Series K090, Class A2, 3.42%, 2/25/2029		120,000		134,008

FREMF Mortgage TrustSeries 2013-K26, Class B, 3.72%, 12/25/2045 (a) (b)		99,000		103,069

GPMT Ltd. (Cayman Islands)Series 2018-FL1, Class AS, 3.37%, 11/21/2035 ‡ (a) (b)		150,000		150,000

GS Mortgage Securities Trust

Series 2013-GC16, Class AS, 4.65%, 11/10/2046		111,000		121,933


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


Series 2013-GC16, Class B, 5.16%, 11/10/2046 (b)		50,000		55,453

JP Morgan Chase Commercial Mortgage Securities Trust

Series 2013-LC11, Class A4, 2.69%, 4/15/2046		13,593		13,930

Series 2011-C5, Class B, 5.55%, 8/15/2046 (a) (b)		169,000		177,759

JPMBB Commercial Mortgage Securities TrustSeries 2013-C15, Class C, 5.37%, 11/15/2045 (b)		30,000		32,886

JPMCC Re-REMIC TrustSeries 2014-FRR1, Class BK10, 2.47%, 11/27/2049 ‡ (a) (b)		180,000		177,739

Morgan Stanley Bank of America Merrill Lynch Trust

Series 2014-C18, Class A2, 3.19%, 10/15/2047		15,083		15,073

Series 2015-C27, Class A3, 3.47%, 12/15/2047		130,000		139,347

Wells Fargo Commercial Mortgage TrustSeries 2015-NXS4, Class A3, 3.45%, 12/15/2048		130,000		139,806

WFRBS Commercial Mortgage TrustSeries 2013-C13, Class A3, 2.75%, 5/15/2045		26,704		27,399


Total Commercial Mortgage-Backed Securities (Cost $1,771,653)				1,868,810

U.S. Treasury Obligations — 2.0%

U.S. Treasury Bonds 3.75%, 11/15/2043		7,000		9,474

U.S. Treasury Notes

2.63%, 2/28/2023		265,000		275,745

2.75%, 2/15/2028		230,000		253,099

2.88%, 5/15/2028		17,600		19,586


Total U.S. Treasury Obligations (Cost $518,611)				557,904

Mortgage-Backed Securities — 1.5%

FNMA, Other

Pool # AM4660, 3.77%, 12/1/2025		133,610		146,951

Pool # AM5940, 3.24%, 6/1/2026		68,486		73,867

Pool # AM6428, 3.58%, 8/1/2029		87,508		98,134

Pool # AM6430, 3.58%, 8/1/2029		87,508		98,133


Total Mortgage-Backed Securities (Cost $383,268)				417,085

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 4.2%

Investment Companies — 4.2%

JPMorgan Prime Money Market Fund Class Institutional Shares, 2.16% (f) (g) (Cost $1,165,232)		1,165,061		1,165,527

Total Investments — 99.7% (Cost $26,268,178)				27,579,572
Other Assets Less Liabilities — 0.3%				76,711

NET ASSETS — 100.0%				27,656,283

Percentages indicated are based on net assets.


Abbreviations
ABS		Asset-backed securities
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
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.
(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, 2019.


(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, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	13

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)



	JPMorgan Core Focus SMA Fund
ASSETS:
Investments innon-affiliates, at value	$	26,414,045
Investments in affiliates, at value		1,165,527
Cash		8,343
Receivables:
Investment securities sold		7
Interest fromnon-affiliates		116,590
Dividends from affiliates		2,230
Due from Adviser		14,458

Total Assets		27,721,200


LIABILITIES:
Accrued liabilities:
Custodian and accounting fees		12,192
Trustees’ and Chief Compliance Officer’s fees		438
Audit fees		45,102
Other		7,185

Total Liabilities		64,917

Net Assets	$	27,656,283


NET ASSETS:
Paid-in-Capital	$	26,373,903
Total distributable earnings (loss)		1,282,380

Total Net Assets	$	27,656,283


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):		2,636,456

Net asset value, offering and redemption price per share (a)		10.49

Cost of investments innon-affiliates	$	25,102,946
Cost of investments in affiliates		1,165,232

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

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)



	JPMorgan Core Focus SMA Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	453,613
Interest income from affiliates		1,541
Dividend income from affiliates		18,876

Total investment income		474,030


EXPENSES:
Administration fees		10,114
Custodian and accounting fees		30,273
Interest expense to affiliates		13
Professional fees		42,630
Trustees’ and Chief Compliance Officer’s fees		13,168
Printing and mailing costs		4,106
Registration and filing fees		614
Transfer agency fees		91
Other		331

Total expenses		101,340

Less fees waived		(10,127	)
Less expense reimbursements		(91,213	)

Net expenses		—

Net investment income (loss)		474,030


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		6,555
Investments in affiliates		(3	)

Net realized gain (loss)		6,552

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		1,211,514
Investments in affiliates		106

Change in net unrealized appreciation/depreciation		1,211,620

Net realized/unrealized gains (losses)		1,218,172

Change in net assets resulting from operations	$	1,692,202

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	15

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Core Focus SMA Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	474,030		$	892,368
Net realized gain (loss)		6,552			(25,308	)
Distributions of capital gains received from investment company affiliates		—			44
Change in net unrealized appreciation/depreciation		1,211,620			96,977

Change in net assets resulting from operations		1,692,202			964,081


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(485,108	)		(888,795	)


CAPITAL TRANSACTIONS:
Proceeds from shares issued		—			25,000,000
Distributions reinvested		485,108			888,795

Change in net assets resulting from capital transactions		485,108			25,888,795


NET ASSETS:
Change in net assets		1,692,202			25,964,081
Beginning of period		25,964,081			—

End of period	$	27,656,283		$	25,964,081


SHARE TRANSACTIONS:
Issued		—			2,500,000
Reinvested		47,258			89,198

Change in Shares		47,258			2,589,198

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

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

THIS PAGE IS INTENTIONALLY LEFT BLANK



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	17

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
Six Months Ended August 31, 2019 (Unaudited)	$	10.03	$	0.18	$	0.47	$	0.65	$	(0.19	)
March 1, 2018 (g) through February 28, 2019		10.00		0.35		0.03		0.38		(0.35	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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)

The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of a “separately managed account” strategy offered through programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program.

(g)	Commencement of operations.

(h)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019


		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)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)

$	10.49		6.50	%	$	27,656,283		—	%		3.52	%		0.75	%		11	%
	10.03		3.88			25,964,081		—	(h)		3.53	(h)		0.85	(h)		38

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	19

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (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 anopen-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:


				Diversification Classification
JPMorgan Core Focus SMA Fund⁽¹⁾				Diversified

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

⁽¹⁾	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 (“FASB”) 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 of the Trust (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 their market value 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/or 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 inopen-end investment companies (“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, 2019.



20	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

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).

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	$	—	$	7,672,598	$	1,198,815	$	8,871,413
Collateralized Mortgage Obligations		—		7,933,792		—		7,933,792
Commercial Mortgage-Backed Securities		–		1,340,550		528,260		1,868,810
Corporate Bonds		—		6,765,041		—		6,765,041
Mortgage-Backed Securities		—		417,085		—		417,085
U.S. Treasury Obligations		—		557,904		—		557,904
Short-Term Investments
Investment Companies		1,165,527		—		—		1,165,527

Total Investments in Securities	$	1,165,527	$	24,686,970	$	1,727,075	$	27,579,572

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, 2019		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, 2019
Investments in Securities
Asset-Backed Securities	$	1,018,884	$	—	(a)	$	22,240	$	47	$	249,986	$	(214,842	)	$	122,500	$	—	$	1,198,815
Commercial Mortgage-Backed Securities		865,834		—			13,511		355		—		(351,440	)		—		—		528,260

Total	$	1,884,718	$	—	(a)	$	35,751	$	402	$	249,986	$	(566,282	)	$	122,500	$	—	$	1,727,075

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

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

(a)	Amount rounds to less than one.

There were no significant transfers into and out of level 3 for the six months ended August 31, 2019.

The change in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2019, which were valued using significant unobservable inputs (level 3) amounted to approximately $36,729. This amount is included in Change in net unrealized appreciation/depreciation of investments innon-affiliates on the Statement of Operations.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	21

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements#


	Fair Value at August 31, 2019		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$	1,198,815	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 40.00% (14.06%)
				Yield (Discount Rate of Cash Flows)		2.28% - 4.84% (3.13%)

Asset-Backed Securities		1,198,815

		378,260	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		2.86% - 3.24% (3.03%)

Commercial Mortgage-Backed Securities		378,260

Total	$	1,577,075

The table above does not include certain level 3 securities that are valued by brokers and pricing services. At August 31, 2019, the value of these securities was $150,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

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, 2019, 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. 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 an affiliated issuer. The 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, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.16% (a) (b)	$	983,692	$	3,264,818	$	3,083,086	$	(3	)	$	106	$	1,165,527		1,165,061	$	18,876	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of August 31, 2019.

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 theex-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, 2019, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to



22	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

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, remain subject to examination by the Internal Revenue Service.

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 Federaltax-basis treatment.

H. New Accounting Pronouncements — In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortizationon Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of March 1, 2019, the amortized cost basis of investments was reduced by $2,797 and unrealized appreciation of investments was increased by $2,797. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issuedASU2018-13 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. ASU2018-13 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. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2019, 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’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Fund’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, plusout-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.

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, expenses related to trustee elections and extraordinary expenses) are borne by the Fund pursuant to contractual arrangements with the Adviser through June 30, 2020.

For the six months ended August 31, 2019, 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

10,114

91,213



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	23

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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

The amount of these waivers resulting from investments in these money market funds for the six months ended August 31, 2019 was $13.

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 designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

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

During the six months ended August 31, 2019, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended August 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

Purchases

(excluding U.S.
Government)

Sales

(excluding U.S.
Government)

3,137,051

2,792,433

During the six months ended August 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2019 were as follows:


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	26,268,178	$	1,314,050	$	2,656	$	1,311,394

At February 28, 2019, the Fund had the following post-enactment net capital loss carryforwards:


Capital Loss Carryforward Character
Short-Term		Long-Term
$	6,050	$	—

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended February 28, 2019, the Fund deferred to March 1, 2019 the following net capital losses of:


Net Capital Losses
Short-Term		Long-Term
$	19,215	$	—

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).



24	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

The Fund had no borrowings outstanding from another fund during the six months ended August 31, 2019.

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 4, 2019.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2019.

The Trust, along with certain other trusts for J.P. Morgan Funds (“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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended August 31, 2019.

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.

As of August 31, 2019 the Fund had one individual shareholder and/or affiliated omnibus account that owned 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. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. 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.



AUGUST 31, 2019	J.P. MORGAN SMA FUNDS	25

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, 2019, and continued to hold your shares at the end of the reporting period, August 31, 2019.

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, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period^†*		Annualized Expense Ratio
JPMorgan Core Focus SMA Fund
Actual	$	1,000.00	$	1,065.00	$	0.00		0.00	%
Hypothetical		1,000.00		1,025.14		0.00		0.00

†

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 Class’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



26	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

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 2019, 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 14, 2019.

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 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, personnel changes, if any, 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 theday-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. 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 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, 2019	J.P. MORGAN SMA FUNDS	27

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

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 upon their review, and taking into consideration the factors noted above, 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“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the Fund’s operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. 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 considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including Fee Caps that the Adviser has in place to limit the overall net expense ratio of the Fund at competitive levels, was reasonable. 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



28	J.P. MORGAN SMA FUNDS	AUGUST 31, 2019

observed thatsub-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 thesub-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 reviewed the Fund’s performance against its benchmark index and considered the performance information provided for the Fund at regular Board meetings by the Advisor. The performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted the performance of the Fund since its inception on March 1, 2018 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

Advisory Fees and Expense Ratios

The 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 with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”) as the Fund. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. 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, and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. 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, 2019	J.P. MORGAN SMA FUNDS	29

Contact JPMorgan Distribution Services, Inc. at1-800-766-7722 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 at202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-PORT. Prior to March 31, 2019, the Fund filed 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 Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. The Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

A copy of proxy policies and procedures is available without charge upon request by calling1-800-766-7722 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 recent12-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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2019. All rights reserved. August 2019.		SAN-CFSMA-819

Semi-Annual Report

J.P. Morgan Municipal Bond Funds

August 31, 2019 (Unaudited)

JPMorgan High Yield Municipal Fund

JPMorgan Municipal Income Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMorgan Ultra-Short Municipal Fund

LOGO

CONTENTS



Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan High Yield Municipal Fund			3

JPMorgan Municipal Income Fund			5

JPMorgan Short-Intermediate Municipal Bond Fund			7

JPMorgan Tax Free Bond Fund			9

JPMorgan Ultra-Short Municipal Fund			11

Schedules of Portfolio Investments			13

Financial Statements			112

Financial Highlights			126

Notes to Financial Statements			136

Schedule of Shareholder Expenses			149

Board Approval of Investment Advisory Agreements			151

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.

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 at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

October 22, 2019 (Unaudited)

Dear Shareholders,

“The reason I joined J.P. Morgan Asset Management over twenty years ago is the same reason I still come to work energized every day; our shareholders & clients.” — Andrea L. Lisher

While the longest U.S. economic expansion on record showed signs of slowing in 2019, financial markets have so far largely

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)

Both equity and bond markets in the U.S. provided positive returns for the six month reporting period amid continued U.S. economic growth, buoyant corporate earnings and the U.S. Federal Reserve’s first reduction in benchmark interest rates in more than a decade. Global bond markets generally provided positive returns, particularly in emerging markets and lower-rated corporate bonds, which benefitted from investor demand for higher yielding assets.

While financial markets largely rallied in the first months of the reporting period, investor concerns about slowing global economic growth and an increase in U.S.-China trade tensions drove an increase in market volatility and weighed down asset prices in the final months of the period.

Amid market volatility, investors flocked to longer-dated U.S. Treasury bonds in August, which drove the yields on the30-year U.S. Treasury bond below 2% for the first time. More notably, yields on10-year U.S. Treasury bonds fell below yields ontwo-year U.S. Treasury bonds for the first time since 2007. Thisso-called yield curve inversion, which has preceded every U.S. economic recession since 1950, put further pressure on financial markets at the end of the reporting period.

For the six months ended August 31, 2019, the Bloomberg Barclays Municipal Index returned 6.24%.



2	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan High Yield Municipal Fund¹

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		8.79%
Bloomberg Barclays U.S. Municipal Index		6.24%
Bloomberg Barclays High Yield Municipal Bond Index		8.59%

Net Assets as of 8/31/2019 (In Thousands)	$	335,997
Duration as of 8/31/2019		7.6 years

INVESTMENT OBJECTIVE**

The JPMorgan High Yield Municipal Fund (the “Fund”) seeks a high level of current income exempt from federal income taxes.

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

For the six months ended August 31, 2019, the Fund’s Class I Shares outperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”) and the Bloomberg Barclays High Yield Municipal Bond Index. Interest rates fell during the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall. The Fund’s overweight allocation to bonds rated BBB and BB also contributed to performance relative to the Benchmark. The Fund’s overweight position in the health care sector also helped relative performance.

The Fund’s underweight positions in the transportation, leasing and housing sectors were leading detractors from relative performance during the reporting period.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s assets were invested municipal bonds, with a small allocation to loan assignments.

The Fund’s largest allocations were to bonds rated BBB and BB, while its smallest allocations were in bonds rated AAA andsingle-A. At the end of the reporting period, the Fund’s overall duration was 7.0 years compared with 5.2 years for the Benchmark.


CREDIT QUALITY ALLOCATIONS***
AAA	10.3	%
AA	15.9
A	12.2
BBB	31.8
BB	12.8
NR	17.0

Effective November 1, 2018, the Fund was renamed from the former JPMorgan Tax Aware High Income Fund.

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, 2019. The Fund’s portfolio composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	3

JPMorgan High Yield Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 17, 2007
With Sales Charge**			4.60	%		6.62	%		3.20	%		4.42	%
Without Sales Charge			8.63			10.75			3.99			4.82
CLASS C SHARES	September 17, 2007
With CDSC***			7.39			9.13			3.46			4.28
Without CDSC			8.39			10.13			3.46			4.28
CLASS I SHARES	September 17, 2007		8.79			10.86			4.09			4.92
CLASS R6 SHARES	November 1, 2018		8.84			10.97			4.11			4.93

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(8/31/09 TO 8/31/19)

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 have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Municipal Fund, the Bloomberg Barclays U.S. Municipal Index, the Bloomberg Barclays High Yield Municipal Bond Index and the Lipper High Yield Municipal Debt Funds Index from August 31, 2009 to August 31, 2019. The performance of the Lipper High Yield Municipal Debt Funds Index reflects an initial investment at the end of the month closest to the Fund’s inception. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index and the Bloomberg Barclays High Yield Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of securities included in the benchmarks, if applicable. The performance of the Lipper High Yield 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-gradetax-exempt bond market. The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index made up of bonds that arenon-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Lipper High Yield Municipal Debt Funds Index represents total returns of the funds in the indicated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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.



4	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			4.93%
Bloomberg Barclays U.S.1-15 Year Blend(1-17) Municipal Bond Index			5.04%

Net Assets as of 8/31/2019 (In Thousands)			$229,845
Duration as of 8/31/2019			4.4 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, 2019, 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 fell during the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s overweight position in housing sector bonds was a leading detractor from performance. The Fund’s underweight positions in the industrial development revenue/pollution control revenue, transportation and special tax sectors also detracted from relative performance.

The Fund’s overweight position bonds with maturities of eight years or longer was a leading contributor to relative performance. The Fund’s overweight positions in revenue bonds and in the hospital and leasing sectors also helped relative performance. The Fund’s underweight position in short durationpre-refunded bonds and its overweight positions in bonds ratedsingle-A and BBB 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 generally in line with that of the Benchmark.


CREDIT QUALITY ALLOCATIONS***
AAA	27.1	%
AA	44.8
A	21.6
BBB	3.8
NR	2.7

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, 2019. The Fund’s portfolio composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	5

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge**			0.96	%		3.16	%		1.94	%		2.96	%
Without Sales Charge			4.87			7.18			2.71			3.35
CLASS C SHARES	November 4, 1997
With CDSC***			3.52			5.45			2.10			2.76
Without CDSC			4.52			6.45			2.10			2.76
CLASS I SHARES	February 9, 1993		4.93			7.28			2.95			3.61
CLASS R6 SHARES	November 6, 2017		4.99			7.50			2.99			3.63

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(8/31/09 TO 8/31/19)

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. Forup-to-date,month-end performance information please call1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Municipal Income Fund, the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2009 to August 31, 2019. 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.



6	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			3.40%
Bloomberg Barclays U.S.1-5 Year Blend(1-6) Municipal Bond Index			2.70%

Net Assets as of 8/31/2019 (In Thousands)			$1,655,704
Duration as of 8/31/2019			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, 2019, the Fund outperformed the Bloomberg Barclays U.S.1-5 Year Blend(1-6) Municipal Bond Index (the “Benchmark”). Interest rates fell during the reporting period and lower quality bonds generally outperformed higher quality bonds.

Relative to the Benchmark, the Fund’s overall longer duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in price when interest rates fall. The Fund’s underweight position in bonds rated AAA and its overweight position in bonds rated BBB also contributed to relative performance. The Fund’s overweight positions in the hospital and leasing sectors also helped relative performance.

The Fund’s overweight position in the electric sector and its underweight positions in the industrial development revenue/ pollution control revenue and transportation sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund employed abottom-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	23.9	%
AA	44.9
A	20.3
BBB	6.9
BB	0.0	(a)
NR	4.0

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, 2019. The Fund’s portfolio composition is subject to change.

(a)

Amount rounds to less than 0.05%.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge**			1.09	%		2.68	%		0.98	%		1.14	%
Without Sales Charge			3.40			5.05			1.43			1.37
CLASS C SHARES	November 1, 2001
With CDSC***			2.00			3.46			0.91			0.87
Without CDSC			3.00			4.46			0.91			0.87
CLASS I SHARES	June 19, 2009		3.51			5.48			1.90			1.86
CLASS R6 SHARES	October 1, 2018		3.64			5.53			1.91			1.87

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 (8/31/09 TO 8/31/19)

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. Forup-to-date,month-end performance information pleasecall 1-800-480-4111.

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, 2009 to August 31, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Short-Intermediate Municipal Debt Funds Index includes

expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S.1-5 Year Blend(1-6) Municipal Bond Index is an unmanaged index of investment gradetax-exempt municipal bonds with maturities of 1–5.999 years. The Lipper Short-Intermediate Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.



8	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			6.78%
Bloomberg Barclays U.S. Municipal Index			6.24%

Net Assets as of 8/31/2019 (In Thousands)			$465,364
Duration as of 8/31/2019			6.3 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, 2019, the Fund outperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”). Interest rates fell during the reporting period and lower rated bonds generally outperformed higher rated bonds.

Relative to the Benchmark, the Fund’s longer overall duration was a leading contributor to performance. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase in prices when interest rates fall. The Fund’s overweight allocation to bonds ratedsingle-A and BBB also contributed to relative performance. The Fund’s overweight positions in the hospital, industrial development revenue/pollution control revenue and leasing sectors also helped relative performance.

The Fund’s overweight position in shorter duration, high qualitypre-refunded bonds was a leading detractor from relative performance. The Fund’s underweight position in the water &

sewer sector and its shorter duration position in the housing sector also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund continued to employ abottom-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	15.3	%
AA	48.0
A	22.0
BBB	13.1
NR	1.6

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, 2019. The Fund’s portfolio composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge**			2.76	%		4.37	%		2.76	%		3.68	%
Without Sales Charge			6.78			8.44			3.56			4.08
CLASS C SHARES	July 1, 2008
With CDSC***			5.52			6.89			2.93			3.40
Without CDSC			6.52			7.89			2.93			3.40
CLASS I SHARES	February 1, 1995		6.92			8.72			3.77			4.27
CLASS R6 SHARES	October 1, 2018		6.95			8.77			3.78			4.27

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(8/31/09 TO 8/31/19)

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. Forup-to-date,month-end performance information please call1-800-480-4111.

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, 2009 to August 31, 2019. 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-gradetax-exempt bond market. The Lipper General & Insured Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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



10	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			1.19%
Bloomberg Barclays 1 Year Municipal Bond Index			1.51%

Net Assets as of 8/31/2019 (In Thousands)			$3,415,288
Duration as of 8/31/2019			0.8 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, 2019, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”). Interest rates fell during the reporting period and lower rated bonds generally outperformed higher rated bonds.

The Fund’sout-of-Benchmark exposure to floating rate notes, which were used tactically to maintain liquidity in the portfolio and typically do not experience price appreciation when interest rates fall, detracted from performance relative to the Benchmark. The Fund’s overweight allocation to local general obligation bonds and its underweight allocation to bonds ratedsingle-A and BBB also detracted from relative performance.

The Fund’sout-of-Benchmark allocation to bonds with maturities of two years or longer was a leading contributor to relative performance. The Fund’s underweight allocation to bonds issued by California and its overweight allocations to bonds issued by Illinois and New Jersey also contributed to relative performance. The Fund’s underweight allocation topre-refunded bonds also helped relative performance.

HOW WAS THE FUND POSITIONED?

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


CREDIT QUALITY ALLOCATIONS***
AAA	19.4	%
AA	34.2
A	15.5
BBB	4.6
BB	0.1
NR	26.2

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, 2019. The Fund’s portfolio composition is subject to change.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	11

JPMorgan Ultra-Short Municipal Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019

	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES		May 31, 2016
With Sales Charge**				(1.17	)%		(0.33	)%		0.35	%
Without Sales Charge				1.09			1.96			1.05
CLASS I SHARES		May 31, 2016		1.19			2.06			1.25

Not annualized.

Sales Charge for Class A Shares is 2.25%.

LIFE OF FUND PERFORMANCE (5/31/16 TO 8/31/19)

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, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Short Municipal Debt Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount

outstanding of at least $5 million, and have maturities of 1 to 2 years. The Lipper Short Municipal Debt Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

Subsequent to the inception of the Fund on May 31, 2016 until August 31, 2016, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.



12	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 94.7% (a)

Alabama — 0.6%

Utility — 0.6%

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (b)		2,000		2,093


Alaska — 0.1%

Industrial Development Revenue/Pollution Control Revenue — 0.1%

Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041		325		351


Arizona — 7.7%

Education — 2.5%

Arizona Industrial Development Authority, Equitable School Revolving Funds

Series A, Rev., 5.00%, 11/1/2044		750		913

Series A, Rev., 4.00%, 11/1/2049		1,000		1,105

Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects

Series 2019A, Rev., 3.55%, 7/15/2029 (c)		1,360		1,425

Series 2019A, Rev., 5.00%, 7/15/2039 (c)		1,325		1,493

Series 2019A, Rev., 5.00%, 7/15/2049 (c)		1,675		1,867

Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project

Series 2018A, Rev., 5.00%, 7/1/2032		350		422

Series 2018A, Rev., 5.00%, 7/1/2033		150		180

Series 2018A, Rev., 5.00%, 7/1/2037		200		237

La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project

Series 2018A, Rev., 5.00%, 2/15/2028		200		233

Series 2018A, Rev., 5.00%, 2/15/2038		405		481


				8,356


Hospital — 2.3%

Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2044		7,000		7,953


Industrial Development Revenue/Pollution Control Revenue — 2.8%

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project

Series 2019A, Rev., 5.00%, 1/1/2037		1,000		1,167

Series 2019A, Rev., 5.00%, 1/1/2038		1,000		1,155

Series 2019A, Rev., 4.25%, 1/1/2039		1,000		1,074

Series 2019A, Rev., 4.50%, 1/1/2049		2,000		2,180


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — continued

Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects

Series 2018A, Rev., 5.00%, 7/15/2028 (c)		1,000		1,120

Series 2018A, Rev., 5.75%, 7/15/2038 (c)		1,000		1,151

Glendale Industrial Development Authority, Terraces of Phoenix Project

Series 2018A, Rev., 4.00%, 7/1/2028		450		478

Series 2018A, Rev., 5.00%, 7/1/2033		600		665

Series 2018A, Rev., 5.00%, 7/1/2038		300		330


				9,320


Utility — 0.1%

City of Mesa, Utility System

Rev., AGM, 5.25%, 7/1/2029 (d)		160		218

Rev., AGM, 5.25%, 7/1/2029		40		54


Total Arizona				25,901


California — 2.9%

Education — 0.9%

California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project

Rev., 5.00%, 5/1/2037		750		892

Rev., 5.00%, 5/1/2038		400		474

California Public Finance Authority, Laverne Elementary Preparatory Academy

Series 2019A, Rev., 4.25%, 6/15/2029 (c)		795		825

Series 2019A, Rev., 5.00%, 6/15/2039 (c)		785		823

California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, 0.00%, 8/1/2030		200		161


				3,175


General Obligation — 0.2%

Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d)		160		231

San Mateo Union High School District, Capital Appreciation, Election of 2006 Series A, GO, 0.00%, 9/1/2028		100		71

Sunnyvale Elementary School District, Election 2004 Series C, GO, 5.50%, 9/1/2034		175		261


				563


Hospital — 1.1%

California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047		500		598

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	13

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047		200		236

California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2029		200		238

California Statewide Communities Development Authority, Adventist Health System Series 2018A, Rev., 3.50%, 3/1/2038		2,000		2,154

Palomar Health Rev., 5.00%, 11/1/2039		500		582


				3,808


Housing — 0.2%

California Municipal Finance Authority, Linxs Apartments Project, Senior Lien

Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032		245		268

Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035		240		263


				531


Industrial Development Revenue/Pollution Control Revenue — 0.1%

California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. ProjectSeries 2015B-2, Rev., AMT, 3.13%, 11/3/2025 (b)		250		272


Utility — 0.4%

California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039		850		1,014

Los Angeles Department of Water and Power, Water System Series A, Rev., 5.25%, 7/1/2039		250		263


				1,277


Total California				9,626


Colorado — 6.8%

Certificate of Participation/Lease — 1.3%

South Suburban Park & Recreation District

COP, 4.00%, 12/15/2035		2,015		2,335

COP, 4.00%, 12/15/2036		1,350		1,564

COP, 4.00%, 12/15/2037		500		576


				4,475


Education — 0.6%

Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project

Series 2018A, Rev., 5.00%, 12/1/2032		500		632

Series 2018A, Rev., 5.00%, 12/1/2033		500		629


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series 2018A, Rev., 4.00%, 12/1/2048		500		549


				1,810


General Obligation — 3.9%

Aviation Station, North Metropolitan District No. 2 Series A, GO, 5.00%, 12/1/2039		750		805

Bradburn Metropolitan District No. 2

Series 2018A, GO, 5.00%, 12/1/2038		500		576

Series 2018B, GO, 7.25%, 12/15/2047		500		525

Cottonwood Highlands Metropolitan District No. 1 Series 2019A, GO, 5.00%, 12/1/2049		900		964

Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045		1,000		1,094

Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039		1,375		1,459

Painted Prairie Metropolitain District No. 2 GO, 5.25%, 12/1/2048		2,000		2,089

Thompson Crossing Metropolitan District No. 4

GO, 5.00%, 12/1/2039		1,400		1,504

GO, 5.00%, 12/1/2049		1,500		1,586

Trails at Crowfoot Metropolitan District No. 3

Series A, GO, 4.38%, 12/1/2030		620		639

Series A, GO, 5.00%, 12/1/2039		1,000		1,048

Willow Bend Metropolitan District Series A, GO, 5.00%, 12/1/2039		600		648


				12,937


Hospital — 1.0%

Colorado Health Facilities Authority, Commonspirit HealthSeries A-1, Rev., 4.00%, 8/1/2044		2,000		2,210

Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series A, Rev., 5.25%, 5/15/2028		1,000		1,193


				3,403


Utility — 0.0% (e)

Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023		110		122


Total Colorado				22,747


Connecticut — 0.4%

Education — 0.0% (e)

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series A, Rev., 5.25%, 11/15/2024		200		210

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.4%

State of Connecticut Series A, GO, 5.00%, 4/15/2037		1,000		1,234


Total Connecticut				1,444


Delaware — 0.3%

Housing — 0.1%

Delaware State Housing Authority, Senior Single Family MortgageSeries A-1, Rev., AMT, 4.90%, 7/1/2029		170		175


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated GroupSeries 2018-B, Rev., 5.00%, 11/15/2048		700		816


Total Delaware				991


District of Columbia — 0.2%

Education — 0.2%

District of Columbia, International School Issue Rev., 5.00%, 7/1/2039		650		792


Florida — 8.1%

Education — 5.1%

Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project

Series A, Rev., 5.00%, 12/15/2029		405		462

Series A, Rev., 5.00%, 12/15/2039		1,775		1,974

County of Lake, Imagine South Lake Charter School Project

Series A, Rev., 5.00%, 1/15/2029 (c)		500		559

Series A, Rev., 5.00%, 1/15/2039 (c)		550		613

Series A, Rev., 5.00%, 1/15/2049 (c)		825		901

County of Palm Beach, Atlantic University

Rev., 5.00%, 4/1/2029 (c)		400		458

Rev., 5.00%, 4/1/2039 (c)		900		1,020

Florida Development Finance Corp., Imagine School at Broward Project

Series A, Rev., 4.00%, 12/15/2029 (c)		260		288

Series A, Rev., 5.00%, 12/15/2034 (c)		525		619

Series A, Rev., 5.00%, 12/15/2039 (c)		305		354

Florida Higher Educational Facilities Financial Authority, Ringling College Project

Rev., 5.00%, 3/1/2034		385		475

Rev., 5.00%, 3/1/2035		1,165		1,435

Rev., 5.00%, 3/1/2036		1,230		1,511

Rev., 5.00%, 3/1/2037		1,130		1,384

Rev., 5.00%, 3/1/2044		2,000		2,422


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Florida Higher Educational Facilities Financial Authority, St. Leo University Project Series 2019, Rev., 5.00%, 3/1/2039		750		873

Lakeland Educational Facilities, Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025		500		552

Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (c)		1,180		1,279


				17,179


Hospital — 0.6%

Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029		545		630

Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038		1,050		1,199


				1,829


Industrial Development Revenue/Pollution Control Revenue — 0.8%

Lee County Industrial Development Authority, Shell Point/Waterside Health Project Rev., 5.00%, 11/15/2039		1,340		1,589

Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates

Series 2019A, Rev., 5.00%, 1/1/2029		450		520

Series 2019A, Rev., 5.00%, 1/1/2039		400		454


				2,563


Other Revenue — 0.5%

Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project

Series 2018B, Rev., 3.75%, 7/1/2023		170		174

Series 2018B, Rev., 4.00%, 7/1/2028		375		388

Series 2018B, Rev., 4.25%, 7/1/2033		610		630

Series 2018B, Rev., 4.50%, 7/1/2038		500		518


				1,710


Prerefunded — 0.0% (e)

Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2021 (d)		70		76


Utility — 1.1%

Charlotte County, Utility System Rev., AGM, 5.25%, 10/1/2024		130		141

County of Palm Beach, Tuscan Gardens of Delray Beach Project

Series 2018-A, Rev., 4.25%, 4/2/2022 (b)		1,000		1,028

Series 2018C, Rev., 6.25%, 4/2/2022 (b)		1,000		1,086

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	15

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

JEA Electric System Series B, Rev., 5.00%, 10/1/2034		25		27

Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation For Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029		625		753

Tampa Bay Water Utility System, Revenue Refunding and Improvement Series A, Rev., NATL-RE, 6.00%, 10/1/2029		500		710


				3,745


Total Florida				27,102


Georgia — 0.3%

Housing — 0.0% (e)

Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 12/1/2029		20		20


Other Revenue — 0.1%

Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028		240		289


Transportation — 0.2%

City of Atlanta, Airport Series 2012C, Rev., 5.00%, 1/1/2042		500		537


Total Georgia				846


Idaho — 0.1%

Education — 0.1%

Idaho Housing and Finance Association, Compass Public Charter School, Inc. Project Series A, Rev., 4.63%, 7/1/2029 (c)		180		199


Illinois — 6.6%

Education — 0.9%

Illinois Finance Authority, University of Illinois, Champaign Project

Series 2019A, Rev., 5.00%, 10/1/2036		300		373

Series 2019A, Rev., 5.00%, 10/1/2037		400		496

Series 2019A, Rev., 5.00%, 10/1/2038		400		495

Series 2019A, Rev., 5.00%, 10/1/2039		350		431

Series 2019A, Rev., 5.00%, 10/1/2044		1,000		1,220


				3,015


General Obligation — 2.9%

Des Plaines Valley Public Library District GO, 5.50%, 1/1/2030		125		127

Grundy & Will Counties Community Unit School District No. 1 Coal City GO, 5.00%, 2/1/2027		600		715


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027		50		64

State of Illinois

Series 2012, GO, 4.13%, 3/1/2028		170		177

Series 2017C, GO, 5.00%, 11/1/2029		3,000		3,500

Series 2017A, GO, 4.00%, 12/1/2033		5,000		5,302


				9,885


Hospital — 1.2%

Upper Illinois River Valley Development Authority, Morris Hospital

Series 2018, Rev., 5.00%, 12/1/2027		1,145		1,372

Series 2018, Rev., 5.00%, 12/1/2028		1,050		1,273

Series 2018, Rev., 5.00%, 12/1/2029		875		1,059

Series 2018, Rev., 5.00%, 12/1/2033		250		296

Series 2018, Rev., 5.00%, 12/1/2034		20		24


				4,024


Other Revenue — 0.5%

Metropolitan Pier and Exposition Authority, Mccormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028		1,610		1,731


Prerefunded — 0.0% (e)

Lake County Community Consolidated School District No. 50 Woodland Series C, GO, 5.25%, 1/1/2021 (d)		150		158


Transportation — 1.0%

Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038		500		595

Illinois State Toll Highway Authority Series A, Rev., 4.00%, 1/1/2037		2,000		2,291

Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024		250		303


				3,189


Water & Sewer — 0.1%

City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030		150		190


Total Illinois				22,192


Indiana — 3.2%

Education — 0.8%

City of Anderson, Economic Development, Anderson University Rev., 6.00%, 10/1/2042		1,500		1,613

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 (f)		1,090		1,190


				2,803


Hospital — 0.7%

Indiana Finance Authority, Goshen Health

Series A, Rev., 5.00%, 11/1/2035		665		828

Series A, Rev., 4.00%, 11/1/2036		235		267

Series A, Rev., 4.00%, 11/1/2037		330		373

Series A, Rev., 4.00%, 11/1/2038		340		381

Series A, Rev., 4.00%, 11/1/2039		360		404


				2,253


Housing — 0.0% (e)

Indiana Housing and Community Development Authority, Home First Mortgage

Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027		30		31

Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		15		15


				46


Other Revenue — 1.3%

City of Franklin, Otterbeit Homes

Series B, Rev., 4.00%, 7/1/2036		870		961

Series B, Rev., 4.00%, 7/1/2037		905		996

Series B, Rev., 4.00%, 7/1/2038		940		1,031

Series B, Rev., 4.00%, 7/1/2039		750		823

Series B, Rev., 4.00%, 7/1/2040		500		547


				4,358


Utility — 0.3%

Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030		1,000		1,119


Water & Sewer — 0.1%

Indiana State Finance Authority, Wastewater Utility, First Lien Series 2101A, Rev., 5.25%, 10/1/2031		250		270


Total Indiana				10,849


Iowa — 1.0%

Education — 0.2%

Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 3.75%, 12/1/2033		550		583


Housing — 0.4%

Iowa Finance Authority, Northcrest Inc. Project

Series 2018A, Rev., 5.00%, 3/1/2028		980		1,078


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series 2018A, Rev., 5.00%, 3/1/2038		250		273


				1,351


Utility — 0.4%

Iowa Finance Authority, Phs Council Bluffs, Inc. Project

Rev., 3.95%, 8/1/2023		150		154

Rev., 4.45%, 8/1/2028		250		265

Rev., 5.00%, 8/1/2033		485		519

Rev., 5.00%, 8/1/2038		370		393


				1,331


Total Iowa				3,265


Kansas — 0.8%

Hospital — 0.8%

City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc.

Series A, Rev., 5.00%, 5/15/2032		500		569

Series A, Rev., 5.00%, 5/15/2039		850		956

City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.

Series 2018 I, Rev., 5.00%, 5/15/2033		500		565

Series I, Rev., 5.00%, 5/15/2038		500		555


				2,645


Total Kansas				2,645


Kentucky — 0.5%

Hospital — 0.5%

City of Ashland, Kings Daughters Medical Center

Series 2016A, Rev., 4.00%, 2/1/2036		1,000		1,035

Series 2016A, Rev., 5.00%, 2/1/2040		500		555


				1,590


Total Kentucky				1,590


Louisiana — 1.3%

Education — 1.0%

Louisiana Public Facilities Authority, Young Audiences Charter School Project

Series A, Rev., 5.00%, 4/1/2030 (c)		525		574

Series A, Rev., 5.00%, 4/1/2039 (c)		1,425		1,518

Series A, Rev., 5.00%, 4/1/2049 (c)		1,135		1,190


				3,282


Hospital — 0.2%

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042		500		589

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	17

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.0% (e)

East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities ProgramSeries 2009A-2, Rev., GNMA/FNMA/FHLMC, 4.75%, 10/1/2029		40		40


Transportation — 0.1%

New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048		250		290


Total Louisiana				4,201


Maine — 0.0% (e)

Prerefunded — 0.0% (e)

Maine Health and Higher Educational Facilities Authority Series A, Rev., 5.00%, 7/1/2023 (d)		25		29


Maryland — 0.5%

Education — 0.5%

County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (c)		1,500		1,727


Transportation — 0.0% (e)

Maryland Economic Development Corp. Series A, Rev., 5.13%, 6/1/2020 (d)		40		41


Total Maryland				1,768


Massachusetts — 3.0%

Education — 1.5%

Massachusetts Development Finance Agency, Emerson College

Rev., 5.00%, 1/1/2037		500		603

Rev., 5.00%, 1/1/2038		405		488

Rev., 5.00%, 1/1/2043		500		598

Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043		500		577

Massachusetts Development Finance Agency, Suffolk University

Rev., 5.00%, 7/1/2036		450		555

Rev., 5.00%, 7/1/2037		605		745

Massachusetts Educational Financing Authority Series B, Rev., AMT, 3.63%, 7/1/2034		1,000		1,096

Massachusetts State College Building Authority Series B, Rev., XLCA, 5.50%, 5/1/2028		350		440


				5,102


Other Revenue — 1.2%

Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (c)		2,000		2,119


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Massachusetts Development Finance Agency, Orchid Cove, Inc.

Rev., 4.00%, 10/1/2029		925		1,026

Rev., 4.00%, 10/1/2039		500		533

Rev., 5.00%, 10/1/2039		250		285


				3,963


Transportation — 0.3%

Massachusetts Bay Transportation Authority Series B, Rev., NATL-RE, 5.50%, 7/1/2028		300		406

Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044		500		576


				982


Water & Sewer — 0.0% (e)

Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032		100		143


Total Massachusetts				10,190


Michigan — 4.2%

Education — 0.3%

Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032		750		845


General Obligation — 0.5%

City of Detroit

GO, 5.00%, 4/1/2035		500		562

GO, 5.00%, 4/1/2036		500		560

GO, 5.00%, 4/1/2037		500		557


				1,679


Industrial Development Revenue/Pollution Control Revenue — 0.0% (e)

Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		85		87


Other Revenue — 0.9%

Michigan Strategic Fund, Holland Home Obligated Group

Rev., 5.00%, 11/15/2034		1,900		2,221

Rev., 5.00%, 11/15/2043		750		859


				3,080


Transportation — 0.1%

Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021		400		433

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 2.4%

Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project

Rev., 5.00%, 5/15/2032		2,000		2,293

Rev., 5.00%, 5/15/2037		1,230		1,389

Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035		2,500		2,802

Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Project Rev., 5.00%, 11/15/2034		1,280		1,524


				8,008


Total Michigan				14,132


Minnesota — 1.1%

Hospital — 0.3%

City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038		750		842


Housing — 0.8%

City of Apple Valley, Minnesota Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038		750		785

City of Wayzata, Folkestone Senior Living Community

Rev., 5.00%, 8/1/2032		100		113

Rev., 5.00%, 8/1/2033		200		223

Rev., 5.00%, 8/1/2035		200		222

Rev., 3.75%, 8/1/2036		250		257

Rev., 3.75%, 8/1/2037		500		513

Rev., 4.00%, 8/1/2038		350		364

Rev., 4.00%, 8/1/2039		250		260

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		5		5

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		95		96

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		5		5

Minnesota Housing Finance Agency, Residential Housing Finance Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		5		5


				2,848


Total Minnesota				3,690


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Mississippi — 0.9%

Hospital — 0.8%

Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project

Series A, Rev., 4.00%, 1/1/2039		1,250		1,405

Series A, Rev., 4.00%, 1/1/2040		1,000		1,120


				2,525


Other Revenue — 0.1%

Mississippi Development Bank, Harrison County, Coliseum and Convention Center

Series A, Rev., 5.25%, 1/1/2030		160		211

Series 2010A, Rev., 5.25%, 1/1/2034		100		135


				346


Total Mississippi				2,871


Missouri — 1.3%

Education — 0.9%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects

Series 2019A, Rev., 5.00%, 2/1/2029		550		634

Series 2019A, Rev., 5.00%, 2/1/2034		1,010		1,153

Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,128


				2,915


General Obligation — 0.1%

Independence School District, Direct Deposit Program Series A, GO, 5.25%, 3/1/2031		250		265


Housing — 0.0% (e)

Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program

Series E-3, Rev., GNMA/FNMA/FHLMC, 4.63%, 5/1/2028		40		41

Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		35		36


				77


Industrial Development Revenue/Pollution Control Revenue — 0.2%

St Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028		630		737


Transportation — 0.1%

Bi-State Development Agency, Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025		400		488


Total Missouri				4,482

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	19

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Montana — 0.5%

General Obligation — 0.1%

Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038		335		368


Hospital — 0.3%

Montana Facility Finance Authority, Bozeman Deaconess Health Services Obligated Group Rev., 3.63%, 6/1/2043		1,000		1,045


Housing — 0.1%

Montana Board of Housing, Single Family HomeownershipSeries A-2, Rev., AMT, 4.00%, 12/1/2038		130		136


Transportation — 0.0% (e)

City of Billings, Airport Series 2010A, Rev., AMT, 5.00%, 7/1/2020		100		103


Total Montana				1,652


Nevada — 0.1%

Transportation — 0.1%

City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		410


New Hampshire — 0.5%

Education — 0.1%

City of Manchester, School Facilities

Rev., NATL-RE, 5.50%, 6/1/2026		200		252

Rev., NATL-RE, 5.50%, 6/1/2027		100		129


				381


Housing — 0.0% (e)

New Hampshire Housing Finance Authority, Single Family Mortgage Series 2011A, Rev., AMT, 5.25%, 7/1/2028		25		26


Utility — 0.4%

New Hampshire Business Finance Authority, The Vista Project

Series A, Rev., 5.25%, 7/1/2039 (c)		200		218

Series A, Rev., 5.63%, 7/1/2046 (c)		1,000		1,101


				1,319


Total New Hampshire				1,726


New Jersey — 2.8%

Education — 0.7%

New Jersey Higher Education Student Assistance Authority, Senior Student Loan

Series 2018A, Rev., AMT, 3.75%, 12/1/2031		750		840

Series 2018A, Rev., AMT, 4.00%, 12/1/2032		400		455


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series A, Rev., AMT, 4.00%, 12/1/2033		500		565

Series 2018A, Rev., AMT, 4.00%, 12/1/2034		300		338

Series A, Rev., AMT, 4.00%, 12/1/2035		200		224


				2,422


Hospital — 0.5%

New Jersey Health Care Facilities Financing Authority, St. Josephs Healthcare System Rev., 5.00%, 7/1/2041		1,500		1,762


Industrial Development Revenue/Pollution Control Revenue — 1.0%

New Jersey Economic Development Authority, Charter School, Golden Door Charter School Project

Series 2018A, Rev., 5.13%, 11/1/2029 (c)		210		230

Series 2018-A, Rev., 6.25%, 11/1/2038 (c)		525		612

New Jersey Economic Development Authority, Charter School, Marion P. Thomas Charter School, Inc. ProjectSeries 2018-A, Rev., 5.00%, 10/1/2033 (c)		1,000		1,088

New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		1,200		1,322


				3,252


Transportation — 0.6%

New Jersey Economic Development Authority, Motor Vehicle Surplus Series A, Rev., NATL-RE, 5.25%, 7/1/2024		380		445

New Jersey Transportation Trust Fund Authority, Transportation Program Series AA, Rev., 5.25%, 6/15/2033		1,335		1,497


				1,942


Total New Jersey				9,378


New Mexico — 0.7%

Housing — 0.0% (e)

New Mexico Mortgage Finance Authority, Single Family Mortgage Program

Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028		60		62

Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		15		15


				77


Utility — 0.7%

New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project

Series A, Rev., 5.00%, 7/1/2033		360		419

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

Series A, Rev., 5.00%, 7/1/2034		375		436

Series A, Rev., 5.00%, 7/1/2039		1,225		1,409


				2,264


Total New Mexico				2,341


New York — 1.9%

Education — 0.6%

Build Resource Corp., Inwood Academy for Leadership Charter School Project

Series 2018A, Rev., 4.88%, 5/1/2031 (c)		500		546

Series 2018A, Rev., 5.13%, 5/1/2038 (c)		250		275

Onondaga Civic Development Corp., Le Moyne College Project

Rev., 5.00%, 1/1/2037		300		357

Rev., 5.00%, 1/1/2038		200		237

Rev., 5.00%, 1/1/2043		500		590


				2,005


Hospital — 0.3%

Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042		1,000		1,067


Housing — 0.1%

Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Series 2019, Rev., 5.00%, 7/1/2042		365		428


Other Revenue — 0.4%

New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035		525		727

New York State Environmental Facilities Corp., Revolving Funds, Pooled Financing Series 2005B, Rev., 5.50%, 10/15/2030 (d)		390		552


				1,279


Prerefunded — 0.2%

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series BB, Rev., 5.25%, 12/15/2021 (d)		250		274

New York City Water & Sewer System Series EE, Rev., 5.38%, 12/15/2020 (d)		290		307


				581


Transportation — 0.3%

New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project

Rev., AMT, 4.00%, 1/1/2036		500		548


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)


Transportation — continued

Rev., AMT, 5.00%, 1/1/2036		375	��		450


					998


Water & Sewer — 0.0% (e)

New York City Water & Sewer System Series EE, Rev., 5.38%, 6/15/2043		150			157


Total New York					6,515


North Carolina — 0.3%

Hospital — 0.3%

North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Davidson Project Series 2019A, Rev., 5.00%, 1/1/2034		1,000			1,146


North Dakota — 0.1%

Housing — 0.0% (e)

North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042		60			62


Utility — 0.1%

McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		210			216


Total North Dakota					278


Ohio — 3.0%

Education — 1.2%

Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project

Rev., 5.00%, 12/1/2028		500			582

Rev., 5.00%, 12/1/2033		270			305

Rev., 5.00%, 12/1/2038		685			763

Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034		2,000			2,358


					4,008


General Obligation — 0.1%

County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025		185			229

Greene County Series 2007A, GO, AMBAC, 5.25%, 12/1/2028		45			58


					287


Hospital — 1.0%

City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2027		380			437

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	21

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

County of Ross, Adena Health System Rev., 5.00%, 12/1/2039		1,000		1,236

County of Warren, Otterbein Homes

Series A, Rev., 4.00%, 7/1/2037		1,000		1,108

Series A, Rev., 4.00%, 7/1/2039		500		550

Franklin County Health Care Improvement, Presbyterian Services Series 2010A, Rev., 5.00%, 7/1/2020		100		100


				3,431


Housing — 0.0% (e)

Ohio Housing Finance Agency, Single Family Mortgage

Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028		25		26

Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		15		15


				41


Transportation — 0.7%

Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project

Rev., 5.00%, 12/1/2033		1,000		1,172

Rev., 5.25%, 12/1/2038		500		586

Rev., 5.50%, 12/1/2043		500		590


				2,348


Total Ohio				10,115


Oklahoma — 0.7%

Hospital — 0.4%

Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038		1,000		1,202


Transportation — 0.2%

Tulsa Airports Improvement Trust

Series A, Rev., AMT, 5.00%, 6/1/2024		300		347

Series A, Rev., AMT, 5.00%, 6/1/2025		420		486


				833


Water & Sewer — 0.1%

Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2040		220		236


Total Oklahoma				2,271


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Oregon — 0.6%

General Obligation — 0.1%

Clackamas County School District No. 7J, Lake Oswego GO, AGM, 5.25%, 6/1/2025		165		202

Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030		20		27


				229


Hospital — 0.5%

Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project

Series 2018A, Rev., 5.00%, 5/15/2038		220		248

Series 2018A, Rev., 5.00%, 5/15/2043		310		345

Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038		1,000		1,173


				1,766


Housing — 0.0% (e)

Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		25		26


Prerefunded — 0.0% (e)

State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021 (d)		105		114


Total Oregon				2,135


Pennsylvania — 9.7%

Education — 0.7%

Allegheny County Higher Education Building Authority, Duquesne University Series 2011A, Rev., 5.00%, 3/1/2020		160		163

Dallas Area Municipal Authority, Misericordia University Project

Rev., 3.25%, 5/1/2023		200		206

Rev., 5.00%, 5/1/2029		650		769

Rev., 5.00%, 5/1/2039		1,100		1,293


				2,431


General Obligation — 4.1%

Aliquippa School District

GO, 3.75%, 12/1/2033		2,000		2,215

GO, 3.88%, 12/1/2037		1,250		1,380

Allentown City School District

Series C, GO, 4.00%, 2/1/2034		1,580		1,804

Series B, GO, 5.00%, 2/1/2034		1,300		1,633

Series C, GO, 4.00%, 2/1/2035		1,000		1,140

The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,393

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

West Mifflin School District

GO, 3.00%, 4/1/2034		1,000		1,051

GO, 3.00%, 4/1/2038		1,400		1,447

Wilkes-Barre Area School District

Series 2019, GO, 3.50%, 4/15/2038		370		403

Series 2019, GO, 3.50%, 4/15/2039		230		249

Series 2019, GO, 3.75%, 4/15/2044		1,000		1,101


				13,816


Hospital — 2.9%

Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038		500		555

Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 4.00%, 7/15/2037		2,000		2,294

Berks County Industrial Development Authority, Healthcare Facilities

Rev., 5.00%, 5/15/2033		500		570

Series 2017A, Rev., 5.00%, 5/15/2037		250		286

Rev., 5.00%, 5/15/2038		500		565

Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		1,000		1,200

Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project

Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,002

Series 2019A, Rev., 5.00%, 6/15/2032		545		640

Series 2019A, Rev., 5.00%, 6/15/2033		570		667

Series 2019A, Rev., 5.00%, 6/15/2038		1,110		1,284

West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038		750		846


				9,909


Housing — 0.0% (e)

Pennsylvania Housing Finance Agency, Single Family MortgageSeries 2011- 112, Rev., AMT, 5.00%, 4/1/2028		30		31


Industrial Development Revenue/Pollution Control Revenue — 0.8%

Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024		70		80

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 4.00%, 12/1/2034		170		189

Series 2019, Rev., 4.00%, 12/1/2035		175		193

Series 2019, Rev., 4.00%, 12/1/2036		175		193

Series 2019, Rev., 4.00%, 12/1/2037		100		110


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Industrial Development Revenue/Pollution Control Revenue — continued

Series 2019, Rev., 4.00%, 12/1/2038		100		109

Series 2019, Rev., 5.00%, 12/1/2044		350		410

Series 2019, Rev., 5.00%, 12/1/2049		500		579

Philadelphia Authority for Industrial Development, International Education and Community Initiatives ProjectSeries 2018-A, Rev., 4.50%, 6/1/2029 (c)		700		742


				2,605


Other Revenue — 0.2%

Allentown Neighborhood Improvement Zone Development Authority, City Center Project

Rev., 5.00%, 5/1/2033 (c)		250		294

Rev., 5.00%, 5/1/2042 (c)		250		285


				579


Transportation — 0.1%

Allegheny County Airport Authority, Pittsburgh International AirportSeries 2012A-1, Rev., 5.00%, 1/1/2026		350		379


Utility — 0.9%

Franklin County Industrial Development Authority, Haven Inc. Project

Rev., 5.00%, 12/1/2029		195		225

Rev., 5.00%, 12/1/2039		385		429

Rev., 5.00%, 12/1/2049		500		551

Lancaster Industrial Development Authority, Willow Valley Communities Project Rev., 5.00%, 12/1/2044		1,425		1,660


				2,865


Total Pennsylvania				32,615


Rhode Island — 0.1%

Education — 0.0% (e)

Rhode Island Student Loan Authority, Senior Series 2017A, Rev., AMT, 5.00%, 12/1/2024		100		116


Transportation — 0.1%

Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022		250		274


Total Rhode Island				390


South Carolina — 2.0%

Education — 1.5%

South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project

Series A, Rev., 4.00%, 12/1/2029 (c) (f)		1,130		1,264

Series A, Rev., 5.00%, 12/1/2034 (c) (f)		1,405		1,671

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	23

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Series A, Rev., 5.00%, 12/1/2039 (c) (f)		1,795		2,098


				5,033


Industrial Development Revenue/Pollution Control Revenue — 0.5%

South Carolina Jobs-Economic Development Authority, South Carolina Episcopal Home at Still Homes Series 2018A, Rev., 5.00%, 4/1/2033		1,485		1,667


Total South Carolina				6,700


South Dakota — 0.2%

Education — 0.2%

South Dakota Health and Educational Facilities Authority, Sanford Health Rev., 5.00%, 11/1/2045		500		580


Housing — 0.0% (e)

South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031		60		62


Total South Dakota				642


Tennessee — 0.7%

Hospital — 0.3%

Chattanooga Health Educational & Housing Facility Board, CommonSpirit HealthSeries A-1, Rev., 4.00%, 8/1/2044		1,000		1,103


Housing — 0.4%

Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project

Rev., 4.50%, 6/1/2028 (c)		500		549

Rev., 5.13%, 6/1/2036 (c)		425		484

Tennessee Housing Development Agency, Homeownership Program

Series A, Rev., AMT, 4.50%, 7/1/2031		35		36

Series 1A, Rev., AMT, 4.50%, 1/1/2038		80		83


				1,152


Total Tennessee				2,255


Texas — 3.4%

Education — 2.3%

Arlington Higher Education Finance Corp., Winfree Academy Charter Schools

Series 2019A, Rev., 5.15%, 8/15/2029		450		486

Series 2019A, Rev., 5.75%, 8/15/2043		1,000		1,115

New Hope Cultural Education Facilities Finance Corp., Beta Academy

Series A, Rev., 3.38%, 8/15/2029		300		302


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series A, Rev., 4.00%, 8/15/2029 (c)		330		359

Series A, Rev., 5.00%, 8/15/2039 (c)		610		689

Series A, Rev., 5.00%, 8/15/2039		425		455

Series A, Rev., 5.00%, 8/15/2049		670		710

New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054		1,000		1,074

New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039		1,000		1,111

Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc.

Rev., 4.25%, 6/15/2028		150		154

Rev., 5.00%, 6/15/2033		150		157

Rev., 5.00%, 6/15/2038		250		259

Permanent University Fund - Texas A&M University System

Series B, Rev., 5.25%, 7/1/2028		140		186

Series B, Rev., 5.25%, 7/1/2030		395		547

Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039		170		195


				7,799


General Obligation — 0.1%

North East Independent School District GO,PSF-GTD, 5.25%, 2/1/2027		200		256


Hospital — 0.3%

Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045		940		963


Housing — 0.0% (e)

Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		35		36


Other Revenue — 0.3%

City of Temple,Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 (c)		940		1,054


Prerefunded — 0.0% (e)

Texas State Public Finance Authority Charter School Finance Corp., Cosmos Foundation, Inc. Series A, Rev., 6.00%, 2/15/2020 (d)		100		102


Transportation — 0.1%

Dallas Area Rapid Transit, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029		130		177

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.3%

Matagorda County Navigation District No. 1, Central Power and Light Co. Project Rev., 2.60%, 11/1/2029		1,000		1,049


Water & Sewer — 0.0% (e)

City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, 0.00%, 12/1/2027 (d)		30		26


Total Texas				11,462


Utah — 0.7%

Education — 0.5%

Utah Charter School Finance Authority

Series A, Rev., 4.00%, 4/15/2032		250		289

Series A, Rev., 4.00%, 4/15/2033		260		299

Series A, Rev., 5.00%, 4/15/2034		235		293

Series A, Rev., 5.00%, 4/15/2039		700		866


				1,747


Other Revenue — 0.2%

Utah Transit Authority, Sales Tax

Series C, Rev., AGM, 5.25%, 6/15/2025		40		48

Series 2006C, Rev., AGM, 5.25%, 6/15/2032		450		624


				672


Total Utah				2,419


Vermont — 0.2%

Education — 0.2%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 4.00%, 6/15/2032		200		216

Series A, Rev., AMT, 4.00%, 6/15/2033		250		269

Series 2018A, Rev., AMT, 4.00%, 6/15/2034		200		215


				700


Total Vermont				700


Virginia — 4.6%

Education — 0.2%

Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032		760		813


Hospital — 1.2%

Chesapeake Hospital Authority, Regional Medical Center

Rev., 4.00%, 7/1/2035		1,000		1,159

Rev., 4.00%, 7/1/2036		1,175		1,347

Rev., 4.00%, 7/1/2037		1,205		1,377


				3,883


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 1.3%

Norfolk Redevelopment and Housing Authority, Harbors Edge Project

Series 2019B, Rev., 4.00%, 1/1/2025		2,000		2,002

Series 2019A, Rev., 5.00%, 1/1/2034		1,000		1,105

Series 2019A, Rev., 4.38%, 1/1/2039		1,250		1,353


				4,460


Industrial Development Revenue/Pollution Control Revenue — 1.0%

Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living

Series 2019A, Rev., 4.75%, 9/1/2029		1,000		1,066

Series 2019A, Rev., 5.00%, 9/1/2034		2,000		2,141


				3,207


Prerefunded — 0.0% (e)

Virginia Resources Authority, Infrastructure, Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021 (d)		70		76


Utility — 0.9%

Fredericksburg Economic Development Authority, Stadium Project

Series B, Rev., 6.13%, 9/1/2029 (c)		2,000		2,027

Series B, Rev., 7.00%, 9/1/2044 (c)		1,000		1,034


				3,061


Total Virginia				15,500


Washington — 3.4%

General Obligation — 0.8%

Pend Oreille County, Public Hospital District No. 1

GO, 5.00%, 12/1/2033		1,000		1,168

GO, 5.00%, 12/1/2038		1,255		1,444


				2,612


Hospital — 0.3%

Washington Health Care Facilities Authority, Commonspirit HealthSeries A-1, Rev., 4.00%, 8/1/2044		1,000		1,104


Housing — 0.6%

Washington State Housing Finance Commission, Homeownership Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 4/1/2029		35		36

Washington State Housing Finance Commission, The Heart Stone Project

Series 2018A, Rev., 4.50%, 7/1/2028 (c)		965		1,075

Series 2018A, Rev., 5.00%, 7/1/2038 (c)		825		924


				2,035

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	25

JPMorgan High Yield Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.4%

Washington State Housing Finance Commission, Judson Park Project

Rev., 4.00%, 7/1/2028 (c)		535		582

Rev., 5.00%, 7/1/2033 (c)		535		607

Rev., 5.00%, 7/1/2038 (c)		300		337


				1,526


Utility — 1.3%

Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039		3,605		4,216


Total Washington				11,493


West Virginia — 1.0%

Hospital — 1.0%

West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc.

Series 2019A, Rev., 5.00%, 9/1/2038		1,250		1,541

Series 2019A, Rev., 5.00%, 9/1/2039		1,400		1,722


				3,263


Total West Virginia				3,263


Wisconsin — 5.6%

Education — 2.9%

Public Finance Authority, Community School of Davidson Project

Rev., 3.75%, 10/1/2023		300		307

Rev., 5.00%, 10/1/2033		775		879

Public Finance Authority, Minnesota College of Osteopathic Medicine

Series 2019A-1, Rev., 5.50%, 12/1/2048 (c)		575		577

Series 2019A-2, Rev., 7.25%, 12/1/2048 (c)		1,500		1,498

Public Finance Authority, Piedmont Community Charter School

Rev., 5.00%, 6/15/2027		160		191

Rev., 5.00%, 6/15/2028		505		611

Rev., 5.00%, 6/15/2034		215		259

Rev., 5.00%, 6/15/2039		390		461

Rev., 5.00%, 6/15/2049		1,000		1,164

Public Finance Authority, Wilson Preparatory Academy

Series 2019A, Rev., 4.13%, 6/15/2029 (c)		545		567

Series 2019A, Rev., 5.00%, 6/15/2039 (c)		500		536

Series 2019A, Rev., 5.00%, 6/15/2049 (c)		1,100		1,166


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)

Education — continued

Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series A, Rev., 4.25%, 9/15/2035		1,500			1,533


					9,749


Hospital — 0.4%

Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc.

Series B, Rev., 5.00%, 7/1/2038		150			176

Series A, Rev., 5.00%, 7/1/2044		210			244

Series A, Rev., 5.00%, 7/1/2049		750			869


					1,289


Other Revenue — 2.3%

Public Finance Authority Rev., 4.25%, 10/1/2038 (c)		2,000			2,052

Public Finance Authority, Cedars Obligated Group

Rev., 4.25%, 5/1/2029 (c)		1,875			1,873

Rev., 5.50%, 5/1/2039 (c)		1,875			1,891

Public Finance Authority, The Evergreens Obligated Group Rev., 5.00%, 11/15/2044		1,565			1,811


					7,627


Total Wisconsin					18,665


Total Municipal Bonds (Cost $300,130)					318,067

	SHARES (000)
Common Stocks — 0.0% (e)

Oil, Gas & Consumable Fuels — 0.0% (e)

Southcross Holdco Equity * ‡ (Cost $12)		—	(g)		18

Short-Term Investments — 10.1%

Investment Companies — 10.1%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (h) (i) (Cost $33,923)		33,923			33,926

Total Investments — 104.8% (Cost $334,065)					352,011
Liabilities in Excess of Other Assets — (4.8)%					(16,014	)

NET ASSETS — 100.0%					335,997

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

Abbreviations


AGM		Insured by Assured Guaranty Municipal Corp.
AMBAC		Insured by American Municipal Bond Assurance Corp.
AMT		Alternative Minimum Tax
BHAC		Insured by Berkshire Hathaway Assurance Corp.
CHESLA		Connecticut Higher Education Supplemental Loan Authority
CR		Custodial Receipts
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
LIQ		Liquidity Agreement
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue
XLCA		Insured by XL Capital Assurance

(a)		The date shown represents the earliest of the prerefunded date, next put 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, 2019.
(c)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)		Security is prerefunded or escrowed to maturity.
(e)		Amount rounds to less than 0.1% of net assets.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Amount rounds to less than one thousand.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	27

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.4% (a)

Alabama — 0.6%

Utility — 0.6%

The Lower Alabama Gas District, Gas Project Series 2016A, Rev., 5.00%, 9/1/2031		1,000		1,303


Alaska — 0.4%

Housing — 0.4%

Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		765		806


Arizona — 2.5%

Industrial Development Revenue/Pollution Control Revenue — 0.1%

Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032		200		249


Water & Sewer — 2.4%

City of Scottsdale, Water and Sewer Rev., 5.25%, 7/1/2022		2,645		2,952

City of Tucson, Water System Rev., 5.00%, 7/1/2024		2,150		2,540


				5,492


Total Arizona				5,741


California — 0.5%

Hospital — 0.2%

California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026		410		500


Other Revenue — 0.3%

State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045		600		632


Total California				1,132


Colorado — 1.4%

Education — 0.9%

Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project

Rev., 4.00%, 9/1/2020		450		462

Rev., 5.00%, 9/1/2022		470		521

Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 1.90%, 10/1/2019 (b)		985		990


				1,973


Hospital — 0.4%

University of Colorado Hospital AuthoritySeries C-1, Rev., VRDO, 4.00%, 3/1/2020 (c)		1,000		1,001


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.1%

Colorado Housing and Finance Authority, Single-Family Mortgage Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049		300		338


Other Revenue — 0.0% (d)

IDK Partners III Trust, Mortgage Pass-Through Certificates Series 1999A, Class A, Rev., 5.10%, 8/1/2023 ‡		11		11


Total Colorado				3,323


Connecticut — 4.3%

Education — 2.2%

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program

Series 2010A, Rev., 5.25%, 11/15/2023		1,560		1,636

Series A, Rev., 5.25%, 11/15/2024		1,500		1,576

Series 2019B, Rev., AMT, 5.00%, 11/15/2027		250		308

University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035		1,250		1,562


				5,082


Hospital — 0.1%

Connecticut State Health & Educational Facilities Authority, Yale New Haven Series B, Rev., 1.80%, 7/1/2024 (c)		225		230


Housing — 2.0%

Connecticut Housing Finance Authority, Home Mortgage Finance Program

Series D-1, Rev., 1.35%, 5/15/2022		175		176

Series D-1, Rev., 1.45%, 5/15/2023		1,020		1,025

Series D-1, Rev., 1.50%, 11/15/2023		1,220		1,229

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Series A-1, Rev., 4.00%, 11/15/2045		370		391

Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047		1,120		1,202

SubseriesA-1, Rev., 4.00%, 11/15/2047		400		430


				4,453


Total Connecticut				9,765


Delaware — 1.3%

Hospital — 1.2%

Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034		2,200		2,671

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.1%

Delaware State Housing Authority, Senior Single Family MortgageSeries A-1, Rev., AMT, 4.90%, 7/1/2029		200		206


Total Delaware				2,877


District of Columbia — 1.3%

Transportation — 0.5%

Washington Metropolitan Area Transit Authority, Gross Transit Bonds Series 2017B, Rev., 5.00%, 7/1/2025		1,000		1,221


Water & Sewer — 0.8%

District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien, Green Bonds Series A, Rev., 5.00%, 10/1/2045		1,500		1,777


Total District of Columbia				2,998


Florida — 7.9%

Certificate of Participation/Lease — 2.8%

School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027		3,000		3,657

South Florida Water Management District COP, 5.00%, 10/1/2032		2,250		2,743


				6,400


Hospital — 1.0%

Lee Memorial Health SystemSeries 2019A-1, Rev., 5.00%, 4/1/2036		1,000		1,248

Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021 (e)		1,100		1,189


				2,437


Housing — 0.1%

Florida Housing Finance Corp., Homeowner Mortgage, Special Program

Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		145		148

Series B, Rev., GNMA COLL, 4.50%, 1/1/2029		20		20


				168


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024		835		925


Other Revenue — 1.0%

Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027		2,000		2,290


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 2.6%

City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024		5,000		5,956


Total Florida				18,176


Georgia — 1.3%

Hospital — 0.5%

Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc. Project Series A, Rev., 5.00%, 2/15/2026		860		1,032


Housing — 0.8%

Georgia Housing and Finance Authority, Single Family Mortgage

Series A, Rev., 4.00%, 12/1/2047		610		655

Series B, Rev., 4.00%, 12/1/2047		1,150		1,235


				1,890


Total Georgia				2,922


Guam — 0.3%

Water & Sewer — 0.3%

Guam Government Waterworks Authority, Water and Wastewater System (Guam)

Rev., 5.00%, 7/1/2023		375		419

Rev., 5.00%, 7/1/2024		300		343


				762


Total Guam				762


Illinois — 1.7%

Hospital — 0.2%

Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033		365		442


Housing — 1.5%

City of Aurora, Single Family Mortgage

Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039		102		103

Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039		119		119

City of Peoria, City of Moline and City of Freeport, Collateralized Single Family Mortgage Series A, Rev., GNMA COLL, 7.60%, 4/1/2027		5		5

Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049		2,000		2,212

Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046		920		978


				3,417


Total Illinois				3,859

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	29

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Indiana — 2.5%

Hospital — 0.8%

Indiana Health Facility Financing Authority, Ascension Health Credit GroupSeries A-1, Rev., 5.00%, 11/15/2034		1,670		1,987


Housing — 0.1%

Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028		205		210


Industrial Development Revenue/Pollution Control Revenue — 1.0%

County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026		1,880		2,261


Water & Sewer — 0.6%

Indiana Finance Authority, First Lien Wastewater Utility, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030		1,250		1,389


Total Indiana				5,847


Iowa — 1.3%

Education — 0.5%

Iowa Student Loan Liquidity Corp., Student Loan Series A, Rev., AMT, 5.00%, 12/1/2025		1,000		1,182


Housing — 0.8%

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047		1,725		1,830


Total Iowa				3,012


Kentucky — 0.5%

Education — 0.3%

Kentucky Higher Education Student Loan Corp. Series A, Rev., AMT, 5.00%, 6/1/2020		515		528


Industrial Development Revenue/Pollution Control Revenue — 0.2%

County of Carroll, Kentucky Environmental Facilities, Utilities Co. Project Series 2016A, Rev., VRDO, 1.05%, 8/14/2019 (c)		500		500


Total Kentucky				1,028


Louisiana — 0.4%

Housing — 0.0% (d)

East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities ProgramSeries 2009A-2, Rev., GNMA/FNMA/FHLMC, 5.25%, 10/1/2039		28		27


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.4%

Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028		670		858


Total Louisiana				885


Maine — 0.4%

Housing — 0.4%

Maine State Housing Authority

Series A-1, Rev., AMT, 4.50%, 11/15/2028		140		145

Series B, Rev., AMT, 4.00%, 11/15/2043		125		130

Series A, Rev., 4.00%, 11/15/2045		685		725


				1,000


Total Maine				1,000


Maryland — 0.6%

Housing — 0.6%

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048		1,250		1,349


Massachusetts — 5.7%

Education — 1.0%

Massachusetts Educational Financing Authority, Education Loan Rev., AMT, 5.00%, 7/1/2021		1,000		1,066

Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033		820		1,189


				2,255


Housing — 0.2%

Massachusetts Housing Finance Agency, Single Family Housing

Series 169, Rev., 4.00%, 12/1/2044		205		213

Series 183, Rev., 3.50%, 12/1/2046		330		345


				558


Water & Sewer — 4.5%

Massachusetts Clean Water Trust (The), Pool Program Rev., 5.25%, 8/1/2024		3,000		3,610

Massachusetts Water Resources Authority

Series B, Rev., AGM, 5.25%, 8/1/2028		3,000		3,999

Series B, Rev., AGM, 5.25%, 8/1/2029		2,000		2,720


				10,329


Total Massachusetts				13,142

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Michigan — 1.3%

Education — 0.3%

Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030		575		704


Housing — 0.4%

Michigan State Housing Development Authority, Single-Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047		930		983


Industrial Development Revenue/Pollution Control Revenue — 0.6%

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., VRDO, 1.45%, 9/1/2021 (c)		570		570

Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone Rev., 5.00%, 12/1/2020		735		754


				1,324


Total Michigan				3,011


Minnesota — 2.7%

General Obligation — 0.0% (d)

State of Minnesota Series A, GO, 5.00%, 10/1/2021 (e)		35		38


Hospital — 0.5%

City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029		965		1,280


Housing — 2.2%

Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program

Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		190		195

Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040		180		180

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		52		52

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		315		319

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program

Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 7/1/2028		25		25

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		110		113


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation

Rev., 5.25%, 8/1/2024		1,015		1,094

Rev., 5.25%, 8/1/2025		1,070		1,152

Rev., 5.25%, 8/1/2026		825		888

Minnesota Housing Finance Agency, Residential Housing Finance

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		120		123

Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		775		832


				4,973


Total Minnesota				6,291


Mississippi — 0.8%

Housing — 0.8%

Mississippi Home Corp., Home Ownership Mortgage Series A, Rev., GNMA COLL, 4.50%, 12/1/2031		110		112

Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048		1,515		1,667


				1,779


Total Mississippi				1,779


Missouri — 1.2%

Hospital — 0.5%

Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031		1,000		1,271


Housing — 0.7%

Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		1,415		1,485

Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series 2009E-1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2027		70		70


				1,555


Total Missouri				2,826

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	31

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

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		1,171

Rev., 5.00%, 7/1/2031		720		824


				1,995


Total Nebraska				1,995


Nevada — 0.6%

Hospital — 0.6%

City of Carson, Carson Tahoe Regional Healthcare Project

Rev., 5.00%, 9/1/2026		555		674

Rev., 5.00%, 9/1/2029		620		759


				1,433


Total Nevada				1,433


New Hampshire — 2.3%

Education — 2.3%

City of Manchester, School Facilities

Rev., NATL-RE, 5.50%, 6/1/2024		3,545		4,231

Rev., NATL-RE, 5.50%, 6/1/2027		900		1,163


				5,394


Total New Hampshire				5,394


New Jersey — 4.7%

Education — 1.4%

New Jersey Higher Education Student Assistance Authority Series A, Rev., 5.00%, 12/1/2024		1,100		1,307

New Jersey Higher Education Student Assistance Authority, Senior Student Loan Series 1A, Rev., AMT, 5.00%, 12/1/2024		1,750		2,043


				3,350


General Obligation — 1.1%

City of Englewood GO, 2.00%, 3/27/2020		1,000		1,005

Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024		1,215		1,475


				2,480


Hospital — 1.5%

New Jersey Health Care Facilities Financing Authority, University Hospital Issue

Series A, Rev., AGM, 5.00%, 7/1/2022		1,000		1,105

Series A, Rev., AGM, 5.00%, 7/1/2023		820		935

Series A, Rev., AGM, 5.00%, 7/1/2026		1,095		1,319


				3,359


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.7%

New Jersey Housing & Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2020 (c)		365		365

New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		1,170		1,305


				1,670


Total New Jersey				10,859


New Mexico — 0.6%

Housing — 0.6%

New Mexico Mortgage Finance Authority, Single-Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050		1,250		1,379


New York — 5.5%

General Obligation — 0.9%

Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		1,000		1,006

Tioga Central School District GO, BAN, 2.00%, 8/14/2020		1,000		1,007


				2,013


Housing — 1.2%

New York Mortgage Agency Rev., AMT, 5.00%, 4/1/2028		110		112

New York Mortgage Agency, Homeowner Mortgage

Series 197, Rev., 3.50%, 10/1/2044		1,280		1,345

Series 195, Rev., 4.00%, 10/1/2046		1,140		1,212


				2,669


Transportation — 1.5%

Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029		1,000		1,118

Port Authority of New York and New Jersey, Consolidated, 194th Series Series 194, Rev., 5.00%, 10/15/2030		2,000		2,442


				3,560


Water & Sewer — 1.9%

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		1,208

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


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 2011B, Rev., 5.00%, 6/15/2028		3,000		3,211


				4,419


Total New York				12,661


North Carolina — 0.5%

Other Revenue — 0.5%

County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026		1,000		1,238


North Dakota — 2.4%

Housing — 1.5%

North Dakota Housing Finance Agency, Home Mortgage Finance Program

Series D, Rev., 4.50%, 1/1/2029		95		95

Series F, Rev., AMT, 4.50%, 1/1/2035		120		122

Series 2016D, Rev., 3.50%, 7/1/2046		430		456

Series D, Rev., 4.00%, 7/1/2046		1,305		1,388

Series 2017D, Rev., FHA, 4.00%, 1/1/2048		1,295		1,400


				3,461


Utility — 0.9%

McLean County, Solid Waste Facilities, Great River Energy Project Series A, Rev., 4.88%, 7/1/2026		2,000		2,055


Total North Dakota				5,516


Ohio — 4.1%

General Obligation — 0.8%

Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025		1,500		1,861


Housing — 0.4%

Ohio Housing Finance Agency, Single Family Mortgage

Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		5		5

Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047		975		1,047


				1,052


Industrial Development Revenue/Pollution Control Revenue — 2.4%

Ohio Water Development Authority, Water Pollution Control Loan Fund

Series 2019A, Rev., 5.00%, 6/1/2029		2,645		3,510

Series B, Rev., 5.00%, 12/1/2029		1,615		1,976


				5,486


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.5%

American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035		850		1,055


Total Ohio				9,454


Oklahoma — 0.2%

Housing — 0.2%

Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.40%, 10/1/2038		275		280

Oklahoma Housing Finance Agency Rev., VRDO, 1.60%, 1/1/2022 (c)		200		200

Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program Series 2010A, Rev., GNMA COLL, 4.38%, 9/1/2027		10		10


				490


Total Oklahoma				490


Oregon — 0.2%

Housing — 0.2%

Oregon State Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030		385		399


Other — 0.4%

Housing — 0.4%

Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., VRDO, 5.95%, 11/1/2023 (c)		995		996


Pennsylvania — 3.4%

Hospital — 0.4%

Allegheny County Hospital Development Authority, Medical Center Series 2019A, Rev., 5.00%, 7/15/2033		600		768


Housing — 0.8%

Pennsylvania Housing Finance Agency, Single Family Mortgage

Series 121, Rev., 3.50%, 10/1/2046		1,325		1,388

Series 122, Rev., AMT, 4.00%, 10/1/2046		415		445


				1,833


Industrial Development Revenue/Pollution Control Revenue — 2.2%

Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project

Rev., 5.00%, 12/1/2023		2,020		2,320

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	33

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Industrial Development Revenue/Pollution Control Revenue — continued

Rev., AGM, 5.00%, 12/1/2026		1,550		1,927

Rev., AGM, 5.00%, 12/1/2027		680		852


				5,099


Total Pennsylvania				7,700


Rhode Island — 0.9%

Housing — 0.9%

Rhode Island Housing and Mortgage Finance Corp., Multi-Family HousingSeries 1-A, Rev., VRDO, 1.70%, 10/1/2019 (c)		2,000		2,000


South Carolina — 1.1%

Housing — 0.6%

South Carolina State Housing Finance and Development Authority

Series 1, Rev., GNMA COLL, 5.00%, 1/1/2028		30		30

Series A, Rev., 4.00%, 1/1/2047		330		353

Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047		810		875


				1,258


Other Revenue — 0.5%

Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026		1,000		1,213


Total South Carolina				2,471


South Dakota — 1.7%

Housing — 1.7%

South Dakota Housing Development Authority, Homeownership Mortgage

Series 2015D, Rev., 4.00%, 11/1/2045		1,485		1,580

Series A, Rev., 4.00%, 5/1/2049		2,075		2,280


				3,860


Total South Dakota				3,860


Tennessee — 0.8%

Housing — 0.8%

Tennessee Housing Development Agency, Residential Finance Program

Series 2B, Rev., AMT, 4.00%, 7/1/2043		180		189

Rev., 3.50%, 1/1/2048		1,650		1,753


				1,942


Total Tennessee				1,942


Texas — 10.1%

Education — 2.9%

University of Texas (The), Board of Regents, Financing System Series 2019A, Rev., 5.00%, 8/15/2033		5,000		6,604


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — 3.8%

Clear Creek Independent School District Series B, GO, VRDO, PSF-GTD, 1.35%, 8/15/2022 (c)		500		502

Northside Independent School District GO,PSF-GTD, 1.60%, 8/1/2024 (c)		350		353

Pasadena Independent School District Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (c)		750		759

Pflugerville Independent School District Series A, GO, PSF-GTD, 2.25%, 8/15/2022 (c)		1,200		1,236

Socorro Independent School District Series A, GO, PSF-GTD, 5.00%, 8/15/2024		2,000		2,376

State of Texas GO, VRDO, LIQ: FHLB, 1.35%, 9/11/2019 (c)		3,000		3,000

State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033		450		540


				8,766


Hospital — 0.4%

Irving Hospital Authority, Baylor Scott and White Medical Center

Series 2017A, Rev., 5.00%, 10/15/2026		250		303

Series 2017A, Rev., 5.00%, 10/15/2027		500		605


				908


Housing — 0.7%

Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029		225		234

Texas State Affordable Housing Corp., Single-Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049		1,250		1,388


				1,622


Transportation — 2.0%

Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/2046		1,000		1,156

Dallas Area Rapid Transit, Senior Lien Series A, Rev., 5.00%, 12/1/2032		2,800		3,390


				4,546


Water & Sewer — 0.3%

City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027		665		852


Total Texas				23,298


Utah — 3.7%

Housing — 2.2%

Utah Housing Corp., Single Family MortgageSeries D-2, Class III, Rev., FHA, 4.00%, 1/1/2045		1,250		1,341

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — continued

Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023		3,245		3,668


				5,009


Other Revenue — 0.6%

Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029		970		1,288


Utility — 0.9%

Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033		1,700		2,112


Total Utah				8,409


Vermont — 2.9%

Education — 2.3%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 5.00%, 6/15/2023		1,000		1,122

Series 2016A, Rev., AMT, 5.00%, 6/15/2024		1,400		1,610

Series A, Rev., AMT, 5.00%, 6/15/2025		2,150		2,530


				5,262


Housing — 0.6%

Vermont Housing Finance Agency, Multiple Purpose

Series B, Rev., AMT, 4.13%, 11/1/2042		110		112

Series B, Rev., AMT, 3.75%, 11/1/2045		1,220		1,265


				1,377


Total Vermont				6,639


Washington — 5.0%

Hospital — 1.0%

Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035		1,850		2,295


Housing — 1.3%

Washington State Housing Finance Commission, Single-Family Program

Series 2A-R, Rev., AMT, 3.50%, 12/1/2046		345		358

Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047		2,500		2,638


				2,996


Other Revenue — 2.7%

FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039		5,000		6,194


Total Washington				11,485


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Wisconsin — 3.1%

Education — 2.2%

Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.

Series 2017A, Rev., 5.00%, 9/1/2022		520		567

Series 2017A, Rev., 5.00%, 9/1/2023		550		615

Series 2017A, Rev., 5.00%, 9/1/2024		580		664

Series 2017A, Rev., 5.00%, 9/1/2025		235		274

Series 2017A, Rev., 5.00%, 9/1/2026		385		456

Series 2017A, Rev., 5.00%, 9/1/2027		785		944

Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.

Series C, Rev., 5.00%, 2/15/2027		400		491

Series C, Rev., 5.00%, 2/15/2028		575		709

Series C, Rev., 5.00%, 2/15/2029		375		456


				5,176


Hospital — 0.9%

Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.

Rev., 5.00%, 7/1/2024		250		293

Rev., 5.00%, 7/1/2025		250		301

Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035		1,165		1,436


				2,030


Total Wisconsin				7,206


Wyoming — 0.4%

Other Revenue — 0.4%

Wyoming Community Development Authority Series 5, Rev., 4.00%, 12/1/2046		935		1,009


Total Municipal Bonds (Cost $210,192)				221,667


	SHARES (000)
Short-Term Investments — 2.3%

Investment Companies — 2.3%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (f) (g) (Cost $5,168)		5,168		5,168

Total Investments — 98.7% (Cost $215,360)				226,835
Other Assets Less Liabilities — 1.3%				3,010

NET ASSETS — 100.0%				229,845

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	35

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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
FHLB		Federal Home Loan Bank
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
LIQ		Liquidity Agreement
NATL		Insured by National Public Finance Guarantee Corp.
PSF-GTD		Permanent School Fund Guaranteed
RE		Reinsured
Rev.		Revenue




USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.

(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, 2019.
(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, 2019.
(d)		Amount rounds to less than 0.1% of net assets.
(e)		Security is prerefunded or escrowed to maturity.
(f)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)		The rate shown is the current yield as of August 31, 2019.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 95.0% (a)

Alabama — 1.4%

Other Revenue — 0.0% (b)

Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2023		500		567


Utility — 1.4%

Black Belt Energy Gas District, Gas PrepaySeries 2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%), 1.90%, 9/12/2019 (c)		7,500		7,473

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (d)		8,320		8,706

Southeast Alabama Gas Supply District (The), Project No. 1

Series A, Rev., 5.00%, 4/1/2021		2,865		3,024

Series A, Rev., 5.00%, 4/1/2022		3,220		3,505


				22,708


Total Alabama				23,275


Alaska — 0.1%

General Obligation — 0.1%

State of Alaska Series A, GO, 5.00%, 8/1/2029		1,300		1,564


Utility — 0.0% (b)

City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023		500		577


Total Alaska				2,141


Arizona — 1.9%

Certificate of Participation/Lease — 0.0% (b)

Arizona School Facilities BoardSeries 2013 A-1, COP, 5.00%, 9/1/2019		500		500


General Obligation — 0.5%

City of Scottsdale GO, 5.00%, 7/1/2022		2,550		2,831

Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029		3,950		5,118


				7,949


Hospital — 0.3%

Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025		3,540		4,172


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


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		8,239

Series C, Rev., 5.00%, 10/18/2024 (d)		9,000		10,688


				18,927


Other Revenue — 0.0% (b)

Town of Marana, Excise Tax

Series B, Rev., 4.00%, 7/1/2020		75		77

Series 2017B, Rev., 5.00%, 7/1/2021		100		107


				184


Total Arizona				31,732


Arkansas — 0.8%

Education — 0.3%

University of Arkansas, UAMS Campus

Rev., 5.00%, 3/1/2020		535		546

Rev., 5.00%, 3/1/2025		500		604

Rev., 5.00%, 3/1/2026		1,000		1,205

University of Central Arkansas, Student Housing System

Series 2017A, Rev., 5.00%, 11/1/2021		1,600		1,724

Series 2019C, Rev., AGM, 4.00%, 11/1/2025		110		126

Series 2019C, Rev., AGM, 4.00%, 11/1/2026		240		276

Series 2019C, Rev., AGM, 4.00%, 11/1/2027		180		207


				4,688


Other Revenue — 0.5%

Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026		325		402

City of Little Rock, Hotel and Restaurant Rev., 5.00%, 7/1/2020		580		598

City of Rogers Series B, Rev., 5.00%, 11/1/2027		3,855		4,783

County of Sharp

Rev., 5.00%, 3/1/2024		595		683

Rev., 5.00%, 3/1/2025		600		706

Rev., 5.00%, 3/1/2026		685		824


				7,996


Total Arkansas				12,684

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

California — 18.5%

Certificate of Participation/Lease — 0.1%

City of Chula Vista, Police Facility Project

COP, 5.00%, 10/1/2021		360		390

COP, 5.00%, 10/1/2022		465		523

COP, 5.00%, 10/1/2023		1,000		1,163

Goleta Water District Series A, COP, AGM, 5.00%, 12/1/2020		140		147


				2,223


Education — 1.0%

California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024		1,675		1,899

California Municipal Finance Authority, California Lutheran University

Rev., 5.00%, 10/1/2025		275		332

Rev., 5.00%, 10/1/2026		150		185

Rev., 5.00%, 10/1/2027		150		189

Regents of the University of California Series AK, Rev., 5.00%, 5/15/2023 (d)		11,505		13,237


				15,842


General Obligation — 7.4%

Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022		1,050		1,175

City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025		5,310		5,918

County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2020		775		804

County of Santa Clara, Moreland School District GO, 5.00%, 8/1/2021		1,000		1,077

County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2023		350		405

Grossmont Healthcare District

Series D, GO, 5.00%, 7/15/2026		1,225		1,500

Series D, GO, 5.00%, 7/15/2027		1,285		1,566

Grossmont Healthcare District, Election of 2006 Series 2015C, GO, 5.00%, 7/15/2026		1,000		1,225

Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026		5,000		6,313

Novato Unified School District

Series A, GO, 4.00%, 2/1/2022		535		575

Series A, GO, 5.00%, 2/1/2023		685		779

Series A, GO, 5.00%, 2/1/2024		870		1,024

Series A, GO, 5.00%, 8/1/2025		1,500		1,796

Series A, GO, 5.00%, 8/1/2026		1,800		2,151


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Oak Grove School District GO, 5.00%, 8/1/2023		1,200		1,389

Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025		1,770		2,177

Salinas Union High School District GO, BAN, 0.00%, 8/1/2020		2,000		1,963

San Diego Unified School District, Election of 2012 Series F, GO, 5.00%, 7/1/2029		550		671

San Francisco Bay Area Rapid Transit District, Election of 2004

Series D, GO, 3.00%, 8/1/2022		2,735		2,909

Series 2015D, GO, 5.00%, 8/1/2027		1,500		1,850

Series 2015D, GO, 5.00%, 8/1/2028		1,685		2,079

San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024		5,190		5,780

San Mateo County Community College District

GO, 5.00%, 9/1/2025		700		839

GO, 5.00%, 9/1/2026		1,095		1,311

Santa Barbara Unified School District

Series A, GO, 4.00%, 8/1/2022		30		33

Series B, GO, 5.00%, 8/1/2026		50		63

State of California, Various Purpose

Series B, GO, 5.00%, 9/1/2023		2,810		3,244

GO, 5.00%, 11/1/2023		3,560		4,130

GO, 5.00%, 3/1/2026		13,210		15,955

GO, 5.00%, 9/1/2026		4,900		6,182

GO, 4.00%, 8/1/2028		4,000		4,694

GO, 5.00%, 9/1/2028		2,500		2,693

GO, 4.00%, 8/1/2029		4,180		4,891

GO, 5.00%, 8/1/2029		7,830		9,731

GO, 4.00%, 8/1/2030		10,000		11,651

Whittier Union School District GO, 5.00%, 8/1/2023		10,495		12,148


				122,691


Hospital — 1.6%

California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025		1,850		2,303

California Health Facilities Financing Authority, Providence Health and Services

Series 2014A, Rev., 5.00%, 10/1/2021		750		812

Series 2014A, Rev., 5.00%, 10/1/2022		1,500		1,681

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

California Health Facilities Financing Authority, St. Joseph Health System

Series 2013C, Rev., VRDO, 5.00%, 10/15/2019 (d)		5,000		5,023

Series 2013D, Rev., 5.00%, 10/15/2020 (d)		12,870		13,441

California Municipal Finance Authority, NorthBay Healthcare Group

Series 2017A, Rev., 5.00%, 11/1/2023		500		563

Series 2017A, Rev., 5.00%, 11/1/2024		800		921

Series 2017A, Rev., 5.00%, 11/1/2025		745		872

California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028		250		318


				25,934


Other Revenue — 2.5%

Alameda County Transport Authority, Sales Tax

Rev., 5.00%, 3/1/2020		1,240		1,265

Rev., 4.00%, 3/1/2022		5,000		5,385

California Infrastructure and Economic Development Bank, The J. Paul Getty Trust

Series 2013A-2, Rev., VRDO, 1.79%, 10/1/2019 (d)		3,250		3,253

Series 2011A-3, Rev., VRDO, (ICE LIBOR USD 3 Month + 0.37%), 1.87%, 10/1/2019 (c)		8,000		8,013

Series 2011A-4, Rev., VRDO, (ICE LIBOR USD 3 Month + 0.37%), 1.87%, 10/1/2019 (c)		7,000		7,016

California Municipal Finance Authority, Biola University

Rev., 4.00%, 10/1/2019		205		206

Rev., 5.00%, 10/1/2021		370		398

Contra Costa County Transportation Authority, Sales Tax

Series A, Rev., 4.00%, 3/1/2023		3,420		3,790

Series A, Rev., 5.00%, 3/1/2023		2,420		2,765

Series A, Rev., 5.00%, 3/1/2024		2,000		2,365

Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021		1,000		1,068

Riverside Community Properties Development, Inc., Riverside County Law Building Project Rev., 5.00%, 10/15/2019 (e)		780		784

San Diego County Regional Transportation Commission, Sales Tax

Series A, Rev., 5.00%, 4/1/2021		250		266


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Series A, Rev., 5.00%, 4/1/2022		100		111

San Francisco Bay Area Rapid Transit District, Sales Tax

Series A, Rev., 5.00%, 7/1/2024		525		627

Series A, Rev., 5.00%, 7/1/2025		905		1,115

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		1,920

Sonoma County Transportation Authority, Sales Tax Rev., 5.00%, 12/1/2024		1,000		1,207


				41,554


Prerefunded — 0.3%

Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2021 (e)		1,275		1,382

California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (e)		2,820		3,210


				4,592


Transportation — 3.0%

Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area

Series G, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.60%), 1.88%, 9/12/2019 (c)		9,000		8,999

Series S-7, Rev., 4.00%, 4/1/2029		20,000		23,641

City of Los Angeles, Department of Airports

Series A, Rev., AMT, 5.00%, 5/15/2021		1,590		1,693

Series C, Rev., 5.00%, 5/15/2022		750		830

Series D, Rev., AMT, 5.00%, 5/15/2022		3,380		3,721

Series B, Rev., 4.00%, 5/15/2024		365		415

Series C, Rev., 5.00%, 5/15/2024		700		827

Series D, Rev., AMT, 5.00%, 5/15/2027		2,700		3,233

Series D, Rev., AMT, 5.00%, 5/15/2028		1,950		2,334

Series D, Rev., AMT, 5.00%, 5/15/2029		2,550		3,050

County of Orange Series 2019A, Rev., 5.00%, 7/1/2028		600		779

Orange County Local Transportation Authority Rev., 5.00%, 2/15/2025		425		520


				50,042


Utility — 1.3%

Los Angeles Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025		100		123

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

Sacramento Municipal Utility District, Electric

Series E, Rev., 5.00%, 8/15/2022		2,740		3,071

Series E, Rev., 5.00%, 8/15/2027		105		138

San Francisco City and County Public Utilities Commission Water, Green Bonds Series 2018C, Rev., 2.13%, 10/1/2023 (d)		10,000		10,336

Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2026		1,000		1,074

Southern California Public Power Authority, Magnolia Power Project Series 1, Rev., VRDO, 2.00%, 7/1/2020 (d)		7,000		7,028

Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023		400		452


				22,222


Water & Sewer — 1.3%

Burlingame Financing Authority Water and Wastewater Rev., 4.00%, 4/1/2020		250		255

California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.50%, 9/12/2019 (c)		10,000		10,058

City of Los Angeles, Wastewater SystemSeries 2015-A, Rev., 5.00%, 6/1/2022		2,750		3,061

East Bay Municipal Utility District, Wastewater System Series A, Rev., 5.00%, 6/1/2020		3,000		3,092

Eastern Municipal Water District, Water and Wastewater

Series C, Rev., 5.00%, 7/1/2021		2,530		2,720

Series C, Rev., 5.00%, 7/1/2022		1,700		1,896


				21,082


Total California				306,182


Colorado — 2.0%

Certificate of Participation/Lease — 0.2%

City of Aurora

COP, 3.00%, 12/1/2020		125		128

COP, 4.00%, 12/1/2022		375		408

City of Longmont

Series A, COP, 5.00%, 12/1/2021		100		109

Series A, COP, 5.00%, 12/1/2022		100		112

Series A, COP, 5.00%, 12/1/2024		100		116

Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement

COP, 3.00%, 6/15/2020		250		254


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificate of Participation/Lease — continued

COP, 3.00%, 6/15/2021		1,000		1,030

County of Boulder, Flood Reconstruction Projects

COP, 5.00%, 12/1/2022		720		754

COP, 5.00%, 12/1/2023		500		524

COP, 5.00%, 12/1/2025		500		524

County of Eagle COP, 5.00%, 12/1/2022		200		224


				4,183


Education — 0.3%

University of Colorado, Enterprise SystemSeries A-2, Rev., 5.00%, 6/1/2022		1,080		1,195

University of Colorado, University Enterprise Series A, Rev., 5.00%, 6/1/2022		3,150		3,486


				4,681


General Obligation — 0.1%

Counties of Gunnison, Watershed School District No. 1

Series 2014A, GO, 4.00%, 12/1/2022		300		328

Series 2014A, GO, 5.00%, 12/1/2026		500		597


				925


Hospital — 1.1%

Colorado Health Facilities Authority, Commonspirit HealthSeries B-2, Rev., 5.00%, 8/1/2026 (d)		12,000		14,443

Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 5.00%, 9/1/2022		150		166

Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (d)		1,120		1,164

University of Colorado Hospital AuthoritySeries C-1, Rev., VRDO, 4.00%, 3/1/2020 (d)		2,620		2,623


				18,396


Other Revenue — 0.1%

Denver Convention Center Hotel Authority

Rev., 4.00%, 12/1/2019		375		378

Rev., 4.00%, 12/1/2020		500		515


				893


Prerefunded — 0.2%

Regional Transportation District Series A, COP, 5.00%, 6/1/2020 (e)		3,700		3,807


Total Colorado				32,885

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Connecticut — 1.7%

Education — 0.9%

Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Issue Series G, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.95%), 2.37%, 10/1/2019 (c)		15,000		15,069


Special Tax — 0.8%

State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026		10,000		12,402


Total Connecticut				27,471


District of Columbia — 0.2%

Hospital — 0.0% (b)

District of Columbia Children’s Hospital Rev., 5.00%, 7/15/2021		500		536


Transportation — 0.2%

Metropolitan Washington Airports Authority, Airport System Series 2013C, Rev., 5.00%, 10/1/2021		1,475		1,594

Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029		1,120		1,416


				3,010


Total District of Columbia				3,546


Florida — 2.2%

Certificate of Participation/Lease — 0.1%

School Board of Duval County Series B, COP, 5.00%, 7/1/2021		750		800

Seminole County School Board Series A, COP, 5.00%, 7/1/2020		210		217


				1,017


Education — 0.8%

Board of Governors of the University of Florida, Student Activity Rev., 5.00%, 7/1/2020		1,660		1,712

State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027		8,540		10,631


				12,343


Transportation — 0.1%

Miami-Dade County Expressway Authority, Toll System

Series A, Rev., 5.00%, 7/1/2020		1,550		1,597

Series 2014A, Rev., 5.00%, 7/1/2022		625		688


				2,285


Utility — 1.2%

City of Gainesville, Utilities System Series B, Rev., VRDO, 1.29%, 9/11/2019 (d)		20,000		20,000


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.0% (b)

JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025		250		301


Total Florida				35,946


Georgia — 2.0%

General Obligation — 1.4%

City of Atlanta Series 2014A, GO, 4.00%, 12/1/2019		1,000		1,007

Cook County School District, Sales Tax GO, 5.00%, 10/1/2021		1,495		1,612

State of Georgia

Series I, GO, 5.00%, 7/1/2021		8,165		8,745

Series 2016E, GO, 5.00%, 12/1/2025		6,750		8,349

Series F, GO, 5.00%, 7/1/2028		2,000		2,540


				22,253


Other Revenue — 0.6%

Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien

Series 2015A-1, Rev., 5.00%, 7/1/2027		1,000		1,200

Series 2015A-1, Rev., 5.00%, 7/1/2028		1,000		1,199

Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project

Series 2017, Rev., 5.00%, 7/1/2023		325		370

Series 2017, Rev., 5.00%, 7/1/2025		250		300

Series 2017, Rev., 5.00%, 7/1/2026		275		337

Series 2017, Rev., 5.00%, 7/1/2028		375		467

Series 2017, Rev., 4.00%, 7/1/2032		1,000		1,134

Fulton County Development Authority, Technology Athletic Association Project Series 2012A, Rev., 5.00%, 10/1/2022 (e)		5,000		5,563


				10,570


Total Georgia				32,823


Hawaii — 1.3%

General Obligation — 1.3%

City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.58%, 9/12/2019 (c)		2,200		2,207

State of Hawaii

Series DY, GO, 5.00%, 2/1/2020		10,160		10,323

Series EF, GO, 5.00%, 11/1/2021		7,640		8,282


				20,812


Total Hawaii				20,812

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Illinois — 6.2%

Education — 0.8%

Illinois Educational Facilities Authority, University of ChicagoSeries 2001B-2, Rev., VRDO, 1.55%, 2/13/2020 (d)		5,000		5,009

Illinois Finance Authority, DePaul University

Rev., 5.00%, 10/1/2023		200		229

Rev., 5.00%, 10/1/2025		300		363

Rev., 5.00%, 10/1/2028		250		306

Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project

Series 2019, Rev., 4.00%, 1/15/2030		1,960		2,314

Series 2019, Rev., 4.00%, 1/15/2032		2,120		2,475

University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,818


				13,514


General Obligation — 2.2%

City of Chicago Series 2015C, GO, 5.00%, 1/1/2022		5,000		5,318

City of Waukegan

Series B, GO, AGM, 5.00%, 12/30/2025		1,075		1,287

Series B, GO, AGM, 5.00%, 12/30/2026		1,125		1,373

Series B, GO, AGM, 5.00%, 12/30/2027		1,185		1,441

Cook County, Proviso Township High School District No. 209

GO, 5.00%, 12/1/2022		2,975		3,309

GO, 5.00%, 12/1/2023		2,350		2,691

County of Cook, Township High School District No. 205 Series 2016A, GO, 5.00%, 12/1/2023		5		6

County of DuPage, Courthouse Project GO, 5.00%, 1/1/2024		335		389

Effingham Community Unit School District No. 40

Series 2019A, GO, 4.00%, 12/1/2028		565		653

Series 2019A, GO, 4.00%, 12/1/2031		400		451

Series 2019A, GO, 4.00%, 12/1/2032		590		662

Glenview Park District

GO, 5.00%, 12/1/2026		300		372

GO, 5.00%, 12/1/2029		350		429

Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027		355		440

Lincoln Land Community College District No. 526

GO, 5.00%, 12/15/2021		305		330


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 4.00%, 12/15/2022		440		466

McHenry County, Woodstock Community Unit School District No. 200 GO, 5.00%, 1/15/2021		300		315

State of Illinois

Series D, GO, 5.00%, 11/1/2020		10,000		10,356

Series D, GO, 5.00%, 11/1/2023		5,000		5,511

Will County Forest Preservation District GO, 5.00%, 12/15/2027		805		1,036


				36,835


Hospital — 0.8%

Illinois Finance Authority, Advocate Health CareSeries A-1, Rev., 5.00%, 1/15/2020 (d)		6,000		6,077

Illinois Finance Authority, Ascension Health Alliance Senior Credit GroupSeries E-2, Rev., 1.75%, 4/1/2021 (d)		3,750		3,781

Illinois Finance Authority, Silver Cross Hospital and Medical Centers

Series C, Rev., 5.00%, 8/15/2021		150		159

Series 2015C, Rev., 5.00%, 8/15/2022		500		544

Southwestern Illinois Development Authority, Hospital Sisters Services, Inc. Obligated Group Series A, Rev., 5.00%, 2/15/2027		2,000		2,500


				13,061


Other Revenue — 1.9%

Peoria Public Building Commission

Series A, Rev., AGM, 4.00%, 12/1/2025		700		796

Series A, Rev., AGM, 4.00%, 12/1/2026		1,000		1,151

Series A, Rev., AGM, 4.00%, 12/1/2027		1,270		1,479

Series A, Rev., AGM, 5.00%, 12/1/2028		1,200		1,484

Series A, Rev., AGM, 5.00%, 12/1/2029		2,400		2,950

Sales Tax Securitization Corp.

Series C, Rev., 5.00%, 1/1/2024		3,000		3,384

Series C, Rev., 5.00%, 1/1/2025		4,250		4,905

State of Illinois, Sales Tax, Junior Obligation

Series 2018A, Rev., 5.00%, 6/15/2021		4,600		4,864

Series A, Rev., 5.00%, 6/15/2022		4,600		4,996

Series A, Rev., 5.00%, 6/15/2023		4,600		5,121


				31,130


Transportation — 0.0% (b)

Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2020		500		506

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.5%

City of Waukegan, First Lien, Water and Sewer System

Series C, Rev., AGM, 5.00%, 12/30/2023		535		611

Series C, Rev., AGM, 5.00%, 12/30/2026		680		829

Series C, Rev., AGM, 5.00%, 12/30/2027		710		864

Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029		4,000		4,876


				7,180


Total Illinois				102,226


Indiana — 1.0%

Education — 0.1%

New Albany Floyd County School Building Corp.

Rev., 5.00%, 7/15/2021		700		748

Rev., 5.00%, 7/15/2022		835		921

Purdue University, Student Fee

Series DD, Rev., 5.00%, 7/1/2025		870		1,061

Series DD, Rev., 5.00%, 7/1/2027		10		13


				2,743


Hospital — 0.5%

Indiana Finance Authority, Health Obligation

Series C, Rev., 5.00%, 12/1/2021		2,355		2,560

Series B, Rev., 2.25%, 7/1/2025 (d)		5,000		5,284


				7,844


Other Revenue — 0.1%

Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023		1,000		1,143


Utility — 0.3%

City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		5,000		5,385


Total Indiana				17,115


Iowa — 0.8%

Hospital — 0.8%

Iowa Finance Authority, Health Systems Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.58%), 1.86%, 9/12/2019 (c) (f)		13,300		13,294


Kansas — 1.1%

General Obligation — 0.3%

Butler County, Unified School District No. 375 GO, 4.00%, 9/1/2024		200		216


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Seward County Unified School District No. 480Series 2017-B, GO, 5.00%, 9/1/2025		1,750		2,107

Wyandotte County Unified School District No. 202

Series 2019A, GO, AGM, 5.00%, 9/1/2025		400		483

Series 2019A, GO, AGM, 5.00%, 9/1/2026		220		272

Series 2019A, GO, AGM, 5.00%, 9/1/2027		325		411

Series 2019A, GO, AGM, 5.00%, 9/1/2028		400		504

Series 2019A, GO, AGM, 5.00%, 9/1/2029		375		470


				4,463


Hospital — 0.0% (b)

University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024		275		319


Other Revenue — 0.1%

City of Wichita, Sales Tax, River District Stadium Star Bond Project

Rev., 5.00%, 9/1/2025		300		361

Rev., 5.00%, 9/1/2026		465		573


				934


Utility — 0.6%

Kansas Development Finance Authority, State of Kansas Project

Series F, Rev., 4.00%, 11/1/2029		6,820		8,028

Series F, Rev., 4.00%, 11/1/2030		2,220		2,601


				10,629


Water & Sewer — 0.1%

City of Wichita, Water and Sewer Utility Series 2014A, Rev., 5.00%, 10/1/2022		2,200		2,457


Total Kansas				18,802


Kentucky — 0.4%

Education — 0.1%

Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024		1,310		1,515


Prerefunded — 0.0% (b)

Carter County Kentucky School District Finance Corp. Rev., 4.50%, 2/1/2021 (e)		250		262


Utility — 0.3%

Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023		240		272

Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (d)		2,500		2,752

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (d)		2,250		2,293


				5,317


Total Kentucky				7,094


Louisiana — 1.0%

Hospital — 0.6%

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.93%, 9/12/2019 (c)		10,000		10,047


Other Revenue — 0.1%

Louisiana Public Facilities Authority, Tulane University Project

Rev., 5.00%, 12/15/2022		230		257

Rev., 5.00%, 12/15/2025		250		305


				562


Water & Sewer — 0.3%

City of Shreveport, Water and Sewer, Junior Lien

Series C, Rev., 3.00%, 12/1/2021		175		182

Series C, Rev., 5.00%, 12/1/2022		270		302

Series 2018C, Rev., 5.00%, 12/1/2023		365		421

Series 2019B, Rev., AGM, 4.00%, 12/1/2025		400		462

Series 2018C, Rev., 5.00%, 12/1/2025		915		1,112

Series 2018C, Rev., 5.00%, 12/1/2026		500		621

Series 2019B, Rev., AGM, 5.00%, 12/1/2026		360		447

Series 2019B, Rev., AGM, 5.00%, 12/1/2027		600		760

Series 2019B, Rev., AGM, 5.00%, 12/1/2028		500		644

Series 2019B, Rev., AGM, 5.00%, 12/1/2029		300		386


				5,337


Total Louisiana				15,946


Maryland — 0.8%

General Obligation — 0.8%

State of Maryland, State and Local Facilities Loan of 2013 Series A, GO, 5.00%, 8/1/2020		12,795		13,247


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Massachusetts — 3.6%

Education — 0.6%

Massachusetts Development Finance Agency, Suffolk University

Rev., 5.00%, 7/1/2025		525		623

Rev., 5.00%, 7/1/2026		435		526

Rev., 5.00%, 7/1/2027		420		517

Rev., 5.00%, 7/1/2028		525		657

University of Massachusetts Building Authority Series 2011 1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.27%, 9/11/2019 (d)		6,900		6,900


				9,223


General Obligation — 1.3%

City of Boston Series 2014A, GO, 5.00%, 3/1/2023		7,360		8,374

Commonwealth of Massachusetts

Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 2.06%, 11/1/2019 (c)		3,000		2,980

Series D, GO, 4.00%, 9/1/2030		8,290		9,492


				20,846


Hospital — 0.6%

Massachusetts Development Finance Agency, Partners Healthcare System Series 2017S, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.50%), 1.78%, 9/12/2019 (c)		10,000		9,988


Prerefunded — 0.0% (b)

Massachusetts Development Finance Agency, Lahey Health System Series F, Rev., 5.00%, 8/15/2020 (e)		500		519


Transportation — 0.6%

Massachusetts Port Authority

Series 2019-A, Rev., AMT, 5.00%, 7/1/2023		4,840		5,515

Series 2019-A, Rev., AMT, 5.00%, 7/1/2024		4,140		4,861


				10,376


Water & Sewer — 0.5%

Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025		6,775		8,318


Total Massachusetts				59,270


Michigan — 1.9%

Education — 0.7%

University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (d)		10,000		11,274

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.5%

City of Royal Oak, Capital Improvement

GO, 5.00%, 4/1/2027		625		790

GO, 5.00%, 4/1/2028		245		314

Grosse Pointe Public School System GO, 4.00%, 5/1/2027		765		912

Kalamazoo Public Schools GO, 5.00%, 5/1/2022		1,000		1,099

Northville Public Schools, School Building and Site

GO, 5.00%, 5/1/2027		375		475

GO, 5.00%, 5/1/2028		600		774

GO, 5.00%, 5/1/2029		250		328

Troy School District, School Building and Site

GO, Q-SBLF, 5.00%, 5/1/2020		500		512

GO, Q-SBLF, 5.00%, 5/1/2021		550		584

GO, Q-SBLF, 5.00%, 5/1/2022		500		550

Wayne-Westland Community Schools

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031		1,380		1,624

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2033		445		516


				8,478


Hospital — 0.1%

Michigan State Hospital Finance Authority, Ascension Health Credit GroupSeries B-4, Rev., 5.00%, 11/15/2027		2,250		2,689


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project Series CC, Rev., VRDO, 1.45%, 9/1/2021 (d)		2,600		2,598


Other Revenue — 0.1%

Michigan Finance Authority, Local Government Loan Program

Series 2012B, Rev., 4.00%, 11/1/2019		675		678

Series B, Rev., 4.00%, 11/1/2020		455		469


				1,147


Transportation — 0.2%

Gerald R Ford International Airport Authority, Limited Tax

Rev., 5.00%, 1/1/2023		1,560		1,757

Rev., 5.00%, 1/1/2024		1,400		1,627


				3,384


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.2%

City of Grand Rapids, Sanitary Sewer System Improvement Rev., 5.00%, 1/1/2022		350		381

Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021		2,250		2,433


				2,814


Total Michigan				32,384


Minnesota — 0.6%

Certificate of Participation/Lease — 0.2%

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2024		210		240

Series 2019C, COP, 5.00%, 2/1/2024		295		337

Series 2019B, COP, 5.00%, 2/1/2025		185		216

Series 2019C, COP, 5.00%, 2/1/2025		310		363

Series 2019B, COP, 5.00%, 2/1/2026		195		233

Series 2019C, COP, 5.00%, 2/1/2026		320		383

Series 2019B, COP, 5.00%, 2/1/2027		185		226

Series 2019B, COP, 5.00%, 2/1/2028		175		217

Series 2019C, COP, 5.00%, 2/1/2028		350		434


				2,649


Education — 0.1%

Minnesota Higher Education Facilities Authority Series L, Rev., 4.00%, 4/1/2020		350		356

Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.

Rev., 4.00%, 12/1/2024		100		111

Rev., 4.00%, 12/1/2025		185		209

Rev., 4.00%, 12/1/2026		185		211

Rev., 4.00%, 12/1/2027		195		224

Rev., 4.00%, 12/1/2028		240		279

Rev., 4.00%, 12/1/2029		145		170

Rev., 4.00%, 12/1/2030		140		163

Rev., 4.00%, 12/1/2031		160		185

Rev., 4.00%, 12/1/2032		190		218

Rev., 4.00%, 12/1/2033		250		284


				2,410


Transportation — 0.1%

Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport

Series 2014A, Rev., 5.00%, 1/1/2020		220		223

Series A, Rev., 5.00%, 1/1/2022		1,000		1,089


				1,312

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — 0.2%

Western Minnesota Municipal Power Agency, Power Supply

Series A, Rev., 5.00%, 1/1/2023		1,500		1,686

Series 2014A, Rev., 5.00%, 1/1/2024		1,000		1,160


				2,846


Total Minnesota				9,217


Mississippi — 0.9%

Education — 0.2%

Medical Center Educational Building Corp. Rev., 5.00%, 6/1/2031 (g)		3,105		4,009


General Obligation — 0.1%

County of Harrison

Series A, GO, 5.00%, 10/1/2027 (g)		800		1,016

Series A, GO, 5.00%, 10/1/2028 (g)		345		447


				1,463


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Mississippi Business Finance Corp., Pollution Control Series 2002, Rev., 3.20%, 9/1/2028		4,000		4,125


Other Revenue — 0.2%

Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023		750		846

State of Mississippi Series 2019A, Rev., 5.00%, 10/15/2028		1,400		1,816


				2,662


Utility — 0.1%

Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project

Rev., 5.00%, 8/1/2026		350		434

Rev., 5.00%, 8/1/2027		350		443

Rev., 5.00%, 8/1/2028		525		677

Rev., 5.00%, 8/1/2029		425		558


				2,112


Total Mississippi				14,371


Missouri — 0.7%

Certificate of Participation/Lease — 0.1%

City of Chesterfield COP, 5.00%, 12/1/2021		1,000		1,087


Education — 0.1%

Health and Educational Facilities Authority of the State of Missouri

Rev., 4.00%, 10/1/2019		625		626

Rev., 4.00%, 10/1/2020		300		309

Rev., 4.00%, 10/1/2021		300		318


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Rev., 5.00%, 1/1/2021		225		236


				1,489


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		383


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series B, Rev., 5.00%, 7/1/2023		550		579


Other Revenue — 0.2%

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		3,000		3,355


Transportation — 0.3%

St. Louis Lambert International Airport

Rev., 5.00%, 7/1/2021		1,575		1,685

Rev., 5.00%, 7/1/2022		1,000		1,107

Rev., 5.00%, 7/1/2023		1,080		1,234


				4,026


Total Missouri				10,919


Montana — 0.1%

General Obligation — 0.1%

State of Montana, Long-Range Building Program

GO, 5.00%, 8/1/2021		690		743

GO, 5.00%, 8/1/2022		1,000		1,116

Yellowstone County, School District No. 2 Billings, School Building GO, 5.00%, 6/15/2020		650		670


				2,529


Total Montana				2,529


Nebraska — 0.1%

Certificate of Participation/Lease — 0.1%

Southeast Community College

COP, 5.00%, 12/15/2021		200		217

COP, 5.00%, 12/15/2026		275		340

COP, 5.00%, 12/15/2027		495		625

COP, 5.00%, 12/15/2028		540		687


				1,869

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.0% (b)

Douglas County School District, Elkhorn Public Schools

Series 2019, GO, 4.00%, 12/15/2032		160		192

Series 2019, GO, 4.00%, 12/15/2033		190		226


				418


Total Nebraska				2,287


New Hampshire — 0.2%

General Obligation — 0.2%

State of New Hampshire Series A, GO, 5.00%, 3/1/2026		2,880		3,480


New Jersey — 3.6%

Education — 0.2%

New Jersey Economic Development Authority, School Facilities Construction

Series DDD, Rev., 5.00%, 6/15/2025		1,500		1,761

Series DDD, Rev., 5.00%, 6/15/2026		1,840		2,197


				3,958


General Obligation — 0.9%

County of Passaic GO, 5.00%, 2/1/2021		90		95

State of New Jersey Series Q, GO, 5.00%, 8/15/2020		10,075		10,433

State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026		3,870		4,222

Township of South Brunswick GO, 5.00%, 9/1/2022		425		476


				15,226


Housing — 0.2%

New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village ProjectSeries 2018-E, Rev., 2.45%, 10/1/2020 (d)		3,000		3,035


Other Revenue — 0.4%

Tobacco Settlement Financing Corp.

Series A, Rev., 5.00%, 6/1/2031		3,070		3,763

Series A, Rev., 5.00%, 6/1/2032		2,500		3,051


				6,814


Transportation — 1.9%

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement

Series A, Rev., 5.00%, 6/15/2028		3,000		3,603

Series A, Rev., 5.00%, 6/15/2029		5,350		6,405

Series A, Rev., 5.00%, 6/15/2031		4,750		5,641


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — continued

New Jersey Transportation Trust Fund Authority, Transportation ProgramSeries 2014BB-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.00%), 2.28%, 9/12/2019 (c)		5,500		5,511

New Jersey Turnpike AuthoritySeries C-6, Rev., VRDO, 2.21%, 10/1/2019 (d)		10,000		10,000


				31,160


Total New Jersey				60,193


New Mexico — 0.2%

General Obligation — 0.2%

County of Sandoval

GO, 5.00%, 8/1/2024		1,100		1,301

GO, 5.00%, 8/1/2025		500		608

GO, 5.00%, 8/1/2026		650		811


				2,720


Other Revenue — 0.0% (b)

New Mexico Finance Authority, Senior Lien Public Project Series 2103B, Rev., 5.00%, 6/1/2021		800		854


Total New Mexico				3,574


New York — 8.2%

Education — 1.0%

New York State Dormitory Authority

Series 2019A, Rev., 5.00%, 7/1/2027		4,630		6,008

Series 2019A, Rev., 5.00%, 7/1/2028		3,135		4,158

New York State Dormitory Authority, Columbia University Series 2015B, Rev., 5.00%, 10/1/2021		585		634

New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027		3,225		4,052

New York State Dormitory Authority, The New School Series 2015A, Rev., 5.00%, 7/1/2024		1,100		1,293


				16,145


General Obligation — 1.4%

Bedford Central School District GO, 5.00%, 11/15/2022		2,410		2,707

City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025		540		652

City of New York, Fiscal Year 2012 Subseries G-1, GO, 5.00%, 4/1/2020 (e)		3,860		3,951

Counties of Rockland and Orange, Ramapo Central School District GO, 4.00%, 10/15/2019		2,030		2,037

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	47

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

County of Orange, Public Improvement

Series B, GO, 5.00%, 3/1/2021		1,510		1,601

GO, 5.00%, 2/1/2023		1,000		1,136

County of Suffolk, Longwood Central School District

GO, 5.00%, 6/15/2026		365		455

GO, 5.00%, 6/15/2027		795		990

Hampton Bays Union Free School District GO, 5.00%, 9/15/2022		2,025		2,260

State of New York Series 2019A, GO, 5.00%, 3/1/2026		3,250		4,055

Town of East Hampton

GO, 5.00%, 5/15/2021		1,000		1,072

GO, 5.00%, 5/15/2023		1,000		1,156

White Plains City School District GO, 5.00%, 5/15/2024		1,550		1,841


				23,913


Hospital — 0.2%

Build Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021		550		589

Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023		800		908

New York State Dormitory Authority, Memorial Sloan-Kettering Cancer CenterSeries 2017-1, Rev., 5.00%, 7/1/2026		1,000		1,253


				2,750


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., VRDO, 2.00%, 5/1/2020 (d)		3,000		3,014


Other Revenue — 2.2%

Battery Park City Authority Series 2013A, Rev., 4.00%, 11/1/2019		2,500		2,512

Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Series 2016A, Rev., 5.00%, 7/15/2020		500		516

City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project Rev., 5.00%, 8/1/2020		500		517

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series B, Rev., 5.00%, 2/1/2020		2,750		2,794


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series A, SubseriesA-1, Rev., 5.00%, 11/1/2020		3,700		3,866

New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2026		5,000		6,098

New York State Dormitory Authority, State Sales Tax

Series A, Rev., 5.00%, 3/15/2021		2,000		2,120

Series 2017A, Rev., 5.00%, 3/15/2024		6,135		7,211

Sales Tax Asset Receivable Corp., Fiscal Year 2015

Series 2015A, Rev., 5.00%, 10/15/2022		4,800		5,392

Series 2015A, Rev., 5.00%, 10/15/2025		4,500		5,389

Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025		400		481


				36,896


Prerefunded — 0.3%

Brooklyn Arena Local Development Corp., Pilot Refunding, Barclays Center Rev., 6.38%, 1/15/2020 (e)		4,305		4,386


Special Tax — 0.1%

New York State Dormitory Authority, Personal Income Tax Series 2011G, Rev., 5.00%, 8/15/2021		1,110		1,193


Transportation — 2.7%

Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System

Rev., 5.00%, 1/1/2020		465		471

Rev., 5.00%, 1/1/2021		815		857

Metropolitan Transportation Authority

Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 2.05%, 10/1/2019 (c)		5,000		5,034

Subseries C-1, Rev., 5.00%, 11/15/2019		2,000		2,015

SubseriesA-1, Rev., 5.00%, 11/15/2020		1,435		1,500

Series 2019A, Rev., BAN, 5.00%, 3/1/2022		2,465		2,699

Subseries C-1, Rev., 5.00%, 11/15/2024		3,000		3,566

Metropolitan Transportation Authority, Green BondsSeries B-2, Rev., 4.00%, 11/15/2032		4,000		4,667

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		10,238

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

Niagara Frontier Transportation Authority, Buffalo Niagara International Airport

Series 2019A, Rev., AMT, 5.00%, 4/1/2028		265		331

Series 2019A, Rev., AMT, 5.00%, 4/1/2029		265		336

Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023		4,325		4,968

Triborough Bridge and Tunnel Authority

Series B, Rev., VRDO, (SOFR + 0.43%), 1.85%, 9/6/2019 (c)		4,255		4,255

Series A, Rev., 5.00%, 11/15/2024		3,290		3,761


				44,698


Utility — 0.1%

Long Island Power Authority, Electric System

Series 2017, Rev., 5.00%, 9/1/2025		500		609

Series 2017, Rev., 5.00%, 9/1/2027		500		639

Series 2017, Rev., 5.00%, 9/1/2028		750		958


				2,206


Total New York				135,201


North Carolina — 1.9%

Education — 0.4%

University of North Carolina, Chapel Hill Series B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.40%), 1.80%, 10/1/2019 (c)		5,750		5,745

Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023		445		505


				6,250


General Obligation — 0.6%

State of North Carolina Series D, GO, 4.00%, 6/1/2020		9,670		9,880


Hospital — 0.9%

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (d)		13,805		14,508


Other Revenue — 0.0% (b)

State of North Carolina Series 2017B, Rev., 5.00%, 5/1/2022		700		772


Total North Carolina				31,410


Ohio — 2.4%

Education — 0.1%

Ohio Higher Educational Facility Commission, Case Western Reserve University Project Series A, Rev., 4.00%, 12/1/2019		535		539


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Ohio Higher Educational Facility Commission, Oberlin College Rev., 5.00%, 10/1/2020		1,000		1,042

Ohio State Higher Educational Facility Commission, Oberlin College Rev., 4.00%, 10/1/2019		675		676


				2,257


General Obligation — 0.4%

City of Dublin, Various Purpose GO, 4.00%, 12/1/2028		200		231

Cuyahoga Ohio Community College District, Facilities Construction and Improvement Bonds

GO, 5.00%, 12/1/2028		2,300		2,812

Series 2018, GO, 4.00%, 12/1/2032		1,250		1,417

Lexington Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2031		1,050		1,246


				5,706


Hospital — 1.3%

Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		375		404

County of Allen, Hospital Facilities, Mercy Health Series B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.75%), 2.03%, 9/12/2019 (c)		10,800		10,811

County of Lake, Hospital Facilities, Lake Hospital System, Inc.

Rev., 5.00%, 8/15/2023		1,445		1,648

Rev., 5.00%, 8/15/2024		1,655		1,939

Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 1.71%, 9/12/2019 (c)		4,000		4,029

State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 1.51%, 9/9/2019 (d)		2,500		2,500


				21,331


Other Revenue — 0.2%

City of Cleveland, Subordinate Lien, Public Facilities Improvements

Series 2018A, Rev., 5.00%, 10/1/2024		200		237

Series 2018A, Rev., 5.00%, 10/1/2025		150		183

Series 2018A, Rev., 5.00%, 10/1/2027		250		317

Series 2018A, Rev., 5.00%, 10/1/2028		250		320

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	49

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — continued

Cleveland Public Library

Series A, Rev., 4.00%, 12/1/2033		425		506

Series A, Rev., 4.00%, 12/1/2034		375		444

Series A, Rev., 4.00%, 12/1/2035		625		736


				2,743


Utility — 0.3%

American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (d)		5,000		5,112


Water & Sewer — 0.1%

Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati

Series 2013A, Rev., 5.00%, 12/1/2019		640		646

Series A, Rev., 5.00%, 12/1/2021		1,375		1,494


				2,140


Total Ohio				39,289


Oklahoma — 1.1%

Education — 1.1%

Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project

Rev., 5.00%, 9/1/2025		365		436

Rev., 5.00%, 9/1/2026		820		999

Rev., 5.00%, 9/1/2027		1,250		1,550

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2025		3,050		3,665

Custer County Economic Development Authority, Thomas Fay Public Schools

Rev., 4.00%, 12/1/2025		700		800

Rev., 4.00%, 12/1/2027		1,255		1,467

Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project

Rev., 5.00%, 9/1/2028		375		473

Rev., 5.00%, 9/1/2029		1,175		1,479

Grady County School Finance Authority, Tuttle Public Schools Project

Rev., 4.00%, 9/1/2029		300		363

Rev., 4.00%, 9/1/2030		430		514

Rev., 4.00%, 9/1/2031		860		1,023

Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project

Rev., 5.00%, 10/1/2022		500		557

Rev., 5.00%, 10/1/2023		355		407


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Rev., 5.00%, 10/1/2025		1,000		1,210

Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project Rev., 5.00%, 9/1/2019		325		325

Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021		2,000		2,153


				17,421


Other Revenue — 0.0% (b)

Cleveland County Justice Authority, Sales Tax, Detention Facility Project Rev., 4.00%, 3/1/2020		500		501


Total Oklahoma				17,922


Oregon — 0.2%

Transportation — 0.2%

Port of Portland, International Airport

Series 23, Rev., 5.00%, 7/1/2023		1,000		1,149

Series 23, Rev., 5.00%, 7/1/2024		1,595		1,891


				3,040


Water & Sewer — 0.0% (b)

City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023		40		46


Total Oregon				3,086


Pennsylvania — 6.2%

Education — 0.7%

Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022		5,055		5,654

State Public School Building Authority, Community College of Philadelphia Project

Rev., 5.00%, 6/15/2021		2,760		2,934

Rev., 5.00%, 6/15/2024		2,625		3,046


				11,634


General Obligation — 2.3%

Armstrong School District

Series 2019A, GO, 5.00%, 3/15/2027		745		922

Series A, GO, 5.00%, 3/15/2028 (g)		1,125		1,419

Series 2019A, GO, 5.00%, 3/15/2029		915		1,176

Series 2019A, GO, 5.00%, 3/15/2030		900		1,149

Series 2019A, GO, 5.00%, 3/15/2031		900		1,142

City of Philadelphia Series 2019A, GO, 5.00%, 8/1/2025		6,340		7,671

Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2028		5,000		5,297

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

County of Chester GO, 4.00%, 7/15/2028		2,500		3,065

County of Northampton

Series A, GO, 4.00%, 10/1/2026		750		878

Series A, GO, 4.00%, 10/1/2027		1,565		1,830

Series A, GO, 4.00%, 10/1/2028		920		1,065

County of Westmoreland Series A, GO, 5.00%, 8/15/2028		3,000		3,868

Dallas School District

Series 2019, GO, AGM, 5.00%, 10/15/2025		200		242

Series 2019, GO, AGM, 5.00%, 10/15/2026		350		433

Series 2019, GO, AGM, 5.00%, 10/15/2027		50		63

Series 2019, GO, AGM, 5.00%, 10/15/2028		25		32

Series 2019, GO, AGM, 5.00%, 10/15/2029		600		787

Series 2019, GO, AGM, 5.00%, 10/15/2030		1,000		1,307

Series 2019, GO, AGM, 5.00%, 10/15/2031		1,010		1,303

Series 2019, GO, AGM, 5.00%, 10/15/2032		1,850		2,374

Schuylkill Valley School District GO, 5.00%, 4/1/2022		350		383

Upper St. Clair Township School District

Series 2019B, GO, 4.00%, 10/1/2028		575		665

Series 2019B, GO, 4.00%, 10/1/2029		420		484


				37,555


Hospital — 0.3%

Berks County Industrial Development Authority, Tower Health Project

Rev., 5.00%, 11/1/2023		1,000		1,149

Rev., 5.00%, 11/1/2024		1,000		1,178

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024		1,000		1,174

Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026		1,400		1,685

Southcentral General Authority, Wellspan Health Obligation Group Series 2014A, Rev., 5.00%, 6/1/2024		380		446


				5,632


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Lehigh County Industrial Development Authority, Pollution Control

Series 2016B, Rev., 1.80%, 8/15/2022 (d)		4,000		4,037

Series 2016A, Rev., 1.80%, 9/1/2022 (d)		2,500		2,523


				6,560


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.1%

Commonwealth Financing Authority Series 2019B, Rev., 5.00%, 6/1/2031		500		665

Commonwealth Financing Authority, Tobacco Master Settlement Payment Series 2018, Rev., 5.00%, 6/1/2022		555		609

Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., VRDO, 2.00%, 4/30/2020 (d)		1,000		1,004


				2,278


Transportation — 0.8%

Pennsylvania Turnpike Commission

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 1.88%, 9/12/2019 (c)		13,000		13,070

Series A, Rev., 5.00%, 12/1/2021		655		712


				13,782


Water & Sewer — 1.6%

Allegheny County Sanitary Authority, Sewer

Rev., 5.00%, 12/1/2021		3,500		3,802

Rev., 5.00%, 12/1/2022		3,000		3,371

Rev., 5.00%, 12/1/2023		4,000		4,639

Charleroi Borough Authority, Water System

Rev., AGM, 4.00%, 12/1/2024 (g)		175		197

Rev., AGM, 4.00%, 12/1/2025 (g)		150		172

Rev., AGM, 4.00%, 12/1/2026 (g)		100		117

Rev., AGM, 4.00%, 12/1/2027 (g)		125		148

City of Philadelphia, Water and Wastewater

Series 2013A, Rev., 5.00%, 1/1/2020		8,530		8,639

Series A, Rev., 5.00%, 7/1/2022		1,510		1,675

Series 2014A, Rev., 5.00%, 7/1/2024		2,595		3,067

Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2023		270		310


				26,137


Total Pennsylvania				103,578


Rhode Island — 0.1%

General Obligation — 0.1%

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2013 Series 2013A, GO, 5.00%, 10/15/2019 (e)		1,475		1,482

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2014 Series A, GO, 5.00%, 11/1/2019		1,000		1,006


				2,488

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	51

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.0% (b)

Rhode Island Commerce Corp., Department of TransportationSeries 2016-A, Rev., GRAN, 5.00%, 6/15/2022		25		27


Total Rhode Island				2,515


South Carolina — 0.1%

Other Revenue — 0.1%

County of Charleston Rev., 5.00%, 12/1/2019		1,000		1,009


South Dakota — 0.1%

Education — 0.1%

South Dakota Health and Educational Facilities Authority

Series B, Rev., 4.00%, 11/1/2020		625		644

Series B, Rev., 4.00%, 11/1/2021		500		528

Series B, Rev., 5.00%, 11/1/2022		375		416


				1,588


Other Revenue — 0.0% (b)

South Dakota State Building Authority Series B, Rev., 5.00%, 6/1/2021		485		518


Total South Dakota				2,106


Tennessee — 0.7%

General Obligation — 0.5%

County of Rutherford Series A, GO, 5.00%, 4/1/2026		1,165		1,410

State of Tennessee Series A, GO, 4.00%, 8/1/2025		7,000		7,596


				9,006


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%

Tennessee Energy Acquisition Corp., Gas Project

Series A, Rev., 4.00%, 5/1/2022		1,460		1,550

Series A, Rev., 4.00%, 5/1/2023		1,400		1,516


				3,066


Total Tennessee				12,077


Texas — 11.4%

Education — 0.8%

Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029		1,000		1,167


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project

Series 2018C, Rev., 5.00%, 8/1/2026		250		310

Series 2018C, Rev., 5.00%, 8/1/2027		200		254

Series 2018C, Rev., 5.00%, 8/1/2029		325		408

Austin Community College District, Combined Fee Series 2014A, Rev., 5.00%, 2/1/2021		790		833

County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital Series 3, Rev., (ICE LIBOR USD 1 Month + 0.85%), 2.29%, 9/12/2019 (c)		7,500		7,550

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026		1,910		2,219

Southwest Higher Education Authority, Inc., Southern Methodist University Project

Series 2017, Rev., 5.00%, 10/1/2021		425		459

Series 2017, Rev., 5.00%, 10/1/2022		400		448

Series 2017, Rev., 5.00%, 10/1/2023		400		463


				14,111


General Obligation — 3.5%

Abilene Independent School District, Unlimited Tax School Building

GO, PSF-GTD, 4.00%, 2/15/2029		2,000		2,404

GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,184

GO, PSF-GTD, 4.00%, 2/15/2031		1,000		1,178

GO, PSF-GTD, 4.00%, 2/15/2032		2,535		2,973

Brownfield Independent School District

GO, PSF-GTD, 4.00%, 2/15/2032 (g)		555		648

GO, PSF-GTD, 4.00%, 2/15/2033 (g)		475		551

City of Abilene, Taylor and Jones Counties GO, 5.00%, 2/15/2021		475		501

City of Colony GO, 5.00%, 8/15/2020		610		632

City of Denton GO, 5.00%, 2/15/2023		1,045		1,182

City of El Paso, Refunding and Improvement

GO, 5.00%, 8/15/2021		530		569

GO, 5.00%, 8/15/2025		4,035		4,858

City of Galveston GO, 4.00%, 5/1/2024		635		714

City of Houston, Public Improvement

Series A, GO, 5.00%, 3/1/2021		3,000		3,171

Series A, GO, 5.00%, 3/1/2025		1,195		1,434

College of the Mainland

GO, 4.00%, 8/15/2032		965		1,123

GO, 4.00%, 8/15/2033		245		283

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

GO, 4.00%, 8/15/2034		2,860		3,287

Counties of Harris and Fort Bend, Houston Community College System, Limited Tax GO, 5.00%, 2/15/2026		1,000		1,123

Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024		1,310		1,549

Galveston County, Unlimited Tax Road

Series 2017, GO, 4.00%, 2/1/2024		980		1,100

Series 2017, GO, 4.00%, 2/1/2025		800		917

Georgetown Independent School District

Series C, GO, PSF-GTD, 4.00%, 8/15/2032		2,165		2,546

Series C, GO, PSF-GTD, 4.00%, 8/15/2033		2,315		2,707

Series C, GO, PSF-GTD, 4.00%, 8/15/2034		1,465		1,708

Harris County Fresh Water Supply District No. 61 Series 2019, GO, AGM, 3.00%, 9/1/2025		530		572

Hereford Independent School District, School Building

GO, PSF-GTD, 4.00%, 2/15/2028		1,420		1,682

GO, PSF-GTD, 4.00%, 2/15/2029		1,480		1,732

GO, PSF-GTD, 4.00%, 2/15/2030		1,000		1,167

GO, PSF-GTD, 4.00%, 2/15/2031		700		814

Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027		290		318

Lewisville Independent School District, School Building

GO, PSF-GTD, 5.00%, 8/15/2025		750		865

GO, PSF-GTD, 5.00%, 8/15/2026		750		865

GO, PSF-GTD, 5.00%, 8/15/2027		650		749

Pasadena Independent School District Series A, GO, PSF-GTD, 5.00%, 2/15/2028		1,000		1,161

Pharr San Juan Alamo Independent School District Series 2015ISD, GO, PSF-GTD, 4.00%, 2/1/2030		4,000		4,537

Richardson Independent School District Series 2019, GO, PSF-GTD, 5.00%, 2/15/2029		3,165		4,088

S & S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		580		699

Southside Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2022		250		278


				57,869


Hospital — 0.7%

Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2019		7,200		7,221


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Irving Hospital Authority, Baylor Scott and White Medical Center

Series 2017B, Rev., VRDO, 2.38%, 9/12/2019 (d)		1,750		1,750

Series 2017A, Rev., 5.00%, 10/15/2022		250		278

Series 2017A, Rev., 5.00%, 10/15/2028		250		300

Series 2017A, Rev., 5.00%, 10/15/2029		500		599

Series 2017A, Rev., 5.00%, 10/15/2031		1,000		1,192


				11,340


Other Revenue — 4.2%

Austin Convention Enterprises, Inc., Convention Center Hotel First Tier

Series 2017A, Rev., 5.00%, 1/1/2021		500		524

Series 2017A, Rev., 5.00%, 1/1/2022		750		813

Austin Convention Enterprises, Inc., Convention Center Hotel Second Tier Series 2017B, Rev., 5.00%, 1/1/2021		800		834

Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2023		4,700		5,168

State of Texas Rev., TRAN, 4.00%, 8/27/2020		60,000		61,652


				68,991


Prerefunded — 0.0% (b)

Lower Colorado River Authority Series B, Rev., 5.00%, 5/15/2022 (e)		60		66


Transportation — 1.1%

Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		1,545		1,619

City of Austin, Airport System

Series 2017B, Rev., AMT, 5.00%, 11/15/2026		1,095		1,360

Series 2017B, Rev., AMT, 5.00%, 11/15/2027		585		725

Series 2017B, Rev., AMT, 5.00%, 11/15/2028		630		774

Grand Parkway Transportation Corp. Rev., BAN, 5.00%, 2/1/2023		10,000		11,216

North Texas Tollway Authority System, First Tier Series A, Rev., 4.00%, 1/1/2033		2,500		2,860


				18,554


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 Series B, Rev., 2.00%, 12/1/2021 (d)		6,480		6,575

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	53

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utility — continued

City of Victoria, Utility System Rev., 2.50%, 12/1/2019		150		150

Texas Municipal Gas Acquisition and Supply Corp. I Series D, Rev., 6.25%, 12/15/2026		1,865		2,194

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		371

Series 2017, Rev., 5.00%, 8/15/2027		350		440


				10,954


Water & Sewer — 0.4%

City of Dallas, Waterworks and Sewer System Series 2012A, Rev., 5.00%, 10/1/2019		3,520		3,530

City of Galveston, Waterworks and Sewer System

Rev., 5.00%, 5/1/2020		245		251

Rev., 5.00%, 5/1/2021		265		282

City of Garland, Water & Sewer System Series 2018A, Rev., 5.00%, 3/1/2026		1,030		1,276

North Harris County, Regional Water Authority, Senior Lien Rev., 5.00%, 12/15/2019		1,035		1,046


				6,385


Total Texas				188,270


Utah — 1.3%

General Obligation — 0.3%

State of Utah GO, 5.00%, 7/1/2021		4,925		5,280


Other Revenue — 0.9%

Utah Infrastructure Agency, Telecommunication Revenue Series A, Rev., 5.00%, 10/15/2025		10,380		11,641

West Valley City Municipal Building Authority

Rev., AGM, 4.00%, 2/1/2024		500		556

Rev., AGM, 5.00%, 2/1/2025		250		297

Rev., AGM, 5.00%, 2/1/2027		720		892

Rev., AGM, 5.00%, 2/1/2029		1,070		1,313


				14,699


Transportation — 0.1%

Salt Lake City Corp. Airport Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,102


Total Utah				21,081


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Vermont — 0.1%

Education — 0.1%

University of Vermont and State Agricultural College

Rev., 5.00%, 10/1/2021		750		810

Rev., 5.00%, 10/1/2022		855		955


				1,765


Other Revenue — 0.0% (b)

Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021		400		436


Total Vermont				2,201


Virginia — 2.8%

Education — 1.6%

Virginia College Building Authority, 21st Century College and Equipment Programs

Series 2017E, Rev., 5.00%, 2/1/2027		20,000		25,350

Series 2017C, Rev., 5.00%, 2/1/2028		1,000		1,264


				26,614


General Obligation — 0.7%

County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026		7,715		9,217

Loudoun County, Public Improvement Series A, GO, 5.00%, 12/1/2026		1,930		2,385


				11,602


Transportation — 0.1%

Virginia Resources Authority, Infrastructure Series C, Rev., 5.00%, 11/1/2027		1,235		1,557


Water & Sewer — 0.4%

Fairfax County Water Authority, Water Series B, Rev., 5.25%, 4/1/2024		5,615		6,674


Total Virginia				46,447


Washington — 1.2%

General Obligation — 0.0% (b)

King County Public Hospital District No. 2, Evergreenhealth GO, 5.00%, 12/1/2019		870		878


Hospital — 1.2%

Washington Health Care Facilities Authority, Commonspirit HealthSeries B-3, Rev., 5.00%, 8/1/2026 (d)		16,000		19,284


Utility — 0.0% (b)

Snohomish County Public Utility District No. 1 Rev., 5.00%, 12/1/2025		500		606


Total Washington				20,768

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

West Virginia — 0.2%

Utility — 0.2%

West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (d)		2,905		2,993


Wisconsin — 1.7%

Education — 0.1%

Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025		325		390

Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 5.00%, 12/15/2020		1,250		1,310


				1,700


General Obligation — 1.6%

City of Racine GO, 4.00%, 12/1/2025		300		348

Pewaukee School District

Series 2019B, GO, 5.00%, 9/1/2027		200		254

Series 2019B, GO, 4.00%, 9/1/2031		400		474

Series 2019A, GO, 4.00%, 3/1/2032		900		1,063

State of Wisconsin

Series A, GO, 5.00%, 5/1/2026		5,050		6,118

Series 1, GO, 5.00%, 11/1/2026		1,135		1,431

Sun Prairie Area School District GO, 4.00%, 3/1/2028		2,500		2,952


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Wauwatosa School District, School Building and Improvement

Series 2019A, GO, 5.00%, 3/1/2027		5,025		6,352

Series 2019A, GO, 5.00%, 3/1/2029		6,025		7,542


				26,534


Total Wisconsin				28,234


Total Municipal Bonds (Cost $1,519,397)				1,573,632

Collateralized Mortgage Obligations — 0.0% (b)

FNMA, REMICSeries 2002-36, Class FS, 2.65%, 6/25/2032 (d) (Cost $153)		154		154


	SHARES (000)
Short-Term Investments — 9.6%

Investment Companies — 9.6%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (h) (i) (Cost $158,716)		158,715		158,731

Total Investments — 104.6% (Cost $1,678,266)				1,732,517
Liabilities in Excess of Other Assets — (4.6)%				(76,813	)

NET ASSETS — 100.0%				1,655,704

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
GRAN		Grant Revenue Anticipation Notes
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
SOFR		Secured Overnight Financing Rate
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, 2019.


(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, 2019.
(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, 2019.
(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.
(g)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	55

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 96.6% (a)

Alabama — 0.6%

Hospital — 0.0% (b)

Allegheny County Hospital Development Authority, University Pittsburgh Medical Centre Rev., 5.00%, 9/1/2019		40		40

UAB Medicine Finance AuthoritySeries B-2, Rev., 5.00%, 9/1/2037		30		36


				76


Other Revenue — 0.3%

Montgomery County Public Building Authority, Warrants, Facilities Project Rev., 5.00%, 3/1/2029		1,000		1,164

UAB Medicine Finance AuthoritySeries B-2, Rev., 3.50%, 9/1/2035		160		173


				1,337


Utility — 0.3%

Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (c)		500		550

Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (c)		835		921


				1,471


Total Alabama				2,884


Alaska — 0.8%

Education — 0.0% (b)

University of Alaska Series S, Rev., 4.00%, 10/1/2021		70		74


General Obligation — 0.0% (b)

Municipality of Anchorage Series C, GO, 5.00%, 9/1/2019		5		5


Housing — 0.2%

Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046		760		800


Prerefunded — 0.6%

Matanuska-Susitna Borough, Goose Creek Correctional Center Project Rev., AGC, 6.00%, 9/1/2019 (d)		2,750		2,750


Total Alaska				3,629


Arizona — 1.9%

Education — 0.2%

Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project

Series 2018A, Rev., 5.00%, 7/1/2032		350		422


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series 2018A, Rev., 5.00%, 7/1/2033		150		180

Series 2018A, Rev., 5.00%, 7/1/2037		200		237

University of Arizona Rev., 5.00%, 6/1/2033		40		49


				888


General Obligation — 0.0% (b)

County of Pima GO, 5.00%, 7/1/2020		20		21

Maricopa County Special Health Care District Series 2018C, GO, 5.00%, 7/1/2033		10		12


				33


Industrial Development Revenue/Pollution Control Revenue — 0.9%

Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049		4,000		4,359


Other Revenue — 0.0% (b)

City of Buckeye Rev., 4.00%, 7/1/2020		25		26

City of Chandler Rev., 5.00%, 7/1/2028		25		31


				57


Utility — 0.8%

Salt River Project Agricultural Improvement and Power District, Electric System Series 2016A, Rev., 5.00%, 1/1/2036		3,000		3,712


Total Arizona				9,049


Arkansas — 0.2%

Education — 0.1%

Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037		185		229

University of Arkansas, Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027		100		128

University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029		100		123


				480


General Obligation — 0.0% (b)

State of Arkansas,Four-Lane Highway Construction and Improvement Series 2013, GO, 5.00%, 6/15/2021		60		64


Hospital — 0.1%

County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029		350		426


Total Arkansas				970

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

California — 7.0%

Certificate of Participation/Lease — 0.4%

City of Palm Springs Series B, COP, 0.00%, 4/15/2021 (d)		100		99

Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033		1,500		1,703


				1,802


Education — 0.4%

California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039		500		567

California School Finance Authority, Green Dot Public School Projects

Series 2018A, Rev., 5.00%, 8/1/2020 (e)		50		52

Series 2018A, Rev., 5.00%, 8/1/2021 (e)		50		54

Series 2018A, Rev., 5.00%, 8/1/2022 (e)		80		89

Series 2018A, Rev., 5.00%, 8/1/2023 (e)		175		200

Series 2018A, Rev., 5.00%, 8/1/2024 (e)		160		187

Series 2018A, Rev., 5.00%, 8/1/2025 (e)		150		179

Series 2018A, Rev., 5.00%, 8/1/2026 (e)		150		182

Series 2018A, Rev., 5.00%, 8/1/2027 (e)		150		185

Series 2018A, Rev., 5.00%, 8/1/2028 (e)		190		237


				1,932


General Obligation — 2.2%

Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032		60		76

County of Santa Clara, Campbell Union High School District

GO, 3.00%, 8/1/2030		620		674

GO, 3.00%, 8/1/2031		30		33

El Monte City School District GO, BAN, 0.00%, 4/1/2023		900		861

Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2024		60		69

Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043		7,150		7,240

Pomona Unified School District Series A, GO, NATL-RE, 6.10%, 2/1/2020		50		51

Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo GO, 0.00%, 8/1/2037		2,450		1,090

South Monterey County Joint Union High School District, Election of 2018Series A-1, GO, AGM, 5.00%, 8/1/2035		15		19


				10,113


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 1.0%

California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2041		250		299

California Municipal Finance Authority, Eisenhower Medical Center Series 2017A, Rev., 5.00%, 7/1/2042		1,000		1,185

California Public Finance Authority, Henry Mayo Newhall Hospital

Rev., 5.00%, 10/15/2037		500		583

Rev., 5.00%, 10/15/2047		1,000		1,150

California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045		1,500		1,565


				4,782


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

California Infrastructure & Economic Development Bank, The Salvation Army Rev., 5.00%, 9/1/2019		5		5


Other Revenue — 1.2%

California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027		10		13

Golden State Tobacco Securitization Corp., Tobacco SettlementSeries A-1, Rev., 3.50%, 6/1/2036		5,650		5,772


				5,785


Special Tax — 0.0% (b)

County of Sacramento, Community Facilities District No. 1 Improvement 5.50%, 9/1/2019		5		5

Poway Unified School District Public Financing Authority 4.00%, 9/1/2019		5		5


				10


Transportation — 0.3%

Bay Area Toll Authority, Toll Bridge, San Francisco Bay AreaSeries S-7, Rev., 4.00%, 4/1/2032		35		41

City of Los Angeles, Department of Airports Series A, Rev., AMT, 5.00%, 5/15/2038		1,250		1,401


				1,442


Utility — 0.5%

Long Beach Bond Finance Authority, Natural Gas Series A, Rev., 5.25%, 11/15/2021		2,000		2,162


Water & Sewer — 1.0%

City of Fairfield Rev., 4.00%, 4/1/2020		5		5

City of Sacramento Rev., 5.00%, 9/1/2019		5		5

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	57

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — continued

East Bay Municipal Utility District, Wastewater SystemSeries 2015A-1, Rev., 5.00%, 6/1/2036		2,450		2,970

East Bay Municipal Utility District, Water System, Green Bonds Series B, Rev., 5.00%, 6/1/2033		515		629

Orange County Water District Series A, Rev., 5.00%, 8/15/2034		650		819

West Sacramento Area Flood Control Agency 4.00%, 9/1/2019		5		5


				4,433


Total California				32,466


Colorado — 2.5%

Certificate of Participation/Lease — 0.9%

Adams County, Colorado Refunding and Improvement COP, 4.00%, 12/1/2040		2,815		3,101

Colorado Department of Transportation Headquarters Facilities COP, 5.00%, 6/15/2041		1,000		1,195

State of Colorado Series 2018A, COP, 5.00%, 9/1/2031		20		25


				4,321


Hospital — 1.1%

Colorado Health Facilities Authority, Commonspirit HealthSeries A-2, Rev., 4.00%, 8/1/2049		2,500		2,746

Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045		1,095		1,210

Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045		1,000		1,115


				5,071


Other Revenue — 0.0% (b)

City of Grand Junction Rev., 5.00%, 3/1/2020		25		25


Prerefunded — 0.5%

State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021 (d)		2,000		2,119


Total Colorado				11,536


Connecticut — 1.1%

Education — 0.5%

Connecticut State Health and Educational Facilities Authority

Series K-1, Rev., 5.00%, 7/1/2034		725		871

Series K-1, Rev., 5.00%, 7/1/2036		450		538

Series K-1, Rev., 5.00%, 7/1/2039		490		583


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program

Series A, Rev., AMT, 5.00%, 11/15/2019		175		176

Series A, Rev., AMT, 5.00%, 11/15/2020		300		312

University of Connecticut Series A, Rev., 5.00%, 2/15/2028		15		18


				2,498


General Obligation — 0.1%

State of Connecticut

Series 2016D, GO, 5.00%, 8/15/2026		25		31

Series 2012G, GO, 4.00%, 10/15/2027		45		49

Series A, GO, 5.00%, 4/15/2029		150		185

Town of Wallingford GO, 4.00%, 3/15/2021		20		21


				286


Hospital — 0.3%

Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025		1,000		1,188


Housing — 0.2%

Connecticut Housing Finance Authority, Housing Mortgage Finance Program

Series B-2, Rev., 4.00%, 11/15/2032		355		366

Series A-1, Rev., 4.00%, 11/15/2045		115		121

SubseriesA-1, Rev., 4.00%, 11/15/2047		385		414


				901


Special Tax — 0.0% (b)

State of Connecticut, Special Tax Transportation Infrastructure Purposes

Series 2016A, Rev., 5.00%, 9/1/2027		25		31

Series 2018B, Rev., 5.00%, 10/1/2033		55		69


				100


Total Connecticut				4,973


Delaware — 0.9%

Education — 0.2%

Delaware Economic Development Authority, Newark Charter School, Inc. Project

Series A, Rev., 5.00%, 9/1/2036		500		580

Series A, Rev., 5.00%, 9/1/2046		500		572


				1,152


General Obligation — 0.0% (b)

County of New Castle GO, 5.00%, 4/1/2027		25		32

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 0.3%

Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 4.00%, 7/1/2043		1,275		1,400


Housing — 0.1%

Delaware State Housing Authority, Senior Single Family MortgageSeries A-1, Rev., AMT, 4.90%, 7/1/2029		355		366


Industrial Development Revenue/Pollution Control Revenue — 0.3%

Delaware Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated GroupSeries 2018-B, Rev., 5.00%, 11/15/2048		1,000		1,165


Total Delaware				4,115


District of Columbia — 1.6%

Other Revenue — 0.0% (b)

District of Columbia Series 2012C, Rev., 5.00%, 12/1/2019		20		20

District of Columbia, Kipp DC Project Series 2017B, Rev., 5.00%, 7/1/2027		30		37

District of Columbia, National Public Radio, Inc. Series 2016, Rev., 5.00%, 4/1/2024		25		29


				86


Prerefunded — 0.3%

District of Columbia Series A, Rev., 6.00%, 7/1/2023 (d)		1,000		1,183


Transportation — 1.3%

Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042		5,010		6,180


Total District of Columbia				7,449


Florida — 1.7%

Certificate of Participation/Lease — 0.0% (b)

Monroe County School District

Series A, COP, 5.00%, 6/1/2032		100		124

Series A, COP, 5.00%, 6/1/2034		40		49


				173


Education — 0.0% (b)

St Lucie County School Board Rev., AGM, 5.00%, 10/1/2019		50		50


General Obligation — 1.4%

County of Miami-Dade Series A, GO, 5.00%, 7/1/2036		2,745		3,497

Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025		2,415		2,853


				6,350


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 0.1%

Orange County Health Facilities Authority Series B, Rev., 4.00%, 10/1/2045		215		235

South Broward Hospital District, Memorial Healthcare System Series 2016, Rev., 5.00%, 5/1/2023		10		11


				246


Housing — 0.0% (b)

Florida Housing Finance Corp., Homeowner Mortgage, Special Program Series B, Rev., GNMA/FNMA/FHLMC, 4.50%, 1/1/2029		60		61


Other Revenue — 0.2%

Capital Trust Agency Inc., H-Bay Ministries, Inc., Superior Residences Project

Series 2018B, Rev., 3.75%, 7/1/2023		180		184

Series 2018B, Rev., 4.00%, 7/1/2028		375		388

City of Jacksonville Series B, Rev., 5.00%, 10/1/2024		20		24

County of Miami-Dade Series 2016, Rev., 4.00%, 10/1/2040		105		116

Orange County Convention Center Series 2016A, Rev., 4.00%, 10/1/2036		40		45


				757


Prerefunded — 0.0% (b)

Palm Beach County Health Facilities Authority, Bethesda Healthcare System, Inc. Project

Series A, Rev., AGM, 4.75%, 7/1/2020 (d)		5		5

Series A, Rev., AGM, 5.25%, 7/1/2020 (d)		5		5


				10


Transportation — 0.0% (b)

Florida’s Turnpike Enterprise, Department of Transportation

Series A, Rev., 5.00%, 7/1/2020		35		36

Series 2018A, Rev., 5.00%, 7/1/2033		55		70


				106


Utility — 0.0% (b)

City of Leesburg, Electric System Rev., 5.00%, 10/1/2031		15		18

City of Port St. Lucie, Utility Systems Series 2018, Rev., 5.00%, 9/1/2028		25		32

City of Tallahassee, Utility System Series 2017, Rev., 5.00%, 10/1/2023		10		12

County of Sarasota, Utility System Series 2016A, Rev., 4.00%, 10/1/2043		65		72


				134

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	59

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.0% (b)

City of Lauderhill, Water & Sewer System Rev., 4.00%, 10/1/2027		15		18

County of St Johns Rev., 5.00%, 6/1/2020		35		36

East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028		30		38

JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2020 (d)		20		21


				113


Total Florida				8,000


Georgia — 4.8%

Education — 0.5%

Georgia Higher Education Facilities Authority USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038		2,000		2,250


Hospital — 1.0%

Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026		2,915		3,340

Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Series 2017, Rev., 4.00%, 8/15/2041		1,000		1,112


				4,452


Housing — 0.0% (b)

Georgia Housing and Finance Authority, Single Family Mortgage

Series A, Rev., AMT, 5.00%, 6/1/2029		15		15

SubseriesA-1, Rev., AMT, 4.00%, 6/1/2044		175		183


				198


Prerefunded — 0.0% (b)

Brunswick-Glynn County, Joint Water & Sewer Commission Series C, Rev., AGM, 4.50%, 6/1/2020 (d)		5		5

Dahlonega Downtown Development Authority, North Georgia MBA, LLC Project Rev., AGC, 4.75%, 7/1/2020 (d)		5		5

Gainesville & Hall County Hospital Authority, Health System

Series A, Rev., 5.38%, 2/15/2020 (d)		5		5

Series A, Rev., 5.50%, 2/15/2020 (d)		5		6

Medical Center Hospital Authority, Columbus Regional Healthcare System, Inc. Project Rev., AGM, 5.00%, 8/1/2020 (d)		5		5


				26


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 0.0% (b)

Metropolitan Atlanta Rapid Transit Authority Series A, Rev., NATL-RE, 5.25%, 7/1/2028		110		146


Utility — 3.3%

Main Street Natural Gas, Inc., Gas Supply

Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (c)		5,000		5,464

Series 2019B, Rev., 4.00%, 12/2/2024 (c)		8,600		9,695


				15,159


Water & Sewer — 0.0% (b)

Henry County, Water and Sewer Authority Rev., AMBAC, 6.15%, 2/1/2020		5		5


Total Georgia				22,236


Hawaii — 0.5%

General Obligation — 0.5%

City and County of Honolulu Series A, GO, 5.00%, 10/1/2037		1,970		2,376


Idaho — 0.0% (b)

Education — 0.0% (b)

University of Idaho Series 2018A, Rev., 5.00%, 4/1/2035		25		31


Illinois — 3.6%

Education — 0.2%

Chicago Public Building Commission, Board of Education Series 1990A, Rev., NATL-RE, 7.00%, 1/1/2020 (d)		900		916


General Obligation — 1.5%

City of Chicago Series 2006A, GO, AGM, 4.75%, 1/1/2030		100		100

City of Oak Forest Series 2016B, GO, 3.00%, 12/15/2020		365		372

City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022		105		113

Cook County Forest Preserve District, Limited Tax Project Series B, GO, 5.00%, 12/15/2037		295		315

Kendall Kane & Will Counties Community Unit School District No. 308 GO, 4.00%, 2/1/2032		35		38

State of Illinois

Series 2012A, GO, 4.00%, 1/1/2024		15		16

GO, 5.00%, 5/1/2024		205		228

Series D, GO, 5.00%, 11/1/2024		325		365

Series 2012, GO, 4.00%, 8/1/2025		25		26

Series 2012, GO, 4.00%, 3/1/2026		10		10

Series 2012A, GO, 5.00%, 1/1/2027		25		27

GO, 5.00%, 5/1/2027		175		194

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

GO, 5.00%, 6/1/2027		25		29

Series 2009A, GO, 4.00%, 9/1/2027	��	115		115

Series 2016, GO, 5.00%, 11/1/2028		20		23

Series 2012A, GO, 4.00%, 1/1/2029		45		46

GO, 5.50%, 1/1/2030		20		25

GO, 4.13%, 11/1/2031		20		21

Series 2016, GO, 4.00%, 6/1/2033		15		16

Series 2016, GO, 4.00%, 6/1/2036		25		26

GO, 4.00%, 6/1/2037		45		47

GO, 5.50%, 7/1/2038		3,000		3,310

Village of Arlington Heights GO, 4.00%, 12/1/2034		130		144

Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033		1,000		1,213

Will County School District No. 86 Joliet Series A, GO, 4.00%, 3/1/2024		220		241

Winnebago & Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033		35		37


				7,097


Hospital — 0.1%

Illinois Finance Authority, Healthcare Enterprises, Inc.

Series C, Rev., 5.00%, 3/1/2033		305		369

Series 2017C, Rev., 5.00%, 3/1/2034		205		248


				617


Other Revenue — 1.4%

Illinois Finance Authority Series 2016C, Rev., 4.00%, 2/15/2041		475		529

Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021		200		213

Sales Tax Securitization Corp.

Series C, Rev., 5.00%, 1/1/2026		3,500		4,117

Series C, Rev., 5.25%, 1/1/2043		1,500		1,799

State of Illinois, Sales Tax Series D, Rev., 5.00%, 6/15/2027		15		18


				6,676


Prerefunded — 0.3%

Chicago O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2021 (d)		1,260		1,338

City of Chicago Series A, Rev., 4.50%, 1/1/2020 (d)		5		5

Illinois Finance Authority, University of Chicago Medical Center Series C, Rev., 4.50%, 8/15/2020 (d)		5		5


				1,348


INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)


Transportation — 0.1%

Chicago O’Hare International Airport, Third Lien Series 2011A, Rev., 5.75%, 1/1/2039		240			254


Total Illinois			��		16,908


Indiana — 1.7%

Education — 0.3%

Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Refunding Rev., 5.00%, 1/15/2023		10			11

Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034 (f)		1,100			1,353

University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029		25			33


					1,397


General Obligation — 0.1%

Gary Community School Corp. GO, 4.00%, 7/15/2023		230			249


Hospital — 0.3%

Indiana Finance Authority, Goshen Health Series A, Rev., 4.00%, 11/1/2043		1,125			1,252

Indiana Finance Authority, Parkview Health Series A, Rev., 4.00%, 11/1/2048		50			56

Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046		15			16


					1,324


Other Revenue — 0.1%

City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028		180			211

Indiana Finance Authority Series 2012M, Rev., 4.00%, 7/1/2020		100			102


					313


Prerefunded — 0.9%

Carmel Redevelopment Authority Rev., 5.00%, 7/1/2020 (d)		5			5

Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022 (d)		4,000			4,372

Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series F, Rev., AGM, 5.00%, 1/1/2020 (d)		10			10


					4,387


Utility — 0.0% (b)

Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042		30			36


Total Indiana					7,706

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	61

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Iowa — 0.1%

Housing — 0.1%

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2028		55		56

Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046		525		553


				609


Total Iowa				609


Kansas — 0.0% (b)

General Obligation — 0.0% (b)

Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022		50		54

Saline County Unified School District No. 305 Salina GO, 5.00%, 9/1/2019		5		5


				59


Hospital — 0.0% (b)

Kansas Development Finance Authority Series A, Rev., 5.00%, 1/1/2020		5		5


Prerefunded — 0.0% (b)

Douglas County Unified School District No. 491 Series A, GO, AGC, 5.13%, 9/1/2019 (d)		5		5

Leavenworth County Unified School District No. 453 Series A, GO, AGC, 5.13%, 9/1/2019 (d)		5		5


				10


Transportation — 0.0% (b)

State of Kansas, Department of Transportation Series B, Rev., 5.00%, 9/1/2019		5		5


Total Kansas				79


Kentucky — 0.5%

Certificate of Participation/Lease — 0.0% (b)

Commonwealth of Kentucky COP, 4.00%, 6/15/2032		30		33


Education — 0.1%

Mason County School District Finance Corp. Rev., 3.00%, 8/1/2031		265		276

Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028		20		23


				299


Hospital — 0.4%

City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036		1,750		1,812


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.0% (b)

Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028		30		31


Transportation — 0.0% (b)

Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023		30		34


Total Kentucky				2,209


Louisiana — 1.1%

General Obligation — 0.6%

State of Louisiana

Series 2014C, GO, 5.00%, 8/1/2020		25		26

Series 2019A, GO, 5.00%, 3/1/2035		2,000		2,551


				2,577


Hospital — 0.3%

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Series 2015A1, Rev., 5.00%, 6/1/2039		25		31

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047		1,055		1,207

St Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043		50		55


				1,293


Other Revenue — 0.2%

City of Ruston Rev., AGM, 5.00%, 6/1/2024		10		12

Tobacco Settlement Financing Corp., Asset-Backed Series 2013A, Rev., 5.25%, 5/15/2035		1,000		1,111


				1,123


Prerefunded — 0.0% (b)

East Ouachita Parish School District GO, 4.25%, 3/1/2020 (d)		5		5


Utility — 0.0% (b)

State of Louisiana, Gas and Fuels TaxSeries 2012A-1, Rev., 5.00%, 5/1/2020		45		46


Total Louisiana				5,044


Maine — 0.1%

Housing — 0.1%

Maine State Housing Authority Series A, Rev., 4.00%, 11/15/2045		420		445


Other Revenue — 0.0% (b)

Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021		100		106


Total Maine				551

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Maryland — 1.8%

Certificate of Participation/Lease — 1.6%

Baltimore County, Equipment Acquisition Program Series 2019, COP, 5.00%, 3/1/2029		5,735		7,526


Hospital — 0.0% (b)

Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023		115		129


Housing — 0.1%

Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031		255		270


Transportation — 0.0% (b)

Maryland State Transportation Authority Series 2017, Rev., 5.00%, 7/1/2028		10		13


Water & Sewer — 0.1%

City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033		270		318

Maryland Water Quality Financing Administration Revolving Loan Fund Series 2014, Rev., 5.00%, 3/1/2020		50		51


				369


Total Maryland				8,307


Massachusetts — 2.2%

Education — 0.3%

Massachusetts Development Finance Agency, Emerson College

Rev., 5.00%, 1/1/2036		825		997

Rev., 5.00%, 1/1/2037		315		380


				1,377


General Obligation — 0.9%

City of Boston Series A, GO, 5.00%, 4/1/2020		20		20

City of Lowell, Municipal Purpose Loan Series 2018, GO, 5.00%, 3/1/2028		90		117

Commonwealth of Massachusetts Series E, GO, 5.00%, 9/1/2020		25		26

Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039		3,690		4,155

Town of Bellingham GO, 4.00%, 6/15/2032		10		12


				4,330


Housing — 0.4%

Massachusetts Housing Finance Agency, Single Family Housing

Series 177, Rev., AMT, 4.00%, 6/1/2039		530		558


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series 167, Rev., 4.00%, 12/1/2043		380		396

Series 169, Rev., 4.00%, 12/1/2044		815		847


				1,801


Transportation — 0.6%

Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046		2,480		2,748


Total Massachusetts				10,256


Michigan — 1.4%

General Obligation — 0.3%

Grand Rapids Public Schools Series 2019, GO, AGM, 5.00%, 11/1/2043		1,000		1,241

Walled Lake Consolidated School District GO,Q-SBLF, 5.00%, 5/1/2033		10		13

Whitehall District Schools GO, AGM, 5.00%, 5/1/2033		25		30


				1,284


Hospital — 0.5%

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054 (f)		2,000		2,312


Housing — 0.0% (b)

Michigan State Housing Development Authority, Single-Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046		135		143


Other Revenue — 0.2%

Michigan State Building Authority, Facilities Program Series 2015I, Rev., 4.00%, 4/15/2040		120		133

Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043		750		858


				991


Prerefunded — 0.0% (b)

Kalamazoo Hospital Finance Authority, Bronson Methodist Hospital Series A, Rev., 5.00%, 5/15/2020 (d)		5		5

Zeeland Public Schools GO, AGM, 4.50%, 5/1/2020 (d)		5		5


				10


Transportation — 0.4%

State of Michigan, Trunk Line

Rev., 5.00%, 11/1/2019		20		20

Rev., 5.00%, 11/15/2036		1,500		1,621


				1,641


Total Michigan				6,381

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	63

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Minnesota — 3.0%

Certificate of Participation/Lease — 0.1%

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2020		185		187

Series 2019B, COP, 5.00%, 2/1/2021		150		157

Series 2019B, COP, 5.00%, 2/1/2022		160		173


				517


Education — 0.4%

Minnesota Higher Education Facilities Authority, Carleton College

Rev., 4.00%, 3/1/2032		1,000		1,164

Rev., 4.00%, 3/1/2033		500		578


				1,742


General Obligation — 1.4%

Aurora Independent School District No. 2711, School Building, Capital Appreciation

Series 2017B, GO, 0.00%, 2/1/2026		150		129

Series 2017B, GO, 0.00%, 2/1/2027		400		333

Series 2017B, GO, 0.00%, 2/1/2028		225		179

Series 2017B, GO, 0.00%, 2/1/2029		1,560		1,190

Series 2017B, GO, 0.00%, 2/1/2030		880		641

City of Hopkins GO, 4.00%, 2/1/2026		25		29

East Grand Forks Independent School District No. 595 Series A, GO, 4.00%, 2/1/2027		15		18

Lakeville Independent School District No. 194, Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2028		25		31

State of Minnesota Series A, GO, 5.00%, 8/1/2020		20		21

Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030		3,000		3,836


				6,407


Hospital — 0.7%

City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048		3,000		3,354


Housing — 0.4%

Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035		60		62

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		35		35


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — continued

Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040		14		14

Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041		90		91

Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program

Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 1/1/2031		30		31

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034		30		31

Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035		65		66

Minnesota Housing Finance Agency, Residential Housing Finance

Series 2014A, Rev., AMT, 4.00%, 7/1/2038		255		269

Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040		95		97

Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045		690		731

Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047		390		419


				1,846


Prerefunded — 0.0% (b)

Perham Hospital District Rev., 6.35%, 3/1/2020 (d)		5		5


Total Minnesota				13,871


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		1,203


Missouri — 1.3%

Certificate of Participation/Lease — 0.1%

City of Sedalia COP, 4.00%, 7/15/2035		205		230


Education — 1.0%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects

Series 2019A, Rev., 5.00%, 2/1/2034		1,000		1,141

Series 2019A, Rev., 5.00%, 2/1/2042		1,000		1,128

Health and Educational Facilities Authority of the State of Missouri, SSM Health Series A, Rev., 4.00%, 6/1/2048		2,160		2,360


				4,629

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.0% (b)

St. Louis County Reorganized School DistrictNo. R-6 Series 2017, GO, 5.00%, 2/1/2023		10		12


Housing — 0.2%

Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program

Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041		420		440

Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045		545		583

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., AMT, GNMA/FNMA/FHLMC, 4.25%, 11/1/2030		40		41


				1,085


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2010B, Rev., 5.00%, 7/1/2025		35		37


Prerefunded — 0.0% (b)

Health & Educational Facilities Authority of the State of Missouri, SSM Healthcare Series B, Rev., 4.50%, 6/1/2020 (d)		5		5


Total Missouri				5,998


Montana — 0.4%

Hospital — 0.3%

Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038 (f)		1,200		1,399


Housing — 0.1%

Montana Board of Housing, Single Family Homeownership

Series B2, Rev., AMT, 5.00%, 12/1/2027		200		209

Series A-2, Rev., AMT, 4.00%, 12/1/2038		125		131


				340


Prerefunded — 0.0% (b)

Montana Facility Finance Authority, Community Medical Center, Inc. Project Rev., 5.50%, 6/1/2020 (d)		5		5


Total Montana				1,744


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Nebraska — 0.1%

Hospital — 0.0% (b)

Douglas County Hospital Authority No. 2, Health Facilities Series 2016, Rev., 5.00%, 5/15/2030		10		12


Utility — 0.1%

Nebraska Public Power District Series A, Rev., 5.00%, 1/1/2020		5		5

Public Power Generation Agency, Whelan Energy Center Unit 2

Series 2015A, Rev., 5.00%, 1/1/2026		100		118

Series A, Rev., 5.00%, 1/1/2034		185		220

Series 2016A, Rev., 5.00%, 1/1/2035		25		30


				373


Total Nebraska				385


Nevada — 0.7%

Transportation — 0.1%

City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048		375		410


Utility — 0.6%

Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049		2,500		2,774


Water & Sewer — 0.0% (b)

Truckee Meadows Water Authority Series 2016, Rev., 5.00%, 7/1/2031		15		18


Total Nevada				3,202


New Hampshire — 0.0% (b)

Housing — 0.0% (b)

New Hampshire Housing Finance Authority, Single Family Mortgage

Series C, Rev., AMT, 4.00%, 1/1/2028		45		46

Series 2011A, Rev., AMT, 5.25%, 7/1/2028		20		20


				66


Total New Hampshire				66


New Jersey — 4.7%

Certificate of Participation/Lease — 0.0% (b)

County of Middlesex COP, 4.00%, 6/15/2022		110		118


Education — 0.1%

New Jersey Economic Development Authority, School Facilities Construction Series NN, Rev., 5.00%, 3/1/2024		150		167

New Jersey Educational Facilities Authority Series B, Rev., 5.00%, 9/1/2019		5		5


				172

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	65

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.0% (b)

Livingston Township School District GO, 4.00%, 7/15/2020		80		82

Township of South Brunswick GO, 5.00%, 7/1/2020		30		31


				113


Housing — 0.2%

New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048		935		1,043


Industrial Development Revenue/Pollution Control Revenue — 0.7%

New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027		240		284

New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039		2,800		3,085


				3,369


Other Revenue — 0.9%

Monmouth County Improvement Authority Rev., 5.00%, 12/1/2020		60		63

Tobacco Settlement Financing Corp.

Series A, Rev., 4.00%, 6/1/2037		1,000		1,090

Series A, Rev., 5.00%, 6/1/2046		1,000		1,148

Series A, Rev., 5.25%, 6/1/2046		1,500		1,758


				4,059


Prerefunded — 0.0% (b)

New Jersey Health Care Facilities Financing Authority

Rev., AGM, 4.00%, 1/1/2020 (d)		5		5

Rev., 4.50%, 1/1/2020 (d)		5		5

Rev., 4.75%, 1/1/2020 (d)		10		10


				20


Transportation — 2.8%

New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems Series A, Rev., 0.00%, 12/15/2036		10,355		6,183

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement

Series A-1, Rev., 5.00%, 6/15/2027		2,670		3,228

Series A, Rev., 5.00%, 6/15/2031		3,000		3,563


				12,974


Total New Jersey				21,868


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New Mexico — 0.2%

Housing — 0.2%

New Mexico Mortgage Finance Authority, Single Family Mortgage Program

Series A, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 9/1/2030		20		21

Series 2012A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043		155		159

Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048		590		637


				817


Transportation — 0.0% (b)

New Mexico Finance Authority, State Transportation, Senior Lien Series 2010B, Rev., 5.00%, 6/15/2024		100		103


Total New Mexico				920


New York — 9.8%

Education — 0.5%

Monroe County Industrial Development Corp., University of Rochester Series 2017C, Rev., 4.00%, 7/1/2033		60		70

New York State Dormitory Authority

Series 2015B, Rev., 5.00%, 7/1/2026		15		18

Series 2019A, Rev., 4.00%, 7/1/2045		2,000		2,322

Tompkins County Development Corp., Ithaca College Rev., 5.00%, 7/1/2032		80		100


				2,510


General Obligation — 0.3%

County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027		10		13

Springville-Griffith Institute Central School District GO, 3.00%, 6/15/2021		25		26

Town of Orangetown, Rockland County, Sparkill-Palisades Fire District

GO, AGM, 4.00%, 11/15/2040		220		246

GO, AGM, 4.00%, 11/15/2041		205		230

GO, AGM, 4.00%, 11/15/2042		315		352

GO, AGM, 4.00%, 11/15/2043		325		362

Village of Tuxedo Park GO, 4.00%, 8/1/2031		45		53


				1,282


Housing — 0.1%

New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044		375		394

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 1.5%

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Series C, Rev., 5.00%, 11/1/2021		170		178

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series A, SubseriesA-1, Rev., 5.00%, 8/1/2040		5,000		6,250

TSASC, Inc., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2020		500		510

Westchester Tobacco Asset Securitization Series 2016B, Rev., 5.00%, 6/1/2025		130		151


				7,089


Prerefunded — 0.0% (b)

Canton Capital Resource Corp., Grasse River Series A, Rev., AGM, 4.13%, 5/1/2020 (d)		5		5

Metropolitan Transportation Authority Series H, Rev., 5.00%, 11/15/2022 (d)		70		79

New York State Dormitory Authority Rev., 5.00%, 9/1/2019 (d)		10		10


				94


Special Tax — 1.0%

New York State Thruway Authority, State Personal Income Tax Series A, Rev., 5.00%, 3/15/2020		25		25

New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2019A, Rev., 5.00%, 3/15/2042		3,500		4,389


				4,414


Transportation — 2.8%

Metropolitan Transportation Authority Series D, Rev., 5.00%, 11/15/2031		400		491

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		1,642

Rev., AMT, 5.00%, 1/1/2036		1,125		1,351

Port Authority of New York & New Jersey Series 188, Rev., 5.00%, 5/1/2024		50		59

Port Authority of New York and New Jersey, Consolidated, 93rd Series Series 93, Rev., 6.13%, 6/1/2094		7,470		9,112

Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels Series A, Rev., 5.00%, 1/1/2020		20		20

Triborough Bridge and Tunnel Authority Series 2018B, Rev., 5.00%, 11/15/2031		75		104


				12,779


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 1.0%

Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041		4,250		4,863


Water & Sewer — 2.6%

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.27%, 9/6/2019 (c)		10,000		10,000

New York State Environmental Facilities Corp. Series B, Rev., 5.50%, 10/15/2020 (d)		40		42

New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects-Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037		1,750		2,192


				12,234


Total New York				45,659


North Carolina — 3.0%

Education — 0.7%

North Carolina Capital Facilities Finance Agency, Meredith College

Rev., 5.00%, 6/1/2027		1,060		1,263

Rev., 5.00%, 6/1/2028		905		1,074

Rev., 5.00%, 6/1/2029		350		414

Rev., 5.00%, 6/1/2030		450		531


				3,282


General Obligation — 0.0% (b)

City of Winston-Salem Series B, GO, 4.00%, 6/1/2030		10		12

County of Durham GO, 5.00%, 11/1/2019		25		25


				37


Housing — 0.1%

North Carolina Housing Finance Agency, Homeownership

Series 2, Rev., 4.25%, 1/1/2028		25		25

Series 1, Rev., AMT, 4.50%, 7/1/2028		70		71

Series A, Rev., AMT, 3.50%, 7/1/2039		305		318


				414


Other Revenue — 2.2%

City of Raleigh Series A, Rev., 4.00%, 10/1/2022		30		33

County of Burke

Series 2017, Rev., 5.00%, 4/1/2025		15		18

Series 2018, Rev., 5.00%, 4/1/2031		25		31

State of North Carolina Rev., 5.00%, 3/1/2033		7,735		9,966

Town of Fuquay-Varina Rev., 5.00%, 11/1/2030		10		13


				10,061

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	67

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.0% (b)

North Carolina Medical Care Commission, Duke University Health Systems Series A, Rev., 4.75%, 6/1/2020 (d)		5		5

University of North Carolina SystemSeries B-1, Rev., 4.00%, 4/1/2020 (d)		5		5


				10


Water & Sewer — 0.0% (b)

City of Charlotte Rev., 5.00%, 7/1/2029		10		12

City of Greensborough, Combined Water & Sewer System Rev., 5.00%, 6/1/2027		10		13


				25


Total North Carolina				13,829


North Dakota — 0.2%

Housing — 0.2%

North Dakota Housing Finance Agency, Home Mortgage Finance Program

Series B, Rev., 4.50%, 1/1/2028		130		134

Series 2011D, Rev., 4.25%, 7/1/2028		60		61

Series A, Rev., 4.00%, 7/1/2034		280		294

Series 2016D, Rev., 3.50%, 7/1/2046		440		467


				956


Total North Dakota				956


Ohio — 2.9%

Education — 0.0% (b)

Miami University, A State University of Ohio Rev., 5.00%, 9/1/2029		25		31


General Obligation — 2.4%

County of Union, Memorial Hospital GO, 4.00%, 12/1/2041		1,825		2,015

Greenville City School District, School Improvement

GO, 5.25%, 1/1/2038		1,000		1,087

GO, 5.25%, 1/1/2041		1,000		1,085

Licking Heights Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2034		10		12

State of Ohio

Series A, GO, 5.00%, 5/1/2031		4,000		5,035

Series A, GO, 5.00%, 5/1/2033		1,500		1,878

State of Ohio, Higher Education

Series B, GO, 4.00%, 9/1/2019		5		5

Series B, GO, 5.00%, 8/1/2023		110		122


				11,239


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 0.5%

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series A, Rev., 5.50%, 7/1/2039		1,000		1,123

County of Warren, Otterbein Homes

Series A, Rev., 5.00%, 7/1/2031		105		125

Series A, Rev., 4.00%, 7/1/2045		740		803


				2,051


Housing — 0.0% (b)

Ohio Housing Finance Agency, Single Family Mortgage

Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028		25		26

Series 1, Rev., GNMA/FNMA/FHLMC, 5.00%, 11/1/2028		15		15

Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029		80		82


				123


Other Revenue — 0.0% (b)

State of Ohio Series 2013A, Rev., 5.00%, 10/1/2019		25		25


Prerefunded — 0.0% (b)

City of Steubenville, Trinity Health System Rev., 4.13%, 2/1/2020 (d)		5		5

Ohio Higher Educational Facility Commission Rev., 5.00%, 7/1/2020 (d)		5		5

Streetsboro City School District Series A, GO, 4.00%, 12/1/2020 (d)		5		5


				15


Utility — 0.0% (b)

American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (c)		100		102


Total Ohio				13,586


Oklahoma — 0.6%

Hospital — 0.2%

Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048		700		778


Housing — 0.0% (b)

Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program

Series 2011B, Rev., GNMA COLL, 4.50%, 9/1/2027		45		46

Series A, Rev., GNMA COLL, 4.75%, 3/1/2028		35		36


				82

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.0% (b)

Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022		10		11


Transportation — 0.4%

Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037		1,665		2,005


Total Oklahoma				2,876


Oregon — 0.1%

General Obligation — 0.0% (b)

City of Dallas GO, 4.00%, 2/1/2020		15		15

City of Sheridan GO, 4.00%, 12/1/2027		10		11

State of Oregon Series N, GO, 4.00%, 12/1/2019		25		25


				51


Transportation — 0.0% (b)

State of Oregon, Department of Transportation, User Tax Series 2013A, Rev., 5.00%, 11/15/2022		5		6


Utility — 0.1%

City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031		325		377


Total Oregon				434


Pennsylvania — 10.5%

Certificate of Participation/Lease — 0.3%

Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046		1,200		1,336


Education — 0.0% (b)

Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036		100		115

Swarthmore Borough Authority, Swarthmore College

Rev., 5.00%, 9/15/2023		25		29

Series 2016B, Rev., 4.00%, 9/15/2041		15		17


				161


General Obligation — 1.0%

Abington School District Series 2017A, GO, 4.00%, 10/1/2037		15		17

Central Dauphin School District GO, 4.00%, 2/1/2030		25		29

City of Pittsburgh GO, 4.00%, 9/1/2031		1,155		1,335

Commonwealth of Pennsylvania Series 2004, GO, AGM, 5.38%, 7/1/2020		150		155

The School Board of Philadelphia County Series B, GO, AGM, 4.00%, 9/1/2043		1,250		1,392


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Upper Merion Area School District GO, 5.00%, 1/15/2036		250		301

West Mifflin School District GO, 3.00%, 4/1/2038		1,400		1,447


				4,676


Hospital — 3.4%

Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044		2,000		2,191

Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037		430		516

Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036		25		28

DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048		1,200		1,304

Lancaster County Hospital Authority, Health Center, Masonic Villages Project

Rev., 5.00%, 11/1/2034		35		42

Rev., 5.00%, 11/1/2036		510		604

Rev., 5.00%, 11/1/2037		250		295

Montgomery County Higher Education and Health Authority, Thomas Jefferson University

Series 2018A, Rev., 4.00%, 9/1/2038		3,725		4,174

Series 2018A, Rev., 4.00%, 9/1/2043		3,740		4,140

West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project

Rev., 3.00%, 12/15/2023		550		559

Rev., 4.00%, 12/15/2028		1,000		1,079

Rev., 5.00%, 12/15/2038		750		846


				15,778


Housing — 0.3%

Pennsylvania Housing Finance Agency, Single Family Mortgage

Series 2011- 112, Rev., AMT, 5.00%, 4/1/2028		30		31

Series 118A, Rev., AMT, 3.50%, 4/1/2040		695		716

Series 122, Rev., AMT, 4.00%, 10/1/2046		415		445


				1,192


Industrial Development Revenue/Pollution Control Revenue — 1.0%

Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Inc. Obligated Group Rev., 5.00%, 11/15/2025		510		552

Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project

Series 2019, Rev., 5.00%, 12/1/2044		350		410

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	69

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Industrial Development Revenue/Pollution Control Revenue — continued

Series 2019, Rev., 5.00%, 12/1/2049		500		580

Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Rev., 2.80%, 12/1/2021 (c)		2,950		3,045


				4,587


Other Revenue — 2.4%

Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039		9,950		11,228


Prerefunded — 0.0% (b)

Delaware County Authority, Haverford College Rev., 4.25%, 5/15/2020 (d)		5		5

Pennsylvania Higher Educational Facilities Authority

Series B, Rev., 5.00%, 9/1/2019 (d)		5		5

Rev., 4.50%, 3/1/2020 (d)		10		10

University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project Series B, Rev., 5.25%, 9/15/2019 (d)		25		25


				45


Transportation — 1.4%

Pennsylvania Turnpike Commission

Series E, Rev., 6.00%, 12/1/2030		305		397

Series A, Rev., 5.00%, 12/1/2044		5,000		6,135


				6,532


Water & Sewer — 0.7%

Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043		1,500		1,871

Pittsburgh Water & Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032		1,000		1,361


				3,232


Total Pennsylvania				48,767


Rhode Island — 0.1%

Education — 0.0% (b)

Rhode Island Health & Educational Building Corp., Public Schools Series A, Rev., AGM, 5.00%, 5/15/2032		25		32

Rhode Island Student Loan Authority, Senior Series A, Rev., AMT, 5.00%, 12/1/2020		300		313


				345


General Obligation — 0.1%

City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028		200		256


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

State of Rhode Island and Providence Plantations, Consolidated Capital Development Loan of 2013 Series A, GO, 3.50%, 10/1/2020		100		102


				358


Total Rhode Island				703


South Carolina — 2.2%

Housing — 0.1%

South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047		330		353


Other Revenue — 0.0% (b)

City of North Charleston 4.00%, 10/1/2040		90		103


Prerefunded — 0.0% (b)

South Carolina Ports Authority Rev., 5.25%, 7/1/2020 (d)		5		5


Transportation — 0.2%

South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040		1,095		1,177


Utility — 1.9%

Piedmont Municipal Power Agency, Electric

Rev., NATL-RE, 6.75%, 1/1/2020		4,615		4,698

Rev., FGIC, 6.75%, 1/1/2020 (d)		3,900		3,971


				8,669


Water & Sewer — 0.0% (b)

Greenwood Metropolitan District Rev., 5.00%, 10/1/2027		10		13


Total South Carolina				10,320


South Dakota — 0.2%

Housing — 0.2%

South Dakota Housing Development Authority, Homeownership Mortgage

Series D, Rev., AMT, 4.00%, 11/1/2029		280		288

Series 2012A, Rev., AMT, 4.50%, 5/1/2031		50		52

Series 2015D, Rev., 4.00%, 11/1/2045		450		479

South Dakota Housing Development Authority, Single Family Mortgage Series 2011 2, Rev., 4.25%, 5/1/2032		75		76


				895


Total South Dakota				895


Tennessee — 6.4%

Education — 0.0% (b)

Tennessee State School Bond Authority Series B, Rev., 5.00%, 11/1/2040		35		42

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 4.2%

City of Cleveland

Series 2018B, GO, 5.00%, 6/1/2022		205		227

Series 2018B, GO, 5.00%, 6/1/2027		245		312

Series 2018B, GO, 5.00%, 6/1/2028		260		338

Series 2018B, GO, 5.00%, 6/1/2030		285		366

Series 2018B, GO, 4.00%, 6/1/2031		300		354

Series 2018B, GO, 4.00%, 6/1/2032		310		364

Series 2018B, GO, 4.00%, 6/1/2038		395		453

Series 2018B, GO, 4.00%, 6/1/2039		410		469

City of Oak Ridge

GO, 4.00%, 6/1/2037		695		785

GO, 4.00%, 6/1/2038		720		811

GO, 4.00%, 6/1/2039		750		843

County of Blount Series 2016B, GO, 5.00%, 6/1/2029		4,610		5,704

County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028		25		33

County of Williamson

GO, 4.00%, 4/1/2033		1,490		1,784

GO, 4.00%, 4/1/2034		1,485		1,769

County of Wilson

GO, 5.00%, 4/1/2030		3,625		4,798

Series 2017A, GO, 4.00%, 4/1/2039		25		28


				19,438


Hospital — 1.2%

Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040		4,000		4,405

Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital Rev., 5.00%, 11/15/2024		800		946

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Series A, Rev., 5.00%, 7/1/2035		100		119


				5,470


Housing — 0.0% (b)

Tennessee Housing Development Agency, Homeownership Program

Series A, Rev., AMT, 4.50%, 7/1/2031		80		83

Series 1A, Rev., AMT, 4.50%, 1/1/2038		75		78

Tennessee Housing Development Agency, Housing Finance Program Series A, Rev., 4.50%, 1/1/2028		30		31


				192


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Prerefunded — 0.0% (b)

County of Claiborne, Public Improvement Series A, GO, 4.00%, 4/1/2020 (d)		5		5


Utility — 1.0%

Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (c)		4,000		4,500


Total Tennessee				29,647


Texas — 7.0%

Education — 1.3%

Clifton Higher Education Finance Corp., Idea Public Schools

Series B, Rev., 4.00%, 8/15/2023		500		545

Series B, Rev., 5.00%, 8/15/2024		345		399

Series 2016B, Rev., 5.00%, 8/15/2025		460		543

Rev., 6.00%, 8/15/2033		1,250		1,439

Permanent University Fund-Texas A&M University System Series A, Rev., 5.00%, 7/1/2031		210		254

Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital Rev., 5.50%, 9/1/2043		2,300		2,598

Texas State University, Financing System Rev., 5.00%, 3/15/2020		50		51

Texas Woman’s University, Financing System Series 2016, Rev., 4.00%, 7/1/2030		10		11


				5,840


General Obligation — 2.0%

Calallen Independent School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 2/15/2028		10		13

Carrollton-Farmers Branch Independent School District Series B, GO, 4.00%, 2/15/2021		25		26

City of Abilene GO, 5.00%, 2/15/2024		10		12

City of Conroe Series 2018A, GO, 5.00%, 3/1/2032		10		13

City of Dallas Series A, GO, 5.00%, 2/15/2020 (d)		5		5

City of El Paso

GO, 4.00%, 8/15/2040		475		512

GO, 4.00%, 8/15/2042		25		28

City of Garland Series 2018, GO, 5.00%, 2/15/2027		10		13

City of Irving Series 2017A, GO, 5.00%, 9/15/2019		45		45

City of Laredo

GO, 5.00%, 2/15/2027		30		36

GO, 5.00%, 2/15/2032		40		50

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	71

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

City of Mission GO, AGM, 5.00%, 2/15/2031		575		714

City of Pearland GO, 4.00%, 3/1/2032		35		41

City of San Marcos GO, 5.00%, 8/15/2031		25		31

City of Waxahachie Series A, GO, 5.00%, 8/1/2025		45		54

Community Independent School District GO,PSF-GTD, 5.00%, 2/15/2032		100		126

County of Collin, Wylie Independent School District, Unlimited Tax GO, PSF-GTD, 0.00%, 8/15/2020		135		133

County of Hidalgo

Series 2016, GO, 5.00%, 8/15/2028		10		12

GO, 4.00%, 8/15/2035		85		98

County of Webb, Certificates of Obligation Series A, GO, 5.00%, 2/15/2028		570		709

Cypress-Fairbanks Independent School District Series 2013, GO, PSF-GTD, 5.00%, 2/15/2022		10		11

El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023		510		565

Ennis Independent School District GO, PSF-GTD, 5.00%, 8/15/2028		30		38

Harris Montgomery Counties Municipal Utility District No. 386 GO, 4.00%, 9/1/2023		15		16

Highland Park Independent School District GO, PSF-GTD, 5.00%, 2/15/2024		30		35

Ingleside Independent School District GO,PSF-GTD, 5.00%, 8/15/2028		35		43

Judson Independent School District, School Building Series 2016, GO, PSF-GTD, 4.00%, 2/1/2041		4,750		5,260

Killeen Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		25		31

McLennan County Junior College District GO, 5.00%, 8/15/2020		20		21

Palestine Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/15/2026		30		37

Pasadena Independent School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 2/15/2028		15		19

Plano Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		40		49

Red Oak Independent School District GO,PSF-GTD, 5.00%, 8/15/2030		20		25

Round Rock Independent School District GO,PSF-GTD, 4.00%, 8/1/2032		170		196

Socorro Independent School District GO, PSF-GTD, 5.00%, 2/15/2026		45		56


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Stafford Municipal School District, School Building Series 2018, GO, PSF-GTD, 5.00%, 8/15/2029		35		45

Texas Public Finance Authority Series A, GO, 5.00%, 10/1/2019		25		25


				9,143


Hospital — 0.1%

Harris County Health Facilities Development Corp., Children’s Hospital Project Rev., 5.50%, 10/1/2019 (d)		485		487


Housing — 0.0% (b)

Texas Department of Housing and Community Affairs, Residential Mortgage Series 2011B, Rev., GNMA COLL, 4.25%, 1/1/2034		165		170


Other Revenue — 0.6%

Texas Public Finance Authority Rev., 4.00%, 2/1/2035		2,315		2,725


Prerefunded — 0.9%

County of Nueces GO, 5.00%, 2/15/2020 (d)		5		5

Dallas-Fort Worth International Airport, Joint Improvement Series A, Rev., 5.00%, 11/1/2020 (d)		1,965		2,053

Metropolitan Transit Authority of Harris County, Vanderbilt University Medical Center Rev., 5.00%, 11/1/2024 (d)		15		18

North Texas Tollway Authority System, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (d)		2,000		2,190


				4,266


Transportation — 0.0% (b)

Harris County, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022		10		11

North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038		200		225


				236


Utility — 0.1%

City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031		50		58

City of San Antonio, Electric & Gas System Rev., 4.00%, 2/1/2028		45		54

City of San Antonio, Electric and Gas Systems

Rev., 5.00%, 2/1/2031		230		283

Rev., 5.00%, 2/1/2032		35		42


				437

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 2.0%

City of Dallas, Waterworks and Sewer System Series 2016A, Rev., 5.00%, 10/1/2019		20		20

City of Fort Worth Rev., 4.00%, 2/15/2040		3,800		4,325

City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (d)		2,500		3,721

North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Series 2017, Rev., 5.00%, 6/1/2031		10		13

North Texas Municipal Water District, Wastewater System Rev., 4.00%, 6/1/2028		15		18

San Antonio Water System Series 2017A, Rev., 4.00%, 5/15/2034		60		69

Texas Water Development Board, Water Implementation Series B, Rev., 5.00%, 4/15/2026		25		31

West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045 (f)		1,000		1,150


				9,347


Total Texas				32,651


Utah — 1.2%

General Obligation — 0.0% (b)

City of Provo GO, 5.00%, 1/1/2032		10		13


Other Revenue — 0.1%

City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039		480		551

Tooele County Municipal Building Authority Series 2017, Rev., 4.00%, 12/15/2042		25		28


				579


Prerefunded — 0.0% (b)

Utah State Board of Regents, Auxiliary and Campus Facilities Series A, Rev., 5.00%, 4/1/2020 (d)		5		5


Transportation — 0.8%

Salt Lake City Corp. Airport Series 2017B, Rev., 5.00%, 7/1/2042		260		318

Utah Transit Authority Rev., 5.00%, 12/15/2035		2,500		3,187


				3,505


Utility — 0.3%

Utah Infrastructure Agency, West Point City Project Rev., 4.00%, 10/15/2039		1,200		1,358


Total Utah				5,460


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Vermont — 1.2%

Education — 1.0%

Vermont Student Assistance Corp., Education Loan

Series A, Rev., AMT, 5.00%, 6/15/2022		725		792

Series 2018A, Rev., AMT, 3.63%, 6/15/2029		1,000		1,066

Series A, Rev., AMT, 3.75%, 6/15/2030		1,400		1,505

Series A, Rev., AMT, 4.00%, 6/15/2031		500		541

Series A, Rev., AMT, 4.00%, 6/15/2032		200		216

Series A, Rev., AMT, 4.00%, 6/15/2033		250		269

Series 2018A, Rev., AMT, 4.00%, 6/15/2034		200		215


				4,604


Housing — 0.2%

Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 2/1/2026		70		72

Vermont Housing Finance Agency, Multiple Purpose

Series B, Rev., AMT, 4.13%, 11/1/2042		355		360

Series A, Rev., AMT, 4.00%, 11/1/2046		285		303


				735


Other Revenue — 0.0% (b)

Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034		30		37


Total Vermont				5,376


Virginia — 1.3%

Education — 0.0% (b)

Virginia College Building Authority, 21st Century College and Equipment Program Series 2017E, Rev., 5.00%, 2/1/2029		10		13

Virginia Public School Authority Series B, Rev., 5.00%, 8/1/2020		20		21


				34


General Obligation — 0.0% (b)

City of Portsmouth Series 2015A, GO, 5.00%, 8/1/2025		20		24

City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029		5		7


				31


Hospital — 1.1%

Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048		4,375		4,932

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	73

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — 0.0% (b)

Virginia Resources Authority, Infrastructure Series 2017B, Rev., 5.00%, 11/1/2028		10		13

Virginia Resources Authority, Infrastructure and State Moral Obligation

Series 2011B, Rev., 5.00%, 11/1/2023		80		87

Series B, Rev., 5.00%, 11/1/2026		50		54


				154


Prerefunded — 0.0% (b)

County of Loudoun, Public Improvement Series A, GO, 4.00%, 12/1/2020 (d)		5		5

Virginia College Building Authority, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2019 (d)		5		5

Virginia Resources Authority, Infrastructure and State Moral Obligation Series B, Rev., 5.00%, 11/1/2021 (d)		195		212


				222


Transportation — 0.2%

Capital Region Airport Commission (Richmond International Airport)

Series 2016A, Rev., 4.00%, 7/1/2035		350		395

Series 2016A, Rev., 4.00%, 7/1/2036		320		360


				755


Total Virginia				6,128


Washington — 1.1%

Education — 0.5%

Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022		2,195		2,326


General Obligation — 0.4%

King County School District No. 414 Lake Washington Series 2017, GO, 5.00%, 12/1/2028		15		19

Pierce & Lewis Counties School District No. 404 GO, 4.00%, 12/1/2025		5		6

Pierce County School District No. 416 White River GO, 4.00%, 12/1/2030		10		11

State of Washington Series D, GO, 5.00%, 2/1/2020		100		102

State of Washington, Motor Vehicle Fuel TaxSeries B-1, GO, 5.00%, 8/1/2020		25		26

State of Washington, Various Purpose Series 2018C, GO, 5.00%, 2/1/2042		1,295		1,607


				1,771


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Housing — 0.1%

Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032		235		239

Washington State Housing Finance Commission, Single-Family ProgramSeries 2A-R, Rev., AMT, 3.50%, 12/1/2046		330		343


				582


Prerefunded — 0.0% (b)

Clark County Public Utility District No. 1 Rev., 5.00%, 1/1/2020 (d)		5		5

County of King Rev., 5.00%, 7/1/2020 (d)		5		5

Vancouver Housing Authority Series A, Rev., 5.00%, 3/1/2020 (d)		5		5


				15


Utility — 0.1%

Chelan County Public Utility District No. 1 Series 2011A, Rev., AMT, 5.50%, 7/1/2026		350		375

City of Lynnwood, Utility System Series 2018, Rev., 5.00%, 12/1/2028		25		32

Energy Northwest, Project 3 Electric System Series C, Rev., 5.00%, 7/1/2023		25		29

Grant County Public Utility District No. 2, Hydroelectric Project Series 2012A, Rev., 5.00%, 1/1/2020		35		35


				471


Water & Sewer — 0.0% (b)

County of King, Sewer

Series 2102C, Rev., 5.00%, 1/1/2023		40		44

Series 2018B, Rev., 5.00%, 7/1/2031		10		13


				57


Total Washington				5,222


West Virginia — 0.2%

Education — 0.2%

West Virginia Hospital Finance Authority, University Health System Series A, Rev., 4.00%, 6/1/2051		1,000		1,104


Hospital — 0.0% (b)

West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. Series A, Rev., 5.63%, 9/1/2019		5		5


Total West Virginia				1,109

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Wisconsin — 1.8%

Education — 1.3%

Public Finance Authority, Central District Development Project Rev., 5.00%, 3/1/2027		280		337

Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047		4,800		5,252

Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc. Project Series 2018A, Rev., 5.00%, 9/15/2040		665		709


				6,298


Hospital — 0.3%

Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046		15		16

Wisconsin Health & Educational Facilities Authority, Rogers Memorial Hospital, Inc.

Series B, Rev., 5.00%, 7/1/2038		150		176

Series A, Rev., 5.00%, 7/1/2044		210		244

Series A, Rev., 5.00%, 7/1/2049		750		869


				1,305


Housing — 0.2%

Wisconsin Housing & Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048		905		976


Prerefunded — 0.0% (b)

Wisconsin Health & Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.50%, 7/1/2020 (d)		5		5

Wisconsin Health & Educational Facilities Authority, Ministry Health Care, Inc. Series B, Rev., 5.13%, 8/15/2020 (d)		5		5


				10


Total Wisconsin				8,589


Wyoming — 0.0% (b)

Housing — 0.0% (b)

Wyoming Community Development Authority Housing Series 1, Rev., AMT, 4.00%, 6/1/2032		5		5


Total Municipal Bonds (Cost $414,366)				449,233


INVESTMENTS	NO. OF WARRANTS (000)			VALUE ($000)
Warrants — 0.0%

Road & Rail — 0.0%

Jack Cooper Enterprises, Inc. expiring 10/29/2027, price 1.00 USD * ‡ (Cost $—)		—	(g)		—


	SHARES (000)
Short-Term Investments — 3.7%

Investment Companies — 3.7%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (h) (i) (Cost $17,310)		17,310			17,312

Total Investments — 100.3% (Cost $431,676)					466,545
Liabilities in Excess of Other Assets — (0.3)%					(1,181	)

NET ASSETS — 100.0%					465,364

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	75

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (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
CHESLA		Connecticut Higher Education Supplemental Loan Authority
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
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
LIQ		Liquidity Agreement
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
RE		Reinsured
Rev.		Revenue
USD		United States Dollar
VRDO		Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2019.


(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, 2019.
(d)		Security is prerefunded or escrowed to maturity.
(e)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)		Amount rounds to less than one thousand.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of August 31, 2019 (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

(133

)

12/2019

USD

(17,527

)

(22

)

Abbreviations



USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 99.3% (a)

Alabama — 1.3%

Education — 0.0% (b)

Alabama Public School and College Authority, Capital ImprovementSeries 2014-B, Rev., 5.00%, 1/1/2021		20		21


General Obligation — 0.0% (b)

City of Hamilton

GO, 3.00%, 8/1/2020 (c)		55		56

GO, 3.00%, 8/1/2021 (c)		365		376

GO, 2.00%, 8/1/2022 (c)		370		376

GO, 5.00%, 8/1/2023 (c)		240		272


				1,080


Special Tax — 0.0% (b)

Hoover City Board of Education Rev., 4.00%, 2/15/2020		80		81


Utility — 1.3%

Black Belt Energy Gas District, Gas PrepaySeries 2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%), 1.90%, 9/12/2019 (d)		30,000		29,894

Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (e)		11,450		11,981

Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2020		1,000		1,020

Southeast Alabama Gas Supply District (The), Project No. 2 Series A, Rev., 4.00%, 6/1/2020		1,000		1,019


				43,914


Total Alabama				45,096


Alaska — 0.0% (b)

Other Revenue — 0.0% (b)

Alaska Municipal Bond Bank Authority

Series 2019, Rev., 5.00%, 5/1/2021		215		229

Series 2019, Rev., 5.00%, 5/1/2022		200		220


				449


Total Alaska				449


Arizona — 1.6%

Certificate of Participation/Lease — 0.0% (b)

Arizona State University Series 2018A, COP, 5.00%, 6/1/2020		1,000		1,028


Education — 0.0% (b)

Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project

Series 2018A, Rev., 5.00%, 7/1/2023		140		156


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Series 2018A, Rev., 5.00%, 7/1/2024		200		228


				384


General Obligation — 0.2%

Maricopa County School DistrictNo. 24-Gila Bend, School Improvement

Series 2019, GO, AGM, 2.00%, 7/1/2020		585		589

Series 2019, GO, AGM, 3.00%, 7/1/2021		575		594

Series 2019, GO, AGM, 4.00%, 7/1/2022		300		324

Series 2019, GO, AGM, 5.00%, 7/1/2023		700		800

Maricopa County School District No. 66, Roosevelt Elementary

GO, 5.00%, 7/1/2020		1,450		1,497

GO, 5.00%, 7/1/2021		1,520		1,626

Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement

Series 2018A, GO, 5.00%, 7/1/2020		1,025		1,058

Series 2017-A, GO, 5.00%, 7/1/2021		1,150		1,230


				7,718


Hospital — 0.1%

Arizona Health Facilities Authority, Catholic Healthcare West Loan 2008 Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.28%, 9/11/2019 (e)		2,200		2,200

Industrial Development Authority of the County of Yavapai (The), Regional Medical Center

Rev., 5.00%, 8/1/2021		225		241

Rev., 5.00%, 8/1/2022		380		421

Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023		325		371


				3,233


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., VRDO, 1.60%, 5/21/2020 (e)		1,100		1,101


Other Revenue — 0.9%

Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic Series 2014A, Rev., VRDO, LIQ: Bank of America NA, 1.23%, 9/6/2019 (e)		30,790		30,790


Transportation — 0.3%

Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020		400		413

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	77

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020		8,565		8,844


				9,257


Water & Sewer — 0.0% (b)

Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (f)		540		557


Total Arizona				54,068


Arkansas — 0.2%

Education — 0.0% (b)

Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021		330		358

University of Central Arkansas, Student Housing System

Series 2019C, Rev., AGM, 3.00%, 11/1/2021		75		78

Series 2019C, Rev., AGM, 3.00%, 11/1/2022		85		89

Series 2019C, Rev., AGM, 3.00%, 11/1/2023		135		144


				669


General Obligation — 0.0% (b)

City of Fayetteville, Library Improvement GO, 3.00%, 1/1/2020		200		201


Other Revenue — 0.1%

Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021		500		513

Arkansas Development Finance Authority, Department of Community Correction Project

Rev., 3.00%, 11/1/2019		510		511

Rev., 5.00%, 11/1/2021		310		335

Rev., 5.00%, 11/1/2022		410		457

City of Little Rock Rev., 3.00%, 10/1/2019		500		501

County of Sharp

Rev., 5.00%, 3/1/2021		270		284

Rev., 5.00%, 3/1/2022		495		536

Rev., 5.00%, 3/1/2023		540		603


				3,740


Water & Sewer — 0.1%

City of Centerton

Rev., 3.00%, 12/1/2019		150		151

Rev., 3.00%, 12/1/2021		125		129

City of Heber Springs, Greenstar

Rev., 3.00%, 11/1/2021		50		51


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — continued

Rev., 3.00%, 11/1/2023		100		106

Northwest Arkansas Conservation Authority, Wastewater Rev., 3.00%, 3/1/2020		280		283


				720


Total Arkansas				5,330


California — 2.2%

Education — 0.3%

California Educational Facilities Authority, Art Center College of Design

Series 2018A, Rev., 5.00%, 12/1/2019		125		126

Series 2018A, Rev., 5.00%, 12/1/2020		180		188

California Municipal Finance Authority, California Lutheran University

Rev., 5.00%, 10/1/2019		550		551

Rev., 5.00%, 10/1/2020		325		338

Rev., 5.00%, 10/1/2021		250		269

California Municipal Finance Authority, River Springs Charter School Rev., 4.00%, 8/15/2020 (g)		1,000		1,017

California School Finance Authority, Green Dot Public School Projects

Series 2018A, Rev., 5.00%, 8/1/2020 (g)		50		52

Series 2018A, Rev., 5.00%, 8/1/2021 (g)		50		53

Series 2018A, Rev., 5.00%, 8/1/2022 (g)		85		94

California School Finance Authority, Kipp Socal Project

Series 2019A, Rev., 5.00%, 7/1/2022 (g)		100		110

Series 2019A, Rev., 5.00%, 7/1/2023 (g)		100		113

Chula Vista Elementary School District Rev., 0.00%, 8/1/2023		5,500		5,246


				8,157


General Obligation — 0.1%

Mount San Antonio Community College District GO, BAN, 0.00%, 4/1/2022		250		243

South Bay Union School District/San Diego County GO, BAN, 0.00%, 8/1/2022		2,000		1,923


				2,166


Hospital — 0.0% (b)

California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020		100		104

Pioneers Memorial Healthcare District

Rev., 3.00%, 10/1/2019		255		255

Rev., 3.00%, 10/1/2020		265		269


				628

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.1%

California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project

Rev., 5.00%, 5/15/2023		360		412

Rev., 5.00%, 5/15/2024		300		353

Rev., 5.00%, 5/15/2025		425		514

Rev., 5.00%, 5/15/2026		500		619

Rev., 5.00%, 5/15/2027		725		917

Rev., 5.00%, 5/15/2028		1,000		1,284


				4,099


Other Revenue — 1.2%

California Enterprise Development Authority, Riverside County, Library Facility

Rev., 4.00%, 11/1/2022		100		109

Rev., 4.00%, 11/1/2023		200		223

California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.38%), 1.88%, 9/11/2019 (d)		17,010		17,089

California Infrastructure and Economic Development Bank, The J. Paul Getty Trust

Series 2012B-2, Rev., (ICE LIBOR USD 1 Month + 0.20%), 1.66%, 10/1/2019 (d)		11,615		11,682

Series 2013A-2, Rev., VRDO, 1.79%, 10/1/2019 (e)		6,750		6,757

Series 2011A-4, Rev., VRDO, (ICE LIBOR USD 3 Month + 0.37%), 1.87%, 10/1/2019 (d)		1,000		1,002

California Statewide Communities Development Authority, Front Porch Communities and Services Series 2017A, Rev., 5.00%, 4/1/2020		75		77

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XF2615, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.55%, 9/12/2019 (e) (g)		5,230		5,230


				42,169


Prerefunded — 0.1%

Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2021 (f)		3,000		3,271


Utility — 0.0% (b)

California Municipal Finance Authority, San Antonio Gardens Project

Rev., 4.00%, 11/15/2021		270		285

Rev., 4.00%, 11/15/2022		280		302

Rev., 4.00%, 11/15/2023		290		320


				907


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Water & Sewer — 0.4%

California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., (SIFMA Municipal Swap Index Yield + 0.22%), 1.50%, 9/12/2019 (d)		12,000		12,070

Stockton Public Financing Authority, Green Bonds

Series A, Rev., 5.00%, 10/1/2019		580		582

Series 2018A, Rev., 5.00%, 10/1/2020		500		521

Series 2018A, Rev., 5.00%, 10/1/2021		450		486


				13,659


Total California				75,056


Colorado — 1.3%

Certificate of Participation/Lease — 0.0% (b)

Denver Health and Hospital Authority, 550 Acoma, Inc.

COP, 5.00%, 12/1/2020		110		115

COP, 5.00%, 12/1/2021		220		236

COP, 5.00%, 12/1/2022		295		325


				676


Education — 0.5%

University of Colorado Hospital AuthoritySeries 2017B-2, Rev., VRDO, 1.34%, 9/11/2019 (e)		17,370		17,370


General Obligation — 0.2%

Arapahoe County School District No. 6 Littleton

Series 2019A, GO, 5.00%, 12/1/2021		2,585		2,811

Series 2019A, GO, 5.00%, 12/1/2022		1,370		1,543

City of Aurora, Sterling Hills West Metropolitan District

GO, 5.00%, 12/1/2019		110		111

GO, 5.00%, 12/1/2020		100		104

Denver City and County School District No. 1 Series B, GO, 4.00%, 12/1/2019 (f)		255		257

Interlocken Metropolitan District

Series A-1, GO, AGM, 5.00%, 12/1/2019		150		151

Series A-1, GO, AGM, 5.00%, 12/1/2020		175		183


				5,160


Hospital — 0.4%

Colorado Health Facilities Authority, Commonspirit Health

Series B-1, Rev., 5.00%, 8/1/2025 (e)		6,000		7,066

Series B-2, Rev., 5.00%, 8/1/2026 (e)		1,000		1,204

Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021		395		414

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	79

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Colorado Health Facilities Authority, Parkview Medical Center, Inc. Project Rev., 3.00%, 9/1/2019		310		310

Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020 (f)		400		411

Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (e)		1,555		1,617

University of Colorado Hospital AuthoritySeries C-1, Rev., VRDO, 4.00%, 3/1/2020 (e)		380		380


				11,402


Other Revenue — 0.0% (b)

City of Grand Junction Rev., 5.00%, 3/1/2021		35		37


Transportation — 0.2%

E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., VRDO, 1.87%, 9/12/2019 (e)		8,000		7,981


Utility — 0.0% (b)

Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020		200		204


Water & Sewer — 0.0% (b)

Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020		195		200


Total Colorado				43,030


Connecticut — 2.3%

Education — 0.2%

Connecticut State Health and Educational Facilities Authority

Series K-1, Rev., 5.00%, 7/1/2021		665		705

Series K-1, Rev., 5.00%, 7/1/2022		675		736

Connecticut State Health and Educational Facilities Authority, Yale University IssueSeries B-1, Rev., 5.00%, 7/1/2020 (e)		4,000		4,130


				5,571


General Obligation — 1.9%

City of Derby

Series A, GO, 5.00%, 8/1/2020		140		145

Series A, GO, 5.00%, 8/1/2021		220		235

Series A, GO, 5.00%, 8/1/2022		75		83

Series A, GO, 5.00%, 8/1/2023		150		170

Series A, GO, 5.00%, 8/1/2024		85		99

City of Hartford Series B, GO, 4.00%, 4/1/2020 (f)		115		117


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

City of New Britain GO, BAN, 5.00%, 12/19/2019		6,500		6,571

City of Waterbury

Series B, GO, 3.00%, 9/1/2019		325		325

Series A, GO, 3.00%, 11/15/2019		485		487

State of Connecticut

Series E, GO, 5.00%, 9/1/2019		150		150

Series C, GO, VRDO, LIQ: Bank of America NA, 1.36%, 9/12/2019 (e)		5,030		5,030

Series F, GO, 5.00%, 11/15/2019		11,575		11,662

Series 2019A, GO, 5.00%, 4/15/2020		28,040		28,688

Series C, GO, 5.00%, 12/1/2020		475		479

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, 1.34%, 9/12/2019 (e) (g)		6,920		6,920

Series 2018-YX1095, GO, VRDO, LIQ: Barclays Bank plc, 1.34%, 9/12/2019 (e) (g)		4,500		4,500


				65,877


Hospital — 0.1%

Connecticut State Health & Educational Facilities Authority, Greenwich Hospital Series C, Rev., VRDO, 1.28%, 9/11/2019 (e)		2,975		2,975

Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021		1,000		1,075


				4,050


Other Revenue — 0.1%

Tender Option Bond Trust Receipts/CertificatesSeries 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.34%, 9/12/2019 (e) (g)		4,550		4,550


Total Connecticut				80,048


Delaware — 0.0% (b)

Utility — 0.0% (b)

Delaware Municipal Electric Corp. (The), Middletown and Seaford Project

Series 2019A, Rev., 5.00%, 10/1/2019		105		105

Series 2019A, Rev., 5.00%, 10/1/2020		195		202

Series 2019A, Rev., 5.00%, 10/1/2021		145		156

Series 2019A, Rev., 5.00%, 10/1/2022		150		166

Series 2019A, Rev., 5.00%, 10/1/2023		220		251


				880


Total Delaware				880

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

District of Columbia — 0.3%

Education — 0.0% (b)

District of Columbia, International School Issue Rev., 5.00%, 7/1/2022		500		546


Other Revenue — 0.1%

District of Columbia, Income Tax Series C, Rev., 4.13%, 12/1/2024		3,710		3,737


Transportation — 0.2%

Metropolitan Washington Airports Authority, Airport System Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.25%, 9/12/2019 (e)		5,930		5,930


Total District of Columbia				10,213


Florida — 2.4%

Education — 0.0% (b)

Florida Higher Educational Facilities Financial Authority, Ringling College Project

Rev., 4.00%, 3/1/2021		60		62

Rev., 4.00%, 3/1/2022		55		59

Rev., 5.00%, 3/1/2023		185		207

Rev., 5.00%, 3/1/2024		110		127

Florida Higher Educational Facilities Financial Authority, St. Leo University Project

Series 2019, Rev., 5.00%, 3/1/2021		350		367

Series 2019, Rev., 5.00%, 3/1/2022		355		384

Series 2019, Rev., 5.00%, 3/1/2023		410		456


				1,662


General Obligation — 0.0% (b)

City of Lauderhill

GO, 3.00%, 1/1/2020		460		463

GO, 3.00%, 1/1/2021		425		435


				898


Hospital — 0.6%

Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated GroupSeries 2007A-2, Rev., VRDO, 1.27%, 9/12/2019 (e)		15,000		15,000

Lee Memorial Health System

Series 2019A-1, Rev., 5.00%, 4/1/2020		1,875		1,916

Series 2019A-1, Rev., 5.00%, 4/1/2022		750		822

Series 2019A-1, Rev., 5.00%, 4/1/2023		400		453

Series 2019A-1, Rev., 5.00%, 4/1/2024		575		670

Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.29%, 9/12/2019 (e)		950		950


				19,811


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — 0.1%

Citizens Property Insurance Corp.Series 2015A-1, Rev., 5.00%, 6/1/2020		1,060		1,070

County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021		30		32

West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area

5.00%, 3/1/2023		1,335		1,506

5.00%, 3/1/2024		1,160		1,349


				3,957


Prerefunded — 0.3%

County of Miami-Dade, Water and Sewer System Rev., AGM, 5.00%, 10/1/2020 (f)		10,000		10,418

Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2020 (f)		25		26


				10,444


Transportation — 0.6%

Florida Development Finance Corp. Surface Transportation Facility, Virgin Trains USA Passenger Rail Project Series 2019A, Rev., AMT, 6.25%, 1/1/2024 (e) (g)		5,750		5,510

Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Series B, Rev., VRDO, AMT, 1.90%, 3/17/2020 (e)		15,000		14,988


				20,498


Utility — 0.8%

County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020		90		94

JEA Electric System Series A, Rev., 4.00%, 10/1/2019		120		120

Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 1.28%, 9/11/2019 (e)		25,820		25,820

Reedy Creek Improvement District Utility Series 2, Rev., 5.00%, 10/1/2019		120		120


				26,154


Water & Sewer — 0.0% (b)

Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020		20		21


Total Florida				83,445


Georgia — 3.5%

Education — 1.7%

Private Colleges & Universities Authority Series C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.25%), 1.53%, 9/12/2019 (d)		57,865		57,708

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	81

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.2%

Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021		30		32

Dougherty County School District, Sales Tax

Series 2018, GO, 4.00%, 12/1/2019		1,775		1,788

Series 2018, GO, 4.00%, 12/1/2020		1,250		1,295

Hall County School District

Series 2018, GO, 5.00%, 11/1/2019		1,500		1,509

Series 2018, GO, 5.00%, 11/1/2020		1,250		1,307

Pike County School District GO, 4.00%, 10/1/2020		400		412


				6,343


Hospital — 0.0% (b)

Richmond County Hospital Authority, University Health Services, Inc. Project Rev., 5.00%, 1/1/2022		100		108


Other Revenue — 0.0% (b)

Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project

Series 2017, Rev., 5.00%, 7/1/2020		275		283

Series 2017, Rev., 5.00%, 7/1/2021		370		395

Series 2017, Rev., 5.00%, 7/1/2022		300		331


				1,009


Prerefunded — 0.7%

DeKalb County Hospital Authority, Medical Center, Inc. Project

Rev., 6.00%, 9/1/2020 (f)		5,470		5,735

Rev., 6.13%, 9/1/2020 (f)		17,925		18,816


				24,551


Transportation — 0.7%

Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020		15,445		15,879

Metropolitan Atlanta Rapid Transit Authority

Series A, Rev., 3.00%, 7/1/2020		2,900		2,947

Series A, Rev., 3.75%, 7/1/2021		5,585		5,857


				24,683


Utility — 0.2%

Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.28%, 9/11/2019 (e)		5,980		5,980


Water & Sewer — 0.0% (b)

East Point Building Authority, Water and Sewer Project Rev., AGM, 5.00%, 2/1/2020		550		559


Total Georgia				120,941


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hawaii — 0.1%

General Obligation — 0.1%

City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.58%, 9/12/2019 (d)		5,000		5,016


Idaho — 0.0% (b)

Housing — 0.0% (b)

Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021		25		27


Transportation — 0.0% (b)

Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2020		425		439


Total Idaho				466


Illinois — 6.1%

Certificate of Participation/Lease — 0.0% (b)

University of Illinois Series A, COP, 5.00%, 10/1/2019		1,000		1,003


Education — 1.7%

Illinois Educational Facilities Authority, University of Chicago

Series B-1, Rev., VRDO, 1.80%, 2/13/2020 (e)		5,500		5,517

Rev., VRDO, 1.87%, 2/13/2020 (e)		12,490		12,533

Illinois Finance Authority, Chicago International Charter School Project, Refunding and Improvement Rev., 3.00%, 12/1/2019		185		185

Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project

Rev., 4.00%, 12/1/2019		200		201

Rev., 4.00%, 12/1/2020		230		237

Rev., 5.00%, 12/1/2021		250		269

Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/11/2019 (e)		9,050		9,050

Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 1.26%, 9/11/2019 (e)		3,425		3,425

Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.27%, 9/12/2019 (e)		20,028		20,028

Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022		560		612

Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023		300		326

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Peoria Public Building Commission, School District No. 150 Project Rev., 5.00%, 12/1/2019		300		303

University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024		2,500		2,818

Will County, Community Consolidated School DistrictNo. 70-C Laraway, Lease Certificates

Series A, Rev., AGM, 4.00%, 12/1/2019		370		372

Series A, Rev., AGM, 4.00%, 12/1/2020		385		398

Series A, Rev., AGM, 4.00%, 12/1/2021		400		424


				56,698


General Obligation — 2.2%

Adams County School District No. 172

GO, AGM, 4.00%, 2/1/2020		300		303

GO, AGM, 4.00%, 2/1/2021		300		310

Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020		330		332

Champaign Coles Et Al Counties Community College District No. 505

Series 2018B, GO, 4.00%, 12/1/2019		2,490		2,506

Series 2018C, GO, 4.00%, 12/1/2019		430		433

Series 2018B, GO, 4.00%, 12/1/2020		1,250		1,290

Series 2018B, GO, 4.00%, 12/1/2021		2,500		2,643

Series 2018C, GO, 4.00%, 12/1/2021		465		492

Chicago Park District, Limited Tax

Series 2011B, GO, 4.00%, 1/1/2020		50		51

Series 2013B, GO, 5.00%, 1/1/2020		225		227

Series 2011B, GO, 4.00%, 1/1/2021		100		103

Series 2013B, GO, 5.00%, 1/1/2021		100		104

Chicago Park District, Unlimited Tax

Series 2011C, GO, 3.00%, 1/1/2020		100		100

Series 2011C, GO, 5.00%, 1/1/2022		175		188

Chicago Park District, Unlimited Tax, Special Recreation Activity

Series 2018E, GO, 5.00%, 11/15/2019		700		704

Series 2018E, GO, 5.00%, 11/15/2021		300		321

City of Calumet Series 2018, GO, 4.00%, 3/1/2020		150		152

City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021		1,040		1,062

City of Rock Island

Series A, GO, AGM, 2.00%, 12/1/2019		130		130

Series B, GO, AGM, 2.00%, 12/1/2019		150		150

Series B, GO, AGM, 3.00%, 12/1/2020		200		204

Series A, GO, AGM, 3.00%, 12/1/2021		130		134

Series B, GO, AGM, 3.00%, 12/1/2021		200		206


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

City of Waukegan

Series A, GO, AGM, 3.00%, 12/30/2019		430		432

Series A, GO, AGM, 3.00%, 12/30/2020		590		602

Series A, GO, AGM, 4.00%, 12/30/2023		525		578

Clay Wayne and Marion Counties Community Unit School District No. 35

Series 2019, GO, AGM, 5.00%, 12/1/2019		135		136

Series 2019, GO, AGM, 5.00%, 12/1/2020		145		151

Series 2019, GO, AGM, 5.00%, 12/1/2021		205		221

Series 2019, GO, AGM, 5.00%, 12/1/2022		165		183

Series 2019, GO, AGM, 5.00%, 12/1/2023		175		199

Clinton and St. Clair Counties Community Unit School District No. 3, School Building GO, 5.00%, 12/1/2019		380		383

Cook County

Series 2018, GO, 5.00%, 11/15/2019		800		805

Series 2018, GO, 5.00%, 11/15/2020		900		937

Series 2018, GO, 5.00%, 11/15/2021		700		753

Series A, GO, 5.00%, 11/15/2021		355		382

Series C, GO, 5.00%, 11/15/2022		180		200

Cook County Community College District No. 508 GO, 5.25%, 12/1/2029		250		283

Cook County Community Consolidated School District No. 34 Glenview

GO, 4.00%, 12/1/2019		175		176

GO, 4.00%, 12/1/2020		100		103

GO, 4.00%, 12/1/2021		175		185

GO, 4.00%, 12/1/2022		150		163

GO, 4.00%, 12/1/2023		150		167

Cook County Community Unit School District No. 401 Elmwood Park Series 2013, GO, 4.00%, 12/1/2023		3,440		3,617

Cook County School District No. 148 Dolton

Series 2018A, GO, 5.00%, 12/1/2021		450		484

Series 2018A, GO, 5.00%, 12/1/2022		725		804

Cook County School District No. 63 East Maine

GO, 5.00%, 12/1/2019		2,305		2,326

GO, 5.00%, 12/1/2020		2,170		2,270

GO, 5.00%, 12/1/2021		1,845		1,996

GO, 5.00%, 12/1/2022		1,935		2,158

Cook County Township High School District No. 208 Riverside-Brookfield Series C, GO, 3.00%, 12/15/2019		690		693

Cook County, Community Consolidated School District No. 146 Tinley Park

GO, 3.00%, 12/1/2019		250		251

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	83

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

GO, 4.00%, 12/1/2020		200		207

GO, 4.00%, 12/1/2021		200		212

Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021		2,825		3,048

County of Will

Series 2019, GO, 5.00%, 11/15/2020		810		846

Series 2019, GO, 5.00%, 11/15/2021		270		292

Series 2019, GO, 5.00%, 11/15/2022		475		530

Series 2019, GO, 5.00%, 11/15/2023		525		603

DuPage County Community High School District No. 94

GO, 4.00%, 1/1/2020		300		303

GO, 4.00%, 1/1/2021		200		207

Flagg-Rochelle Community Park District

Series A, GO, AGM, 4.00%, 1/1/2021		100		103

Series A, GO, AGM, 4.00%, 1/1/2022		210		222

Series A, GO, AGM, 4.00%, 1/1/2023		220		237

Series A, GO, AGM, 4.00%, 1/1/2024		225		247

Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 4.00%, 2/1/2020		1,595		1,612

Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021		710		798

Grundy Kendall and Will Counties Community High School District No. 111 GO, 4.00%, 1/1/2020		855		862

Jackson County Community Unit School District No. 186

GO, AGM, 4.00%, 12/1/2019		200		201

GO, AGM, 4.00%, 12/1/2020		265		273

Kendall Kane and Will Counties Community Unit School District No. 308

Series 2017B, GO, 4.00%, 10/1/2019		120		120

Series B, GO, 4.00%, 10/1/2020		225		231

Series B, GO, 4.00%, 10/1/2021		255		267

Series B, GO, 5.00%, 10/1/2022		1,375		1,515

La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021		415		447

Lee & Ogle Counties School District No. 170 Dixon

Series 2019A, GO, AGM, 3.00%, 1/30/2020		50		50

Series 2019A, GO, AGM, 3.00%, 1/30/2021		50		51

Series 2019B, GO, AGM, 3.00%, 1/30/2021		120		123

Series 2019A, GO, AGM, 3.00%, 1/30/2022		160		165

Series 2019B, GO, AGM, 3.00%, 1/30/2022		245		253

Series 2019A, GO, AGM, 3.00%, 1/30/2023		170		178

Series 2019B, GO, AGM, 3.00%, 1/30/2023		255		266

Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021		125		135


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022		1,650		1,789

State of Illinois

Series D, GO, 5.00%, 11/1/2020		5,000		5,178

GO, 5.00%, 2/1/2024		3,370		3,735

Tazewell and Woodford Counties, Community Unit School District No. 701 Series 2017A, GO, 4.00%, 12/1/2019		260		261

Town of Cicero GO, 5.00%, 12/1/2019		550		555

Village of Antioch

GO, 2.00%, 12/1/2019		285		285

GO, 3.00%, 12/1/2020		290		296

Village of Bolingbrook

Series A, GO, AGM, 4.00%, 1/1/2020		100		101

Series A, GO, AGM, 4.00%, 1/1/2021		185		191

Village of Flossmoor

GO, 3.00%, 12/1/2019		425		427

GO, 3.00%, 12/1/2020		585		597

GO, 3.00%, 12/1/2021		605		626

Village of Franklin Park GO, 4.00%, 1/1/2021		500		516

Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021		645		665

Village of Hoffman Estates

Series A, GO, 2.00%, 12/1/2019		110		110

GO, 5.00%, 12/1/2019		380		384

Series A, GO, 3.00%, 12/1/2020		110		112

GO, 5.00%, 12/1/2020		270		283

GO, 5.00%, 12/1/2021		210		227

Village of Oswego GO, 2.00%, 12/15/2019		100		100

Village of Palatine Series A, GO, 4.00%, 12/1/2019		1,250		1,258

Village of South Holland Series 2012, GO, 2.00%, 12/15/2019		1,005		1,006

Village of Sugar Grove, Kane County, Waterworks and Sewerage GO, 3.00%, 5/1/2020		390		394

Village of Villa Park

Series B, GO, 4.00%, 12/15/2020		125		129

Series B, GO, 4.00%, 12/15/2021		190		202

Series B, GO, 4.00%, 12/15/2022		200		217

Series B, GO, 4.00%, 12/15/2023		205		227

Village of Villa Park, Illinois Alternate Source

Series 2018C, GO, 3.00%, 12/15/2019		325		327

Series 2018C, GO, 3.00%, 12/15/2020		415		425

Series 2018C, GO, 4.00%, 12/15/2021		505		536

Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023		125		138

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Village of Woodridge

Series 2017, GO, 3.00%, 2/1/2020		270		272

Series 2017, GO, 3.00%, 2/1/2021		250		255

Washington County Community Unit School Dist No. 10 West Washington

GO, 4.00%, 1/15/2021 (c)		740		764

GO, 4.00%, 1/15/2022 (c)		575		608

GO, 4.00%, 1/15/2023 (c)		685		740

Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020		320		330

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		781

Winnebago and Stephenson Counties School District No. 323, School Building

GO, 5.00%, 11/1/2019		100		101

GO, 5.00%, 11/1/2020		100		104


				73,850


Hospital — 0.9%

Illinois Finance Authority, Ascension Health Alliance Senior Credit GroupSeries E-2, Rev., 1.75%, 4/1/2021 (e)		250		252

Illinois Finance Authority, Little Company of Mary Hospital and Health Care Centers Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.32%, 9/12/2019 (e)		18,840		18,840

Illinois Finance Authority, The University of Chicago Medical Center Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.28%, 9/6/2019 (e)		12,320		12,320


				31,412


Other Revenue — 1.1%

City of Rochelle Series A, Rev., AGM, 3.00%, 6/30/2020		275		279

Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.25%, 9/12/2019 (e)		6,115		6,115

Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation Series 1992A, Rev., NATL-RE, 0.00%, 6/15/2020		130		128

Peoria Public Building Commission

Series A, Rev., AGM, 3.00%, 12/1/2019		200		201

Series A, Rev., AGM, 3.00%, 12/1/2022		75		78


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Other Revenue — continued

Series A, Rev., AGM, 4.00%, 12/1/2024		655		734

Sales Tax Securitization Corp. Series C, Rev., 5.00%, 1/1/2023		2,700		2,970

St Charles Public Library District

Series 2019, Rev., 3.00%, 11/1/2019		50		50

Series 2019, Rev., 3.00%, 11/1/2020		100		102

Series 2019, Rev., 3.00%, 11/1/2021		85		88

Series 2019, Rev., 4.00%, 11/1/2022		100		107

State of Illinois, Sales Tax, Junior Obligation

Series A, Rev., 5.00%, 6/15/2020		4,600		4,719

Series B, Rev., 5.00%, 6/15/2020		5,000		5,129

Rev., 5.00%, 6/15/2021		110		116

Series 2018B, Rev., 5.00%, 6/15/2021		5,000		5,278

Rev., 5.00%, 6/15/2023		990		1,094

Tender Option Bond Trust Receipts/Certificates

Series 2015-XF1045, Rev., VRDO, LIQ: Barclays Bank plc, 1.46%, 9/12/2019 (e) (g)		6,550		6,550

Series 2018, Rev., VRDO, LIQ: Barclays Bank plc, 1.48%, 9/12/2019 (e) (g)		4,500		4,500


				38,238


Prerefunded — 0.2%

Chicago O’Hare International Airport, Third Lien Series 2011C, Rev., 6.50%, 1/1/2021 (f)		5,000		5,359


Special Tax — 0.0% (b)

Village of Hampshire, Special Service Area No. 14, Lakewood Crossing Rev., 1.90%, 3/1/2020		200		201


Transportation — 0.0% (b)

Chicago Midway International Airport, Second Lien

Series 2014A, Rev., AMT, 5.00%, 1/1/2021		1,000		1,048

Series 2014B, Rev., 5.00%, 1/1/2023		150		168

Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021		200		209

Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021		270		286


				1,711


Water & Sewer — 0.0% (b)

City of Chicago, Wastewater Transmission Series 1998A, Rev., NATL-RE, 0.00%, 1/1/2020		40		40


Total Illinois				208,512

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	85

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Indiana — 3.7%

Education — 0.3%

Hammond Multi-School Building Corp., First Mortgage

Rev., 4.00%, 7/15/2020		615		628

Rev., 4.00%, 7/15/2021		670		701

Indiana Finance Authority, Butler University Project

Rev., 3.00%, 2/1/2020		300		302

Rev., 3.00%, 2/1/2021		140		143

Rev., 3.00%, 2/1/2022		210		219

Rev., 3.00%, 2/1/2023		225		238

Indiana Finance Authority, Educational Facilities, Valparaiso University Rev., 4.00%, 10/1/2019		255		256

Indiana Finance Authority, Marian University Project

Series A, Rev., 5.00%, 9/15/2020 (c)		50		52

Series A, Rev., 5.00%, 9/15/2021 (c)		60		64

Series A, Rev., 5.00%, 9/15/2022 (c)		50		55

Series A, Rev., 5.00%, 9/15/2023 (c)		75		84

Series A, Rev., 5.00%, 9/15/2024 (c)		155		179

North Putnam Middle School Building Corp., Property Tax, First Mortgage

Series 2019, Rev., 3.00%, 1/15/2021		170		174

Series 2019, Rev., 3.00%, 7/15/2021		190		196

Series 2019, Rev., 3.00%, 1/15/2022		250		260

Series 2019, Rev., 3.00%, 7/15/2022		150		158

Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 1.22%, 9/11/2019 (e)		6,575		6,575

South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax

Rev., 4.00%, 7/15/2020		70		71

Rev., 4.00%, 1/15/2021		100		104

Rev., 4.00%, 7/15/2021		80		84

Southmont School Building Corp., Ad Valorem Property Tax

Rev., 4.00%, 1/15/2020		550		556

Rev., 4.00%, 7/15/2020		190		194


				11,293


Hospital — 2.3%

Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (e)		2,700		2,782

Indiana Finance Authority, Health Obligation

Series L, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.55%), 1.83%, 9/12/2019 (d)		10,000		10,003


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — continued

Series B, Rev., 2.25%, 7/1/2025 (e)		5,000		5,283

Indiana Finance Authority, Parkview Health System Obligated Group Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.27%, 9/6/2019 (e)		28,300		28,300

Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.27%, 9/11/2019 (e)		1,055		1,055

Indiana Health Facility Financing Authority, Ascension Health Credit Group

Rev., VRDO, 1.37%, 5/1/2020 (e)		4,100		4,102

Series 2001A-2, Rev., 2.00%, 2/1/2023 (e)		25,000		25,466


				76,991


Other Revenue — 0.2%

Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.27%, 9/12/2019 (e)		6,995		6,995


Prerefunded — 0.0% (b)

Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., VRDO, 1.37%, 5/1/2020 (e) (f)		95		95


Utility — 0.9%

City of Rockport, AEP Generating Company Project

Series A, Rev., VRDO, 1.35%, 9/1/2022 (e)		2,000		1,998

Series B, Rev., VRDO, 1.35%, 9/1/2022 (e)		2,250		2,247

City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025		6,500		7,000

Indiana Finance Authority, Duke Energy Indiana, Inc., ProjectSeries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.34%, 9/11/2019 (e)		20,000		20,000


				31,245


Water & Sewer — 0.0% (b)

City of Martinsville, Waterworks

Rev., AGM, 2.00%, 1/1/2020		305		306

Rev., AGM, 2.00%, 7/1/2020		310		312


				618


Total Indiana				127,237


Iowa — 0.6%

Certificate of Participation/Lease — 0.0% (b)

City of Coralville Series 2016E, COP, 4.00%, 6/1/2023		325		331

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — 0.0% (b)

City of Iowa Falls

GO, 3.00%, 6/1/2020		120		122

GO, 3.00%, 6/1/2023		230		243

City of Sac City

GO, 5.00%, 6/1/2020		150		154

GO, 5.00%, 6/1/2021		160		170

Waukee Community School District GO, 5.00%, 6/1/2020		45		46


				735


Hospital — 0.6%

Iowa Finance Authority, Health Systems Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.58%), 1.86%, 9/12/2019 (d) (g)		19,950		19,940


Other Revenue — 0.0% (b)

City of Coralville, Annual Appropriation Series 2018D, Rev., 3.00%, 5/1/2020		300		300

State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021		400		427


				727


Total Iowa				21,733


Kansas — 0.1%

Certificate of Participation/Lease — 0.1%

Johnson County Park & Recreation District

Series 2019B, COP, 3.00%, 9/1/2020		340		346

Series 2019A, COP, 5.00%, 9/1/2020		200		207

Series 2019B, COP, 3.00%, 9/1/2021		255		264

Series 2019A, COP, 5.00%, 9/1/2021		240		258

Series 2019B, COP, 3.00%, 9/1/2022		200		210

Series 2019A, COP, 5.00%, 9/1/2022		250		277

Series 2019B, COP, 3.00%, 9/1/2023		200		213

Series 2019A, COP, 5.00%, 9/1/2023		125		143


				1,918


General Obligation — 0.0% (b)

Sedgwick County Unified School District No. 267 Renwick

Series 2019A, GO, 3.00%, 11/1/2022		100		106

Series 2019A, GO, 3.00%, 11/1/2023		100		107

Wyandotte County Unified School District No. 202 Turner

Series 2019A, GO, AGM, 2.00%, 9/1/2021		200		203

Series 2019A, GO, AGM, 3.00%, 9/1/2022		125		132

Series 2019A, GO, AGM, 3.00%, 9/1/2023		400		427


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Series 2019A, GO, AGM, 3.00%, 9/1/2024		400		433


				1,408


Hospital — 0.0% (b)

City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. Series A, Rev., 5.00%, 5/15/2020		440		448


Other Revenue — 0.0% (b)

County of Shawnee, Public Building Commission, Expocentre Project Rev., 4.00%, 9/1/2019		575		575


Total Kansas				4,349


Kentucky — 1.6%

Education — 0.0% (b)

City of Berea Education Facilities, Berea College Project Series 2002A, Rev., VRDO, 1.05%, 9/6/2019 (e)		1,050		1,050


General Obligation — 0.0% (b)

Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020		20		21


Housing — 0.2%

Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (e)		7,200		7,267


Industrial Development Revenue/Pollution Control Revenue — 0.6%

Kentucky Economic Development Finance Authority, Hospital Facilities, Saint Elizabeth Medical Center, Inc. Series B, Rev., VRDO, LOC: TD Bank NA, 1.25%, 9/11/2019 (e)		11,375		11,375

Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., 1.85%, 4/1/2021 (e)		10,000		10,101


				21,476


Other Revenue — 0.2%

Kentucky Rural Water Finance Corp., ConstructionSeries E-2018-1, Rev., 2.25%, 3/1/2020		5,100		5,104

Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024		85		99

Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021		1,540		1,605


				6,808

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	87

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Prerefunded — 0.0% (b)

Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2021 (f)		40		42


Transportation — 0.0% (b)

Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022		1,000		1,098


Utility — 0.5%

Kentucky Public Energy Authority, Gas Supply

Series 2018A, Rev., 4.00%, 4/1/2020		780		791

Series 2018A, Rev., 4.00%, 4/1/2021		775		805

Series A, Rev., 4.00%, 4/1/2022		1,210		1,284

Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., AMT, 2.55%, 5/3/2021 (e)		2,750		2,803

Paducah Electric Plant Board

Rev., 5.00%, 10/1/2020 (c)		2,250		2,336

Rev., 5.00%, 10/1/2021 (c)		2,300		2,469

Rev., 5.00%, 10/1/2022 (c)		2,000		2,213

Rev., 5.00%, 10/1/2023 (c)		2,000		2,279


				14,980


Water & Sewer — 0.1%

Louisville/Jefferson County Metro Government, Water System Rev., 5.00%, 11/15/2019		2,440		2,459


Total Kentucky				55,201


Louisiana — 1.9%

General Obligation — 0.4%

Calcasieu Parish School District No. 23

GO, 5.00%, 9/1/2023 (c)		180		206

GO, 5.00%, 9/1/2024 (c)		250		294

Calcasieu Parish School District No. 31 GO, 3.00%, 3/1/2020		370		373

Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022		520		542

City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021		145		155

Iberia Parishwide School District GO, 2.00%, 3/1/2021		150		152

St. Martin Parish School Board GO, 3.00%, 3/1/2021		335		345

St. Tammany Parish Wide School District No. 12 GO, 2.00%, 3/1/2020		200		201

State of LouisianaSeries 2013-C, GO, 5.00%, 7/15/2021		10,105		10,824


				13,092


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 1.2%

Louisiana Public Facilities Authority, Christus Health Series 2018D, Rev., 5.00%, 7/1/2020		700		721

Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.93%, 9/12/2019 (d)		40,000		40,189

Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project

Rev., 4.00%, 5/15/2020		195		199

Rev., 5.00%, 5/15/2020		325		333


				41,442


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 1.26%, 9/6/2019 (e)		150		150


Other Revenue — 0.3%

City of Youngsville LA

Rev., 3.00%, 12/1/2019		255		256

Rev., 3.00%, 12/1/2020		250		256

Rev., 3.00%, 12/1/2021		255		265

Louisiana Local Government Environmental Facilities and Community Development Authority, Delta Campus Facilities Project Rev., 5.00%, 10/1/2019		1,715		1,720

Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project Series 2015, Rev., 5.00%, 12/1/2025		715		871

Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020		200		203

Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021		1,500		1,617

Louisiana Office Facilities Corp., Lease, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020		4,290		4,397


				9,585


Transportation — 0.0% (b)

New Orleans Aviation Board, General Airport, North Terminal Project Series A, Rev., 5.00%, 1/1/2020		135		136

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Water & Sewer — 0.0% (b)

City of Shreveport, Water and Sewer, Junior Lien

Series 2019B, Rev., AGM, 4.00%, 12/1/2023		310		345

Series 2019B, Rev., AGM, 5.00%, 12/1/2024		225		267


				612


Total Louisiana				65,017


Maryland — 0.8%

Hospital — 0.7%

County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.22%, 12/2/2019 (e)		24,500		24,500


Other Revenue — 0.1%

City of Rockville, Ingleside at King Farm Project

Series 2017A-2, Rev., 4.00%, 11/1/2019		100		100

Series 2017A-1, Rev., 5.00%, 11/1/2019		150		151

Maryland Stadium Authority, Construction and Revitalization Program

Series 2018A, Rev., 5.00%, 5/1/2020		800		820

Series 2018A, Rev., 5.00%, 5/1/2021		1,215		1,291


				2,362


Total Maryland				26,862


Massachusetts — 4.3%

Education — 0.1%

Massachusetts Development Finance Agency, Suffolk University

Rev., 4.00%, 7/1/2020		250		256

Rev., 5.00%, 7/1/2021		500		532

Rev., 5.00%, 7/1/2022		390		428

Rev., 5.00%, 7/1/2024		350		406

Massachusetts Development Finance Agency, Western New England University

Rev., 5.00%, 9/1/2020		300		310

Rev., 5.00%, 9/1/2021		265		283

University of Massachusetts Building Authority Series A, Rev., VRDO, 1.23%, 9/11/2019 (e)		1,825		1,825


				4,040


General Obligation — 1.2%

Commonwealth of Massachusetts

Series D, GO, AMBAC, 5.50%, 10/1/2019		325		326

Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 2.06%, 11/1/2019 (d)		30,000		29,805

Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (e)		5,500		5,597


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Masconomet Regional School District GO, 5.00%, 5/1/2020		20		20

Town of Bridgewater GO, BAN, 2.25%, 6/26/2020		3,500		3,526

Town of Medway GO, 4.00%, 10/15/2019		20		20


				39,294


Hospital — 0.5%

Massachusetts Development Finance Agency, Partners Healthcare System

Series M-1, Rev., VRDO, LOC: U.S. Bank NA, 1.25%, 9/6/2019 (e)		4,195		4,195

Series 2017S-5, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.42%), 1.70%, 9/12/2019 (d)		10,000		10,026

Series 2017S, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.50%), 1.78%, 9/12/2019 (d)		1,500		1,498


				15,719


Housing — 0.0% (b)

Massachusetts Housing Finance Agency, Construction Loan Series 2017A, Rev., 1.85%, 6/1/2020		1,630		1,630


Other Revenue — 0.0% (b)

Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Series 20, Rev., 3.00%, 10/1/2019 (g)		620		621


Prerefunded — 0.1%

Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2021 (f)		20		21

Massachusetts Clean Water Trust (The), Revolving Funds Subseries 16B, Rev., 5.00%, 8/1/2020 (f)		4,720		4,890


				4,911


Transportation — 2.1%

Massachusetts Bay Transportation Authority, Sales TaxSeries A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.24%, 9/11/2019 (e)		30,785		30,785

Massachusetts Port Authority

Series 2019-A, Rev., AMT, 5.00%, 7/1/2020		2,295		2,365

Series 2019-A, Rev., AMT, 5.00%, 7/1/2021		3,000		3,202

Series 2019-A, Rev., AMT, 5.00%, 7/1/2022		2,500		2,759

Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (e)		10,000		11,272

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	89

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — continued

Merrimack Valley Regional Transit Authority Rev., 2.25%, 6/26/2020		8,400		8,464

Pioneer Valley Transit Authority Rev., 2.00%, 7/16/2020		13,000		13,070


				71,917


Water & Sewer — 0.3%

Massachusetts Clean Water Trust (The), Revolving Funds Series 15A, Rev., 5.00%, 8/1/2020		200		207

Massachusetts Water Resources AuthoritySeries A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.26%, 9/11/2019 (e)		8,535		8,535


				8,742


Total Massachusetts				146,874


Michigan — 3.4%

Education — 0.8%

University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (e)		25,000		28,184


General Obligation — 0.7%

City of Garden, Capital Improvement

GO, 4.00%, 10/1/2019		790		791

GO, 4.00%, 10/1/2020		795		816

City of Marquette, Capital Improvement

GO, 4.00%, 5/1/2020		75		76

GO, 4.00%, 5/1/2021		150		157

City of Marquette, Limited Tax

GO, 3.00%, 5/1/2020		85		86

GO, 3.00%, 5/1/2021		125		129

City of Romulus, Capital Improvement Series B, GO, 3.00%, 11/1/2019		140		140

Grand Rapids Public Schools

Series 2019, GO, AGM, 5.00%, 11/1/2019		1,305		1,313

Series 2019, GO, AGM, 5.00%, 11/1/2020		2,075		2,166

Series 2019, GO, AGM, 5.00%, 11/1/2021		2,225		2,404

Series 2019, GO, AGM, 5.00%, 11/1/2023		1,700		1,959

Grosse Pointe Public School System

GO, 4.00%, 5/1/2020		500		510

GO, 4.00%, 5/1/2021		240		251

Kalamazoo Public Schools, School Building and Site

GO, 4.00%, 5/1/2020		1,820		1,854

GO, 4.00%, 5/1/2021		775		811

Kelloggsville Public Schools, School Building and Site

GO, AGM, 4.00%, 5/1/2021		360		377


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, AGM, 4.00%, 5/1/2022		380		408

Leland Public School District

GO, AGM, 4.00%, 5/1/2022		510		548

GO, AGM, 4.00%, 5/1/2023		785		864

Marshall Public Schools Series 2016, GO, Q-SBLF, 4.00%, 5/1/2020		850		866

Waterford School District GO, 3.00%, 9/25/2019		5,000		5,006

Wayne-Westland Community Schools, Building and Site

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2019		750		753

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2020		190		193

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2020		875		903

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2021		200		209

Series 2019, GO, Q-SBLF, 4.00%, 11/1/2021		785		831

Series 2019, GO, Q-SBLF, 4.00%, 5/1/2022		160		171

Series 2019, GO, Q-SBLF, 5.00%, 11/1/2022		290		324


				24,916


Hospital — 0.8%

Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 9/11/2019 (c) (e)		4,165		4,422

Michigan Finance Authority, CHE Trinity Health Credit GroupSeries MI-1, Rev., VRDO, 1.22%, 12/2/2019 (e)		15,000		15,000

Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group Series 2010B, Rev., 5.00%, 11/15/2025		5,170		5,209

Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Series A, Subseries 2016A-1, Rev., VRDO, 1.37%, 5/1/2020 (e)		2,410		2,410


				27,041


Housing — 0.3%

Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.33%, 9/11/2019 (e)		11,125		11,125


Other Revenue — 0.7%

Detroit Downtown Development Authority, Tax Increment

Series B, Rev., AGM, 5.00%, 7/1/2020		1,200		1,235

Series 2018A, Rev., AGM, 5.00%, 7/1/2021		500		531

Michigan Finance AuthoritySeries A-1, Rev., 4.00%, 8/20/2020		10,000		10,253

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Other Revenue — continued

Michigan Strategic Fund, Holland Home Obligated Group

Rev., 4.00%, 11/15/2020		200		205

Rev., 4.00%, 11/15/2021		180		188

Rev., 4.00%, 11/15/2022		180		192

Rev., 4.00%, 11/15/2023		190		205

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XM0717, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 1.48%, 9/12/2019 (e) (g)		9,410		9,410


				22,219


Transportation — 0.1%

Gerald R Ford International Airport Authority, Limited Tax Rev., 5.00%, 1/1/2021		815		857

Wayne County Airport Authority, Junior Lien

Series 2017B, Rev., AMT, 5.00%, 12/1/2019		550		555

Series B, Rev., AMT, 5.00%, 12/1/2020		550		574


				1,986


Total Michigan				115,471


Minnesota — 0.7%

Certificate of Participation/Lease — 0.0% (b)

Duluth Independent School District No. 709

Series 2019B, COP, 5.00%, 2/1/2020		180		182

Series 2019C, COP, 5.00%, 2/1/2020		150		152

Series 2019B, COP, 5.00%, 2/1/2021		145		152

Series 2019B, COP, 5.00%, 2/1/2022		160		173

Series 2019C, COP, 5.00%, 2/1/2022		135		146

Series 2019B, COP, 5.00%, 2/1/2023		185		206

St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021		930		980


				1,991


Education — 0.1%

Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc.

Rev., 2.00%, 12/1/2019		150		150

Rev., 3.00%, 12/1/2020		75		76

Rev., 3.00%, 12/1/2021		75		77

Rev., 3.00%, 12/1/2022		100		105

Rev., 3.00%, 12/1/2023		100		106

Minnesota Higher Education Facilities Authority, Trustees of the Hamline University

Series 2017B, Rev., 4.00%, 10/1/2019		750		751

Series 2017B, Rev., 4.00%, 10/1/2020		780		795


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

University of Minnesota Series A, Rev., 5.00%, 4/1/2022		2,715		2,990


				5,050


General Obligation — 0.1%

City of Glencoe

Series 2018-A, GO, 3.00%, 8/1/2020		75		76

Series 2018-A, GO, 3.00%, 8/1/2021		80		83

State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021		1,765		1,896


				2,055


Hospital — 0.4%

City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 1.27%, 9/6/2019 (e)		12,250		12,250


Housing — 0.1%

City of St. Paul Park, Senior Housing and Health Care, Presbyterian Homes Bloomington Project Rev., 3.00%, 9/1/2019		795		795

City of Wayzata, Folkestone Senior Living Community

Rev., 3.00%, 8/1/2022		200		203

Rev., 3.00%, 8/1/2023		100		101

Rev., 3.00%, 8/1/2024		100		101

Duluth Housing and Redevelopment Authority, Public Schools Academy Project

Series 2018-A, Rev., 3.38%, 11/1/2021		330		337

Series 2018-A, Rev., 3.63%, 11/1/2022		345		357

Series 2018-A, Rev., 3.88%, 11/1/2023		325		343

Housing and Redevelopment Authority of The City of St Paul Minnesota, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020		515		524


				2,761


Other Revenue — 0.0% (b)

State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020		400		408


Total Minnesota				24,515


Mississippi — 0.5%

General Obligation — 0.2%

City of Tupelo

Series 2019, GO, 4.00%, 12/1/2019		170		171

Series 2019, GO, 4.00%, 12/1/2020		360		373

Series 2019, GO, 4.00%, 12/1/2021		125		133

Series 2019, GO, 4.00%, 12/1/2022		245		267

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	91

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2019, GO, 4.00%, 12/1/2023		315		351

State of Mississippi Series F, GO, 5.00%, 11/1/2020		4,000		4,182


				5,477


Hospital — 0.1%

Mississippi Hospital Equipment & Facilities Authority Series B2, Rev., VRDO, 1.80%, 12/2/2019 (e)		2,700		2,701

Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project

Series B, Rev., 5.00%, 1/1/2021 (c)		270		282

Series B, Rev., 5.00%, 1/1/2022 (c)		320		345

Series B, Rev., 5.00%, 1/1/2023 (c)		370		411

Series B, Rev., 5.00%, 1/1/2024 (c)		370		423


				4,162


Industrial Development Revenue/Pollution Control Revenue — 0.2%

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series E, Rev., VRDO, 1.29%, 9/11/2019 (e)		6,200		6,200


Other Revenue — 0.0% (b)

Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022		100		105

Mississippi Development Bank, Special Obligation, Biloxi project

Rev., 3.00%, 3/1/2020		125		126

Rev., 3.00%, 3/1/2021		130		133

Rev., 3.00%, 3/1/2022		175		182

State of Mississippi Series E, Rev., 5.00%, 10/15/2020		100		104

State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021		700		757


				1,407


Prerefunded — 0.0% (b)

State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (f)		25		27


Total Mississippi				17,273


Missouri — 0.9%

Certificate of Participation/Lease — 0.0% (b)

Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022		100		106

Blue Eye R-V School District COP, 4.00%, 4/1/2021		75		78


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificate of Participation/Lease — continued

City of Arnold COP, 3.00%, 12/15/2019		120		120

City of Waynesville Series C, COP, 2.00%, 4/15/2020		250		251

County of Stone

COP, 3.00%, 12/1/2019		100		100

COP, 3.00%, 12/1/2020		145		148

Village of Country Club

COP, AGM, 3.00%, 4/1/2020		100		101

COP, AGM, 3.00%, 4/1/2021		165		169


				1,073


Education — 0.3%

Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022		3,270		3,288

Health and Educational Facilities Authority of the State of Missouri, Saint Louis University Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/6/2019 (e)		8,150		8,150

Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022		50		50


				11,488


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Cape Girardeau County IDA, South Eastern Health Series 2017A, Rev., 5.00%, 3/1/2020		320		325

Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020		300		311


				636


Other Revenue — 0.5%

City of Kansas City, Roe Bartle Convention Center Series F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.30%, 9/11/2019 (e)		4,490		4,490

County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022		4,000		4,473

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.38%, 9/12/2019 (e) (g)		8,200		8,200


				17,163


Transportation — 0.1%

St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021		1,305		1,393


Total Missouri				31,753

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Montana — 0.1%

Education — 0.1%

Montana State Board of Regents, Montana State University Series F, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.45%), 1.73%, 9/12/2019 (d)		3,325		3,338


Nebraska — 0.1%

General Obligation — 0.1%

Papio-Missouri River Natural Resource District

GO, 4.00%, 12/15/2019		720		726

GO, 4.00%, 12/15/2020		405		420


				1,146


Other Revenue — 0.0% (b)

Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020		250		256


Special Tax — 0.0% (b)

City of Omaha

Series A, Rev., 2.20%, 1/15/2021		125		127

Series A, Rev., 5.00%, 1/15/2022		125		136


				263


Total Nebraska				1,665


Nevada — 1.1%

General Obligation — 0.1%

Clark County School District

Series 2014A, GO, 5.00%, 6/15/2020		50		52

Series C, GO, 5.00%, 6/15/2023		2,000		2,274


				2,326


Hospital — 0.0% (b)

City of Carson, Carson Tahoe Regional Healthcare Project

Rev., 5.00%, 9/1/2019		325		325

Rev., 5.00%, 9/1/2020		250		259

Rev., 5.00%, 9/1/2027		610		755


				1,339


Industrial Development Revenue/Pollution Control Revenue — 0.1%

County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (e)		4,550		4,612


Other Revenue — 0.0% (b)

City of Henderson Nevada Local Improvement DistrictNo. T-17 Rev., 2.00%, 9/1/2019		190		190


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 0.6%

Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021		18,500		19,815


Utility — 0.1%

Clark County, Nevada Power Co. Projects Rev., VRDO, 1.60%, 5/21/2020 (e)		3,000		3,002


Water & Sewer — 0.2%

County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., 1.85%, 4/15/2022 (e)		5,000		5,068


Total Nevada				36,352


New Hampshire — 0.8%

Education — 0.2%

New Hampshire Health and Education Facilities Authority Act, Dartmouth College Rev., VRDO, LIQ: U.S. Bank NA, 1.21%, 9/11/2019 (e)		7,310		7,310


Hospital — 0.6%

New Hampshire Health and Education Facilities Authority Act, University SystemSeries B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 1.25%, 9/6/2019 (e)		19,410		19,410


Total New Hampshire				26,720


New Jersey — 10.7%

Education — 0.2%

New Jersey Economic Development Authority, School Facilities Construction

Series 2017DDD, Rev., 5.00%, 6/15/2020		500		514

Series PP, Rev., 5.00%, 6/15/2020		200		206

Series XX, Rev., 5.00%, 6/15/2021		5,000		5,317

New Jersey Educational Facilities Authority Series C, Rev., 5.00%, 7/1/2021		150		160

New Jersey Educational Facilities Authority, The William Paterson University Series 2012D, Rev., 5.00%, 7/1/2020		100		103


				6,300


General Obligation — 9.3%

Borough of Caldwell GO, BAN, 2.75%, 9/6/2019		6,422		6,423

Borough of Carlstadt GO, BAN, 2.00%, 6/26/2020		5,000		5,026

Borough of Carteret Series 2019, GO, BAN, 2.25%, 6/5/2020		5,999		6,053

Borough of East Rutherford

GO, AGM, 5.00%, 12/1/2019		145		146

GO, AGM, 5.00%, 12/1/2020		290		304

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	93

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Borough of Fanwood GO, 2.00%, 2/14/2020		3,000		3,009

Borough of Franklin NJ/Sussex County GO, BAN, 2.00%, 7/31/2020		2,193		2,204

Borough of Highlands Series 2018A, GO, BAN, 3.00%, 10/4/2019		4,056		4,061

Borough of Middlesex Series A, GO, BAN, 2.25%, 6/25/2020		5,282		5,328

Borough of Northvale GO, BAN, 3.50%, 11/8/2019		4,250		4,267

Borough of Ridgefield GO, BAN, 3.00%, 10/17/2019		3,271		3,278

Borough of Woodcliff Lake GO, BAN, 3.25%, 10/1/2019		6,770		6,781

Borough of Wood-Ridge GO, BAN, 3.50%, 9/13/2019		9,507		9,513

City of Atlantic, Tax Appeal

Series 2017A, GO, 5.00%, 3/1/2020		650		661

Series 2017B, GO, AGM, 5.00%, 3/1/2020		200		204

City of Bridgeton GO, BAN, 2.00%, 8/21/2020		9,397		9,439

City of Englewood GO, 2.00%, 3/27/2020		5,130		5,157

City of Linwood, Bemporary Nobas GO, BAN, 2.00%, 7/21/2020		4,935		4,963

City of Newark GO, 3.50%, 10/9/2019		9,907		9,930

City of Newark, New Jersey School Promissory Notes GO, 2.50%, 7/29/2020		30,582		30,861

City of Orange Township GO, 3.00%, 12/5/2019		3,890		3,908

City of Somers Point GO, BAN, 3.00%, 12/3/2019		6,755		6,788

City of Union, County of Hudson Series 2017, GO, 4.00%, 11/1/2019		1,000		1,004

City of Wildwood GO, BAN, 3.50%, 10/18/2019		11,312		11,346

East Brunswick Township Board of Education, School Energy Savings

GO, 5.00%, 8/1/2020		65		67

GO, 5.00%, 8/1/2021		55		59

GO, 5.00%, 8/1/2022		110		122

Mullica Township School District GO, 2.00%, 9/15/2019		105		105

Penns Grove-Carneys Point Regional School District GO, 2.50%, 7/10/2020		7,158		7,222

Township of Clark GO, BAN, 3.00%, 10/4/2019		1,650		1,652

Township of Florence Series 2019A, GO, BAN, 3.00%, 1/21/2020		5,315		5,333

Township of Franklin GO, BAN, 2.00%, 7/17/2020		3,158		3,175

Township of Galloway GO, BAN, 2.00%, 8/13/2020		6,920		6,962


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Township of Logan GO, BAN, 3.50%, 10/22/2019		2,552		2,560

Township of Middle GO, 4.00%, 11/1/2019		15		15

Township of Pemberton Series 2019, GO, BAN, 2.25%, 6/9/2020		6,230		6,278

Township of Riverside Series A, GO, BAN, 3.50%, 11/5/2019		3,268		3,278

Township of Springfield GO, BAN, 2.00%, 7/30/2020		11,000		11,067

Township of Upper GO, BAN, 3.25%, 1/24/2020		4,510		4,546

Township of West Orange GO, BAN, 2.00%, 7/24/2020		6,692		6,740

Township of Westampton Series B, GO, BAN, 2.00%, 6/4/2020		2,205		2,214

Township of Willingboro Series 2019, GO, BAN, 2.75%, 4/24/2020		4,973		5,018

Township of Woodbridge GO, BAN, 1.50%, 10/16/2019		110,000		110,052


				317,119


Hospital — 0.0% (b)

New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020		375		384


Housing — 0.4%

New Jersey Housing & Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2020 (e)		1,000		1,002

New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Garden Spires Project Series 2018A, Rev., 2.02%, 8/1/2020 (e)		8,000		8,042

New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village ProjectSeries 2018-E, Rev., 2.45%, 10/1/2020 (e)		4,500		4,552


				13,596


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Passaic County Utilities Authority, Solid Waste Disposal

Series 2018, Rev., 4.25%, 3/1/2020		180		183

Series 2018, Rev., 4.38%, 3/1/2021		255		266


				449


Other Revenue — 0.3%

Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020		25		26

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


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		503

Tender Option Bond Trust Receipts/CertificatesSeries 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.40%, 9/12/2019 (e) (g)		5,000		5,000

The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021		340		368

Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020		3,000		3,082


				8,979


Transportation — 0.5%

New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021		6,000		6,390

New Jersey Transportation Trust Fund Authority, Transportation ProgramSeries 2014BB-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.00%), 2.28%, 9/12/2019 (d)		700		701

New Jersey Transportation Trust Fund Authority, Transportation SystemSeries B-4, Rev., 5.25%, 12/15/2019		225		227

New Jersey Turnpike Authority

Series C-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 1.80%, 10/1/2019 (d)		4,000		4,004

Series B, Rev., 5.00%, 1/1/2025		5,345		6,024


				17,346


Water & Sewer — 0.0% (b)

Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020		100		102


Total New Jersey				364,275


New Mexico — 0.3%

General Obligation — 0.1%

Albuquerque Municipal School District No. 12, Education Technology Notes GO, 5.00%, 8/1/2020		25		26

County of Sandoval

GO, 3.00%, 8/1/2020		330		335

GO, 5.00%, 8/1/2021		535		574

GO, 5.00%, 8/1/2022		560		622

University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022		1,500		1,501


				3,058


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.1%

New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project

Series C, Rev., 2.25%, 7/1/2023		1,525		1,522

Series C, Rev., 2.38%, 7/1/2024		1,525		1,525


				3,047


Water & Sewer — 0.1%

City of Rio Rancho NM Water and Wastewater System

Rev., 5.00%, 5/15/2020		825		847

Rev., 5.00%, 5/15/2021		720		765

Rev., 5.00%, 5/15/2022		1,250		1,374


				2,986


Total New Mexico				9,091


New York — 16.6%

Education — 0.1%

Hempstead Town Local Development Corp., Adelphi University Project

Series 2019, Rev., 4.00%, 2/1/2020		100		101

Series 2019, Rev., 4.00%, 2/1/2021		75		78

Series 2019, Rev., 4.00%, 2/1/2022		50		53

Series 2019, Rev., 4.00%, 2/1/2023		100		109

Series 2019, Rev., 4.00%, 2/1/2024		200		224

New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023		920		1,053

New York State Dormitory Authority, St. John’s UniversitySeries B-2, Rev., VRDO, LOC: U.S. Bank NA, 1.25%, 9/12/2019 (e)		1,175		1,175


				2,793


General Obligation — 10.5%

Batavia City School District GO, BAN, 2.00%, 6/16/2020		8,069		8,117

Beacon City School District GO, BAN, 2.50%, 6/19/2020		8,944		9,029

Brasher Falls Central School District GO, BAN, 2.00%, 7/15/2020		3,900		3,924

Chateaugay Central School District Series A, GO, BAN, 2.00%, 12/19/2019		4,235		4,244

City of Ithaca Series B, GO, BAN, 2.00%, 7/24/2020		2,310		2,332

City of Jamestown, Public Improvement

GO, 5.00%, 6/1/2020		450		463

GO, 5.00%, 6/1/2021		475		507

GO, 5.00%, 6/1/2022		500		553

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	95

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

GO, 5.00%, 6/1/2023		525		600

GO, 5.00%, 6/1/2024		545		641

City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 1.25%, 9/6/2019 (e)		21,565		21,565

City of Ogdensburg Series 2019, GO, BAN, 3.00%, 4/24/2020		1,500		1,512

City of Troy Series B, GO, BAN, 2.00%, 7/31/2020		8,272		8,327

City of Yonkers

Series 2019A, GO, BAN, 2.25%, 12/17/2019		22,600		22,676

Series 2019A, GO, BAN, 3.00%, 12/17/2019		10,000		10,055

Clifton-Fine Central School District GO, BAN, 1.75%, 7/15/2020		3,980		3,995

County of Clinton Series B, GO, BAN, 2.00%, 7/30/2020		7,389		7,434

County of Orange, Public Improvement GO, 5.00%, 2/1/2023		2,295		2,607

County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021		300		321

County of Westchester Series B, GO, TAN, 3.00%, 10/16/2019		38,000		38,094

Fallsburg Central School District GO, BAN, 2.00%, 6/26/2020		9,000		9,051

Fort Ann Central School District GO, BAN, 2.25%, 6/26/2020		3,355		3,380

General Brown Central School District GO, BAN, 2.25%, 6/26/2020		5,500		5,542

Geneva City School District GO, 2.25%, 6/24/2020		6,000		6,050

Germantown Central School District GO, BAN, 2.25%, 6/26/2020		8,890		8,958

Gorham-Middlesex Central School District GO, BAN, 2.25%, 6/25/2020		9,500		9,573

Gouverneur Central School District GO, BAN, 2.00%, 6/26/2020		6,500		6,536

Grand Island Central School District GO, BAN, 2.00%, 8/13/2020		5,300		5,337

Hartford Central School District GO, BAN, 2.00%, 6/18/2020		3,760		3,781

Hempstead Union Free School District GO, 2.50%, 6/25/2020		6,750		6,807

Hinsdale Central School District GO, BAN, 2.25%, 6/26/2020		4,570		4,605

Johnson City Central School District GO, BAN, 2.00%, 8/7/2020		2,292		2,307

Lansing Central School District GO, BAN, 2.00%, 6/30/2020		3,150		3,168


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Lewiston-Porter Central School District Series A, GO, BAN, 2.50%, 6/17/2020		3,750		3,785

Lynbrook Union Free School District GO, BAN, 2.00%, 6/26/2020		7,000		7,039

Menands Union Free School District GO, BAN, 2.25%, 6/26/2020		7,200		7,255

Montgomery County GO, BAN, 3.00%, 10/11/2019		2,510		2,515

Morrisville-Eaton Central School District GO, BAN, 2.00%, 6/26/2020		5,372		5,403

Mount Vernon City School District

GO, 5.00%, 12/1/2021		885		961

GO, 5.00%, 12/1/2022		1,965		2,204

Peru Central School District GO, BAN, 2.00%, 6/26/2020		5,500		5,531

Poland Central School District GO, BAN, 2.25%, 6/26/2020		11,741		11,847

Rocky Point Union Free School District GO, 2.00%, 6/25/2020		4,500		4,524

Romulus Central School District GO, BAN, 2.00%, 6/26/2020		7,700		7,743

Salamanca City School District GO, BAN, 1.75%, 6/26/2020		8,600		8,631

Sharon Springs Central School District GO, BAN, 2.00%, 6/26/2020		3,540		3,560

Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020		6,000		6,032

Sherburne Earlville Central School District GO, BAN, 2.00%, 6/26/2020		10,095		10,151

Southwestern Central School District Series B, GO, BAN, 2.00%, 7/22/2020		8,464		8,531

St Regis Falls Central School District GO, BAN, 2.00%, 7/8/2020		4,751		4,779

Stillwater Central School District GO, BAN, 2.00%, 6/26/2020		6,100		6,134

Tioga Central School District GO, BAN, 2.00%, 8/14/2020		5,150		5,184

Town of East Fishkill Series A, GO, BAN, 3.50%, 12/17/2019		3,426		3,447

Town of LaGrange Series B, GO, BAN, 2.50%, 6/12/2020		3,780		3,820

Town of Victor GO, BAN, 2.00%, 7/30/2020		5,000		5,030

Village of ClaytonSeries 2018-B, GO, BAN, 3.00%, 10/23/2019		5,000		5,013

Village of Johnson City GO, BAN, 4.00%, 10/3/2019		2,600		2,606

Wheatland Chili Central School District GO, BAN, 2.25%, 6/24/2020		4,940		4,977


				358,793

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — 0.1%

Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project

Series 2017A, Rev., 2.00%, 11/1/2019		550		550

Series A, Rev., 3.00%, 11/1/2020		575		584

New York State Dormitory Authority, Mount Sinai Hospital Series 2010A, Rev., 5.00%, 7/1/2020		45		47


				1,181


Other Revenue — 2.5%

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 SubseriesA-4, Rev., VRDO, LIQ: TD Bank NA, 1.25%, 9/6/2019 (e)		38,320		38,320

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 SubseriesA-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.25%, 9/12/2019 (e)		14,155		14,155

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Rev., VRDO, LIQ: Barclays Bank plc, 1.25%, 9/6/2019 (e)		21,790		21,790

New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries 3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.28%, 9/11/2019 (e)		3,265		3,265

New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series 2015A, Rev., 4.00%, 5/1/2020		150		153

New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025		400		485

Schenectady Metroplex Development Authority Series 2018A, Rev., BAN, 4.00%, 12/27/2019		1,240		1,251

Tender Option Bond Trust Receipts/CertificatesSeries 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.50%, 9/13/2019 (e) (g)		6,000		6,000


				85,419


Prerefunded — 0.3%

New York City Water and Sewer System Rev., 5.00%, 6/15/2023 (f)		7,165		8,200

Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2022 (f)		1,120		1,225


				9,425


Special Tax — 0.0% (b)

New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2014A, Rev., 5.00%, 2/15/2021		200		211


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Transportation — 2.2%

Metropolitan Transportation Authority

Subseries 2012G-1, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.30%), 1.70%, 10/1/2019 (d)		3,505		3,508

Series 2018B-1A, Rev., BAN, 5.00%, 5/15/2020		10,010		10,277

Series 2019A, Rev., BAN, 5.00%, 3/1/2022		20,000		21,896

New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021		50		53

New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022		14,650		15,853

Niagara Frontier Transportation Authority, Buffalo Niagara International Airport

Series 2019A, Rev., AMT, 5.00%, 4/1/2020		500		510

Series 2019A, Rev., AMT, 5.00%, 4/1/2021		1,540		1,627

Series 2019A, Rev., AMT, 5.00%, 4/1/2022		845		922

Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023		10,000		11,486

Triborough Bridge and Tunnel Authority Series D, Rev., VRDO, (SOFR + 0.50%), 1.92%, 9/6/2019 (d)		10,000		10,019


				76,151


Water & Sewer — 0.9%

New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.27%, 9/6/2019 (e)		13,335		13,335

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.28%, 9/12/2019 (e)		12,560		12,560

New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015Series BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.28%, 9/12/2019 (e)		5,680		5,680


				31,575


Total New York				565,548


North Carolina — 0.7%

Education — 0.2%

North Carolina Capital Facilities Finance Agency, Meredith College Rev., 5.00%, 6/1/2020		275		282

University of North Carolina, Chapel Hill Series B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.40%), 1.80%, 10/1/2019 (d)		3,750		3,747

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	97

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina

Rev., AGM, 4.00%, 10/1/2019		90		90

Rev., AGM, 4.00%, 10/1/2020		120		123


				4,242


General Obligation — 0.0% (b)

County of Union Series A, GO, 5.00%, 3/1/2020		20		20


Hospital — 0.4%

North Carolina Medical Care Commission, United Methodist Retirement Homes, Inc., Retirement Facilities Series 2017A, Rev., 5.00%, 10/1/2019		275		276

North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., 2.20%, 12/1/2022 (e)		13,500		13,811


				14,087


Housing — 0.1%

Asheville Housing Authority, Ledgewood Village, Multifamily Housing Rev., VRDO, 1.90%, 12/1/2019 (e)		4,000		4,005


Other Revenue — 0.0% (b)

County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021		20		22

County of Chatham Series 2014, Rev., 5.00%, 11/1/2019		210		211


				233


Transportation — 0.0% (b)

North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020		420		434


Total North Carolina				23,021


Ohio — 3.3%

Certificate of Participation/Lease — 0.0% (b)

Euclid City School District

COP, 4.00%, 12/1/2023		70		77

COP, 4.00%, 12/1/2024		70		79

Goshen Local School District, School Facilities Project

COP, 4.00%, 12/15/2019		240		242

COP, 1.50%, 12/15/2020		280		281


				679


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — 0.9%

City of Cincinnati, Unlimited Tax Refunding and Improvement Series 2014A, GO, 5.00%, 12/1/2019		5,925		5,982

City of Elyria, Improvement, Various Purpose GO, 5.00%, 12/1/2019		1,340		1,352

City of Euclid, Various Purpose Improvement Series 2019, GO, BAN, 3.00%, 4/30/2020		1,350		1,366

City of Gahanna GO, BAN, 3.00%, 8/6/2020		1,400		1,421

City of Lorain, Streetscape Improvements GO, BAN, 3.00%, 6/18/2020		540		548

City of Marysville, Various Purpose Series 2019B, GO, BAN, 3.00%, 3/26/2020		910		918

City of Middletown, Various Purpose GO, 4.00%, 12/1/2019		500		504

City of Moraine GO, BAN, 2.50%, 6/25/2020		2,725		2,752

City of Olmsted Falls, Various Purpose Series 2019, GO, BAN, 3.00%, 6/11/2020		1,365		1,384

City of Seven Hills, Capital Improvement Series 2019, GO, BAN, 3.00%, 4/9/2020		500		505

City of Toledo

GO, AGM, 2.00%, 12/1/2019		180		180

GO, AGM, 4.00%, 12/1/2020		100		104

City of Willoughby GO, BAN, 2.25%, 6/19/2020		6,400		6,451

County of Licking Series 2019, GO, BAN, 3.00%, 5/8/2020		1,500		1,520

County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020 (c)		3,100		3,150

County of Union GO, BAN, 2.00%, 9/9/2020		1,500		1,509

Township of Violet GO, BAN, 3.00%, 1/9/2020		1,500		1,510

Zanesville City School District GO, 4.00%, 12/1/2021		595		633


				31,789


Hospital — 1.4%

Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021		125		135

City of Centerville, Graceworks Lutheran Services

Rev., 5.00%, 11/1/2020		275		283

Rev., 5.00%, 11/1/2021		285		300

County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (e)		2,000		2,196

County of Franklin, Ohio Hospital Facilities Series C, Rev., VRDO, 1.27%, 9/11/2019 (e)		27,500		27,500

County of Ross, Adena Health System

Rev., 5.00%, 12/1/2020		1,000		1,047

Rev., 5.00%, 12/1/2021		335		363

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Hospital — continued

Rev., 5.00%, 12/1/2022		355		397

Rev., 5.00%, 12/1/2023		490		565

County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021		50		53

Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 1.71%, 9/12/2019 (d)		5,000		5,036

State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.51%, 9/9/2019 (e)		8,250		8,250


				46,125


Industrial Development Revenue/Pollution Control Revenue — 0.4%

Ohio Water Development Authority, Water Pollution Control Loan Fund

Series 2017B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.22%), 1.50%, 9/12/2019 (d)		13,935		13,926

Rev., 5.25%, 12/1/2020		35		37


				13,963


Other Revenue — 0.0% (b)

City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022		265		296

County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020 (c)		750		761

Village of Obetz

Rev., 5.00%, 12/1/2019		110		111

Rev., 5.00%, 12/1/2020		185		194

Rev., 5.00%, 12/1/2021		125		135


				1,497


Transportation — 0.3%

City of Cleveland, Airport System

Series 2009D, Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/12/2019 (e)		1,225		1,225

Series 2006A, Rev., AMBAC, AGM-CR, 5.25%, 1/1/2020		2,000		2,027

Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.27%, 9/12/2019 (e)		5,665		5,665


				8,917


Utility — 0.3%

American Municipal Power, Inc. Series 2019A, Rev., 2.30%, 2/15/2022 (e)		10,000		10,223


Total Ohio				113,193


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Oklahoma — 0.4%

Education — 0.3%

Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2019		1,000		1,000

Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020		2,050		2,133

Cleveland County Educational Facilities Authority, Educational Facilities Lease, Noble Public Schools Project Rev., 4.00%, 9/1/2019		120		120

Cleveland County Educational Facilities Authority, Lexington Public Schools Project

Series 2019, Rev., 4.00%, 9/1/2019		150		150

Series 2019, Rev., 4.00%, 9/1/2020		110		113

Series 2019, Rev., 4.00%, 9/1/2021		150		158

Series 2019, Rev., 4.00%, 9/1/2022		125		134

Series 2019, Rev., 4.00%, 9/1/2023		270		296

Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2020		1,200		1,234

Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020		50		52

Custer County Economic Development Authority, Thomas Fay Public Schools

Rev., 4.00%, 12/1/2021		410		434

Rev., 4.00%, 12/1/2023		450		497

Grady County School Finance Authority, Tuttle Public Schools Project

Rev., 4.00%, 9/1/2021		250		264

Rev., 4.00%, 9/1/2022		200		216

Rev., 4.00%, 9/1/2023		300		332

Rev., 4.00%, 9/1/2024		245		276

Kingfisher County Educational Facilities Authority, Lomega Public Schools Project

Rev., 3.00%, 3/1/2022		165		172

Rev., 3.00%, 3/1/2023		385		406

Rev., 3.00%, 3/1/2024		270		288

Okarche Economic Development Authority, Okarche Public Schools Project Rev., 4.00%, 9/1/2019		125		125

Tulsa County Industrial Authority, Sand Springs Public Schools Project

Rev., 2.00%, 9/1/2020		70		70

Rev., 5.00%, 9/1/2021		325		348

Rev., 2.00%, 9/1/2022		125		127

Rev., 4.00%, 9/1/2023		175		193

Rev., 4.00%, 9/1/2024		435		489


				9,627

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	99

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Housing — 0.1%

Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., VRDO, 1.90%, 3/1/2020 (e)		1,500		1,505

Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., 2.37%, 10/1/2020 (e)		2,375		2,403


				3,908


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

Elk City Industrial Authority Rev., 2.00%, 5/1/2023		140		143


Prerefunded — 0.0% (b)

Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2021 (f)		20		21


Total Oklahoma				13,699


Oregon — 0.3%

General Obligation — 0.1%

County of Washington Series 2016, GO, 5.00%, 6/1/2021		1,875		2,005

Salem-Keizer School District No. 24J

GO, 4.00%, 6/15/2020		225		230

GO, 4.00%, 6/15/2021		175		184

GO, 5.00%, 6/15/2021		500		535


				2,954


Hospital — 0.2%

Clackamas County Hospital Facility Authority, Legacy Health System Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/11/2019 (e)		1,000		1,000

Salem Hospital Facility Authority, Hospital Project Series B, Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/12/2019 (e)		5,050		5,050


				6,050


Total Oregon				9,004


Other — 0.1%

Other Revenue — 0.1%

BB&T Municipal Trust Class B, Rev., LOC: Rabobank Nederland, (SIFMA Municipal Swap Index Yield + 0.55%), 1.90%, 9/12/2019 (d) (g)		3,302		3,302


Pennsylvania — 5.8%

Education — 0.9%

Pennsylvania Higher Educational Facilities Authority

Series A, Rev., 5.00%, 9/1/2019 (f)		8,950		8,950

Series AN, Rev., 5.00%, 6/15/2020		5,975		6,150


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., 2.72%, 5/1/2021 (e)		2,500		2,550

State Public School Building Authority, Community College of Philadelphia Project

Series 2019A, Rev., AGM, 5.00%, 6/15/2021		295		314

Series 2019A, Rev., AGM, 5.00%, 6/15/2022		310		342

University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.24%), 1.52%, 9/12/2019 (d)		11,510		11,491


				29,797


General Obligation — 2.2%

Allentown City School District GO, 2.05%, 1/2/2020		3,750		3,751

Armstrong School District

Series A, GO, 3.00%, 3/15/2020 (c)		165		166

Series B, GO, 3.00%, 3/15/2020 (c)		160		161

Series A, GO, 3.00%, 3/15/2021 (c)		230		235

Series B, GO, 3.00%, 3/15/2021 (c)		105		107

Series A, GO, 3.00%, 3/15/2022 (c)		235		244

Series B, GO, 3.00%, 3/15/2022 (c)		300		312

Series A, GO, 3.00%, 3/15/2023 (c)		240		253

Series B, GO, 3.00%, 3/15/2023 (c)		400		421

Bethlehem Area School District GO, 5.00%, 10/15/2021		13,155		14,221

Burgettstown Area School District

Series A, GO, 3.00%, 3/15/2022		100		103

Series A, GO, 4.00%, 3/15/2023		200		216

Butler Area School District

GO, AGM, 3.00%, 10/1/2019		1,150		1,152

GO, AGM, 4.00%, 10/1/2020		865		889

Carmichaels Area School District

GO, 4.00%, 9/1/2022 (c)		190		203

GO, 4.00%, 9/1/2023 (c)		150		164

City of Altoona, Guaranteed Sewer

GO, AGM, 2.00%, 12/1/2019		825		827

GO, AGM, 5.00%, 12/1/2020		315		329

GO, AGM, 5.00%, 12/1/2021		265		286

GO, AGM, 5.00%, 12/1/2022		200		223

GO, AGM, 5.00%, 12/1/2023		300		344

City of Philadelphia

Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 1.28%, 9/12/2019 (e)		12,965		12,965

Series 2019A, GO, 5.00%, 8/1/2020		1,725		1,785

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Series 2012A, GO, 5.00%, 9/15/2021		45		48

Series 2019A, GO, 5.00%, 8/1/2022		4,755		5,268

Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022		570		570

Connellsville Area School District

Series A, GO, AGM, 2.00%, 5/15/2020 (c)		145		145

Series A, GO, AGM, 2.00%, 5/15/2021 (c)		70		71

Series A, GO, AGM, 2.00%, 5/15/2022 (c)		70		71

Series A, GO, AGM, 2.00%, 5/15/2023 (c)		70		71

Cornell School District

GO, AGM, 2.00%, 9/1/2020		200		201

GO, AGM, 2.00%, 9/1/2021		200		202

GO, AGM, 4.00%, 9/1/2022		200		214

County of Armstrong

Series A, GO, 4.00%, 6/1/2021 (c)		230		241

Series A, GO, 4.00%, 6/1/2022 (c)		430		460

Series A, GO, 5.00%, 6/1/2023 (c)		225		254

County of Somerset

GO, 2.00%, 10/1/2019		455		455

GO, 2.00%, 10/1/2020		225		226

GO, 2.00%, 10/1/2021		285		288

GO, 2.00%, 10/1/2022		340		346

GO, 2.00%, 10/1/2023		335		342

GO, 2.00%, 10/1/2024		300		306

Dallas School District

Series 2019, GO, AGM, 4.00%, 10/15/2019		10		10

Series 2019, GO, AGM, 4.00%, 10/15/2020		290		299

Series 2019, GO, AGM, 4.00%, 10/15/2021		275		290

Series 2019, GO, AGM, 4.00%, 10/15/2022		300		324

Series 2019, GO, AGM, 5.00%, 10/15/2023		175		201

Series 2019, GO, AGM, 5.00%, 10/15/2024		325		383

Juniata County School District

GO, AGM, 2.00%, 11/15/2019		190		190

GO, AGM, 5.00%, 11/15/2021		185		200

Lower Merion School District Series B, GO, VRDO, LOC: U.S. Bank NA, 1.24%, 9/12/2019 (e)		3,950		3,950

Mars Area School District

Series 2019B, GO, AGM, 1.75%, 9/1/2019		190		190

Series 2019B, GO, AGM, 5.00%, 9/1/2020		145		150

Series 2019B, GO, AGM, 5.00%, 9/1/2021		120		129

Series 2019B, GO, AGM, 5.00%, 9/1/2023		115		131

Montour School District GO, 3.00%, 10/1/2023		200		213

Muncy School District GO, 4.00%, 5/15/2023		345		378


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Municipality of Monroeville GO, 3.00%, 6/1/2020		1,075		1,089

Municipality of Penn Hills

Series A, GO, 3.00%, 12/1/2019		295		296

Series A, GO, 3.00%, 12/1/2020		275		281

Series A, GO, 3.00%, 12/1/2021		340		353

Series A, GO, 3.00%, 12/1/2022		345		363

Series A, GO, 3.00%, 12/1/2023		305		325

Neshannock Township School District

Series 2019AA, GO, 4.00%, 9/1/2021		100		105

Series 2019AA, GO, 4.00%, 9/1/2022		150		162

Series 2019AA, GO, 4.00%, 9/1/2023		200		221

Northeast Bradford School District

GO, AGM, 2.00%, 6/1/2020 (c)		125		126

GO, AGM, 2.00%, 6/1/2021 (c)		150		152

GO, AGM, 2.00%, 6/1/2022 (c)		320		325

GO, AGM, 3.00%, 6/1/2023 (c)		330		349

Northwestern Lehigh School District

Series 2019, GO, 5.00%, 2/15/2021		155		163

Series 2019, GO, 5.00%, 2/15/2023		680		765

Parkland School District GO, 4.00%, 4/15/2020		1,500		1,526

Pittsburgh School District

Series 2019, GO, 5.00%, 9/1/2022		1,690		1,891

Series 2019, GO, 5.00%, 9/1/2023		1,810		2,092

School District of the City of Erie (The)

Series 2019B, GO, AGM, 5.00%, 4/1/2020		420		429

Series 2019B, GO, AGM, 5.00%, 4/1/2021		400		422

Series 2019B, GO, AGM, 5.00%, 4/1/2022		325		354

Series 2019B, GO, AGM, 5.00%, 4/1/2023		315		353

Selinsgrove Area School District

Series A, GO, 2.00%, 3/1/2020 (c)		100		100

Series B, GO, 3.00%, 3/1/2020 (c)		110		111

Series A, GO, 2.00%, 9/1/2020 (c)		100		101

Series A, GO, 2.00%, 3/1/2021 (c)		5		5

Series B, GO, 3.00%, 3/1/2021 (c)		110		113

Series A, GO, 2.00%, 9/1/2021 (c)		125		127

Series A, GO, 2.00%, 3/1/2022 (c)		5		5

Series B, GO, 3.00%, 3/1/2022 (c)		130		135

Series A, GO, 2.00%, 9/1/2022 (c)		400		407

Series A, GO, 2.00%, 3/1/2023 (c)		5		5

Series B, GO, 3.00%, 3/1/2023 (c)		95		100

Series A, GO, 2.00%, 9/1/2023 (c)		585		598

Steelton-Highspire School District

GO, 4.00%, 11/15/2022 (c)		60		64

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	101

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

GO, 4.00%, 11/15/2023 (c)		85		93

The School Board of Philadelphia County Series A, GO, 5.00%, 9/1/2019		500		500

Township of East Pennsboro, Cumberland County

Series 2019, GO, 2.00%, 9/1/2019		545		545

Series 2019, GO, 3.00%, 9/1/2020		150		153

Series 2019, GO, 3.00%, 9/1/2021		190		197

Series 2019, GO, 3.00%, 9/1/2022		175		184

Township of Rostraver

GO, AGM, 3.00%, 9/1/2020		140		142

GO, AGM, 4.00%, 9/1/2021		100		106

Waynesboro Area School District, Franklin County

Series 2019, GO, 5.00%, 10/1/2019		200		201

Series 2019, GO, 5.00%, 10/1/2020		485		504

Series 2019, GO, 5.00%, 10/1/2021		580		624

Series 2019, GO, 5.00%, 10/1/2022		305		338

Series 2019, GO, 5.00%, 10/1/2023		320		365

Wilkes-Barre Area School District Series 2019, GO, 5.00%, 4/15/2023		115		129

Wyalusing Area School District, Bradford and Wyoming Counties

Series 2019, GO, AGM, 4.00%, 4/1/2021		375		390

Series 2019, GO, AGM, 4.00%, 4/1/2022		315		336

Series 2019, GO, AGM, 4.00%, 4/1/2023		400		435


				75,429


Hospital — 0.5%

General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 1.29%, 9/12/2019 (e)		16,000		16,000

Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project Series 2019B, Rev., 2.88%, 12/15/2023		1,000		1,002

Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2019		500		500

Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series 2010A, Rev., 5.00%, 8/15/2020		25		26


				17,528


Industrial Development Revenue/Pollution Control Revenue — 0.3%

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%, 11/1/2019		50		50


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Industrial Development Revenue/Pollution Control Revenue — continued

Rev., 4.00%, 11/1/2020		100		103

Rev., 5.00%, 11/1/2021		1,000		1,076

Montgomery County Industrial Development Authority, Meadowood Senior Living Project

Series 2018A, Rev., 3.00%, 12/1/2019		140		140

Series A, Rev., 3.00%, 12/1/2020		250		254

Series A, Rev., 3.00%, 12/1/2021		250		256

Philadelphia Authority for Industrial Development Rev., VRDO, LOC: TD Bank NA, 1.27%, 9/12/2019 (e)		9,130		9,130


				11,540


Other Revenue — 0.8%

Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (g)		250		267

Commonwealth Financing Authority, Tobacco Master Settlement Payment

Series 2018, Rev., 5.00%, 6/1/2020		555		570

Series 2018, Rev., 5.00%, 6/1/2021		535		569

Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., VRDO, 2.00%, 4/30/2020 (e)		250		251

Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 1.24%, 9/11/2019 (e)		5,385		5,385

Tender Option Bond Trust Receipts/Certificates

Series 2018-XL0060, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.38%, 9/12/2019 (e) (g)		5,650		5,650

Series 2018-XX1, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.38%, 9/12/2019 (e) (g)		8,000		8,000

Series 2018-XM0594, Rev., VRDO, LIQ: Barclays Bank plc, 1.40%, 9/12/2019 (e) (g)		4,600		4,600

Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 2.25%, 6/1/2020 (e)		1,850		1,854


				27,146


Prerefunded — 0.1%

City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (f)		1,465		1,642

Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2020 (f)		30		32

Pennsylvania Turnpike Commission, Oil Franchise TaxSeries A-2, Rev., AGC, 5.00%, 12/1/2019 (f)		30		30


				1,704

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.6%

Pennsylvania Turnpike Commission

Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 1.88%, 9/12/2019 (d)		18,000		18,098

Series B, Subseries B-2, Rev., 5.00%, 6/1/2020		50		51

Series A, Rev., 5.00%, 12/1/2022		1,000		1,125

Series A, Rev., 5.00%, 12/1/2023		1,000		1,161

Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020		110		115


				20,550


Utility — 0.3%

Philadelphia Gas Works Co., 1998 General Ordinance Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.28%, 9/12/2019 (e)		10,585		10,585


Water & Sewer — 0.1%

Ambridge Borough Water Authority

Rev., 2.00%, 11/15/2019		65		65

Rev., 3.00%, 11/15/2020		195		199

Rev., 4.00%, 11/15/2021		160		169

Rev., 4.00%, 11/15/2022		175		189

Rev., 4.00%, 11/15/2023		175		194

Charleroi Borough Authority, Water System

Rev., AGM, 2.00%, 12/1/2019 (c)		120		120

Rev., AGM, 3.00%, 12/1/2020 (c)		305		311

Rev., AGM, 4.00%, 12/1/2021 (c)		225		238

Rev., AGM, 4.00%, 12/1/2022 (c)		165		179

Rev., AGM, 4.00%, 12/1/2023 (c)		225		249

Middletown Township Sewer Authority

Rev., 3.00%, 10/1/2020 (c)		270		275

Rev., 4.00%, 10/1/2021 (c)		330		348

Rev., 4.00%, 10/1/2022 (c)		265		286

Rev., 4.00%, 10/1/2023 (c)		210		232

Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2022		250		278


				3,332


Total Pennsylvania				197,611


Rhode Island — 0.2%

Education — 0.1%

Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 1.26%, 9/11/2019 (e)		4,725		4,725


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Education — continued

Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022		15		16


				4,741


General Obligation — 0.1%

City of Pawtucket

Series 2019C, GO, AGM, 3.00%, 7/15/2020		185		188

Series 2019D, GO, AGM, 3.00%, 7/15/2020		185		188

Series 2019D, GO, AGM, 3.00%, 7/15/2021		125		129

Series 2019C, GO, AGM, 4.00%, 7/15/2021		185		195

Series 2019D, GO, AGM, 3.00%, 7/15/2022		210		221

Series 2019C, GO, AGM, 4.00%, 7/15/2022		210		226

Series 2019D, GO, AGM, 3.00%, 7/15/2023		70		75

Series 2019C, GO, AGM, 4.00%, 7/15/2023		380		419


				1,641


Other Revenue — 0.0% (b)

Providence Public Building Authority, Capital Improvement

Series 2017A, Rev., 4.00%, 9/15/2019		250		250

Series A, Rev., 5.00%, 9/15/2020		200		207


				457


Transportation — 0.0% (b)

Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project Series 2018, Rev., 5.00%, 7/1/2020		585		602


Total Rhode Island				7,441


South Carolina — 0.9%

Education — 0.1%

Educational Facilities Authority, Wofford College Series B, Rev., 2.37%, 4/1/2022 (e)		500		511

South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (c) (g)		600		599


				1,110


General Obligation — 0.5%

County of Richland Series 2019A, GO, BAN, 3.00%, 2/27/2020		17,200		17,359


Industrial Development Revenue/Pollution Control Revenue — 0.0% (b)

South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021		500		524

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	103

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Transportation — 0.3%

South Carolina Transportation Infrastructure Bank Rev., (ICE LIBOR USD 1 Month + 0.45%), 1.85%, 10/1/2019 (d)		10,000		10,110


Total South Carolina				29,103


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		410


Other Revenue — 0.0% (b)

South Dakota State Building Authority Series A, Rev., 3.00%, 6/1/2020		200		203


Total South Dakota				613


Tennessee — 2.8%

Education — 0.5%

Knox County Health Educational & Housing Facility Board, Meadowbrook Apartments Project Rev., VRDO, 1.50%, 7/1/2021 (e)		650		652

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., 1.50%, 7/1/2020		3,750		3,759

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, East Webster Street Apartments Project Rev., 2.05%, 4/1/2020 (e)		2,500		2,514

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., 2.10%, 10/1/2020 (e)		6,500		6,557

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024		525		538

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Twelfth and Wedgewood Apartments Project Series 2017, Rev., VRDO, GNMA, 1.80%, 12/1/2019 (e)		4,000		4,005


				18,025


General Obligation — 0.1%

City of Memphis, General Improvement GO, 5.00%, 6/1/2020		25		26

County of Shelby, Public Improvment Series B, GO, VRDO, 1.26%, 9/12/2019 (e)		2,000		2,000

County of Sumner, School and Public Improvement Series 2013, GO, 5.00%, 12/1/2019		105		106


				2,132


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Hospital — 1.6%

Chattanooga Health Educational and Housing Facility Board, Catholic Health Services Series 2004C, Rev., VRDO, 1.55%, 9/11/2019 (e)		21,940		21,940

Rutherford County Health and Educational Facilities Board Rev., 2.50%, 11/1/2020 (e)		3,500		3,546

Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare Series B, Rev., VRDO, AGM, 1.25%, 9/6/2019 (e)		30,000		30,000


				55,486


Housing — 0.6%

Highlands Residential Services, Walnut Village Project Series 2019, Rev., GNMA COLL, 1.80%, 4/1/2021 (e)		1,000		1,009

Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., 1.80%, 5/1/2021 (e)		800		807

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., VRDO, 1.87%, 7/1/2020 (e)		2,400		2,407

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., 2.00%, 1/1/2021 (e)		10,000		10,092

Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (e)		5,000		5,053


				19,368


Utility — 0.0% (b)

Tennessee Energy Acquisition Corp., Gas Project

Series A, Rev., 4.00%, 5/1/2020		780		793

Series 2017A, Rev., 4.00%, 5/1/2021		730		759


				1,552


Water & Sewer — 0.0% (b)

Jackson Energy Authority, Wastewater System Rev., 5.00%, 12/1/2019		350		353


Total Tennessee				96,916


Texas — 8.1%

Education — 0.3%

Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 3.00%, 12/1/2019		435		437

SEE NOTES TO FINANCIAL STATEMENTS.



104	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Education — continued

Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project

Series 2018C, Rev., 5.00%, 8/1/2024		200		236

Series 2018C, Rev., 5.00%, 8/1/2025		200		242

Austin Community College District, Combined Fee

Rev., 5.00%, 2/1/2020		110		112

Rev., 5.00%, 2/1/2021		160		168

Rev., 5.00%, 2/1/2022		165		180

Rev., 5.00%, 2/1/2023		170		192

Harris County Cultural Education Facilities Finance Corp., TECO Project Series 2017, Rev., 5.00%, 11/15/2019		175		176

McLennan County Junior College District

Rev., AGM, 3.00%, 4/15/2020		300		303

Rev., AGM, 3.00%, 4/15/2021		350		359

Rev., AGM, 3.00%, 4/15/2022		100		104

New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project Rev., 5.00%, 1/1/2020		195		197

New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project

Rev., 5.00%, 10/1/2019		410		411

Rev., 5.00%, 10/1/2020		675		698

Rev., 5.00%, 10/1/2021		1,425		1,507

Rev., 5.00%, 10/1/2022		1,495		1,612

University of Texas (The), Board of Regents, Financing System

Series A, Rev., 5.00%, 8/15/2020		25		26

Series 2016D, Rev., 5.00%, 8/15/2021		25		27

University of Texas System (The) Series B, Rev., VRDO, LIQ: University of Texas Investment Management Co., 1.32%, 9/12/2019 (e)		2,410		2,410


				9,397


General Obligation — 2.9%

Avery Ranch Road District No. 1

Series 2019, GO, 3.00%, 8/15/2022		615		647

Series 2019, GO, 3.00%, 8/15/2023		810		863

Bridgestone Municipal Utility District

Series A, GO, AGM, 2.00%, 5/1/2021 (c)		1,480		1,495

Series A, GO, AGM, 2.00%, 5/1/2022 (c)		110		112

Series A, GO, AGM, 3.00%, 5/1/2023 (c)		85		90

Brushy Creek Municipal Utility District

GO, 3.00%, 6/1/2021		200		206

GO, 3.00%, 6/1/2022		235		245


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 3.00%, 6/1/2023		250		264

City of Galveston

GO, 3.00%, 5/1/2021		130		134

GO, 4.00%, 5/1/2022		590		633

City of Granbury Series 2018, GO, 2.00%, 8/15/2020		185		186

City of Grand Prairie GO, 5.00%, 2/15/2021		20		21

City of Kenedy, Certificates of Obligation

GO, 4.00%, 5/1/2020		315		320

GO, 4.00%, 5/1/2021		130		136

GO, 4.00%, 5/1/2022		120		128

GO, 4.00%, 5/1/2023		125		137

City of Odessa Series 2017, GO, 4.00%, 3/1/2020		300		304

City of Port Arthur

GO, AGM, 3.00%, 2/15/2020		455		459

GO, AGM, 3.00%, 2/15/2021		350		359

GO, AGM, 3.00%, 2/15/2022		765		798

GO, AGM, 5.00%, 2/15/2023		910		1,024

City of Sulphur Springs

Series 2019, GO, AGM, 3.00%, 9/1/2020		100		102

Series 2019, GO, AGM, 3.00%, 9/1/2021		100		103

Series 2019, GO, AGM, 3.00%, 9/1/2022		520		546

City of Universal City

GO, 4.00%, 8/15/2020		215		221

GO, 4.00%, 8/15/2021		140		147

GO, 4.00%, 8/15/2022		145		156

GO, 2.00%, 8/15/2023		230		236

City of Wylie GO, 5.00%, 2/15/2020		20		20

Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023		450		458

Clear Creek Independent School District, School Building Series B, GO, VRDO, PSF-GTD, 1.45%, 8/14/2020 (e)		2,200		2,207

Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021		50		54

County of Bexar, Harlandale Independent School District GO, PSF-GTD, 3.00%, 8/15/2021 (e)		4,000		4,067

County of Denton GO, 5.00%, 7/15/2020		50		52

County of La Salle

GO, AGM, 5.00%, 3/1/2020		315		321

GO, AGM, 5.00%, 3/1/2021		345		366

County of La Salle, Unlimited Tax

GO, AGM, 5.00%, 3/1/2020		2,075		2,116

GO, AGM, 5.00%, 3/1/2021		2,135		2,260

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	105

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

County of Lubbock GO, 5.00%, 2/15/2020		20		20

Cuero Independent School District, School Building Series 2014, GO, PSF-GTD, 5.00%, 8/15/2021		100		107

Cypress Hill Municipal Utility District No. 1

GO, 2.00%, 9/1/2020 (c)		30		30

GO, 2.00%, 9/1/2021 (c)		290		294

GO, 2.00%, 9/1/2022 (c)		190		193

GO, 3.00%, 9/1/2023 (c)		270		286

Cypress-Fairbanks Independent School District GO, PSF-GTD, 4.00%, 2/15/2020		6,065		6,145

Florence Independent School District

GO, PSF-GTD, 3.00%, 8/15/2026		230		241

GO, PSF-GTD, 3.00%, 8/15/2027		115		121

Fort Bend County Municipal Utility District No. 116

Series 2019, GO, 3.00%, 9/1/2021		330		340

Series 2019, GO, 3.00%, 9/1/2022		460		480

Series 2019, GO, 3.00%, 9/1/2023		450		476

Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021		190		195

Georgetown Independent School DistrictSeries 2019-B, GO, PSF-GTD, 2.75%, 8/1/2022 (e)		8,000		8,377

Greenhawe Water Control & Improvement District No. 2

GO, AGM, 3.00%, 9/1/2022 (c)		190		198

GO, AGM, 3.00%, 9/1/2023 (c)		200		212

Harris County Fresh Water Supply District No. 61

Series 2019, GO, AGM, 4.00%, 9/1/2023		445		488

Series 2019, GO, AGM, 3.00%, 9/1/2024		695		745

Harris County Municipal Utility District No. 096

Series 2019, GO, 2.00%, 9/1/2021		185		187

Series 2019, GO, 2.00%, 9/1/2023		195		198

Harris County Municipal Utility District No. 152

GO, AGM, 3.00%, 8/1/2022		280		293

GO, AGM, 3.00%, 8/1/2023		400		423

Harris County Municipal Utility District No. 276

GO, 3.00%, 9/1/2022		365		381

GO, 3.00%, 9/1/2023		745		787

Harris County Municipal Utility District No. 281

Series 2019, GO, 2.00%, 9/1/2020		135		136

Series 2019, GO, 2.00%, 9/1/2021		130		131

Series 2019, GO, 2.00%, 9/1/2022		300		305

Series 2019, GO, 2.00%, 9/1/2023		305		311


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

Harris County Municipal Utility District No. 374

Series 2019, GO, 3.00%, 9/1/2021		100		103

Series 2019, GO, 3.00%, 9/1/2022		145		152

Series 2019, GO, 3.00%, 9/1/2023		115		122

Harris County Municipal Utility District No. 391

GO, 3.00%, 9/1/2020		95		96

GO, 3.00%, 9/1/2021		375		386

GO, 3.00%, 9/1/2023		400		421

Harris County Municipal Utility District No. 419

GO, 3.00%, 9/1/2020		75		76

GO, 3.00%, 9/1/2021		70		72

GO, 3.00%, 9/1/2022		175		183

GO, 3.00%, 9/1/2023		455		480

Hunters Glen Municipal Utility District, Waterworks & Sewer System

Series 2019A, GO, AGM, 2.00%, 4/1/2020		120		120

Series 2019A, GO, AGM, 2.00%, 4/1/2021		110		111

Series 2019A, GO, AGM, 2.00%, 4/1/2022		330		335

Series 2019A, GO, AGM, 2.00%, 4/1/2023		595		606

Lytle Independent School District GO, PSF-GTD, 4.00%, 2/15/2028		255		303

Midlothian Independent School District, School Building Series B, GO, PSF-GTD, 2.50%, 8/1/2020 (e)		5,000		5,061

Montgomery County Municipal Utility District No. 94 GO, 2.00%, 10/1/2020 (c)		20		20

GO, 2.00%, 10/1/2021 (c)		60		61

GO, 2.00%, 10/1/2022 (c)		185		188

GO, 2.00%, 10/1/2023 (c)		185		189

New Caney Independent School District, School Building GO, PSF-GTD, 3.00%, 8/15/2021 (e)		1,500		1,554

Northside Independent School District, School Building

GO, VRDO, PSF-GTD, 1.45%, 6/1/2020 (e)		4,000		4,008

GO, PSF-GTD, 2.00%, 6/1/2021 (e)		3,035		3,075

Northwest Harris County Municipal Utility District No. 19

GO, AGM, 2.00%, 10/1/2020		40		40

GO, AGM, 2.00%, 10/1/2021		100		101

GO, AGM, 2.00%, 10/1/2022		100		101

GO, AGM, 2.00%, 10/1/2023		105		107

Pecan Grove Municipal Utility District

Series 2019, GO, 4.00%, 9/1/2021		560		589

Series 2019, GO, 4.00%, 9/1/2022		710		765

Series 2019, GO, 4.00%, 9/1/2023		740		815

SEE NOTES TO FINANCIAL STATEMENTS.



106	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

Remington Municipal Utility District No. 1 GO, AGM, 4.00%, 9/1/2019		275		275

Sienna Plantation Levee Improvement District of Fort Bend County GO, 2.00%, 9/1/2019		250		250

Sienna Plantation Municipal Utility District No. 3

GO, 2.00%, 3/1/2021 (c)		200		202

GO, 2.00%, 3/1/2022 (c)		225		228

GO, 2.00%, 3/1/2023 (c)		185		188

State of Texas Series A, GO, VRDO, 1.36%, 9/11/2019 (e)		12,760		12,760

State of Texas, Veterans GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.40%, 9/11/2019 (e)		20,405		20,405

Texas Public Finance Authority Series A, GO, 5.00%, 10/1/2019		25		25

Town of Horizon City

Series 2019, GO, AGM, 3.00%, 8/15/2020		155		158

Series 2019, GO, AGM, 3.00%, 8/15/2021		300		310

Series 2019, GO, AGM, 3.00%, 8/15/2022		170		179

Series 2019, GO, AGM, 4.00%, 8/15/2023		230		254

Williamson County Municipal Utility District No. 11

GO, AGM, 4.00%, 8/1/2020		255		261

GO, AGM, 4.00%, 8/1/2021		140		146

GO, AGM, 4.00%, 8/1/2022		110		118


				100,092


Hospital — 0.9%

Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020		3,255		3,389

Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System

Rev., VRDO, 1.31%, 9/11/2019 (e)		15,575		15,575

Series D, Rev., VRDO, 1.31%, 9/11/2019 (e)		8,800		8,800

Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 5.00%, 7/1/2020		3,460		3,567


				31,331


Industrial Development Revenue/Pollution Control Revenue — 0.1%

Matagorda County Navigation District No. 1, Pollution Control Rev., VRDO, AMT, 1.75%, 9/1/2020 (e)		4,000		4,007


Other Revenue — 2.3%

State of Texas Rev., TRAN, 4.00%, 8/27/2020		75,915		78,005


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Prerefunded — 0.0% (b)

Austin Independent School District Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (f)		30		32


Transportation — 1.6%

Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series 2017B, Rev., BAN, 1.45%, 3/1/2020		7,000		7,012

Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022		2,455		2,573

City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022		4,250		4,755

Dallas-Fort Worth International Airport Series E, Rev., 5.00%, 11/1/2019		525		528

Harris County Toll Road Authority, Senior Lien

Series 2018A, Rev., 5.00%, 8/15/2020		1,500		1,555

Series A, Rev., 5.00%, 8/15/2021		1,500		1,614

Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021		125		135

North Texas Tollway Authority

Series B, Rev., 4.00%, 1/1/2022		800		852

Series B, Rev., 5.00%, 1/1/2023		5,000		5,618

Series B, Rev., 5.00%, 1/1/2024		5,500		6,374

Series B, Rev., 5.00%, 1/1/2025		5,700		6,797

Port Beaumont Navigation District

Rev., 3.00%, 9/1/2019		100		100

Rev., 4.00%, 9/1/2020		155		160

Port of Port Arthur Navigation District Rev., VRDO, AMT, 1.90%, 10/3/2019 (e) (g)		15,000		15,001


				53,074


Utility — 0.0% (b)

County of Bexar, Tax Exempt Revenue Project

Rev., 5.00%, 8/15/2020		235		243

Rev., 5.00%, 8/15/2022		275		305

Rev., 5.00%, 8/15/2023		275		314


				862


Water & Sewer — 0.0% (b)

Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020		20		20

Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2020		675		699


				719


Total Texas				277,519

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	107

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Utah — 0.6%

Education — 0.0% (b)

Utah Charter School Finance Authority

Series A, Rev., 5.00%, 4/15/2020		65		67

Series A, Rev., 5.00%, 4/15/2021		40		42

Series A, Rev., 5.00%, 4/15/2022		35		38

Series A, Rev., 5.00%, 4/15/2023		85		95

Utah Charter School Finance Authority, Utah Charter Academies Project

Rev., 3.00%, 10/15/2019		200		200

Rev., 3.00%, 10/15/2020		220		223

Rev., 4.00%, 10/15/2021		305		320


				985


Hospital — 0.5%

County of Utah Hospital, IHC Health Services, Inc.

Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.27%, 9/11/2019 (e)		2,500		2,500

Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.27%, 9/11/2019 (e)		11,275		11,275

Series B, Rev., VRDO, LIQ: U.S. Bank NA, 1.26%, 9/12/2019 (e)		4,000		4,000


				17,775


Other Revenue — 0.1%

City of Murray, Sales Tax

Series 2018, Rev., 3.00%, 11/15/2019		100		101

Series 2018, Rev., 3.00%, 11/15/2020		235		240

Series 2018, Rev., 4.00%, 11/15/2021		150		159

Utah Infrastructure Agency, Telecommunication Series 2017A, Rev., 2.00%, 10/15/2019		1,000		1,000

West Valley City Municipal Building Authority Series 2019, Rev., AGM, 5.00%, 2/1/2021		90		95


				1,595


Utility — 0.0% (b)

City of Lehi, Electric Utility

Series 2018, Rev., 5.00%, 6/1/2020		85		87

Series 2018, Rev., 5.00%, 6/1/2021		75		80


				167


Total Utah				20,522


Virginia — 2.4%

Education — 0.2%

Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020		7,685		7,981


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — 0.1%

City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020		200		205

City of Poquoson GO, 5.00%, 2/15/2020		120		122

Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021		1,480		1,582


				1,909


Hospital — 0.5%

Chesapeake Hospital Authority, Regional Medical Center

Rev., 5.00%, 7/1/2023		925		1,056

Rev., 5.00%, 7/1/2024		885		1,042

Fairfax County Industrial Development Authority, Health Care Series C, Rev., VRDO, 1.29%, 9/12/2019 (e)		14,170		14,170

Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., VRDO, 1.27%, 9/11/2019 (e)		1,315		1,315


				17,583


Industrial Development Revenue/Pollution Control Revenue — 0.6%

Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (e)		4,250		4,355

Wise County Industrial Development AuthoritySeries 2009-A, Rev., 2.15%, 9/1/2020 (e)		7,500		7,560

York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (e)		8,000		8,198


				20,113


Other Revenue — 0.7%

Virginia Public Building Authority, Public Facilities

Series 2014C, Rev., 5.00%, 8/1/2020		18,830		19,502

Series A, Rev., 5.00%, 8/1/2020		5,220		5,406


				24,908


Prerefunded — 0.3%

Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2021 (f)		8,235		8,654


Transportation — 0.0% (b)

Virginia Commonwealth Transportation Board, Federal TransportationSeries B-G, Rev., 5.00%, 3/15/2021		25		26


Total Virginia				81,174

SEE NOTES TO FINANCIAL STATEMENTS.



108	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Washington — 2.5%

General Obligation — 0.0% (b)

Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021		75		80

Pend Oreille County, Public Hospital District No. 1

GO, 3.00%, 12/1/2019		155		155

GO, 3.00%, 12/1/2020		155		157

Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021		330		359

Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020		25		26

Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020		170		178


				955


Hospital — 0.9%

Washington Health Care Facilities Authority, Catholic Health Initiatives

Series 2013B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.00%), 2.28%, 9/12/2019 (d)		5,000		5,021

Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 2.68%, 9/12/2019 (d)		10,000		10,293

Washington Health Care Facilities Authority, Commonspirit Health

Series B-1, Rev., 5.00%, 8/1/2024 (e)		11,000		12,695

Series B-2, Rev., 5.00%, 8/1/2025 (e)		2,000		2,355

Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022		1,210		1,328

WBRP 3.2, Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021		25		26


				31,718


Housing — 0.8%

Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.37%, 7/1/2020 (e)		13,500		13,609

Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., 2.37%, 7/1/2020 (e)		8,500		8,569

Washington State Housing Finance Commission, Royal Hills Apartments Series A, Rev., 1.40%, 11/1/2019		4,000		3,999


				26,177


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Utility — 0.6%

City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021		20		21

Energy Northwest, Columbia Generating Station Series 2012A, Rev., 5.00%, 7/1/2020		18,750		19,350


				19,371


Water & Sewer — 0.2%

Cascade Water Alliance Rev., 5.00%, 1/1/2021		20		21

City of Seattle, Wastewater System Improvement Rev., 5.00%, 9/1/2020		25		26

County of King, Junior Lien, Sewer Rev., 2.45%, 12/1/2020 (e)		6,615		6,682


				6,729


Total Washington				84,950


West Virginia — 0.1%

Utility — 0.1%

West Virginia Economic Development Authority, Appalachian Power Co. — AMOS Project Series 2009A, Rev., 2.63%, 6/1/2022 (e)		3,805		3,920


Wisconsin — 1.6%

Education — 0.7%

Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021		55		58

Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit GroupSeries 2018C-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.35%), 1.63%, 9/12/2019 (d)		21,865		21,843

Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.

Series 2017A, Rev., 5.00%, 9/1/2019		145		145

Series 2017A, Rev., 5.00%, 9/1/2020		155		160

Series 2017A, Rev., 5.00%, 9/1/2021		160		170


				22,376


General Obligation — 0.4%

Big Foot Union High School District

Series 2019, GO, 4.00%, 3/1/2020		100		101

Series 2019, GO, 4.00%, 3/1/2021		130		135

Series 2019, GO, 4.00%, 3/1/2022		100		107

Series 2019, GO, 4.00%, 3/1/2023		115		125

City of Kenosha GO, 3.00%, 2/1/2021		1,000		1,026

City of Middletown

GO, 3.00%, 3/1/2020		200		202

GO, 3.00%, 3/1/2021		355		364

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	109

JPMorgan Ultra-Short Municipal Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

General Obligation — continued

City of Shawano, Promissory Notes

Series 2019, GO, 3.00%, 4/1/2020		150		151

Series 2019, GO, 3.00%, 4/1/2021		250		257

Series 2019, GO, 3.00%, 4/1/2022		140		146

Series 2019, GO, 3.00%, 4/1/2023		150		159

City of Waukesha

Series 2019C, GO, 3.00%, 10/1/2020		575		587

Series 2019C, GO, 3.00%, 10/1/2021		450		467

Series 2019C, GO, 3.00%, 10/1/2022		425		449

Series 2019C, GO, 3.00%, 10/1/2023		350		376

Coleman School District, Marinette and Oconto Counties GO, 3.00%, 9/1/2019		170		170

County of Douglas

GO, 5.00%, 2/1/2020		350		355

GO, 5.00%, 2/1/2021		350		368

GO, 5.00%, 2/1/2022		520		566

County of Manitowoc

GO, 2.00%, 11/1/2019		215		215

GO, AGM, 3.00%, 11/1/2022 (c)		50		53

GO, AGM, 3.00%, 11/1/2023 (c)		150		159

Eleva-Strum School District

GO, 3.00%, 4/1/2020		230		232

GO, 3.00%, 4/1/2021		450		461

Gale-Ettrick-Trempealeau School District

GO, 2.00%, 4/1/2020		85		85

GO, 2.00%, 4/1/2021		50		51

GO, 2.00%, 4/1/2022		105		106

GO, 2.00%, 4/1/2023		130		132

Gibraltar Area School District

GO, 4.00%, 3/1/2020		440		446

GO, 4.00%, 3/1/2021		700		727

GO, 4.00%, 3/1/2022		315		335

Lakeshore Technical College District

Series 2019A, GO, 3.00%, 3/1/2022		75		78

Series 2019A, GO, 3.00%, 3/1/2023		110		117

Series 2019A, GO, 3.00%, 3/1/2024		405		435

Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024		375		438

Poynette School District

GO, 3.00%, 4/1/2020		125		126

GO, 3.00%, 4/1/2021		100		103

GO, 3.00%, 4/1/2022		340		355

GO, 3.00%, 4/1/2023		265		280

Randall Consolidated School Joint No. 1

GO, 4.00%, 3/1/2020		380		385


INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)


General Obligation — continued

GO, 4.00%, 3/1/2021		175		182

Village of Menomonee Falls, Promissory Note

Series 2018B, GO, 3.38%, 9/1/2019		250		250

Series A, GO, 3.00%, 6/1/2021		270		278

Village of Mount Pleasant

Series 2019A, GO, 3.00%, 3/1/2020		100		101

Series 2019A, GO, 3.00%, 3/1/2021		285		292

Series 2019A, GO, 3.00%, 3/1/2022		265		275

Series 2019A, GO, 5.00%, 3/1/2023		380		426

Village of Pulaski GO, AGM, 3.00%, 4/1/2020		160		161

Wittenberg Birnamwood School District

GO, AGM, 4.00%, 3/1/2021		130		135

GO, AGM, 4.00%, 3/1/2022		260		278

GO, AGM, 4.00%, 3/1/2023		280		307


				14,115


Other Revenue — 0.3%

Village of DeForest Series C, Rev., 3.00%, 5/1/2023		4,865		5,015

Village of Howard Rev., 2.00%, 12/1/2021		6,965		7,033


				12,048


Transportation — 0.1%

Wisconsin Department of Transportation

Series 1, Rev., 5.00%, 7/1/2020		2,135		2,204

Series 1, Rev., 5.00%, 7/1/2021		25		27


				2,231


Utility — 0.1%

WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020		3,275		3,378


Total Wisconsin				54,148


Total Municipal Bonds (Cost $3,375,912)				3,391,960


	SHARES (000)
Short-Term Investments — 4.9%

Investment Companies — 4.9%

JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (h) (i) (Cost $165,121)		165,120		165,136

Total Investments — 104.2% (Cost $3,541,033)				3,557,096
Liabilities in Excess of Other Assets — (4.2)%				(141,808	)

NET ASSETS — 100.0%				3,415,288

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



110	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

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
COLL		Collateral
COP		Certificate of Participation
CR		Custodial Receipts
EDA		Economic Development Authority
GNMA		Government National Mortgage Association
GO		General Obligation
GRAN		Grant Revenue Anticipation Notes
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
RE		Reinsured
Rev.		Revenue
SIFMA		The Securities Industry and Financial Markets Association
SOFR		Secured Overnight Financing Rate


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, 2019.

(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)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(e)		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, 2019.
(f)		Security is prerefunded or escrowed to maturity.
(g)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(h)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)		The rate shown is the current yield as of August 31, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	111

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)

(Amounts in thousands, except per share amounts)


	JPMorgan High Yield Municipal Fund		JPMorgan Municipal Income Fund		JPMorgan Short- Intermediate Municipal Bond Fund
ASSETS:
Investments innon-affiliates, at value	$	318,085	$	221,667	$	1,573,786
Investments in affiliates, at value		33,926		5,168		158,731
Receivables:
Investment securities sold		40		300		—
Investment securities sold — delayed delivery securities		80		570		—
Fund shares sold		3,824		231		814
Interest fromnon-affiliates		2,736		2,143		13,558
Dividends from affiliates		31		9		170
Other assets		37		9		21

Total Assets		358,759		230,097		1,747,080


LIABILITIES:
Payables:
Investment securities purchased		16,233		—		81,554
Investment securities purchased — delayed delivery securities		6,226		—		8,732
Fund shares redeemed		47		81		682
Accrued liabilities:
Investment advisory fees		71		40		202
Administration fees		11		3		16
Distribution fees		38		24		12
Service fees		16		15		36
Custodian and accounting fees		20		17		18
Trustees’ and Chief Compliance Officer’s fees		3		1		1
Audit fees		63		51		39
Printing and mailing cost		14		15		66
Other		20		5		18

Total Liabilities		22,762		252		91,376

Net Assets	$	335,997	$	229,845	$	1,655,704

SEE NOTES TO FINANCIAL STATEMENTS.



112	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan High Yield Municipal Fund			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
NET ASSETS:
Paid-in-Capital	$	317,836		$	218,697		$	1,616,856
Total distributable earnings (loss)		18,161			11,148			38,848

Total Net Assets	$	335,997		$	229,845		$	1,655,704


Net Assets:
Class A	$	105,037		$	74,892		$	42,908
Class C		27,752			12,989			4,230
Class I		199,508			88,584			611,033
Class R6		3,700			53,380			997,533

Total	$	335,997		$	229,845		$	1,655,704


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,019			7,562			3,989
Class C		2,388			1,325			390
Class I		17,132			9,012			56,513
Class R6		318			5,432			92,295
Net Asset Value (a):
Class A — Redemption price per share	$	11.65		$	9.90		$	10.76
Class C — Offering price per share (b)		11.62			9.80			10.85
Class I — Offering and redemption price per share		11.65			9.83			10.81
Class R6 — Offering and redemption price per share		11.65			9.83			10.81
Class A maximum sales charge		3.75	%		3.75	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	12.10		$	10.29		$	11.01


Cost of investments innon-affiliates	$	300,142		$	210,192		$	1,519,550
Cost of investments in affiliates		33,923			5,168			158,716

(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, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	113

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Tax Free Bond Fund		JPMorgan Ultra-Short Municipal Fund
ASSETS:
Investments innon-affiliates, at value	$	449,233	$	3,391,960
Investments in affiliates, at value		17,312		165,136
Deposits at broker for futures contracts		190		—
Receivables:
Investment securities sold		215		712
Investment securities sold — delayed delivery securities		1,130		345
Fund shares sold		2,181		5,309
Interest fromnon-affiliates		4,068		19,923
Dividends from affiliates		16		171
Due from adviser		—		17
Other assets		29		—

Total Assets		474,374		3,583,573


LIABILITIES:
Payables:
Due to custodian		—		2
Investment securities purchased		2,343		130,042
Investment securities purchased — delayed delivery securities		6,180		36,784
Fund shares redeemed		173		391
Variation margin on futures contracts		21		—
Accrued liabilities:
Investment advisory fees		97		—
Administration fees		17		—
Distribution fees		55		9
Service fees		10		632
Custodian and accounting fees		20		10
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)
Audit fees		64		39
Printing and mailing cost		20		12
Other		9		364

Total Liabilities		9,010		168,285

Net Assets	$	465,364	$	3,415,288

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



114	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
NET ASSETS:
Paid-in-Capital	$	439,428		$	3,399,987
Total distributable earnings (loss)		25,936			15,301

Total Net Assets	$	465,364		$	3,415,288


Net Assets:
Class A	$	177,900		$	60,872
Class C		28,544			—
Class I		159,022			3,354,416
Class R6		99,898			—

Total	$	465,364		$	3,415,288


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		14,356			6,044
Class C		2,324			—
Class I		12,889			333,368
Class R6		8,099			—

Net Asset Value (a):
Class A — Redemption price per share	$	12.39		$	10.07
Class C — Offering price per share (b)		12.28			—
Class I — Offering and redemption price per share		12.34			10.06
Class R6 — Offering and redemption price per share		12.33			—
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)]	$	12.87		$	10.30


Cost of investments innon-affiliates	$	414,366		$	3,375,912
Cost of investments in affiliates		17,310			165,121

(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, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	115

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund			JPMorgan Municipal Income Fund			JPMorgan Short- Intermediate Municipal Bond Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	4,093		$	2,938		$	16,902
Interest income from affiliates		—	(a)		—			—	(a)
Dividend income fromnon-affiliates		16			—			—
Dividend income from affiliates		185			78			724

Total investment income		4,294			3,016			17,626


EXPENSES:
Investment advisory fees		418			323			1,970
Administration fees		90			81			591
Distribution fees:
Class A		89			83			47
Class C		83			49			16
Service fees:
Class A		89			83			47
Class C		28			16			5
Class I		179			103			768
Custodian and accounting fees		49			35			80
Professional fees		66			38			43
Trustees’ and Chief Compliance Officer’s fees		16			14			16
Printing and mailing costs		12			8			46
Registration and filing fees		53			37			44
Transfer agency fees (See Note 2.J.)		3			3			9
Other		4			4			9

Total expenses		1,179			877			3,691

Less fees waived		(409	)		(291	)		(1,891	)
Less expense reimbursements		(24	)		—			(2	)

Net expenses		746			586			1,798

Net investment income (loss)		3,548			2,430			15,828


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		629			(171	)		2,205
Investments in affiliates		(3	)		—	(a)		(3	)

Net realized gain (loss)		626			(171	)		2,202

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		15,523			7,950			36,627
Investments in affiliates		3			—	(a)		15

Change in net unrealized appreciation/depreciation		15,526			7,950			36,642

Net realized/unrealized gains (losses)		16,152			7,779			38,844

Change in net assets resulting from operations	$	19,700		$	10,209		$	54,672

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



116	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan Tax Free Bond Fund			JPMorgan Ultra-Short Municipal Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	7,319		$	27,368
Interest income from affiliates		—	(a)		1
Dividend income fromnon-affiliates		1			—
Dividend income from affiliates		96			858

Total investment income		7,416			28,227


EXPENSES:
Investment advisory fees		630			2,340
Administration fees		158			1,170
Distribution fees:
Class A		191			55
Class C		105			—
Service fees:
Class A		191			55
Class C		35			—
Class I		183			3,845
Custodian and accounting fees		66			115
Interest expense to affiliates		3			48
Professional fees		55			43
Trustees’ and Chief Compliance Officer’s fees		14			19
Printing and mailing costs		12			14
Registration and filing fees		52			184
Transfer agency fees (See Note 2.J.)		10			10
Other		5			30

Total expenses		1,710			7,928

Less fees waived		(512	)		(4,001	)

Net expenses		1,198			3,927

Net investment income (loss)		6,218			24,300


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		374			(199	)
Investments in affiliates		—	(a)		8
Futures contracts		(1,183	)		—

Net realized gain (loss)		(809	)		(191	)

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		22,200			13,402
Investments in affiliates		2			15
Futures contracts		(55	)		—

Change in net unrealized appreciation/depreciation		22,147			13,417

Net realized/unrealized gains (losses)		21,338			13,226

Change in net assets resulting from operations	$	27,556		$	37,526

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	117

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,548		$	4,042		$	2,430		$	4,845
Net realized gain (loss)		626			248			(171	)		17
Change in net unrealized appreciation/depreciation		15,526			1,124			7,950			1,465

Change in net assets resulting from operations		19,700			5,414			10,209			6,327


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(1,055	)		(1,161	)		(708	)		(1,687	)
Class C		(269	)		(485	)		(101	)		(306	)
Class I		(2,190	)		(2,376	)		(981	)		(2,044	)
Class R6 (a)		(35	)		(4	)		(655	)		(1,817	)

Total distributions to shareholders		(3,549	)		(4,026	)		(2,445	)		(5,854	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		161,352			52,086			23,523			(19,210	)


NET ASSETS:
Change in net assets		177,503			53,474			31,287			(18,737	)
Beginning of period		158,494			105,020			198,558			217,295

End of period	$	335,997		$	158,494		$	229,845		$	198,558

(a)	Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



118	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,828		$	31,530		$	6,218		$	12,567
Net realized gain (loss)		2,202			(4,496	)		(809	)		(1,860	)
Distributions of capital gains received from investment companynon-affiliates		—			—			—			8
Change in net unrealized appreciation/depreciation		36,642			18,414			22,147			555

Change in net assets resulting from operations		54,672			45,448			27,556			11,270


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(303	)		(498	)		(2,173	)		(4,427	)
Class C		(22	)		(53	)		(319	)		(780	)
Class I		(6,254	)		(27,873	)		(2,256	)		(6,496	)
Class R6 (a)		(9,545	)		(3,081	)		(1,452	)		(871	)

Total distributions to shareholders		(16,124	)		(31,505	)		(6,200	)		(12,574	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		139,032			(255,405	)		61,409			67,878


NET ASSETS:
Change in net assets		177,580			(241,462	)		82,765			66,574
Beginning of period		1,478,124			1,719,586			382,599			316,025

End of period	$	1,655,704		$	1,478,124		$	465,364		$	382,599

(a)	Commencement of offering of class of shares effective October 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	119

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,300		$	35,149
Net realized gain (loss)		(191	)		(280	)
Change in net unrealized appreciation/depreciation		13,417			5,321

Change in net assets resulting from operations		37,526			40,190


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(313	)		(289	)
Class I		(24,030	)		(34,837	)

Total distributions to shareholders		(24,343	)		(35,126	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		313,659			1,018,313


NET ASSETS:
Change in net assets		326,842			1,023,377
Beginning of period		3,088,446			2,065,069

End of period	$	3,415,288		$	3,088,446

SEE NOTES TO FINANCIAL STATEMENTS.



120	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	60,934		$	20,871		$	18,047		$	12,450
Distributions reinvested		1,031			1,119			692			1,650
Cost of shares redeemed		(5,312	)		(13,888	)		(6,333	)		(20,462	)

Change in net assets resulting from Class A capital transactions	$	56,653		$	8,102		$	12,406		$	(6,362	)

Class C
Proceeds from shares issued	$	10,886		$	3,949		$	2,312		$	1,885
Distributions reinvested		256			453			94			282
Cost of shares redeemed		(2,825	)		(5,304	)		(2,718	)		(4,495	)

Change in net assets resulting from Class C capital transactions	$	8,317		$	(902	)	$	(312	)	$	(2,328	)

Class I
Proceeds from shares issued	$	105,346		$	73,404		$	16,590		$	27,767
Distributions reinvested		2,185			2,340			953			1,985
Cost of shares redeemed		(13,360	)		(32,194	)		(6,320	)		(26,769	)

Change in net assets resulting from Class I capital transactions	$	94,171		$	43,550		$	11,223		$	2,983

Class R6(a)
Proceeds from shares issued	$	2,353		$	1,359		$	5,085		$	29,141
Distributions reinvested		35			4			649			1,807
Cost of shares redeemed		(177	)		(27	)		(5,528	)		(44,451	)

Change in net assets resulting from Class R6 capital transactions	$	2,211		$	1,336		$	206		$	(13,503	)

Total change in net assets resulting from capital transactions	$	161,352		$	52,086		$	23,523		$	(19,210	)

(a)	Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	121

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan High Yield Municipal Fund						JPMorgan Municipal Income Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class A
Issued		5,390			1,939			1,850			1,312
Reinvested		91			104			71			174
Redeemed		(468	)		(1,291	)		(650	)		(2,157	)

Change in Class A Shares		5,013			752			1,271			(671	)

Class C
Issued		962			367			240			201
Reinvested		23			42			10			30
Redeemed		(249	)		(493	)		(282	)		(480	)

Change in Class C Shares		736			(84	)		(32	)		(249	)

Class I
Issued		9,328			6,812			1,722			2,949
Reinvested		193			218			99			211
Redeemed		(1,186	)		(2,991	)		(656	)		(2,843	)

Change in Class I Shares		8,335			4,039			1,165			317

Class R6(a)
Issued		208			125			530			3,084
Reinvested		3			—	(b)		67			193
Redeemed		(16	)		(2	)		(575	)		(4,719	)

Change in Class R6 Shares		195			123			22			(1,442	)

(a)	Commencement of offering of class of shares effective November 1, 2018 for JPMorgan High Yield Municipal Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



122	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,690		$	12,978		$	52,970		$	27,996
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			21,528
Distributions reinvested		301			493			2,101			4,255
Cost of shares redeemed		(5,556	)		(12,624	)		(17,745	)		(50,846	)

Change in net assets resulting from Class A capital transactions	$	8,435		$	847		$	37,326		$	2,933

Class C
Proceeds from shares issued	$	680		$	837		$	3,764		$	3,406
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			6,298
Distributions reinvested		18			45			308			757
Cost of shares redeemed		(1,162	)		(2,741	)		(4,660	)		(7,789	)

Change in net assets resulting from Class C capital transactions	$	(464	)	$	(1,859	)	$	(588	)	$	2,672

Class I
Proceeds from shares issued	$	174,820		$	506,582		$	29,376		$	75,091
Net assets acquired in Fund reorganization (See Note 8)		—			—			—			76,798
Distributions reinvested		6,091			27,411			2,079			6,079
Cost of shares redeemed		(158,154	)		(1,650,500	)		(15,155	)		(181,002	)

Change in net assets resulting from Class I capital transactions	$	22,757		$	(1,116,507	)	$	16,300		$	(23,034	)

Class R6(a)
Proceeds from shares issued	$	198,356		$	940,450		$	18,968		$	95,064
Distributions reinvested		9,502			3,081			1,452			871
Cost of shares redeemed		(99,554	)		(81,417	)		(12,049	)		(10,628	)

Change in net assets resulting from Class R6 capital transactions	$	108,304		$	862,114		$	8,371		$	85,307

Total change in net assets resulting from capital transactions	$	139,032		$	(255,405	)	$	61,409		$	67,878

(a)	Commencement of offering of class of shares effective October 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	123

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Short-Intermediate Municipal Bond Fund						JPMorgan Tax Free Bond Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019			Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,287			1,248			4,372			2,382
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			1,824
Reinvested		28			48			173			363
Redeemed		(523	)		(1,215	)		(1,470	)		(4,325	)

Change in Class A Shares		792			81			3,075			244

Class C
Issued		62			81			314			293
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			538
Reinvested		2			4			26			65
Redeemed		(108	)		(262	)		(389	)		(670	)

Change in Class C Shares		(44	)		(177	)		(49	)		226

Class I
Issued		16,357			48,416			2,439			6,441
Shares issued in connection with Fund reorganization (See Note 8)		—			—			—			6,534
Reinvested		570			2,627			172			520
Redeemed		(14,765	)		(157,651	)		(1,263	)		(15,581	)

Change in Class I Shares		2,162			(106,608	)		1,348			(2,086	)

Class R6(a)
Issued		18,555			89,640			1,578			8,243
Reinvested		889			293			121			75
Redeemed		(9,334	)		(7,748	)		(1,006	)		(912	)

Change in Class R6 Shares		10,110			82,185			693			7,406

(a)	Commencement of offering of class of shares effective October 1, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



124	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


	JPMorgan Ultra-Short Municipal Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	36,346		$	167,723
Distributions reinvested		313			289
Cost of shares redeemed		(43,181	)		(101,733	)

Change in net assets resulting from Class A capital transactions	$	(6,522	)	$	66,279

Class I
Proceeds from shares issued	$	1,470,988		$	2,716,009
Distributions reinvested		23,865			34,620
Cost of shares redeemed		(1,174,672	)		(1,798,595	)

Change in net assets resulting from Class I capital transactions	$	320,181		$	952,034

Total change in net assets resulting from capital transactions	$	313,659		$	1,018,313


SHARE TRANSACTIONS:
Class A
Issued		3,606			16,758
Reinvested		31			29
Redeemed		(4,301	)		(10,156	)

Change in Class A Shares		(664	)		6,631

Class I
Issued		146,421			271,523
Reinvested		2,377			3,462
Redeemed		(116,999	)		(179,780	)

Change in Class I Shares		31,799			95,205

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	125

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 High Yield Municipal Fund
Class A
Six Months Ended August 31, 2019 (Unaudited)	$	10.88	$	0.17	$	0.76		$	0.93	$	(0.16	)
Year Ended February 28, 2019		10.78		0.36		0.09			0.45		(0.35	)
Year Ended February 28, 2018		10.82		0.28		(0.04	)		0.24		(0.28	)
Year Ended February 28, 2017		10.99		0.29		(0.17	)		0.12		(0.29	)
Year Ended February 29, 2016		11.03		0.29		(0.04	)		0.25		(0.29	)
Year Ended February 28, 2015		10.78		0.28		0.24			0.52		(0.27	)

Class C
Six Months Ended August 31, 2019 (Unaudited)		10.85		0.14		0.77			0.91		(0.14	)
Year Ended February 28, 2019		10.76		0.30		0.09			0.39		(0.30	)
Year Ended February 28, 2018		10.80		0.22		(0.03	)		0.19		(0.23	)
Year Ended February 28, 2017		10.97		0.23		(0.17	)		0.06		(0.23	)
Year Ended February 29, 2016		11.01		0.23		(0.03	)		0.20		(0.24	)
Year Ended February 28, 2015		10.76		0.22		0.25			0.47		(0.22	)

Class I
Six Months Ended August 31, 2019 (Unaudited)		10.87		0.17		0.78			0.95		(0.17	)
Year Ended February 28, 2019		10.78		0.37		0.08			0.45		(0.36	)
Year Ended February 28, 2018		10.82		0.29		(0.03	)		0.26		(0.30	)
Year Ended February 28, 2017		10.99		0.30		(0.17	)		0.13		(0.30	)
Year Ended February 29, 2016		11.03		0.30		(0.04	)		0.26		(0.30	)
Year Ended February 28, 2015		10.78		0.29		0.24			0.53		(0.28	)

Class R6
Six Months Ended August 31, 2019 (Unaudited)		10.87		0.18		0.77			0.95		(0.17	)
November 1, 2018 (f) through February 28, 2019		10.53		0.14		0.33			0.47		(0.13	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



126	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


		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)


$	11.65		8.63	%	$	105,037		0.64	%		2.95	%		1.10	%		13	%
	10.88		4.28			43,565		0.64			3.32			1.22			130
	10.78		2.25			35,071		0.64			2.56			1.20			17
	10.82		1.07			43,639		0.64			2.59			1.23			16
	10.99		2.32			48,716		0.65			2.61			1.18			19
	11.03		4.89			47,319		0.65			2.53			1.22			10


	11.62		8.39			27,752		1.14			2.48			1.60			13
	10.85		3.67			17,929		1.14			2.82			1.71			130
	10.76		1.74			18,675		1.14			2.06			1.70			17
	10.80		0.58			20,864		1.14			2.09			1.73			16
	10.97		1.80			24,452		1.15			2.11			1.70			19
	11.01		4.36			23,002		1.15			2.03			1.72			10


	11.65		8.79			199,508		0.54			3.06			0.85			13
	10.87		4.29			95,662		0.54			3.45			0.97			130
	10.78		2.36			51,274		0.54			2.66			0.95			17
	10.82		1.17			35,502		0.54			2.68			0.97			16
	10.99		2.42			47,524		0.55			2.71			0.93			19
	11.03		4.99			51,738		0.55			2.63			0.97			10


	11.65		8.84			3,700		0.44			3.14			0.59			13
	10.87		4.46			1,338		0.39			4.09			1.23			130

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND 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) (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, 2019 (Unaudited)	$	9.55	$	0.10		$	0.35		$	0.45		$	(0.10	)	$	—		$	(0.10	)
Year Ended February 28, 2019		9.52		0.21			0.08			0.29			(0.21	)		(0.05	)		(0.26	)
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	)

Class C
Six Months Ended August 31, 2019 (Unaudited)		9.45		0.08			0.35			0.43			(0.08	)		—			(0.08	)
Year Ended February 28, 2019		9.42		0.16			0.08			0.24			(0.16	)		(0.05	)		(0.21	)
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	)

Class I
Six Months Ended August 31, 2019 (Unaudited)		9.48		0.11			0.36			0.47			(0.12	)		—			(0.12	)
Year Ended February 28, 2019		9.45		0.24			0.08			0.32			(0.24	)		(0.05	)		(0.29	)
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	)

Class R6
Six Months Ended August 31, 2019 (Unaudited)		9.48		0.12			0.35			0.47			(0.12	)		—			(0.12	)
Year Ended February 28, 2019		9.45		0.25			0.08			0.33			(0.25	)		(0.05	)		(0.30	)
November 6, 2017 (g) 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)

(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 the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



128	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


		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)


$	9.90		4.77	%	$	74,892		0.70	%		2.11	%		1.01	%		3	%
	9.55		3.15			60,078		0.70			2.26			1.01			13
	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


	9.80		4.52			12,989		1.25			1.57			1.52			3
	9.45		2.61			12,833		1.25			1.71			1.51			13
	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


	9.83		4.93			88,584		0.45			2.36			0.76			3
	9.48		3.43			74,386		0.45			2.51			0.76			13
	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


	9.83		4.99			53,380		0.35			2.47			0.50			3
	9.48		3.54			51,261		0.35			2.61			0.50			13
	9.45		(1.42	)		64,738		0.34			2.67	(f)		0.57			21

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND 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) (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, 2019 (Unaudited)	$	10.49	$	0.08	$	0.28		$	0.36		$	(0.09	)	$	—		$	(0.09	)
Year Ended February 28, 2019		10.39		0.16		0.10			0.26			(0.16	)		—			(0.16	)
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	)

Class C
Six Months Ended August 31, 2019 (Unaudited)		10.59		0.06		0.26			0.32			(0.06	)		—			(0.06	)
Year Ended February 28, 2019		10.48		0.11		0.11			0.22			(0.11	)		—			(0.11	)
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)

Class I
Six Months Ended August 31, 2019 (Unaudited)		10.55		0.11		0.26			0.37			(0.11	)		—			(0.11	)
Year Ended February 28, 2019		10.44		0.21		0.11			0.32			(0.21	)		—			(0.21	)
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	)

Class R6
Six Months Ended August 31, 2019 (Unaudited)		10.54		0.11		0.27			0.38			(0.11	)		—			(0.11	)
October 1, 2018 (g) through February 28, 2019		10.39		0.09		0.15			0.24			(0.09	)		—			(0.09	)

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

(b)	Calculated based upon average shares outstanding.

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

(d)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



130	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


		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)


$	10.76		3.40	%	$	42,908		0.70	%		1.54	%		0.86	%		11	%
	10.49		2.55			33,554		0.70			1.54			0.86			42
	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


	10.85		3.00			4,230		1.20			1.05			1.36			11
	10.59		2.10			4,590		1.20			1.03			1.38			42
	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


	10.81		3.51			611,033		0.24			2.00			0.61			11
	10.55		3.09			573,350		0.25			1.97			0.61			42
	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


	10.81		3.64			997,533		0.19			2.05			0.36			11
	10.54		2.31			866,630		0.19			2.19			0.37			42

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	131

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, 2019 (Unaudited)	$	11.77	$	0.17	$	0.62		$	0.79		$	(0.17	)	$	—		$	(0.17	)
Year Ended February 28, 2019		11.82		0.40		(0.05	)		0.35			(0.40	)		—			(0.40	)
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	)

Class C
Six Months Ended August 31, 2019 (Unaudited)		11.67		0.14		0.61			0.75			(0.14	)		—			(0.14	)
Year Ended February 28, 2019		11.72		0.33		(0.05	)		0.28			(0.33	)		—			(0.33	)
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	)

Class I
Six Months Ended August 31, 2019 (Unaudited)		11.72		0.19		0.62			0.81			(0.19	)		—			(0.19	)
Year Ended February 28, 2019		11.77		0.42		(0.05	)		0.37			(0.42	)		—			(0.42	)
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	)

Class R6
Six Months Ended August 31, 2019 (Unaudited)		11.72		0.19		0.61			0.80			(0.19	)		—			(0.19	)
October 1, 2018 (g) through February 28, 2019		11.61		0.17		0.11			0.28			(0.17	)		—			(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)

(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)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



132	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


		Ratios/Supplemental data
							Ratios to average net assets(a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	12.39		6.78	%	$	177,900		0.67	%		2.86	%		0.98	%		22	%
	11.77		3.00			132,813		0.67			3.40			1.00			53
	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


	12.28		6.44			28,544		1.25			2.30			1.48			22
	11.67		2.43			27,701		1.25			2.81			1.49			53
	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


	12.34		6.92			159,022		0.45			3.09			0.73			22
	11.72		3.24			135,295		0.45			3.61			0.74			53
	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


	12.33		6.86			99,898		0.40			3.14			0.48			22
	11.72		2.44			86,790		0.40			3.61			0.51			53

SEE NOTES TO FINANCIAL STATEMENTS.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	133

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, 2019 (Unaudited)	$	10.03	$	0.07	$	0.04		$	0.11	$	(0.07	)
Year Ended February 28, 2019		10.01		0.13		—	(f)		0.13		(0.11	)
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, 2019 (Unaudited)		10.02		0.08		0.04			0.12		(0.08	)
Year Ended February 28, 2019		10.00		0.14		0.02			0.16		(0.14	)
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)

(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)	Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.



134	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019


		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)


$	10.07		1.09	%	$	60,872		0.45	%		1.37	%		0.76	%		32	%
	10.03		1.33			67,256		0.44			1.32			0.77			50
	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


	10.06		1.19			3,354,416		0.25			1.56			0.51			32
	10.02		1.60			3,021,190		0.24			1.42			0.52			50
	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, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	135

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited)

1. Organization

The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan High Yield Municipal Fund⁽¹⁾	Class A, Class C, Class I and Class R6⁽²⁾	JPM I	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, Class I and Class R6⁽³⁾	JPM II	Diversified
JPMorgan Tax Free Bond Fund	Class A, Class C, Class I and Class R6⁽³⁾	JPM II	Diversified
JPMorgan Ultra-Short Municipal Fund	Class A and Class I	JPM IV	Diversified

⁽¹⁾	Effective November 1, 2018, JPMorgan Tax Aware High Income Fund changed its name to JPMorgan High Yield Municipal Fund.

⁽²⁾	Class R6 Shares commenced operations on November 1, 2018 for JPMorgan High Yield Municipal Fund.

⁽³⁾	Class R6 Shares commenced operations on October 1, 2018 for JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund.

The investment objective of JPMorgan High Yield Municipal Fund (“High Yield Municipal Fund”) is to seek a high level of current income exempt from federal income taxes.

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 afront-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 whichfront-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.

2. Significant Accounting Policies

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 of the Trusts (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 their market value 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.



136	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

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/or 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.

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 inopen-end investment companies, including J.P. Morgan Funds, (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

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 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).

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


High Yield Municipal Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	—	$	—	$	18	$	18
Debt Securities
Municipal Bonds		—		318,067		—		318,067
Short-Term Investments
Investment Companies		33,926		—		—		33,926

Total Investments in Securities	$	33,926	$	318,067	$	18	$	352,011



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	137

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


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
Colorado
Education	$	—		$	1,973	$	—			$	1,973
Hospital		—			1,001		—				1,001
Housing		—			338		—				338
Other Revenue		—			—		11				11

Total Colorado		—			3,312		11				3,323
									��
Other Municipal Bonds		—			218,344		—				218,344

Total Municipal Bonds		—			221,656		11				221,667

Short-Term Investments
Investment Companies		5,168			—		—				5,168

Total Investments in Securities	$	5,168		$	221,656	$	11			$	226,835


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)	$	158,731		$	1,573,786	$	—			$	1,732,517


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	$	—		$	449,233	$	—			$	449,233
Warrants		—			—		—	(b)			—	(b)
Short-Term Investments
Investment Companies		17,312			—		—				17,312

Total Investments in Securities	$	17,312		$	449,233	$	—			$	466,545

Depreciation in Other Financial Instruments
Futures Contracts	$	(22	)	$	—	$	—			$	(22	)


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)	$	165,136		$	3,391,960	$	—			$	3,557,096

(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 into and out of level 3 for the six months ended August 31, 2019 for the Funds.

As of August 31, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A under the Securities Act.



138	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

C. Loan Assignments — The Funds may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which they acquired the assignment and the funds may be able to enforce their rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to materialnon-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

At August 31, 2019, the Funds did not have any loan assignments.

D. 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 a 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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

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

The Funds had when-issued securities, forward commitments or delayed delivery securities outstanding as of August 31, 2019, 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, 2019 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of August 31, 2019.

F. Futures Contracts — Tax Free Bond Fund used treasury and interest rate futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

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



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	139

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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, 2019 (amounts in thousands):


	Tax Free Bond Fund
Futures Contracts — Interest:
Average Notional Balance Short	$	17,649
Ending Notional Balance Short		17,527

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).

G. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimisamounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

The Funds did not lend out any securities during the six months ended August 31, 2019.

H. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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 calculating portfolio turnover. Amounts in the tables below are in thousands.



140	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

High Yield Municipal Fund


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (a) (b)	$	12,206	$	140,278	$	118,558	$	(3	)	$	3	$	33,926		33,923	$	185	$	—

Municipal Income Fund


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (a) (b)	$	14,034	$	37,391	$	46,257	$	—	(c)	$	—	(c)	$	5,168		5,168	$	78	$	—

Short-Intermediate Municipal Bond Fund


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (a) (b)	$	47,778	$	424,858	$	313,917	$	(3	)	$	15	$	158,731		158,715	$	724	$	—

Tax Free Bond Fund


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (a) (b)	$	7,778	$	147,318	$	137,786	$	—	(c)	$	2	$	17,312		17,310	$	96	$	—

Ultra-Short Municipal Fund


For the six months ended August 31, 2019
Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019		Shares at August 31, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.25% (a) (b)	$	106,738	$	1,835,322	$	1,776,947	$	8	$	15	$	165,136		165,120	$	858	$	—

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)	The rate shown is the current yield as of August 31, 2019.

(c)	Amount rounds to less than one thousand.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	141

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

I. 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 theex-dividend date or when a Fund first learns of the dividend.

J. 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 applicable funds. 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 share class of the Funds for the six months ended August 31, 2019 are as follows (amounts in thousands):


	Class A			Class C			Class I		Class R6			Total
High Yield Municipal Fund
Transfer agency fees	$	1		$	1		$	1	$	—	(a)	$	3
Municipal Income Fund
Transfer agency fees		1			1			1		—	(a)		3
Short-Intermediate Municipal Bond Fund
Transfer agency fees		1			—	(a)		6		2			9
Tax Free Bond Fund
Transfer agency fees		6			1			3		—	(a)		10
Ultra-Short Municipal Fund
Transfer agency fees		—	(a)		n/a			10		n/a			10

(a)	Amount rounds to less than one thousand.

K. 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, 2019, no liability for Federal 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.

L. 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 Federaltax-basis treatment.

M. New Accounting Pronouncements — In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Funds have adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of March 1, 2019, the amortized cost basis of investments and unrealized appreciation (depreciation) of investments of the Funds were increased (decreased) by the amounts presented in the following table (amounts in thousands). The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.


	Amortized Cost Basis of Investments			Unrealized Appreciation (Depreciation) of Investments
High Yield Municipal Fund	$	8		$	(8	)
Municipal Income Fund		2			(2	)
Short-Intermediate Municipal Bond Fund		(1,220	)		1,220
Tax Free Bond Fund		(8	)		8
Ultra-Short Municipal Fund		(329	)		329



142	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

In August 2018, the FASB issuedASU2018-13 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. ASU2018-13 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. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory 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:


High Yield Municipal Fund	0.35	%
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, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2019, 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 asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds pursuant toRule 12b-1 under the 1940 Act. Class I Shares and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, 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 thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the six months ended August 31, 2019, JPMDS retained the following (amounts in thousands):


	Front-End Sales Charge
High Yield Municipal Fund	$	12
Municipal Income Fund		3
Short-Intermediate Municipal Bond Fund		1
Tax Free Bond Fund		10
Ultra-Short Municipal 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 with respect to all share classes, except



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	143

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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
High Yield Municipal Fund	0.25%		0.25	%		0.25	%
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 waived service fees as outlined in Note 3.F.

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

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

F. 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
High Yield Municipal Fund	0.65%		1.15	%		0.55	%		0.45	%
Municipal Income Fund	0.70		1.25			0.45			0.35
Short-Intermediate Municipal Bond Fund	0.70		1.20			0.25			0.20
Tax Free Bond Fund	0.67		1.25			0.45			0.40
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, 2019 and are in place until at least June 30, 2020.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursement
High Yield Municipal Fund	$	104	$	67	$	225	$	396	$	24
Municipal Income Fund		99		66		120		285		—
Short-Intermediate Municipal Bond Fund		735		489		620		1,844		2
Tax Free Bond Fund		92		61		352		505		—
Ultra-Short Municipal Fund		2,340		1,170		425		3,935		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (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, except for investments of securities lending cash collateral.



144	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

The amounts of these waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2019 were as follows (amounts in thousands):


High Yield Municipal Fund	$	13
Municipal Income Fund		6
Short-Intermediate Municipal Bond Fund		47
Tax Free Bond Fund		7
Ultra-Short Municipal Fund		66

During the six months ended August 31, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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, 2019, 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)
High Yield Municipal Fund	$	183,768	$	27,853
Municipal Income Fund		28,581		6,972
Short-Intermediate Municipal Bond Fund		252,811		166,041
Tax Free Bond Fund		144,320		89,727
Ultra-Short Municipal Fund		1,232,649		859,940

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, 2019 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
High Yield Municipal Fund	$	334,065	$	17,953	$	7	$	17,946
Municipal Income Fund		215,360		11,546		71		11,475
Short-Intermediate Municipal Bond Fund		1,678,266		54,342		91		54,251
Tax Free Bond Fund		431,676		34,893		46		34,847
Ultra-Short Municipal Fund		3,541,033		16,952		889		16,063

At February 28, 2019 the following Funds had net capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Carryforward
	Short-Term		Long-Term
High Yield Municipal Fund	$	164	$	253
Short-Intermediate Municipal Bond Fund		14,453		1,093
Tax Free Bond Fund		4,382		3,332
Ultra-Short Municipal Fund		185		126



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	145

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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, 2019, the following Funds deferred to March 1, 2019 the net capital losses of (amounts in thousands):


	Net Capital Losses (Gains)
	Short-Term			Long-Term
High Yield Municipal Fund	$	(5	)	$	9
Municipal Income Fund		—	(a)		112
Short-Intermediate Municipal Bond Fund		(721	)		1,220
Tax Free Bond Fund		65			268
Ultra-Short Municipal Fund		3			25

(a)	Amount rounds to less than one thousand.

During the year ended February 28, 2019, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):


	Capital Loss Utilized
	Short-Term		Long-Term
High Yield Municipal Fund	$	25	$	94

6. Borrowings

The Funds had no borrowings outstanding from another fund during the six months ended August 31, 2019.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2019.

The Trusts, along with certain other trusts for J.P. Morgan Funds (“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.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2019.

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.



146	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

As of August 31, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
High Yield Municipal Fund		1		17.8	%		4		47.0	%
Municipal Income Fund		1		61.6			1		12.6
Short-Intermediate Municipal Bond Fund		1		90.9			—		—
Tax Free Bond Fund		1		56.7			1		11.7
Ultra-Short Municipal Fund		1		94.2			—		—

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

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

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

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. 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. 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 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 heldNovember 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 atax-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 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.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	147

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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 year ended February 28, 2019, are as follows:


Net investment income (loss)	$	13,209
Net realized/unrealized gains (losses)		(1,761	)

Change in net assets resulting from operations	$	11,448

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.



148	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

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, 2019, and continued to hold your shares at the end of the reporting period, August 31, 2019.

Actual Expenses

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, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan High Yield Municipal Fund
Class A
Actual	$	1,000.00	$	1,086.30	$	3.36		0.64	%
Hypothetical		1,000.00		1,021.92		3.25		0.64
Class C
Actual		1,000.00		1,083.90		5.97		1.14
Hypothetical		1,000.00		1,019.41		5.79		1.14
Class I
Actual		1,000.00		1,087.90		2.83		0.54
Hypothetical		1,000.00		1,022.42		2.75		0.54
Class R6
Actual		1,000.00		1,088.40		2.31		0.44
Hypothetical		1,000.00		1,022.92		2.24		0.44

JPMorgan Municipal Income Fund
Class A
Actual		1,000.00		1,047.70		3.60		0.70
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class C
Actual		1,000.00		1,045.20		6.43		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class I
Actual		1,000.00		1,049.30		2.32		0.45
Hypothetical		1,000.00		1,022.87		2.29		0.45
Class R6
Actual		1,000.00		1,049.90		1.80		0.35
Hypothetical		1,000.00		1,023.38		1.78		0.35



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	149

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)


	Beginning Account Value March 1, 2019		Ending Account Value August 31, 2019		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Short-Intermediate Municipal Bond Fund
Class A
Actual	$	1,000.00	$	1,034.00	$	3.58		0.70	%
Hypothetical		1,000.00		1,021.62		3.56		0.70
Class C
Actual		1,000.00		1,030.00		6.12		1.20
Hypothetical		1,000.00		1,019.10		6.09		1.20
Class I
Actual		1,000.00		1,035.10		1.23		0.24
Hypothetical		1,000.00		1,023.93		1.22		0.24
Class R6
Actual		1,000.00		1,036.40		0.97		0.19
Hypothetical		1,000.00		1,024.18		0.97		0.19

JPMorgan Tax Free Bond Fund
Class A
Actual		1,000.00		1,067.80		3.48		0.67
Hypothetical		1,000.00		1,021.77		3.40		0.67
Class C
Actual		1,000.00		1,064.40		6.49		1.25
Hypothetical		1,000.00		1,018.85		6.34		1.25
Class I
Actual		1,000.00		1,069.20		2.34		0.45
Hypothetical		1,000.00		1,022.87		2.29		0.45
Class R6
Actual		1,000.00		1,068.60		2.08		0.40
Hypothetical		1,000.00		1,023.13		2.03		0.40

JPMorgan Ultra-Short Municipal Fund
Class A
Actual		1,000.00		1,010.90		2.27		0.45
Hypothetical		1,000.00		1,022.87		2.29		0.45
Class I
Actual		1,000.00		1,011.90		1.26		0.25
Hypothetical		1,000.00		1,023.88		1.27		0.25

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).



150	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

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.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of 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, personnel changes, if any, 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 theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. 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.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	151

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

designed to improve investment results and the services provided to each Fund.

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

The Trustees 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 Rule12b-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

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. The Trustees noted each Fund with fee waivers and contractual expense limitations (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale, as well as each Fund that had achieved scale and no longer had a Fee Cap in place for some or all of its classes. The Trustees noted that the fees remain competitive with peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. 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 and that, for those Funds that had achieved scale and no longer had Fee Caps in place for some or all of their classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

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.



152	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

The Trustees noted that, upon their direction, the Chief Compliance Officer for the High Yield Municipal Fund and 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 fundssub-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 asub-adviser and observed thatsub-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 thesub-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 applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. 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 High Yield Municipal Fund’s performance for Class A shares was in the second, fifth and fifth quintiles based upon the Peer Group, and in the third, fifth and fifth quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the third and fifth quintiles based upon the Peer Group, for theone- and three-year periods ended December 31, 2018, respectively, and in the third, fifth and fifth quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including changes to the investment strategy that went into effect on November 1, 2018, 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 noted that the Municipal Income Fund’s performance for Class A shares was in the second, fifth, and fourth quintiles based upon the Peer Group, for theone-, three, and five-year periods ended December 31, 2018, respectively, and in the fourth quintile based upon the Universe, for each of theone-, three-, and five-year periods ended December 31, 2018. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe, for each of theone-, three-, and five-year periods ended December 31, 2018. The Trustees noted that the performance for Class R6 shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, for theone-year period ended December 31, 2018. 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



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	153

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of their regular meetings over the course of next year.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group, for each of theone-, three-, and five-year periods ended December 31, 2018, and in the fourth, fourth, and fifth quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the third, second, and third quintiles based upon the Universe for theone-, three-, and five-year periods ended December 31, 2018, 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 noted that the Tax Free Bond Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, for each of theone-, three, and five-year periods ended December 31, 2018, and in the fourth, fourth, and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2018, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Universe, for each of theone-, three- and five-year periods ended December 31, 2018. 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 noted that the Ultra-Short Municipal Fund’s performance for Class A shares was in the fourth quintile based upon both the Peer Group and Universe, for theone-year period ended December 31, 2018. The Trustees notes that the performance for Class I shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, for theone-year period ended December 31, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, concluded that the performance was satisfactory, under the circumstances.

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, and that changes made to the administration agreement in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered, the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 High Yield Municipal Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 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 Municipal Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile for 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.



154	J.P. MORGAN MUNICIPAL BOND FUNDS	AUGUST 31, 2019

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 the net advisory fee and actual total expenses for Class I shares and Class R6 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 Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total

expenses for Class I shares were in the first quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile for both the Peer Group and 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 Ultra-Short Municipal Fund’s net advisory fee and actual total expenses for Class A shares 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.



AUGUST 31, 2019	J.P. MORGAN MUNICIPAL BOND FUNDS	155

Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 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 at202-371-8300.

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 calling1-800-480-4111 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 recent12-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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2019. All rights reserved. August 2019.		SAN-MUNIBOND-819

J.P. Morgan Income Funds

Semi Annual Report

August 31, 2019

(Unaudited)

JPMorgan High Yield Opportunities Fund


Contents
	Letter to Shareholders	1
	Fund Summary	2
	Schedule of Portfolio Investments	5
	Financial Statements	15
	Financial Highlights	20
	Notes to Financial Statements	21
	Schedule of Shareholder Expenses	32
	Board Approval of Investment Advisory Agreement	33

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

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about the Fund including management fees and other expenses. Please read it carefully before investing.

LETTER TO SHAREHOLDERS

October 22, 2019 (Unaudited)

Dear Shareholders,

While the longest U.S. economic expansion on record showed signs of slowing in 2019, financial markets have so far largely provided positive returns in 2019. In response to a weaker global economic outlook and muted inflationary pressure, the U.S. Federal Reserve cut interest rates in July for the first time in more than a decade and then reduced interest rates further in September, which provided support for both equity and bond prices. However, global economic growth continued to weaken in the third quarter of 2019 and continued uncertainty about U.S.-China trade has led to increased volatility in financial markets. Given continued uncertainty around trade, we expect market volatility to continue going forward. For long-term investors, we recommend maintaining a long-term view and a properly diversified investment portfolio.

On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your assets. Should you have any questions, please visitwww.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.

Sincerely yours,

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2019 (Unaudited)


Reporting Period Return:
Fund (Class I Shares)*		4.26%
Bloomberg Barclays Global Aggregate Bond Index – Hedged USD		7.98%
Net Assets as of 8/31/2019		$28,678,922
Duration as of 8/31/2019		2.6 years

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 invests in a diversified portfolio of high yield (also known as “junk bonds”) corporate debt securities and instruments from developed markets. The Fund allocates assets between U.S. andnon-U.S. developed markets depending on investment opportunities.


PORTFOLIO COMPOSITION***
Corporate Bonds			81.8%
Loan Assignments			5.9
Investment of cash collateral from securities loaned			2.2
Convertible Bonds			1.7
Others (each less than 1.0%)			1.0
Short-Term Investment			7.4

**	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, 2019. The Fund’s portfolio composition is subject to change.

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2019 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNSAS OF AUGUST 31, 2019
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR		SINCE INCEPTION

CLASS A SHARES	November 1, 2016

With Sales Charge**		0.17%		1.82%		4.58%

Without Sales Charge		4.04		5.77		6.01

CLASS C SHARES	November 1, 2016

With CDSC***		2.75		4.19		5.42

Without CDSC		3.75		5.19		5.42

CLASS I SHARES	November 1, 2016	4.26		5.99		6.22

CLASS R6 SHARES	November 1, 2016	4.25		6.19		6.43

*	Not annualized.

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

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

LOGO

JPMorgan High Yield Opportunities Fund

Fund Summary

Six Months Ended August 31, 2019 (Unaudited) (continued)

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. Forup-to-date,month-end performance information please call1-800-480-4111.

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, 2019. 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 tonon-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg Barclays Global Aggregate Index - Hedged USD provides a broad-based measure of the international fixed-income bond market. Investors cannot invest directly in an index.

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

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited)

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


Investments		Principal Amount ($)		Value ($)

CORPORATE BONDS - 83.5%

Aerospace & Defense - 0.9%
Arconic, Inc. 5.90%, 2/1/2027			150,000		167,304
BWX Technologies, Inc. 5.38%, 7/15/2026(a)			10,000		10,575
TransDigm, Inc. 6.25%, 3/15/2026(a)			45,000		48,543
Triumph Group, Inc. 7.75%, 8/15/2025			35,000		35,087

					261,509

Air Freight & Logistics - 0.3%
XPO Logistics, Inc.
6.50%, 6/15/2022(a)			75,000		76,645
6.13%, 9/1/2023(a)			5,000		5,170

					81,815

Auto Components - 3.2%
Adient Global Holdings Ltd. 4.88%, 8/15/2026(a)			200,000		154,500
Adient US LLC 7.00%, 5/15/2026(a)			40,000		40,900
Allison Transmission, Inc.
5.00%, 10/1/2024(a)			30,000		30,865
4.75%, 10/1/2027(a)			30,000		30,750
5.88%, 6/1/2029(a)			25,000		26,813
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025			65,000		61,099
6.25%, 3/15/2026			100,000		92,750
6.50%, 4/1/2027			35,000		32,112
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026(a)			110,000		94,325
Dana Financing Luxembourg SARL 6.50%, 6/1/2026(a)			155,000		162,362
Delphi Technologies plc 5.00%, 10/1/2025(a)			120,000		103,500
Panther BF Aggregator 2 LP 6.25%, 5/15/2026(a)			35,000		36,313
Tenneco, Inc.
5.38%, 12/15/2024(b)			35,000		30,100
5.00%, 7/15/2026			33,000		25,637

					922,026

Banks - 0.2%
Citigroup, Inc.
Series N, (ICE LIBOR USD 3 Month + 4.09%), 5.80%, 11/15/2019(c)(d)(e)			20,000		20,100
Series O, (ICE LIBOR USD 3 Month + 4.06%), 5.87%, 3/27/2020(c)(d)(e)			25,000		25,219

					45,319

Beverages - 0.4%
Sunshine Mid BV (Netherlands) 6.50%, 5/15/2026(f)	EUR		100,000		116,878

Building Products - 1.0%
American Woodmark Corp. 4.88%, 3/15/2026(a)			65,000		65,325


Investments		Principal Amount ($)		Value ($)
JELD-WEN, Inc.
4.63%, 12/15/2025(a)			35,000		34,300
4.88%, 12/15/2027(a)			30,000		29,025
Masonite International Corp. 5.38%, 2/1/2028(a)			30,000		31,650
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026(a)			35,000		37,712
Standard Industries, Inc. 4.75%, 1/15/2028(a)			75,000		75,375

					273,387

Capital Markets - 0.1%
MSCI, Inc. 5.38%, 5/15/2027(a)			30,000		32,265

Chemicals - 3.4%
CeramTec BondCo GmbH (Germany) 5.25%, 12/15/2025(a)	EUR		100,000		113,329
Chemours Co. (The)
6.63%, 5/15/2023			55,000		55,962
7.00%, 5/15/2025			20,000		19,750
Gates Global LLC 6.00%, 7/15/2022(a)			71,000		70,645
GCP Applied Technologies, Inc. 5.50%, 4/15/2026(a)			80,000		81,800
Hexion, Inc. 7.88%, 7/15/2027(a)			20,000		19,350
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024(a)(b)			200,000		203,462
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024(a)			45,000		46,181
5.25%, 6/1/2027(a)			20,000		20,875
Rain CII Carbon LLC 7.25%, 4/1/2025(a)			60,000		56,400
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023			100,000		103,548
5.25%, 12/15/2026			65,000		67,437
Trinseo Materials Operating SCA 5.38%, 9/1/2025(a)			70,000		65,800
Venator Finance SARL 5.75%, 7/15/2025(a)			45,000		37,580

					962,119

Commercial Services & Supplies - 1.0%
ACCO Brands Corp. 5.25%, 12/15/2024(a)			70,000		71,837
Aramark Services, Inc. 5.00%, 2/1/2028(a)			75,000		77,906
Clean Harbors, Inc. 4.88%, 7/15/2027(a)			15,000		15,863
Verisure Midholding AB (Sweden) 5.75%, 12/1/2023(f)	EUR		100,000		113,752

					279,358

Communications Equipment - 0.8%
CommScope Technologies LLC 6.00%, 6/15/2025(a)			150,000		133,875
CommScope, Inc.
6.00%, 3/1/2026(a)			50,000		50,925
8.25%, 3/1/2027(a)			40,000		39,200

					224,000

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount ($)		Value ($)
Consumer Finance - 0.1%
Springleaf Finance Corp.
7.13%, 3/15/2026			15,000		17,107
6.63%, 1/15/2028			21,000		23,048

					40,155

Containers & Packaging - 3.2%
Ardagh Packaging Finance plc (Ireland) 6.00%, 2/15/2025(a)			200,000		208,875
Berry Global, Inc.
4.88%, 7/15/2026(a)			70,000		73,500
5.63%, 7/15/2027(a)			25,000		26,250
Crown European Holdings SA 2.63%, 9/30/2024(f)	EUR		100,000		119,291
Greif, Inc. 6.50%, 3/1/2027(a)			40,000		42,000
LABL Escrow Issuer LLC
6.75%, 7/15/2026(a)			50,000		51,375
10.50%, 7/15/2027(a)			40,000		40,400
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020			96,911		97,153
(ICE LIBOR USD 3 Month + 3.50%), 5.80%, 7/15/2021(a)(d)			50,000		49,937
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026(a)(g)			200,000		211,500

					920,281

Diversified Consumer Services - 0.6%
Service Corp. International
7.50%, 4/1/2027			110,000		132,000
5.13%, 6/1/2029			35,000		37,450

					169,450

Diversified Telecommunication Services - 8.5%
Altice France SA (France) 7.38%, 5/1/2026(a)			200,000		213,500
CCO Holdings LLC
5.88%, 4/1/2024(a)			240,000		249,900
5.75%, 2/15/2026(a)			465,000		492,319
5.50%, 5/1/2026(a)			40,000		42,150
5.13%, 5/1/2027(a)			35,000		37,012
5.88%, 5/1/2027(a)			32,000		34,080
CenturyLink, Inc. Series Y, 7.50%, 4/1/2024 5.63%, 4/1/2025			20,000 155,000		22,200 158,487
Cincinnati Bell, Inc.
7.00%, 7/15/2024(a)			30,000		27,375
8.00%, 10/15/2025(a)			15,000		13,167
Frontier Communications Corp.
7.13%, 1/15/2023			100,000		51,000
11.00%, 9/15/2025			80,000		40,600
8.50%, 4/1/2026(a)			35,000		34,037
8.00%, 4/1/2027(a)			45,000		46,913
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023			145,000		131,950
8.00%, 2/15/2024(a)			100,000		104,125
8.50%, 10/15/2024(a)			100,000		99,250
9.75%, 7/15/2025(a)			75,000		76,969


Investments		Principal Amount ($)		Value ($)
Sprint Capital Corp. 8.75%, 3/15/2032			245,000		306,858
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033			25,000		26,437
Telecom Italia SpA (Italy) 3.63%, 5/25/2026(f)	EUR		100,000		120,247
Windstream Services LLC 9.00%, 6/30/2025(a)(h)			199,000		115,420

					2,443,996

Electrical Equipment - 0.5%
Sensata Technologies BV
4.88%, 10/15/2023(a)			135,000		141,629
5.63%, 11/1/2024(a)			5,000		5,425

					147,054

Electronic Equipment, Instruments & Components - 0.6%
Anixter, Inc. 6.00%, 12/1/2025			30,000		33,150
Belden, Inc. 2.88%, 9/15/2025(f)	EUR		100,000		112,065
MTS Systems Corp. 5.75%, 8/15/2027(a)			15,000		15,675

					160,890

Energy Equipment & Services - 0.9%
Archrock Partners LP 6.00%, 10/1/2022			30,000		30,478
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026(a)			35,000		22,050
Nabors Industries, Inc. 5.75%, 2/1/2025			60,000		48,000
Precision Drilling Corp. (Canada)
7.75%, 12/15/2023			35,000		34,562
7.13%, 1/15/2026(a)			30,000		26,775
Transocean Guardian Ltd. 5.88%, 1/15/2024(a)			26,700		26,934
Transocean Pontus Ltd. 6.13%, 8/1/2025(a)			11,570		11,731
Transocean, Inc.
7.25%, 11/1/2025(a)			35,000		31,850
7.50%, 1/15/2026(a)			30,000		27,375

					259,755

Entertainment - 0.8%
AMC Entertainment Holdings, Inc. 5.75%, 6/15/2025			30,000		28,500
Ascend Learning LLC 6.88%, 8/1/2025(a)			59,000		61,139
Netflix, Inc.
4.88%, 4/15/2028			70,000		73,237
5.88%, 11/15/2028			47,000		52,581
5.38%, 11/15/2029(a)			25,000		27,188

					242,645

Equity Real Estate Investment Trusts (REITs) - 2.4%
CoreCivic, Inc. 4.63%, 5/1/2023			75,000		72,375
GEO Group, Inc. (The)
5.13%, 4/1/2023			125,000		112,344
5.88%, 10/15/2024			20,000		17,600
GLP Capital LP
5.25%, 6/1/2025			45,000		49,476
5.75%, 6/1/2028			45,000		51,139

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount ($)		Value ($)
Iron Mountain, Inc. 5.75%, 8/15/2024			65,000		65,812
MGM Growth Properties Operating
Partnership LP
5.63%, 5/1/2024			35,000		38,237
5.75%, 2/1/2027(a)			24,000		26,495
4.50%, 1/15/2028			10,000		10,225
RHP Hotel Properties LP 5.00%, 4/15/2021			50,000		50,063
Uniti Group LP
6.00%, 4/15/2023(a)			100,000		95,250
8.25%, 10/15/2023(b)			30,000		26,550
7.13%, 12/15/2024(a)			10,000		8,400
VICI Properties 1 LLC 8.00%, 10/15/2023			53,880		58,864

					682,830

Food & Staples Retailing - 0.4%
Albertsons Cos. LLC 5.75%, 3/15/2025			40,000		41,000
Rite Aid Corp. 6.13%, 4/1/2023(a)			110,000		88,825

					129,825

Food Products - 0.9%
Post Holdings, Inc.
5.50%, 3/1/2025(a)			60,000		62,775
5.75%, 3/1/2027(a)			10,000		10,625
5.63%, 1/15/2028(a)			25,000		26,625
Sigma Holdco BV (Netherlands) 5.75%, 5/15/2026(f)	EUR		100,000		108,641
TreeHouse Foods, Inc. 6.00%, 2/15/2024(a)			50,000		51,938

					260,604

Gas Utilities - 0.4%
AmeriGas Partners LP
5.50%, 5/20/2025			30,000		31,725
5.88%, 8/20/2026			65,000		70,587

					102,312

Health Care Equipment & Supplies - 0.4%
Hill-Rom Holdings, Inc. 5.00%, 2/15/2025(a)			90,000		92,475
Hologic, Inc. 4.38%, 10/15/2025(a)			35,000		35,788

					128,263

Health Care Providers &Services - 7.3%
Air Medical Group Holdings, Inc. 6.38%, 5/15/2023(a)(b)			75,000		65,719
BCPE Cycle Merger Sub II, Inc. 10.63%, 7/15/2027(a)			55,000		53,625
Community Health Systems, Inc. 8.63%, 1/15/2024(a)			65,000		65,000
DaVita, Inc. 5.00%, 5/1/2025			122,000		122,152
Encompass Health Corp. 5.75%, 11/1/2024			107,000		108,338
Envision Healthcare Corp. 8.75%, 10/15/2026(a)			105,000		57,225
HCA, Inc.
5.38%, 2/1/2025			530,000		588,300
5.88%, 2/15/2026			305,000		347,929


Investments	Principal Amount ($)		Value ($)
5.38%, 9/1/2026		65,000		72,475
5.63%, 9/1/2028		30,000		34,134
5.88%, 2/1/2029		15,000		17,269
Syneos Health, Inc. 7.50%, 10/1/2024(a)		31,000		32,240
Tenet Healthcare Corp.
8.13%, 4/1/2022		95,000		102,353
6.75%, 6/15/2023		110,000		113,025
4.63%, 7/15/2024		30,000		30,862
4.63%, 9/1/2024(a)		15,000		15,450
7.00%, 8/1/2025		10,000		10,100
4.88%, 1/1/2026(a)		120,000		123,312
6.25%, 2/1/2027(a)		63,000		65,363
5.13%, 11/1/2027(a)		60,000		62,025

				2,086,896

Hotels, Restaurants & Leisure - 4.5%
Boyd Gaming Corp. 6.00%, 8/15/2026		35,000		36,969
Boyne USA, Inc. 7.25%, 5/1/2025(a)		15,000		16,369
Cedar Fair LP 5.25%, 7/15/2029(a)		10,000		10,850
Constellation Merger Sub, Inc. 8.50%, 9/15/2025(a)(b)		45,000		38,250
ESH Hospitality, Inc. REIT, 5.25%, 5/1/2025(a)		100,000		103,375
Hilton Domestic Operating Co., Inc. 5.13%, 5/1/2026		54,000		56,997
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		10,000		10,625
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		70,000		72,275
4.88%, 4/1/2027		10,000		10,525
Jack Ohio Finance LLC 6.75%, 11/15/2021(a)		80,000		81,800
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		65,000		70,148
MGM Resorts International
5.75%, 6/15/2025		50,000		55,064
4.63%, 9/1/2026		390,000		403,650
5.50%, 4/15/2027		70,000		75,862
Sabre GLBL, Inc. 5.38%, 4/15/2023(a)		95,000		97,375
Six Flags Entertainment Corp. 4.88%, 7/31/2024(a)		5,000		5,175
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026(a)		25,000		26,531
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)		120,000		126,600

				1,298,440

Household Durables - 0.4%
Tempur Sealy International, Inc. 5.63%, 10/15/2023		120,000		123,600

Household Products - 1.4%
Central Garden & Pet Co.
6.13%, 11/15/2023		100,000		103,750
5.13%, 2/1/2028		40,000		40,200
Energizer Holdings, Inc.
5.50%, 6/15/2025(a)		50,000		50,653
7.75%, 1/15/2027(a)		95,000		103,906

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount ($)		Value ($)
Kronos Acquisition Holdings, Inc. (Canada)
9.00%, 8/15/2023(a)		15,000		13,237
Spectrum Brands, Inc. 5.75%, 7/15/2025		95,000		98,800

				410,546

Independent Power and Renewable Electricity Producers - 0.6%
AES Corp. 5.50%, 4/15/2025		55,000		57,408
Calpine Corp. 5.25%, 6/1/2026(a)		20,000		20,250
NRG Energy, Inc. 6.63%, 1/15/2027		22,000		23,760
Vistra Energy Corp. 5.88%, 6/1/2023		80,000		81,600

				183,018

IT Services - 0.7%
Cogent Communications Group, Inc. 5.38%, 3/1/2022(a)		60,000		62,250
Gartner, Inc. 5.13%, 4/1/2025(a)		25,000		26,218
Zayo Group LLC 6.38%, 5/15/2025		100,000		102,875

				191,343

Leisure Products - 0.9%
Mattel, Inc. 6.75%, 12/31/2025(a)		135,000		138,713
Vista Outdoor, Inc. 5.88%, 10/1/2023(b)		120,000		108,374

				247,087

Life Sciences Tools & Services - 0.3%
Avantor, Inc. 6.00%, 10/1/2024(a)		70,000		75,075

Machinery - 1.7%
Colfax Corp. 6.00%, 2/15/2024(a)		10,000		10,663
EnPro Industries, Inc. 5.75%, 10/15/2026		38,000		39,805
Hillman Group, Inc. (The) 6.38%, 7/15/2022(a)		55,000		48,950
Mueller Water Products, Inc. 5.50%, 6/15/2026(a)		20,000		21,050
RBS Global, Inc. 4.88%, 12/15/2025(a)		20,000		20,600
SPX FLOW, Inc.
5.63%, 8/15/2024(a)		45,000		46,969
5.88%, 8/15/2026(a)		15,000		15,825
Stevens Holding Co., Inc. 6.13%, 10/1/2026(a)		25,000		26,000
Terex Corp. 5.63%, 2/1/2025(a)		85,000		86,493
TriMas Corp. 4.88%, 10/15/2025(a)		30,000		30,375
Wabash National Corp. 5.50%, 10/1/2025(a)		45,000		44,377
Welbilt, Inc.


Investments		Principal Amount ($)			Value ($)
9.50%, 2/15/2024			100,000			107,375

						498,482

Media - 10.0%
Altice Luxembourg SA (Luxembourg)
7.25%, 5/15/2022(f)	EUR		23,590			26,528
10.50%, 5/15/2027(a)			200,000			217,500
AMC Networks, Inc.
5.00%, 4/1/2024			45,000			46,350
Clear Channel Worldwide Holdings, Inc.
Series B, 6.50%, 11/15/2022			305,000			311,609
9.25%, 2/15/2024(a)			128,000			140,320
5.13%, 8/15/2027(a)			50,000			52,313
CSC Holdings LLC
10.88%, 10/15/2025(a)			200,000			227,000
DISH DBS Corp.
5.00%, 3/15/2023			175,000			171,719
5.88%, 11/15/2024			465,000			442,354
7.75%, 7/1/2026			60,000			58,950
Entercom Media Corp.
7.25%, 11/1/2024(a)(b)			50,000			50,812
6.50%, 5/1/2027(a)			25,000			25,875
GCI LLC
6.63%, 6/15/2024(a)			20,000			21,350
6.88%, 4/15/2025			20,000			21,000
Gray Television, Inc.
7.00%, 5/15/2027(a)			35,000			38,271
iHeartCommunications, Inc.
6.38%, 5/1/2026			9,018			9,739
8.38%, 5/1/2027			16,344			17,631
5.25%, 8/15/2027(a)			30,000			31,543
Meredith Corp.
6.88%, 2/1/2026			60,000			63,300
Midcontinent Communications
5.38%, 8/15/2027(a)			20,000			20,761
Nexstar Broadcasting, Inc.
5.63%, 8/1/2024(a)			25,000			26,000
Nexstar Escrow, Inc.
5.63%, 7/15/2027(a)			35,000			36,487
Outfront Media Capital LLC
5.00%, 8/15/2027(a)			30,000			31,012
Scripps Escrow, Inc.
5.88%, 7/15/2027(a)			15,000			15,131
Sinclair Television Group, Inc.
5.63%, 8/1/2024(a)			100,000			103,000
Sirius XM Radio, Inc.
4.63%, 7/15/2024(a)			45,000			46,969
5.38%, 4/15/2025(a)			120,000	��		124,500
5.38%, 7/15/2026(a)			10,000			10,562
Telenet Finance VI Luxembourg SCA (Luxembourg)
4.88%, 7/15/2027(f)	EUR		70,000			84,435
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)			200,000			216,000
5.13%, 4/15/2027(a)			25,000			26,313
Ziggo Bond Co. BV (Netherlands)
4.63%, 1/15/2025(f)	EUR		125,000			142,279

						2,857,613

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount ($)		Value ($)
Metals & Mining - 1.5%
Alcoa Nederland Holding BV 6.75%, 9/30/2024(a)		200,000		210,000
Freeport-McMoRan, Inc.
3.88%, 3/15/2023		100,000		101,040
4.55%, 11/14/2024		40,000		40,393
Novelis Corp. 5.88%, 9/30/2026(a)		65,000		68,656

				420,089

Multiline Retail - 0.4%
Neiman Marcus Group Ltd. LLC 14.00% (Blend (cash 8.00% + PIK 6.00%)),
4/25/2024(a)(i)		95,000		61,338
8.00%, 10/25/2024(a)		37,000		12,580
8.75%, 10/25/2024(a)		138,857		47,906

				121,824

Oil, Gas & Consumable Fuels - 6.6%
Andeavor Logistics LP 5.25%, 1/15/2025		20,000		21,031
Antero Midstream Partners LP
5.38%, 9/15/2024		40,000		37,700
5.75%, 1/15/2028(a)		10,000		9,075
Blue Racer Midstream LLC
6.13%, 11/15/2022(a)		80,000		80,400
6.63%, 7/15/2026(a)		25,000		24,609
Brazos Valley Longhorn LLC 6.88%, 2/1/2025		65,000		57,850
Carrizo Oil & Gas, Inc. 8.25%, 7/15/2025		15,000		14,550
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		35,000		39,025
5.13%, 6/30/2027		30,000		33,112
Chesapeake Energy Corp.
8.00%, 1/15/2025		75,000		56,812
8.00%, 6/15/2027		35,000		25,288
Covey Park Energy LLC 7.50%, 5/15/2025(a)		55,000		39,050
Crestwood Midstream Partners LP
6.25%, 4/1/2023(g)		50,000		50,875
5.63%, 5/1/2027(a)		30,000		29,990
DCP Midstream Operating LP 5.38%, 7/15/2025		16,000		16,920
Denbury Resources, Inc. 9.25%, 3/31/2022(a)		48,000		40,320
EnLink Midstream LLC 5.38%, 6/1/2029		14,000		13,699
EnLink Midstream Partners LP
4.40%, 4/1/2024		40,000		39,600
4.85%, 7/15/2026		20,000		19,600
EP Energy LLC
9.38%, 5/1/2024(a)		105,000		7,875
8.00%, 11/29/2024(a)		35,000		15,050
8.00%, 2/15/2025(a)		15,000		1,125
7.75%, 5/15/2026(a)		165,000		137,775
Gulfport Energy Corp.
6.63%, 5/1/2023		25,000		20,250
6.00%, 10/15/2024		15,000		10,913
6.38%, 5/15/2025		30,000		21,600
6.38%, 1/15/2026		35,000		25,200


Investments	Principal Amount ($)		Value ($)
Halcon Resources Corp. 6.75%, 2/15/2025		65,000		8,125
Hess Infrastructure Partners LP 5.63%, 2/15/2026(a)		20,000		20,700
Jagged Peak Energy LLC 5.88%, 5/1/2026		20,000		20,070
MEG Energy Corp. (Canada)
7.00%, 3/31/2024(a)		105,000		99,881
6.50%, 1/15/2025(a)		45,000		45,225
NGPL PipeCo LLC 4.38%, 8/15/2022(a)		35,000		36,050
Oasis Petroleum, Inc.
6.88%, 1/15/2023		140,000		126,700
6.25%, 5/1/2026(a)		5,000		4,031
Parsley Energy LLC
5.38%, 1/15/2025(a)		20,000		20,400
5.25%, 8/15/2025(a)		50,000		50,750
Range Resources Corp. 4.88%, 5/15/2025		70,000		57,400
SM Energy Co. 6.63%, 1/15/2027		28,000		23,800
Southwestern Energy Co.
6.20%, 1/23/2025(g)		50,000		43,750
7.50%, 4/1/2026		20,000		17,504
7.75%, 10/1/2027		15,000		13,050
Summit Midstream Holdings LLC 5.75%, 4/15/2025		25,000		21,443
Targa Resources Partners LP
4.25%, 11/15/2023		100,000		99,875
6.75%, 3/15/2024		45,000		46,744
5.88%, 4/15/2026		35,000		36,662
6.50%, 7/15/2027(a)		21,000		22,785
5.00%, 1/15/2028		30,000		30,150
6.88%, 1/15/2029(a)		34,000		37,570
Whiting Petroleum Corp.
5.75%, 3/15/2021		15,000		14,028
6.63%, 1/15/2026		85,000		61,515
WPX Energy, Inc.
6.00%, 1/15/2022		15,000		15,412
8.25%, 8/1/2023		15,000		16,688
5.75%, 6/1/2026		21,000		21,788

				1,901,390

Personal Products - 0.3%
Coty, Inc. 6.50%, 4/15/2026(a)(b)		40,000		37,800
High Ridge Brands Co. 8.88%, 3/15/2025(a)		50,000		4,750
Prestige Brands, Inc. 6.38%, 3/1/2024(a)		55,000		57,612

				100,162

Pharmaceuticals - 3.9%
Bausch Health Americas, Inc. 8.50%, 1/31/2027(a)		26,000		28,859
Bausch Health Cos., Inc.
7.00%, 3/15/2024(a)		45,000		47,527
6.13%, 4/15/2025(a)		345,000		355,350
9.00%, 12/15/2025(a)		280,000		313,950
7.00%, 1/15/2028(a)		35,000		36,678

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments		Principal Amount ($)		Value ($)
Mallinckrodt International Finance SA
5.63%, 10/15/2023(a)(b)			100,000		51,000
Nidda BondCo GmbH (Germany)
5.00%, 9/30/2025(f)	EUR		100,000		112,255
Par Pharmaceutical, Inc.
7.50%, 4/1/2027(a)			65,000		60,613
Rossini SARL (Italy)
6.75%, 10/30/2025(f)	EUR		100,000		120,050

					1,126,282

Road & Rail - 2.0%
Algeco Global Finance plc (United Kingdom) 6.50%, 2/15/2023(f)	EUR		100,000		113,899
Avis Budget Car Rental LLC
6.38%, 4/1/2024(a)(b)			175,000		182,875
Hertz Corp. (The)
7.63%, 6/1/2022(a)			70,000		72,891
6.25%, 10/15/2022			15,000		15,169
5.50%, 10/15/2024(a)			125,000		122,500
7.13%, 8/1/2026(a)			55,000		56,128

					563,462

Semiconductors & Semiconductor Equipment - 0.2%
Entegris, Inc. 4.63%, 2/10/2026(a)			45,000		46,350

Software - 1.7%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)			41,000		43,050
CDK Global, Inc. 5.25%, 5/15/2029(a)			23,000		23,747
Infor US, Inc. 6.50%, 5/15/2022			335,000		340,444
Informatica LLC 7.13%, 7/15/2023(a)			70,000		71,225

					478,466

Specialty Retail - 1.3%
PetSmart, Inc.
7.13%, 3/15/2023(a)			90,000		83,700
5.88%, 6/1/2025(a)			111,000		108,780
8.88%, 6/1/2025(a)			35,000		32,725
Staples, Inc.
7.50%, 4/15/2026(a)			80,000		80,800
10.75%, 4/15/2027(a)			70,000		70,700

					376,705

Technology Hardware, Storage & Peripherals - 0.4%
NCR Corp.
5.75%, 9/1/2027(a)			55,000		58,083
6.13%, 9/1/2029(a)			55,000		58,376

					116,459

Textiles, Apparel & Luxury Goods - 0.3%
Hanesbrands, Inc. 4.88%, 5/15/2026(a)			30,000		31,626
William Carter Co. (The) 5.63%, 3/15/2027(a)			40,000		42,599

					74,225

Trading Companies & Distributors - 1.4%
Herc Holdings, Inc. 5.50%, 7/15/2027(a)			65,000		67,031
United Rentals North America, Inc. 4.63%, 10/15/2025			60,000		61,707


Investments		Principal Amount ($)		Value ($)
6.50%, 12/15/2026			90,000		97,875
5.50%, 5/15/2027			115,000		123,396
4.88%, 1/15/2028			40,000		41,950

					391,959

Wireless Telecommunication Services - 4.7%
Crystal Almond SARL (Greece) 10.00%, 11/1/2021(f)	EUR		80,000		91,299
Sprint Corp. 7.13%, 6/15/2024			15,000		16,582
7.63%, 2/15/2025			590,000		660,063
7.63%, 3/1/2026			15,000		16,856
Telefonica Europe BV (Spain) (EUR Swap Annual 8 Year + 2.97%),
3.88%, 6/22/2026(c)(d)(e)(f)	EUR		100,000		117,826
T-Mobile USA, Inc.
6.50%, 1/15/2024			95,000		99,011
6.50%, 1/15/2024‡			95,000		—
6.50%, 1/15/2026			160,000		172,000
6.50%, 1/15/2026‡			160,000		—
4.75%, 2/1/2028			105,000		110,510
4.75%, 2/1/2028‡			25,000		—
United States Cellular Corp. 6.70%, 12/15/2033			70,000		74,637

					1,358,784

TOTAL CORPORATE BONDS (Cost $23,811,757)					23,934,993

Investments		Principal Amount ($)		Value ($)

LOAN ASSIGNMENTS - 6.0%(j)

Chemicals - 0.3%
Starfruit US Holdco, 1st Lien Senior
Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.46%, 10/1/2025(d)			99,750		96,217


Communications Equipment - 0.2%
Plantronics, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%),
4.61%, 7/2/2025(d)			59,739		59,441


Consumer Discretionary - 0.4%
Neiman Marcus Group Ltd. LLC, Term Loan (ICE LIBOR USD 1 Month + 6.50%), 8.73%, 10/25/2023(d)(k)			142,588		116,234


Containers & Packaging - 0.4%
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 5.59%, 4/3/2024(d)			107,800		104,684


Diversified Financial Services - 0.3%
Nestle Skin Health SA, 1st Lien Term
Loan B

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 4.00%), 4.00%, 7/17/2026(d)(k)		85,000		84,936


Electronic Equipment, Instruments & Components - 0.5%
II-VI, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 3.50%), 3.50%, 5/8/2026(d)(k)		135,000		134,325


Health Care Providers & Services - 0.9%
Air Medical Group Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 4.25%), 6.36%, 3/14/2025(d)		103,425		97,026
Envision Healthcare Corp., 1st Lien Term Loan
(ICE LIBOR USD 1 Month + 3.75%), 5.86%, 10/10/2025(d)		139,300		107,513
U.S. Renal Care, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 5.00%), 7.11%, 6/26/2026(d)		45,000		42,919

				247,458

Hotels, Restaurants & Leisure - 0.1%
MGM Resorts International, 1st Lien Term Loan A
(ICE LIBOR USD 1 Month + 2.00%), 4.11%, 12/21/2023(d)		45,000		44,587

Household Products - 0.1%
Kronos Acquisition Intermediate Inc., 1st Lien Term Loan B (Canada)
(ICE LIBOR USD 3 Month + 4.00%), 6.26%, 5/15/2023(d)		30,000		28,413

Leisure Products - 0.9%
Pure Fishing, Inc., 1st Lien Term Loan
(ICE LIBOR USD 3 Month + 4.50%), 6.83%, 12/22/2025(d)		154,613		139,924
Steinway Musical Instruments, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 5.95%, 2/14/2025(d)		133,313		130,813

				270,737

Machinery - 0.4%
Titan Acquisition Ltd., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.11%, 3/28/2025(d)		108,625		104,039

Materials - 0.2%
Gates Global LLC, 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 2.75%), 4.86%, 4/1/2024(d)(k)		65,000		63,317


Investments	Principal Amount ($)		Value ($)
Media - 0.1%
iHeartCommunications, Inc., Exit Term Loan
(ICE LIBOR USD 1 Month + 4.00%), 6.23%, 5/1/2026(d)		31,106		31,176


Oil, Gas & Consumable Fuels - 0.7%
Epic Crude Services LP, 1st Lien Term Loan B
(ICE LIBOR USD 3 Month + 5.00%), 7.04%, 3/2/2026(d)		200,000		192,250


Pharmaceuticals - 0.2%
Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.00%), 5.20%, 6/2/2025(d)		62,499		62,569


Real Estate Management & Development - 0.2%
CityCenter Holdings LLC, Term B Loan
(ICE LIBOR USD 1 Month + 2.25%), 4.36%, 4/18/2024(d)		59,059		59,013


Technology Hardware, Storage & Peripherals - 0.1%
Financial & Risk US Holdings, Inc., 1st Lien Term Loan B
(ICE LIBOR USD 1 Month + 3.75%), 5.86%, 10/1/2025(d)		19,900		19,988

TOTAL LOAN ASSIGNMENTS (Cost $1,794,626)				1,719,384

Investments	Principal Amount ($)		Value ($)
CONVERTIBLE BONDS - 1.7%

Communications Equipment - 0.3%
Finisar Corp.
0.50%, 12/15/2036		100,000		96,959


Electronic Equipment, Instruments & Components - 0.4%
II-VI, Inc.
0.25%, 9/1/2022		100,000		106,900


Entertainment - 0.4%
Live Nation Entertainment, Inc.
2.50%, 3/15/2023		100,000		121,333


Media - 0.1%
DISH Network Corp. 3.38%, 8/15/2026		40,000		36,810


Oil, Gas & Consumable Fuels - 0.1%
Chesapeake Energy Corp. 5.50%, 9/15/2026(g)		10,000		6,304
Oasis Petroleum, Inc. 2.63%, 9/15/2023		15,000		10,842

				17,146

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

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


Investments	Principal Amount ($)		Value ($)
Semiconductors & Semiconductor Equipment - 0.4%
ON Semiconductor Corp. 1.00%, 12/1/2020		100,000		113,307

TOTAL CONVERTIBLE BONDS (Cost $464,788)				492,455

Investments	Shares		Value ($)

COMMON STOCKS - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.7%
VICI Properties, Inc.		8,395		186,033


Hotels, Restaurants & Leisure - 0.2%
Caesars Entertainment Corp.*		4,948		56,952


Media - 0.0%(l)
Clear Channel Outdoor Holdings, Inc.*		3,750		9,750


TOTAL COMMON STOCKS (Cost $207,329)				252,735

Investments	Shares		Value ($)

PREFERRED STOCKS - 0.1%

Internet & Direct Marketing Retail - 0.1%
MYT Holding Co. (Preference), 10.00%, 6/7/2029*(a) (Cost $34,074)		35,867		33,715


Investments	No. of Warrants		Value ($)

WARRANTS - 0.1%

Wireless Telecommunication Services - 0.1%
iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD*‡ (Cost $28,550)		1,595		20,735


Investments	Shares		Value ($)

SHORT-TERM INVESTMENTS - 7.5%

INVESTMENT COMPANIES - 7.5%
JPMorgan U.S. Government Money
Market Fund Class Institutional
Shares, 1.99%(m)(n)(Cost $2,161,943)		2,161,943		2,161,943

Investments	Shares		Value ($)

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05%(m)(n)(Cost $656,782)		656,782		656,782

Total Investments - 102.1% (Cost $29,159,849)				29,272,742


Investments	Value ($)
Liabilities in Excess of Other Assets - (2.1)%		(593,820)

Net Assets - 100.0%		28,678,922

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)


Abbreviations
EUR		Euro
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
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.
(b)		The security or a portion of this security is on loan at August 31, 2019. The total value of securities on loan at August 31, 2019 is $630,881.
(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, 2019.
(d)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2019.
(e)		Security is an interest bearing note with preferred security characteristics.
(f)		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.
(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, 2019.
(h)		Defaulted security.
(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, 2019. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(l)		Amount rounds to less than 0.1% of net assets.
(m)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(n)		The rate shown is the current yield as of August 31, 2019.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

JPMorgan High Yield Opportunities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2019 (Unaudited) (continued)

Futures contracts outstanding as of August 31, 2019:


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Short Contracts
U.S. Treasury 5 Year Note		(6	)		12/2019		USD		(720,000	)		(841)
U.S. Treasury 10 Year Note		(4	)		12/2019		USD		(527,125	)		(665)

												(1,506)


Abbreviations
USD		United States Dollar


Forward foreign currency exchange contracts outstanding as of August 31, 2019:

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
USD	10,420	EUR	9,343	Barclays Bank plc		9/4/2019		152
USD	1,670,950	EUR	1,494,899	Goldman Sachs International		9/4/2019		27,980
USD	1,005,729	EUR	900,046	HSBC Bank, NA		9/4/2019		16,534
USD	10,101	EUR	9,065	Merrill Lynch International		9/4/2019		138
USD	6,098	EUR	5,497	State Street Corp.		9/4/2019		56
USD	3,458	EUR	3,125	Australia & New Zealand Banking Group Ltd.		10/3/2019		16
USD	4,853	EUR	4,374	Barclays Bank plc		10/3/2019		35
USD	4,263	EUR	3,842	Goldman Sachs International		10/3/2019		31
USD	1,664,436	EUR	1,499,156	HSBC Bank, NA		10/3/2019		13,009
USD	2,818	EUR	2,531	Merrill Lynch International		10/3/2019		30

Total unrealized appreciation								57,981

EUR	5,699	USD	6,373	Barclays Bank plc		9/4/2019		(109	)
EUR	1,499,156	USD	1,660,663	HSBC Bank, NA		9/4/2019		(13,016	)
EUR	9,811	USD	10,980	Merrill Lynch International		9/4/2019		(197	)
EUR	898,555	USD	1,004,625	Standard Chartered Bank		9/4/2019		(17,068	)
EUR	5,630	USD	6,316	State Street Corp.		9/4/2019		(129	)

Total unrealized depreciation								(30,519	)

Net unrealized appreciation								27,462


Abbreviations
EUR		Euro
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited)


	JPMorgan High Yield Opportunities Fund
ASSETS:
Investments innon-affiliates, at value	$	26,454,017
Investments in affiliates, at value		2,161,943
Investment of cash collateral received from securities loaned, at value (Note 2.E.)		656,782
Cash		6,714
Foreign currency, at value		29,463
Deposits at broker for futures contracts		30,000
Receivables:
Interest fromnon-affiliates		383,226
Dividends from affiliates		4,153
Tax reclaims		7,195
Securities lending income (Note 2.E.)		318
Variation margin on centrally cleared swaps		23,900
Unrealized appreciation on forward foreign currency exchange contracts		57,981
Due from Adviser		689

Total Assets		29,816,381


LIABILITIES:
Payables:
Investment securities purchased		340,340
Collateral received on securities loaned (Note 2.E.)		656,782
Variation margin on futures contracts		1,328
Unrealized depreciation on forward foreign currency exchange contracts		30,519
Accrued liabilities:
Distribution fees		20
Service fees		3,581
Custodian and accounting fees		10,610
Trustees’ and Chief Compliance Officer’s fees		403
Audit fees		75,916
Other		17,960

Total Liabilities		1,137,459

Net Assets	$	28,678,922

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENT OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2019 (Unaudited) (continued)


	JPMorgan High Yield Opportunities Fund
NET ASSETS:
Paid-in-Capital	$	28,649,901
Total distributable earnings (loss)		29,021

Total Net Assets	$	28,678,922


Net Assets:
Class A	$	23,579
Class C		23,214
Class I		28,608,282
Class R6		23,847

Total	$	28,678,922


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		2,354
Class C		2,318
Class I		2,856,499
Class R6		2,381

Net Asset Value (a):

Class A - Redemption price per share	$	10.02
Class C - Offering price per share (b)		10.02
Class I - Offering and redemption price per share		10.02
Class R6 - Offering and redemption price per share		10.02
Class A maximum sales charge		3.75%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	10.41


Cost of investments innon-affiliates	$	26,341,124
Cost of investments in affiliates		2,161,943
Cost of foreign currency		29,777
Investment securities on loan, at value		630,881
Cost of investment of cash collateral		656,782

(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.

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2019 (Unaudited)


	JPMorgan High Yield Opportunities Fund
INVESTMENT INCOME:
Interest income fromnon-affiliates	$	820,073
Interest income from affiliates		12
Dividend income fromnon-affiliates		4,827
Dividend income from affiliates		17,957
Income from securities lending (net)		3,934
Foreign taxes withheld		3,192

Total investment income		849,995


EXPENSES:
Investment advisory fees		82,220
Administration fees		10,887
Distribution fees:
Class A		29
Class C		87
Service fees:
Class A		29
Class C		29
Class I		36,201
Custodian and accounting fees		16,858
Interest expense to affiliates		223
Professional fees		61,753
Trustees’ and Chief Compliance Officer’s fees		12,995
Printing and mailing costs		2,341
Registration and filing fees		283
Transfer agency fees (See Note 2.I)		164
Other		4,403

Total expenses		228,502

Less fees waived		(104,240)
Less expense reimbursements		(11,555)

Net expenses		112,707

Net investment income (loss)		737,288


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments innon-affiliates		29,484
Futures contracts		(61,773)
Foreign currency transactions		(3,417)
Forward foreign currency exchange contracts		193,748
Swaps		(13,566)

Net realized gain (loss)		144,476

Change in net unrealized appreciation/depreciation on:
Investments innon-affiliates		324,707
Futures contracts		(2,656)
Foreign currency translations		(297)
Forward foreign currency exchange contracts		(29,799)
Swaps		2,906

Change in net unrealized appreciation/depreciation		294,861

Net realized/unrealized gains (losses)		439,337

Change in net assets resulting from operations	$	1,176,625

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan High Yield Opportunities Fund
	Six Months Ended August 31, 2019 (Unaudited)			Year Ended February 28, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	737,288		$	1,458,760
Net realized gain (loss)		144,476			420,703
Change in net unrealized appreciation/depreciation		294,861			(764,927)

Change in net assets resulting from operations		1,176,625			1,114,536


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(522	)		(1,443)
Class C		(451	)		(1,308)
Class I		(677,177	)		(1,860,495)
Class R6		(575	)		(1,543)

Total distributions to shareholders		(678,725	)		(1,864,789	)

CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(202,632	)		1,744,905


NET ASSETS:
Change in net assets		295,268			994,652
Beginning of period		28,383,654			27,389,002

End of period	$	28,678,922		$	28,383,654

SEE NOTES TO FINANCIAL STATEMENTS.

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan High Yield Opportunities Fund
	Six Months Ended August 31, 2019 (Unaudited)		Year Ended February 28, 2019
CAPITAL TRANSACTIONS:
Class A
Distributions reinvested	$	522	$	1,443

Change in net assets resulting from Class A capital transactions	$	522	$	1,443

Class C
Distributions reinvested	$	451	$	1,308

Change in net assets resulting from Class C capital transactions	$	451	$	1,308

Class I
Proceeds from shares issued	$	—	$	2,719,673
Distributions reinvested		677,177		1,860,495
Cost of shares redeemed		(881,357)		(2,839,557)

Change in net assets resulting from Class I capital transactions	$	(204,180)	$	1,740,611

Class R6
Distributions reinvested	$	575	$	1,543

Change in net assets resulting from Class R6 capital transactions	$	575	$	1,543

Total change in net assets resulting from capital transactions	$	(202,632)	$	1,744,905


SHARE TRANSACTIONS:
Class A
Reinvested		52		147

Change in Class A Shares		52		147

Class C
Reinvested		45		134

Change in Class C Shares		45		134

Class I
Issued		—		279,390
Reinvested		67,902		189,567
Redeemed		(87,610)		(291,377)

Change in Class I Shares		(19,708)		177,580

Class R6
Reinvested		58		157

Change in Class R6 Shares		58		157

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance																				Ratios/Supplemental data
			Investment operations							Distributions														Ratios to average net assets (a)
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (c)(d)		Net assets, end of period	Net expenses (e)		Net investment income (loss)		Expenses without waivers, reimbursements and earnings credits		Portfolio turnover rate (c)
JPMorgan High Yield Opportunities Fund
Class A
Six Months Ended August 31, 2019 (Unaudited)		$9.85		$0.24		$0.15			$0.39		$(0.22	)	$	—		$	(0.22	)		$10.02		4.04 %	$23,579		1.00%		4.87 %		2.16%		20 %
Year Ended February 28, 2019		10.13		0.51		(0.14	)		0.37		(0.56	)		(0.09	)		(0.65	)		9.85		3.87	22,663		1.00		5.11		1.91		35
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, 2019 (Unaudited)		9.85		0.22		0.15			0.37		(0.20	)		—			(0.20	)		10.02		3.75	23,214		1.55		4.32		2.36		20
Year Ended February 28, 2019		10.13		0.45		(0.14	)		0.31		(0.50	)		(0.09	)		(0.59	)		9.85		3.30	22,374		1.55		4.53		2.42		35
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, 2019 (Unaudited)		9.84		0.26		0.16			0.42		(0.24	)		—			(0.24	)		10.02		4.26	28,608,282		0.78		5.09		1.58		20
Year Ended February 28, 2019		10.13		0.52		(0.14	)		0.38		(0.58	)		(0.09	)		(0.67	)		9.84		3.97	28,315,742		0.80		5.29		1.65		35
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, 2019 (Unaudited)		9.85		0.26		0.15			0.41		(0.24	)		—			(0.24	)		10.02		4.25	23,847		0.59		5.28		1.35		20
Year Ended February 28, 2019		10.13		0.54		(0.13	)		0.41		(0.60	)		(0.09	)		(0.69	)		9.85		4.29	22,875		0.60		5.48		1.42		35
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)

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

(f)	Certainnon-recurring expenses incurred by the Fund were not annualized for the periods indicated.

(g)	Commencement of operations.

SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2019 (Unaudited)

1. Organization

The following is a separate fund of the Trust (the “Fund”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan High Yield Opportunities Fund	Class A, Class C, Class I and Class R6	Diversified

The investment objective of the Fund is to seek a high level of current income. Capital appreciation is a secondary objective.

The Fund commenced operations on November 1, 2016. Currently, the Fund is not publicly offered for investment.

Class A Shares generally provide for afront-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 whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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 (“FASB”) 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.

Investments inopen-end investment companies (“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.

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).

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


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	252,735		$	–		$	–		$	252,735
Debt Securities
Convertible Bonds		–			492,455			–			492,455
Corporate Bonds
Wireless Telecommunication
Services		–			1,358,784			–	(a)		1,358,784
Other Corporate Bonds		–			22,576,209			–			22,576,209

Total Corporate Bonds		–			23,934,993			–	(a)		23,934,993

Loan Assignments		–			1,719,384			–			1,719,384
Preferred Stocks		–			33,715			–			33,715
Warrants		–			–			20,735			20,735
Short-Term Investments
Investment Companies		2,161,943			–			–			2,161,943
Investment of cash collateral from securities loaned		656,782			–			–			656,782

Total Investments in Securities	$	3,071,460		$	26,180,547		$	20,735		$	29,272,742

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–		$	57,981		$	–		$	57,981

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	–		$	(30,519	)	$	–		$	(30,519)
Futures Contracts		(1,506	)		–			–			(1,506)

Total Depreciation in Other Financial Instruments	$	(1,506	)	$	(30,519	)	$	–		$	(32,025)

(a)	Value is zero.

There were no transfers into and out of level 3 for the six months ended August 31, 2019.

As of August 31, 2019, 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. Loan Assignments — The Fund 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 Fund invests in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the Borrower on a loan, provided, however, the fund’s rights may be more limited than the Lender from which 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 materialnon-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 Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with its investment strategies. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

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

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by apre-determined percentage or fall below apre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund.

Notes D(1) — D(3) below describe the various derivatives used by the Fund.

(1). Futures Contracts — The Fund used treasury, index or other financial 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 Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

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

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

(2). Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Fund may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts. As of August 31, 2019, the Fund did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — The Fund engaged in various swap transactions, including credit default, interest rate and return swaps, to manage credit and interest rate (e.g., duration, yield curve) risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are negotiated contractsover-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral for OTC swaps.

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

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

Credit Default Swaps

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

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

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

If a credit event occurs, the Fund, as protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

(4). Summary of Derivatives Information

The following table presents the value of derivatives held as of August 31, 2019, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:


Derivative Contracts	Statement of Assets and Liabilities Location

Gross Assets:		Futures Contracts (a)		Forward Foreign Currency Exchange Contracts		Total
Foreign exchange contracts	Receivables	$	—	$	57,981	$	57,981


Gross Liabilities:
Foreign exchange contracts	Payables	$	—	$	(30,519)	$	(30,519)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(1,506)		—		(1,506)

Total		$	(1,506)	$	(30,519)	$	(32,025)

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

The following tables present the effect of derivatives on the Statement of Operations for the six months ended August 31, 2019, by primary underlying risk exposure:


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts	Forward Foreign Currency Exchange Contracts		Swaps		Total
Credit contracts	$ —	$	—		$ (13,566)	$	(13,566)
Foreign exchange contracts	—		193,748		—		193,748
Interest rate contracts	(61,773)		—		—		(61,773)

Total	$ (61,773)	$	193,748		$ (13,566)	$	118,409


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts	Forward Foreign Currency Exchange Contracts		Swaps		Total
Credit contracts	$ —	$	—		$ 2,906	$	2,906
Foreign exchange contracts	—		(29,799)		—		(29,799)
Interest rate contracts	(2,656)		—		—		(2,656)

Total	$ (2,656)	$	(29,799)		$ 2,906	$	(29,549)

Derivatives Volume

The tables below disclose the volume of the Fund’s futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.


Futures Contracts — Interest:
Average Notional Balance Short	$	1,207,317
Ending Notional Balance Short		1,247,125

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		1,917,619
Average Settlement Value Sold		5,870,599
Ending Settlement Value Purchased		2,688,957
Ending Settlement Value Sold		4,383,126

Credit Default Swaps:
Average Notional Balance — Buy Protection		1,000,000	(a	)

(a) For the period March 1, 2019 through April 30, 2019.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts,non-deliverable forward foreign currency exchange contracts and/or OTC options with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank. For certain counterparties, cash collateral posted by the Fund is invested in an affiliated money market fund. Otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash.

The Fund’s derivatives contracts held at August 31, 2019 are not accounted for as hedging instruments under GAAP.

E. Securities Lending —Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which was invested in the IM Shares of JPMorgan U.S. Government Money Market Fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability.

The following table presents the Fund’s value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of August 31, 2019.


Investment Securities on Loan, at value, Presented in the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
$ 630,881	$ (630,881)	$ -

*Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

JPMIM waived fees associated with the Fund’s investment in JPMorgan U.S. Government Money Market Fund in the amount of $240. JPMIM voluntarily waived investment advisory fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the Statement of Operations as Income from securities lending (net).

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

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

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

G. Investment Transactions with Affiliates —The Fund invested in Underlying Funds which are advised by the Adviser. 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 an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below.


For the six months ended August 31, 2019

Security Description	Value at February 28, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at August 31, 2019	Shares at August 31, 2019		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.05%(a)(b)	$	1,256,220	$	4,549,859	$	5,149,297		$—		$—	$656,782		656,782	$	7,919	*		$—

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 1.99%(a)(b)		879,777		5,821,403		4,539,237		—		—	2,161,943		2,161,943		17,957			—

Total	$	2,135,997	$	10,371,262	$	9,688,534	$	—	$	—	$2,818,725			$	25,876		$	—

(a)	Investment in an affiliate, which 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, 2019.

*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

H.Security Transactions and Investment Income—Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income 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 taxes withheld, if any, is recorded on theex-dividend date or when the Fund first learns of the dividend. The Fund may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income fromnon-affiliates on the Statement of Operations.

I. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

J. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended August 31, 2019 are as follows:


Class A		Class C		Class I		Class R6		Total
	$ 42		$ 3		$ 116		$ 3		$ 164

K. 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, 2019, no liability for Federal

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, remain subject to examination by the Internal Revenue Service.

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

M. New Accounting Pronouncements —In March 2017, the FASB issuedAccounting Standards Update (“ASU”)2017-08 (“ASU2017-08”)Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU2017-08, as of January 1, 2019, the amortized cost basis of investments was reduced by $23,701 and unrealized appreciation of investments was increased by $23,701. The adoption of ASU2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.

In August 2018, the FASB issued ASU2018-13 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. ASU2018-13 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. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets. Prior to July 1, 2019, the investment advisory fee was accrual daily and paid monthly at an annual rate of 0.60% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s respective average daily net assets, 0.050% of the Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of the Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of the Fund’s respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2019, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’ssub-administrator (the“Sub-administrator”). For its services asSub-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 Fund’s exclusive underwriter and promotes and arranges for the sale of the Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund pursuant to Rule12b-1 under the 1940 Act. The Class I and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

D. Service Fees— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of Class A, Class C and Class I Shares.

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

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

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

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

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

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


Class A	Class C	Class I	Class R6
1.00%	1.55%	0.75%⁽¹⁾	0.60%

⁽¹⁾	Prior to July 1, 2019, the contractual expense limitation was 0.80% for Class I Shares.

Except as noted above, the expense limitation agreements were in effect for the six months ended August 31, 2019 and the contractual expense limitation percentages in the able above are in place until at least June 30, 2020.


Contractual Waivers
Investment Advisory Fees	Administration Fees		Service Fees		Total		Contractual Reimbursements
$ 82,220		$ 10,887		$ 9,813		$ 102,920	$ 11,555

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (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, except for investments of securities lending cash collateral.

The amount of waivers/reimbursements resulting from investments in these money market funds for the six months ended August 31, 2019 was approximately $1,320.

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

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to the Rule38a-1 under the 1940 Act. The Fund, along with other affiliated funds, makes reimbursement payments, on apro-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.

4. Investment Transactions

During the six months ended August 31, 2019, purchases and sales of investments (excluding short-term investments) were as follows:


		Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
		$ 5,307,646		$ 6,810,041

During the six months ended August 31, 2019, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2019 were as follows:


Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
$ 29,159,849	$ 1,143,720	$ 1,004,871	$ 138,849

During the year ended February 28, 2019, the Fund utilized capital loss carryforwards as follows:


				Capital Loss Utilized
				Long-Term
		$		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 Fund’s next taxable year. For the year ended February 28, 2019, the Fund deferred to March 1, 2019 the following specified ordinary losses and net capital losses of:

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 all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund during the six months ended August 31, 2019.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2019.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund entered 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.

As of August 31, 2019, all the Fund’s shares were held by the Adviser.

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

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic

conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy, such as an interest rate increase by the Federal Reserve. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

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

The Fund invests 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 Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would have been if it had not used derivatives. Certain derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses.

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

SCHEDULE OF SHAREHOLDER EXPENSES (Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, March 1, 2019 and continued to hold your shares at the end of the reporting period, August 31, 2019.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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


	Beginning Account Value March 1, 2019	Ending Account Value August 31, 2019	Expenses Paid During the Period*	Annualized Expense Ratio
High Yield Opportunities Fund
Class A
Actual	$1,000.00	$1,040.40	$5.13		1.00	%
Hypothetical	1,000.00	1,020.11	5.08		1.00
Class C
Actual	1,000.00	1,037.50	7.94		1.55
Hypothetical	1,000.00	1,017.34	7.86		1.54
Class I
Actual	1,000.00	1,042.60	4.00		0.78
Hypothetical	1,000.00	1,021.22	3.96		0.78
Class R6
Actual	1,000.00	1,042.50	3.03		0.59
Hypothetical	1,000.00	1,022.17	3.00		0.59

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect theone-half year period).

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2019 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 its affiliates, approved the continuation of the Advisory Agreement on August 14, 2019.

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”). 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.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under 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 shareholder.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under its 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, personnel changes, if any, 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 theday-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. 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 administrative services provided by the Adviser in its role as administrator.

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 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 upon their review, and taking into consideration the factors noted above, 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 JPMDS, an affiliate of the Adviser, and Adviser earn fees from the Fund 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 Rule12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, 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“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients.

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 considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory breakpoints. The Trustees noted that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholder to share potential economies of scale from its inception, and that the fees remain competitive with peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. 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 shareholder, and that, if the Fund had achieved scale and no longer had Fee Caps in place for some or all of its classes, through lower average expenses as asset levels had increased, in addition to the reinvestment that ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

Independent Written Evaluation of the Fund’s 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 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 fundssub-advised by the Adviser, 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 asub-adviser and observed thatsub-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 thesub-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 received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund 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 applicableone-, three- and five-year periods. The

Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s

Universe and Peer Group, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. 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 the Fund’s performance against its benchmark and considered the performance information provided for the Fund 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 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 the Fund’s performance for certain representative classes are summarized below:

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 theone-year period ended December 31, 2018. The Trustees noted that for Class R6 shares, performance was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, for theone-year period ended December 31, 2018. 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 the 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 the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates, and that changes made to the administration fee in January 2019, if applicable, were reflected in such rate. The Trustees also reviewed information about other expenses and the expense ratios for the Fund, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had Fee Caps in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, 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 Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the High Yield Opportunities 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 were in the first and third 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 fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that for Class R6 shares, the net advisory fee and actual total expenses for both the Peer Group and Universe were in the first quintile, respectively. After considering the factors identified above, including a reduction in the contractual advisory fee effective July 1, 2019, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 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 at202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on FormN- PORT. Prior to March 31, 2019, the Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on FormN-Q. The Fund’s FormN-PORT and FormN-Q are available on the SEC’s website at http://www.sec.gov.

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 calling1-800-480-4111. 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 Fund to the Adviser. A copy of the Fund’s voting record for the most recent12-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 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.

LOGO

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’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-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 Rule2-01 of RegulationS-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 aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-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 ofnon-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 notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-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 Rule10A-3 under the Exchange Act (17CFR240.10A-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 Rule10A-3(d) under the Exchange Act (17CFR240.10A-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 inSection 210.12-12 of RegulationS-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-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 CFR240.14a-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 Rule30a-3(c) under the Act (17 CFR270.30a-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 Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-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 FormN-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 FormN-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 Rule30a-3(d) under the Act (17 CFR270.30a-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 FORCLOSED-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 Rule30a-2(a) under the Act (17 CFR270.30a-2).

Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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 Rule30a-2(b) under the Act of 1940.

Certifications pursuant to Rule30a-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 4, 2019

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 4, 2019

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		November 4, 2019

Counterparty

Interest
Rate

JPMorgan
U.S. Government
Money
Market Fund

BNP Paribas SA