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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04236

JPMorgan Trust II

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2016 through August 31, 2016

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

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

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ITEM 1. REPORTS TO STOCKHOLDERS.

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

Semi-Annual Report

J.P. Morgan Municipal Bond Funds

August 31, 2016 (Unaudited)

JPMorgan Municipal Income Fund

JPMorgan Ohio Municipal Bond Fund

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Municipal Income Fund	3
JPMorgan Ohio Municipal Bond Fund	5
JPMorgan Short-Intermediate Municipal Bond Fund	7
JPMorgan Tax Free Bond Fund	9
Schedules of Portfolio Investments	11
Financial Statements	56
Financial Highlights	66
Notes to Financial Statements	74
Schedule of Shareholder Expenses	85
Board Approval of Investment Advisory Agreements	87

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

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

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

CEO’S LETTER

September 22, 2016 (Unaudited)

Dear Shareholder;

The U.S. continued to lead a slow global economic expansion through August 2016, further raising pressure on the U.S. Federal Reserve (the “Fed”) to begin raising interest rates even as leading central banks elsewhere extended their extraordinary stimulus efforts.

  “It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months.”

Amid uncertainty about China’s economic outlook in early 2016, a sharp sell-off in financial markets following Britain’s June 23rd vote to exit the European Union and low U.S. inflation, the Fed declined to raise rates at its May and July meetings. However, financial markets rebounded quickly from the so-called Brexit sell-off and investor concerns about China’s economy receded. By August 2016, investors’ appetite for risk had returned, driving up prices for both stocks and bonds and pushing market volatility to record lows.

Meanwhile, U.S. gross domestic product remained low but positive through the first and second quarters of 2016. Unemployment remained at 5.0% or lower from February through August and sales of new homes in the U.S. returned to levels last seen before the 2008 financial crisis.

Overseas, the European Central Bank (ECB) surprised financial markets in early March with a further cut in interest rates and an expansion of its own quantitative easing program, along with other specific stimulus policies. In July, the ECB maintained its key interest rate at zero. Partly in response to the Brexit vote, Britain’s central bank cut interest rates in August to their lowest level in the bank’s 322-year history and reintroduced a quantitative easing program and began buying corporate bonds. After introducing negative interest rates in early 2016 to combat sputtering growth, the Bank of Japan changed direction in early September 2016 and unveiled a “yield curve control” to improve commercial bank earnings and investment returns for pension funds and insurers.

The ultimate effect of these central bank actions was to produce negative yields on government bonds in Europe and Japan, which led to a bond market rally in the U.S. as investors sought returns in U.S. Treasury bonds. Bond yields generally move in the opposite direction of bond prices and the bond market rally pushed Treasury bond yields to record lows in July.

In this environment, the financial market’s implied probability of an interest rate increase at the Fed’s September 2016 meeting rose to 36% at the end of August. However, the U.S. central bank declined to raise rates, citing below-target inflation data and concerns about continued job growth.

While Fed Chairwoman Janet Yellen indicated there is a greater likelihood of an interest rate increase in December 2016, both the International Monetary Fund and the World Bank have issued warnings about slowing economic growth in the U.S. and the rest of the world.

During the six months ended August 31, 2016, U.S. investors generally enjoyed solid returns in both bond and stock markets. It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months. We believe this outcome clearly illustrates the wisdom of an investment perspective that is diversified, persistent and is guided by a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Overall, U.S. financial markets provided positive returns for the six month reporting period and rebounded from a startling but short sell-off in late June that was sparked by the British vote to exit the European Union. Continued low interest rates in the U.S. and negative rates elsewhere, along with generally strong U.S. corporate earnings, supported increased investment in U.S. equities during the six month period. Meanwhile, a global bond market rally drove government bond yields, which generally move inversely to bond prices, into negative territory in Japan and Europe. Overseas buying of U.S. debt helped push yields on 10-year Treasury bonds to a record low of 1.32% in July.

During the six month reporting period, U.S. interest rates fell and the yield curve, which shows the relationship between yields and maturity dates for a set of similar bonds, flattened out. Short term interest rates hovered near historic lows and long term interest rates moved lower. Overseas investors, responding to negative bond yields in Japan and Europe, bought U.S. debt and helped push bond yields lower. Municipal bonds in the U.S. generally continued to provide positive returns as investors sought to benefit from higher quality, income producing and tax advantages of the asset class.

2 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	2.37%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index	2.16%
Net Assets as of 8/31/2016 (In Thousands)	$312,703
Duration as of 8/31/2016	4.9 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, 2016, the Fund outperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s longer duration profile amid declining interest rates was a leading contributor to performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s allocation to the higher-yielding housing revenue bond and industrial development revenue/pollution control revenue bond sectors and its overweight allocation to the leasing and water & sewer sectors also contributed to relative performance. The Fund’s underweight position in the pre-refunded debt sector also helped relative performance.

The Fund’s underweight positions in bonds issued by New Jersey and Illinois was a leading detractor from performance relative to the Benchmark. The Fund’s underweight position in bonds rated BBB and its underweight position in the transportation revenue bond sector also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. Over the six month period, the Fund’s average duration was longer than that of the Benchmark.

CREDIT QUALITY ALLOCATIONS***
AAA	24.1	%
AA	49.7
A	17.5
BBB	4.1
BB	0.5
NR	4.1

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

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 4.8% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

* The 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, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan Municipal Income Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge**			(1.67	)%		1.45	%		2.63	%		3.36	%
Without Sales Charge			2.13			5.41			3.41			3.75
CLASS C SHARES	November 4, 1997
With CDSC***			0.95			3.85			2.84			3.16
Without CDSC			1.95			4.85			2.84			3.16
SELECT CLASS SHARES	February 9, 1993		2.37			5.81			3.69			4.02

* 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 (8/31/06 TO 8/31/16)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Municipal Income Fund, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2006 to August 31, 2016. 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 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

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.

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

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

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

4 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.84%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		2.16%
Net Assets as of 8/31/2016 (In Thousands)	$	133,295
Duration as of 8/31/2016		4.5 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2016, the Fund underperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s underweight and shorter duration in the transportation sector and bonds rated single A detracted from performance. The Fund’s underweight position in state general obligation and special tax bonds also hindered relative performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

The Fund’s overweight position and longer duration in local obligation bonds was a leading contributor to performance relative to the Benchmark. The Fund’s overweight position and longer duration in the education and water & sewer sectors and in bonds rated AA also helped relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	16.2	%
AA	69.2
A	12.5
NR	2.1

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

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 18.7% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

* The 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, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(2.12	)%		0.40	%		2.08	%		3.20	%
Without Sales Charge			1.71			4.33			2.87			3.60
CLASS C SHARES	February 19, 2005
With CDSC***			0.38			2.64			2.25			2.97
Without CDSC			1.38			3.64			2.25			2.97
SELECT CLASS SHARES	July 2, 1991		1.84			4.61			3.12			3.86

* Not annualized.

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

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

TEN YEAR PERFORMANCE (8/31/06 TO 8/31/16)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Ohio Municipal Bond Fund, the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index from August 31, 2006 to August 31, 2016. 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 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

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.

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

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

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

6 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	1.16%
Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index	0.69%
Net Assets as of 8/31/2016 (In Thousands)	$2,357,008
Duration as of 8/31/2016	3.6 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, 2016, the Fund outperformed the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s longer duration profile was a leading contributor to performance amid falling interest rates. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund’s positioning at the short and long ends of the yield curve was also a significant contributor to relative performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

The Fund’s underweight position in pre-refunded debt and its overweight positions in the leasing, education and transportation sectors and its overweight position in New York State bonds also contributed to relative performance.

The Fund’s underweight positions both in bonds rated A and BBB and in the housing and resource recovery bond sectors were leading detractors from performance relative to the Benchmark. The Fund’s underweight position in bonds from New Jersey also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

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

CREDIT QUALITY ALLOCATIONS***
AAA	27.6	%
AA	50.9
A	18.6
BBB	1.6
NR	1.3

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

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 4.5% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

* The 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, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge**			(1.28	)%		0.48	%		0.54	%		1.80	%
Without Sales Charge			1.02			2.76			0.99			2.03
CLASS C SHARES	November 1, 2001
With CDSC***			(0.32	)		1.23			0.47			1.51
Without CDSC			0.68			2.23			0.47			1.51
INSTITUTIONAL CLASS SHARES	June 19, 2009		1.27			3.27			1.47			2.46
SELECT CLASS SHARES	May 4, 1998		1.16			3.02			1.24			2.28

* 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 (8/31/06 TO 8/31/16)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index and the Lipper Short-Intermediate Municipal Debt Funds Index from August 31, 2006 to August 31, 2016. 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 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 Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment grade tax-exempt municipal bonds with maturities of 1–5.999 years. The Lipper Short-Intermediate Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

8 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	3.95%
Barclays Municipal Bond Index	3.14%
Net Assets as of 8/31/2016 (In Thousands)	$365,729
Duration as of 8/31/2016	6.1 years

INVESTMENT OBJECTIVE**

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

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

For the six months ended August 31, 2016, the Fund outperformed the Barclays Municipal Bond Index (the “Benchmark”). Relative to the Benchmark, the Fund’s longer duration profile and its overweight positions in the short and long ends of the yield curve were leading contributors to performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

The Fund’s overweight position in water & sewer bonds and its underweight position in state general obligation bonds also contributed to relative performance, as did the Fund’s overweight position in California bonds and its underweight position in Florida bonds.

The Fund’s overweight position in pre-refunded bonds and its underweight positions in industrial development revenue/pollution control revenue bonds and housing bonds were leading detractors from performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund continued to employ a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. For liquidity, and to enhance the Fund’s overall credit quality, the Fund maintained its overweight position versus the Benchmark in pre-refunded bonds.

CREDIT QUALITY ALLOCATIONS***
AAA	26.4	%
AA	57.3
A	10.2
BBB	3.6
NR	2.5

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

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 20.0% of the investments in the table is held in prerefunded municipal bonds or escrowed to maturity securities. Prerefunded municipal bonds and escrowed to maturity securities are bonds the principal and interest of which are to be paid by Treasuries, Agencies and other government securities that have been placed in escrow accounts. For both prerefunded and escrowed to maturity securities, the credit status is considered the same, the only difference is prerefundeds are paid off at a call date while escrowed to maturity are retired at maturity.

* The 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, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge**			0.05	%		3.56	%		4.04	%		3.92	%
Without Sales Charge			3.95			7.63			4.83			4.32
CLASS C SHARES	July 1, 2008
With CDSC***			2.55			5.87			4.12			3.61
Without CDSC			3.55			6.87			4.12			3.61
SELECT CLASS SHARES	February 1, 1995		3.97			7.77			5.01			4.49

* 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 (8/31/06 TO 8/31/16)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund, the Barclays Municipal Bond Index and the Lipper General & Insured Municipal Debt Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays 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 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 Barclays Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Lipper General & Insured Municipal Debt Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as defined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

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

10 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 94.5% (t)
		Alabama — 0.8%
		Utility — 0.8%
	2,000	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.000%, 09/01/31		2,536
		Alaska — 0.7%
		Housing — 0.3%
	1,000	Alaska Housing Finance Corp., General Mortgage, Series A, Rev., 3.500%, 06/01/46		1,083
		Other Revenue — 0.4%
	1,195	Northern Tobacco Securitization Corp., Series A, Rev., 4.625%, 06/01/23		1,214
		Total Alaska		2,297
		Arizona — 1.9%
		Water & Sewer — 1.9%
	2,645	City of Scottsdale, Water & Sewer System, Rev., 5.250%, 07/01/22		3,273
	2,150	City of Tucson, Water System, Rev., 5.000%, 07/01/24		2,723
		Total Arizona		5,996
		Arkansas — 0.0% (g)
		Housing — 0.0% (g)
	15	Arkansas Development Finance Authority, Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA/FHLMC, 5.500%, 01/01/37		15
		California — 2.4%
		General Obligation — 0.3%
	1,000	Salinas Union High School District, GO, Zero Coupon, 08/01/20		941
		Housing — 0.1%
	205	California Rural Home Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Security Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.400%, 12/01/36		211
		Industrial Development Revenue/Pollution Control Revenue — 0.6%
	1,750	California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series B-2, Rev., VAR, AMT, 3.125%, 11/03/25		1,861
		Prerefunded — 1.1%
	1,000	Alum Rock Union Elementary School District, Election of 2008, Series A, GO, AGC, 5.250%, 08/01/18 (p)		1,089
	2,000	San Diego Public Facilities Financing Authority, Series A, Rev., 5.250%, 08/01/20 (p)		2,343
				3,432

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.3%
	1,000	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series C, Rev., VAR, 1.875%, 04/01/19		1,021
		Total California		7,466
		Colorado — 1.5%
		Certificate of Participation/Lease — 0.2%
	625	Pueblo County Judicial Complex Project, COP, AGM, 5.000%, 09/15/21		730
		General Obligation — 0.4%
	1,000	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.250%, 12/15/20		1,185
		Hospital — 0.8%
	2,415	Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project, Series B, Rev., 5.000%, 09/01/22		2,511
		Housing — 0.1%
		Denver City & County, Single Family Home Mortgage, Metropolitan Mayors Caucus Program,
	75	Rev., GNMA COLL, 6.150%, 11/01/34		77
	25	Series A, Rev., GNMA/FNMA/FHLMC, 7.300%, 11/01/31		25
	140	El Paso County, Single Family Mortgage, Southern Front Range Region Program, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		143
				245
		Total Colorado		4,671
		Connecticut — 1.9%
		Education — 1.4%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	760	Series A, Rev., 4.000%, 11/15/19		807
	1,560	Series A, Rev., 5.250%, 11/15/23		1,800
	1,500	Series A, Rev., 5.250%, 11/15/24		1,731
				4,338
		Housing — 0.5%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	625	Subseries A-1, Rev., 4.000%, 11/15/45		681
	1,000	Subseries E-1, Rev., 3.500%, 11/15/46		1,080
				1,761
		Total Connecticut		6,099

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Delaware — 0.2%
		Housing — 0.2%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	415	Series A-1, Rev., AMT, 4.900%, 07/01/29		450
	240	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.625%, 01/01/23		242
		Total Delaware		692
		District of Columbia — 1.2%
		Water & Sewer — 1.2%
	3,000	District of Columbia Water & Sewer Authority Public Utility, Subordinate Lien, Green Bonds, Series A, Rev., 5.000%, 10/01/45		3,650
		Florida — 12.1%
		Certificate of Participation/Lease — 3.6%
	4,000	Collier County School Board, Master Lease Program, Series A, COP, AGM, 5.250%, 02/15/21		4,721
	2,250	South Florida Water Management District, COP, 5.000%, 10/01/32		2,791
	3,000	The School Board of Miami-Dade County, Series D, COP, 5.000%, 02/01/27		3,761
				11,273
		Hospital — 0.4%
	1,100	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group, Rev., 5.000%, 12/01/21		1,282
		Housing — 1.2%
	420	Broward County Housing Finance Authority, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.500%, 04/01/27		422
		Florida Housing Finance Corp., Homeowner Mortgage Special Program,
	635	Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		666
	615	Series B, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29		652
	705	Series B, Rev., GNMA COLL, 4.500%, 01/01/29		752
	440	Hillsborough County Housing Finance Authority, Single Family Mortgage, Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.400%, 10/01/27		439
	470	Orange County Housing Finance Authority, Multi-County Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.125%, 09/01/38		483
	435	Pinellas County Housing Finance Authority, Multi-County Program, Series A-2, Rev., AMT, GNMA/FNMA/FHLMC, 4.900%, 09/01/27		443
				3,857

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	835	Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project, Series A, Rev., AMT, AGM, 5.000%, 04/01/24		989
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., VAR, 2.100%, 04/11/19		513
				1,502
		Other Revenue — 1.4%
	1,600	County of Lee, Florida Solid Waste System, Rev., AMT, NATL-RE, 5.000%, 10/01/22 (w)		1,891
	2,000	Miami Beach Redevelopment Agency, Historic Convention Village, Series A, Rev., 5.000%, 02/01/27		2,445
				4,336
		Transportation — 1.6%
	2,635	City of Orlando, Greater Orlando Aviation Authority, Airport Facilities, Series B, Rev., AMT, 5.000%, 10/01/26		3,028
	1,500	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.000%, 07/01/27		1,789
				4,817
		Utility — 3.4%
	5,000	City of Port St. Lucie, Utility Systems, Rev., NATL-RE, 5.250%, 09/01/24		6,260
	800	Florida Municipal Power Agency, All Requirements Power Supply Project, Series A, Rev., 5.000%, 10/01/30		1,006
	2,000	Palm Beach County Solid Waste Authority, Rev., BHAC, 5.500%, 10/01/22		2,287
	1,000	Pasco County, Solid Waste Disposal & Resource Recovery System, Rev., AMT, 5.000%, 10/01/20		1,152
				10,705
		Total Florida		37,772
		Georgia — 1.2%
		Housing — 0.2%
	590	Atlanta Urban Residential Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series B, Rev., GNMA/FNMA/FHLMC, 5.500%, 03/01/41		620

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
	3,000	Monroe County Development Authority, Pollution Control, Oglethorpe Power Corp. Scherer Project, Series A, Rev., VAR, 2.400%, 04/01/20		3,109
		Total Georgia		3,729
		Hawaii — 0.5%
		General Obligation — 0.5%
	1,470	City & County of Honolulu, Series D, GO, 5.250%, 09/01/26		1,664
		Illinois — 1.0%
		General Obligation — 0.7%
	2,000	Chicago Board of Education, Series C, GO, AGC-ICC, 5.250%, 12/01/26		2,130
		Housing — 0.1%
		City of Aurora, Single Family Mortgage,
	206	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.500%, 12/01/39		213
	209	Series B, Rev., GNMA/FNMA/FHLMC, 5.450%, 12/01/39		215
	25	City of Peoria, City of Moline & City of Freeport, Collateralized Single Family Mortgage, Series A, Rev., GNMA COLL, 7.600%, 04/01/27		25
				453
		Prerefunded — 0.2%
	555	City of Chicago, Single Family Mortgage, Series K, Rev., FHLMC COLL, 5.350%, 12/01/16 (p)		589
		Total Illinois		3,172
		Indiana — 2.5%
		Hospital — 0.7%
	1,670	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.000%, 11/15/34		2,048
		Housing — 0.2%
	735	Indiana Housing & Community Development Authority, Home First Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28		782
		Other Revenue — 0.8%
	2,000	City of Whiting, Environmental Facilities, BP Products North America, Inc. Project, Rev., VAR, AMT, 5.000%, 11/01/22		2,370

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.8%
	1,250	Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project, Series A, Rev., 5.000%, 10/01/30		1,489
	1,050	Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series F, Rev., NATL-RE, 5.000%, 07/01/19		1,054
				2,543
		Total Indiana		7,743
		Iowa — 0.9%
		Education — 0.6%
		Iowa Student Loan Liquidity Corp., Student Loan,
	500	Series A, Rev., AMT, 5.000%, 12/01/18		543
	1,000	Series A, Rev., AMT, 5.000%, 12/01/25		1,211
				1,754
		Housing — 0.3%
		Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	185	Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		194
	720	Series A, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/46		796
				990
		Total Iowa		2,744
		Kentucky — 0.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	500	County of Carroll, Kentucky Pollution Control, Kentucky Utilities Company Project, Series A, Rev.,VAR, 1.050%, 09/01/19		500
		Louisiana — 0.5%
		Housing — 0.5%
	615	Calcasieu Parish Public Trust Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 5.350%, 09/01/38		640
	193	East Baton Rouge Mortgage Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series A-2, Rev., GNMA/FNMA/FHLMC, 5.250%, 10/01/39		199
	390	Louisiana Housing Finance Agency, Single Family Mortgage, Home Ownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.500%, 06/01/40		402

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	185	Louisiana Housing Finance Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.600%, 12/01/28		191
		Total Louisiana		1,432
		Maine — 0.6%
		Housing — 0.6%
		Maine State Housing Authority,
	1,020	Series A, Rev., 4.000%, 11/15/45		1,119
	365	Series A-1, Rev., AMT, 4.500%, 11/15/28		389
	295	Series B, Rev., 4.000%, 11/15/43		313
		Total Maine		1,821
		Massachusetts — 8.8%
		Education — 1.1%
	1,000	Massachusetts Educational Financing Authority, Education Loan, Rev., AMT, 5.000%, 07/01/21		1,140
	820	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.250%, 07/01/33		1,189
	1,060	Massachusetts Health & Educational Facilities Authority, Springfield College, Rev., 5.000%, 10/15/17 (p)		1,112
				3,441
		General Obligation — 1.0%
	2,500	Commonwealth of Massachusetts, Series B, GO, AGM, 5.250%, 09/01/21		3,024
		Housing — 0.3%
		Massachusetts Housing Finance Agency, Single Family Housing,
	445	Series 169, Rev., 4.000%, 12/01/44		473
	500	Series 183, Rev., 3.500%, 12/01/46		537
				1,010
		Water & Sewer — 6.4%
	5,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.250%, 08/01/24		6,513
		Massachusetts Water Resources Authority,
	7,925	Series B, Rev., AGM, 5.250%, 08/01/28		10,799
	2,000	Series B, Rev., AGM, 5.250%, 08/01/29		2,761
				20,073
		Total Massachusetts		27,548

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Michigan — 1.4%
		Housing — 0.6%
	2,030	Michigan State Housing Development Authority, Rental Housing, Series D, Rev., AMT, AGM, 4.950%, 04/01/21		2,035
		Industrial Development Revenue/Pollution Control Revenue — 0.8%
	570	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev.,VAR, 1.450%, 09/01/21		570
	1,705	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.000%, 12/01/20		1,917
				2,487
		Total Michigan		4,522
		Minnesota — 2.3%
		General Obligation — 0.0% (g)
	35	State of Minnesota, Series A, GO, 5.000%, 10/01/21 (p)		42
		Housing — 2.3%
		Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program,
	465	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/35		493
	489	Series A, Rev., GNMA/FNMA/FHLMC, 5.125%, 12/01/40		493
	30	Series B, Rev., GNMA/FNMA/FHLMC, 5.150%, 12/01/38		31
	590	Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project, Rev., 6.100%, 09/01/19		592
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	197	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		198
	545	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		580
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	630	Series A, Rev., GNMA/FNMA/FHLMC, 4.250%, 07/01/28		657
	320	Series D, Rev., GNMA/FNMA/FHLMC, 4.500%, 07/01/34		337

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
		Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation,
	1,015	Rev., 5.250%, 08/01/24		1,192
	1,070	Rev., 5.250%, 08/01/25		1,253
	825	Rev., 5.250%, 08/01/26		964
	455	Minnesota Housing Finance Agency, Residential Housing Finance, Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/40		474
				7,264
		Total Minnesota		7,306
		Mississippi — 0.7%
		Housing — 0.7%
	695	Mississippi Home Corp., Home Ownership Mortgage, Series A, Rev., GNMA COLL, 4.500%, 12/01/31		732
	1,450	Mississippi Home Corp., Single Family Mortgage, Series B-1, Rev., GNMA/FNMA/FHLMC, 5.375%, 12/01/38		1,506
		Total Mississippi		2,238
		Missouri — 1.5%
		Housing — 0.8%
	1,880	Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program, Series B, Rev., GNMA/FNMA/FHLMC COLL, 3.500%, 05/01/41		2,038
	105	Missouri Housing Development Commission, Single Family Mortgage, Homeownership Loan Program, Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.050%, 03/01/38		108
	340	Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program, Series E-1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/27		363
				2,509
		Transportation — 0.7%
	2,105	City of St. Louis, Lambert-St. Louis International Airport, Series B, Rev., AMT, AGM, 5.000%, 07/01/19		2,178
		Total Missouri		4,687
		Nevada — 0.5%
		Housing — 0.0% (g)
	74	Nevada Rural Housing Authority, Single Family Mortgage, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.200%, 11/01/40		74

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.5%
	1,360	Las Vegas Convention & Visitors Authority, Rev., AMBAC, 5.000%, 01/01/18 (p)		1,439
		Total Nevada		1,513
		New Hampshire — 2.0%
		Education — 1.9%
		City of Manchester, School Facilities,
	3,545	Rev., NATL-RE, 5.500%, 06/01/24		4,550
	900	Rev., NATL-RE, 5.500%, 06/01/27		1,217
				5,767
		Housing — 0.1%
	370	New Hampshire Housing Finance Authority, Single Family Mortgage, Series E, Rev., 6.625%, 07/01/38		393
		Total New Hampshire		6,160
		New Jersey — 3.0%
		Education — 0.9%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.000%, 07/01/18		269
		New Jersey Higher Education Student Assistance Authority, Senior Student Loan,
	500	Series 1A, Rev., AMT, 5.000%, 12/01/19		551
	1,750	Series 1A, Rev., AMT, 5.000%, 12/01/24		2,070
				2,890
		General Obligation — 0.5%
	1,215	Egg Harbor Township Board of Education, GO, AGM, 5.750%, 07/15/24		1,567
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	500	Gloucester County Improvement Authority, Solid Waste Resource Recovery, Waste Management, Inc., Project, Series A, Rev., VAR, 2.125%, 12/01/17		508
		Other Revenue — 0.7%
		New Jersey Health Care Facilities Financing Authority, University Hospital Issue,
	1,000	Series A, Rev., AGM, 5.000%, 07/01/22		1,188
	820	Series A, Rev., AGM, 5.000%, 07/01/23		989
				2,177
		Transportation — 0.7%
	2,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.500%, 12/15/21		2,333
		Total New Jersey		9,475

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Mexico — 0.2%
		Housing — 0.2%
	625	New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series B-3, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 4.200%, 07/01/28		627
		New York — 11.6%
		Housing — 1.3%
		New York Mortgage Agency, Homeowner Mortgage,
	1,745	Series 195, Rev., 4.000%, 10/01/46		1,919
	1,665	Series 197, Rev., 3.500%, 10/01/44		1,805
	450	New York State Mortgage Agency, 39th Series, Rev., 5.000%, 04/01/28		478
				4,202
		Other Revenue — 2.4%
	4,000	New York State Dormitory Authority, Sales Tax, Series B, Rev., 5.000%, 03/15/30		5,082
		Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds,
	400	Rev., 5.000%, 05/15/22		471
	1,660	Rev., 5.000%, 05/15/23		1,990
				7,543
		Prerefunded — 0.0% (g)
	5	New York State Dormitory Authority, Series A, Rev., 5.250%, 02/15/19 (p)		5
		Special Tax — 2.7%
	1,995	New York State Dormitory Authority, Series A, Rev., 5.250%, 02/15/24		2,207
	1,000	New York State Dormitory Authority, Personal Education, Series C, Rev., 5.000%, 03/15/26		1,064
	4,000	New York State Urban Development Corp., State Personal Income Tax, Series A, Rev., 5.000%, 03/15/32		5,003
				8,274
		Transportation — 2.8%
	3,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Series A, Rev., 5.000%, 11/15/29		3,657
	3,000	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.000%, 10/15/30		3,801
	1,000	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 5.000%, 11/15/29		1,215
				8,673

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 2.4%
	1,000	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series FF, Rev., 5.000%, 06/15/31		1,253
		New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects — Second Resolution,
	2,500	Series A, Rev., 5.250%, 06/15/27		2,807
	3,000	Series B, Rev., 5.000%, 06/15/28		3,550
				7,610
		Total New York		36,307
		North Carolina — 2.1%
		Other Revenue — 0.4%
	1,000	County of Randolph, Limited Obligation, Series B, Rev., 5.000%, 10/01/26		1,286
		Prerefunded — 0.5%
	1,355	University of North Carolina, Series A, Rev., 5.250%, 10/01/19 (p)		1,542
		Water & Sewer — 1.2%
	3,330	City of Charlotte, Water & Sewer System, Rev., 5.250%, 07/01/22		3,741
		Total North Carolina		6,569
		North Dakota — 2.3%
		Housing — 1.6%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	585	Series B, Rev., 5.000%, 07/01/28		622
	625	Series D, Rev., 3.500%, 07/01/46		675
	1,995	Series D, Rev., 4.000%, 07/01/46		2,182
	730	Series D, Rev., 4.500%, 01/01/29		772
	590	Series F, Rev., AMT, 4.500%, 01/01/35		620
				4,871
		Utility — 0.7%
	2,000	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.875%, 07/01/26		2,197
		Total North Dakota		7,068
		Ohio — 1.9%
		General Obligation — 0.6%
	1,500	Lakota Local School District, Series A, GO, NATL-RE, 5.250%, 12/01/25		1,963

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 0.6%
	1,665	Ohio Housing Finance Agency Residential Mortgage, Mortgage-Backed Securities Program, Series D, Rev., 4.000%, 03/01/47		1,826
	35	Ohio Housing Finance Agency, Single Family Mortgage, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/28		37
				1,863
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	1,615	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., 5.000%, 12/01/29		2,063
		Utility — 0.0% (g)
	75	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/21		80
		Total Ohio		5,969
		Oklahoma — 0.4%
		Housing — 0.4%
	56	IDK Partners III Trust, Mortgage Pass-Through Certificates, Class A, Rev., 5.100%, 08/01/23		56
	600	Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.400%, 10/01/38		619
	565	Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program, Series A, Rev., GNMA COLL, 4.375%, 09/01/27		587
		Total Oklahoma		1,262
		Oregon — 0.5%
		Housing — 0.5%
	1,405	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.000%, 07/01/30		1,508
		Pennsylvania — 3.0%
		Education — 0.7%
	2,000	University of Pittsburgh of the Commonwealth System of Higher Education, University Capital Project, Series B, Rev., 5.250%, 09/15/26		2,262
		Housing — 0.7%
	1,900	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 118A, Rev., AMT, 3.500%, 04/01/40		2,005

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.7%
	1,250	Bucks County Industrial Development Authority, Waste Management, Inc., Project, Rev., VAR, AMT, 1.375%, 02/01/17		1,253
	1,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, Waste Management, Inc. Project, Series A, Rev., 2.625%, 11/01/21		1,057
				2,310
		Other Revenue — 0.7%
	2,000	Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative, Rev., 5.000%, 04/15/19		2,200
		Transportation — 0.2%
	600	Allegheny County Airport Authority, Pittsburgh International Airport, Series A-1, Rev., AMT, 5.000%, 01/01/26		685
		Total Pennsylvania		9,462
		Rhode Island — 1.5%
		Education — 0.6%
		Rhode Island Student Loan Authority, Student Loan Program,
	650	Series A, Rev., AMT, 5.000%, 12/01/18		701
	1,000	Series A, Rev., AMT, 5.000%, 12/01/19		1,103
				1,804
		Transportation — 0.9%
	2,600	Rhode Island Economic Development Corp., Series B, Rev., 5.000%, 07/01/22		3,015
		Total Rhode Island		4,819
		South Carolina — 1.0%
		Housing — 0.3%
		South Carolina State Housing Finance & Development Authority,
	385	Series 1, Rev., GNMA COLL, 5.000%, 01/01/28		408
	570	Series B-2, Rev., AMT, 4.000%, 07/01/43		621
				1,029
		Prerefunded — 0.7%
	1,855	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/19 (p)		2,067
		Total South Carolina		3,096

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		South Dakota — 0.9%
		Housing — 0.9%
		South Dakota Housing Development Authority, Homeownership Mortgage,
	2,435	Series D, Rev., 4.000%, 11/01/45		2,686
	135	Series E, Rev., 6.000%, 11/01/38		136
		Total South Dakota		2,822
		Tennessee — 2.3%
		Housing — 0.5%
		Tennessee Housing Development Agency, Homeownership Program,
	190	Series 1C, Rev., AMT, 3.750%, 01/01/25		192
	20	Series 2007-1, Rev., AMT, 5.500%, 01/01/38		20
		Tennessee Housing Development Agency, Housing Finance Program,
	670	Series A-1, Rev., 5.000%, 01/01/27		698
	185	Series A-2, Rev., 4.200%, 07/01/25		191
	360	Tennessee Housing Development Agency, Residential Finance Program, Series 2B, Rev., 4.000%, 07/01/43		385
				1,486
		Transportation — 0.4%
	1,000	Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.750%, 07/01/25		1,143
		Utility — 0.7%
	2,000	Tennessee Energy Acquisition Corp., Gas Project, Series A, Rev., 5.250%, 09/01/21		2,344
		Water & Sewer — 0.7%
	2,000	Nashville & Davidson County Metropolitan Government, Water & Sewer, Series A, Rev., AGM, 5.250%, 01/01/21		2,370
		Total Tennessee		7,343
		Texas — 5.6%
		General Obligation — 1.8%
	2,000	Socorro Independent School District, Series A, GO, PSF-GTD, 5.000%, 08/15/24		2,542
	450	State of Texas, Water Financial Assistance, Series D, GO, 5.000%, 05/15/33		558
	2,000	Texas Transportation Commission, Mobility Fund, GO, 5.000%, 10/01/24		2,521
				5,621
		Housing — 0.9%
	1,085	Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8, Rev., VAR, 5.950%, 11/01/23		1,086

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	775	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/29		829
	418	Texas State Affordable Housing Corp., Single Family Mortgage, Series C, Rev., GNMA/FNMA/FHLMC, 5.300%, 10/01/39		430
	218	West Central Regional Housing Finance Corp., Mortgage-Backed Securities Program, Single Family Mortgage, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.350%, 12/01/39		221
				2,566
		Industrial Development Revenue/Pollution Control Revenue — 1.0%
		Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project,
	900	Rev., 4.700%, 05/01/18		944
	2,000	Rev., 5.000%, 02/01/23		2,224
				3,168
		Prerefunded — 0.8%
	2,500	Wichita Falls Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/01/17 (p)		2,547
		Transportation — 1.1%
	2,800	Dallas Area Rapid Transit, Senior Lien, Series A, Rev., 5.000%, 12/01/32		3,503
		Total Texas		17,405
		Utah — 2.4%
		Housing — 2.0%
	1,945	Utah Housing Corp., Single Family Mortgage, Series D, Rev., FHA, 4.000%, 01/01/45		2,128
	3,245	Utah State Board of Regents, Student Fee & Housing System, Rev., NATL-RE, 5.250%, 04/01/23		4,031
				6,159
		Other Revenue — 0.4%
	970	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.250%, 06/15/29		1,329
		Total Utah		7,488
		Vermont — 3.8%
		Education — 1.7%
		Vermont Student Assistance Corp., Education Loan,
	1,000	Series A, Rev., AMT, 5.000%, 06/15/23		1,150
	1,400	Series A, Rev., AMT, 5.000%, 06/15/24		1,625

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	2,150	Series A, Rev., AMT, 5.000%, 06/15/25		2,516
				5,291
		Housing — 2.1%
		Vermont Housing Finance Agency, Multiple Purpose,
	1,800	Series A, Rev., AMT, 4.000%, 11/01/46		1,923
	2,230	Series B, Rev., AMT, 3.750%, 11/01/45		2,354
	435	Series B, Rev., AMT, 4.125%, 11/01/42		453
	1,650	Series C, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.000%, 11/01/46		1,807
				6,537
		Total Vermont		11,828
		Virginia — 1.5%
		Education — 0.8%
	2,000	Virginia Public School Authority, School Financing, Series B, Rev., 5.000%, 08/01/24		2,540
		Prerefunded — 0.7%
	2,050	Virginia Public Building Authority, Public Facilities, Series B, Rev., 5.250%, 08/01/18 (p)		2,226
		Total Virginia		4,766
		Washington — 1.5%
		General Obligation — 0.8%
	2,000	State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.000%, 07/01/22		2,432
		Transportation — 0.5%
	1,300	Port of Seattle, Series B, Rev., AMT, 5.000%, 09/01/25		1,520

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.2%
	500	Chelan County Public Utility District No.1, Series A, Rev., AMT, 5.500%, 07/01/26		590
		Total Washington		4,542
		West Virginia — 1.0%
		Other Revenue — 1.0%
	2,690	West Virginia Economic Development Authority, Lease, Correctional Juvenile & Public Safety Facilities, Series A, Rev., 5.000%, 06/01/29		3,156
		Wisconsin — 0.7%
		Other Revenue — 0.7%
	2,000	State of Wisconsin, General Fund Annual Appropriation, Series A, Rev., 5.750%, 05/01/29		2,256
		Total Municipal Bonds (Cost $277,355)		295,741
SHARES
	Investment Company — 1.9%
	389	Nuveen Premium Income Municipal Fund, Inc. (Cost $5,430)		5,938
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	10,171	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $10,171)		10,171
		Total Investments — 99.7% (Cost $292,956)		311,850
		Other Assets in Excess of Liabilities — 0.3%		853
		NET ASSETS — 100.0%	$	312,703

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 97.3% (t)
		California — 1.0%
		General Obligation — 1.0%
	1,500	Napa & Sonoma Counties Valley Community College District, Election of 2002, Series C, GO, NATL-RE, Zero Coupon, 08/01/20 (p)		1,287
		Illinois — 1.1%
		Water & Sewer — 1.1%
	1,500	City of Chicago, Water, Second Lien, Series A, Rev., AMBAC, 5.000%, 11/01/20		1,511
		Louisiana — 1.2%
		Housing — 1.2%
	1,685	Jefferson Parish Finance Authority, Single Family Mortgage, Rev., FGIC, Zero Coupon, 05/01/17 (p)		1,677
		Ohio — 92.1%
		Certificate of Participation/Lease — 1.5%
	1,800	Ohio State Department of Administrative Services, State Taxation Accounting & Revenue System Project, COP, 5.000%, 09/01/18		1,951
		Education — 11.4%
	1,285	Cuyahoga Community College District, General Receipts, Series D, Rev., 5.000%, 08/01/27		1,536
		Ohio State University, General Receipts,
	85	Series D, Rev., 5.000%, 12/01/26 (p)		114
	85	Series D, Rev., 5.000%, 12/01/27 (p)		115
	500	Ohio State University, General Receipts, Special Purpose, Series A, Rev., 5.000%, 06/01/28		612
		Ohio State University, General Receipts, Unrefunded Balance,
	1,915	Series D, Rev., 5.000%, 12/01/26		2,517
	1,915	Series D, Rev., 5.000%, 12/01/27		2,550
	1,650	State of Ohio, Higher Educational Facility, Case Western Reserve University 2006 Project, Rev., NATL-RE, 5.250%, 12/01/19		1,885
	2,185	State of Ohio, Higher Educational Facility, Otterbein College 2008 Project, Series A, Rev., 5.500%, 12/01/23		2,381
	2,000	State of Ohio, Higher Educational Facility, University of Dayton 2013 Project, Rev., 5.000%, 12/01/28		2,385
	1,000	Wright State University, General Receipts, Series A, Rev., 5.000%, 05/01/26		1,151
				15,246
		General Obligation — 24.6%
		Central Ohio Solid Waste Authority, Solid Waste Facilities Improvement, Limited Tax,
	1,170	GO, 5.000%, 12/01/26		1,414

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	1,610	GO, 5.000%, 12/01/29		1,934
	1,500	City of Cincinnati, Various Purpose, Series C, GO, 5.000%, 12/01/18		1,549
	1,240	City of Cleveland, Various Purpose, GO, 5.000%, 12/01/26		1,521
	1,500	City of Columbus, Limited Tax, Various Purpose, Series B, GO, 5.000%, 08/15/28		1,871
	2,470	City of Columbus, Unlimited Tax, Various Purpose, Series B, GO, 5.000%, 12/01/32		3,108
	2,500	County of Butler, Lakota Local School District, Series A, GO, NATL-RE, FGIC, 5.250%, 12/01/24		3,213
		County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction & Improvement,
	1,000	GO, NATL-RE, FGIC, 5.250%, 12/01/20		1,177
	3,000	GO, NATL-RE, FGIC, 5.250%, 12/01/24		3,864
	1,800	GO, NATL-RE, 5.250%, 12/01/25		2,339
	1,000	Franklin & Licking Counties, New Albany Plain Local School District, Various Purpose, GO, 5.000%, 12/01/25		1,163
	2,450	Lakewood City School District, Capital Appreciation, GO, AGM, Zero Coupon, 12/01/17		2,423
	1,500	State of Ohio, Common Schools, Series B, GO, 5.000%, 09/15/26		1,763
		State of Ohio, Higher Educational,
	1,500	Series C, GO, 5.000%, 11/01/31		1,866
	1,000	Series C, GO, 5.000%, 11/01/33		1,234
	1,000	State of Ohio, Infrastructure Improvement, Series C, GO, 5.000%, 03/01/29		1,219
	1,000	Toledo City School District, School Facilities Improvement, GO, 5.000%, 12/01/23		1,177
				32,835
		Hospital — 9.4%
		County of Franklin, Hospital Facilities, OhioHealth Corp.,
	1,000	Rev., 5.000%, 05/15/27		1,214
	500	Rev., 5.000%, 05/15/31		611
		State of Ohio, Hospital, Cleveland Clinic Health System Obligated Group,
	2,000	Series A, Rev., 5.000%, 01/01/26		2,114
	1,500	Series B, Rev., 5.000%, 01/01/25		1,645
		State of Ohio, University Hospital Health System, Inc.,
	1,500	Series A, Rev., 5.000%, 01/15/20		1,689
	550	Series A, Rev., 5.000%, 01/15/24		613

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — continued
	1,000	Series A, Rev., 5.000%, 01/15/28		1,177
	1,885	Series A, Rev., 5.000%, 01/15/32		2,299
	1,000	Series A, Rev., 5.250%, 01/15/23		1,127
				12,489
		Housing — 3.2%
	550	County of Cuyahoga, Multi-Family Housing, Allerton Apartments Project, Series A, Rev., FHA, GNMA COLL, 4.900%, 08/20/22		575
	85	County of Trumbull, Multi-Family Housing, Royal Mall Apartments Project, Series A, Rev., FHA, GNMA COLL, 4.800%, 05/20/17		86
		Ohio Housing Finance Agency,
	1,000	Series A, Rev., AGM, 5.000%, 04/01/22		1,025
	500	Series A, Rev., AGM, 5.000%, 04/01/27		513
	1,390	Ohio Housing Finance Agency, Multi-Family Housing, Hillwood II Project, Rev., AMT, GNMA COLL, 4.850%, 05/20/21		1,421
	70	Ohio Housing Finance Agency, Multi-Family Housing, Warren Heights, Series C, Rev., AMT, FHA, GNMA COLL, 4.500%, 11/20/17		70
	425	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities Program, Series J, Rev., GNMA/FNMA/FHLMC, 5.900%, 09/01/23		438
	70	Summit County Port Authority, Multi-Family Housing, Callis Tower Apartments Project, Rev., FHA, GNMA COLL, 4.500%, 09/20/17 (w)		71
				4,199
		Other Revenue — 8.5%
		City of Cleveland, Parking Facilities,
	930	Rev., AGM, 5.250%, 09/15/21		1,086
	440	Rev., AGM, 5.250%, 09/15/21 (p)		534
	1,310	County of Cuyahoga, Economic Development, Shaker Square Project, Series D, Rev., 5.000%, 12/01/25		1,478
	1,250	County of Cuyahoga, Various Purpose, Rev., 5.000%, 12/01/29		1,557
	115	Franklin County Convention Facilities Authority, Rev., 5.000%, 12/01/22		121
		Ohio State Building Authority, State Facilities, Administrative Building Fund Projects,
	1,000	Series B, Rev., 5.000%, 10/01/23		1,127
	1,220	Series B, Rev., 5.000%, 10/01/24		1,374
	1,235	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.000%, 12/01/21		1,471

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,000	State of Ohio, Cultural & Sports Capital Appreciation Facilities, Series A, Rev., 5.250%, 10/01/20		1,166
	1,235	State of Ohio, Parks & Recreation Capital Facilities, Series II-A, Rev., 5.000%, 12/01/20		1,439
				11,353
		Prerefunded — 14.0%
	1,000	American Municipal Power-Ohio, Inc., Prairie State Energy Campus Project, Series A, Rev., AGC, 5.000%, 02/15/19 (p)		1,103
	1,530	Beavercreek City School District, Counties of Greene & Montgomery, School Improvement, GO, 5.000%, 06/01/19 (p)		1,709
	115	Central Ohio Solid Waste Authority, Solid Waste Facilities Improvement, Limited Tax, GO, 5.000%, 06/01/22 (p)		140
	2,000	City of Avon, Series B, GO, 5.000%, 12/01/18 (p)		2,194
	1,500	City of Columbus, Unlimited Tax, Various Purpose, Series A, GO, 5.000%, 07/01/21 (p)		1,790
	1,000	City of Strongsville, Limited Tax, Various Purpose, GO, 5.000%, 12/01/18 (p)		1,098
	1,000	County of Franklin, City of Columbus, School District, School Facilities Construction & Improvement, GO, 5.000%, 06/01/19 (p)		1,116
	1,405	Delaware & Franklin Counties, Olentangy Local School District, School Facilities Construction & Improvement, GO, 5.000%, 06/01/18 (p)		1,512
	1,000	Franklin, Delaware & Union Counties, Dublin City School District, School Facilities Construction & Improvement, GO, 5.000%, 12/01/18 (p)		1,098
	1,835	Ohio State Building Authority, State Facilities, Administrative Building Fund Projects, Series A, Rev., 5.000%, 04/01/19 (p)		2,036
	1,745	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series A, Rev., 5.000%, 04/01/19 (p)		1,937
	1,750	State of Ohio, Infrastructure Improvement, Series A, GO, 5.375%, 03/01/18 (p)		1,875
	1,000	State of Ohio, Revitalization Project, Series A, Rev., 5.000%, 04/01/18 (p)		1,069
				18,677
		Transportation — 8.7%
	2,000	City of Cleveland, Airport System, Series A, Rev., AGM-CR, AMBAC, 5.250%, 01/01/20		2,264
	2,000	Columbus Regional Airport Authority, Rev., NATL-RE, 5.000%, 01/01/19		2,029

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
		Ohio State Turnpike Commission,
	2,000	Series A, Rev., 5.000%, 02/15/22		2,177
	1,185	Series A, Rev., 5.000%, 02/15/23		1,290
	2,000	Series A, Rev., 5.250%, 02/15/27		2,646
	1,000	State of Ohio, Capital Facilities Lease Appropriation, Series A, Rev., 5.000%, 04/01/30		1,237
				11,643
		Utility — 2.0%
		City of Hamilton, Electric System,
	950	Series A, Rev., AGC, 5.000%, 10/01/20		1,062
	1,000	Series A, Rev., AGC, 5.000%, 10/01/21		1,115
	480	Cleveland Department of Public Utilities, Division of Public Power System, Unrefunded Balance, Series A-1, Rev., NATL-RE, 5.000%, 11/15/20		484
				2,661
		Water & Sewer — 8.8%
		City of Columbus, Sewerage System,
	1,000	Rev., 5.000%, 06/01/28		1,269
	1,950	Rev., 5.000%, 06/01/29		2,506
	1,880	Rev., 5.000%, 06/01/30		2,400
	1,000	City of Toledo, Water System, Series A, Rev., 5.000%, 11/15/25		1,180

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
		Ohio State Water Development Authority, Fresh Water,
	2,000	Rev., 5.500%, 12/01/21		2,469
	1,500	Series A, Rev., 5.000%, 12/01/30		1,921
				11,745
		Total Ohio		122,799
		Texas — 1.9%
		Housing — 1.9%
	2,500	Southeast Texas Housing Finance Corp., Single Family Mortgage, Series A, Rev., NATL-RE, Zero Coupon, 09/01/17 (p)		2,481
		Total Municipal Bonds (Cost $119,429)		129,755
SHARES
	Short-Term Investment — 2.0%
		Investment Company — 2.0%
	2,626	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $2,626)		2,626
		Total Investments — 99.3% (Cost $122,055)		132,381
		Other Assets in Excess of Liabilities — 0.7%		914
		NET ASSETS — 100.0%	$	133,295

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligation — 0.0% (g)
		Agency CMO — 0.0% (g)
	347	Federal National Mortgage Association REMIC, Series 2002-36, Class FS, VAR, 1.024%, 06/25/32 (Cost $347)		351
	Daily Demand Notes — 1.1%
		Indiana — 0.2%
		Utility — 0.2%
	5,300	Indiana Municipal Power Agency, Power Supply System, Series B, Rev., VRDO, 0.580%, 09/01/16		5,300
		Michigan — 0.3%
		Education — 0.3%
	6,160	Regents of the University of Michigan, Series B, Rev., VRDO, 0.560%, 09/01/16		6,160
		New York — 0.3%
		General Obligation — 0.3%
	8,000	City of New York, Fiscal Year 2012, Series G, Subseries G-6, GO, VRDO, 0.570%, 09/01/16		8,000
		Ohio — 0.3%
		Hospital — 0.3%
		State of Ohio, University Hospitals Health System, Inc.,
	5,000	Series A, Rev., VRDO, 0.950%, 09/01/16		5,000
	2,500	Series B, Rev., VRDO, 0.950%, 09/01/16	��	2,500
		Total Ohio		7,500
		Total Daily Demand Notes (Cost $26,960)		26,960
	Monthly Demand Notes — 3.2%
		Connecticut — 1.4%
		Education — 1.4%
	15,000	State of Connecticut, Health & Educational Facilities Authority, Hartford Healthcare Issue, Series G, Rev., VAR, 1.306%, 10/03/16		14,974
	18,775	State of Connecticut, Health & Educational Facility Authority, Series B, Rev., VAR, 0.901%, 10/03/16		18,743
		Total Connecticut		33,717
		Kansas — 0.1%
		Transportation — 0.1%
	2,000	State of Kansas, Department of Transportation, Highway, Series B-3, Rev., VAR, 0.591%, 10/03/16		1,993

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Louisiana — 0.6%
		Other Revenue — 0.4%
	9,500	State of Louisiana, Gasoline & Fuels Tax, Second Lien Revenue, Libor Index, Series A, Rev., VAR, 0.836%, 10/03/16		9,474
		Water & Sewer — 0.2%
	4,795	East Baton Rouge Sewerage Commission, Series A, Rev., VAR, 0.866%, 10/03/16		4,752
		Total Louisiana		14,226
		New Jersey — 0.2%
		Transportation — 0.2%
	4,000	New Jersey Turnpike Authority, Series B-3, Rev., VAR, 0.921%, 10/03/16		3,992
		New York — 0.9%
		Transportation — 0.7%
	15,000	Triborough Bridge & Tunnel Authority, Subseries B-C, Rev., VAR, 0.751%, 10/03/16		14,860
		Utility — 0.2%
	5,000	Long Island Power Authority, Electric System, Series C, Rev., VAR, 1.016%, 10/03/16		5,006
		Total New York		19,866
		Total Monthly Demand Notes (Cost $74,067)		73,794
	Municipal Bonds — 86.7% (t)
		Alabama — 0.5%
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	3,480	City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co., Barry Plant Project, Series A, Rev., VAR, 1.650%, 03/20/17		3,498
		Other Revenue — 0.0% (g)
	500	Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project, Rev., 5.000%, 03/01/23		610
		Utility — 0.4%
	7,675	The Black Belt Energy Gas District Gas Supply, Series A, Rev., VAR, 4.000%, 06/01/21		8,594
		Total Alabama		12,702
		Alaska — 0.5%
		General Obligation — 0.5%
		State of Alaska,
	8,230	Series A, GO, 5.000%, 08/01/17		8,560
	2,000	Series B, GO, 5.000%, 08/01/18		2,161
				10,721

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 23

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	765	Alaska Industrial Development & Export Authority Power, Snettisham Hydroelectric Project, Rev., AMT, 5.000%, 01/01/17		775
		Utility — 0.0% (g)
	500	City of Anchorage, Electric Utilities, Senior Lien, Series A, Rev., 5.000%, 12/01/23		619
		Total Alaska		12,115
		Arizona — 0.9%
		Certificate of Participation/Lease — 0.0% (g)
	500	Arizona School Facilities Board, Series A-1, COP, 5.000%, 09/01/19		560
		General Obligation — 0.2%
	2,550	City of Scottsdale, GO, 5.000%, 07/01/22		3,119
	1,550	Maricopa County, Saddle Mountain Unified School District No. 90, Arizona School Improvement, Series A, GO, 3.000%, 07/01/17		1,577
				4,696
		Hospital — 0.4%
		Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals,
	250	Series A, Rev., 5.000%, 12/01/21		298
	1,500	Series A, Rev., 5.000%, 12/01/24		1,893
	3,540	Series A, Rev., 5.000%, 12/01/25		4,441
	3,000	Series A, Rev., 5.000%, 12/01/26		3,740
				10,372
		Transportation — 0.2%
		Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund,
	1,000	Rev., 5.250%, 07/01/18		1,084
	3,100	Rev., 5.250%, 07/01/19		3,492
				4,576
		Water & Sewer — 0.1%
	1,000	Pima County, Sewer System, Rev., 5.000%, 07/01/18		1,079
		Total Arizona		21,283
		Arkansas — 0.4%
		Education — 0.2%
	300	Board of Trustees of the University of Arkansas, Student Fee, Ualr Campus, Rev., 3.000%, 10/01/26		333

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
		University of Arkansas, Uams Campus,
	535	Rev., 5.000%, 03/01/20		611
	500	Rev., 5.000%, 03/01/25		638
	1,000	Rev., 5.000%, 03/01/26		1,270
	1,000	Rev., 5.000%, 03/01/27		1,262
				4,114
		Hospital — 0.1%
	1,410	County of Pulaski, Arkansas Children’s Hospital, Rev., 5.000%, 03/01/28		1,775
		Special Tax — 0.0% (g)
	580	City of Little Rock, Hotel & Restaurant, Rev., 5.000%, 07/01/20		668
		Water & Sewer — 0.1%
	1,095	City of Fort Smith, Water & Sewer Refunding & Construction, Rev., 5.000%, 10/01/28		1,361
	555	City of Little Rock, Sewer, Rev., 5.000%, 10/01/25		698
				2,059
		Total Arkansas		8,616
		California — 19.4%
		Certificate of Participation/Lease — 0.1%
		City of Chula Vista, Police Facility Project,
	360	COP, 5.000%, 10/01/21		428
	465	COP, 5.000%, 10/01/22		563
	1,000	COP, 5.000%, 10/01/23		1,237
		Goleta Water District,
	175	Series A, COP, AGM, 4.000%, 12/01/16		177
	140	Series A, COP, AGM, 5.000%, 12/01/20		164
				2,569
		Education — 1.0%
	325	California Education Facilities Authority, Santa Clara University, Rev., 5.000%, 04/01/27		417
		California Educational Facilities Authority, Claremont Mckenna College,
	1,575	Series A, Rev., 4.000%, 01/01/23		1,864
	1,675	Series A, Rev., 4.000%, 01/01/24		2,015
	750	Series A, Rev., 5.000%, 01/01/26		991
	11,505	Regents of the University of California, Series AK, Rev., VAR, 5.000%, 05/15/23		14,360
	4,750	Regents of the University of California, Limited Project, Series I, Rev., 5.000%, 05/15/17		4,901
				24,548

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 7.7%
		Albany Unified School District,
	230	GO, 5.000%, 08/01/25		298
	760	GO, 5.000%, 08/01/27		988
	1,050	Allan Hancock Joint Community College District, GO, 5.000%, 08/01/22		1,287
		California State, Various Purpose,
	1,855	GO, 5.000%, 03/01/17		1,897
	3,560	GO, 5.000%, 11/01/23		4,464
	13,210	GO, 5.000%, 03/01/26		16,932
	2,000	GO, 5.000%, 09/01/27		2,392
	2,500	GO, 5.000%, 09/01/28		2,985
	2,810	Series B, GO, 5.000%, 09/01/23		3,511
		City & County of San Francisco,
	5,310	Series A, GO, 5.000%, 06/15/25		6,443
	10,000	Series R-1, GO, 5.000%, 06/15/24		12,533
	5,845	City of Los Angeles, Series B, GO, 5.000%, 09/01/18		6,355
	415	Contra Costa Community College District, Election of 2014, Series A, GO, 4.000%, 08/01/25		497
		County of Los Angeles, Community College District,
	5,000	Series A, GO, 5.000%, 08/01/29		6,302
	5,000	Series C, GO, 5.000%, 06/01/26		6,648
		County of Sacramento, Center Joint Unified School District,
	2,500	GO, Zero Coupon, 08/01/28		1,840
	1,000	GO, Zero Coupon, 08/01/30		678
	1,000	GO, Zero Coupon, 08/01/31		647
		County of Sacramento, San Juan Unified School District, Election of 2002,
	525	GO, 5.000%, 08/01/17		546
	395	GO, 5.000%, 08/01/18		428
	860	GO, 5.000%, 08/01/19		968
	775	GO, 5.000%, 08/01/20		903
	1,000	County of Santa Clara, Moreland School District, GO, 5.000%, 08/01/21		1,199
	6,055	County of Santa Clara, San Jose Evergreen Community College District, Series B, GO, 5.000%, 09/01/18		6,585
		Folsom Cordova Unified School District, School Facilities Improvement District No. 2,
	1,000	GO, 2.000%, 10/01/16		1,001
	845	GO, 5.000%, 10/01/17		886
	1,500	Foothill-De Anza Community College District, GO, 5.000%, 08/01/28		1,925

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
		Grossmont Healthcare District,
	1,225	Series D, GO, 5.000%, 07/15/26		1,573
	1,285	Series D, GO, 5.000%, 07/15/27		1,638
	1,000	Grossmont Healthcare District, Election of 2006, Series C, GO, 5.000%, 07/15/26		1,284
	1,170	Hanford Joint Union High School District, GO, AGM, 5.000%, 08/01/27		1,487
	11,535	Los Angeles Unified School District, Series C, GO, 5.000%, 07/01/21		13,827
		Moulton-Niguel Water District Consolidated,
	2,260	GO, 4.000%, 09/01/16		2,260
	335	GO, 4.000%, 09/01/17		347
	1,100	GO, 5.000%, 09/01/16		1,100
	300	GO, 5.000%, 09/01/18		326
		Novato Unified School District,
	535	GO, 4.000%, 02/01/22		620
	685	GO, 5.000%, 02/01/23		850
	870	GO, 5.000%, 02/01/24		1,104
	1,500	GO, 5.000%, 08/01/25		1,911
	1,800	GO, 5.000%, 08/01/26		2,294
	1,200	Oak Grove School District, GO, 5.000%, 08/01/23		1,512
	1,770	Placentia-Yorba Linda Unified School District, GO, 5.000%, 08/01/25		2,304
	2,000	Salinas Union High School District, GO, Zero Coupon, 08/01/20		1,881
	1,400	San Diego Community College District, GO, 5.000%, 08/01/18		1,520
		San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax,
	3,825	Series R-3, GO, 5.000%, 07/01/17		3,968
	6,310	Series R-3, GO, 5.000%, 07/01/19		7,081
		San Diego Unified School District, Election of 2012,
	700	Series F, GO, 5.000%, 07/01/28		896
	550	Series F, GO, 5.000%, 07/01/29		698
	500	Series F, GO, 5.000%, 07/01/30		631
	575	Series F, GO, 5.000%, 07/01/31		722
		San Francisco Bay Area Rapid Transit District, Election of 2004,
	2,735	Series D, GO, 3.000%, 08/01/22		3,053
	1,500	Series D, GO, 5.000%, 08/01/27		1,938
	1,685	Series D, GO, 5.000%, 08/01/28		2,163
	8,580	San Francisco Unified School District, GO, 5.000%, 06/15/18		9,251

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	5,190	San Francisco Unified School District, Proposition A, Election of 2011, Series B, GO, 5.000%, 06/15/24		6,350
		San Mateo County Community College District,
	700	GO, 5.000%, 09/01/25		897
	1,095	GO, 5.000%, 09/01/26		1,401
		Walnut Valley, Unified School District,
	100	GO, 5.000%, 08/01/24		128
	150	GO, 5.000%, 08/01/25		195
	135	GO, 5.000%, 08/01/26		178
	245	GO, 5.000%, 08/01/27		321
	10,495	Whittier Union School District, GO, 5.000%, 08/01/23		13,221
				182,068
		Hospital — 2.4%
		California Health Facilities Financing Authority, Adventist Health System/West,
	2,750	Series A, Rev., 4.000%, 03/01/29		3,167
	2,500	Series A, Rev., 4.000%, 03/01/30		2,851
	2,000	Series A, Rev., 4.000%, 03/01/32		2,257
		California Health Facilities Financing Authority, Cedars-Sinal Medical Center,
	1,850	Rev., 5.000%, 11/15/25		2,392
	6,000	Rev., 5.000%, 11/15/26		7,734
	1,160	California Health Facilities Financing Authority, Memorial Health Services, Series A, Rev., 5.000%, 10/01/16		1,164
		California Health Facilities Financing Authority, Providence Health & Services,
	750	Series A, Rev., 5.000%, 10/01/21		905
	1,500	Series A, Rev., 5.000%, 10/01/22		1,851
	10,000	California Health Facilities Financing Authority, St. Joseph Health System, Series C, Rev., VAR, 5.000%, 10/18/22		12,176
		California Health Facilities Financing Authority, St. Joseph Health System Obligated Group,
	5,000	Series C, Rev., VAR, 5.000%, 10/15/19		5,608
	12,870	Series D, Rev., VAR, 5.000%, 10/15/20		14,874
	100	California Municipal Finance Authority, NorthBay Healthcare Group, Rev., 5.000%, 11/01/16		101
	350	California Statewide Communities Development Authority, Series B, Rev., 5.000%, 08/15/26		456
				55,536
		Other Revenue — 2.5%
		Alameda County Transport Authority, Sales Tax,
	5,000	Rev., 3.000%, 03/01/17		5,065

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	3,095	Rev., 3.000%, 03/01/18		3,210
	5,000	Rev., 4.000%, 03/01/19		5,425
	5,000	Rev., 4.000%, 03/01/22		5,818
	1,240	Rev., 5.000%, 03/01/20		1,425
	1,000	Anaheim Public Financing Authority, Anaheim Convention Center Expansion Project, Series A, Rev., 5.000%, 05/01/17		1,029
	700	California Municipal Finance Authority, NorthBay Healthcare Group, Series A, Rev., 2.000%, 11/01/17		708
	4,500	California State Public Works Board, Department of General Services, Series F, Rev., 5.000%, 05/01/21		5,343
		Contra Costa County Transportation Authority, Sales Tax,
	3,420	Series A, Rev., 4.000%, 03/01/23		4,050
	3,830	Series A, Rev., 4.000%, 03/01/25		4,660
	2,420	Series A, Rev., 5.000%, 03/01/23		3,018
	2,000	Series A, Rev., 5.000%, 03/01/24		2,549
	1,250	Series A, Rev., 5.000%, 03/01/25		1,621
	1,000	Series B, Rev., 4.000%, 03/01/18		1,052
	1,600	Series B, Rev., 5.000%, 03/01/18		1,707
	1,750	Series B, Rev., 5.000%, 03/01/19		1,942
	500	Glendale Redevelopment Agency, Successor Agency, Rev., AGM, 4.000%, 12/01/16		504
	1,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/21		1,186
		Riverside Community Properties Development, Inc., Riverside County Law Building Project,
	640	Rev., 5.000%, 10/15/18		696
	780	Rev., 5.000%, 10/15/19		878
		San Diego County Regional Transportation Commission, Sales Tax,
	250	Series A, Rev., 5.000%, 04/01/21		298
	100	Series A, Rev., 5.000%, 04/01/22		123
	1,700	San Francisco State Building Authority & Oakland State Building Authority, Elihu M. Harris State Office Building, Series A, Rev., 5.000%, 12/01/22		2,074
	1,225	Santa Clara County Financing Authority, Capital Projects, Series A, Rev., 5.000%, 02/01/19		1,354
	1,000	Santa Clara Valley Transportation Authority, Sales Tax, Series A, Rev., 5.000%, 04/01/26		1,291
	1,000	Sonoma County Transportation Authority, Sales Tax, Rev., 5.000%, 12/01/24		1,289
				58,315

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.0% (g)
	1,160	California State Public Works Board, California State University, Series E, Rev., 5.000%, 04/01/19 (p)		1,289
		Transportation — 2.2%
	7,550	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series C, Rev., VAR, 1.875%, 04/01/19		7,712
	10,000	City of Long Beach Harbor, Series C, Rev., 5.000%, 11/15/18		10,954
		City of Los Angeles Department of Airports,
	1,590	Series A, Rev., AMT, 5.000%, 05/15/21		1,868
	315	Series B, Rev., 4.000%, 05/15/23		375
	365	Series B, Rev., 4.000%, 05/15/24		441
	1,015	Series C, Rev., 4.000%, 05/15/18		1,075
	1,000	Series C, Rev., 5.000%, 05/15/19		1,119
	750	Series C, Rev., 5.000%, 05/15/22		912
	700	Series C, Rev., 5.000%, 05/15/24		885
	3,380	Series D, Rev., AMT, 5.000%, 05/15/22		4,053
	2,700	Series D, Rev., AMT, 5.000%, 05/15/27		3,365
	1,950	Series D, Rev., AMT, 5.000%, 05/15/28		2,409
	2,550	Series D, Rev., AMT, 5.000%, 05/15/29		3,127
	9,665	Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.000%, 07/01/19		10,849
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.000%, 07/01/27		1,285
	255	San Bernardino County Transportation Authority, Series A, Rev., 3.000%, 03/01/17		258
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	525	Series A, Rev., 5.000%, 07/01/24		675
	905	Series A, Rev., 5.000%, 07/01/25		1,184
				52,546
		Utility — 1.5%
	15,000	California State Department of Water Resources, Power Supply, Series L, Rev., 5.000%, 05/01/19		16,728
		City of Los Angeles Department of Water & Power, Power System,
	5,000	Series A, Rev., 4.000%, 07/01/17		5,146
	10,000	Series B, Rev., 5.000%, 12/01/18		10,938
	1,000	Southern California, Public Power Authority Canyon Power Project, Series A, Rev., 5.000%, 07/01/26		1,186
	400	Walnut Energy Center Authority, Series A, Rev., 5.000%, 01/01/23		493
				34,491

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 2.0%
		Burlingame Financing Authority Water & Wastewater,
	250	Rev., 4.000%, 04/01/20		279
	200	Rev., 4.000%, 04/01/21		229
	480	Rev., 5.000%, 04/01/24		614
	545	Rev., 5.000%, 04/01/25		712
		California State Department of Water Resources, Central Valley Project Water System,
	4,870	Series AI, Rev., 5.000%, 12/01/17		5,147
	130	Series AI, Rev., 5.000%, 12/01/17 (p)		137
		City of Los Angeles Wastewater System Subordinate,
	1,500	Series A, Rev., 5.000%, 06/01/18		1,615
	1,250	Series A, Rev., 5.000%, 06/01/19		1,399
	2,750	Series A, Rev., 5.000%, 06/01/22		3,368
		County of San Mateo, Silicon Valley Clean Water,
	400	Rev., 4.000%, 02/01/19		433
	300	Rev., 5.000%, 02/01/17		306
	320	Rev., 5.000%, 02/01/18		340
	400	Rev., 5.000%, 08/01/28		515
	390	Rev., 5.000%, 08/01/29		499
		East Bay Municipal Utility District, Wastewater System,
	3,000	Series A, Rev., 5.000%, 06/01/20		3,478
	2,330	Series B, Rev., 5.000%, 06/01/19		2,608
		Metropolitan Water District of Southern California,
	4,000	Series A, Rev., 5.000%, 07/01/18		4,324
	8,000	Series A, Rev., 5.000%, 07/01/19		8,983
	5,000	Series C, Rev., 5.000%, 07/01/18		5,405
	6,105	Series C-1, Rev., VAR, 3.000%, 10/01/19		6,493
				46,884
		Total California		458,246
		Colorado — 1.1%
		Certificate of Participation/Lease — 0.3%
		City of Longmont,
	100	Series A, COP, 5.000%, 12/01/21		119
	100	Series A, COP, 5.000%, 12/01/22		121
	100	Series A, COP, 5.000%, 12/01/24		123
		County of Boulder, Flood Reconstruction Projects,
	720	COP, 5.000%, 12/01/22		837
	500	COP, 5.000%, 12/01/23		581
	500	COP, 5.000%, 12/01/25		579

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Certificate of Participation/Lease — continued
		County of Eagle,
	500	COP, 3.000%, 12/01/18		523
	200	COP, 5.000%, 12/01/22		242
		Regional Transportation District,
	2,000	Series A, COP, 5.000%, 06/01/23		2,289
	1,700	Series A, COP, 5.000%, 06/01/25		1,928
				7,342
		Education — 0.3%
		University of Colorado, University Enterprise,
	3,150	Series A, Rev., 5.000%, 06/01/22		3,844
	2,300	Series B-1, Rev., 5.000%, 06/01/23		2,873
				6,717
		General Obligation — 0.1%
		Counties of Gunnison, Watershed School District No. 1,
	300	GO, 4.000%, 12/01/22		349
	500	GO, 5.000%, 12/01/26		632
	1,000	Routt County, Colorado School District Re-2 Steamboat Springs Refunding, Series A, GO, 4.000%, 12/01/18		1,074
				2,055
		Other Revenue — 0.4%
	1,800	City and County of Denver, Tax Revenue Refunding & Improvement, Series A, Rev., 5.000%, 08/01/23		2,231
	1,000	County of Boulder, Rev., 5.000%, 12/15/16		1,013
		Denver Urban Renewal Authority,
	1,850	Series A-1, Rev., 5.000%, 12/01/16		1,870
	2,210	Series B-1, Rev., 5.000%, 12/01/19		2,498
	840	Series B-1, Rev., 5.000%, 12/01/25		1,073
				8,685
		Water & Sewer — 0.0% (g)
	1,000	Board of Water Works of Pueblo, Water, Rev., 2.000%, 11/01/18		1,026
		Total Colorado		25,825
		Connecticut — 1.7%
		General Obligation — 0.7%
	1,125	City of Shelton, GO, 4.000%, 08/01/17		1,160
		State of Connecticut,
	6,500	Series B, GO, 5.000%, 05/15/21		7,609
	8,000	Series C, GO, 5.000%, 06/15/20		9,150
				17,919

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 1.0%
		State of Connecticut, Transportation Infrastructure, Special Tax,
	4,265	Series A, Rev., 5.000%, 12/01/17		4,498
	10,000	Series A, Rev., 5.000%, 09/01/28		12,422
	5,750	Series B, Rev., 5.000%, 12/01/17		6,065
				22,985
		Total Connecticut		40,904
		Delaware — 0.0% (g)
		General Obligation — 0.0% (g)
	120	State of Delaware, GO, 5.000%, 07/01/19		134
		District of Columbia — 0.7%
		Hospital — 0.5%
		District of Columbia Children’s Hospital,
	1,100	Rev., 5.000%, 07/15/20		1,268
	500	Rev., 5.000%, 07/15/21		593
	850	Rev., 5.000%, 07/15/22		1,030
	2,725	Rev., 5.000%, 07/15/23		3,371
	1,100	Rev., 5.000%, 07/15/25		1,409
	1,000	Rev., 5.000%, 07/15/26		1,280
	2,500	Rev., 5.000%, 07/15/29		3,131
				12,082
		Transportation — 0.1%
	1,475	Metropolitan Washington Airports Authority, Airport System, Series C, Rev., 5.000%, 10/01/21		1,759
		Water & Sewer — 0.1%
	1,475	District of Columbia, Water & Sewer Authority, Public Utility, Subordinated Lien, Series A, Rev., 5.000%, 10/01/29		1,875
		Total District of Columbia		15,716
		Florida — 2.6%
		Certificate of Participation/Lease — 1.4%
	5,600	Miami-Dade County School Board, Series A, COP, 5.000%, 05/01/26		6,946
		School Board of Duval County,
	1,035	Series B, COP, 5.000%, 07/01/19		1,154
	750	Series B, COP, 5.000%, 07/01/21		886
	4,000	Series B, COP, 5.000%, 07/01/26		5,004
		Seminole County School Board,
	295	Series A, COP, 4.000%, 07/01/18		311
	200	Series A, COP, 5.000%, 07/01/19		222
	210	Series A, COP, 5.000%, 07/01/20		241

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Certificate of Participation/Lease — continued
		St. Johns County School Board, Master Lease Program,
	7,645	COP, 5.000%, 07/01/17		7,922
	3,000	COP, 5.000%, 07/01/18		3,233
	1,500	COP, 5.000%, 07/01/19		1,671
	2,000	COP, 5.000%, 07/01/20		2,296
	1,750	COP, 5.000%, 07/01/21		2,064
	750	St. Lucie County School Board, Master Lease Program, Series A, COP, 5.000%, 07/01/19		834
				32,784
		Education — 0.2%
	1,660	Board of Governors of the University of Florida, Student Activity, Rev., 5.000%, 07/01/20		1,912
		Florida Higher Educational Facilities Authority,
	1,250	Rev., 5.000%, 04/01/28		1,552
	1,250	Rev., 5.000%, 04/01/29		1,545
				5,009
		General Obligation — 0.1%
	450	City of Port St. Lucie, GO, 4.000%, 07/01/17		462
	1,000	Reedy Creek Improvement District, Series B, GO, 4.000%, 06/01/19		1,088
				1,550
		Hospital — 0.1%
		Miami Beach Health Facilities Authority, Mt Sinai Medical Centre,
	200	Rev., 4.000%, 11/15/16		201
	150	Rev., 4.000%, 11/15/17		156
	1,000	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp., Obligated Group, Rev., 3.000%, 12/01/16		1,005
				1,362
		Other Revenue — 0.3%
	550	City of Jacksonville, Series B, Rev., 5.000%, 10/01/17		576
	1,000	Lee County, Rev., 5.000%, 10/01/17		1,047
		Orlando, Citry of Florida, Capital Improvement Refunding,
	1,000	Series B, Rev., 5.000%, 10/01/25		1,283
	1,200	Series B, Rev., 5.000%, 10/01/26		1,560
		St. Johns County School Sales Tax,
	1,000	Rev., 5.000%, 10/01/19		1,128
	1,000	Rev., 5.000%, 10/01/25		1,285

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
		The School Board of Escambia County, Sales Tax,
	685	Rev., 5.000%, 09/01/23		847
	275	Rev., 5.000%, 09/01/24		346
	120	Rev., 5.000%, 09/01/25		153
				8,225
		Prerefunded — 0.2%
	230	Florida State Municipal Power Agency, Series A, Rev., 5.000%, 10/01/18 (p)		251
	4,500	Hillsborough County Industrial Development Authority, Health Facilities Projects, University Community Hospital, Series A, Rev., 5.625%, 08/15/18 (p)		4,934
				5,185
		Transportation — 0.3%
		Miami-Dade County Expressway Authority, Toll System,
	1,550	Series A, Rev., 5.000%, 07/01/20		1,784
	625	Series A, Rev., 5.000%, 07/01/22		752
	815	Series A, Rev., 5.000%, 07/01/28 (w)		1,031
	1,090	Series A, Rev., 5.000%, 07/01/29 (w)		1,370
	850	Series B, Rev., 5.000%, 07/01/25		1,054
				5,991
		Total Florida		60,106
		Georgia — 2.2%
		General Obligation — 1.5%
	1,065	Bryan County, School District, Sales Tax, GO, 4.000%, 08/01/17		1,098
	1,000	City of Atlanta, Series A, GO, 4.000%, 12/01/19		1,103
	1,400	County of Sumter, Sales Tax, GO, 4.000%, 12/01/18		1,501
		State of Georgia,
	14,800	Series I, GO, 5.000%, 07/01/18		15,983
	1,250	Series I, GO, 5.000%, 07/01/19		1,401
	8,165	Series I, GO, 5.000%, 07/01/21		9,762
	4,270	Series J-2, GO, 4.000%, 11/01/17		4,441
				35,289
		Housing — 0.1%
		Georgia Housing & Finance Authority, Single Family,
	750	Series A-4, Rev., 0.800%, 06/01/17		751
	700	Series A-4, Rev., 0.900%, 12/01/17		702
				1,453

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	4,000	Monroe County Development Authority, Pollution Control, Gulf Power Company Plant, Scherer Project, Rev., VAR, 2.000%, 06/21/18		4,071
		Other Revenue — 0.2%
	5,000	Fulton County Development Authority, Technology Athletic Association Project, Series A, Rev., 5.000%, 10/01/22		6,022
		Special Tax — 0.1%
		Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien,
	1,000	Series A-1, Rev., 5.000%, 07/01/27		1,256
	1,000	Series A-1, Rev., 5.000%, 07/01/28		1,246
	750	Series A-1, Rev., 5.000%, 07/01/29		928
				3,430
		Utility — 0.1%
	1,685	Camden County Public Service Authority, St. Mary’s Project, Rev., 5.000%, 12/01/16		1,704
		Total Georgia		51,969
		Guam — 0.4%
		Other Revenue — 0.4%
		Government of Guam, Limited Obligation Section 30,
	750	Series A, Rev., 5.000%, 12/01/18		810
	2,725	Series A, Rev., 5.000%, 12/01/22		3,217
	2,000	Series A, Rev., 5.000%, 12/01/23		2,398
	2,280	Series A, Rev., 5.000%, 12/01/24		2,774
		Total Guam		9,199
		Hawaii — 1.1%
		General Obligation — 1.1%
		City & County of Honolulu,
	1,500	Series A, GO, 5.000%, 10/01/18		1,633
	3,700	Series B, GO, 5.000%, 10/01/18		4,029
		State of Hawaii,
	10,160	Series DY, GO, 5.000%, 02/01/20		11,589
	7,640	Series EF, GO, 5.000%, 11/01/21		9,179
		Total Hawaii		26,430
		Idaho — 0.0% (g)
		Education — 0.0% (g)
	565	University of Idaho, Series A, Rev., 5.000%, 04/01/22		681

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — 3.6%
		Education — 0.2%
	5,000	Illinois Educational Facilities Authority, University of Chicago, Series B-2, Rev., VAR, 1.550%, 02/13/20		5,099
		General Obligation — 1.4%
	5,000	City of Chicago, Series C, GO, 5.000%, 01/01/22		5,362
	4,740	City of Peoria, Tazewell County, Community College District No. 514, Series A, GO, 5.000%, 12/01/19		5,385
		County of Dupage, Courthouse Project,
	335	GO, 5.000%, 01/01/24		417
	525	GO, 5.000%, 01/01/27		666
	250	GO, 5.000%, 01/01/28		315
	730	GO, 5.000%, 01/01/29		912
	3,460	County of Winnebago, Series A, GO, 4.000%, 12/30/19		3,817
	3,000	DuPage County Community Unit School District No. 200, Wheaton Warrenville, GO, 4.000%, 11/01/21		3,412
	2,800	DuPage County Forest Preserve District, GO, 5.000%, 01/01/21		3,275
	355	Forest Preserve District of Will County, Limited tax, Series A, GO, 5.000%, 12/15/24		444
		Kendall Kane & Will Counties Community Unit School District,
	1,000	GO, 5.000%, 02/01/25		1,233
	1,135	GO, 5.000%, 02/01/26		1,411
		McHenry County, Woodstock Community Unit School District No. 200,
	1,000	GO, 2.000%, 01/15/17		1,005
	300	GO, 5.000%, 01/15/21		350
	2,500	State of Illinois, GO, 4.000%, 02/01/18		2,584
	2,250	Village of Wilmette, GO, 4.125%, 12/01/16		2,270
				32,858
		Other Revenue — 0.7%
	6,000	Illinois Finance Authority, Advocate Health Care, Series A-1, Rev., VAR, 5.000%, 01/15/20		6,780
		Illinois Finance Authority, Depaul University,
	200	Rev., 5.000%, 10/01/23		246
	340	Rev., 5.000%, 10/01/24		425
	300	Rev., 5.000%, 10/01/25		380
	500	Rev., 5.000%, 10/01/26		640
	500	Rev., 5.000%, 10/01/27		635
	250	Rev., 5.000%, 10/01/28		314

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	2,000	Illinois Finance Authority, Northwest Community Hospital, Series A, Rev., 5.000%, 07/01/31		2,443
	2,715	Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A, Rev., 5.000%, 11/15/25		3,417
		Illinois Finance Authority, Silver Cross Hospital & Medical Centers,
	150	Series C, Rev., 5.000%, 08/15/21		173
	500	Series C, Rev., 5.000%, 08/15/22		584
				16,037
		Transportation — 0.4%
		City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding,
	1,460	Series A, Rev., AMT, 5.000%, 01/01/20		1,641
	2,580	Series A, Rev., AMT, 5.000%, 01/01/21		2,972
	500	Series B, Rev., 5.000%, 01/01/20		567
	5,000	Illinois State Toll Highway Authority, Senior Priority, Series B, Rev., 5.000%, 12/01/17		5,267
				10,447
		Utility — 0.9%
		Citiy of Springfield, Senior Lien Electric,
	3,500	Rev., 5.000%, 03/01/24		4,298
	4,000	Rev., 5.000%, 03/01/26		4,955
	4,500	Municipal Electric Agency Power Supply System, Series A, Rev., 5.000%, 02/01/19		4,932
		Northern Illinois Municipal Power Agency, Prairie Project,
	2,200	Series A, Rev., 4.000%, 12/01/32 (w)		2,439
	3,415	Series A, Rev., 5.000%, 12/01/29 (w)		4,237
				20,861
		Total Illinois		85,302
		Indiana — 1.0%
		Education — 0.1%
		County of Elkhart, GCS School Building Corp. One, First Mortgage Refunding & Improvement,
	300	Rev., 4.000%, 07/15/17		309
	265	Rev., 5.000%, 07/15/18		285
		New Albany Floyd County School Building Corp.,
	700	Rev., 5.000%, 07/15/21		828
	835	Rev., 5.000%, 07/15/22		1,006
				2,428

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.6%
	1,000	Fort Wayne Redevelopment Authority Lease Rent, Harrison Square Project, Rev., 5.000%, 08/01/23		1,230
	1,170	Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project, Series B, Rev., 5.000%, 02/01/19		1,278
	1,000	Indiana Finance Authority, Stadium Project, Lease Appropriation, Series A, Rev., 5.250%, 02/01/28		1,274
		Indiana State Finance Authority State Revolving Fund Program Refunding,
	3,080	Series B, Rev., 5.000%, 02/01/18		3,270
	5,500	Series B, Rev., 5.000%, 02/01/19		6,065
	750	Indiana State Office Building Commission, Indiana State Museum Facility, Series C, Rev., NATL-RE, 5.250%, 07/01/19 (p)		845
				13,962
		Transportation — 0.1%
	1,700	The Indianapolis Local Public Improvement Bond Bank, Airport Authority project, Series A, Rev., 5.000%, 01/01/19		1,857
		Utility — 0.2%
		Indiana Municipal Power Agency, Power Supply System,
	1,085	Series A, Rev., 5.000%, 01/01/17		1,101
	1,000	Series A, Rev., 5.000%, 01/01/18		1,059
	1,250	Series A, Rev., 5.000%, 01/01/19		1,375
				3,535
		Water & Sewer — 0.0% (g)
	620	Evansville Local Public Improvement Bond Bank, Sewage Works Project, Series A, Rev., 5.000%, 07/01/19		690
		Total Indiana		22,472
		Kansas — 0.5%
		Certificate of Participation/Lease — 0.0% (g)
	915	Johnson County Park & Recreation District, Series A, COP, 4.000%, 09/01/16		915
		General Obligation — 0.1%
	200	Butler County, Unified School District No. 375, GO, 4.000%, 09/01/24		228
	1,500	Johnson County Unified School District No. 233, Series B, GO, 5.000%, 09/01/24 (w)		1,891
				2,119

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 31

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.0% (g)
	1,000	Wyandotte County-Kansas City Unified Government, Sales Tax, Redevelopment Project Area B, Sub Lien, Rev., 5.000%, 12/01/16		1,011
		Prerefunded — 0.1%
	1,795	Kansas Development Finance Authority, Public Water Supply, Series DW-1, Rev., 3.250%, 04/01/17 (p)		1,823
		Transportation — 0.2%
	3,400	Kansas State Department Transportation Highway, Series C, Rev., 5.000%, 09/01/17		3,551
		Water & Sewer — 0.1%
	2,200	City of Wichita, Water & Sewer Utility, Series A, Rev., 5.000%, 10/01/22		2,678
		Total Kansas		12,097
		Kentucky — 1.2%
		Education — 0.4%
	6,980	University of Kentucky, Series D, Rev., 5.000%, 10/01/21		8,358
		Industrial Development Revenue/Pollution Control Revenue — 0.4%
	3,000	County of Carroll, Kentucky Pollution Control, Kentucky Utilities Company Project, Series A, Rev.,VAR, 1.050%, 09/01/19		2,997
	7,000	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Co. Project, Series A, Rev., VAR, 1.650%, 04/03/17		7,028
				10,025
		Prerefunded — 0.1%
	2,500	Louisville/Jefferson County Metro Government, Health Facilities, Jewish Hospital & St. Mary’s HealthCare, Inc. Project, Rev., 6.125%, 02/01/18 (p)		2,694
		Transportation — 0.2%
		Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Fund,
	750	Series A, Rev., 5.000%, 09/01/23		912
	1,750	Series A, Rev., 5.000%, 09/01/25		2,222
		Louisville Regional Airport Authority, Airport System,
	1,500	Series A, Rev., AMT, 3.000%, 07/01/17		1,528
	345	Series B, Rev., 4.000%, 07/01/18		366
				5,028

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.1%
	1,000	Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A, Rev., 4.000%, 02/01/17		1,014
		Total Kentucky		27,119
		Louisiana — 0.5%
		General Obligation — 0.3%
		State of Louisiana,
	360	Series A, GO, 5.000%, 08/01/19 (p)		405
	7,000	Series B, GO, 5.000%, 11/15/18		7,635
				8,040
		Other Revenue — 0.1%
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	160	Rev., 3.000%, 05/15/17		162
	300	Rev., 3.000%, 05/15/18		311
	2,250	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 5.000%, 05/15/17		2,318
				2,791
		Water & Sewer — 0.1%
	1,100	City of New Orleans, Rev., 5.000%, 12/01/18		1,197
		Total Louisiana		12,028
		Maine — 0.5%
		General Obligation — 0.5%
	750	City of Westbrook, GO, 5.000%, 10/15/24		947
		State of Maine,
	4,740	Series B, GO, 4.000%, 06/01/17		4,865
	6,000	Series B, GO, 5.000%, 06/01/18		6,458
		Total Maine		12,270
		Maryland — 2.5%
		Education — 0.3%
		University of Maryland, Auxiliary Facilities & Tuition System,
	1,000	Series A, Rev., 5.000%, 04/01/17		1,027
	5,540	Series A, Rev., 5.000%, 04/01/20		6,361
				7,388
		General Obligation — 1.9%
	2,000	County of Montgomery, Public Improvement, Series A, GO, 5.000%, 08/01/19		2,249
		State of Maryland, State & Local Facilities Loan,
	12,795	Series A, GO, 5.000%, 08/01/20		14,881
	17,780	Series B, GO, 5.000%, 03/15/18		18,978
	6,900	Series C, GO, 5.000%, 08/01/20		8,025
				44,133

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.0% (g)
	750	State of Maryland, Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Rev., 5.000%, 07/01/22		910
		Prerefunded — 0.2%
	4,335	State of Maryland, State & Local Facilities Loan, Series C, GO, 5.000%, 03/01/19 (p)		4,800
		Transportation — 0.1%
	2,070	Maryland State Transportation Authority, Rev., GRAN, 5.000%, 03/01/17		2,116
		Total Maryland		59,347
		Massachusetts — 2.0%
		Education — 0.4%
	1,000	Massachusetts Development Finance Agency, Boston College, Series S, Rev., 5.000%, 07/01/17		1,037
	4,535	Massachusetts Health & Educational Facilities Authority, Various Amherst College, Series K-2, Rev., VAR, 1.700%, 11/01/16		4,543
	3,295	Massachusetts School Building Authority, Series A, Rev., 5.000%, 11/15/24		4,228
				9,808
		General Obligation — 0.9%
		City of Boston,
	6,820	Series A, GO, 5.000%, 03/01/22		8,292
	7,360	Series A, GO, 5.000%, 03/01/23		9,148
	4,310	Massachusetts State Consolidate Loan of 2014, Series 2, GO, 4.000%, 04/01/18		4,540
				21,980
		Hospital — 0.1%
		Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group,
	450	Series I, Rev., 5.000%, 07/01/18		481
	1,150	Series I, Rev., 5.000%, 07/01/27		1,436
	500	Massachusetts State Development Finance Agency, Lahey Health System, Series F, Rev., 5.000%, 08/15/26		574
				2,491
		Other Revenue — 0.2%
	700	Massachusetts Development Finance Agency, Berklee College of Music, Rev., 5.000%, 10/01/27		898
	3,250	Massachusetts Development Finance Agency, Caregroup, Series H-1, Rev., 5.000%, 07/01/19		3,617
				4,515

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.4%
	7,515	Massachusetts Health & Educational Facilities Authority, Institute of Technology, Series O, Rev., 6.000%, 07/01/18 (p)		8,249
		Transportation — 0.0% (g)
	100	Commonwealth of Massachusetts, Rail Enhancement Program, Series A, Rev., 5.000%, 06/01/20		116
	750	Massachusetts Port Authority, Series C, Rev., 5.000%, 07/01/23		933
				1,049
		Total Massachusetts		48,092
		Michigan — 1.1%
		General Obligation — 0.3%
	1,000	Kalamazoo Public Schools, GO, 5.000%, 05/01/22		1,204
		Troy School District, School Building & Site,
	1,425	GO, Q-SBLF, 3.000%, 05/01/17		1,448
	875	GO, Q-SBLF, 4.000%, 05/01/18		922
	650	GO, Q-SBLF, 5.000%, 05/01/19		719
	500	GO, Q-SBLF, 5.000%, 05/01/20		571
	550	GO, Q-SBLF, 5.000%, 05/01/21		646
	500	GO, Q-SBLF, 5.000%, 05/01/22		599
				6,109
		Hospital — 0.1%
	2,250	Michigan State Hospital Finance Authority, Ascension Health Credit Group, Series B-4, Rev., 5.000%, 11/15/27		2,828
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,600	Michigan Strategic Fund, The Detroit Edison Company Pollution Control Bonds Project, Series CC, Rev.,VAR, 1.450%, 09/01/21		2,598
		Other Revenue — 0.3%
		Michigan Finance Authority, Clean Water Revolving Fund,
	2,110	Rev., 5.000%, 10/01/16		2,118
	2,250	Rev., 5.000%, 10/01/21		2,698
		Michigan Finance Authority, Local Government Loan Program,
	1,290	Series B, Rev., 4.000%, 11/01/18		1,377
	675	Series B, Rev., 4.000%, 11/01/19		739
	455	Series B, Rev., 4.000%, 11/01/20		507
				7,439

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.2%
	5,055	Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/17 (p)		5,297
		Water & Sewer — 0.1%
		City of Grand Rapids, Sanitary Sewer System Improvement,
	350	Rev., 5.000%, 01/01/22		420
	450	Rev., 5.000%, 01/01/23		551
		City of Wyoming, Water Supply System,
	175	Rev., 5.000%, 06/01/24		217
	610	Rev., 5.000%, 06/01/27		769
				1,957
		Total Michigan		26,228
		Minnesota — 1.2%
		Education — 0.1%
		Minnesota Higher Education Facilities Authority,
	350	Series L, Rev., 4.000%, 04/01/20		388
	400	Series L, Rev., 5.000%, 04/01/23		489
	750	Series L, Rev., 5.000%, 04/01/26		958
				1,835
		General Obligation — 0.7%
	11,885	State of Minnesota, Series A, GO, 5.000%, 08/01/18		12,872
	3,500	State of Minnesota, Various Purpose, Series A, GO, 5.000%, 06/01/17		3,616
				16,488
		Hospital — 0.1%
	1,300	City of St. Cloud Minnesota, Centracare Health System, Series A, Rev., 5.000%, 05/01/28		1,641
		Transportation — 0.1%
		Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport,
	750	Series A, Rev., 5.000%, 01/01/18		793
	220	Series A, Rev., 5.000%, 01/01/20		250
	1,000	Series A, Rev., 5.000%, 01/01/22		1,197
				2,240
		Utility — 0.2%
		Western Minnesota Municipal Power Agency, Power Supply,
	2,400	Series A, Rev., 3.000%, 01/01/18		2,475
	1,500	Series A, Rev., 5.000%, 01/01/23		1,836
	1,000	Series A, Rev., 5.000%, 01/01/24		1,249
				5,560
		Total Minnesota		27,764

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Mississippi — 0.9%
		Education — 0.1%
	1,745	Mississippi State University Educational Building Corp., New Facilities & Refinancing Project, Series A, Rev., 4.000%, 08/01/18		1,855
	780	University of Mississippi Educational Building Corp., Series A, Rev., 3.000%, 10/01/32		815
				2,670
		General Obligation — 0.5%
		State of Mississippi,
	6,735	Series C, GO, 5.000%, 10/01/25		8,698
	2,500	Series F, GO, 5.250%, 10/01/23		3,168
				11,866
		Other Revenue — 0.3%
	6,080	Mississippi Development Bank, Mississippi Department of Corrections East Mississippi Correctional Facility Project, Series C, Rev., 5.000%, 08/01/26		7,685
		Total Mississippi		22,221
		Missouri — 1.5%
		Certificate of Participation/Lease — 0.1%
	1,000	City of Chesterfield, COP, 5.000%, 12/01/21		1,197
	750	Cole County Missouri Refunding, Jail Project, COP, 4.000%, 12/01/16		756
	1,000	St. Charles County Public Water Supply District No. 2, Series B, COP, 5.000%, 12/01/23		1,211
				3,164
		Education — 0.2%
		Health & Educational Facilities Authority,
	450	Rev., 4.000%, 10/01/18		481
	625	Rev., 4.000%, 10/01/19		686
	300	Rev., 4.000%, 10/01/20		338
	300	Rev., 4.000%, 10/01/21		344
		Missouri State Health & Educational Facilities Authority, Health Facilities, BJC Health System,
	1,000	Rev., 5.000%, 01/01/17		1,015
	950	Rev., 5.000%, 01/01/18		1,006
	855	Rev., 5.000%, 01/01/19		939
	225	Rev., 5.000%, 01/01/21		264
				5,073
		General Obligation — 0.1%
	350	County of Clay, North Kansas City School District 74, Refunding & Improvement, Missouri Direct Deposit Program, GO, 5.000%, 03/01/22		424

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,900	Francis Howell School Missouri Direct Deposit Program, GO, 4.000%, 03/01/24		2,249
	325	School District of the City of Ladue, GO, 4.000%, 03/01/21		370
				3,043
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	2,895	Kansas City Industrial Development Authority, Series A, Rev., AMBAC, 5.000%, 12/01/20		3,045
	550	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 07/01/23		643
	2,045	State of Missouri, Environmental Improvement & Energy Residual Authority, Water Pollution Control & Drinking Water, Series A, Rev., 5.000%, 01/01/24		2,449
				6,137
		Other Revenue — 0.3%
	2,100	Bi-State Development Agency, Metropolitan District, Sales Tax Appropriation, Combined Lien, Series A, Rev., 5.000%, 10/01/17		2,201
	350	City of Springfield, Series A, Rev., 4.000%, 09/01/18		372
	2,000	County of Jackson, Harry S. Truman Sports Complex Project, Rev., 5.000%, 12/01/22		2,430
	2,010	County of St. Louis, Regional Convention & Sports Complex Authority, Convention & Sports Facility, Series B, Rev., 5.000%, 08/15/19		2,246
				7,249
		Prerefunded — 0.1%
	2,205	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 01/01/21 (p)		2,595
		Transportation — 0.4%
		Kansas City, Missouri Airport Refunding, General Improvement,
	2,500	Series B, Rev., 5.000%, 09/01/17		2,606
	1,250	Series B, Rev., 5.000%, 09/01/18		1,352
		Missouri Airport Refunding, Lambert St. Louis International Airport,
	1,575	Rev., 5.000%, 07/01/21		1,841
	1,000	Rev., 5.000%, 07/01/22		1,189

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — continued
	1,080	Rev., 5.000%, 07/01/23		1,305
				8,293
		Total Missouri		35,554
		Montana — 0.1%
		General Obligation — 0.1%
		State of Montana, Long-Range Building Program,
	690	GO, 5.000%, 08/01/21		827
	1,000	GO, 5.000%, 08/01/22		1,227
	650	Yellowstone County, School District No. 2 Billings, School Building, GO, 5.000%, 06/15/20		751
		Total Montana		2,805
		Nebraska — 0.5%
		General Obligation — 0.1%
	1,680	City of Omaha, Various Purpose, Series A, GO, 4.000%, 11/15/16		1,692
		Hospital — 0.1%
	2,350	Douglas County Hospital Authority No. 2, Nebraska Health Facilities & Medicine, Rev., 4.000%, 05/15/32		2,644
		Utility — 0.3%
	2,000	Central Plains Energy Project, Gas Project No. 3, Rev., 5.000%, 09/01/17		2,073
	1,750	Municipal Energy Agency of Nebraska, Series A, Rev., 5.000%, 04/01/17		1,795
	2,610	Nebraska Public Power District, Series B, Rev., 5.000%, 01/01/32		3,238
				7,106
		Total Nebraska		11,442
		Nevada — 0.2%
		Other Revenue — 0.1%
	1,250	County of Clark, Series A, Rev., 4.000%, 07/01/18		1,325
		Water & Sewer — 0.1%
	2,215	Truckee Meadows Water Authority, Rev., 5.000%, 07/01/32		2,794
		Total Nevada		4,119
		New Hampshire — 0.2%
		General Obligation — 0.2%
	2,880	State of New Hampshire, Series A, GO, 5.000%, 03/01/26		3,707

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 1.6%
		Education — 0.2%
		New Jersey Economic Development Authority, School Facilities Construction,
	1,040	Series A, Rev., 5.250%, 12/15/20		1,132
	1,570	Series I, Rev., 5.500%, 09/01/16 (p)		1,570
	2,500	New Jersey Educational Facilities Authority, Princeton University, Series B, Rev., 5.000%, 07/01/27		3,304
				6,006
		General Obligation — 0.9%
		City of Bayonne, State of New Jersey Qualified General Improvement,
	245	GO, 5.000%, 07/01/23		295
	680	GO, 5.000%, 07/01/25		846
	1,425	GO, 5.000%, 07/01/26		1,792
	780	GO, 5.000%, 07/01/28		965
		County of Passaic,
	2,355	GO, 5.000%, 02/01/19		2,593
	1,685	GO, 5.000%, 02/01/20		1,918
	90	GO, 5.000%, 02/01/21		106
		State of New Jersey,
	525	GO, AGM, 4.000%, 02/15/20		578
	10,075	Series Q, GO, 5.000%, 08/15/20		11,469
	425	Township of South Brunswick, GO, 5.000%, 09/01/22		515
				21,077
		Other Revenue — 0.3%
	2,225	New Jersey Environmental Infrastructure Trust, Series A, Rev., 5.000%, 09/01/18		2,417
	4,000	Tobacco Settlement Financing Corp., Asset-Backed, Series 1A, Rev., 5.000%, 06/01/18		4,130
				6,547
		Prerefunded — 0.1%
	1,680	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 6.000%, 12/15/18 (p)		1,885
		Transportation — 0.1%
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., NATL-RE, 5.500%, 12/15/16		1,521
		Total New Jersey		37,036

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Mexico — 0.0% (g)
		Other Revenue — 0.0% (g)
	800	New Mexico Finance Authority, Senior Lien Public Project, Series B, Rev., 5.000%, 06/01/21		950
		New York — 13.4%
		Education — 0.6%
		New York State Dormitory Authority, Columbia University,
	585	Series B, Rev., 5.000%, 10/01/21		705
	2,500	Series B, Rev., 5.000%, 10/01/23		3,153
	5,000	New York State Dormitory Authority, New York University, Series A, Rev., 5.000%, 07/01/24		6,361
	2,350	New York State Dormitory Authority, School Districts Financing Program, Series F, Rev., AGM, 5.000%, 10/01/16		2,359
	1,100	New York State Dormitory Authority, The New School, Series A, Rev., 5.000%, 07/01/24		1,375
				13,953
		General Obligation — 1.8%
	2,410	Bedford Central School District, GO, 5.000%, 11/15/22		2,978
	4,230	City of New York, Fiscal Year 2003, Series C, Subseries C-A, GO, 5.000%, 08/01/17		4,401
	3,860	City of New York, Fiscal Year 2012, Subseries G-1, GO, 5.000%, 04/01/20		4,427
	3,695	City of New York, Fiscal Year 2013, Series B, GO, 4.000%, 08/01/19		4,037
	6,250	City of New York, Fiscal Year 2014, Series K, GO, 5.000%, 08/01/19		7,008
		Counties of Rockland & Orange, Ramapo Central School District,
	1,800	GO, 4.000%, 10/15/17		1,869
	2,030	GO, 4.000%, 10/15/19		2,231
	285	County of Allegany, Public Improvement, GO, 4.000%, 09/15/19		313
	6,750	County of Westchester, Series B, GO, 5.000%, 11/15/25		8,855
	2,025	Hampton Bays Union Free School District, GO, 5.000%, 09/15/22		2,481
	1,300	South Orangetown New York Central School District, GO, 5.000%, 12/01/23		1,651
		Town of East Hampton,
	1,000	GO, 5.000%, 05/15/21		1,191
	1,000	GO, 5.000%, 05/15/23		1,253
				42,695

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 0.1%
		Build Resource Corp., The New York Methodist Hospital Project,
	1,000	Rev., 5.000%, 07/01/18		1,072
	550	Rev., 5.000%, 07/01/21		643
	800	Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project, Series B, Rev., 5.000%, 07/01/23		970
				2,685
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	3,000	New York State Energy Research & Development Authority, Pollution Control, Electric & Gas Corp., Project, Series C, Rev., VAR, 2.000%, 05/01/20		3,080
		Other Revenue — 5.3%
		Battery Park City Authority,
	3,450	Series A, Rev., 3.000%, 11/01/18		3,636
	2,500	Series A, Rev., 4.000%, 11/01/19		2,770
		Brooklyn Arena Local Development Corp.,
	500	Series A, Rev., 5.000%, 07/15/20 (w)		568
	1,250	Series A, Rev., 5.000%, 07/15/26 (w)		1,571
	1,125	Series A, Rev., 5.000%, 07/15/28 (w)		1,410
	7,555	City of New York, Transitional Finance Authority, Future Tax, Subseries C-1, Rev., 5.000%, 11/01/16 (p)		7,612
	2,445	City of New York, Transitional Finance Authority, Unrefunded Balance, Future Tax, Subseries C-1, Rev., 5.000%, 11/01/16		2,464
	500	City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project, Rev., 5.000%, 08/01/20		573
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	2,750	Series B, Rev., 5.000%, 02/01/20		3,144
	2,120	Subseries A-1, Rev., 5.000%, 11/01/17		2,229
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014,
	1,490	Series A, Subseries A-1, Rev., 5.000%, 11/01/17 (p)		1,567
	3,700	Series A, Subseries A-1, Rev., 5.000%, 11/01/20		4,334
		New York City, The Trust for Cultural Resources Museum Modern Art,
	6,510	Series 1-E, Rev., 4.000%, 02/01/23		7,673
	3,500	Series 1-E, Rev., 4.000%, 04/01/28		4,202
	3,000	Series 1-E, Rev., 4.000%, 04/01/29		3,572

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,750	Series 1-E, Rev., 4.000%, 04/01/30		2,071
	1,750	Series 1-E, Rev., 4.000%, 04/01/31		2,059
	5,000	New York Convention Center Development Corp. Hotel Unit Fee Secured, Rev., 5.000%, 11/15/26		6,415
	1,210	New York Local Government Assistance Corp., Senior Lien, Series A, Rev., 5.000%, 04/01/17		1,242
		New York Local Government Assistance Corp., Subordinated Lien,
	2,845	Series A-5/6, Rev., 5.000%, 04/01/18		3,042
	1,500	Series A-5/6, Rev., 5.500%, 04/01/19		1,685
		New York State Dormitory Authority, Fordham University,
	400	Series A, Rev., 5.000%, 07/01/28		513
	500	Series B, Rev., 5.000%, 10/01/24		644
		New York State Dormitory Authority, State Sales Tax,
	2,000	Series A, Rev., 5.000%, 03/15/17		2,049
	3,000	Series A, Rev., 5.000%, 03/15/18		3,205
	2,000	Series A, Rev., 5.000%, 03/15/21		2,375
	10,180	New York State Environmental Facilities Corp., Green Bonds, Series D, Rev., 5.000%, 09/15/21		12,282
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	8,525	Series A, Rev., 5.000%, 10/15/19		9,654
	15,405	Series A, Rev., 5.000%, 10/15/20		18,035
	4,800	Series A, Rev., 5.000%, 10/15/22		5,921
	4,500	Series A, Rev., 5.000%, 10/15/25		5,770
				124,287
		Prerefunded — 0.6%
	12,055	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		12,848
		Special Tax — 0.9%
	1,110	New York State Dormitory Authority, Personal Income Tax, Series G, Rev., 5.000%, 08/15/21		1,330
	1,000	New York State Urban Development Corp., Economic Development & Housing, Series A-1, Rev., 5.000%, 12/15/16		1,013
	17,140	New York State Urban Development Corp., General Purpose, Series C, Rev., 5.000%, 03/15/18		18,295
				20,638

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 3.2%
		Buffalo & Fort Erie Public Bridge Authority, Toll Bridge System,
	465	Rev., 5.000%, 01/01/20		527
	815	Rev., 5.000%, 01/01/21		952
		Metropolitan Transportation Authority,
	11,000	Series C, Rev., VAR, 4.000%, 11/15/20		12,290
	2,770	Series D, Rev., 5.000%, 11/15/18		3,029
	1,435	Subseries A-1, Rev., 5.000%, 11/15/20		1,673
	2,000	Subseries C-1, Rev., 5.000%, 11/15/19		2,263
	3,000	Subseries C-1, Rev., 5.000%, 11/15/24		3,797
	3,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Subseries B-2, Rev., 5.000%, 11/01/16		3,023
		New York State Thruway Authority,
	32,125	Series A, Rev., 5.000%, 05/01/19		35,699
	4,200	Series J, Rev., 5.000%, 01/01/18		4,440
	2,500	Port Authority of New York & New Jersey, Consolidated 185, Rev., AMT, 5.000%, 09/01/17		2,605
	5,000	Triborough Bridge & Tunnel Authority, Series B, Rev., 5.000%, 11/15/17		5,271
				75,569
		Water & Sewer — 0.8%
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution,
	4,000	Series CC-2, Rev., 5.000%, 06/15/18		4,053
	5,000	Series EE, Rev., 5.000%, 06/15/19		5,596
	9,385	New York State Environmental Facilities Corp., State Clean Water & Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Projects, Second Resolution, Series A, Rev., 5.000%, 06/15/17		9,718
				19,367
		Total New York		315,122
		North Carolina — 0.6%
		General Obligation — 0.5%
	2,230	City of Durham, Series C, GO, 5.000%, 07/01/18		2,408
	9,670	State of North Carolina, Series D, GO, 4.000%, 06/01/20		10,829
				13,237
		Prerefunded — 0.1%
	1,510	County of Union, North Carolina, Series D, GO, NATL-RE, 5.000%, 03/01/17 (p)		1,543
		Total North Carolina		14,780

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ohio — 1.4%
		Education — 0.3%
	535	Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series A, Rev., 4.000%, 12/01/19		589
		Ohio Higher Educational Facility Commission, Denison University Project,
	2,920	Rev., 5.000%, 11/01/24		3,673
	1,000	Rev., 5.000%, 11/01/26		1,263
		Ohio State Higher Educational Facility Commission, Oberlin College,
	600	Rev., 4.000%, 10/01/18		642
	675	Rev., 4.000%, 10/01/19		741
	1,000	Rev., 5.000%, 10/01/20		1,160
				8,068
		General Obligation — 0.1%
	1,200	City of Columbus, Series A, GO, 2.000%, 07/01/17		1,214
		City of Dublin, Various Purpose,
	500	GO, 4.000%, 12/01/27		605
	300	GO, 4.000%, 12/01/28		361
				2,180
		Hospital — 0.2%
		County Of Lake, Hospital Facilities, Lake Hospital System, Inc.,
	1,445	Rev., 5.000%, 08/15/23		1,740
	1,655	Rev., 5.000%, 08/15/24		2,027
				3,767
		Other Revenue — 0.7%
		City of Toledo, Water System,
	2,165	Rev., 5.000%, 11/15/27		2,793
	1,045	Rev., 5.000%, 11/15/28		1,339
	1,155	Rev., 5.000%, 11/15/29		1,472
	1,165	County of Cuyahoga, Rev., 5.000%, 12/01/22		1,432
	1,250	Ohio State, Capital Facilities, Lease Appropriation, Adult Correctional Building Funding Projects, Series A, Rev., 5.000%, 10/01/16		1,255
	200	RiverSouth Authority, Riversouth Area Redevelopment Refunding, Series A, Rev., 5.000%, 06/01/22		240
	3,595	State of Ohio, Capital Facilities Lease Appropriation, Cultural & Sports Facilities Building Fund Projects, Series B, Rev., 5.000%, 04/01/24		4,500

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	1,000	State of Ohio, Capital Facilities Lease-Appropriation, Series A, Rev., 5.000%, 10/01/18		1,089
	1,500	State of Ohio, Capital Facilities Lease-Appropriation, Mental Health Facilities Improvement, Funds Project, Series A, Rev., 4.000%, 02/01/17		1,522
				15,642
		Water & Sewer — 0.1%
		Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati,
	500	Series A, Rev., 5.000%, 12/01/18		548
	640	Series A, Rev., 5.000%, 12/01/19		726
	1,375	Series A, Rev., 5.000%, 12/01/21		1,654
				2,928
		Total Ohio		32,585
		Oklahoma — 0.9%
		Education — 0.6%
		Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project,
	555	Rev., 5.000%, 12/01/18		603
	850	Rev., 5.000%, 12/01/19		953
	1,000	Cleveland County Educational Facilities Authority, Educational Facilities Lease, Moore Public Schools Project, Rev., 5.000%, 06/01/17		1,031
	6,195	Cleveland County Educational Facilities Authority, Educational Facilities Lease, Norman Public Schools Project, Rev., 5.000%, 07/01/19		6,882
	450	Oklahoma County Finance Authority, Educational Facilities, Lease Western Harrah Public Schools Project, Rev., 2.000%, 09/01/18		458
		Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project,
	250	Rev., 4.000%, 09/01/18		265
	325	Rev., 5.000%, 09/01/19		362
	2,000	Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project, Rev., 5.000%, 09/01/21		2,352
				12,906

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.3%
		Cleveland County Justice Authority, Sales Tax, Detention Facility Project,
	1,205	Rev., 3.000%, 03/01/17		1,218
	1,000	Rev., 3.000%, 03/01/18		1,030
	500	Rev., 4.000%, 03/01/20		536
	700	Oklahoma Capitol Improvement Authority, Agency Facilities, Series C, Rev., 5.000%, 07/01/19		781
	3,225	Oklahoma Capitol Improvement Authority, State Facilities, Series A, Rev., 5.000%, 01/01/24		4,047
				7,612
		Utility — 0.0% (g)
	600	The Edmond Public Works Authority, Sales Tax And Utility System, Rev., 5.000%, 07/01/29		757
		Total Oklahoma		21,275
		Oregon — 1.2%
		General Obligation — 0.7%
	5,530	State Of Oregon, Series A, GO, 2.000%, 09/15/16		5,533
	2,000	State of Oregon, Article XI-Q State Projects, Series H, GO, 5.000%, 05/01/21		2,377
	7,005	State of Oregon, Tax-Exempt Refunding, Series L, GO, 5.000%, 11/01/19		7,945
				15,855
		Hospital — 0.1%
	500	Deschutes County Facilities Authority, Oregon Hospital, St. Charles Health System, Inc., Series A, Rev., 4.000%, 01/01/33 (w)		554
	1,000	Oregon State Facilities Authority, Providence Health & Services, Series A, Rev., 4.000%, 10/01/16		1,003
				1,557
		Prerefunded — 0.3%
	6,210	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.250%, 04/01/19 (p)		6,924
		Transportation — 0.1%
		Port of Portland, International Airport,
	1,000	Series 23, Rev., 5.000%, 07/01/23		1,239
	1,595	Series 23, Rev., 5.000%, 07/01/24		2,014
				3,253
		Utility — 0.0% (g)
	325	City of Eugene, Oregon Electric Utility System, Series A, Rev., 4.000%, 08/01/31		377

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.0% (g)
	40	City of Portland, Sewer System, First Lien, Series A, Rev., 5.000%, 10/01/23		50
		Total Oregon		28,016
		Pennsylvania — 3.9%
		Education — 0.7%
	5,055	Pennsylvania State Higher Educational Facilities Authority, Trustees of the University, Series B, Rev., 5.000%, 10/01/22		6,185
		State Public School Building Authority, Community College of Philadelphia Project,
	2,760	Rev., 5.000%, 06/15/21		3,190
	2,625	Rev., 5.000%, 06/15/24		3,162
	2,860	State Public School Building Authority, Montgomery County Community College, Rev., 5.000%, 05/01/19		3,146
				15,683
		General Obligation — 0.2%
	2,200	Commonwealth of Pennsylvania, First Series, GO, 5.000%, 07/01/18		2,365
	310	County of Bucks, GO, 5.000%, 05/01/26		407
	350	Schuylkill Valley School District, GO, 5.000%, 04/01/22		421
	1,045	Souderton Area School District, Series A, GO, 4.000%, 11/15/18		1,116
				4,309
		Hospital — 0.2%
	1,225	Lancaster County Hospital Authority, Health System, General Hospital Project, Series B, Rev., 4.000%, 07/01/17 (p)		1,260
	1,400	Southcentral General Authority, Hanover Hospital, Inc., Rev., 5.000%, 12/01/26		1,699
		Southcentral General Authority, Wellspan Health Obligation Group,
	380	Series A, Rev., 5.000%, 06/01/24		470
	1,000	Series A, Rev., 5.000%, 06/01/27		1,216
				4,645
		Other Revenue — 0.9%
	14,950	Pennsylvania Economic Development Financing Authority, Unemployment Compensation, Series B, Rev., 5.000%, 07/01/21		15,802
	5,000	Philadelphia City Municipal Authority, Series A, Rev., 5.000%, 11/15/17		5,249
				21,051

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.2%
	5,675	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 03/01/17 (p)		5,802
		Transportation — 0.4%
		Pennsylvania Turnpike Commission, Oil Franchise Tax Senior,
	1,000	Series A, Rev., 5.000%, 12/01/22		1,219
	2,000	Series A, Rev., 5.000%, 12/01/23		2,486
	4,000	Series A, Rev., 5.000%, 12/01/32		5,029
				8,734
		Water & Sewer — 1.3%
		Allegheny County Sanitary Authority, Sewer,
	1,335	Rev., AGM, 4.000%, 12/01/31		1,523
	4,000	Rev., 5.000%, 12/01/21		4,758
	3,000	Rev., 5.000%, 12/01/22		3,636
	4,000	Rev., 5.000%, 12/01/23		4,942
		City of Philadelphia, Water & Wastewater,
	8,530	Series A, Rev., 5.000%, 01/01/20		9,682
	1,510	Series A, Rev., 5.000%, 07/01/22		1,823
	2,595	Series A, Rev., 5.000%, 07/01/24		3,260
	750	Pittsburgh Water & Sewer Authority, First Lien, Series B, Rev., AGM, 4.000%, 09/01/17		775
				30,399
		Total Pennsylvania		90,623
		Rhode Island — 0.2%
		General Obligation — 0.2%
		State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan,
	1,000	Series A, GO, 5.000%, 10/15/18		1,091
	1,475	Series A, GO, 5.000%, 10/15/19 (p)		1,669
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/19		1,132
				3,892
		Industrial Development Revenue/Pollution Control Revenue — 0.0% (g)
	590	Rhode Island Clean Water Finance Agency, Water Pollution Control Revolving Fund, Green Bonds, Series A, Rev., 5.000%, 10/01/26		755
		Total Rhode Island		4,647
		South Carolina — 0.4%
		Education — 0.2%
	3,840	SCAGO Educational Facilities Corp., School District of Pickens County Project, Rev., 5.000%, 12/01/20		4,446

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		��	General Obligation — 0.1%
			State of South Carolina,
	1,310		Series B, GO, 5.000%, 04/01/18		1,401
	1,110		Series D, GO, 5.000%, 04/01/18		1,187
					2,588
			Special Tax — 0.1%
			County of Charleston,
	645		Rev., 5.000%, 12/01/18		706
	1,000		Rev., 5.000%, 12/01/19		1,133
					1,839
			Total South Carolina		8,873
			South Dakota — 0.1%
			Education — 0.1%
			South Dakota Health & Educational Facilities Authority,
	625		Series B, Rev., 4.000%, 11/01/20		699
	500		Series B, Rev., 4.000%, 11/01/21		566
	375		Series B, Rev., 5.000%, 11/01/22		454
					1,719
			Other Revenue — 0.0% (g)
			South Dakota State Building Authority,
	500		Series B, Rev., 5.000%, 06/01/19		557
	485		Series B, Rev., 5.000%, 06/01/21		574
					1,131
			Total South Dakota		2,850
			Tennessee — 0.4%
			Education — 0.1%
	1,250		Tennessee State School Authority, Higher Educational Facilities, Series B, Rev., 3.000%, 11/01/16		1,255
			General Obligation — 0.3%
	2,330		County of Maury, GO, 4.000%, 04/01/17		2,377
	2,500		The Metropolitan Government of Nashville & Davidson County, GO, 4.000%, 01/01/30		2,939
	1,000		Williamson County District School, Series A, GO, 5.000%, 04/01/18		1,070
					6,386
			Other Revenue — 0.0% (g)
	5		Metropolitan Government of Nashville & Davidson, County Sports Authority, Public Improvement, Rev., 5.000%, 07/01/20		6

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.0% (g)
	800	City of Chattanooga, Electric System, Series A, Rev., 5.000%, 09/01/22		979
		Water & Sewer — 0.0% (g)
	835	Clarksville Tennessee Water Sewer & Gas Refunding-Sub Lien, Rev., 4.000%, 02/01/17		846
		Total Tennessee		9,472
		Texas — 7.3%
		Education — 0.1%
	790	Austin Community College District, Combined Fee, Series A, Rev., 5.000%, 02/01/21		922
	790	Stephen F. Austin State University, Board of Regents, Revenue Financing System, Rev., 4.000%, 10/15/18		840
				1,762
		General Obligation — 3.8%
		Allen Independent School District, School Building,
	400	GO, PSF-GTD, 5.000%, 02/15/26		520
	705	GO, PSF-GTD, 5.000%, 02/15/27		910
	840	Argyle Independent School District, School Building, GO, PSF-GTD, 3.000%, 08/15/19		894
		City of Abilene, Taylor & Jones Counties,
	500	GO, 4.000%, 02/15/27 (w)		582
	475	GO, 5.000%, 02/15/21		557
		City of Beaumont,
	1,855	GO, 4.000%, 03/01/29		2,153
	1,000	GO, 4.000%, 03/01/30		1,152
		City of Colony,
	620	GO, 5.000%, 08/15/19		696
	610	GO, 5.000%, 08/15/20		705
	1,045	City of Denton, GO, 5.000%, 02/15/23		1,283
	8,030	City of El Paso, GO, 4.000%, 08/15/29		9,244
		City of El Paso, Refunding & Improvement,
	530	GO, 5.000%, 08/15/21		629
	4,035	GO, 5.000%, 08/15/25		5,144
		City of Fort Worth, Certificates of Obligation,
	445	Series A, GO, 3.000%, 03/01/17		451
	500	Series A, GO, 4.000%, 03/01/18		525
	785	Series A, GO, 4.000%, 03/01/19		848
		City of Fort Worth, Refunding & Improvement, General Purpose,
	870	GO, 3.000%, 03/01/17		881
	1,000	GO, 4.000%, 03/01/18		1,050
	1,060	GO, 4.000%, 03/01/19		1,145

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	1,640	City of Grand Prairie, GO, 5.000%, 02/15/25		2,096
	185	City of Mesquite, County of Dallas, GO, 4.000%, 02/15/18		193
	355	City of Mesquite, County of Dallas, Certificates of Obligation, GO, 3.000%, 02/15/18		366
	1,000	City of Pasadena, Series A, GO, 4.000%, 02/15/28		1,150
	2,000	City of San Antonio, General Improvement, GO, 5.000%, 02/01/23		2,443
		City of Waxahachie,
	2,075	Series A, GO, 4.000%, 08/01/27		2,468
	775	Series A, GO, 4.000%, 08/01/29		907
	1,715	Series B, GO, 4.000%, 08/01/27		2,040
	1,785	Series B, GO, 4.000%, 08/01/28		2,106
	1,100	Series B, GO, 4.000%, 08/01/29		1,287
	1,350	City of Wylie, GO, 5.000%, 02/15/27		1,719
	5,150	County of Travis, Austin Independent School District, Unlimited Tax Refunding, GO, NATL-RE, 5.000%, 08/01/17		5,361
	9,275	Fort Worth Independent School District & School Building, GO, PSF-GTD, 3.000%, 02/15/29 (w)		9,844
	4,305	Irving Independent School District, Series A, GO, PSF-GTD, 5.000%, 02/15/25		5,507
		Judson Independent School District,
	3,240	GO, PSF-GTD, 3.000%, 02/01/30 (w)		3,405
	6,000	GO, PSF-GTD, 3.000%, 02/01/31 (w)		6,259
	420	GO, PSF-GTD, 4.000%, 02/01/18		439
	595	Series A, GO, 5.000%, 02/01/19		655
	750	Mabank Independent School District, School Building, GO, PSF-GTD, 5.000%, 08/15/25		964
		Mesquite Independent School District,
	1,295	Series A, GO, PSF-GTD, 4.000%, 08/15/29		1,521
	1,375	Series A, GO, PSF-GTD, 4.000%, 08/15/30		1,605
	1,000	Series B, GO, PSF-GTD, 4.000%, 08/15/28		1,184
	1,880	Northside Independent School District, School Building, GO, PSF-GTD, 5.000%, 08/15/25		2,429
	3,000	State of Texas, Transportation Commission Mobility, GO, 5.000%, 10/01/19		3,391
				88,708
		Other Revenue — 0.8%
	10,755	Harris County, Houston Sports Authority Senior Lien, Series A, Rev., AGM, 5.000%, 11/15/26		13,276
	4,700	Lower Colorado River Authority, Series B, Rev., 5.000%, 05/15/23		5,694

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	505	Midtown Redevelopment Authority, Tax Allocation, Rev., 4.000%, 01/01/17		510
				19,480
		Prerefunded — 0.6%
	5,605	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.250%, 12/01/18 (p)		6,423
	60	Lower Colorado River Authority, Series B, Rev., 5.000%, 05/15/22 (p)		73
	7,000	North East Independent School District, School Building, Series A, GO, PSF-GTD, 5.000%, 08/01/17 (p)		7,282
				13,778
		Transportation — 1.2%
	500	Harris County Metropolitan Transit Authority, Series A, Rev., 5.000%, 11/01/16		504
		Harris County, Toll Road, Senior Lien,
	4,000	Series A, Rev., 5.000%, 08/15/26		5,213
	4,500	Series A, Rev., 5.000%, 08/15/28		5,759
	500	Love Field Airport Modernization Corp., Rev., AMT, 5.000%, 11/01/18		542
	3,140	North Texas Tollway Authority System, First Tier, Series A, Rev., 5.000%, 01/01/27		3,837
	1,155	North Texas Tollway Authority, Special Projects System, Series A, Rev., 5.000%, 09/01/16		1,155
	10,125	Texas Transportation Commission Central, Turnpike System, Second Tier, Series A, Rev., VAR, 5.000%, 04/01/20		11,505
				28,515
		Utility — 0.3%
		City of Cedar Park, Utility System,
	820	Rev., 5.000%, 08/15/21		975
	560	Rev., 5.000%, 08/15/22		679
	5,000	City of Houston, Utility System Revenue Refunding, Series C, Rev., 5.000%, 05/15/20		5,750
		City of Victoria, Utility System,
	160	Rev., 2.000%, 12/01/18		164
	150	Rev., 2.500%, 12/01/19		158
				7,726
		Water & Sewer — 0.5%
	3,520	City of Dallas, Waterworks & Sewer System, Series A, Rev., 5.000%, 10/01/19		3,975
		City of Galveston, Waterworks & Sewer System,
	180	Rev., 4.000%, 05/01/18		190

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	205	Rev., 5.000%, 05/01/19		227
	245	Rev., 5.000%, 05/01/20		281
	265	Rev., 5.000%, 05/01/21		312
	380	Rev., 5.000%, 05/01/24		476
	850	Rev., 5.000%, 05/01/26		1,051
	1,000	City of San Antonio, Water System, Junior Lien, Series E, Rev., 5.000%, 05/15/19		1,114
	1,035	North Harris County, Regional Water Authority, Senior Lien, Rev., 5.000%, 12/15/19		1,172
		Trinity River Authority Central Regional Wastewater System,
	1,500	Rev., 5.000%, 08/01/18		1,624
	1,250	Rev., 5.000%, 08/01/19		1,403
				11,825
		Total Texas		171,794
		Utah — 1.2%
		General Obligation — 0.5%
		State of Utah,
	4,925	GO, 5.000%, 07/01/21		5,891
	4,855	Series C, GO, 5.000%, 07/01/18		5,244
				11,135
		Other Revenue — 0.0% (g)
	500	West Valley City Municipal Building Authority, Rev., AGM, 4.000%, 02/01/33		555
		Transportation — 0.7%
		Utah Transit Authority Subordinated Sales Tax,
	10,000	Rev., 3.000%, 12/15/27		10,676
	5,680	Rev., 3.000%, 12/15/28		5,967
				16,643
		Total Utah		28,333
		Vermont — 0.2%
		Education — 0.1%
		University of Vermont & State Agricultural College,
	750	Rev., 5.000%, 10/01/21		897
	855	Rev., 5.000%, 10/01/22		1,045
				1,942
		General Obligation — 0.1%
	1,025	City of Burlington, Vermont, Series A, GO, 3.000%, 11/01/18		1,071
		Other Revenue — 0.0% (g)
		Vermont Municipal Bond Bank,
	545	Series 2, Rev., 5.000%, 12/01/17		575

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	400	Series 3, Rev., 5.000%, 12/01/21		481
				1,056
		Total Vermont		4,069
		Virginia — 2.4%
		Education — 0.2%
	2,900	Virginia Public School Authority, Special Obligation, Rev., 5.000%, 07/15/19		3,255
		General Obligation — 0.7%
	3,940	City of Alexandria, Series A, GO, 4.250%, 06/15/18		4,195
		County of Arlington,
	5,390	Series B, GO, 5.000%, 08/15/22		6,619
	5,000	Series B, GO, 5.000%, 08/15/25		6,545
				17,359
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	5,090	Virginia Beach Development Authority, Public Refunded, Series C, Rev., 5.000%, 08/01/18		5,500
		Other Revenue — 0.3%
	2,150	Fairfax County Economic Development Authority, County Facilities Projects, Series A, Rev., 4.000%, 10/01/18		2,296
	1,300	Virginia Resources Authority, Infrastructure & State Moral Obligation, Series B, Rev., 5.000%, 11/01/18		1,421
	2,250	Virginia Resources Authority, Infrastructure Pooled Financing Program, Series C, Rev., 5.000%, 11/01/20		2,635
				6,352
		Prerefunded — 0.3%
	1,450	City of Norfolk, Capital Improvement, Series C, GO, 5.000%, 04/01/17 (p)		1,487
		Virginia Resources Authority, Clean Water State Revolving Fund,
	4,725	Rev., 4.750%, 10/01/17 (p)		4,939
				6,426
		Water & Sewer — 0.7%
		City of Norfolk, Water Revenue,
	4,435	Rev., 5.000%, 11/01/17		4,662
	1,340	Rev., 5.000%, 11/01/18		1,464
	3,190	County of Fairfax, Sewer Revenue, Rev., 5.000%, 07/15/19		3,581

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	5,615	Fairfax County Water Authority, Series B, Rev., 5.250%, 04/01/24		7,268
				16,975
		Total Virginia		55,867
		Washington — 1.2%
		Certificate of Participation/Lease — 0.2%
		State of Washington, State & Local Agency Real & Personal Property,
	2,555	Series D, COP, 5.000%, 07/01/18		2,752
	3,125	Series D, COP, 5.000%, 07/01/19		3,487
				6,239
		Education — 0.0% (g)
	125	University of Washington, Rev., 1.750%, 04/01/19		128
		General Obligation — 0.6%
	2,000	County of King, Shoreline School District No. 412, GO, 4.000%, 12/01/16		2,017
		King County Public Hospital District No. 2, Evergreenhealth,
	1,370	GO, 5.000%, 12/01/18		1,500
	870	GO, 5.000%, 12/01/19		986
	1,400	Snohomish County School District No. 002, Everett Refunding, GO, 4.000%, 12/01/17		1,457
	7,300	State of Washington, Various Purpose, Series R-2011B, GO, 5.000%, 07/01/17		7,571
				13,531
		Other Revenue — 0.2%
	3,205	Central Puget Sound Regional Transit Authority, Sales Tax, Green Bonds, Series S-1, Rev., 5.000%, 11/01/29		4,069
		Transportation — 0.2%
	4,000	Port of Seattle, Intermediate Lien, Series B, Rev., 5.000%, 03/01/19		4,421
		Utility — 0.0% (g)
	500	County of Snohomish, Public Utility District No. 1, Electric System, Rev., 5.000%, 12/01/25		648
		Total Washington		29,036
		West Virginia — 0.2%
		Hospital — 0.1%
		Monongalia County Building Commission, Health System,
	1,545	Rev., 5.000%, 07/01/18		1,655
	1,565	Rev., 5.000%, 07/01/22		1,865
				3,520

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.1%
	595	West Virginia Water Development Authority, Infrastructure Jobs Dev Council, Series A, Rev., 3.000%, 10/01/16		596
		West Virginia Water Development Authority, Loan Program II,
	540	Series A-II, Rev., 3.000%, 11/01/16		542
	555	Series B-II, Rev., 3.000%, 11/01/16		558
				1,696
		Total West Virginia		5,216
		Wisconsin — 1.1%
		Certificate of Participation/Lease — 0.1%
		State of Wisconsin, Master Lease,
	800	Series A, COP, 5.000%, 09/01/17		834
	1,125	Series A, COP, 5.000%, 09/01/18		1,217
				2,051
		Education — 0.4%
	5,815	Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senior Credit Group, Series B-2, Rev., VAR, 4.000%, 05/30/19		6,290
	450	Wisconsin Health & Educational Facilities Authority, Monroe Clinic, Inc., Rev., 4.000%, 02/15/31		495
	1,250	Wisconsin Health & Educational Facilities Authority, Thedacare, Inc., Rev., 5.000%, 12/15/20		1,451
				8,236
		General Obligation — 0.2%
	2,275	City of Oak Creek, Milwaukee County, GO, 2.000%, 11/01/16		2,277
		Pierce County, Ellsworth Community School District,
	335	GO, 4.000%, 04/01/27		384
	280	GO, 4.000%, 04/01/28		318
	1,990	State of Wisconsin, Series A, GO, 5.000%, 05/01/18		2,135
				5,114
		Prerefunded — 0.4%
	8,440	State of Wisconsin, Series A, GO, 5.000%, 05/01/21 (p)		10,012
		Total Wisconsin		25,413
		Total Municipal Bonds (Cost $1,985,227)		2,042,450

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — 7.2%
		California — 1.3%
		Other Revenue — 0.9%
		California Infrastructure & Economic Development Bank, The J. Paul Getty Trust,
	10,800	Series A-1, Rev., VAR, 0.910%, 09/01/16		10,801
	5,000	Series A-3, Rev., VAR, 0.910%, 09/01/16		4,993
	5,000	Series A-4, Rev., VAR, 0.910%, 09/01/16		4,993
	1,500	California Statewide Communities Development Authority, Kaiser Permanente, Series B, Rev., VAR, 1.580%, 09/01/16		1,503
				22,290
		Transportation — 0.4%
	9,000	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series G, Rev., VAR, 1.230%, 09/01/16		8,965
		Total California		31,255
		Connecticut — 0.1%
		General Obligation — 0.1%
	1,500	State of Connecticut, SIFMA Index, Series B, GO, VAR, 1.120%, 09/01/16		1,498
		Georgia — 0.3%
		Other Revenue — 0.2%
	5,000	Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Rev., VAR, 0.910%, 09/01/16		4,996
		Water & Sewer — 0.1%
	3,000	City of Atlanta, Water & Wastewater, Revenue Refunding, Series A-1, Rev., VAR, 1.852%, 09/01/16		3,042
		Total Georgia		8,038
		Massachusetts — 0.4%
		General Obligation — 0.4%
	10,000	Commonwealth of Massachusetts, Subseries D-2, GO, VAR, 0.930%, 09/01/16		9,995
		Michigan — 0.2%
		Education — 0.2%
	5,000	Regents of the University of Michigan, Series E, Rev., VAR, 1.060%, 09/01/16		4,975
		New York — 0.5%
		General Obligation — 0.4%
	10,000	City of New York, Subseries J-9, GO, VAR, 1.030%, 09/01/16		9,994
		Transportation — 0.1%
	2,500	Metropolitan Transportation Authority, Series D-2, Rev., VAR, 0.990%, 09/01/16		2,497
		Total New York		12,491

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ohio — 0.5%
		Hospital — 0.5%
	10,800	County of Allen, Mercy Health, Series B, Rev., VAR, 1.380%, 09/01/16		10,709
		Oklahoma — 0.1%
		Utility — 0.1%
	2,030	Oklahoma Municipal Power Authority, SIFMA Index, Series A, Rev., VAR, 1.430%, 09/01/16		2,027
		Oregon — 0.3%
		Hospital — 0.3%
		Oregon State Facilities Authority, Providence Health & Services,
	3,350	Series C, Rev., VAR, 0.860%, 09/01/16		3,350
	5,000	Series C, Rev., VAR, 1.510%, 09/01/16		5,000
		Total Oregon		8,350
		Pennsylvania — 0.4%
		Transportation — 0.4%
		Pennsylvania Turnpike Commission,
	5,000	Series A, Rev., VAR, 1.310%, 09/01/16		4,994
	1,525	Series A-2, Rev., VAR, 1.130%, 09/01/16		1,522
	2,500	Subseries A-2, Rev., VAR, 1.430%, 09/01/16		2,500
		Total Pennsylvania		9,016
		Texas — 2.5%
		Education — 0.3%
	7,500	County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital, Series 3, Rev., VAR, 1.206%, 09/01/16		7,497
		General Obligation — 0.8%
	17,500	State of Texas, Transportation Commission Mobility, Series B, GO, VAR, 1.010%, 09/01/16		17,398
		Transportation — 0.9%
		Harris County, Toll Road, Senior Lien,
	3,200	Series A, Rev., VAR, 1.260%, 09/01/16		3,201
	2,500	Series A, Rev., VAR, 1.410%, 09/01/16		2,502
	6,000	North Texas Tollway Authority System, First Tier, Series C, Rev., VAR, 1.300%, 09/01/16		6,018
	10,000	Texas Transportation Commission State Highway Fund, First Tier, SIFMA Index, Series B, Rev., VAR, 0.980%, 09/01/16		9,994
				21,715

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Utility — 0.3%
	7,500	City of San Antonio, Electric & Gas Systems, Junior Lien, Series B, Rev., VAR, 1.010%, 09/01/16		7,476
		Water & Sewer — 0.2%
	4,000	City of San Antonio, Water System, Junior Lien, Series F, Rev., VAR, 1.310%, 09/01/16		4,000
		Total Texas		58,086
		Washington — 0.6%
		Other Revenue — 0.2%
	5,000	Central Puget Sound Regional Transit Authority, Sales Tax, Series S-2A, Rev., VAR, 1.330%, 09/01/16		5,005
		Utility — 0.4%
	7,500	City of Seattle, Municipal Light & Power, Series B-1, Rev., VAR, 1.310%, 09/01/16		7,500
	1,000	Grant County Public Utility District No. 2, Electric System, Series K, Rev., VAR, 0.950%, 09/01/16		996
				8,496
		Total Washington		13,501
		Total Weekly Demand Notes (Cost $170,103)		169,941

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	85,536	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $85,536)		85,536
		Total Investments — 101.8% (Cost $2,342,240)		2,399,032
		Liabilities in Excess of Other Assets — (1.8)%		(42,024	)
		NET ASSETS — 100.0%	$	2,357,008

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 88.6% (t)
		Alabama — 0.6%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	1,000	Alabama Capital Region Solid Waste Disposal Authority, Tax-Exempt Solid Waste Disposal, IREP-Montgomery MRF, LLC Project, Series A, Rev., AMT, 4.500%, 06/15/34		1,064
		Other Revenue — 0.3%
	1,000	Montgomery County Public Building Authority, Facilities Project, Rev., 5.000%, 03/01/29		1,223
		Total Alabama		2,287
		Alaska — 3.8%
		Other Revenue — 0.0% (g)
	70	Alaska Municipal Bond Bank Authority, Rev., 5.750%, 09/01/33		77
		Prerefunded — 1.6%
	2,430	Alaska Municipal Bond Bank Authority, Rev., 5.750%, 09/01/18 (p)		2,677
	1,745	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Rev., AGC, 6.000%, 09/01/19 (p)		2,014
	1,005	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance, Rev., AGC, 6.000%, 09/01/28 (p)		1,160
				5,851
		Utility — 2.2%
		Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series,
	3,485	Rev., AGM, 6.000%, 07/01/17		3,637
	3,915	Rev., AGM, 6.000%, 07/01/19		4,469
				8,106
		Total Alaska		14,034
		Arizona — 0.5%
		General Obligation — 0.5%
	1,475	City Of Casa Grande, Arizona, Series B, GO, 4.000%, 08/01/32		1,689
		Arkansas — 0.4%
		Education — 0.1%
	185	Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus, Series A, Rev., 5.000%, 11/01/37		232
		Hospital — 0.3%
		City of Springdale, Public Facilities Board Hospital,
	890	Rev., 4.000%, 03/01/33		997

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — continued
	100	Rev., 4.000%, 03/01/36		111
				1,108
		Total Arkansas		1,340
		California — 20.5%
		Certificate of Participation/Lease — 0.5%
	1,500	Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project, COP, AGM, 5.000%, 06/01/33		1,764
		Education — 1.4%
	500	California Educational Facilities Authority, Claremont McKenna College, Series A, Rev., 4.000%, 01/01/39		563
	1,000	California Educational Facilities Authority, Stanford University, Series U-3, Rev., 5.000%, 06/01/43		1,485
		California State University, Systemwide,
	2,450	Series A, Rev., 3.125%, 11/01/36		2,503
	500	Series A, Rev., 4.000%, 11/01/45		564
				5,115
		General Obligation — 6.7%
	355	County of Santa Clara, Campbell Union High School District, GO, 3.000%, 08/01/31		386
	250	County of Santa Clara, Palo Alto Unified School District, GO, 3.000%, 08/01/35		263
		Los Angeles Unified School District,
	1,500	Series A, GO, 5.000%, 07/01/30		1,783
	5,000	Series D, GO, 5.000%, 01/01/34		5,603
	7,150	Mount San Antonio Community College District, Election of 2008, Series A, GO, Zero Coupon, 08/01/43		6,352
		Pittsburg Unified School District,
	1,025	GO, 4.000%, 08/01/32		1,188
	1,640	GO, 4.000%, 08/01/36		1,866
	50	Pomona Unified School District, Series A, GO, NATL-RE, 6.100%, 02/01/20		59
	3,000	Santa Maria Joint Union High School District, Santa Barbara & San Luis Obispo, GO, Zero Coupon, 08/01/37		1,179
	100	Santa Monica-Malibu Unified School District, GO, 4.000%, 08/01/21		115
	5,000	State of California, Various Purpose, GO, 6.500%, 04/01/33		5,735
				24,529

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Hospital — 3.0%
	2,215	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Rev., 5.000%, 11/15/28		2,816
	5,000	California Health Facilities Financing Authority, Providence St. Joseph Health, Series A, Rev., 4.000%, 10/01/47 (w)		5,576
	2,250	California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.000%, 11/15/41		2,768
				11,160
		Prerefunded — 2.9%
	40	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.500%, 10/01/18 (p)		45
	1,960	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health & Services, Series C, Rev., 6.500%, 10/01/18 (p)		2,198
	7,500	San Diego Public Facilities Financing Authority, Senior Sewer, Series A, Rev., 5.250%, 05/15/19 (p)		8,429
				10,672
		Transportation — 1.9%
	1,250	City of Los Angeles, Department of Airports, Series A, Rev., AMT, 5.000%, 05/15/38		1,470
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.000%, 07/01/27		1,285
		Los Angeles Harbor Department,
	1,165	Rev., 7.600%, 10/01/18 (p)		1,249
	350	Series A, Rev., 5.000%, 08/01/26		454
	2,000	San Francisco Bay Area Rapid Transit District, Sales Tax, Series A, Rev., 4.000%, 07/01/33		2,324
				6,782
		Utility — 2.2%
	375	City of Los Angeles Department of Water & Power, Power System, Series B, Rev., 5.000%, 07/01/36		467
	610	City of Los Angeles, Department of Water & Power, Power System, Series D, Rev., 5.000%, 07/01/33		759
	2,000	Long Beach Bond Finance Authority, Natural Gas Purchase, Series A, Rev., 5.250%, 11/15/21		2,327
	2,500	Los Angeles Department of Water & Power, Power System, Sub Series A-1, Rev., 5.250%, 07/01/38		2,702

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	595	Northern California Transmission Agency, Transmission Project, Series A, Rev., 5.000%, 05/01/31		754
	1,000	Southern California, Public Power Authority Canyon Power Project, Series A, Rev., 5.000%, 07/01/27		1,184
				8,193
		Water & Sewer — 1.9%
		East Bay Municipal Utility District Water System, Green Bonds,
	2,450	Series B, Rev., 5.000%, 06/01/32		3,077
	515	Series B, Rev., 5.000%, 06/01/33		645
	3,000	Metropolitan Water District of Southern California, Series A, Rev., 5.000%, 07/01/32		3,113
				6,835
		Total California		75,050
		Colorado — 4.5%
		Certificate of Participation/Lease — 2.1%
	4,655	Adams County, Colorado Refunding & Improvement, COP, 4.000%, 12/01/40		5,212
	2,000	State of Colorado, Building Excellent Schools Today, Series G, COP, 5.000%, 03/15/32		2,313
				7,525
		Education — 0.0% (g)
	150	Board of Governors of the University of Colorado, Enterprise System, Series E-1, Rev., 5.000%, 03/01/35		182
		Hospital — 0.9%
	2,130	Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.000%, 01/15/45		2,312
	1,000	Denver Health & Hospital Authority, Series A, Rev., 5.250%, 12/01/45		1,165
				3,477
		Other Revenue — 0.4%
	1,000	City Of Aurora, Rev., 5.000%, 08/01/28		1,290
		Prerefunded — 1.1%
		Colorado Water Resources & Power Development Authority, Water & Wastewater Utility Enterprise Project,
	1,000	Series A, Rev., AGC, 5.125%, 12/01/30 (p)		1,100
	1,000	Series A, Rev., AGC, 5.250%, 12/01/38 (p)		1,102

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — continued
	1,500	University of Colorado, University Enterprise, Series A, Rev., 5.375%, 06/01/19 (p)		1,689
				3,891
		Total Colorado		16,365
		Delaware — 0.6%
		Education — 0.3%
		The Delaware Economic Development Authority, Newark Charter School Inc. Project,
	500	Series A, Rev., 5.000%, 09/01/36		582
	500	Series A, Rev., 5.000%, 09/01/46		577
				1,159
		Hospital — 0.3%
	1,160	Delaware State Economic Development Authority, Osteopathic Hospital Association, Series A, Rev., 6.900%, 01/01/18 (p)		1,213
		Total Delaware		2,372
		District of Columbia — 1.6%
		Education — 0.3%
		District of Columbia,
	500	Series A, Rev., 6.000%, 07/01/43		602
	500	Series A, Rev., 6.000%, 07/01/48		598
				1,200
		General Obligation — 1.3%
	3,965	District of Columbia, Series B, GO, NATL-RE, 6.000%, 06/01/19		4,524
		Total District of Columbia		5,724
		Florida — 3.9%
		General Obligation — 0.9%
	2,415	Hillsborough County, Parks & Recreation Program, GO, NATL-RE, 5.250%, 07/01/25		3,180
		Hospital — 0.0% (g)
	215	Orange County Health Facilities Authority, Orlando Health Inc., Series B, Rev., 4.000%, 10/01/45		233
		Other Revenue — 1.2%
	2,240	County of Palm Beach, Rev., 5.000%, 05/01/38		2,777
		Palm Beach County, Public Improvement,
	1,115	Rev., 5.000%, 05/01/24		1,413
	135	Rev., 5.000%, 05/01/27		175
				4,365

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.9%
	3,205	Hillsborough County Aviation Authority, Tampa International Airport, Series B, Rev., NATL-RE, 6.000%, 10/01/18		3,522
		Utility — 0.9%
	2,820	Tohopekaliga Water Authority, Utility System Revenue, Series A, Rev., 4.000%, 10/01/41		3,181
		Total Florida		14,481
		Georgia — 1.3%
		Hospital — 1.3%
	3,845	Dalton Development Authority, Hamilton Health Care System, Rev., NATL-RE, 5.500%, 08/15/26		4,611
		Illinois — 3.2%
		Education — 0.6%
	1,750	Chicago Public Building Commission, Board of Education, Series A, Rev., NATL-RE, 7.000%, 01/01/20 (p)		2,033
		General Obligation — 1.0%
	355	Cook County Forest Preserve District, Limited Tax Project, Series B, GO, 5.000%, 12/15/37		398
	3,000	State of Illinois, GO, 5.500%, 07/01/38		3,381
				3,779
		Other Revenue — 0.3%
	1,000	Illinois Finance Authority, Series A, Rev., 4.000%, 10/01/31		1,123
		Transportation — 1.3%
	1,500	Chicago O’Hare International Airport, General Airport, Third Lien, Series A, Rev., NATL-RE, 5.750%, 01/01/39		1,754
	2,580	Regional Transportation Authority, Series D, Rev., NATL-RE, 7.750%, 06/01/19		2,870
				4,624
		Total Illinois		11,559
		Indiana — 1.3%
		Other Revenue — 1.3%
	4,000	Indiana Finance Authority, State Revolving Fund Program, Series A, Rev., 5.000%, 02/01/30		4,761
		Kentucky — 1.3%
		Education — 1.3%
		Oldham County, Kentucky School District Finance Corp., School Building,
	1,760	Rev., 5.000%, 06/01/26		2,241
	2,000	Rev., 5.000%, 06/01/27		2,579
		Total Kentucky		4,820

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Louisiana — 0.7%
		Other Revenue — 0.7%
	1,150	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.000%, 05/15/47		1,350
	1,000	Tobacco Settlement Financing Corp., Asset-Backed, Series A, Rev., 5.250%, 05/15/35		1,141
		Total Louisiana		2,491
		Maine — 1.8%
		Prerefunded — 1.8%
		Maine Turnpike Authority,
	5,675	Rev., 6.000%, 07/01/19 (p)		6,514
		Total Maine		6,514
		Maryland — 0.5%
		General Obligation — 0.5%
	1,420	Baltimore County, Consolidated Public Improvement, GO, 5.000%, 08/01/26		1,841
		Massachusetts — 0.6%
		General Obligation — 0.5%
	1,500	Commonwealth of Massachusetts, Series A, GO, 5.000%, 03/01/32		1,844
		Water & Sewer — 0.1%
	285	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.250%, 08/01/28		392
		Total Massachusetts		2,236
		Michigan — 0.5%
		Other Revenue — 0.5%
	1,500	Michigan State Trunk Line, Rev., 5.000%, 11/15/36		1,757
		Minnesota — 0.3%
		General Obligation — 0.3%
	765	Independent School District No. 720, Shakopee Public Schools, Series A, GO, 5.000%, 02/01/25		972
		Mississippi — 0.4%
		Water & Sewer — 0.4%
	1,000	Mississippi Development Bank, Water & Sewer System Project, Special Obligation, Rev., AGM, 6.875%, 12/01/40		1,356
		Montana — 0.1%
		Prerefunded — 0.1%
	400	City of Helena, COP, 5.000%, 01/01/29 (p)		440

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Nebraska — 0.1%
		Utility — 0.1%
	280	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A, Rev., 5.000%, 01/01/41		339
		New Jersey — 1.3%
		Housing — 0.1%
	505	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series AA, Rev., 6.375%, 10/01/28 (w)		523
		Transportation — 1.2%
	10,435	New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems, Series A, Rev., Zero Coupon, 12/15/36		4,445
		Total New Jersey		4,968
		New York — 12.1%
		Education — 1.6%
	3,000	New York State Dormitory Authority, Columbia University, Sub Series A-2, Rev., 5.000%, 10/01/46		4,588
	1,025	State Dormitory Authority, New York University, Series A, Rev., 5.000%, 07/01/28		1,330
				5,918
		General Obligation — 0.5%
		Gorham-Middlesex Central School District,
	795	GO, 3.000%, 12/15/20		856
	820	GO, 3.000%, 12/15/21		897
				1,753
		Other Revenue — 2.5%
		Brooklyn Arena Local Development Corp.,
	625	Series A, Rev., 5.000%, 07/15/26 (w)		786
	565	Series A, Rev., 5.000%, 07/15/28 (w)		708
	1,475	New York City Municipal Water Finance Authority, Building Aid, Series S-1, Rev., 5.000%, 07/15/33		1,839
	4,450	New York State Dormitory Authority, State Sales Tax, Series A, Rev., 5.000%, 03/15/26		5,757
				9,090
		Prerefunded — 0.3%
	1,150	New York City Municipal Water Finance Authority, Water & Sewer System, Series A, Rev., 5.750%, 06/15/18 (p)		1,254
		Transportation — 4.3%
	12,000	Port Authority of New York & New Jersey, Consolidated, 93rd Series, Rev., 6.125%, 06/01/94		15,587

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 1.4%
	4,250	Utility Debt Securitization Authority, Series TE, Rev., 5.000%, 12/15/41		5,178
		Water & Sewer — 1.5%
		New York City Municipal Water Finance Authority, Water & Sewer System,
	360	Series A, Rev., 4.500%, 06/15/32		438
	3,850	Series A, Rev., 5.750%, 06/15/40		4,202
		Water Authority of Great Neck North, New York water system,
	200	Series A, Rev., 4.000%, 01/01/29		240
	35	Series A, Rev., 4.000%, 01/01/30		42
	425	Series A, Rev., 4.000%, 01/01/33		501
				5,423
		Total New York		44,203
		North Carolina — 0.5%
		Other Revenue — 0.5%
		City of Wilmington,
	490	Rev., 4.000%, 06/01/33		567
	1,250	Rev., 4.000%, 06/01/34		1,439
		Total North Carolina		2,006
		North Dakota — 0.0% (g)
		General Obligation — 0.0% (g)
	105	West Fargo Public School District No. 6, Series A, GO, 3.000%, 05/01/25		117
		Ohio — 1.4%
		General Obligation — 0.6%
		Greenville City School District, School Improvement,
	1,000	GO, 5.250%, 01/01/38		1,162
	1,000	GO, 5.250%, 01/01/41		1,160
				2,322
		Hospital — 0.3%
	1,000	County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities, Series A, Rev., 5.500%, 07/01/39		1,177
		Prerefunded — 0.5%
		County of Richland, Correctional Facilities Improvement,
	500	GO, AGC, 5.875%, 12/01/18 (p)		558
	400	GO, AGC, 6.000%, 12/01/18 (p)		448
	650	GO, AGC, 6.125%, 12/01/18 (p)		730
				1,736
		Total Ohio		5,235

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oklahoma — 1.4%
		Utility — 0.8%
	2,500	The Edmond Public Works Authority, Sales Tax and Utility System, Rev., 4.000%, 07/01/41		2,781
		Water & Sewer — 0.6%
	2,000	Oklahoma City Water Utilities Trust, Water & Sewer System, Series A, Rev., 5.000%, 07/01/34		2,225
		Total Oklahoma		5,006
		Oregon — 1.0%
		Utility — 0.7%
		City Of Eugene, Oregon Electric Utility System,
	1,000	Series A, Rev., 4.000%, 08/01/32		1,154
	1,035	Series A, Rev., 5.000%, 08/01/30		1,321
				2,475
		Water & Sewer — 0.3%
	825	City of Portland, Sewer System, First Lien, Series A, Rev., 5.000%, 06/01/26		1,063
		Total Oregon		3,538
		Pennsylvania — 0.1%
		General Obligation — 0.1%
	250	County Of Allegheny Pennsylvania, Series C, GO, 5.000%, 11/01/23		310
		South Carolina — 6.7%
		General Obligation — 0.3%
		Anderson County South Carolina School District No. 5,
	630	GO, SCSDE, 5.000%, 03/01/27		812
	140	Series B, GO, SCSDE, 5.000%, 03/01/28		179
				991
		Prerefunded — 2.9%
	9,515	Laurens County School District No. 056, GO, AGC, SCSDE, 6.125%, 03/01/19 (p)		10,807
		Utility — 2.8%
	3,900	Piedmont Municipal Power Agency, Electric, Rev., FGIC, 6.750%, 01/01/20 (p)		4,659
	4,615	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, 6.750%, 01/01/20		5,453
				10,112
		Water & Sewer — 0.7%
		City of Anderson, South Carolina Water & Sewer System,
	320	Rev., 5.000%, 07/01/29		406

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — continued
	680	Rev., 5.000%, 07/01/30		860
	535	Rev., 5.000%, 07/01/31		673
	500	Rev., 5.000%, 07/01/32		628
				2,567
		Total South Carolina		24,477
		South Dakota — 0.2%
		Other Revenue — 0.1%
	300	South Dakota State Building Authority, Series A, Rev., 5.000%, 06/01/22		362
		Utility — 0.1%
	555	Heartland Consumers Power District, Unrefunded Balance, Rev., AGM, 6.000%, 01/01/17 (p)		565
		Total South Dakota		927
		Tennessee — 1.1%
		General Obligation — 0.2%
	175	Franklin Special School District, Limited Tax School Refunding & Improvement, GO, 5.000%, 06/01/31		220
	400	The Metropolitan Government of Nashville & Davidson County, GO, 4.000%, 01/01/31		467
				687
		Utility — 0.9%
	1,955	City Of Memphis, Tennessee Electric System, Rev., 5.000%, 12/01/28		2,534
	535	The City Of Clarksville, Tennessee Water, Sewer and Gas, Rev., 5.000%, 02/01/35		667
				3,201
		Total Tennessee		3,888
		Texas — 8.1%
		Education — 1.5%
	1,250	Clifton Higher Education Finance Corp., Idea Public Schools, Rev., 6.000%, 08/15/33		1,524
		Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital,
	1,000	Rev., 5.125%, 09/01/33		1,169
	2,300	Rev., 5.500%, 09/01/43		2,715
				5,408
		General Obligation — 0.7%
	535	City of Carrollton, GO, 5.000%, 08/15/26		597
	1,645	Wink Loving Independent School District, GO, 4.000%, 02/15/21		1,859
				2,456

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.4%
	1,375	Harris County Health Facilities Development Corp., Texas Children’s Hospital Project, Rev., 5.500%, 10/01/19 (p)(w)		1,492
		Prerefunded — 3.0%
	4,435	Canyon Regional Water Authority, Wells Ranch Project, Rev., AMBAC, 5.125%, 08/01/25 (p)		4,621
	2,200	City of Forney, Independent School District, Series A, GO, PSF-GTD, 5.750%, 08/15/18 (p)		2,419
	3,500	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.250%, 12/01/18 (p)		4,011
				11,051
		Transportation — 1.3%
	1,965	Dallas-Fort Worth International Airport, Joint Improvement, Series A, Rev., 5.000%, 11/01/42		2,241
	2,000	North Texas Tollway Authority, Special Projects System, Series A, Rev., 6.000%, 09/01/41		2,448
				4,689
		Utility — 0.2%
		City of San Antonio, Electric & Gas Systems,
	480	Rev., 5.000%, 02/01/17 (p)		489
	85	Rev., 5.000%, 02/01/32		107
				596
		Water & Sewer — 1.0%
	2,500	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		3,822
		Total Texas		29,514
		Utah — 1.1%
		Other Revenue — 0.4%
	1,270	Municipal Building Authority Of West Valley City, Rev., 5.000%, 02/01/27		1,591
	110	Utah Infrastructure Agency Telecommunications and Franchise Tax, Rev., 4.000%, 10/15/40		122
				1,713
		Water & Sewer — 0.7%
	2,000	Jordan Valley Water Conservancy District, Series A, Rev., 5.000%, 10/01/46		2,476
		Total Utah		4,189

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — 0.5%
		Transportation — 0.5%
		Capital Region Airport Commission (Richmond International Airport),
	500	Series A, Rev., 4.000%, 07/01/35		568
	350	Series A, Rev., 4.000%, 07/01/36		396
	750	Series A, Rev., 4.000%, 07/01/38		850
		Total Virginia		1,814
		Washington — 4.6%
		Education — 1.9%
	500	Washington State University, Rev., 5.000%, 10/01/40		612
	5,430	Western Washington University, Housing & Dining System, Junior Lien, Series A, Rev., AMBAC, 5.500%, 10/01/22		6,360
				6,972
		General Obligation — 1.2%
	2,500	State Of Washington, Series 2017A, GO, 5.000%, 08/01/38		3,100
	1,000	State of Washington, Various Purpose, Series C, GO, 5.000%, 02/01/34		1,241
				4,341

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 1.5%
	5,000	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.000%, 08/15/18 (p)		5,423
		Total Washington		16,736
		Total Municipal Bonds (Cost $290,535)		323,967
SHARES
	Short-Term Investment — 14.2%
		Investment Company — 14.2%
	51,970	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $51,970)		51,970
		Total Investments — 102.8% (Cost $342,505)		375,937
		Liabilities in Excess of Other Assets — (2.8)%		(10,208	)
		NET ASSETS — 100.0%	$	365,729

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 53

J.P. Morgan Municipal Bond Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
BRRH	—  Boca Raton Regional Hospital
CHESLA	—  Connecticut Higher Education Supplemental Loan Authority
CMO	—  Collateralized Mortgage Obligation
COLL	—  Collateral
COP	—  Certificate of Participation
CR	—  Custodial Receipts
FGIC	—  Insured by Financial Guaranty Insurance Co.
FHA	—  Federal Housing Administration
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
GRAN	—  Grant Revenue Anticipation Note
GTD	—  Guaranteed
ICC	—  Insured Custody Certificates
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.

PSF	—  Permanent School Fund
Q-SBLF	—  Qualified School Bond Loan Fund
RE	—  Reinsured
REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
SCSDE	—  South Carolina School District Enhancement
SIFMA	—  Securities Industry and Financial Markets Association
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of August 31, 2016.
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2016.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)	—  Amount rounds to less than 0.05%.
(l)	—  The rate shown is the current yield as of August 31, 2016.
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date, or final maturity date.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in certified portfolio holdings filed quarterly on Form N-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 55

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	Municipal Income Fund			Ohio Municipal Bond Fund		Short- Intermediate Municipal Bond Fund			Tax Free Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	301,679		$	129,755	$	2,313,496		$	323,967
Investments in affiliates, at value		10,171			2,626		85,536			51,970
Total investment securities, at value		311,850			132,381		2,399,032			375,937
Cash		—			—		—	(a)		—
Receivables:
Investment securities sold		743			25		1,915			108
Investment securities sold — delayed delivery securities		125			30		2,075			3,082
Fund shares sold		305			61		2,316			1,420
Interest and dividends from non-affiliates		3,217			1,380		21,577			3,458
Dividends from affiliates		3			1		22			9
Total Assets		316,243			133,878		2,426,937			384,014
LIABILITIES:
Payables:
Investment securities purchased		1,247			—		25,596			7,990
Investment securities purchased — delayed delivery securities		1,891			—		40,521			9,617
Fund shares redeemed		192			441		3,149			428
Accrued liabilities:
Investment advisory fees		58			31		321			63
Administration fees		9			7		70			9
Distribution fees		29			29		18			60
Shareholder servicing fees		54			15		44			35
Custodian and accounting fees		7			8		54			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		2			—
Audit fees		32			33		29			40
Other		21			18		125			32
Total Liabilities		3,540			583		69,929			18,285
Net Assets	$	312,703		$	133,295	$	2,357,008		$	365,729

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

	Municipal Income Fund			Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund			Tax Free Bond Fund
NET ASSETS:
Paid-in-Capital	$	290,329		$	122,320		$	2,290,131		$	325,555
Accumulated undistributed (distributions in excess of) net investment income		(34	)		(6	)		(143	)		(50	)
Accumulated net realized gains (losses)		3,514			655			10,228			6,792
Net unrealized appreciation (depreciation)		18,894			10,326			56,792			33,432
Total Net Assets	$	312,703		$	133,295		$	2,357,008		$	365,729
Net Assets:
Class A	$	82,515		$	50,951		$	37,863		$	174,844
Class C		19,203			29,069			16,228			36,466
Institutional Class		—			—			2,143,937			—
Select Class		210,985			53,275			158,980			154,419
Total	$	312,703		$	133,295		$	2,357,008		$	365,729
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		8,094			4,610			3,516			13,598
Class C		1,901			2,616			1,495			2,858
Institutional Class		—			—			198,105			—
Select Class		20,834			4,852			14,723			12,056
Net Asset Value (a):
Class A — Redemption price per share	$	10.19		$	11.05		$	10.77		$	12.86
Class C — Offering price per share (b)		10.10			11.11			10.85			12.76
Institutional Class — Offering and redemption price per share		—			—			10.82			—
Select Class — Offering and redemption price per share		10.13			10.98			10.80			12.81
Class A maximum sales charge		3.75	%		3.75	%		2.25	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	10.59		$	11.48		$	11.02		$	13.36
Cost of investments in non-affiliates	$	282,785		$	119,429		$	2,256,704		$	290,535
Cost of investments in affiliates		10,171			2,626			85,536			51,970

(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, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 57

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

	Municipal Income Fund			Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund			Tax Free Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	4,830		$	2,323		$	19,467		$	6,376
Dividend income from non-affiliates		158			—			—			—
Dividend income from affiliates		10			2			62			24
Total investment income		4,998			2,325			19,529			6,400
EXPENSES:
Investment advisory fees		475			201			3,063			501
Administration fees		130			55			1,005			137
Distribution fees:
Class A		100			64			50			206
Class C		66			105			63			119
Shareholder servicing fees:
Class A		100			64			50			206
Class C		22			35			21			40
Institutional Class		—			—			1,119			—
Select Class		275			68			194			171
Custodian and accounting fees		42			40			135			45
Interest expense to affiliates		—	(a)		—			—			—
Professional fees		29			27			33			36
Trustees’ and Chief Compliance Officer’s fees		11			12			14			11
Printing and mailing costs		5			6			42			7
Registration and filing fees		22			7			61			31
Transfer agency fees (See Note 2.D.)		4			4			13			13
Sub-transfer agency fees (See Note 2.D.)		18			10			178			27
Other		3			4			19			6
Total expenses		1,302			702			6,060			1,556
Less fees waived		(236	)		(93	)		(2,533	)		(462	)
Less earnings credits		—			—			—	(a)		—
Less expense reimbursements		—			—			(130	)		—
Net expenses		1,066			609			3,397			1,094
Net investment income (loss)		3,932			1,716			16,132			5,306
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		3,523			263			9,024			4,727
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(358	)		318			4,399			2,414
Net realized/unrealized gains (losses)		3,165			581			13,423			7,141
Change in net assets resulting from operations	$	7,097		$	2,297		$	29,555		$	12,447

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,932		$	8,523		$	1,716		$	3,902
Net realized gain (loss)		3,523			2,323			263			881
Distributions of capital gains received from investment company affiliates		—			2			—			—	(a)
Change in net unrealized appreciation/depreciation		(358	)		(284	)		318			(1,269	)
Change in net assets resulting from operations		7,097			10,564			2,297			3,514
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(970	)		(1,746	)		(680	)		(1,480	)
From net realized gains		—			(513	)		—			(470	)
Class B (b)
From net investment income		—			—	(a)		—			(3	)
Class C
From net investment income		(165	)		(289	)		(281	)		(604	)
From net realized gains		—			(105	)		—			(240	)
Select Class
From net investment income		(2,899	)		(6,683	)		(789	)		(1,922	)
From net realized gains		—			(1,813	)		—			(526	)
Total distributions to shareholders		(4,034	)		(11,149	)		(1,750	)		(5,245	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(25,294	)		(2,140	)		465			(15,915	)
NET ASSETS:
Change in net assets		(22,231	)		(2,725	)		1,012			(17,646	)
Beginning of period		334,934			337,659			132,283			149,929
End of period	$	312,703		$	334,934		$	133,295		$	132,283
Accumulated undistributed (distributions in excess of) net investment income	$	(34	)	$	68		$	(6	)	$	28

(a) Amount rounds to less than 500.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,132		$	36,155		$	5,306		$	11,022
Net realized gain (loss)		9,024			4,455			4,727			3,539
Distributions of capital gains received from investment company affiliates		—			3			—			2
Change in net unrealized appreciation/depreciation		4,399			22,057			2,414			(4,498	)
Change in net assets resulting from operations		29,555			62,670			12,447			10,065
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(180	)		(279	)		(2,613	)		(5,422	)
From net realized gains		—			—			—			(1,137	)
Class B (a)
From net investment income		—			—	(b)		—			(3	)
Class C
From net investment income		(35	)		(34	)		(406	)		(774	)
From net realized gains		—			—			—			(190	)
Institutional Class
From net investment income		(15,603	)		(34,727	)		—			—
Select Class
From net investment income		(919	)		(1,502	)		(2,311	)		(5,128	)
From net realized gains		—			—			—			(966	)
Total distributions to shareholders		(16,737	)		(36,542	)		(5,330	)		(13,620	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(316,222	)		(450,440	)		53,599			(35,086	)
NET ASSETS:
Change in net assets		(303,404	)		(424,312	)		60,716			(38,641	)
Beginning of period		2,660,412			3,084,724			305,013			343,654
End of period	$	2,357,008		$	2,660,412		$	365,729		$	305,013
Accumulated undistributed (distributions in excess of) net investment income	$	(143	)	$	462		$	(50	)	$	(26	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	13,996		$	16,000		$	1,865		$	3,024
Distributions reinvested		950			2,210			636			1,825
Cost of shares redeemed		(6,299	)		(13,070	)		(2,673	)		(5,644	)
Conversion from Class B Shares		—			31			—			459
Change in net assets resulting from Class A capital transactions	$	8,647		$	5,171		$	(172	)	$	(336	)
Class B (a)
Proceeds from shares issued	$	—		$	—	(b)	$	—		$	1
Distributions reinvested		—			—	(b)		—			2
Cost of shares redeemed		—			(10	)		—			(72	)
Conversion to Class A Shares		—			(31	)		—			(459	)
Change in net assets resulting from Class B capital transactions	$	—		$	(41	)	$	—		$	(528	)
Class C
Proceeds from shares issued	$	4,322		$	4,893		$	3,429		$	2,398
Distributions reinvested		149			346			270			815
Cost of shares redeemed		(1,383	)		(3,716	)		(1,293	)		(3,608	)
Change in net assets resulting from Class C capital transactions	$	3,088		$	1,523		$	2,406		$	(395	)
Select Class
Proceeds from shares issued	$	27,867		$	87,128		$	3,412		$	5,370
Distributions reinvested		420			1,019			593			1,753
Cost of shares redeemed		(65,316	)		(96,940	)		(5,774	)		(21,779	)
Change in net assets resulting from Select Class capital transactions	$	(37,029	)	$	(8,793	)	$	(1,769	)	$	(14,656	)
Total change in net assets resulting from capital transactions	$	(25,294	)	$	(2,140	)	$	465		$	(15,915	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Municipal Income Fund						Ohio Municipal Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued		1,378			1,592			169			274
Reinvested		93			221			58			166
Redeemed		(619	)		(1,302	)		(242	)		(512	)
Conversion from Class B Shares		—			3			—			42
Change in Class A Shares		852			514			(15	)		(30	)
Class B (a)
Issued		—			—	(b)		—			1
Reinvested		—			—	(b)		—			—	(b)
Redeemed		—			(1	)		—			(7	)
Conversion to Class A Shares		—			(3	)		—			(41	)
Change in Class B Shares		—			(4	)		—			(47	)
Class C
Issued		429			489			308			216
Reinvested		15			35			24			74
Redeemed		(137	)		(374	)		(116	)		(326	)
Change in Class C Shares		307			150			216			(36	)
Select Class
Issued		2,759			8,731			311			490
Reinvested		42			102			54			160
Redeemed		(6,479	)		(9,723	)		(525	)		(1,986	)
Change in Select Class Shares		(3,678	)		(890	)		(160	)		(1,336	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,602		$	9,633		$	34,317		$	37,119
Distributions reinvested		176			269			2,515			6,297
Cost of shares redeemed		(7,478	)		(12,393	)		(17,780	)		(56,410	)
Conversion from Class B Shares		—			40			—			381
Change in net assets resulting from Class A capital transactions	$	(700	)	$	(2,451	)	$	19,052		$	(12,613	)
Class B (a)
Proceeds from shares issued	$	—		$	—	(b)	$	—		$	—	(b)
Distributions reinvested		—			—	(b)		—			3
Cost of shares redeemed		—			—			—			(228	)
Conversion to Class A Shares		—			(40	)		—			(381	)
Change in net assets resulting from Class B capital transactions	$	—		$	(40	)	$	—		$	(606	)
Class C
Proceeds from shares issued	$	1,030		$	6,849		$	12,394		$	5,451
Distributions reinvested		31			30			397			947
Cost of shares redeemed		(2,629	)		(7,401	)		(3,699	)		(6,982	)
Change in net assets resulting from Class C capital transactions	$	(1,568	)	$	(522	)	$	9,092		$	(584	)
Institutional Class
Proceeds from shares issued	$	261,206		$	1,058,123		$	—		$	—
Distributions reinvested		3,670			5,951			—			—
Cost of shares redeemed		(586,037	)		(1,492,628	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	(321,161	)	$	(428,554	)	$	—		$	—
Select Class
Proceeds from shares issued	$	22,294		$	47,246		$	38,354		$	27,990
Distributions reinvested		144			286			1,082			2,391
Cost of shares redeemed		(15,231	)		(66,405	)		(13,981	)		(51,664	)
Change in net assets resulting from Select Class capital transactions	$	7,207		$	(18,873	)	$	25,455		$	(21,283	)
Total change in net assets resulting from capital transactions	$	(316,222	)	$	(450,440	)	$	53,599		$	(35,086	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued		616			910			2,686			2,962
Reinvested		16			25			197			503
Redeemed		(696	)		(1,170	)		(1,389	)		(4,496	)
Conversion from Class B Shares		—			4			—			31
Change in Class A Shares		(64	)		(231	)		1,494			(1,000	)
Class B (a)
Issued		—			—	(b)		—			—	(b)
Reinvested		—			—	(b)		—			—	(b)
Redeemed		—			—			—			(18	)
Conversion to Class A Shares		—			(4	)		—			(31	)
Change in Class B Shares		—			(4	)		—			(49	)
Class C
Issued		94			640			978			437
Reinvested		3			3			32			76
Redeemed		(243	)		(692	)		(292	)		(561	)
Change in Class C Shares		(146	)		(49	)		718			(48	)
Institutional Class
Issued		24,211			99,256			—			—
Reinvested		340			558			—			—
Redeemed		(54,397	)		(139,661	)		—			—
Change in Institutional Class Shares		(29,846	)		(39,847	)		—			—
Select Class
Issued		2,071			4,432			3,010			2,236
Reinvested		14			27			85			192
Redeemed		(1,415	)		(6,244	)		(1,104	)		(4,147	)
Change in Select Class Shares		670			(1,785	)		1,991			(1,719	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Municipal Income Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	10.10	$	0.12	$	0.09		$	0.21		$	(0.12	)	$	—		$	(0.12	)
Year Ended February 29, 2016		10.11		0.25		0.08			0.33			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2015		9.98		0.27		0.18			0.45			(0.27	)		(0.05	)		(0.32	)
Year Ended February 28, 2014		10.41		0.28		(0.28	)		—	(g)		(0.29	)		(0.14	)		(0.43	)
Year Ended February 28, 2013		10.35		0.29		0.05			0.34			(0.28	)		—			(0.28	)
Year Ended February 29, 2012		9.86		0.30		0.50			0.80			(0.31	)		—			(0.31	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		10.00		0.09		0.10			0.19			(0.09	)		—			(0.09	)
Year Ended February 29, 2016		10.02		0.19		0.07			0.26			(0.20	)		(0.08	)		(0.28	)
Year Ended February 28, 2015		9.90		0.21		0.17			0.38			(0.21	)		(0.05	)		(0.26	)
Year Ended February 28, 2014		10.33		0.22		(0.28	)		(0.06	)		(0.23	)		(0.14	)		(0.37	)
Year Ended February 28, 2013		10.27		0.23		0.06			0.29			(0.23	)		—			(0.23	)
Year Ended February 29, 2012		9.78		0.24		0.50			0.74			(0.25	)		—			(0.25	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.03		0.13		0.11			0.24			(0.14	)		—			(0.14	)
Year Ended February 29, 2016		10.04		0.28		0.07			0.35			(0.28	)		(0.08	)		(0.36	)
Year Ended February 28, 2015		9.92		0.29		0.17			0.46			(0.29	)		(0.05	)		(0.34	)
Year Ended February 28, 2014		10.35		0.30		(0.27	)		0.03			(0.32	)		(0.14	)		(0.46	)
Year Ended February 28, 2013		10.29		0.31		0.06			0.37			(0.31	)		—			(0.31	)
Year Ended February 29, 2012		9.80		0.32		0.50			0.82			(0.33	)		—			(0.33	)

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

(b) Calculated based upon average shares outstanding.

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

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

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

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

		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)(f)
$	10.19		2.13	%	$	82,515		0.81	%		2.33	%		0.98	%		8	%
	10.10		3.26			73,120		0.82			2.52			0.97			22
	10.11		4.47			68,003		0.86			2.65			0.97			9
	9.98		0.13			64,327		0.87			2.78			0.94			3
	10.41		3.35			86,839		0.86			2.76			0.92			13
	10.35		8.19			90,497		0.86			2.95			0.93			6
	10.10		1.95			19,203		1.38			1.76			1.48			8
	10.00		2.61			15,950		1.39			1.95			1.48			22
	10.02		3.81			14,462		1.44			2.07			1.47			9
	9.90		(0.45	)		15,425		1.44			2.20			1.44			3
	10.33		2.80			26,248		1.42			2.21			1.42			13
	10.27		7.66			26,863		1.42			2.39			1.43			6
	10.13		2.37			210,985		0.56			2.59			0.71			8
	10.03		3.56			245,864		0.57			2.77			0.70			22
	10.04		4.66			255,153		0.61			2.91			0.71			9
	9.92		0.38			279,537		0.62			3.02			0.69			3
	10.35		3.61			483,257		0.62			3.01			0.67			13
	10.29		8.49			616,596		0.61			3.20			0.68			6

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Ohio Municipal Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	11.01	$	0.14	$	0.05		$	0.19		$	(0.15	)	$	—		$	(0.15	)
Year Ended February 29, 2016		11.14		0.31		(0.02	)		0.29			(0.32	)		(0.10	)		(0.42	)
Year Ended February 28, 2015		11.17		0.32		0.06			0.38			(0.33	)		(0.08	)		(0.41	)
Year Ended February 28, 2014		11.51		0.32		(0.34	)		(0.02	)		(0.32	)		—	(g)		(0.32	)
Year Ended February 28, 2013		11.50		0.32		0.01			0.33			(0.31	)		(0.01	)		(0.32	)
Year Ended February 29, 2012		10.95		0.35		0.56			0.91			(0.35	)		(0.01	)		(0.36	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		11.07		0.11		0.04			0.15			(0.11	)		—			(0.11	)
Year Ended February 29, 2016		11.19		0.25		(0.02	)		0.23			(0.25	)		(0.10	)		(0.35	)
Year Ended February 28, 2015		11.22		0.26		0.05			0.31			(0.26	)		(0.08	)		(0.34	)
Year Ended February 28, 2014		11.56		0.25		(0.33	)		(0.08	)		(0.26	)		—	(g)		(0.26	)
Year Ended February 28, 2013		11.55		0.25		0.01			0.26			(0.24	)		(0.01	)		(0.25	)
Year Ended February 29, 2012		10.99		0.28		0.57			0.85			(0.28	)		(0.01	)		(0.29	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.94		0.16		0.04			0.20			(0.16	)		—			(0.16	)
Year Ended February 29, 2016		11.07		0.34		(0.02	)		0.32			(0.35	)		(0.10	)		(0.45	)
Year Ended February 28, 2015		11.10		0.35		0.06			0.41			(0.36	)		(0.08	)		(0.44	)
Year Ended February 28, 2014		11.44		0.35		(0.34	)		0.01			(0.35	)		—	(g)		(0.35	)
Year Ended February 28, 2013		11.43		0.35		0.01			0.36			(0.34	)		(0.01	)		(0.35	)
Year Ended February 29, 2012		10.88		0.37		0.57			0.94			(0.38	)		(0.01	)		(0.39	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

		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)(f)
$	11.05		1.71	%	$	50,951		0.88	%		2.59	%		1.04	%		4	%
	11.01		2.72			50,915		0.88			2.83			0.98			8
	11.14		3.47			51,856		0.88			2.89			1.07			3
	11.17		(0.08	)		61,153		0.88			2.85			0.99			3
	11.51		2.86			90,786		0.87			2.77			0.97			6
	11.50		8.44			86,982		0.88			3.09			0.98			6
	11.11		1.38			29,069		1.52			1.95			1.55			4
	11.07		2.14			26,556		1.49			2.22			1.49			8
	11.19		2.81			27,267		1.50			2.27			1.57			3
	11.22		(0.70	)		29,872		1.48			2.24			1.48			3
	11.56		2.27			55,414		1.46			2.18			1.47			6
	11.55		7.87			51,690		1.48			2.49			1.48			6
	10.98		1.84			53,275		0.63			2.84			0.79			4
	10.94		2.99			54,812		0.63			3.08			0.74			8
	11.07		3.75			70,270		0.63			3.15			0.82			3
	11.10		0.17			90,114		0.63			3.11			0.74			3
	11.44		3.12			103,644		0.62			3.02			0.72			6
	11.43		8.77			100,013		0.63			3.34			0.73			6

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 69

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
Short-Intermediate Municipal Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	10.71	$	0.05	$	0.06		$	0.11		$	(0.05	)
Year Ended February 29, 2016		10.62		0.08		0.09			0.17			(0.08	)
Year Ended February 28, 2015		10.61		0.06		0.01			0.07			(0.06	)
Year Ended February 28, 2014		10.63		0.07		(0.03	)		0.04			(0.06	)
Year Ended February 28, 2013		10.65		0.08		(0.02	)		0.06			(0.08	)
Year Ended February 29, 2012		10.44		0.11		0.21			0.32			(0.11	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		10.80		0.02		0.05			0.07			(0.02	)
Year Ended February 29, 2016		10.70		0.02		0.10			0.12			(0.02	)
Year Ended February 28, 2015		10.69		0.01		—	(g)		0.01			—	(g)
Year Ended February 28, 2014		10.71		0.01		(0.02	)		(0.01	)		(0.01	)
Year Ended February 28, 2013		10.74		0.03		(0.03	)		—	(g)		(0.03	)
Year Ended February 29, 2012		10.53		0.06		0.21			0.27			(0.06	)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		10.76		0.07		0.07			0.14			(0.08	)
Year Ended February 29, 2016		10.67		0.13		0.09			0.22			(0.13	)
Year Ended February 28, 2015		10.66		0.11		0.01			0.12			(0.11	)
Year Ended February 28, 2014		10.68		0.12		(0.03	)		0.09			(0.11	)
Year Ended February 28, 2013		10.71		0.14		(0.04	)		0.10			(0.13	)
Year Ended February 29, 2012		10.49		0.16		0.22			0.38			(0.16	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.74		0.06		0.06			0.12			(0.06	)
Year Ended February 29, 2016		10.65		0.10		0.10			0.20			(0.11	)
Year Ended February 28, 2015		10.65		0.09		—	(g)		0.09			(0.09	)
Year Ended February 28, 2014		10.66		0.09		(0.02	)		0.07			(0.08	)
Year Ended February 28, 2013		10.68		0.11		(0.02	)		0.09			(0.11	)
Year Ended February 29, 2012		10.47		0.14		0.21			0.35			(0.14	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

		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)(f)
$	10.77		1.02	%	$	37,863		0.74	%		0.85	%		0.87	%		17	%
	10.71		1.58			38,345		0.75			0.71			0.87			39
	10.62		0.64			40,468		0.74			0.55			0.87			53
	10.61		0.38			41,685		0.74			0.63			0.87			39
	10.63		0.56			73,578		0.74			0.77			0.86			33
	10.65		3.05			80,858		0.75			1.04			0.87			43
	10.85		0.68			16,228		1.24			0.35			1.39			17
	10.80		1.14			17,709		1.25			0.21			1.40			39
	10.70		0.13			18,082		1.24			0.05			1.38			53
	10.69		(0.10	)		21,918		1.24			0.13			1.37			39
	10.71		(0.05	)		35,324		1.24			0.28			1.36			33
	10.74		2.54			43,532		1.25			0.53			1.37			43
	10.82		1.27			2,143,937		0.25			1.34			0.47			17
	10.76		2.09			2,453,419		0.25			1.21			0.47			39
	10.67		1.13			2,857,462		0.24			1.05			0.47			53
	10.66		0.88			2,175,023		0.23			1.10			0.49			39
	10.68		0.95			272,548		0.24			1.27			0.46			33
	10.71		3.67			250,344		0.24			1.53			0.46			43
	10.80		1.16			158,980		0.49			1.09			0.61			17
	10.74		1.85			150,939		0.50			0.96			0.62			39
	10.65		0.80			168,672		0.49			0.80			0.61			53
	10.65		0.67			178,381		0.49			0.88			0.61			39
	10.66		0.80			924,024		0.49			1.01			0.61			33
	10.68		3.32			751,495		0.50			1.28			0.62			43

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Free Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	12.57	$	0.20	$	0.29		$	0.49		$	(0.20	)	$	—		$	(0.20	)
Year Ended February 29, 2016		12.70		0.45		(0.01	)		0.44			(0.47	)		(0.10	)		(0.57	)
Year Ended February 28, 2015		12.41		0.44		0.39			0.83			(0.44	)		(0.10	)		(0.54	)
Year Ended February 28, 2014		12.88		0.46		(0.44	)		0.02			(0.48	)		(0.01	)		(0.49	)
Year Ended February 28, 2013		12.77		0.47		0.09			0.56			(0.45	)		—			(0.45	)
Year Ended February 29, 2012		12.08		0.50		0.70			1.20			(0.51	)		—			(0.51	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		12.48		0.16		0.28			0.44			(0.16	)		—			(0.16	)
Year Ended February 29, 2016		12.60		0.37		(0.01	)		0.36			(0.38	)		(0.10	)		(0.48	)
Year Ended February 28, 2015		12.33		0.35		0.38			0.73			(0.36	)		(0.10	)		(0.46	)
Year Ended February 28, 2014		12.80		0.37		(0.44	)		(0.07	)		(0.39	)		(0.01	)		(0.40	)
Year Ended February 28, 2013		12.69		0.38		0.10			0.48			(0.37	)		—			(0.37	)
Year Ended February 29, 2012		12.01		0.41		0.69			1.10			(0.42	)		—			(0.42	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		12.53		0.21		0.28			0.49			(0.21	)		—			(0.21	)
Year Ended February 29, 2016		12.65		0.47		—	(g)		0.47			(0.49	)		(0.10	)		(0.59	)
Year Ended February 28, 2015		12.37		0.46		0.38			0.84			(0.46	)		(0.10	)		(0.56	)
Year Ended February 28, 2014		12.84		0.48		(0.44	)		0.04			(0.50	)		(0.01	)		(0.51	)
Year Ended February 28, 2013		12.73		0.49		0.09			0.58			(0.47	)		—			(0.47	)
Year Ended February 29, 2012		12.05		0.52		0.69			1.21			(0.53	)		—			(0.53	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

		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)(f)
$	12.86		3.95	%	$	174,844		0.66	%		3.17	%		0.99	%		51	%
	12.57		3.53			152,207		0.67			3.62			0.97			94
	12.70		6.83			166,359		0.74			3.49			0.98			90
	12.41		0.31			129,124		0.74			3.72			0.99			62
	12.88		4.45			198,873		0.74			3.67			0.94			43
	12.77		10.12			183,329		0.75			4.06			0.96			24
	12.76		3.55			36,466		1.35			2.47			1.49			51
	12.48		2.92			26,715		1.36			2.93			1.47			94
	12.60		5.99			27,579		1.43			2.81			1.48			90
	12.33		(0.40	)		25,057		1.43			3.00			1.48			62
	12.80		3.80			57,237		1.43			2.98			1.44			43
	12.69		9.34			40,523		1.44			3.37			1.46			24
	12.81		3.97			154,419		0.49			3.33			0.73			51
	12.53		3.82			126,091		0.50			3.79			0.71			94
	12.65		6.95			149,102		0.57			3.67			0.72			90
	12.37		0.49			129,602		0.57			3.89			0.74			62
	12.84		4.63			200,023		0.57			3.85			0.69			43
	12.73		10.25			210,217		0.58			4.25			0.71			24

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited)

1. Organization

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

The following are 4 separate funds of the Trust (collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
Municipal Income Fund	Class A, Class C and Select Class	Diversified
Ohio Municipal Bond Fund	Class A, Class C and Select Class	Diversified
Short-Intermediate Municipal Bond Fund	Class A, Class C, Institutional Class and Select Class	Diversified
Tax Free Bond Fund	Class A, Class C and Select Class	Diversified

The investment objective of Municipal Income Fund is to seek current income exempt from federal income taxes.

The investment objective of Ohio Municipal Bond Fund is to seek current income exempt from federal income tax and Ohio personal income tax, consistent with the preservation of principal.

The investment objective of Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”) (except for Class C Shares of Short-Intermediate Municipal Bond Fund purchased before September 3, 2013). Effective September 3, 2013, purchases of Class C Shares of the Short-Intermediate Municipal Bond Fund were subject to a CDSC on the original cost of shares. No sales charges are assessed with respect to Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years (except for Short-Intermediate Municipal Bond Fund whose Class B Shares converted to Class A Shares after six years) and provided for a CDSC.

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. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

2. Significant Accounting Policies

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

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations

74 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

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

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

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

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

Municipal Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Municipal Bonds
Alabama
Utility	$	—	$	2,536	$	—	$	2,536
Alaska
Housing		—		1,083		—		1,083
Other Revenue		—		1,214		—		1,214
Total Alaska		—		2,297		—		2,297
Arizona
Water & Sewer		—		5,996		—		5,996
Arkansas
Housing		—		15		—		15
California
General Obligation		—		941		—		941
Housing		—		211		—		211
Industrial Development Revenue/Pollution Control Revenue		—		1,861		—		1,861
Prerefunded		—		3,432		—		3,432
Transportation		—		1,021		—		1,021
Total California		—		7,466		—		7,466

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Colorado
Certificate of Participation/Lease	$	—	$	730	$	—	$	730
General Obligation		—		1,185		—		1,185
Hospital		—		2,511		—		2,511
Housing		—		245		—		245
Total Colorado		—		4,671		—		4,671
Connecticut
Education		—		4,338		—		4,338
Housing		—		1,761		—		1,761
Total Connecticut		—		6,099		—		6,099
Delaware
Housing		—		692		—		692
District of Columbia
Water & Sewer		—		3,650		—		3,650
Florida
Certificate of Participation/Lease		—		11,273		—		11,273
Hospital		—		1,282		—		1,282
Housing		—		3,857		—		3,857
Industrial Development Revenue/Pollution Control Revenue		—		1,502		—		1,502
Other Revenue		—		4,336		—		4,336
Transportation		—		4,817		—		4,817
Utility		—		10,705		—		10,705
Total Florida		—		37,772		—		37,772
Georgia
Housing		—		620		—		620
Industrial Development Revenue/Pollution Control Revenue		—		3,109		—		3,109
Total Georgia		—		3,729		—		3,729
Hawaii
General Obligation		—		1,664		—		1,664
Illinois
General Obligation		—		2,130		—		2,130
Housing		—		453		—		453
Prerefunded		—		589		—		589
Total Illinois		—		3,172		—		3,172
Indiana
Hospital		—		2,048		—		2,048
Housing		—		782		—		782
Other Revenue		—		2,370		—		2,370
Water & Sewer		—		2,543		—		2,543
Total Indiana		—		7,743		—		7,743
Iowa
Education		—		1,754		—		1,754
Housing		—		990		—		990
Total Iowa		—		2,744		—		2,744
Kentucky
Industrial Development Revenue/Pollution Control Revenue		—		500		—		500
Louisiana
Housing		—		1,432		—		1,432

76 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Maine
Housing	$	—	$	1,821	$	—	$	1,821
Massachusetts
Education		—		3,441		—		3,441
General Obligation		—		3,024		—		3,024
Housing		—		1,010		—		1,010
Water & Sewer		—		20,073		—		20,073
Total Massachusetts		—		27,548		—		27,548
Michigan
Housing		—		2,035		—		2,035
Industrial Development Revenue/Pollution Control Revenue		—		2,487		—		2,487
Total Michigan		—		4,522		—		4,522
Minnesota
General Obligation		—		42		—		42
Housing		—		7,264		—		7,264
Total Minnesota		—		7,306		—		7,306
Mississippi
Housing		—		2,238		—		2,238
Missouri
Housing		—		2,509		—		2,509
Transportation		—		2,178		—		2,178
Total Missouri		—		4,687		—		4,687
Nevada
Housing		—		74		—		74
Prerefunded		—		1,439		—		1,439
Total Nevada		—		1,513		—		1,513
New Hampshire
Education		—		5,767		—		5,767
Housing		—		393		—		393
Total New Hampshire		—		6,160		—		6,160
New Jersey
Education		—		2,890		—		2,890
General Obligation		—		1,567		—		1,567
Industrial Development Revenue/Pollution Control Revenue		—		508		—		508
Other Revenue		—		2,177		—		2,177
Transportation		—		2,333		—		2,333
Total New Jersey		—		9,475		—		9,475
New Mexico
Housing		—		627		—		627
New York
Housing		—		4,202		—		4,202
Other Revenue		—		7,543		—		7,543
Prerefunded		—		5		—		5
Special Tax		—		8,274		—		8,274
Transportation		—		8,673		—		8,673
Water & Sewer		—		7,610		—		7,610
Total New York		—		36,307		—		36,307

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
North Carolina
Other Revenue	$	—	$	1,286	$	—	$	1,286
Prerefunded		—		1,542		—		1,542
Water & Sewer		—		3,741		—		3,741
Total North Carolina		—		6,569		—		6,569
North Dakota
Housing		—		4,871		—		4,871
Utility		—		2,197		—		2,197
Total North Dakota		—		7,068		—		7,068
Ohio
General Obligation		—		1,963		—		1,963
Housing		—		1,863		—		1,863
Industrial Development Revenue/Pollution Control Revenue		—		2,063		—		2,063
Utility		—		80		—		80
Total Ohio		—		5,969		—		5,969
Oklahoma
Housing		—		1,206		56		1,262
Oregon
Housing		—		1,508		—		1,508
Pennsylvania
Education		—		2,262		—		2,262
Housing		—		2,005		—		2,005
Industrial Development Revenue/Pollution Control Revenue		—		2,310		—		2,310
Other Revenue		—		2,200		—		2,200
Transportation		—		685		—		685
Total Pennsylvania		—		9,462		—		9,462
Rhode Island
Education		—		1,804		—		1,804
Transportation		—		3,015		—		3,015
Total Rhode Island		—		4,819		—		4,819
South Carolina
Housing		—		1,029		—		1,029
Prerefunded		—		2,067		—		2,067
Total South Carolina		—		3,096		—		3,096
South Dakota
Housing		—		2,822		—		2,822
Tennessee
Housing		—		1,486		—		1,486
Transportation		—		1,143		—		1,143
Utility		—		2,344		—		2,344
Water & Sewer		—		2,370		—		2,370
Total Tennessee		—		7,343		—		7,343
		��
Texas
General Obligation		—		5,621		—		5,621
Housing		—		2,566		—		2,566
Industrial Development Revenue/Pollution Control Revenue		—		3,168		—		3,168
Prerefunded		—		2,547		—		2,547
Transportation		—		3,503		—		3,503
Total Texas		—		17,405		—		17,405

78 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Utah
Housing	$	—	$	6,159	$	—	$	6,159
Other Revenue		—		1,329		—		1,329
Total Utah		—		7,488		—		7,488
Vermont
Education		—		5,291		—		5,291
Housing		—		6,537		—		6,537
Total Vermont		—		11,828		—		11,828
Virginia
Education		—		2,540		—		2,540
Prerefunded		—		2,226		—		2,226
Total Virginia		—		4,766		—		4,766
Washington
General Obligation		—		2,432		—		2,432
Transportation		—		1,520		—		1,520
Utility		—		590		—		590
Total Washington		—		4,542		—		4,542
West Virginia
Other Revenue		—		3,156		—		3,156
Wisconsin
Other Revenue		—		2,256		—		2,256
Total Municipal Bonds		—		295,685		56		295,741
Investment Company		5,938		—		—		5,938
Short-Term Investment
Investment Company		10,171		—		—		10,171
Total Investments in Securities	$	16,109	$	295,685	$	56	$	311,850

Ohio Municipal Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,626	$	129,755	$	—	$	132,381

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)	$	85,536	$	2,313,496	$	—	$	2,399,032

Tax Free Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	51,970	$	323,967	$	—	$	375,937

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the six months ended August 31, 2016.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

B. When Issued, 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, 2016, 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 Statement of Assets and Liabilities. The values of these securities held at August 31, 2016 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of August 31, 2016.

C. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended August 31, 2016 are as follows (amounts in thousands):

	Class A		Class C		Institutional Class		Select Class		Total
Municipal Income Fund
Transfer agency fees	$	1	$	1		n/a	$	2	$	4
Sub-transfer agency fees		8		2		n/a		8		18
Ohio Municipal Bond Fund
Transfer agency fees		1		1		n/a		2		4
Sub-transfer agency fees		4		3		n/a		3		10
Short-Intermediate Municipal Bond Fund
Transfer agency fees		1		1	$	10		1		13
Sub-transfer agency fees		3		3		170		2		178
Tax Free Bond Fund
Transfer agency fees		10		1		n/a		2		13
Sub-transfer agency fees		14		4		n/a		9		27

E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

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

80 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

3. Fees and Other Transactions with Affiliates

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

Municipal Income Fund	0.30	%
Ohio Municipal Bond Fund	0.30
Short-Intermediate Municipal Bond Fund	0.25
Tax Free Bond Fund	0.30

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended August 31, 2016, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trust’s exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, 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, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended August 31, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Municipal Income Fund	$	9	$	—
Ohio Municipal Bond Fund		4		—
Short-Intermediate Municipal Bond Fund		3		—
Tax Free Bond Fund		27		—

D. Shareholder Servicing Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Institutional Class			Select Class
Municipal Income Fund		0.25	%		0.25	%		n/a			0.25	%
Ohio Municipal Bond Fund		0.25			0.25			n/a			0.25
Short-Intermediate Municipal Bond Fund		0.25			0.25			0.10	%		0.25
Tax Free Bond Fund		0.25			0.25			n/a			0.25

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

	Class A			Class C			Institutional Class			Select Class
Municipal Income Fund		0.82	%		1.39	%		n/a			0.57	%
Ohio Municipal Bond Fund		0.88			1.53			n/a			0.63
Short-Intermediate Municipal Bond Fund		0.75			1.25			0.25	%		0.50
Tax Free Bond Fund		0.67			1.36			n/a			0.50

The expense limitation agreements were in effect for the six months ended August 31, 2016. The contractual limitations percentages in the table above are in place until October 31, 2016.

Effective November 1, 2016, the contractual expense limitations for the Funds will be reduced until at least October 31, 2018, as shown in the table below:

	Class A			Class C			Institutional Class			Select Class
Municipal Income Fund		0.70	%		1.25	%		n/a			0.45	%
Ohio Municipal Bond Fund		0.75			1.25			n/a			0.50
Short-Intermediate Municipal Bond Fund		0.70			1.20			0.25	%		0.25
Tax Free Bond Fund		0.67			1.25			n/a			0.45

For the six months ended August 31, 2016, 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		Administration		Shareholder Servicing		Total		Contractual Reimbursement
Municipal Income Fund	$	91	$	61	$	75	$	227	$	—
Ohio Municipal Bond Fund		12		8		72		92		—
Short-Intermediate Municipal Bond Fund		819		545		1,125		2,489		130
Tax Free Bond Fund		130		87		227		444		—

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective July 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to July 1, 2016, a portion of the waiver was voluntary.

The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2016 were as follows (amounts in thousands):

Municipal Income Fund	$	9
Ohio Municipal Bond Fund		1
Short-Intermediate Municipal Bond Fund		44
Tax Free Bond Fund		18

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

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

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

During the six months ended August 31, 2016, Municipal Income Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended August 31, 2016, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

82 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

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, 2016, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Municipal Income Fund	$	23,403	$	49,422
Ohio Municipal Bond Fund		4,893		7,570
Short-Intermediate Municipal Bond Fund		416,562		749,210
Tax Free Bond Fund		192,048		157,977

During the six months ended August 31, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at August 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	292,956	$	18,915	$	21	$	18,894
Ohio Municipal Bond Fund		122,055		10,326		—		10,326
Short-Intermediate Municipal Bond Fund		2,342,240		58,020		1,228		56,792
Tax Free Bond Fund		342,505		33,437		5		33,432

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after February 28, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At February 29, 2016, the Funds did not have net capital loss carryforwards.

At February 29, 2016, the following Fund utilized pre-enactment capital loss carryforwards as follows (amounts in thousands):

Short-Intermediate Municipal Bond Fund $ 3,252

6. Borrowings

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

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at August 31, 2016. Average borrowings from the Facility for, or at any time during the six months ended August 31, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Municipal Income Fund	$	20,758		0.44	%		1	$	—	(a)

(a) Amount rounds to less than 500.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Interest expense paid as a result of borrowing from another fund or from the unsecured, uncommited credit facility is included in Interest expense to affiliates on the Statements of Operations.

In addition, effective August 16, 2016, the Trust along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and 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. The initial term of the Credit Facility is 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of August 31, 2016, the Funds had affiliated omnibus accounts which collectively represented the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Municipal Income Fund		2		71.9	%
Ohio Municipal Bond Fund		1		63.2
Short-Intermediate Municipal Bond Fund		2		93.0
Tax Free Bond Fund		2		55.1

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

Due to Municipal Income Fund investments in Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the underlying funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, including collateralized mortgage obligations and stripped mortgage-backed securities, equity securities, foreign and emerging markets securities, and convertible securities. These securities are subject to risks specific to their structure, sector or market.

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

Specific risks and concentrations present in the underlying funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. The Ohio Municipal Bond Fund primarily invests in issuers in the State of Ohio. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Fund’s ability to collect principal and interest in the event of an issuer’s default may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

84 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

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, 2016, and continued to hold your shares at the end of the reporting period, August 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Municipal Income Fund
Class A
Actual	$	1,000.00	$	1,021.30	$	4.13		0.81	%
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class C
Actual		1,000.00		1,019.50		7.02		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Select Class
Actual		1,000.00		1,023.70		2.86		0.56
Hypothetical		1,000.00		1,022.38		2.85		0.56
Ohio Municipal Bond Fund
Class A
Actual		1,000.00		1,017.10		4.47		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class C
Actual		1,000.00		1,013.80		7.72		1.52
Hypothetical		1,000.00		1,017.54		7.73		1.52
Select Class
Actual		1,000.00		1,018.40		3.21		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63
Short-Intermediate Municipal Bond Fund
Class A
Actual		1,000.00		1,010.20		3.75		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class C
Actual		1,000.00		1,006.80		6.27		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 85

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Short-Intermediate Municipal Bond Fund (continued)
Institutional Class
Actual	$	1,000.00	$	1,012.70	$	1.27		0.25	%
Hypothetical		1,000.00		1,023.95		1.28		0.25
Select Class
Actual		1,000.00		1,011.60		2.48		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49
Tax Free Bond Fund
Class A
Actual		1,000.00		1,039.50		3.39		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66
Class C
Actual		1,000.00		1,035.50		6.93		1.35
Hypothetical		1,000.00		1,018.40		6.87		1.35
Select Class
Actual		1,000.00		1,039.70		2.52		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49

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

86 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

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 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 87

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

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

Independent Written Evaluation of the Funds’ Senior Officer

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

Fees Relative to Adviser’s Other Clients

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

88 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

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

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Trustees also considered the Funds’ performance in light of their investment strategies and high-quality focus as compared to those of the Peer Group and/or Universe which included competitor funds that did not have a similar focus. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered an analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe were less meaningful and the independent consultant prepared an analysis of those Funds across various risk and return metrics including standard deviation, Sharpe ratio, credit quality, and duration compared to customized peer groups of funds with similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Municipal Income Fund’s performance for Class A shares was in the third, fourth, and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the first, first, and third quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these

discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Ohio Municipal Bond Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2015, and in the fourth, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that performance for Select Class shares was in the third, second and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the fixed income committee at each of their regular meetings over the course of next year.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the fourth, fifth and fifth quintiles based upon the Peer Group and in the fourth, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the third, fourth, and fifth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Tax Free Bond Fund’s performance for Class A shares was in the third, first, and fifth quintiles based upon the Peer Group, and in the third, second, and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the second, second and fourth quintiles based upon the Peer Group, and in the second, first and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

AUGUST 31, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 89

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Advisory Fees and Expense Ratios

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

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

The Trustees noted that the Ohio Municipal Bond Fund’s net advisory fee for Class A shares was in the second and third quintiles, based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares was in the fifth quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Select Class shares were in the second and fourth quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Short-Intermediate Municipal Bond Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

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

90 J.P. MORGAN MUNICIPAL BOND FUNDS AUGUST 31, 2016

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. August 2016. SAN-MUNIBOND-816

Semi-Annual Report

J.P. Morgan Money Market Funds

August 31, 2016 (Unaudited)

JPMorgan Prime Money Market Fund

JPMorgan Liquid Assets Money Market Fund

JPMorgan U.S. Government Money Market Fund

JPMorgan U.S. Treasury Plus Money Market Fund

JPMorgan Federal Money Market Fund

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

JPMorgan Tax Free Money Market Fund

JPMorgan Municipal Money Market Fund

CONTENTS

CEO’s Letter	1
Fund Facts:
JPMorgan Prime Money Market Fund	2
JPMorgan Liquid Assets Money Market Fund	3
JPMorgan U.S. Government Money Market Fund	4
JPMorgan U.S. Treasury Plus Money Market Fund	5
JPMorgan Federal Money Market Fund	6
JPMorgan 100% U.S. Treasury Securities Money Market Fund	7
JPMorgan Tax Free Money Market Fund	8
JPMorgan Municipal Money Market Fund	9
Schedules of Portfolio Investments	10
Financial Statements	58
Financial Highlights	84
Notes to Financial Statements	110
Schedule of Shareholder Expenses	120
Board Approval of Investment Advisory Agreements	125
Tax Letter	130

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 the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Funds may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Funds’ liquidity falls below required minimums because of market conditions or other factors. An investment in the Funds 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.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The 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 the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund 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 the Funds. Although the Funds seek to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Funds 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’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

September 22, 2016 (Unaudited)

Dear Shareholder,

The U.S. continued to lead a slow global economic expansion through August 2016, further raising pressure on the U.S. Federal Reserve (the “Fed”) to begin raising interest rates even as leading central banks elsewhere extended their extraordinary stimulus efforts.

  “It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months.”

Amid uncertainty about China’s economic outlook in early 2016, a sharp sell-off in financial markets following Britain’s June 23rd vote to exit the European Union and low U.S. inflation, the Fed declined to raise rates at its May and July meetings. However, financial markets rebounded quickly from the so-called Brexit sell-off and investor concerns about China’s economy receded. By August 2016, investors’ appetite for risk had returned, driving up prices for both stocks and bonds and pushing market volatility to record lows.

Meanwhile, U.S. gross domestic product remained low but positive through the first and second quarters of 2016. Unemployment remained at 5.0% or lower from February through August and sales of new homes in the U.S. returned to levels last seen before the 2008 financial crisis.

Overseas, the European Central Bank (ECB) surprised financial markets in early March with a further cut in interest rates and an expansion of its own quantitative easing program, along with other specific stimulus policies. In July, the ECB maintained its key interest rate at zero. Partly in response to the Brexit vote, Britain’s central bank cut interest rates in August to their lowest level in the bank’s 322-year history and reintroduced a quantitative easing program and began buying corporate bonds. After introducing negative interest rates in early 2016 to combat sputtering growth, the Bank of Japan changed direction in early September 2016 and unveiled a “yield curve control” to improve commercial bank earnings and investment returns for pension funds and insurers.

The ultimate effect of these central bank actions was to produce negative yields on government bonds in Europe and Japan, which led to a bond market rally in the U.S. as investors sought returns in U.S. Treasury bonds. Bond yields generally move in the opposite direction of bond prices and the bond market rally pushed Treasury bond yields to record lows in July.

In this environment, the financial market’s implied probability of an interest rate increase at the Fed’s September 2016 meeting rose to 36% at the end of August. However, the U.S. central bank declined to raise rates, citing below-target inflation data and concerns about continued job growth.

While Fed Chairwoman Janet Yellen indicated there is a greater likelihood of an interest rate increase in December 2016, both the International Monetary Fund and the World Bank have issued warnings about slowing economic growth in the U.S. and the rest of the world.

During the six months ended August 31, 2016, U.S. investors generally enjoyed solid returns in both bond and stock markets. It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months. We believe this outcome clearly illustrates the wisdom of an investment perspective that is diversified, persistent and is guided by a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 1

JPMorgan Prime Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Objective*	Aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital
Primary Investments	High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, Cash Management, Direct^^^, Eagle Class, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2016	$74.6 Billion
Weighted Average Maturity^	8 days
Weighted Average Life^^	9 days

MATURITY SCHEDULE**^
1 day	53.5	%
2–7 days	23.3
8–30 days	18.2
31–60 days	1.9
61–90 days	2.0
91–180 days	1.1

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Class C Shares	0.01	%
Agency Shares	0.26
Capital Shares	0.39
Cash Management Shares	0.01
Eagle Class Shares	0.01
IM Shares	0.36
Institutional Class Shares	0.36
Investor Shares	0.02
Morgan Shares	0.01
Premier Shares	0.07
Reserve Shares	0.01
Service Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

^ 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.

^^^ Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

* During the period, the objective changed to seeking current income while seeking to maintain liquidity and a low volatility of principal.

** Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Cash Management Shares, Eagle Class 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 (0.65)%, 0.21%, 0.31%, (0.43)%, (0.19)%, 0.36%, 0.26%, 0.02%, (0.01)%, 0.06%, (0.19)% and (0.54)% for Class C Shares, Agency Shares, Capital Shares, Cash Management Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 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, 2016

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Objective	Seeks current income with liquidity and stability of principal
Primary Investments	High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations
Suggested investment time frame	Short-term
Share classes offered	Class C, Agency, Capital, E*Trade, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2016	$4.1 Billion
Weighted Average Maturity^	3 days
Weighted Average Life^^	3 days

MATURITY SCHEDULE*^
1 day	70.1	%
2–7 days	22.0
8–30 days	7.9

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Class C Shares	0.01	%
Agency Shares	0.20
Capital Shares	0.28
E*Trade Shares	0.01
Institutional Class Shares	0.25
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.02
Reserve Shares	0.01
Service Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

* Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, E*Trade 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 (0.70)%, 0.14%, 0.24%, (0.61)%, 0.19%, (0.06)%, (0.16)%, 0.00%, (0.36)% and (3.62)% for Class C Shares, Agency Shares, Capital Shares, E*Trade Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 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, 2016 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan U.S. Government Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Objective	Seeks high current income with liquidity and stability of principal
Primary Investments	High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame	Short-term
Share classes offered	Agency, Capital, Direct, Eagle Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2016	$109.5 Billion
Weighted Average Maturity^	31 days
Weighted Average Life^^	116 days

MATURITY SCHEDULE*^
1 day	35.4	%
2–7 days	23.1
8–30 days	14.0
31–60 days	4.5
61–90 days	11.3
91–180 days	10.4
181+ days	1.3

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Agency Shares	0.19	%
Capital Shares	0.34
Direct Shares	0.18
Eagle Class Shares	0.01
E*Trade Shares	0.02
IM Shares	0.34
Institutional Class Shares	0.31
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.04
Reserve Shares	0.01
Service Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

* Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Direct Shares, Eagle 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 0.12%, 0.22%, 0.11%, (0.28)%, (0.76)%, 0.27%, 0.17%, (0.09)%, (0.19)%, (0.03)%, (0.28)% and (0.63)% for Agency Shares, Capital Shares, Direct Shares, Eagle Class Shares, E*Trade Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

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

4 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (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, Direct, Eagle Class, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2016	$19.7 Billion
Weighted Average Maturity^	39 days
Weighted Average Life^^	99 days

MATURITY SCHEDULE*^
1 day	54.9	%
2–7 days	7.9
8–30 days	9.7
61–90 days	4.4
91–180 days	19.0
181+ days	4.1

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Class C Shares	0.00	%
Agency Shares	0.14
Direct Shares	0.10
Eagle Class Shares	0.00
IM Shares	0.24
Institutional Class Shares	0.19
Investor Shares	0.00
Morgan Shares	0.00
Premier Shares	0.00
Reserve Shares	0.00
Service Shares	0.00

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

* Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Direct Shares, Eagle Class 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 (0.76)%, 0.10%, 0.09%, (3.83)%, 0.24%, 0.15%, (0.11)%, (0.21)%, (0.07)%, (0.30)% and (4.26)% for Class C Shares, Agency Shares, Direct Shares, Eagle Class Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. 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, 2016 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan Federal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (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, Premier and Reserve Shares
Net Assets as of August 31, 2016	$2.9 Billion
Weighted Average Maturity^	36 days
Weighted Average Life^^	111 days

MATURITY SCHEDULE*^
1 day	3.1	%
2–7 days	16.9
8–30 days	36.2
31–60 days	23.4
61–90 days	14.5
91–180 days	5.9

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Agency Shares	0.17	%
Institutional Class Shares	0.22
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

* Percentages indicated are based upon total investments as of August 31, 2016.

⁽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 0.07%, 0.12%, (0.25)%, (0.09)% and (0.36)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 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.

6 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

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

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (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, Reserve and Service Shares
Net Assets as of August 31, 2016	$22.8 Billion
Weighted Average Maturity^	46 days
Weighted Average Life^^	111 days

MATURITY SCHEDULE*^
1 day	24.1	%
2–7 days	4.2
8–30 days	30.1
31–60 days	2.1
61–90 days	18.1
91–180 days	19.4
181+ days	2.0

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Agency Shares	0.11	%
Capital Shares	0.19
Institutional Class Shares	0.16
Morgan Shares	0.00
Premier Shares	0.00
Reserve Shares	0.00
Service Shares	0.00

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

* Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Agency Shares, Capital Shares, Institutional Class 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 0.06%, 0.16%,0.11%, (0.24)%, (0.09)%, (0.34)% and (3.94)% for Agency Shares, Capital Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

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

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan Tax Free Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (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, Direct, Eagle Class, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of August 31, 2016	$14.1 Billion
Weighted Average Maturity^	18 days
Weighted Average Life^^	18 days

MATURITY SCHEDULE**^
1 day	14.0	%
2–7 days	66.2
8–30 days	2.6
31–60 days	6.5
61-90 days	5.7
91–180 days	3.6
181+ days	1.4

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Agency Shares	0.30	%
Direct Shares	0.27
Eagle Class Shares	0.01
Institutional Class Shares	0.35
Morgan Shares	0.01
Premier Shares	0.11
Reserve Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

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

** Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Agency Shares, Direct Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.25%, (2.99)%, (0.15)%, 0.30%, (0.05)%, 0.10% and (0.14)% for Agency Shares, Direct Shares, Eagle Class Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

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

8 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

JPMorgan Municipal Money Market Fund

FUND FACTS

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Objective	Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments	High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame	Short-term
Share classes offered	Agency, Eagle Class, E*Trade, Institutional Class, Morgan, Premier, Reserve and Service Shares
Net Assets as of August 31, 2016	$3.6 Billion
Weighted Average Maturity^	6 days
Weighted Average Life^^	6 days

MATURITY SCHEDULE**^
1 day	13.7	%
2–7 days	86.3

7-DAY SEC YIELD AS OF AUGUST 31, 2016 (1)
Agency Shares	0.34	%
Eagle Class Shares	0.01
E*Trade Shares	0.01
Institutional Class Shares	0.39
Morgan Shares	0.01
Premier Shares	0.15
Reserve Shares	0.01
Service Shares	0.01

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

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

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

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

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

** Percentages indicated are based upon total investments as of August 31, 2016.

⁽¹⁾  The yields for Agency Shares, Eagle Class Shares, E*Trade Shares, Institutional Class 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 0.27%, (0.12)%, (0.47)%, 0.33%, (0.03)%, 0.12%, (0.14)% and (0.48)% for Agency Shares, Eagle Class Shares, E*Trade Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

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

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 9

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 24.5%
		Agricultural Bank of China Ltd.,
	175,000	0.850%, 09/14/16		175,000
	100,000	0.850%, 09/26/16		100,000
	305,000	Australia & New Zealand Banking Group Ltd., 0.700%, 09/01/16		305,000
		Banco Del Estado De Chile,
	100,000	0.410%, 09/02/16		100,000
	100,000	0.410%, 09/07/16		100,000
	100,000	0.420%, 09/02/16		100,000
	60,000	VAR, 0.844%, 09/01/16		60,000
		Bank of China Ltd.,
	648,000	0.850%, 09/16/16		648,000
	300,000	0.850%, 09/26/16		300,000
		Bank of Montreal,
	203,390	0.400%, 09/01/16		203,390
	300,000	0.400%, 09/02/16		300,000
	500,000	0.470%, 09/12/16		500,000
	160,000	0.470%, 09/14/16		160,000
	255,000	VAR, 0.848%, 09/08/16		255,000
	110,000	VAR, 0.903%, 09/12/16		110,000
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	350,000	0.420%, 09/01/16		350,000
	499,530	0.420%, 09/06/16		499,530
	50,000	0.890%, 10/07/16		50,000
	250,000	Banque Federative du Credit Mutuel S.A., 0.740%, 09/06/16		249,974
	100,000	BNP Paribas, 0.880%, 10/12/16		100,000
		BNP Paribas S.A.,
	500,000	0.490%, 09/06/16		499,966
	500,000	0.500%, 09/09/16		499,944
	250,000	0.770%, 09/01/16		250,000
		China Construction Bank Corp.,
	175,000	0.800%, 09/01/16		175,000
	300,000	0.850%, 09/01/16		300,000
	247,700	0.850%, 09/09/16		247,700
	200,000	0.850%, 09/15/16		200,000
	325,000	0.850%, 09/26/16		325,000
	300,000	0.850%, 09/29/16		300,000
	250,000	Cooperatieve Rabobank U.A., 0.900%, 09/19/16		249,888
		Credit Agricole Corporate and Investment Bank,
	420,000	0.490%, 09/08/16		420,000
	100,000	0.900%, 10/05/16		100,000
	115,000	Credit Industriel et Commercial, 0.900%, 11/10/16		115,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Credit Suisse AG,
	150,000	VAR, 0.944%, 09/01/16		150,000
	150,000	VAR, 0.948%, 09/06/16		150,000
		DNB Bank ASA,
	999,530	0.400%, 09/01/16		999,530
	500,000	0.420%, 09/01/16		500,000
	450,000	0.480%, 09/09/16		449,952
		DZ Bank AG,
	400,000	0.490%, 09/12/16		399,940
	99,000	0.750%, 09/07/16		99,000
		Industrial & Commercial Bank of China Ltd.,
	50,000	0.850%, 09/02/16		49,999
	207,000	0.850%, 09/08/16		207,000
	590,000	0.850%, 09/26/16		590,000
	398,600	0.920%, 09/16/16		398,600
	20,000	ING Bank N.V., 0.960%, 11/25/16		20,000
		KBC Bank N.V.,
	59,530	0.420%, 09/06/16		59,530
	450,000	0.703%, 09/12/16		449,904
	50,000	0.750%, 09/19/16		49,981
		Landesbank Hessen-Thuringen Girozentrale,
	225,000	0.560%, 09/09/16		224,972
	580,000	0.580%, 09/06/16		579,953
		Mitsubishi UFJ Trust & Banking Corp.,
	35,000	0.720%, 09/13/16		34,992
	25,000	0.990%, 12/13/16		24,929
		Mizuho Bank Ltd.,
	190,000	0.600%, 09/12/16		189,965
	456,000	0.610%, 09/12/16		455,915
	250,000	0.613%, 09/02/16		249,996
	171,968	Natixis, 0.930%, 10/31/16		171,968
	200,000	Oversea-Chinese Banking Corp. Ltd., 0.540%, 09/14/16		200,000
	200,000	State Street Bank & Trust Co., VAR, 0.878%, 09/14/16		200,000
		Sumitomo Mitsui Banking Corp.,
	250,000	0.550%, 09/02/16		250,000
	260,000	0.560%, 09/09/16		259,968
		Sumitomo Mitsui Trust Bank Ltd.,
	970,000	0.420%, 09/01/16		970,000
	300,000	0.470%, 09/08/16		300,000
	250,000	0.500%, 09/07/16		250,000
	25,000	0.750%, 10/14/16		25,000
	100,000	0.900%, 10/14/16		100,000
	150,000	0.920%, 11/16/16		149,710
	500,000	Toronto-Dominion Bank, 0.490%, 09/09/16		499,946

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Certificates of Deposit — continued
		UBS AG,
	50,000	0.910%, 11/07/16		50,000
	10,000	VAR, 0.897%, 09/06/16		10,000
	128,700	Wells Fargo Bank N.A., VAR, 1.028%, 09/12/16		128,700
		Total Certificates of Deposit (Cost $18,247,842)		18,247,842
	Commercial Paper — 11.0% (n)
		Agricultural Bank of China Ltd.,
	285,000	0.851%, 09/08/16 (e)		284,953
	690,000	0.851%, 09/26/16 (e)		689,593
	98,000	Antalis S.A., 0.550%, 09/12/16 (e)		97,984
	105,000	Barton Capital S.A., 0.550%, 09/02/16 (e)		104,998
	100,000	Bedford Row Funding Corp., VAR, 0.864%, 09/19/16 (e)		100,000
		BNP Paribas,
	182,812	0.300%, 09/01/16		182,812
	250,000	0.420%, 09/01/16 (e)		250,000
	850,000	0.420%, 09/06/16 (e)		849,950
		BPCE S.A.,
	500,000	0.450%, 09/12/16 (e)		499,931
	440,000	0.757%, 09/01/16 (e)		440,000
	45,000	0.894%, 10/03/16 (e)		44,965
		Caisse Centrale Desjardins,
	168,000	0.420%, 09/01/16 (e)		168,000
	150,000	0.420%, 09/07/16 (e)		149,989
	249,600	0.440%, 09/02/16 (e)		249,597
	147,000	Cancara Asset Securitisation LLC, 0.550%, 09/06/16 (e)		146,989
	25,043	Cedar Spring Capital Co. LLC, 0.681%, 09/08/16 (e)		25,040
	190,240	China Construction Bank Corp., 0.450%, 09/01/16 (e)		190,240
	125,000	Concord Minutemen Capital Co. LLC, Series A,0.540%, 09/06/16 (e)		124,991
		Credit Agricole Corporate and Investment Bank,
	138,467	0.320%, 09/01/16		138,467
	600,000	0.500%, 09/06/16		599,958
	200,000	Crown Point Capital Co. LLC, Series A,VAR, 1.024%, 09/29/16 (e)		200,000
	66,000	DBS Bank Ltd., 0.541%, 09/15/16 (e)		65,986
	111,000	Dexia Credit Local S.A., 0.904%, 09/13/16		110,967
		Gotham Funding Corp.,
	175,000	0.550%, 09/06/16 (e)		174,986
	75,000	0.570%, 09/07/16 (e)		74,993
	147,013	0.570%, 09/08/16 (e)		146,997

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	75,000	ING U.S. Funding LLC, 0.899%, 10/03/16		74,940
	60,000	Kells Funding LLC, 0.530%, 09/27/16 (e)		59,977
	250,000	KFW, 0.420%, 09/12/16 (e)		249,968
	137,000	Liberty Street Funding LLC, 0.600%, 09/28/16 (e)		136,938
		Natixis,
	178,558	0.300%, 09/01/16		178,558
	128,000	0.935%, 10/31/16		127,802
		Regency Markets No. 1 LLC,
	91,784	0.550%, 09/28/16 (e)		91,746
	99,494	0.550%, 09/14/16 (e)		99,474
	75,000	Ridgefield Funding Co. LLC, Series B1,0.550%, 09/08/16 (e)		74,992
		Skandinaviska Enskilda Banken AB,
	378,000	0.834%, 09/22/16 (e)		377,817
	50,000	0.854%, 10/24/16		49,937
	145,000	Toronto-Dominion Holdings USA, Inc., 0.661%, 10/11/16 (e)		144,894
		Victory Receivables Corp.,
	50,000	0.560%, 09/02/16 (e)		49,999
	34,581	0.570%, 09/06/16 (e)		34,579
	200,000	0.580%, 09/14/16 (e)		199,958
	100,000	Westpac Banking Corp., VAR, 0.878%, 09/16/16 (e)		100,000
	67,000	Working Capital Management Co. LP, 0.540%, 09/07/16 (e)		66,994
		Total Commercial Paper (Cost $8,230,959)		8,230,959
	Repurchase Agreements — 7.6%
	50,000	BNP Paribas, 1.050%, dated 08/31/16, due 10/05/16, repurchase price $50,051, collateralized by Asset-Backed Securities, 0.000% - 1.633%, due 01/30/26 - 03/25/36, Collateralized Mortgage Obligations, 0.000% - 0.754%, due 11/25/25 - 03/19/36, Corporate Bonds, 3.250% - 12.000%, due 11/05/18 - 12/15/55, Corporate Notes, 4.250% - 4.250%, due 05/13/19 - 05/13/19, Federal National Mortgage Association Connecticut Avenue Securities, 1.724% - 7.274%, due 05/28/24 - 01/25/29 and Municipal Debt Securities, 1.110% - 1.110%, due 09/15/27 - 09/15/27, with a value of $54,066.		50,000
	175,000	Citigroup Global Markets, Inc., 1.175%, dated 08/31/16, due 09/01/16, repurchase price $175,006, collateralized by Asset-Backed Securities, 0.000% - 14.725%, due 12/25/31 - 11/25/51, with a value of $189,000.		175,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	175,000	Citigroup Global Markets, Inc., 1.175%, dated 08/31/16, due 09/01/16, repurchase price $175,006, collateralized by Corporate Bonds, 0.000% - 15.000%, due 09/05/16 - 12/01/37, Corporate Notes, 0.000% - 8.875%, due 04/04/17 - 01/01/49 and Sovereign Government Securities, 0.000% - 11.750%, due 04/14/19 - 01/27/45, with a value of $189,000.		175,000
	400,000	Credit Suisse, 0.550%, dated 08/31/16, due 09/07/16, repurchase price $400,043, collateralized by Asset-Backed Securities, 4.824% - 4.824%, due 07/25/25 - 07/25/25 and Collateralized Mortgage Obligations, 0.000% - 13.329%, due 12/27/18 - 05/10/63, with a value of $432,000.		400,000
	300,000	Credit Suisse, 1.007%, dated 08/31/16, due 10/05/16, repurchase price $300,294, collateralized by Collateralized Mortgage Obligations, 0.000% - 0.000%, due 02/27/56 - 02/27/56, with a value of $324,004.		300,000
	100,000	HSBC Securities USA, Inc., 0.400%, dated 08/31/16, due 09/01/16, repurchase price $100,001, collateralized by Corporate Bonds, 0.900% - 7.250%, due 03/22/17 - 08/04/46 and Corporate Notes, 1.500% - 2.500%, due 10/07/17 - 01/19/21, with a value of $105,004.		100,000
	230,000	HSBC Securities USA, Inc., 0.400%, dated 08/31/16, due 09/01/16, repurchase price $230,003, collateralized by Corporate Bonds, 0.010% - 7.625%, due 10/01/16 - 05/19/46 and Corporate Notes, 1.250% - 4.400%, due 05/08/17 - 06/14/46, with a value of $241,503.		230,000
	120,000	HSBC Securities USA, Inc., 0.550%, dated 08/31/16, due 09/01/16, repurchase price $120,002, collateralized by Corporate Bonds, 4.500% - 12.500%, due 12/01/16 - 06/26/42, with a value of $129,601.		120,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	625,000	Merrill Lynch PFS, Inc., 1.100%, dated 08/31/16, due 10/05/16, repurchase price $625,668, collateralized by Asset-Backed Securities, 0.000% - 9.798%, due 03/15/17 - 01/01/99, Collateralized Mortgage Obligations, 0.000% - 31.772%, due 08/25/18 - 05/11/63, Corporate Bonds, 0.000% - 9.875%, due 11/16/16 - 06/05/15, Corporate Notes, 2.375% - 8.875%, due 11/06/17 - 07/28/25, Sovereign Government Securities, 0.000% - 13.625%, due 01/17/17 - 04/22/46, Municipal Debt Securities, 4.150% - 7.781%, due 08/01/17 - 06/01/47 and U.S. Treasury Securities, 0.000% - 0.625%, due 10/15/16 - 11/10/16, with a value of $673,961.		625,000
	375,000	Merrill Lynch PFS, Inc., 1.100%, dated 08/31/16, due 10/05/16, repurchase price $375,401, collateralized by Asset-Backed Securities, 0.000% - 7.220%, due 01/13/18 - 12/06/50 and Collateralized Mortgage Obligations, 0.000% - 35.854%, due 01/15/28 - 08/25/55, with a value of $405,000.		375,000
	475,000	Merrill Lynch PFS, Inc., 1.100%, dated 08/31/16, due 10/05/16, repurchase price $475,508, collateralized by Asset-Backed Securities, 0.000% - 12.443%, due 08/01/17 - 02/25/55 and Collateralized Mortgage Obligations, 0.000% - 46.164%, due 03/25/21 - 08/25/55, with a value of $512,882.		475,000
	500,000	Societe Generale S.A., 0.400%, dated 08/31/16, due 09/01/16, repurchase price $500,006, collateralized by Corporate Bonds, 1.423% - 5.838%, due 03/15/17 - 10/01/46 and Corporate Notes, 0.000% - 6.875%, due 04/25/18 - 05/15/44, with a value of $525,006.		500,000
	250,000	Societe Generale S.A., 0.500%, dated 08/31/16, due 09/01/16, repurchase price $250,003, collateralized by Corporate Bonds, 2.600% - 8.375%, due 04/15/18 - 12/18/73, Corporate Notes, 2.800% - 8.000%, due 01/16/20 - 12/01/37 and Sovereign Government Securities, 0.000% - 10.125%, due 01/17/17 - 01/27/45, with a value of $267,196.		250,000

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements —continued
	800,000	Societe Generale S.A., 0.540%, dated 08/31/16, due 09/07/16, repurchase price $800,084, collateralized by Corporate Bonds, 0.000% - 7.750%, due 01/11/17 - 02/26/55, Corporate Notes, 0.000% - 7.300%, due 11/03/16 - 01/15/38 and Sovereign Government Securities, 0.000% - 11.875%, due 04/03/18 - 03/01/41, with a value of $840,089.		800,000
	100,000	Wells Fargo Securities, LLC, 0.400%, dated 08/31/16, due 09/01/16, repurchase price $100,001, collateralized by Asset-Backed Securities, 0.000% - 8.890%, due 06/01/17 - 10/18/52, Federal National Mortgage Association Connecticut Avenue Securities, 4.988% - 6.524%, due 02/26/24 - 10/25/28 and Municipal Debt Securities, 3.500% - 6.319%, due 08/01/20 - 01/01/42, with a value of $107,923.		100,000
	375,000	Wells Fargo Securities, LLC, 0.400%, dated 08/31/16, due 09/01/16, repurchase price $375,004, collateralized by Collateralized Mortgage Obligations, 0.000% - 6.134%, due 11/06/17 - 03/17/59, with a value of $405,005.		375,000
	100,000	Wells Fargo Securities, LLC, 0.450%, dated 08/31/16, due 09/01/16, repurchase price $100,001, collateralized by Asset-Backed Securities, 0.000% - 6.900%, due 10/15/21 - 10/18/52 and Collateralized Mortgage Obligations, 0.000% - 2.556%, due 02/25/31 - 01/17/59, with a value of $108,002.		100,000
	175,000	Wells Fargo Securities, LLC, 0.600%, dated 08/31/16, due 09/06/16, repurchase price $175,018, collateralized by Corporate Bonds, 4.000% - 12.125%, due 03/01/17 - 04/01/45, with a value of $189,022.		175,000
	200,000	Wells Fargo Securities, LLC, 0.600%, dated 08/31/16, due 09/06/16, repurchase price $200,020, collateralized by Asset-Backed Securities, 0.000% - 9.130%, due 07/20/18 - 04/18/52, with a value of $216,025.		200,000
	175,000	Wells Fargo Securities, LLC, 0.600%, dated 08/31/16, due 09/07/16, repurchase price $175,020, collateralized by Collateralized Mortgage Obligations, 0.000% - 6.000%, due 10/25/34 - 02/18/48, with a value of $189,022.		175,000
		Total Repurchase Agreements (Cost $5,700,000)		5,700,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Time Deposits — 53.4%
		ABN AMRO Bank N.V.,
	320,000	0.350%, 09/01/16		320,000
	1,500,000	0.440%, 09/01/16		1,500,000
		Australia & New Zealand Banking Group Ltd.,
	600,000	0.310%, 09/01/16		600,000
	1,000,000	0.430%, 09/01/16		1,000,000
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	1,000,000	0.300%, 09/01/16		1,000,000
	1,000,000	0.300%, 09/01/16		1,000,000
		Canadian Imperial Bank of Commerce,
	50,000	0.220%, 09/01/16		50,000
	118,854	0.300%, 09/01/16		118,854
	494,910	0.300%, 09/01/16		494,910
	200,000	Chiba Bank Ltd., 0.430%, 09/01/16		200,000
	450,000	China Construction Bank Corp., 0.450%, 09/01/16		450,000
	200,000	Citibank N.A., 0.410%, 09/07/16		200,000
	1,419,530	Cooperatieve Rabobank U.A., 0.430%, 09/06/16		1,419,530
		Credit Agricole Corporate and Investment Bank,
	389,436	0.320%, 09/01/16		389,436
	897,928	0.320%, 09/01/16		897,928
	1,145,000	0.320%, 09/01/16		1,145,000
		Credit Industriel et Commercial,
	1,000,000	0.310%, 09/01/16		1,000,000
	1,095,000	0.310%, 09/01/16		1,095,000
	1,184,000	0.310%, 09/01/16		1,184,000
		DNB Bank ASA,
	100,000	0.300%, 09/01/16		100,000
	1,600,000	0.300%, 09/01/16		1,600,000
	599,530	Industrial & Commercial Bank of China Ltd., 0.480%, 09/06/16		599,530
	2,155,000	KBC Bank N.V., 0.320%, 09/01/16		2,155,000
	270,604	National Australia Bank Ltd., 0.300%, 09/01/16		270,604
		Natixis S.A.,
	275,000	0.300%, 09/01/16		275,000
	1,959,978	0.310%, 09/01/16		1,959,978
		Nordea Bank Finland plc,
	100,000	0.300%, 09/01/16		100,000
	100,000	0.300%, 09/01/16		100,000
	500,000	0.300%, 09/01/16		500,000
	1,000,000	0.300%, 09/01/16		1,000,000
	1,999,530	0.400%, 09/06/16		1,999,530

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Time Deposits — continued
		Royal Bank of Canada,
	1,000,000	0.300%, 09/01/16		1,000,000
	1,634,530	0.300%, 09/01/16		1,634,530
	830,296	0.350%, 09/01/16		830,296
		Skandinaviska Enskilda Banken AB,
	996,766	0.300%, 09/01/16		996,766
	1,000,000	0.300%, 09/01/16		1,000,000
	1,271,836	0.300%, 09/01/16		1,271,836
		Standard Chartered Bank,
	799,530	0.420%, 09/01/16		799,530
	300,000	0.420%, 09/06/16		300,000
		Svenska Handelsbanken AB,
	1,000,000	0.300%, 09/01/16		1,000,000
	2,619,530	0.400%, 09/06/16		2,619,530
		Swedbank AB,
	1,660,000	0.300%, 09/01/16		1,660,000
	1,999,530	0.410%, 09/06/16		1,999,530
		Total Time Deposits (Cost $39,836,318)		39,836,318
	U.S. Government Agency Security — 0.0% (g)
	10,000	Federal Home Loan Mortgage Corp., 0.875%, 10/14/16 (Cost $10,006)		10,006

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — 2.2%
		U.S. Treasury Notes — 2.2%
	350,000	0.625%, 11/15/16		350,003
	700,000	0.875%, 11/30/16		700,423
	102,000	2.750%, 11/30/16		102,544
	517,733	4.625%, 11/15/16		521,953
		Total U.S. Treasury Obligations (Cost $1,674,923)		1,674,923
	Weekly Demand Notes — 0.2%
		New Jersey — 0.2%
	67,745	Jets Stadium Development LLC, Series A-4A, VRDO, 0.590%, 09/07/16 (e)		67,745
	49,515	Jets Stadium Finance Issuer 2015 LLC, VRDO, 0.590%, 09/07/16 (e)		49,515
		Total Weekly Demand Notes (Cost $117,260)		117,260
		Total Investments — 98.9% (Cost $73,817,308)*		73,817,308
		Other Assets in Excess of Liabilities — 1.1%		798,777
		NET ASSETS — 100.0%	$	74,616,085

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 13.0%
	15,000	Agricultural Bank of China Ltd., 0.850%, 09/14/16		15,000
		Bank of Montreal,
	143,000	0.400%, 09/01/16		143,000
	15,000	0.470%, 09/14/16		15,000
	50,000	Bank of Tokyo-Mitsubishi UFJ Ltd., 0.420%, 09/01/16		50,000
		China Construction Bank Corp.,
	25,000	0.850%, 09/01/16		25,000
	25,000	0.850%, 09/09/16		25,000
	25,000	0.850%, 09/15/16		25,000
	50,000	Credit Agricole Corporate and Investment Bank, 0.490%, 09/08/16		50,000
	10,000	DZ Bank AG, 0.750%, 09/06/16		10,000
	23,000	Industrial & Commercial Bank of China Ltd., 0.850%, 09/08/16		23,000
	25,000	Mizuho Bank Ltd., 0.612%, 09/02/16		24,999
		Sumitomo Mitsui Trust Bank Ltd.,
	80,000	0.420%, 09/01/16		80,000
	50,000	0.500%, 09/07/16		50,000
		Total Certificates of Deposit (Cost $535,999)		535,999
	Commercial Paper — 7.4% (n)
	32,000	Agricultural Bank of China Ltd., 0.851%, 09/08/16 (e)		31,995
	10,000	BPCE S.A., 0.757%, 09/01/16 (e)		10,000
	20,000	Cancara Asset Securitisation LLC, 0.550%, 09/06/16 (e)		19,998
	25,000	Concord Minutemen Capital Co. LLC, Series A, 0.540%, 09/06/16 (e)		24,998
	100,000	Credit Agricole Corporate and Investment Bank, 0.500%, 09/06/16		99,993
	29,674	Industrial & Commercial Bank of China Ltd., 0.450%, 09/01/16 (e)		29,674
	55,000	KFW, 0.420%, 09/09/16 (e)		54,995
	30,000	Victory Receivables Corp., 0.570%, 09/06/16 (e)		29,998
		Total Commercial Paper (Cost $301,651)		301,651
	Corporate Note — 2.1%
		Financials — 2.1%
		Banks — 2.1%
	85,000	Royal Bank of Canada, VAR, 0.825%, 09/09/16 (Cost $85,000)		85,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreement — 2.4%
	100,000	HSBC Securities USA, Inc., 0.550%, dated 08/31/16, due 09/01/16, repurchase price $100,002, collateralized by Corporate Bonds, 3.875% - 9.125%, due 03/01/17 - 06/15/24 with a value of $108,005. (Cost $100,000)		100,000
	Time Deposits — 74.7%
	180,000	ABN AMRO Bank N.V., 0.350%, 09/01/16		180,000
	150,000	Australia & New Zealand Banking Group Ltd., 0.310%, 09/01/16		150,000
	100,000	Bank of Tokyo-Mitsubishi UFJ Ltd., 0.300%, 09/01/16		100,000
	180,000	BNP Paribas, 0.300%, 09/01/16		180,000
		Canadian Imperial Bank of Commerce,
	67,717	0.300%, 09/01/16		67,717
	100,000	0.300%, 09/01/16		100,000
	200,000	Chiba Bank Ltd., 0.430%, 09/01/16		200,000
	100,000	China Construction Bank Corp., 0.450%, 09/01/16		100,000
	200,000	Citibank N.A., 0.410%, 09/07/16		200,000
	200,000	Cooperatieve Rabobank U.A., 0.430%, 09/06/16		200,000
	55,000	Credit Agricole Corporate and Investment Bank, 0.320%, 09/01/16		55,000
	180,000	Credit Industriel et Commercial, 0.310%, 09/01/16		180,000
	185,000	KBC Bank N.V., 0.320%, 09/01/16		185,000
	185,000	National Australia Bank Ltd., 0.300%, 09/01/16		185,000
	175,000	Natixis S.A., 0.310%, 09/01/16		175,000
	100,000	Royal Bank of Canada, 0.300%, 09/01/16		100,000
	200,233	Skandinaviska Enskilda Banken AB, 0.300%, 09/01/16		200,233
	200,000	Standard Chartered Bank, 0.420%, 09/01/16		200,000
	125,000	Svenska Handelsbanken AB, 0.400%, 09/06/16		125,000
		Swedbank AB,
	90,000	0.300%, 09/01/16		90,000
	100,000	0.410%, 09/06/16		100,000
		Total Time Deposits (Cost $3,072,950)		3,072,950

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — 0.5%
		New Jersey — 0.5%
	16,855	Jets Stadium Development LLC, Series A-4A, VRDO, 0.590%, 09/07/16 (e)		16,855
	4,985	Jets Stadium Finance Issuer 2015 LLC, VRDO, 0.590%, 09/07/16 (e)		4,985
		Total Weekly Demand Notes (Cost $21,840)		21,840
		Total Investments — 100.1% (Cost $4,117,440)*		4,117,440
		Liabilities in Excess of Other Assets — (0.1)%		(3,441	)
		NET ASSETS — 100.0%	$	4,113,999

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 40.1%
		Federal Farm Credit Bank — 2.4%
	15,000	DN, 0.411%, 12/09/16 (n)		14,983
	150,000	DN, 0.417%, 09/26/16 (n)		149,957
	10,000	DN, 0.451%, 10/19/16 (n)		9,994
	15,000	DN, 0.461%, 09/28/16 (n)		14,995
	69,000	DN, 0.481%, 09/30/16 (n)		68,973
	25,000	DN, 0.481%, 10/06/16 (n)		24,988
	25,000	DN, 0.502%, 01/17/17 (n)		24,952
	100,000	DN, 0.502%, 01/25/17 (n)		99,797
	25,000	DN, 0.511%, 10/18/16 (n)		24,983
	75,000	DN, 0.532%, 04/03/17 (n)		74,764
	80,000	VAR, 0.484%, 09/01/16		79,993
	203,000	VAR, 0.497%, 09/21/16		202,958
	120,000	VAR, 0.514%, 09/19/16		119,989
	64,836	VAR, 0.518%, 09/14/16		64,837
	153,000	VAR, 0.524%, 09/26/16		152,968
	130,000	VAR, 0.524%, 09/29/16		129,995
	175,000	VAR, 0.529%, 09/26/16		174,990
	50,000	VAR, 0.548%, 09/13/16		50,006
	119,100	VAR, 0.558%, 09/13/16		119,138
	250,000	VAR, 0.577%, 09/16/16		249,930
	500,000	VAR, 0.586%, 09/02/16		499,930
	275,000	VAR, 0.607%, 09/06/16		274,988
				2,628,108
		Federal Home Loan Bank — 32.7%
	70,000	2.000%, 09/09/16		70,022
	1,250,000	DN, 0.343%, 11/23/16 (n)		1,249,011
	913,500	DN, 0.378%, 10/19/16 (n)		913,040
	82,000	DN, 0.400%, 10/05/16 (n)		81,969
	125,000	DN, 0.401%, 11/21/16 (n)		124,887
	225,998	DN, 0.401%, 12/02/16 (n)		225,767
	750,000	DN, 0.401%, 12/05/16 (n)		749,208
	150,000	DN, 0.401%, 12/21/16 (n)		149,815
	100,000	DN, 0.416%, 12/19/16 (n)		99,874
	25,000	DN, 0.421%, 09/22/16 (n)		24,994
	250,000	DN, 0.431%, 10/14/16 (n)		249,872
	25,750	DN, 0.446%, 11/09/16 (n)		25,728
	500,000	DN, 0.451%, 09/15/16 (n)		499,912
	150,750	DN, 0.451%, 10/21/16 (n)		150,656
	250,000	DN, 0.451%, 11/15/16 (n)		249,766
	150,000	DN, 0.451%, 02/03/17 (n)		149,709
	277,000	DN, 0.452%, 12/14/16 (n)		276,639
	550,000	DN, 0.456%, 10/25/16 (n)		549,625
	296,000	DN, 0.456%, 11/16/16 (n)		295,716
	1,000,000	DN, 0.461%, 09/02/16 (n)		999,987

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Bank — continued
	100,000	DN, 0.461%, 09/23/16 (n)		99,972
	80,000	DN, 0.461%, 10/18/16 (n)		79,952
	100,000	DN, 0.461%, 10/26/16 (n)		99,930
	493,850	DN, 0.467%, 01/18/17 (n)		492,961
	80,400	DN, 0.470%, 09/16/16 (n)		80,384
	521,000	DN, 0.471%, 09/21/16 (n)		520,864
	59,800	DN, 0.471%, 10/12/16 (n)		59,768
	739,500	DN, 0.471%, 12/12/16 (n)		738,516
	250,000	DN, 0.477%, 01/20/17 (n)		249,534
	836,000	DN, 0.479%, 02/15/17 (n)		834,146
	1,269,000	DN, 0.481%, 01/27/17 (n)		1,266,496
	207,000	DN, 0.484%, 02/24/17 (n)		206,511
	557,800	DN, 0.486%, 01/25/17 (n)		556,703
	500,000	DN, 0.501%, 09/01/16 (n)		500,000
	250,000	DN, 0.501%, 09/19/16 (n)		249,937
	480,000	DN, 0.501%, 09/20/16 (n)		479,873
	70,000	DN, 0.501%, 12/09/16 (n)		69,904
	250,000	DN, 0.501%, 12/16/16 (n)		249,632
	200,000	DN, 0.501%, 02/28/17 (n)		199,500
	21,000	DN, 0.501%, 03/15/17 (n)		20,943
	35,000	DN, 0.502%, 01/10/17 (n)		34,936
	500,000	DN, 0.522%, 01/17/17 (n)		499,003
	625,000	VAR, 0.666%, 12/06/16		624,946
	500,000	VAR, 0.497%, 09/06/16		500,000
	175,000	VAR, 0.507%, 09/21/16		174,992
	75,000	VAR, 0.514%, 09/06/16		75,000
	500,000	VAR, 0.514%, 09/06/16		500,000
	250,000	VAR, 0.518%, 09/06/16		250,000
	609,000	VAR, 0.524%, 09/06/16		608,970
	100,000	VAR, 0.524%, 09/26/16		99,980
	528,000	VAR, 0.525%, 11/25/16		528,000
	500,000	VAR, 0.528%, 09/14/16		500,000
	425,000	VAR, 0.529%, 09/06/16		425,000
	500,000	VAR, 0.529%, 11/26/16		500,000
	750,000	VAR, 0.542%, 09/19/16		750,000
	525,000	VAR, 0.544%, 09/28/16		525,000
	150,000	VAR, 0.546%, 09/14/16		150,000
	1,000,000	VAR, 0.546%, 09/19/16		1,000,000
	325,000	VAR, 0.547%, 09/09/16		325,000
	500,000	VAR, 0.566%, 10/04/16		499,935
	60,580	VAR, 0.567%, 09/06/16		60,580
	250,000	VAR, 0.578%, 09/15/16		250,002
	250,000	VAR, 0.583%, 09/13/16		249,997
	140,000	VAR, 0.599%, 09/21/16		140,000
	500,000	VAR, 0.601%, 09/17/16		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		Federal Home Loan Bank — continued
	500,000	VAR, 0.607%, 09/19/16		500,000
	448,000	VAR, 0.607%, 09/29/16		448,279
	230,000	VAR, 0.610%, 09/26/16		230,000
	300,000	VAR, 0.621%, 10/26/16		300,010
	250,000	VAR, 0.625%, 11/26/16		250,000
	150,000	VAR, 0.628%, 10/19/16		150,000
	700,000	VAR, 0.631%, 09/12/16		699,964
	250,000	VAR, 0.632%, 09/07/16		250,000
	210,000	VAR, 0.636%, 09/12/16		210,015
	235,000	VAR, 0.636%, 10/26/16		235,039
	150,000	VAR, 0.642%, 09/07/16		150,000
	250,000	VAR, 0.642%, 09/07/16		250,000
	300,000	VAR, 0.645%, 10/25/16		300,000
	225,000	VAR, 0.651%, 11/16/16		224,998
	975,000	VAR, 0.651%, 11/16/16		975,000
	175,000	VAR, 0.659%, 11/02/16		175,000
	250,000	VAR, 0.660%, 09/06/16		250,220
	500,000	VAR, 0.665%, 11/25/16		500,000
	227,900	VAR, 0.665%, 11/26/16		227,900
	950,000	VAR, 0.665%, 11/26/16		950,000
	525,000	VAR, 0.667%, 11/15/16		525,000
	250,000	VAR, 0.667%, 11/23/16		250,000
	450,000	VAR, 0.668%, 11/12/16		450,000
	250,000	VAR, 0.669%, 11/02/16		249,971
	177,000	VAR, 0.700%, 11/07/16		177,036
	250,000	VAR, 0.702%, 11/09/16		250,000
	100,000	VAR, 0.717%, 11/10/16		100,000
	400,000	VAR, 0.726%, 11/21/16		400,000
	500,000	VAR, 0.726%, 11/21/16		500,000
	150,000	VAR, 0.728%, 11/14/16		150,000
	175,000	VAR, 0.758%, 11/14/16		174,996
	250,000	VAR, 0.763%, 11/16/16		250,000
	500,000	VAR, 0.792%, 11/23/16		499,970
	76,220	VAR, 0.805%, 11/25/16		76,249
	500,000	VAR, 0.69%, 12/01/16		499,982
				35,792,693
		Federal Home Loan Mortgage Corp. — 3.2%
	600,000	DN, 0.401%, 12/21/16 (n)		599,260
	250,000	DN, 0.431%, 09/12/16 (n)		249,967
	70,700	DN, 0.436%, 09/23/16 (n)		70,681
	83,334	DN, 0.459%, 02/07/17 (n)		83,165
	1,175,000	VAR, 0.631%, 10/08/16		1,175,000
	83,500	VAR, 0.637%, 10/12/16		83,500
	575,000	VAR, 0.642%, 09/21/16		574,948

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Mortgage Corp. — continued
	675,000	VAR, 0.681%, 09/08/16		675,000
				3,511,521
		Federal National Mortgage Association — 1.8%
	5,118	4.875%, 12/15/16		5,182
	200,000	DN, 0.401%, 01/09/17 (n)		199,711
	250,000	VAR, 0.507%, 09/06/16		249,959
	400,000	VAR, 0.508%, 09/08/16		399,959
	280,000	VAR, 0.517%, 09/16/16		279,973
	275,000	VAR, 0.535%, 09/26/16		274,989
	500,000	VAR, 0.594%, 09/21/16		500,240
				1,910,013
		Total U.S. Government Agency Securities (Cost $43,842,335)		43,842,335
	U.S. Treasury Obligations — 4.3%
		U.S. Treasury Bill — 1.1% (n)
	1,250,000	0.627%, 02/23/17		1,247,281
		U.S. Treasury Notes — 3.2%
	480,000	0.500%, 01/31/17		480,097
	535,000	0.500%, 02/28/17		535,048
	425,000	0.625%, 12/31/16		425,294
	600,000	0.750%, 03/15/17		600,794
	200,000	0.875%, 11/30/16		200,230
	235,000	0.875%, 12/31/16		235,352
	1,000,000	2.750%, 11/30/16		1,005,588
				3,482,403
		Total U.S. Treasury Obligations (Cost $4,729,684)		4,729,684
	Repurchase Agreements — 56.0%
	6,400,000	Agency Joint Trading Account I, J.P.Morgan Investment Management Inc., as agent, 0.338%, dated 08/31/16, due 09/01/16, repurchase price $6,400,060. [1]		6,400,000
	385,285	Agency Joint Trading Account II, J.P.Morgan Investment Management Inc., as agent, 0.340%, dated 08/31/16, due 09/01/16, repurchase price $385,289. [2]		385,285
	250,000	Bank of America N.A., 0.340%, dated 08/31/16, due 09/01/16, repurchase price $250,002, collateralized by Federal Home Loan Mortgage Corporation, 3.000% - 3.500%, due 04/01/45 - 07/01/45, with a value of $255,000.		250,000

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	500,000	Bank of Nova Scotia, 0.330%, dated 08/31/16, due 09/07/16, repurchase price $500,032, collateralized by Federal Home Loan Mortgage Corporation, 3.136% - 4.000%, due 12/01/41 - 03/01/46, Federal National Mortgage Association, 2.500% - 5.000%, due 01/01/26 - 06/01/46, and Government National Mortgage Association, 3.000% - 4.500%, due 05/15/41 - 07/20/46, U.S. Treasury Securities, 2.375% - 2.375%, due 01/15/17 - 01/15/17, with a value of $510,000.		500,000
	100,000	Bank of Nova Scotia, 0.340%, dated 08/31/16, due 09/01/16, repurchase price $100,001, collateralized by Federal Home Loan Mortgage Corporation, 2.165% - 2.886%, due 06/01/42 - 06/01/44, Federal National Mortgage Association, 2.276% - 4.500%, due 01/01/26 - 08/01/46 and Government National Mortgage Association, 3.000% - 3.000%, due 03/20/42 - 03/20/42, with a value of $102,000.		100,000
	1,000,000	Barclays Capital, Inc., 0.310%, dated 08/31/16, due 09/02/16, repurchase price $1,000,017, collateralized by U.S. Treasury Securities, 0.000% - 6.125%, due 11/15/16 - 05/15/46, with a value of $1,020,000.		1,000,000
	1,500,000	Barclays Capital, Inc., 0.320%, dated 08/31/16, due 09/02/16, repurchase price $1,500,027, collateralized by U.S. Treasury Securities, 0.000% - 2.375%, due 11/15/16 - 08/15/46, with a value of $1,530,000.		1,500,000
	1,000,000	Barclays Capital, Inc., 0.320%, dated 08/31/16, due 09/01/16, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 0.000% - 9.125%, due 09/30/16 - 08/15/46, with a value of $1,020,000.		1,000,000
	500,000	Barclays Capital, Inc., 0.320%, dated 08/31/16, due 09/01/16, repurchase price $500,004, collateralized by U.S. Treasury Securities, 0.000% - 2.875%, due 02/28/17 - 08/15/46, with a value of $510,000.		500,000
	1,000,000	Barclays Capital, Inc., 0.320%, dated 08/31/16, due 09/07/16, repurchase price $1,000,062, collateralized by U.S. Treasury Securities, 0.000% - 2.625%, due 10/31/16 - 08/15/46, with a value of $1,020,000.		1,000,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	250,000	Barclays Capital, Inc., 0.340%, dated 08/31/16, due 09/02/16, repurchase price $250,005, collateralized by Federal Home Loan Mortgage Corporation, 3.500% - 5.969%, due 11/15/35 - 08/01/46, Federal National Mortgage Association, 4.012% - 6.712%, due 03/18/27 - 08/25/46 and Government National Mortgage Association, 5.168% - 7.668%, due 12/20/28 - 04/20/46, U.S. Treasury Securities, 0.750% - 0.750%, due 08/31/18 - 08/31/18, with a value of $257,168.		250,000
	1,000,000	BNP Paribas, 0.320%, dated 08/31/16, due 09/01/16, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 0.000% - 6.875%, due 01/15/17 - 02/15/43, with a value of $1,020,009.		1,000,000
	1,000,000	BNP Paribas, 0.330%, dated 08/31/16, due 09/01/16, repurchase price $1,000,009, collateralized by Federal Home Loan Mortgage Corporation, 0.981% - 9.000%, due 11/01/17 - 09/01/46, Federal National Mortgage Association, 0.893% - 8.000%, due 12/01/17 - 09/25/46, Government National Mortgage Association, 1.167% - 7.000%, due 08/20/24 - 07/20/46 and U.S. Treasury Securities, 0.000% - 4.500%, due 07/20/17 - 02/15/46, with a value of $1,021,157.		1,000,000
	1,000,000	BNP Paribas, 0.350%, dated 08/31/16, due 10/27/16, repurchase price $1,000,554, collateralized by U.S. Treasury Securities, 0.000% - 4.500%, due 03/15/17 - 02/15/45, with a value of $1,020,860.		1,000,000
	1,000,000	Credit Agricole Corporate and Investment Bank, 0.310%, dated 08/31/16, due 09/02/16, repurchase price $1,000,017, collateralized by U.S. Treasury Securities, 0.000% - 2.000%, due 02/16/17 - 02/15/45, with a value of $1,020,000.		1,000,000
	250,000	Credit Agricole Corporate and Investment Bank, 0.320%, dated 08/31/16, due 09/07/16, repurchase price $250,016, collateralized by U.S. Treasury Securities, 0.125% - 0.125%, due 01/15/22 - 01/15/23, with a value of $255,000.		250,000
	500,000	Credit Agricole Corporate and Investment Bank, 0.320%, dated 08/31/16, due 09/01/16, repurchase price $500,004, collateralized by U.S. Treasury Securities, 1.500% - 2.375%, due 01/15/17 - 05/31/20, with a value of $510,000.		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	250,000	Credit Agricole Corporate and Investment Bank, 0.330%, dated 08/31/16, due 09/02/16, repurchase price $250,005, collateralized by U.S. Treasury Securities, 0.750% - 0.750%, due 02/28/18 - 02/28/18, with a value of $255,000.		250,000
	500,000	Credit Agricole Corporate and Investment Bank, 0.330%, dated 08/31/16, due 09/06/16, repurchase price $500,028, collateralized by Federal Home Loan Mortgage Corporation, 4.500% - 4.500%, due 01/01/46 - 01/01/46, Federal National Mortgage Association, 3.000% - 3.000%, due 08/01/46 - 08/01/46 and Government National Mortgage Association, 3.000% - 4.500%, due 10/15/42 - 02/20/45, with a value of $510,000.		500,000
	250,000	Credit Suisse, 0.380%, dated 08/31/16, due 09/21/16, repurchase price $250,055, collateralized by Federal National Mortgage Association, 2.154% - 3.540%, due 03/01/22 - 11/01/45, with a value of $255,000.		250,000
	500,000	Deutsche Bank Securities, Inc., 0.340%, dated 08/31/16, due 09/01/16, repurchase price $500,005, collateralized by U.S. Treasury Securities, 1.625% - 4.750%, due 06/30/20 - 02/15/41, with a value of $510,000.		500,000
	500,000	Deutsche Bank Securities, Inc., 0.340%, dated 08/31/16, due 09/01/16, repurchase price $500,005, collateralized by U.S. Treasury Securities, 0.625% - 2.500%, due 12/15/16 - 05/15/24, with a value of $510,000.		500,000
	500,000	Deutsche Bank Securities, Inc., 0.350%, dated 08/31/16, due 09/06/16, repurchase price $500,029, collateralized by U.S. Treasury Securities, 0.875% - 3.000%, due 12/31/16 - 11/15/44, with a value of $510,000.		500,000
	500,000	Deutsche Bank Securities, Inc., 0.350%, dated 08/31/16, due 09/01/16, repurchase price $500,005, collateralized by Federal Home Loan Mortgage Corporation, 2.000% - 9.000%, due 11/01/16 - 09/01/46, Federal National Mortgage Association, 2.000% - 9.500%, due 10/01/16 - 01/01/49 and Government National Mortgage Association, 3.500% - 3.500%, due 12/20/45 - 12/20/45, with a value of $510,000.		500,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000,000	Deutsche Bank Securities, Inc., 0.350%, dated 08/31/16, due 09/01/16, repurchase price $1,000,010, collateralized by Federal Home Loan Mortgage Corporation, 3.000% - 5.000%, due 06/15/27 - 08/15/45, Federal National Mortgage Association, 3.000% - 117.500%, due 04/25/22 - 12/25/45 and Government National Mortgage Association, 2.500% - 7.118%, due 08/20/32 - 01/16/54, with a value of $1,030,000.		1,000,000
	250,000	Deutsche Bank Securities, Inc., 0.350%, dated 08/31/16, due 09/07/16, repurchase price $250,017, collateralized by U.S. Treasury Securities, 1.000% - 3.875%, due 12/31/17 - 08/15/40, with a value of $255,000.		250,000
	500,000	Deutsche Bank Securities, Inc., 0.360%, dated 08/31/16, due 09/02/16, repurchase price $500,010, collateralized by Federal Home Loan Mortgage Corporation, 0.000% - 10.022%, due 06/15/25 - 10/15/45, Federal National Mortgage Association, 2.500% - 7.000%, due 03/01/24 - 07/01/46 and Government National Mortgage Association, 5.750% - 5.750%, due 11/15/32 - 11/15/32, with a value of $511,287.		500,000
	750,000	Deutsche Bank Securities, Inc., 0.360%, dated 08/31/16, due 09/07/16, repurchase price $750,053, collateralized by Federal Home Loan Mortgage Corporation, 0.831% - 3.750%, due 10/15/33 - 11/15/38, Government National Mortgage Association, 1.650% - 2.550%, due 07/16/33 - 10/16/50 and U.S. Treasury Securities, 1.375% - 2.250%, due 11/30/17 - 03/31/20, with a value of $766,097.		750,000
	1,500,000	Deutsche Bank Securities, Inc., 0.360%, dated 08/31/16, due 09/06/16, repurchase price $1,500,090, collateralized by Government National Mortgage Association, 3.500% - 3.500%, due 07/20/46 - 07/20/46 and U.S. Treasury Securities, 1.125% - 2.125%, due 01/31/21 - 08/31/21, with a value of $1,530,000.		1,500,000

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	750,000	Deutsche Bank Securities, Inc., 0.360%, dated 08/31/16, due 09/02/16, repurchase price $750,015, collateralized by Federal Home Loan Mortgage Corporation, 0.950% - 0.950%, due 01/30/19 - 01/30/19, Government National Mortgage Association, 4.000% - 4.750%, due 08/20/40 - 11/16/40, U.S. Treasury Securities, 1.375% - 2.125%, due 03/31/20 - 01/31/21 and Tennessee Valley Authority, 4.250% - 5.375%, due 09/15/39 - 09/15/65, with a value of $766,483.		750,000
	9,000,000	Federal Reserve Bank, 0.250%, dated 08/31/16, due 09/01/16, repurchase price $9,000,063, collateralized by U.S. Treasury Securities, 1.500% - 6.125%, due 11/15/19 - 08/15/43, with a value of $9,000,063.		9,000,000
	4,700,000	Federal Reserve Bank, 0.250%, dated 08/31/16, due 09/01/16, repurchase price $4,700,033, collateralized by U.S. Treasury Securities, 1.500% - 6.125%, due 11/15/19 - 08/15/43, with a value of $4,700,033.		4,700,000
	500,000	Goldman Sachs International, 0.310%, dated 08/31/16, due 09/02/16, repurchase price $500,009, collateralized by Government National Mortgage Association, 2.500% - 5.000%, due 07/20/41 - 08/20/46, with a value of $510,000.		500,000
	1,000,000	Goldman Sachs International, 0.320%, dated 08/31/16, due 09/07/16, repurchase price $1,000,062, collateralized by Government National Mortgage Association, 0.757% - 7.500%, due 10/16/22 - 08/20/46, with a value of $1,023,258.		1,000,000
	1,000,000	Goldman Sachs International, 0.320%, dated 08/31/16, due 09/06/16, repurchase price $1,000,053, collateralized by Government National Mortgage Association, 1.875% - 11.500%, due 09/15/16 - 08/20/46, with a value of $1,020,976.		1,000,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8,000,000	Nomura Securities International, Inc., 0.380%, dated 08/31/16, due 09/01/16, repurchase price $8,000,084, collateralized by Federal Home Loan Mortgage Corporation, 2.000% - 7.500%, due 12/01/17 - 09/01/46, Federal National Mortgage Association, 0.000% - 8.500%, due 12/01/16 - 07/01/48, Government National Mortgage Association, 1.572% - 9.000%, due 12/15/17 - 07/20/66, U.S. Treasury Securities, 0.000% - 3.750%, due 09/15/16 - 02/15/45 and Tennessee Valley Authority, 5.375% - 5.980%, due 04/01/36 - 04/01/56, with a value of $8,160,086.		8,000,000
	500,000	RBC Capital Markets LLC, 0.350%, dated 08/31/16, due 09/07/16, repurchase price $500,034, collateralized by Federal Home Loan Mortgage Corporation, 2.500% - 3.500%, due 01/15/33 - 12/15/44, Federal National Mortgage Association, 3.000% - 4.000%, due 04/01/27 - 06/01/46, Government National Mortgage Association, 1.875% - 4.000%, due 08/20/40 - 07/20/46 and U.S. Treasury Securities, 1.125% - 2.000%, due 11/30/19 - 02/15/22, with a value of $510,238.		500,000
	500,000	RBC Capital Markets LLC, 0.350%, dated 08/31/16, due 09/07/16, repurchase price $500,034, collateralized by Federal Home Loan Mortgage Corporation, 1.500% - 8.500%, due 08/01/17 - 09/01/46, Federal National Mortgage Association, 1.650% - 7.100%, due 10/01/17 - 08/01/46, Government National Mortgage Association, 0.762% - 5.500%, due 02/20/27 - 07/20/46 and U.S. Treasury Securities, 0.125% - 1.875%, due 02/28/21 - 10/31/22, with a value of $510,100.		500,000
	500,000	RBC Capital Markets LLC, 0.350%, dated 08/31/16, due 09/07/16, repurchase price $500,034, collateralized by Federal Home Loan Mortgage Corporation, 2.359% - 6.049%, due 12/01/20 - 07/01/46, Federal National Mortgage Association, 2.000% - 6.000%, due 05/01/19 - 09/25/46, and Government National Mortgage Association, 1.875% - 7.500%, due 04/20/24 - 07/20/46, with a value of $510,063.		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	1,000,000	RBC Capital Markets LLC, 0.390%, dated 08/31/16, due 09/07/16, repurchase price $1,000,076, collateralized by Federal Home Loan Mortgage Corporation, 2.000% - 8.000%, due 01/01/17 - 09/01/46, Federal National Mortgage Association, 1.500% - 7.000%, due 06/01/17 - 07/01/46, Government National Mortgage Association, 1.875% - 8.000%, due 12/25/22 - 07/20/46 and U.S. Treasury Securities, 0.625% - 3.750%, due 02/15/17 - 02/15/44, with a value of $1,020,228.		1,000,000
	500,000	Societe Generale S.A., 0.320%, dated 08/31/16, due 09/02/16, repurchase price $500,009, collateralized by U.S. Treasury Securities, 0.000% - 4.625%, due 12/08/16 - 11/15/45, with a value of $510,000.		500,000
	1,250,000	Societe Generale S.A., 0.330%, dated 08/31/16, due 09/02/16, repurchase price $1,250,023, collateralized by U.S. Treasury Securities, 0.000% - 8.875%, due 09/22/16 - 02/15/45, with a value of $1,275,000.		1,250,000
	250,000	Societe Generale S.A., 0.330%, dated 08/31/16, due 09/06/16, repurchase price $250,014, collateralized by Government National Mortgage Association, 1.690% - 7.000%, due 02/15/17 - 08/20/66, with a value of $255,000.		250,000
	1,000,000	Societe Generale S.A., 0.330%, dated 08/31/16, due 09/07/16, repurchase price $1,000,064, collateralized by U.S. Treasury Securities, 0.000% - 6.500%, due 01/05/17 - 08/15/44, with a value of $1,020,000.		1,000,000
	800,000	Societe Generale S.A., 0.330%, dated 08/31/16, due 09/02/16, repurchase price $800,015, collateralized by Government National Mortgage Association, 1.875% - 5.492%, due 04/20/26 - 04/20/66, with a value of $816,000.		800,000
	1,000,000	Societe Generale S.A., 0.330%, dated 08/31/16, due 09/01/16, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 0.000% - 8.750%, due 09/15/16 - 08/15/44, with a value of $1,020,000.		1,000,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,500,000	Societe Generale S.A., 0.340%, dated 08/31/16, due 09/07/16, repurchase price $1,500,099, collateralized by Government National Mortgage Association, 1.875% - 6.000%, due 09/20/27 - 05/20/66, with a value of $1,530,000.		1,500,000
	300,000	Societe Generale S.A., 0.350%, dated 08/31/16, due 09/02/16, repurchase price $300,006, collateralized by Federal Home Loan Mortgage Corporation, 2.628% - 6.030%, due 04/01/37 - 06/01/46, Federal National Mortgage Association, 1.188% - 4.000%, due 05/25/23 - 07/01/44, Government National Mortgage Association, 3.000% - 7.000%, due 07/15/27 - 03/20/46 and U.S. Treasury Securities, 0.000% - 8.125%, due 12/08/16 - 05/15/46, with a value of $306,112.		300,000
	500,000	Societe Generale S.A., 0.370%, dated 08/31/16, due 09/01/16, repurchase price $500,005, collateralized by U.S. Treasury Securities, 0.000% - 9.125%, due 11/03/16 - 08/15/44, with a value of $510,000.		500,000
	1,000,000	Societe Generale S.A., 0.420%, dated 08/31/16, due 09/14/16, repurchase price $1,000,163, collateralized by U.S. Treasury Securities, 0.000% - 5.500%, due 09/15/16 - 02/15/45, with a value of $1,020,000.		1,000,000
	500,000	Wells Fargo Bank N.A., 0.420%, dated 08/31/16, due 11/10/16, repurchase price $500,414, collateralized by Federal Home Loan Mortgage Corporation, 2.500% - 3.500%, due 04/01/30 - 10/01/45, with a value of $510,536.		500,000
	250,000	Wells Fargo Securities, LLC, 0.420%, dated 08/31/16, due 09/06/16, repurchase price $250,018, collateralized by U.S. Treasury Securities, 1.500% - 2.500%, due 06/30/17 - 11/30/19, with a value of $255,268.		250,000

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	400,000	Wells Fargo Securities, LLC, 0.450%, dated 08/31/16, due 09/06/16, repurchase price $400,030, collateralized by Federal Home Loan Mortgage Corporation, 3.000% - 3.500%, due 07/01/31 - 07/01/46 and Federal National Mortgage Association, 3.000% - 3.500%, due 08/01/26 - 06/01/46, with a value of $408,459.		400,000
		Total Repurchase Agreements (Cost $61,335,285)		61,335,285
		Total Investments — 100.4% (Cost $109,907,304)*		109,907,304
		Liabilities in Excess of Other Assets — (0.4)%		(432,269	)
		NET ASSETS — 100.0%	$	109,475,035

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 48.1%
		U.S. Treasury Bills — 13.3% (n)
	250,000	0.386%, 11/17/16		249,794
	600,000	0.400%, 01/12/17		599,114
	250,000	0.401%, 12/22/16		249,688
	280,000	0.417%, 02/02/17		279,502
	150,000	0.423%, 01/19/17		149,754
	250,000	0.432%, 12/08/16		249,707
	100,000	0.446%, 09/22/16		99,974
	252,613	0.479%, 09/01/16		252,613
	250,000	0.508%, 09/15/16		249,951
	250,000	0.451%, 02/23/17		249,453
				2,629,550
		U.S. Treasury Notes — 34.8%
	75,000	0.375%, 10/31/16		74,993
	75,000	0.500%, 09/30/16		74,999
	250,000	0.625%, 11/15/16		249,998
	325,515	0.625%, 12/15/16		325,659
	350,000	0.625%, 12/31/16		350,138
	297,000	0.625%, 05/31/17		297,094
	150,000	0.750%, 03/15/17		150,195
	567,000	0.875%, 11/30/16		567,651
	200,000	0.875%, 12/31/16		200,280
	300,000	0.875%, 04/30/17		300,710
	250,000	1.000%, 09/30/16		250,101
	200,000	1.000%, 10/31/16		200,191
	75,000	2.500%, 06/30/17		76,180
	200,000	2.750%, 11/30/16		201,163
	350,000	3.125%, 01/31/17		353,888
	100,000	4.625%, 11/15/16		100,860
	225,000	VAR 0.388%, 09/01/16		224,979
	650,000	VAR 0.409%, 09/01/16		649,767
	563,000	VAR 0.412%, 09/01/16		562,860
	54,000	VAR 0.419%, 09/01/16		54,003
	550,000	VAR 0.503%, 09/01/16		550,042
	650,000	VAR 0.525%, 09/01/16		649,986
	387,000	VAR 0.607%, 09/01/16		387,239
				6,852,976
		Total U.S. Treasury Obligations (Cost $9,482,526)		9,482,526
	Repurchase Agreements — 52.7%
	500,000	Deutsche Bank Securities, Inc., 0.350%, dated 08/31/16, due 09/02/16, repurchase price $500,010, collateralized by U.S. Treasury Securities, 1.250% - 2.000%, due 11/30/19 - 08/31/21, with a value of $510,000.		500,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,250,000	Federal Reserve Bank of New York, 0.250%, dated 08/31/16, due 09/01/16, repurchase price $4,250,030, collateralized by U.S. Treasury Securities, 1.500% - 3.375%, due 11/15/19 - 02/15/43, with a value of $4,250,030.		4,250,000
	100,000	HSBC Securities USA, Inc., 0.290%, dated 08/31/16, due 09/01/16, repurchase price $100,001, collateralized by U.S. Treasury Securities, 1.125%, due 02/28/21, with a value of $102,000.		100,000
	250,000	JPMorgan Securities LLC, 0.330%, dated 08/31/16, due 09/01/16, repurchase price $250,002, collateralized by U.S. Treasury Securities, 1.625% - 5.250%, due 12/31/22 - 11/15/28, with a value of $255,005.		250,000
	1,800,000	Nomura Securities International, Inc., 0.350%, dated 08/31/16, due 09/01/16, repurchase price $1,800,018, collateralized by U.S. Treasury Securities, 0.000% - 8.875%, due 09/15/16 - 05/15/46, with a value of $1,836,018.		1,800,000
	500,000	RBC Capital Markets LLC, 0.320%, dated 08/31/16, due 09/07/16, repurchase price $500,031, collateralized by U.S. Treasury Securities, 0.000% - 8.875%, due 09/15/16 - 02/15/46, with a value of $510,000.		500,000
	1,000,000	Royal Bank of Scotland Group plc, 0.320%, dated 08/31/16, due 09/01/16, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 1.000% - 3.375%, due 03/15/18 - 07/31/22, with a value of $1,020,002.		1,000,000
	500,000	Societe Generale S.A., 0.320%, dated 08/31/16, due 09/06/16, repurchase price $500,027, collateralized by U.S. Treasury Securities, 0.000% - 2.875%, due 09/15/16 - 08/15/45, with a value of $510,000.		500,000
	350,000	Societe Generale S.A., 0.400%, dated 08/31/16, due 09/12/16, repurchase price $350,047, collateralized by U.S. Treasury Securities, 0.000% - 9.125%, due 11/30/16 - 08/15/454, with a value of $357,000.		350,000
	738,355	Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.320%, dated 08/31/16, due 09/01/16, repurchase price $738,362. [3]		738,355

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	400,000	Wells Fargo Securities, LLC, 0.400%, dated 08/31/16, due 09/12/16, repurchase price $400,053, collateralized by U.S. Treasury Securities, 1.500% - 4.625%, due 11/15/16 - 11/15/22, with a value of $408,286.		400,000
		Total Repurchase Agreements (Cost $10,388,355)		10,388,355
		Total Investments — 100.8% (Cost $19,870,881)*		19,870,881
		Liabilities in Excess of Other Assets — (0.8)%		(164,937	)
		NET ASSETS — 100.0%	$	19,705,944

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 78.9%
		Federal Farm Credit Bank — 9.7%
	25,000	DN, 0.481%, 12/02/16 (n)		24,969
	74,500	VAR, 0.469%, 09/06/16		74,507
	12,500	VAR, 0.510%, 09/01/16		12,485
	50,000	VAR, 0.525%, 09/01/16		49,926
	25,000	VAR, 0.607%, 09/06/16		24,999
	25,000	VAR, 0.624%, 09/26/16		25,000
	25,000	VAR, 0.668%, 09/08/16		25,004
	40,000	VAR, 0.668%, 09/12/16		39,994
				276,884
		Federal Home Loan Bank — 69.2%
	20,000	0.700%, 02/24/17		20,018
	26,392	DN, 0.050%, 09/01/16 (n)		26,392
	32,775	DN, 0.276%, 09/23/16 (n)		32,769
	16,900	DN, 0.292%, 10/19/16 (n)		16,893
	15,000	DN, 0.300%, 09/29/16 (n)		14,996
	18,700	DN, 0.300%, 10/05/16 (n)		18,695
	5,100	DN, 0.300%, 10/06/16 (n)		5,098
	129,555	DN, 0.300%, 10/07/16 (n)		129,516
	12,100	DN, 0.300%, 10/11/16 (n)		12,096
	20,250	DN, 0.300%, 10/14/16 (n)		20,243
	100,000	DN, 0.300%, 10/20/16 (n)		99,959
	100,000	DN, 0.300%, 10/21/16 (n)		99,958
	17,590	DN, 0.300%, 10/24/16 (n)		17,582
	100,000	DN, 0.302%, 10/12/16 (n)		99,966
	100,000	DN, 0.310%, 10/26/16 (n)		99,953
	48,760	DN, 0.320%, 10/28/16 (n)		48,735
	73,000	DN, 0.330%, 09/06/16 (n)		72,997
	50,000	DN, 0.345%, 11/28/16 (n)		49,958
	100,000	DN, 0.375%, 09/30/16 (n)		99,970
	116,000	DN, 0.386%, 09/02/16 (n)		115,999
	13,000	DN, 0.461%, 02/03/17 (n)		12,974
	120,000	DN, 0.466%, 09/07/16 (n)		119,991
	120,000	DN, 0.472%, 09/09/16 (n)		119,987
	30,000	DN, 0.486%, 01/25/17 (n)		29,941
	30,000	DN, 0.511%, 12/07/16 (n)		29,959
	113,000	DN, 0.582%, 09/14/16 (n)		112,976
	35,000	VAR, 0.527%, 09/21/16		34,979

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Federal Home Loan Bank — continued
	50,000		VAR, 0.544%, 09/28/16		50,000
	25,000		VAR, 0.546%, 09/14/16		25,000
	50,000		VAR, 0.580%, 09/27/16		50,000
	15,000		VAR, 0.597%, 10/21/16		15,000
	50,000		VAR, 0.607%, 09/19/16		50,000
	40,000		VAR, 0.610%, 09/26/16		40,000
	25,000		VAR, 0.631%, 09/11/16		24,999
	25,000		VAR, 0.659%, 11/02/16		25,000
	50,000		VAR, 0.661%, 09/08/16		49,994
	25,000		VAR, 0.662%, 09/07/16		25,021
	25,000		VAR, 0.668%, 11/12/16		25,000
	35,000		VAR, 0.811%, 11/22/16		35,000
					1,977,614
			Total U.S. Government Agency Securities (Cost $2,254,498)		2,254,498
	U.S. Treasury Obligations — 21.0%
			U.S. Treasury Bills — 14.1% (n)
	311,285		0.279%, 09/08/16		311,268
	92,159		0.298%, 11/25/16		92,094
					403,362
			U.S. Treasury Notes — 6.9%
	25,000		0.875%, 12/31/16		25,033
	95,000		1.000%, 10/31/16		95,101
	25,000		3.125%, 01/31/17		25,275
	50,000		4.625%, 11/15/16		50,437
		��			195,846
			Total U.S. Treasury Obligations (Cost $599,208)		599,208
			Total Investments — 99.9% (Cost $2,853,706)*		2,853,706
			Other Assets in Excess of Liabilities — 0.1%		2,187
			NET ASSETS — 100.0%	$	2,855,893

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 106.3%
		U.S. Treasury Bills — 41.7% (n)
	1,623,162	0.204%, 09/01/16		1,623,162
	1,250,000	0.253%, 09/29/16		1,249,753
	1,365,066	0.272%, 09/22/16		1,364,849
	1,020,692	0.279%, 09/08/16		1,020,637
	2,500,000	0.280%, 09/15/16		2,499,728
	56,703	0.316%, 11/25/16		56,661
	500,000	0.323%, 10/20/16		499,781
	730,000	0.336%, 12/01/16		729,394
	450,000	0.401%, 02/02/17		449,229
				9,493,194
		U.S. Treasury Notes — 64.6%
	200,000	0.375%, 10/31/16		199,949
	360,000	0.500%, 09/30/16		360,041
	285,000	0.500%, 11/30/16		285,119
	269,000	0.500%, 02/28/17		269,035
	121,000	0.625%, 11/15/16		121,078
	750,000	0.625%, 12/15/16		750,353
	330,000	0.625%, 02/15/17		330,238
	124,000	0.875%, 09/15/16		124,022
	731,445	0.875%, 11/30/16		732,383
	625,000	0.875%, 12/31/16		625,723
	100,000	0.875%, 04/30/17		100,235
	413,715	1.000%, 09/30/16		413,924
	1,175,000	1.000%, 10/31/16		1,176,246

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		U.S. Treasury Notes — continued
	500,000	2.750%, 11/30/16		502,840
	250,000	3.000%, 09/30/16		250,517
	1,507,000	3.125%, 10/31/16		1,513,692
	100,000	3.125%, 01/31/17		101,098
	120,000	3.125%, 04/30/17		122,027
	1,305,000	4.625%, 11/15/16		1,316,368
	200,000	4.625%, 02/15/17		203,753
	500,000	VAR 0.388%, 09/01/16		499,953
	925,000	VAR 0.409%, 09/01/16		924,883
	1,011,469	VAR 0.412%, 09/01/16		1,011,356
	1,070,000	VAR 0.419%, 09/01/16		1,070,001
	875,000	VAR 0.503%, 09/01/16		875,063
	300,000	VAR 0.525%, 09/01/16		300,213
	539,000	VAR 0.607%, 09/01/16		540,045
				14,720,155
		Total U.S. Treasury Obligations (Cost $24,213,349)		24,213,349
		Total Investments — 106.3% (Cost $24,213,349)*		24,213,349
		Liabilities in Excess of Other Assets — (6.3)%		(1,428,941	)
		NET ASSETS — 100.0%	$	22,784,408

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Commercial Paper — 23.4% (n)
		California — 5.1%
		California Statewide Communities Development Authority,
	11,000	Series 2008 B, 0.480%, 11/02/16		11,000
	47,000	Series 2008 B , 0.480%, 11/03/16		47,000
	35,000	Series 2008 B, 0.500%, 12/01/16		35,000
	47,000	Series 2008 B, 0.500%, 12/01/16		47,000
	45,865	Series 2008 C, 0.640%, 12/08/16		45,865
	17,000	Series 2009 B-1, 0.500%, 10/03/16		17,000
	13,000	Series 2009 B-1, 0.550%, 11/02/16		13,000
	45,000	Series 2009 B-1, 0.550%, 11/03/16		45,000
	15,000	Series 2009 B-2, 0.530%, 12/05/16		15,000
	22,000	Series 2009 B-2, 0.550%, 12/01/16		22,000
	11,000	Series 2009 B-3, 0.550%, 11/02/16		11,000
	19,000	Series 2009 B-3, 0.600%, 11/07/16		19,000
	45,000	Series 2009 B-4, 0.550%, 11/02/16		45,000
	10,000	Series 2009 B-4, 0.600%, 11/07/16		10,000
	30,000	Series 2009 D, 0.500%, 10/03/16		30,000
	20,000	Series 2009 D, 0.500%, 12/06/16		20,000
	27,500	Series B-5, 0.510%, 12/06/16		27,500
	10,000	Series B-5, 520%, 09/15/16		10,000
	58,750	Series B-5, 0.520%, 12/05/16		58,750
	10,000	Series D, 0.500%, 12/01/16		10,000
	20,000	Series D, 0.550%, 12/01/16		20,000
	20,500	Series D, 0.500%, 12/06/16		20,500
		State of California,
	20,000	Series A-2, LOC: Wells Fargo Bank N.A., 0.470%, 10/03/16		20,000
	61,490	Series A-2, LOC: Royal Bank of Canada, 0.490%, 11/02/16		61,490
	43,000	Series A-2, LOC: Royal Bank of Canada, 0.500%, 10/18/16		43,000
	13,300	Series 11A5, LOC: U.S. Bank N.A., 0.520%, 11/02/16		13,300
				717,405
		Florida — 0.4%
	31,240	Alachua County Health Facilities Authority, Series 2008 A, LOC: Bank of America N.A., 0.430%, 09/01/16		31,240
	18,945	County of Hillsborough, Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.470%, 09/08/16		18,945
				50,185
		Maryland — 0.9%
	49,900	Baltimore County, Consolidated Public Improvement Bonds, Series 2011, 0.430%, 09/01/16		49,900

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Maryland — continued
	52,000	County of Montgomery, Series 2010 A, LIQ: PNC Bank N.A., 0.510%, 11/01/16		52,000
	31,735	Maryland Health & Higher Educational Facilities Authority, Series B, 0.480%, 10/03/16		31,735
				133,635
		Massachusetts — 1.4%
	26,000	Massachusetts Port Authority, Series 2012 B, LOC: TD Bank N.A., 0.480%, 10/11/16		26,000
		Massachusetts School Building Authority,
	78,750	Series A, LOC: Bank of America N.A., 0.460%, 10/05/16		78,750
	26,000	Series A, 0.480%, 11/01/16		26,000
	18,000	Massachusetts State Health & Educational Facilities Authority, Series H-2, 0.470%, 09/01/16		18,000
	49,000	Massachusetts Water Resources Authority, Series 99, LOC: State Street Bank & Trust, 0.530%, 12/07/16		49,000
				197,750
		Michigan — 1.9%
	38,000	Michigan State Building Authority, Series 7, LOC: State Street Bank & Trust, 0.600%, 09/29/16		38,000
		Michigan State Hospital Finance Authority,
	39,875	Series 2008 C, 0.460%, 10/03/16		39,875
	117,735	Series 2008 C, 0.480%, 10/04/16		117,735
	23,220	Michigan State University, Series E, 0.700%, 12/16/16		23,220
	45,700	University of Michigan, Series B, 0.460%, 09/01/16		45,700
				264,530
		Minnesota — 3.7%
		City of Jacksonville, Health Care Facilities,
	35,000	Series 2015, 0.500%, 11/01/16		35,000
	50,000	Series 2015, 0.500%, 11/02/16		50,000
	119,400	City of Rochester, Series 2000 B, LIQ: U.S. Bank N.A., 0.500%, 10/13/16		119,400
		City of Rochester, Health Care Facilities, Mayo Clinic,
	30,600	Series 2000 A, LIQ: U.S. Bank N.A., 0.470%, 09/15/16		30,600
	90,000	Series 2000 A, 0.480%, 09/14/16		90,000
	33,000	Series 2008 C, 0.500%, 11/01/16		33,000
	17,000	Series 2008 C, 0.520%, 11/15/16		17,000
	75,000	Series 2014, 0.420%, 09/01/16		75,000

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Paper — continued
		Minnesota — continued
	45,000	Series 2014, 0.580%, 11/08/16		45,000
	26,590	University of Minnesota, Series 2005 A, 0.490%, 10/04/16		26,590
				521,590
		Missouri — 1.2%
	30,000	Curators of University of Missouri, Series A, 0.500%, 12/07/16		30,000
		Missouri State Health & Educational Facilities Authority,
	50,000	Series 2014 B, 0.450%, 09/07/16		50,000
	20,000	Series 2014 C, 0.540%, 10/06/16		20,000
	25,000	Series 2014 D, 0.540%, 10/06/16		25,000
	50,000	Series 2014 E, 0.460%, 09/07/16		50,000
				175,000
		Nevada — 1.1%
	150,000	Las Vegas Valley Water District, Series 2004 B, 0.470%, 09/01/16		150,000
		North Carolina — 0.1%
	15,000	City of Charlotte, Series 2014, LIQ: Bank of America N.A., 0.580%, 10/04/16		15,000
		Pennsylvania — 0.1%
	18,000	University of Pittsburgh-of the Commonwealth System of Higher Education, Series B-2, 0.520%, 11/15/16		18,000
		Tennessee — 1.8%
		Metropolitan Government of Nashville & Davidson County,
	42,640	Series A-1, LOC: Mizuho Bank Ltd., 0.500%, 11/02/16		42,640
	45,110	Series A-1, LOC: Mizuho Bank Ltd., 0.500%, 11/03/16		45,110
	55,685	Series A-1, LOC: Mizuho Bank Ltd., 0.510%, 10/17/16		55,685
		Metropolitan Government of Nashville & Davidson County, Water & Sewer,
	25,000	Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.510%, 09/06/16		25,000
	25,000	Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.510%, 09/20/16		25,000
	57,500	Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.530%, 10/17/16		57,500
				250,935
		Texas — 4.4%
	55,000	City of Garland, Series 2014, LOC: Wells Fargo Bank N.A., 0.500%, 10/06/16		55,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — continued
	88,255	City of San Antonio, Water System, Series B, LOC: Wells Fargo Bank N.A., 0.480%, 09/01/16		88,255
	21,960	Texas Public Finance Authority, Series 2003, 0.670%, 09/15/16		21,960
		University of Texas System,
	24,774	Series A, 0.430%, 09/01/16		24,774
	25,000	Series A, 0.440%, 09/01/16		25,000
	21,000	Series A, 0.440%, 09/07/16		21,000
	49,000	Series A, 0.450%, 09/08/16		49,000
	21,000	Series A, 0.450%, 09/16/16		21,000
	25,000	Series A, 0.450%, 10/05/16		25,000
	25,000	Series A, 0.460%, 09/02/16		25,000
	25,000	Series A, 0.460%, 09/07/16		25,000
	25,000	Series A, 0.460%, 09/08/16		25,000
	21,292	Series A, 0.470%, 09/20/16		21,292
	25,000	Series A, 0.490%, 10/03/16		25,000
	25,000	Series A, 0.500%, 11/01/16		25,000
	25,000	Series A, 0.500%, 11/02/16		25,000
	50,000	Series A, 0.500%, 11/08/16		50,000
	25,000	Series A, 0.520%, 12/01/16		25,000
	25,000	Series A, 0.590%, 01/04/17		25,000
	25,000	Series A, 0.600%, 01/12/17		25,000
				627,281
		Washington — 0.2%
	35,000	University of Washington, Series A, 0.460%, 10/12/16		35,000
		Wisconsin — 1.1%
		State of Wisconsin,
	29,415	Series 2005 A, 0.440%, 09/01/16		29,415
	16,714	Series 2013 A, 0.500%, 09/16/16		16,714
		Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Inc.,
	52,850	LOC: Bank of America N.A., 0.440%, 09/01/16		52,850
	49,840	LOC: Bank of America N.A., 0.530%, 11/02/16		49,840
				148,819
		Total Commercial Paper (Cost $3,305,130)		3,305,130
	Municipal Bonds — 70.1%
		Alabama — 0.2%
	15,000	East Alabama Health Care Authority, Series B, Rev., VRDO, 0.640%, 09/07/16		15,000
	775	Mobile County IDA, PCR, ExxonMobil Project, Rev., VRDO, 0.580%, 09/01/16		775

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 29

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Alabama — continued
		The Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project,
	8,335	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 09/07/16 (e)		8,335
	10,450	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.630%, 09/07/16 (e)		10,450
				34,560
		Alaska — 0.9%
	12,300	Alaska Housing Finance Corp., Governmental Purpose, University of Alaska, Series A, Rev., VRDO, 0.620%, 09/07/16		12,300
	50,880	Alaska Housing Finance Corp., Home Mortgage, Series A, Rev., VRDO, 0.580%, 09/07/16		50,880
		City of Valdez, Marine Terminal, Exxon Pipeline Co. Project,
	37,120	Series B, Rev., VRDO, 0.580%, 09/01/16		37,120
	11,030	Series C, Rev., VRDO, 0.580%, 09/01/16		11,030
	23,500	State of Alaska, International Airports Revenue, Series A, Rev., VRDO, LOC: State Street Bank & Trust, 0.630%, 09/07/16		23,500
				134,830
		Arizona — 0.8%
		Arizona Health Facilities Authority, Banner Health,
	18,195	Series 2008G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.640%, 09/07/16		18,195
	15,000	Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.640%, 09/07/16		15,000
	15,600	City of Mesa, Utility System, Series ROCS-RR-II-R-11032, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		15,600
	2,000	Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project, Series A, Rev., VRDO, FHLMC COLL, LIQ: FHLMC, 0.650%, 09/07/16		2,000
	37,440	Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.620%, 09/07/16		37,440
	21,835	The Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic, Series 2014-B, Rev., VRDO, 0.550%, 09/01/16		21,835
				110,070

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — 3.6%
	28,780	ABAG Finance Authority for Nonprofit Corps., Sharp HealthCare, Series D, Rev., VRDO, LOC: Citibank N.A., 0.600%, 09/07/16		28,780
	1,664	California Educational Facilities Authority, Series 3144, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.590%, 09/07/16 (e)		1,665
		California Health Facilities Financing Authority, Adventist Health System,
	2,400	Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 09/07/16		2,400
	3,500	Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 09/07/16		3,500
	25,560	California Health Facilities Financing Authority, Catholic Healthcare West Loan Program, Series H, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.610%, 09/07/16		25,560
	30,000	California Health Facilities Financing Authority, Stanford Hospital & Clinics, Series B-1, Rev., VRDO, 0.620%, 09/07/16		30,000
	1,220	California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.630%, 09/07/16		1,220
	2,870	California Municipal Finance Authority, La Sierra University, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.610%, 09/07/16		2,870
	3,650	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.610%, 09/07/16		3,650
	8,700	California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court, Series B, Rev., VRDO, FNMA, LIQ: FNMA, 0.640%, 09/07/16		8,700
	1,400	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.610%, 09/07/16		1,400
	900	City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 09/07/16		900
	8,800	City of Whittier, Health Facilities, Presbyterian Intercommunity, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.600%, 09/07/16		8,800
	26,860	El Dorado Irrigation District, COP, VRDO, LOC: Citibank N.A., 0.600%, 09/07/16		26,860
	1,500	Irvine Ranch Water District, Nos. 105, 140, 240 & 250, CONS, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.610%, 09/07/16		1,500

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	31,745	Irvine Unified School District, Community Facilities District No. 09-1, Special Tax, Series 2014 B, VRDO, LOC: Sumitomo Mitsui Banking, 0.610%, 09/07/16		31,745
		Los Angeles Community College District,
	10,800	Series ROCS-RR-II-R-11768, GO, VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		10,800
	11,820	Series ROCS-RR-II-R-11773, GO, VRDO, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		11,820
	25,000	Los Angeles Department of Water & Power, Power System, Series B, Subseries B-2, Rev., VRDO, 0.600%, 09/07/16		25,000
	9,200	Los Angeles Department of Water & Power, Waterworks, Series B, Subseries B-3, Rev., VRDO, 0.550%, 09/07/16		9,200
		Metropolitan Water District of Southern California,
	11,500	Series A-1, Rev., VRDO, 0.550%, 09/07/16		11,500
	26,050	Series A-2, Rev., VRDO, 0.550%, 09/07/16		26,050
	34,850	Regents of the University of California, Series AL-4, Rev., VRDO, 0.550%, 09/07/16		34,850
	5,000	Sacramento County Sanitation Districts Financing Authority, Municipal Securities Trust Receipts, Series SGC-47, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, 0.580%, 09/07/16 (e)		5,000
	18,000	San Diego Community College District, Series ROCS-RR-II-R-11775, GO, VRDO, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		18,000
	4,775	San Francisco City & County Airports Commission, San Francisco International Airport, Second Series, Series 36C, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.620%, 09/07/16		4,775
	6,140	San Francisco City & County Redevelopment Agency, Multi-Family Housing, Notre Dame Apartments, Series G, Rev., VRDO, LOC: Citibank N.A., 0.610%, 09/07/16		6,140
	38,970	Southern California Public Power Authority, Magnolia Power Project A, Series 2009-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.600%, 09/07/16		38,970
	24,100	State of California, Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.640%, 09/07/16		24,100
	33,000	State of California, Municipal Securities Trust Receipts, Series SGC-6, Class A, GO, VRDO, LIQ: Societe Generale, 0.580%, 09/07/16		33,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
		Tender Option Bond Trust Receipts /CTFS Various State,
	8,230	Series 2015-XM0075, Rev., VRDO, LIQ: Bank of America N.A., 0.590%, 09/07/16 (e)		8,230
	12,665	Series 2016-XM0230, Rev., VRDO, LIQ: Bank of America N.A., 0.560%, 09/07/16 (e)		12,665
	55,260	Series 2016-XF0431, GO, VRDO, LIQ: Bank of America N.A., 0.560%, 09/07/16 (e)		55,260
				514,910
		Colorado — 2.5%
	45,570	City of Colorado Springs, Systems Improvement, Series A, Rev., VRDO, 0.550%, 09/07/16		45,570
	22,210	City of Colorado Springs, Utilities Revenue System, Sub Lien, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.610%, 09/07/16		22,210
		City of Colorado Springs, Utilities System Improvement,
	43,765	Series A, Rev., VRDO, 0.550%, 09/07/16		43,765
	10,800	Series A, Rev., VRDO, 0.600%, 09/07/16		10,800
	20,000	City of Colorado Springs, Utilities System, Sub Lien, Series A, Rev., VRDO, 0.610%, 09/07/16		20,000
	57,410	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 0.620%, 09/07/16		57,410
	11,100	Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 09/07/16		11,100
	745	Colorado Housing & Finance Authority, Multi-Family Housing Project, Series A-4, Rev., VRDO, FHLB, 0.620%, 09/07/16		745
		Colorado Housing & Finance Authority, Single Family Mortgage,
	49,825	Series B-2, Rev., VRDO, AMT, 0.620%, 09/07/16		49,825
	40,645	Series B-3, Rev., VRDO, AMT, FHLB, 0.620%, 09/07/16		40,645
	15,010	County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.600%, 09/07/16		15,010
	35,075	Moffat County, PCR, Tri-State Generation and Transmission Association, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.580%, 09/07/16		35,075
				352,155

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 31

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Connecticut — 0.3%
	10,000	Connecticut State Health & Educational Facility Authority, Rev., VRDO, 0.570%, 09/07/16		10,000
	35,000	State of Connecticut, GO, VRDO, 0.610%, 09/07/16		35,000
				45,000
		Delaware — 0.1%
	8,525	Delaware State Health Facilities Authority, Christiana Care Health Services, Series B, Rev., VRDO, 0.580%, 09/07/16		8,525
	200	University of Delaware, Series B, Rev., VRDO, 0.640%, 09/01/16		200
				8,725
		District of Columbia — 0.5%
	1,660	District of Columbia, American Psychology Association, Rev., VRDO, LOC: Bank of America N.A., 0.650%, 09/07/16		1,660
	28,725	District of Columbia, Georgetown University, Series 2007 C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.580%, 09/07/16		28,725
	1,848	District of Columbia, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.810%, 09/07/16		1,848
	18,315	Metropolitan Washington Airports Authority, Subseries D-2, Rev., VRDO, LOC: TD Bank N.A., 0.600%, 09/07/16		18,315
	22,675	Metropolitan Washington Airports Authority, Airport System, Series D, Subseries D2, Rev., VRDO, LOC: TD Bank N.A., 0.600%, 09/01/16		22,675
				73,223
		Florida — 2.2%
	20,495	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0051, Rev., VRDO, LIQ: U.S. Bank N.A., 0.560%, 09/07/16 (e)		20,495
	18,765	Florida Gulf Coast University Financing Corp., Housing Project, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.570%, 09/07/16		18,765
	1,300	Florida Housing Finance Corp., Multi-Family Mortgage, Tuscany Lake Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.640%, 09/07/16		1,300
	300	Gainesville Utility Systems, Series A, Rev., VRDO, 0.610%, 09/01/16		300
		Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group,
	48,000	Series I-2, Rev., VRDO, 0.560%, 09/07/16		48,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — continued
	15,100	Series I-3, Rev., VRDO, 0.550%, 09/07/16		15,100
	18,300	Series I-4, Rev., VRDO, 0.560%, 09/07/16		18,300
	7,140	Highlands County Health Facilities Authority, Hospital, Adventist Health Systems, Series A, Rev., VRDO, 0.560%, 09/07/16		7,140
		JEA, Electric System,
	21,500	Series B-2, Rev., VRDO, 0.610%, 09/07/16		21,500
	27,600	Series B-3, Rev., VRDO, 0.610%, 09/07/16		27,600
	200	JEA, Water and Sewer Systems, Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.600%, 09/07/16		200
		Orange County Health Facilities Authority, The Nemours Foundation Project,
	3,575	Series 2009C-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 09/07/16		3,575
	18,185	Series 2009C-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 09/07/16		18,185
	28,820	Series B, Rev., VRDO, LOC: Northern Trust Co., 0.590%, 09/07/16		28,820
	21,420	Orange County School Board, Certificates of Participation, Series 2008C, COP, VRDO, LOC: Bank of America N.A., 0.620%, 09/07/16		21,420
	22,285	Orange County Tourist Development Tax, Series 2352, Rev., VRDO, FGIC, LIQ: Wells Fargo & Co., 0.580%, 09/07/16 (e)		22,285
		Tender Option Bond Trust Receipts/CTFS Various State,
	14,900	Series 2015-XF0251, Rev., VRDO, LIQ: Bank of America N.A., 0.580%, 09/07/16 (e)		14,900
	16,575	Series 2016-XG0002, Rev., VRDO, LIQ: Bank of America N.A., 0.580%, 09/07/16 (e)		16,575
				304,460
		Georgia — 2.1%
	47,400	Burke County Development Authorities, Pollution Control, Oglethorpe Power Corp. Vogtle Project, Series 2010A, Rev., VRDO, LOC: Bank of America N.A., 0.640%, 09/07/16		47,400
	10,735	DeKalb County Housing Authority, Multi-Family Housing, Timber Trace Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.660%, 09/07/16		10,735
	110,790	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project, Rev., VRDO, 0.670%, 09/07/16		110,790

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Georgia — continued
	47,550	Georgia Municipal Electric Authority, Project One, Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.570%, 09/07/16		47,550
	2,770	Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.770%, 09/07/16		2,770
	5,940	Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VRDO, BHAC, AGM-CR, NATL-RE, LIQ: Citibank N.A., 0.580%, 09/07/16		5,940
		Private Colleges & Universities Authority, Emory University,
	500	Series B-1, Rev., VRDO, 0.570%, 09/07/16		500
	43,295	Series C-1, Rev., VRDO, 0.610%, 09/07/16		43,295
	22,000	Series C-5, Rev., VRDO, 0.610%, 09/07/16		22,000
				290,980
		Idaho — 0.1%
	8,700	Coeur d’Alene Tribe, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 09/07/16		8,700
	6,875	Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 0.550%, 09/07/16		6,875
				15,575
		Illinois — 4.6%
	4,300	City of Galesburg, Knox College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.590%, 09/07/16		4,300
	24,715	County of Cook, Illinois, Catholic Theological Union Project, Series 2005, Rev., VRDO, LOC: U.S. Bank N.A., 0.610%, 09/07/16		24,715
	10,200	County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.660%, 09/07/16		10,200
	1,140	County of Lake, A.L. Hansen Manufacturing Co. Project, Rev., VRDO, LOC: Harris Trust & Savings Bank, 0.650%, 09/07/16		1,140
	15,555	County of Will, Village of Romeoville, Lewis University, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.600%, 09/01/16		15,555
	10,000	Illinois Development Finance Authority, Residential Rental, F.C. Harris Pavilion Project, Rev., VRDO, FNMA, LIQ: FHLMC, 0.650%, 09/07/16		10,000
	13,000	Illinois Development Finance Authority, Village of Oak Park Residence Corporation Project, Series 2001, Rev., VRDO, LOC: PNC Bank N.A., 0.590%, 09/07/16		13,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — continued
	6,200	Illinois Educational Facilities Authority, Adler Planetarium, Series 1997, Rev., VRDO, LOC: PNC Bank N.A., 0.600%, 09/07/16		6,200
	49,230	Illinois Finance Authority, Advocate Healthcare Network, Series C-2A, Rev., VRDO, 0.570%, 09/07/16		49,230
	12,790	Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		12,790
	65,865	Illinois Finance Authority, Chicago Symphony Orchestra, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		65,865
	21,250	Illinois Finance Authority, Edward Hospital Obligated Group, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.650%, 09/07/16		21,250
		Illinois Finance Authority, Healthcare System,
	22,970	Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.520%, 09/07/16		22,970
	20,750	Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.640%, 09/07/16		20,750
	31,535	Illinois Finance Authority, Northwestern Memorial Hospital, Series A-4, Rev., VRDO, 0.560%, 09/07/16		31,535
		Illinois Finance Authority, University of Chicago,
	75,620	Series 2008, Rev., VRDO, 0.590%, 09/07/16		75,620
	22,134	Series B, Rev., VRDO, 0.580%, 09/07/16		22,134
	39,495	Series C, Rev., VRDO, 0.580%, 09/07/16		39,495
	2,600	Illinois Finance Authority, University of Chicago Medical Center, Series E-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.600%, 09/01/16		2,600
	6,700	Illinois Housing Development Authority, Homeowner Mortgage, Series C-3, Rev., VRDO, AMT, 0.680%, 09/07/16		6,700
		Illinois State Toll Highway Authority, Toll Highway,
	50,000	Series A-1B, Rev., VRDO, 0.630%, 09/07/16		50,000
	30,000	Series A-1B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.640%, 09/07/16		30,000
	51,900	Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.610%, 09/07/16		51,900
	21,300	Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.660%, 09/07/16		21,300

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — continued
	17,705	Puttable Floating Option Tax-Exempt Receipts, Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.730%, 09/07/16 (e)		17,705
	6,530	Regional Transportation Authority, Series SGC-55, Class A, Rev., VRDO, FGIC, LOC: Societe Generale, 0.580%, 09/07/16 (e)		6,530
	13,635	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XF0435, Rev., VRDO, LIQ: Bank of America N.A., 0.560%, 09/07/16 (e)		13,635
				647,119
		Indiana — 2.5%
	9,600	City of Madison, Economic Development, Arvin Sango, Inc. Project, Series 1987, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.630%, 09/07/16		9,600
	9,100	City of Rockport, PCR, AEP Generating Co. Project, Series A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.630%, 09/07/16		9,100
	25,425	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2006-0162, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., 0.560%, 09/07/16 (e)		25,425
	19,610	Indiana Health & Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		19,610
		Indiana Health Facility Financing Authority, Ascension Health,
	29,400	Series A-2, Rev., VRDO, 0.620%, 09/07/16		29,400
	57,810	Series E-6, Rev., VRDO, 0.640%, 09/07/16		57,810
	7,900	Indiana Health Facility Financing Authority, Community Hospital Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.620%, 09/07/16		7,900
	35,275	Indiana State Finance Authority, Ascension Health Senior Credit Group, Series E-8, Rev., VRDO, 0.620%, 09/07/16		35,275
	33,425	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A-2, Rev., VRDO, 0.580%, 09/07/16		33,425
	36,000	Indiana State Finance Authority, Midwestern Disaster Relief, Ohio Electric Corp. Project, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.580%, 09/07/16		36,000
	74,585	Indiana State Finance Authority, Parkview Health System, Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.600%, 09/07/16		74,585

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Indiana — continued
	18,600	Indiana State Finance Authority, University Health, Series E, Rev., VRDO, LOC: Bank of America N.A., 0.570%, 09/07/16		18,600
				356,730
		Iowa — 0.6%
	7,570	Iowa Finance Authority, Midwest Disaster Area, Chrisbro III, Inc. Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.600%, 09/07/16		7,570
	80,800	Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Company Project, Rev., VRDO, 0.620%, 09/07/16		80,800
				88,370
		Kansas — 0.3%
	28,915	Kansas State Department of Transportation, Highway, Series C-2, Rev., VRDO, 0.600%, 09/07/16		28,915
	19,720	Olathe Health Facilities, Olathe Medical Center, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.580%, 09/01/16		19,720
				48,635
		Kentucky — 0.5%
	33,200	County of Carroll, Environmental Facilities, Kentucky Utilities Co. Project, Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.650%, 09/07/16		33,200
	10,100	County of Carroll, Solid Waste Disposal, Colotex Corp. Project, Rev., VRDO, LOC: Bank of America N.A., 0.620%, 09/07/16		10,100
	32,000	County of Louisville & Jefferson, Metropolitan Government Norton Healthcare, Inc., Rev., VRDO, LOC: PNC Bank N.A., 0.600%, 09/07/16		32,000
				75,300
		Louisiana — 0.7%
	31,600	East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Series A, Rev., VRDO, 0.570%, 09/01/16		31,600
	17,335	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0112, Rev., VRDO, LIQ: U.S. Bank N.A., 0.570%, 09/07/16		17,335
	39,300	Louisiana Public Facilities Authority, Dynamic Fuels LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.600%, 09/01/16 (p)		39,300
	7,240	State of Louisiana, Gas & Fuels Tax, Series ROCS-RR-II-R-11899, Rev., VRDO, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		7,240
				95,475

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Maryland — 1.0%
	15,200	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, MonteVerde Apartments, Series E, Rev., VRDO, AMT, FHLMC, LOC: FHLMC, 0.630%, 09/07/16		15,200
	6,400	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Parklane Apartments, Series C, Rev., VRDO, FNMA, LIQ: FNMA, 0.650%, 09/07/16		6,400
	11,700	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, Walker Mews Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.660%, 09/07/16		11,700
	22,360	Maryland Economic Development Corp., Multi-Modal, Howard Hughes Medical Institute Project, Series B, Rev., VRDO, 0.620%, 09/07/16		22,360
	26,100	Maryland Health & Higher Education Facilities Authority, Pooled Loan Program, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.650%, 09/07/16		26,100
	6,300	Maryland Health & Higher Educational Facilities Authority, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		6,300
	16,100	Maryland Health & Higher Educational Facilities Authority, John Hopkins University, Series A, Rev., VRDO, 0.580%, 09/07/16		16,100
	4,279	Maryland Health & Higher Educational Facilities Authority, Pooled Loan Program, Series D, Rev., VRDO, LOC: Bank of America N.A., 0.650%, 09/07/16		4,279
	1,100	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.580%, 09/01/16		1,100
	30,415	Maryland Stadium Authority, Sports Facilities, Football Stadium Issue, Rev., VRDO, 0.580%, 09/07/16		30,415
	2,000	Montgomery County Housing Opportunities Commission, Oakfield Apartments, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.660%, 09/07/16		2,000
				141,954

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Massachusetts — 1.9%
	40,000	Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Series A, GO, VRDO, 0.600%, 09/07/16		40,000
	500	Massachusetts Development Finance Agency, Partners HealthCare System, Series K-1, Rev., VRDO, 0.620%, 09/07/16		500
		Massachusetts Health & Educational Facilities Authority, Partners Healthcare System,
	32,000	Series F3, Rev., VRDO, LOC: TD Bank N.A., 0.560%, 09/07/16		32,000
	29,700	Series I-2, Rev., VRDO, 0.560%, 09/07/16		29,700
	43,625	Massachusetts State Department of Transportation, Commonwealth Contract Assistance Secured, Series A-1, Rev., VRDO, 0.590%, 09/07/16		43,625
	2,300	Massachusetts State Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.760%, 09/07/16		2,300
	24,200	Massachusetts State Health & Educational Facilities Authority, Amherst College, Series J-1, Rev., VRDO, 0.610%, 09/07/16		24,200
	5,930	Massachusetts State Health & Educational Facilities Authority, Baystate Medical Center, Series G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.560%, 09/01/16		5,930
		Massachusetts State Health & Educational Facilities Authority, Capital Asset Program,
	22,975	Series M-2, Rev., VRDO, LOC: Bank of America N.A., 0.660%, 09/07/16		22,975
	2,300	Series M-4A, Rev., VRDO, LOC: Bank of America N.A., 0.660%, 09/07/16		2,300
	22,000	Massachusetts Water Resources Authority, Series A-3, Rev., VRDO, 0.610%, 09/07/16		22,000
	41,170	University of Massachusetts, Building Authority, Series 1, Rev., VRDO, 0.570%, 09/07/16		41,170
				266,700
		Michigan — 0.6%
	34,140	Kent Hospital Finance Authority, Spectrum Health System, Series B-3, Rev., VRDO, 0.620%, 09/07/16		34,140
	20,000	Michigan Finance Authority, Hospital Project & Refunding, Ascension Senior Credit Group, Series 2016 E-2, Rev., VRDO, 0.620%, 09/07/16		20,000
	15,380	Regents of the University of Michigan, Series 2012 A, Rev., VRDO, 0.600%, 09/07/16		15,380

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Michigan — continued
	11,580	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America N.A., 0.600%, 09/07/16 (e)		11,580
				81,100
		Minnesota — 2.0%
		City of Rochester, Health Care Facilities, Mayo Clinic,
	62,950	Series A, Rev., VRDO, 0.560%, 09/07/16		62,950
	22,000	Series B, Rev., VRDO, 0.560%, 09/07/16		22,000
	7,000	County of Hennepin, Ballpark Project, Third Lien, Series C, Rev., VRDO, 0.570%, 09/07/16		7,000
	29,960	Eclipse Funding Trust, LOC: U.S. Bank NA, 0.560%, 09/07/16		29,960
		Eclipse Funding Trust, Solar Eclipse, Various States,
	30,515	Series 2007-0032, Rev., VRDO, LIQ: U.S. Bank N.A., 0.570%, 09/07/16 (e)		30,515
	17,785	Series 2007-0059, Rev., VRDO, LIQ: U.S. Bank N.A., 0.580%, 09/01/16 (e)		17,785
	8,200	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.620%, 09/07/16		8,200
	37,570	Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System, Series C-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 09/07/16		37,570
	43,700	Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System,, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.580%, 09/07/16		43,700
	24,990	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-19, Rev., VRDO, LOC: Royal Bank of Canada, 0.600%, 09/01/16 (e)		24,990
				284,670
		Mississippi — 1.3%
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project,
	17,090	Series A, Rev., VRDO, 0.580%, 09/01/16		17,090
	8,370	Series A, Rev., VRDO, 0.600%, 09/01/16		8,370
	10,700	Series B, Rev., VRDO, 0.620%, 09/01/16		10,700
	12,835	Series C, Rev., VRDO, 0.600%, 09/01/16		12,835

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Mississippi — continued
	20,000	Series E, Rev., VRDO, 0.570%, 09/01/16		20,000
	325	Series F, Rev., VRDO, 0.620%, 09/01/16		325
	10,125	Series F, Rev., VRDO, 0.610%, 09/07/16		10,125
	25,800	Series G, Rev., VRDO, 0.600%, 09/01/16		25,800
	17,500	Series G, Rev., VRDO, 0.620%, 09/01/16		17,500
	36,205	Series I, Rev., VRDO, 0.600%, 09/01/16		36,205
	11,200	Mississippi Development Bank, Jackson Industrial Water System Project, Rev., VRDO, 0.600%, 09/01/16		11,200
	10,430	Mississippi Hospital Equipment & Facilities Authority, Rev., VRDO, 0.640%, 09/07/16		10,430
				180,580
		Missouri — 2.1%
	59,075	City of Kansas, Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.620%, 09/07/16		59,075
	725	Kansas City IDA, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.820%, 09/07/16		725
	32,700	Missouri Development Finance Board, Cultural Facilities, Kauffman Center for the Performing Arts Project, Series A, Rev., VRDO, 0.610%, 09/01/16		32,700
		Missouri State Health & Educational Facilities Authority,
	36,445	Series 2000, Rev., VRDO, LOC: Bank of America N.A., 0.640%, 09/07/16		36,445
	3,800	Series C, Rev., VRDO, 0.560%, 09/01/16		3,800
	400	Series D, Rev., VRDO, 0.600%, 09/01/16		400
	59,000	Missouri State Health & Educational Facilities Authority, BJC Health System, Series D, Rev., VRDO, 0.570%, 09/07/16		59,000
	2,500	Missouri State Health & Educational Facilities Authority, Educational Facilities, Washington University, Series C, Rev., VRDO, 0.600%, 09/01/16		2,500
	48,725	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 0.570%, 09/07/16		48,725
	1,670	Missouri State Health & Educational Facilities Authority, Saint Louis University, Series A-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.600%, 09/01/16		1,670
	50,000	Missouri State Health & Educational Facilities Authority, SSM Health Care, Series F, Rev., VRDO, 0.570%, 09/07/16		50,000
				295,040

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Nebraska — 0.2%
	29,295	County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center, Series B-2, Rev., VRDO, LOC: U.S. Bank N.A., 0.590%, 09/07/16		29,295
		Nevada — 1.4%
	29,335	City of Reno, Renown Regional Medical Center, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.630%, 09/07/16		29,335
		Clark County, Nevada Airport System, Sub Lien,
	50,055	Series 2011 B-1, Rev., VRDO, AMT, LOC: Citibank N.A., 0.610%, 09/07/16		50,055
	6,965	Series 2011 B-2, Rev., VRDO, AMT, LOC: Royal Bank of Canada, 0.630%, 09/07/16		6,965
	39,060	Series D-3, Rev., VRDO, LOC: Bank of America N.A., 0.600%, 09/07/16		39,060
	28,735	County of Clark, Airport, Series A, GO, VRDO, AMT, 0.610%, 09/07/16		28,735
		Nevada Housing Division, Multi-Unit Housing,
	8,550	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		8,550
	13,900	Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.710%, 09/07/16		13,900
	2,815	Series M, Rev., VRDO, LOC: U.S. Bank N.A., 0.630%, 09/07/16		2,815
	3,360	Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		3,360
	12,710	Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		12,710
				195,485
		New Jersey — 0.1%
	11,460	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series I, Rev., VRDO, AMT, 0.630%, 09/07/16		11,460
		New Mexico — 0.5%
	22,275	New Mexico Hospital Equipment Loan Council, Hospital System, Presbyterian Healthcare Services, Series C, Rev., VRDO, 0.590%, 09/07/16		22,275
		University of New Mexico, Subordinate Lien System,
	27,755	Series 2001, Rev., VRDO, 0.610%, 09/07/16		27,755
	16,650	Series B, Rev., VRDO, 0.610%, 09/07/16		16,650
				66,680

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — 19.1%
	1,500	City of New York, Fiscal Year 1994, Subseries H-3, GO, VRDO, AGM, 0.590%, 09/01/16		1,500
		City of New York, Fiscal Year 2004,
	17,850	Series A, Subseries A-3, GO, VRDO, LOC: Morgan Stanley Bank, 0.650%, 09/07/16		17,850
	8,330	Subseries H-1, GO, VRDO, LOC: Bank of New York Mellon, 0.590%, 09/01/16		8,330
	1,325	Subseries H-4, GO, VRDO, LOC: Bank of New York Mellon, 0.590%, 09/01/16		1,325
		City of New York, Fiscal Year 2006,
	22,770	Series E, Subseries E-3, GO, VRDO, LOC: Bank of America N.A., 0.600%, 09/07/16		22,770
	34,100	Series E, Subseries E-4, GO, VRDO, LOC: Bank of America N.A., 0.600%, 09/07/16		34,100
	36,400	Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.570%, 09/07/16		36,400
	34,200	Series F, Subseries F-4B, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.600%, 09/07/16		34,200
	25,800	Series I, Subseries I-5, GO, VRDO, LOC: Bank of New York Mellon, 0.590%, 09/01/16		25,800
		City of New York, Fiscal Year 2008,
	37,700	Series D, Subseries D-4, GO, VRDO, 0.580%, 09/07/16		37,700
	61,735	Series J, Subseries J-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.590%, 09/07/16		61,735
	4,000	Series L, Subseries L-4, GO, VRDO, LOC: U.S. Bank N.A., 0.580%, 09/01/16		4,000
		City of New York, Fiscal Year 2012,
	3,830	Series A, Subseries A-5, GO, VRDO, LOC: Royal Bank of Canada, 0.580%, 09/01/16		3,830
	2,800	Series D, Subseries D-3B, GO, VRDO, LOC: Royal Bank of Canada, 0.580%, 09/01/16		2,800
	12,750	City of New York, Fiscal Year 2013, Series A, Subseries A-4, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.570%, 09/07/16		12,750
		City of New York, Fiscal Year 2014,
	16,050	Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank N.A., 0.600%, 09/01/16		16,050
	10,550	Subseries D-4, GO, VRDO, LOC: TD Bank N.A., 0.580%, 09/01/16		10,550

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	3,450	City of New York, Fiscal Year 2015, Series F, Subseries F-7, GO, VRDO, LOC: Royal Bank of Canada, 0.580%, 09/01/16		3,450
		Metropolitan Transportation Authority,
	15,900	Series E-5, Rev., VRDO, LOC: U.S. Bank N.A., 0.580%, 09/01/16		15,900
	18,000	Subseries E-3, Rev., VRDO, LOC: Citibank N.A., 0.610%, 09/07/16		18,000
	10,000	Subseries G-2, Rev., VRDO, LOC: TD Bank N.A., 0.570%, 09/07/16		10,000
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	48,185	Series A1A, Rev., 5.000%, 03/01/17		49,243
	41,310	Series A1B, Rev., 2.000%, 03/01/17		41,604
	10,000	Series A1C, Rev., 2.000%, 03/01/17		10,071
	98,250	Series A1D, Rev., 2.000%, 03/01/17		98,948
	500	Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.580%, 09/01/16		500
	20,000	Subseries B-1, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.570%, 09/07/16		20,000
	20,000	Metropolitan Transportation Authority, Transportation, Series 2012E, Subseries 2005E-3, Rev., VRDO, LOC: Bank of Montreal, 0.580%, 09/07/16		20,000
	19,350	Nassau County Interim Finance Authority, A Public Benefit Corp., of the State of New York, Sales Tax Secured, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.610%, 09/07/16		19,350
		Nassau Health Care Corp.,
	10,480	Subseries B-1, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		10,480
	14,750	Subseries B-2, Rev., VRDO, LOC: TD Bank N.A., 0.600%, 09/07/16		14,750
	124,300	Nassau Interim Finance Authority, Sales Tax Secured, Series A, Rev., VRDO, 0.620%, 09/07/16		124,300
	8,750	New York City Health & Hospital Corp., Health System, Series B, Rev., VRDO, LOC:TD BANK NA, 0.640%, 09/07/16		8,750
	4,760	New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.660%, 09/07/16		4,760
	25,000	New York City Housing Development Corp., Multi-Family Mortgage, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.590%, 09/07/16		25,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	2,800	New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street, Series A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.640%, 09/07/16		2,800
	7,255	New York City Housing Development Corp., Multi-Family Mortgage, 500 East 165th Street Apartments, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.670%, 09/07/16		7,255
	13,600	New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.660%, 09/07/16		13,600
	44,900	New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.640%, 09/07/16		44,900
	47,800	New York City Housing Development Corp., Multi-Family Rental Housing, Royal Properties, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.640%, 09/07/16		47,800
	10,630	New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		10,630
	45,000	New York City Industrial Development Agency, 123 Washington LLC Project, Series 2007, Rev., VRDO, LOC: Bank of China, 0.640%, 09/01/16		45,000
		New York City Municipal Water Finance Authority, Water & Sewer System,
	44,100	Series B, Subseries B-3, Rev., VRDO, 0.580%, 09/01/16		44,100
	45,100	Subseries F1A, Rev., VRDO, 0.560%, 09/07/16		45,100
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2008,
	64,400	Rev., VRDO, 0.600%, 09/07/16		64,400
	23,805	Series B, Subseries B-4, Rev., VRDO, 0.600%, 09/07/16		23,805
	120	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2007, Series CC, Subseries CC-1, Rev., VRDO, 0.580%, 09/01/16		120
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2008,
	29,350	Series BB, Subseries BB-1, Rev., VRDO, 0.550%, 09/07/16		29,350

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	13,000	Subseries BB-4, Rev., VRDO, 0.600%, 09/07/16		13,000
	37,420	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series BB, Subseries BB-1, Rev., VRDO, 0.620%, 09/01/16		37,420
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011,
	66,125	Series DD, Subseries DD-1, Rev., VRDO, 0.580%, 09/01/16		66,125
	4,070	Series DD, Subseries DD-3A, Rev., VRDO, 0.580%, 09/01/16		4,070
	4,885	Subseries DD-3B, Rev., VRDO, 0.580%, 09/01/16		4,885
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013,
	15,400	Series AA, Subseries AA-1, Rev., VRDO, 0.600%, 09/01/16		15,400
	37,700	Series AA, Subseries AA-2, Rev., VRDO, 0.550%, 09/07/16		37,700
	46,900	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series AA, Subseries AA-3, Rev., VRDO, 0.580%, 09/01/16		46,900
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	25,600	Subseries BB-1, Rev., VRDO, 0.580%, 09/01/16		25,600
	19,485	Subseries BB-4, Rev., VRDO, 0.580%, 09/01/16		19,485
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2016,
	25,000	Series AA-2, Rev., VRDO, 0.580%, 09/01/16		25,000
	48,800	Series AA-2, Rev., VRDO, 0.600%, 09/01/16		48,800
	11,055	New York City Transitional Finance Authority, Series 1, Subseries 1D, Rev., VRDO, 0.620%, 09/01/16		11,055
		New York City Transitional Finance Authority, EAGLE,
	48,260	Series 2007-0004, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.590%, 09/07/16		48,260

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	36,060	Series 2007-0014, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Landesbank Hessen-Thuringen, 0.590%, 09/07/16		36,060
	66,200	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 1999, Series A, Subseries A-1, Rev., VRDO, 0.650%, 09/07/16		66,200
	52,770	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001, Series C, Rev., VRDO, 0.600%, 09/01/16		52,770
	9,175	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Subseries A-4, Rev., VRDO, 0.580%, 09/01/16		9,175
	17,000	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013, Series A, Subseries A-5, Rev., VRDO, 0.580%, 09/01/16		17,000
		New York City Transitional Finance Authority, New York City Recovery,
	2,360	Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 0.660%, 09/07/16		2,360
	14,865	Series 2, Subseries 2F, Rev., VRDO, LIQ: Sumitomo Mitsui Banking, 0.650%, 09/01/16		14,865
	19,925	Series 3, Subseries 3-G, Rev., VRDO, 0.630%, 09/07/16		19,925
	24,700	New York City, Fiscal Year 2008, Subseries D-3, GO, VRDO, LIQ: Credit Agricole Corporate and Investment Bank, 0.580%, 09/07/16		24,700
	3,160	New York Liberty Development Corp., Series ROCS-RR-II-R-11868, Rev., VRDO, LIQ: Citibank N.A., 0.600%, 09/07/16 (e)		3,160
	7,400	New York State Dormitory Authority, Series ROCS-RR II R-14018, Rev., VRDO, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		7,400
	45,600	New York State Dormitory Authority, City University System, CONS Fifth General Resolution, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.570%, 09/07/16		45,600
	69,525	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.650%, 09/07/16		69,525
	500	New York State Dormitory Authority, EAGLE, Series 2006-0138, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 09/07/16 (e)		500
	23,585	New York State Dormitory Authority, St. John’s University, Series B-1, Rev., VRDO, LOC: Bank of America N.A., 0.600%, 09/07/16		23,585

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
		New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project,
	12,700	Series 2004C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 09/07/16		12,700
	19,920	Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 09/07/16		19,920
	1,800	New York State Housing Finance Agency, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		1,800
	2,755	New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.650%, 09/07/16		2,755
	8,000	New York State Housing Finance Agency, 101 West End Avenue, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 09/07/16		8,000
	33,095	New York State Housing Finance Agency, 160 Madison Avenue Housing, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/01/16		33,095
	51,100	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		51,100
	10,000	New York State Housing Finance Agency, 205 East 92nd Street, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.630%, 09/07/16		10,000
	11,550	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.710%, 09/07/16		11,550
	4,200	New York State Housing Finance Agency, 240 East 39th Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.670%, 09/07/16		4,200
	7,200	New York State Housing Finance Agency, 345 East 94th Street, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.600%, 09/07/16		7,200
	3,200	New York State Housing Finance Agency, 360 West 43rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		3,200
	21,500	New York State Housing Finance Agency, 555 Tenth Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.660%, 09/07/16		21,500
		New York State Housing Finance Agency, 605 West 42 Street,
	47,280	Series A, Rev., VRDO, LOC: Bank of China, 0.640%, 09/01/16		47,280
	80,000	Series A, Rev., VRDO, LOC: Bank of China, 0.640%, 09/01/16		80,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	5,500	New York State Housing Finance Agency, 625 West 57th Street, Series A-1, Rev., VRDO, LOC: Bank of New York Mellon, 0.570%, 09/07/16		5,500
	17,760	New York State Housing Finance Agency, 80 Dekalb Avenue, Series B, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		17,760
	50,000	New York State Housing Finance Agency, 88 Leonard Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.660%, 09/07/16		50,000
	9,550	New York State Housing Finance Agency, Chelsea Arms, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		9,550
	3,900	New York State Housing Finance Agency, Clinton Park Phase II, Series A-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.660%, 09/07/16		3,900
	7,400	New York State Housing Finance Agency, East 84th Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.670%, 09/07/16		7,400
	28,550	New York State Housing Finance Agency, Historic Front Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.620%, 09/07/16		28,550
	7,050	New York State Housing Finance Agency, North End, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.650%, 09/07/16		7,050
	27,000	New York State Housing Finance Agency, Related 205 East 92nd Street Housing, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.630%, 09/07/16		27,000
	6,680	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 0.630%, 09/07/16		6,680
	11,300	New York State Housing Finance Agency, Theater Row, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.680%, 09/07/16		11,300
	50,065	New York State Housing Finance Agency, Tribeca Green, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.660%, 09/07/16		50,065
	10,000	New York State Housing Finance Agency, Victory, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.680%, 09/07/16		10,000
	2,100	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		2,100
	100	New York State Housing Finance Agency, Weyant Green Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		100

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	3,400	New York State Housing Finance Agency, Worth Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.680%, 09/07/16		3,400
	11,250	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XG0018, Rev., VRDO, LIQ: Bank of America N.A., 0.630%, 09/07/16 (e)		11,250
	40,790	Triborough Bridge & Tunnel Authority, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		40,790
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	28,890	Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.640%, 09/07/16		28,890
	57,290	Series B-1, Rev., VRDO, LOC: PNC Bank N.A., 0.600%, 09/07/16		57,290
				2,695,056
		North Carolina — 3.5%
	25,515	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.610%, 09/07/16		25,515
	2,560	Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System, Series H, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.600%, 09/01/16		2,560
	26,200	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.610%, 09/07/16		26,200
		City of Charlotte, Charlotte Douglas International Airport,
	13,205	Series B, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 09/07/16		13,205
	6,925	Series C, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 09/07/16		6,925
	7,675	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.630%, 09/07/16		7,675
	17,365	City of Charlotte, Water & Sewer System, Series B, Rev., VRDO, 0.600%, 09/07/16		17,365
	19,580	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 0.630%, 09/07/16		19,580
	5,415	City of Raleigh, Combined Enterprise System, Series B, Rev., VRDO, 0.630%, 09/07/16		5,415
		City of Raleigh, Downtown Improvement Projects,
	40,900	Series A, COP, VRDO, 0.570%, 09/07/16		40,900
	42,325	Series B-2, COP, VRDO, 0.600%, 09/07/16		42,325
	8,330	City of Raleigh, Enterprise System, Series A, Rev., VRDO, 0.630%, 09/07/16		8,330

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Carolina — continued
	18,380	Durham County Industrial Facilities & Pollution Control Financing Authority, Research Triangle Institute, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.610%, 09/07/16		18,380
		Forsyth County,
	6,535	Series A, GO, VRDO, 0.570%, 09/07/16		6,535
	6,300	Series B, GO, VRDO, 0.570%, 09/07/16		6,300
	14,600	Series B, GO, VRDO, 0.570%, 09/07/16		14,600
	16,000	North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 09/07/16		16,000
	14,960	North Carolina Medical Care Commission, Health Care Facilities, WakeMed, Series C, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.610%, 09/07/16		14,960
	21,775	North Carolina Medical Care Commission, Health System, Rev., VRDO, 0.620%, 09/07/16		21,775
	25,000	North Carolina Medical Care Commission, Moses Cone Health System, Series A, Rev., VRDO, 0.660%, 09/07/16		25,000
	40,505	North Carolina State University at Raleigh, Board of Governors, Series B, Rev., VRDO, 0.570%, 09/07/16		40,505
	14,900	Orange Water & Sewer Authority, Series B, Rev., VRDO, 0.570%, 09/07/16		14,900
	17,130	Piedmont Triad Airport Authority, Series A, Rev., VRDO, LOC: Branch Banking & Trust, 0.660%, 09/07/16		17,130
		University of North Carolina, University Hospital at Chapel Hill,
	17,540	Series A, Rev., VRDO, 0.550%, 09/01/16		17,540
	14,000	Series A, Rev., VRDO, 0.570%, 09/07/16		14,000
	100	Series B, Rev., VRDO, 0.550%, 09/01/16		100
	20,435	Series B, Rev., VRDO, 0.560%, 09/07/16		20,435
	30,000	Wake County, Public Improvement, Series B, GO, VRDO, 0.560%, 09/07/16		30,000
				494,155
		Ohio — 1.0%
	400	City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project, Series 2008, Rev., VRDO, LOC: PNC Bank N.A., 0.600%, 09/07/16		400
	9,715	County of Cuyahoga, Civic Facilities, Rev., VRDO, LOC: PNC Bank N.A., 0.590%, 09/07/16		9,715
	24,700	County of Cuyahoga, Ohio, Hospital Facilities, Sisters of Charity Health System, Series 2000, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		24,700

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Ohio — continued
	10,020	Franklin County, Ohio Health Care Facilities, Ohio Presbyterian Retirement Services, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.590%, 09/07/16		10,020
		Ohio State University, General Receipts,
	500	Rev., VRDO, 0.530%, 09/07/16		500
	25,000	Rev., VRDO, 0.600%, 09/07/16		25,000
	45,000	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series 2016 A, Rev., VRDO, LIQ: BMO Harris Bank N.A., 0.650%, 09/07/16		45,000
		State of Ohio, Infrastructure Improvement,
	20,715	Series A, GO, VRDO, 0.620%, 09/07/16		20,715
	10,495	Series B, GO, VRDO, 0.620%, 09/07/16		10,495
				146,545
		Oklahoma — 0.1%
	10,490	Tulsa County Home Finance Authority, Multi-Family Housing, Waterford Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 09/07/16		10,490
		Oregon — 0.1%
	15,450	Clackamas County Hospital Facility Authority, Legacy Health System, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.610%, 09/07/16		15,450
		Pennsylvania — 2.7%
		Bucks County IDA, Grand View Hospital,
	10,835	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.570%, 09/07/16		10,835
	7,000	Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		7,000
	20,130	Butler County General Authority, Series SGC-58, Class A, Rev., VRDO, LIQ: Societe Generale, 0.580%, 09/07/16 (e)		20,130
	8,570	Butler County General Authority, North Allegheny School District Project, Rev., VRDO, 0.590%, 09/07/16		8,570
	33,250	City of Philadelphia PA Gas Works, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.570%, 09/07/16		33,250
	23,700	City of Philadelphia, Gas Works, Series D, Rev., VRDO, LOC: Royal Bank of Canada, 0.600%, 09/07/16		23,700
	33,775	County of Allegheny, Series C-50, GO, VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		33,775
	17,300	County of Montour, Geisinger Authority Health System, Series B, Rev., VRDO, 0.560%, 09/01/16		17,300

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pennsylvania — continued
	10,000	Delaware County IDA, Airport Facilities, United Parcel Service Project, Series 2015, Rev., VRDO, 0.710%, 09/01/16		10,000
	17,155	Delaware Valley Regional Finance Authority, Local Government, Class A, Rev., VRDO, LIQ: Societe Generale, 0.580%, 09/07/16 (e)		17,155
	27,350	Fayette County Hospital Authority, Regional Health System, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		27,350
		Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project,
	4,810	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 09/07/16		4,810
	2,405	Series A-T2, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 09/07/16		2,405
	17,080	Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 09/07/16		17,080
	24,665	Northeastern Pennsylvania Hospital and Education Authority, The Commonwealth Medical College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		24,665
	44,500	Pennsylvania Economic Development Financing Authority, PSEG Power LLC Project, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		44,500
	12,975	Pennsylvania Housing Finance Agency, Building Development, Rev., VRDO, 0.600%, 09/07/16		12,975
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	28,710	Series 2005-89, Rev., VRDO, AMT, 0.650%, 09/07/16		28,710
	6,600	Series 99C, Rev., VRDO, AMT, 0.660%, 09/07/16		6,600
	10,000	Philadelphia Authority, Industrial Development Multi-Modal Lease, Series B-3, Rev., VRDO, LOC: PNC Bank N.A., 0.580%, 09/07/16		10,000
	20,000	Pittsburgh Water & Sewer Authority, Series B-2, Rev., VRDO, LOC: Royal Bank of Canada, 0.600%, 09/07/16		20,000
				380,810
		Rhode Island — 1.1%
	1,640	Rhode Island Health & Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America N.A., 0.780%, 09/07/16		1,640

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Rhode Island — continued
	31,650	Rhode Island Health & Educational Building Corp., Higher Education Facilities, Brown University Issue, Series A, Rev., VRDO, 0.570%, 09/07/16		31,650
	34,030	Rhode Island Health & Educational Building Corp., Higher Education Facilities, Roger Williams University Issue, Series 2008 B, Rev., VRDO, LOC: U.S. Bank N.A., 0.570%, 09/07/16		34,030
		Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue,
	47,110	Series 2008A, Rev., VRDO, LOC: U.S. Bank N.A., 0.600%, 09/07/16		47,110
	7,045	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		7,045
	7,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		7,000
	24,600	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		24,600
	750	Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 0.580%, 09/01/16		750
				153,825
		South Carolina — 0.5%
	10,000	City of Columbia, Waterworks & Sewer System, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.590%, 09/01/16		10,000
	5,325	City of North Charleston, Public Facilities Convention, COP, VRDO, LOC: Bank of America N.A., 0.570%, 09/07/16		5,325
	50,000	County of Richland, Series 2015, GO, 2.000%, 10/28/16		50,118
	200	South Carolina Educational Facilities Authority, Morris College Project, Rev., VRDO, LOC: Bank of America N.A., 0.790%, 09/01/16		200
				65,643
		Tennessee — 0.4%
	8,075	City of Johnson, Health and Educational Facilities Board, Series 2013, Rev., VRDO, LOC: U.S. Bank N.A., 0.620%, 09/07/16		8,075
	14,675	Memphis City Health, Educational & Housing Facility Board, Multi-Family Housing, Watergrove Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.600%, 09/07/16		14,675

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Tennessee — continued
	30,935	Montgomery County Public Building Authority, Tennessee County Loan Pool, Rev., VRDO, LOC: Bank of America N.A., 0.630%, 09/01/16		30,935
				53,685
		Texas — 3.3%
	9,100	Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 09/07/16		9,100
	45,475	City of Austin, Airport System, Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 0.590%, 09/07/16		45,475
		City of Houston, Combined Utility System, First Lien,
	21,000	Series 2004B-2, Rev., VRDO, LOC: Citibank N.A., 0.580%, 09/07/16		21,000
	10,600	Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.580%, 09/07/16		10,600
	41,700	Series 2004B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 09/07/16		41,700
	24,225	County of Harris, Series SGC-31, Class A, Rev., VRDO, LIQ: Societe Generale, 0.580%, 09/07/16		24,225
	600	County of Jefferson, Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 0.700%, 09/01/16		600
	45,755	Crawford Education Facilities Corp., Education, Houston Baptist University Project, Rev., VRDO, LOC: Bank of America N.A., 0.660%, 09/07/16		45,755
	15,000	Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl L.P. Project, Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.590%, 09/07/16		15,000
		Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project,
	34,795	Series 2010, Rev., VRDO, 0.580%, 09/01/16		34,795
	25,450	Series 2011, Rev., VRDO, 0.580%, 09/01/16		25,450
	1,250	Series A, Rev., VRDO, 0.580%, 09/01/16		1,250
	2,865	Subseries A-3, Rev., VRDO, 0.580%, 09/01/16		2,865

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — continued
	25,900	Midlothian Industrial Development Corp., Environmental Facilities, Holcim Project, Rev., VRDO, LOC: UBS AG, 0.650%, 09/07/16		25,900
	6,750	North Texas Tollway Authority, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 09/07/16 (e)		6,750
	8,300	Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.610%, 09/07/16		8,300
	5,385	SunAmerica Taxable Trust, Series 2002-1, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.620%, 09/07/16		5,385
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System,
	18,500	Series 2012-B, Rev., VRDO, 0.630%, 09/07/16		18,500
	55,250	Series A, Rev., VRDO, 0.630%, 09/07/16		55,250
		Tender Option Bond Trust Receipts/CTFS Various State,
	9,335	Series 2015-XM0071, Rev., VRDO, LIQ: Bank of America N.A., 0.610%, 09/07/16 (e)		9,335
	9,495	Series 2016-XF2321, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.590%, 09/07/16 (e)		9,495
	740	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments Project, Series A-1, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.680%, 09/07/16		740
	34,345	University of Texas System, Board of Regents, Financing System, Series B, Rev., VRDO, 0.560%, 09/07/16		34,345
	11,765	University of Texas System, Board of Regents, Permanent University Fund, Series A, Rev., VRDO, LIQ: University of Texas Permanent University Fund, 0.560%, 09/07/16		11,765
				463,580
		Utah — 0.9%
	23,700	Central Utah Water Conservancy District, Series A, Rev., VRDO, 0.630%, 09/07/16		23,700
		County of Utah Hospital, IHC Health Services,
	22,150	Series 2014B, Rev., VRDO, 0.600%, 09/07/16		22,150
	40,000	Series 2014C, Rev., VRDO, 0.600%, 09/07/16		40,000
	7,925	Series B, Rev., VRDO, 0.560%, 09/07/16		7,925
	8,200	Series C, Rev., VRDO, 0.560%, 09/07/16		8,200

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utah — continued
	20,095	Murray City, Utah, IHC Health Services, Inc., Series D, Rev., VRDO, 0.580%, 09/01/16		20,095
		Utah Housing Finance Agency, Single Family Mortgage,
	4,365	Series D-1, Rev., VRDO, AMT, LOC: Bayerische Landesbank, 0.700%, 09/07/16		4,365
	4,460	Series E-1, Rev., VRDO, AMT, LIQ: Bayerische Landesbank, 0.700%, 09/07/16		4,460
	3,970	Series F-2, Rev., VRDO, 0.600%, 09/07/16		3,970
				134,865
		Vermont — 0.3%
	36,300	Vermont Educational & Health Buildings Financing Agency, Norwich University Project, Rev., VRDO, LOC: TD Bank N.A., 0.590%, 09/07/16		36,300
		Virginia — 1.9%
	20,300	County of Loudon, IDA, Multi-Modal, Howard Huges Medical Institute, Series B, Rev., VRDO, 0.620%, 09/07/16		20,300
	22,930	Fairfax County EDA, Smithsonian Institution Issue, Series A, Rev., VRDO, 0.570%, 09/07/16		22,930
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	14,847	Series M019, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		14,847
	18,835	Series M020, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		18,835
	12,205	Series M024, Rev., VRDO, FHLMC, LIQ: FHLMC, 1.130%, 09/07/16		12,205
	21,230	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.650%, 09/07/16		21,230
	11,565	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.650%, 09/07/16		11,565
		Loudoun County IDA, Howard Hughes Medical,
	37,600	Series C, Rev., VRDO, 0.620%, 09/07/16		37,600
	15,000	Series D, Rev., VRDO, 0.620%, 09/07/16		15,000
	27,850	Series E, Rev., VRDO, 0.600%, 09/07/16		27,850
	25,655	Series F, Rev., VRDO, 0.600%, 09/07/16		25,655
	7,170	Loudoun County Sanitation Authority, Water & Sewer System, Rev., VRDO, 0.570%, 09/07/16		7,170
	17,675	Montgomery County IDA, Virginia Tech Foundation, Series A, Rev., VRDO, 0.610%, 09/07/16		17,675

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Virginia — continued
	2,435	Virginia College Building Authority, Educatioal Facilities, 21st Century College & Equipment Programs, Series C, Rev., VRDO, 0.600%, 09/01/16		2,435
	9,400	Virginia College Building Authority, Educatioal Facilities, Washington and Lee University, Series B, Rev., VRDO, 0.570%, 09/07/16		9,400
				264,697
		Washington — 0.9%
	17,000	Chelan County Public Utility District No.1, Series B, Rev., VRDO, 0.650%, 09/07/16		17,000
	22,000	County of King, Sewer, Series B, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		22,000
	31,050	King County Housing Authority, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		31,050
	9,750	University of Washington, Series 2015-XF2183, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.590%, 09/01/16 (e)		9,750
	2,935	Washington State Housing Finance Commission, Franke Tobey Jones Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.620%, 09/07/16		2,935
	1,945	Washington State Housing Finance Commission, Local 82 - JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.640%, 09/01/16		1,945
	14,660	Washington State Housing Finance Commission, Multi-Family Housing, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.650%, 09/07/16		14,660
	25,015	Washington State Housing Finance Commission, Urban Center Apartments Project, Series 2012, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.620%, 09/07/16		25,015
				124,355
		West Virginia — 0.3%
	44,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Co., Mitchell Project, Series A, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.580%, 09/07/16		44,000
		Wisconsin — 0.2%
	21,200	Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Inc., Series 09-A, Rev., VRDO, LOC: Bank of Montreal, 0.580%, 09/01/16		21,200

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wisconsin — continued
	11,205	Wisconsin Housing & EDA, Home Ownership, Series C, Rev., VRDO, AMT, 0.600%, 09/07/16		11,205
				32,405
		Wyoming — 0.2%
		Uinta County, Pollution Control, Chevron USA, Inc. Project
	23,850	Rev., VRDO, 0.560%, 09/01/16		23,850
	400	Rev., VRDO, 0.580%, 09/01/16		400
				24,250
		Total Municipal Bonds (Cost $9,889,192)		9,889,192
SHARES
	Variable Rate Demand Preferred Shares — 5.6%
		Nuveen AMT-Free Municipal Income Fund
	27,500	Series 2, LIQ: Citibank N.A., 0.640%, 09/07/16 # (e)		27,500
	11,000	Series 4, LIQ: Royal Bank of Canada, 0.670%, 09/07/16 # (e)		11,000
		Nuveen California AMT-Free Municipal Income Fund
	40,000	0.640%, 09/07/16 # (e)		40,000
	14,100	Series 5, LIQ: TD Bank N.A., 0.640%, 09/07/16 # (e)		14,100
		Nuveen California Dividend Advantage Municipal Fund
	59,200	Series 1, LIQ: Societe Generale, 0.700%, 09/07/16 # (e)		59,200
	8,500	Series 2, LIQ: Citibank N.A., 0.670%, 09/07/16 # (e)		8,500
	21,000	Series 5, LIQ: Citibank N.A., 0.670%, 09/07/16 # (e)		21,000
	20,000	Series 6, LIQ: Citibank N.A., 0.670%, 09/07/16 # (e)		20,000
	30,000	Nuveen Enhanced AMT- Free Municipal Credit, 0.650%, 09/07/16 # (e)		30,000
	249,300	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, Series 4, LIQ: Citibank N.A., 0.640%, 09/07/16 # (e)		249,300
	153,500	Nuveen Municipal Market Opportunity Fund, Inc., LIQ: TD Bank N.A., 0.680%, 09/07/16 # (e)		153,500
	25,000	Nuveen New Jersey Dividend Advantage Municipal Fund, Series 2, LIQ: Royal Bank of Canada, 0.670%, 09/07/16 # (e)		25,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Variable Rate Demand Preferred Shares — continued
		Nuveen New York AMT-Free Municipal Income Fund, Inc.
	47,400	Series 2, LIQ: Citibank N.A., 0.620%, 09/07/16 # (e)		47,400
	8,500	Series 3, LIQ: Citibank N.A., 0.620%, 09/07/16 # (e)		8,500
	16,000	Nuveen Ohio Quality Income Municipal Fund, LIQ: Royal Bank of Canada, 0.680%, 09/07/16 # (e)		16,000
	17,500	Nuveen Pennsylvania Investment Quality Municipal Fund, Series 2, LIQ: Royal Bank of Canada, 0.680%, 09/07/16 # (e)		17,500
	38,000	Nuveen Virginia Premium Income Municipal Fund, LIQ: TD Bank N.A., 0.680%, 09/07/16 # (e)		38,000
		Total Variable Rate Demand Preferred Shares (Cost $786,500)		786,500
		Total Investments — 99.1% (Cost $13,980,822)*		13,980,822
		Other Assets in Excess of Liabilities — 0.9%		119,935
		NET ASSETS — 100.0%	$	14,100,757

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Commercial Paper — 4.4% (n)
		Alabama — 1.6%
		Huntsville Health Care Authority,
	30,000	0.510%, 09/02/16		30,000
	29,000	0.550%, 09/06/16		29,000
				59,000
		California — 0.8%
	28,000	San Francisco City & County Airports Commission, International Airport, Series A-3, LOC: Royal Bank of Canada, 0.360%, 09/01/16		28,000
		Nebraska — 2.0%
		Lincoln Nebraska Electric System,
	40,000	0.480%, 09/06/16		40,000
	32,750	0.480%, 09/07/16		32,750
				72,750
		Total Commercial Paper (Cost $159,750)		159,750
	Daily Demand Notes — 12.9%
		Arizona — 0.3%
	9,735	The Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic, Series 2014B, Rev., VRDO, 0.550%, 09/01/16		9,735
		California — 1.5%
		California Pollution Control Financing Authority, Pacific Gas & Electric Co.,
	40,500	Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 09/01/16		40,500
	15,000	Series B, Rev., VRDO, LOC: Canadian Imperial Bank of Commerce, 0.610%, 09/01/16		15,000
	123	City of Irvine, Improvement Bond Act of 1915, Reassessment District No. 85-7A, Series A, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.580%, 09/01/16		123
				55,623
		Kentucky — 0.2%
	8,000	Louisville & Jefferson County, Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding, Inc. Project, Series A, Rev., VRDO, 0.590%, 09/01/16		8,000
		Michigan — 1.5%
	10,835	Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project, Rev., VRDO, FHLB, LOC: FHLB, 0.610%, 09/01/16		10,835
	45,265	Michigan State Housing Development Authority, Rental Housing, Series C, Rev., VRDO, AMT, LIQ: Bank of America N.A., 0.680%, 09/01/16		45,265
				56,100

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Nevada — 1.5%
	53,200	City of Reno, Sales Tax Revenue, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project, Series 2008A, Rev., VRDO, LOC: Bank of New York Mellon, 0.640%, 09/01/16		53,200
		New York — 5.8%
	10,000	City of New York, Fiscal Year 2017, Series A, Subseries A-6, GO, VRDO, 0.590%, 09/01/16		10,000
	15,610	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2009, Series BB, Subseries BB-1, Rev., VRDO, 0.620%, 09/01/16		15,610
	45,000	New York City Transitional Finance Authority, Future Tax Secured, Series C, Rev., VRDO, LOC: Morgan Stanley Bank, 0.680%, 09/01/16		45,000
	32,335	New York State Housing Finance Agency, 350 West 43rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.610%, 09/01/16		32,335
	42,390	New York State Housing Finance Agency, 455 West 37th Street Housing, Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thuringen, 0.610%, 09/01/16		42,390
	9,000	New York State Housing Finance Agency, Manhattan West Residential Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.630%, 09/01/16		9,000
		New York State Mortgage Agency, Homeowner Mortgage,
	27,105	Series 135, Rev., VRDO, AMT, 0.590%, 09/01/16		27,105
	27,635	Series 142, Rev., VRDO, AMT, 0.620%, 09/01/16		27,635
				209,075
		Tennessee — 0.8%
	10,000	Clarksville Public Building Authority, Rev., VRDO, LOC: Bank of America N.A., 0.620%, 09/01/16		10,000
	20,000	Clarksville Public Building Authority, Pooled Financing, Series 2008, Rev., VRDO, LOC: Bank of America N.A., 0.620%, 09/01/16		20,000
				30,000
		Texas — 0.8%
	18,700	Lower Neches Valley Authority Industrial Development Corp., Subseries B-2, Rev., VRDO, 0.610%, 09/01/16		18,700

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — continued
		Texas — continued
	10,330	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Subseries B-4, Rev., VRDO, 0.610%, 09/01/16		10,330
				29,030
		Virginia — 0.5%
	7,900	County of King George, IDA, Birchwood Power Partners, Series A, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 09/01/16		7,900
		County of King George, IDA, Birchwood Power Partners, L.P. Project,
	2,700	Series 1995, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.610%, 09/01/16		2,700
	9,300	Series 1997, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.610%, 09/01/16		9,300
				19,900
		Total Daily Demand Notes (Cost $470,663)		470,663
	Weekly Demand Notes — 75.2%
		Alabama — 1.1%
	40,000	Board of Trustees of the University of Alabama at Birmingham, Series 2012-C, Rev., VRDO, LOC: PNC Bank N.A., 0.610%, 09/07/16		40,000
		Arkansas — 0.4%
	15,000	Arkansas Development Finance Authority, Solid Waste Disposal, Waste Management of Arkansas, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.650%, 09/07/16		15,000
		California — 3.4%
	5,800	California Health Facilities Financing Authority, Adventist Health System, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.560%, 09/07/16		5,800
	9,470	California Housing Finance Agency, Series 2016-XF2308, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.790%, 09/07/16 (e)		9,470
	5,775	California Housing Finance Agency, Home Mortgage, Series K, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.630%, 09/07/16		5,775
	29,320	California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista at Meadow Park Apartments, Series NN-1, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 09/07/16		29,320
	10,050	City of Whittier, Health Facilities, Presbyterian Intercommunity, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.600%, 09/07/16		10,050

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
	13,430	Irvine Unified School District, Community Facilities District No. 09-1, Special Tax, Series 2014B, VRDO, LOC: Sumitomo Mitsui Banking, 0.610%, 09/07/16		13,430
	35,550	Los Angeles City Department of Water & Power, Power System, Series B, Subseries B-1, Rev., VRDO, 0.600%, 09/07/16		35,550
	13,750	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-XF0452, Rev., VRDO, LIQ: TD Bank N.A., 0.620%, 09/07/16 (e)		13,750
				123,145
		Colorado — 2.5%
	50,000	City of Colorado Springs, Utilities System Improvement, Series 2007-B, Rev., VRDO, 0.600%, 09/07/16		50,000
	20,000	City of Colorado Springs, Utilities System, Sub Lien, Series A, Rev., VRDO, 0.610%, 09/07/16		20,000
	390	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 0.620%, 09/07/16		390
	20,000	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.630%, 09/07/16 (e)		20,000
				90,390
		Connecticut — 0.8%
	30,000	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series D, Subseries D-3, Rev., VRDO, AMT, 0.610%, 09/07/16		30,000
		Delaware — 0.9%
	32,080	County of New Castle, FlightSafety International, Inc. Project, Rev., VRDO, 0.600%, 09/07/16		32,080
	1,255	Delaware State Housing Authority, MERLOTS, Series C66, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.890%, 09/07/16 (e)		1,255
				33,335
		District of Columbia — 0.9%
	32,460	Metropolitan Washington Airports Authority, Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.550%, 09/07/16		32,460
		Florida — 4.7%
	55,470	Capital Trust Agency, Atlantic Housing Foundation, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.600%, 09/07/16		55,470

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Florida — continued
	17,800	Collier County IDA, Allete, Inc. Project, Series 2006, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.620%, 09/07/16		17,800
	18,000	County of Palm Beach, Special Purpose Facilities, FlightSafety Project, Rev., VRDO, 0.600%, 09/07/16		18,000
	14,825	Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments, Series I, Rev., VRDO, LOC: Citibank N.A., 0.620%, 09/07/16		14,825
	24,965	Florida State Department of Environmental Protection, Everglades Restoration, Series A, Rev., VRDO, AGC, 0.620%, 09/07/16		24,965
	10,785	Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group, Series 2012I, Rev., VRDO, 0.550%, 09/07/16		10,785
	18,990	Highlands County Health Facilities Authority, Hospital, Adventist Health Systems, Series A, Rev., VRDO, 0.560%, 09/07/16		18,990
	11,270	Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.740%, 09/07/16		11,270
				172,105
		Georgia — 0.8%
	28,485	Fulton County Development Authority, Airport Facility, FlightSafety International, Inc. Project, Series B, Rev., VRDO, 0.600%, 09/07/16		28,485
		Idaho — 0.8%
	30,355	Idaho Housing & Finance Association, Single Family Mortgage, Series A-3, Class I, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 0.700%, 09/07/16		30,355
		Illinois — 5.5%
	14,000	Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Wells Fargo Bank N.A., 0.620%, 09/07/16		14,000
	15,280	Illinois Finance Authority, Museum of Science & Industry, Series 2009-D, Rev., VRDO, LOC: Northern Trust Co., 0.590%, 09/07/16		15,280
	6,300	Illinois Finance Authority, OSF Healthcare System, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.640%, 09/07/16		6,300
		Illinois Finance Authority, University of Chicago,
	4,889	Series 2008, Rev., VRDO, 0.590%, 09/07/16		4,889
	20,935	Series C, Rev., VRDO, 0.580%, 09/07/16		20,935

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — continued
	11,420	Illinois Finance Authority, University of Chicago Medical Center, Series 2011B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.620%, 09/07/16		11,420
	105,350	Illinois State Toll Highway Authority, Toll Highway, Series A-1B, Rev., VRDO, AGM, 0.630%, 09/07/16		105,350
	4,100	Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.770%, 09/07/16		4,100
	17,995	Puttable Floating Option Tax-Exempt Receipts, Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.730%, 09/07/16 (e)		17,995
				200,269
		Indiana — 0.1%
	2,500	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank N.A., 0.600%, 09/07/16 (e)		2,500
		Iowa — 0.9%
		Iowa Finance Authority, Multi-Family Housing,
	10,730	Series A, Rev., VRDO, AMT, 0.600%, 09/07/16		10,730
	8,285	Series B, Rev., VRDO, AMT, 0.600%, 09/07/16		8,285
	15,000	Iowa Finance Authority, UnityPoint Health Project, Series 2013B-2, Rev., VRDO, LOC: Union Bank N.A., 0.630%, 09/07/16		15,000
				34,015
		Kansas — 1.1%
	20,780	City of Wichita, Airport Facility, FlightSafety International, Inc., Series VIII, Rev., VRDO, 0.600%, 09/07/16		20,780
	19,900	Kansas State, Department of Transportation, Highway, Series C-3, Rev., VRDO, 0.570%, 09/07/16		19,900
				40,680
		Kentucky — 1.1%
	16,800	County of Carroll, Environmental Facilities, Kentucky Utilities Co. Project, Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.650%, 09/07/16		16,800
	17,900	Kenton County Airport Board, Special Facilities, FlightSafety International, Inc. Project, Series A, Rev., VRDO, 0.600%, 09/07/16		17,900

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Kentucky — continued
	5,740	Maysville Industrial Bldg., Green Tokai Co., Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.590%, 09/07/16		5,740
				40,440
		Maine — 0.5%
	17,360	Maine State Housing Mortgage Authority, Series G, Rev., VRDO, AMT, 0.640%, 09/07/16		17,360
		Maryland — 2.8%
		Maryland Community Development Administration, Department of Housing & Community Development, Residential,
	24,700	Series G, Rev., VRDO, AMT, 0.640%, 09/07/16		24,700
	53,800	Series J, Rev., VRDO, AMT, 0.610%, 09/07/16		53,800
	13,900	Prince Georges County Housing Authority, Multi-Family, Allentowne Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.610%, 09/07/16		13,900
	7,925	Tender Option Bond Trust Receipts, Series 2016-XG0006, Rev., VRDO, LIQ: Bank of America N.A., 0.660%, 09/07/16 (e)		7,925
				100,325
		Massachusetts — 0.3%
	12,450	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 0.620%, 09/07/16		12,450
		Minnesota — 0.2%
	7,000	Oakdale Multifamily, Housing Cottage Homesteads, Rev., VRDO, FHLMC, LOC: FHLMC, 0.650%, 09/07/16		7,000
		Mississippi — 1.1%
	40,000	Mississippi Hospital Equipment & Facilities Authority, North Mississippi Health Services, Series 1, Rev., VRDO, 0.580%, 09/07/16		40,000
		Nevada — 4.6%
		Clark County, Airport System Subordinate Lien,
	50,000	Series 2008D-2A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.600%, 09/07/16		50,000
	50,000	Series D-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.600%, 09/07/16		50,000
	50,000	Clark County, Nevada Las Vegas-Mccarran International Airport, Passenger Facility Charge, Series F-2, Rev., VRDO, LOC: Union Bank N.A., 0.600%, 09/07/16		50,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Nevada — continued
	17,850	Nevada Housing Division, Multi-Unit Housing, Reno Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		17,850
				167,850
		New Jersey — 1.6%
		New Jersey Housing & Mortgage Finance Agency, Single Family Housing,
	17,200	Series R, Rev., VRDO, 0.660%, 09/07/16		17,200
	33,500	Series V, Rev., VRDO, AMT, LOC: Bank of America N.A., 0.600%, 09/07/16		33,500
	7,900	Series Y, Rev., VRDO, AMT, 0.630%, 09/07/16		7,900
				58,600
		New Mexico — 0.5%
	16,260	University of New Mexico, Subordinate Lien System, Series 2002C, Rev., VRDO, 0.610%, 09/07/16		16,260
		New York — 10.3%
	14,800	City of New York, Fiscal Year 2008, Series J, Subseries J-8, GO, VRDO, LOC: Sumitomo Mitsui Banking, 0.650%, 09/07/16		14,800
	47,035	EAGLE Tax-Exempt Trust, Series 2008-0055F, Class A, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.590%, 09/07/16 (e)		47,035
	20,000	New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East, Series A, Rev., VRDO, AMT, LOC: Landesbank Baden-Wuerttemberg, 0.680%, 09/07/16		20,000
	19,000	New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project, Rev., VRDO, LOC: Citibank N.A., 0.670%, 09/07/16		19,000
	40,000	New York Housing Development Corp., Multi-Family Rent Housing, Westport Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.670%, 09/07/16		40,000
	17,800	New York State Energy Research & Development Authority, Consolidated Edison Co. of New York, Inc. Project, Series 2004C, Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.620%, 09/07/16		17,800
	31,900	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		31,900
	11,650	New York State Housing Finance Agency, 222 East 44th Street Housing, Series A, Rev., VRDO, LOC: Bank of China, 0.580%, 09/07/16		11,650

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		New York — continued
	44,215	New York State Housing Finance Agency, 29 Flatbush Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		44,215
	40,000	New York State Housing Finance Agency, 55 West 25th Street Housing, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.670%, 09/07/16		40,000
	16,700	New York State Housing Finance Agency, 80 Dekalb Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.650%, 09/07/16		16,700
	18,250	New York State Housing Finance Agency, Helena Housing, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.650%, 09/07/16		18,250
	18,075	New York State Housing Finance Agency, Parkledge Apartments, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.640%, 09/07/16		18,075
	11,815	New York State Housing Finance Agency, Remeeder Houses Apartments, Series A, Rev., VRDO, LOC: Citibank N.A., 0.650%, 09/07/16		11,815
	6,700	New York State Housing Finance Agency, Warren Knolls Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		6,700
	6,700	New York State Housing Finance Agency, West Haverstraw Senior Citizens Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.630%, 09/07/16		6,700
	9,505	Port Authority of New York & New Jersey, Series ROCS-RR-II-R-11770, Rev., VRDO, LIQ: Citibank N.A., 0.600%, 09/07/16 (e)		9,505
				374,145
		North Carolina — 2.3%
	49,360	City of Raleigh, Downtown Improvement Projects, Series B-1, COP, VRDO, 0.600%, 09/07/16		49,360
	5,840	Mecklenburg County Industrial Facilities & Pollution Control Financing Authority, Industrial Development, Ferguson Supply & Box Mfg. Co. & Fergie-Burgess, LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.780%, 09/07/16		5,840
	5,000	North Carolina Capital Facilities Finance Agency, Educational Facilities, Series 2016-ZM0153, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.590%, 09/07/16 (e)		5,000
	6,890	North Carolina Capital Facilities Finance Agency, Educational Facilities, Wake Forest University, Series B, Rev., VRDO, 0.670%, 09/07/16		6,890

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Carolina — continued
	5,800	North Carolina Medical Care Commission, Moses Cone Health System, Series 2001-A, Rev., VRDO, 0.570%, 09/07/16		5,800
	9,800	Person County Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc., Series 2010, Rev., VRDO, LOC: Credit Industrial E.T., 0.630%, 09/07/16		9,800
				82,690
		North Dakota — 1.1%
		North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage,
	13,155	Series A, Rev., VRDO, AMT, 0.630%, 09/07/16		13,155
	27,055	Series B, Rev., VRDO, AMT, 0.620%, 09/07/16		27,055
				40,210
		Ohio — 0.5%
	5,350	County of Franklin, Multi-Family Housing, Ashton Square Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.640%, 09/07/16		5,350
	11,455	Ohio Housing Finance Agency, Residential Mortgage, Mortgage-Backed Securities Program, Series I, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LOC: FHLMC, 0.600%, 09/07/16		11,455
				16,805
		Oregon — 1.1%
	41,265	Port of Portland, Oregon Portland International Airport, Series 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 0.800%, 09/07/16		41,265
		Pennsylvania — 3.9%
	11,465	Adams County IDA, Gettysburg Foundation Facility, Series A, Rev., VRDO, LOC: Manufacturers & Traders Trust Co., 0.610%, 09/07/16		11,465
	3,900	County of Allegheny, Residential Finance Authority, Single Family Mortgage, Series PP, Rev., VRDO, AMT, GNMA COLL, 0.820%, 09/07/16		3,900
	14,165	Delaware Valley Regional Financial Authority, Series SGC-63, Class A, Rev., VRDO, LIQ: Societe Generale, 0.580%, 09/07/16 (e)		14,165
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	29,270	Series 2003-79B, Rev., VRDO, AMT, 0.630%, 09/07/16		29,270

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Pennsylvania — continued
	13,430	Series 2004-82B, Rev., VRDO, AMT, 0.630%, 09/07/16		13,430
	12,080	Series 2004-83C, Rev., VRDO, AMT, 0.650%, 09/07/16		12,080
	800	Series 2005-88C, Rev., VRDO, AMT, 0.630%, 09/07/16		800
	12,430	Series 2005-91B, Rev., VRDO, AMT, LOC: Bank of Tokyo Ltd., 0.650%, 09/07/16		12,430
	19,725	Series 2006-93B, Rev., VRDO, AMT, 0.660%, 09/07/16		19,725
	17,905	Series 2007-98C, Rev., VRDO, AMT, 0.660%, 09/07/16		17,905
	5,545	Series 2007-99C, Rev., VRDO, AMT, 0.660%, 09/07/16		5,545
				140,715
		Rhode Island — 0.8%
	25,750	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, The Groves at Johanston Project, Series 2006, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.590%, 09/07/16		25,750
	2,100	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		2,100
				27,850
		South Carolina — 0.1%
	5,000	Tender Option Bond Trust Receipts/CTFS Various State, Series 2015-XF2204, Rev., VRDO, LIQ: Citibank N.A., 0.580%, 09/07/16 (e)		5,000
		South Dakota — 0.9%
	34,000	South Dakota Housing Development Authority, Home Ownership Mortgage, Series F, Rev., VRDO, AMT, 0.610%, 09/07/16		34,000
		Tennessee — 0.9%
	9,000	Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.640%, 09/07/16		9,000
	10,970	Metropolitan Government of Nashville & Davidson County, Health & Educational Facilities Board, Multi-Family Housing, The Retreat at Dry Creek Farms Apartments Project, Rev., VRDO, LOC: Citibank N.A., 0.630%, 09/07/16		10,970
	14,000	Wilson County, Tennessee Sports Authority, Rev., VRDO, LOC: PNC Bank N.A., 0.600%, 09/07/16		14,000
				33,970

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — 5.5%
	13,695	County of Harris, Series SGC-31, Class A, Rev., VRDO, LIQ: Societe Generale, 0.580%, 09/07/16		13,695
	22,300	Dallas-Fort Worth International Airport Facilities Improvement Corp., Airport Facility, FlightSafety Texas, Inc. Project, Series 1999, Rev., VRDO, 0.600%, 09/07/16		22,300
	12,945	Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes, Rev., VRDO, LOC: Citibank N.A., 0.620%, 09/07/16		12,945
	10,950	North Texas Tollway Authority, Series 2016-XF2220, Rev., VRDO, LIQ: Citibank N.A., 0.590%, 09/07/16 (e)		10,950
	4,500	San Jacinto Community College District, Series 2015-XF2010, GO, VRDO, LIQ: Morgan Stanley Bank, 0.590%, 09/07/16 (e)		4,500
		State of Texas,
	50,000	Series 2016, GO, VRDO, 0.640%, 09/07/16		50,000
	9,800	Series C, GO, VRDO, 0.620%, 09/07/16		9,800
	10,190	SunAmerica Taxable Trust, Series 2002-1, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.620%, 09/07/16		10,190
	15,000	Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System, Series 2012-B, Rev., VRDO, 0.630%, 09/07/16		15,000
	36,455	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-ZF0465, Rev., VRDO, LOC: Royal Bank of Canada, 0.630%, 09/07/16 (e)		36,455
	14,630	Texas Department of Housing & Community Affairs, Single Family Mortgage, Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller of Public Accounts, 0.630%, 09/07/16		14,630
				200,465
		Utah — 3.1%
	6,375	County of Utah Hospital, IHC Health Services, Series B, Rev., VRDO, 0.560%, 09/07/16		6,375
	35,000	Utah County, Health Services, Inc., Series 2016C, Rev., VRDO, 0.530%, 09/07/16		35,000
		Utah Housing Corp., Single Family Mortgage,
	3,515	Series A-1, Class I, Rev., VRDO, 0.700%, 09/07/16		3,515
	2,915	Series A-2, Rev., VRDO, LOC: FHLMC, 0.700%, 09/07/16		2,915
	4,900	Series B, Class I, Rev., VRDO, 0.700%, 09/07/16		4,900

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Utah — continued
	5,990	Series C-2, Class I, Rev., VRDO, FHA, 0.700%, 09/07/16		5,990
	5,330	Series D-2, Class I, Rev., VRDO, 0.700%, 09/07/16		5,330
	48,265	Wells Fargo Stage Trust, Various States, Series 33C, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.610%, 09/07/16 (e)		48,265
				112,290
		Virginia — 4.3%
	11,000	City of Norfolk, Economic Development Authority, Hospital Facilities Revenue, Sentara Healthcare, Series A, Rev., VRDO, 0.590%, 09/07/16		11,000
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	8,375	Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.630%, 09/07/16		8,375
	94,507	Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.590%, 09/07/16 (e)		94,507
	21,250	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.650%, 09/07/16		21,250
	22,105	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.650%, 09/07/16		22,105
				157,237
		Washington — 2.5%
	10,000	Port Grays Harbor Industrial Development Corp., Murphy Co. Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.650%, 09/07/16		10,000
	32,880	Port of Seattle, Sub Lien, Series 2008, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.620%, 09/07/16		32,880
	9,000	Washington State Health Care Facilities Authority, Series 2016-XF2349, Rev., VRDO, NATL, LIQ: Credit Suisse, 0.590%, 09/07/16 (e)		9,000
	9,985	Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.620%, 09/07/16		9,985
	27,180	Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.620%, 09/07/16		27,180
				89,045
		West Virginia — 0.6%
	21,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Co., Mitchell Project, Series 2014A, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.580%, 09/07/16		21,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wisconsin — 0.7%
		Wisconsin Housing & EDA, Home Ownership,
	9,500	Series C, Rev., VRDO, FNMA COLL, 0.600%, 09/07/16		9,500
	13,100	Series E, Rev., VRDO, AMT, 0.630%, 09/07/16		13,100
	1,945	Series ROCS-RR-II-R-11522, Rev., VRDO, LIQ: Citibank N.A., 0.600%, 09/07/16 (e)		1,945
				24,545
		Total Weekly Demand Notes (Cost $2,734,256)		2,734,256
SHARES
	Variable Rate Demand Preferred Shares — 7.3%
	22,000	Nuveen AMT-Free Municipal Income Fund, Series 2, LIQ: Citibank N.A., 0.640%, 09/07/16 # (e)		22,000
		Nuveen California Dividend Advantage Municipal Fund
	10,000	Series 4, VRDO, LIQ: Royal Bank of Canada, 0.670%, 09/07/16 # (e)		10,000
	5,000	Series 6, VRDO, LIQ: Citibank N.A., 0.670%, 09/07/16 # (e)		5,000
	15,500	Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund, Series 4, LIQ: Citibank N.A., 0.640%, 09/07/16 # (e)		15,500
	40,000	Nuveen Investment Quality Municipal Fund, Inc., VRDO, LIQ: Barclays Bank plc, 0.720%, 09/07/16 # (e)		40,000
	25,000	Nuveen Municipal Market Opportunity Fund, Inc., LIQ: TD Bank N.A., 0.680%, 09/07/16 # (e)		25,000
	30,600	Nuveen New Jersey Dividend Advantage Municipal Fund, Series 3, VRDO, LIQ: Royal Bank of Canada, 0.670%, 09/07/16 # (e)		30,600
	8,600	Nuveen New York AMT-Free Municipal Income Fund, Series 1, VRDO, LIQ: Citibank N.A., 0.620%, 09/07/16 # (e)		8,600
	7,000	Nuveen Ohio Quality Income Municipal Fund, LIQ: Royal Bank of Canada, 0.680%, 09/07/16 # (e)		7,000
	19,000	Nuveen Pennsylvania Investment Quality Municipal Fund, Series 3, LIQ: Royal Bank of Canada, 0.680%, 09/07/16 # (e)		19,000
	9,700	Nuveen Premier Municipal Income Fund, Inc., VRDO, LIQ: Barclays Bank plc, 0.720%, 09/07/16 # (e)		9,700

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
	Variable Rate Demand Preferred Shares — continued
	73,200	Nuveen Premium Income Municipal Fund 2, Inc., VRDO, LIQ: Barclays Bank plc, 0.720%, 09/07/16 # (e)		73,200
		Total Variable Rate Demand Preferred Shares (Cost $265,600)		265,600
		Total Investments — 99.8% (Cost $3,630,269)*		3,630,269
		Other Assets in Excess of Liabilities — 0.2%		6,910
		NET ASSETS — 100.0%	$	3,637,179

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

J.P. Morgan Money Market Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

AGC	—  Insured by Assured Guaranty Corp.
AGM	—  Insured by Assured Guaranty Municipal Corp.
AMT	—  Alternative Minimum Tax
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
COLL	—  Collateral
CONS	—  Consolidated Bonds
COP	—  Certificate of Participation
CR	—  Custodial Receipts
DN	—  Discount Notes
EAGLE	—  Earnings of accrual generated on local tax-exempt securities
EDA	—  Economic Development Authority
FGIC	—  Insured by Financial Guaranty Insurance Co.
FHA	—  Federal Housing Administration
FHLB	—  Federal Home Loan Bank
FHLMC	—  Federal Home Loan Mortgage Corp.
FNMA	—  Federal National Mortgage Association
GNMA	—  Government National Mortgage Association
GO	—  General Obligation
IDA	—  Industrial Development Authority
IDR	—  Industrial Development Revenue
LIQ	—  Liquidity Agreement
LOC	—  Letter of Credit
MERLOTS	—  Municipal Exempt Receipts Liquidity Optional Tender
MTA	—  Metropolitan Transportation Authority
NATL	—  Insured by National Public Finance Guarantee Corp.
PA	—  Port Authority
PCR	—  Pollution Control Revenue
RE	—  Reinsured
Rev.	—  Revenue
ROCS	—  Reset Option Certificates
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of August 31, 2016.
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of August 31, 2016.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%
(n)	—  The rate shown is the effective yield at the date of purchase.
(p)	—  Security is prerefunded or escrowed to maturity.
(t)	—  The date shown represents the earliest of the next put date, next demand date or final maturity date.
*	—  The cost of securities is substantially the same for federal income tax purposes.
#	—  Variable Rate Demand Preferred Shares of a closed-end investment company which have a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2016.

Additional Investment Information:

1] Agency Joint Trading Account I — At August 31, 2016, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity value of September 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Government Money Market Fund	$	6,400,000	$	6,400,060	$	6,529,120

Repurchase Agreements — At August 31, 2016, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Government Money Market Fund
BNP Paribas		0.330	%	$	750,000
Credit Agricole Corporate and Investment Bank		0.340	%		500,000
Mitsubishi UFJ Trust & Banking Corp.		0.330	%		500,000
Societe Generale S.A.		0.340	%		300,000
TD Securities USA LLC		0.340	%		500,000
Wells Fargo Bank N.A.		0.340	%		700,000
Wells Fargo Securities, LLC		0.340	%		3,150,000
Total				$	6,400,000

At August 31, 2016, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
Federal Home Loan Mortgage Corporation	0.625% to 7.500%		07/28/17 to 09/01/46
Federal National Mortgage Association	0.875% to 7.250%		10/26/17 to 07/25/54
Government National Mortgage Association	1.002% to 8.500%		02/15/17 to 06/20/66
U.S. Treasury Securities	0.000% to 8.750%		09/08/16 to 02/15/46

[2] Agency Joint Trading Account II — At August 31, 2016, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity value of September 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Government Money Market Fund	$	385,285	$	385,289	$	392,991

Repurchase Agreements — At August 31, 2016, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Government Money Market Fund
Citibank N.A.		0.340	%	$	91,735
Citigroup Global Markets, Inc.		0.340	%		91,735
Merrill Lynch PFS, Inc.		0.340	%		201,815
Total				$	385,285

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 55

J.P. Morgan Money Market Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

At August 31, 2016, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
Federal Home Loan Mortgage Corporation	2.154% to 7.000%		01/01/19 to 12/01/47
Federal National Mortgage Association	0.987% to 7.962%		07/01/18 to 09/01/46
Government National Mortgage Association	1.371% to 7.000%		10/15/23 to 07/20/66
U.S. Treasury Securities	0.000% to 8.750%		11/15/16 to 05/15/45

[3] Treasury Joint Trading Account I — At August 31, 2016, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity value of September 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Treasury Plus Money Market Fund	$	738,355	$	738,362	$	753,126

Repurchase Agreements — At August 31, 2016, the Principal Amounts of certain Funds’ interests in the Treasury Joint Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Treasury Plus Money Market Fund
Bank of Nova Scotia		0.320	%	$	99,108
Citibank N.A.		0.320	%		99,108
Societe Generale S.A.		0.320	%		99,108
Wells Fargo Bank N.A.		0.320	%		242,815
Wells Fargo Securities, LLC		0.320	%		198,216
Total				$	738,355

At August 31, 2016, the Treasury Joint Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.000% to 9.125%		09/15/16 to 02/15/45

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	Prime Money Market Fund			Liquid Assets Money Market Fund			U.S. Government Money Market Fund		U.S. Treasury Plus Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	68,117,308		$	4,017,440		$	48,572,019	$	9,482,526
Repurchase agreements, at value		5,700,000			100,000			61,335,285		10,388,355
Total investment securities, at value		73,817,308			4,117,440			109,907,304		19,870,881
Cash		807,948			—			185,667		—
Receivables:
Investment securities sold		—			—			498,882		—
Fund shares sold		—	(a)		—			6,132		—	(a)
Interest from non-affiliates		19,322			315			31,339		12,501
Prepaid expenses and other assets		4			—			4		—	(a)
Total Assets		74,644,582			4,117,755			110,629,328		19,883,382
LIABILITIES:
Payables:
Due to custodian		—			—	(a)		—		11
Distributions		13,331			586			14,163		1,543
Investment securities purchased		—			—			1,124,927		172,313
Fund shares redeemed		—			—			2,867		—
Accrued liabilities:
Investment advisory fees		5,349			397			3,031		1,278
Administration fees		4,634			347			3,298		1,091
Distribution fees		193			124			35		22
Shareholder servicing fees		2,309			774			4,681		881
Custodian and accounting fees		576			190			270		63
Trustees’ and Chief Compliance Officer’s fees		149			12			176		28
Printing and mailing cost		802			1,107			486		58
Other		1,154			219			359		150
Total Liabilities		28,497			3,756			1,154,293		177,438
Net Assets	$	74,616,085		$	4,113,999		$	109,475,035	$	19,705,944

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Prime Money Market Fund			Liquid Assets Money Market Fund			U.S. Government Money Market Fund			U.S. Treasury Plus Money Market Fund
NET ASSETS:
Paid-in-Capital	$	74,616,734		$	4,114,121		$	109,476,054		$	19,706,437
Accumulated undistributed (distributions in excess of) net investment income		(800	)		(222	)		(1,365	)		(535	)
Accumulated net realized gains (losses)		151			100			346			42
Total Net Assets	$	74,616,085		$	4,113,999		$	109,475,035		$	19,705,944
Net Assets:
Class C	$	30,200		$	420,505		$	—		$	144,145
Agency		5,202,903			68,629			11,801,713			1,483,259
Capital		45,447,290			251,375			63,438,539			—
Cash Management		43,772			—			—			—
Direct		—			—			238,664			59,080
Eagle Class		374,627			—			392,486			20
E*Trade		—			426,481			20			—
IM		2,244,380			—			269,471			5,574,193
Institutional Class		16,215,266			1,288,613			21,423,039			11,345,550
Investor		226,303			25,920			600,602			77,854
Morgan		1,108,068			1,582,173			2,231,555			637,889
Premier		1,616,316			38,094			8,228,594			289,177
Reserve		685,741			12,209			80,255			94,757
Service		1,421,219			—	(a)		770,097			20
Total	$	74,616,085		$	4,113,999		$	109,475,035		$	19,705,944
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class C		30,199			420,500			—			144,146
Agency		5,202,884			68,628			11,801,807			1,483,304
Capital		45,447,808			251,371			63,439,205			—
Cash Management		43,769			—			—			—
Direct		—			—			238,666			59,081
Eagle Class		374,621			—			392,485			20
E*Trade		—			426,476			20			—
IM		2,244,375			—			269,475			5,574,378
Institutional Class		16,215,233			1,288,598			21,423,230			11,345,895
Investor		226,300			25,920			600,605			77,856
Morgan		1,108,055			1,582,154			2,231,557			637,902
Premier		1,616,300			38,094			8,228,630			289,183
Reserve		685,729			12,209			80,255			94,760
Service		1,421,181			—	(a)		770,090			20
Net Asset Value, offering and redemption price per share (all classes)		1.00			1.00			1.00			1.00
Cost of investments in non-affiliates	$	68,117,308		$	4,017,440		$	48,572,019		$	9,482,526
Cost of repurchase agreements		5,700,000			100,000			61,335,285			10,388,355

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Federal Money Market Fund		100% U.S. Treasury Securities Money Market Fund		Tax Free Money Market Fund		Municipal Money Market Fund
ASSETS:
Investments in non-affiliates, at value	$	2,853,706	$	24,213,349	$	13,980,822	$	3,630,269
Cash		1		3		1		5
Receivables:
Investment securities sold		—		499,703		118,311		7,686
Fund shares sold		7,291		—		—		—
Interest from non-affiliates		1,520		56,065		8,395		2,663
Total Assets		2,862,518		24,769,120		14,107,529		3,640,623
LIABILITIES:
Payables:
Distributions		327		1,334		2,181		11
Investment securities purchased		—		1,979,148		—		2,001
Fund shares redeemed		5,480		—		—		—
Accrued liabilities:
Investment advisory fees		103		1,394		1,037		187
Administration fees		105		1,212		896		166
Distribution fees		—		—		111		235
Shareholder servicing fees		206		1,272		2,125		711
Custodian and accounting fees		34		150		112		24
Trustees’ and Chief Compliance Officer’s fees		3		78		27		6
Other		367		124		283		103
Total Liabilities		6,625		1,984,712		6,772		3,444
Net Assets	$	2,855,893	$	22,784,408	$	14,100,757	$	3,637,179

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Federal Money Market Fund			100% U.S. Treasury Securities Money Market Fund			Tax Free Money Market Fund			Municipal Money Market Fund
NET ASSETS:
Paid-in-Capital	$	2,855,938		$	22,784,739		$	14,100,470		$	3,636,980
Accumulated undistributed (distributions in excess of) net investment income		(200	)		(602	)		(9	)		6
Accumulated net realized gains (losses)		155			271			296			193
Total Net Assets	$	2,855,893		$	22,784,408		$	14,100,757		$	3,637,179
Net Assets:
Agency	$	201,448		$	1,037,195		$	152,218		$	19,297
Capital		—			10,327,334			—			—
Direct		—			—			20			—
Eagle Class		—			—			172			528,653
E*Trade		—			—			—			2,060,253
Institutional Class		2,376,386			8,810,515			8,721,340			177,347
Morgan		140,866			1,456,333			59,735			375,595
Premier		136,350			1,056,980			1,900,573			23,140
Reserve		843			96,031			3,266,699			88
Service		—			20			—			452,806
Total	$	2,855,893		$	22,784,408		$	14,100,757		$	3,637,179
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Agency		201,473			1,037,210			152,208			19,297
Capital		—			10,327,446			—			—
Direct		—			—			20			—
Eagle Class		—			—			171			528,625
E*Trade		—			—			—			2,060,127
Institutional Class		2,376,770			8,810,601			8,720,914			177,340
Morgan		140,888			1,456,348			59,731			375,576
Premier		136,370			1,056,991			1,900,471			23,139
Reserve		843			96,032			3,266,501			88
Service		—			20			—			452,778
Net Asset Value, offering and redemption price per share (all classes)		1.00			1.00			1.00			1.00
Cost of investments in non-affiliates	$	2,853,706		$	24,213,349		$	13,980,822		$	3,630,269

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 61

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

	Prime Money Market Fund			Liquid Assets Money Market Fund			U.S. Government Money Market Fund			U.S. Treasury Plus Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	298,969		$	28,016		$	148,526		$	35,604
Income from interfund lending (net)		—			7			—			—
Total investment income		298,969			28,023			148,526			35,604
EXPENSES:
Investment advisory fees		40,744			3,984			27,976			7,292
Administration fees		35,821			3,507			24,526			6,403
Distribution fees (See Note 4)		7,603			4,260			2,714			1,643
Shareholder servicing fees (See Note 4)		45,835			7,912			42,389			8,583
Custodian and accounting fees		1,670			215			638			158
Professional fees		597			70			333			107
Trustees’ and Chief Compliance Officer’s fees		366			42			302			43
Printing and mailing costs		146			876			267			45
Registration and filing fees		356			85			205			91
Transfer agency fees (See Note 2.E.)		1,333			194			653			177
Other		464			75			84			86
Total expenses		134,935			21,220			100,087			24,628
Less fees waived		(24,227	)		(6,034	)		(26,403	)		(4,897	)
Less earnings credits		(6	)		—			(12	)		(3	)
Less expense reimbursements		—			—	(a)		(103	)		—	(a)
Net expenses		110,702			15,186			73,569			19,728
Net investment income (loss)		188,267			12,837			74,957			15,876
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		151			87			345			40
Change in net assets resulting from operations	$	188,418		$	12,924		$	75,302		$	15,916

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Federal Money Market Fund			100% U.S. Treasury Securities Money Market Fund			Tax Free Money Market Fund			Municipal Money Market Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	6,720		$	39,413		$	32,202		$	6,404
EXPENSES:
Investment advisory fees		1,327			8,879			7,120			1,253
Administration fees		1,166			7,799			6,260			1,101
Distribution fees (See Note 4)		69			855			6,716			7,615
Shareholder servicing fees		2,026			12,111			17,044			4,579
Custodian and accounting fees		61			255			234			58
Interest expense to affiliates		—			—			—	(a)		—	(a)
Professional fees		37			145			116			39
Trustees’ and Chief Compliance Officer’s fees		19			105			41			21
Printing and mailing costs		541			33			69			133
Registration and filing fees		127			93			19			55
Transfer agency fees (See Note 2.E.)		68			282			203			37
Other		20			31			77			10
Total expenses		5,461			30,588			37,899			14,901
Less fees waived		(1,663	)		(6,410	)		(14,426	)		(8,859	)
Less earnings credits		—			—	(a)		—			—
Less expense reimbursements		—			—	(a)		—	(a)		—
Net expenses		3,798			24,178			23,473			6,042
Net investment income (loss)		2,922			15,235			8,729			362
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		140			201			142			197
Change in net assets resulting from operations	$	3,062		$	15,436		$	8,871		$	559

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	188,267		$	134,486		$	12,837		$	12,860
Net realized gain (loss)		151			371			87			79
Change in net assets resulting from operations		188,418			134,857			12,924			12,939
DISTRIBUTIONS TO SHAREHOLDERS:
Class B (a)
From net investment income		—			—	(b)		—			—	(b)
Class C
From net investment income		(2	)		(2	)		(23	)		(53	)
From net realized gains		—			—	(b)		—			(5	)
Agency
From net investment income		(11,881	)		(4,977	)		(132	)		(58	)
From net realized gains		—			(17	)		—			(1	)
Capital
From net investment income		(127,705	)		(96,527	)		(3,147	)		(4,571	)
From net realized gains		—			(168	)		—			(29	)
Cash Management
From net investment income		(15	)		(85	)		—			—
From net realized gains		—			(2	)		—			—
Direct (c)
From net investment income		(1,651	)		(1,289	)		—			—
From net realized gains		—			(4	)		—			—
Eagle Class
From net investment income		(19	)		(35	)		—			—
From net realized gains		—			(1	)		—			—
E*Trade
From net investment income		—			—			(23	)		(604	)
From net realized gains		—			—			—			(58	)
IM
From net investment income		(4,916	)		(4,235	)		—			—
From net realized gains		—			(5	)		—			—
Institutional Class
From net investment income		(39,200	)		(26,145	)		(9,155	)		(7,335	)
From net realized gains		—			(56	)		—			(51	)
Investor
From net investment income		(630	)		(204	)		(31	)		(18	)
From net realized gains		—			(3	)		—			(1	)
Morgan
From net investment income		(563	)		(254	)		(84	)		(167	)
From net realized gains		—			(5	)		—			(17	)
Premier
From net investment income		(1,555	)		(447	)		(86	)		(29	)
From net realized gains		—			(6	)		—			(1	)
Reserve
From net investment income		(44	)		(105	)		(7	)		(17	)
From net realized gains		—			(2	)		—			(2	)
Service
From net investment income		(86	)		(181	)		(3	)		(9	)
From net realized gains		—			(4	)		—			(1	)
Total distributions to shareholders		(188,267	)		(134,759	)		(12,691	)		(13,027	)

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	(31,838,913	)	$	(9,582,493	)	$	(9,042,783	)	$	(6,935,158	)
NET ASSETS:
Change in net assets		(31,838,762	)		(9,582,395	)		(9,042,550	)		(6,935,246	)
Beginning of period		106,454,847			116,037,242			13,156,549			20,091,795
End of period	$	74,616,085		$	106,454,847		$	4,113,999		$	13,156,549
Accumulated undistributed (distributions in excess of) net investment income	$	(800	)	$	(800	)	$	(222	)	$	(368	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Amount rounds to less than 500.

(c) Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	74,957		$	16,928		$	15,876		$	3,591
Net realized gain (loss)		345			549			40			119
Change in net assets resulting from operations		75,302			17,477			15,916			3,710
DISTRIBUTIONS TO SHAREHOLDERS:
Class B (a)
From net investment income		—			—			—			—	(b)
From net realized gains		—			—			—			—	(b)
Class C
From net investment income		—			—			—			—	(b)
From net realized gains		—			—			—			(1	)
Agency
From net investment income		(7,998	)		(2,033	)		(829	)		(123	)
From net realized gains		—			(92	)		—			(7	)
Capital
From net investment income		(52,185	)		(10,376	)		—			—
From net realized gains		—			(246	)		—			—
Direct
From net investment income		(354	)		(144	)		(229	)		(50	)
From net realized gains		—			(9	)		—			(6	)
Eagle Class
From net investment income		(20	)		(36	)		—			—
From net realized gains		—			(4	)		—			—
E*Trade (c)
From net investment income		—	(b)		—			—			—
IM
From net investment income		(458	)		(313	)		(6,629	)		(1,463	)
From net realized gains		—			(5	)		—			(27	)
Institutional Class
From net investment income		(12,974	)		(2,982	)		(8,189	)		(1,983	)
From net realized gains		—			(84	)		—			(64	)
Investor
From net investment income		(149	)		(310	)		—			—	(b)
From net realized gains		—			(31	)		—			(1	)
Morgan
From net investment income		(101	)		(216	)		—			(1	)
From net realized gains		—			(23	)		—			(5	)
Premier
From net investment income		(696	)		(569	)		—	(b)		(1	)
From net realized gains		—			(72	)		—			(2	)
Reserve
From net investment income		(2	)		(7	)		—			(2	)
From net realized gains		—			—	(b)		—			(5	)
Service
From net investment income		(20	)		(67	)		—			—
From net realized gains		—			(4	)		—			—
Total distributions to shareholders		(74,957	)		(17,623	)		(15,876	)		(3,741	)

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	$	49,105,129		$	288,249		$	2,677,387		$	3,069,769
NET ASSETS:
Change in net assets		49,105,474			288,103			2,677,427			3,069,738
Beginning of period		60,369,561			60,081,458			17,028,517			13,958,779
End of period	$	109,475,035		$	60,369,561		$	19,705,944		$	17,028,517
Accumulated undistributed (distributions in excess of) net investment income	$	(1,365	)	$	(1,365	)	$	(535	)	$	(535	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective March 9, 2016 for U.S. Government Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Federal Money Market Fund						100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,922		$	1,126		$	15,235		$	2,186
Net realized gain (loss)		140			72			201			130
Change in net assets resulting from operations		3,062			1,198			15,436			2,316
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(167	)		(36	)		(685	)		(92	)
From net realized gains		—			(4	)		—			(7	)
Capital
From net investment income		—			—			(8,772	)		(1,354	)
From net realized gains		—			—			—			(44	)
Institutional Class
From net investment income		(2,742	)		(1,066	)		(5,778	)		(785	)
From net realized gains		—			(64	)		—			(36	)
Morgan
From net investment income		(6	)		(11	)		—			(4	)
From net realized gains		—			(2	)		—			(9	)
Premier
From net investment income		(7	)		(20	)		—			(3	)
From net realized gains		—			(3	)		—			(5	)
Reserve
From net investment income		—	(a)		(2	)		—			—	(a)
From net realized gains		—			—	(a)		—			—	(a)
Service
From net realized gains		—			—			—			—	(a)
Total distributions to shareholders		(2,922	)		(1,208	)		(15,235	)		(2,339	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,315,577	)		(242,718	)		513,265			(1,232,721	)
NET ASSETS:
Change in net assets		(1,315,437	)		(242,728	)		513,466			(1,232,744	)
Beginning of period		4,171,330			4,414,058			22,270,942			23,503,686
End of period	$	2,855,893		$	4,171,330		$	22,784,408		$	22,270,942
Accumulated undistributed (distributions in excess of) net investment income	$	(200	)	$	(200	)	$	(602	)	$	(602	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Tax Free Money Market Fund						Municipal Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,729		$	1,933		$	362		$	301
Net realized gain (loss)		142			1,715			197			140
Change in net assets resulting from operations		8,871			3,648			559			441
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(210	)		(32	)		(47	)		(8	)
From net realized gains		—			(46	)		—			(4	)
Direct
From net investment income		—	(a)		—	(a)		—			—
From net realized gains		—			—	(a)		—			—
Eagle Class (b)
From net investment income		(60	)		(126	)		(1	)		—
From net realized gains		—			(200	)		—			—
E*Trade
From net investment income		—			—			(101	)		(195	)
From net realized gains		—			—			—			(95	)
Institutional Class
From net investment income		(8,060	)		(1,046	)		(169	)		(15	)
From net realized gains		—			(1,559	)		—			(7	)
Morgan
From net investment income		(5	)		(11	)		(19	)		(37	)
From net realized gains		—			(24	)		—			(20	)
Premier
From net investment income		(187	)		(262	)		(3	)		(3	)
From net realized gains		—			(388	)		—			(1	)
Reserve
From net investment income		(207	)		(456	)		—	(a)		(1	)
From net realized gains		—			(704	)		—			(1	)
Service
From net investment income		—			—			(22	)		(42	)
From net realized gains		—			—			—			(21	)
Total distributions to shareholders		(8,729	)		(4,854	)		(362	)		(450	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(4,868,680	)		(1,226,248	)		434,508			139,977
NET ASSETS:
Change in net assets		(4,868,538	)		(1,227,454	)		434,705			139,968
Beginning of period		18,969,295			20,196,749			3,202,474			3,062,506
End of period	$	14,100,757		$	18,969,295		$	3,637,179		$	3,202,474
Accumulated undistributed (distributions in excess of) net investment income	$	(9	)	$	(9	)	$	6		$	6

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective July 1 2016 for Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	69
Distributions reinvested		—			—	(b)		—			—	(b)
Cost of shares redeemed		—			(105	)		—			(409	)
Conversion to Morgan Shares		—			(514	)		—			(1,054	)
Change in net assets resulting from Class C capital transactions	$	—		$	(619	)	$	—		$	(1,394	)
Class C
Proceeds from shares issued	$	11,996		$	47,970		$	94,057		$	219,626
Distributions reinvested		2			2			23			58
Cost of shares redeemed		(21,356	)		(25,312	)		(179,189	)		(418,347	)
Change in net assets resulting from Class C capital transactions	$	(9,358	)	$	22,660		$	(85,109	)	$	(198,663	)
Agency
Proceeds from shares issued	$	271,543,292		$	402,268,621		$	220,158		$	315,483
Distributions reinvested		1,345			562			66			34
Cost of shares redeemed		(274,483,225	)		(400,731,257	)		(223,338	)		(339,426	)
Change in net assets resulting from Agency capital transactions	$	(2,938,588	)	$	1,537,926		$	(3,114	)	$	(23,909	)
Capital
Proceeds from shares issued	$	430,153,761		$	898,641,705		$	3,189,140		$	13,791,594
Distributions reinvested		59,786			41,937			2,236			3,255
Cost of shares redeemed		(449,456,972	)		(900,133,191	)		(5,011,532	)		(14,612,885	)
Change in net assets resulting from Capital capital transactions	$	(19,243,425	)	$	(1,449,549	)	$	(1,820,156	)	$	(818,036	)
Cash Management
Proceeds from shares issued	$	115,462		$	2,286,522		$	—		$	—
Distributions reinvested		10			80			—			—
Cost of shares redeemed		(560,100	)		(3,034,255	)		—			—
Change in net assets resulting from Cash Management capital transactions	$	(444,628	)	$	(747,653	)	$	—		$	—
Direct (c)
Proceeds from shares issued	$	738,453		$	2,720,187		$	—		$	—
Cost of shares redeemed		(2,069,406	)		(3,808,687	)		—			—
Change in net assets resulting from Direct capital transactions	$	(1,330,953	)	$	(1,088,500	)	$	—		$	—
Eagle Class
Proceeds from shares issued	$	186,456		$	512,243		$	—		$	—
Distributions reinvested		19			36			—			—
Cost of shares redeemed		(208,270	)		(440,029	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	(21,795	)	$	72,250		$	—		$	—
E*Trade
Proceeds from shares issued	$	—		$	—		$	533,811		$	2,338,735
Distributions reinvested		—			—			23			662
Cost of shares redeemed		—			—			(1,865,837	)		(8,078,883	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	(1,332,003	)	$	(5,739,486	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS: (continued)
IM
Proceeds from shares issued	$	13,427,678		$	37,443,428		$	—		$	—
Distributions reinvested		—			75			—			—
Cost of shares redeemed		(13,811,828	)		(38,564,457	)		—			—
Change in net assets resulting from IM capital transactions	$	(384,150	)	$	(1,120,954	)	$	—		$	—
Institutional Class
Proceeds from shares issued	$	83,526,420		$	164,150,461		$	18,064,087		$	45,216,773
Distributions reinvested		10,611			6,984			1,976			1,748
Cost of shares redeemed		(87,333,171	)		(171,864,961	)		(23,408,216	)		(45,280,508	)
Change in net assets resulting from Institutional Class capital transactions	$	(3,796,140	)	$	(7,707,516	)	$	(5,342,153	)	$	(61,987	)
Investor
Proceeds from shares issued	$	302,724		$	1,377,808		$	183,299		$	437,316
Distributions reinvested		630			207			6			3
Cost of shares redeemed		(1,918,468	)		(618,251	)		(275,203	)		(435,697	)
Change in net assets resulting from Investor capital transactions	$	(1,615,114	)	$	759,764		$	(91,898	)	$	1,622
Morgan
Proceeds from shares issued	$	35,673,980		$	87,350,729		$	1,197,180		$	2,541,275
Distributions reinvested		322			146			80			173
Cost of shares redeemed		(36,443,344	)		(87,753,254	)		(1,224,549	)		(2,617,604	)
Conversion from Class B Shares		—			514			—			1,054
Change in net assets resulting from Morgan capital transactions	$	(769,042	)	$	(401,865	)	$	(27,289	)	$	(75,102	)
Premier
Proceeds from shares issued	$	41,380,293		$	51,258,738		$	195,832		$	580,727
Distributions reinvested		461			128			8			3
Cost of shares redeemed		(41,795,439	)		(50,817,662	)		(290,089	)		(566,543	)
Change in net assets resulting from Premier capital transactions	$	(414,685	)	$	441,204		$	(94,249	)	$	14,187
Reserve
Proceeds from shares issued	$	11,767,824		$	26,828,510		$	15,253,244		$	36,717,078
Distributions reinvested		39			95			1			3
Cost of shares redeemed		(12,012,316	)		(27,052,886	)		(15,430,442	)		(36,700,330	)
Change in net assets resulting from Reserve capital transactions	$	(244,453	)	$	(224,281	)	$	(177,197	)	$	16,751
Service
Proceeds from shares issued	$	617,812		$	2,294,901		$	7,122,042		$	16,481,056
Distributions reinvested		86			185			—	(b)		3
Cost of shares redeemed		(1,244,480	)		(1,970,446	)		(7,191,657	)		(16,530,200	)
Change in net assets resulting from Service capital transactions	$	(626,582	)	$	324,640		$	(69,615	)	$	(49,141	)
Total change in net assets resulting from capital transactions	$	(31,838,913	)	$	(9,582,493	)	$	(9,042,783	)	$	(6,935,158	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Amount rounds to less than 500.

(c) Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class B (a)
Issued		—			—			—			69
Reinvested		—			—	(b)		—			—	(b)
Redeemed		—			(105	)		—			(409	)
Conversion to Morgan Shares		—			(514	)		—			(1,054	)
Change in Class C Shares		—			(619	)		—			(1,394	)
Class C
Issued		11,996			47,970			94,046			219,626
Reinvested		2			2			23			58
Redeemed		(21,356	)		(25,312	)		(179,184	)		(418,347	)
Change in Class C Shares		(9,358	)		22,660			(85,115	)		(198,663	)
Agency
Issued		271,543,299			402,268,621			220,184			315,483
Reinvested		1,345			562			66			34
Redeemed		(274,483,220	)		(400,731,257	)		(223,338	)		(339,426	)
Change in Agency Shares		(2,938,576	)		1,537,926			(3,088	)		(23,909	)
Capital
Issued		430,153,702			898,641,705			3,189,113			13,791,594
Reinvested		59,786			41,937			2,236			3,255
Redeemed		(449,456,909	)		(900,133,191	)		(5,011,503	)		(14,612,885	)
Change in Capital Shares		(19,243,421	)		(1,449,549	)		(1,820,154	)		(818,036	)
Cash Management
Issued		115,466			2,286,522			—			—
Reinvested		10			80			—			—
Redeemed		(560,100	)		(3,034,255	)		—			—
Change in Cash Management Shares		(444,624	)		(747,653	)		—			—
Direct (c)
Issued		738,445			2,720,187			—			—
Redeemed		(2,069,406	)		(3,808,687	)		—			—
Change in Direct Shares		(1,330,961	)		(1,088,500	)		—			—
Eagle Class
Issued		186,450			512,243			—			—
Reinvested		19			36			—			—
Redeemed		(208,270	)		(440,029	)		—			—
Change in Eagle Class Shares		(21,801	)		72,250			—			—
E*Trade
Issued		—			—			533,699			2,338,735
Reinvested		—			—			23			662
Redeemed		—			—			(1,865,778	)		(8,078,883	)
Change in E*Trade Shares		—			—			(1,332,056	)		(5,739,486	)
IM
Issued		13,427,669			37,443,428			—			—
Reinvested		—			75			—			—
Redeemed		(13,811,822	)		(38,564,457	)		—			—
Change in IM Shares		(384,153	)		(1,120,954	)		—			—

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS: (continued)
Institutional Class
Issued		83,526,353			164,150,461			18,064,128			45,216,773
Reinvested		10,611			6,984			1,976			1,748
Redeemed		(87,333,142	)		(171,864,961	)		(23,408,167	)		(45,280,508	)
Change in Institutional Class Shares		(3,796,178	)		(7,707,516	)		(5,342,063	)		(61,987	)
Investor
Issued		302,724			1,377,808			183,265			437,316
Reinvested		630			207			6			3
Redeemed		(1,918,468	)		(618,251	)		(275,198	)		(435,697	)
Change in Investor Shares		(1,615,114	)		759,764			(91,927	)		1,622
Morgan
Issued		35,673,987			87,350,729			1,197,147			2,541,275
Reinvested		322			146			80			173
Redeemed		(36,443,342	)		(87,753,254	)		(1,224,546	)		(2,617,604	)
Conversion from Class B Shares		—			514			—			1,054
Change in Morgan Shares		(769,033	)		(401,865	)		(27,319	)		(75,102	)
Premier
Issued		41,380,308			51,258,738			195,834			580,727
Reinvested		461			128			8			3
Redeemed		(41,795,438	)		(50,817,662	)		(290,087	)		(566,543	)
Change in Premier Shares		(414,669	)		441,204			(94,245	)		14,187
Reserve
Issued		11,767,833			26,828,510			15,253,242			36,717,078
Reinvested		39			95			1			3
Redeemed		(12,012,316	)		(27,052,886	)		(15,430,440	)		(36,700,330	)
Change in Reserve Shares		(244,444	)		(224,281	)		(177,197	)		16,751
Service
Issued		617,814			2,294,901			7,122,037			16,481,056
Reinvested		86			185			—	(a)		3
Redeemed		(1,244,479	)		(1,970,446	)		(7,191,655	)		(16,530,200	)
Change in Service Shares		(626,579	)		324,640			(69,618	)		(49,141	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Amount rounds to less than 500.

(c) Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	2
Distributions reinvested		—			—			—			—
Cost of shares redeemed		—			—			—			(9	)
Conversion to Morgan Shares		—			—			—			(138	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	—		$	(145	)
Class C
Proceeds from shares issued	$	—		$	—		$	40,048		$	105,451
Distributions reinvested		—			—			—			1
Cost of shares redeemed		—			—			(50,891	)		(119,329	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(10,843	)	$	(13,877	)
Agency
Proceeds from shares issued	$	405,046,574		$	458,807,419		$	49,077,020		$	70,874,808
Distributions reinvested		198			71			150			43
Cost of shares redeemed		(400,839,261	)		(458,642,107	)		(48,550,835	)		(70,776,186	)
Change in net assets resulting from Agency capital transactions	$	4,207,511		$	165,383		$	526,335		$	98,665
Capital
Proceeds from shares issued	$	253,798,183		$	415,543,073		$	—		$	—
Distributions reinvested		24,188			5,314			—			—
Cost of shares redeemed		(218,430,997	)		(420,473,412	)		—			—
Change in net assets resulting from Capital capital transactions	$	35,391,374		$	(4,925,025	)	$	—		$	—
Direct
Proceeds from shares issued	$	340,578		$	1,908,801		$	1,036,087		$	3,264,083
Cost of shares redeemed		(972,036	)		(1,333,724	)		(1,649,633	)		(3,813,462	)
Change in net assets resulting from Direct capital transactions	$	(631,458	)	$	575,077		$	(613,546	)	$	(549,379	)
Eagle Class
Proceeds from shares issued	$	618,535		$	1,119,514		$	—		$	—
Distributions reinvested		20			40			—			—
Cost of shares redeemed		(663,442	)		(1,033,247	)		—			(80	)
Change in net assets resulting from Eagle Class capital transactions	$	(44,887	)	$	86,307		$	—		$	(80	)
E*Trade (b)
Proceeds from shares issued	$	20		$	—		$	—		$	—
Distributions reinvested		—	(b)		—			—			—
Change in net assets resulting from E*Trade capital transactions	$	20		$	—		$	—		$	—
IM
Proceeds from shares issued	$	1,992,845		$	1,759,427		$	15,461,750		$	26,161,561
Distributions reinvested		—	(b)		—	(b)		3,228			608
Cost of shares redeemed		(2,371,665	)		(2,253,893	)		(14,679,048	)		(24,419,657	)
Change in net assets resulting from IM capital transactions	$	(378,820	)	$	(494,466	)	$	785,930		$	1,742,512

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS: (continued)
Institutional Class
Proceeds from shares issued	$	77,492,314		$	148,109,991		$	35,707,196		$	92,331,037
Distributions reinvested		3,216			626			4,486			1,031
Cost of shares redeemed		(64,776,688	)		(147,686,296	)		(33,102,776	)		(90,112,215	)
Change in net assets resulting from Institutional Class capital transactions	$	12,718,842		$	424,321		$	2,608,906		$	2,219,853
Investor
Proceeds from shares issued	$	820,050		$	2,858,618		$	79,781		$	213,845
Distributions reinvested		149			341			—			—	(b)
Cost of shares redeemed		(4,076,160	)		(2,069,037	)		(90,944	)		(306,734	)
Change in net assets resulting from Investor capital transactions	$	(3,255,961	)	$	789,922		$	(11,163	)	$	(92,889	)
Morgan
Proceeds from shares issued	$	108,980,925		$	176,475,885		$	15,096,272		$	31,568,183
Distributions reinvested		22			41			—			1
Cost of shares redeemed		(108,978,564	)		(176,286,032	)		(15,164,594	)		(31,596,879	)
Conversion from Class B Shares		—			—			—			138
Change in net assets resulting from Morgan capital transactions	$	2,383		$	189,894		$	(68,322	)	$	(28,557	)
Premier
Proceeds from shares issued	$	111,569,706		$	172,471,600		$	3,991,248		$	18,135,751
Distributions reinvested		24			30			—	(b)		—	(b)
Cost of shares redeemed		(110,912,002	)		(168,342,824	)		(3,946,329	)		(18,274,505	)
Change in net assets resulting from Premier capital transactions	$	657,728		$	4,128,806		$	44,919		$	(138,754	)
Reserve
Proceeds from shares issued	$	1,601,552		$	4,891,894		$	9,168,462		$	21,347,634
Distributions reinvested		2			5			—			7
Cost of shares redeemed		(1,537,597	)		(5,025,881	)		(9,753,291	)		(21,515,141	)
Change in net assets resulting from Reserve capital transactions	$	63,957		$	(133,982	)	$	(584,829	)	$	(167,500	)
Service
Proceeds from shares issued	$	1,882,756		$	4,033,487		$	—		$	—
Distributions reinvested		20			67			—			—
Cost of shares redeemed		(1,508,336	)		(4,551,542	)		—			(80	)
Change in net assets resulting from Service capital transactions	$	374,440		$	(517,988	)	$	—		$	(80	)
Total change in net assets resulting from capital transactions	$	49,105,129		$	288,249		$	2,677,387		$	3,069,769

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Amount rounds to less than 500.

(c) Commencement of offering of class of shares effective March 9, 2016 for U.S. Government Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class B (a)
Issued		—			—			—			2
Reinvested		—			—			—			—
Redeemed		—			—			—			(9	)
Conversion to Morgan Shares		—			—			—			(138	)
Change in Class C Shares		—			—			—			(145	)
Class C
Issued		—			—			40,044			105,447
Reinvested		—			—			—			1
Redeemed		—			—			(50,891	)		(119,329	)
Change in Class C Shares		—			—			(10,847	)		(13,881	)
Agency
Issued		405,046,543			458,807,414			49,077,020			70,874,851
Reinvested		198			71			150			43
Redeemed		(400,839,260	)		(458,642,107	)		(48,550,824	)		(70,776,184	)
Change in Agency Shares		4,207,481			165,378			526,346			98,710
Capital
Issued		253,798,242			415,543,073			—			—
Reinvested		24,188			5,314			—			—
Redeemed		(218,430,852	)		(420,473,354	)		—			—
Change in Capital Shares		35,391,578			(4,924,967	)		—			—
Direct
Issued		340,565			1,908,801			1,036,063			3,263,950
Redeemed		(972,036	)		(1,333,724	)		(1,649,633	)		(3,813,462	)
Change in Direct Shares		(631,471	)		575,077			(613,570	)		(549,512	)
Eagle Class
Issued		618,525			1,119,514			—			—
Reinvested		20			40			—			—
Redeemed		(663,442	)		(1,033,247	)		—			(80	)
Change in Eagle Class Shares		(44,897	)		86,307			—			(80	)
E*Trade (b)
Issued		20			—			—			—
Reinvested		—	(c)		—			—			—
Change in E*Trade Shares		20			—			—			—
IM
Issued		1,992,836			1,759,427			15,461,742			26,161,793
Reinvested		—	(c)		—	(c)		3,228			608
Redeemed		(2,371,665	)		(2,253,893	)		(14,679,023	)		(24,419,626	)
Change in IM Shares		(378,829	)		(494,466	)		785,947			1,742,775
Institutional Class
Issued		77,492,308			148,109,983			35,707,187			92,331,104
Reinvested		3,216			626			4,486			1,031
Redeemed		(64,776,631	)		(147,686,296	)		(33,102,731	)		(90,112,215	)
Change in Institutional Class Shares		12,718,893			424,313			2,608,942			2,219,920

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS: (continued)
Investor
Issued		819,985			2,858,618			79,779			213,816
Reinvested		149			341			—			—	(c)
Redeemed		(4,076,160	)		(2,069,037	)		(90,943	)		(306,734	)
Change in Investor Shares		(3,256,026	)		789,922			(11,164	)		(92,918	)
Morgan
Issued		108,980,887			176,475,820			15,096,260			31,568,121
Reinvested		22			41			—			1
Redeemed		(108,978,563	)		(176,286,032	)		(15,164,590	)		(31,596,878	)
Conversion from Class B Shares		—			—			—			138
Change in Morgan Shares		2,346			189,829			(68,330	)		(28,618	)
Premier
Issued		111,569,629			172,471,600			3,991,243			18,135,678
Reinvested		24			30			—	(c)		—	(c)
Redeemed		(110,912,002	)		(168,342,804	)		(3,946,328	)		(18,274,505	)
Change in Premier Shares		657,651			4,128,826			44,915			(138,827	)
Reserve
Issued		1,601,552			4,891,894			9,168,438			21,347,559
Reinvested		2			5			—			7
Redeemed		(1,537,597	)		(5,025,881	)		(9,753,290	)		(21,515,141	)
Change in Reserve Shares		63,957			(133,982	)		(584,852	)		(167,575	)
Service
Issued		1,882,742			4,033,487			—			—
Reinvested		20			67			—			—
Redeemed		(1,508,336	)		(4,551,542	)		—			(80	)
Change in Service Shares		374,426			(517,988	)		—			(80	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective March 9, 2016 for U.S. Government Money Market Fund.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Federal Money Market Fund						100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	870,469		$	826,639		$	38,151,588		$	79,326,288
Distributions reinvested		29			7			280			49
Cost of shares redeemed		(903,015	)		(677,466	)		(39,010,433	)		(79,130,787	)
Change in net assets resulting from Agency capital transactions	$	(32,517	)	$	149,180		$	(858,565	)	$	195,550
Capital
Proceeds from shares issued	$	—		$	—		$	21,844,273		$	41,633,858
Distributions reinvested		—			—			5,468			850
Cost of shares redeemed		—			—			(21,200,806	)		(40,673,839	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	648,935		$	960,869
Institutional Class
Proceeds from shares issued	$	5,829,438		$	8,640,303		$	11,324,771		$	32,337,241
Distributions reinvested		1,036			516			1,893			211
Cost of shares redeemed		(7,070,198	)		(9,020,779	)		(9,894,991	)		(35,260,715	)
Change in net assets resulting from Institutional Class capital transactions	$	(1,239,724	)	$	(379,960	)	$	1,431,673		$	(2,923,263	)
Morgan
Proceeds from shares issued	$	559,050		$	740,934		$	122,606,153		$	281,077,841
Distributions reinvested		4			9			—			2
Cost of shares redeemed		(549,917	)		(720,496	)		(123,140,510	)		(280,564,759	)
Change in net assets resulting from Morgan capital transactions	$	9,137		$	20,447		$	(534,357	)	$	513,084
Premier
Proceeds from shares issued	$	186,899		$	397,701		$	13,706,327		$	36,693,783
Distributions reinvested		3			10			—			—	(a)
Cost of shares redeemed		(222,366	)		(445,687	)		(13,868,669	)		(36,734,086	)
Change in net assets resulting from Premier capital transactions	$	(35,464	)	$	(47,976	)	$	(162,342	)	$	(40,303	)
Reserve
Proceeds from shares issued	$	9,110		$	44,122		$	79,346		$	1,075,542
Distributions reinvested		—	(a)		2			—			—	(a)
Cost of shares redeemed		(26,119	)		(28,533	)		(91,425	)		(1,014,120	)
Change in net assets resulting from Reserve capital transactions	$	(17,009	)	$	15,591		$	(12,079	)	$	61,422
Service
Proceeds from shares issued	$	—		$	—		$	—		$	—
Distributions reinvested		—			—			—			—	(a)
Cost of shares redeemed		—			—			—			(80	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	—		$	(80	)
Total change in net assets resulting from capital transactions	$	(1,315,577	)	$	(242,718	)	$	513,265		$	(1,232,721	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Federal Money Market Fund						100% U.S. Treasury Securities Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Agency
Issued		870,456			826,639			38,151,584			79,326,288
Reinvested		29			7			280			49
Redeemed		(902,982	)		(677,466	)		(39,010,434	)		(79,130,783	)
Change in Agency Shares		(32,497	)		149,180			(858,570	)		195,554
Capital
Issued		—			—			21,844,315			41,633,847
Reinvested		—			—			5,468			850
Redeemed		—			—			(21,200,806	)		(40,673,839	)
Change in Capital Shares		—			—			648,977			960,858
Institutional Class
Issued		5,829,406			8,640,303			11,324,715			32,337,240
Reinvested		1,036			516			1,893			211
Redeemed		(7,070,170	)		(9,020,779	)		(9,894,986	)		(35,260,715	)
Change in Institutional Class Shares		(1,239,728	)		(379,960	)		1,431,622			(2,923,264	)
Morgan
Issued		559,029			740,934			122,606,168			281,077,841
Reinvested		4			9			—			2
Redeemed		(549,897	)		(720,496	)		(123,140,511	)		(280,564,757	)
Change in Morgan Shares		9,136			20,447			(534,343	)		513,086
Premier
Issued		186,882			397,701			13,706,306			36,693,783
Reinvested		3			10			—			—	(a)
Redeemed		(222,363	)		(445,687	)		(13,868,668	)		(36,734,082	)
Change in Premier Shares		(35,478	)		(47,976	)		(162,362	)		(40,299	)
Reserve
Issued		9,108			44,122			79,365			1,075,542
Reinvested		—	(a)		2			—			—	(a)
Redeemed		(26,119	)		(28,533	)		(91,424	)		(1,014,118	)
Change in Reserve Shares		(17,011	)		15,591			(12,059	)		61,424
Service
Reinvested		—			—			—			—	(a)
Redeemed		—			—			—			(80	)
Change in Service Shares		—			—			—			(80	)

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Free Money Market Fund						Municipal Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	669,086		$	1,357,982		$	333,043		$	884,994
Distributions reinvested		49			17			1			—	(a)
Cost of shares redeemed		(861,497	)		(1,335,799	)		(507,004	)		(772,935	)
Change in net assets resulting from Agency capital transactions	$	(192,362	)	$	22,200		$	(173,960	)	$	112,059
Direct
Distributions reinvested	$	—	(a)	$	—	(a)	$	—		$	—
Cost of shares redeemed		—			(80	)		—			—
Change in net assets resulting from Direct capital transactions	$	—	(a)	$	(80	)	$	—		$	—
Eagle Class (b)
Proceeds from shares issued	$	526,223		$	964,565		$	535,827		$	—
Distributions reinvested		52			326			1			—
Cost of shares redeemed		(1,827,313	)		(963,540	)		(7,176	)		—
Change in net assets resulting from Eagle Class capital transactions	$	(1,301,038	)	$	1,351		$	528,652		$	—
E*Trade
Proceeds from shares issued	$	—		$	—		$	373,070		$	542,546
Distributions reinvested		—			—			101			290
Cost of shares redeemed		—			—			(248,368	)		(608,414	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	124,803		$	(65,578	)
Institutional Class
Proceeds from shares issued	$	37,633,200		$	76,627,965		$	397,023		$	752,041
Distributions reinvested		413			226			152			20
Cost of shares redeemed		(38,919,375	)		(78,283,310	)		(352,444	)		(807,933	)
Change in net assets resulting from Institutional Class capital transactions	$	(1,285,762	)	$	(1,655,119	)	$	44,731		$	(55,872	)
Morgan
Proceeds from shares issued	$	4,185,534		$	9,507,184		$	365,811		$	798,706
Distributions reinvested		1			4			18			55
Cost of shares redeemed		(4,237,182	)		(9,505,238	)		(377,780	)		(764,717	)
Change in net assets resulting from Morgan capital transactions	$	(51,647	)	$	1,950		$	(11,951	)	$	34,044
Premier
Proceeds from shares issued	$	4,457,725		$	10,163,022		$	16,377		$	38,321
Distributions reinvested		3			9			2			4
Cost of shares redeemed		(5,541,314	)		(9,771,894	)		(21,692	)		(39,248	)
Change in net assets resulting from Premier capital transactions	$	(1,083,586	)	$	391,137		$	(5,313	)	$	(923	)
Reserve
Proceeds from shares issued	$	5,881,425		$	13,523,582		$	1,104,423		$	2,530,262
Distributions reinvested		20			98			—	(a)		—	(a)
Cost of shares redeemed		(6,835,730	)		(13,511,367	)		(1,114,131	)		(2,532,070	)
Change in net assets resulting from Reserve capital transactions	$	(954,285	)	$	12,313		$	(9,708	)	$	(1,808	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Tax Free Money Market Fund						Municipal Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS: (continued)
Service
Proceeds from shares issued	$	—		$	—		$	1,701,114		$	3,569,690
Distributions reinvested		—			—			21			61
Cost of shares redeemed		—			—			(1,763,881	)		(3,451,696	)
Change in net assets resulting from Service capital transactions	$	—		$	—		$	(62,746	)	$	118,055
Total change in net assets resulting from capital transactions	$	(4,868,680	)	$	(1,226,248	)	$	434,508		$	139,977

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective July 1, 2016, for Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 81

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Free Money Market Fund						Municipal Money Market Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Agency
Issued		669,085			1,357,982			333,042			884,994
Reinvested		49			17			1			—	(a)
Redeemed		(861,492	)		(1,335,799	)		(507,001	)		(772,935	)
Change in Agency Shares		(192,358	)		22,200			(173,958	)		112,059
Direct
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—			(80	)		—			—
Change in Direct Shares		—	(a)		(80	)		—			—
Eagle Class (b)
Issued		526,206			964,565			535,800			—
Reinvested		52			326			1			—
Redeemed		(1,827,245	)		(963,540	)		(7,176	)		—
Change in Eagle Class Shares		(1,300,987	)		1,351			528,625			—
E*Trade
Issued		—			—			373,074			542,546
Reinvested		—			—			101			290
Redeemed		—			—			(248,350	)		(608,414	)
Change in E*Trade Shares		—			—			124,825			(65,578	)
Institutional Class
Issued		37,633,110			76,627,923			397,024			752,041
Reinvested		413			226			152			20
Redeemed		(38,919,320	)		(78,283,310	)		(352,439	)		(807,933	)
Change in Institutional Class Shares		(1,285,797	)		(1,655,161	)		44,737			(55,872	)
Morgan
Issued		4,185,534			9,507,184			365,803			798,706
Reinvested		1			4			18			55
Redeemed		(4,237,181	)		(9,505,235	)		(377,774	)		(764,717	)
Change in Morgan Shares		(51,646	)		1,953			(11,953	)		34,044
Premier
Issued		4,457,710			10,163,022			16,375			38,321
Reinvested		3			9		��	2			4
Redeemed		(5,541,290	)		(9,771,863	)		(21,691	)		(39,248	)
Change in Premier Shares		(1,083,577	)		391,168			(5,314	)		(923	)
Reserve
Issued		5,881,364			13,523,582			1,104,423			2,530,262
Reinvested		20			98			—	(a)		—	(a)
Redeemed		(6,835,699	)		(13,511,360	)		(1,114,131	)		(2,532,070	)
Change in Reserve Shares		(954,315	)		12,320			(9,708	)		(1,808	)
Service
Issued		—			—			1,701,107			3,569,690
Reinvested		—			—			21			61
Redeemed		—			—			(1,763,875	)		(3,451,696	)
Change in Service Shares		—			—			(62,747	)		118,055

(a) Amount rounds to less than 500.

(b) Commencement of offering of class of shares effective July 1, 2016, for Municipal Money Market Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 83

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
Prime Money Market Fund
Class C
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Cash Management
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Direct (f)
For the Period Ended August 16, 2016 (Unaudited) (f)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
May 31, 2012 (g) through February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.01	%	$	30,200		0.57	%		0.01	%		1.17	%
	1.00		0.01			39,558		0.34			0.01			1.18
	1.00		0.01			16,897		0.22			0.01			1.16
	1.00		0.01			17,658		0.23			0.01			1.16
	1.00		0.01			9,087		0.32			0.01			1.16
	1.00		0.01			9,993		0.29			0.01			1.16
	1.00		0.16			5,202,903		0.26			0.33			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
	1.00		0.01			7,565,361		0.23			0.01			0.31
	1.00		0.08			7,532,479		0.26			0.08			0.31
	1.00		0.04			8,019,311		0.26			0.04			0.31
	1.00		0.21			45,447,290		0.17			0.41			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
	1.00		0.06			68,193,741		0.18			0.06			0.21
	1.00		0.16			68,141,597		0.18			0.16			0.21
	1.00		0.12			75,485,880		0.18			0.12			0.21
	1.00		0.01			43,772		0.58			0.01			0.96
	1.00		0.01			488,399		0.29			0.01			0.96
	1.00		0.01			1,236,050		0.22			0.01			0.96
	1.00		0.01			753,657		0.23			0.01			0.96
	1.00		0.01			702,440		0.32			0.01			0.96
	1.00		0.01			527,614		0.29			0.01			0.96
	1.00		0.12			—		0.30			0.29			0.31
	1.00		0.07			1,330,952		0.25			0.06			0.31
	1.00		0.04			2,419,449		0.19			0.04			0.31
	1.00		0.02			1,596,040		0.21			0.02			0.31
	1.00		0.04			754,195		0.30			0.04			0.31
	1.00		0.02			1,558,831		0.28			0.02			0.31
	1.00		0.01			374,627		0.57			0.01			0.71
	1.00		0.01			396,419		0.32			0.01			0.71
	1.00		0.01			324,169		0.22			0.01			0.71
	1.00		0.01			373,324		0.23			0.01			0.71
	1.00		0.01			431,169		0.35			0.01			0.71
	1.00		0.01			838,513		0.29			0.01			0.71
	1.00		0.21			2,244,380		0.16			0.43			0.16
	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
	1.00		0.08			100		0.16			0.08			0.16
	1.00		0.12			100		0.16			0.16			0.16

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 85

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
Prime Money Market Fund (continued)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		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) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.19	%	$	16,215,266		0.20	%		0.38	%		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
	1.00		0.03			29,139,007		0.21			0.03			0.26
	1.00		0.13			23,495,745		0.21			0.13			0.26
	1.00		0.09			26,769,490		0.21			0.09			0.26
	1.00		0.04			226,303		0.51			0.09			0.51
	1.00		0.01			1,841,412		0.32			0.01			0.51
	1.00		0.01			1,081,648		0.22			0.01			0.51
	1.00		0.01			692,922		0.23			0.01			0.51
	1.00		0.01			403,330		0.33			0.01			0.51
	1.00		0.01			520,797		0.29			0.01			0.51
	1.00		0.03			1,108,068		0.52			0.07			0.53
	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
	1.00		0.01			2,332,919		0.23			0.01			0.51
	1.00		0.01			2,549,889		0.33			0.01			0.51
	1.00		0.01			2,667,326		0.29			0.01			0.51
	1.00		0.07			1,616,316		0.45			0.14			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
	1.00		0.01			2,021,372		0.23			0.01			0.46
	1.00		0.01			2,540,125		0.33			0.01			0.46
	1.00		0.01			3,338,000		0.29			0.01			0.46
	1.00		0.01			685,741		0.58			0.01			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
	1.00		0.01			1,426,646		0.23			0.01			0.71
	1.00		0.01			1,449,080		0.32			0.01			0.71
	1.00		0.01			1,526,992		0.29			0.01			0.71
	1.00		0.01			1,421,219		0.58			0.01			1.06
	1.00		0.01			2,047,788		0.32			0.01			1.06
	1.00		0.01			1,723,144		0.22			0.01			1.06
	1.00		0.01			1,814,501		0.23			0.01			1.06
	1.00		0.01			1,563,743		0.32			0.01			1.06
	1.00		0.01			1,419,924		0.29			0.01			1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 87

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
Liquid Assets Money Market Fund
Class C
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Investor
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		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.

88 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.01	%	$	420,505		0.55	%		0.01	%			1.18	%
	1.00		0.01			505,609		0.33			0.01				1.18
	1.00		0.01			704,276		0.24			0.01				1.17
	1.00		0.01			670,626		0.24			0.01				1.18
	1.00		0.01			364,445		0.34			0.01				1.17
	1.00		0.01			398,734		0.30			0.01				1.17
	1.00		0.15			68,629		0.26			0.29				0.33
	1.00		0.08			71,741		0.26			0.07				0.33
	1.00		0.01			95,650		0.24			0.01				0.32
	1.00		0.01			71,955		0.24			0.01				0.33
	1.00		0.09			122,386		0.26			0.09				0.32
	1.00		0.05			134,975		0.26			0.05				0.32
	1.00		0.19			251,375		0.18			0.38				0.23
	1.00		0.16			2,071,483		0.18			0.15				0.22
	1.00		0.07			2,889,536		0.18			0.06				0.22
	1.00		0.07			3,795,256		0.18			0.07				0.23
	1.00		0.17			2,806,226		0.18			0.17				0.22
	1.00		0.13			2,985,462		0.18			0.13				0.22
	1.00		0.01			426,481		0.54			0.01				1.09
	1.00		0.01			1,758,478		0.30			0.01				1.07
	1.00		0.03			7,497,985		0.22			0.03				1.07
	1.00		0.05			5,922,072		0.20			0.05				1.08
	1.00		0.05			2,446,643		0.27			0.05				1.07
	1.00		0.05			199,806		0.26			0.05				1.07
	1.00		0.17			1,288,613		0.21			0.35				0.28
	1.00		0.13			6,630,618		0.21			0.13				0.28
	1.00		0.04			6,692,633		0.21			0.04				0.27
	1.00		0.04			2,901,004		0.21			0.04				0.28
	1.00		0.14			2,534,423		0.21			0.14				0.27
	1.00		0.10			4,243,305		0.21			0.10				0.27
	1.00		0.03			25,920		0.51			0.06				0.53
	1.00		0.02			117,816		0.32			0.01				0.53
	1.00		0.01			116,196		0.23			0.01				0.52
	1.00		0.01			753,825		0.24			0.01				0.53
	1.00		0.01			567,682		0.34			0.01				0.52
	1.00		0.01			562,453		0.30			0.01				0.52

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 89

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
Liquid Assets Money Market Fund (continued)
Morgan
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%

(g) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.01	%	$	1,582,173			0.54	%		0.01	%		0.63	%
	1.00		0.01			1,609,448			0.33			0.01			0.63
	1.00		0.01			1,684,561			0.24			0.01			0.62
	1.00		0.01			2,367,494			0.24			0.01			0.63
	1.00		0.01			2,472,266			0.34			0.01			0.62
	1.00		0.01			2,975,898			0.30			0.01			0.62
	1.00		0.05			38,094			0.45			0.10			0.48
	1.00		0.02			132,337			0.32			0.02			0.48
	1.00		0.01			118,152			0.24			0.01			0.47
	1.00		0.01			130,733			0.24			0.01			0.48
	1.00		0.01			154,775			0.34			0.01			0.47
	1.00		0.01			166,487			0.30			0.01			0.47
	1.00		0.01			12,209			0.55			0.01			0.73
	1.00		0.01			189,404			0.33			0.01			0.73
	1.00		0.01			172,653			0.24			0.01			0.72
	1.00		0.01			184,873			0.24			0.01			0.73
	1.00		0.01			178,029			0.34			0.01			0.72
	1.00		0.01			249,909			0.30			0.01			0.72
	1.00		—	(f)		—	(g)		0.55			0.01			1.08
	1.00		0.01			69,615			0.32			0.01			1.08
	1.00		0.01			118,759			0.24			0.01			1.07
	1.00		0.01			118,455			0.24			0.01			1.08
	1.00		0.01			118,015			0.34			0.01			1.07
	1.00		0.01			156,429			0.30			0.01			1.07

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 91

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
U.S. Government Money Market Fund
Agency
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—		$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Direct
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 1, 2012 through February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
E*Trade
March 9, 2016 (g) through August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
IM
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
May 31, 2012 (g) through February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.09	%	$	11,801,713		0.25	%		0.17	%		0.31	%
	1.00		0.02			7,594,151		0.15			0.02			0.31
	1.00		0.01			7,428,617		0.08			0.01			0.31
	1.00		0.01			7,098,492		0.09			0.01			0.31
	1.00		0.00	(f)		9,712,330		0.17			0.00	(f)		0.31
	1.00		0.01			8,520,118		0.12			0.01			0.31
	1.00		0.14			63,438,539		0.14			0.28			0.21
	1.00		0.04			28,046,995		0.14			0.04			0.21
	1.00		0.01			32,973,407		0.07			0.01			0.21
	1.00		0.01			25,817,838		0.09			0.01			0.21
	1.00		0.01			28,211,844		0.16			0.01			0.21
	1.00		0.01			33,517,276		0.12			0.01			0.21
	1.00		0.07			238,664		0.29			0.13			0.31
	1.00		0.02			870,118		0.18			0.02			0.31
	1.00		0.01			294,989		0.07			0.01			0.31
	1.00		0.01			281,437		0.09			0.01			0.31
	1.00		0.00	(f)		392,336		0.17			0.00	(f)		0.31
	1.00		0.01			645,927		0.12			0.01			0.31
	1.00		0.01			392,486		0.41			0.01			0.70
	1.00		0.01			437,372		0.18			0.01			0.71
	1.00		0.01			351,014		0.07			0.01			0.71
	1.00		0.01			1,838,360		0.09			0.01			0.71
	1.00		0.01			2,219,405		0.16			0.01			0.71
	1.00		0.01			20		0.41			0.02			1.07
	1.00		0.14			269,471		0.14			0.28			0.16
	1.00		0.05			648,289		0.13			0.05			0.16
	1.00		0.01			1,142,811		0.07			0.01			0.16
	1.00		0.01			563,436		0.08			0.02			0.16
	1.00		0.02			100		0.15			0.03			0.16
	1.00		0.12			21,423,039		0.17			0.25			0.26
	1.00		0.04			8,704,148		0.15			0.03			0.26
	1.00		0.01			8,279,641		0.07			0.01			0.26
	1.00		0.01			7,099,746		0.09			0.01			0.26
	1.00		0.00	(f)		8,263,941		0.17			0.00	(f)		0.26
	1.00		0.01			10,402,935		0.12			0.01			0.26

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 93

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
U.S. Government Money Market Fund (continued)
Investor
Six Months Ended August 31, 2016 (Unaudited)		$	1.00	$	—	(d)(e)	$	—		$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016	��		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)			1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016			1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)			1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016			1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)			1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016			1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2016 (Unaudited)			1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016			1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013			1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012			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.

94 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.01	%	$	600,602		0.41	%		0.01	%		0.51	%
	1.00		0.01			3,856,545		0.18			0.01			0.51
	1.00		0.01			3,066,013		0.07			0.01			0.51
	1.00		0.01			3,664,674		0.09			0.01			0.51
	1.00		0.00	(f)		4,437,341		0.17			0.00	(f)		0.51
	1.00		0.01			4,401,603		0.12			0.01			0.51
	1.00		0.01			2,231,555		0.41			0.01			0.61
	1.00		0.01			2,229,161		0.17			0.01			0.61
	1.00		0.01			2,039,361		0.08			0.01			0.61
	1.00		0.01			2,435,725		0.09			0.01			0.61
	1.00		0.00	(f)		2,795,260		0.17			0.00	(f)		0.61
	1.00		0.01			1,931,164		0.13			0.01			0.61
	1.00		0.01			8,228,594		0.40			0.02			0.46
	1.00		0.01			7,570,828		0.18			0.01			0.46
	1.00		0.01			3,441,795		0.07			0.01			0.46
	1.00		0.01			3,646,033		0.09			0.01			0.46
	1.00		0.00	(f)		4,184,299		0.17			0.00	(f)		0.46
	1.00		0.01			4,841,573		0.12			0.01			0.46
	1.00		0.01			80,255		0.41			0.01			0.71
	1.00		0.01			16,298		0.12			0.01			0.71
	1.00		0.01			150,289		0.08			0.01			0.71
	1.00		0.01			48,890		0.09			0.01			0.71
	1.00		0.00	(f)		34,522		0.17			0.00	(f)		0.71
	1.00		0.01			23,828		0.14			0.00	(f)		0.71
	1.00		0.01			770,097		0.41			0.01			1.06
	1.00		0.01			395,656		0.15			0.01			1.06
	1.00		0.01			913,521		0.07			0.01			1.06
	1.00		0.01			898,352		0.09			0.01			1.06
	1.00		0.00	(f)		910,554		0.17			0.00	(f)		1.06
	1.00		0.01			867,708		0.13			0.00	(f)		1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Treasury Plus Money Market Fund
Class C
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)	$	—	(e)	$	—	(e)	$	—		$	—		$	—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Agency
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Direct
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Eagle Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—			—			—
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
March 1, 2012 (g) through February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
May 31, 2012 (g) through February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		Ratios/Supplemental data (a)
							Ratios to average net assets
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		0.00	%	$	144,145		0.39	%		0.00	%		1.16	%
	1.00		0.00	(f)		154,988		0.15			0.00	(f)		1.16
	1.00		0.00	(f)		168,863		0.07			0.00	(f)		1.16
	1.00		0.00	(f)		142,412		0.08			0.00	(f)		1.16
	1.00		0.00	(f)		185,554		0.15			0.00	(f)		1.16
	1.00		0.00	(f)		189,206		0.09			0.00	(f)		1.16
	1.00		0.07			1,483,259		0.26			0.13			0.31
	1.00		0.01			956,921		0.15			0.01			0.31
	1.00		0.00	(f)		858,260		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		2,590,914		0.08			0.00	(f)		0.31
	1.00		0.00	(f)		2,869,561		0.15			0.00	(f)		0.31
	1.00		0.00	(f)		998,134		0.09			0.00	(f)		0.31
	1.00		0.05			59,080		0.30			0.09			0.31
	1.00		0.01			672,625		0.13			0.00	(f)		0.31
	1.00		0.00	(f)		1,222,018		0.07			0.00	(f)		0.31
	1.00		0.00	(f)		1,655,840		0.08			0.00	(f)		0.31
	1.00		0.00	(f)		1,634,584		0.15			0.00			0.31
	1.00		0.00	(f)		2,070,205		0.08			0.00	(f)		0.31
	1.00		0.00			20		0.39			0.00			2.25
	1.00		0.00	(f)		20		0.12			0.00	(f)		1.63
	1.00		0.00	(f)		100		0.07			0.00	(f)		0.71
	1.00		0.00	(f)		100		0.08			0.00	(f)		0.71
	1.00		0.00	(f)		100		0.15			0.00			0.71
	1.00		0.12			5,574,193		0.16			0.23			0.16
	1.00		0.04			4,788,250		0.12			0.04			0.16
	1.00		0.00	(f)		3,045,746		0.07			0.00	(f)		0.16
	1.00		0.00	(f)		1,931,586		0.07			0.00	(f)		0.16
	1.00		0.01			100		0.14			0.02			0.16
	1.00		0.09			11,345,550		0.21			0.18			0.26
	1.00		0.02			8,736,623		0.13			0.02			0.26
	1.00		0.00	(f)		6,516,731		0.07			0.00	(f)		0.26
	1.00		0.00	(f)		7,296,339		0.08			0.00	(f)		0.26
	1.00		0.00	(f)		7,555,937		0.15			0.00	(f)		0.26
	1.00		0.00	(f)		6,946,570		0.08			0.00	(f)		0.26

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
U.S. Treasury Plus Money Market Fund (continued)
Investor
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)	$	—	(e)	$	—	(e)	$	—		$	—		$	—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—			—			—
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than 0.005%

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		Ratios/Supplemental data (a)
							Ratios to average net assets
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		0.00	%	$	77,854		0.39	%		0.00	%		0.51	%
	1.00		0.00	(f)		89,016		0.14			0.00	(f)		0.51
	1.00		0.00	(f)		181,909		0.07			0.00	(f)		0.51
	1.00		0.00	(f)		237,466		0.08			0.00	(f)		0.51
	1.00		0.00	(f)		300,429		0.15			0.00			0.51
	1.00		0.00	(f)		381,781		0.08			0.00	(f)		0.51
	1.00		0.00			637,889		0.39			0.00			0.61
	1.00		0.00	(f)		706,209		0.15			0.00	(f)		0.61
	1.00		0.00	(f)		734,788		0.07			0.00	(f)		0.61
	1.00		0.00	(f)		612,152		0.08			0.00	(f)		0.61
	1.00		0.00	(f)		597,117		0.15			0.00	(f)		0.61
	1.00		0.00	(f)		554,548		0.10			0.00	(f)		0.61
	1.00		0.00	(f)		289,177		0.39			0.00	(f)		0.46
	1.00		0.00	(f)		244,258		0.14			0.00	(f)		0.46
	1.00		0.00	(f)		383,019		0.07			0.00	(f)		0.46
	1.00		0.00	(f)		493,950		0.08			0.00	(f)		0.46
	1.00		0.00	(f)		611,667		0.15			0.00	(f)		0.46
	1.00		0.00	(f)		618,249		0.09			0.00	(f)		0.46
	1.00		0.00			94,757		0.39			0.00			0.71
	1.00		0.00	(f)		679,587		0.15			0.00	(f)		0.71
	1.00		0.00	(f)		847,101		0.07			0.00	(f)		0.71
	1.00		0.00	(f)		943,099		0.08			0.00	(f)		0.71
	1.00		0.00	(f)		915,908		0.15			0.00	(f)		0.71
	1.00		0.00	(f)		998,994		0.09			0.00	(f)		0.71
	1.00		0.00			20		0.39			0.00			2.51
	1.00		0.00	(f)		20		0.12			0.00	(f)		2.08
	1.00		0.00	(f)		100		0.07			0.00	(f)		1.06
	1.00		0.00	(f)		100		0.08			0.00	(f)		1.06
	1.00		0.00	(f)		100		0.15			0.00	(f)		1.06
	1.00		0.00	(f)		100		0.09			0.00	(f)		1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Federal Money Market Fund
Agency
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—		$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—			—	(e)		—	(e)		—			—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(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.

100 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.07	%	$	201,448		0.26	%		0.14	%		0.35	%
	1.00		0.02			233,955		0.16			0.02			0.33
	1.00		0.01			84,778		0.07			0.00	(f)		0.35
	1.00		0.01			233,285		0.08			0.01			0.34
	1.00		0.01			258,642		0.11			0.01			0.33
	1.00		0.00	(f)		786,165		0.11			0.00	(f)		0.33
	1.00		0.10			2,376,386		0.21			0.19			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
	—		0.01			3,835,871		0.07			0.01			0.29
	1.00		0.01			3,259,389		0.12			0.01			0.28
	1.00		0.00	(f)		4,325,820		0.10			0.00	(f)		0.28
	1.00		0.01			140,866		0.39			0.01			0.67
	1.00		0.01			131,723		0.16			0.01			0.65
	1.00		0.01			111,292		0.07			0.01			0.65
	1.00		0.01			96,652		0.07			0.01			0.64
	1.00		0.01			127,920		0.12			0.01			0.63
	1.00		0.00	(f)		140,119		0.11			0.00	(f)		0.63
	1.00		0.01			136,350		0.39			0.01			0.51
	1.00		0.01			171,808		0.14			0.01			0.49
	1.00		0.01			219,792		0.06			0.01			0.50
	1.00		0.01			277,420		0.07			0.01			0.49
	1.00		0.01			292,491		0.12			0.01			0.48
	1.00		0.00	(f)		435,501		0.11			0.00	(f)		0.48
	1.00		0.01			843		0.39			0.01			0.75
	1.00		0.01			17,852		0.15			0.01			0.74
	1.00		0.01			2,262		0.06			0.01			0.75
	1.00		0.01			2,429		0.09			0.00	(f)		0.74
	1.00		0.01			18,231		0.12			0.01			0.73
	1.00		0.00	(f)		11,368		0.09			0.01			0.73

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
100% U.S. Treasury Securities Money Market Fund
Agency
Six Months Ended August 31, 2016 (Unaudited)	$	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)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Capital
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		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)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Service
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—			—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		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.

102 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.05	%	$	1,037,195		0.26	%		0.09	%		0.31	%
	1.00		0.01			1,895,744		0.10			0.01			0.31
	1.00		0.00	(f)		1,700,093		0.05			0.00			0.31
	1.00		0.00	(f)		1,991,907		0.07			0.00			0.31
	1.00		0.00	(f)		2,685,908		0.10			0.00			0.31
	1.00		0.00	(f)		1,914,902		0.06			0.00	(f)		0.31
	1.00		0.09			10,327,334		0.18			0.17			0.21
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.00	(f)		8,717,551		0.04			0.00			0.21
	1.00		0.00	(f)		9,468,647		0.06			0.00			0.21
	1.00		0.00	(f)		9,726,191		0.10			0.00			0.21
	1.00		0.00	(f)		8,254,673		0.05			0.00	(f)		0.21
	1.00		0.07			8,810,515		0.21			0.14			0.26
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.00	(f)		10,302,127		0.04			0.00			0.26
	1.00		0.00	(f)		9,143,359		0.06			0.00			0.26
	1.00		0.00	(f)		8,763,499		0.10			0.00	(f)		0.26
	1.00		0.00	(f)		7,246,605		0.06			0.00	(f)		0.26
	1.00		0.00			1,456,333		0.35			0.00			0.61
	1.00		0.00	(f)		1,990,677		0.10			0.00	(f)		0.61
	1.00		0.00	(f)		1,477,551		0.05			0.00			0.61
	1.00		0.00	(f)		1,625,797		0.07			0.00			0.61
	1.00		0.00	(f)		1,969,401		0.10			0.00	(f)		0.61
	1.00		0.00	(f)		1,512,492		0.05			0.00	(f)		0.61
	1.00		0.00			1,056,980		0.35			0.00			0.46
	1.00		0.00	(f)		1,219,310		0.10			0.00	(f)		0.46
	1.00		0.00	(f)		1,259,597		0.04			0.00			0.46
	1.00		0.00	(f)		1,130,636		0.07			0.00			0.46
	1.00		0.00	(f)		1,361,053		0.10			0.00	(f)		0.46
	1.00		0.00	(f)		1,482,938		0.06			0.00	(f)		0.46
	1.00		0.00			96,031		0.35			0.00			0.71
	1.00		0.00	(f)		108,109		0.14			0.00	(f)		0.71
	1.00		0.00	(f)		46,667		0.04			0.00			0.71
	1.00		0.00	(f)		44,246		0.07			0.00			0.71
	1.00		0.00	(f)		56,977		0.10			0.00	(f)		0.71
	1.00		0.00	(f)		69,684		0.05			0.01			0.71
	1.00		0.00			20		0.35			0.00			2.84
	1.00		0.00	(f)		20		0.07			0.00	(f)		2.08
	1.00		0.00	(f)		100		0.04			0.00			1.06
	1.00		0.00	(f)		100		0.06			0.00			1.06
	1.00		0.00	(f)		100		0.10			0.00			1.06
	1.00		0.00	(f)		100		0.06			0.00	(f)		1.06

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Free Money Market Fund
Agency
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—		$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Direct
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Eagle Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—			—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 29, 2012		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.

104 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.06	%	$	152,218		0.24	%		0.12	%		0.31	%
	1.00		0.03			344,578		0.05			0.01			0.31
	1.00		0.02			322,389		0.07			0.01			0.31
	1.00		0.02			307,751		0.12			0.01			0.31
	1.00		0.01			410,555		0.21			0.00	(f)		0.31
	1.00		0.01			693,197		0.21			0.01			0.31
	1.00		0.05			20		0.27			0.10			2.10
	1.00		0.03			20		0.05			0.01			1.32
	1.00		0.02			100		0.07			0.01			0.31
	1.00		0.02			100		0.11			0.01			0.31
	1.00		0.01			100		0.21			0.00	(f)		0.31
	1.00		0.01			100		0.22			0.00	(f)		0.31
	1.00		0.01			172		0.34			0.01			0.71
	1.00		0.03			1,301,201		0.04			0.01			0.71
	1.00		0.02			1,299,916		0.07			0.01			0.71
	1.00		0.02			1,329,718		0.11			0.01			0.71
	1.00		0.02			1,363,619		0.20			0.01			0.71
	1.00		0.02			1,028,433		0.21			0.01			0.71
	1.00		0.09			8,721,340		0.19			0.17			0.26
	1.00		0.03			10,007,028		0.04			0.01			0.26
	1.00		0.02			11,663,024		0.07			0.01			0.26
	1.00		0.02			10,650,809		0.10			0.01			0.26
	1.00		0.03			5,288,309		0.20			0.02			0.26
	1.00		0.03			6,362,480		0.19			0.03			0.26
	1.00		0.01			59,735		0.35			0.01			0.62
	1.00		0.03			111,381		0.04			0.01			0.62
	1.00		0.02			109,439		0.08			0.01			0.61
	1.00		0.02			280,117		0.12			0.01			0.61
	1.00		0.01			448,515		0.21			0.00	(f)		0.61
	1.00		0.01			422,534		0.22			0.00	(f)		0.61
	1.00		0.01			1,900,573		0.34			0.01			0.46
	1.00		0.03			2,984,160		0.04			0.01			0.46
	1.00		0.02			2,593,113		0.07			0.01			0.46
	1.00		0.02			2,390,160		0.12			0.01			0.46
	1.00		0.01			4,891,040		0.21			0.00	(f)		0.46
	1.00		0.01			2,865,171		0.22			0.00	(f)		0.46
	1.00		0.01			3,266,699		0.35			0.01			0.71
	1.00		0.03			4,220,927		0.04			0.01			0.71
	1.00		0.02			4,208,768		0.07			0.01			0.71
	1.00		0.02			4,484,279		0.12			0.01			0.71
	1.00		0.01			6,804,823		0.21			0.00	(f)		0.71
	1.00		0.01			7,340,658		0.22			0.00	(f)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 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
Municipal Money Market Fund
Agency
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Eagle Class
July 1, 2016 (f) through August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
E*Trade
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Morgan
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Premier
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—			—			—
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Reserve
Six Months Ended August 31, 2016 (Unaudited)		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—			—			—
Year Ended February 29, 2012		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)

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

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

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than 0.005.

(f) Commencement of offering of class of shares.

(g) Amount rounds to less than 0.005%

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.08	%	$	19,297		0.22	%		0.12	%		0.32	%
	1.00		0.01			193,260		0.08			0.01			0.32
	1.00		0.01			81,196		0.12			0.01			0.32
	1.00		0.01			39,280		0.19			0.01			0.32
	1.00		0.04			64,782		0.26			0.04			0.32
	1.00		0.07			121,010		0.26			0.06			0.32
	1.00		0.00	(g)		528,653		0.58			0.01			0.72
	1.00		0.01			2,060,253		0.40			0.01			1.07
	1.00		0.01			1,935,318		0.08			0.01			1.07
	1.00		0.01			2,000,898		0.13			0.01			1.07
	1.00		0.01			1,992,153		0.18			0.01			1.07
	1.00		0.01			1,874,152		0.28			0.01			1.07
	1.00		0.01			1,736,816		0.31			0.01			1.07
	1.00		0.11			177,347		0.20			0.21			0.27
	1.00		0.01			132,605		0.08			0.01			0.27
	1.00		0.01			188,480		0.13			0.01			0.27
	1.00		0.02			224,592		0.18			0.02			0.27
	1.00		0.08			202,999		0.21			0.09			0.27
	1.00		0.11			548,856		0.21			0.12			0.27
	1.00		0.00	(g)		375,595		0.40			0.01			0.62
	1.00		0.01			387,521		0.08			0.01			0.62
	1.00		0.01			353,483		0.13			0.01			0.62
	1.00		0.00	(g)		330,333		0.19			0.00	(g)		0.62
	1.00		0.00			356,149		0.29			0.00	(g)		0.62
	1.00		0.00	(g)		334,195		0.32			0.00	(g)		0.62
	1.00		0.01			23,140		0.38			0.02			0.48
	1.00		0.01			28,451		0.08			0.01			0.47
	1.00		0.01			29,376		0.13			0.01			0.47
	1.00		0.00	(g)		40,357		0.19			0.00	(g)		0.47
	1.00		0.00			52,034		0.29			0.00	(g)		0.47
	1.00		0.00	(g)		78,792		0.32			0.00	(g)		0.47
	1.00		0.00	(g)		88		0.38			0.01			0.73
	1.00		0.01			9,796		0.08			0.01			0.73
	1.00		0.01			11,604		0.14			0.01			0.72
	1.00		0.00	(g)		32,909		0.19			0.00	(g)		0.72
	1.00		0.00			45,250		0.30			0.00			0.72
	1.00		0.00	(g)		54,714		0.32			0.00	(g)		0.72

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 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
Municipal Money Market Fund (continued)
Service
Six Months Ended August 31, 2016 (Unaudited)	$	1.00	$	—	(d)(e)	$	—	(e)	$	—	(e)	$	—	(e)	$	—		$	—	(e)
Year Ended February 29, 2016		1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2015		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
Year Ended February 28, 2014		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—			—	(e)
Year Ended February 28, 2013		1.00		—			—	(e)		—	(e)		—			—			—
Year Ended February 29, 2012		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.

108 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

		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		0.00	%(f)	$	452,806		0.40	%		0.01	%		1.07	%
	1.00		0.01			515,523		0.08			0.01			1.07
	1.00		0.01			397,469		0.12			0.01			1.07
	1.00		0.00	(f)		238,328		0.19			0.00	(f)		1.07
	1.00		0.00			243,374		0.29			0.00			1.07
	1.00		0.00	(f)		273,172		0.32			0.00	(f)		1.07

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) collectively, (the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 8 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

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

^ Direct Shares of the Prime Money Market Fund had no assets as of August 16, 2016.

^^ E*Trade Shares commenced operations on March 9, 2016 for the U.S. Government Money Market Fund.

^^^ Eagle Class Shares commenced operations on July 1, 2016 for the Municipal Money Market Fund.

The investment objective of Prime Money Market Fund is to provide the highest possible level of current income while still maintaining liquidity and preserving capital. During the period, the investment objective changed to seeking current income while seeking to maintain liquidity and a low volatility of principal.

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

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

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

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

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

The investment objective of 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.

Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Agency, Capital, Cash Management, Direct, Eagle Class, E*Trade, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

On June 19, 2015, all remaining Class B Shares converted to Morgan Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Morgan Shares after eight years and provided for a CDSC.

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. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards

Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles

110 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

(“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met.

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

JPMIM has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds.

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

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

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

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

• Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, 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 is a summary of the inputs used as of August 31, 2016, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Prime Money Market Fund
Total Investments in Securities (a)	$	—	$	73,817,308	$	—	$	73,817,308
Liquid Assets Money Market Fund
Total Investments in Securities (a)	$	—	$	4,117,440	$	—	$	4,117,440
U.S. Government Money Market Fund
Total Investments in Securities (a)	$	—	$	109,907,304	$	—	$	109,907,304
U.S. Treasury Plus Money Market Fund
Total Investments in Securities (a)	$	—	$	19,870,881	$	—	$	19,870,881
Federal Money Market Fund
Total Investments in Securities (a)	$	—	$	2,853,706	$	—	$	2,853,706
100% U.S. Treasury Securities Money Market Fund
Total Investments in Securities (a)	$	—	$	24,213,349	$	—	$	24,213,349
Tax Free Money Market Fund
Total Investments in Securities (a)	$	—	$	13,980,822	$	—	$	13,980,822
Municipal Money Market Fund
Total Investments in Securities (a)	$	—	$	3,630,269	$	—	$	3,630,269

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

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

There were no transfers among any levels during the six months ended August 31, 2016.

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

As of August 31, 2016, 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 J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”). Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan. The Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral.

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

D. 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.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended August 31, 2016 are as follows (amounts in thousands):

	Prime 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	$	3	$	7		n/a		$	3			n/a			n/a			n/a			n/a
Agency		82		2	$	89			8		$	3		$	18		$	4		$	1
Capital		693		24		306			n/a			n/a			108			n/a			n/a
Cash Management		6		n/a		n/a			n/a			n/a			n/a			n/a			n/a
Direct		11		n/a		8			9			n/a			n/a			—	(a)		n/a
Eagle Class		4		n/a		—	(a)		—	(a)		n/a			n/a			13			—
E*Trade		n/a		33		—	(a)		n/a			n/a			n/a			n/a			20
IM		25		n/a		8			37			n/a			n/a			n/a			n/a
Institutional Class		262		54		100			88			47			96			107			3
Investor		12		2		29			2			n/a			n/a			n/a			n/a
Morgan		165		66		37			18			12			39			5			7
Premier		41		2		69			5			6			18			30			1
Reserve		11		3		1			7			—	(a)		3			44			—	(a)
Service		18		1		6			—	(a)		n/a			—	(a)		n/a			5
Total	$	1,333	$	194	$	653		$	177		$	68		$	282		$	203		$	37

(a) Amount rounds to less than 500.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be

112 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

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.

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 each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and generally paid monthly at an annual rate of 0.08% of each Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.10% of the first $100 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement and 0.05% of the average daily net assets in excess of $100 billion of all such funds. For the six months ended August 31, 2016, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class C, Cash Management, Eagle Class, E*Trade, Morgan, Reserve, and Service Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Agency, Capital, Direct, IM, Institutional Class, Investor and Premier Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

	Class C			Cash Management			Eagle Class			E*Trade			Morgan			Reserve			Service
Prime Money Market Fund		0.75	%		0.50	%		0.25	%		n/a			n/a			0.25	%		0.60	%
Liquid Assets Money Market Fund		0.75			n/a			n/a			0.60	%		0.10	%		0.25			0.60
U.S. Government Money Market Fund		n/a			n/a			0.25			0.60			0.10			0.25			0.60
U.S. Treasury Plus Money Market Fund		0.75			n/a			0.25			n/a			0.10			0.25			0.60
Federal Money Market Fund		n/a			n/a			n/a			n/a			0.10			0.25			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			n/a			n/a			0.10			0.25			0.60
Tax Free Money Market Fund		n/a			n/a			0.25			n/a			0.10			0.25			n/a
Municipal Money Market Fund		n/a			n/a			0.25			0.60			0.10			0.25			0.60

The Distributor waived Distribution fees as outlined in Note 3.F.

In addition, the Distributor is entitled to receive the CDSC from redemptions of Class C Shares. For the six months ended August 31, 2016, the Distributor retained the following amounts (in thousands):

	CDSC
Prime Money Market Fund	$	1
Liquid Assets Money Market Fund		—	(a)

(a) Amount rounds to less than 500.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class C			Agency			Capital			Cash Management			Direct			Eagle Class
Prime Money Market Fund		0.25	%		0.15	%		0.05	%		0.30	%		0.15	%		0.30	%
Liquid Assets Money Market Fund		0.25			0.15			0.05			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			0.15			0.05			n/a			0.15			0.30

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Class C

Agency

Capital

Cash Management

Direct

Eagle Class

U.S. Treasury Plus Money Market Fund

0.25

%

0.15

%

n/a

n/a

0.15

%

0.30

%

Federal Money Market Fund

n/a

0.15

n/a

n/a

n/a

n/a

100% U.S. Treasury Securities Money Market Fund

n/a

0.15

0.05

%

n/a

n/a

n/a

Tax Free Money Market Fund

n/a

0.15

n/a

n/a

0.15

0.30

Municipal Money Market Fund

n/a

0.15

n/a

n/a

n/a

0.30

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

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

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

The Distributor waived shareholder servicing fees as outlined in Note 3.F.

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

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

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

	Class C			Agency			Capital			Cash Management			Direct			Eagle Class
Prime Money Market Fund		0.97	%		0.26	%		0.18	%		0.96	%		0.30	%		0.70	%
Liquid Assets Money Market Fund		0.97			0.26			0.18			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			0.26			0.18			n/a			0.30			0.70
U.S. Treasury Plus Money Market Fund		0.97			0.26			n/a			n/a			0.30			0.70
Federal Money Market Fund		n/a			0.26			n/a			n/a			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			0.26			0.18			n/a			n/a			n/a
Tax Free Money Market Fund		n/a			0.26			n/a			n/a			0.30			0.70
Municipal Money Market Fund		n/a			0.26			n/a			n/a			n/a			0.70

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

The expense limitation agreements were in effect for the six months ended August 31, 2016, and are in place until at least June 30, 2017.

114 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2016. 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, 2016, 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		Administration		Shareholder Servicing		Distribution			Total		Contractual Reimbursements
Prime Money Market Fund	$	31	$	—	$	16,606	$	—		$	16,637	$	—
Liquid Assets Money Market Fund		660		434		2,322		—			3,416		—	(a)
U.S. Government Money Market Fund		5,316		3,535		11,890		—	(a)		20,741		103
U.S. Treasury Plus Money Market Fund		5		—		2,735		—	(a)		2,740		—	(a)
Federal Money Market Fund		529		353		610		—			1,492		—
100% U.S. Treasury Securities Money Market Fund		622		412		2,900		—			3,934		—	(a)
Tax Free Money Market Fund		464		307		1,975		—			2,746		—	(a)
Municipal Money Market Fund		207		138		581		—			926		—

	Voluntary Waivers
	Investment Advisory			Administration			Shareholder Servicing		Distribution		Total
Prime Money Market Fund	$	356		$	237		$	1,517	$	5,480	$	7,590
Liquid Assets Money Market Fund		—	(a)		—	(a)		31		2,587		2,618
U.S. Government Money Market Fund		—			—	(a)		3,002		2,660		5,662
U.S. Treasury Plus Money Market Fund		—	(a)		1			640		1,516		2,157
Federal Money Market Fund		—			—			102		69		171
100% U.S. Treasury Securities Money Market Fund		—			—			1,621		855		2,476
Tax Free Money Market Fund		494			329			4,251		6,606		11,680
Municipal Money Market Fund		55			37			652		7,189		7,933

(a) Amount rounds to less than 500.

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

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

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

The Funds may use related party broker-dealers. For the six months ended August 31, 2016, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Board. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2016, the Funds below engaged in such transactions in the following amounts (amounts in thousands):

	Purchases		Sales		Realized Gain (Loss)
Tax Free Money Market Fund	$	121,503	$	135,223	$	—
Municipal Money Market Fund		111,500		84,349		—

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

4. Class Specific Expenses

The Funds’ class specific gross expenses for the six months ended August 31, 2016 were as follows (amounts in thousands):

	Distribution			Shareholder Servicing
Prime Money Market Fund
Class C	$	131		$	44
Agency		—			5,460
Capital		—			15,485
Cash Management		747			448
Direct		—			840
Eagle Class		466			560
Institutional Class		—			10,269
Investor		—			2,576
Morgan		—			2,869
Premier		—			3,388
Reserve		1,096			1,315
Service		5,163			2,581
	$	7,603		$	45,835
Liquid Assets Money Market Fund
Class C	$	1,740		$	580
Agency		—			68
Capital		—			408
E*Trade		1,371			686
Institutional Class		—			2,618
Investor		—			181
Morgan		811			2,838
Premier		—			246
Reserve		169			202
Service		169			85
	$	4,260		$	7,912
U.S. Government Money Market Fund
Agency	$	—		$	6,973
Capital		—			9,134
Direct		—			410
Eagle Class		498			598
E*Trade		—	(a)		—	(a)
Institutional Class		—			5,109
Investor		—			5,214
Morgan		1,002			3,507
Premier		—			10,810
Reserve		39			46
Service		1,175			588
	$	2,714		$	42,389
U.S. Treasury Plus Money Market Fund
Class C	$	552		$	184
Agency		—			941
Direct		—			396
Eagle Class		—	(a)		—	(a)
Institutional Class		—			4,534
Investor		—			147
Morgan		334			1,171
Premier		—			302
Reserve		757			908
Service		—	(a)		—	(a)
	$	1,643		$	8,583

116 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Distribution			Shareholder Servicing
Federal Money Market Fund
Agency	$	—		$	172
Institutional Class		—			1,405
Morgan		65			228
Premier		—			216
Reserve		4			5
	$	69		$	2,026
100% U.S. Treasury Securities Money Market Fund
Agency	$	—		$	1,089
Capital		—			2,505
Institutional		—			3,978
Morgan		766			2,682
Premier		—			1,751
Reserve		89			106
Service		—	(a)		—	(a)
	$	855		$	12,111
Tax Free Money Market Fund
Agency	$	—		$	252
Direct		—			—	(a)
Eagle Class		1,494			1,794
Institutional Class		—			4,715
Morgan		50			174
Premier		—			3,903
Reserve		5,172			6,206
	$	6,716		$	17,044
Municipal Money Market Fund
Agency	$	—		$	57
Eagle Class		29			35
E*Trade		6,051			3,025
Institutional Class		—			79
Morgan		189			661
Premier		—			41
Reserve		11			13
Service		1,335			668
	$	7,615		$	4,579

(a) Amount rounds to less than 500.

5. Federal Income Tax Matters

At February 29, 2016, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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 7, 2016.

As of August 31, 2016, 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, 2016, were as follows (amounts in thousands):

	Average Loans		Number of Days Outstanding		Interest Earned
Liquid Assets Money Market Fund	$	16,458		34	$	7

Interest earned as a result of lending money to another fund as of August 31, 2016, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended August 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of August 31, 2016, an affiliate of the Adviser had investment discretion with respect to its clients’ holdings in the Funds, which collectively represents the following percentage of each Fund’s net assets:

	Number of Affiliates Omnibus Accounts		% of the Fund			Number of Non—Affiliates Omnibus Accounts		% of the Fund
Liquid Assets Money Market Fund		1		54.6	%		1		12.0	%
U.S. Treasury Plus Money Market Fund		1		15.8			—		—
Federal Money Market Fund		1		55.1			1		19.0
100% U.S. Treasury Securities Money Market Fund		1		21.2			—		—
Tax Free Money Market Fund		—		—			2		87.6
Municipal Money Market Fund		1		12.0			3		83.8

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

The Municipal Money Market Fund and Tax Free Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. These securities generally have features that preserve their eligibility for investment under Rule 2a-7 under the 1940 Act without relying on the ratings or solvency of such bond insurers. The value of these investments may be impacted by changes to bond insurers’ ratings and the Municipal Money Market Fund’s and Tax Free Money Market Fund’s ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

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

8. Money Market Reform

On July 23, 2014, the SEC amended certain regulations under the 1940 Act that govern money market funds, requiring such funds be treated as Institutional, Retail or Government, in accordance with the criteria established by the SEC. Under these amendments, Retail and Government money market funds will be permitted to continue to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. Institutional money market funds will be required to move to a floating NAV. Further, non-Government money market funds must adopt policies and procedures to allow for the Board to impose certain liquidity fees and redemption gates. Money market funds that are required to comply with the floating NAV and liquidity fees and redemption gate requirements must do so by no later than October 14, 2016. At a February 2016 meeting, the Funds’ Board of Trustees approved management’s recommendation that the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund and JPMorgan Municipal Money Market Fund should seek to qualify as Retail money market funds, that the JPMorgan Prime Money Market Fund will not seek to qualify as a Retail or a Government money market fund and will be required to comply with the floating NAV on or before October 14, 2016 and liquidity fees and redemption gate requirements on October 14, 2016, and that the JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan U.S. Government Money Market Fund and JPMorgan U.S. Treasury Plus Money Market Fund should seek to qualify as Government money market funds on or before October 14, 2016.

Effective October 1, 2016, the JPMorgan Prime Money Market Fund floated its NAV as described above.

118 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

Effective October 14, 2016, each of the JPMorgan Prime Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund and JPMorgan Municipal Money Market Fund reserve the ability to impose a liquidity fee and/or redemption gate in the event that its weekly liquid assets fall below a designated threshold.

During the period September 1, 2016 through October 27, 2016, JPMorgan Prime Money Market Fund had net redemptions of $49,657,028,178. This amount represented 67.7% of the Fund’s net assets as of August 31, 2016.

During the period September 1, 2016 through October 27, 2016, JPMorgan Liquid Assets Money Market Fund had net redemptions of $3,572,933,258. This amount represented 85.8% of the Fund’s net assets as of August 31, 2016.

During the period September 1, 2016 through October 27, 2016, JPMorgan Municipal Money Market Fund had net redemptions of $2,003,411,859. This amount represented 55.1% of the Fund’s net assets as of August 31, 2016.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 119

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, 2016, and continued to hold your shares at the end of the reporting period, August 31, 2016.

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, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Prime Money Market Fund
Class C
Actual*	$	1,000.00	$	1,000.10	$	2.87		0.57	%
Hypothetical*		1,000.00		1,022.33		2.91		0.57
Agency
Actual*		1,000.00		1,001.60		1.31		0.26
Hypothetical*		1,000.00		1,023.89		1.33		0.26
Capital
Actual*		1,000.00		1,002.10		0.86		0.17
Hypothetical*		1,000.00		1,024.35		0.87		0.17
Cash Management
Actual*		1,000.00		1,000.10		2.92		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Direct
Actual*		1,000.00		1,000.00		1.51		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Eagle Class
Actual*		1,000.00		1,000.10		2.87		0.57
Hypothetical*		1,000.00		1,022.33		2.91		0.57
IM
Actual*		1,000.00		1,002.10		0.81		0.16
Hypothetical*		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual*		1,000.00		1,001.90		1.01		0.20
Hypothetical*		1,000.00		1,024.20		1.02		0.20
Investor
Actual*		1,000.00		1,000.40		2.57		0.51
Hypothetical*		1,000.00		1,022.63		2.60		0.51

120 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Beginning Account Value  March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period			Annualized Expense Ratio
Prime Money Market Fund (continued)
Morgan
Actual*	$	1,000.00	$	1,000.30		2.62	%		0.52	%
Hypothetical*		1,000.00		1,022.58		2.65			0.52
Premier
Actual*		1,000.00		1,000.70		2.27			0.45
Hypothetical*		1,000.00		1,022.94		2.29			0.45
Reserve
Actual*		1,000.00		1,000.10		2.92			0.58
Hypothetical*		1,000.00		1,022.28		2.96			0.58
Service
Actual*		1,000.00		1,000.10		2.92			0.58
Hypothetical*		1,000.00		1,022.28		2.96			0.58
Liquid Assets Money Market Fund
Class C
Actual*		1,000.00		1,000.10		2.77			0.55
Hypothetical*		1,000.00		1,022.43		2.80			0.55
Agency
Actual*		1,000.00		1,001.50		1.31			0.26
Hypothetical*		1,000.00		1,023.89		1.33			0.26
Capital
Actual*		1,000.00		1,001.90		0.91			0.18
Hypothetical*		1,000.00		1,024.30		0.92			0.18
E*Trade
Actual*		1,000.00		1,000.10		2.72			0.54
Hypothetical*		1,000.00		1,022.48		2.75			0.54
Institutional Class
Actual*		1,000.00		1,001.70		1.06			0.21
Hypothetical*		1,000.00		1,024.15		1.07			0.21
Investor
Actual*		1,000.00		1,000.30		2.57			0.51
Hypothetical*		1,000.00		1,022.63		2.60			0.51
Morgan
Actual*		1,000.00		1,000.10		2.72			0.54
Hypothetical*		1,000.00		1,022.48		2.75			0.54
Premier
Actual*		1,000.00		1,000.50		2.27			0.45
Hypothetical*		1,000.00		1,022.94		2.29			0.45
Reserve
Actual*		1,000.00		1,000.10		2.77			0.55
Hypothetical*		1,000.00		1,022.43		2.80			0.55
Service
Actual*		1,000.00		1,000.00		2.77			0.55
Hypothetical*		1,000.00		1,022.43		2.80			0.55
U.S. Government Money Market Fund
Agency
Actual*		1,000.00		1,000.90		1.26			0.25
Hypothetical*		1,000.00		1,023.95		1.28			0.25
Capital
Actual*		1,000.00		1,001.40		0.71			0.14
Hypothetical*		1,000.00		1,024.50		0.71			0.14
Direct
Actual*		1,000.00		1,000.70		1.46			0.29
Hypothetical*		1,000.00		1,023.74		1.48			0.29

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 121

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value  March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
U.S. Government Money Market Fund (continued)
Eagle Class
Actual*	$	1,000.00	$	1,000.10	$	2.07		0.41	%
Hypothetical*		1,000.00		1,023.14		2.09		0.41
E*Trade
Actual**		1,000.00		1,000.10		1.98		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
IM
Actual*		1,000.00		1,001.40		0.71		0.14
Hypothetical*		1,000.00		1,024.50		0.71		0.14
Institutional Class
Actual*		1,000.00		1,001.20		0.86		0.17
Hypothetical*		1,000.00		1,024.35		0.87		0.17
Investor
Actual*		1,000.00		1,000.10		2.07		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
Morgan
Actual*		1,000.00		1,000.10		2.07		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
Premier
Actual*		1,000.00		1,000.10		2.02		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40
Reserve
Actual*		1,000.00		1,000.10		2.07		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
Service
Actual*		1,000.00		1,000.10		2.07		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
U.S. Treasury Plus Money Market Fund
Class C
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Agency
Actual*		1,000.00		1,000.70		1.31		0.26
Hypothetical*		1,000.00		1,023.89		1.33		0.26
Direct
Actual*		1,000.00		1,000.50		1.51		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Eagle Class
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
IM
Actual*		1,000.00		1,001.20		0.81		0.16
Hypothetical*		1,000.00		1,024.40		0.82		0.16
Institutional Class
Actual*		1,000.00		1,000.90		1.06		0.21
Hypothetical*		1,000.00		1,024.15		1.07		0.21
Investor
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Morgan
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Premier
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39

122 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

	Beginning Account Value  March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
U.S. Treasury Plus Money Market Fund (continued)
Reserve
Actual*	$	1,000.00	$	1,000.00	$	1.97		0.39	%
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Service
Actual*		1,000.00		1,000.00		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Federal Money Market Fund
Agency
Actual*		1,000.00		1,000.70		1.31		0.26
Hypothetical*		1,000.00		1,023.89		1.33		0.26
Institutional Class
Actual*		1,000.00		1,001.00		1.06		0.21
Hypothetical*		1,000.00		1,024.15		1.07		0.21
Morgan
Actual*		1,000.00		1,000.10		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Premier
Actual*		1,000.00		1,000.10		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Reserve
Actual*		1,000.00		1,000.10		1.97		0.39
Hypothetical*		1,000.00		1,023.24		1.99		0.39
100% U.S. Treasury Securities Money Market Fund
Agency
Actual*		1,000.00		1,000.50		1.31		0.26
Hypothetical*		1,000.00		1,023.89		1.33		0.26
Capital
Actual*		1,000.00		1,000.90		0.91		0.18
Hypothetical*		1,000.00		1,024.30		0.92		0.18
Institutional Class
Actual*		1,000.00		1,000.70		1.06		0.21
Hypothetical*		1,000.00		1,024.15		1.07		0.21
Morgan
Actual*		1,000.00		1,000.00		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Premier
Actual*		1,000.00		1,000.00		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Reserve
Actual*		1,000.00		1,000.00		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Service
Actual*		1,000.00		1,000.00		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Tax Free Money Market Fund
Agency
Actual*		1,000.00		1,000.60		1.21		0.24
Hypothetical*		1,000.00		1,024.00		1.22		0.24
Direct
Actual*		1,000.00		1,000.50		1.36		0.27
Hypothetical*		1,000.00		1,023.84		1.38		0.27
Eagle Class
Actual*		1,000.00		1,000.10		1.71		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 123

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value  March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Tax Free Money Market Fund (continued)
Institutional Class
Actual*	$	1,000.00	$	1,000.90	$	0.96		0.19	%
Hypothetical*		1,000.00		1,024.25		0.97		0.19
Morgan
Actual*		1,000.00		1,000.10		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Premier
Actual*		1,000.00		1,000.10		1.71		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
Reserve
Actual*		1,000.00		1,000.10		1.76		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Municipal Money Market Fund
Agency
Actual*		1,000.00		1,000.80		1.11		0.22
Hypothetical*		1,000.00		1,024.10		1.12		0.22
Eagle
Actual***		1,000.00		1,000.00		0.97		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
E*Trade
Actual*		1,000.00		1,000.10		2.02		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40
Institutional Class
Actual*		1,000.00		1,001.10		1.01		0.20
Hypothetical*		1,000.00		1,024.20		1.02		0.20
Morgan
Actual*		1,000.00		1,000.00		2.02		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40
Premier
Actual*		1,000.00		1,000.10		1.92		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Reserve
Actual*		1,000.00		1,000.00		1.92		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Service
Actual*		1,000.00		1,000.00		2.02		0.40
Hypothetical*		1,000.00		1,023.19		2.04		0.40

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 175/365 (to reflect the one-half year period). Commencement of operations was March 9, 2016.

*** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 61/365 (to reflect the one-half year period). Commencement of operations was July 1, 2016.

124 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

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 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to certain J.P. Morgan Funds, 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 proposed Advisory Agreements, the Trustees reviewed the proposed 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 proposed Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 125

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

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

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

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

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

Fall-Out Benefits

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

The Trustees also considered that JPMDS, an affiliate of the Adviser, and JPMIM earn fees from the Funds for providing shareholder and 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.

Economies of Scale

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

Independent Written Evaluation of the Funds’ Senior Officer/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

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

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional

126 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper��s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The 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, and in the second quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that performance for the Service shares was in the third, first and second quintiles based upon the Peer Group, and in the fourth, third, and third quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser. Based upon

this discussion and various other factors, the Trustees concluded that the Fund’s 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 the Peer Group and in the first, second and first quintile, based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based on the Peer Group, and in the second Quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Service shares was in the second quintiles based upon the Peer Group, and in the fourth, third, and third quintiles, based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser. Based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the U.S. Government Money Market Fund’s performance for the Institutional shares was in the second quintile based upon both the Peer Group and the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Morgan shares was in first quintile based upon both the Peer Group and the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Service shares was in the second, first and first quintiles, based upon the Peer Group, and in the second quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively The Trustees discussed the performance and investment strategy of the Fund with the Adviser. Based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the fifth quintile, based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in third, third, and fourth quintiles, based upon the Peer Group, and in the third quintiles based upon the Universe, for one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Service shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, 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 reasonable.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 127

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

The Trustees noted that the Federal Money Market Fund’s performance for the Institutional shares was in the fourth, third and third quintiles based upon the Peer Group and in the second quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser. Based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares was in the fifth quintile based upon the Peer Group, and in the third quintiles based upon the Universe, for the one-, three- and five-year period ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in the second, first and second quintiles based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three- and five-year period ended December 31, 2015, respectively. The Trustees noted that the performance for the Service shares was in the fifth quintile based upon the Peer Group, and in the third quintile for the one-, three- and five-year period ended December 31, 2015, 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 reasonable.

The Trustees noted that the Tax Free Money Market Fund’s performance for the Institutional shares was in the first, first and second quintiles based upon the Peer Group, and in the first, second, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for the Morgan shares was in the first, first, and third quintiles based upon the Peer Group, and in the first, second, and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, 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 reasonable.

The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the third, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015. The Trustees noted that the performance for the Morgan shares was in the third quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2015. The Trustees noted that the performance for the Service shares was in the third quintile, based upon the Universe, for the one-,

three-, and five-year periods ended December 31, 2015. 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 reasonable.

Advisory Fees and Expense Ratios

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

The Trustees noted that the Prime Money Market Fund’s net advisory fee for the Institutional shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, and that actual total expenses were in the first quintile based upon the Peer Group, and in the third quintile, based upon the Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the fifth quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, and the actual total expenses were in the fifth quintile based upon both the Peer Group and the Universe. The Trustees noted that the net advisory fee for the Service shares was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Liquid Assets Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile based upon the Peer Group and in the third quintile based upon the Universe, and that the actual total expenses were in the second quintile based upon the Peer Group and in the fourth quintile based upon the Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the fifth quintile based upon the Peer Group, and in the fourth quintile, based upon the Universe, and that actual total

128 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

expenses were in the fifth quintile based upon both the Peer Group and Universe. The Trustees noted that the for the Service shares, the net advisory fee was in the second quintile based upon the Peer Group, and in the third quintile based upon the Universe, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the U.S. Government Money Market Fund’s net advisory fee and actual total expenses for both Institutional and Service shares were in the fifth quintile based upon both the Peer Group and the Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the fifth quintile based upon the Peer Group and in the fourth quintile based upon the Universe, and that the actual total expenses were in the fifth quintile based upon the Peer Group and in the fourth quintile based upon the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the U.S. Treasury Plus Money Market Fund’s net advisory fee and actual total expenses for each of the Institutional, Morgan and Service shares were in the fifth quintile, based upon both the Peer Group and the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Federal Money Market Fund’s net advisory fee for the Institutional shares was in the third quintile, based upon both the Peer Group and the Universe, and that the actual total expenses were in the third quintile based upon the Peer Group and in the second quintile based upon the Universe. The Trustees noted that for the Morgan shares, the net advisory fee was in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe, and that the actual total expenses were in the fifth quintile based upon the Peer Group, and in the fourth quintile based upon the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s net advisory fee for Institutional shares was in the second quintile based upon the Peer Group, and in the third quintile based upon the Universe, and the actual total expenses were in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the fourth quintile based upon the Peer Group, and in the second quintile based upon the Universe, and that the actual total expenses were in the first quintile based upon both the Peer Group and the Universe. The Trustees noted that the net advisory fee for the Service shares was in the fifth quintile based upon the Peer Group, and in the third quintile based upon the Universe, and that the actual total expenses were in the fifth quintile based upon both the Peer Group and the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Tax Free Money Market Fund’s net advisory fee for Institutional shares was in the second quintile, based upon both the Peer Group and the Universe, and that the actual total expenses were in the first quintile, based upon both the Peer Group and the Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the fourth quintile based upon the Peer Group, and in the second quintile, based upon the Universe, and that the actual total expenses were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Municipal Money Market Fund’s net advisory fee for the Institutional shares was in the fifth quintile based upon the Universe and that the actual total expenses were in the fourth quintile, based upon the Universe. The Trustees noted the net advisory fee for the Morgan shares was in the fifth quintile based upon both the Peer Group and the Universe, and that the actual total expenses were in the fourth quintile based upon the Peer Group, and in the third quintile based upon the Universe. The Trustees noted that the net advisory fee for the Service shares was in the fifth quintile based upon the Universe, and that the actual total expenses were in the fourth quintile based upon the Universe. After considering the factors identified above and the additional voluntary fee waivers as a result of the ongoing low interest rate environment, the Trustees concluded that the advisory fee was reasonable.

AUGUST 31, 2016 J.P. MORGAN MONEY MARKET FUNDS 129

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 29, 2016. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2016. The information necessary to complete your income tax returns for the calendar year ending December 31, 2016 will be provided under separate cover.

Long Term Capital Gain

Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 29, 2016 (amounts in thousands):

	Long-Term Capital Gain Distribution
Tax Free Money Market Fund	$	1,518

130 J.P. MORGAN MONEY MARKET FUNDS AUGUST 31, 2016

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

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

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. August 2016. SAN-MMKT-816

Semi-Annual Report

J.P. Morgan Income Funds

August 31, 2016 (Unaudited)

JPMorgan Core Bond Fund

JPMorgan Core Plus Bond Fund

JPMorgan Government Bond Fund

JPMorgan High Yield Fund

JPMorgan Inflation Managed Bond Fund

JPMorgan Limited Duration Bond Fund

JPMorgan Mortgage-Backed Securities Fund

JPMorgan Short Duration Bond Fund

JPMorgan Short Duration High Yield Fund

JPMorgan Treasury & Agency Fund

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Core Bond Fund	3
JPMorgan Core Plus Bond Fund	5
JPMorgan Government Bond Fund	7
JPMorgan High Yield Fund	9
JPMorgan Inflation Managed Bond Fund	11
JPMorgan Limited Duration Bond Fund	13
JPMorgan Mortgage-Backed Securities Fund	15
JPMorgan Short Duration Bond Fund	17
JPMorgan Short Duration High Yield Fund	19
JPMorgan Treasury & Agency Fund	21
Schedules of Portfolio Investments	23
Financial Statements	276
Financial Highlights	300
Notes to Financial Statements	320
Schedule of Shareholder Expenses	352
Board Approval of Investment Advisory Agreements	356

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

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

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

CEO’S LETTER

September 22, 2016 (Unaudited)

Dear Shareholder,

The U.S. continued to lead a slow global economic expansion through August 2016, further raising pressure on the U.S. Federal Reserve (the “Fed”) to begin raising interest rates even as leading central banks elsewhere extended their extraordinary stimulus efforts.

  “It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months.”

Amid uncertainty about China’s economic outlook in early 2016, a sharp sell-off in financial markets following Britain’s June 23rd vote to exit the European Union and low U.S. inflation, the Fed declined to raise rates at its May and July meetings. However, financial markets rebounded quickly from the so-called Brexit sell-off and investor concerns about China’s economy receded. By August 2016, investors’ appetite for risk had returned, driving up prices for both stocks and bonds and pushing market volatility to record lows.

Meanwhile, U.S. gross domestic product remained low but positive through the first and second quarters of 2016. Unemployment remained at 5.0% or lower from February through August and sales of new homes in the U.S. returned to levels last seen before the 2008 financial crisis.

Overseas, the European Central Bank (ECB) surprised financial markets in early March with a further cut in interest rates and an expansion of its own quantitative easing program, along with other specific stimulus policies. In July, the ECB maintained its key interest rate at zero. Partly in response to the Brexit vote, Britain’s central bank cut interest rates in August to their lowest level in the bank’s 322-year history and reintroduced a quantitative easing program and began buying corporate bonds. After introducing negative interest rates in early 2016 to combat sputtering growth, the Bank of Japan changed direction in early September 2016 and unveiled a “yield curve control” to improve commercial bank earnings and investment returns for pension funds and insurers.

The ultimate effect of these central bank actions was to produce negative yields on government bonds in Europe and Japan, which led to a bond market rally in the U.S. as investors sought returns in U.S. Treasury bonds. Bond yields generally move in the opposite direction of bond prices and the bond market rally pushed Treasury bond yields to record lows in July.

In this environment, the financial market’s implied probability of an interest rate increase at the Fed’s September 2016 meeting rose to 36% at the end of August. However, the U.S. central bank declined to raise rates, citing below-target inflation data and concerns about continued job growth.

While Fed Chairwoman Janet Yellen indicated there is a greater likelihood of an interest rate increase in December 2016, both the International Monetary Fund and the World Bank have issued warnings about slowing economic growth in the U.S. and the rest of the world.

During the six months ended August 31, 2016, U.S. investors generally enjoyed solid returns in both bond and stock markets. It is especially notable that in the wake of a sell-off in June, financial markets fully recovered in the following two months. We believe this outcome clearly illustrates the wisdom of an investment perspective that is diversified, persistent and is guided by a long-term vision.

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

Sincerely yours,

George C.W. Gatch

CEO, Investment Funds Management,

J.P. Morgan Asset Management

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 1

J.P. Morgan Income Funds

MARKET OVERVIEW

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

Overall, U.S. financial markets provided positive returns for the six month reporting period and rebounded from a startling but short sell-off in late June that was sparked by the British vote to exit the European Union. Continued low interest rates in the U.S. and negative rates elsewhere, along with generally strong U.S. corporate earnings, supported increased investment in U.S. stocks and bonds during the six month period.

A global bond market rally and central bank policies drove government bond yields, which generally move inversely to bond prices, into negative territory in Japan and Europe. Overseas buying of U.S. debt helped push yields on 10-year Treasury bonds to a record low of 1.32% in July. The relative health of the U.S. economy and demand from investors seeking higher yields bolstered prices for corporate bonds, particularly high yield bonds (also known as “junk bonds”). The Barclays U.S. Aggregate Index returned 3.68% and the Barclays High Yield Corporate Index returned 15.56% for the six months ended August 31, 2016.

2 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Core Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*	3.27%
Barclays U.S. Aggregate Index	3.68%
Net Assets as of 8/31/2016 (In Thousands)	$29,525,120
Duration as of 8/31/2016	5.4 years

INVESTMENT OBJECTIVE**

The JPMorgan Core Bond Fund (the “Fund”) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares underperformed the Barclays U.S. Aggregate Index (the “Benchmark”). Relative to the Benchmark, the Fund’s underweight position in the corporate credit sector, particularly its underweight position in industrial bonds, was a leading detractor from performance. Overall, the mortgages sector underperformed the broader fixed-income market during the reporting period and the Fund’s overweight position in the mortgages sector detracted from relative performance.

The Fund’s security selection in asset-backed securities, and agency and non-agency collateralized mortgage obligations were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income

securities. At August 31, 2016, the Fund had underweight positions in U.S. Treasury bonds and corporate bonds and had an overweight position in mortgage-backed securities relative to the Benchmark.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	25.1	%
Corporate Bonds	22.7
Mortgage Pass-Through Securities	16.4
Collateralized Mortgage Obligations	15.1
Asset-Backed Securities	10.8
Commercial Mortgage-Backed Securities	2.9
U.S. Government Agency Securities	2.5
Foreign Government Securities	1.0
Others (each less than 1.0%)	0.6
Short-Term Investment	2.9

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 3

JPMorgan Core Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			(0.70	)%		1.32	%		2.25	%		4.55	%
Without Sales Charge			3.19			5.23			3.03			4.95
CLASS C SHARES	March 22, 1999
With CDSC***			1.90			3.49			2.36			4.27
Without CDSC			2.90			4.49			2.36			4.27
CLASS R2 SHARES	November 3, 2008		3.15			4.98			2.78			4.69
CLASS R5 SHARES	May 15, 2006		3.44			5.57			3.35			5.27
CLASS R6 SHARES	February 22, 2005		3.48			5.66			3.43			5.34
SELECT CLASS SHARES	June 1, 1991		3.27			5.34			3.21			5.12

* 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 (8/31/06 TO 8/31/16)

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

Returns shown for Class R2 Shares prior to its inception are based on the performance of Select Class Shares, the original class offered. With respect to Class R2 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Core Bond Fund, the Barclays U.S. Aggregate Index and the Lipper Core Bond Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Core Bond Funds Index includes expenses associated

with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Core Bond Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

4 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		4.88%
Barclays U.S. Aggregate Index		3.68%
Net Assets as of 8/31/2016 (In Thousands)	$	6,843,602
Duration as of 8/31/2016		5.7 years

INVESTMENT OBJECTIVE**

The JPMorgan Core Plus Bond Fund (the “Fund”) seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays U.S. Aggregate Index (the “Benchmark”). Relative to the Benchmark, the Fund’s allocation to high yield bonds (also known as “junk bonds”), which outperformed investment grade debt securities during the six month reporting period, was a leading contributor to relative performance. The Fund’s overweight positions in corporate credit and commercial mortgage-backed securities, and its security selection in asset-backed securities, also contributed to relative performance.

The Fund’s overweight position in the broader mortgages sector was a leading detractor from performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct,

in their view, a portfolio of undervalued fixed income securities. The managers employ a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

PORTFOLIO COMPOSITION***
Corporate Bonds	25.2	%
U.S. Treasury Obligations	24.9
Mortgage Pass-Through Securities	16.4
Asset-Backed Securities	11.3
Collateralized Mortgage Obligations	8.7
Commercial Mortgage-Backed Securities	5.5
Foreign Government Securities	1.0
Others (each less than 1.0%)	1.9
Short-Term Investment	5.1

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 5

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge**			0.79	%		1.88	%		3.46	%		5.04	%
Without Sales Charge			4.75			5.86			4.25			5.44
CLASS C SHARES	May 30, 2000
With CDSC***			3.36			4.10			3.57			4.78
Without CDSC			4.36			5.10			3.57			4.78
CLASS R2 SHARES	November 3, 2008		4.52			5.26			3.81			5.05
CLASS R6 SHARES	February 22, 2005		4.90			6.19			4.60			5.84
INSTITUTIONAL CLASS SHARES	June 19, 2009		4.73			5.99			4.52			5.70
SELECT CLASS SHARES	March 5, 1993		4.88			5.92			4.35			5.59

* 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 (8/31/06 TO 8/31/16)

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. Effective September 15, 2007, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed using the current strategies.

Returns shown for Class R2 and Institutional Class Shares prior to their inception are based on the performance of Select Class Shares, the original class offered. With respect to Class R2 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes. Institutional Class and Select Class Shares would have substantially similar performance because the shares are invested in the same portfolio of securities, and the performance would differ only to the extent that the classes have different expenses.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Core Plus Bond Fund, the Barclays U.S. Aggregate Index and the Lipper Core Plus Bond Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Core Plus Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Core Plus Bond Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

6 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Government Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.93%
Barclays U.S. Government Bond Index		2.07%
Net Assets as of 8/31/2016 (In Thousands)	$	1,387,772
Duration as of 8/31/2016		5.3 years

INVESTMENT OBJECTIVE**

The JPMorgan Government Bond Fund (the “Fund”) seeks a high level of current income with liquidity and safety of principal.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares underperformed the Barclays U.S. Government Bond Index (the “Benchmark”). Amid a decline in long-term interest rates, the Fund’s allocation to U.S. Treasury Inflation Protected Securities, which are not held in the Benchmark, was a leading detractor from performance relative to the Benchmark. The Fund’s overweight allocation to agency debt made a positive contribution to relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers aimed to keep the duration of the Fund in a range of 5.00 to 5.50 years. Duration measures the price sensitivity of a bond or a portfolio of bonds relative to changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively,

versus bonds with shorter duration. The Fund’s portfolio managers focused on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	37.3	%
U.S. Treasury Obligations	26.8
U.S. Government Agency Securities	19.3
Mortgage Pass-Through Securities	8.9
Commercial Mortgage-Backed Securities	1.8
Foreign Government Security	0.5
Short-Term Investment	5.4

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 7

JPMorgan Government Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge**			(2.00	)%		0.18	%		1.52	%		4.21	%
Without Sales Charge			1.79			4.04			2.31			4.61
CLASS C SHARES	March 22, 1999
With CDSC***			0.42			2.37			1.57			3.86
Without CDSC			1.42			3.37			1.57			3.86
CLASS R2 SHARES	November 3, 2008		1.66			3.78			2.04			4.35
CLASS R6 SHARES	August 1, 2016		1.84			4.34			2.56			4.89
SELECT CLASS SHARES	February 8, 1993		1.93			4.43			2.58			4.90

* 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 (8/31/06 TO 8/31/16)

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

Returns shown for Class R2 and Class R6 Shares prior to their inception are based on the performance of Select Class Shares, the original class offered. Prior performance of Class R2 and Class R6 Shares have been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Government Bond Fund, the Barclays U.S. Government Bond Index and the Lipper General U.S. Government Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays U.S. Government Bond Index does not include 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 U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. Government Bond Index is an unmanaged index composed of securities issued by the U.S. Government. The Lipper General U.S. Government 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.

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

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

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

8 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		13.21%
Barclays U.S. Corporate High Yield — 2% Issuer Capped Index		15.56%
Net Assets as of 8/31/2016 (In Thousands)	$	12,097,748
Duration as of 8/31/2016		5.7 years

INVESTMENT OBJECTIVE**

The JPMorgan High Yield Fund (the “Fund”) seeks a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares underperformed the Barclays U.S. Corporate High Yield – 2% Issuer Capped Index (the “Benchmark”). During the reporting period, high yield bonds (also known as “junk bonds”) generally outperformed other sectors of the bond market amid investor demand for higher bond yields.

Relative to the Benchmark, the Fund’s security selection in the energy and basic materials sectors was a leading detractor from performance. The Fund’s underweight position in bonds rated BB through C detracted from relative performance as securities of lower credit quality outperformed the market during the six month period.

Relative to the Benchmark, the Fund’s security selection in the utilities sector and its underweight position in the consumer cyclicals sector made a positive contribution to performance. The Fund’s overweight positions in bonds rated BBB and unrated bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers sought to take specific, targeted credit risk based on the portfolio managers’ analysis of favorable risk/reward opportunities, while continuing to build a core of improving below investment grade investments. The portfolio managers moved the portfolio into higher quality debt securities amid persistent market volatility. In the energy sector, the managers continued to seek value in higher quality debt securities of companies with strong balance sheets.

PORTFOLIO COMPOSITION***
Corporate Bonds	86.8	%
Loan Assignments	6.5
Others (each less than 1.0%)	1.5
Short-Term Investments	5.2

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 9

JPMorgan High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 13, 1998
With Sales Charge**			8.75	%		2.43	%		5.59	%		6.35	%
Without Sales Charge			13.01			6.37			6.40			6.76
CLASS C SHARES	March 22, 1999
With CDSC***			11.66			4.75			5.78			6.10
Without CDSC			12.66			5.75			5.78			6.10
CLASS R2 SHARES	November 3, 2008		12.85			6.03			6.05			6.44
CLASS R5 SHARES	May 15, 2006		13.21			6.59			6.67			7.05
CLASS R6 SHARES	February 22, 2005		13.24			6.63			6.71			7.10
SELECT CLASS SHARES	November 13, 1998		13.21			6.57			6.62			7.00

* 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 (8/31/06 TO 8/31/16)

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. Effective September 14, 2009, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed using the current strategies.

Returns shown for Class R2 Shares prior to its inception are based on the performance of Select Class Shares, the original class offered. With respect to Class R2 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan High Yield Fund, the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index and the Lipper High Yield Bond Index from August 31, 2006 to August 31, 2016. 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 Barclays U.S. Corporate High Yield — 2% Issuer Capped 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 High Yield Bond Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. Corporate High Yield — 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. The Lipper High Yield Bond Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

10 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.88%
Barclays 1-10 Year U.S. TIPS Index		2.58%
Barclays U.S. Intermediate Aggregate Index		2.17%
Inflation Managed Bond Composite Benchmark (1)		2.81%
Net Assets as of 8/31/2016 (In Thousands)	$	1,418,331
Duration as of 8/31/2016		3.1 years

INVESTMENT OBJECTIVE**

The JPMorgan Inflation Managed Bond Fund (the “Fund”) seeks to maximize inflation protected total return.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”), the Barclays U.S. Intermediate Aggregate Index and the Inflation Managed Bond Composite Benchmark.

The Fund’s inflation hedge contributed to both absolute performance and performance relative to the Index. The recovery in prices for commodities and other assets, and a subsequent rise in inflation expectations, drove inflation-linked fixed income securities to outperform other fixed-income sectors.

Relative to the Index, the Fund’s overall shorter duration detracted from performance amid a decline in interest rates during the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

HOW WAS THE FUND POSITIONED?

Among the Fund’s fixed income holdings, the Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

The Fund’s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds is used as the general basis for the Fund’s inflation swap positioning. 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 portfolio managers manage the duration of the inflation protection vs. the duration of the underlying bonds to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. The inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the yield curve positioning of the underlying bonds as a result of opportunities that result from macroeconomic or technical factors. During the reporting period, the managers reduced the Fund’s overall inflation exposure ahead of a typically poor seasonal environment for inflation-linked securities.

PORTFOLIO COMPOSITION***
Corporate Bonds	31.9	%
Collateralized Mortgage Obligations	16.9
U.S. Government Agency Securities	15.3
U.S. Treasury Obligations	12.1
Mortgage Pass-Through Securities	8.8
Asset-Backed Securities	6.2
Commercial Mortgage-Backed Securities	3.0
Foreign Government Securities	0.4
Short-Term Investments	5.4

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

(1) The Fund’s composite benchmark is determined by adding the performance return of the Barclays Intermediate Government/Credit Index and 80% of the Barclays Inflation Swap 5 Year Zero Coupon Index.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 11

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 31, 2010
With Sales Charge**			(1.13	)%		(0.67	)%		0.35	%		1.64	%
Without Sales Charge			2.77			3.25			1.12			2.25
CLASS C SHARES	March 31, 2010
With CDSC***			1.47			1.54			0.46			1.58
Without CDSC			2.47			2.54			0.46			1.58
CLASS R2 SHARES	March 31, 2010		2.76			3.00			0.87			2.00
CLASS R5 SHARES	March 31, 2010		2.88			3.36			1.31			2.46
CLASS R6 SHARES	November 30, 2010		3.03			3.57			1.39			2.52
SELECT CLASS SHARES	March 31, 2010		2.88			3.34			1.27			2.39

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (3/31/10 TO 8/31/16)

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

The Fund commenced operations on March 31, 2010.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Inflation Managed Bond Fund, the Barclays 1–10 Year U.S. TIPS Index, the Barclays U.S. Intermediate Aggregate Index, the Inflation Managed Bond Composite Benchmark and the Lipper Inflation-Protected Bond Funds Index from March 31, 2010 to August 31, 2016. 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 Barclays 1–10 Year U.S. TIPS Index and the Barclays U.S. Intermediate 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 benchmarks, if applicable. The performance of the Lipper Inflation-Protected Bond

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 Barclays 1–10 Year U.S. TIPS Index represents the performance of intermediate (1–10 year) U.S. Treasury Inflation Protection Securities. The Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The Inflation Managed Bond Composite Benchmark is determined by adding the Barclays Intermediate Government/Credit Index and 80% of the Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Inflation-Protected Bond Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

12 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.08%
Barclays 1–3 Year U.S. Government/Credit Bond Index		0.94%
Net Assets as of 8/31/2016 (In Thousands)	$	1,262,518
Duration as of 8/31/2016		1.2 years

INVESTMENT OBJECTIVE**

The JPMorgan Limited Duration Bond Fund (the “Fund”) seeks a high level of current income consistent with low volatility of principal.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

The Fund’s overweight position in the 5-10 year maturity portion of the yield curve made positive contributions to relative performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s allocation to mortgage securities, which are not held in the Benchmark, also contributed to relative performance.

During the reporting period, corporate bonds performed strongly and the Fund’s underweight position in corporate bonds detracted from relative performance.

HOW WAS THE FUND POSITIONED?

During the six month period, the Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. During the reporting period, the Fund’s portfolio managers used a money market

fund to maintain a degree of liquidity for the Fund. During the reporting period, the Fund’s overall duration increased to 1.15 years at August 31, 2016, from 0.98 years at February 29, 2016. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

PORTFOLIO COMPOSITION***
Collateralized Mortgage Obligations	55.5	%
Asset-Backed Securities	19.8
Corporate Bonds	9.0
Mortgage Pass-Through Securities	4.0
Commercial Mortgage-Backed Securities	3.2
Municipal Bond	0.1
Short-Term Investment	8.4

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 13

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 10, 1993
With Sales Charge**			(1.32	)%		(1.26	)%		1.75	%		2.33	%
Without Sales Charge			0.95			1.02			2.22			2.56
CLASS C SHARES	November 1, 2001
With CDSC***			(0.29	)		(0.57	)		1.70			2.05
Without CDSC			0.71			0.43			1.70			2.05
CLASS R6 SHARES	February 22, 2005		1.19			1.39			2.67			3.02
SELECT CLASS SHARES	February 2, 1993		1.08			1.17			2.46			2.81

* 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 (8/31/06 TO 8/31/16)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Limited Duration Bond Fund, the Barclays 1–3 Year U.S. Government/Credit Bond Index and the Lipper Short-Intermediate Investment Grade Debt Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays 1–3 Year U.S. Government/Credit Bond Index does not reflect the deduction of expenses or sales charges 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 Investment Grade Debt Funds Index includes expenses associated with a mutual fund, such as investment

management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays 1–3 Year U.S. Government/Credit Bond Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. The Lipper Short-Intermediate Investment Grade Debt Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

14 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.77%
Barclays U.S. MBS Index		1.73%
Net Assets as of 8/31/2016 (In Thousands)	$	2,782,498
Duration as of 8/31/2016		3.4 years

INVESTMENT OBJECTIVE**

The JPMorgan Mortgage-Backed Securities Fund (the “Fund”) seeks to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays U.S. MBS Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s allocations to agency pass-through bonds and non-agency mortgage bonds were leading contributors to performance. The Fund’s allocation to commercial mortgage backed securities also contributed to relative performance.

The Fund’s allocation to agency collateralized mortgage obligations detracted from relative performance. The Fund’s allocation to short-term debt securities, which were used to manage liquidity within the Fund, also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

PORTFOLIO COMPOSITION***
Mortgage Pass-Through Securities	39.3	%
Collateralized Mortgage Obligations	38.3
Asset-Backed Securities	9.3
Commercial Mortgage-Backed Securities	5.2
U.S. Treasury Obligations	1.0
Loan Assignment	0.2
Short-Term Investment	6.7

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 15

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	August 18, 2000
With Sales Charge**			(2.18	)%		(0.51	)%		2.17	%		4.83	%
Without Sales Charge			1.60			3.35			2.95			5.23
CLASS C SHARES	July 2, 2012
With CDSC***			0.31			1.87			2.46			4.72
Without CDSC			1.31			2.87			2.46			4.72
CLASS R6 SHARES	February 22, 2005		1.76			3.78			3.37			5.65
SELECT CLASS SHARES	August 18, 2000		1.77			3.70			3.23			5.51

* 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 (8/31/06 TO 8/31/16)

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

Returns shown for Class C Shares prior to its inception are based on the performance of Select Class Shares, the original class offered. Prior Class performance has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Mortgage-Backed Securities Fund, the Barclays U.S. MBS Index and the Lipper U.S. Mortgage Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays U.S. MBS 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 U.S. Mortgage Funds Index includes

expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index includes fixed-rate and hybrid adjustable rate mortgage (ARM) pass-through securities. The Lipper U.S. Mortgage Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

16 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.99%
Barclays 1–3 Year U.S. Government/Credit Bond Index		0.94%
Net Assets as of 8/31/2016 (In Thousands)	$	11,065,173
Duration as of 8/31/2016		1.8 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration Bond Fund (the “Fund”) seeks current income consistent with preservation of capital through investment in high- and medium-grade fixed income securities.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”). The Fund’s allocation to asset-backed securities, which are not held in the Benchmark, made a positive contribution to performance relative to the Benchmark. The Fund’s allocation to commercial mortgage-backed securities also contributed to relative performance.

Relative to the Benchmark, the Fund’s security selection in the non-corporate credit sector and its allocation to agency debt were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct what they believed to be a portfolio of undervalued fixed income securities. The Fund was positioned with an

underweight position in corporate bonds and agency bonds and an overweight in mortgage-backed and asset-backed securities, which were not held in the Benchmark.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	56.3	%
Corporate Bonds	22.5
Asset-Backed Securities	8.9
Collateralized Mortgage Obligations	4.2
U.S. Government Agency Securities	3.9
Mortgage Pass-Through Securities	2.6
Commercial Mortgage-Backed Securities	1.2
Short-Term Investment	0.4

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 17

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(1.52	)%		(1.32	)%		0.16	%		2.02	%
Without Sales Charge			0.76			0.95			0.61			2.25
CLASS C SHARES	November 1, 2001
With CDSC***			(0.50	)		(0.56	)		0.12			1.74
Without CDSC			0.50			0.44			0.12			1.74
CLASS R6 SHARES	February 22, 2005		1.02			1.38			1.12			2.76
SELECT CLASS SHARES	September 4, 1990		0.99			1.22			0.88			2.51

* 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 (8/31/06 TO 8/31/16)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Short Duration Bond Fund, the Barclays 1–3 Year U.S. Government/Credit Bond Index and the Lipper Short U.S. Government Funds Index from August 31, 2006 to August 31, 2016. 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 Barclays 1–3 Year U.S. Government/Credit 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 U.S. Government Funds Index includes expenses associated with a

mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays 1–3 Year U.S. Government/Credit Bond Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. The Lipper Short U.S. Government Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

18 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Short Duration High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		8.86%
Barclays U.S. Aggregate Index		3.68%
BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained Index		15.01%
Net Assets as of 8/31/2016 (In Thousands)	$	166,442
Duration as of 8/31/2016		2.7 years

INVESTMENT OBJECTIVE**

The JPMorgan Short Duration High Yield Fund (the “Fund”) seeks current income with a secondary objective of capital appreciation.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares outperformed the Barclays U.S. Aggregate Index and underperformed the BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained Index (the “Benchmark”). During the reporting period, high yield bonds (also known as “junk bonds”) generally outperformed other sectors of the bond market amid relative strength in the U.S. economy and investor demand for higher yielding bonds. The Fund’s allocation to high yield bonds made a positive contribution to performance relative to the Barclays U.S. Aggregate Index.

The Fund’s underweight allocation to corporate bonds and its allocation to bank debt, which was not held in the Benchmark, were leading detractors from performance relative to the Benchmark. The Fund’s underweight position and security selection in the energy sector, its security selection in the basic industries sector and its underweight position in bonds rated CCC and lower also detracted from relative performance.

The Fund’s underweight position in the capital goods and banking sectors made a positive contribution to relative performance for the six month reporting period. The Fund’s allocation

to unrated bonds, which were not held in the Benchmark, also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

Relative to the Benchmark, the Fund was overweight in securities rated AAA, A and B and was underweight in securities rated BB, CCC and lower. The portfolio managers remained cautious about companies that they believed had elevated credit risk.

PORTFOLIO COMPOSITION***
Corporate Bonds	73.9	%
Loan Assignments	21.1
Other (each less than 1.0%)	1.7
Short-Term Investment	3.3

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 19

JPMorgan Short Duration High Yield Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	March 1, 2013
With Sales Charge**			6.20	%		1.70	%		1.79	%		1.74	%
Without Sales Charge			8.59			4.06			2.57			2.40
CLASS C SHARES	March 1, 2013
With CDSC***			7.45			2.55			2.05			1.89
Without CDSC			8.45			3.55			2.05			1.89
CLASS R6 SHARES	March 1, 2013		8.93			4.48			2.99			2.81
SELECT CLASS SHARES	March 1, 2013		8.86			4.35			2.84			2.66

* Not annualized.

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

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

LIFE OF FUND PERFORMANCE (3/1/13 TO 8/31/16)

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

The Fund commenced operations on March 1, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Short Duration High Yield Fund, the Barclays U.S. Aggregate Index, the BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained Index and the Lipper High Yield Bond Index from March 1, 2013 to August 31, 2016. 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 Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained 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 High Yield Bond Index

includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained Index contains all securities in the BofA Merrill Lynch U.S. Cash Pay High Yield Index with a remaining term to final maturity less than 5 years but caps issuer exposure at 2%. The Lipper High Yield Bond Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

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

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

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

20 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Treasury & Agency Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.49%
Barclays 1–5 Year U.S. Treasury Index		0.69%
Net Assets as of 8/31/2016 (In Thousands)	$	103,078
Duration as of 8/31/2016		2.1 years

INVESTMENT OBJECTIVE**

The JPMorgan Treasury & Agency Fund (the “Fund”) seeks a high level of current income by investing in U.S. Treasury and other U.S. agency obligations with a primary, but not exclusive, focus on issues that produce income exempt from state income taxes.

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

For the six months ended August 31, 2016, the Fund’s Select Class Shares underperformed the Barclays 1-5 Year U.S. Treasury Index (the “Benchmark”). Relative to the Benchmark, the Fund’s shorter overall duration was a detractor from performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration.

The Fund’s allocation and security selection in agency bonds, which are not held in the Benchmark, was a leading contributor to performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	86.7	%
U.S. Government Agency Securities	12.3
Short-Term Investment	1.0

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

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

*** Percentages indicated are based on total investments as of August 31, 2016. The Fund’s portfolio composition is subject to change.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 21

JPMorgan Treasury & Agency Fund

FUND COMMENTARY

SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2016
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 20, 1997
With Sales Charge**			(1.90	)%		(1.44	)%		(0.24	)%		1.83	%
Without Sales Charge			0.39			0.86			0.22			2.06
SELECT CLASS SHARES	January 20, 1997		0.49			1.19			0.48			2.32

* Not annualized.

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

TEN YEAR PERFORMANCE (8/31/06 TO 8/31/16)

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

The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Treasury & Agency Fund, the Barclays 1–5 Year U.S. Treasury Index, the Barclays 1–3 Year U.S. Treasury Index and the Lipper Short U.S. Treasury Funds Average from August 31, 2006 to August 31, 2016. 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 Barclays 1–5 Year U.S. Treasury Index and the Barclays 1–3 Year U.S. Treasury 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 benchmarks, if applicable. The performance of the Lipper Short U.S. Treasury Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to

expenses incurred by the Fund. The Barclays 1–5 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury issued securities with maturities of one to five years. The Barclays 1–3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury issued securities with maturities of one to three years. Investors cannot invest directly in an index. The Lipper Short U.S. Treasury Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

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

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

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

22 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 10.7%
	5,650	ABFC Trust, Series 2005-AQ1, Class A4, SUB, 4.861%, 06/25/35		5,775
		Academic Loan Funding Trust,
	5,280	Series 2012-1A, Class A1, VAR, 1.288%, 12/27/22 (e)		5,281
	3,984	Series 2013-1A, Class A, VAR, 1.324%, 12/26/44 (e)		3,918
		Ally Auto Receivables Trust,
	562	Series 2013-2, Class A3, 0.790%, 01/15/18		562
	1,200	Series 2013-2, Class A4, 1.240%, 11/15/18		1,201
	5,737	Series 2014-SN2, Class A3, 1.030%, 09/20/17		5,736
	1,476	Series 2015-SN1, Class A2A, 0.930%, 06/20/17		1,476
	7,021	Series 2015-SN1, Class A3, 1.210%, 12/20/17		7,020
	6,678	Series 2016-1, Class A2A, 1.200%, 08/15/18		6,684
	26,835	Series 2016-2, Class A2, 1.170%, 10/15/18		26,850
		American Credit Acceptance Receivables Trust,
	1,769	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		1,770
	2,374	Series 2014-3, Class B, 2.430%, 06/10/20 (e)		2,373
	2,798	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		2,796
	6,377	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		6,374
	8,997	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		8,999
	5,000	Series 2016-2, Class C, 6.090%, 05/12/22 (e)		5,249
	9,219	Series 2016-3, Class A, 1.700%, 11/12/20 (e)		9,212
	17,165	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		17,602
		American Homes 4 Rent Trust,
	4,000	Series 2014-SFR1, Class C, VAR, 2.257%, 06/17/31 (e)		3,967
	12,111	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		13,128
	2,400	Series 2014-SFR2, Class B, 4.290%, 10/17/36 (e)		2,618
	4,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		4,384
	7,300	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		7,993

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	9,709	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		10,459
	3,750	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		4,050
	16,970	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		18,817
	17,806	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		19,007
	7,420	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		7,816
	1,415	Series 2015-SFR2, Class E, 6.070%, 10/17/45 (e)		1,537
		AmeriCredit Automobile Receivables Trust,
	396	Series 2013-5, Class A3, 0.900%, 09/10/18		395
	3,653	Series 2015-2, Class A2A, 0.830%, 09/10/18		3,651
	6,357	Series 2016-1, Class A3, 1.810%, 10/08/20		6,387
	19,794	Series 2016-2, Class A2A, 1.420%, 10/08/19		19,802
	3,582	Series 2016-2, Class A3, 1.600%, 11/09/20		3,586
	5,937	Series 2016-3, Class A3, 1.460%, 05/08/21		5,920
	38	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-13, Class AF6, SUB, 4.972%, 01/25/34		39
	49,800	Anchor Assets IX LLC, Series 2016-1, Class A, 5.125%, 02/15/20 (e)		49,800
	25,074	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		24,490
		AXIS Equipment Finance Receivables III LLC,
	9,507	Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		9,488
	1,200	Series 2015-1A, Class C, 3.410%, 04/20/20 (e)		1,181
	1,200	Series 2015-1A, Class D, 4.050%, 05/20/20 (e)		1,154
		B2R Mortgage Trust,
	9,507	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		9,482
	19,526	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		20,042
	9,300	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		9,323
	12,698	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		12,504

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 23

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		BCC Funding Corp. X,
	16,731	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		16,671
	2,717	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		2,739
	444	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.894%, 04/25/36 (e)		430
	1,850	Blue Elephant Loan Trust, Series 2015-1, Class B, 5.560%, 12/15/22 (e)		1,843
		BMW Vehicle Owner Trust,
	175	Series 2013-A, Class A3, 0.670%, 11/27/17		175
	4,702	Series 2014-A, Class A3, 0.970%, 11/26/18		4,700
	3,570	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		3,555
		Cabela’s Credit Card Master Note Trust,
	6,816	Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		6,825
	5,757	Series 2015-2, Class A1, 2.250%, 07/17/23		5,809
	6,254	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		6,252
		Capital Auto Receivables Asset Trust,
	18,072	Series 2016-1, Class A3, 1.730%, 04/20/20		18,100
	4,276	Series 2016-2, Class A2A, 1.320%, 01/22/19		4,269
		CarFinance Capital Auto Trust,
	411	Series 2013-1A, Class B, 2.750%, 11/15/18 (e)		413
	726	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		725
	2,250	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		2,251
	7,963	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		7,923
	5,960	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		5,926
	10,928	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.528%, 10/15/21 (e)		8,961
		CarMax Auto Owner Trust,
	9,689	Series 2013-2, Class A4, 0.840%, 11/15/18		9,674
	1,176	Series 2013-4, Class A3, 0.800%, 07/16/18		1,176

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,612	Series 2013-4, Class A4, 1.280%, 05/15/19		2,615
	5,354	Series 2014-2, Class A3, 0.980%, 01/15/19		5,349
	4,716	Series 2015-2, Class A2A, 0.820%, 06/15/18		4,713
	3,897	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		3,893
		Chase Funding Trust,
	1,773	Series 2003-4, Class 1A5, SUB, 5.315%, 05/25/33		1,820
	2,737	Series 2003-6, Class 1A5, SUB, 5.164%, 11/25/34		2,840
	4,664	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		4,756
	28,332	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		28,387
		Citi Held For Asset Issuance,
	3,138	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		3,134
	12,837	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		12,696
	21,078	Series 2016-MF1, Class A, 4.480%, 08/15/22 (e)		21,260
	25,040	Series 2016-PM1, Class A, 4.650%, 04/15/25 (e)		25,403
	950	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,399
	264	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.950%, 04/25/32 (e)		262
	443	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.904%, 12/25/33		435
	20,177	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		20,181
	23,510	Colony American Homes, Series 2014-2A, Class A, VAR, 1.472%, 07/17/31 (e)		23,332
	26,904	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		26,916
	8,628	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 4.704%, 12/25/47		1,432
	2,231	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		2,232
	19,583	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, VAR, 2.893%, 06/25/40 (e)		2,514

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		CPS Auto Receivables Trust,
	2,723	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		2,725
	2,321	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		2,299
	351	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		351
	1,290	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		1,290
	1,489	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		1,488
	2,910	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		2,903
	6,350	Series 2014-B, Class C, 3.230%, 05/15/20 (e)		6,253
	4,101	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		4,094
	4,347	Series 2014-C, Class C, 3.770%, 08/17/20 (e)		4,270
	8,489	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		8,480
	4,000	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		3,933
	8,040	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		8,029
	2,900	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		2,823
	25,798	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		25,746
	16,500	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		15,883
	5,849	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		5,776
	14,569	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		14,619
	8,013	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		8,031
	2,456	Series 2016-B, Class B, 3.180%, 09/15/20 (e)		2,465
	7,840	Series 2016-C, Class C, 3.270%, 06/15/22 (e)		7,810
		CPS Auto Trust,
	2,083	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		2,079
	1,219	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		1,217
		Credit Acceptance Auto Loan Trust,
	11,847	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		11,843

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	17,727	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		17,771
	2,605	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		2,602
		CWABS, Inc. Asset-Backed Certificates,
	280	Series 2003-5, Class MF1, VAR, 5.403%, 01/25/34		279
	10	Series 2004-1, Class 3A, VAR, 1.084%, 04/25/34		8
	635	Series 2004-1, Class M1, VAR, 1.274%, 03/25/34		611
	243	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.424%, 10/25/34		228
	91	CWABS, Inc., Asset-Backed Certificates, Series 2004-1, Class M2, VAR, 1.349%, 03/25/34		84
		Drive Auto Receivables Trust,
	12,065	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		12,346
	15,484	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		15,504
	14,251	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		14,372
	6,588	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		6,574
	2,640	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		2,731
	13,085	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		13,227
	16,810	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		17,201
	3,182	Series 2016-BA, Class B, 2.560%, 06/15/20 (e)		3,198
		DT Auto Owner Trust,
	3,498	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		3,498
	12,166	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		12,145
	14,959	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		14,985
	11,818	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		11,807
	5,808	Series 2016-2A, Class C, 3.670%, 01/18/22 (e)		5,930
		Exeter Automobile Receivables Trust,
	235	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		235
	2,595	Series 2014-2A, Class C, 3.260%, 12/16/19 (e)		2,608

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 25

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,920	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		3,915
	5,389	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		5,431
	5,550	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		5,556
	9,000	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		8,980
	9,311	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		9,290
	12,582	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		12,573
	15,414	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		15,385
	7,800	Series 2016-2A, Class B, 3.640%, 02/15/22 (e)		7,772
	1,726	Fifth Third Auto Trust, Series 2014-3, Class A3, 0.960%, 03/15/19		1,725
		First Investors Auto Owner Trust,
	543	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		543
	4,892	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		4,894
	3,711	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		3,706
	5,530	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		5,519
	2,933	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		2,869
	17,817	Series 2016-1A, Class A1, 1.920%, 05/15/20 (e)		17,845
		FirstKey Lending Trust,
	29,615	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		29,521
	11,055	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		11,098
		Flagship Credit Auto Trust,
	2,215	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		2,216
	1,895	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		1,892
	2,220	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		2,223
	6,757	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		6,737
	7,359	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		7,390
	3,958	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		3,973

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	11,714	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		11,669
	17,379	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		17,447
	5,299	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		5,422
	5,163	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		5,275
	26,014	Series 2016-1, Class A, 2.770%, 12/15/20 (e)		26,141
	3,150	Series 2016-2, Class B, 3.840%, 09/15/22 (e)		3,244
	21,080	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		22,683
		Ford Credit Auto Lease Trust,
	920	Series 2014-B, Class A3, 0.890%, 09/15/17		919
	2,970	Series 2014-B, Class A4, 1.100%, 11/15/17		2,970
		Ford Credit Auto Owner Trust,
	3,675	Series 2014-B, Class A3, 0.900%, 10/15/18		3,673
	5,168	Series 2014-C, Class A3, 1.060%, 05/15/19		5,168
	9,816	Series 2015-A, Class A3, 1.280%, 09/15/19		9,833
	7,756	Series 2016-B, Class A3, 1.330%, 10/15/20		7,774
	1,393	Freedom Trust, Series 2012-2, Class A24, VAR, 5.979%, 10/26/42 (e)		1,402
	494	FRT Trust, Series 2013-1A, Class A2N, SUB, 5.000%, 10/25/33 (e)		487
	18,471	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		18,374
	413	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		349
		GLC II Trust,
	6,637	Series 2014-A, Class A, 4.000%, 12/18/20 (e)		6,554
	1,261	Series 2014-A, Class B, 6.000%, 12/18/20 (e)		1,233
		GLC Trust,
	7,219	Series 2014-A, Class A, 3.000%, 07/15/21 (e)		7,169
	602	Series 2014-A, Class B, 4.000%, 07/15/21 (e)		588
		GLS Auto Receivables Trust,
	20,626	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		20,584

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	9,473	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		9,538
	31,140	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		31,297
	8,500	Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		8,961
		GM Financial Automobile Leasing Trust,
	8,903	Series 2015-1, Class A2, 1.100%, 12/20/17		8,901
	10,058	Series 2015-1, Class A3, 1.530%, 09/20/18		10,092
	4,191	Series 2015-1, Class A4, 1.730%, 06/20/19		4,206
	3,461	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		3,460
		GO Financial Auto Securitization Trust,
	3,828	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		3,822
	8,462	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		8,431
	11,580	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		11,636
	8,222	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		8,238
	8,855	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class CT1, 3.438%, 10/15/46 (e)		8,848
	612	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.724%, 03/25/36		555
		Honda Auto Receivables Owner Trust,
	700	Series 2013-4, Class A3, 0.690%, 09/18/17		699
	700	Series 2013-4, Class A4, 1.040%, 02/18/20		700
	3,509	Series 2014-2, Class A3, 0.770%, 03/19/18		3,506
	298	Series 2015-1, Class A2, 0.700%, 06/15/17		298
	12,800	Series 2016-1, Class A2, 1.010%, 06/18/18		12,791
		HSBC Home Equity Loan Trust USA,
	162	Series 2007-1, Class AS, VAR, 0.712%, 03/20/36		161
	2,522	Series 2007-3, Class APT, VAR, 1.712%, 11/20/36		2,516
		Hyundai Auto Receivables Trust,
	4,759	Series 2014-B, Class A3, 0.900%, 12/17/18		4,755

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,546	Series 2015-B, Class A2A, 0.690%, 04/16/18		2,545
	9,311	Series 2015-B, Class A3, 1.120%, 11/15/19		9,303
	6,560	Series 2016-A, Class A3, 1.560%, 09/15/20		6,608
	21,877	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.507%, 06/17/31 (e)		21,756
		KGS-Alpha SBA COOF Trust,
	79,494	Series 2012-2, Class A, IO, VAR, 0.878%, 08/25/38 (e)		2,149
	21,839	Series 2012-3, Class A, IO, VAR, 1.432%, 09/25/26 (e)		399
	112,496	Series 2012-4, Class A, IO, VAR, 09/25/37 (e)		4,130
	47,401	Series 2012-6, Class A, IO, VAR, 0.620%, 05/25/39 (e)		889
	54,390	Series 2013-2, Class A, IO, VAR, 1.596%, 03/25/39 (e)		2,541
	47,715	Series 2014-1, Class A, IO, VAR, 1.347%, 10/25/32 (e)		1,864
	16,312	Series 2014-2, Class A, IO, VAR, 3.168%, 04/25/40 (e)		1,927
	19,434	Series 2015-2, Class A, IO, VAR, 2.899%, 07/25/41 (e)		2,578
	9,329	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		9,341
	20,739	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		20,563
		Long Beach Mortgage Loan Trust,
	3,645	Series 2004-1, Class M1, VAR, 1.274%, 02/25/34 (e)		3,458
	546	Series 2004-3, Class M1, VAR, 1.379%, 07/25/34		524
	471	Series 2006-WL2, Class 2A3, VAR, 0.724%, 01/25/36 (e)		457
		LV Tower 52 Issuer LLC,
	24,339	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		23,723
	9,028	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		8,498
		MarketPlace Loan Trust,
	1,504	Series 2015-OD3, Class A, 3.250%, 09/17/17 (e)		1,496
	5,507	Series 2015-OD3, Class B, 5.250%, 09/17/17 (e)		5,469
	4,736	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		4,738
	7,249	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		7,204

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	30,371	Marlette Funding Trust, Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		30,396
	12,654	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		12,647
	8,222	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		8,581
		Mid-State Capital Trust,
	3,944	Series 2010-1, Class A, 3.500%, 12/15/45 (e)		4,038
	7,098	Series 2010-1, Class M, 5.250%, 12/15/45 (e)		7,526
		Nationstar HECM Loan Trust,
	1,160	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		1,160
	7,858	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		7,853
	8,828	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		8,829
	7,404	Series 2016-2A, Class A, 2.239%, 06/25/26 (e)		7,404
	8,914	Series 2016-3A, Class A, 2.013%, 08/25/26 (e)		8,914
	2,578	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.171%, 11/25/33		2,647
	11,891	Nissan Auto Lease Trust, Series 2015-A, Class A2A, 0.990%, 11/15/17		11,890
		Nissan Auto Receivables Owner Trust,
	3,418	Series 2014-B, Class A3, 1.110%, 05/15/19		3,419
	6,326	Series 2016-B, Class A3, 1.320%, 01/15/21		6,341
		NRPL Trust,
	15,126	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		15,021
	12,500	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		12,407
	34,055	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		33,307
	7,000	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		6,621
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	14,811	Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		14,752
	9,747	Series 2016-T1, Class AT1, 2.751%, 06/15/49 (e)		9,715

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oak Hill Advisors Residential Loan Trust,
	14,332	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		14,205
	5,128	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		5,027
		Ocwen Master Advance Receivables Trust,
	20,536	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		20,547
	3,921	Series 2015-T3, Class BT3, 3.704%, 11/15/47 (e)		3,921
	3,894	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		3,903
	14,999	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		15,004
	9,662	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		9,656
	4,384	Series 2016-T1, Class DT1, 4.246%, 08/17/48 (e)		4,381
		OnDeck Asset Securitization Trust II LLC,
	14,247	Series 2016-1A, Class A, 4.210%, 05/17/20 (e)		14,318
	7,826	Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		7,944
		OneMain Direct Auto Receivables Trust,
	25,355	Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		25,316
	5,057	Series 2016-1A, Class C, 4.580%, 09/15/21 (e)		5,040
		OneMain Financial Issuance Trust,
	18,916	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		18,935
	3,571	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		3,579
	38,001	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		38,058
	11,466	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		11,439
	28,767	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		29,079
	10,800	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		10,732
	56,051	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		56,110
	11,620	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		11,371
	12,500	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		12,587
	30,435	Series 2016-2A, Class C, SUB, 7.200%, 03/20/28 (e)		30,408

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	5,675	OneMain Financial Issuance Trust 2016-2, Series 2016-2A, Class B, 5.940%, 03/20/28 (e)		5,903
		Oportun Funding II LLC,
	29,486	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		29,486
	11,354	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		11,347
		Oportun Funding III LLC,
	24,511	Series 2016-B, Class A, 3.690%, 07/08/21 (e)		24,438
	2,677	Series 2016-B, Class B, 5.160%, 07/08/21 (e)		2,669
	134	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.364%, 02/25/33		126
	2,161	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		2,148
		Pretium Mortgage Credit Partners I LLC,
	12,767	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		12,771
	12,483	Series 2015-NPL2, Class A2, SUB, 4.250%, 07/27/30 (e)		12,298
		Progreso Receivables Funding III LLC,
	24,831	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		24,839
	7,935	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		7,945
		Progreso Receivables Funding IV LLC,
	13,022	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		12,964
	6,046	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		6,040
		Progress Residential Trust,
	26,662	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		27,012
	7,295	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		7,377
	16,110	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		16,203
	8,917	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		8,830
	32,590	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		33,461
	1,791	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		1,866
	4,000	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		4,140

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Purchasing Power Funding LLC,
	28,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		28,052
	7,446	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		7,409
		RAMP Trust,
	994	Series 2004-RS11, Class M1, VAR, 1.454%, 11/25/34 (e)		988
	5,591	Series 2006-RZ1, Class A3, VAR, 0.824%, 03/25/36 (e)		5,547
		RASC Trust,
	41	Series 2002-KS4, Class AIIB, VAR, 1.024%, 07/25/32		37
	46	Series 2003-KS5, Class AIIB, VAR, 1.104%, 07/25/33		41
	57	Series 2003-KS9, Class A2B, VAR, 1.164%, 11/25/33		48
	3,506	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		3,506
	97	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		45
	12,762	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		12,659
		Santander Drive Auto Receivables Trust,
	2,400	Series 2015-3, Class A3, 1.490%, 06/17/19		2,403
	2,000	Series 2015-4, Class A3, 1.580%, 09/16/19		2,004
	5,906	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		5,862
	468	Series 2015-S2, Class R1, 1.840%, 11/18/19 (e)		468
	4,289	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		4,257
	5,319	Series 2016-1, Class A2A, 1.410%, 07/15/19		5,322
	8,849	Series 2016-1, Class A3, 1.620%, 03/16/20		8,850
	1,030	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33 (e)		1,039
	669	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.392%, 01/25/36		498
	3,188	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		3,167
	4,467	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.850%, 01/18/22 (e)		4,460

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 29

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	4,088	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		4,080
	19,032	SoFi Consumer Loan Program LLC, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		19,185
		SpringCastle America Funding LLC,
	28,521	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		28,543
	13,500	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		13,480
		Springleaf Funding Trust,
	32,623	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		32,643
	3,616	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		3,618
	38,406	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		38,731
	8,805	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		8,627
	15,206	Spruce ABS Trust, Series 2016-E1, Class A, 4.320%, 06/15/28 (e)		15,190
		SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
	10,295	Series 2015-T2, Class CT2, 3.740%, 01/15/47 (e)		10,296
	9,453	Series 2015-T2, Class DT2, 4.230%, 01/15/47 (e)		9,453
	1,619	Series 2015-T3, Class CT3, 3.910%, 07/15/47 (e)		1,621
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	538	Series 2002-AL1, Class A2, 3.450%, 02/25/32		536
	1,183	Series 2002-AL1, Class A3, 3.450%, 02/25/32		1,173
	1,861	Series 2004-6XS, Class A5A, SUB, 6.030%, 03/25/34		1,863
	1,489	Series 2004-6XS, Class A5B, SUB, 6.050%, 03/25/34		1,505
	10,521	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		10,465
	3,776	Tidewater Auto Receivables Trust, Series 2014-AA, Class C, 2.560%, 08/15/19 (e)		3,777
		Toyota Auto Receivables Owner Trust,
	4,028	Series 2014-C, Class A3, 0.930%, 07/16/18		4,026
	5,871	Series 2016-B, Class A3, 1.300%, 04/15/20		5,874

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	23,536	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.458%, 10/15/18 (e)		23,183
	6,034	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.757%, 05/17/32 (e)		5,990
		U.S. Residential Opportunity Fund III Trust,
	16,652	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		16,658
	22,030	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		22,010
		United Auto Credit Securitization Trust,
	5,000	Series 2016-1, Class B, 2.730%, 05/15/18 (e)		5,004
	6,000	Series 2016-1, Class C, 3.550%, 08/15/19 (e)		5,996
	16,784	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		16,744
	2,394	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 01/20/21 (e)		2,394
	3,988	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		3,975
	3,415	Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		3,413
	4,249	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		4,243
		VOLT XIX LLC,
	10,950	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		10,974
	2,600	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		2,531
	13,680	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		13,820
	7,399	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		7,454
	18,368	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		18,457
	12,158	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		12,184
		VOLT XXII LLC,
	12,923	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		12,933
	6,168	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		5,913
	18,633	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		18,627
	45,249	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		45,226

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		VOLT XXVI LLC,
	11,686	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		11,652
	9,201	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		8,901
	20,816	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		20,786
	14,294	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		14,303
	14,242	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		14,235
	13,094	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		13,093
	26,261	VOLT XXXIV LLC, Series 2015-NPL7, Class A1, SUB, 3.250%, 02/25/55 (e)		26,190
	13,793	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		13,787
		Westgate Resorts LLC,
	2,805	Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		2,803
	3,251	Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		3,229
	15,571	Westlake Automobile Receivables Trust, Series 2016-2A, Class A2, 1.570%, 06/17/19 (e)		15,550
		World Omni Auto Receivables Trust,
	702	Series 2013-B, Class A3, 0.830%, 08/15/18		702
	1,398	Series 2013-B, Class A4, 1.320%, 01/15/20		1,400
	1,393	Series 2015-A, Class A2A, 0.790%, 07/16/18		1,392
	4,378	Series 2015-A, Class A3, 1.340%, 05/15/20		4,387
		Total Asset-Backed Securities (Cost $3,168,087)		3,170,195
	Collateralized Mortgage Obligations — 15.1%
		Agency CMO — 12.7%
	10,000	Federal Home Loan Mortgage Corp., 09/25/31 (w)		10,004
		Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	163	Series 8, Class ZA, 7.000%, 03/25/23		178
	105	Series 24, Class ZE, 6.250%, 11/25/23		117
	756	Series 29, Class L, 7.500%, 04/25/24		847
		Federal Home Loan Mortgage Corp. Reference REMIC,
	5,216	Series R006, Class ZA, 6.000%, 04/15/36		6,011
	7,164	Series R007, Class ZA, 6.000%, 05/15/36		8,118

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
			Federal Home Loan Mortgage Corp. REMIC,
	3		Series 22, Class C, 9.500%, 04/15/20		3
	6		Series 23, Class F, 9.600%, 04/15/20		7
	1		Series 46, Class B, 7.800%, 09/15/20		1
	1		Series 47, Class F, 10.000%, 06/15/20		1
	—	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	5		Series 99, Class Z, 9.500%, 01/15/21		5
	18		Series 114, Class H, 6.950%, 01/15/21		19
	—	(h)	Series 204, Class E, HB, IF, 1,787.516%, 05/15/23		2
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	4		Series 1065, Class J, 9.000%, 04/15/21		4
	1		Series 1079, Class S, HB, IF, 32.274%, 05/15/21		2
	3		Series 1084, Class F, VAR, 1.458%, 05/15/21		3
	2		Series 1084, Class S, HB, IF, 42.941%, 05/15/21		3
	5		Series 1116, Class I, 5.500%, 08/15/21		5
	25		Series 1144, Class KB, 8.500%, 09/15/21		27
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,137.063%, 01/15/22		3
	10		Series 1206, Class IA, 7.000%, 03/15/22		11
	16		Series 1250, Class J, 7.000%, 05/15/22		17
	46		Series 1343, Class LA, 8.000%, 08/15/22		52
	19		Series 1343, Class LB, 7.500%, 08/15/22		21
	32		Series 1370, Class JA, VAR, 1.658%, 09/15/22		33
	31		Series 1455, Class WB, IF, 4.421%, 12/15/22		33
	287		Series 1466, Class PZ, 7.500%, 02/15/23		317
	4		Series 1470, Class F, VAR, 1.690%, 02/15/23		4
	51		Series 1491, Class I, 7.500%, 04/15/23		56
	166		Series 1498, Class I, VAR, 1.658%, 04/15/23		170
	241		Series 1502, Class PX, 7.000%, 04/15/23		262
	27		Series 1505, Class Q, 7.000%, 05/15/23		30
	113		Series 1518, Class G, IF, 8.591%, 05/15/23		133
	21		Series 1541, Class M, HB, IF, 24.763%, 07/15/23		32
	100		Series 1541, Class O, VAR, 0.840%, 07/15/23		100

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	6	Series 1570, Class F, VAR, 2.190%, 08/15/23		6
	215	Series 1573, Class PZ, 7.000%, 09/15/23		237
	117	Series 1591, Class PV, 6.250%, 10/15/23		129
	46	Series 1602, Class SA, HB, IF, 21.100%, 10/15/23		69
	702	Series 1608, Class L, 6.500%, 09/15/23		804
	273	Series 1642, Class PJ, 6.000%, 11/15/23		299
	108	Series 1658, Class GZ, 7.000%, 01/15/24		120
	14	Series 1671, Class L, 7.000%, 02/15/24		16
	19	Series 1671, Class QC, IF, 10.000%, 02/15/24		27
	12	Series 1686, Class SH, IF, 18.095%, 02/15/24		17
	93	Series 1695, Class EB, 7.000%, 03/15/24		103
	18	Series 1699, Class FC, VAR, 1.108%, 03/15/24		19
	120	Series 1700, Class GA, PO, 02/15/24		115
	482	Series 1706, Class K, 7.000%, 03/15/24		537
	9	Series 1709, Class FA, VAR, 0.730%, 03/15/24		9
	348	Series 1720, Class PL, 7.500%, 04/15/24		390
	328	Series 1737, Class L, 6.000%, 06/15/24		373
	63	Series 1745, Class D, 7.500%, 08/15/24		71
	256	Series 1798, Class F, 5.000%, 05/15/23		274
	5	Series 1807, Class G, 9.000%, 10/15/20		5
	48	Series 1829, Class ZB, 6.500%, 03/15/26		53
	318	Series 1863, Class Z, 6.500%, 07/15/26		364
	52	Series 1865, Class D, PO, 02/15/24		48
	48	Series 1890, Class H, 7.500%, 09/15/26		55
	132	Series 1899, Class ZE, 8.000%, 09/15/26		152
	295	Series 1927, Class PH, 7.500%, 01/15/27		336
	236	Series 1927, Class ZA, 6.500%, 01/15/27		271
	8	Series 1935, Class FL, VAR, 1.208%, 02/15/27		8
	105	Series 1963, Class Z, 7.500%, 01/15/27		120
	15	Series 1970, Class PG, 7.250%, 07/15/27		17
	261	Series 1981, Class Z, 6.000%, 05/15/27		289
	172	Series 1983, Class Z, 6.500%, 12/15/23		189
	106	Series 1987, Class PE, 7.500%, 09/15/27		118
	162	Series 2019, Class Z, 6.500%, 12/15/27		180
	540	Series 2033, Class J, 5.600%, 06/15/23		572
	61	Series 2033, Class SN, HB, IF, 28.332%, 03/15/24		29
	170	Series 2038, Class PN, IO, 7.000%, 03/15/28		32

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	540	Series 2040, Class PE, 7.500%, 03/15/28		618
	179	Series 2054, Class PV, 7.500%, 05/15/28		205
	16	Series 2056, Class TD, 6.500%, 05/15/18		17
	273	Series 2063, Class PG, 6.500%, 06/15/28		315
	34	Series 2064, Class TE, 7.000%, 06/15/28		38
	112	Series 2070, Class C, 6.000%, 07/15/28		123
	569	Series 2075, Class PH, 6.500%, 08/15/28		632
	609	Series 2075, Class PM, 6.250%, 08/15/28		680
	108	Series 2086, Class GB, 6.000%, 09/15/28		123
	220	Series 2089, Class PJ, IO, 7.000%, 10/15/28		25
	487	Series 2095, Class PE, 6.000%, 11/15/28		558
	948	Series 2106, Class ZD, 6.000%, 12/15/28		1,056
	1,287	Series 2110, Class PG, 6.000%, 01/15/29		1,479
	275	Series 2125, Class JZ, 6.000%, 02/15/29		306
	1,433	Series 2126, Class CB, 6.250%, 02/15/29		1,615
	38	Series 2132, Class SB, HB, IF, 28.410%, 03/15/29		67
	13	Series 2134, Class PI, IO, 6.500%, 03/15/19		1
	21	Series 2141, Class IO, IO, 7.000%, 04/15/29		2
	89	Series 2163, Class PC, IO, 7.500%, 06/15/29		11
	1,164	Series 2169, Class TB, 7.000%, 06/15/29		1,331
	534	Series 2172, Class QC, 7.000%, 07/15/29		603
	296	Series 2176, Class OJ, 7.000%, 08/15/29		344
	2	Series 2196, Class TL, 7.500%, 11/15/29		2
	257	Series 2201, Class C, 8.000%, 11/15/29		295
	12	Series 2204, Class GB, VAR, 8.000%, 12/20/29		12
	563	Series 2208, Class PG, 7.000%, 01/15/30		648
	158	Series 2209, Class TC, 8.000%, 01/15/30		190
	525	Series 2210, Class Z, 8.000%, 01/15/30		607
	96	Series 2224, Class CB, 8.000%, 03/15/30		114
	147	Series 2230, Class Z, 8.000%, 04/15/30		171
	112	Series 2234, Class PZ, 7.500%, 05/15/30		130
	107	Series 2247, Class Z, 7.500%, 08/15/30		124
	280	Series 2256, Class MC, 7.250%, 09/15/30		323
	366	Series 2259, Class ZM, 7.000%, 10/15/30		420
	7	Series 2261, Class ZY, 7.500%, 10/15/30		9
	35	Series 2262, Class Z, 7.500%, 10/15/30		41
	433	Series 2271, Class PC, 7.250%, 12/15/30		498
	343	Series 2283, Class K, 6.500%, 12/15/23		378
	198	Series 2296, Class PD, 7.000%, 03/15/31		231
	70	Series 2306, Class K, PO, 05/15/24		68

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	169		Series 2306, Class SE, IF, IO, 9.020%, 05/15/24		33
	116		Series 2313, Class LA, 6.500%, 05/15/31		136
	221		Series 2325, Class PM, 7.000%, 06/15/31		258
	455		Series 2332, Class ZH, 7.000%, 07/15/31		521
	98		Series 2333, Class HC, 6.000%, 07/15/31		97
	2,633		Series 2344, Class ZD, 6.500%, 08/15/31		3,117
	262		Series 2344, Class ZJ, 6.500%, 08/15/31		303
	235		Series 2345, Class NE, 6.500%, 08/15/31		274
	45		Series 2347, Class VP, 6.500%, 03/15/20		47
	236		Series 2351, Class PZ, 6.500%, 08/15/31		273
	3		Series 2353, Class TD, 6.000%, 09/15/16		3
	—	(h)	Series 2355, Class BP, 6.000%, 09/15/16		—	(h)
	—	(h)	Series 2359, Class PM, 6.000%, 09/15/16		—	(h)
	461		Series 2359, Class ZB, 8.500%, 06/15/31		545
	1		Series 2360, Class PG, 6.000%, 09/15/16		1
	1		Series 2366, Class MD, 6.000%, 10/15/16		1
	238		Series 2367, Class ME, 6.500%, 10/15/31		272
	222		Series 2388, Class FB, VAR, 1.108%, 01/15/29		225
	6		Series 2391, Class QR, 5.500%, 12/15/16		6
	4		Series 2394, Class MC, 6.000%, 12/15/16		4
	261		Series 2399, Class OH, 6.500%, 01/15/32		294
	424		Series 2399, Class TH, 6.500%, 01/15/32		475
	503		Series 2410, Class NG, 6.500%, 02/15/32		571
	307		Series 2410, Class OE, 6.375%, 02/15/32		336
	558		Series 2410, Class QS, IF, 18.180%, 02/15/32		877
	219		Series 2410, Class QX, IF, IO, 8.142%, 02/15/32		66
	572		Series 2412, Class SP, IF, 15.085%, 02/15/32		767
	1,385		Series 2418, Class FO, VAR, 1.408%, 02/15/32		1,415
	473		Series 2420, Class XK, 6.500%, 02/15/32		532
	407		Series 2423, Class MC, 7.000%, 03/15/32		470
	532		Series 2423, Class MT, 7.000%, 03/15/32		614
	622		Series 2423, Class TB, 6.500%, 03/15/32		716
	13		Series 2425, Class OB, 6.000%, 03/15/17		13
	683		Series 2430, Class WF, 6.500%, 03/15/32		797
	980		Series 2434, Class TC, 7.000%, 04/15/32		1,146
	1,545		Series 2434, Class ZA, 6.500%, 04/15/32		1,780
	1,033		Series 2435, Class CJ, 6.500%, 04/15/32		1,194
	340		Series 2436, Class MC, 7.000%, 04/15/32		382
	164		Series 2441, Class GF, 6.500%, 04/15/32		193

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	437		Series 2444, Class ES, IF, IO, 7.442%, 03/15/32		120
	397		Series 2450, Class GZ, 7.000%, 05/15/32		456
	285		Series 2450, Class SW, IF, IO, 7.492%, 03/15/32		70
	562		Series 2455, Class GK, 6.500%, 05/15/32		652
	—	(h)	Series 2458, Class QE, 5.500%, 06/15/17		—	(h)
	459		Series 2458, Class ZM, 6.500%, 06/15/32		533
	7		Series 2463, Class CE, 6.000%, 06/15/17		7
	337		Series 2466, Class DH, 6.500%, 06/15/32		387
	630		Series 2466, Class PH, 6.500%, 06/15/32		725
	569		Series 2474, Class NR, 6.500%, 07/15/32		656
	1,063		Series 2475, Class S, IF, IO, 7.492%, 02/15/32		253
	744		Series 2484, Class LZ, 6.500%, 07/15/32		869
	9		Series 2488, Class WS, IF, 15.603%, 08/15/17		9
	791		Series 2500, Class MC, 6.000%, 09/15/32		901
	37		Series 2508, Class AQ, 5.500%, 10/15/17		37
	904		Series 2512, Class PG, 5.500%, 10/15/22		988
	291		Series 2535, Class BK, 5.500%, 12/15/22		314
	166		Series 2537, Class TE, 5.500%, 12/15/17		170
	81		Series 2543, Class LX, 5.000%, 12/15/17		82
	1,251		Series 2543, Class YX, 6.000%, 12/15/32		1,409
	713		Series 2544, Class HC, 6.000%, 12/15/32		818
	62		Series 2549, Class ZG, 5.000%, 01/15/18		63
	841		Series 2552, Class ME, 6.000%, 01/15/33		970
	756		Series 2567, Class QD, 6.000%, 02/15/33		868
	723		Series 2571, Class FY, VAR, 1.258%, 12/15/32		736
	90		Series 2571, Class SK, HB, IF, 32.311%, 09/15/23		154
	427		Series 2571, Class SY, IF, 17.382%, 12/15/32		607
	3,077		Series 2575, Class ME, 6.000%, 02/15/33		3,389
	1,270		Series 2586, Class HD, 5.500%, 03/15/23		1,444
	354		Series 2586, Class WI, IO, 6.500%, 03/15/33		60
	1,273		Series 2595, Class HC, 5.500%, 04/15/23		1,458
	547		Series 2596, Class QG, 6.000%, 03/15/33		601
	99		Series 2611, Class UH, 4.500%, 05/15/18		101
	143		Series 2626, Class NS, IF, IO, 6.042%, 06/15/23		6
	1,159		Series 2631, Class SA, IF, 13.919%, 06/15/33		1,599
	841		Series 2636, Class Z, 4.500%, 06/15/18		862

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 33

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	141	Series 2637, Class SA, IF, IO, 5.592%, 06/15/18		5
	116	Series 2638, Class DS, IF, 8.092%, 07/15/23		125
	4	Series 2642, Class SL, IF, 6.553%, 07/15/33		5
	61	Series 2650, Class PO, PO, 12/15/32		60
	470	Series 2650, Class SO, PO, 12/15/32		459
	800	Series 2651, Class VZ, 4.500%, 07/15/18		821
	8,786	Series 2653, Class PZ, 5.000%, 07/15/33		10,066
	369	Series 2671, Class S, IF, 13.828%, 09/15/33		485
	324	Series 2692, Class SC, IF, 12.271%, 07/15/33		369
	3,320	Series 2709, Class PG, 5.000%, 11/15/23		3,603
	797	Series 2710, Class HB, 5.500%, 11/15/23		873
	338	Series 2720, Class PC, 5.000%, 12/15/23		366
	2,766	Series 2722, Class PF, VAR, 1.108%, 12/15/33		2,780
	9,421	Series 2733, Class SB, IF, 7.553%, 10/15/33		10,392
	197	Series 2744, Class PE, 5.500%, 02/15/34		208
	329	Series 2744, Class TU, 5.500%, 05/15/32		333
	329	Series 2748, Class KO, PO, 10/15/23		322
	405	Series 2758, Class AO, PO, 03/15/19		396
	6	Series 2780, Class JG, 4.500%, 04/15/19		7
	191	Series 2780, Class SY, IF, 15.383%, 11/15/33		260
	2,680	Series 2802, Class OH, 6.000%, 05/15/34		2,922
	93	Series 2835, Class QO, PO, 12/15/32		85
	16	Series 2840, Class JO, PO, 06/15/23		15
	958	Series 2903, Class Z, 5.000%, 12/15/24		1,042
	658	Series 2929, Class MS, HB, IF, 25.926%, 02/15/35		1,044
	1,999	Series 2934, Class EC, PO, 02/15/20		1,954
	595	Series 2934, Class HI, IO, 5.000%, 02/15/20		36
	364	Series 2934, Class KI, IO, 5.000%, 02/15/20		19
	142	Series 2945, Class SA, IF, 11.380%, 03/15/20		152
	270	Series 2967, Class S, HB, IF, 31.033%, 04/15/25		411
	9,187	Series 2968, Class EH, 6.000%, 04/15/35		10,972
	512	Series 2968, Class MD, 5.500%, 12/15/33		520
	943	Series 2981, Class FA, VAR, 0.908%, 05/15/35		942

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1,027	Series 2988, Class AF, VAR, 0.808%, 06/15/35		1,021
	21	Series 2989, Class PO, PO, 06/15/23		21
	534	Series 2990, Class GO, PO, 02/15/35		506
	1,093	Series 2990, Class SL, HB, IF, 22.632%, 06/15/34		1,506
	102	Series 2990, Class WP, IF, 15.718%, 06/15/35		122
	84	Series 3014, Class OD, PO, 08/15/35		81
	167	Series 3022, Class SX, IF, 15.606%, 08/15/25		214
	506	Series 3029, Class SO, PO, 09/15/35		485
	320	Series 3051, Class DP, HB, IF, 25.794%, 10/15/25		477
	591	Series 3064, Class SG, IF, 18.308%, 11/15/35		860
	15	Series 3068, Class AO, PO, 01/15/35		14
	946	Series 3077, Class TO, PO, 04/15/35		867
	981	Series 3085, Class WF, VAR, 1.308%, 08/15/35		1,000
	2,255	Series 3101, Class UZ, 6.000%, 01/15/36		2,606
	173	Series 3102, Class HS, HB, IF, 22.705%, 01/15/36		275
	1,874	Series 3117, Class AO, PO, 02/15/36		1,763
	431	Series 3117, Class EO, PO, 02/15/36		396
	613	Series 3117, Class OG, PO, 02/15/36		576
	372	Series 3117, Class OK, PO, 02/15/36		328
	1,155	Series 3122, Class OH, PO, 03/15/36		1,086
	1,061	Series 3122, Class OP, PO, 03/15/36		997
	18	Series 3122, Class ZB, 6.000%, 03/15/36		24
	120	Series 3134, Class PO, PO, 03/15/36		111
	1,393	Series 3137, Class XP, 6.000%, 04/15/36		1,613
	643	Series 3138, Class PO, PO, 04/15/36		588
	2,152	Series 3147, Class PO, PO, 04/15/36		2,020
	126	Series 3149, Class SO, PO, 05/15/36		115
	519	Series 3151, Class PO, PO, 05/15/36		501
	860	Series 3153, Class EO, PO, 05/15/36		765
	283	Series 3164, Class MG, 6.000%, 06/15/36		319
	2,015	Series 3171, Class MO, PO, 06/15/36		1,912
	402	Series 3179, Class OA, PO, 07/15/36		377
	1,804	Series 3181, Class AZ, 6.500%, 07/15/36		2,096
	174	Series 3194, Class SA, IF, IO, 6.592%, 07/15/36		20
	1,335	Series 3195, Class PD, 6.500%, 07/15/36		1,514
	2,791	Series 3200, Class AY, 5.500%, 08/15/36		3,137
	576	Series 3200, Class PO, PO, 08/15/36		528

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	8,513	Series 3202, Class HI, IF, IO, 6.142%, 08/15/36		1,649
	356	Series 3213, Class OA, PO, 09/15/36		341
	245	Series 3218, Class AO, PO, 09/15/36		211
	551	Series 3218, Class BE, 6.000%, 09/15/35		556
	1,200	Series 3219, Class DI, IO, 6.000%, 04/15/36		213
	671	Series 3225, Class EO, PO, 10/15/36		616
	734	Series 3232, Class ST, IF, IO, 6.192%, 10/15/36		132
	177	Series 3233, Class OP, PO, 05/15/36		169
	1,307	Series 3253, Class PO, PO, 12/15/21		1,282
	318	Series 3256, Class PO, PO, 12/15/36		291
	584	Series 3260, Class CS, IF, IO, 5.632%, 01/15/37		82
	316	Series 3261, Class OA, PO, 01/15/37		302
	1,197	Series 3274, Class B, 6.000%, 02/15/37		1,325
	164	Series 3274, Class JO, PO, 02/15/37		153
	716	Series 3275, Class FL, VAR, 0.948%, 02/15/37		716
	4,897	Series 3284, Class CB, 5.000%, 03/15/22		5,122
	299	Series 3286, Class PO, PO, 03/15/37		275
	930	Series 3290, Class SB, IF, IO, 5.942%, 03/15/37		149
	959	Series 3302, Class UT, 6.000%, 04/15/37		1,098
	708	Series 3305, Class MG, IF, 2.728%, 07/15/34		752
	2,330	Series 3315, Class HZ, 6.000%, 05/15/37		2,484
	709	Series 3316, Class PO, PO, 05/15/37		679
	38	Series 3318, Class AO, PO, 05/15/37		35
	174	Series 3326, Class JO, PO, 06/15/37		166
	1,062	Series 3329, Class JD, 6.000%, 06/15/36		1,093
	364	Series 3331, Class PO, PO, 06/15/37		345
	853	Series 3344, Class SL, IF, IO, 6.092%, 07/15/37		140
	475	Series 3365, Class PO, PO, 09/15/37		452
	267	Series 3371, Class FA, VAR, 1.108%, 09/15/37		268
	416	Series 3373, Class TO, PO, 04/15/37		397
	2,644	Series 3383, Class SA, IF, IO, 5.942%, 11/15/37		363
	3,998	Series 3387, Class SA, IF, IO, 5.912%, 11/15/37		661
	1,580	Series 3393, Class JO, PO, 09/15/32		1,475
	142	Series 3398, Class PO, PO, 01/15/36		142
	4,756	Series 3404, Class SC, IF, IO, 5.492%, 01/15/38		707

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	203	Series 3422, Class SE, IF, 16.181%, 02/15/38		273
	4,714	Series 3423, Class PB, 5.500%, 03/15/38		5,380
	1,882	Series 3424, Class PI, IF, IO, 6.292%, 04/15/38		297
	262	Series 3443, Class SY, IF, 9.000%, 03/15/37		321
	1,272	Series 3453, Class B, 5.500%, 05/15/38		1,392
	2,064	Series 3455, Class SE, IF, IO, 5.692%, 06/15/38		334
	290	Series 3461, Class LZ, 6.000%, 06/15/38		330
	5,845	Series 3461, Class Z, 6.000%, 06/15/38		6,608
	3,721	Series 3481, Class SJ, IF, IO, 5.342%, 08/15/38		446
	2,961	Series 3501, Class CB, 5.500%, 01/15/39		3,355
	856	Series 3510, Class OD, PO, 02/15/37		773
	1,572	Series 3511, Class SA, IF, IO, 5.492%, 02/15/39		281
	397	Series 3523, Class SD, IF, 18.266%, 06/15/36		542
	1,930	Series 3531, Class SA, IF, IO, 5.792%, 05/15/39		235
	1,119	Series 3531, Class SM, IF, IO, 5.592%, 05/15/39		114
	1,450	Series 3546, Class A, VAR, 2.261%, 02/15/39		1,482
	1,047	Series 3549, Class FA, VAR, 1.708%, 07/15/39		1,063
	1,210	Series 3607, Class AO, PO, 04/15/36		1,154
	2,218	Series 3607, Class BO, PO, 04/15/36		2,114
	2,812	Series 3607, Class OP, PO, 07/15/37		2,573
	3,597	Series 3607, Class PO, PO, 05/15/37		3,220
	1,692	Series 3607, Class TO, PO, 10/15/39		1,496
	2,061	Series 3608, Class SC, IF, IO, 5.742%, 12/15/39		307
	1,896	Series 3611, Class PO, PO, 07/15/34		1,812
	1,794	Series 3614, Class QB, 4.000%, 12/15/24		1,989
	1,714	Series 3621, Class BO, PO, 01/15/40		1,577
	4,125	Series 3632, Class BS, IF, 15.808%, 02/15/40		6,105
	996	Series 3645, Class KZ, 5.500%, 08/15/36		1,086
	6,098	Series 3654, Class DC, 5.000%, 04/15/30		7,227
	2,540	Series 3659, Class VE, 5.000%, 03/15/26		2,725
	10,432	Series 3680, Class MA, 4.500%, 07/15/39		11,276
	6,278	Series 3684, Class CY, 4.500%, 06/15/25		7,029
	1,293	Series 3688, Class CU, VAR, 6.729%, 11/15/21		1,355

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 35

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	12,071	Series 3688, Class GT, VAR, 7.277%, 11/15/46		14,053
	26,029	Series 3704, Class CT, 7.000%, 12/15/36		30,890
	10,518	Series 3704, Class DT, 7.500%, 11/15/36		12,558
	9,254	Series 3704, Class ET, 7.500%, 12/15/36		11,349
	5,070	Series 3710, Class FL, VAR, 1.008%, 05/15/36		5,097
	9,281	Series 3740, Class SB, IF, IO, 5.492%, 10/15/40		1,508
	7,376	Series 3740, Class SC, IF, IO, 5.492%, 10/15/40		1,256
	9,393	Series 3747, Class HI, IO, 4.500%, 07/15/37		349
	8,302	Series 3759, Class HI, IO, 4.000%, 08/15/37		338
	5,132	Series 3760, Class GI, IO, 4.000%, 10/15/37		162
	3,374	Series 3760, Class NI, IO, 4.000%, 10/15/37		75
	4,415	Series 3779, Class IH, IO, 4.000%, 11/15/34		109
	6,000	Series 3793, Class AB, 3.500%, 01/15/26		6,481
	5,401	Series 3795, Class EI, IO, 5.000%, 10/15/39		849
	207	Series 3798, Class BF, VAR, 0.808%, 06/15/24		207
	2,755	Series 3800, Class AI, IO, 4.000%, 11/15/29		178
	2,257	Series 3801, Class GB, 4.500%, 11/15/40		2,269
	22,639	Series 3802, Class LS, IF, IO, 1.952%, 01/15/40		1,451
	11,319	Series 3819, Class ZQ, 6.000%, 04/15/36		12,909
	4,452	Series 3852, Class QN, IF, 5.500%, 05/15/41		4,912
	11,896	Series 3852, Class TP, IF, 5.500%, 05/15/41		12,822
	9,581	Series 3860, Class PZ, 5.000%, 05/15/41		12,112
	1,649	Series 3895, Class WA, VAR, 5.703%, 10/15/38		1,865
	4,443	Series 3920, Class LP, 5.000%, 01/15/34		4,937
	10,835	Series 3957, Class B, 4.000%, 11/15/41		11,602
	2,882	Series 3966, Class BF, VAR, 1.008%, 10/15/40		2,898
	5,170	Series 3966, Class NA, 4.000%, 12/15/41		5,596
	8,680	Series 3998, Class GF, VAR, 0.958%, 05/15/36		8,713
	11,044	Series 4012, Class FN, VAR, 1.008%, 03/15/42		11,078

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	5,123	Series 4032, Class TO, PO, 07/15/37		4,841
	11,761	Series 4048, Class FB, VAR, 0.908%, 10/15/41		11,755
	19,432	Series 4048, Class FJ, VAR, 0.867%, 07/15/37		19,164
	2,511	Series 4073, Class MF, VAR, 0.958%, 08/15/39		2,518
	5,506	Series 4077, Class FB, VAR, 1.008%, 07/15/42		5,512
	8,609	Series 4087, Class FA, VAR, 0.958%, 05/15/39		8,586
	6,966	Series 4095, Class FB, VAR, 0.908%, 04/15/39		7,009
	1,794	Series 4217, Class KY, 3.000%, 06/15/43		1,866
	7,929	Series 4219, Class JA, 3.500%, 08/15/39		8,345
	4,297	Series 4238, Class WY, 3.000%, 08/15/33		4,452
	5,256	Series 4257, Class DZ, 2.500%, 10/15/43		4,938
	23,843	Series 4374, Class NC, SUB, 2.750%, 02/15/46		24,694
		Federal Home Loan Mortgage Corp. STRIPS,
	1	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	979	Series 197, Class PO, PO, 04/01/28		865
	2,101	Series 233, Class 11, IO, 5.000%, 09/15/35		306
	1,765	Series 233, Class 12, IO, 5.000%, 09/15/35		268
	3,318	Series 233, Class 13, IO, 5.000%, 09/15/35		496
	6,287	Series 239, Class S30, IF, IO, 7.192%, 08/15/36		1,137
	682	Series 243, Class 16, IO, 4.500%, 11/15/20		29
	464	Series 243, Class 17, IO, 4.500%, 12/15/20		23
	77,638	Series 262, Class 35, 3.500%, 07/15/42		82,618
	29,599	Series 264, Class F1, VAR, 1.058%, 07/15/42		29,584
	12,167	Series 270, Class F1, VAR, 1.008%, 08/15/42		12,135
	6,417	Series 299, Class 300, 3.000%, 01/15/43		6,677
	11,761	Series 310, Class PO, PO, 09/15/43		10,258
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	687	Series T-41, Class 3A, VAR, 5.853%, 07/25/32		734
	2,849	Series T-42, Class A5, 7.500%, 02/25/42		3,414
	2,058	Series T-48, Class 1A, VAR, 5.316%, 07/25/33		2,461

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	444	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		546
	2,768	Series T-54, Class 2A, 6.500%, 02/25/43		3,334
	938	Series T-54, Class 3A, 7.000%, 02/25/43		1,127
	6,571	Series T-56, Class A5, 5.231%, 05/25/43		7,352
	680	Series T-57, Class 1A3, 7.500%, 07/25/43		842
	265	Series T-57, Class 1AP, PO, 07/25/43		231
	3,734	Series T-58, Class 4A, 7.500%, 09/25/43		4,514
	311	Series T-58, Class APO, PO, 09/25/43		272
	3,744	Series T-59, Class 1A2, 7.000%, 10/25/43		4,500
	346	Series T-59, Class 1AP, PO, 10/25/43		292
	6,626	Series T-62, Class 1A1, VAR, 1.689%, 10/25/44		6,756
	17,458	Series T-76, Class 2A, VAR, 1.665%, 10/25/37		18,372
		Federal National Mortgage Association - ACES,
	16,423	Series 2010-M1, Class A2, 4.450%, 09/25/19		17,739
	6,569	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		7,078
	5,317	Series 2010-M7, Class A2, 3.655%, 11/25/20		5,656
	8,968	Series 2011-M1, Class A3, 3.763%, 06/25/21		9,767
	7,770	Series 2011-M2, Class A2, 3.645%, 04/25/21		8,344
	52,463	Series 2011-M2, Class A3, 3.764%, 04/25/21		56,998
	28,877	Series 2011-M4, Class A2, 3.726%, 06/25/21		31,392
	6,139	Series 2011-M8, Class A2, 2.922%, 08/25/21		6,462
	6,457	Series 2012-M8, Class ASQ3, 1.801%, 12/25/19		6,519
	4,610	Series 2012-M11, Class FA, VAR, 0.980%, 08/25/19		4,591
	11,791	Series 2013-M7, Class A2, 2.280%, 12/27/22		12,087
	11,658	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		12,048
	4,118	Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		4,295
	16,876	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		18,539
	24,000	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		26,086
	359	Series 2014-M5, Class FA, VAR, 0.825%, 01/25/17		358

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,280	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		3,493
	25,000	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		26,098
	11,740	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		12,552
	12,039	Series 2015-M1, Class A2, 2.532%, 09/25/24		12,429
	12,578	Series 2015-M2, Class A3, VAR, 3.150%, 12/25/24		13,344
	30,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		31,377
	7,298	Series 2015-M7, Class A2, 2.590%, 12/25/24		7,562
	10,000	Series 2015-M8, Class A2, VAR, 2.900%, 01/25/25		10,605
	57,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		61,590
	64,822	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		68,719
		Federal National Mortgage Association Grantor Trust,
	1,063	Series 1999-T2, Class A1, VAR, 7.500%, 01/19/39		1,214
	1,489	Series 2001-T3, Class A1, 7.500%, 11/25/40		1,791
	1,557	Series 2002-T16, Class A2, 7.000%, 07/25/42		1,859
	432	Series 2004-T1, Class 1A2, 6.500%, 01/25/44		519
	3,223	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		3,849
	1,922	Series 2004-T2, Class 2A, VAR, 3.663%, 07/25/43		1,992
	4,578	Series 2004-T3, Class 1A2, 6.500%, 02/25/44		5,189
	1,886	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		2,249
	426	Series 2004-T3, Class PT1, VAR, 9.140%, 01/25/44		385
		Federal National Mortgage Association REMIC,
	3	Series 1988-7, Class Z, 9.250%, 04/25/18		3
	14	Series 1989-70, Class G, 8.000%, 10/25/19		15
	8	Series 1989-78, Class H, 9.400%, 11/25/19		8
	9	Series 1989-83, Class H, 8.500%, 11/25/19		10

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 37

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	5		Series 1989-89, Class H, 9.000%, 11/25/19		5
	5		Series 1990-1, Class D, 8.800%, 01/25/20		6
	2		Series 1990-7, Class B, 8.500%, 01/25/20		2
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	3		Series 1990-63, Class H, 9.500%, 06/25/20		4
	3		Series 1990-93, Class G, 5.500%, 08/25/20		3
	—	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	26		Series 1990-102, Class J, 6.500%, 08/25/20		28
	15		Series 1990-120, Class H, 9.000%, 10/25/20		16
	2		Series 1990-134, Class SC, HB, IF, 20.813%, 11/25/20		3
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	5		Series 1991-24, Class Z, 5.000%, 03/25/21		5
	3		Series 1991-42, Class S, IF, 16.757%, 05/25/21		4
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	182		Series 1992-117, Class MA, 8.000%, 07/25/22		201
	29		Series 1992-136, Class PK, 6.000%, 08/25/22		31
	20		Series 1992-143, Class MA, 5.500%, 09/25/22		22
	220		Series 1992-150, Class M, 8.000%, 09/25/22		243
	74		Series 1992-163, Class M, 7.750%, 09/25/22		82
	105		Series 1992-188, Class PZ, 7.500%, 10/25/22		118
	47		Series 1993-21, Class KA, 7.700%, 03/25/23		53
	107		Series 1993-25, Class J, 7.500%, 03/25/23		118
	19		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		26
	282		Series 1993-37, Class PX, 7.000%, 03/25/23		310

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	101	Series 1993-54, Class Z, 7.000%, 04/25/23		111
	1,093	Series 1993-56, Class PZ, 7.000%, 05/25/23		1,212
	49	Series 1993-62, Class SA, IF, 18.923%, 04/25/23		68
	537	Series 1993-99, Class Z, 7.000%, 07/25/23		585
	27	Series 1993-122, Class M, 6.500%, 07/25/23		29
	583	Series 1993-136, Class ZB, VAR, 6.792%, 07/25/23		638
	888	Series 1993-141, Class Z, 7.000%, 08/25/23		975
	25	Series 1993-165, Class SD, IF, 13.393%, 09/25/23		33
	32	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		36
	46	Series 1993-178, Class PK, 6.500%, 09/25/23		51
	23	Series 1993-179, Class SB, HB, IF, 26.731%, 10/25/23		36
	15	Series 1993-179, Class SC, IF, 10.500%, 10/25/23		19
	705	Series 1993-183, Class KA, 6.500%, 10/25/23		811
	310	Series 1993-189, Class PL, 6.500%, 10/25/23		343
	7	Series 1993-199, Class FA, VAR, 1.074%, 10/25/23		7
	41	Series 1993-205, Class H, PO, 09/25/23		40
	68	Series 1993-225, Class UB, 6.500%, 12/25/23		76
	20	Series 1993-230, Class FA, VAR, 1.124%, 12/25/23		20
	57	Series 1993-247, Class FE, VAR, 1.524%, 12/25/23		57
	69	Series 1993-247, Class SA, HB, IF, 27.956%, 12/25/23		112
	26	Series 1993-247, Class SU, IF, 12.260%, 12/25/23		34
	5	Series 1994-9, Class E, PO, 11/25/23		5
	230	Series 1994-37, Class L, 6.500%, 03/25/24		254
	1,241	Series 1994-40, Class Z, 6.500%, 03/25/24		1,354
	1,788	Series 1994-62, Class PK, 7.000%, 04/25/24		1,981

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	811		Series 1994-63, Class PK, 7.000%, 04/25/24		909
	44		Series 1995-2, Class Z, 8.500%, 01/25/25		51
	260		Series 1995-19, Class Z, 6.500%, 11/25/23		299
	436		Series 1996-14, Class SE, IF, IO, 9.170%, 08/25/23		95
	—	(h)	Series 1996-27, Class FC, VAR, 1.024%, 03/25/17		—	(h)
	448		Series 1996-48, Class Z, 7.000%, 11/25/26		496
	37		Series 1996-59, Class J, 6.500%, 08/25/22		40
	85		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		3
	279		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		9
	72		Series 1997-27, Class J, 7.500%, 04/18/27		80
	109		Series 1997-29, Class J, 7.500%, 04/20/27		127
	268		Series 1997-32, Class PG, 6.500%, 04/25/27		308
	444		Series 1997-39, Class PD, 7.500%, 05/20/27		518
	23		Series 1997-42, Class ZC, 6.500%, 07/18/27		27
	462		Series 1997-61, Class ZC, 7.000%, 02/25/23		512
	115		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		13
	16		Series 1998-4, Class C, PO, 04/25/23		15
	162		Series 1998-36, Class ZB, 6.000%, 07/18/28		185
	83		Series 1998-43, Class SA, IF, IO, 19.057%, 04/25/23		32
	149		Series 1998-66, Class SB, IF, IO, 7.626%, 12/25/28		25
	90		Series 1999-17, Class C, 6.350%, 04/25/29		99
	341		Series 1999-18, Class Z, 5.500%, 04/18/29		379
	36		Series 1999-38, Class SK, IF, IO, 7.526%, 08/25/23		3
	42		Series 1999-52, Class NS, HB, IF, 21.912%, 10/25/23		63
	127		Series 1999-62, Class PB, 7.500%, 12/18/29		148

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	697	Series 2000-2, Class ZE, 7.500%, 02/25/30		799
	249	Series 2000-20, Class SA, IF, IO, 8.576%, 07/25/30		65
	32	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		6
	172	Series 2001-4, Class PC, 7.000%, 03/25/21		185
	92	Series 2001-7, Class PF, 7.000%, 03/25/31		106
	258	Series 2001-30, Class PM, 7.000%, 07/25/31		295
	461	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		89
	485	Series 2001-36, Class DE, 7.000%, 08/25/31		565
	628	Series 2001-44, Class MY, 7.000%, 09/25/31		723
	127	Series 2001-44, Class PD, 7.000%, 09/25/31		144
	106	Series 2001-44, Class PU, 7.000%, 09/25/31		123
	1,014	Series 2001-48, Class Z, 6.500%, 09/25/21		1,128
	105	Series 2001-49, Class Z, 6.500%, 09/25/31		121
	80	Series 2001-52, Class KB, 6.500%, 10/25/31		90
	846	Series 2001-60, Class PX, 6.000%, 11/25/31		970
	348	Series 2001-60, Class QS, HB, IF, 22.665%, 09/25/31		622
	824	Series 2001-61, Class Z, 7.000%, 11/25/31		935
	4	Series 2001-71, Class MB, 6.000%, 12/25/16		4
	1	Series 2001-71, Class QE, 6.000%, 12/25/16		1
	28	Series 2001-72, Class SX, IF, 16.245%, 12/25/31		40
	22	Series 2001-74, Class MB, 6.000%, 12/25/16		22
	35	Series 2001-81, Class LO, PO, 01/25/32		33
	372	Series 2002-1, Class G, 7.000%, 07/25/23		412
	164	Series 2002-1, Class HC, 6.500%, 02/25/22		183
	117	Series 2002-1, Class SA, HB, IF, 23.483%, 02/25/32		202

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 39

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	57		Series 2002-1, Class UD, HB, IF, 22.665%, 12/25/23		86
	17		Series 2002-2, Class UC, 6.000%, 02/25/17		17
	8		Series 2002-3, Class OG, 6.000%, 02/25/17		8
	1,022		Series 2002-5, Class PK, 6.000%, 02/25/22		1,127
	—	(h)	Series 2002-7, Class OG, 6.000%, 03/25/17		—	(h)
	904		Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		46
	13		Series 2002-13, Class ST, IF, 10.000%, 03/25/32		17
	2,118		Series 2002-15, Class ZA, 6.000%, 04/25/32		2,430
	19		Series 2002-16, Class PG, 6.000%, 04/25/17		19
	2		Series 2002-19, Class PE, 6.000%, 04/25/17		2
	27		Series 2002-21, Class LO, PO, 04/25/32		25
	397		Series 2002-21, Class PE, 6.500%, 04/25/32		451
	55		Series 2002-24, Class AJ, 6.000%, 04/25/17		56
	807		Series 2002-28, Class PK, 6.500%, 05/25/32		903
	31		Series 2002-31, Class S, IF, 18.061%, 05/25/17		33
	314		Series 2002-37, Class Z, 6.500%, 06/25/32		365
	6		Series 2002-38, Class QE, 6.000%, 06/25/17		6
	902		Series 2002-48, Class GH, 6.500%, 08/25/32		1,048
	1,253		Series 2002-54, Class PG, 6.000%, 09/25/22		1,389
	38		Series 2002-57, Class AE, 5.500%, 09/25/17		38
	29		Series 2002-63, Class KC, 5.000%, 10/25/17		29
	208		Series 2002-71, Class AP, 5.000%, 11/25/32		226
	142		Series 2002-77, Class S, IF, 13.522%, 12/25/32		175
	2,131		Series 2002-78, Class Z, 5.500%, 12/25/32		2,307
	480		Series 2002-83, Class CS, 6.881%, 08/25/23		528

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	732	Series 2002-90, Class A1, 6.500%, 06/25/42		868
	313	Series 2003-9, Class NZ, 6.500%, 02/25/33		352
	415	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		60
	2,191	Series 2003-17, Class EQ, 5.500%, 03/25/23		2,398
	3,314	Series 2003-22, Class UD, 4.000%, 04/25/33		3,559
	4,078	Series 2003-23, Class EQ, 5.500%, 04/25/23		4,477
	117	Series 2003-32, Class KC, 5.000%, 05/25/18		120
	1,377	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		251
	606	Series 2003-34, Class AX, 6.000%, 05/25/33		698
	2,023	Series 2003-34, Class ED, 6.000%, 05/25/33		2,274
	574	Series 2003-34, Class GB, 6.000%, 03/25/33		605
	1,075	Series 2003-34, Class GE, 6.000%, 05/25/33		1,265
	112	Series 2003-35, Class EA, PO, 05/25/33		102
	143	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		31
	946	Series 2003-39, Class LW, 5.500%, 05/25/23		1,021
	178	Series 2003-42, Class GB, 4.000%, 05/25/33		191
	928	Series 2003-47, Class PE, 5.750%, 06/25/33		1,057
	212	Series 2003-52, Class SX, HB, IF, 21.377%, 10/25/31		316
	377	Series 2003-64, Class SX, IF, 12.515%, 07/25/33		477
	973	Series 2003-71, Class DS, IF, 6.808%, 08/25/33		1,103
	3,596	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		598
	1,660	Series 2003-73, Class HC, 5.500%, 08/25/33		1,877
	81	Series 2003-74, Class SH, IF, 9.226%, 08/25/33		94
	272	Series 2003-80, Class SY, IF, IO, 7.126%, 06/25/23		7
	592	Series 2003-81, Class HC, 4.750%, 09/25/18		606

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	436	Series 2003-82, Class VB, 5.500%, 08/25/33		440
	848	Series 2003-83, Class PG, 5.000%, 06/25/23		881
	263	Series 2003-91, Class SD, IF, 11.626%, 09/25/33		321
	11,668	Series 2003-105, Class AZ, 5.500%, 10/25/33		13,283
	1,817	Series 2003-116, Class SB, IF, IO, 7.076%, 11/25/33		407
	9,182	Series 2003-122, Class ZJ, 6.000%, 12/25/33		10,763
	428	Series 2003-130, Class CS, IF, 13.051%, 12/25/33		482
	107	Series 2003-130, Class SX, IF, 10.733%, 01/25/34		131
	223	Series 2003-131, Class SK, IF, 15.151%, 01/25/34		280
	101	Series 2003-132, Class OA, PO, 08/25/33		97
	1,228	Series 2004-4, Class QI, IF, IO, 6.576%, 06/25/33		124
	913	Series 2004-4, Class QM, IF, 13.151%, 06/25/33		1,126
	615	Series 2004-10, Class SC, HB, IF, 26.502%, 02/25/34		746
	2,957	Series 2004-17, Class H, 5.500%, 04/25/34		3,317
	150	Series 2004-21, Class AE, 4.000%, 04/25/19		153
	1,016	Series 2004-25, Class SA, IF, 18.083%, 04/25/34		1,510
	1,661	Series 2004-28, Class PF, VAR, 0.924%, 03/25/34		1,662
	3,706	Series 2004-36, Class FA, VAR, 0.924%, 05/25/34		3,704
	424	Series 2004-36, Class PC, 5.500%, 02/25/34		443
	1,584	Series 2004-36, Class SA, IF, 18.083%, 05/25/34		2,443
	304	Series 2004-36, Class SN, IF, 13.151%, 07/25/33		342
	1,810	Series 2004-46, Class EP, PO, 03/25/34		1,704
	334	Series 2004-46, Class QB, HB, IF, 21.902%, 05/25/34		505
	265	Series 2004-46, Class SK, IF, 15.058%, 05/25/34		349
	6,577	Series 2004-50, Class VZ, 5.500%, 07/25/34		7,332

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	239	Series 2004-51, Class SY, IF, 13.191%, 07/25/34		319
	236	Series 2004-53, Class NC, 5.500%, 07/25/24		256
	173	Series 2004-59, Class BG, PO, 12/25/32		164
	4,161	Series 2004-61, Class FH, VAR, 1.324%, 11/25/32		4,254
	101	Series 2004-61, Class SH, HB, IF, 21.891%, 11/25/32		150
	272	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		328
	2,110	Series 2004-65, Class EY, 5.500%, 08/25/24		2,321
	242	Series 2004-74, Class SW, IF, 14.485%, 11/25/31		342
	744	Series 2004-79, Class S, IF, 18.358%, 08/25/32		866
	306	Series 2004-79, Class SP, IF, 18.358%, 11/25/34		384
	167	Series 2004-81, Class AC, 4.000%, 11/25/19		171
	3,420	Series 2004-81, Class JG, 5.000%, 11/25/24		3,718
	2,083	Series 2004-87, Class F, VAR, 1.274%, 01/25/34		2,122
	1,687	Series 2005-25, Class PF, VAR, 0.874%, 04/25/35		1,683
	160	Series 2005-42, Class PS, IF, 15.689%, 05/25/35		205
	21	Series 2005-52, Class PA, 6.500%, 06/25/35		22
	1,204	Series 2005-56, Class S, IF, IO, 6.186%, 07/25/35		234
	575	Series 2005-56, Class TP, IF, 16.577%, 08/25/33		775
	182	Series 2005-57, Class CD, HB, IF, 23.159%, 01/25/35		229
	17	Series 2005-57, Class DC, HB, IF, 20.071%, 12/25/34		18
	551	Series 2005-59, Class SU, HB, IF, 22.878%, 06/25/35		821
	431	Series 2005-66, Class SG, IF, 16.064%, 07/25/35		638
	1,984	Series 2005-67, Class EY, 5.500%, 08/25/25		2,205
	1,799	Series 2005-68, Class PG, 5.500%, 08/25/35		2,037
	549	Series 2005-68, Class UC, 5.000%, 06/25/35		576

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 41

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	864	Series 2005-72, Class SB, IF, 15.564%, 08/25/35		1,189
	627	Series 2005-73, Class PS, IF, 15.389%, 08/25/35		882
	9,627	Series 2005-73, Class ZB, 5.500%, 08/25/35		10,359
	472	Series 2005-74, Class CP, HB, IF, 22.827%, 05/25/35		687
	2,059	Series 2005-74, Class CS, IF, 18.578%, 05/25/35		2,911
	1,415	Series 2005-74, Class SK, IF, 18.688%, 05/25/35		2,006
	216	Series 2005-75, Class SV, HB, IF, 22.102%, 09/25/35		338
	1,801	Series 2005-84, Class XM, 5.750%, 10/25/35		1,963
	738	Series 2005-90, Class ES, IF, 15.564%, 10/25/35		996
	287	Series 2005-90, Class PO, PO, 09/25/35		275
	1,238	Series 2005-93, Class MF, VAR, 0.774%, 08/25/34		1,238
	3,627	Series 2005-106, Class US, HB, IF, 22.644%, 11/25/35		5,598
	368	Series 2005-109, Class PC, 6.000%, 12/25/35		410
	5,075	Series 2005-110, Class GL, 5.500%, 12/25/35		5,964
	1,386	Series 2005-121, Class DX, 5.500%, 01/25/26		1,513
	4,094	Series 2006-8, Class JZ, 5.500%, 03/25/36		4,646
	9,898	Series 2006-8, Class WN, IF, IO, 6.176%, 03/25/36		2,097
	2,700	Series 2006-8, Class WQ, PO, 03/25/36		2,366
	240	Series 2006-11, Class PS, HB, IF, 22.644%, 03/25/36		371
	3,860	Series 2006-12, Class BZ, 5.500%, 03/25/36		4,377
	191	Series 2006-15, Class OT, PO, 01/25/36		186
	1,584	Series 2006-16, Class HZ, 5.500%, 03/25/36		1,702
	298	Series 2006-16, Class OA, PO, 03/25/36		274
	930	Series 2006-22, Class AO, PO, 04/25/36		850
	1,668	Series 2006-23, Class FK, VAR, 0.774%, 04/25/36		1,656
	465	Series 2006-23, Class KO, PO, 04/25/36		422
	1,073	Series 2006-27, Class OH, PO, 04/25/36		1,009
	305	Series 2006-33, Class LS, HB, IF, 27.790%, 05/25/36		550

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	693	Series 2006-39, Class WC, 5.500%, 01/25/36		759
	769	Series 2006-43, Class DO, PO, 06/25/36		737
	260	Series 2006-43, Class PO, PO, 06/25/36		249
	527	Series 2006-44, Class GO, PO, 06/25/36		499
	1,368	Series 2006-44, Class P, PO, 12/25/33		1,304
	600	Series 2006-46, Class FW, VAR, 0.924%, 06/25/36		599
	96	Series 2006-46, Class SW, HB, IF, 22.277%, 06/25/36		142
	914	Series 2006-46, Class UC, 5.500%, 12/25/35		993
	1,764	Series 2006-50, Class JO, PO, 06/25/36		1,690
	2,216	Series 2006-50, Class PS, PO, 06/25/36		2,112
	2,255	Series 2006-53, Class US, IF, IO, 6.056%, 06/25/36		324
	4,910	Series 2006-56, Class FC, VAR, 0.814%, 07/25/36		4,893
	171	Series 2006-58, Class AP, PO, 07/25/36		163
	529	Series 2006-58, Class FL, VAR, 0.984%, 07/25/36		530
	891	Series 2006-58, Class IG, IF, IO, 5.996%, 07/25/36		170
	327	Series 2006-58, Class PO, PO, 07/25/36		312
	304	Series 2006-59, Class QO, PO, 01/25/33		299
	286	Series 2006-60, Class AK, HB, IF, 26.702%, 07/25/36		530
	1,135	Series 2006-60, Class DO, PO, 04/25/35		1,086
	230	Series 2006-62, Class PS, HB, IF, 36.754%, 07/25/36		450
	3,482	Series 2006-63, Class ZH, 6.500%, 07/25/36		4,100
	606	Series 2006-65, Class QO, PO, 07/25/36		559
	7,338	Series 2006-71, Class ZL, 6.000%, 07/25/36		8,429
	1,087	Series 2006-72, Class GO, PO, 08/25/36		1,031
	216	Series 2006-72, Class TO, PO, 08/25/36		207
	2,633	Series 2006-77, Class PC, 6.500%, 08/25/36		3,042
	607	Series 2006-78, Class BZ, 6.500%, 08/25/36		687
	1,911	Series 2006-79, Class DF, VAR, 0.874%, 08/25/36		1,908
	453	Series 2006-79, Class DO, PO, 08/25/36		427
	576	Series 2006-79, Class OP, PO, 08/25/36		556
	428	Series 2006-85, Class MZ, 6.500%, 09/25/36		485

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	584	Series 2006-86, Class OB, PO, 09/25/36		561
	597	Series 2006-90, Class AO, PO, 09/25/36		562
	267	Series 2006-94, Class GK, HB, IF, 30.628%, 10/25/26		453
	358	Series 2006-95, Class SG, HB, IF, 24.102%, 10/25/36		578
	154	Series 2006-109, Class PO, PO, 11/25/36		147
	990	Series 2006-110, Class PO, PO, 11/25/36		947
	408	Series 2006-111, Class EO, PO, 11/25/36		390
	505	Series 2006-113, Class PO, PO, 07/25/36		493
	116	Series 2006-115, Class ES, HB, IF, 24.462%, 12/25/36		180
	492	Series 2006-115, Class OK, PO, 12/25/36		450
	2,370	Series 2006-117, Class GS, IF, IO, 6.126%, 12/25/36		263
	1,443	Series 2006-118, Class A1, VAR, 0.584%, 12/25/36		1,411
	5,501	Series 2006-118, Class A2, VAR, 0.584%, 12/25/36		5,484
	207	Series 2006-119, Class PO, PO, 12/25/36		196
	827	Series 2006-128, Class BP, 5.500%, 01/25/37		886
	478	Series 2006-128, Class PO, PO, 01/25/37		446
	1,549	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		259
	73	Series 2007-1, Class SD, HB, IF, 35.854%, 02/25/37		187
	810	Series 2007-7, Class SG, IF, IO, 5.976%, 08/25/36		226
	1,874	Series 2007-10, Class FD, VAR, 0.774%, 02/25/37		1,866
	4,119	Series 2007-14, Class ES, IF, IO, 5.916%, 03/25/37		728
	435	Series 2007-14, Class OP, PO, 03/25/37		401
	413	Series 2007-15, Class NO, PO, 03/25/22		399
	1,517	Series 2007-16, Class FC, VAR, 1.274%, 03/25/37		1,537
	1,708	Series 2007-18, Class MZ, 6.000%, 03/25/37		1,870
	167	Series 2007-22, Class SC, IF, IO, 5.556%, 03/25/37		28
	1,435	Series 2007-28, Class EO, PO, 04/25/37		1,383
	878	Series 2007-29, Class SG, HB, IF, 20.918%, 04/25/37		1,312
	1,570	Series 2007-35, Class SI, IF, IO, 5.576%, 04/25/37		249
	301	Series 2007-42, Class AO, PO, 05/25/37		290

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,592	Series 2007-42, Class B, 6.000%, 05/25/37		5,202
	761	Series 2007-43, Class FL, VAR, 0.824%, 05/25/37		758
	3,100	Series 2007-53, Class SH, IF, IO, 5.576%, 06/25/37		437
	4,865	Series 2007-54, Class FA, VAR, 0.924%, 06/25/37		4,862
	1,060	Series 2007-54, Class WI, IF, IO, 5.576%, 06/25/37		198
	10,157	Series 2007-60, Class AX, IF, IO, 6.626%, 07/25/37		2,379
	601	Series 2007-62, Class SE, IF, 15.189%, 07/25/37		794
	885	Series 2007-64, Class FB, VAR, 0.894%, 07/25/37		886
	3,473	Series 2007-65, Class KI, IF, IO, 6.096%, 07/25/37		451
	1,026	Series 2007-67, Class PO, PO, 07/25/37		930
	2,519	Series 2007-70, Class Z, 5.500%, 07/25/37		2,844
	6,300	Series 2007-72, Class EK, IF, IO, 5.876%, 07/25/37		1,091
	1,465	Series 2007-76, Class AZ, 5.500%, 08/25/37		1,602
	1,847	Series 2007-76, Class ZG, 6.000%, 08/25/37		2,069
	1,149	Series 2007-77, Class FG, VAR, 1.024%, 03/25/37		1,152
	403	Series 2007-78, Class CB, 6.000%, 08/25/37		455
	2,148	Series 2007-78, Class PE, 6.000%, 08/25/37		2,416
	891	Series 2007-79, Class SB, HB, IF, 22.094%, 08/25/37		1,351
	2,531	Series 2007-81, Class GE, 6.000%, 08/25/37		2,773
	230	Series 2007-85, Class SL, IF, 14.839%, 09/25/37		323
	3,153	Series 2007-88, Class VI, IF, IO, 6.016%, 09/25/37		655
	3,399	Series 2007-91, Class ES, IF, IO, 5.936%, 10/25/37		508
	492	Series 2007-92, Class YA, 6.500%, 06/25/37		554
	820	Series 2007-92, Class YS, IF, IO, 5.256%, 06/25/37		121
	566	Series 2007-97, Class FC, VAR, 1.024%, 07/25/37		568

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 43

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,285	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		279
	371	Series 2007-98, Class FB, VAR, 0.974%, 06/25/37		387
	3,115	Series 2007-100, Class SM, IF, IO, 5.926%, 10/25/37		557
	11,213	Series 2007-101, Class A2, VAR, 0.774%, 06/27/36		10,952
	1,274	Series 2007-106, Class A7, VAR, 6.150%, 10/25/37		1,423
	235	Series 2007-108, Class SA, IF, IO, 5.836%, 12/25/37		38
	3,935	Series 2007-109, Class AI, IF, IO, 5.876%, 12/25/37		528
	2,777	Series 2007-112, Class MJ, 6.500%, 12/25/37		3,288
	3,263	Series 2007-112, Class SA, IF, IO, 5.926%, 12/25/37		658
	9,360	Series 2007-114, Class A6, VAR, 0.724%, 10/27/37		9,341
	8,690	Series 2007-116, Class HI, IO, VAR, 1.641%, 01/25/38		621
	3,715	Series 2008-1, Class BI, IF, IO, 5.386%, 02/25/38		612
	6,119	Series 2008-4, Class SD, IF, IO, 5.476%, 02/25/38		1,044
	913	Series 2008-10, Class XI, IF, IO, 5.706%, 03/25/38		134
	1,032	Series 2008-16, Class IS, IF, IO, 5.676%, 03/25/38		167
	812	Series 2008-18, Class FA, VAR, 1.424%, 03/25/38		824
	396	Series 2008-18, Class SP, IF, 12.951%, 03/25/38		502
	1,518	Series 2008-20, Class SA, IF, IO, 6.466%, 03/25/38		291
	1,373	Series 2008-27, Class SN, IF, IO, 6.376%, 04/25/38		225
	476	Series 2008-28, Class QS, IF, 19.127%, 04/25/38		690
	1,028	Series 2008-32, Class SA, IF, IO, 6.326%, 04/25/38		167
	3,861	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		2
	389	Series 2008-42, Class AO, PO, 09/25/36		374
	45	Series 2008-44, Class PO, PO, 05/25/38		43
	3,529	Series 2008-46, Class HI, IO, VAR, 1.891%, 06/25/38		231

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	682	Series 2008-47, Class SI, IF, IO, 5.976%, 06/25/23		58
	931	Series 2008-53, Class CI, IF, IO, 6.676%, 07/25/38		174
	4,206	Series 2008-55, Class S, IF, IO, 7.076%, 07/25/28		703
	722	Series 2008-56, Class AC, 5.000%, 07/25/38		790
	831	Series 2008-60, Class JC, 5.000%, 07/25/38		920
	1,606	Series 2008-61, Class BH, 4.500%, 07/25/23		1,694
	541	Series 2008-76, Class GF, VAR, 1.174%, 09/25/23		542
	3,324	Series 2008-80, Class SA, IF, IO, 5.326%, 09/25/38		476
	1,838	Series 2008-81, Class SB, IF, IO, 5.326%, 09/25/38		276
	202	Series 2009-4, Class BD, 4.500%, 02/25/39		215
	2,169	Series 2009-6, Class GS, IF, IO, 6.026%, 02/25/39		451
	1,029	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		66
	3,806	Series 2009-11, Class NB, 5.000%, 03/25/29		4,155
	721	Series 2009-15, Class MI, IO, 5.000%, 03/25/24		28
	1,711	Series 2009-17, Class QS, IF, IO, 6.126%, 03/25/39		251
	409	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		21
	2,843	Series 2009-19, Class PW, 4.500%, 10/25/36		3,102
	107	Series 2009-47, Class MT, 7.000%, 07/25/39		119
	1,472	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		189
	5,333	Series 2009-59, Class HB, 5.000%, 08/25/39		5,975
	6,247	Series 2009-60, Class HT, 6.000%, 08/25/39		7,149
	125	Series 2009-63, Class P, 5.000%, 03/25/37		137
	4,432	Series 2009-65, Class MT, 5.000%, 09/25/39		4,727
	2,697	Series 2009-69, Class WA, VAR, 6.021%, 09/25/39		3,108
	1,481	Series 2009-70, Class CO, PO, 01/25/37		1,362

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,395	Series 2009-84, Class WS, IF, IO, 5.376%, 10/25/39		170
	3,447	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		500
	8,719	Series 2009-86, Class OT, PO, 10/25/37		7,944
	1,691	Series 2009-99, Class SC, IF, IO, 5.656%, 12/25/39		250
	4,030	Series 2009-99, Class WA, VAR, 6.295%, 12/25/39		4,630
	6,171	Series 2009-103, Class MB, VAR, 2.800%, 12/25/39		6,506
	2,608	Series 2009-112, Class ST, IF, IO, 5.726%, 01/25/40		447
	797	Series 2009-113, Class AO, PO, 01/25/40		752
	1,070	Series 2010-1, Class WA, VAR, 6.218%, 02/25/40		1,235
	1,769	Series 2010-14, Class FJ, VAR, 1.124%, 03/25/40		1,791
	3,264	Series 2010-16, Class WA, VAR, 6.443%, 03/25/40		3,826
	3,006	Series 2010-16, Class WB, VAR, 6.239%, 03/25/40		3,472
	2,200	Series 2010-35, Class SB, IF, IO, 5.896%, 04/25/40		296
	2,392	Series 2010-35, Class SJ, IF, 15.919%, 04/25/40		3,316
	389	Series 2010-39, Class OT, PO, 10/25/35		368
	1,535	Series 2010-40, Class FJ, VAR, 1.124%, 04/25/40		1,546
	1,325	Series 2010-42, Class S, IF, IO, 5.876%, 05/25/40		230
	1,466	Series 2010-43, Class FD, VAR, 1.124%, 05/25/40		1,479
	445	Series 2010-45, Class BD, 4.500%, 11/25/38		456
	5,239	Series 2010-49, Class SC, IF, 11.611%, 03/25/40		6,723
	8,753	Series 2010-58, Class MB, 5.500%, 06/25/40		9,693
	1,305	Series 2010-63, Class AP, PO, 06/25/40		1,180
	12,755	Series 2010-64, Class DM, 5.000%, 06/25/40		14,145
	6,103	Series 2010-71, Class HJ, 5.500%, 07/25/40		6,837
	1,794	Series 2010-102, Class PN, 5.000%, 09/25/40		2,159
	1,581	Series 2010-103, Class SB, IF, IO, 5.576%, 11/25/49		214

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	7,918	Series 2010-111, Class AE, 5.500%, 04/25/38		8,146
	17,488	Series 2010-111, Class AM, 5.500%, 10/25/40		20,610
	12,866	Series 2010-125, Class SA, IF, IO, 3.916%, 11/25/40		1,231
	10,126	Series 2010-147, Class SA, IF, IO, 6.006%, 01/25/41		2,385
	2,702	Series 2010-148, Class MA, 4.000%, 02/25/39		2,783
	1,930	Series 2011-2, Class WA, VAR, 5.822%, 02/25/51		2,134
	507	Series 2011-17, Class EF, VAR, 0.824%, 07/25/25		508
	4,613	Series 2011-19, Class ZY, 6.500%, 07/25/36		5,304
	969	Series 2011-22, Class MA, 6.500%, 04/25/38		1,063
	22,185	Series 2011-30, Class LS, IO, VAR, 1.880%, 04/25/41		1,576
	9,416	Series 2011-31, Class DB, 3.500%, 04/25/31		10,117
	5,965	Series 2011-39, Class ZA, 6.000%, 11/25/32		6,834
	5,018	Series 2011-47, Class ZA, 5.500%, 07/25/38		5,498
	633	Series 2011-58, Class WA, VAR, 5.450%, 07/25/51		710
	3,529	Series 2011-75, Class FA, VAR, 1.038%, 08/25/41		3,571
	3,363	Series 2011-101, Class FM, VAR, 1.074%, 01/25/41		3,379
	1,890	Series 2011-111, Class DF, VAR, 0.924%, 12/25/38		1,893
	19,860	Series 2011-118, Class LB, 7.000%, 11/25/41		23,587
	26,236	Series 2011-118, Class MT, 7.000%, 11/25/41		31,175
	22,806	Series 2011-118, Class NT, 7.000%, 11/25/41		26,955
	1,149	Series 2011-149, Class EF, VAR, 1.024%, 07/25/41		1,152
	4,083	Series 2011-149, Class MF, VAR, 1.024%, 11/25/41		4,086
	4,144	Series 2012-14, Class FB, VAR, 0.974%, 08/25/37		4,158
	39,256	Series 2012-47, Class HF, VAR, 0.924%, 05/25/27		39,264

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 45

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	6,227		Series 2012-87, Class KF, VAR, 0.974%, 09/25/37		6,258
	4,623		Series 2012-89, Class FD, VAR, 0.974%, 04/25/39		4,649
	10,862		Series 2012-97, Class FB, VAR, 1.024%, 09/25/42		10,779
	4,891		Series 2012-99, Class FA, VAR, 0.974%, 09/25/42		4,928
	3,023		Series 2012-101, Class FC, VAR, 1.024%, 09/25/42		3,023
	9,816		Series 2012-108, Class F, VAR, 1.024%, 10/25/42		9,827
	5,884		Series 2013-4, Class AJ, 3.500%, 02/25/43		6,176
	6,000		Series 2013-81, Class TA, 3.000%, 02/25/43		5,989
	16,432		Series 2013-92, Class PO, PO, 09/25/43		14,098
	7,887		Series 2013-100, Class WB, 3.000%, 10/25/33		8,077
	12,773		Series 2013-101, Class DO, PO, 10/25/43		11,012
	27,824		Series 2013-128, Class PO, PO, 12/25/43		23,859
	11,901		Series 2013-135, Class PO, PO, 01/25/44		10,319
	25,947		Series 2016-38, Class NA, 3.000%, 01/25/46		27,264
	4		Series G-14, Class L, 8.500%, 06/25/21		5
	—	(h)	Series G-17, Class S, HB, VAR, 1,026.982%, 06/25/21		1
	18		Series G-18, Class Z, 8.750%, 06/25/21		20
	—	(h)	Series G-22, Class G, 6.000%, 12/25/16		—	(h)
	11		Series G-28, Class S, IF, 14.576%, 09/25/21		13
	34		Series G-35, Class M, 8.750%, 10/25/21		37
	5		Series G-51, Class SA, HB, IF, 26.181%, 12/25/21		7
	—	(h)	Series G92-27, Class SQ, HB, IF, 11,389.778%, 05/25/22		5
	167		Series G92-35, Class E, 7.500%, 07/25/22		184
	—	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		1
	15		Series G92-42, Class Z, 7.000%, 07/25/22		17
	57		Series G92-44, Class ZQ, 8.000%, 07/25/22		58
	24		Series G92-45, Class Z, 6.000%, 08/25/22		24
	16		Series G92-52, Class FD, VAR, 0.545%, 09/25/22		16
	159		Series G92-54, Class ZQ, 7.500%, 09/25/22		173

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	14		Series G92-59, Class F, VAR, 1.390%, 10/25/22		14
	31		Series G92-61, Class Z, 7.000%, 10/25/22		35
	23		Series G92-62, Class B, PO, 10/25/22		22
	110		Series G93-1, Class KA, 7.900%, 01/25/23		123
	44		Series G93-5, Class Z, 6.500%, 02/25/23		49
	33		Series G93-14, Class J, 6.500%, 03/25/23		37
	74		Series G93-17, Class SI, IF, 6.000%, 04/25/23		84
	66		Series G93-27, Class FD, VAR, 1.404%, 08/25/23		67
	15		Series G93-37, Class H, PO, 09/25/23		14
	71		Series G95-1, Class C, 8.800%, 01/25/25		80
			Federal National Mortgage Association REMIC Trust,
	1,340		Series 2003-W1, Class 1A1, VAR, 5.632%, 12/25/42		1,520
	350		Series 2003-W1, Class 2A, VAR, 6.307%, 12/25/42		411
	203		Series 2003-W4, Class 2A, VAR, 6.264%, 10/25/42		231
	6,098		Series 2004-W10, Class A6, 5.750%, 08/25/34		7,134
	1,119		Series 2004-W11, Class 1A1, 6.000%, 05/25/44		1,328
	1,946		Series 2005-W1, Class 1A2, 6.500%, 10/25/44		2,295
	1,875		Series 2006-W3, Class 2A, 6.000%, 09/25/46		2,101
	574		Series 2007-W3, Class 1A3, 6.750%, 04/25/37		643
	574		Series 2007-W5, Class PO, PO, 06/25/37		530
	424		Series 2007-W7, Class 1A4, HB, IF, 36.034%, 07/25/37		653
	265		Series 2007-W10, Class 2A, VAR, 6.348%, 08/25/47		302
	9,641		Series 2009-W1, Class A, 6.000%, 12/25/49		11,050
			Federal National Mortgage Association STRIPS,
	—	(h)	Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	1		Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	14		Series 218, Class 2, IO, 7.500%, 04/25/23		3
	11		Series 265, Class 2, 9.000%, 03/25/24		13
	1,078		Series 300, Class 1, PO, 09/25/24		957
	150		Series 329, Class 1, PO, 01/25/33		137
	201		Series 339, Class 18, IO, 4.500%, 07/25/18		6

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	283	Series 339, Class 21, IO, 4.500%, 08/25/18		6
	141	Series 339, Class 28, IO, 5.500%, 08/25/18		4
	195	Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		35
	809	Series 365, Class 8, IO, 5.500%, 05/25/36		149
	53	Series 368, Class 3, IO, 4.500%, 11/25/20		2
	530	Series 374, Class 5, IO, 5.500%, 08/25/36		99
	544	Series 383, Class 33, IO, 6.000%, 01/25/38		92
	221	Series 393, Class 6, IO, 5.500%, 04/25/37		36
	27,453	Series 411, Class F1, VAR, 1.074%, 08/25/42		27,410
	9,720	Series 412, Class F2, VAR, 1.024%, 08/25/42		9,676
		Federal National Mortgage Association Trust,
	1,253	Series 2003-W2, Class 1A1, 6.500%, 07/25/42		1,474
	722	Series 2003-W2, Class 2A9, 5.900%, 07/25/42		829
	4,790	Series 2003-W6, Class 2A4, 5.204%, 09/25/42		5,517
	2,062	Series 2003-W6, Class 3A, 6.500%, 09/25/42		2,429
	2,517	Series 2003-W8, Class 2A, 7.000%, 10/25/42		2,983
	457	Series 2003-W8, Class 3F1, VAR, 0.924%, 05/25/42		453
	449	Series 2004-W1, Class 1A6, 5.040%, 11/25/43		449
	3,323	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		3,965
	772	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		902
	791	Series 2004-W8, Class 3A, 7.500%, 06/25/44		902
	2,187	Series 2004-W15, Class 2AF, VAR, 0.774%, 08/25/44		2,176
	17,659	Series 2005-W3, Class 2AF, VAR, 0.744%, 03/25/45		17,185
	962	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		1,105
	8,184	Series 2006-W2, Class 1AF1, VAR, 0.744%, 02/25/46		8,176
	2,404	Series 2006-W2, Class 2A, VAR, 2.518%, 11/25/45		2,554

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	15,834	Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, VAR, 0.784%, 11/25/46		15,864
		Government National Mortgage Association,
	1,626	Series 1994-7, Class PQ, 6.500%, 10/16/24		1,837
	1,502	Series 1999-4, Class ZB, 6.000%, 02/20/29		1,690
	146	Series 1999-30, Class S, IF, IO, 8.093%, 08/16/29		35
	205	Series 1999-40, Class ZW, 7.500%, 11/20/29		238
	168	Series 2000-9, Class Z, 8.000%, 06/20/30		201
	1,798	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,120
	1,610	Series 2000-21, Class Z, 9.000%, 03/16/30		1,953
	260	Series 2000-31, Class Z, 9.000%, 10/20/30		300
	153	Series 2000-35, Class ZA, 9.000%, 11/20/30		164
	14	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		2
	71	Series 2001-6, Class SD, IF, IO, 8.043%, 03/16/31		24
	776	Series 2001-22, Class PS, IF, 19.689%, 03/17/31		1,277
	189	Series 2001-35, Class SA, IF, IO, 7.743%, 08/16/31		64
	176	Series 2001-36, Class S, IF, IO, 7.543%, 08/16/31		59
	741	Series 2002-24, Class AG, IF, IO, 7.443%, 04/16/32		158
	68	Series 2002-24, Class SB, IF, 11.165%, 04/16/32		86
	83	Series 2002-31, Class S, IF, IO, 8.193%, 01/16/31		22
	1,489	Series 2002-31, Class SE, IF, IO, 6.993%, 04/16/30		271
	724	Series 2002-40, Class UK, 6.500%, 06/20/32		856
	24	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		31
	2,800	Series 2002-45, Class QE, 6.500%, 06/20/32		3,327
	837	Series 2002-47, Class PG, 6.500%, 07/16/32		985
	294	Series 2002-47, Class PY, 6.000%, 07/20/32		332

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 47

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,410	Series 2002-47, Class ZA, 6.500%, 07/20/32		1,671
	946	Series 2002-52, Class GH, 6.500%, 07/20/32		1,133
	149	Series 2002-70, Class PS, IF, IO, 7.188%, 08/20/32		4
	1,265	Series 2002-75, Class PB, 6.000%, 11/20/32		1,487
	738	Series 2003-11, Class SK, IF, IO, 7.193%, 02/16/33		134
	325	Series 2003-12, Class SP, IF, IO, 7.188%, 02/20/33		86
	117	Series 2003-24, Class PO, PO, 03/16/33		109
	3,270	Series 2003-25, Class PZ, 5.500%, 04/20/33		3,717
	2,830	Series 2003-40, Class TJ, 6.500%, 03/20/33		3,252
	1,004	Series 2003-46, Class MG, 6.500%, 05/20/33		1,183
	842	Series 2003-46, Class TC, 6.500%, 03/20/33		960
	563	Series 2003-52, Class AP, PO, 06/16/33		492
	1,528	Series 2003-58, Class BE, 6.500%, 01/20/33		1,745
	1,909	Series 2003-75, Class ZX, 6.000%, 09/16/33		2,164
	90	Series 2003-90, Class PO, PO, 10/20/33		84
	1,293	Series 2003-97, Class SA, IF, IO, 6.043%, 11/16/33		209
	1,113	Series 2003-112, Class SA, IF, IO, 6.043%, 12/16/33		238
	432	Series 2003-112, Class TS, IF, IO, 6.438%, 10/20/32		4
	209	Series 2003-114, Class SH, IF, 13.774%, 11/17/32		257
	517	Series 2004-28, Class S, IF, 18.269%, 04/16/34		780
	1,029	Series 2004-46, Class PO, PO, 06/20/34		985
	3,680	Series 2004-49, Class Z, 6.000%, 06/20/34		4,200
	476	Series 2004-71, Class SB, HB, IF, 26.948%, 09/20/34		804
	476	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		533
	556	Series 2004-73, Class AE, IF, 13.810%, 08/17/34		680
	3,705	Series 2004-73, Class JL, IF, IO, 6.043%, 09/16/34		718

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	121	Series 2004-83, Class AP, IF, 13.162%, 10/16/34		146
	175	Series 2004-87, Class SB, IF, 7.088%, 03/17/33		187
	381	Series 2004-89, Class LS, HB, IF, 22.526%, 10/16/34		601
	5,833	Series 2004-90, Class SI, IF, IO, 5.588%, 10/20/34		895
	3,017	Series 2004-96, Class SC, IF, IO, 5.568%, 11/20/34		480
	4,125	Series 2005-3, Class SK, IF, IO, 6.238%, 01/20/35		665
	131	Series 2005-7, Class JM, IF, 15.605%, 05/18/34		165
	792	Series 2005-35, Class FL, VAR, 0.862%, 03/20/32		792
	184	Series 2005-44, Class SP, IF, 11.175%, 10/20/34		209
	433	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		83
	27	Series 2005-65, Class SA, HB, IF, 20.791%, 08/20/35		39
	209	Series 2005-66, Class SP, IF, 19.145%, 08/16/35		314
	1,870	Series 2005-68, Class DP, IF, 15.213%, 06/17/35		2,654
	8,631	Series 2005-68, Class KI, IF, IO, 5.788%, 09/20/35		1,494
	2,811	Series 2005-72, Class AZ, 5.500%, 09/20/35		3,156
	485	Series 2005-82, Class PO, PO, 10/20/35		443
	798	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		140
	710	Series 2006-16, Class OP, PO, 03/20/36		681
	657	Series 2006-20, Class QA, 5.750%, 02/20/36		710
	975	Series 2006-22, Class AO, PO, 05/20/36		931
	3,995	Series 2006-33, Class Z, 6.500%, 07/20/36		4,776
	142	Series 2006-34, Class PO, PO, 07/20/36		135
	156	Series 2006-38, Class SW, IF, IO, 5.988%, 06/20/36		18
	5,303	Series 2006-38, Class ZK, 6.500%, 08/20/36		6,234
	2,322	Series 2006-57, Class PZ, 5.565%, 10/20/36		2,596
	1,315	Series 2006-59, Class SD, IF, IO, 6.188%, 10/20/36		221

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,142	Series 2006-65, Class SA, IF, IO, 6.288%, 11/20/36		420
	2,064	Series 2007-9, Class CI, IF, IO, 5.688%, 03/20/37		346
	3,322	Series 2007-17, Class JI, IF, IO, 6.303%, 04/16/37		669
	1,289	Series 2007-17, Class JO, PO, 04/16/37		1,167
	1,301	Series 2007-19, Class SD, IF, IO, 5.688%, 04/20/37		202
	788	Series 2007-25, Class FN, VAR, 0.807%, 05/16/37		787
	2,618	Series 2007-26, Class SC, IF, IO, 5.688%, 05/20/37		488
	2,324	Series 2007-27, Class SD, IF, IO, 5.688%, 05/20/37		465
	211	Series 2007-28, Class BO, PO, 05/20/37		194
	3,382	Series 2007-35, Class PO, PO, 06/16/37		3,268
	460	Series 2007-36, Class HO, PO, 06/16/37		439
	1,970	Series 2007-36, Class SE, IF, IO, 5.963%, 06/16/37		362
	2,063	Series 2007-36, Class SJ, IF, IO, 5.738%, 06/20/37		285
	1,997	Series 2007-40, Class SD, IF, IO, 6.238%, 07/20/37		357
	3,006	Series 2007-40, Class SN, IF, IO, 6.168%, 07/20/37		523
	2,870	Series 2007-45, Class QA, IF, IO, 6.128%, 07/20/37		587
	744	Series 2007-50, Class AI, IF, IO, 6.263%, 08/20/37		108
	1,862	Series 2007-53, Class ES, IF, IO, 6.038%, 09/20/37		344
	524	Series 2007-53, Class SW, IF, 18.668%, 09/20/37		737
	2,841	Series 2007-57, Class PO, PO, 03/20/37		2,696
	2,460	Series 2007-67, Class SI, IF, IO, 5.998%, 11/20/37		407
	765	Series 2007-71, Class SB, IF, IO, 6.188%, 07/20/36		33
	1,996	Series 2007-72, Class US, IF, IO, 6.038%, 11/20/37		350
	2,247	Series 2007-73, Class MI, IF, IO, 5.488%, 11/20/37		343
	1,962	Series 2007-74, Class SL, IF, IO, 6.033%, 11/16/37		332
	4,347	Series 2007-76, Class SB, IF, IO, 5.988%, 11/20/37		754
	3,159	Series 2007-79, Class SY, IF, IO, 6.038%, 12/20/37		567

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	151	Series 2008-1, Class PO, PO, 01/20/38		139
	245	Series 2008-7, Class SK, IF, 18.413%, 11/20/37		369
	343	Series 2008-7, Class SP, IF, 12.375%, 10/20/37		455
	503	Series 2008-17, Class IO, IO, 5.500%, 02/20/38		74
	504	Series 2008-20, Class PO, PO, 09/20/37		481
	532	Series 2008-29, Class PO, PO, 02/17/33		515
	3,530	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		389
	1,142	Series 2008-33, Class XS, IF, IO, 7.193%, 04/16/38		262
	5,381	Series 2008-36, Class AY, 5.000%, 04/16/23		5,605
	3,076	Series 2008-36, Class SH, IF, IO, 5.788%, 04/20/38		492
	9,417	Series 2008-40, Class SA, IF, IO, 5.893%, 05/16/38		1,841
	99	Series 2008-43, Class NA, 5.500%, 11/20/37		101
	1,577	Series 2008-50, Class KB, 6.000%, 06/20/38		1,805
	775	Series 2008-55, Class SA, IF, IO, 5.688%, 06/20/38		140
	2,794	Series 2008-60, Class CS, IF, IO, 5.638%, 07/20/38		385
	252	Series 2008-60, Class PO, PO, 01/20/38		249
	3,214	Series 2008-69, Class QD, 5.750%, 07/20/38		3,450
	1,031	Series 2008-71, Class SC, IF, IO, 5.488%, 08/20/38		134
	3,305	Series 2008-76, Class US, IF, IO, 5.388%, 09/20/38		465
	2,170	Series 2008-79, Class CS, IF, 6.288%, 06/20/35		2,494
	6,894	Series 2008-81, Class S, IF, IO, 5.688%, 09/20/38		1,028
	3,392	Series 2008-93, Class AS, IF, IO, 5.188%, 12/20/38		498
	6,169	Series 2008-95, Class DS, IF, IO, 6.788%, 12/20/38		1,246
	1,939	Series 2008-96, Class SL, IF, IO, 5.488%, 12/20/38		284
	1,488	Series 2009-6, Class SA, IF, IO, 5.593%, 02/16/39		239
	1,697	Series 2009-6, Class SH, IF, IO, 5.528%, 02/20/39		271

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 49

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,882	Series 2009-10, Class SA, IF, IO, 5.438%, 02/20/39		390
	763	Series 2009-10, Class SL, IF, IO, 5.993%, 03/16/34		29
	2,322	Series 2009-11, Class SC, IF, IO, 5.643%, 02/16/39		296
	888	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		196
	1,933	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		417
	5,243	Series 2009-22, Class SA, IF, IO, 5.758%, 04/20/39		818
	1,379	Series 2009-24, Class DS, IF, IO, 5.788%, 03/20/39		94
	1,441	Series 2009-25, Class SE, IF, IO, 7.088%, 09/20/38		278
	3,034	Series 2009-31, Class TS, IF, IO, 5.788%, 03/20/39		338
	642	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		97
	850	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		149
	1,073	Series 2009-35, Class SN, IF, IO, 5.893%, 12/16/38		61
	11,836	Series 2009-35, Class ZB, 5.500%, 05/16/39		14,236
	3,958	Series 2009-42, Class SC, IF, IO, 5.568%, 06/20/39		664
	2,727	Series 2009-43, Class SA, IF, IO, 5.438%, 06/20/39		432
	4,681	Series 2009-64, Class SN, IF, IO, 5.593%, 07/16/39		493
	959	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		128
	4,174	Series 2009-72, Class SM, IF, IO, 5.743%, 08/16/39		668
	2,753	Series 2009-75, Class MN, 5.500%, 09/20/39		3,362
	4,047	Series 2009-79, Class OK, PO, 11/16/37		3,850
	6,567	Series 2009-81, Class SB, IF, IO, 5.578%, 09/20/39		991
	5,694	Series 2009-102, Class SM, IF, IO, 5.893%, 06/16/39		457
	2,170	Series 2009-104, Class AB, 7.000%, 08/16/39		2,425
	5,587	Series 2009-106, Class AS, IF, IO, 5.893%, 11/16/39		936
	19,137	Series 2009-106, Class ST, IF, IO, 5.488%, 02/20/38		3,375

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	2,881	Series 2009-121, Class VA, 5.500%, 11/20/20		3,000
	1,371	Series 2010-14, Class AO, PO, 12/20/32		1,330
	763	Series 2010-14, Class BO, PO, 11/20/35		700
	2,549	Series 2010-14, Class CO, PO, 08/20/35		2,415
	3,041	Series 2010-14, Class QP, 6.000%, 12/20/39		3,173
	2,122	Series 2010-41, Class WA, VAR, 5.822%, 10/20/33		2,418
	1,079	Series 2010-103, Class WA, VAR, 5.725%, 08/20/34		1,217
	1,492	Series 2010-129, Class AW, VAR, 6.109%, 04/20/37		1,681
	7,169	Series 2010-130, Class CP, 7.000%, 10/16/40		8,442
	10,029	Series 2010-157, Class OP, PO, 12/20/40		9,090
	26,505	Series 2010-H17, Class XQ, VAR, 5.238%, 07/20/60		28,141
	713	Series 2011-22, Class WA, VAR, 5.937%, 02/20/37		800
	5,742	Series 2011-43, Class ZQ, 5.500%, 01/16/33		6,490
	4,948	Series 2011-75, Class SM, IF, IO, 6.088%, 05/20/41		1,065
	2,536	Series 2011-97, Class WA, VAR, 6.117%, 11/20/38		2,878
	3,560	Series 2011-137, Class WA, VAR, 5.537%, 07/20/40		4,033
	1,500	Series 2011-157, Class UY, 3.000%, 12/20/41		1,569
	8,401	Series 2011-163, Class WA, VAR, 5.861%, 12/20/38		9,609
	2,645	Series 2011-H05, Class FB, VAR, 0.968%, 12/20/60		2,635
	3,379	Series 2011-H06, Class FA, VAR, 0.918%, 02/20/61		3,360
	3,566	Series 2011-H19, Class FA, VAR, 0.938%, 08/20/61		3,549
	4,111	Series 2012-59, Class WA, VAR, 5.583%, 08/20/38		4,721
	5,259	Series 2012-141, Class WA, VAR, 4.529%, 11/16/41		5,818
	3,718	Series 2012-141, Class WB, VAR, 3.970%, 09/16/42		3,926
	5,569	Series 2012-141, Class WC, VAR, 3.714%, 01/20/42		5,907
	11,194	Series 2012-H08, Class FB, VAR, 1.068%, 03/20/62		11,192

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	8,231	Series 2012-H08, Class FS, VAR, 1.168%, 04/20/62		8,267
	66,592	Series 2012-H10, Class FA, VAR, 1.018%, 12/20/61		66,463
	6,110	Series 2012-H15, Class FA, VAR, 0.918%, 05/20/62		6,110
	2,556	Series 2012-H18, Class NA, VAR, 0.988%, 08/20/62		2,549
	26,015	Series 2012-H21, Class CF, VAR, 1.168%, 05/20/61		26,050
	26,529	Series 2012-H21, Class DF, VAR, 1.118%, 05/20/61		26,550
	28,063	Series 2012-H22, Class FD, VAR, 0.938%, 01/20/61		28,020
	5,984	Series 2012-H24, Class FA, VAR, 0.918%, 03/20/60		5,984
	8,605	Series 2012-H24, Class FD, VAR, 1.058%, 09/20/62		8,608
	4,376	Series 2012-H24, Class FE, VAR, 1.068%, 10/20/62		4,359
	14,865	Series 2012-H24, Class FG, VAR, 0.898%, 04/20/60		14,836
	13,806	Series 2012-H26, Class JA, VAR, 1.018%, 10/20/61		13,803
	19,360	Series 2012-H26, Class MA, VAR, 1.018%, 07/20/62		19,304
	8,395	Series 2012-H27, Class FB, VAR, 0.968%, 10/20/62		8,375
	31,457	Series 2012-H28, Class FA, VAR, 1.048%, 09/20/62		31,450
	28,213	Series 2012-H29, Class FA, VAR, 0.983%, 10/20/62		28,120
	4,242	Series 2012-H30, Class JA, VAR, 0.948%, 01/20/60		4,243
	7,027	Series 2012-H30, Class PA, VAR, 0.918%, 11/20/59		7,027
	25,850	Series 2012-H31, Class FD, VAR, 0.808%, 12/20/62		25,598
	5,262	Series 2013-26, Class AK, VAR, 4.662%, 09/20/41		5,736
	2,763	Series 2013-54, Class WA, VAR, 4.699%, 11/20/42		3,037
	1,972	Series 2013-75, Class WA, VAR, 5.220%, 06/20/40		2,173
	2,981	Series 2013-91, Class WA, VAR, 4.498%, 04/20/43		3,203
	3,874	Series 2013-147, Class BE, 4.000%, 12/20/39		4,400

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	27,483	Series 2013-H01, Class FA, 1.650%, 01/20/63		27,403
	12,026	Series 2013-H01, Class JA, VAR, 0.788%, 01/20/63		11,885
	9,757	Series 2013-H01, Class TA, VAR, 0.968%, 01/20/63		9,751
	1,189	Series 2013-H02, Class HF, VAR, 0.768%, 11/20/62		1,188
	2,844	Series 2013-H03, Class FA, VAR, 0.768%, 08/20/60		2,843
	37,102	Series 2013-H04, Class BA, 1.650%, 02/20/63		36,994
	2,645	Series 2013-H04, Class SA, VAR, 0.888%, 02/20/63		2,622
	3,460	Series 2013-H07, Class GA, VAR, 0.938%, 03/20/63		3,442
	10,911	Series 2013-H07, Class HA, VAR, 0.878%, 03/20/63		10,826
	9,119	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,163
	5,012	Series 2013-H07, Class MA, VAR, 1.018%, 04/20/62		5,010
	14,683	Series 2013-H08, Class FC, VAR, 0.918%, 02/20/63		14,594
	11,563	Series 2013-H09, Class HA, 1.650%, 04/20/63		11,526
	3,278	Series 2013-H14, Class FC, VAR, 0.938%, 06/20/63		3,261
	3,056	Series 2013-H14, Class FG, VAR, 0.938%, 05/20/63		3,041
	8,097	Series 2014-6, Class W, VAR, 5.463%, 01/20/39		8,998
	6,487	Series 2014-41, Class W, VAR, 4.655%, 10/20/42		7,045
	5,627	Series 2014-188, Class W, VAR, 4.674%, 10/20/41		6,182
	21,460	Series 2014-H01, Class FD, VAR, 1.118%, 01/20/64		21,503
	15,169	Series 2014-H05, Class FA, VAR, 1.158%, 02/20/64		15,238
	5,254	Series 2014-H06, Class HB, VAR, 1.118%, 03/20/64		5,263
	15,247	Series 2014-H09, Class TA, VAR, 1.068%, 04/20/64		15,244
	23,615	Series 2014-H10, Class TA, VAR, 1.068%, 04/20/64		23,613
	25,736	Series 2014-H11, Class VA, VAR, 0.968%, 06/20/64		25,597

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 51

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	25,202	Series 2014-H15, Class FA, VAR, 0.968%, 07/20/64		25,067
	18,959	Series 2014-H17, Class FC, VAR, 0.968%, 07/20/64		18,857
	22,579	Series 2014-H19, Class FE, VAR, 0.938%, 09/20/64		22,427
	10,791	Series 2014-H20, Class LF, VAR, 1.068%, 10/20/64		10,684
	6,111	Series 2015-91, Class W, VAR, 5.240%, 05/20/40		6,829
	7,973	Series 2015-137, Class WA, VAR, 5.488%, 01/20/38		9,012
	12,831	Series 2015-H02, Class FB, VAR, 1.012%, 12/20/64		12,773
	12,135	Series 2015-H03, Class FA, VAR, 0.968%, 12/20/64		12,087
	41,209	Series 2015-H05, Class FC, VAR, 0.948%, 02/20/65		40,937
	25,789	Series 2015-H06, Class FA, VAR, 0.948%, 02/20/65		25,651
	18,643	Series 2015-H07, Class ES, VAR, 0.000%, 02/20/65		18,541
	58,860	Series 2015-H08, Class FC, VAR, 0.950%, 03/20/65		58,473
	46,753	Series 2015-H10, Class FC, VAR, 0.948%, 04/20/65		46,438
	28,330	Series 2015-H12, Class FA, VAR, 0.948%, 05/20/65		28,144
	12,520	Series 2015-H15, Class FD, VAR, 0.908%, 06/20/65		12,406
	19,620	Series 2015-H15, Class FJ, VAR, 0.908%, 06/20/65		19,443
	26,343	Series 2015-H16, Class FG, VAR, 0.908%, 07/20/65		26,127
	29,897	Series 2015-H16, Class FL, VAR, 0.908%, 07/20/65		29,622
	21,747	Series 2015-H18, Class FA, VAR, 0.918%, 06/20/65		21,596
	21,913	Series 2015-H20, Class FA, VAR, 0.938%, 08/20/65		21,752
	19,265	Series 2015-H23, Class FB, VAR, 0.988%, 09/20/65		19,179
	6,139	Series 2015-H26, Class FG, VAR, 0.988%, 10/20/65		6,110
	13,355	Series 2015-H32, Class FH, VAR, 1.128%, 12/20/65		13,400
	61,600	Series 2016-H07, Class FA, VAR, 1.218%, 03/20/66		62,091

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	15,543	Series 2016-H07, Class FB, VAR, 1.218%, 03/20/66		15,666
	27,925	Series 2016-H11, Class FD, VAR, 0.868%, 05/20/66		27,949
		NCUA Guaranteed Notes Trust,
	16,295	Series 2010-R3, Class 1A, VAR, 1.054%, 12/08/20		16,324
	2,731	Series 2010-R3, Class 3A, 2.400%, 12/08/20		2,747
		Vendee Mortgage Trust,
	4,202	Series 1993-1, Class ZB, 7.250%, 02/15/23		4,708
	1,040	Series 1994-1, Class 1, VAR, 5.512%, 02/15/24		1,135
	3,208	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		3,610
	1,547	Series 1996-1, Class 1Z, 6.750%, 02/15/26 (e)		1,789
	696	Series 1996-2, Class 1Z, 6.750%, 06/15/26		799
	2,117	Series 1997-1, Class 2Z, 7.500%, 02/15/27		2,487
	1,432	Series 1998-1, Class 2E, 7.000%, 03/15/28 (e)		1,716
				3,740,099
		Non-Agency CMO — 2.4%
	27,651	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21 (e)		27,646
		Ajax Mortgage Loan Trust,
	13,257	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		13,165
	3,414	Series 2013-B, Class A, VAR, 3.500%, 02/25/51 (e)		3,396
	6,496	Series 2013-C, Class A, SUB, 4.500%, 03/25/53 (e)		6,696
	8,911	Series 2014-A, Class A, SUB, 4.000%, 10/25/57 (e)		8,865
	9,998	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		9,849
		Alternative Loan Trust,
	121	Series 2002-12, Class PO, PO, 11/25/32		92
	8,969	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		8,913
	2,595	Series 2005-1CB, Class 1A6, IF, IO, 6.576%, 03/25/35		586
	8,222	Series 2005-20CB, Class 3A8, IF, IO, 4.226%, 07/25/35		1,173

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	7,944	Series 2005-22T1, Class A2, IF, IO, 4.546%, 06/25/35		1,450
	3,559	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		3,464
	109	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		80
	28,392	Series 2005-37T1, Class A2, IF, IO, 4.526%, 09/25/35		5,412
	3,694	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		3,447
	14,653	Series 2005-54CB, Class 1A2, IF, IO, 4.326%, 11/25/35		2,272
	47	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		44
	1,493	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,379
	2,871	Series 2005-J1, Class 1A4, IF, IO, 4.576%, 02/25/35		160
		American General Mortgage Loan Trust,
	374	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		385
	2,313	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		2,327
		Angel Oak Mortgage Trust LLC,
	9,959	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		9,984
	4,533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		4,521
		ASG Resecuritization Trust,
	741	Series 2009-1, Class A60, VAR, 2.535%, 06/26/37 (e)		736
	7,986	Series 2009-3, Class A65, VAR, 2.379%, 03/26/37 (e)		7,942
	305	Series 2009-5, Class A50, VAR, 3.553%, 02/28/37 (e)		304
	2,390	Series 2010-2, Class A60, VAR, 2.014%, 01/28/37 (e)		2,364
	4,333	Series 2011-1, Class 2A35, 6.000%, 09/28/36 (e)		3,683
	3,380	Series 2011-1, Class 3A50, VAR, 3.101%, 11/28/35 (e)		3,333
		Banc of America Alternative Loan Trust,
	3,208	Series 2003-11, Class 1A1, 6.000%, 01/25/34		3,284
	2,511	Series 2003-11, Class 2A1, 6.000%, 01/25/34		2,575
	368	Series 2003-11, Class PO, PO, 01/25/34		290
	800	Series 2004-1, Class 1A1, 6.000%, 02/25/34		849

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	295	Series 2004-1, Class 5A1, 5.500%, 02/25/19		297
	91	Series 2004-6, Class 15PO, PO, 07/25/19		90
	623	Series 2004-8, Class 3A1, 5.500%, 09/25/19		610
	591	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		550
	1,793	Series 2005-9, Class CBIO, IO, 5.500%, 10/25/35		442
		Banc of America Funding Trust,
	407	Series 2004-1, Class PO, PO, 03/25/34		321
	577	Series 2004-2, Class 1CB1, 5.750%, 09/20/34		597
	872	Series 2004-C, Class 1A1, VAR, 3.082%, 12/20/34		855
	521	Series 2005-6, Class 2A7, 5.500%, 10/25/35		498
	398	Series 2005-7, Class 30PO, PO, 11/25/35		305
	154	Series 2005-8, Class 30PO, PO, 01/25/36		112
	942	Series 2005-E, Class 4A1, VAR, 2.938%, 03/20/35 (e)		946
	244	Series 2006-1, Class XPO, PO, 01/25/36		193
	2,266	Series 2010-R11A, Class 1A6, VAR, 5.079%, 08/26/35 (e)		2,272
		Banc of America Mortgage Trust,
	210	Series 2003-C, Class 3A1, VAR, 3.181%, 04/25/33 (e)		212
	1,479	Series 2003-E, Class 2A2, VAR, 3.275%, 06/25/33 (a)		1,474
	11	Series 2004-1, Class APO, PO, 02/25/34		10
	355	Series 2004-3, Class 15IO, IO, VAR, 0.229%, 04/25/19		1
	474	Series 2004-3, Class 1A26, 5.500%, 04/25/34		475
	44	Series 2004-4, Class APO, PO, 05/25/34		37
	557	Series 2004-5, Class 2A2, 5.500%, 06/25/34		563
	108	Series 2004-5, Class 4A1, 4.750%, 06/25/19		108
	292	Series 2004-9, Class 3A1, 6.500%, 09/25/32 (e)		303
	3	Series 2004-9, Class 3PO, PO, 09/25/32		3
	804	Series 2004-J, Class 3A1, VAR, 3.150%, 11/25/34		788
	498	Series 2005-1, Class 2A1, 5.000%, 02/25/20		505
		BCAP LLC Trust,
	1,923	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		1,994

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 53

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,117	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		1,117
	2,787	Series 2009-RR14, Class 3A2, VAR, 2.893%, 08/26/35 (e)		2,792
	1,028	Series 2010-RR5, Class 2A5, VAR, 5.402%, 04/26/37 (e)		1,034
	325	Series 2010-RR6, Class 22A3, VAR, 2.919%, 06/26/36 (e)		324
	584	Series 2010-RR7, Class 1A5, VAR, 3.021%, 04/26/35 (e)		579
	11,006	Series 2010-RR7, Class 2A1, VAR, 2.623%, 07/26/45 (e)		10,920
	5,046	Series 2010-RR8, Class 3A4, VAR, 3.087%, 05/26/35 (e)		4,964
	476	Series 2010-RR12, Class 2A5, VAR, 2.977%, 01/26/36 (e)		471
	1,151	Series 2010-RR12, Class 4A5, VAR, 3.010%, 10/26/36 (e)		1,141
	60	Series 2011-R11, Class 24A5, VAR, 3.000%, 08/26/22 (e)		60
	717	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		719
	6,121	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		6,175
	1,561	Series 2011-RR5, Class 11A3, VAR, 0.638%, 05/28/36 (e)		1,555
	8,444	Series 2011-RR10, Class 2A1, VAR, 1.352%, 09/26/37 (e)		8,164
	1,602	Series 2012-RR1, Class 5A1, VAR, 9.858%, 07/26/37 (e)		1,653
	5,398	Series 2012-RR3, Class 2A5, VAR, 2.404%, 05/26/37 (e)		5,382
	2,435	Series 2012-RR4, Class 8A3, VAR, 0.717%, 06/26/47 (e)		2,376
	3,093	Series 2012-RR10, Class 1A1, VAR, 0.718%, 02/26/37 (e)		3,000
	2,034	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, VAR, 1.024%, 03/25/35		1,985
		Bear Stearns ARM Trust,
	1,521	Series 2003-2, Class A5, VAR, 2.756%, 01/25/33 (e)		1,525
	205	Series 2003-7, Class 3A, VAR, 2.835%, 10/25/33		201
	910	Series 2004-2, Class 14A, VAR, 3.344%, 05/25/34		904
	4,962	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		4,985
	4,302	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		4,198

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	238	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-8, Class 1P, PO, 10/25/33		217
	79	Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates, Series 2004-1, Class P, PO, 02/25/34		68
		Chase Mortgage Finance Trust,
	867	Series 2007-A1, Class 1A3, VAR, 2.970%, 02/25/37		856
	1,769	Series 2007-A1, Class 2A1, VAR, 3.097%, 02/25/37		1,766
	242	Series 2007-A1, Class 7A1, VAR, 3.053%, 02/25/37		242
	1,033	Series 2007-A1, Class 9A1, VAR, 3.000%, 02/25/37		1,022
	710	Series 2007-A2, Class 1A1, VAR, 3.144%, 07/25/37		704
	1,062	Series 2007-A2, Class 2A1, VAR, 2.883%, 07/25/37		1,054
		CHL Mortgage Pass-Through Trust,
	156	Series 2002-18, Class PO, PO, 11/25/32		135
	475	Series 2004-3, Class A26, 5.500%, 04/25/34		476
	323	Series 2004-3, Class A4, 5.750%, 04/25/34		321
	2,107	Series 2004-5, Class 1A4, 5.500%, 06/25/34		2,175
	147	Series 2004-7, Class 2A1, VAR, 2.940%, 06/25/34		143
	641	Series 2004-8, Class 2A1, 4.500%, 06/25/19		653
	246	Series 2004-HYB1, Class 2A, VAR, 2.806%, 05/20/34		234
	1,137	Series 2004-HYB3, Class 2A, VAR, 2.761%, 06/20/34		1,080
	741	Series 2004-HYB6, Class A3, VAR, 2.792%, 11/20/34		706
	76	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		77
	358	Series 2005-14, Class A2, 5.500%, 07/25/35		345
	185	Series 2005-16, Class A23, 5.500%, 09/25/35		175
	2,712	Series 2005-22, Class 2A1, VAR, 2.755%, 11/25/35 (e)		2,221
		Citicorp Mortgage Securities Trust,
	133	Series 2006-1, Class 2A1, 5.000%, 02/25/21		137

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	883	Series 2006-4, Class 1A2, 6.000%, 08/25/36		887
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	1,869	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33 (e)		1,854
	12	Series 2003-UP2, Class PO1, PO, 12/25/18 (e)		10
		Citigroup Mortgage Loan Trust,
	5,758	Series 2008-AR4, Class 1A1A, VAR, 2.993%, 11/25/38 (e)		5,727
	1,249	Series 2009-5, Class 8A1, 6.000%, 06/25/36 (e)		1,261
	900	Series 2009-8, Class 4A1, 6.000%, 11/25/36 (e)		925
	4,624	Series 2009-10, Class 1A1, VAR, 2.631%, 09/25/33 (e)		4,651
	2,664	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		2,737
	2,160	Series 2009-11, Class 3A1, VAR, 5.750%, 05/25/37 (e)		2,180
	508	Series 2010-3, Class 4A1, VAR, 2.580%, 02/25/36 (e)		504
	492	Series 2010-7, Class 10A1, VAR, 2.762%, 02/25/35 (e)		488
	3,740	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		3,751
	5,359	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		5,381
	1,818	Series 2010-10, Class 2A1, VAR, 2.729%, 02/25/36 (e)		1,830
	4,081	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		4,163
		Citigroup Mortgage Loan Trust, Inc.,
	596	Series 2003-1, Class 2A5, 5.250%, 10/25/33		603
	104	Series 2003-1, Class 2A6, PO, 10/25/33		94
	80	Series 2003-1, Class PO2, PO, 10/25/33		65
	81	Series 2003-1, Class PO3, PO, 09/25/33		73
	73	Series 2003-UP3, Class A3, 7.000%, 09/25/33		74
	160	Series 2003-UST1, Class A1, 5.500%, 12/25/18		160
	35	Series 2003-UST1, Class PO1, PO, 12/25/18		33
	18	Series 2003-UST1, Class PO3, PO, 12/25/18		17
	496	Series 2004-UST1, Class A6, VAR, 2.645%, 08/25/34		476

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	331	Series 2005-1, Class 2A1A, VAR, 2.801%, 04/25/35		262
	1,655	Series 2005-2, Class 2A11, 5.500%, 05/25/35		1,691
	984	Series 2005-5, Class 1A2, VAR, 3.406%, 08/25/35 (e)		714
		Credit Suisse First Boston Mortgage Securities Corp.,
	11	Series 1997-2, Class A, 7.500%, 06/25/20 (e)		11
	1,090	Series 2003-1, Class DB1, VAR, 6.738%, 02/25/33		1,103
	1,077	Series 2003-21, Class 1A4, 5.250%, 09/25/33		1,104
	810	Series 2003-23, Class 1P, PO, 10/25/33		702
	160	Series 2003-23, Class 2A5, 5.000%, 10/25/18		160
	32	Series 2003-25, Class 2A1, 4.500%, 10/25/18		32
	1,589	Series 2003-27, Class 5A3, 5.250%, 11/25/33		1,607
	630	Series 2003-27, Class 5A4, 5.250%, 11/25/33		638
	589	Series 2003-AR15, Class 3A1, VAR, 3.187%, 06/25/33		583
	984	Series 2004-4, Class 2A4, 5.500%, 09/25/34		1,028
	623	Series 2004-5, Class 3A1, 5.250%, 08/25/19		632
	10	Series 2004-5, Class 5P, PO, 08/25/19		10
	1,564	Series 2004-8, Class 1A4, 5.500%, 12/25/34		1,635
	231	Series 2005-9, Class AP, PO, 10/25/35		167
	3,350	Series 2005-9, Class DX, IO, 5.500%, 10/25/35 (e)		193
	177	Series 2005-10, Class AP, PO, 11/25/35		112
	1,050	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		1,061
		CSMC,
	27,524	Series 2010-11R, Class A6, VAR, 1.493%, 06/28/47 (e)		26,490
	2,109	Series 2010-17R, Class 1A1, VAR, 2.792%, 06/26/36 (e)		2,124
	3,312	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		3,317
	1,060	Series 2011-6R, Class 3A1, VAR, 3.210%, 07/28/36 (e)		1,064

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 55

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,624	Series 2012-2R, Class 2A1, VAR, 2.631%, 03/27/47 (e)		1,607
	2,404	Series 2012-3R, Class 1A1, VAR, 2.715%, 07/27/37 (e)		2,415
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust,
	573	Series 2005-1, Class 2A1, VAR, 5.804%, 02/25/20		579
	796	Series 2005-3, Class 1A1, VAR, 4.979%, 06/25/20		796
	14	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		14
		First Horizon Alternative Mortgage Securities Trust,
	1,363	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,174
	11,419	Series 2007-FA4, Class 1A2, IF, IO, 5.126%, 08/25/37		2,834
		First Horizon Mortgage Pass-Through Trust,
	636	Series 2004-AR2, Class 2A1, VAR, 3.065%, 05/25/34		628
	314	Series 2004-AR7, Class 2A2, VAR, 2.709%, 02/25/35 (e)		312
	1,943	Series 2005-AR1, Class 2A2, VAR, 2.935%, 04/25/35 (e)		1,945
		GMACM Mortgage Loan Trust,
	4,071	Series 2003-AR1, Class A4, VAR, 3.328%, 10/19/33		4,023
	3,108	Series 2003-AR2, Class 2A4, VAR, 3.205%, 12/19/33		3,058
	116	Series 2003-J8, Class A, 5.250%, 12/25/33		120
	1,584	Series 2004-J5, Class A7, 6.500%, 01/25/35		1,635
	479	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		489
	2,561	Series 2005-AR3, Class 3A4, VAR, 3.304%, 06/19/35		2,504
		GSMPS Mortgage Loan Trust,
	672	Series 2004-4, Class 1AF, VAR, 0.924%, 06/25/34 (e)		599
	1,244	Series 2005-RP2, Class 1AF, VAR, 0.874%, 03/25/35 (e)		1,071
	7,532	Series 2005-RP3, Class 1AF, VAR, 0.874%, 09/25/35 (e)		6,484
	5,552	Series 2005-RP3, Class 1AS, IO, VAR, 4.240%, 09/25/35 (e)		776

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		GSR Mortgage Loan Trust,
	441	Series 2003-3F, Class 4A3, 5.750%, 04/25/33		459
	157	Series 2003-6F, Class A2, VAR, 0.924%, 09/25/32		148
	1,214	Series 2004-13F, Class 3A3, 6.000%, 11/25/34 (e)		1,244
	1,379	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		1,415
	761	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		809
	440	Series 2005-5F, Class 8A3, VAR, 1.024%, 06/25/35		417
	2,320	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		2,465
	158	Series 2005-AR6, Class 3A1, VAR, 3.058%, 09/25/35		157
	1,220	Series 2006-1F, Class 1A3, 5.500%, 02/25/36		1,153
	4,788	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		4,205
	3,832	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		3,688
	7,873	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		7,814
	1,495	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 1.124%, 05/25/35		1,434
		Impac Secured Assets CMN Owner Trust,
	909	Series 2003-2, Class A1, 5.500%, 08/25/33		918
	38	Series 2004-3, Class 1A4, VAR, 1.324%, 11/25/34		37
		Impac Secured Assets Trust,
	4,684	Series 2006-1, Class 2A1, VAR, 0.874%, 05/25/36		4,206
	4,581	Series 2006-2, Class 2A1, VAR, 0.874%, 08/25/36		4,498
		JP Morgan Mortgage Trust,
	678	Series 2004-A3, Class 4A1, VAR, 3.212%, 07/25/34		696
	772	Series 2004-A4, Class 1A1, VAR, 3.307%, 09/25/34		788
	282	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		288
	1,855	Series 2005-A1, Class 3A4, VAR, 3.008%, 02/25/35		1,888
	11,329	Series 2006-A2, Class 4A1, VAR, 3.185%, 08/25/34		11,357

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	6,641	Series 2006-A2, Class 5A3, VAR, 2.783%, 11/25/33		6,731
	1,557	Series 2006-A3, Class 6A1, VAR, 3.145%, 08/25/34 (e)		1,558
	1,292	Series 2007-A1, Class 5A1, VAR, 2.911%, 07/25/35		1,291
	517	Series 2007-A1, Class 5A2, VAR, 2.911%, 07/25/35		523
	560	JP Morgan Resecuritization Trust, Series 2009-6, Class 4A1, VAR, 2.978%, 09/26/36 (e)		560
		Lehman Mortgage Trust,
	825	Series 2006-2, Class 1A1, VAR, 5.928%, 04/25/36		736
	620	Series 2007-6, Class 1A8, 6.000%, 07/25/37		554
	4,095	Series 2008-2, Class 1A6, 6.000%, 03/25/38		3,080
		MASTR Adjustable Rate Mortgages Trust,
	823	Series 2004-3, Class 4A2, VAR, 2.690%, 04/25/34		763
	3,033	Series 2004-13, Class 2A1, VAR, 2.882%, 04/21/34		3,097
	541	Series 2004-15, Class 3A1, VAR, 3.406%, 12/25/34		533
		MASTR Alternative Loan Trust,
	880	Series 2003-9, Class 2A1, 6.000%, 12/25/33		874
	252	Series 2003-9, Class 8A1, 6.000%, 01/25/34		252
	710	Series 2004-3, Class 2A1, 6.250%, 04/25/34		739
	2,425	Series 2004-3, Class 3A1, 6.000%, 04/25/34		2,541
	451	Series 2004-6, Class 30PO, PO, 07/25/34		328
	276	Series 2004-6, Class 7A1, 6.000%, 07/25/34		269
	374	Series 2004-7, Class 30PO, PO, 08/25/34		293
	457	Series 2004-8, Class 6A1, 5.500%, 09/25/19		465
	152	Series 2004-10, Class 1A1, 4.500%, 09/25/19		153
	615	Series 2005-6, Class 3A1, 5.500%, 11/25/20		599
		MASTR Asset Securitization Trust,
	37	Series 2003-2, Class 1A1, 5.000%, 03/25/18		37
	20	Series 2003-2, Class 2A1, 4.500%, 03/25/18		20

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	65	Series 2003-2, Class 2A10, 4.500%, 03/25/18		65
	55	Series 2003-8, Class 1A1, 5.500%, 09/25/33		54
	68	Series 2003-9, Class 15PO, PO, 10/25/18		66
	119	Series 2003-9, Class 2A7, 5.500%, 10/25/33		118
	42	Series 2003-11, Class 3A1, 4.500%, 12/25/18		42
	67	Series 2003-12, Class 30PO, PO, 12/25/33		60
	242	Series 2003-12, Class 6A1, 5.000%, 12/25/33		244
	52	Series 2004-1, Class 30PO, PO, 02/25/34		41
	1,621	Series 2004-4, Class 1A6, 5.250%, 12/26/33		1,677
	9	Series 2004-4, Class 3A1, 4.500%, 04/25/19		9
	40	Series 2004-6, Class 15PO, PO, 07/25/19		39
	130	Series 2004-8, Class 1A1, 4.750%, 08/25/19		133
	27	Series 2004-8, Class PO, PO, 08/25/19 (e)		25
	232	Series 2004-9, Class 5A1, 5.250%, 09/25/19 (e)		235
	774	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		829
		MASTR Reperforming Loan Trust,
	10,203	Series 2005-2, Class 1A1F, VAR, 0.874%, 05/25/35 (e)		7,980
	1,250	Series 2006-2, Class 1A1, VAR, 4.553%, 05/25/36 (e)		1,125
	620	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		491
		Merrill Lynch Mortgage Investors Trust,
	787	Series 2003-A5, Class 2A6, VAR, 2.900%, 08/25/33		791
	1,544	Series 2003-E, Class A1, VAR, 1.144%, 10/25/28		1,470
	3,203	Series 2003-F, Class A1, VAR, 1.164%, 10/25/28		3,128
	1,629	Series 2004-1, Class 2A1, VAR, 2.682%, 12/25/34 (e)		1,630
	656	Series 2004-A, Class A1, VAR, 0.984%, 04/25/29		614
	1,350	Series 2004-A4, Class A2, VAR, 2.855%, 08/25/34		1,372
	1,367	Series 2004-C, Class A2, VAR, 1.529%, 07/25/29		1,299
	2,508	Series 2005-A2, Class A1, VAR, 2.650%, 02/25/35		2,447

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	2,944		Merrill Lynch Mortgage-Backed Securities Trust, Series 2007-3, Class 1A3, VAR, 1.581%, 06/25/37		2,854
	6		ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		6
			Morgan Stanley Mortgage Loan Trust,
	2,970		Series 2004-3, Class 4A, VAR, 5.676%, 04/25/34 (e)		3,107
	706		Series 2004-9, Class 4A, VAR, 4.936%, 10/25/19		695
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 14,804.840%, 04/20/21 (e)		—	(h)
	1,081		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.164%, 02/25/35 (e)		1,040
			MRFC Mortgage Pass-Through Trust,
	3,388		Series 2000-TBC2, Class A1, VAR, 0.988%, 06/15/30		3,210
	724		Series 2000-TBC3, Class A1, VAR, 0.948%, 12/15/30		688
	704		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		706
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	311		Series 2003-A1, Class A1, 5.500%, 05/25/33		316
	198		Series 2003-A1, Class A2, 6.000%, 05/25/33		202
	69		Series 2003-A1, Class A5, 7.000%, 04/25/33 (e)		71
	3		Series 2003-A1, Class A7, 5.000%, 04/25/18 (e)		3
	293		Nomura Resecuritization Trust, Series 2010-6RA, Class 1A5, VAR, 3.006%, 03/26/36 (e)		290
	5		PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		5
	1,218		Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		1,271
	551		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.842%, 05/25/35 (e)		530
			RALI Trust,
	13		Series 2001-QS19, Class A2, 6.000%, 12/25/16		12
	127		Series 2002-QS8, Class A5, 6.250%, 06/25/17		127

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	47	Series 2002-QS16, Class A3, IF, 15.526%, 10/25/17		49
	122	Series 2003-QS3, Class A2, IF, 15.346%, 02/25/18		128
	360	Series 2003-QS9, Class A3, IF, IO, 7.026%, 05/25/18		11
	246	Series 2003-QS12, Class A2A, IF, IO, 7.076%, 06/25/18		9
	75	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		2
	9,073	Series 2003-QS13, Class A2, 4.000%, 07/25/33		8,650
	577	Series 2003-QS14, Class A1, 5.000%, 07/25/18		579
	174	Series 2003-QS18, Class A1, 5.000%, 09/25/18		176
	7,336	Series 2004-QS7, Class A4, 5.500%, 05/25/34		7,448
	2,076	Series 2005-QA6, Class A32, VAR, 3.936%, 05/25/35		1,737
	242	Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		201
		RBSSP Resecuritization Trust,
	3,728	Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		3,959
	957	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		998
	473	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		474
	4,010	Series 2009-12, Class 1A1, VAR, 5.851%, 11/25/33 (e)		4,154
	980	Series 2010-9, Class 3A1, VAR, 5.000%, 10/26/34 (e)		993
	1,993	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,974
	107	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		88
		Residential Asset Securitization Trust,
	206	Series 2003-A8, Class A5, 4.250%, 10/25/18		206
	305	Series 2003-A13, Class A3, 5.500%, 01/25/34		312
	15	Series 2003-A14, Class A1, 4.750%, 02/25/19		15
	9,502	Series 2005-A2, Class A4, IF, IO, 4.526%, 03/25/35		1,376
	958	Series 2006-A4, Class 2A5, 6.000%, 05/25/36 (e)		884

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		RFMSI Trust,
	39	Series 2003-S14, Class A4, PO, 07/25/18		38
	114	Series 2003-S16, Class A3, 5.000%, 09/25/18		114
	210	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		211
	148	Series 2004-S6, Class 2A6, PO, 06/25/34		115
	857	Series 2005-SA4, Class 1A1, VAR, 3.223%, 09/25/35 (e)		710
		Sequoia Mortgage Trust,
	1,622	Series 2004-8, Class A1, VAR, 1.212%, 09/20/34		1,538
	2,329	Series 2004-8, Class A2, VAR, 1.950%, 09/20/34		2,236
	722	Series 2004-10, Class A1A, VAR, 1.132%, 11/20/34 (e)		676
	2,237	Series 2004-11, Class A1, VAR, 1.112%, 12/20/34		2,185
	1,721	Series 2004-12, Class A3, VAR, 1.245%, 01/20/35		1,580
		Springleaf Mortgage Loan Trust,
	4,732	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		4,716
	9,745	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		9,709
	7,103	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		7,083
	5,974	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		5,989
	8,455	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		8,411
	7,808	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		7,847
	370	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		371
	10,968	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		10,972
	258	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.813%, 06/25/34		258
		Structured Asset Mortgage Investments II Trust,
	1,953	Series 2004-AR5, Class 1A1, VAR, 1.174%, 10/19/34		1,862
	6,924	Series 2005-AR5, Class A3, VAR, 0.764%, 07/19/35		6,682
		Structured Asset Securities Corp.,
	2,393	Series 2003-37A, Class 2A, VAR, 2.697%, 12/25/33		2,376

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	2,504	Series 2004-4XS, Class 1A5, SUB, 5.610%, 02/25/34		2,574
	935	Series 2005-RF3, Class 1A, VAR, 0.874%, 06/25/35 (e)		748
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	305	Series 2003-29, Class 1A1, 4.750%, 09/25/18		307
	288	Series 2003-30, Class 1A1, 5.500%, 10/25/33		301
	210	Series 2003-32, Class 1A1, VAR, 5.221%, 11/25/33		210
	2,745	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		2,799
	809	Series 2003-34A, Class 3A3, VAR, 2.931%, 11/25/33		794
	5,258	Series 2004-5H, Class A4, 5.540%, 12/25/33 (e)		5,400
	439	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		444
		Thornburg Mortgage Securities Trust,
	5,173	Series 2003-4, Class A1, VAR, 1.164%, 09/25/43 (e)		4,976
	3,618	Series 2004-4, Class 3A, VAR, 2.183%, 12/25/44		3,574
		WaMu Mortgage Pass-Through Certificates Trust,
	1,296	Series 2003-AR7, Class A7, VAR, 2.677%, 08/25/33		1,296
	7,246	Series 2003-AR9, Class 1A6, VAR, 2.631%, 09/25/33		7,329
	1,325	Series 2003-AR9, Class 2A, VAR, 2.755%, 09/25/33		1,296
	3,914	Series 2003-AR11, Class A6, VAR, 2.549%, 10/25/33		3,943
	1,203	Series 2003-S1, Class A5, 5.500%, 04/25/33		1,237
	299	Series 2003-S4, Class 2A10, IF, 16.020%, 06/25/33		369
	256	Series 2003-S8, Class A5, 4.500%, 09/25/18		256
	92	Series 2003-S8, Class A6, 4.500%, 09/25/18		92
	4,937	Series 2003-S9, Class A8, 5.250%, 10/25/33		5,134
	101	Series 2003-S9, Class P, PO, 10/25/33		86
	54	Series 2003-S10, Class A2, 5.000%, 10/25/18		55

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 59

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	153	Series 2003-S13, Class 23A1, VAR, 1.074%, 12/25/18		150
	1,779	Series 2004-AR3, Class A1, VAR, 2.783%, 06/25/34		1,792
	2,286	Series 2004-AR3, Class A2, VAR, 2.783%, 06/25/34		2,303
	436	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		440
	512	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		519
	761	Series 2004-RS2, Class A4, 5.000%, 11/25/33		773
	4,302	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		4,479
	934	Series 2004-S3, Class 1A5, 5.000%, 07/25/34		969
	991	Series 2006-AR8, Class 1A2, VAR, 2.790%, 08/25/46		862
	191	Series 2006-AR10, Class 2P, VAR, 2.684%, 09/25/36		165
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,723	Series 2005-1, Class 1A1, 5.500%, 03/25/35		1,704
	155	Series 2005-1, Class CP, PO, 03/25/35		114
	10,414	Series 2005-2, Class 1A4, IF, IO, 4.526%, 04/25/35		1,586
	2,869	Series 2005-2, Class 2A3, IF, IO, 4.476%, 04/25/35		497
	3,675	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,397
	3,422	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		708
	721	Series 2005-6, Class 2A4, 5.500%, 08/25/35		661
	286	Series 2006-1, Class 3A2, 5.750%, 02/25/36		263
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	44	Series 2003-MS5, Class 1A4, VAR, 1.024%, 03/25/18		44
	16	Series 2003-MS7, Class P, PO, 03/25/33		13
		Wells Fargo Alternative Loan Trust,
	112	Series 2003-1, Class APO, PO, 09/25/33		100
	384	Series 2007-PA3, Class 1A2, 5.750%, 07/25/37		340
		Wells Fargo Mortgage-Backed Securities Trust,
	2,567	Series 2003-K, Class 1A1, VAR, 2.638%, 11/25/33		2,569

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	98	Series 2003-K, Class 1A2, VAR, 2.638%, 11/25/33		99
	390	Series 2003-L, Class 2A1, VAR, 2.719%, 11/25/33		381
	572	Series 2004-4, Class A9, 5.500%, 05/25/34		584
	898	Series 2004-B, Class A1, VAR, 2.732%, 02/25/34		892
	2,019	Series 2004-EE, Class 2A1, VAR, 2.967%, 12/25/34		2,033
	1,374	Series 2004-EE, Class 2A2, VAR, 2.967%, 12/25/34		1,398
	2,472	Series 2004-EE, Class 3A1, VAR, 3.028%, 12/25/34		2,549
	807	Series 2004-EE, Class 3A2, VAR, 3.028%, 12/25/34		832
	3,466	Series 2004-I, Class 1A1, VAR, 2.893%, 07/25/34		3,506
	9,591	Series 2004-P, Class 2A1, VAR, 2.988%, 09/25/34		9,874
	4,186	Series 2004-S, Class A1, VAR, 2.989%, 09/25/34		4,255
	1,314	Series 2004-V, Class 1A1, VAR, 3.008%, 10/25/34		1,321
	1,686	Series 2004-V, Class 1A2, VAR, 3.008%, 10/25/34		1,726
	994	Series 2005-14, Class 1A1, 5.500%, 12/25/35		1,030
	218	Series 2005-14, Class 2APO, PO, 12/25/35		195
	17,232	Series 2005-AR3, Class 1A1, VAR, 3.041%, 03/25/35		17,609
	2,010	Series 2005-AR8, Class 2A1, VAR, 2.977%, 06/25/35		2,045
	437	Series 2007-7, Class A7, 6.000%, 06/25/37 (e)		429
	2,546	Series 2007-11, Class A14, 6.000%, 08/25/37 (e)		2,529
				701,959
		Total Collateralized Mortgage Obligations (Cost $4,292,186)		4,442,058
	Commercial Mortgage-Backed Securities — 2.9%
		A10 Securitization LLC,
	125	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		125
	13,679	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		13,610
	4,310	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		4,323

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	2,625	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		2,651
		A10 Term Asset Financing LLC,
	7,514	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		7,493
	2,000	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		1,968
	2,442	Series 2013-2, Class C, 5.120%, 11/15/27 (e)		2,419
	5,880	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		5,849
	2,113	Series 2014-1, Class B, 3.870%, 04/15/33 (e)		2,108
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	3,932	Series 2014-FL2, Class B, VAR, 2.557%, 08/15/31 (e)		3,923
	3,982	Series 2014-FL2, Class C, VAR, 3.007%, 08/15/31 (e)		3,958
	2,750	Series 2014-FL2, Class D, VAR, 3.907%, 08/15/31 (e)		2,677
		BAMLL Commercial Mortgage Securities Trust,
	7,026	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		7,359
	7,700	Series 2014-520M, Class C, VAR, 4.354%, 08/15/46 (e)		7,761
		Banc of America Commercial Mortgage Trust,
	239	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		239
	717	Series 2006-5, Class A4, 5.414%, 09/10/47		717
	65,636	Series 2006-5, Class XC, IO, VAR, 0.841%, 09/10/47 (e)		41
	7,309	Series 2007-5, Class A4, 5.492%, 02/10/51		7,492
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	804	Series 2005-1, Class AJ, VAR, 5.527%, 11/10/42		803
	1,396	Series 2005-3, Class AM, 4.727%, 07/10/43		1,390
	42,829	Series 2005-5, Class XC, IO, VAR, 0.054%, 10/10/45 (e)		14
	3,984	Banc of America Re-REMIC Trust, Series 2009-UB1, Class A4A, VAR, 5.703%, 06/24/50 (e)		4,024
		BB-UBS Trust,
	23,898	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		25,635

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,949	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		5,030
		Bear Stearns Commercial Mortgage Securities Trust,
	144,537	Series 2006-PW14, Class X1, IO, VAR, 0.817%, 12/11/38 (e)		90
	59	Series 2006-T24, Class A4, 5.537%, 10/12/41		59
	520,463	Series 2007-T26, Class X1, IO, VAR, 0.294%, 01/12/45 (e)		366
	130,636	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.573%, 12/11/49 (e)		104
	44,374	CD Mortgage Trust, Series 2006-CD3, Class XS, IO, VAR, 0.624%, 10/15/48 (e)		445
	4,653	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 1.308%, 02/15/31 (e)		4,623
	3,520	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		3,535
		COBALT CMBS Commercial Mortgage Trust,
	1,547	Series 2006-C1, Class A4, 5.223%, 08/15/48		1,546
	5,022	Series 2006-C1, Class AM, 5.254%, 08/15/48		5,039
	79,740	Series 2006-C1, Class IO, IO, VAR, 0.930%, 08/15/48		162
		COMM Mortgage Trust,
	8,968	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		8,990
	26,354	Series 2012-CR2, Class XA, IO, VAR, 1.897%, 08/15/45 (e)		2,071
	4,484	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		5,073
	6,150	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		6,422
	13,800	Series 2014-CR19, Class A5, 3.796%, 08/10/47		15,222
	7,748	Series 2014-PAT, Class A, VAR, 1.308%, 08/13/27 (e)		7,719
	10,196	Series 2014-TWC, Class A, VAR, 1.358%, 02/13/32 (e)		10,196
	2,850	Series 2014-TWC, Class B, VAR, 2.120%, 02/13/32 (e)		2,845
	9,250	Series 2015-CR24, Class A5, 3.696%, 08/10/48		10,173
	17,593	Series 2015-CR25, Class A4, 3.759%, 08/10/48 (e)		19,395

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 61

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,196	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.964%, 07/10/38		1,195
	189,730	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, VAR, 0.212%, 01/15/49 (e)		47
	9,500	CSMC Trust, Series 2014-USA, Class D, 4.373%, 09/15/37 (e)		9,145
	23,978	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, VAR, 1.333%, 07/10/44 (e)		956
	4,000	DBWF Mortgage Trust, Series 2015-LCM, Class A2, VAR, 3.535%, 06/10/34 (e)		4,183
	6,784	FDIC Guaranteed Notes Trust, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		6,864
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	70,000	Series K037, Class A2, 3.490%, 01/25/24		77,458
	20,914	Series K038, Class A2, 3.389%, 03/25/24		23,031
	23,597	Series K052, Class A2, 3.151%, 11/25/25		25,670
	6,102	Series KJ02, Class A2, 2.597%, 09/25/20		6,297
	36,100	Series KPLB, Class A, 2.770%, 05/25/25		37,826
	14,000	Series KS01, Class A2, 2.522%, 01/25/23		14,517
	41,500	Series KSMC, Class A2, 2.615%, 01/25/23		43,378
		FORT CRE LLC,
	9,370	Series 2016-1A, Class B, VAR, 3.250%, 05/31/36 (e)		9,370
	14,100	Series 2016-1A, Class C, VAR, 3.750%, 05/31/36 (e)		14,100
		FREMF Mortgage Trust,
	8,451	Series 2016-K56, Class B, VAR, 4.070%, 06/25/49 (e)		8,421
	11,070	Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		10,903
		Government National Mortgage Association,
	13,641	Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		14,704
	14,215	Series 2014-168, Class VB, VAR, 3.491%, 06/16/47		15,405
	11,071	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		11,255
		GS Mortgage Securities Corp. Trust,
	67,725	Series 2012-SHOP, Class XA, IO, VAR, 1.438%, 06/05/31 (e)		2,206
	4,384	Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		4,405
		GS Mortgage Securities Trust,
	40,167	Series 2006-GG8, Class X, IO, VAR, 0.747%, 11/10/39 (e)		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,600	Series 2011-GC5, Class D, VAR, 5.558%, 08/10/44 (e)		1,662
		JP Morgan Chase Commercial Mortgage Securities Trust,
	188	Series 2005-CB11, Class AJ, VAR, 5.584%, 08/12/37		187
	79,867	Series 2005-CB11, Class X1, IO, VAR, 0.056%, 08/12/37 (e)		53
	74,622	Series 2005-LDP5, Class X1, IO, VAR, 0.131%, 12/15/44 (e)		70
	58,946	Series 2006-CB15, Class X1, IO, VAR, 0.482%, 06/12/43		59
	1,744	Series 2006-LDP9, Class A3SF, VAR, 0.663%, 05/15/47		1,733
	3,587	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		3,558
	1,177	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,210
	244,974	Series 2007-LD12, Class X, IO, VAR, 0.186%, 02/15/51		131
	8,924	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		9,780
		LB-UBS Commercial Mortgage Trust,
	4,260	Series 2007-C1, Class AM, 5.455%, 02/15/40 (e)		4,289
	3,282	Series 2007-C2, Class A3, 5.430%, 02/15/40		3,315
	89,611	Series 2007-C2, Class XW, IO, VAR, 0.737%, 02/15/40		200
		ML-CFC Commercial Mortgage Trust,
	107,656	Series 2006-4, Class XC, IO, VAR, 0.768%, 12/12/49 (e)		103
	5,029	Series 2007-9, Class A4, 5.700%, 09/12/49		5,192
	18,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		19,090
		Morgan Stanley Capital I Trust,
	89,990	Series 2006-IQ12, Class X1, IO, VAR, 0.717%, 12/15/43 (e)		50
	247,860	Series 2007-HQ11, Class X, IO, VAR, 0.379%, 02/12/44 (e)		100
	71,135	Series 2007-HQ13, Class X1, IO, VAR, 0.627%, 12/15/44 (e)		245
	225,664	Series 2007-IQ13, Class X, IO, VAR, 0.567%, 03/15/44 (e)		333
	5,477	Series 2011-C3, Class A3, 4.054%, 07/15/49		5,725

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	7,174	Series 2012-C4, Class A3, 2.991%, 03/15/45		7,392
		Morgan Stanley Re-REMIC Trust,
	7,200	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		7,164
	8,962	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		8,886
	10,268	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		9,193
	4,100	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.524%, 08/25/29 (e)		4,141
		PFP Ltd., (Cayman Islands),
	11,006	Series 2015-2, Class A, VAR, 1.958%, 07/14/34 (e)		10,931
	7,564	Series 2015-2, Class C, VAR, 3.758%, 07/14/34 (e)		7,370
	4,646	Series 2015-2, Class D, VAR, 4.508%, 07/14/34 (e)		4,489
		RAIT Trust,
	2,775	Series 2014-FL3, Class A, VAR, 1.758%, 12/15/31 (e)		2,740
	8,939	Series 2014-FL3, Class AS, VAR, 2.308%, 12/15/31 (e)		8,829
	4,676	Series 2014-FL3, Class B, VAR, 3.158%, 12/15/31 (e)		4,649
	7,145	Series 2015-FL4, Class A, VAR, 1.857%, 12/15/31 (e)		7,144
	9,668	Series 2015-FL4, Class AS, VAR, 2.257%, 12/15/31 (e)		9,732
	12,154	Series 2015-FL5, Class B, VAR, 4.408%, 01/15/31 (e)		12,154
	4,450	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		4,617
		Resource Capital Corp., Ltd., (Cayman Islands),
	3,747	Series 2015-CRE4, Class A, VAR, 1.907%, 08/15/32 (e)		3,698
	6,908	Series 2015-CRE4, Class B, VAR, 3.507%, 08/15/32 (e)		6,494
	2,994	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		2,994
	14,841	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, VAR, 2.274%, 05/10/45 (e)		1,432
	15,527	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		16,447
		UBS-Barclays Commercial Mortgage Trust,
	9,327	Series 2012-C2, Class A4, 3.525%, 05/10/63		10,104

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	62,695	Series 2012-C2, Class XA, IO, VAR, 1.797%, 05/10/63 (e)		3,407
	2,357	Series 2013-C6, Class A4, 3.244%, 04/10/46		2,516
		VNDO Mortgage Trust,
	11,148	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		11,705
	30,750	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		33,056
	49,070	Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class XC, IO, VAR, 0.165%, 03/15/45 (e)		1
		Wells Fargo Commercial Mortgage Trust,
	13,452	Series 2013-120B, Class A, VAR, 2.800%, 03/18/28 (e)		13,780
	8,751	Series 2015-C30, Class A4, 3.664%, 09/15/58		9,591
	76	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		76
		WFRBS Commercial Mortgage Trust,
	9,206	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		10,156
	9,327	Series 2012-C6, Class A4, 3.440%, 04/15/45		10,010
	2,500	Series 2013-C11, Class D, VAR, 4.317%, 03/15/45 (e)		2,344
		Total Commercial Mortgage-Backed Securities (Cost $832,973)		861,347
	Corporate Bonds — 22.7%
		Consumer Discretionary — 1.5%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	4,124	3.750%, 12/01/21		4,384
	2,991	4.250%, 03/01/21		3,210
	3,676	4.950%, 07/02/64		3,915
	6,278	5.250%, 12/01/41		7,307
				18,816
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	3,758	1.875%, 01/11/18 (e)		3,783
	1,250	2.000%, 07/06/21 (e)		1,255
	2,089	2.250%, 03/02/20 (e)		2,128
	1,692	2.375%, 08/01/18 (e)		1,720
	4,706	2.625%, 09/15/16 (e)		4,708
	8,789	2.950%, 01/11/17 (e)		8,848
	1,345	8.500%, 01/18/31		2,243
	11,046	Ford Motor Co., 7.450%, 07/16/31		14,996

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 63

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Automobiles — continued
		General Motors Co.,
	4,400	4.875%, 10/02/23		4,791
	7,452	6.600%, 04/01/36		9,188
		Hyundai Capital America,
	2,560	2.000%, 07/01/19 (e)		2,574
	3,299	2.400%, 10/30/18 (e)		3,345
	7,600	3.000%, 03/18/21 (e)		7,883
	904	Kia Motors Corp., (South Korea), 2.625%, 04/21/21 (e)		932
				68,394
		Hotels, Restaurants & Leisure — 0.0% (g)
	6,540	McDonald’s Corp., 4.700%, 12/09/35		7,503
	4,590	Starbucks Corp., 2.700%, 06/15/22		4,816
				12,319
		Internet & Direct Marketing Retail — 0.1%
		Amazon.com, Inc.,
	8,688	3.800%, 12/05/24		9,694
	8,677	4.800%, 12/05/34		10,420
				20,114
		Media — 0.9%
		21st Century Fox America, Inc.,
	2,242	6.200%, 12/15/34		2,854
	2,690	6.650%, 11/15/37		3,604
	1,345	6.900%, 08/15/39		1,845
	1,762	7.250%, 05/18/18		1,930
	3,946	7.300%, 04/30/28		5,348
	2,690	7.625%, 11/30/28		3,748
	986	8.000%, 10/17/16		993
	942	8.875%, 04/26/23		1,272
	1,525	9.500%, 07/15/24		2,205
		CBS Corp.,
	5,275	3.700%, 08/15/24		5,563
	4,293	4.000%, 01/15/26		4,612
	2,679	4.600%, 01/15/45		2,826
	673	4.850%, 07/01/42		715
	2,004	4.900%, 08/15/44		2,174
	583	5.900%, 10/15/40		711
		Charter Communications Operating LLC/Charter Communications Operating Capital,
	11,182	4.464%, 07/23/22 (e)		12,123
	4,374	6.384%, 10/23/35 (e)		5,231
	4,708	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		6,615

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	897	Comcast Cable Communications LLC, 8.875%, 05/01/17		943
	1,614	Comcast Cable Holdings LLC, 10.125%, 04/15/22		2,110
		Comcast Corp.,
	2,773	3.375%, 08/15/25		2,989
	3,361	4.200%, 08/15/34		3,755
	10,484	4.250%, 01/15/33		11,778
	2,690	6.450%, 03/15/37		3,776
	897	6.500%, 01/15/17		915
	17,907	6.500%, 11/15/35		25,238
		Cox Communications, Inc.,
	3,027	3.250%, 12/15/22 (e)		3,045
	5,600	4.800%, 02/01/35 (e)		5,449
	1,166	8.375%, 03/01/39 (e)		1,496
	2,627	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		3,219
		Discovery Communications LLC,
	6,532	4.375%, 06/15/21		7,069
	5,069	4.950%, 05/15/42		4,753
		Grupo Televisa SAB, (Mexico),
	1,494	4.625%, 01/30/26		1,652
	1,332	6.125%, 01/31/46		1,585
	3,018	Historic TW, Inc., 9.150%, 02/01/23		4,091
		NBCUniversal Media LLC,
	6,080	4.375%, 04/01/21		6,798
	4,575	5.950%, 04/01/41		6,255
	3,233	6.400%, 04/30/40		4,610
	1,654	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		1,756
		Time Warner Cable, Inc.,
	3,350	5.500%, 09/01/41		3,636
	873	5.850%, 05/01/17		898
	4,125	5.875%, 11/15/40		4,601
	2,327	6.550%, 05/01/37		2,808
	4,080	6.750%, 07/01/18		4,446
	1,794	6.750%, 06/15/39		2,211
	2,197	7.300%, 07/01/38		2,853
	1,928	8.250%, 04/01/19		2,228
	1,601	8.750%, 02/14/19		1,860
	2,030	Time Warner Cos., Inc., 7.570%, 02/01/24		2,637
	7,641	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		10,445
		Time Warner, Inc.,
	10,400	3.600%, 07/15/25		11,138
	5,085	4.750%, 03/29/21		5,700

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	1,573	5.375%, 10/15/41		1,903
	2,802	6.200%, 03/15/40		3,618
	1,474	6.250%, 03/29/41		1,940
	2,238	6.500%, 11/15/36		2,908
	3,430	7.625%, 04/15/31		4,836
	3,225	7.700%, 05/01/32		4,610
		Viacom, Inc.,
	1,440	2.750%, 12/15/19		1,472
	2,489	3.125%, 06/15/22		2,484
	599	3.250%, 03/15/23		597
	5,046	4.250%, 09/01/23		5,346
	6,243	4.375%, 03/15/43		5,654
	1,813	4.500%, 02/27/42		1,665
	1,559	4.850%, 12/15/34		1,574
	3,978	6.875%, 04/30/36		4,651
		Walt Disney Co. (The),
	3,829	1.850%, 07/30/26		3,684
	1,190	3.000%, 07/30/46		1,146
				271,200
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	3,662	2.875%, 02/15/23		3,598
	5,011	4.375%, 09/01/23		5,294
	3,368	4.500%, 12/15/34		3,187
	877	5.125%, 01/15/42		847
	4,602	6.375%, 03/15/37		5,047
	925	6.900%, 04/01/29		1,054
	1,166	7.450%, 07/15/17		1,224
	3,458	Nordstrom, Inc., 4.000%, 10/15/21		3,704
	2,565	Target Corp., 2.500%, 04/15/26		2,631
				26,586
		Specialty Retail — 0.1%
	3,013	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		3,073
	3,199	Gap, Inc. (The), 5.950%, 04/12/21		3,465
		Home Depot, Inc. (The),
	7,447	2.625%, 06/01/22		7,745
	2,897	3.000%, 04/01/26		3,089
	5,037	4.250%, 04/01/46		5,855
		Lowe’s Cos., Inc.,
	1,820	3.375%, 09/15/25		1,970
	3,901	4.650%, 04/15/42		4,614
	2,067	5.125%, 11/15/41		2,599
	2,150	6.875%, 02/15/28		2,964

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	3,139	Series B, 7.110%, 05/15/37		4,509
				39,883
		Total Consumer Discretionary		457,312
		Consumer Staples — 1.2%
		Beverages — 0.5%
		Anheuser-Busch Cos. LLC,
	897	5.500%, 01/15/18		948
	986	5.750%, 04/01/36		1,275
		Anheuser-Busch InBev Finance, Inc.,
	1,151	1.900%, 02/01/19		1,163
	26,883	3.300%, 02/01/23		28,209
	12,594	3.650%, 02/01/26		13,445
	7,000	3.700%, 02/01/24		7,596
	10,350	4.700%, 02/01/36		11,997
	8,194	4.900%, 02/01/46		9,909
	4,687	Brown-Forman Corp., 4.500%, 07/15/45		5,493
	1,000	Coca-Cola Femsa SAB de CV, (Mexico), 3.875%, 11/26/23		1,080
		Diageo Capital plc, (United Kingdom),
	3,524	1.500%, 05/11/17		3,537
	2,493	4.828%, 07/15/20		2,790
	4,484	Diageo Investment Corp., 8.000%, 09/15/22		5,880
	2,601	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		2,606
	4,417	Molson Coors Brewing Co., 3.000%, 07/15/26		4,470
		PepsiCo, Inc.,
	10,210	1.250%, 08/13/17		10,248
	5,025	3.100%, 07/17/22		5,340
	3,615	4.450%, 04/14/46		4,367
	207	7.900%, 11/01/18		237
	7,179	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		7,807
				128,397
		Food & Staples Retailing — 0.4%
	7,510	Costco Wholesale Corp., 2.250%, 02/15/22		7,710
		CVS Health Corp.,
	15,135	2.125%, 06/01/21		15,300
	7,492	2.875%, 06/01/26		7,675
	5,196	4.000%, 12/05/23		5,749
	2,155	5.300%, 12/05/43		2,695
	5,723	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		6,780

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 65

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
		Kroger Co. (The),
	3,468	2.200%, 01/15/17		3,484
	2,093	4.000%, 02/01/24		2,309
	829	5.400%, 07/15/40		1,026
	1,794	6.150%, 01/15/20		2,047
	538	6.400%, 08/15/17		564
	12,466	6.900%, 04/15/38		17,729
	11,049	7.500%, 04/01/31		15,731
	1,861	Sysco Corp., 3.750%, 10/01/25		2,015
	3,435	Walgreen Co., 4.400%, 09/15/42		3,668
		Walgreens Boots Alliance, Inc.,
	15,024	3.100%, 06/01/23		15,492
	4,311	3.800%, 11/18/24		4,623
	2,517	4.500%, 11/18/34		2,734
	2,700	4.800%, 11/18/44		3,031
		Wal-Mart Stores, Inc.,
	1,076	5.000%, 10/25/40		1,374
	942	6.200%, 04/15/38		1,359
	628	7.550%, 02/15/30		960
				124,055
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	2,551	3.250%, 08/15/26		2,563
	1,281	3.500%, 11/24/20		1,333
	6,959	8.500%, 06/15/19		8,138
	543	Bunge N.A. Finance LP, 5.900%, 04/01/17		556
		Cargill, Inc.,
	6,950	3.300%, 03/01/22 (e)		7,268
	2,443	4.307%, 05/14/21 (e)		2,692
	1,390	6.000%, 11/27/17 (e)		1,471
	2,556	7.350%, 03/06/19 (e)		2,925
	1,638	ConAgra Foods, Inc., 2.100%, 03/15/18		1,648
		Kellogg Co.,
	2,278	1.750%, 05/17/17		2,289
	2,036	3.250%, 05/21/18		2,100
		Kraft Heinz Foods Co.,
	6,663	3.500%, 06/06/22		7,115
	4,392	5.000%, 06/04/42		5,119
	1,215	5.375%, 02/10/20		1,360
	4,612	6.125%, 08/23/18		5,026
	2,690	6.500%, 02/09/40		3,700
	13,399	6.875%, 01/26/39		18,822
		Mead Johnson Nutrition Co.,
	2,074	3.000%, 11/15/20		2,164

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food Products — continued
	993	Class C, 4.125%, 11/15/25		1,087
	6,100	Mondelez International, Inc., 4.000%, 02/01/24		6,731
		Tyson Foods, Inc.,
	4,951	3.950%, 08/15/24		5,360
	7,255	4.875%, 08/15/34		8,238
				97,705
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	1,220	2.400%, 03/01/22		1,262
	2,842	3.050%, 08/15/25		3,049
	448	7.500%, 11/01/18		508
	1,146	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		1,352
	897	Procter & Gamble Co. (The), 5.500%, 02/01/34		1,240
				7,411
		Total Consumer Staples		357,568
		Energy — 2.1%
		Energy Equipment & Services — 0.1%
	3,802	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		2,798
		Halliburton Co.,
	2,882	3.500%, 08/01/23		2,979
	2,098	4.850%, 11/15/35		2,241
	673	6.150%, 09/15/19		754
	4,529	7.450%, 09/15/39		6,338
	2,242	7.600%, 08/15/96 (e)		2,868
		Nabors Industries, Inc.,
	1,065	4.625%, 09/15/21		1,015
	1,205	5.000%, 09/15/20		1,192
	1,411	National Oilwell Varco, Inc., 1.350%, 12/01/17		1,401
		Noble Holding International Ltd., (Cayman Islands),
	420	5.250%, 03/15/42		248
	2,200	6.050%, 03/01/41		1,331
	2,543	7.950%, 04/01/45		1,856
	740	Schlumberger Holdings Corp., 4.000%, 12/21/25 (e)		808
	2,931	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		3,111
				28,940

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — 2.0%
	2,381	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		2,488
	1,794	Anadarko Finance Co., (Canada), Series B, 7.500%, 05/01/31		2,174
	1,480	Anadarko Holding Co., 7.150%, 05/15/28		1,725
	3,226	Anadarko Petroleum Corp., 8.700%, 03/15/19		3,683
	2,933	ANR Pipeline Co., 9.625%, 11/01/21		3,926
		Apache Corp.,
	853	3.250%, 04/15/22		872
	3,611	4.750%, 04/15/43		3,727
	2,242	6.900%, 09/15/18		2,450
	1,552	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		1,823
		Boardwalk Pipelines LP,
	1,866	4.950%, 12/15/24		1,925
	2,057	5.950%, 06/01/26		2,245
		BP Capital Markets plc, (United Kingdom),
	1,987	1.375%, 11/06/17		1,990
	5,991	1.846%, 05/05/17		6,017
	5,200	2.237%, 05/10/19		5,318
	3,779	2.750%, 05/10/23		3,850
	3,479	3.119%, 05/04/26		3,592
	2,273	3.245%, 05/06/22		2,401
	4,509	3.506%, 03/17/25		4,802
	7,135	3.814%, 02/10/24		7,766
		Buckeye Partners LP,
	2,100	2.650%, 11/15/18		2,121
	2,000	4.350%, 10/15/24		2,025
	2,500	4.875%, 02/01/21		2,669
	5,130	5.850%, 11/15/43		5,337
	462	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		610
	1,794	Burlington Resources, Inc., 8.200%, 03/15/25		2,335
		Canadian Natural Resources Ltd., (Canada),
	3,463	3.900%, 02/01/25		3,489
	359	5.900%, 02/01/18		377
	4,152	6.250%, 03/15/38		4,563
	1,300	6.450%, 06/30/33		1,429
	1,794	6.750%, 02/01/39		2,038
	359	7.200%, 01/15/32		421
		Cenovus Energy, Inc., (Canada),
	1,599	3.000%, 08/15/22		1,525
	2,695	4.450%, 09/15/42		2,193
	5,616	6.750%, 11/15/39		5,996

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Chevron Corp.,
	2,725	2.355%, 12/05/22		2,790
	11,130	2.566%, 05/16/23		11,371
	4,574	4.950%, 03/03/19		4,991
	11,698	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		11,962
	11,233	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		12,257
	471	Conoco Funding Co., (Canada), 7.250%, 10/15/31		622
		ConocoPhillips,
	3,139	5.750%, 02/01/19		3,432
	1,300	6.500%, 02/01/39		1,708
	1,099	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,105
		ConocoPhillips Co.,
	1,889	2.200%, 05/15/20		1,904
	9,861	3.350%, 11/15/24		10,151
	1,300	4.200%, 03/15/21		1,402
		Devon Energy Corp.,
	5,180	3.250%, 05/15/22		5,139
	2,807	4.750%, 05/15/42		2,611
	4,475	7.950%, 04/15/32		5,480
		Ecopetrol S.A., (Colombia),
	3,333	4.125%, 01/16/25		3,225
	5,409	5.375%, 06/26/26		5,519
	2,575	5.875%, 09/18/23		2,787
		Encana Corp., (Canada),
	2,090	6.500%, 05/15/19		2,238
	1,027	6.500%, 08/15/34		1,037
		Energy Transfer Partners LP,
	3,584	3.600%, 02/01/23		3,528
	6,594	4.050%, 03/15/25		6,584
	2,519	5.150%, 03/15/45		2,417
	4,843	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		5,152
		EnLink Midstream Partners LP,
	1,145	2.700%, 04/01/19		1,128
	5,421	4.150%, 06/01/25		5,133
	3,250	5.050%, 04/01/45		2,818
		Enterprise Products Operating LLC,
	3,040	3.700%, 02/15/26		3,168
	2,600	3.750%, 02/15/25		2,717
	2,687	3.900%, 02/15/24		2,844
	2,705	3.950%, 02/15/27		2,845
	1,251	4.900%, 05/15/46		1,338

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 67

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	1,189	4.950%, 10/15/54		1,250
	1,758	5.100%, 02/15/45		1,943
	1,259	5.950%, 02/01/41		1,498
	515	Series H, 6.650%, 10/15/34		639
	1,100	Series J, 5.750%, 03/01/35		1,243
		EOG Resources, Inc.,
	2,164	2.625%, 03/15/23		2,159
	4,753	4.100%, 02/01/21		5,138
	4,120	5.100%, 01/15/36		4,727
	1,614	6.875%, 10/01/18		1,777
		Exxon Mobil Corp.,
	7,000	2.397%, 03/06/22		7,199
	7,398	3.043%, 03/01/26		7,849
	2,726	4.114%, 03/01/46		3,138
		Gulf South Pipeline Co. LP,
	4,598	4.000%, 06/15/22		4,442
	920	6.300%, 08/15/17 (e)		954
	1,507	Hess Corp., 7.875%, 10/01/29		1,831
	1,036	Husky Energy, Inc., (Canada), 6.150%, 06/15/19		1,129
		Kerr-McGee Corp.,
	1,103	6.950%, 07/01/24		1,290
	11,707	7.875%, 09/15/31		14,166
		Magellan Midstream Partners LP,
	2,338	3.200%, 03/15/25		2,355
	7,133	5.150%, 10/15/43		7,819
	1,794	6.550%, 07/15/19		2,020
		Marathon Oil Corp.,
	6,517	2.800%, 11/01/22		5,957
	2,528	5.900%, 03/15/18		2,631
	2,511	6.000%, 10/01/17		2,596
	3,980	Marathon Petroleum Corp., 3.625%, 09/15/24		4,032
		Noble Energy, Inc.,
	2,200	5.050%, 11/15/44		2,196
	5,216	5.625%, 05/01/21		5,437
		Occidental Petroleum Corp.,
	3,457	3.400%, 04/15/26		3,654
	6,636	3.500%, 06/15/25		7,050
		ONEOK Partners LP,
	3,960	3.200%, 09/15/18		4,027
	1,164	3.375%, 10/01/22		1,172
	13,625	4.900%, 03/15/25		14,754
	2,576	5.000%, 09/15/23		2,795
	1,825	6.650%, 10/01/36		1,992
	3,000	8.625%, 03/01/19		3,385

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Petro-Canada, (Canada),
	2,286	6.050%, 05/15/18		2,448
	2,870	6.800%, 05/15/38		3,841
		Petroleos Mexicanos, (Mexico),
	4,433	4.250%, 01/15/25		4,437
	6,403	4.500%, 01/23/26		6,419
	2,165	4.875%, 01/18/24		2,257
	4,898	5.500%, 06/27/44		4,629
	4,042	5.625%, 01/23/46		3,898
	4,385	6.375%, 02/04/21 (e)		4,849
	4,650	6.375%, 01/23/45		4,897
	4,700	6.625%, 06/15/35		5,076
	3,644	6.875%, 08/04/26 (e)		4,236
		Phillips 66,
	2,099	2.950%, 05/01/17		2,123
	1,181	4.300%, 04/01/22		1,301
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,938	2.600%, 12/15/19		1,951
	7,000	3.600%, 11/01/24		6,791
	16,535	4.650%, 10/15/25		17,155
	9,221	4.900%, 02/15/45		8,487
	6,120	Schlumberger Holdings Corp., 3.625%, 12/21/22 (e)		6,528
	4,132	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		4,607
		Spectra Energy Capital LLC,
	6,334	3.300%, 03/15/23		6,253
	2,197	5.650%, 03/01/20		2,373
	2,233	7.500%, 09/15/38		2,724
	4,475	8.000%, 10/01/19		5,164
		Spectra Energy Partners LP,
	2,658	2.950%, 09/25/18		2,707
	4,750	3.500%, 03/15/25		4,865
	1,866	4.500%, 03/15/45		1,909
	1,801	5.950%, 09/25/43		2,179
		Statoil ASA, (Norway),
	2,646	1.150%, 05/15/18		2,639
	1,917	1.200%, 01/17/18		1,914
	2,430	2.450%, 01/17/23		2,474
	5,765	2.650%, 01/15/24		5,903
	3,320	3.150%, 01/23/22		3,517
	3,461	3.250%, 11/10/24		3,659
	1,673	4.250%, 11/23/41		1,845
	3,318	5.250%, 04/15/19		3,632

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Suncor Energy, Inc., (Canada),
	2,152	5.950%, 12/01/34		2,587
	1,704	6.100%, 06/01/18		1,830
	807	6.850%, 06/01/39		1,113
		Sunoco Logistics Partners Operations LP,
	4,366	3.900%, 07/15/26		4,409
	1,814	4.250%, 04/01/24		1,884
	5,160	4.400%, 04/01/21		5,503
	600	4.650%, 02/15/22		646
	1,840	5.300%, 04/01/44		1,866
	6,969	5.350%, 05/15/45		7,203
	6,209	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		6,194
		Tosco Corp.,
	3,408	7.800%, 01/01/27		4,481
	3,139	8.125%, 02/15/30		4,350
	5,675	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		5,854
		Total Capital International S.A., (France),
	1,894	1.500%, 02/17/17		1,899
	5,044	1.550%, 06/28/17		5,063
	1,256	2.700%, 01/25/23		1,303
	5,000	2.750%, 06/19/21		5,237
	1,989	3.750%, 04/10/24		2,186
		TransCanada PipeLines Ltd., (Canada),
	4,155	4.875%, 01/15/26		4,805
	6,345	6.200%, 10/15/37		8,072
	1,704	6.500%, 08/15/18		1,859
	2,377	7.125%, 01/15/19		2,649
	1,883	7.250%, 08/15/38		2,648
		Western Gas Partners LP,
	3,421	4.650%, 07/01/26		3,547
	607	5.375%, 06/01/21		660
				605,084
		Total Energy		634,024
		Financials — 9.0%
		Banks — 4.1%
		ABN AMRO Bank N.V., (Netherlands),
	9,759	1.800%, 06/04/18 (e)		9,795
	3,394	2.500%, 10/30/18 (e)		3,460
	3,079	4.750%, 07/28/25 (e)		3,257
	3,800	4.800%, 04/18/26 (e)		4,051
		ANZ New Zealand International Ltd., (New Zealand),
	5,200	2.600%, 09/23/19 (e)		5,319
	3,016	2.850%, 08/06/20 (e)		3,112

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Australia & New Zealand Banking Group Ltd., (Australia),
	5,560	1.450%, 05/15/18		5,559
	8,932	2.400%, 11/23/16 (e)		8,960
	1,834	4.400%, 05/19/26 (e)		1,944
	2,571	4.875%, 01/12/21 (e)		2,870
		Bank of America Corp.,
	14,852	2.000%, 01/11/18		14,942
	12,693	3.300%, 01/11/23		13,185
	7,598	3.500%, 04/19/26		7,930
	24,248	3.875%, 08/01/25		25,973
	3,403	4.000%, 04/01/24		3,679
	11,538	4.000%, 01/22/25		12,015
	530	4.100%, 07/24/23		575
	1,890	4.125%, 01/22/24		2,058
	5,998	4.200%, 08/26/24		6,362
	6,055	4.250%, 10/22/26		6,422
	5,041	4.450%, 03/03/26		5,424
	11,565	5.000%, 05/13/21		12,974
	15,875	5.625%, 07/01/20		17,921
	7,155	5.650%, 05/01/18		7,615
	4,155	5.750%, 12/01/17		4,369
	2,960	5.875%, 01/05/21		3,410
	19,000	6.400%, 08/28/17		19,908
	11,523	6.875%, 04/25/18		12,489
	3,140	7.625%, 06/01/19		3,607
	10,870	Series L, 2.250%, 04/21/20		10,954
	2,530	Series L, 2.650%, 04/01/19		2,589
	8,782	Series L, 3.950%, 04/21/25		9,140
		Bank of Montreal, (Canada),
	5,996	1.400%, 09/11/17		6,007
	6,305	2.375%, 01/25/19		6,433
	7,632	2.550%, 11/06/22		7,842
		Bank of Nova Scotia (The), (Canada),
	7,533	1.450%, 04/25/18		7,551
	13,000	1.700%, 06/11/18		13,073
	8,518	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		8,566
		Banque Federative du Credit Mutuel S.A., (France),
	8,000	1.700%, 01/20/17 (e)		8,013
	1,977	2.000%, 04/12/19 (e)		1,990
		Barclays Bank plc, (United Kingdom),
	2,392	2.250%, 05/10/17 (e)		2,408
	3,318	6.050%, 12/04/17 (e)		3,483
	986	Series 1, 5.000%, 09/22/16		988

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 69

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Barclays plc, (United Kingdom),
	8,888	3.200%, 08/10/21		8,945
	15,214	3.650%, 03/16/25		15,124
	2,993	4.375%, 01/12/26		3,125
	2,605	5.250%, 08/17/45		2,996
		BB&T Corp.,
	3,334	1.600%, 08/15/17		3,349
	2,200	2.050%, 05/10/21		2,217
	6,000	2.625%, 06/29/20		6,187
	2,466	5.250%, 11/01/19		2,717
	1,480	6.850%, 04/30/19		1,680
	4,000	BNP Paribas S.A., (France), 4.375%, 05/12/26 (e)		4,137
	3,000	BNP Paribas SA, (France), 4.375%, 09/28/25 (e)		3,100
	3,708	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		3,758
	4,170	Branch Banking & Trust Co., 5.625%, 09/15/16		4,175
		Canadian Imperial Bank of Commerce, (Canada),
	2,740	1.600%, 09/06/19		2,737
	12,882	2.250%, 07/21/20 (e)		13,130
	18,804	Capital One Bank USA N.A., 3.375%, 02/15/23		19,320
	5,909	Capital One N.A., 2.350%, 08/17/18		5,988
	4,190	Capital One N.A./Mclean V.A., 2.400%, 09/05/19		4,265
		Citigroup, Inc.,
	7,450	1.700%, 04/27/18		7,458
	5,000	1.750%, 05/01/18		5,007
	5,915	1.800%, 02/05/18		5,937
	7,940	2.050%, 12/07/18		7,999
	7,289	2.150%, 07/30/18		7,358
	2,309	2.350%, 08/02/21		2,314
	5,000	2.400%, 02/18/20		5,065
	8,395	2.700%, 03/30/21		8,560
	6,100	3.400%, 05/01/26		6,276
	12,625	3.700%, 01/12/26		13,326
	3,077	3.875%, 03/26/25		3,174
	6,441	4.125%, 07/25/28		6,549
	6,200	4.300%, 11/20/26		6,511
	2,450	4.400%, 06/10/25		2,597
	3,750	4.650%, 07/30/45		4,276
	6,570	4.750%, 05/18/46		6,973
	905	5.300%, 05/06/44		1,048
	4,296	5.500%, 09/13/25		4,867

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	1,842	5.875%, 01/30/42		2,386
	3,363	6.625%, 01/15/28		4,250
	1,424	8.125%, 07/15/39		2,260
	1,590	Citizens Financial Group, Inc., 2.375%, 07/28/21		1,598
	1,250	Comerica Bank, 5.200%, 08/22/17		1,295
		Comerica, Inc.,
	2,140	2.125%, 05/23/19		2,158
	1,148	3.800%, 07/22/26		1,188
		Commonwealth Bank of Australia, (Australia),
	4,035	2.000%, 09/06/21 (e)		4,030
	7,264	2.250%, 03/16/17 (e)		7,310
	4,920	4.500%, 12/09/25 (e)		5,266
		Cooperatieve Rabobank UA, (Netherlands),
	5,500	2.500%, 01/19/21		5,651
	2,243	3.375%, 01/19/17		2,263
	11,498	3.875%, 02/08/22		12,557
	7,438	4.375%, 08/04/25		7,870
	3,139	5.800%, 09/30/101 (e)		4,115
	9,100	Credit Agricole S.A., (France), 4.375%, 03/17/25 (e)		9,368
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	1,764	2.750%, 03/26/20		1,769
	3,278	3.125%, 12/10/20		3,317
	2,109	3.450%, 04/16/21 (e)		2,154
	2,429	3.750%, 03/26/25		2,433
	2,746	3.800%, 09/15/22		2,802
	8,035	3.800%, 06/09/23 (e)		8,151
	5,016	4.550%, 04/17/26 (e)		5,297
	3,089	4.875%, 05/15/45		3,349
	4,287	Danske Bank A/S, (Denmark), 2.000%, 09/08/21 (e)		4,270
		Discover Bank,
	2,185	3.100%, 06/04/20		2,248
	6,500	3.200%, 08/09/21		6,677
	7,685	4.200%, 08/08/23		8,233
		Fifth Third Bancorp,
	7,022	2.875%, 07/27/20		7,272
	1,300	5.450%, 01/15/17		1,319
		Fifth Third Bank,
	6,100	2.375%, 04/25/19		6,223
	2,846	2.875%, 10/01/21		2,972
		HSBC Bank plc, (United Kingdom),
	8,206	1.500%, 05/15/18 (e)		8,184
	5,346	4.125%, 08/12/20 (e)		5,746
	8,968	4.750%, 01/19/21 (e)		9,921

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		HSBC Holdings plc, (United Kingdom),
	16,403	3.600%, 05/25/23		16,967
	12,977	4.000%, 03/30/22		13,880
	2,932	4.250%, 08/18/25		3,043
	6,457	6.100%, 01/14/42		8,771
		Huntington Bancshares, Inc.,
	10,169	2.300%, 01/14/22		10,126
	2,357	3.150%, 03/14/21		2,450
		Huntington National Bank (The),
	709	2.000%, 06/30/18		714
	6,583	2.875%, 08/20/20		6,773
	4,225	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		4,252
	4,225	KeyBank N.A., 3.180%, 05/22/22		4,376
		KeyCorp,
	2,136	2.900%, 09/15/20		2,217
	2,200	5.100%, 03/24/21		2,483
		Lloyds Bank plc, (United Kingdom),
	4,356	1.750%, 03/16/18		4,356
	4,659	2.050%, 01/22/19		4,673
	2,688	Lloyds Banking Group plc, (United Kingdom), 3.100%, 07/06/21		2,731
	4,036	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		4,295
	2,881	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		2,969
		Mizuho Bank Ltd., (Japan),
	3,021	1.800%, 03/26/18 (e)		3,029
	3,167	2.650%, 09/25/19 (e)		3,233
	4,462	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		4,527
	3,242	MUFG Americas Holdings Corp., 2.250%, 02/10/20		3,266
	17,936	National Australia Bank Ltd., (Australia), 2.000%, 06/20/17 (e)		18,067
	3,587	National City Bank, 5.800%, 06/07/17		3,701
		Nordea Bank AB, (Sweden),
	2,242	1.625%, 05/15/18 (e)		2,250
	13,766	3.125%, 03/20/17 (e)		13,918
	6,408	4.250%, 09/21/22 (e)		6,889
		PNC Bank N.A.,
	2,855	1.950%, 03/04/19		2,888
	2,000	6.875%, 04/01/18		2,164
		PNC Financial Services Group, Inc. (The),
	1,500	3.900%, 04/29/24		1,615
	5,904	4.375%, 08/11/20		6,468

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	5,112	5.125%, 02/08/20		5,680
	1,103	5.625%, 02/01/17		1,123
	1,839	6.700%, 06/10/19		2,098
	5,000	PNC Financial Services Group, Inc./(The), SUB, 2.854%, 11/09/22		5,133
	6,594	Regions Financial Corp., 3.200%, 02/08/21		6,836
		Royal Bank of Canada, (Canada),
	6,315	1.200%, 09/19/17		6,316
	8,000	1.875%, 02/05/20		8,073
	10,700	2.000%, 10/01/18		10,826
	3,885	2.000%, 12/10/18		3,928
	1,345	2.200%, 07/27/18		1,365
	6,150	Royal Bank of Scotland Group plc, (United Kingdom), 4.800%, 04/05/26		6,435
		Santander UK Group Holdings plc, (United Kingdom),
	1,200	2.875%, 10/16/20		1,208
	5,000	2.875%, 08/05/21		4,987
	3,011	3.125%, 01/08/21		3,057
	6,414	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		6,507
	2,594	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		2,604
	6,000	Societe Generale S.A., (France), 2.500%, 04/08/21 (e)		6,175
	2,197	SouthTrust Bank, 7.690%, 05/15/25		2,896
	10,603	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		10,616
	5,938	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		5,986
		Standard Chartered plc, (United Kingdom),
	8,631	4.050%, 04/12/26 (e)		8,939
	5,291	5.200%, 01/26/24 (e)		5,677
		Sumitomo Mitsui Financial Group, Inc., (Japan),
	6,102	2.632%, 07/14/26		6,042
	4,262	Series 5FXD, 2.058%, 07/14/21		4,231
		SunTrust Banks, Inc.,
	2,637	2.900%, 03/03/21		2,733
	897	6.000%, 09/11/17		937
	505	7.250%, 03/15/18		546
		Toronto-Dominion Bank (The), (Canada),
	12,555	1.500%, 03/13/17 (e)		12,584
	4,828	1.750%, 07/23/18		4,862
	1,501	1.950%, 01/22/19		1,519
	2,988	2.125%, 04/07/21		3,021
	4,063	2.250%, 11/05/19		4,148

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 71

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		U.S. Bancorp,
	5,036	1.650%, 05/15/17		5,055
	3,289	3.000%, 03/15/22		3,476
	3,191	4.125%, 05/24/21		3,543
	1,256	7.500%, 06/01/26		1,693
	6,833	U.S. Bank N.A., 2.800%, 01/27/25		7,064
	9,800	US Bancorp, Series V, 2.375%, 07/22/26		9,720
		Wachovia Corp.,
	2,735	5.750%, 06/15/17		2,831
	29,966	5.750%, 02/01/18		31,821
		Wells Fargo & Co.,
	10,110	2.100%, 07/26/21		10,155
	10,156	2.600%, 07/22/20		10,446
	6,811	3.000%, 02/19/25		7,001
	3,843	3.000%, 04/22/26		3,939
	10,308	3.300%, 09/09/24		10,890
	8,071	3.500%, 03/08/22		8,619
	4,357	4.100%, 06/03/26		4,730
	4,489	4.300%, 07/22/27		4,955
	7,623	4.600%, 04/01/21		8,474
	6,442	4.650%, 11/04/44		7,072
	2,755	5.606%, 01/15/44		3,441
	8,237	5.625%, 12/11/17		8,682
	7,300	Series N, 2.150%, 01/30/20		7,419
	13,622	Wells Fargo Bank N.A., 6.000%, 11/15/17		14,358
		Westpac Banking Corp., (Australia),
	6,405	2.000%, 03/03/20 (e)		6,475
	5,874	2.450%, 11/28/16 (e)		5,895
	9,606	4.875%, 11/19/19		10,520
				1,218,822
		Capital Markets — 2.0%
		Ameriprise Financial, Inc.,
	8,146	2.875%, 09/15/26		8,184
	5,650	4.000%, 10/15/23		6,187
		Bank of New York Mellon Corp. (The),
	2,020	2.050%, 05/03/21		2,042
	4,310	2.200%, 03/04/19		4,386
	3,110	2.200%, 08/16/23		3,099
	8,088	2.600%, 08/17/20		8,335
	1,043	2.800%, 05/04/26		1,075
	3,800	3.250%, 09/11/24		4,050
	3,089	3.550%, 09/23/21		3,322
	3,363	4.600%, 01/15/20		3,685
	3,335	Series 0012, 3.650%, 02/04/24		3,653
	1,667	Series G, 2.200%, 05/15/19		1,703

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		BlackRock, Inc.,
	4,287	3.375%, 06/01/22		4,618
	3,515	3.500%, 03/18/24		3,889
	4,145	4.250%, 05/24/21		4,618
	4,190	Series 2, 5.000%, 12/10/19		4,664
		Blackstone Holdings Finance Co. LLC,
	3,107	4.450%, 07/15/45 (e)		3,235
	12,555	5.875%, 03/15/21 (e)		14,574
	2,690	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		2,936
	1,435	Charles Schwab Corp. (The), 3.225%, 09/01/22		1,525
		CME Group, Inc.,
	9,865	3.000%, 09/15/22		10,436
	5,537	3.000%, 03/15/25		5,836
	1,004	5.300%, 09/15/43		1,329
		Credit Suisse AG, (Switzerland),
	2,955	1.750%, 01/29/18		2,960
	3,733	2.300%, 05/28/19		3,785
	1,626	3.000%, 10/29/21		1,677
	2,700	3.625%, 09/09/24		2,833
		Deutsche Bank AG, (Germany),
	4,299	1.875%, 02/13/18		4,277
	3,849	2.950%, 08/20/20		3,840
	6,151	3.375%, 05/12/21		6,145
	7,819	6.000%, 09/01/17		8,123
	2,242	FMR LLC, 6.450%, 11/15/39 (e)		3,012
		Goldman Sachs Group, Inc. (The),
	6,428	2.600%, 04/23/20		6,557
	4,682	2.625%, 01/31/19		4,802
	2,045	2.625%, 04/25/21		2,081
	2,975	2.750%, 09/15/20		3,056
	5,930	2.875%, 02/25/21		6,100
	4,008	3.500%, 01/23/25		4,161
	2,287	3.625%, 01/22/23		2,424
	2,971	3.750%, 05/22/25		3,142
	2,665	3.750%, 02/25/26		2,821
	4,341	3.850%, 07/08/24		4,627
	12,326	4.000%, 03/03/24		13,275
	10,573	4.250%, 10/21/25		11,215
	6,033	5.250%, 07/27/21		6,848
	14,150	5.375%, 03/15/20		15,741
	6,753	5.750%, 01/24/22		7,831
	8,939	5.950%, 01/18/18		9,473
	1,435	6.750%, 10/01/37		1,841

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	29,379	7.500%, 02/15/19		33,446
	13,156	Series D, 6.000%, 06/15/20		15,012
		ING Bank N.V., (Netherlands),
	6,000	1.650%, 08/15/19 (e)		5,989
	9,890	3.750%, 03/07/17 (e)		10,012
		Intercontinental Exchange, Inc.,
	2,108	2.500%, 10/15/18		2,158
	5,021	4.000%, 10/15/23		5,537
		Invesco Finance plc, (United Kingdom),
	2,510	3.750%, 01/15/26		2,697
	3,914	4.000%, 01/30/24		4,286
		Jefferies Group LLC,
	2,466	5.125%, 04/13/18		2,576
	5,022	6.450%, 06/08/27		5,631
	8,295	6.875%, 04/15/21		9,515
	6,482	Legg Mason, Inc., 4.750%, 03/15/26		7,080
		Macquarie Bank Ltd., (Australia),
	19,160	1.600%, 10/27/17 (e)		19,201
	7,499	2.600%, 06/24/19 (e)		7,637
	6,300	2.850%, 07/29/20 (e)		6,439
	6,300	4.000%, 07/29/25 (e)		6,742
		Macquarie Group Ltd., (Australia),
	4,125	6.000%, 01/14/20 (e)		4,571
	9,649	6.250%, 01/14/21 (e)		10,984
		Morgan Stanley,
	7,500	2.500%, 04/21/21		7,578
	4,100	2.650%, 01/27/20		4,205
	13,243	2.800%, 06/16/20		13,616
	2,254	3.125%, 07/27/26		2,267
	7,335	3.700%, 10/23/24		7,772
	6,405	3.875%, 01/27/26		6,840
	19,814	4.000%, 07/23/25		21,398
	9,880	4.100%, 05/22/23		10,476
	1,640	4.350%, 09/08/26		1,755
	9,322	5.000%, 11/24/25		10,391
	3,130	5.500%, 07/24/20		3,530
	4,701	5.500%, 07/28/21		5,386
	12,752	5.625%, 09/23/19		14,174
	6,509	5.750%, 01/25/21		7,461
	960	5.950%, 12/28/17		1,016
	8,631	6.625%, 04/01/18		9,299
	7,533	7.300%, 05/13/19		8,599
	2,610	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		3,003

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		State Street Corp.,
	3,191	3.100%, 05/15/23		3,334
	17,629	3.550%, 08/18/25		19,261
	5,771	3.700%, 11/20/23		6,367
	2,279	TD Ameritrade Holding Corp., 2.950%, 04/01/22		2,373
		Thomson Reuters Corp., (Canada),
	3,119	3.850%, 09/29/24		3,341
	8,115	3.950%, 09/30/21		8,666
	2,716	4.500%, 05/23/43		2,906
	1,928	4.700%, 10/15/19		2,089
				596,644
		Consumer Finance — 1.0%
	3,367	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland), 3.950%, 02/01/22		3,493
	4,394	American Express Centurion Bank, 6.000%, 09/13/17		4,610
	2,466	American Express Co., 7.000%, 03/19/18		2,673
		American Express Credit Corp.,
	7,553	1.800%, 07/31/18		7,616
	7,225	1.875%, 11/05/18		7,295
	10,951	2.250%, 05/05/21		11,135
	7,590	2.375%, 05/26/20		7,769
		American Honda Finance Corp.,
	2,626	1.600%, 02/16/18 (e)		2,644
	3,696	2.125%, 02/28/17 (e)		3,716
	3,055	2.125%, 10/10/18		3,115
	598	2.250%, 08/15/19		613
	10,292	2.600%, 09/20/16 (e)		10,300
	1,335	7.625%, 10/01/18 (e)		1,501
		Capital One Financial Corp.,
	3,175	3.200%, 02/05/25		3,230
	10,432	3.500%, 06/15/23		10,899
	1,939	3.750%, 04/24/24		2,051
	7,424	3.750%, 07/28/26		7,453
	7,925	4.200%, 10/29/25		8,278
		Caterpillar Financial Services Corp.,
	3,353	2.250%, 12/01/19		3,435
	5,040	2.400%, 08/09/26		5,019
	3,873	2.850%, 06/01/22		4,047
	897	5.450%, 04/15/18		957
	3,139	7.050%, 10/01/18		3,507
	538	7.150%, 02/15/19		612

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 73

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		Ford Motor Credit Co. LLC,
	5,190	1.684%, 09/08/17		5,196
	2,690	2.145%, 01/09/18		2,706
	6,244	2.240%, 06/15/18		6,296
	2,196	2.375%, 03/12/19		2,225
	10,210	3.000%, 06/12/17		10,333
	3,709	3.096%, 05/04/23		3,751
	6,991	3.336%, 03/18/21		7,254
	7,923	4.134%, 08/04/25		8,405
	1,200	4.250%, 02/03/17		1,214
	3,446	4.250%, 09/20/22		3,724
		General Motors Financial Co., Inc.,
	3,163	3.100%, 01/15/19		3,225
	7,227	3.200%, 07/13/20		7,388
	5,107	3.200%, 07/06/21		5,187
	8,201	3.700%, 05/09/23		8,359
	276	HSBC Finance Corp., 7.350%, 11/27/32		353
		HSBC USA, Inc.,
	6,681	1.625%, 01/16/18		6,682
	7,174	2.350%, 03/05/20		7,215
	7,405	2.750%, 08/07/20		7,563
		John Deere Capital Corp.,
	4,869	1.200%, 10/10/17		4,877
	1,073	1.700%, 01/15/20		1,084
	2,915	2.450%, 09/11/20		3,000
	3,237	2.800%, 01/27/23		3,374
	6,356	2.800%, 03/06/23		6,656
	2,234	3.150%, 10/15/21		2,377
	6,316	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		6,350
		PACCAR Financial Corp.,
	2,175	1.300%, 05/10/19		2,175
	4,103	1.400%, 05/18/18		4,129
	3,536	1.600%, 03/15/17		3,549
	14,832	Synchrony Financial, 3.700%, 08/04/26		14,690
		Toyota Motor Credit Corp.,
	3,498	1.375%, 01/10/18		3,511
	5,109	1.450%, 01/12/18		5,128
	4,484	1.750%, 05/22/17		4,505
	2,179	1.900%, 04/08/21		2,210
				280,659
		Diversified Financial Services — 0.9%
	6,654	Bank of America N.A., 5.300%, 03/15/17		6,795
		Berkshire Hathaway, Inc.,
	2,326	3.000%, 02/11/23		2,471

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — continued
	18,815	3.400%, 01/31/22		20,280
	5,254	3.750%, 08/15/21		5,761
		GE Capital International Funding Co., Unlimited Co., (Ireland),
	44,099	2.342%, 11/15/20		45,379
	17,059	3.373%, 11/15/25		18,628
	10,575	4.418%, 11/15/35		12,105
	2,242	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		2,281
	1,933	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		2,294
	2,635	Nationwide Building Society, (United Kingdom), 2.450%, 07/27/21 (e)		2,658
		Private Export Funding Corp.,
	10,700	Series EE, 2.800%, 05/15/22		11,340
	12,505	Series KK, 3.550%, 01/15/24		13,909
	8,428	Series Z, 4.375%, 03/15/19		9,097
		Shell International Finance B.V., (Netherlands),
	4,381	1.125%, 08/21/17		4,383
	8,042	2.125%, 05/11/20		8,206
	19,688	2.875%, 05/10/26		20,246
	19,323	4.000%, 05/10/46		20,246
	7,389	4.125%, 05/11/35		8,099
	2,690	4.300%, 09/22/19		2,918
	7,695	4.375%, 03/25/20		8,431
	5,381	6.375%, 12/15/38		7,402
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	4,371	2.900%, 05/27/22 (e)		4,618
	3,421	4.400%, 05/27/45 (e)		4,160
	1,211	5.750%, 10/17/16 (e)		1,218
		UBS Group Funding Jersey Ltd., (Jersey),
	7,735	2.650%, 02/01/22 (e)		7,726
	2,500	4.125%, 09/24/25 (e)		2,632
	6,471	4.125%, 04/15/26 (e)		6,827
	4,230	Voya Financial, Inc., 3.650%, 06/15/26		4,264
				264,374
		Insurance — 1.0%
	8,295	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		11,025
	3,650	Allstate Corp. (The), 3.150%, 06/15/23		3,880
		American International Group, Inc.,
	2,671	3.750%, 07/10/25		2,817
	3,407	3.875%, 01/15/35		3,382

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	4,478	4.125%, 02/15/24		4,817
	6,665	4.700%, 07/10/35		7,193
	1,280	4.875%, 06/01/22		1,433
	1,496	Aon Corp., 6.250%, 09/30/40		1,934
	3,083	Aon plc, (United Kingdom), 3.875%, 12/15/25		3,317
		Berkshire Hathaway Finance Corp.,
	870	1.300%, 05/15/18		872
	2,795	4.300%, 05/15/43		3,209
	13,241	4.400%, 05/15/42		15,363
	10,493	5.400%, 05/15/18		11,236
	1,166	5.750%, 01/15/40		1,586
	1,013	Chubb Corp. (The), 5.750%, 05/15/18		1,089
		Chubb INA Holdings, Inc.,
	2,420	2.300%, 11/03/20		2,489
	3,418	2.875%, 11/03/22		3,597
		CNA Financial Corp.,
	2,633	3.950%, 05/15/24		2,777
	1,921	4.500%, 03/01/26		2,078
		Jackson National Life Global Funding,
	3,581	1.875%, 10/15/18 (e)		3,617
	4,054	3.050%, 04/29/26 (e)		4,122
	2,690	4.700%, 06/01/18 (e)		2,832
		Liberty Mutual Group, Inc.,
	3,049	5.000%, 06/01/21 (e)		3,376
	6,000	6.500%, 03/15/35 (e)		7,602
		Liberty Mutual Insurance Co.,
	620	7.875%, 10/15/26 (e)		799
	700	8.500%, 05/15/25 (e)		894
		Lincoln National Corp.,
	1,925	4.000%, 09/01/23		2,046
	3,761	4.200%, 03/15/22		4,064
	1,670	6.150%, 04/07/36		1,994
		Marsh & McLennan Cos., Inc.,
	5,001	2.350%, 03/06/20		5,085
	1,991	3.300%, 03/14/23		2,085
		Massachusetts Mutual Life Insurance Co.,
	1,767	5.375%, 12/01/41 (e)		2,116
	1,070	8.875%, 06/01/39 (e)		1,704
		MassMutual Global Funding II,
	14,348	2.100%, 08/02/18 (e)		14,568
	3,346	2.500%, 10/17/22 (e)		3,377
		MetLife, Inc.,
	2,027	4.050%, 03/01/45		2,018
	2,000	4.875%, 11/13/43		2,251
	731	Series A, 6.817%, 08/15/18		806

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		Metropolitan Life Global Funding I,
	12,099	1.500%, 01/10/18 (e)		12,159
	6,421	2.300%, 04/10/19 (e)		6,551
	11,927	3.650%, 06/14/18 (e)		12,414
	12,858	3.875%, 04/11/22 (e)		13,938
	11,147	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		17,813
		New York Life Global Funding,
	1,806	1.950%, 02/11/20 (e)		1,828
	29,382	2.150%, 06/18/19 (e)		29,964
	3,587	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		3,659
	4,574	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		7,224
	1,343	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		1,349
		Principal Financial Group, Inc.,
	1,290	1.850%, 11/15/17		1,298
	794	3.125%, 05/15/23		812
	7,544	Progressive Corp. (The), 2.450%, 01/15/27		7,504
	7,284	Prudential Financial, Inc., 5.750%, 07/15/33		8,702
	10,349	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		13,996
	2,597	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		2,662
	960	Travelers Cos., Inc. (The), 5.800%, 05/15/18		1,031
				292,354
		Thrifts & Mortgage Finance — 0.0% (g)
		BPCE S.A., (France),
	5,650	1.625%, 01/26/18		5,663
	6,100	4.875%, 04/01/26 (e)		6,431
				12,094
		Total Financials		2,664,947
		Health Care — 1.3%
		Biotechnology — 0.3%
		Amgen, Inc.,
	1,066	2.125%, 05/01/20		1,082
	3,005	3.625%, 05/22/24		3,240
	6,278	3.875%, 11/15/21		6,831
	1,000	4.400%, 05/01/45		1,075
	20,892	4.663%, 06/15/51 (e)		22,492
	4,336	4.950%, 10/01/41		4,944
	1,771	5.700%, 02/01/19		1,947
		Baxalta, Inc.,
	3,356	3.600%, 06/23/22		3,454
	1,096	5.250%, 06/23/45		1,288

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 75

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Biotechnology — continued
		Biogen, Inc.,
	5,466	3.625%, 09/15/22		5,846
	1,383	5.200%, 09/15/45		1,669
		Celgene Corp.,
	5,762	2.875%, 08/15/20		5,980
	8,865	3.250%, 08/15/22		9,247
	6,875	3.625%, 05/15/24		7,280
	4,195	5.000%, 08/15/45		4,841
		Gilead Sciences, Inc.,
	3,532	3.250%, 09/01/22		3,760
	3,850	3.650%, 03/01/26		4,174
	1,150	3.700%, 04/01/24		1,245
	4,758	4.600%, 09/01/35		5,362
				95,757
		Health Care Equipment & Supplies — 0.1%
		Becton, Dickinson & Co.,
	1,030	2.675%, 12/15/19		1,066
	1,537	3.734%, 12/15/24		1,670
	628	5.000%, 05/15/19		685
	2,500	Danaher Corp., 2.400%, 09/15/20		2,581
		Medtronic, Inc.,
	5,206	3.150%, 03/15/22		5,529
	6,075	4.375%, 03/15/35		6,979
	904	Stryker Corp., 3.500%, 03/15/26		960
				19,470
		Health Care Providers & Services — 0.4%
		Aetna, Inc.,
	3,654	2.800%, 06/15/23		3,735
	2,752	4.250%, 06/15/36		2,863
	1,777	4.500%, 05/15/42		1,970
	2,959	6.750%, 12/15/37		4,136
		Anthem, Inc.,
	2,511	2.300%, 07/15/18		2,548
	4,210	3.125%, 05/15/22		4,372
	2,354	3.300%, 01/15/23		2,464
	3,477	4.625%, 05/15/42		3,846
	3,394	4.650%, 01/15/43		3,792
	4,149	4.650%, 08/15/44		4,602
		Cardinal Health, Inc.,
	3,693	2.400%, 11/15/19		3,771
	4,500	3.750%, 09/15/25		4,878
		Express Scripts Holding Co.,
	3,693	3.000%, 07/15/23		3,751
	6,120	3.500%, 06/15/24		6,355
	1,904	4.800%, 07/15/46		2,020

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	3,409	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		3,540
	2,975	Mayo Clinic, Series 2016, 4.128%, 11/15/52		3,428
	3,335	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		3,805
	1,684	Quest Diagnostics, Inc., 3.450%, 06/01/26		1,749
	4,275	Texas Health Resources, 4.330%, 11/15/55		4,876
		UnitedHealth Group, Inc.,
	3,636	1.700%, 02/15/19		3,670
	1,615	2.750%, 02/15/23		1,673
	2,690	2.875%, 03/15/23		2,811
	4,726	3.100%, 03/15/26		4,983
	4,532	3.350%, 07/15/22		4,877
	5,955	3.375%, 11/15/21		6,401
	6,229	4.625%, 07/15/35		7,390
	4,888	6.625%, 11/15/37		7,082
				111,388
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	2,501	3.000%, 04/15/23		2,561
	1,947	3.150%, 01/15/23		2,001
	1,048	3.600%, 08/15/21		1,114
	1,946	4.150%, 02/01/24		2,133
				7,809
		Pharmaceuticals — 0.5%
		AbbVie, Inc.,
	7,526	1.750%, 11/06/17		7,560
	7,466	2.500%, 05/14/20		7,637
	2,980	2.850%, 05/14/23		3,024
	8,491	2.900%, 11/06/22		8,746
	5,328	3.200%, 11/06/22		5,567
	1,796	3.200%, 05/14/26		1,839
	2,129	4.300%, 05/14/36		2,250
	14,649	4.500%, 05/14/35		15,884
		Actavis Funding SCS, (Luxembourg),
	3,041	3.450%, 03/15/22		3,183
	9,655	4.550%, 03/15/35		10,397
	2,354	Actavis, Inc., 3.250%, 10/01/22		2,442
		Allergan, Inc.,
	1,600	2.800%, 03/15/23		1,596
	3,111	3.375%, 09/15/20		3,263
	2,991	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		3,042
	5,743	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		6,445

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	2,780	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		2,929
	1,883	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		2,745
	3,771	Johnson & Johnson, 3.550%, 03/01/36		4,246
		Merck & Co., Inc.,
	933	1.300%, 05/18/18		938
	6,011	2.350%, 02/10/22		6,186
	3,268	2.400%, 09/15/22		3,372
	3,139	2.800%, 05/18/23		3,305
	2,100	3.700%, 02/10/45		2,251
		Mylan N.V., (Netherlands),
	4,153	3.950%, 06/15/26 (e)		4,279
	2,870	5.250%, 06/15/46 (e)		3,154
		Mylan, Inc.,
	7,886	3.125%, 01/15/23 (e)		7,873
	2,300	5.400%, 11/29/43		2,581
	3,294	Novartis Capital Corp., 3.400%, 05/06/24		3,620
	3,901	Pfizer, Inc., 3.000%, 06/15/23		4,170
	2,066	Teva Pharmaceutical Finance Co. LLC, 6.150%, 02/01/36		2,629
		Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands),
	2,321	2.200%, 07/21/21		2,306
	2,057	2.800%, 07/21/23		2,066
	844	4.100%, 10/01/46		857
	708	Wyeth LLC, 6.450%, 02/01/24		898
		Zoetis, Inc.,
	1,869	1.875%, 02/01/18		1,873
	1,115	4.700%, 02/01/43		1,190
				146,343
		Total Health Care		380,767
		Industrials — 1.7%
		Aerospace & Defense — 0.3%
	3,267	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		3,379
		BAE Systems Holdings, Inc.,
	9,772	3.800%, 10/07/24 (e)		10,329
	2,107	6.375%, 06/01/19 (e)		2,346	��
	4,778	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		5,994
		Boeing Co. (The),
	448	4.875%, 02/15/20		502
	1,076	7.950%, 08/15/24		1,516

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
		Lockheed Martin Corp.,
	2,766	2.125%, 09/15/16		2,767
	937	3.100%, 01/15/23		989
	4,010	4.070%, 12/15/42		4,335
	897	4.250%, 11/15/19		974
	6,385	4.500%, 05/15/36		7,390
	1,569	4.850%, 09/15/41		1,871
	1,753	Series B, 6.150%, 09/01/36		2,380
	1,794	Northrop Grumman Systems Corp., 7.750%, 02/15/31		2,677
	8,650	Precision Castparts Corp., 3.250%, 06/15/25		9,311
	2,180	Raytheon Co., 3.150%, 12/15/24		2,346
		United Technologies Corp.,
	1,777	1.800%, 06/01/17		1,788
	4,552	3.100%, 06/01/22		4,879
	4,246	4.150%, 05/15/45		4,822
	6,022	4.500%, 06/01/42		7,138
	701	6.700%, 08/01/28		954
				78,687
		Air Freight & Logistics — 0.0% (g)
	1,670	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		1,874
		FedEx Corp.,
	2,678	3.250%, 04/01/26		2,834
	2,232	3.900%, 02/01/35		2,330
		United Parcel Service of America, Inc.,
	2,107	8.375%, 04/01/20		2,601
	717	SUB, 8.375%, 04/01/30		1,059
	1,621	United Parcel Service, Inc., 2.450%, 10/01/22		1,692
				12,390
		Airlines — 0.1%
	3,047	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		3,242
	894	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		972
	3,082	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		3,371
	1,887	American Airlines 2016-2 Class A Pass- Through Trust, 3.650%, 06/15/28		1,988
	268	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		288
	3,013	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		3,401
	1,663	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		1,784

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — continued
	2,175	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		2,295
	761	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		813
	2,580	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		2,754
	6,874	United Airlines 2016-1 Class A Pass-Through Trust, 3.450%, 07/07/28		7,169
				28,077
		Commercial Services & Supplies — 0.1%
	1,525	Pitney Bowes, Inc., 5.600%, 03/15/18		1,608
		Republic Services, Inc.,
	2,099	2.900%, 07/01/26		2,138
	4,309	3.550%, 06/01/22		4,620
		Waste Management, Inc.,
	3,635	2.400%, 05/15/23		3,673
	1,062	3.900%, 03/01/35		1,143
	1,690	4.750%, 06/30/20		1,877
				15,059
		Construction & Engineering — 0.0% (g)
		ABB Finance USA, Inc.,
	1,504	1.625%, 05/08/17		1,510
	2,092	2.875%, 05/08/22		2,196
	928	4.375%, 05/08/42		1,076
	4,910	Fluor Corp., 3.375%, 09/15/21		5,254
				10,036
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	1,418	1.500%, 11/02/17		1,423
	1,247	4.000%, 11/02/32		1,346
	2,377	5.600%, 05/15/18		2,539
	1,794	7.625%, 04/01/24		2,263
				7,571
		Industrial Conglomerates — 0.4%
		General Electric Co.,
	2,854	1.600%, 11/20/17		2,871
	1,318	2.100%, 12/11/19		1,355
	6,863	2.300%, 04/27/17		6,921
	3,043	2.700%, 10/09/22		3,178
	1,718	3.100%, 01/09/23		1,833
	4,815	3.150%, 09/07/22		5,140
	4,366	3.375%, 03/11/24		4,778
	3,698	4.375%, 09/16/20		4,104
	4,892	4.650%, 10/17/21		5,585

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	459	5.300%, 02/11/21		528
	1,345	5.400%, 02/15/17		1,367
	5,046	5.500%, 01/08/20		5,713
	6,636	5.625%, 09/15/17		6,949
	20,649	5.625%, 05/01/18		22,193
	488	5.875%, 01/14/38		668
	1,361	6.000%, 08/07/19		1,547
	232	6.875%, 01/10/39		355
	3,139	VAR, 0.987%, 02/15/17		3,142
	2,373	Series A, 6.750%, 03/15/32		3,394
	1,345	Honeywell International, Inc., 5.300%, 03/01/18		1,428
	3,907	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		4,147
	2,860	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		3,146
		Koninklijke Philips N.V., (Netherlands),
	7,508	3.750%, 03/15/22		8,079
	1,494	5.750%, 03/11/18		1,593
	493	7.200%, 06/01/26		618
		Pentair Finance S.A., (Luxembourg),
	6,588	2.900%, 09/15/18		6,635
	3,000	4.650%, 09/15/25		3,132
	1,261	Roper Technologies, Inc., 3.000%, 12/15/20		1,313
	1,540	Tyco International Finance S.A., (Luxembourg), 5.125%, 09/14/45		1,860
				113,572
		Machinery — 0.1%
		Caterpillar, Inc.,
	1,676	1.500%, 06/26/17		1,681
	1,913	2.600%, 06/26/22		1,992
		Deere & Co.,
	5,382	2.600%, 06/08/22		5,574
	2,386	3.900%, 06/09/42		2,651
	15,246	Illinois Tool Works, Inc., 3.900%, 09/01/42		17,094
	695	Ingersoll-Rand Co., 6.391%, 11/15/27		825
		Parker-Hannifin Corp.,
	3,759	4.450%, 11/21/44		4,521
	695	5.500%, 05/15/18		746
				35,084
		Professional Services — 0.0% (g)
	2,538	Equifax, Inc., 2.300%, 06/01/21		2,552

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	1,794	3.000%, 03/15/23		1,896
	3,821	3.050%, 03/15/22		4,046
	1,865	3.450%, 09/15/21		2,010
	1,272	3.600%, 09/01/20		1,370
	2,365	3.750%, 04/01/24		2,615
	3,010	3.900%, 08/01/46		3,267
	4,018	4.375%, 09/01/42		4,610
	3,150	4.700%, 09/01/45		3,803
	3,380	5.150%, 09/01/43		4,271
	9,266	5.400%, 06/01/41		11,863
	3,282	5.650%, 05/01/17		3,381
	1,502	5.750%, 03/15/18		1,606
	3,244	5.750%, 05/01/40		4,351
	538	6.700%, 08/01/28		736
	1,166	7.290%, 06/01/36		1,721
		Canadian Pacific Railway Co., (Canada),
	4,200	4.500%, 01/15/22		4,606
	7,086	6.125%, 09/15/152		8,834
	1,345	7.125%, 10/15/31		1,869
		CSX Corp.,
	3,200	3.400%, 08/01/24		3,425
	2,659	3.950%, 05/01/50		2,744
	1,781	4.250%, 06/01/21		1,961
	1,516	4.750%, 05/30/42		1,750
	3,498	5.500%, 04/15/41		4,413
	628	7.375%, 02/01/19		714
	3,587	7.900%, 05/01/17		3,742
		ERAC USA Finance LLC,
	3,010	2.600%, 12/01/21 (e)		3,060
	3,474	4.500%, 08/16/21 (e)		3,826
	2,388	5.250%, 10/01/20 (e)		2,678
	3,104	5.625%, 03/15/42 (e)		3,800
	359	6.375%, 10/15/17 (e)		378
	4,417	6.700%, 06/01/34 (e)		5,934
		Norfolk Southern Corp.,
	2,558	2.903%, 02/15/23		2,650
	4,957	3.250%, 12/01/21		5,238
	2,888	3.950%, 10/01/42		3,057
	51	5.590%, 05/17/25		62
	3,049	6.000%, 03/15/05		3,770
	9,412	6.000%, 05/23/113		11,667
	121	7.700%, 05/15/17		126

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	3,744	2.875%, 07/17/18 (e)		3,814
	5,795	3.375%, 02/01/22 (e)		5,991
		Ryder System, Inc.,
	1,432	2.500%, 03/01/17		1,437
	1,435	2.500%, 03/01/18		1,454
	4,930	2.500%, 05/11/20		4,965
	3,451	2.875%, 09/01/20		3,516
		Union Pacific Corp.,
	1,297	2.950%, 01/15/23		1,361
	1,230	3.646%, 02/15/24		1,347
	3,935	4.163%, 07/15/22		4,430
	1,435	4.300%, 06/15/42		1,640
	919	4.821%, 02/01/44		1,126
	186	Union Pacific Railroad Co. 2003 Pass-Through Trust, Series 03-1, 4.698%, 01/02/24		201
	3,380	Union Pacific Railroad Co. 2015-1 Pass-Through Trust, 2.695%, 05/12/27		3,357
				166,489
		Trading Companies & Distributors — 0.1%
		Air Lease Corp.,
	6,266	3.000%, 09/15/23		6,201
	4,000	3.875%, 04/01/21		4,215
		WW Grainger, Inc.,
	2,178	3.750%, 05/15/46		2,305
	4,364	4.600%, 06/15/45		5,220
				17,941
		Total Industrials		487,458
		Information Technology — 1.4%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	3,488	2.600%, 02/28/23		3,640
	1,479	2.900%, 03/04/21		1,561
	1,822	2.950%, 02/28/26		1,944
	6,539	3.000%, 06/15/22		6,973
	4,500	3.625%, 03/04/24		5,001
	4,179	5.500%, 01/15/40		5,532
	4,475	5.900%, 02/15/39		6,162
	7,570	Harris Corp., 3.832%, 04/27/25		8,018
				38,831
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	1,712	3.000%, 03/01/18		1,734

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 79

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electronic Equipment, Instruments & Components — continued
	1,595	4.500%, 03/01/23		1,695
	4,157	6.000%, 04/01/20		4,584
	2,421	6.875%, 06/01/18		2,587
	11,025	7.500%, 01/15/27		13,676
				24,276
		Internet Software & Services — 0.1%
		eBay, Inc.,
	9,053	2.600%, 07/15/22		9,167
	4,006	3.450%, 08/01/24		4,171
	1,851	4.000%, 07/15/42		1,742
				15,080
		IT Services — 0.2%
	2,170	HP Enterprise Services LLC, 7.450%, 10/15/29		2,628
		International Business Machines Corp.,
	4,972	1.800%, 05/17/19		5,048
	23,206	2.250%, 02/19/21		23,891
	683	4.000%, 06/20/42		729
	592	6.220%, 08/01/27		786
	7,578	7.625%, 10/15/18		8,569
	2,620	Total System Services, Inc., 4.800%, 04/01/26		2,894
		Xerox Corp.,
	1,759	2.950%, 03/15/17		1,771
	2,370	5.625%, 12/15/19		2,565
	2,870	6.750%, 02/01/17		2,930
				51,811
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	2,105	3.100%, 07/29/22		2,247
	2,274	3.300%, 10/01/21		2,454
	4,598	3.700%, 07/29/25		5,118
	8,173	4.000%, 12/15/32		9,093
	3,089	4.900%, 07/29/45		3,753
	7,430	National Semiconductor Corp., 6.600%, 06/15/17		7,753
	3,769	Texas Instruments, Inc., 1.650%, 08/03/19		3,815
				34,233
		Software — 0.4%
	3,121	Intuit, Inc., 5.750%, 03/15/17		3,197
		Microsoft Corp.,
	2,069	0.875%, 11/15/17		2,069

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	3,037	2.125%, 11/15/22		3,075
	4,650	2.375%, 02/12/22		4,796
	10,221	2.375%, 05/01/23		10,486
	3,459	3.500%, 02/12/35		3,580
	7,202	3.625%, 12/15/23		7,945
	3,620	4.000%, 02/12/55		3,813
	3,974	4.200%, 11/03/35		4,504
	1,089	4.500%, 10/01/40		1,266
	4,348	4.750%, 11/03/55		5,183
		Oracle Corp.,
	2,187	1.900%, 09/15/21		2,191
	5,728	2.400%, 09/15/23		5,772
	1,928	2.800%, 07/08/21		2,018
	14,625	2.950%, 05/15/25		15,150
	1,295	3.625%, 07/15/23		1,411
	11,695	3.850%, 07/15/36		12,331
	1,880	3.900%, 05/15/35		1,983
	3,085	4.300%, 07/08/34		3,422
	14,500	4.375%, 05/15/55		15,777
	4,753	5.000%, 07/08/19		5,237
	3,049	5.750%, 04/15/18		3,275
	2,300	6.125%, 07/08/39		3,152
	1,749	6.500%, 04/15/38		2,468
				124,101
		Technology Hardware, Storage & Peripherals — 0.4%
		Apple, Inc.,
	12,381	2.150%, 02/09/22		12,626
	15,286	2.400%, 05/03/23		15,647
	5,261	2.450%, 08/04/26		5,275
	13,459	2.850%, 05/06/21		14,195
	12,828	3.200%, 05/13/25		13,707
	798	3.250%, 02/23/26		852
	4,375	3.450%, 02/09/45		4,302
	3,512	3.850%, 08/04/46		3,640
	4,257	4.500%, 02/23/36		4,919
	6,866	VAR, 1.009%, 05/03/18		6,885
	1,704	Dell, Inc., 7.100%, 04/15/28		1,772
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	4,134	4.420%, 06/15/21 (e)		4,325
	6,612	5.450%, 06/15/23 (e)		7,044
	5,662	6.020%, 06/15/26 (e)		6,070
		HP, Inc.,
	3,233	4.300%, 06/01/21		3,488

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
	2,541	4.375%, 09/15/21		2,738
	2,837	4.650%, 12/09/21		3,104
	6,352	6.000%, 09/15/41		6,552
				117,141
		Total Information Technology		405,473
		Materials — 0.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	3,196	3.375%, 03/15/25		3,286
	3,557	4.125%, 03/15/35		3,509
	4,962	5.250%, 01/15/45		5,523
	9,510	CF Industries, Inc., 7.125%, 05/01/20		10,935
		Dow Chemical Co. (The),
	7,954	3.000%, 11/15/22		8,234
	5,750	3.500%, 10/01/24		6,097
	4,058	4.125%, 11/15/21		4,437
	1,727	5.250%, 11/15/41		1,979
	1,206	7.375%, 11/01/29		1,641
	875	8.550%, 05/15/19		1,032
		E.I. du Pont de Nemours & Co.,
	1,396	4.900%, 01/15/41		1,605
	1,345	5.600%, 12/15/36		1,666
		Ecolab, Inc.,
	3,672	1.450%, 12/08/17		3,682
	3,636	3.250%, 01/14/23		3,798
	897	5.500%, 12/08/41		1,128
	2,459	Monsanto Co., 4.700%, 07/15/64		2,364
		Mosaic Co. (The),
	1,974	3.750%, 11/15/21		2,082
	7,080	4.250%, 11/15/23		7,550
	449	4.875%, 11/15/41		445
	5,054	5.450%, 11/15/33		5,541
	5,233	5.625%, 11/15/43		5,740
		Potash Corp. of Saskatchewan, Inc., (Canada),
	2,326	3.000%, 04/01/25		2,360
	269	3.250%, 12/01/17		275
	3,408	6.500%, 05/15/19		3,825
		PPG Industries, Inc.,
	1,026	5.500%, 11/15/40		1,278
	972	6.650%, 03/15/18		1,041
	1,883	9.000%, 05/01/21		2,411
	2,612	Praxair, Inc., 2.650%, 02/05/25		2,690
		Union Carbide Corp.,
	5,426	7.500%, 06/01/25		6,830

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
	5,919	7.750%, 10/01/96		7,485
				110,469
		Construction Materials — 0.0% (g)
		CRH America, Inc.,
	2,811	3.875%, 05/18/25 (e)		3,013
	6,052	5.125%, 05/18/45 (e)		6,777
				9,790
		Containers & Packaging — 0.0% (g)
		International Paper Co.,
	6,472	3.000%, 02/15/27		6,435
	1,670	5.000%, 09/15/35		1,865
	3,945	7.300%, 11/15/39		5,334
				13,634
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	6,613	3.850%, 09/30/23		7,219
	1,600	5.000%, 09/30/43		1,910
	1,435	5.400%, 03/29/17		1,468
	2,466	6.500%, 04/01/19		2,771
		Freeport-McMoRan, Inc.,
	8,701	2.150%, 03/01/17		8,668
	6,296	3.875%, 03/15/23		5,399
	7,646	5.400%, 11/14/34		5,964
	2,271	5.450%, 03/15/43		1,737
		Nucor Corp.,
	1,529	4.000%, 08/01/23		1,651
	470	6.400%, 12/01/37		595
	1,767	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		2,025
	1,794	Rio Tinto Finance USA Ltd., (Australia), 9.000%, 05/01/19		2,134
	1,199	TCI Communications, Inc., 7.125%, 02/15/28		1,702
		Teck Resources Ltd., (Canada),
	2,865	3.750%, 02/01/23		2,456
	4,904	4.750%, 01/15/22		4,587
				50,286
		Total Materials		184,179
		Real Estate — 0.6%
		Equity Real Estate Investment Trusts (REITs) — 0.6%
		American Tower Corp.,
	4,378	3.375%, 10/15/26		4,487
	2,959	3.500%, 01/31/23		3,091
	4,995	4.700%, 03/15/22		5,527

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 81

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
	2,270	5.000%, 02/15/24		2,594
	260	5.900%, 11/01/21		303
		American Tower Trust I,
	3,439	1.551%, 03/15/18 (e)		3,431
	6,220	3.070%, 03/15/23 (e)		6,468
	8,971	AvalonBay Communities, Inc., 2.850%, 03/15/23		9,137
		Boston Properties LP,
	3,702	2.750%, 10/01/26		3,663
	3,155	3.125%, 09/01/23		3,267
	3,157	3.650%, 02/01/26		3,368
	4,550	Brixmor Operating Partnership LP, 3.850%, 02/01/25		4,636
		Crown Castle International Corp.,
	3,703	2.250%, 09/01/21		3,697
	7,500	4.875%, 04/15/22		8,368
	2,900	5.250%, 01/15/23		3,312
	1,814	Duke Realty LP, 3.250%, 06/30/26		1,862
		Equity Commonwealth,
	6,287	5.875%, 09/15/20		6,956
	3,489	6.650%, 01/15/18		3,618
		ERP Operating LP,
	7,000	3.000%, 04/15/23		7,199
	2,255	4.625%, 12/15/21		2,527
		HCP, Inc.,
	2,651	3.400%, 02/01/25		2,613
	8,366	3.875%, 08/15/24		8,560
	1,349	4.200%, 03/01/24		1,411
	6,353	4.250%, 11/15/23		6,694
	5,043	National Retail Properties, Inc., 4.000%, 11/15/25		5,407
		Prologis LP,
	2,653	3.750%, 11/01/25		2,865
	2,987	4.250%, 08/15/23		3,312
	4,610	Scentre Group Trust 1/Scentre Group Trust 2, (Australia), 3.500%, 02/12/25 (e)		4,818
		Simon Property Group LP,
	8,221	2.150%, 09/15/17		8,284
	3,410	3.375%, 10/01/24		3,656
	2,090	3.750%, 02/01/24		2,282
	3,838	4.125%, 12/01/21		4,241
	3,138	4.375%, 03/01/21		3,472
	3,081	UDR, Inc., 2.950%, 09/01/26		3,094
		Ventas Realty LP,
	1,350	3.125%, 06/15/23		1,376
	1,929	3.500%, 02/01/25		1,999

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Equity Real Estate Investment Trusts (REITs) — continued
	2,382	3.750%, 05/01/24		2,498
	2,746	4.125%, 01/15/26		2,973
		Welltower, Inc.,
	1,639	4.000%, 06/01/25		1,754
	4,002	4.500%, 01/15/24		4,386
		Total Real Estate		163,206
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.3%
		AT&T, Inc.,
	29,467	3.000%, 06/30/22		30,358
	7,297	3.400%, 05/15/25		7,513
	13,847	3.600%, 02/17/23		14,617
	9,257	3.800%, 03/15/22		9,929
	2,086	3.875%, 08/15/21		2,261
	2,245	3.950%, 01/15/25		2,406
	9,748	4.300%, 12/15/42		9,792
	4,439	4.350%, 06/15/45		4,474
	5,022	4.600%, 02/15/21		5,521
	3,777	4.750%, 05/15/46		4,039
	12,806	5.350%, 09/01/40		14,631
	4,722	5.500%, 02/01/18		4,989
	11,179	6.000%, 08/15/40		13,542
	6,457	6.300%, 01/15/38		8,164
	2,861	6.375%, 03/01/41		3,638
	1,091	6.500%, 09/01/37		1,419
	1,600	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		2,203
	15,000	BellSouth LLC, 6.550%, 06/15/34		17,924
		British Telecommunications plc, (United Kingdom),
	2,203	2.350%, 02/14/19		2,249
	2,511	5.950%, 01/15/18		2,668
	879	9.375%, 12/15/30		1,434
	4,036	Centel Capital Corp., 9.000%, 10/15/19		4,670
		Deutsche Telekom International Finance B.V., (Netherlands),
	2,291	2.250%, 03/06/17 (e)		2,305
	2,087	4.875%, 03/06/42 (e)		2,476
	1,816	6.000%, 07/08/19		2,038
	5,201	8.750%, 06/15/30		8,130
		GTP Acquisition Partners I LLC,
	10,038	2.350%, 06/15/20 (e)		9,977
	11,667	3.482%, 06/16/25 (e)		12,162
	2,063	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		2,068

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Orange S.A., (France),
	3,799	2.750%, 09/14/16		3,801
	6,382	9.000%, 03/01/31		10,229
	7,308	Qwest Corp., 6.750%, 12/01/21		8,150
		Telefonica Emisiones S.A.U., (Spain),
	1,916	3.192%, 04/27/18		1,965
	150	4.570%, 04/27/23		169
	4,358	5.134%, 04/27/20		4,833
	2,025	5.462%, 02/16/21		2,311
		Verizon Communications, Inc.,
	1,790	2.625%, 02/21/20		1,846
	10,870	2.625%, 08/15/26		10,755
	6,192	3.500%, 11/01/21		6,655
	15,346	3.500%, 11/01/24		16,456
	11,683	4.150%, 03/15/24		12,975
	3,373	4.272%, 01/15/36		3,542
	13,420	4.400%, 11/01/34		14,269
	9,294	4.500%, 09/15/20		10,257
	3,993	4.522%, 09/15/48		4,234
	5,210	4.672%, 03/15/55		5,418
	28,901	4.862%, 08/21/46		32,132
	3,895	5.012%, 08/21/54		4,271
	16,811	5.150%, 09/15/23		19,649
	4,094	5.850%, 09/15/35		5,115
				386,629
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	3,833	2.375%, 09/08/16		3,814
	3,250	3.125%, 07/16/22		3,364
	2,457	6.125%, 03/30/40		3,083
		Rogers Communications, Inc., (Canada),
	8,302	4.100%, 10/01/23		9,232
	2,242	8.750%, 05/01/32		3,318
		Vodafone Group plc, (United Kingdom),
	10,583	1.500%, 02/19/18		10,582
	3,676	1.625%, 03/20/17		3,684
	675	2.950%, 02/19/23		699
				37,776
		Total Telecommunication Services		424,405
		Utilities — 1.9%
		Electric Utilities — 1.3%
		Alabama Power Co.,
	1,644	3.750%, 03/01/45		1,741

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	769	6.000%, 03/01/39		1,028
	1,904	6.125%, 05/15/38		2,581
	2,134	American Electric Power Co., Inc., 1.650%, 12/15/17		2,138
	3,740	Appalachian Power Co., Series P, 6.700%, 08/15/37		5,027
		Arizona Public Service Co.,
	748	2.200%, 01/15/20		759
	1,923	4.500%, 04/01/42		2,281
	3,036	5.050%, 09/01/41		3,800
		Baltimore Gas & Electric Co.,
	4,419	2.800%, 08/15/22		4,616
	3,755	3.500%, 08/15/46		3,821
		Cleveland Electric Illuminating Co. (The),
	840	5.950%, 12/15/36		974
	3,094	Series D, 7.880%, 11/01/17		3,305
	4,791	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		5,146
	3,615	Commonwealth Edison Co., 3.650%, 06/15/46		3,818
	830	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		890
	1,687	DTE Electric Co., 2.650%, 06/15/22		1,746
		Duke Energy Carolinas LLC,
	1,228	4.250%, 12/15/41		1,400
	1,786	4.300%, 06/15/20		1,973
	1,256	5.100%, 04/15/18		1,335
	1,397	6.000%, 01/15/38		1,913
		Duke Energy Corp.,
	3,812	2.150%, 11/15/16		3,821
	1,382	2.650%, 09/01/26		1,375
	2,660	3.550%, 09/15/21		2,852
		Duke Energy Florida LLC,
	1,009	5.650%, 06/15/18		1,087
	628	6.400%, 06/15/38		897
		Duke Energy Indiana LLC,
	3,462	3.750%, 07/15/20		3,740
	4,500	3.750%, 05/15/46		4,755
	2,780	6.350%, 08/15/38		3,943
	3,297	Duke Energy Ohio, Inc., 3.700%, 06/15/46		3,472
		Duke Energy Progress LLC,
	2,911	2.800%, 05/15/22		3,045
	3,230	3.000%, 09/15/21		3,424
	2,985	3.250%, 08/15/25		3,212
	1,886	4.100%, 05/15/42		2,094
	1,569	4.100%, 03/15/43		1,739

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 83

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	2,258	4.150%, 12/01/44		2,551
	1,794	5.300%, 01/15/19		1,956
		Electricite de France S.A., (France),
	3,961	2.150%, 01/22/19 (e)		4,011
	6,600	6.000%, 01/22/144 (e)		7,216
		Enel Finance International N.V., (Netherlands),
	5,408	5.125%, 10/07/19 (e)		5,938
	897	6.000%, 10/07/39 (e)		1,114
	2,631	Entergy Arkansas, Inc., 3.500%, 04/01/26		2,863
	2,469	Entergy Corp., 2.950%, 09/01/26		2,490
		Entergy Louisiana LLC,
	4,606	3.050%, 06/01/31		4,698
	1,551	3.250%, 04/01/28		1,650
	3,688	Entergy Mississippi, Inc., 2.850%, 06/01/28		3,771
	2,674	Exelon Corp., 3.400%, 04/15/26		2,815
		Florida Power & Light Co.,
	493	5.625%, 04/01/34		649
	897	5.950%, 02/01/38		1,246
	359	Georgia Power Co., 5.950%, 02/01/39		476
	4,351	Great Plains Energy, Inc., 4.850%, 06/01/21		4,751
		Hydro-Quebec, (Canada),
	1,614	9.400%, 02/01/21		2,096
	7,174	Series HY, 8.400%, 01/15/22		9,366
	2,642	Series IO, 8.050%, 07/07/24		3,653
		Indiana Michigan Power Co.,
	973	7.000%, 03/15/19		1,094
	8,609	Series J, 3.200%, 03/15/23		8,974
	269	Jersey Central Power & Light Co., 7.350%, 02/01/19		301
	3,968	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		4,654
		Kansas City Power & Light Co.,
	3,255	3.150%, 03/15/23		3,318
	8,968	5.300%, 10/01/41		10,748
	2,759	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		2,957
	4,957	Massachusetts Electric Co., 4.004%, 08/15/46 (e)		5,181
	628	MidAmerican Energy Co., 5.300%, 03/15/18		667
		Nevada Power Co.,
	329	5.375%, 09/15/40		410
	3,354	5.450%, 05/15/41		4,331
	2,018	6.500%, 08/01/18		2,210
	1,637	7.125%, 03/15/19		1,868
	700	Series N, 6.650%, 04/01/36		965

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		NextEra Energy Capital Holdings, Inc.,
	2,651	2.400%, 09/15/19		2,695
	1,076	6.000%, 03/01/19		1,184
		Niagara Mohawk Power Corp.,
	3,051	3.508%, 10/01/24 (e)		3,284
	1,457	4.881%, 08/15/19 (e)		1,591
	2,242	Northern States Power Co., 6.250%, 06/01/36		3,147
	780	Ohio Edison Co., 6.875%, 07/15/36		1,030
		Ohio Power Co.,
	1,390	6.050%, 05/01/18		1,488
	560	Series M, 5.375%, 10/01/21		637
		Oncor Electric Delivery Co. LLC,
	5,515	6.800%, 09/01/18		6,076
	1,076	7.000%, 09/01/22		1,365
		Pacific Gas & Electric Co.,
	5,047	2.450%, 08/15/22		5,169
	3,349	2.950%, 03/01/26		3,493
	1,265	3.250%, 09/15/21		1,340
	1,794	3.250%, 06/15/23		1,907
	5,781	3.500%, 06/15/25		6,290
	1,681	4.450%, 04/15/42		1,934
	6,511	4.500%, 12/15/41		7,535
	650	4.600%, 06/15/43		767
	1,776	5.625%, 11/30/17		1,870
	399	6.050%, 03/01/34		540
	673	8.250%, 10/15/18		765
		PacifiCorp,
	2,765	3.600%, 04/01/24		3,022
	897	3.850%, 06/15/21		979
	224	5.500%, 01/15/19		245
	2,556	5.650%, 07/15/18		2,762
		PECO Energy Co.,
	5,022	2.375%, 09/15/22		5,118
	807	5.350%, 03/01/18		855
	807	Pennsylvania Electric Co., 6.050%, 09/01/17		839
	1,184	Potomac Electric Power Co., 6.500%, 11/15/37		1,699
	1,543	PPL Electric Utilities Corp., 2.500%, 09/01/22		1,576
		Progress Energy, Inc.,
	3,380	3.150%, 04/01/22		3,550
	3,388	4.400%, 01/15/21		3,716
	2,600	7.000%, 10/30/31		3,526
	1,327	7.750%, 03/01/31		1,876

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Public Service Co. of Colorado,
	1,821	2.250%, 09/15/22		1,858
	1,040	3.200%, 11/15/20		1,103
	1,175	3.550%, 06/15/46		1,235
	247	5.800%, 08/01/18		268
		Public Service Co. of Oklahoma,
	1,761	4.400%, 02/01/21		1,916
	1,242	5.150%, 12/01/19		1,368
	3,901	Series G, 6.625%, 11/15/37		5,143
		Public Service Electric & Gas Co.,
	6,334	3.000%, 05/15/25		6,709
	1,021	5.375%, 11/01/39		1,331
	740	Series I, 1.800%, 06/01/19		748
	387	South Carolina Electric & Gas Co., 4.500%, 06/01/64		413
		Southern California Edison Co.,
	1,928	1.845%, 02/01/22		1,929
	886	3.875%, 06/01/21		970
	3,408	3.900%, 12/01/41		3,697
	1,256	5.500%, 08/15/18		1,361
	895	6.000%, 01/15/34		1,204
	2,197	6.050%, 03/15/39		3,071
	578	Series 08-A, 5.950%, 02/01/38		798
	2,854	Series C, 3.500%, 10/01/23		3,110
	2,666	Southern Co. (The), 1.950%, 09/01/16		2,666
		Southwestern Public Service Co.,
	2,700	4.500%, 08/15/41		3,166
	3,049	Series G, 8.750%, 12/01/18		3,526
	2,095	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		2,098
	2,482	Three Gorges Finance I Cayman Islands Ltd., (Cayman Islands), 3.150%, 06/02/26 (e)		2,552
	5,800	Toledo Edison Co. (The), 6.150%, 05/15/37		7,261
		Virginia Electric & Power Co.,
	696	2.950%, 01/15/22		731
	1,280	3.450%, 02/15/24		1,393
	4,842	5.400%, 04/30/18		5,161
	2,100	Series A, 6.000%, 05/15/37		2,840
	234	Wisconsin Electric Power Co., 2.950%, 09/15/21		247
		Xcel Energy, Inc.,
	3,656	3.300%, 06/01/25		3,867
	539	4.700%, 05/15/20		589
	829	4.800%, 09/15/41		997
	6,254	6.500%, 07/01/36		8,660
				368,592

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	1,750	4.125%, 10/15/44		1,944
	7,215	4.150%, 01/15/43		7,922
	619	8.500%, 03/15/19		722
	2,201	Boston Gas Co., 4.487%, 02/15/42 (e)		2,452
	1,372	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		1,486
	2,214	Dominion Gas Holdings LLC, 2.800%, 11/15/20		2,286
	4,242	KeySpan Gas East Corp., 2.742%, 08/15/26 (e)		4,308
	4,862	Korea Gas Corp., (South Korea), 1.875%, 07/18/21 (e)		4,887
				26,007
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	2,100	2.950%, 01/15/20		2,159
	5,381	4.000%, 10/01/20		5,736
	1,665	5.750%, 10/01/41		1,815
		PSEG Power LLC,
	2,879	4.150%, 09/15/21		3,077
	2,456	4.300%, 11/15/23		2,654
	1,125	8.625%, 04/15/31		1,479
		Southern Power Co.,
	3,108	4.150%, 12/01/25		3,360
	3,879	5.150%, 09/15/41		4,279
	3,222	Tri-State Generation & Transmission Association, Inc., 4.250%, 06/01/46		3,459
				28,018
		Multi-Utilities — 0.4%
	1,457	Berkshire Hathaway Energy Co., 5.750%, 04/01/18		1,557
	3,390	CenterPoint Energy, Inc., 6.500%, 05/01/18		3,631
		CMS Energy Corp.,
	3,458	3.000%, 05/15/26		3,527
	2,400	3.875%, 03/01/24		2,631
	2,760	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		3,647
		Consumers Energy Co.,
	1,343	2.850%, 05/15/22		1,405
	2,150	3.250%, 08/15/46		2,162
	1,256	5.650%, 04/15/20		1,426
	1,478	Delmarva Power & Light Co., 4.000%, 06/01/42		1,621

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 85

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
		Dominion Resources, Inc.,
	1,076	7.000%, 06/15/38		1,502
	1,840	Series C, 4.900%, 08/01/41		2,112
	1,927	Series D, 2.850%, 08/15/26		1,934
	5,067	Series F, 5.250%, 08/01/33		5,812
		DTE Energy Co.,
	6,150	3.300%, 06/15/22		6,539
	2,000	6.375%, 04/15/33		2,638
	1,400	Series F, 3.850%, 12/01/23		1,536
		NiSource Finance Corp.,
	2,457	3.850%, 02/15/23		2,635
	6,726	5.800%, 02/01/42		8,649
		San Diego Gas & Electric Co.,
	2,690	3.950%, 11/15/41		3,007
	1,852	6.000%, 06/01/26		2,416
	973	Series FFF, 6.125%, 09/15/37		1,359
		Sempra Energy,
	3,139	2.875%, 10/01/22		3,244
	3,827	3.550%, 06/15/24		4,052
	2,348	4.050%, 12/01/23		2,588
	1,345	6.000%, 10/15/39		1,749
	2,063	6.150%, 06/15/18		2,222
	7,309	9.800%, 02/15/19		8,700
		Southern Co. Gas Capital Corp.,
	1,690	3.250%, 06/15/26		1,742
	4,609	3.500%, 09/15/21		4,857
	1,392	4.400%, 06/01/43		1,498
	10,518	5.875%, 03/15/41		13,296
	7,009	WEC Energy Group, Inc., 3.550%, 06/15/25		7,554
				113,248
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	5,248	3.400%, 03/01/25		5,666
	3,354	6.593%, 10/15/37		4,906
				10,572
		Total Utilities		546,437
		Total Corporate Bonds (Cost $6,325,982)		6,705,776
	Foreign Government Securities — 1.0%
		Israel Government AID Bond, (Israel),
	3,000	Zero Coupon, 11/01/19		2,863
	3,587	Zero Coupon, 11/01/23		3,096
	21,968	Zero Coupon, 11/01/24		18,375
	7,240	5.500%, 12/04/23		9,061

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	7,330	5.500%, 04/26/24		9,255
	6,771	5.500%, 09/18/33		9,598
	5,000	Series 1, Zero Coupon, 11/01/24		4,271
	24,791	Series 2, Zero Coupon, 11/01/24		21,175
	3,155	Series 4-Z, Zero Coupon, 08/15/22		2,821
	10,000	Series 6-Z, Zero Coupon, 08/15/22		8,933
	10,000	Series 8-Z, Zero Coupon, 02/15/24		8,559
	3,305	Series 8-Z, Zero Coupon, 08/15/24		2,787
	23,876	Series 8-Z, Zero Coupon, 08/15/25		19,493
	25,875	Series 9-Z, Zero Coupon, 05/15/24		21,983
	2,517	Series 9-Z, Zero Coupon, 11/15/24		2,106
	24,763	Series 9-Z, Zero Coupon, 05/15/25		20,389
	14,275	Series 9-Z, Zero Coupon, 11/15/25		11,566
	6,000	Series 11-Z, Zero Coupon, 11/15/25		4,859
	2,242	Series 11-Z, Zero Coupon, 11/15/26		1,754
	11,427	Province of Ontario, (Canada), 1.650%, 09/27/19		11,514
	502	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		708
		Republic of Colombia, (Colombia),
	3,137	4.000%, 02/26/24		3,302
	3,811	4.500%, 01/28/26		4,154
	3,979	5.000%, 06/15/45		4,312
	941	5.625%, 02/26/44		1,086
		Republic of Panama, (Panama),
	2,796	3.750%, 03/16/25		3,027
	2,371	4.000%, 09/22/24		2,602
	737	Republic of Peru, (Peru), 5.625%, 11/18/50		971
		Republic of Poland, (Poland),
	1,797	3.250%, 04/06/26		1,907
	6,568	4.000%, 01/22/24		7,291
		Republic of South Africa, (South Africa),
	8,616	5.375%, 07/24/44		9,380
	3,502	5.875%, 09/16/25		3,918
		United Mexican States, (Mexico),
	11,021	3.500%, 01/21/21		11,779
	7,166	3.600%, 01/30/25		7,578
	7,316	4.000%, 10/02/23		7,947
	7,300	4.125%, 01/21/26		8,003
	4,228	4.350%, 01/15/47		4,360
	—	4.350%, 01/15/47		—
	2,862	4.600%, 01/23/46		3,095
	3,906	4.750%, 03/08/44		4,301
	12,227	5.550%, 01/21/45		15,070
	5,118	5.750%, 10/12/101		5,834
		Total Foreign Government Securities (Cost $283,836)		305,083

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — 16.4%
		Federal Home Loan Mortgage Corp.,
	721	ARM, 2.345%, 10/01/36		762
	12	ARM, 2.395%, 07/01/19		12
	603	ARM, 2.425%, 04/01/37		633
	1,394	ARM, 2.429%, 05/01/37		1,453
	4,691	ARM, 2.467%, 12/01/36		4,935
	389	ARM, 2.496%, 11/01/36		412
	1,545	ARM, 2.515%, 11/01/36		1,626
	147	ARM, 2.540%, 01/01/37		154
	161	ARM, 2.565%, 12/01/36		170
	741	ARM, 2.569%, 11/01/36		786
	76	ARM, 2.572%, 01/01/27		80
	364	ARM, 2.587%, 08/01/36		380
	3,284	ARM, 2.592%, 10/01/36		3,429
	2,436	ARM, 2.593%, 11/01/36		2,583
	345	ARM, 2.605%, 12/01/33		367
	1,498	ARM, 2.613%, 10/01/36		1,589
	695	ARM, 2.617%, 11/01/36		737
	73	ARM, 2.623%, 09/01/32		77
	40	ARM, 2.625%, 07/01/26		40
	902	ARM, 2.631%, 08/01/36		945
	2,278	ARM, 2.634%, 01/01/35		2,408
	686	ARM, 2.639%, 01/01/35		726
	1,724	ARM, 2.647%, 10/01/36		1,807
	5,457	ARM, 2.651%, 08/01/36		5,744
	205	ARM, 2.652%, 04/01/30 - 02/01/37		217
	1,417	ARM, 2.655%, 02/01/36		1,495
	730	ARM, 2.669%, 07/01/36		768
	821	ARM, 2.685%, 10/01/36		867
	233	ARM, 2.693%, 08/01/35		245
	323	ARM, 2.700%, 02/01/36		341
	1,006	ARM, 2.715%, 06/01/37		1,057
	4,480	ARM, 2.739%, 12/01/36		4,746
	977	ARM, 2.760%, 05/01/36		1,037
	628	ARM, 2.766%, 07/01/36		653
	2,130	ARM, 2.768%, 05/01/33		2,249
	531	ARM, 2.772%, 07/01/36		562
	1,871	ARM, 2.787%, 09/01/34 - 11/01/37		1,976
	147	ARM, 2.796%, 02/01/37		156
	1,613	ARM, 2.820%, 05/01/36		1,704
	4,496	ARM, 2.842%, 03/01/37		4,713
	1,553	ARM, 2.856%, 04/01/34 - 01/01/37		1,645
	3,711	ARM, 2.885%, 12/01/36 - 05/01/37		3,935
	423	ARM, 2.910%, 10/01/36		439
	1,993	ARM, 2.912%, 09/01/36		2,116
	1,188	ARM, 2.947%, 10/01/36		1,264

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	86	ARM, 2.953%, 04/01/37		89
	1,174	ARM, 2.959%, 05/01/38		1,239
	1,428	ARM, 2.972%, 02/01/37		1,513
	2,261	ARM, 2.995%, 09/01/36 - 05/01/37		2,393
	760	ARM, 3.003%, 12/01/35		806
	4,173	ARM, 3.063%, 06/01/36		4,415
	2,610	ARM, 3.079%, 02/01/37		2,746
	241	ARM, 3.081%, 12/01/36		261
	3,070	ARM, 3.100%, 05/01/37		3,258
	1,801	ARM, 3.101%, 04/01/38		1,917
	705	ARM, 3.117%, 07/01/37		736
	1,471	ARM, 3.121%, 06/01/36		1,558
	1,640	ARM, 3.141%, 03/01/36		1,732
	741	ARM, 3.148%, 03/01/37		777
	1,196	ARM, 3.200%, 04/01/37		1,260
	356	ARM, 3.255%, 02/01/37		381
	1,960	ARM, 3.321%, 05/01/37		2,088
	400	ARM, 3.334%, 03/01/37		424
	339	ARM, 3.439%, 05/01/36		359
	1,469	ARM, 3.442%, 03/01/36		1,547
	1,215	ARM, 3.867%, 07/01/40		1,261
	7,397	4.000%, 04/01/43		8,002
	38,182	Federal Home Loan Mortgage Corp. Gold Pools, 4.500%, 01/01/46		42,527
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	16	4.000%, 06/01/18		17
	258	4.500%, 08/01/18 - 10/01/18		265
	854	5.000%, 10/01/17 - 12/01/18		878
	1,129	5.500%, 06/01/17 - 02/01/24		1,170
	1,271	6.000%, 04/01/17 - 03/01/22		1,301
	162	6.500%, 11/01/17 - 03/01/22		167
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	11,585	3.500%, 01/01/32 - 03/01/32		12,334
	86	6.000%, 12/01/22		98
	488	6.500%, 01/01/28		569
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	34,834	3.000%, 08/01/43		36,574
	30,301	4.500%, 05/01/41		33,331
	31,352	5.000%, 01/01/34 - 08/01/40		34,723
	5,608	5.500%, 01/01/33 - 03/01/40		6,345
	882	6.000%, 10/01/29 - 12/01/36		1,022
	5,476	6.500%, 08/01/29 - 03/01/38		6,470
	1,517	7.000%, 04/01/26 - 02/01/37		1,787
	1,870	7.500%, 08/01/25 - 09/01/38		2,254

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 87

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	15	8.000%, 07/01/20 - 11/01/24		17
	44	8.500%, 07/01/28		54
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	6,030	7.500%, 01/01/32 - 12/01/36		7,127
	1,724	10.000%, 10/01/30		1,885
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	72,885	3.500%, 02/01/33 - 06/01/43		77,714
	120,380	4.000%, 06/01/42 - 01/01/46		130,869
	1,087	5.500%, 04/01/18		1,116
	1,512	6.000%, 02/01/33 - 11/01/36		1,698
	13,625	6.500%, 12/01/35 - 06/01/37		15,520
	10	7.000%, 07/01/29		11
	292	10.000%, 03/17/26		302
		Federal National Mortgage Association,
	3	ARM, 1.875%, 01/01/19		3
	356	ARM, 2.176%, 08/01/34		366
	403	ARM, 2.213%, 09/01/37		423
	271	ARM, 2.242%, 03/01/19 - 10/01/34		288
	3,528	ARM, 2.264%, 09/01/36		3,661
	30	ARM, 2.280%, 01/01/34		30
	1,249	ARM, 2.281%, 07/01/37		1,294
	553	ARM, 2.287%, 09/01/33		572
	164	ARM, 2.350%, 11/01/34		174
	772	ARM, 2.361%, 09/01/36		814
	444	ARM, 2.364%, 11/01/33		471
	877	ARM, 2.369%, 01/01/37		911
	71	ARM, 2.382%, 09/01/34		74
	1,224	ARM, 2.386%, 02/01/37		1,273
	3,856	ARM, 2.395%, 01/01/35		4,028
	364	ARM, 2.403%, 09/01/35		383
	288	ARM, 2.404%, 08/01/34		300
	1,596	ARM, 2.408%, 01/01/36		1,673
	61	ARM, 2.445%, 07/01/34		65
	142	ARM, 2.451%, 01/01/35		149
	583	ARM, 2.457%, 07/01/35		619
	263	ARM, 2.470%, 02/01/35		273
	694	ARM, 2.475%, 09/01/36		729
	829	ARM, 2.477%, 11/01/37		880
	273	ARM, 2.487%, 11/01/34		290
	148	ARM, 2.500%, 08/01/35		156
	556	ARM, 2.506%, 03/01/35		585
	2,499	ARM, 2.532%, 11/01/37		2,614
	97	ARM, 2.533%, 09/01/37		99
	184	ARM, 2.547%, 01/01/34		193

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	405	ARM, 2.555%, 05/01/35		425
	1,440	ARM, 2.557%, 10/01/36		1,527
	69	ARM, 2.585%, 09/01/27		73
	4,247	ARM, 2.603%, 08/01/36 - 09/01/36		4,445
	613	ARM, 2.617%, 08/01/36		649
	1	ARM, 2.625%, 08/01/19		1
	4,718	ARM, 2.650%, 12/01/37		5,002
	673	ARM, 2.669%, 01/01/36		709
	3,354	ARM, 2.671%, 07/01/37		3,581
	220	ARM, 2.685%, 09/01/33		234
	879	ARM, 2.695%, 09/01/36		931
	1,098	ARM, 2.697%, 09/01/37		1,158
	75	ARM, 2.716%, 07/01/37		78
	2,520	ARM, 2.720%, 12/01/36		2,650
	790	ARM, 2.741%, 11/01/36		838
	450	ARM, 2.750%, 01/01/37		475
	408	ARM, 2.753%, 01/01/38		425
	649	ARM, 2.762%, 04/01/35		686
	557	ARM, 2.791%, 10/01/34		593
	1,921	ARM, 2.810%, 08/01/33 - 12/01/36		2,029
	3,266	ARM, 2.837%, 10/01/36		3,479
	1,151	ARM, 2.841%, 10/01/36		1,227
	2,596	ARM, 2.842%, 04/01/37		2,734
	92	ARM, 2.845%, 05/01/35		96
	1,589	ARM, 2.882%, 02/01/37		1,674
	677	ARM, 2.907%, 06/01/34		718
	424	ARM, 2.928%, 06/01/36		446
	312	ARM, 2.967%, 05/01/36		326
	998	ARM, 3.020%, 07/01/36		1,059
	590	ARM, 3.039%, 11/01/36		623
	872	ARM, 3.042%, 10/01/35		931
	1,147	ARM, 3.073%, 07/01/37		1,204
	2,188	ARM, 3.075%, 06/01/36		2,328
	195	ARM, 3.125%, 08/01/36		203
	636	ARM, 3.184%, 06/01/36		673
	127	ARM, 3.248%, 09/01/37		130
	34	ARM, 3.250%, 01/01/36		34
	6,098	ARM, 3.362%, 03/01/36		6,410
	310	ARM, 3.375%, 02/01/36		328
	2,648	ARM, 3.585%, 08/01/37		2,819
	42	ARM, 3.824%, 03/01/29		44
	575	ARM, 5.310%, 08/01/36		588
	278	ARM, 6.044%, 09/01/37		295
	11,034	2.610%, 06/01/26		11,471
	17,846	2.640%, 06/01/26		18,601
	15,975	2.670%, 07/01/31		16,448

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	10,000		2.730%, 07/01/28		10,421
	4,935		2.810%, 08/01/31		5,157
	8,178		2.900%, 06/01/31		8,598
	20,082		4.000%, 06/01/42		22,071
			Federal National Mortgage Association, 15 Year, Single Family,
	155		3.500%, 04/01/19		163
	1,555		4.500%, 05/01/18 - 12/01/19		1,595
	3,996		5.000%, 04/01/18 - 08/01/24		4,158
	3,706		5.500%, 02/01/18 - 07/01/20		3,833
	8,823		6.000%, 08/01/17 - 07/01/24		9,536
	1,411		6.500%, 03/01/17 - 02/01/24		1,536
	25		7.000%, 03/01/17 - 11/01/17		26
	—	(h)	7.500%, 03/01/17		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	13,847		3.500%, 07/01/32 - 08/01/32		14,742
	27,737		4.000%, 01/01/35		30,424
	962		5.500%, 07/01/25		1,080
	6,026		6.000%, 07/01/26 - 09/01/29		6,886
	1,910		6.500%, 05/01/22 - 08/01/26		2,203
			Federal National Mortgage Association, 30 Year, FHA/VA,
	139		6.000%, 09/01/33		156
	196		6.500%, 03/01/29		224
	16		7.000%, 02/01/33		17
	43		8.000%, 06/01/28		49
	13		8.500%, 02/01/30		13
	14		9.000%, 05/01/18 - 12/01/30		14
	6		9.500%, 12/01/18		7
			Federal National Mortgage Association, 30 Year, Single Family,
	31,334		3.000%, 06/01/43		32,828
	161,021		3.500%, 06/01/43 - 01/01/46		172,531
	782		4.000%, 12/01/33		839
	20,183		4.500%, 11/01/33 - 09/01/43		22,105
	25,063		5.000%, 06/01/33 - 08/01/40		27,950
	16,161		5.500%, 11/01/32 - 12/01/39		18,381
	13,195		6.000%, 12/01/28 - 11/01/38		15,251
	25,615		6.500%, 11/01/29 - 10/01/38		29,796
	13,098		7.000%, 01/01/24 - 01/01/39		15,688
	9,061		7.500%, 11/01/22 - 04/01/39		11,307
	699		8.000%, 03/01/21 - 01/01/38		840
	15		8.500%, 07/01/24 - 05/01/25		17
	11		9.500%, 07/01/28		12
	5		10.000%, 02/01/24		6

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal National Mortgage Association, Other,
	37,854	ARM, 0.815%, 01/01/23		37,832
	10,000	ARM, 0.835%, 12/01/24		10,034
	9,865	ARM, 0.845%, 02/01/23		9,903
	6,300	ARM, 0.845%, 03/01/25		6,318
	6,729	ARM, 0.855%, 01/01/23		6,776
	15,000	ARM, 0.895%, 07/01/24		15,149
	7,120	ARM, 0.925%, 11/01/23		7,120
	3,889	ARM, 0.935%, 08/01/22		3,891
	8,177	ARM, 1.265%, 03/01/22		8,201
	99	ARM, 2.725%, 08/01/34		105
	5,059	ARM, 6.070%, 11/01/18		5,217
	6,972	1.470%, 12/01/19		6,971
	8,968	1.690%, 12/01/19		9,016
	15,402	1.940%, 01/01/17 - 07/01/19		15,539
	13,452	2.000%, 12/01/20		13,725
	80,712	2.010%, 06/01/20		82,107
	2,083	2.030%, 08/01/19		2,133
	17,092	2.140%, 04/01/19		17,359
	4,262	2.150%, 01/01/23		4,358
	8,259	2.190%, 05/01/19		8,402
	6,266	2.200%, 07/01/19		6,381
	5,652	2.240%, 12/01/22		5,808
	8,969	2.280%, 12/01/22		9,216
	3,326	2.320%, 12/01/22		3,425
	14,983	2.330%, 01/01/23		15,440
	32,625	2.340%, 12/01/22 - 01/01/23		33,634
	27,245	2.370%, 07/01/19 - 01/01/23		28,076
	7,555	2.380%, 11/01/22		7,803
	14,892	2.390%, 10/01/22 - 12/01/22		15,402
	9,706	2.395%, 01/01/22		10,043
	49,987	2.400%, 12/01/22 - 05/01/26		51,585
	5,232	2.410%, 11/01/22		5,401
	18,115	2.420%, 12/01/22 - 06/01/23		18,723
	15,821	2.440%, 11/01/22 - 01/01/23		16,362
	43,588	2.450%, 06/01/19 - 02/01/23		44,989
	7,806	2.470%, 09/01/22 - 11/01/22		8,097
	32,854	2.490%, 10/01/17 - 05/01/26		33,788
	12,555	2.500%, 04/01/23		13,058
	8,251	2.510%, 01/01/23		8,536
	37,191	2.520%, 10/01/22 - 05/01/23		38,729
	2,690	2.540%, 05/01/23		2,803
	14,447	2.550%, 11/01/22		15,025
	5,260	2.570%, 10/01/22		5,476
	7,740	2.590%, 06/01/28		8,018
	14,131	2.600%, 06/01/22 - 01/01/23		14,745

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 89

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	7,710	2.610%, 07/01/22		8,055
	5,201	2.620%, 10/01/17		5,248
	22,410	2.630%, 09/01/21 - 06/01/25		23,416
	5,854	2.635%, 10/01/22		6,115
	6,679	2.640%, 04/01/23 - 07/01/23		6,996
	8,968	2.650%, 08/01/22		9,385
	17,738	2.660%, 12/01/22		18,832
	15,761	2.670%, 07/01/22		16,489
	15,034	2.680%, 05/01/25 - 06/01/27		15,682
	12,054	2.690%, 10/01/17 - 07/01/22		12,508
	23,991	2.700%, 04/01/22 - 04/01/25		25,111
	5,296	2.705%, 04/01/23		5,579
	8,271	2.750%, 03/01/22		8,680
	13,945	2.760%, 06/01/22		14,698
	17,806	2.766%, 06/01/23		18,740
	22,420	2.770%, 05/01/22 - 06/01/23		23,614
	4,281	2.780%, 06/01/27		4,499
	8,000	2.790%, 05/01/27		8,376
	10,000	2.810%, 05/01/27		10,537
	9,481	2.820%, 07/01/22		10,000
	39,974	2.830%, 05/01/27 - 06/01/27		42,015
	44,432	2.840%, 01/01/25 - 04/01/26		46,989
	19,475	2.860%, 05/01/22 - 01/01/25		20,570
	8,500	2.890%, 05/01/27		8,991
	16,512	2.900%, 05/01/22 - 12/01/24		17,487
	6,000	2.910%, 03/01/27		6,360
	56,820	2.920%, 12/01/24 - 05/01/30		60,103
	34,283	2.940%, 05/01/22 - 05/01/30		36,336
	23,684	2.960%, 01/01/25 - 06/01/30		25,095
	44,306	2.970%, 01/01/22 - 06/01/30		47,100
	19,730	2.980%, 07/01/22		20,999
	17,473	2.990%, 02/01/22 - 01/01/25		18,608
	52,467	3.000%, 06/01/27 - 02/01/43		55,104
	9,753	3.020%, 05/01/22 - 06/01/25		10,397
	56,789	3.030%, 12/01/21 - 04/01/30		60,593
	10,762	3.040%, 12/01/18		11,151
	13,229	3.050%, 04/01/22 - 01/01/25		14,070
	7,497	3.060%, 02/01/22		8,001
	28,068	3.080%, 03/01/22 - 04/01/30		29,999
	20,979	3.090%, 01/01/22 - 02/01/22		22,337
	37,990	3.100%, 05/01/22 - 05/01/30		40,756
	25,303	3.110%, 12/01/24		27,228
	49,482	3.120%, 01/01/22 - 06/01/35		52,927
	47,234	3.130%, 04/01/30 - 06/01/30		50,102
	45,724	3.140%, 02/01/22 - 12/01/26		49,074
	9,507	3.150%, 07/01/30		10,215

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	13,200	3.170%, 08/01/25 - 02/01/30		14,292
	18,803	3.180%, 01/01/26 - 06/01/30		20,295
	17,000	3.190%, 12/01/26		18,446
	7,174	3.200%, 01/01/22		7,678
	23,090	3.210%, 03/01/22 - 03/01/31		24,993
	14,091	3.220%, 12/01/26 - 04/01/30		15,246
	5,037	3.230%, 11/01/20		5,350
	20,000	3.240%, 12/01/26		21,719
	18,140	3.250%, 09/01/26 - 07/01/27		19,741
	8,000	3.260%, 12/01/26		8,712
	6,751	3.270%, 11/01/20		7,196
	61,337	3.290%, 10/01/20 - 11/01/26		66,752
	15,564	3.300%, 12/01/26 - 07/01/30		17,058
	3,327	3.310%, 12/01/21		3,571
	8,500	3.320%, 05/01/24		9,276
	10,000	3.330%, 09/01/27		10,959
	16,000	3.340%, 02/01/27		17,491
	17,355	3.350%, 11/01/20 - 09/01/30		18,843
	7,082	3.360%, 10/01/20		7,558
	7,893	3.370%, 09/01/30		8,665
	12,018	3.380%, 01/01/18 - 12/01/23		12,476
	2,381	3.390%, 08/01/17		2,411
	3,011	3.400%, 10/01/21		3,239
	16,676	3.430%, 09/01/20 - 11/01/21		17,896
	12,775	3.440%, 12/01/21 - 10/01/26		14,024
	32,305	3.450%, 01/01/24 - 04/01/35		35,298
	7,550	3.480%, 12/01/20		8,098
	213,444	3.500%, 10/01/20 - 01/01/44		227,599
	9,000	3.510%, 08/01/23		9,910
	5,420	3.520%, 01/01/18		5,531
	8,609	3.540%, 10/01/20		9,249
	7,395	3.543%, 12/01/20		7,928
	13,000	3.550%, 02/01/30		14,436
	3,647	3.563%, 01/01/21		3,925
	19,231	3.570%, 11/01/34		20,800
	22,840	3.590%, 10/01/20 - 08/01/23		24,885
	1,636	3.600%, 09/01/20		1,760
	9,239	3.610%, 11/01/34		10,077
	9,498	3.630%, 01/01/18 - 10/01/35		10,255
	10,900	3.640%, 06/01/18 - 01/01/25		11,613
	42,150	3.670%, 07/01/23		46,781
	3,237	3.700%, 12/01/20		3,491
	15,541	3.739%, 06/01/18		15,997
	9,793	3.740%, 07/01/20 - 07/01/23		10,691
	3,866	3.760%, 12/01/35		4,299
	27,400	3.765%, 12/01/25		30,779

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	34,369	3.770%, 01/01/21 - 09/01/21		37,421
	4,929	3.800%, 03/01/18		5,062
	21,188	3.830%, 12/01/20 - 12/01/21		23,208
	22,186	3.850%, 09/01/20 - 09/01/21		24,105
	8,257	3.860%, 07/01/21		9,016
	10,139	3.870%, 01/01/21		11,032
	14,836	3.881%, 09/01/21		16,192
	30,952	3.890%, 08/01/20 - 09/01/21		33,750
	5,979	3.915%, 10/01/20		6,480
	5,661	3.920%, 09/01/21		6,208
	16,111	3.930%, 07/01/20 - 01/01/21		17,428
	8,968	3.940%, 07/01/21		9,859
	13,267	3.950%, 07/01/20		14,357
	8,449	3.960%, 08/01/20		9,159
	5,447	3.970%, 06/01/21		5,965
	4,595	3.990%, 07/01/21		5,039
	159,001	4.000%, 04/01/20 - 03/01/46		172,382
	6,009	4.020%, 06/01/21		6,613
	5,718	4.050%, 01/01/21 - 08/01/21		6,277
	8,659	4.060%, 07/01/21		9,527
	26,927	4.066%, 07/01/20		29,182
	15,475	4.070%, 10/01/21		17,091
	5,865	4.100%, 06/01/21		6,449
	14,355	4.130%, 11/01/19 - 08/01/21		15,640
	14,787	4.160%, 03/01/21		16,264
	16,337	4.180%, 12/01/19 - 09/01/23		18,250
	4,708	4.190%, 06/01/21		5,196
	17,725	4.240%, 11/01/19 - 06/01/21		19,518
	15,784	4.250%, 04/01/21		17,477
	27,628	4.260%, 12/01/19 - 07/01/21		30,406
	6,237	4.263%, 06/01/21		6,846
	15,965	4.281%, 01/01/20		17,128
	6,102	4.283%, 01/01/21		6,692
	4,781	4.295%, 06/01/21		5,308
	6,641	4.300%, 08/01/20 - 04/01/21		6,996
	7,792	4.307%, 07/01/21		8,667
	10,505	4.330%, 02/01/21 - 04/01/21		11,611
	16,142	4.340%, 06/01/21		17,996
	12,697	4.350%, 04/01/20		13,833
	13,040	4.360%, 05/01/21		14,470
	9,817	4.369%, 02/01/20		10,664
	14,280	4.381%, 04/01/20		15,541
	6,564	4.390%, 05/01/21		7,283
	55,153	4.399%, 02/01/20		59,969
	2,511	4.400%, 02/01/20		2,728
	3,643	4.450%, 01/01/21		4,025

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8,071	4.480%, 06/01/21		9,038
	99,773	4.500%, 08/01/21 - 03/01/44		111,689
	17,328	4.514%, 12/01/19		18,695
	5,258	4.540%, 01/01/20 - 07/01/26		5,948
	9,087	4.552%, 08/01/26		10,543
	10,873	4.640%, 01/01/21		12,084
	9,965	4.663%, 12/01/26		11,785
	9,166	4.762%, 08/01/26		10,883
	5,834	4.766%, 08/01/26		6,928
	1,754	5.000%, 04/01/31 - 12/01/32		1,979
	7,613	5.240%, 05/01/17		7,693
	1,804	5.500%, 03/01/17 - 06/01/39		1,935
	10,100	5.895%, 10/01/17		10,541
	2,348	6.000%, 02/01/36 - 11/01/48		2,639
	1,890	6.500%, 04/01/36 - 05/01/37		2,137
	1,393	7.000%, 02/01/36 - 01/01/38		1,591
	145	8.000%, 11/01/37		163
	28	10.500%, 04/15/19		30
		Government National Mortgage Association II, 30 Year, Single Family,
	3,316	3.750%, 07/20/45		3,536
	8,774	4.250%, 12/20/44		9,596
	2,246	5.500%, 09/20/39		2,571
	11,999	6.000%, 03/20/28 - 08/20/39		13,770
	1,033	6.500%, 07/20/29		1,219
	460	7.000%, 08/20/38		537
	85	7.500%, 02/20/28 - 09/20/28		104
	161	8.000%, 12/20/25 - 09/20/28		189
	80	8.500%, 03/20/25 - 05/20/25		91
		Government National Mortgage Association II, Other,
	3,140	3.750%, 09/20/38 - 01/20/39		3,368
	4,512	4.462%, 05/20/63		4,875
	77	6.000%, 11/20/38		84
		Government National Mortgage Association, 15 Year, Single Family,
	5	6.000%, 10/15/17		5
	12	6.500%, 06/15/17		12
		Government National Mortgage Association, 30 Year, Single Family,
	3,861	5.500%, 04/15/33 - 09/15/34		4,439
	108	6.000%, 11/15/28		123
	2,554	6.500%, 01/15/24 - 12/15/35		2,986
	5,044	7.000%, 08/15/23 - 04/15/37		6,072
	584	7.500%, 11/15/22 - 10/15/37		636
	18	8.000%, 07/15/22 - 08/15/28		18
	1	8.500%, 03/15/17 - 11/15/17		1

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 91

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	13	9.000%, 12/15/16 - 11/15/24		14
	509	9.500%, 09/15/18 - 12/15/25		550
		Total Mortgage Pass-Through Securities (Cost $4,642,351)		4,834,777
	Municipal Bonds — 0.3% (t)
		California — 0.0% (g)
	3,060	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		4,269
	2,400	State of California, Various Purpose, GO, 7.300%, 10/01/39		3,708
				7,977
		Illinois — 0.0% (g)
	4,890	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		4,767
		New York — 0.2%
	2,240	New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series D, Rev., 5.600%, 03/15/40		3,080
		Port Authority of New York & New Jersey, Consolidated,
	10,965	Series 164, Rev., 5.647%, 11/01/40		14,760
	17,925	Series 174, Rev., 4.458%, 10/01/62		21,184
	3,780	Port Authority of New York & New Jersey, Consolidated 165, Rev., 5.647%, 11/01/40		5,088
				44,112
		Ohio — 0.1%
	11,725	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		17,856
	3,478	Ohio St Univ Gen Rcpts Taxable-Multiyear Debt Issuance Prog-Ser A 09/Mar/2016 01/Dec/2056 4.048%, Series A, Rev., 4.048%, 12/01/56		3,973
		Ohio State University, General Receipts,
	1,000	Rev., 5.590%, 12/01/144		1,220
	9,576	Series A, Rev., 4.800%, 06/01/113		11,097
				34,146
		Total Municipal Bonds (Cost $73,122)		91,002
	Preferred Security — 0.0% (g) (x)
		Financials — 0.0% (g)
		Insurance — 0.0% (g)
	9,929	Dai-ichi Life Insurance Co. Ltd. (The), (Japan), VAR, 4.000%, 07/24/26 (e) (Cost $9,929)		10,128

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Supranational — 0.1%
	23,640	African Development Bank, 8.800%, 09/01/19 (Cost $27,505)		28,544
	U.S. Government Agency Securities — 2.5%
	2,986	Federal Farm Credit Bank, 5.125%, 11/15/18		3,256
	9,865	Federal Home Loan Bank, 5.500%, 07/15/36		14,542
	23,765	Federal National Mortgage Association, 4.068%, 06/01/17		23,650
	8,071	Federal National Mortgage Association STRIPS, 3.655%, 05/15/30 (n)		5,704
		Financing Corp. STRIPS,
	59,680	1.261%, 05/11/18 (n)		58,791
	3,506	1.572%, 11/30/17 (n)		3,465
	1,795	2.096%, 03/07/19 (n)		1,746
	1,688	2.182%, 04/06/18 (n)		1,664
	27,586	2.886%, 09/26/19 (n)		26,649
	11,944	Government Trust Certificate, Series 1-Z, Zero Coupon, 04/01/19		11,531
		Residual Funding Corp. STRIPS,
	43,764	1.438%, 01/15/21 (n)		41,160
	166,149	1.597%, 10/15/19 (n)		160,280
	225,211	1.844%, 07/15/20 (n)		213,554
	50,759	1.898%, 10/15/20 (n)		48,073
	30,700	2.734%, 01/15/30 (n)		22,098
	18,250	2.943%, 04/15/30 (n)		13,086
		Tennessee Valley Authority,
	4,129	4.250%, 09/15/65		5,015
	2,632	4.625%, 09/15/60		3,375
	14,269	5.250%, 09/15/39		20,114
	493	5.500%, 06/15/38		704
	7,668	5.880%, 04/01/36		11,341
		Tennessee Valley Authority STRIPS,
	3,711	2.130%, 12/15/17 (n)		3,664
	3,500	3.239%, 12/15/28 (n)		2,428
	17,495	3.550%, 11/01/25 (n)		14,083
	2,242	4.251%, 06/15/35 (n)		1,267
	10,762	4.323%, 05/01/19 (n)		10,384
	3,119	4.608%, 07/15/28 (n)		2,211
		Total U.S. Government Agency Securities (Cost $703,629)		723,835
	U.S. Treasury Obligations — 25.1%
		U.S. Treasury Bonds,
	25,000	2.875%, 05/15/43		28,406
	26,500	3.500%, 02/15/39		33,407
	38,050	4.250%, 05/15/39		53,081
	88,390	4.375%, 02/15/38		125,417
	76,320	4.375%, 11/15/39		108,380

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	134,780	4.375%, 05/15/40		191,724
	8,900	4.500%, 02/15/36		12,717
	12,861	4.500%, 05/15/38		18,572
	71,284	4.500%, 08/15/39		102,855
	31,370	4.750%, 02/15/37		46,290
	583	5.250%, 11/15/28		812
	50,572	7.500%, 11/15/16		51,310
	4,000	7.875%, 02/15/21		5,167
	29,475	8.000%, 11/15/21		39,521
	14,932	8.125%, 05/15/21		19,674
	41,000	8.500%, 02/15/20		51,444
	17,000	8.750%, 05/15/20		21,743
	54,785	8.750%, 08/15/20		71,071
		U.S. Treasury Coupon STRIPS,
	4,100	1.774%, 11/15/18 (n)		4,026
	72,700	1.775%, 11/15/19 (n)		70,295
	123,537	1.869%, 05/15/21 (n)		116,504
	17,000	1.925%, 08/15/25 (n)		14,701
	212,665	2.077%, 02/15/21 (n)		201,285
	113,900	2.108%, 11/15/23 (n)		101,953
	63,421	2.187%, 05/15/25 (n)		55,067
	106,435	2.296%, 08/15/23 (n)		95,798
	59,076	2.342%, 02/15/24 (n)		52,659
	149,456	2.384%, 05/15/22 (n)		138,191
	25,842	2.398%, 02/15/20 (n)		24,912
	105,800	2.486%, 08/15/22 (n)		97,369
	204,956	2.568%, 02/15/22 (n)		190,517
	171,800	2.615%, 11/15/22 (n)		157,177
	108,421	2.680%, 08/15/21 (n)		101,686
	248,580	2.688%, 05/15/23 (n)		224,766
	51,591	2.743%, 08/15/24 (n)		45,564
	54,049	2.799%, 05/15/28 (n)		43,551
	121,891	2.833%, 02/15/34 (n)		84,336
	97,800	2.849%, 08/15/32 (n)		70,678
	71,937	2.879%, 08/15/18 (n)		70,812
	329,322	2.886%, 02/15/23 (n)		299,578
	172,788	2.958%, 11/15/32 (n)		124,034
	14,870	3.039%, 05/15/29 (n)		11,693
	103,866	3.076%, 02/15/32 (n)		76,285
	78,371	3.091%, 11/15/21 (n)		73,190
	17,278	3.113%, 05/15/24 (n)		15,332
	221,297	3.191%, 05/15/32 (n)		161,205
	72,532	3.193%, 08/15/28 (n)		58,231
	189,907	3.200%, 08/15/20 (n)		181,750
	7,608	3.243%, 08/15/26 (n)		6,434
	16,680	3.255%, 05/15/35 (n)		11,142

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	93,350	3.275%, 05/15/31 (n)		69,849
	133,709	3.277%, 11/15/33 (n)		93,419
	59,956	3.304%, 11/15/29 (n)		46,620
	14,106	3.313%, 05/15/18 (n)		13,917
	79,788	3.329%, 08/15/31 (n)		59,459
	143,105	3.332%, 05/15/33 (n)		101,483
	21,613	3.357%, 11/15/34 (n)		14,619
	36,300	3.359%, 02/15/33 (n)		25,902
	347,451	3.364%, 05/15/20 (n)		333,531
	38,512	3.369%, 08/15/29 (n)		30,143
	87,828	3.400%, 11/15/26 (n)		73,731
	135,684	3.427%, 02/15/27 (n)		113,190
	81,052	3.452%, 02/15/29 (n)		64,149
	84,028	3.471%, 11/15/27 (n)		68,650
	98,421	3.508%, 11/15/31 (n)		72,605
	27,839	3.545%, 11/15/16 (n)		27,821
	180,863	3.566%, 08/15/19 (n)		175,627
	122,874	3.597%, 05/15/19 (n)		119,751
	25,155	3.630%, 08/15/34 (n)		17,154
	28,525	3.673%, 05/15/34 (n)		19,578
	25,906	3.699%, 02/15/35 (n)		17,431
	38,200	3.839%, 11/15/24 (n)		33,595
	89,733	3.854%, 08/15/30 (n)		68,352
	57,436	3.915%, 11/15/30 (n)		43,478
	72,252	3.967%, 02/15/31 (n)		54,545
	46,760	4.025%, 11/15/28 (n)		37,315
	31,792	4.201%, 02/15/18 (n)		31,443
	67,515	4.330%, 02/15/28 (n)		54,751
	75,636	4.381%, 05/15/30 (n)		58,072
	6,700	4.404%, 02/15/26 (n)		5,714
	24,999	4.449%, 05/15/26 (n)		21,187
	45,886	4.517%, 08/15/27 (n)		37,791
	24,963	4.692%, 08/15/33 (n)		17,574
	82,771	4.901%, 11/15/17 (n)		82,038
	43,147	4.981%, 02/15/17 (n)		43,051
	1,525	5.107%, 08/15/35 (n)		1,011
	111,213	5.142%, 02/15/30 (n)		85,926
	6,601	5.326%, 02/15/25 (n)		5,762
	17,309	5.982%, 05/15/27 (n)		14,339
	1,054	6.179%, 05/15/36 (n)		687
		U.S. Treasury Inflation Indexed Bonds,
	2,100	1.750%, 01/15/28		2,810
	3,587	2.500%, 01/15/29		5,088
	9,066	3.625%, 04/15/28		18,582
		U.S. Treasury Inflation Indexed Notes,
	10,000	0.125%, 04/15/18		10,474

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 93

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	22,231	0.125%, 01/15/22		23,871
	2,584	1.375%, 01/15/20		3,033
		U.S. Treasury Notes,
	27,600	0.750%, 02/15/19		27,514
	69,175	0.875%, 10/15/17		69,289
	2,128	0.875%, 01/31/18		2,131
	4,905	0.875%, 07/31/19		4,898
	20,788	1.000%, 11/30/19		20,796
	16,770	1.250%, 10/31/18		16,911
	99,091	1.250%, 11/30/18		99,954
	38,500	1.250%, 02/29/20		38,780
	16,278	1.375%, 12/31/18		16,467
	13,000	1.375%, 02/28/19		13,158
	10,000	1.375%, 05/31/20		10,107
	11,860	1.500%, 05/31/19		12,049
	8,000	1.625%, 07/31/19		8,159
	5,000	1.750%, 10/31/20		5,121
	6,000	1.875%, 08/31/22		6,177
	2,500	2.000%, 11/30/20		2,586
	15,000	2.000%, 02/28/21		15,534
	10,000	2.125%, 08/31/20		10,389
	45,000	2.125%, 09/30/21		46,939
	1,794	2.250%, 11/30/17		1,827
	23,317	2.625%, 01/31/18		23,922
	90,991	2.625%, 08/15/20		96,251
	34,504	2.625%, 11/15/20		36,572
	2,242	2.750%, 11/30/16		2,255
	12,681	2.750%, 12/31/17		13,011
	52,451	2.875%, 03/31/18		54,145
	29,550	3.125%, 10/31/16		29,687
	1,794	3.125%, 01/31/17		1,814

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	52,041	3.125%, 04/30/17		52,919
	180,518	3.125%, 05/15/19		191,201
	25,000	3.125%, 05/15/21		27,181
	86,535	3.250%, 12/31/16		87,350
	47,007	3.500%, 02/15/18		48,851
	17,039	3.625%, 02/15/21		18,837
	11,647	4.250%, 11/15/17		12,134
	8,520	4.625%, 02/15/17		8,678
		Total U.S. Treasury Obligations (Cost $6,798,388)		7,415,024
	Loan Assignment — 0.2%
		Consumer Discretionary — 0.2%
		Hotels, Restaurants & Leisure — 0.2%
	46,289	Lila Mexican Holdings LLC, Tranche B, VAR, 3.508%, 08/11/22 (Cost $44,869)		45,199
		Total Loan Assignments (Cost $44,869)		45,199
SHARES
	Short-Term Investment — 2.9%
		Investment Company — 2.9%
	856,578	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.360% (b) (l) (Cost $856,578)		856,578
		Total Investments — 99.9% (Cost $28,059,435)		29,489,546
		Other Assets in Excess of Liabilities — 0.1%		35,574
		NET ASSETS — 100.0%	$	29,525,120

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 11.2%
	507	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.288%, 12/27/22 (e)		507
		Accredited Mortgage Loan Trust,
	232	Series 2006-1, Class A3, VAR, 0.704%, 04/25/36		231
	277	Series 2006-2, Class A3, VAR, 0.674%, 09/25/36		275
	2,375	Ally Auto Receivables Trust, Series 2015-SN1, Class A3, 1.210%, 12/20/17		2,375
		American Credit Acceptance Receivables Trust,
	5,000	Series 2013-2, Class D, 5.920%, 08/17/20 (e)		5,010
	10,000	Series 2016-2, Class C, 6.090%, 05/12/22 (e)		10,499
	6,975	Series 2016-3, Class C, 4.260%, 08/12/22 (e)		6,955
		American Homes 4 Rent Trust,
	5,000	Series 2014-SFR3, Class D, 5.040%, 12/17/36 (e)		5,447
	1,445	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		1,602
	1,250	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,317
		AmeriCredit Automobile Receivables Trust,
	2,926	Series 2015-1, Class A3, 1.260%, 11/08/19		2,924
	4,580	Series 2015-2, Class A3, 1.270%, 01/08/20		4,577
	5,317	Series 2016-3, Class B, 1.800%, 10/08/21		5,293
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	260	Series 2003-5, Class A6, SUB, 4.244%, 04/25/33		263
	42	Series 2003-13, Class AF6, SUB, 4.972%, 01/25/34		42
		Anchor Assets IX LLC,
	10,000	Series 2016-1, Class A, 5.125%, 02/15/20 (e)		10,000
	7,100	Series 2016-1, Class B, 6.250%, 02/15/20 (e)		7,100
	700	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class D, 4.940%, 07/20/18 (e)		704
		B2R Mortgage Trust,
	3,734	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		3,724
	4,491	Series 2016-1, Class A, 2.567%, 07/15/49 (e)		4,466
	3	BankBoston Home Equity Loan Trust, Series 1998-1, Class A6, 6.350%, 07/25/28		3

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Bear Stearns Asset-Backed Securities Trust,
	333	Series 2003-SD2, Class 2A, VAR, 3.261%, 06/25/43		314
	433	Series 2006-SD1, Class A, VAR, 0.894%, 04/25/36		420
		Blue Elephant Loan Trust,
	901	Series 2015-1, Class A, 3.120%, 12/15/22 (e)		900
	1,850	Series 2015-1, Class B, 5.560%, 12/15/22 (e)		1,843
	599	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		596
	1,895	California Republic Auto Receivables Trust, Series 2016-2, Class A3, 1.560%, 07/15/20		1,892
	10,000	CAM Mortgage LLC, Series 2015-1, Class M, VAR, 4.750%, 07/15/64 (e)		9,813
	6,455	Capital Auto Receivables Asset Trust, Series 2015-1, Class A2, 1.420%, 06/20/18		6,459
		CarFinance Capital Auto Trust,
	458	Series 2013-1A, Class B, 2.750%, 11/15/18 (e)		460
	2,500	Series 2014-1A, Class C, 3.450%, 04/15/20 (e)		2,496
	3,193	Series 2014-2A, Class B, 2.640%, 11/16/20 (e)		3,191
	2,750	Series 2014-2A, Class C, 3.240%, 11/16/20 (e)		2,684
	4,000	Series 2014-2A, Class D, 4.280%, 11/16/20 (e)		3,909
	5,400	Series 2015-1A, Class C, 4.660%, 06/15/21 (e)		5,301
	3,900	Series 2015-1A, Class D, 3.580%, 06/15/21 (e)		3,818
	1,070	Series 2015-1A, Class E, 5.490%, 01/18/22 (e)		1,029
	2,215	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.528%, 10/15/21 (e)		1,816
		Centex Home Equity Loan Trust,
	127	Series 2001-B, Class A6, 6.360%, 07/25/32		128
	211	Series 2002-C, Class AF4, SUB, 4.980%, 06/25/31		213
	133	Series 2003-B, Class AF4, SUB, 3.735%, 02/25/32		134
	93	Series 2004-D, Class AF4, SUB, 5.180%, 06/25/32		94
	3,000	Citi Held For Asset Issuance 2016-PM1, Series 2016-PM1, Class B, 7.670%, 04/15/25 (e)		3,174

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 95

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	1,372	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		2,021
	206	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.950%, 04/25/32 (e)		205
	3,308	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		3,308
	5,000	Conix Mortgage Asset Trust, Series 2013-1, Class M1, VAR, 5.069%, 12/25/47 (e)		285
	2,597	Consumer Credit Origination Loan Trust, Series 2015-1, Class B, 5.210%, 03/15/21 (e)		2,592
	14,779	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, VAR, 2.893%, 06/25/40 (e)		1,897
	134	Countrywide Asset-Backed Certificates, Series 2004-13, Class MV8, VAR, 2.188%, 01/25/35		3
		CPS Auto Receivables Trust,
	736	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		737
	230	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		228
	2,099	Series 2016-B, Class B, 3.180%, 09/15/20 (e)		2,107
	12,600	Series 2016-C, Class C, 3.270%, 06/15/22 (e)		12,551
		CPS Auto Trust,
	262	Series 2012-C, Class B, 2.280%, 12/16/19 (e)		261
	164	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		164
	75	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		81
		CWABS, Inc. Asset-Backed Certificates Trust,
	297	Series 2004-1, Class 3A, VAR, 1.084%, 04/25/34		247
	324	Series 2004-1, Class M1, VAR, 1.274%, 03/25/34		311
	46	Series 2004-1, Class M2, VAR, 1.349%, 03/25/34		43
	689	Series 2004-6, Class M1, VAR, 1.424%, 10/25/34		645
		Drive Auto Receivables Trust,
	2,943	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		3,011
	5,900	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		6,103

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		DT Auto Owner Trust,
	5,727	Series 2015-1A, Class D, 4.260%, 02/15/22 (e)		5,730
	5,000	Series 2016-1A, Class D, 4.660%, 12/15/22 (e)		5,010
	974	Series 2016-2A, Class C, 3.670%, 01/18/22 (e)		994
	10,965	Series 2016-3A, Class B, 2.650%, 07/15/20 (e)		10,945
	6,000	Series 2016-3A, Class C, 3.150%, 03/15/22 (e)		5,986
	373	Equity One Mortgage Pass-Through Trust, Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		375
		Exeter Automobile Receivables Trust,
	1,125	Series 2014-2A, Class C, 3.260%, 12/16/19 (e)		1,131
	5,555	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		5,598
	2,150	Series 2015-2A, Class D, 5.790%, 05/16/22 (e)		2,122
	6,884	Series 2015-3A, Class C, 4.830%, 08/16/21 (e)		6,814
	445	Series 2016-1A, Class C, 5.520%, 10/15/21 (e)		448
	3,000	First Investors Auto Owner Trust, Series 2013-1A, Class C, 2.020%, 01/15/19 (e)		3,003
	7,834	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		7,809
		Flagship Credit Auto Trust,
	3,875	Series 2013-1, Class C, 3.590%, 03/15/19 (e)		3,901
	4,000	Series 2014-1, Class C, 3.340%, 04/15/20 (e)		3,980
	4,460	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		4,479
	4,337	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		4,354
	6,000	Series 2016-2, Class C, 6.220%, 09/15/22 (e)		6,456
	2,581	Ford Credit Auto Owner Trust, Series 2015-A, Class A3, 1.280%, 09/15/19		2,585
	9,457	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		9,408
	620	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class A6, VAR, 6.700%, 04/25/29		668
		GLC II Trust,
	871	Series 2014-A, Class A, 4.000%, 12/18/20 (e)		860
	3,064	Series 2014-A, Class B, 6.000%, 12/18/20 (e)		2,997

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		GLC Trust,
	2,005	Series 2014-A, Class A, 3.000%, 07/15/21 (e)		1,991
	1,003	Series 2014-A, Class B, 4.000%, 07/15/21 (e)		980
	5,000	GLS Auto Receivables Trust, Series 2016-1A, Class C, 6.900%, 10/15/21 (e)		5,271
		GMAT Trust,
	459	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		459
	5,000	Series 2013-1A, Class M, VAR, 5.000%, 11/25/43 (e)		4,755
		GO Financial Auto Securitization Trust,
	9,400	Series 2015-1, Class C, 5.760%, 03/15/21 (e)		9,364
	6,398	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		6,429
	10,370	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class DT1, 3.931%, 10/15/46 (e)		10,361
	120	Home Loan Trust, Series 2003-HI2, Class A6, SUB, 5.260%, 07/25/28		120
	5,672	Honda Auto Receivables Owner Trust, Series 2015-1, Class A3, 1.050%, 10/15/18		5,673
	230	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.712%, 11/20/36		229
	2,392	Hyundai Auto Receivables Trust, Series 2015-A, Class A3, 1.050%, 04/15/19		2,392
		KGS-Alpha SBA COOF Trust,
	19,644	Series 2012-2, Class A, IO, VAR, 0.881%, 08/25/38 (e)		531
	23,842	Series 2012-4, Class A, IO, VAR, 1.060%, 09/25/37 (e)		876
	16,077	Series 2013-2, Class A, IO, VAR, 1.596%, 03/25/39 (e)		751
	2,003	LendingClub Issuance Trust, Series 2016-NP1, Class A, 3.750%, 06/15/22 (e)		2,006
		Long Beach Mortgage Loan Trust,
	86	Series 2004-1, Class M3, VAR, 1.574%, 02/25/34		82
	2	Series 2004-5, Class M6, VAR, 3.024%, 09/25/34		1
		LV Tower 52 Issuer LLC,
	8,113	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		7,908
	9,651	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		9,084

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		MarketPlace Loan Trust,
	2,661	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		2,663
	2,537	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		2,521
		Marlette Funding Trust,
	6,523	Series 2016-1A, Class A, 3.060%, 01/17/23 (e)		6,528
	6,741	Series 2016-1A, Class B, 4.780%, 10/15/21 (e)		6,729
		Mid-State Capital Corp. Trust,
	166	Series 2005-1, Class A, 5.745%, 01/15/40		177
	3,935	Series 2005-1, Class M1, 6.106%, 01/15/40		4,234
	1,891	Series 2006-1, Class A, 5.787%, 10/15/40 (e)		2,020
	2,294	Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		2,395
	917	Series 2006-1, Class M2, 6.742%, 10/15/40 (e)		971
	379	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, VAR, 2.774%, 03/25/33		353
		Nationstar HECM Loan Trust,
	3,598	Series 2016-2A, Class A, 2.239%, 06/25/26 (e)		3,598
	6,299	Series 2016-2A, Class M1, 3.598%, 06/25/26 (e)		6,299
	9,502	Series 2016-3A, Class M1, 3.147%, 08/25/26 (e)		9,505
		New Century Home Equity Loan Trust,
	719	Series 2003-5, Class AI6, SUB, 5.171%, 11/25/33		738
	610	Series 2005-1, Class M1, VAR, 1.199%, 03/25/35		570
		NRPL Trust,
	9,617	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		9,406
	3,278	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		3,101
	2,635	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class CT1, 3.836%, 06/15/49 (e)		2,609
	10,150	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		10,159
	5,257	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		5,153

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		Ocwen Master Advance Receivables Trust,
	1,338	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		1,341
	9,984	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		9,987
	6,725	Series 2016-T2, Class DT2, 4.446%, 08/16/49 (e)		6,719
	1,823	OnDeck Asset Securitization Trust II LLC, Series 2016-1A, Class B, 7.630%, 05/17/20 (e)		1,850
		OneMain Direct Auto Receivables Trust,
	8,949	Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		8,935
	10,000	Series 2016-1A, Class C, 4.580%, 09/15/21 (e)		9,968
		OneMain Financial Issuance Trust,
	5,985	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		5,991
	4,502	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		4,513
	410	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		411
	3,944	Series 2014-2A, Class C, 4.330%, 09/18/24 (e)		3,892
	5,267	Series 2014-2A, Class D, 5.310%, 09/18/24 (e)		5,185
	7,020	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		7,096
	7,435	Series 2015-1A, Class C, 5.120%, 03/18/26 (e)		7,415
	6,120	Series 2015-2A, Class C, 4.320%, 07/18/25 (e)		6,086
	4,000	Series 2016-1A, Class B, 4.570%, 02/20/29 (e)		4,027
	7,400	Series 2016-1A, Class C, 6.000%, 02/20/29 (e)		7,452
	6,535	Series 2016-2A, Class C, SUB, 7.200%, 03/20/28 (e)		6,529
		Oportun Funding II LLC,
	4,738	Series 2016-A, Class A, 4.700%, 03/08/21 (e)		4,738
	1,622	Series 2016-A, Class B, 6.410%, 03/08/21 (e)		1,621
	2,394	Oportun Funding III LLC, Series 2016-B, Class B, 5.160%, 07/08/21 (e)		2,387
	137	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW1, Class M2, VAR, 1.544%, 09/25/34		138
	255	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		254

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	11,167	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		11,169
		Progreso Receivables Funding III LLC,
	5,885	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		5,887
	4,531	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		4,536
		Progress Residential Trust,
	10,806	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		10,948
	5,000	Series 2015-SFR2, Class D, 3.684%, 06/12/32 (e)		5,020
	3,602	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		3,567
	914	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		952
	5,580	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		5,776
	2,012	Series 2016-SFR1, Class C, VAR, 2.982%, 09/17/33 (e)		2,036
	4,647	Series 2016-SFR1, Class E, VAR, 4.332%, 09/17/33 (e)		4,679
		Purchasing Power Funding LLC,
	9,400	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		9,418
	1,118	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,112
	243	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.392%, 01/25/36		180
	253	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		252
	3,231	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.850%, 01/18/22 (e)		3,226
	1,700	SNAAC Auto Receivables Trust, Series 2014-1A, Class E, 4.580%, 04/15/21 (e)		1,660
	4,092	SoFi Consumer Loan Program LLC, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		4,125
	1,397	Soundview Home Loan Trust, Series 2007-OPT1, Class 2A1, VAR, 0.604%, 06/25/37		885
		Springleaf Funding Trust,
	6,000	Series 2014-AA, Class C, 4.450%, 12/15/22 (e)		5,986
	5,808	Series 2015-AA, Class C, 5.040%, 11/15/24 (e)		5,722

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	5,800	Series 2015-AA, Class D, 6.310%, 11/15/24 (e)		5,842
	9,290	Spruce ABS Trust, Series 2016-E1, Class B, 6.900%, 06/15/28 (e)		9,241
	9	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-OSI, Class A2, VAR, 0.614%, 06/25/37		9
	2,218	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		2,206
	4,678	Tidewater Auto Receivables Trust, Series 2014-AA, Class D, 3.570%, 05/15/21 (e)		4,674
	4,195	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class B, VAR, 2.758%, 10/15/21 (e)		4,111
	3,989	Truman Capital Mortgage Loan Trust, Series 2014-NPL3, Class A2, SUB, 4.000%, 04/25/53 (e)		3,957
		U.S. Residential Opportunity Fund III Trust,
	3,576	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		3,577
	14,270	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		14,257
	397	Unipac IX LLC, 13.000%, 12/31/20		376
		United Auto Credit Securitization Trust,
	2,310	Series 2014-1, Class D, 2.380%, 10/15/18 (e)		2,304
	4,750	Series 2014-1, Class E, 3.890%, 07/15/20 (e)		4,737
	6,000	Series 2016-1, Class D, 4.680%, 07/15/20 (e)		5,965
	3,750	Series 2016-1, Class E, 7.100%, 05/16/22 (e)		3,714
	6,291	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		6,277
	2,688	VOLT XIX LLC, Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		2,693
	7,962	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		8,043
	2,341	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		2,359
	11,963	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		12,022
	6,635	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		6,649
	4,925	VOLT XLVIII LLC, Series 2016-NPL8, Class A1, SUB, 3.500%, 07/25/46 (e)		4,921
	4,334	VOLT XXII LLC, Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		4,155

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	6,080		VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		6,078
	5,934		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,931
	10,302		VOLT XXVII LLC, Series 2014-NPL7, Class A2, SUB, 4.750%, 08/27/57 (e)		10,037
	5,289		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		5,292
	2,374		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		2,373
	8,118		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		8,118
			Westgate Resorts LLC,
	1,516		Series 2014-1A, Class C, 5.500%, 12/20/26 (e)		1,510
	4,310		Series 2015-1A, Class B, 3.500%, 05/20/27 (e)		4,253
			Westlake Automobile Receivables Trust,
	2,321		Series 2014-2A, Class D, 2.860%, 07/15/21 (e)		2,308
	3,260		Series 2016-1A, Class E, 6.520%, 06/15/22 (e)		3,293
	3,937		Series 2016-2A, Class C, 2.830%, 05/17/21 (e)		3,957
			Total Asset-Backed Securities (Cost $767,781)		764,353
	Collateralized Mortgage Obligations — 8.7%
			Agency CMO — 7.4%
	12,340		Federal Home Loan Mortgage Corp.,
			09/25/31 (w)		12,345
			Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	73		Series 23, Class KZ, PAC, 6.500%, 11/25/23		82
	493		Series 24, Class J, PAC, 6.250%, 11/25/23		549
	83		Series 31, Class Z, 8.000%, 04/25/24		95
			Federal Home Loan Mortgage Corp. REMIC,
	4		Series 38, Class D, 9.500%, 05/15/20		4
	1		Series 81, Class A, 8.125%, 11/15/20		1
	3		Series 84, Class F, 9.200%, 10/15/20		4
	2		Series 109, Class I, 9.100%, 01/15/21		2
	—	(h)	Series 198, Class Z, 8.500%, 09/15/22		—	(h)
	48		Series 1316, Class Z, 8.000%, 06/15/22		53
	15		Series 1343, Class LB, 7.500%, 08/15/22		17
	—	(h)	Series 1351, Class TF, HB, 1,010.000%, 08/15/22		6
	32		Series 1456, Class Z, 7.500%, 01/15/23		35
	215		Series 1543, Class VN, 7.000%, 07/15/23		238
	189		Series 1577, Class PV, 6.500%, 09/15/23		208

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 99

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	363	Series 1608, Class L, 6.500%, 09/15/23		416
	358	Series 1611, Class Z, 6.500%, 11/15/23		398
	305	Series 1628, Class LZ, 6.500%, 12/15/23		333
	143	Series 1630, Class PK, 6.000%, 11/15/23		156
	406	Series 1671, Class I, 7.000%, 02/15/24		440
	16	Series 1671, Class QC, IF, 10.000%, 02/15/24		23
	30	Series 1695, Class G, HB, IF, 28.332%, 03/15/24		49
	19	Series 1710, Class GB, HB, IF, 42.685%, 04/15/24		34
	74	Series 1911, Class SD, IF, IO, 10.169%, 07/15/23		17
	39	Series 2022, Class PE, 6.500%, 01/15/28		44
	291	Series 2033, Class K, 6.050%, 08/15/23		316
	237	Series 2036, Class PG, 6.500%, 01/15/28		267
	41	Series 2089, Class PJ, IO, 7.000%, 10/15/28		5
	683	Series 2091, Class PG, 6.000%, 11/15/28		750
	157	Series 2116, Class ZA, 6.000%, 01/15/29		177
	44	Series 2148, Class ZA, 6.000%, 04/15/29		51
	130	Series 2201, Class C, 8.000%, 11/15/29		150
	27	Series 2261, Class ZY, 7.500%, 10/15/30		31
	262	Series 2293, Class ZA, 6.000%, 03/15/31		302
	37	Series 2310, Class Z, 6.000%, 04/15/31		43
	17	Series 2313, Class LA, 6.500%, 05/15/31		20
	128	Series 2325, Class JO, PO, 06/15/31		117
	391	Series 2330, Class PE, 6.500%, 06/15/31		435
	6	Series 2394, Class MC, 6.000%, 12/15/16		6
	4	Series 2399, Class PG, 6.000%, 01/15/17		4
	300	Series 2410, Class QB, 6.250%, 02/15/32		336
	1,191	Series 2427, Class GE, 6.000%, 03/15/32		1,367
	981	Series 2430, Class WF, 6.500%, 03/15/32		1,145
	188	Series 2466, Class DH, 6.500%, 06/15/32		216
	677	Series 2530, Class SK, IF, IO, 7.592%, 06/15/29		149
	69	Series 2534, Class SI, IF, 19.740%, 02/15/32		109
	511	Series 2543, Class YX, 6.000%, 12/15/32		576
	347	Series 2557, Class HL, 5.300%, 01/15/33		385
	568	Series 2586, Class IO, IO, 6.500%, 03/15/33		62
	164	Series 2594, Class IV, IO, 7.000%, 03/15/32		20
	397	Series 2610, Class UI, IO, 6.500%, 05/15/33		65
	283	Series 2636, Class Z, 4.500%, 06/15/18		290

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	36	Series 2643, Class SA, HB, IF, 42.200%, 03/15/32		67
	16	Series 2650, Class PO, PO, 12/15/32		16
	26	Series 2650, Class SO, PO, 12/15/32		26
	201	Series 2656, Class AC, 6.000%, 08/15/33		228
	235	Series 2656, Class PE, 4.500%, 07/15/18		241
	595	Series 2699, Class W, 5.500%, 11/15/33		651
	705	Series 2733, Class SB, IF, 7.553%, 10/15/33		778
	262	Series 2756, Class NA, 5.000%, 02/15/24		284
	74	Series 2764, Class S, IF, 12.481%, 07/15/33		93
	75	Series 2801, Class JN, 5.000%, 06/15/33		76
	525	Series 2845, Class QH, 5.000%, 08/15/34		577
	432	Series 2864, Class NS, IF, IO, 6.592%, 09/15/34		36
	1,502	Series 2912, Class EH, 5.500%, 01/15/35		1,719
	54	Series 2980, Class QB, 6.500%, 05/15/35		63
	459	Series 2989, Class TG, 5.000%, 06/15/25		502
	91	Series 2990, Class SL, HB, IF, 22.632%, 06/15/34		126
	783	Series 2994, Class SC, IF, IO, 5.092%, 02/15/33		30
	221	Series 2995, Class FT, VAR, 0.758%, 05/15/29		219
	810	Series 3005, Class ED, 5.000%, 07/15/25		885
	34	Series 3005, Class PV, IF, 11.931%, 10/15/33		40
	132	Series 3028, Class ME, 5.000%, 02/15/34		132
	403	Series 3031, Class BN, HB, IF, 19.870%, 08/15/35		771
	265	Series 3059, Class B, 5.000%, 02/15/35		269
	112	Series 3064, Class OG, 5.500%, 06/15/34		114
	3	Series 3068, Class AO, PO, 01/15/35		3
	240	Series 3117, Class EO, PO, 02/15/36		221
	82	Series 3134, Class PO, PO, 03/15/36		76
	94	Series 3138, Class PO, PO, 04/15/36		86
	445	Series 3152, Class MO, PO, 03/15/36		423
	503	Series 3184, Class YO, PO, 03/15/36		486
	2,360	Series 3187, Class Z, 5.000%, 07/15/36		2,618
	712	Series 3201, Class IN, IF, IO, 5.742%, 08/15/36		102
	1,780	Series 3202, Class HI, IF, IO, 6.142%, 08/15/36		345
	120	Series 3219, Class PD, 6.000%, 11/15/35		121
	326	Series 3274, Class B, 6.000%, 02/15/37		360
	166	Series 3292, Class DO, PO, 03/15/37		157

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	754	Series 3305, Class IW, IF, IO, 5.942%, 04/15/37		109
	43	Series 3306, Class TB, IF, 3.258%, 04/15/37		46
	38	Series 3306, Class TC, IF, 2.718%, 04/15/37		40
	101	Series 3331, Class PO, PO, 06/15/37		96
	187	Series 3383, Class OP, PO, 11/15/37		178
	3,634	Series 3409, Class DB, 6.000%, 01/15/38		4,067
	249	Series 3531, Class SM, IF, IO, 5.592%, 05/15/39		26
	55	Series 3542, Class TN, IF, 6.000%, 07/15/36		64
	220	Series 3546, Class A, VAR, 2.261%, 02/15/39		225
	371	Series 3572, Class JS, IF, IO, 6.292%, 09/15/39		55
	1,086	Series 3605, Class NC, 5.500%, 06/15/37		1,244
	1,173	Series 3609, Class SA, IF, IO, 5.832%, 12/15/39		271
	397	Series 3610, Class CA, 4.500%, 12/15/39		436
	141	Series 3611, Class PO, PO, 07/15/34		135
	1,407	Series 3648, Class CY, 4.500%, 03/15/30		1,527
	315	Series 3653, Class HJ, 5.000%, 04/15/40		352
	5,223	Series 3677, Class PB, 4.500%, 05/15/40		5,638
	573	Series 3737, Class DG, 5.000%, 10/15/30		627
	559	Series 3747, Class HI, IO, 4.500%, 07/15/37		21
	609	Series 3827, Class BD, 4.000%, 08/15/39		632
	645	Series 3852, Class TP, IF, 5.500%, 05/15/41		695
	459	Series 3855, Class AM, 6.500%, 11/15/36		510
	366	Series 3890, Class ET, 5.500%, 11/15/23		398
	3,508	Series 4030, Class IL, IO, 3.500%, 04/15/27		353
	4,000	Series 4060, Class TB, 2.500%, 06/15/27		4,062
	8,129	Series 4146, Class KI, IO, 3.000%, 12/15/32		1,098
	8,338	Series 4374, Class NC, SUB, 2.750%, 02/15/46		8,635
		Federal Home Loan Mortgage Corp. STRIPS,
	258	Series 186, Class PO, PO, 08/01/27		212
	7,399	Series 262, Class 35, 3.500%, 07/15/42		7,874
	2,850	Series 279, Class 35, 3.500%, 09/15/42		3,060
	8,465	Series 323, Class 300, 3.000%, 01/15/44		8,814
	6,987	Series 334, Class 300, 3.000%, 08/15/44		7,274
	639	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-76, Class 2A, VAR, 1.665%, 10/25/37		672

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
		Federal National Mortgage Association - ACES,
	2,270	Series 2011-M2, Class A2, 3.645%, 04/25/21		2,438
	1,680	Series 2011-M4, Class A2, 3.726%, 06/25/21		1,826
	631	Series 2011-M8, Class A2, 2.922%, 08/25/21		664
	3,259	Series 2013-M7, Class A2, 2.280%, 12/27/22		3,341
	14,450	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		15,085
	8,909	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		9,525
	8,935	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		9,712
	12,965	Series 2015-M1, Class A2, 2.532%, 09/25/24		13,385
	8,528	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		9,126
	1,808	Series 2015-M13, Class A2, VAR, 2.801%, 06/25/25		1,894
	20,802	Series 2015-M2, Class A3, VAR, 3.049%, 12/25/24		22,069
	10,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		10,459
	21,276	Series 2015-M5, Class A1, VAR, 2.869%, 03/25/25		22,385
	12,398	Series 2015-M7, Class A2, 2.590%, 12/25/24		12,846
	11,700	Series 2015-M8, Class A2, VAR, 2.900%, 01/25/25		12,407
	9,100	Series 2016-M6, Class A2, 2.488%, 05/25/26		9,350
	10,328	Series 2016-M7, Class A2, 2.499%, 09/25/26		10,469
		Federal National Mortgage Association Grantor Trust,
	25,631	Series 2001-T12, Class IO, IO, VAR, 0.521%, 08/25/41		477
	849	Series 2002-T16, Class A2, 7.000%, 07/25/42		1,014
	688	Series 2002-T19, Class A1, 6.500%, 07/25/42		799
	575	Series 2002-T4, Class A2, 7.000%, 12/25/41		668
	1,013	Series 2002-T4, Class A4, 9.500%, 12/25/41		1,193
	50,990	Series 2002-T4, Class IO, IO, VAR, 0.408%, 12/25/41		494

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 101

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	488	Series 2004-T1, Class 1A1, 6.000%, 01/25/44		565
	344	Series 2004-T2, Class 1A3, 7.000%, 11/25/43		396
	408	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		488
	6,913	Series 2004-T3, Class 1IO4, IO, VAR, 0.578%, 02/25/44		67
		Federal National Mortgage Association REMIC,
	1	Series 1988-13, Class C, 9.300%, 05/25/18		1
	15	Series 1989-72, Class E, 9.350%, 10/25/19		16
	1	Series 1989-98, Class H, 11.500%, 12/25/19		1
	2	Series 1990-1, Class D, 8.800%, 01/25/20		2
	2	Series 1990-110, Class H, 8.750%, 09/25/20		2
	2	Series 1990-117, Class E, 8.950%, 10/25/20		2
	24	Series 1991-141, Class PZ, 8.000%, 10/25/21		26
	10	Series 1992-31, Class M, 7.750%, 03/25/22		11
	11	Series 1992-79, Class Z, 9.000%, 06/25/22		13
	10	Series 1992-101, Class J, 7.500%, 06/25/22		11
	134	Series 1992-200, Class SK, HB, IF, 24.030%, 11/25/22		199
	10	Series 1993-23, Class PZ, 7.500%, 03/25/23		11
	77	Series 1993-56, Class PZ, 7.000%, 05/25/23		85
	42	Series 1993-60, Class Z, 7.000%, 05/25/23		46
	81	Series 1993-79, Class PL, 7.000%, 06/25/23		89
	149	Series 1993-141, Class Z, 7.000%, 08/25/23		163
	69	Series 1993-149, Class M, 7.000%, 08/25/23		77
	170	Series 1993-160, Class ZA, 6.500%, 09/25/23		185
	26	Series 1993-165, Class SA, IF, 18.527%, 09/25/23		36
	3	Series 1993-205, Class H, PO, 09/25/23		3
	23	Series 1993-247, Class SM, HB, IF, 27.780%, 12/25/23		34
	28	Series 1993-255, Class E, 7.100%, 12/25/23		30
	250	Series 1994-29, Class Z, 6.500%, 02/25/24		279

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	37	Series 1994-65, Class PK, PO, 04/25/24		35
	164	Series 1995-4, Class Z, 7.500%, 10/25/22		181
	506	Series 1995-19, Class Z, 6.500%, 11/25/23		581
	44	Series 1997-11, Class E, 7.000%, 03/18/27		50
	186	Series 1997-20, Class D, 7.000%, 03/17/27		215
	19	Series 1997-27, Class J, 7.500%, 04/18/27		21
	442	Series 1997-37, Class SM, IF, IO, 7.476%, 12/25/22		53
	293	Series 1997-42, Class EG, 8.000%, 07/18/27		335
	226	Series 1997-63, Class ZA, 6.500%, 09/18/27		260
	237	Series 1998-66, Class FB, VAR, 0.874%, 12/25/28		239
	447	Series 1999-47, Class JZ, 8.000%, 09/18/29		511
	187	Series 2000-8, Class Z, 7.500%, 02/20/30		223
	143	Series 2001-4, Class PC, 7.000%, 03/25/21		154
	209	Series 2001-14, Class Z, 6.000%, 05/25/31		232
	269	Series 2001-16, Class Z, 6.000%, 05/25/31		309
	237	Series 2001-36, Class ST, IF, IO, 7.976%, 11/25/30		59
	609	Series 2001-72, Class SB, IF, IO, 6.976%, 12/25/31		114
	1,189	Series 2001-81, Class HE, 6.500%, 01/25/32		1,373
	93	Series 2002-19, Class SC, IF, 13.287%, 03/17/32		129
	9	Series 2002-55, Class QE, 5.500%, 09/25/17		9
	1,310	Series 2002-56, Class PE, 6.000%, 09/25/32		1,508
	27	Series 2002-63, Class KC, 5.000%, 10/25/17		27
	10	Series 2002-73, Class AN, 5.000%, 11/25/17		11
	901	Series 2002-86, Class PG, 6.000%, 12/25/32		1,039
	97	Series 2003-14, Class EH, IF, IO, 7.076%, 03/25/18		4
	538	Series 2003-17, Class EQ, 5.500%, 03/25/23		588
	92	Series 2003-18, Class GT, 5.000%, 03/25/18		94
	635	Series 2003-22, Class Z, 6.000%, 04/25/33		704
	2,893	Series 2003-25, Class KP, 5.000%, 04/25/33		3,234
	763	Series 2003-47, Class PE, 5.750%, 06/25/33		868

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	96	Series 2003-64, Class KS, IF, 9.008%, 07/25/18		101
	56	Series 2003-64, Class SX, IF, 12.515%, 07/25/33		71
	14	Series 2003-91, Class SD, IF, 11.626%, 09/25/33		17
	248	Series 2004-72, Class F, VAR, 1.024%, 09/25/34		248
	3,000	Series 2005-19, Class PB, 5.500%, 03/25/35		3,643
	30	Series 2005-42, Class PS, IF, 15.689%, 05/25/35		39
	24	Series 2005-51, Class MO, PO, 06/25/35		24
	1,455	Series 2005-53, Class CS, IF, IO, 6.176%, 06/25/35		317
	165	Series 2005-65, Class KO, PO, 08/25/35		146
	842	Series 2005-72, Class WS, IF, IO, 6.226%, 08/25/35		138
	335	Series 2005-84, Class XM, 5.750%, 10/25/35		365
	134	Series 2005-90, Class ES, IF, 15.564%, 10/25/35		181
	691	Series 2005-97, Class B, 5.500%, 11/25/35		711
	135	Series 2005-106, Class US, HB, IF, 22.644%, 11/25/35		209
	580	Series 2006-9, Class KZ, 6.000%, 03/25/36		662
	543	Series 2006-20, Class IB, IF, IO, 6.066%, 04/25/36		87
	288	Series 2006-22, Class AO, PO, 04/25/36		263
	1,604	Series 2006-27, Class OB, PO, 04/25/36		1,430
	170	Series 2006-27, Class OH, PO, 04/25/36		159
	94	Series 2006-59, Class QO, PO, 01/25/33		92
	71	Series 2006-61, Class AP, 6.000%, 08/25/35		72
	699	Series 2006-77, Class PC, 6.500%, 08/25/36		808
	299	Series 2006-110, Class PO, PO, 11/25/36		286
	28	Series 2006-114, Class HD, 5.500%, 10/25/35		28
	242	Series 2006-128, Class PO, PO, 01/25/37		226
	215	Series 2007-10, Class Z, 6.000%, 02/25/37		235
	223	Series 2007-22, Class SC, IF, IO, 5.556%, 03/25/37		38
	8,531	Series 2007-54, Class IB, IF, IO, 5.886%, 06/25/37		1,246
	106	Series 2007-68, Class IA, IO, 6.500%, 06/25/37		14
	296	Series 2007-71, Class GZ, 6.000%, 07/25/47		328

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	4,167	Series 2007-109, Class YI, IF, IO, 5.926%, 12/25/37		665
	1,570	Series 2008-62, Class SM, IF, IO, 5.676%, 07/25/38		256
	1,818	Series 2008-91, Class SI, IF, IO, 5.476%, 03/25/38		245
	275	Series 2008-93, Class AM, 5.500%, 06/25/37		291
	74	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		1
	157	Series 2009-17, Class AI, IO, 5.000%, 03/25/24		8
	412	Series 2009-23, Class MI, IO, 4.500%, 04/25/24		19
	745	Series 2009-29, Class LA, VAR, 1.510%, 05/25/39		716
	644	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		83
	1,921	Series 2009-89, Class A1, 5.410%, 05/25/35		2,026
	1,121	Series 2009-112, Class ST, IF, IO, 5.726%, 01/25/40		192
	737	Series 2009-112, Class SW, IF, IO, 5.726%, 01/25/40		114
	1,381	Series 2010-10, Class NT, 5.000%, 02/25/40		1,592
	1,414	Series 2010-35, Class SB, IF, IO, 5.896%, 04/25/40		190
	221	Series 2010-43, Class CI, IO, 4.500%, 02/25/25		8
	513	Series 2010-49, Class SC, IF, 11.611%, 03/25/40		659
	1,690	Series 2010-70, Class SA, IF, IO, 6.000%, 04/25/38		295
	238	Series 2010-111, Class AE, 5.500%, 04/25/38		245
	543	Series 2011-19, Class ZY, 6.500%, 07/25/36		624
	713	Series 2011-22, Class MA, 6.500%, 04/25/38		782
	11,439	Series 2011-126, Class KB, 4.000%, 12/25/41		12,947
	4,846	Series 2012-46, Class KI, IO, 3.500%, 05/25/27		548
	9,632	Series 2012-148, Class IE, IO, 3.000%, 01/25/33		1,272
	15,305	Series 2013-13, Class IK, IO, 2.500%, 03/25/28		1,280
	26,891	Series 2016-33, Class JA, 3.000%, 07/25/45		28,032

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 103

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	19,657	Series 2016-38, Class NA, 3.000%, 01/25/46		20,655
	11	Series G-29, Class O, 8.500%, 09/25/21		12
	4	Series G92-30, Class Z, 7.000%, 06/25/22		4
	14	Series G92-62, Class B, PO, 10/25/22		13
		Federal National Mortgage Association REMIC Trust,
	393	Series 2001-W3, Class A, VAR, 6.636%, 09/25/41		443
	5,298	Series 2002-W10, Class IO, IO, VAR, 0.937%, 08/25/42		172
	10,260	Series 2002-W7, Class IO1, IO, VAR, 0.925%, 06/25/29		298
	161	Series 2003-W4, Class 2A, VAR, 6.264%, 10/25/42		183
	21,367	Series 2004-W11, Class 1IO1, IO, VAR, 0.360%, 05/25/44		302
	336	Series 2004-W6, Class 3A4, 6.500%, 07/25/34		345
		Federal National Mortgage Association STRIPS,
	1,274	Series 203, Class 2, IO, 8.000%, 02/25/23		274
	205	Series 266, Class 2, IO, 7.500%, 08/25/24		27
	1,284	Series 313, Class 1, PO, 06/25/31		1,126
	154	Series 348, Class 30, IO, 5.500%, 12/25/18		7
	147	Series 348, Class 31, IO, VAR, 5.500%, 12/25/18		7
	169	Series 356, Class 42, IO, 5.500%, 12/25/19		10
	355	Series 380, Class S36, IF, IO, 7.376%, 07/25/37		78
	212	Series 383, Class 68, IO, 6.500%, 09/25/37		42
	313	Series 383, Class 69, IO, VAR, 6.500%, 10/25/37		62
	113	Series 383, Class 86, IO, VAR, 7.000%, 09/25/37		26
		Federal National Mortgage Association Trust,
	20	Series 2003-W3, Class 2A5, 5.356%, 06/25/42		23
	264	Series 2003-W6, Class 1A41, 5.398%, 10/25/42		299
	410	Series 2004-W2, Class 1A, 6.000%, 02/25/44		449
	116	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		135
	297	Series 2004-W8, Class 3A, 7.500%, 06/25/44		338
	640	Series 2004-W9, Class 1A3, 6.050%, 02/25/44		754
	462	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		530

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
		Government National Mortgage Association,
	76	Series 1997-7, Class ZA, 9.000%, 05/16/27		87
	10	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		12
	156	Series 2000-9, Class Z, 8.000%, 06/20/30		186
	1,263	Series 2002-4, Class TD, 7.000%, 01/20/32		1,511
	741	Series 2002-13, Class QA, IF, IO, 7.543%, 02/16/32		168
	22	Series 2002-47, Class HM, 6.000%, 07/16/32		25
	2,117	Series 2002-68, Class SC, IF, IO, 5.193%, 10/16/32		343
	1,059	Series 2002-84, Class PH, PAC, 6.000%, 11/16/32		1,208
	1,117	Series 2003-18, Class PG, PAC, 5.500%, 03/20/33		1,250
	122	Series 2003-52, Class SB, IF, 10.663%, 06/16/33		157
	161	Series 2003-79, Class PV, PAC, 5.500%, 10/20/23		162
	1,942	Series 2003-101, Class SK, IF, IO, 6.053%, 10/17/33		396
	239	Series 2004-2, Class SA, IF, 18.722%, 01/16/34		430
	3,765	Series 2004-19, Class KE, PAC, 5.000%, 03/16/34		4,241
	21	Series 2004-73, Class AE, IF, 13.810%, 08/17/34		26
	1,059	Series 2004-86, Class SP, IF, IO, 5.588%, 09/20/34		150
	780	Series 2004-90, Class SI, IF, IO, 5.588%, 10/20/34		120
	1,713	Series 2004-105, Class SN, IF, IO, 5.588%, 12/20/34		246
	130	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		25
	1,269	Series 2006-23, Class S, IF, IO, 5.988%, 01/20/36		83
	1,390	Series 2006-26, Class S, IF, IO, 5.988%, 06/20/36		280
	374	Series 2006-33, Class PK, 6.000%, 07/20/36		432
	1,959	Series 2007-7, Class EI, IF, IO, 5.688%, 02/20/37		313
	986	Series 2007-9, Class CI, IF, IO, 5.688%, 03/20/37		165
	1,469	Series 2007-16, Class KU, IF, IO, 6.138%, 04/20/37		266
	134	Series 2007-17, Class JO, PO, 04/16/37		121

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1,082	��	Series 2007-22, Class PK, PAC, 5.500%, 04/20/37		1,264
	1,912		Series 2007-24, Class SA, IF, IO, 5.998%, 05/20/37		360
	457		Series 2007-26, Class SC, IF, IO, 5.688%, 05/20/37		85
	384		Series 2007-67, Class SI, IF, IO, 5.998%, 11/20/37		64
	83		Series 2008-29, Class PO, PO, 02/17/33		80
	226		Series 2008-34, Class OC, PO, 06/20/37		196
	714		Series 2008-40, Class PS, IF, IO, 5.993%, 05/16/38		109
	1,389		Series 2008-40, Class SA, IF, IO, 5.893%, 05/16/38		272
	40		Series 2008-43, Class NA, PAC, 5.500%, 11/20/37		41
	1,657		Series 2008-49, Class PH, PAC, 5.250%, 06/20/38		1,877
	2,960		Series 2008-50, Class SA, IF, IO, 5.718%, 06/20/38		451
	1,999		Series 2008-55, Class PL, PAC, 5.500%, 06/20/38		2,239
	912		Series 2009-12, Class IE, IO, 5.500%, 03/20/39		162
	1,823		Series 2009-16, Class SJ, IF, IO, 6.288%, 05/20/37		313
	813		Series 2009-72, Class SM, IF, IO, 5.743%, 08/16/39		130
	293		Series 2009-75, Class IY, IO, 5.500%, 06/20/39		65
	1,042		Series 2009-77, Class CS, IF, IO, 6.493%, 06/16/38		99
	329		Series 2009-79, Class OK, PO, 11/16/37		313
	274		Series 2009-81, Class A, 5.750%, 09/20/36		305
	836		Series 2009-106, Class XL, IF, IO, 6.238%, 06/20/37		101
	905		Series 2010-4, Class SB, IF, IO, 5.993%, 08/16/39		73
	92		Series 2010-14, Class QP, 6.000%, 12/20/39		96
	498		Series 2010-31, Class SK, IF, IO, 5.588%, 11/20/34		75
	1,623		Series 2010-61, Class PC, PAC, 4.500%, 02/20/37		1,641
	194		Series 2010-107, Class AY, 5.000%, 10/20/36		194
	818		Series 2010-157, Class OP, PO, 12/20/40		741
	9,562		Series 2012-H11, Class FA, VAR, 1.168%, 02/20/62		9,595

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	2,471	Series 2012-H18, Class FA, VAR, 1.018%, 08/20/62		2,466
	4,718	Series 2013-H04, Class BA, 1.650%, 02/20/63		4,705
	7,857	Series 2013-H20, Class FB, VAR, 1.468%, 08/20/63		7,976
	9,507	Series 2013-H23, Class FA, VAR, 1.768%, 09/20/63		9,766
	4,772	Series 2014-60, Class W, VAR, 4.303%, 02/20/29		5,045
	2,453	Series 2015-157, Class GA, PAC, 3.000%, 01/20/45		2,514
	9,351	Series 2015-H02, Class HA, 2.500%, 01/20/65		9,342
	11,563	Series 2015-H04, Class FL, VAR, 0.938%, 02/20/65		11,490
	9,055	Series 2015-H23, Class FB, VAR, 0.988%, 09/20/65		9,014
	7,950	Series 2015-H32, Class FH, VAR, 1.128%, 12/20/65		7,977
	13,008	Series 2016-H16, Class FD, VAR, 1.615%, 06/20/66		12,970
	8,000	Series 2016-H17, Class FC, VAR, 1.326%, 08/20/66		8,009
	142	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		143
		Vendee Mortgage Trust,
	559	Series 1996-2, Class 1Z, 6.750%, 06/15/26		643
	1,482	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,776
	208	Series 1999-1, Class 2Z, 6.500%, 01/15/29		239
				502,261
		Non-Agency CMO — 1.3%
	4,135	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		4,134
	128	Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21, VAR, 0.754%, 09/25/35		123
	1,001	Ajax Mortgage Loan Trust, Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		994
		Alternative Loan Trust,
	89	Series 2003-J3, Class 2A1, 6.250%, 12/25/33		91
	980	Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		1,049
	489	Series 2005-23CB, Class A2, 5.500%, 07/25/35		461
	2,436	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,273
	842	Series 2005-86CB, Class A11, 5.500%, 02/25/36		716

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 105

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	48		Series 2005-J6, Class 2A1, 5.500%, 07/25/25		47
	233		Series 2006-26CB, Class A9, 6.500%, 09/25/36		184
			American General Mortgage Loan Trust,
	167		Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		172
	172		Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		173
			Angel Oak Mortgage Trust LLC,
	5,796		Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		5,811
	800		Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		798
			Banc of America Alternative Loan Trust,
	253		Series 2003-11, Class 2A1, 6.000%, 01/25/34		259
	482		Series 2004-1, Class 1A1, 6.000%, 02/25/34		512
	138		Series 2004-6, Class 4A1, 5.000%, 07/25/19		140
			Banc of America Funding Trust,
	1,500		Series 2005-5, Class 3A5, PAC, 5.500%, 08/25/35		1,410
	115		Series 2005-7, Class 30PO, PO, 11/25/35		88
	594		Series 2005-E, Class 4A1, VAR, 2.938%, 03/20/35		597
			Banc of America Mortgage Trust,
	66		Series 2004-2, Class 2A4, 5.500%, 03/25/34		64
	106		Series 2004-5, Class 3A3, 5.000%, 06/25/19		106
	31		Series 2004-5, Class 4A1, 4.750%, 06/25/19		31
	—	(h)	Series 2004-11, Class 15PO, PO, 01/25/20		—	(h)
	274		Series 2004-F, Class 1A1, VAR, 3.164%, 07/25/34		278
	21		Series 2005-1, Class 15PO, PO, 02/25/20		20
	263		Series 2005-1, Class 1A17, 5.500%, 02/25/35		244
	136		Series 2005-1, Class 2A1, 5.000%, 02/25/20		138
	23		Series 2005-10, Class 15PO, PO, 11/25/20		21
	23		Series 2005-11, Class 15PO, PO, 12/25/20		22
			BCAP LLC Trust,
	86		Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		90
	750		Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		756

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	153	Bear Stearns ARM Trust, Series 2003-7, Class 3A, VAR, 2.835%, 10/25/33		150
	3	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, VAR, 6.297%, 03/25/31		3
	2,015	Chase Mortgage Finance Trust, Series 2007-A2, Class 2A1, VAR, 2.883%, 07/25/37		2,000
		CHL Mortgage Pass-Through Trust,
	291	Series 2004-3, Class A25, 5.750%, 04/25/34		282
	385	Series 2004-5, Class 2A9, 5.250%, 05/25/34		386
	191	Series 2004-8, Class 2A1, 4.500%, 06/25/19		195
	132	Series 2004-J1, Class 2A1, 4.750%, 01/25/19		133
	591	Series 2004-J7, Class 2A2, 4.500%, 08/25/19		597
	592	Series 2005-22, Class 2A1, VAR, 2.755%, 11/25/35		485
	66	Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.000%, 02/25/21		68
		Citigroup Mortgage Loan Trust,
	1,379	Series 2009-3, Class 5A2, 6.000%, 02/25/37 (e)		1,372
	69	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		69
	88	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		88
		Citigroup Mortgage Loan Trust, Inc.,
	6	Series 2003-UST1, Class PO3, PO, 12/25/18		5
	152	Series 2004-HYB4, Class AA, VAR, 0.854%, 12/25/34		133
	236	Series 2004-UST1, Class A3, VAR, 2.635%, 08/25/34		237
		Credit Suisse First Boston Mortgage Securities Corp.,
	98	Series 2003-29, Class 8A1, 6.000%, 11/25/18		101
	728	Series 2004-4, Class 5A4, IF, IO, 7.026%, 08/25/34		61
	327	Series 2005-1, Class 1A16, 5.500%, 02/25/35		332
	52	Series 2005-7, Class 5A1, 4.750%, 08/25/20		52
	289	Series 2005-10, Class 10A4, PAC, 6.000%, 11/25/35		182
	511	Series 2005-10, Class 6A13, 5.500%, 11/25/35		426

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	81	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		82
	1,855	CSMC Trust, Series 2010-11R, Class A6, VAR, 1.524%, 06/28/47 (e)		1,785
	59	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 4APO, PO, 06/25/35		43
	285	DLJ Mortgage Acceptance Corp., Series 1993-19, Class A7, 6.750%, 01/25/24		287
	558	First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1, VAR, 2.780%, 09/25/34		541
		First Horizon Mortgage Pass-Through Trust,
	508	Series 2004-AR6, Class 2A1, VAR, 2.811%, 12/25/34		507
	175	Series 2004-AR7, Class 2A2, VAR, 2.709%, 02/25/35		174
		GMACM Mortgage Loan Trust,
	169	Series 2003-J10, Class A1, 4.750%, 01/25/19		169
	148	Series 2004-J5, Class A7, 6.500%, 01/25/35		153
	300	Series 2005-AR3, Class 3A4, VAR, 3.304%, 06/19/35		293
		GSR Mortgage Loan Trust,
	184	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		187
	280	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		288
	237	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		252
	165	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		168
	51	Series 2005-5F, Class 8A1, VAR, 1.024%, 06/25/35		48
	29	Series 2005-5F, Class 8A3, VAR, 1.024%, 06/25/35		28
	279	Series 2007-2F, Class 2A7, 5.750%, 02/25/37		274
	2,187	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		2,170
		Impac CMB Trust,
	777	Series 2004-10, Class 3A1, VAR, 1.224%, 03/25/35		699
	481	Series 2004-10, Class 3A2, VAR, 1.324%, 03/25/35		417

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	12	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A1, 5.500%, 08/25/33		12
		JP Morgan Mortgage Trust,
	587	Series 2004-S1, Class 3A1, 5.500%, 09/25/34		587
	717	Series 2004-S2, Class 4A5, 6.000%, 11/25/34		721
	322	Series 2004-S2, Class 5A1, 5.500%, 12/25/19		322
	522	Series 2006-A2, Class 4A1, VAR, 3.185%, 08/25/34		524
	403	Series 2006-A2, Class 5A3, VAR, 2.783%, 11/25/33		408
	144	Series 2007-A1, Class 5A2, VAR, 2.911%, 07/25/35		146
	126	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.882%, 04/21/34		129
		MASTR Alternative Loan Trust,
	90	Series 2003-7, Class 4A3, 8.000%, 11/25/18		92
	100	Series 2003-8, Class 3A1, 5.500%, 12/25/33		105
	109	Series 2003-9, Class 5A1, 4.500%, 12/25/18		109
	693	Series 2004-6, Class 6A1, 6.500%, 07/25/34		688
	614	Series 2004-6, Class 7A1, 6.000%, 07/25/34		599
	80	Series 2004-7, Class 30PO, PO, 08/25/34		63
	52	Series 2004-7, Class 3A1, 6.500%, 08/25/34		54
	153	Series 2004-8, Class 6A1, 5.500%, 09/25/19		156
	238	Series 2004-10, Class 1A1, 4.500%, 09/25/19		239
	70	Series 2004-11, Class 8A3, 5.500%, 10/25/19		71
	14	Series 2005-1, Class 5A1, 5.500%, 01/25/20		14
		MASTR Asset Securitization Trust,
	25	Series 2003-6, Class 8A1, 5.500%, 07/25/33		25
	96	Series 2003-10, Class 3A1, 5.500%, 11/25/33		98
	13	Series 2003-11, Class 10A1, 5.000%, 12/25/18		13
	31	Series 2003-11, Class 3A1, 4.500%, 12/25/18		32

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 107

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	11	Series 2004-6, Class 15PO, PO, 07/25/19		10
	80	Series 2004-6, Class 3A1, 5.250%, 07/25/19		81
	42	Series 2004-6, Class 4A1, 5.000%, 07/25/19		43
	15	Series 2004-8, Class PO, PO, 08/25/19		14
	27	Series 2004-10, Class 1A1, 4.500%, 10/25/19		27
	322	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		345
	78	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		61
		Merrill Lynch Mortgage Investors Trust,
	348	Series 2004-C, Class A2, VAR, 1.529%, 07/25/29		330
	471	Series 2004-D, Class A3, VAR, 2.654%, 09/25/29		469
		Morgan Stanley Mortgage Loan Trust,
	530	Series 2004-3, Class 4A, VAR, 5.676%, 04/25/34		554
	247	Series 2004-7AR, Class 2A6, VAR, 2.946%, 09/25/34		251
		MortgageIT Trust,
	3,073	Series 2004-2, Class A1, VAR, 1.264%, 12/25/34		3,038
	213	Series 2005-1, Class 1A1, VAR, 1.164%, 02/25/35		205
	194	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		194
	35	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class 1A1, VAR, 2.830%, 02/25/35		35
	3,966	Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-2, Class AI3, VAR, 0.844%, 04/25/35		3,893
	375	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		379
	247	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		258
		RALI Trust,
	113	Series 2003-QS14, Class A1, 5.000%, 07/25/18		113
	240	Series 2004-QS3, Class CB, 5.000%, 03/25/19		239
	2,935	Series 2005-QS5, Class A4, 5.750%, 04/25/35		2,751

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
		Residential Asset Securitization Trust,
	135	Series 2003-A8, Class A1, 3.750%, 10/25/18		134
	178	Series 2006-A6, Class 2A13, 6.000%, 07/25/36		153
		RFMSI Trust,
	73	Series 2004-S4, Class 2A7, 4.500%, 04/25/19		73
	239	Series 2005-SA4, Class 1A1, VAR, 3.223%, 09/25/35		198
	1,802	Series 2006-S1, Class 1A8, 5.750%, 01/25/36		1,667
	49	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		49
	883	Sequoia Mortgage Trust, Series 2004-8, Class A2, VAR, 1.950%, 09/20/34		848
		Springleaf Mortgage Loan Trust,
	656	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		653
	4,075	Series 2013-1A, Class B1, VAR, 5.580%, 06/25/58 (e)		4,106
	2,084	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		2,095
	5,050	Series 2013-2A, Class M2, VAR, 4.480%, 12/25/65 (e)		5,073
	399	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-14, Class 1A, VAR, 2.884%, 10/25/34		402
		Structured Asset Securities Corp.,
	1,575	Series 2003-37A, Class 1A, VAR, 3.087%, 12/25/33		1,551
	217	Series 2003-37A, Class 2A, VAR, 2.697%, 12/25/33		215
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	2,445	Series 2003-26A, Class 3A5, VAR, 2.963%, 09/25/33		2,352
	274	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		279
	130	Series 2004-7, Class 2A1, VAR, 5.491%, 05/25/24		133
		WaMu Mortgage Pass-Through Certificates Trust,
	22	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		22
	359	Series 2003-AR8, Class A, VAR, 2.697%, 08/25/33		363
	240	Series 2003-AR9, Class 1A6, VAR, 2.631%, 09/25/33		243

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1	Series 2003-S4, Class 3A, 5.500%, 06/25/33		1
	815	Series 2004-AR11, Class A, VAR, 2.713%, 10/25/34		820
	99	Series 2004-AR3, Class A1, VAR, 2.783%, 06/25/34		100
	916	Series 2004-AR3, Class A2, VAR, 2.783%, 06/25/34		923
	120	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		121
	128	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		132
	864	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		900
	103	Series 2005-AR2, Class 2A21, VAR, 0.854%, 01/25/45		95
	973	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		900
	517	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.000%, 03/25/34		561
		Wells Fargo Mortgage-Backed Securities Trust,
	378	Series 2003-D, Class A1, VAR, 2.740%, 02/25/33		373
	174	Series 2003-M, Class A1, VAR, 2.787%, 12/25/33		174
	120	Series 2004-B, Class A1, VAR, 2.732%, 02/25/34		119
	127	Series 2004-DD, Class 2A8, VAR, 2.834%, 01/25/35		121
	150	Series 2004-EE, Class 3A1, VAR, 3.028%, 12/25/34		155
	207	Series 2004-EE, Class 3A2, VAR, 3.028%, 12/25/34		213
	426	Series 2004-K, Class 1A2, VAR, 3.107%, 07/25/34		425
	48	Series 2004-Q, Class 1A3, VAR, 2.949%, 09/25/34		48
	131	Series 2004-Q, Class 2A2, VAR, 2.952%, 09/25/34		128
	699	Series 2004-U, Class A1, VAR, 3.006%, 10/25/34		695
	2,175	Series 2005-9, Class 2A10, 5.250%, 10/25/35		2,181
	618	Series 2005-AR16, Class 2A1, VAR, 2.852%, 02/25/34		622

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	3,222	Series 2005-AR3, Class 1A1, VAR, 3.041%, 03/25/35		3,292
				89,929
		Total Collateralized Mortgage Obligations (Cost $577,008)		592,190
	Commercial Mortgage-Backed Securities — 5.4%
		A10 Securitization LLC,
	29	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		29
	3,000	Series 2013-1, Class B, 4.120%, 11/15/25 (e)		3,004
	7,664	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		7,687
	3,000	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		3,029
		A10 Term Asset Financing LLC,
	1,000	Series 2013-2, Class D, 6.230%, 11/15/27 (e)		995
	6,021	Series 2014-1, Class A2, 3.020%, 04/15/33 (e)		5,921
	1,171	Series 2014-1, Class C, 4.570%, 04/15/33 (e)		1,167
	3,340	ACRE Commercial Mortgage Trust, (Cayman Islands), Series 2014-FL2, Class D, VAR, 3.907%, 08/15/31 (e)		3,251
		BAMLL Commercial Mortgage Securities Trust,
	2,985	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		3,127
	8,400	Series 2016-FR14, Class A, VAR, 3.147%, 02/27/48 (e)		7,802
		Banc of America Commercial Mortgage Trust,
	48	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		48
	303	Series 2006-5, Class A4, 5.414%, 09/10/47		303
	4,000	Series 2007-2, Class AM, VAR, 5.801%, 04/10/49		4,086
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	310	Series 2005-1, Class AJ, VAR, 5.527%, 11/10/42		310
	147	Series 2005-3, Class AM, 4.727%, 07/10/43		146
	234	Banc of America Re-REMIC Trust, Series 2009-UB1, Class A4A, VAR, 5.703%, 06/24/50 (e)		236
	9,400	BBCCRE Trust, Series 2015-GTP, Class A, 3.966%, 08/10/33 (e)		10,231

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 109

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
		BB-UBS Trust,
	12,692	Series 2012-SHOW, Class E, VAR, 4.160%, 11/05/36 (e)		12,576
	972	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		988
		Bear Stearns Commercial Mortgage Securities Trust,
	6	Series 2006-T24, Class A4, 5.537%, 10/12/41		6
	4,000	Series 2007-PW16, Class AM, VAR, 5.910%, 06/11/40		4,106
	5,700	Series 2007-PW17, Class AMFL, VAR, 1.198%, 06/11/50 (e)		5,601
	5,000	BWAY Mortgage Trust, Series 2013-1515, Class F, VAR, 4.058%, 03/10/33 (e)		4,830
	16,558	Capmark Mortgage Securities, Inc., Series 1998-C2, Class X, IO, VAR, 1.236%, 05/15/35		240
	47,999	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.573%, 12/11/49 (e)		38
	5,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, VAR, 5.885%, 12/15/47 (e)		5,392
		COBALT CMBS Commercial Mortgage Trust,
	1,057	Series 2006-C1, Class A4, 5.223%, 08/15/48		1,056
	4,471	Series 2006-C1, Class AM, 5.254%, 08/15/48		4,486
		COMM Mortgage Trust,
	23,067	Series 2012-CR2, Class XA, IO, VAR, 1.897%, 08/15/45		1,813
	7,000	Series 2013-CR9, Class D, VAR, 4.398%, 07/10/45 (e)		6,188
	6,100	Series 2013-WWP, Class A2, 3.424%, 03/10/31 (e)		6,530
	8,032	Series 2015-CR24, Class A5, 3.696%, 08/10/48		8,834
	6,856	Series 2015-CR25, Class A4, 3.759%, 08/10/48		7,558
	3,292	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.964%, 07/10/38		3,288
	112,521	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, VAR, 0.212%, 01/15/49 (e)		28
	270	Credit Suisse First Boston Mortgage Securities Corp., Series 1998-C2, Class F, VAR, 6.750%, 11/15/30 (e)		272
	12,304	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 08/15/48		13,554

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	15,200	CSMC Trust, Series 2014-USA, Class D, 4.373%, 09/15/37 (e)		14,632
	12,295	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, VAR, 1.333%, 07/10/44 (e)		490
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	15,000	Series K037, Class A2, 3.490%, 01/25/24		16,598
	3,429	Series K038, Class A2, 3.389%, 03/25/24		3,776
	13,500	Series K048, Class A2, VAR, 3.284%, 06/25/25		14,806
	3,791	Series K052, Class A2, 3.151%, 11/25/25		4,124
	70,498	Series K708, Class X1, IO, VAR, 1.593%, 01/25/19		2,103
	8,843	FHLMC Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates, Series K152, Class A2, 3.080%, 01/25/31		9,569
	25,000	FHLMC Multifamily Structured Pass-Through Certificates, Series KJ06, Class A, 2.272%, 01/25/23		25,322
	17,000	FORT CRE LLC, Series 2016-1A, Class D, VAR, 6.350%, 05/31/36 (e)		17,000
		FREMF Mortgage Trust,
	7,000	Series 2014-K39, Class C, VAR, 4.282%, 08/25/47 (e)		6,918
	9,580	Series 2015-K720, Class B, VAR, 3.506%, 07/25/22 (e)		9,401
	10,000	Series 2016-K55, Class B, VAR, 4.294%, 04/25/49 (e)		10,148
	2,049	Series 2016-K56, Class B, VAR, 4.070%, 06/25/49 (e)		2,042
	8,010	Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		7,889
	20,000	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class XA, IO, VAR, 1.438%, 06/05/31 (e)		652
	5,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, VAR, 5.558%, 08/10/44 (e)		5,193
		JP Morgan Chase Commercial Mortgage Securities Trust,
	102	Series 2005-CB11, Class AJ, VAR, 5.584%, 08/12/37		102
	28,564	Series 2005-CB11, Class X1, IO, VAR, 0.056%, 08/12/37 (e)		19
	35,904	Series 2005-LDP5, Class X1, IO, VAR, 0.131%, 12/15/44 (e)		34
	13,146	Series 2006-CB15, Class X1, IO, VAR, 0.482%, 06/12/43		13
	58	Series 2006-CB17, Class A4, 5.429%, 12/12/43		58

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	4,718	Series 2006-LDP8, Class X, IO, VAR, 0.727%, 05/15/45		—	(h)
	2,000	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		1,984
	7,745	Series 2010-C2, Class XA, IO, VAR, 1.815%, 11/15/43 (e)		344
		LB-UBS Commercial Mortgage Trust,
	3,030	Series 2007-C1, Class AM, 5.455%, 02/15/40		3,051
	2,769	Series 2007-C2, Class A3, 5.430%, 02/15/40		2,797
	2,776	Series 2007-C7, Class A3, VAR, 5.866%, 09/15/45		2,881
		ML-CFC Commercial Mortgage Trust,
	32,475	Series 2006-4, Class XC, IO, VAR, 0.768%, 12/12/49 (e)		31
	10,074	Series 2007-9, Class A4, 5.700%, 09/12/49		10,400
		Morgan Stanley Capital I Trust,
	3,581	Series 2006-IQ12, Class AM, 5.370%, 12/15/43		3,596
	2,925	Series 2006-IQ12, Class AMFX, 5.370%, 12/15/43		2,937
	58,333	Series 2007-HQ11, Class X, IO, VAR, 0.379%, 02/12/44 (e)		23
	699	Series 2011-C3, Class A3, 4.054%, 07/15/49		731
		Morgan Stanley Re-REMIC Trust,
	1,386	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		1,379
	250	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		248
	1,500	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,343
	1,804	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.524%, 08/25/29 (e)		1,822
	3,451	PFP Ltd., (Cayman Islands), Series 2015-2, Class D, VAR, 4.508%, 07/14/34 (e)		3,334
		RAIT Trust,
	4,904	Series 2014-FL3, Class B, VAR, 3.158%, 12/15/31 (e)		4,877
	1,885	Series 2015-FL5, Class B, VAR, 4.408%, 01/15/31 (e)		1,885
		UBS Commercial Mortgage Trust,
	9,459	Series 2012-C1, Class D, VAR, 5.731%, 05/10/45 (e)		9,709
	7,753	Series 2012-C1, Class XA, IO, VAR, 2.274%, 05/10/45 (e)		748
	2,191	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,321

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		UBS-Barclays Commercial Mortgage Trust,
	1,560	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,690
	16,407	Series 2012-C2, Class XA, IO, VAR, 1.797%, 05/10/63 (e)		891
	5,291	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		5,556
	62,930	Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class XC, IO, VAR, 0.509%, 12/15/43 (e)		87
	7,598	Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.664%, 09/15/58		8,328
	4	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		4
		WFRBS Commercial Mortgage Trust,
	2,500	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		2,758
	6,640	Series 2013-C11, Class D, VAR, 4.317%, 03/15/45 (e)		6,225
		Total Commercial Mortgage-Backed Securities (Cost $368,440)		371,625
	Convertible bond — 0.0% (g)
	120	Motors Liquidation Co. 03/06/32 (Cost $—)		—	(h)
	Corporate Bonds — 25.0%
		Consumer Discretionary — 2.7%
		Auto Components — 0.2%
		American Axle & Manufacturing, Inc.,
	300	6.250%, 03/15/21		314
	1,425	6.625%, 10/15/22		1,519
		Goodyear Tire & Rubber Co. (The),
	900	5.000%, 05/31/26		942
	570	5.125%, 11/15/23		596
	1,175	7.000%, 05/15/22		1,251
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,025	4.875%, 03/15/19		2,006
	767	5.875%, 02/01/22		716
	1,293	6.000%, 08/01/20		1,243
		Johnson Controls, Inc.,
	323	3.625%, 07/02/24		344
	1,180	4.950%, 07/02/64		1,257
	890	5.700%, 03/01/41		1,080
	250	MPG Holdco I, Inc., 7.375%, 10/15/22		258
	1,748	Tenneco, Inc., 5.375%, 12/15/24		1,862
		ZF North America Capital, Inc.,
	1,000	4.000%, 04/29/20 (e)		1,062

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 111

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Auto Components — continued
	576	4.500%, 04/29/22 (e)		609
	841	4.750%, 04/29/25 (e)		892
				15,951
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	1,000	2.700%, 08/03/20 (e)		1,033
	1,500	2.875%, 03/10/21 (e)		1,562
	560	8.500%, 01/18/31		934
		Fiat Chrysler Automobiles N.V., (Netherlands),
	1,470	4.500%, 04/15/20		1,507
	708	5.250%, 04/15/23		730
		Ford Motor Co.,
	3,500	6.625%, 10/01/28		4,442
	500	7.450%, 07/16/31		679
		General Motors Co.,
	1,425	5.000%, 04/01/35		1,500
	1,425	5.200%, 04/01/45		1,517
	595	6.600%, 04/01/36		733
		Jaguar Land Rover Automotive plc, (United Kingdom),
	992	4.125%, 12/15/18 (e)		1,022
	657	4.250%, 11/15/19 (e)		686
	150	5.625%, 02/01/23 (e)		158
		Motors Liquidation Co.,
	385	0.000%, 07/15/33		—	(h)
	21	0.000%, 04/15/41		—	(h)
	1	0.000%, 07/15/41		—
	55	0.000%, 05/15/48		—	(h)
	1	0.000%, 10/01/51		—
	42	0.000%, 02/15/52		—	(h)
	2,500	7.700%, 04/15/16 (d)		—	(h)
				16,503
		Diversified Consumer Services — 0.1%
		Service Corp. International,
	725	5.375%, 05/15/24		778
	963	7.625%, 10/01/18		1,077
	2,300	8.000%, 11/15/21		2,720
				4,575
		Hotels, Restaurants & Leisure — 0.4%
	250	1011778 B.C. ULC/New Red Finance, Inc., (Canada), 4.625%, 01/15/22 (e)		259
	270	CCM Merger, Inc., 9.125%, 05/01/19 (e)		283
	850	Choice Hotels International, Inc., 5.750%, 07/01/22		931

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Hotels, Restaurants & Leisure — continued
	548	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (d)		301
		GLP Capital LP/GLP Financing II, Inc.,
	50	4.375%, 04/15/21		53
	1,505	5.375%, 11/01/23		1,650
	220	5.375%, 04/15/26		240
	1,560	Hilton Escrow Issuer LLC/Hilton Escrow Issuer Corp., 4.250%, 09/01/24 (e)		1,589
	430	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		445
	1,580	International Game Technology plc, (United Kingdom), 6.500%, 02/15/25 (e)		1,713
	3,600	McDonald’s Corp., 2.750%, 12/09/20		3,746
		MGM Resorts International,
	754	4.625%, 09/01/26		746
	1,805	6.000%, 03/15/23		1,960
	2,215	6.625%, 12/15/21		2,486
	565	Royal Caribbean Cruises Ltd., (Liberia), 5.250%, 11/15/22		616
		Sabre GLBL, Inc.,
	190	5.250%, 11/15/23 (e)		195
	408	5.375%, 04/15/23 (e)		422
	1,465	Scientific Games International, Inc., 7.000%, 01/01/22 (e)		1,557
	500	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		504
		Six Flags Entertainment Corp.,
	340	4.875%, 07/31/24 (e)		347
	875	5.250%, 01/15/21 (e)		905
	895	Speedway Motorsports, Inc., 5.125%, 02/01/23		924
	1,573	Starbucks Corp., 2.700%, 06/15/22		1,651
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	925	5.375%, 03/15/22		961
	1,290	5.500%, 03/01/25 (e)		1,303
				25,787
		Household Durables — 0.2%
		CalAtlantic Group, Inc.,
	207	5.875%, 11/15/24		224
	790	8.375%, 01/15/21		942
	166	10.750%, 09/15/16		166
		D.R. Horton, Inc.,
	1,000	4.375%, 09/15/22		1,055
	600	4.750%, 02/15/23		643

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Household Durables — continued
	60	DR Horton, Inc., 5.750%, 08/15/23		68
		Lennar Corp.,
	1,618	4.500%, 06/15/19		1,699
	286	4.500%, 11/15/19		302
	500	4.750%, 11/15/22		526
	1,250	4.750%, 05/30/25		1,297
	270	6.950%, 06/01/18		291
	1,015	Series B, 12.250%, 06/01/17		1,092
	595	M/I Homes, Inc., 6.750%, 01/15/21		622
	565	Meritage Homes Corp., 7.000%, 04/01/22		630
	1,597	PulteGroup, Inc., 5.500%, 03/01/26		1,704
		Toll Brothers Finance Corp.,
	420	4.375%, 04/15/23		429
	521	4.875%, 11/15/25		546
	130	5.625%, 01/15/24		139
	879	5.875%, 02/15/22		964
				13,339
		Internet & Direct Marketing Retail — 0.0% (g)
		Amazon.com, Inc.,
	500	3.300%, 12/05/21		537
	1,523	4.800%, 12/05/34		1,829
	299	Netflix, Inc., 5.750%, 03/01/24		323
	1,000	QVC, Inc., 4.450%, 02/15/25		996
				3,685
		Media — 1.2%
		21st Century Fox America, Inc.,
	600	6.750%, 01/09/38		769
	800	7.750%, 01/20/24		1,030
	200	7.850%, 03/01/39		293
	147	8.875%, 04/26/23		198
		Altice U.S. Finance I Corp.,
	935	5.375%, 07/15/23 (e)		978
	1,172	5.500%, 05/15/26 (e)		1,233
	1,710	AMC Networks, Inc., 5.000%, 04/01/24		1,753
	1,178	CBS Corp., 3.700%, 08/15/24		1,242
		Charter Communications Operating LLC/Charter Communications Operating Capital,
	1,992	4.464%, 07/23/22 (e)		2,160
	242	4.908%, 07/23/25 (e)		267
	240	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		337
		Comcast Corp.,
	1,290	1.625%, 01/15/22		1,281
	4,200	2.350%, 01/15/27		4,163

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Media — continued
	5,000	3.375%, 08/15/25		5,390
	2,819	4.200%, 08/15/34		3,149
	2,405	4.600%, 08/15/45		2,831
	240	6.300%, 11/15/17		255
	435	6.500%, 11/15/35		613
	177	6.550%, 07/01/39		255
	1,750	CSC Holdings LLC, 6.750%, 11/15/21		1,868
	946	Discovery Communications LLC, 4.950%, 05/15/42		887
		DISH DBS Corp.,
	2,362	5.875%, 07/15/22		2,406
	8,334	6.750%, 06/01/21		8,954
	130	7.750%, 07/01/26 (e)		139
	2,131	7.875%, 09/01/19		2,376
	1,000	Historic TW, Inc., 9.150%, 02/01/23		1,356
	1,587	Hughes Satellite Systems Corp., 5.250%, 08/01/26 (e)		1,577
		iHeartCommunications, Inc.,
	890	9.000%, 12/15/19		720
	950	9.000%, 03/01/21		712
		Lamar Media Corp.,
	1,250	5.000%, 05/01/23		1,322
	90	5.375%, 01/15/24		96
	470	Liberty Interactive LLC, 8.250%, 02/01/30		505
	810	NBCUniversal Media LLC, 5.950%, 04/01/41		1,107
		Nielsen Finance LLC/Nielsen Finance Co.,
	655	4.500%, 10/01/20		671
	2,352	5.000%, 04/15/22 (e)		2,417
	785	Outfront Media Capital LLC/Outfront Media Capital Corp., 5.625%, 02/15/24		835
	265	Quebecor, Inc., (Canada), 9.750%, 01/15/16 (d)		–
		Sirius XM Radio, Inc.,
	2,505	4.625%, 05/15/23 (e)		2,533
	1,930	5.250%, 08/15/22 (e)		2,036
	900	5.375%, 04/15/25 (e)		943
	1,231	5.375%, 07/15/26 (e)		1,267
	1,015	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		1,030
		TEGNA, Inc.,
	1,184	5.125%, 07/15/20		1,226
	585	5.500%, 09/15/24 (e)		617
	2,100	6.375%, 10/15/23		2,273
	335	Time Warner Cable, Inc., 7.300%, 07/01/38		435
	660	Time Warner Cos., Inc., 7.570%, 02/01/24		857

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 113

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Media — continued
	1,860	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		2,543
	182	Time Warner, Inc., 5.375%, 10/15/41		220
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany),
	755	5.000%, 01/15/25 (e)		787
	900	5.500%, 01/15/23 (e)		947
		Univision Communications, Inc.,
	1,350	5.125%, 05/15/23 (e)		1,404
	500	5.125%, 02/15/25 (e)		523
	350	6.750%, 09/15/22 (e)		372
	70	Viacom, Inc., 4.375%, 03/15/43		63
		Videotron Ltd., (Canada),
	2,622	5.375%, 06/15/24 (e)		2,756
		Walt Disney Co. (The),
	389	1.850%, 07/30/26		374
	500	Series B, 5.875%, 12/15/17		530
	755	Series B, 7.000%, 03/01/32		1,101
				80,982
		Multiline Retail — 0.1%
	3,782	Dollar Tree, Inc., 5.750%, 03/01/23		4,071
	475	Macy’s Retail Holdings, Inc., 6.900%, 04/01/29		541
				4,612
		Specialty Retail — 0.3%
	220	AutoNation, Inc., 5.500%, 02/01/20		241
	2,000	Caleres, Inc., 6.250%, 08/15/23		2,080
	1,470	Claire’s Stores, Inc., 9.000%, 03/15/19 (e)		847
	500	CST Brands, Inc., 5.000%, 05/01/23		529
	410	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		415
		Home Depot, Inc. (The),
	734	2.625%, 06/01/22		764
	2,751	3.000%, 04/01/26		2,933
		L Brands, Inc.,
	400	5.625%, 02/15/22		444
	3,500	5.625%, 10/15/23		3,915
	650	6.750%, 07/01/36		698
	625	6.875%, 11/01/35		683
	500	8.500%, 06/15/19		586
		Lowe’s Cos., Inc.,
	665	3.125%, 09/15/24		708
	1,262	3.375%, 09/15/25		1,366
	116	5.125%, 11/15/41		146

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Specialty Retail — continued
	951	Series B, 7.110%, 05/15/37		1,366
	660	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e) (d)		118
	752	Penske Automotive Group, Inc., 5.500%, 05/15/26		752
	435	Radio Systems Corp., 8.375%, 11/01/19 (e)		455
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		532
	817	5.625%, 12/01/25		885
	1,000	5.750%, 06/01/22		1,044
				21,507
		Textiles, Apparel & Luxury Goods — 0.0% (g)
		Hanesbrands, Inc.,
	274	4.625%, 05/15/24 (e)		287
	274	4.875%, 05/15/26 (e)		285
	470	Levi Strauss & Co., 5.000%, 05/01/25		488
				1,060
		Total Consumer Discretionary		188,001
		Consumer Staples — 1.6%
		Beverages — 0.5%
		Anheuser-Busch Cos. LLC,
	325	5.500%, 01/15/18		344
	550	5.750%, 04/01/36		711
	280	7.550%, 10/01/30		399
		Anheuser-Busch InBev Finance, Inc.,
	50	1.900%, 02/01/19		50
	2,551	3.300%, 02/01/23		2,677
	1,225	3.700%, 02/01/24		1,329
	3,990	4.700%, 02/01/36		4,625
	5,415	4.900%, 02/01/46		6,548
	2,360	Anheuser-Busch InBev Worldwide, Inc., 5.375%, 01/15/20		2,641
	1,000	Coca-Cola Co. (The), 2.250%, 09/01/26		999
		Constellation Brands, Inc.,
	608	3.750%, 05/01/21		643
	216	4.250%, 05/01/23		231
	396	4.750%, 11/15/24		432
	932	4.750%, 12/01/25		1,014
	1,165	6.000%, 05/01/22		1,351
		Diageo Investment Corp.,
	1,000	7.450%, 04/15/35		1,528
	365	8.000%, 09/15/22		478
	575	DS Services of America, Inc., 10.000%, 09/01/21 (e)		645

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Beverages — continued
	677	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		678
		PepsiCo, Inc.,
	2,500	2.150%, 10/14/20		2,563
	572	3.100%, 07/17/22		608
	1,845	3.500%, 07/17/25		2,039
	730	4.450%, 04/14/46		882
	70	7.900%, 11/01/18		80
				33,495
		Food & Staples Retailing — 0.4%
		CVS Health Corp.,
	2,460	2.800%, 07/20/20		2,562
	1,659	4.000%, 12/05/23		1,835
	3,830	5.125%, 07/20/45		4,775
	1,780	Ingles Markets, Inc., 5.750%, 06/15/23		1,852
		Kroger Co. (The),
	215	6.400%, 08/15/17		226
	1,162	7.500%, 04/01/31		1,654
	900	Series B, 7.700%, 06/01/29		1,268
	430	New Albertsons, Inc., 8.700%, 05/01/30		439
	1,125	SUPERVALU, Inc., 7.750%, 11/15/22		1,063
		Sysco Corp.,
	1,575	2.500%, 07/15/21		1,613
	1,517	2.600%, 06/12/22		1,539
		Walgreens Boots Alliance, Inc.,
	527	3.100%, 06/01/23		544
	4,337	3.450%, 06/01/26		4,511
		Wal-Mart Stores, Inc.,
	300	2.550%, 04/11/23		313
	160	5.000%, 10/25/40		204
	1,000	6.200%, 04/15/38		1,443
	260	7.550%, 02/15/30		397
				26,238
		Food Products — 0.5%
	1,650	Archer-Daniels-Midland Co., Class C, 2.500%, 08/11/26		1,660
	326	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		332
		Bunge Ltd. Finance Corp.,
	675	3.250%, 08/15/26		678
	305	3.500%, 11/24/20		318
	655	8.500%, 06/15/19		766
	148	Bunge N.A. Finance LP, 5.900%, 04/01/17		152

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Food Products — continued
		Cargill, Inc.,
	350	1.900%, 03/01/17 (e)		351
	800	3.300%, 03/01/22 (e)		837
	470	4.760%, 11/23/45 (e)		558
	200	6.000%, 11/27/17 (e)		212
	1,000	7.350%, 03/06/19 (e)		1,144
		ConAgra Foods, Inc.,
	135	3.250%, 09/15/22		140
	180	6.625%, 08/15/39		206
	2,560	Darling Ingredients, Inc., 5.375%, 01/15/22		2,688
	200	FAGE International S.A./FAGE USA Dairy Industry, Inc., (Luxembourg), 5.625%, 08/15/26 (e)		207
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	793	5.750%, 06/15/25 (e)		806
	1,868	5.875%, 07/15/24 (e)		1,930
	3,447	7.250%, 06/01/21 (e)		3,551
	1,430	8.250%, 02/01/20 (e)		1,478
		Kraft Heinz Foods Co.,
	429	3.500%, 06/06/22		458
	2,310	4.375%, 06/01/46		2,498
	488	5.000%, 06/04/42		569
	946	5.200%, 07/15/45		1,134
	599	6.125%, 08/23/18		653
	153	6.375%, 07/15/28		186
	200	6.500%, 02/09/40		275
	277	6.750%, 03/15/32		365
	575	6.875%, 01/26/39		808
	497	Mead Johnson Nutrition Co., Class C, 4.125%, 11/15/25		544
	430	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		444
	475	Post Holdings, Inc., 6.750%, 12/01/21 (e)		510
		Smithfield Foods, Inc.,
	591	5.250%, 08/01/18 (e)		597
	1,511	5.875%, 08/01/21 (e)		1,579
	102	7.750%, 07/01/17		106
	435	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		475
		Tyson Foods, Inc.,
	700	3.950%, 08/15/24		758
	700	5.150%, 08/15/44		849
				30,822
		Household Products — 0.0% (g)
	600	Kimberly-Clark Corp., 2.400%, 06/01/23		620
	458	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		541

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 115

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Household Products — continued
		Spectrum Brands, Inc.,
	525	6.125%, 12/15/24		566
	1,219	6.625%, 11/15/22		1,304
				3,031
		Tobacco — 0.2%
	7,500	Altria Group, Inc., 2.625%, 01/14/20		7,788
	3,575	Reynolds American, Inc., 5.850%, 08/15/45		4,662
				12,450
		Total Consumer Staples		106,036
		Energy — 2.9%
		Energy Equipment & Services — 0.2%
	280	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		259
	303	Baker Hughes, Inc., 5.125%, 09/15/40		348
	1,310	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		964
	825	Ensco plc, (United Kingdom), 5.200%, 03/15/25		594
		Halliburton Co.,
	680	4.850%, 11/15/35		726
	250	7.450%, 09/15/39		350
	275	7.600%, 08/15/96 (e)		352
	700	8.750%, 02/15/21		867
	1,418	Noble Holding International Ltd., (Cayman Islands), 7.950%, 04/01/45		1,035
	255	Parker Drilling Co., 6.750%, 07/15/22		199
		Precision Drilling Corp., (Canada),
	1,113	5.250%, 11/15/24		935
	378	6.500%, 12/15/21		351
		Schlumberger Investment S.A., (Luxembourg),
	640	2.400%, 08/01/22 (e)		651
	219	3.300%, 09/14/21 (e)		232
	1,210	3.650%, 12/01/23		1,317
	1,557	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (e)		473
	1,421	Transocean, Inc., (Cayman Islands), 9.000%, 07/15/23 (e)		1,374
	630	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		580
	1,032	Unit Corp., 6.625%, 05/15/21		859
		Weatherford International Ltd., (Bermuda),
	372	4.500%, 04/15/22		309
	978	7.750%, 06/15/21		961
	199	8.250%, 06/15/23		195
				13,931

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — 2.7%
	175	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		183
	278	Anadarko Holding Co., 7.150%, 05/15/28		324
		Anadarko Petroleum Corp.,
	350	6.950%, 06/15/19		388
	100	7.950%, 06/15/39		125
	225	8.700%, 03/15/19		257
	250	ANR Pipeline Co., 9.625%, 11/01/21		335
		Antero Resources Corp.,
	235	5.125%, 12/01/22		232
	2,837	5.375%, 11/01/21		2,840
	450	6.000%, 12/01/20		461
	775	Apache Corp., 6.900%, 09/15/18		847
		Baytex Energy Corp., (Canada),
	300	5.125%, 06/01/21 (e)		250
	300	5.625%, 06/01/24 (e)		243
	857	Boardwalk Pipelines LP, 5.950%, 06/01/26		935
		BP Capital Markets plc, (United Kingdom),
	206	1.375%, 11/06/17		206
	589	1.375%, 05/10/18		590
	1,545	2.750%, 05/10/23		1,574
	385	3.245%, 05/06/22		407
	1,800	3.535%, 11/04/24		1,921
	612	3.814%, 02/10/24		666
	515	4.750%, 03/10/19		557
	600	Buckeye Partners LP, 4.875%, 02/01/21		641
	210	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		277
	815	Burlington Resources, Inc., 8.200%, 03/15/25		1,061
		California Resources Corp.,
	38	6.000%, 11/15/24		18
	1,414	8.000%, 12/15/22 (e)		955
		Canadian Natural Resources Ltd., (Canada),
	1,035	3.900%, 02/01/25		1,042
	330	6.250%, 03/15/38		363
		Cenovus Energy, Inc., (Canada),
	123	3.000%, 08/15/22		117
	294	4.450%, 09/15/42		239
	2,438	5.700%, 10/15/19		2,619
	4,871	6.750%, 11/15/39		5,201
	715	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		765
	1,141	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		1,087

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Chevron Corp.,
	540	2.355%, 12/05/22		553
	7,000	2.411%, 03/03/22		7,189
	2,500	2.566%, 05/16/23		2,554
	1,550	2.954%, 05/16/26		1,612
	402	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		393
	1,243	CNOOC Finance 2015 USA LLC, 3.500%, 05/05/25		1,298
	1,026	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,119
		Concho Resources, Inc.,
	450	5.500%, 10/01/22		466
	945	6.500%, 01/15/22		983
	215	Conoco Funding Co., (Canada), 7.250%, 10/15/31		284
		ConocoPhillips,
	275	5.750%, 02/01/19		301
	750	6.500%, 02/01/39		985
	410	7.000%, 03/30/29		523
	1,500	ConocoPhillips Co., 4.200%, 03/15/21		1,618
	300	ConocoPhillips Holding Co., 6.950%, 04/15/29		383
		Continental Resources, Inc.,
	1,086	5.000%, 09/15/22		1,051
	614	7.125%, 04/01/21		635
	236	Devon Energy Corp., 3.250%, 05/15/22		234
	270	Devon Financing Corp. LLC, 7.875%, 09/30/31		331
	800	Ecopetrol S.A., (Colombia), 5.875%, 05/28/45		749
		Encana Corp., (Canada),
	150	6.500%, 05/15/19		161
	148	6.625%, 08/15/37		150
		Energy Transfer Equity LP,
	2,250	5.875%, 01/15/24		2,306
	495	7.500%, 10/15/20		542
	1,080	Energy Transfer Partners LP, 2.500%, 06/15/18		1,090
	1,210	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		1,287
		EnLink Midstream Partners LP,
	841	2.700%, 04/01/19		828
	922	4.150%, 06/01/25		873
		Enterprise Products Operating LLC,
	1,252	3.350%, 03/15/23		1,296
	1,026	3.700%, 02/15/26		1,070
	582	3.750%, 02/15/25		608
	330	4.950%, 10/15/54		347
	333	5.950%, 02/01/41		396

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		EOG Resources, Inc.,
	472	2.625%, 03/15/23		471
	1,700	4.100%, 02/01/21		1,838
	200	6.875%, 10/01/18		220
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	2,000	7.750%, 09/01/22		1,095
	2,354	9.375%, 05/01/20		1,518
		Exxon Mobil Corp.,
	3,140	2.397%, 03/06/22		3,229
	1,736	3.043%, 03/01/26		1,842
	1,045	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		1,009
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	725	5.000%, 12/01/24 (e)		703
	1,500	5.750%, 10/01/25 (e)		1,470
	152	7.625%, 04/15/21 (e)		156
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	276	6.000%, 08/01/24 (e)		282
	337	6.500%, 03/01/20		347
		KazMunayGas National Co. JSC, (Kazakhstan),
	200	Reg. S, 4.400%, 04/30/23		200
	300	Reg. S, 6.375%, 04/09/21		328
	205	Reg. S, 7.000%, 05/05/20		228
	200	Reg. S, 9.125%, 07/02/18		220
	800	Kerr-McGee Corp., 7.875%, 09/15/31		968
	150	Kinder Morgan Energy Partners LP, 6.500%, 04/01/20		168
		Kinder Morgan, Inc.,
	1,565	5.000%, 02/15/21 (e)		1,693
	565	5.625%, 11/15/23 (e)		617
	150	7.000%, 06/15/17		156
		Marathon Oil Corp.,
	1,976	2.800%, 11/01/22		1,806
	410	6.000%, 10/01/17		424
		MEG Energy Corp., (Canada),
	186	6.375%, 01/30/23 (e)		145
	195	7.000%, 03/31/24 (e)		157
		MPLX LP,
	732	4.500%, 07/15/23 (e)		738
	986	4.875%, 12/01/24 (e)		1,008
	1,382	4.875%, 06/01/25 (e)		1,410
	3,000	5.500%, 02/15/23 (e)		3,115
	500	Murphy Oil USA, Inc., 6.000%, 08/15/23		530
		Newfield Exploration Co.,
	475	5.375%, 01/01/26		477

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 117

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	575	5.625%, 07/01/24		594
	1,264	5.750%, 01/30/22		1,311
		Noble Energy, Inc.,
	583	3.900%, 11/15/24		595
	286	5.050%, 11/15/44		286
	1,500	5.250%, 11/15/43		1,513
		Occidental Petroleum Corp.,
	504	2.700%, 02/15/23		514
	2,300	3.400%, 04/15/26		2,431
		ONEOK Partners LP,
	2,350	4.900%, 03/15/25		2,545
	875	6.650%, 10/01/36		955
	8,004	Pacific Exploration and Production Corp., (Canada), 12.000%, 12/22/16		8,124
	533	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		507
		Penn Virginia Corp.,
	2,000	7.250%, 04/15/19 (d)		800
	1,000	8.500%, 05/01/20 (d)		420
		Pertamina Persero PT, (Indonesia),
	400	5.250%, 05/23/21 (e)		435
	200	Reg. S, 5.625%, 05/20/43		210
	200	Reg. S, 6.000%, 05/03/42		220
	200	Reg. S, 6.500%, 05/27/41		234
	230	Petrobras Argentina S.A., (Argentina), 7.375%, 07/21/23 (e)		235
		Petrobras Global Finance B.V., (Netherlands),
	573	5.375%, 01/27/21		551
	237	6.750%, 01/27/41		206
	510	6.850%, 06/05/151		419
	640	8.750%, 05/23/26		702
	73	Petrobras International Finance B.V., (Cayman Islands), 6.750%, 01/27/41		63
	325	Petrobras International Finance Co. - Pifco, (Cayman Islands), 6.875%, 01/20/40		288
		Petro-Canada, (Canada),
	400	6.800%, 05/15/38		535
	335	7.875%, 06/15/26		441
		Petroleos de Venezuela S.A., (Venezuela),
	370	Reg. S, 5.375%, 04/12/27		136
	308	Reg. S, 6.000%, 11/15/26		113
	210	Reg. S, 8.500%, 11/02/17		155
	214	Reg. S, 9.000%, 11/17/21		105
	150	Reg. S, 12.750%, 02/17/22		88
		Petroleos Mexicanos, (Mexico),
	10	3.500%, 07/18/18		10

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
	80	3.500%, 07/23/20		81
	1,103	4.500%, 01/23/26		1,106
	300	5.625%, 01/23/46		289
	712	5.625%, 01/23/46		687
	140	6.375%, 02/04/21 (e)		155
	400	6.375%, 01/23/45		421
	315	6.625%, 06/15/35		340
	290	Reg. S, 6.875%, 08/04/26		337
	30	VAR, 2.699%, 07/18/18		31
	150	Petroleum Co. of Trinidad & Tobago Ltd., (Trinidad and Tobago), Reg. S, 9.750%, 08/14/19		166
	100	Petroliam Nasional Bhd, (Malaysia), Reg. S, 7.625%, 10/15/26		142
	1,000	Phillips 66, 4.650%, 11/15/34		1,093
		Plains All American Pipeline LP/PAA Finance Corp.,
	519	2.600%, 12/15/19		523
	3,740	4.650%, 10/15/25		3,880
		QEP Resources, Inc.,
	286	5.250%, 05/01/23		280
	475	5.375%, 10/01/22		470
	1,219	6.875%, 03/01/21		1,275
		Range Resources Corp.,
	391	5.000%, 03/15/23		386
	200	5.750%, 06/01/21		203
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	167	4.500%, 11/01/23		169
	1,420	5.000%, 10/01/22		1,508
	2,635	5.500%, 04/15/23		2,725
	348	5.875%, 03/01/22		382
	770	6.500%, 07/15/21		795
	2,750	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		2,894
		SM Energy Co.,
	589	5.000%, 01/15/24		539
	752	5.625%, 06/01/25		703
	427	6.500%, 11/15/21		423
	15	6.500%, 01/01/23		15
	340	Southern Star Central Corp., 5.125%, 07/15/22 (e)		341
		Spectra Energy Capital LLC,
	145	7.500%, 09/15/38		177
	1,500	8.000%, 10/01/19		1,731

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	1,140	Spectra Energy Partners LP, 4.500%, 03/15/45		1,166
	200	State Oil Co. of the Azerbaijan Republic, (Azerbaijan), 6.950%, 03/18/30		216
		Statoil ASA, (Norway),
	263	2.450%, 01/17/23		268
	2,179	2.650%, 01/15/24	��	2,231
	790	3.150%, 01/23/22		837
	435	7.150%, 11/15/25		593
	45	Stone Energy Corp., 7.500%, 11/15/22		25
		Suncor Energy, Inc., (Canada),
	2,000	3.600%, 12/01/24		2,112
	815	6.850%, 06/01/39		1,124
		Sunoco Logistics Partners Operations LP,
	464	4.250%, 04/01/24		482
	1,146	4.400%, 04/01/21		1,222
	2,000	5.350%, 05/15/45		2,067
		Sunoco LP/Sunoco Finance Corp.,
	1,442	5.500%, 08/01/20 (e)		1,464
	959	6.250%, 04/15/21 (e)		988
	920	6.375%, 04/01/23 (e)		947
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	500	4.250%, 11/15/23		481
	1,840	5.250%, 05/01/23		1,868
	300	6.375%, 08/01/22		310
	400	6.875%, 02/01/21		414
	164	Tesoro Corp., 5.125%, 04/01/24		168
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	294	5.500%, 10/15/19		313
	1,472	5.875%, 10/01/20		1,514
	1,525	6.125%, 10/15/21		1,598
	282	6.250%, 10/15/22		299
	435	6.375%, 05/01/24		464
	640	Tosco Corp., 8.125%, 02/15/30		887
	3,165	Total Capital International S.A., (France), 2.750%, 06/19/21		3,315
		TransCanada PipeLines Ltd., (Canada),
	256	1.875%, 01/12/18		257
	285	2.500%, 08/01/22		286
	340	3.750%, 10/16/23		364
	1,000	6.200%, 10/15/37		1,272
	606	7.250%, 08/15/38		852
	410	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		531

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
	917	Ultra Petroleum Corp., (Canada), 6.125%, 10/01/24 (d)		747
	446	Western Gas Partners LP, 5.375%, 06/01/21		484
	189	Western Refining, Inc., 6.250%, 04/01/21		184
	1,330	Whiting Petroleum Corp., 5.000%, 03/15/19		1,230
		Williams Partners LP/ACMP Finance Corp.,
	1,579	4.875%, 05/15/23		1,595
	750	4.875%, 03/15/24		768
	3,000	6.125%, 07/15/22		3,119
		WPX Energy, Inc.,
	655	5.250%, 09/15/24		604
	1,965	6.000%, 01/15/22		1,911
		YPF S.A., (Argentina),
	240	8.500%, 03/23/21 (e)		259
	350	Reg. S, 8.750%, 04/04/24		374
				182,727
		Total Energy		196,658
		Financials — 6.6%
		Banks — 2.7%
		ABN AMRO Bank N.V., (Netherlands),
	501	4.750%, 07/28/25 (e)		530
	400	4.800%, 04/18/26 (e)		426
	200	Alfa Bank AO Via Alfa Bond Issuance plc, (Ireland), Reg. S, 7.750%, 04/28/21		228
	544	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		546
		Banco Nacional de Comercio Exterior SNC, (Mexico),
	200	4.375%, 10/14/25 (e)		213
	200	VAR, 3.800%, 08/11/26 (e)		200
		Bank of America Corp.,
	1,825	2.000%, 01/11/18		1,836
	143	3.300%, 01/11/23		148
	3,150	3.500%, 04/19/26		3,288
	960	4.000%, 04/01/24		1,038
	5,277	4.000%, 01/22/25		5,495
	2,400	4.200%, 08/26/24		2,546
	473	4.250%, 10/22/26		502
	1,294	4.450%, 03/03/26		1,392
	1,540	5.000%, 05/13/21		1,728
	1,275	5.625%, 07/01/20		1,439
	695	5.650%, 05/01/18		740
	500	6.400%, 08/28/17		524
	1,710	6.875%, 04/25/18		1,853
	500	7.800%, 09/15/16		501

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 119

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	1,500	Series F, 6.975%, 03/07/37		1,912
	2,515	Series L, 2.250%, 04/21/20		2,534
	1,326	Series L, 3.950%, 04/21/25		1,380
	200	Bank of Ceylon, (Sri Lanka), 6.875%, 05/03/17 (e)		204
		Bank of Montreal, (Canada),
	623	1.400%, 09/11/17		624
	653	1.500%, 07/18/19		652
	2,000	1.750%, 06/15/22 (e)		1,997
	655	2.375%, 01/25/19		668
		Bank of Nova Scotia (The), (Canada),
	880	1.450%, 04/25/18		882
	1,000	1.650%, 06/14/19		1,001
	1,725	1.850%, 04/14/20		1,740
		Barclays Bank plc, (United Kingdom),
	200	2.250%, 05/10/17 (e)		201
	980	6.050%, 12/04/17 (e)		1,029
	2,508	7.625%, 11/21/22		2,817
		Barclays plc, (United Kingdom),
	1,405	3.650%, 03/16/25		1,396
	478	5.250%, 08/17/45		550
		BB&T Corp.,
	783	1.600%, 08/15/17		786
	1,500	2.625%, 06/29/20		1,547
	500	5.250%, 11/01/19		551
	150	6.850%, 04/30/19		170
	250	BBVA Bancomer S.A., (Mexico), Reg. S, 6.750%, 09/30/22		283
	650	Caixa Economica Federal, (Brazil), Reg. S, 4.500%, 10/03/18		655
	3,319	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		3,383
	2,500	Capital One N.A., 1.500%, 03/22/18		2,493
		CIT Group, Inc.,
	1,574	3.875%, 02/19/19		1,609
	1,004	5.000%, 05/15/17		1,024
	2,410	5.000%, 08/15/22		2,555
	125	5.250%, 03/15/18		130
	5,458	5.375%, 05/15/20		5,833
	1,295	5.500%, 02/15/19 (e)		1,371
	1,397	6.625%, 04/01/18 (e)		1,489
		Citigroup, Inc.,
	1,394	1.800%, 02/05/18		1,399
	2,500	4.300%, 11/20/26		2,625
	5,000	4.600%, 03/09/26		5,373

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	838	6.625%, 01/15/28		1,059
	645	6.875%, 06/01/25		809
	1,115	7.000%, 12/01/25		1,370
NOK	16,500	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.500%, 04/18/17		2,006
		Cooperatieve Rabobank UA, (Netherlands),
	2,000	2.500%, 01/19/21		2,055
	1,045	3.875%, 02/08/22		1,141
	6,500	Credit Agricole S.A., (France), 2.375%, 07/01/21 (e)		6,598
	250	Credit Suisse Group Funding Guernsey Ltd., (United Kingdom), 2.750%, 03/26/20		251
	7,000	Danske Bank A/S, (Denmark), 2.000%, 09/08/21 (e)		6,972
		Fifth Third Bancorp,
	625	2.875%, 07/27/20		647
	500	5.450%, 01/15/17		508
	234	Fifth Third Bank, 3.850%, 03/15/26		249
		HSBC Bank plc, (United Kingdom),
	474	1.500%, 05/15/18 (e)		473
	927	4.125%, 08/12/20 (e)		996
	650	4.750%, 01/19/21 (e)		719
	395	HSBC Bank USA N.A., 6.000%, 08/09/17		411
		HSBC Holdings plc, (United Kingdom),
	5,845	3.600%, 05/25/23		6,046
	506	3.900%, 05/25/26		528
	1,371	4.000%, 03/30/22		1,466
	733	4.250%, 08/18/25		761
	1,069	4.300%, 03/08/26		1,150
		Huntington Bancshares, Inc.,
	1,084	2.300%, 01/14/22		1,080
	846	3.150%, 03/14/21		879
	1,155	Huntington National Bank (The), 2.875%, 08/20/20		1,188
	200	IDBI Bank Ltd., (India), 3.750%, 01/25/19		203
	1,621	KeyBank N.A., 3.180%, 05/22/22		1,679
	605	KeyCorp, 2.900%, 09/15/20		628
	1,250	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,330
	200	MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.250%, 10/21/20		224
	1,750	Mizuho Bank Ltd., (Japan), 1.700%, 09/25/17 (e)		1,753
		National Australia Bank Ltd., (Australia),
	875	2.000%, 06/20/17 (e)		881
	448	2.500%, 07/12/26		446

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	200	National Savings Bank, (Sri Lanka), Reg. S, 8.875%, 09/18/18		216
	886	Nordea Bank AB, (Sweden), 4.250%, 09/21/22 (e)		953
	655	PNC Bank N.A., 2.150%, 04/29/21		664
		PNC Financial Services Group, Inc. (The),
	1,057	4.375%, 08/11/20		1,158
	625	5.625%, 02/01/17		636
		Royal Bank of Canada, (Canada),
	1,419	1.200%, 09/19/17		1,419
	1,380	1.500%, 07/29/19		1,376
	2,960	1.875%, 02/05/20		2,987
	743	2.000%, 10/01/18		752
	620	2.000%, 12/10/18		627
		Royal Bank of Scotland Group plc, (United Kingdom),
	4,840	6.100%, 06/10/23		5,139
	6,125	6.125%, 12/15/22		6,542
	200	Russian Agricultural Bank OJSC Via RSHB Capital S.A., (Luxembourg), Reg. S, 7.750%, 05/29/18		214
	1,697	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		1,722
	200	Sberbank of Russia Via SB Capital S.A., (Luxembourg), Reg. S, 6.125%, 02/07/22		219
	897	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		901
	1,545	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		1,547
	2,600	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		2,621
	2,500	SunTrust Banks, Inc., 6.000%, 02/15/26		2,992
		Toronto-Dominion Bank (The), (Canada),
	570	1.500%, 03/13/17 (e)		571
	2,852	1.750%, 07/23/18		2,872
	712	1.950%, 01/22/19		721
	453	2.250%, 11/05/19		462
	2,000	U.S. Bancorp, 7.500%, 06/01/26		2,695
	2,225	U.S. Bank N.A., 1.350%, 01/26/18		2,230
	200	Ukreximbank Via Biz Finance plc, (United Kingdom), Reg. S, 9.750%, 01/22/25		193
	1,700	US Bancorp, Series V, 2.375%, 07/22/26		1,686
		Vnesheconombank Via VEB Finance plc, (Ireland),
	200	Reg. S, 4.224%, 11/21/18		203
	200	Reg. S, 5.375%, 02/13/17		203
	300	Reg. S, 5.942%, 11/21/23		314

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
		Wachovia Corp.,
	1,555	5.750%, 02/01/18		1,651
	515	SUB, 7.574%, 08/01/26		682
		Wells Fargo & Co.,
	1,200	2.100%, 07/26/21		1,205
	1,607	2.550%, 12/07/20		1,652
	613	2.600%, 07/22/20		631
	3,475	3.000%, 04/22/26		3,562
	7,565	3.300%, 09/09/24		7,992
	576	4.300%, 07/22/27		636
	853	5.606%, 01/15/44		1,065
	1,665	5.625%, 12/11/17		1,755
	750	Wells Fargo Bank N.A., 6.000%, 11/15/17		791
		Westpac Banking Corp., (Australia),
	356	1.600%, 08/19/19		355
	1,281	2.000%, 03/03/20 (e)		1,295
	942	4.875%, 11/19/19		1,032
				193,681
		Capital Markets — 1.5%
	508	Ameriprise Financial, Inc., 2.875%, 09/15/26		510
		Bank of New York Mellon Corp. (The),
	510	2.200%, 03/04/19		519
	940	2.450%, 11/27/20		967
	1,291	2.600%, 08/17/20		1,330
	530	4.600%, 01/15/20		581
		BlackRock, Inc.,
	381	3.375%, 06/01/22		410
	315	3.500%, 03/18/24		349
	485	4.250%, 05/24/21		540
	493	Series 2, 5.000%, 12/10/19		549
		Blackstone Holdings Finance Co. LLC,
	159	4.450%, 07/15/45 (e)		165
	1,000	5.875%, 03/15/21 (e)		1,161
	750	Charles Schwab Corp. (The), 3.225%, 09/01/22		797
	950	CME Group, Inc., 3.000%, 09/15/22		1,005
		Credit Suisse AG, (Switzerland),
	889	1.750%, 01/29/18		890
	775	3.000%, 10/29/21		800
	7,121	3.625%, 09/09/24		7,471
		Deutsche Bank AG, (Germany),
	1,560	1.875%, 02/13/18		1,552
	347	2.950%, 08/20/20		346
	1,603	3.375%, 05/12/21		1,602

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 121

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Capital Markets — continued
		E*TRADE Financial Corp.,
	1,483	4.625%, 09/15/23		1,539
	1,360	5.375%, 11/15/22		1,464
		Goldman Sachs Group, Inc. (The),
	1,997	2.600%, 04/23/20		2,037
	704	2.625%, 01/31/19		722
	1,792	2.750%, 09/15/20		1,841
	950	2.875%, 02/25/21		977
	666	3.500%, 01/23/25		691
	5,000	3.750%, 02/25/26		5,293
	3,061	3.850%, 07/08/24		3,263
	1,224	4.000%, 03/03/24		1,318
	364	4.250%, 10/21/25		386
	1,191	5.250%, 07/27/21		1,352
	1,104	5.375%, 03/15/20		1,228
	2,165	5.750%, 01/24/22		2,511
	1,430	5.950%, 01/18/18		1,515
	965	6.750%, 10/01/37		1,238
	205	7.500%, 02/15/19		233
	102	Series D, 6.000%, 06/15/20		117
	761	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		770
	565	Intercontinental Exchange, Inc., 2.500%, 10/15/18		578
		Invesco Finance plc, (United Kingdom),
	390	3.750%, 01/15/26		419
	1,162	4.000%, 01/30/24		1,272
		Jefferies Group LLC,
	950	6.250%, 01/15/36		1,003
	140	6.450%, 06/08/27		157
	880	6.875%, 04/15/21		1,010
		Legg Mason, Inc.,
	222	4.750%, 03/15/26		243
	275	5.625%, 01/15/44		288
		Lehman Brothers Holdings, Inc.,
	1,000	0.000%, 05/17/49 (d)		73
	235	3.600%, 12/30/16 (d)		17
	295	8.500%, 02/01/16		21
	995	Macquarie Bank Ltd., (Australia), 1.600%, 10/27/17 (e)		997
	639	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		727
		Morgan Stanley,
	1,932	2.650%, 01/27/20		1,982
	5,285	3.125%, 07/27/26		5,316

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Capital Markets — continued
	3,467	3.700%, 10/23/24		3,674
	1,368	3.875%, 01/27/26		1,461
	660	4.000%, 07/23/25		713
	5,117	4.300%, 01/27/45		5,531
	867	5.000%, 11/24/25		966
	113	5.500%, 07/24/20		127
	2,779	5.500%, 07/28/21		3,184
	310	5.625%, 09/23/19		345
	1,050	5.750%, 01/25/21		1,203
	320	5.950%, 12/28/17		339
	1,250	6.625%, 04/01/18		1,347
	965	MSCI, Inc., 5.250%, 11/15/24 (e)		1,025
	295	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		308
	193	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		222
	740	Northern Trust Co. (The), 6.500%, 08/15/18		811
		State Street Corp.,
	700	2.650%, 05/19/26		716
	459	3.100%, 05/15/23		479
	996	3.300%, 12/16/24		1,069
	1,364	3.550%, 08/18/25		1,490
	935	3.700%, 11/20/23		1,032
	953	TD Ameritrade Holding Corp., 2.950%, 04/01/22		992
		Thomson Reuters Corp., (Canada),
	1,960	3.950%, 09/30/21		2,093
	280	4.700%, 10/15/19		303
	200	6.500%, 07/15/18		218
	10,000	UBS AG, (Switzerland), 2.375%, 08/14/19		10,204
				103,994
		Commercial Banks — 0.0% (g)
	200	Vnesheconombank Via VEB Finance plc, (Ireland), Reg. S, 6.025%, 07/05/22		211
		Consumer Finance — 0.8%
		Ally Financial, Inc.,
	839	3.600%, 05/21/18		853
	5,895	4.125%, 03/30/20		6,087
	2,656	4.625%, 05/19/22		2,789
	580	4.750%, 09/10/18		602
	1,500	6.250%, 12/01/17		1,573
	1,820	8.000%, 11/01/31		2,279
	276	American Express Co., 3.625%, 12/05/24		288

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Consumer Finance — continued
		American Express Credit Corp.,
	1,448	2.125%, 03/18/19		1,476
	2,000	2.250%, 08/15/19		2,042
	405	2.250%, 05/05/21		412
	1,452	Series F, 2.600%, 09/14/20		1,496
		American Honda Finance Corp.,
	1,130	1.500%, 03/13/18		1,136
	453	1.600%, 02/16/18 (e)		456
	200	2.125%, 02/28/17 (e)		201
	835	7.625%, 10/01/18 (e)		939
		Capital One Financial Corp.,
	533	3.500%, 06/15/23		557
	840	3.750%, 07/28/26		843
	1,356	4.200%, 10/29/25		1,417
		Caterpillar Financial Services Corp.,
	2,000	1.700%, 08/09/21		1,987
	1,242	2.100%, 06/09/19		1,267
	581	2.850%, 06/01/22		607
	850	5.450%, 04/15/18		907
	866	First Cash Financial Services, Inc., 6.750%, 04/01/21		896
		Ford Motor Credit Co. LLC,
	1,592	2.145%, 01/09/18		1,601
	476	2.551%, 10/05/18		484
	687	3.219%, 01/09/22		707
		General Motors Financial Co., Inc.,
	171	3.700%, 05/09/23		174
	640	4.250%, 05/15/23		670
	400	HSBC Finance Corp., 7.350%, 11/27/32		511
		HSBC USA, Inc.,
	2,340	1.625%, 01/16/18		2,341
	2,913	2.750%, 08/07/20		2,975
		John Deere Capital Corp.,
	483	1.350%, 01/16/18		485
	418	1.550%, 12/15/17		421
	630	1.600%, 07/13/18		635
	290	1.700%, 01/15/20		293
	870	2.050%, 03/10/20		884
	610	2.450%, 09/11/20		628
	1,000	2.650%, 06/10/26		1,028
	150	2.800%, 03/06/23		157
	559	3.350%, 06/12/24		603
	515	5.350%, 04/03/18		549
	5,660	Navient Corp., 8.450%, 06/15/18		6,169
	555	PACCAR Financial Corp., 1.600%, 03/15/17		557
	834	Synchrony Financial, 3.700%, 08/04/26		826

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Consumer Finance — continued
	2,580	Toyota Motor Credit Corp., 1.450%, 01/12/18		2,590
				56,398
		Diversified Financial Services — 0.6%
	4,529	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		2,129
	200	Banque Centrale de Tunisie International Bond, (Tunisia), Reg. S, 5.750%, 01/30/25		197
		Berkshire Hathaway, Inc.,
	1,221	2.750%, 03/15/23		1,269
	475	3.000%, 02/11/23		505
	1,500	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		832
	200	Export-Import Bank of India, (India), Reg. S, 4.000%, 01/14/23		212
	200	Fondo MIVIVIENDA S.A., (Peru), Reg. S, 3.500%, 01/31/23		206
		GE Capital International Funding Co., Unlimited Co., (Ireland),
	2,126	2.342%, 11/15/20		2,188
	561	3.373%, 11/15/25		613
	4,184	4.418%, 11/15/35		4,789
		National Rural Utilities Cooperative Finance Corp.,
	2,675	3.050%, 02/15/22		2,811
	170	10.375%, 11/01/18		202
	8,095	Nationwide Building Society, (United Kingdom), 2.450%, 07/27/21 (e)		8,167
	790	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		823
	600	Petronas Capital Ltd., (Malaysia), Reg. S, 3.500%, 03/18/25		643
		Shell International Finance B.V., (Netherlands),
	425	1.125%, 08/21/17		425
	2,545	2.125%, 05/11/20		2,597
	246	2.875%, 05/10/26		253
	4,355	4.000%, 05/10/46		4,563
	2,500	4.300%, 09/22/19		2,712
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	756	2.900%, 05/27/22 (e)		799
	1,830	5.750%, 10/17/16 (e)		1,841
	300	6.125%, 08/17/26 (e)		398
	140	Sinochem Overseas Capital Co., Ltd., (United Kingdom), Reg. S, 4.500%, 11/12/20		152
	1,500	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		1,054
				40,380

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 123

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Insurance — 0.9%
	651	Allstate Corp. (The), 3.150%, 06/15/23		692
		American International Group, Inc.,
	1,500	2.300%, 07/16/19		1,528
	1,241	3.875%, 01/15/35		1,232
	3,750	4.800%, 07/10/45		4,031
	240	Aon Corp., 6.250%, 09/30/40		310
		Berkshire Hathaway Finance Corp.,
	1,000	5.400%, 05/15/18		1,071
	500	5.750%, 01/15/40		680
	315	Chubb Corp. (The), 5.750%, 05/15/18		339
	2,067	Chubb INA Holdings, Inc., 2.875%, 11/03/22		2,175
		CNA Financial Corp.,
	373	3.950%, 05/15/24		394
	271	4.500%, 03/01/26		293
		CNO Financial Group, Inc.,
	1,156	4.500%, 05/30/20		1,167
	1,255	5.250%, 05/30/25		1,246
	771	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		769
	996	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		1,088
	1,775	Jackson National Life Global Funding, 1.875%, 10/15/18 (e)		1,793
		Liberty Mutual Group, Inc.,
	375	6.500%, 05/01/42 (e)		474
	920	7.800%, 03/15/37 (e)		1,067
	1,100	Lincoln National Corp., 3.350%, 03/09/25		1,119
	2,684	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		2,923
	1,271	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		1,292
	152	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		182
	2,085	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		2,104
		MetLife, Inc.,
	1,592	3.600%, 11/13/25		1,686
	869	4.050%, 03/01/45		865
		Metropolitan Life Global Funding I,
	924	1.500%, 01/10/18 (e)		929
	1,820	3.000%, 01/10/23 (e)		1,879
	400	3.650%, 06/14/18 (e)		416
	649	3.875%, 04/11/22 (e)		703
		Nationwide Mutual Insurance Co.,
	1,465	7.875%, 04/01/33 (e)		2,049
	1,000	9.375%, 08/15/39 (e)		1,598

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Insurance — continued
		New York Life Global Funding,
	968	1.950%, 02/11/20 (e)		980
	2,039	2.150%, 06/18/19 (e)		2,079
	3,500	2.350%, 07/14/26 (e)		3,478
	303	New York Life Insurance Co., 6.750%, 11/15/39 (e)		425
	400	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		408
	1,105	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		1,745
	1,489	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		1,495
	175	Principal Financial Group, Inc., 8.875%, 05/15/19		207
		Principal Life Global Funding II,
	744	2.250%, 10/15/18 (e)		757
	586	3.000%, 04/18/26 (e)		599
	205	Prudential Financial, Inc., 5.375%, 06/21/20		231
	150	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		203
	500	Teachers Insurance & Annuity Association of America, 4.900%, 09/15/44 (e)		570
	1,475	Travelers Cos., Inc. (The), 5.800%, 05/15/18		1,585
	700	Travelers Property Casualty Corp., 7.750%, 04/15/26		953
				53,809
		Real Estate Management & Development — 0.0% (g)
	200	Shimao Property Holdings Ltd., (Cayman Islands), 8.375%, 02/10/22		227
		Thrifts & Mortgage Finance — 0.1%
	2,145	BPCE S.A., (France), 1.625%, 01/26/18		2,150
	3,254	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		3,247
	689	Radian Group, Inc., 7.000%, 03/15/21		775
				6,172
		Total Financials		454,872
		Health Care — 2.0%
		Biotechnology — 0.4%
		Amgen, Inc.,
	600	2.600%, 08/19/26		597
	1,700	3.625%, 05/22/24		1,833
	640	3.875%, 11/15/21		696
	558	4.563%, 06/15/48 (e)		603
	1,914	4.663%, 06/15/51 (e)		2,061
	150	5.700%, 02/01/19		165
		Baxalta, Inc.,
	1,333	3.600%, 06/23/22		1,372

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Biotechnology — continued
	840	5.250%, 06/23/45		987
		Biogen, Inc.,
	700	2.900%, 09/15/20		729
	1,320	5.200%, 09/15/45		1,593
		Celgene Corp.,
	1,456	3.625%, 05/15/24		1,542
	1,400	4.625%, 05/15/44		1,515
		Gilead Sciences, Inc.,
	981	3.250%, 09/01/22		1,044
	1,546	3.650%, 03/01/26		1,676
	500	3.700%, 04/01/24		541
	1,700	4.400%, 12/01/21		1,909
	3,925	4.750%, 03/01/46		4,567
				23,430
		Health Care Equipment & Supplies — 0.2%
		Becton, Dickinson & Co.,
	2,377	2.675%, 12/15/19		2,460
	352	3.734%, 12/15/24		383
	750	3.875%, 05/15/24		811
	100	5.000%, 05/15/19		109
	400	6.000%, 05/15/39		516
	1,600	Covidien International Finance S.A., (Luxembourg), 4.200%, 06/15/20		1,746
	2,195	Danaher Corp., 3.350%, 09/15/25		2,418
	435	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		457
	835	Hologic, Inc., 5.250%, 07/15/22 (e)		888
		Mallinckrodt International Finance S.A., (Luxembourg),
	240	3.500%, 04/15/18		240
	228	4.750%, 04/15/23		212
	1,039	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg), 5.625%, 10/15/23 (e)		1,043
		Medtronic, Inc.,
	1,000	3.500%, 03/15/25		1,084
	2,001	4.375%, 03/15/35		2,299
	217	4.625%, 03/15/45		260
		Teleflex, Inc.,
	239	4.875%, 06/01/26		249
	945	5.250%, 06/15/24		990
				16,165
		Health Care Providers & Services — 0.9%
		Aetna, Inc.,
	546	2.800%, 06/15/23		558
	245	4.250%, 06/15/36		255

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Health Care Providers & Services — continued
	224	4.500%, 05/15/42		248
	180	Amsurg Corp., 5.625%, 11/30/20		186
		Anthem, Inc.,
	577	3.125%, 05/15/22		600
	1,505	3.300%, 01/15/23		1,575
	687	Ascension Health, 3.945%, 11/15/46		771
	815	Cardinal Health, Inc., 2.400%, 11/15/19		832
		Centene Corp.,
	1,159	4.750%, 05/15/22		1,204
	1,420	5.625%, 02/15/21		1,510
	1,310	6.125%, 02/15/24		1,428
		CHS/Community Health Systems, Inc.,
	342	5.125%, 08/15/18		346
	1,775	5.125%, 08/01/21		1,751
	970	DaVita, Inc., 5.000%, 05/01/25		983
		Express Scripts Holding Co.,
	198	3.000%, 07/15/23		201
	1,250	3.500%, 06/15/24		1,298
		Fresenius Medical Care U.S. Finance II, Inc.,
	660	4.125%, 10/15/20 (e)		696
	690	4.750%, 10/15/24 (e)		738
	346	5.625%, 07/31/19 (e)		379
	1,314	5.875%, 01/31/22 (e)		1,495
	1,250	6.500%, 09/15/18 (e)		1,361
	1,000	6.875%, 07/15/17		1,041
	750	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		851
		HCA, Inc.,
	947	3.750%, 03/15/19		976
	1,050	4.250%, 10/15/19		1,101
	1,420	4.500%, 02/15/27		1,434
	1,176	4.750%, 05/01/23		1,230
	2,050	5.000%, 03/15/24		2,168
	950	5.250%, 04/15/25		1,018
	725	5.250%, 06/15/26		775
	857	5.375%, 02/01/25		885
	2,557	5.875%, 03/15/22		2,813
	2,810	6.500%, 02/15/20		3,102
	2,065	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		1,872
	1,265	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		1,314
		LifePoint Health, Inc.,
	680	5.375%, 05/01/24 (e)		698
	1,216	5.500%, 12/01/21		1,271

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 125

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Health Care Providers & Services — continued
		Memorial Sloan-Kettering Cancer Center,
	225	4.125%, 07/01/52		253
	785	4.200%, 07/01/55		896
	174	Quest Diagnostics, Inc., 3.450%, 06/01/26		181
		Tenet Healthcare Corp.,
	2,103	4.375%, 10/01/21		2,098
	1,852	4.500%, 04/01/21		1,856
	210	4.750%, 06/01/20		215
	1,962	6.000%, 10/01/20		2,075
	1,050	6.250%, 11/01/18		1,121
	500	VAR, 4.153%, 06/15/20		499
	1,075	Texas Health Resources, 4.330%, 11/15/55		1,226
		UnitedHealth Group, Inc.,
	2,500	2.875%, 12/15/21		2,631
	125	3.350%, 07/15/22		135
	806	3.375%, 11/15/21		866
	98	4.625%, 07/15/35		116
	1,390	6.000%, 02/15/18		1,485
		Universal Health Services, Inc.,
	172	3.750%, 08/01/19 (e)		179
	482	4.750%, 08/01/22 (e)		500
				57,296
		Life Sciences Tools & Services — 0.0% (g)
	980	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,019
	628	Thermo Fisher Scientific, Inc., 3.600%, 08/15/21		668
				1,687
		Pharmaceuticals — 0.5%
		AbbVie, Inc.,
	1,523	1.750%, 11/06/17		1,530
	205	2.300%, 05/14/21		207
	653	3.200%, 11/06/22		682
	158	4.300%, 05/14/36		167
	1,630	4.450%, 05/14/46		1,745
	2,532	4.500%, 05/14/35		2,746
		Actavis Funding SCS, (Luxembourg),
	542	3.450%, 03/15/22		567
	552	4.550%, 03/15/35		595
	300	Actavis, Inc., 3.250%, 10/01/22		311
	1,100	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		1,119
	1,395	Concordia International Corp., (Canada), 7.000%, 04/15/23 (e)		1,081

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pharmaceuticals — continued
		GlaxoSmithKline Capital, Inc.,
	400	5.375%, 04/15/34		507
	920	6.375%, 05/15/38		1,341
	2,000	Johnson & Johnson, 2.450%, 03/01/26		2,065
		Merck & Co., Inc.,
	1,953	2.350%, 02/10/22		2,010
	562	2.800%, 05/18/23		591
		Mylan N.V., (Netherlands),
	1,000	3.150%, 06/15/21 (e)		1,022
	1,000	5.250%, 06/15/46 (e)		1,099
	2,705	Novartis Capital Corp., 3.400%, 05/06/24		2,973
		Pfizer, Inc.,
	1,500	2.750%, 06/03/26		1,556
	800	3.000%, 06/15/23		855
	250	6.200%, 03/15/19		280
	745	Pharmacia Corp., 6.600%, 12/01/28		1,027
	450	Roche Holdings, Inc., 2.250%, 09/30/19 (e)		462
		Teva Pharmaceutical Finance Netherlands III B.V., (Netherlands),
	8,145	2.800%, 07/21/23		8,182
	708	3.150%, 10/01/26		713
		Valeant Pharmaceuticals International, Inc., (Canada),
	400	5.375%, 03/15/20 (e)		377
	35	5.500%, 03/01/23 (e)		30
	833	5.875%, 05/15/23 (e)		733
	135	6.375%, 10/15/20 (e)		129
				36,702
		Total Health Care		135,280
		Health Care Providers & Services — 0.0% (g)
		Health Care — 0.0% (g)
	400	Kaiser Foundation Hospitals, 3.500%, 04/01/22		425
		Industrials — 2.0%
		Aerospace & Defense — 0.3%
	589	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		609
		BAE Systems Holdings, Inc.,
	1,350	3.800%, 10/07/24 (e)		1,427
	145	6.375%, 06/01/19 (e)		162
	400	Boeing Co. (The), 6.125%, 02/15/33		549
		Bombardier, Inc., (Canada),
	953	4.750%, 04/15/19 (e)		956
	217	5.500%, 09/15/18 (e)		223

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Aerospace & Defense — continued
	575	5.750%, 03/15/22 (e)		543
	500	7.750%, 03/15/20 (e)		530
	308	General Dynamics Corp., 1.875%, 08/15/23		305
	960	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		1,010
		Lockheed Martin Corp.,
	600	3.800%, 03/01/45		623
	1,311	4.070%, 12/15/42		1,417
	155	Series B, 6.150%, 09/01/36		211
	997	Orbital ATK, Inc., 5.250%, 10/01/21		1,039
	3,035	Precision Castparts Corp., 3.250%, 06/15/25		3,267
		Raytheon Co.,
	280	3.150%, 12/15/24		302
	730	4.875%, 10/15/40		911
	700	Triumph Group, Inc., 4.875%, 04/01/21		674
	2,471	United Technologies Corp., 4.500%, 06/01/42		2,929
				17,687
		Air Freight & Logistics — 0.0% (g)
	669	FedEx Corp., 3.900%, 02/01/35		699
	235	United Parcel Service of America, Inc., SUB, 8.375%, 04/01/30		347
	534	United Parcel Service, Inc., 2.450%, 10/01/22		557
				1,603
		Airlines — 0.1%
	878	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), Series 2013-1A, 4.125%, 05/15/25 (e)		934
	1,055	American Airlines 2016-2 Class A Pass-Through Trust, Series 16-2, Class A, 3.650%, 06/15/28		1,112
	429	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		447
	301	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		328
	199	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		221
	542	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		582
	222	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series 2009-1, Class B, 9.750%, 12/17/16		229
	220	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series 2012-1A, 4.750%, 05/07/20		234
	250	Delta Air Lines 2012-1 Class B Pass-Through Trust, Series 2012-1B, 6.875%, 05/07/19 (e)		270

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Airlines — continued
	89	Northwest Airlines 2007-1 Class A Pass-Through Trust, Series 2007-1, Class A, 7.027%, 11/01/19		101
	907	U.S. Airways 2013-1 Class B Pass-Through Trust, Series 2013-1B, 5.375%, 11/15/21		938
		UAL 2007-1 Pass-Through Trust,
	1,172	6.636%, 07/02/22		1,248
	401	Series B, 7.336%, 07/02/19		420
	348	United Airlines 2016-1 Class A Pass-Through Trust, 3.450%, 07/07/28		363
	336	United Airlines 2016-1 Class AA Pass-Through Trust, 3.100%, 07/07/28		348
				7,775
		Building Products — 0.2%
		Masco Corp.,
	839	4.450%, 04/01/25		899
	2,982	5.950%, 03/15/22		3,462
	95	7.125%, 03/15/20		110
	240	Masonite International Corp., (Canada), Class C, 5.625%, 03/15/23 (e)		254
		Standard Industries, Inc.,
	382	5.125%, 02/15/21 (e)		403
	1,296	5.375%, 11/15/24 (e)		1,377
	639	5.500%, 02/15/23 (e)		677
	1,820	6.000%, 10/15/25 (e)		1,993
	643	USG Corp., 5.500%, 03/01/25 (e)		698
				9,873
		Commercial Services & Supplies — 0.3%
		ADT Corp. (The),
	361	3.500%, 07/15/22		345
	5,313	4.125%, 06/15/23		5,216
	350	5.250%, 03/15/20		378
	195	Aramark Services, Inc., 5.125%, 01/15/24		202
		Covanta Holding Corp.,
	750	5.875%, 03/01/24		754
	1,730	6.375%, 10/01/22		1,799
	764	Deluxe Corp., 6.000%, 11/15/20		792
	5,494	ILFC E-Capital Trust I, VAR, 3.980%, 12/21/65 (e)		4,387
	600	ILFC E-Capital Trust II, VAR, 4.230%, 12/21/65 (e)		486
		World Capital Corp., (Canada),
	1,160	0.000%, 08/01/27 (d)		—	(h)
	1,145	6.125%, 01/15/16 (d)		—	(h)
	212	R.R. Donnelley & Sons Co., 6.500%, 11/15/23		215

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION		VALUE
	Corporate Bonds — continued
		Commercial Services & Supplies — continued
		Republic Services, Inc.,
	245	2.900%, 07/01/26			250
	348	3.550%, 06/01/22			373
	190	4.750%, 05/15/23			214
		Waste Management, Inc.,
	248	2.400%, 05/15/23			251
	936	3.125%, 03/01/25			985
	535	3.500%, 05/15/24			577
	294	3.900%, 03/01/35			317
	667	West Corp., 4.750%, 07/15/21 (e)			680
					18,221
		Construction & Engineering — 0.1%
		ABB Finance USA, Inc.,
	75	1.625%, 05/08/17			75
	303	2.875%, 05/08/22			318
	326	4.375%, 05/08/42			378
		AECOM,
	1,200	5.750%, 10/15/22			1,272
	1,550	5.875%, 10/15/24			1,696
	360	Fluor Corp., 3.375%, 09/15/21			385
	2,600	MasTec, Inc., 4.875%, 03/15/23			2,600
	1,216	Tutor Perini Corp., 7.625%, 11/01/18			1,228
					7,952
		Electrical Equipment — 0.1%
		Eaton Corp.,
	900	2.750%, 11/02/22			929
	550	5.600%, 05/15/18			588
	425	Emerson Electric Co., 5.250%, 11/15/39			540
	463	EnerSys, 5.000%, 04/30/23 (e)			462
		Power Sector Assets & Liabilities Management Corp., (Philippines),
	100	7.390%, 12/02/24 (e)			138
	100	Reg. S, 7.390%, 12/02/24	��		137
		Sensata Technologies B.V., (Netherlands),
	1,000	4.875%, 10/15/23 (e)			1,033
	554	5.000%, 10/01/25 (e)			573
	170	5.625%, 11/01/24 (e)			180
					4,580
		Industrial Conglomerates — 0.2%
	200	CITIC Ltd., (Hong Kong), Reg. S, 6.800%, 01/17/23			245
		General Electric Co.,
	436	1.600%, 11/20/17			439
	629	2.200%, 01/09/20			646

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Industrial Conglomerates — continued
	4,671	2.300%, 04/27/17		4,710
	501	2.700%, 10/09/22		523
	215	3.150%, 09/07/22		230
	85	5.300%, 02/11/21		98
	94	5.500%, 01/08/20		106
	965	5.875%, 01/14/38		1,320
	145	6.875%, 01/10/39		222
	100,000	Series 15BR, 2.215%, 11/20/20		1,044
	315	Series A, 6.750%, 03/15/32		451
		Hutchison Whampoa International 12 II Ltd., (Cayman Islands),
	437	2.000%, 11/08/17 (e)		439
	257	3.250%, 11/08/22 (e)		273
	215	Koninklijke Philips N.V., (Netherlands), 7.200%, 06/01/26		270
	2,037	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		2,052
	453	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		495
				13,563
		Machinery — 0.1%
	565	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		489
	1,000	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		440
	1,910	Briggs & Stratton Corp., 6.875%, 12/15/20		2,101
		Caterpillar, Inc.,
	198	2.600%, 06/26/22		206
	680	3.803%, 08/15/42		714
		CNH Industrial Capital LLC,
	850	3.375%, 07/15/19		862
	655	3.625%, 04/15/18		668
	2,104	Illinois Tool Works, Inc., 3.900%, 09/01/42		2,359
	135	Ingersoll-Rand Co., 7.200%, 06/01/25		156
	220	Oshkosh Corp., 5.375%, 03/01/25		231
		Parker-Hannifin Corp.,
	438	3.300%, 11/21/24		470
	440	6.250%, 05/15/38		632
				9,328
		Marine — 0.0% (g)
	1,138	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		228
		Professional Services — 0.0% (g)
	858	CEB, Inc., 5.625%, 06/15/23 (e)		852
	244	FTI Consulting, Inc., 6.000%, 11/15/22		257

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Professional Services — continued
	1,110	IHS Markit Ltd., (Bermuda), 5.000%, 11/01/22 (e)		1,179
				2,288
		Road & Rail — 0.4%
		Ashtead Capital, Inc.,
	525	5.625%, 10/01/24 (e)		552
	1,058	6.500%, 07/15/22 (e)		1,116
	239	Burlington Northern and Santa Fe Railway Co. 2000-2 Pass-Through Trust, Series 00-2, Class TR, 7.908%, 01/15/20		260
		Burlington Northern Santa Fe LLC,
	162	3.000%, 03/15/23		171
	2,500	3.050%, 09/01/22		2,644
	510	4.375%, 09/01/42		585
	1,630	4.700%, 09/01/45		1,968
	220	5.650%, 05/01/17		227
	1,150	6.700%, 08/01/28		1,573
	927	Canadian National Railway Co., (Canada), 6.375%, 11/15/37		1,324
		Canadian Pacific Railway Co., (Canada),
	1,680	4.500%, 01/15/22		1,842
	1,456	6.125%, 09/15/151		1,815
	165	7.250%, 05/15/19		189
	280	9.450%, 08/01/21		364
		CSX Corp.,
	284	3.950%, 05/01/50		293
	1,075	7.375%, 02/01/19		1,222
		ERAC USA Finance LLC,
	200	3.300%, 10/15/22 (e)		209
	250	6.375%, 10/15/17 (e)		263
	800	6.700%, 06/01/34 (e)		1,075
	200	Georgian Railway JSC, (Georgia), Reg. S, 7.750%, 07/11/22		223
	400	Kazakhstan Temir Zholy Finance B.V., (Netherlands), Reg. S, 6.950%, 07/10/42		433
		Norfolk Southern Corp.,
	462	2.903%, 02/15/23		479
	1,415	3.250%, 12/01/21		1,495
	506	6.000%, 05/23/112		627
	1,767	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%, 02/01/22 (e)		1,827
		Ryder System, Inc.,
	500	2.450%, 11/15/18		507
	325	2.450%, 09/03/19		330
	840	2.650%, 03/02/20		858

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Road & Rail — continued
	200	Transnet SOC Ltd., (South Africa), Reg. S, 4.000%, 07/26/22		193
		Union Pacific Corp.,
	225	2.250%, 02/15/19		230
	341	4.163%, 07/15/22		384
	283	4.300%, 06/15/42		323
	3,220	Union Pacific Railroad Co. 2015-1 Pass-Through Trust, 2.695%, 05/12/27		3,199
				28,800
		Trading Companies & Distributors — 0.2%
	560	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		384
	242	Air Lease Corp., 3.000%, 09/15/23		239
		Aircastle Ltd., (Bermuda),
	1,196	5.000%, 04/01/23		1,268
	647	5.125%, 03/15/21		702
	475	5.500%, 02/15/22		516
	213	6.250%, 12/01/19		236
	1,885	7.625%, 04/15/20		2,177
	200	Fly Leasing Ltd., (Bermuda), 6.750%, 12/15/20		205
		United Rentals North America, Inc.,
	2,178	4.625%, 07/15/23		2,228
	1,220	5.750%, 11/15/24		1,269
	135	5.875%, 09/15/26		140
	1,500	6.125%, 06/15/23		1,577
	680	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		695
		WW Grainger, Inc.,
	436	3.750%, 05/15/46		462
	791	4.600%, 06/15/45		946
				13,044
		Transportation Infrastructure — 0.0% (g)
	150	DP World Ltd., (United Arab Emirates), Reg. S, 6.850%, 07/02/37		175
		Total Industrials		135,117
		Information Technology — 1.9%
		Communications Equipment — 0.3%
		Avaya, Inc.,
	4,960	7.000%, 04/01/19 (e)		3,695
	2,159	10.500%, 03/01/21		562
		Cisco Systems, Inc.,
	6,500	2.200%, 02/28/21		6,670
	149	2.900%, 03/04/21		157
	3,751	3.000%, 06/15/22		4,000

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Communications Equipment — continued
	500	5.500%, 01/15/40		662
	375	5.900%, 02/15/39		517
		CommScope, Inc.,
	602	4.375%, 06/15/20 (e)		623
	100	5.500%, 06/15/24 (e)		105
	2,046	Goodman Networks, Inc., 12.125%, 07/01/18		1,013
		Nokia OYJ, (Finland),
	783	5.375%, 05/15/19		846
	587	6.625%, 05/15/39		640
	930	Plantronics, Inc., 5.500%, 05/31/23 (e)		967
				20,457
					��
		Electronic Equipment, Instruments & Components — 0.1%
	1,380	Anixter, Inc., 5.500%, 03/01/23		1,452
		Arrow Electronics, Inc.,
	653	4.000%, 04/01/25		657
	250	6.000%, 04/01/20		275
	100	7.500%, 01/15/27		124
	292	CDW LLC/CDW Finance Corp., 6.000%, 08/15/22		314
				2,822
		Internet Software & Services — 0.1%
		eBay, Inc.,
	2,491	2.600%, 07/15/22		2,522
	1,742	3.450%, 08/01/24		1,814
		Match Group, Inc.,
	280	6.375%, 06/01/24		305
	500	6.750%, 12/15/22		532
		VeriSign, Inc.,
	716	4.625%, 05/01/23		732
	166	5.250%, 04/01/25		173
				6,078
		IT Services — 0.1%
	450	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		443
		First Data Corp.,
	1,491	5.000%, 01/15/24 (e)		1,517
	489	5.375%, 08/15/23 (e)		507
	2,134	6.750%, 11/01/20 (e)		2,220
		International Business Machines Corp.,
	720	4.000%, 06/20/42		769
	770	5.875%, 11/29/32		1,040
	650	7.000%, 10/30/25		884
	491	Lender Processing Services, Inc./Black Knight Lending Solutions, Inc., 5.750%, 04/15/23		517

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		IT Services — continued
	1,350	Visa, Inc., Series 7YR, 2.800%, 12/14/22		1,416
				9,313
		Semiconductors & Semiconductor Equipment — 0.3%
		Intel Corp.,
	825	2.600%, 05/19/26		846
	565	2.700%, 12/15/22		591
	605	3.100%, 07/29/22		646
	634	3.300%, 10/01/21		684
	326	3.700%, 07/29/25		363
		Micron Technology, Inc.,
	1,154	5.250%, 08/01/23 (e)		1,117
	626	5.250%, 01/15/24 (e)		599
	1,334	5.500%, 02/01/25		1,292
	583	5.625%, 01/15/26 (e)		557
	332	5.875%, 02/15/22		334
	784	7.500%, 09/15/23 (e)		864
		NXP B.V./NXP Funding LLC, (Netherlands),
	1,298	4.125%, 06/15/20 (e)		1,344
	2,086	4.125%, 06/01/21 (e)		2,182
	1,485	4.625%, 06/15/22 (e)		1,564
	500	5.750%, 02/15/21 (e)		521
	500	5.750%, 03/15/23 (e)		532
	1,307	Qorvo, Inc., 6.750%, 12/01/23 (e)		1,423
	2,817	QUALCOMM, Inc., 4.800%, 05/20/45		3,212
	978	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		1,072
	462	Texas Instruments, Inc., 1.650%, 08/03/19		468
				20,211
		Software — 0.5%
	2,080	Activision Blizzard, Inc., 6.125%, 09/15/23 (e)		2,275
	655	Intuit, Inc., 5.750%, 03/15/17		671
		Microsoft Corp.,
	519	2.125%, 11/15/22		526
	25	2.375%, 02/12/22		26
	30	2.375%, 05/01/23		31
	5,265	2.650%, 11/03/22		5,506
	2,000	3.450%, 08/08/36		2,059
	545	3.625%, 12/15/23		601
	2,575	4.450%, 11/03/45		2,995
	595	4.500%, 10/01/40		691
		Open Text Corp., (Canada),
	287	5.625%, 01/15/23 (e)		296
	399	5.875%, 06/01/26 (e)		421

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Software — continued
		Oracle Corp.,
	418	1.900%, 09/15/21		419
	495	2.400%, 09/15/23		499
	1,821	2.500%, 10/15/22		1,870
	369	2.800%, 07/08/21		386
	1,500	3.900%, 05/15/35		1,582
	7,000	4.000%, 07/15/46		7,371
	780	4.300%, 07/08/34		865
	5,215	4.375%, 05/15/55		5,674
	241	5.375%, 07/15/40		302
	1,030	6.500%, 04/15/38		1,454
				36,520
		Technology Hardware, Storage & Peripherals — 0.5%
		Apple, Inc.,
	1,546	1.550%, 08/04/21		1,541
	802	2.150%, 02/09/22		818
	1,648	2.400%, 05/03/23		1,687
	1,000	2.500%, 02/09/25		1,016
	2,580	2.700%, 05/13/22		2,694
	1,270	2.850%, 05/06/21		1,339
	372	3.250%, 02/23/26		397
	3,415	3.850%, 08/04/46		3,539
	1,123	4.500%, 02/23/36		1,298
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	5	3.480%, 06/01/19 (e)		5
	411	4.420%, 06/15/21 (e)		430
	2,119	5.450%, 06/15/23 (e)		2,258
	660	5.875%, 06/15/21 (e)		699
	5,489	6.020%, 06/15/26 (e)		5,884
	680	7.125%, 06/15/24 (e)		736
	167	8.100%, 07/15/36 (e)		194
	238	8.350%, 07/15/46 (e)		277
	531	Diebold, Inc., 8.500%, 04/15/24 (e)		540
		HP, Inc.,
	524	4.300%, 06/01/21		565
	290	4.375%, 09/15/21		313
	141	6.000%, 09/15/41		145
		NCR Corp.,
	343	5.000%, 07/15/22		350
	419	5.875%, 12/15/21		439
	522	6.375%, 12/15/23		552
		Western Digital Corp.,
	1,008	7.375%, 04/01/23 (e)		1,094

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Technology Hardware, Storage & Peripherals — continued
	2,168	10.500%, 04/01/24 (e)		2,450
				31,260
		Total Information Technology		126,661
		Materials — 1.6%
		Chemicals — 0.4%
		Agrium, Inc., (Canada),
	511	4.125%, 03/15/35		504
	1,875	5.250%, 01/15/45		2,087
	1,675	Ashland, Inc., 4.750%, 08/15/22		1,755
	410	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		427
	1,500	Axiall Corp., 4.875%, 05/15/23		1,573
	370	Basell Finance Co., B.V., (Netherlands), 8.100%, 03/15/27 (e)		498
		Blue Cube Spinco, Inc.,
	1,713	9.750%, 10/15/23 (e)		2,026
	1,154	10.000%, 10/15/25 (e)		1,373
	1,520	Celanese U.S. Holdings LLC, 4.625%, 11/15/22		1,662
		Dow Chemical Co. (The),
	121	3.000%, 11/15/22		125
	121	4.125%, 11/15/21		133
		E.I. du Pont de Nemours & Co.,
	851	4.900%, 01/15/41		978
	625	6.500%, 01/15/28		801
		Ecolab, Inc.,
	363	1.450%, 12/08/17		364
	892	2.250%, 01/12/20		910
	1,027	3.250%, 01/14/23		1,073
	179	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		205
	3,372	Hexion, Inc., 6.625%, 04/15/20		2,923
	705	Monsanto Co., 4.700%, 07/15/64		678
		Mosaic Co. (The),
	429	3.750%, 11/15/21		452
	354	4.250%, 11/15/23		377
	429	4.875%, 11/15/41		426
	364	5.450%, 11/15/33		399
	100	5.625%, 11/15/43		110
		NOVA Chemicals Corp., (Canada),
	372	5.000%, 05/01/25 (e)		384
	1,255	5.250%, 08/01/23 (e)		1,302
	240	Nufarm Australia Ltd., (Australia), 6.375%, 10/15/19 (e)		243
	200	OCP S.A., (Morocco), Reg. S, 6.875%, 04/25/44		234

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 131

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Chemicals — continued
	1,123	PolyOne Corp., 5.250%, 03/15/23		1,174
	685	Praxair, Inc., 2.650%, 02/05/25		705
	1,305	Union Carbide Corp., 7.750%, 10/01/96		1,650
	140	Valvoline, Inc., 5.500%, 07/15/24 (e)		147
		W.R. Grace & Co.-Conn,
	300	5.125%, 10/01/21 (e)		319
	100	5.625%, 10/01/24 (e)		108
				28,125
		Construction Materials — 0.1%
		Cemex S.A.B. de C.V., (Mexico),
	5,950	7.250%, 01/15/21 (e)		6,380
	200	Reg. S, 6.125%, 05/05/25		210
	1,249	CRH America, Inc., 5.125%, 05/18/45 (e)		1,399
	400	Lafarge S.A., (France), 7.125%, 07/15/36		500
	517	U.S. Concrete, Inc., 6.375%, 06/01/24		539
				9,028
		Containers & Packaging — 0.2%
		Ball Corp.,
	550	4.000%, 11/15/23		560
	900	4.375%, 12/15/20		969
	1,150	5.000%, 03/15/22		1,242
	940	5.250%, 07/01/25		1,017
	360	Cascades, Inc., (Canada), 5.500%, 07/15/22 (e)		362
	480	Constar International, Inc., 11.000%, 12/31/17 (d)		50
	966	Crown Americas LLC/Crown Americas Capital Corp. IV, 4.500%, 01/15/23		1,009
		Graphic Packaging International, Inc.,
	576	4.750%, 04/15/21		617
	645	4.875%, 11/15/22		680
	1,071	International Paper Co., 3.000%, 02/15/27		1,065
		Sealed Air Corp.,
	515	4.875%, 12/01/22 (e)		541
	2,365	5.125%, 12/01/24 (e)		2,530
	500	5.250%, 04/01/23 (e)		534
	275	6.500%, 12/01/20 (e)		314
	826	Silgan Holdings, Inc., 5.500%, 02/01/22		859
				12,349

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Metals & Mining — 0.9%
		Alcoa, Inc.,
	2,820	5.125%, 10/01/24		2,975
	1,581	5.400%, 04/15/21		1,677
	940	5.720%, 02/23/19		1,009
	2,714	5.870%, 02/23/22		2,938
	544	6.150%, 08/15/20		594
	1,072	6.750%, 01/15/28		1,193
		Anglo American Capital plc, (United Kingdom),
	490	4.125%, 04/15/21 (e)		485
	2,600	4.450%, 09/27/20 (e)		2,626
	2,704	4.875%, 05/14/25 (e)		2,711
		ArcelorMittal, (Luxembourg),
	765	6.125%, 06/01/25		822
	2,310	6.500%, 03/01/21		2,506
	6,445	7.250%, 02/25/22		7,251
	426	8.000%, 10/15/39		458
		BHP Billiton Finance USA Ltd., (Australia),
	1,000	5.000%, 09/30/43		1,194
	575	5.400%, 03/29/17		588
	120	6.500%, 04/01/19		135
	315	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, (Australia), 6.500%, 05/15/21 (e)		335
	200	Cia Minera Milpo SAA, (Peru), Reg. S, 4.625%, 03/28/23		200
	999	Commercial Metals Co., 4.875%, 05/15/23		1,004
		Corp. Nacional del Cobre de Chile, (Chile),
	200	Reg. S, 3.875%, 11/03/21		212
	200	Reg. S, 4.500%, 08/13/23		214
	750	Reg. S, 4.500%, 09/16/25		794
		Freeport-McMoRan, Inc.,
	1,010	2.150%, 03/01/17		1,006
	1,510	3.100%, 03/15/20		1,389
	4,300	3.875%, 03/15/23		3,687
	3,310	4.000%, 11/14/21		3,029
	4,900	5.450%, 03/15/43		3,749
	100	Glencore Finance Canada Ltd., (Canada), 6.900%, 11/15/37 (e)		108
	931	Kaiser Aluminum Corp., 5.875%, 05/15/24 (e)		987
	1,245	Lundin Mining Corp., (Canada), 7.500%, 11/01/20 (e)		1,313
	1,510	Nucor Corp., 6.400%, 12/01/37		1,911
	660	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		756
	500	Rio Tinto Finance USA Ltd., (Australia), 9.000%, 05/01/19		595

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Metals & Mining — continued
		Southern Copper Corp.,
	510	5.875%, 04/23/45		514
		Steel Dynamics, Inc.,
	1,432	5.125%, 10/01/21		1,489
	235	5.250%, 04/15/23		244
	870	5.500%, 10/01/24		918
	605	6.125%, 08/15/19		625
	795	6.375%, 08/15/22		839
		Teck Resources Ltd., (Canada),
	415	3.000%, 03/01/19		403
	1,001	3.750%, 02/01/23		858
	760	8.000%, 06/01/21 (e)		823
	434	8.500%, 06/01/24 (e)		488
				57,652
		Paper & Forest Products — 0.0% (g)
		Clearwater Paper Corp.,
	1,145	4.500%, 02/01/23		1,141
	750	5.375%, 02/01/25 (e)		757
	335	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		231
	250	Louisiana-Pacific Corp., 7.500%, 06/01/20		260
				2,389
		Total Materials		109,543
		Oil, Gas & Consumable Fuels — 0.0% (g)
	200	Sinopec Group Overseas Development 2015 Ltd., (United Kingdom), Reg. S, 4.100%, 04/28/45		220
		Real Estate — 0.4%
		Equity Real Estate Investment Trusts (REITs) — 0.4%
	2,730	American Tower Corp., 3.375%, 10/15/26		2,798
		American Tower Trust I,
	723	1.551%, 03/15/18 (e)		721
	200	3.070%, 03/15/23 (e)		208
		Boston Properties LP,
	1,278	3.650%, 02/01/26		1,363
	1,302	4.125%, 05/15/21		1,421
	800	5.625%, 11/15/20		912
	984	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		1,030
		Duke Realty LP,
	180	3.250%, 06/30/26		185
	1,519	3.875%, 10/15/22		1,617
	1,100	DuPont Fabros Technology LP, 5.625%, 06/15/23		1,152

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Equity Real Estate Investment Trusts (REITs) — continued
		Equinix, Inc.,
	1,000	4.875%, 04/01/20		1,040
	208	5.375%, 01/01/22		222
	2,645	5.750%, 01/01/25		2,830
	266	5.875%, 01/15/26		290
		Equity Commonwealth,
	1,865	5.875%, 09/15/20		2,064
	300	6.650%, 01/15/18		311
		HCP, Inc.,
	500	3.875%, 08/15/24		512
	564	4.250%, 11/15/23		594
	1,236	Prologis LP, 3.750%, 11/01/25		1,335
	2,018	Realty Income Corp., 3.875%, 07/15/24		2,139
	345	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		351
		Simon Property Group LP,
	492	4.375%, 03/01/21		544
	415	6.750%, 02/01/40		621
	2,328	Series 5YR, 2.500%, 07/15/21		2,396
		Ventas Realty LP,
	448	3.500%, 02/01/25		464
	588	3.750%, 05/01/24		617
	304	4.125%, 01/15/26		329
		VEREIT Operating Partnership LP,
	345	4.125%, 06/01/21		361
	76	4.875%, 06/01/26		82
				28,509
		Real Estate Management & Development — 0.0% (g)
	200	Franshion Development Ltd., (United Kingdom), Reg. S, 6.750%, 04/15/21		232
	420	Kennedy-Wilson, Inc., 5.875%, 04/01/24		424
				656
		Total Real Estate		29,165
		Telecommunication Services — 1.8%
		Diversified Telecommunication Services — 1.4%
	1,160	Altice Financing S.A., (Luxembourg), 7.500%, 05/15/26 (e)		1,221
		AT&T, Inc.,
	1,736	3.000%, 06/30/22		1,788
	520	3.600%, 02/17/23		549
	530	3.800%, 03/15/22		568
	225	3.875%, 08/15/21		244
	2,202	3.950%, 01/15/25		2,360
	1,543	4.300%, 12/15/42		1,550

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 133

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	466	4.350%, 06/15/45		470
	407	4.750%, 05/15/46		435
	4,200	4.800%, 06/15/44		4,464
	1,030	5.350%, 09/01/40		1,177
	610	5.500%, 02/01/18		644
	580	6.000%, 08/15/40		703
	1,500	6.300%, 01/15/38		1,897
	600	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		826
	2,025	BellSouth LLC, 6.875%, 10/15/31		2,545
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	576	5.250%, 03/15/21		601
	1,000	5.250%, 09/30/22		1,050
	696	5.375%, 05/01/25 (e)		733
	1,860	5.500%, 05/01/26 (e)		1,969
	167	5.750%, 09/01/23		176
	2,877	5.750%, 02/15/26 (e)		3,078
	3,800	5.875%, 04/01/24 (e)		4,095
	592	5.875%, 05/01/27 (e)		634
	655	6.625%, 01/31/22		689
	1,179	Cincinnati Bell, Inc., 8.375%, 10/15/20		1,220
		Deutsche Telekom International Finance B.V., (Netherlands),
	100	6.750%, 08/20/18		111
	1,000	8.750%, 06/15/30		1,563
	11,744	Embarq Corp., 7.995%, 06/01/36		12,177
		Frontier Communications Corp.,
	245	6.250%, 09/15/21		239
	685	7.125%, 03/15/19		738
	205	8.125%, 10/01/18		226
	2,150	8.500%, 04/15/20		2,319
	1,090	9.000%, 08/15/31		1,060
	3,934	9.250%, 07/01/21		4,259
	1,139	10.500%, 09/15/22		1,239
	2,562	11.000%, 09/15/25		2,767
	1,000	GTE Corp., 6.940%, 04/15/28		1,308
	1,120	Intelsat Jackson Holdings S.A., (Luxembourg), 8.000%, 02/15/24 (e)		1,126
	255	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		75
	272	Level 3 Communications, Inc., 5.750%, 12/01/22		284
		Level 3 Financing, Inc.,
	3,327	5.250%, 03/15/26 (e)		3,452
	2,162	5.375%, 01/15/24		2,267

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Telecommunication Services — continued
	763	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		765
	1,190	Qwest Capital Funding, Inc., 7.750%, 02/15/31		1,147
	330	Qwest Corp., 7.250%, 09/15/25		357
	400	Sprint Capital Corp., 8.750%, 03/15/32		396
	190	Telecom Italia Capital S.A., (Luxembourg), 7.721%, 06/04/38		209
		Telefonica Emisiones S.A.U., (Spain),
	82	5.134%, 04/27/20		91
	138	5.462%, 02/16/21		157
	1,250	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		1,284
		Verizon Communications, Inc.,
	776	2.625%, 08/15/26		768
	590	3.500%, 11/01/24		633
	1,300	3.850%, 11/01/42		1,258
	2,102	4.150%, 03/15/24		2,334
	482	4.400%, 11/01/34		512
	1,868	4.500%, 09/15/20		2,061
	646	4.522%, 09/15/48		685
	2,071	4.672%, 03/15/55		2,154
	4,611	4.862%, 08/21/46		5,127
	257	5.012%, 08/21/54		282
	1,152	5.150%, 09/15/23		1,346
	350	Virgin Media Finance plc, (United Kingdom), 5.750%, 01/15/25 (e)		356
	395	Virgin Media Secured Finance plc, (United Kingdom), 5.250%, 01/15/26 (e)		404
	1,287	Wind Acquisition Finance S.A., (Luxembourg), 4.750%, 07/15/20 (e)		1,303
				94,525
		Wireless Telecommunication Services — 0.4%
		America Movil S.A.B. de C.V., (Mexico),
	732	2.375%, 09/08/16		728
	1,266	3.125%, 07/16/22		1,311
	300	6.125%, 03/30/40		376
	200	Bharti Airtel International Netherlands B.V., (Netherlands), Reg. S, 5.125%, 03/11/23		220
		Crown Castle Towers LLC,
	735	3.663%, 05/15/45 (e)		774
	1,220	6.113%, 01/15/20 (e)		1,354
	240	Rogers Communications, Inc., (Canada), 6.800%, 08/15/18		264
	3,029	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		3,150

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Wireless Telecommunication Services — continued
		Sprint Communications, Inc.,
	2,050	7.000%, 03/01/20 (e)		2,199
	900	7.000%, 08/15/20		886
	1,669	9.000%, 11/15/18 (e)		1,838
		Sprint Corp.,
	110	7.125%, 06/15/24		103
	88	7.250%, 09/15/21		87
	189	7.875%, 09/15/23		183
		T-Mobile USA, Inc.,
	277	5.250%, 09/01/18		283
	806	6.000%, 03/01/23		854
	418	6.000%, 04/15/24		445
	867	6.125%, 01/15/22		915
	5,676	6.250%, 04/01/21		5,924
	1,460	6.375%, 03/01/25		1,569
	188	6.464%, 04/28/19		192
	146	6.500%, 01/15/24		157
	662	6.500%, 01/15/26		724
	305	6.625%, 11/15/20		315
	1,294	6.625%, 04/01/23		1,381
	265	6.633%, 04/28/21		278
	323	6.731%, 04/28/22		340
	159	6.836%, 04/28/23		170
		Vodafone Group plc, (United Kingdom),
	587	1.500%, 02/19/18		587
	573	1.625%, 03/20/17		574
				28,181
		Total Telecommunication Services		122,706
		Utilities — 1.5%
		Electric Utilities — 0.7%
		Alabama Power Co.,
	234	3.750%, 03/01/45		248
	1,250	5.500%, 03/15/41		1,614
	891	6.125%, 05/15/38		1,208
	589	Arizona Public Service Co., 2.200%, 01/15/20		598
	1,016	Baltimore Gas & Electric Co., 2.800%, 08/15/22		1,061
	200	Comision Federal de Electricidad, (Mexico), Reg. S, 5.750%, 02/14/42		220
		DTE Electric Co.,
	340	3.900%, 06/01/21		373
	381	3.950%, 06/15/42		425
		Duke Energy Carolinas LLC,
	3,005	4.300%, 06/15/20		3,319

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electric Utilities — continued
	200	5.250%, 01/15/18		211
	1,100	6.050%, 04/15/38		1,517
	361	Duke Energy Corp., 2.650%, 09/01/26		359
	115	Duke Energy Florida LLC, 5.650%, 06/15/18		124
	280	Duke Energy Indiana LLC, 3.750%, 07/15/20		302
		Duke Energy Progress LLC,
	607	2.800%, 05/15/22		635
	200	3.250%, 08/15/25		215
	305	4.100%, 05/15/42		339
	90	5.300%, 01/15/19		98
	500	6.300%, 04/01/38		707
	526	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		533
	1,200	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,318
	782	Entergy Corp., 2.950%, 09/01/26		789
		Eskom Holdings SOC Ltd., (South Africa),
	200	Reg. S, 6.750%, 08/06/23		198
	300	Reg. S, 7.125%, 02/11/25		297
	1,355	Exelon Corp., 4.450%, 04/15/46		1,506
	140	Georgia Power Co., 5.950%, 02/01/39		186
	200	Hrvatska Elektroprivreda, (Croatia), Reg. S, 5.875%, 10/23/22		217
		Hydro-Quebec, (Canada),
	1,028	9.400%, 02/01/21		1,335
	1,000	Series HK, 9.375%, 04/15/30		1,685
	842	Series HY, 8.400%, 01/15/22		1,099
	453	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		531
	988	Massachusetts Electric Co., 5.900%, 11/15/39 (e)		1,249
		MidAmerican Energy Co.,
	1,046	3.500%, 10/15/24		1,142
	860	5.300%, 03/15/18		913
		Nevada Power Co.,
	446	5.375%, 09/15/40		555
	600	7.125%, 03/15/19		685
	398	NextEra Energy Capital Holdings, Inc., 2.400%, 09/15/19		405
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		328
		Northern States Power Co.,
	173	5.350%, 11/01/39		227
	765	6.250%, 06/01/36		1,074
		Pacific Gas & Electric Co.,
	1,000	3.250%, 06/15/23		1,063

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 135

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Electric Utilities — continued
	898	3.500%, 06/15/25		977
	214	3.750%, 08/15/42		223
	267	4.500%, 12/15/41		309
	1,010	5.625%, 11/30/17		1,064
		PacifiCorp,
	700	3.850%, 06/15/21		764
	880	5.750%, 04/01/37		1,168
	250	Series F, 7.240%, 08/16/23		316
		PECO Energy Co.,
	880	2.375%, 09/15/22		897
	1,880	5.350%, 03/01/18		1,992
	200	Perusahaan Listrik Negara PT, (Indonesia), Reg. S, 5.500%, 11/22/21		223
	360	Potomac Electric Power Co., 6.500%, 11/15/37		516
	929	PPL Electric Utilities Corp., 2.500%, 09/01/22		949
		Public Service Co. of Colorado,
	312	2.250%, 09/15/22		319
	198	3.200%, 11/15/20		210
	35	6.500%, 08/01/38		51
	202	Public Service Co. of New Hampshire, 3.500%, 11/01/23		216
		Public Service Co. of Oklahoma,
	88	5.150%, 12/01/19		97
	1,100	Series G, 6.625%, 11/15/37		1,450
		Public Service Electric & Gas Co.,
	416	5.375%, 11/01/39		542
	155	Series I, 1.800%, 06/01/19		157
	104	South Carolina Electric & Gas Co., 4.500%, 06/01/64		111
		Southern California Edison Co.,
	674	1.845%, 02/01/22		675
	450	Series 06-E, 5.550%, 01/15/37		589
	285	Series 08-A, 5.950%, 02/01/38		393
	292	Southern Co. (The), 1.950%, 09/01/16		292
	842	Southwestern Electric Power Co., Series J, 3.900%, 04/01/45		855
	120	Union Electric Co., 8.450%, 03/15/39		204
		Virginia Electric & Power Co.,
	900	2.750%, 03/15/23		932
	490	3.450%, 02/15/24		533
	235	6.350%, 11/30/37		329
	670	8.875%, 11/15/38		1,146
	73	Wisconsin Electric Power Co., 2.950%, 09/15/21		77

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electric Utilities — continued
		Xcel Energy, Inc.,
	985	3.300%, 06/01/25		1,042
	36	4.800%, 09/15/41		43
				50,569
		Gas Utilities — 0.2%
	405	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		431
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	740	5.625%, 05/20/24		792
	740	5.875%, 08/20/26		794
	582	Atmos Energy Corp., 4.150%, 01/15/43		639
	369	Boston Gas Co., 4.487%, 02/15/42 (e)		411
	570	CenterPoint Energy Resources Corp., 6.625%, 11/01/37		705
	470	Dominion Gas Holdings LLC, 2.800%, 11/15/20		485
	793	KeySpan Gas East Corp., 2.742%, 08/15/26 (e)		805
		Sabine Pass Liquefaction LLC,
	2,213	5.625%, 04/15/23		2,329
	578	5.625%, 03/01/25		611
	905	5.625%, 02/01/21		951
	2,500	5.750%, 05/15/24		2,656
	830	5.875%, 06/30/26 (e)		888
	1,071	6.250%, 03/15/22		1,146
	1,100	Southern California Gas Co., Series TT, 2.600%, 06/15/26		1,125
	1,575	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		1,591
				16,359
		Independent Power & Renewable Electricity Producers — 0.4%
		AES Corp.,
	240	4.875%, 05/15/23		243
	275	5.500%, 03/15/24		285
	615	5.500%, 04/15/25		631
	500	6.000%, 05/15/26		531
	3,500	7.375%, 07/01/21		4,016
	486	VAR, 3.842%, 06/01/19		486
		Calpine Corp.,
	950	5.250%, 06/01/26 (e)		962
	2,066	5.875%, 01/15/24 (e)		2,185
	1,000	6.000%, 01/15/22 (e)		1,048
	960	Exelon Generation Co. LLC, 2.950%, 01/15/20		987
	2,620	GenOn Energy, Inc., 9.875%, 10/15/20		1,847

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Independent Power & Renewable Electricity Producers — continued
		NRG Energy, Inc.,
	200	6.250%, 07/15/22		204
	425	6.250%, 05/01/24		422
	4,143	6.625%, 03/15/23		4,226
	1,173	6.625%, 01/15/27 (e)		1,175
	530	7.250%, 05/15/26 (e)		550
	1,032	NRG REMA LLC, Series B, 9.237%, 07/02/17		919
	440	NRG Yield Operating LLC, 5.000%, 09/15/26 (e)		440
	1,121	PSEG Power LLC, 4.150%, 09/15/21		1,198
	491	Southern Power Co., 1.850%, 12/01/17		494
		Talen Energy Supply LLC,
	1,763	4.625%, 07/15/19 (e)		1,657
	937	6.500%, 06/01/25		804
		TerraForm Power Operating LLC,
	354	5.875%, 02/01/23 (e)		356
	188	6.125%, 06/15/25 (e)		191
				25,857
		Multi-Utilities — 0.2%
	1,037	Berkshire Hathaway Energy Co., 3.500%, 02/01/25		1,116
		Consolidated Edison Co. of New York, Inc.,
	400	Series 06-E, 5.700%, 12/01/36		518
	300	Series 09-C, 5.500%, 12/01/39		388
		Consumers Energy Co.,
	491	4.350%, 08/31/64		572
	925	6.700%, 09/15/19		1,068
		Dominion Resources, Inc.,
	400	7.000%, 06/15/38		559
	803	Series C, 2.000%, 08/15/21		805
	46	Series C, 4.900%, 08/01/41		53
	785	Series F, 5.250%, 08/01/33		900
	434	DTE Energy Co., 2.400%, 12/01/19		443
	585	NiSource Finance Corp., 6.400%, 03/15/18		626
	555	NRG Yield Operating LLC, 5.375%, 08/15/24		579
		San Diego Gas & Electric Co.,
	249	4.500%, 08/15/40		297
	685	6.000%, 06/01/26		894
	500	6.000%, 06/01/39		699
		Sempra Energy,
	406	3.550%, 06/15/24		430
	255	6.150%, 06/15/18		275
	589	9.800%, 02/15/19		701

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
			Multi-Utilities — continued
	493		Southern Co. Gas Capital Corp., 3.250%, 06/15/26		508
					11,431
			Water Utilities — 0.0% (g)
			American Water Capital Corp.,
	622		Class C, 3.400%, 03/01/25		671
	680		3.850%, 03/01/24		752
					1,423
			Total Utilities		105,639
			Total Corporate Bonds (Cost $1,639,144)		1,710,323
	Foreign Government Securities — 1.0%
	540		Arab Republic of Egypt, (Egypt), Reg. S, 5.875%, 06/11/25		509
	200		Armenia International Bond, (Armenia), Reg. S, 7.150%, 03/26/25		214
			Brazil Notas do Tesouro Nacional, (Brazil),
BRL	2,740		Series F, 10.000%, 01/01/23		777
BRL	2,800		Series F, 10.000%, 01/01/25		782
	200		Export Credit Bank of Turkey, (Turkey), Reg. S, 5.375%, 11/04/16		201
			Federative Republic of Brazil, (Brazil),
	200		4.875%, 01/22/21		213
	200		5.000%, 01/27/45		186
BRL	432		6.000%, 04/07/26		482
	—	(h)	6.000%, 04/07/26		—	(h)
	220		7.125%, 01/20/37		261
	1,230		8.250%, 01/20/34		1,607
			Government of Dominican Republic, (Dominican Republic),
	300		Reg. S, 5.500%, 01/27/25		318
	140		Reg. S, 5.875%, 04/18/24		150
	100		Reg. S, 6.600%, 01/28/24		112
	450		Reg. S, 6.875%, 01/29/26		520
	950		Reg. S, 7.450%, 04/30/44		1,140
			Government of Jamaica, (Jamaica),
	400		6.750%, 04/28/28		454
	200		7.875%, 07/28/45		233
	240		8.000%, 03/15/39		282
	100		9.250%, 10/17/25		129
			Government of Mongolia, (Mongolia),
	200		Reg. S, 5.125%, 12/05/22		168
	200		Reg. S, 10.875%, 04/06/21		200
	200		Instituto Costarricense de Electricidad, (Costa Rica), Reg. S, 6.375%, 05/15/43		173

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 137

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
	2,000	Israel Government AID Bond, (Israel), 5.500%, 09/18/33		2,835
	200	Kingdom of Jordan, (Jordan), 6.125%, 01/29/26 (e)		216
	200	Kingdom of Morocco, (Morocco), Reg. S, 4.250%, 12/11/22		214
	1,250	Province of Manitoba Canada, (Canada), 2.125%, 06/22/26		1,255
	655	Province of Nova Scotia, (Canada), 9.250%, 03/01/20		808
		Province of Quebec, (Canada),
	300	Series A, 6.350%, 01/30/26		397
	2,220	Series NN, 7.125%, 02/09/24		2,930
		Provincia de Buenos Aires, (Argentina),
	200	Reg. S, 9.375%, 09/14/18		219
	350	Reg. S, 9.950%, 06/09/21		396
	AUD 1,400	Queensland Treasury Corp., (Australia), Reg. S, Series 18, 6.000%, 02/21/18		1,118
	400	Republic of Angola, (Angola), Reg. S, 9.500%, 11/12/25		398
	188	Republic of Angola Via Northern Lights III B.V., (Netherlands), Reg. S, 7.000%, 08/16/19		188
		Republic of Argentina, (Argentina),
	210	SUB, 2.500%, 12/31/38		145
	350	Reg. S, 6.250%, 04/22/19 (e)		373
	157	6.875%, 04/22/21 (e)		170
	550	Reg. S, 6.875%, 04/22/21		597
	400	7.125%, 07/06/36 (e)		425
	500	7.500%, 04/22/26 (e)		556
	150	Reg. S, 7.625%, 04/22/46		169
	294	8.280%, 12/31/33		337
	170	Series NY, SUB, 2.500%, 12/31/38		117
	140	Series NY, 8.280%, 12/31/33		161
	440	Republic of Azerbaijan, (Azerbaijan), Reg. S, 4.750%, 03/18/24		451
	100	Republic of Belarus, (Belarus), Reg. S, 8.950%, 01/26/18		105
	81	Republic of Belize, (Belize), Reg. S, SUB, 5.000%, 02/20/38		45
		Republic of Cameroon, (Cameroon),
	200	9.500%, 11/19/25 (e)		221
	650	Reg. S, 9.500%, 11/19/25		717
		Republic of Colombia, (Colombia),
	200	2.625%, 03/15/23		196
	599	5.000%, 06/15/45		649
	200	5.625%, 02/26/44		231
	150	6.125%, 01/18/41		181

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	140	7.375%, 09/18/37		188
	240	8.125%, 05/21/24		316
	370	10.375%, 01/28/33		586
		Republic of Costa Rica, (Costa Rica),
	200	Reg. S, 4.250%, 01/26/23		197
	730	Reg. S, 7.000%, 04/04/44		796
	200	Reg. S, 7.158%, 03/12/45		220
		Republic of Croatia, (Croatia),
	700	Reg. S, 5.500%, 04/04/23		765
	200	6.375%, 03/24/21 (e)		222
	100	Reg. S, 6.625%, 07/14/20		111
	200	Reg. S, 6.750%, 11/05/19		220
		Republic of Ecuador, (Ecuador),
	950	Reg. S, 7.950%, 06/20/24		832
	400	10.500%, 03/24/20 (e)		407
	200	10.750%, 03/28/22 (e)		205
		Republic of El Salvador, (El Salvador),
	120	Reg. S, 5.875%, 01/30/25		121
	120	Reg. S, 6.375%, 01/18/27		122
	190	Reg. S, 7.650%, 06/15/35		201
	230	Reg. S, 7.750%, 01/24/23		255
	190	Reg. S, 8.250%, 04/10/32		212
	400	Republic of Gabonese, (Gabon), Reg. S, 6.375%, 12/12/24		371
		Republic of Ghana, (Ghana),
	200	Reg. S, 8.125%, 01/18/26		184
	200	Reg. S, 10.750%, 10/14/30		226
	400	Republic of Honduras, (Honduras), Reg. S, 8.750%, 12/16/20		462
		Republic of Hungary, (Hungary),
	600	5.375%, 02/21/23		679
	370	5.375%, 03/25/24		424
	340	5.750%, 11/22/23		396
		Republic of Indonesia, (Indonesia),
	400	Reg. S, 4.125%, 01/15/25		425
	100	Reg. S, 5.875%, 03/13/20		113
	200	Reg. S, 5.875%, 01/15/24		236
	230	Reg. S, 5.950%, 01/08/46		291
	200	Reg. S, 6.625%, 02/17/37		262
	400	Reg. S, 6.750%, 01/15/44		548
	250	Republic of Iraq, (Iraq), Reg. S, 5.800%, 01/15/28		202
		Republic of Ivory Coast, (Ivory Coast),
	300	Reg. S, 5.375%, 07/23/24		299
	198	Reg. S, SUB, 5.750%, 12/31/32		197
	400	Reg. S, 6.375%, 03/03/28		418

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		Republic of Kazakhstan, (Kazakhstan),
	200	Reg. S, 3.875%, 10/14/24		207
	200	Reg. S, 5.125%, 07/21/25		225
	240	5.125%, 07/21/25 (e)		270
	200	Reg. S, 6.500%, 07/21/45		249
	400	Republic of Kenya, (Kenya), Reg. S, 6.875%, 06/24/24		392
		Republic of Lebanon, (Lebanon),
	150	5.450%, 11/28/19		147
	400	Reg. S, 6.375%, 03/09/20		404
	350	Reg. S, 6.600%, 11/27/26		346
	440	Reg. S, 6.650%, 02/26/30		431
	635	Reg. S, 8.250%, 04/12/21		688
	250	9.000%, 03/20/17		256
		Republic of Lithuania, (Lithuania),
	300	Reg. S, 6.125%, 03/09/21		353
	200	Reg. S, 6.625%, 02/01/22		246
	200	Republic of Namibia, (Namibia), Reg. S, 5.500%, 11/03/21		216
	400	Republic of Oman, (Oman), 4.750%, 06/15/26 (e)		413
		Republic of Pakistan, (Pakistan),
	200	Reg. S, 7.250%, 04/15/19		213
	200	Reg. S, 8.250%, 04/15/24		225
		Republic of Panama, (Panama),
	600	3.875%, 03/17/28		658
	400	4.000%, 09/22/24		439
	430	6.700%, 01/26/36		598
	220	8.875%, 09/30/27		332
	226	9.375%, 04/01/29		355
		Republic of Paraguay, (Paraguay),
	400	Reg. S, 4.625%, 01/25/23		425
	400	5.000%, 04/15/26 (e)		439
		Republic of Peru, (Peru),
	160	4.125%, 08/25/27		182
	620	5.625%, 11/18/50		817
	373	8.750%, 11/21/33		606
		Republic of Philippines, (Philippines),
	200	3.700%, 03/01/41		227
	200	4.200%, 01/21/24		229
	590	7.750%, 01/14/31		934
	100	9.500%, 02/02/30		174
	310	10.625%, 03/16/25		510
		Republic of Poland, (Poland),
	100	3.250%, 04/06/26		106
	420	4.000%, 01/22/24		466

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	200	Republic of Qatar, (Qatar), Reg. S, 4.625%, 06/02/46		221
		Republic of Romania, (Romania),
	430	Reg. S, 4.375%, 08/22/23		474
	142	Reg. S, 4.875%, 01/22/24		162
	162	Reg. S, 6.750%, 02/07/22		196
	200	Republic of Senegal, (Senegal), Reg. S, 6.250%, 07/30/24		204
		Republic of Serbia, (Serbia),
	300	5.250%, 11/21/17 (e)		310
	200	Reg. S, 7.250%, 09/28/21		232
		Republic of South Africa, (South Africa),
	200	4.665%, 01/17/24		207
	200	5.375%, 07/24/44		218
	500	5.500%, 03/09/20		539
	500	5.875%, 09/16/25		559
	ZAR 13,700	Series R207, 7.250%, 01/15/20		903
		Republic of Sri Lanka, (Sri Lanka),
	400	Reg. S, 5.875%, 07/25/22		412
	400	Reg. S, 6.250%, 10/04/20		420
	200	Reg. S, 6.250%, 07/27/21		211
	300	6.825%, 07/18/26 (e)		322
	200	6.850%, 11/03/25 (e)		214
		Republic of Turkey, (Turkey),
	400	5.625%, 03/30/21		428
	560	5.750%, 03/22/24		609
	285	6.000%, 01/14/41		312
	700	6.625%, 02/17/45		836
	200	7.000%, 06/05/20		223
	245	7.375%, 02/05/25		294
		Republic of Ukraine, (Ukraine),
	100	Reg. S, 7.750%, 09/01/19		100
	400	Reg. S, 7.750%, 09/01/20 (e)		395
	500	7.750%, 09/01/21 (e)		490
	480	Reg. S, 7.750%, 09/01/22 (e)		468
	100	Reg. S, 7.750%, 09/01/24		97
	200	Reg. S, 7.750%, 09/01/25		193
		Republic of Uruguay, (Uruguay),
	330	5.100%, 06/18/50		348
	379	7.625%, 03/21/36		541
	65	7.875%, 01/15/33		93
		Republic of Venezuela, (Venezuela),
	350	Reg. S, 7.000%, 03/31/38		144
	80	Reg. S, 7.650%, 04/21/25		35
	280	Reg. S, 7.750%, 10/13/19		138
	120	Reg. S, 8.250%, 10/13/24		53

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 139

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
	87	Reg. S, 9.000%, 05/07/23		39
	190	9.250%, 09/15/27		93
	190	Reg. S, 9.250%, 05/07/28		86
	206	9.375%, 01/13/34		93
	150	Reg. S, 11.750%, 10/21/26		74
	200	Reg. S, 11.950%, 08/05/31		102
	950	Republic of Zambia, (Zambia), Reg. S, 8.970%, 07/30/27		930
		Russian Federation, (Russia),
	400	Reg. S, 4.875%, 09/16/23		438
	600	Reg. S, 5.000%, 04/29/20		646
	400	Reg. S, 5.875%, 09/16/43		475
AUD	1,500	South Australian Government Financing Authority, (Australia), Series 17, 5.750%, 09/20/17		1,175
		United Mexican States, (Mexico),
EUR	140	3.375%, 02/23/31		184
	1,585	3.600%, 01/30/25		1,676
	240	4.350%, 01/15/47		248
	800	5.550%, 01/21/45		986
		Total Foreign Government Securities (Cost $66,784)		69,264
	Mortgage Pass-Through Securities — 16.2%
		Federal Home Loan Mortgage Corp.,
	175	ARM, 2.490%, 10/01/36		185
	413	ARM, 2.619%, 10/01/37		441
	29	ARM, 2.625%, 08/01/36		30
	62	ARM, 2.742%, 05/01/37		66
	130	ARM, 3.141%, 03/01/36		137
	219	ARM, 3.442%, 03/01/36		231
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	1,948	4.000%, 02/01/26		2,072
	91	4.500%, 10/01/18		93
	8	5.000%, 05/01/18		8
	1,182	5.500%, 01/01/21 - 12/01/24		1,268
	68	6.000%, 11/01/21		72
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	5,796	4.000%, 01/01/32		6,278
	1,352	6.000%, 02/01/28		1,537
	212	7.000%, 01/01/27		239
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	14,742	3.000%, 12/01/42 - 02/01/43		15,423
	41,676	3.500%, 12/01/45 - 08/01/46		43,974
	10,947	4.000%, 09/01/33 - 08/01/46 (w)		11,745

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Mortgage Pass-Through Securities — continued
	4,090	4.500%, 05/01/41 - 02/01/42		4,515
	20	6.000%, 02/01/29		23
	341	6.500%, 01/01/24 - 11/01/36		402
	360	7.000%, 09/01/24 - 10/01/36		411
	20	7.500%, 10/01/19 - 02/01/27		21
	58	8.000%, 08/01/27		72
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	1,022	7.500%, 01/01/32 - 12/01/36		1,210
	115	10.000%, 10/01/30		126
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	19,281	3.500%, 09/01/32 - 07/01/46		20,555
	10,761	4.000%, 06/01/42 - 01/01/46		11,701
	21,069	4.500%, 09/01/42 - 02/01/44		23,414
	4,929	5.000%, 09/01/43		5,569
		Federal National Mortgage Association,
	107	ARM, 2.281%, 07/01/37		111
	184	ARM, 2.541%, 07/01/37		194
	67	ARM, 2.542%, 04/01/37		70
	136	ARM, 2.547%, 01/01/34		144
	313	ARM, 2.816%, 04/01/37		330
	153	ARM, 2.845%, 05/01/35		161
	265	ARM, 2.847%, 03/01/37		278
	21	ARM, 3.125%, 10/01/33		21
		Federal National Mortgage Association, 15 Year, Single Family,
	82	4.000%, 07/01/18		84
	678	5.000%, 05/01/18 - 07/01/25		715
	13	5.500%, 08/01/17		13
	208	6.000%, 09/01/19 - 08/01/22		222
		Federal National Mortgage Association, 20 Year, Single Family,
	511	3.500%, 12/01/30		541
	107	6.500%, 11/01/18		123
		Federal National Mortgage Association, 30 Year, Single Family,
	13,000	TBA, 3.500%, 09/25/45 (w)		13,695
	14,847	3.000%, 01/01/43 - 02/01/43		15,463
	29,796	3.500%, 05/01/46 - 08/01/46		31,455
	73,829	4.000%, 06/01/42 - 06/01/46 (w)		80,371
	13,569	4.500%, 12/01/39 - 09/01/40		14,874
	18,906	5.000%, 10/01/39 - 06/01/44		21,021
	510	5.500%, 12/01/28 - 09/01/34		578
	2,427	6.000%, 03/01/34 - 08/01/37		2,816
	362	6.500%, 04/01/28 - 10/01/38		417
	537	7.000%, 03/01/28 - 04/01/37		642

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Mortgage Pass-Through Securities — continued
	142	7.500%, 10/01/26 - 11/01/38		172
	2,542	8.000%, 08/01/22 - 12/01/36		3,074
	21	8.500%, 10/01/25 - 12/01/25		23
	2	9.000%, 01/01/19 - 04/01/25		2
		Federal National Mortgage Association, Other,
	3,703	ARM, 0.815%, 01/01/23		3,700
	1,772	2.140%, 04/01/19		1,800
	4,000	2.230%, 04/01/24		4,115
	3,751	2.410%, 01/01/23		3,874
	7,308	2.440%, 02/01/23		7,562
	10,050	2.480%, 02/01/25		10,370
	10,000	2.490%, 05/01/26		10,291
	3,935	2.510%, 01/01/23		4,086
	6,225	2.530%, 07/01/26		6,425
	10,122	2.610%, 06/01/26		10,523
	5,977	2.620%, 05/01/26		6,213
	18,777	2.640%, 06/01/25		19,553
	3,900	2.650%, 03/01/23		4,059
	28,945	2.730%, 04/01/25 - 07/01/28		30,217
	1,420	2.750%, 03/01/22		1,491
	4,452	2.766%, 06/01/23		4,685
	7,000	2.780%, 04/01/26		7,381
	22,640	2.810%, 04/01/25 - 05/01/26		23,931
	5,890	2.840%, 01/01/25		6,230
	9,800	2.870%, 08/01/31		10,295
	11,707	2.880%, 07/01/27		12,325
	19,327	2.900%, 12/01/24 - 05/01/29		20,444
	10,000	2.920%, 01/01/25		10,622
	4,281	2.930%, 01/01/25		4,544
	5,000	2.950%, 11/01/25		5,331
	31,595	2.965%, 12/01/24		33,654
	11,110	2.970%, 12/01/24 - 04/01/28		11,807
	3,657	2.990%, 05/01/31		3,889
	2,043	3.010%, 06/01/31		2,172
	5,000	3.030%, 06/01/31		5,342
	11,233	3.050%, 09/01/24		12,010
	29,120	3.070%, 02/01/25		31,178
	9,795	3.074%, 12/01/24		10,558
	8,720	3.130%, 02/01/26		9,414
	4,289	3.340%, 11/01/30		4,698
	1,729	3.370%, 11/01/20		1,854
	1,680	3.380%, 01/01/18		1,712
	5,223	3.450%, 01/01/24		5,725
	166,973	3.500%, 05/01/32 - 07/01/46		177,866
	15,000	3.510%, 08/01/23		16,517
	1,504	3.590%, 10/01/20		1,619

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	4,930	3.640%, 12/01/23		5,458
	1,530	3.660%, 12/01/21		1,665
	1,313	3.739%, 06/01/18		1,351
	5,300	3.760%, 03/01/24		5,926
	1,000	3.770%, 09/01/21		1,090
	87,781	4.000%, 06/01/42 - 05/01/46		96,005
	1,274	4.060%, 07/01/21		1,401
	1,980	4.180%, 12/01/19		2,134
	3,601	4.260%, 12/01/19		3,890
	5,950	4.340%, 06/01/21		6,601
	2,280	4.369%, 02/01/20		2,477
	3,000	4.399%, 02/01/20		3,262
	17,127	4.500%, 01/01/20 - 12/01/43		19,128
	1,865	4.640%, 01/01/21		2,073
	49	5.000%, 12/01/32		52
	51	5.500%, 09/01/17		51
	34	6.500%, 04/01/36 - 07/01/36		36
		Government National Mortgage Association II, 30 Year, Single Family,
	5,822	3.500%, 06/20/46 - 07/20/46		6,189
	6,413	3.750%, 06/20/46 - 07/20/46		6,871
	1,738	4.000%, 06/20/46		1,871
	3,243	6.000%, 11/20/32 - 09/20/38		3,772
	770	6.500%, 02/20/29 - 10/20/39		926
	2,306	7.000%, 06/20/32 - 01/20/39		2,727
	239	7.500%, 08/20/25 - 05/20/32		278
	539	8.000%, 08/20/26 - 09/20/31		646
	182	Government National Mortgage Association, 15 Year, Single Family, 6.500%, 10/15/23		197
		Government National Mortgage Association, 30 Year, Single Family,
	21,901	4.000%, 07/15/46 - 08/15/46		23,756
	3,140	4.500%, 05/15/46		3,519
	6,586	6.000%, 08/15/36		7,696
	172	6.500%, 02/15/28 - 10/15/29		198
	59	7.000%, 02/15/24 - 11/15/27		64
	52	7.250%, 09/15/21 - 01/15/28		52
	32	7.500%, 10/15/22 - 02/15/27		33
	2	7.750%, 02/15/27		2
	1	8.500%, 11/15/25		2
	23	9.000%, 12/15/16 - 01/15/25		25
	1	10.000%, 11/15/20		1
		Total Mortgage Pass-Through Securities (Cost $1,085,261)		1,110,935

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 141

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Municipal Bonds — 0.3% (t)
		California — 0.1%
	200	Alameda County Joint Powers Authority, Multiple Capital Projects, Series A, Rev., 7.046%, 12/01/44		299
	1,000	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		1,395
	1,980	State of California, Various Purpose, GO, 7.350%, 11/01/39		3,074
	774	University of California, Series AD, Rev., 4.858%, 05/15/123		891
				5,659
		District of Columbia — 0.0%
	345	District of Columbia Water & Sewer Authority, Public Utility, Senior Lien, Series A, Rev., 4.814%, 10/01/144		417
		Illinois — 0.0%
	725	Chicago Transit Authority, Sales & Transfer Tax Receipts-Retiree Health, Series B, Rev., 6.899%, 12/01/40		967
	1,960	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		1,911
				2,878
		New York — 0.1%
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	560	Series H, Rev., 5.289%, 03/15/33		712
	1,165	Series H, Rev., 5.389%, 03/15/40		1,574
	1,450	Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40		1,952
	155	Port Authority of New York & New Jersey, Consolidated 165, Rev., 5.647%, 11/01/40		209
	740	Port Authority of New York & New Jersey, Consolidated 174, Rev., 4.458%, 10/01/62		874
				5,321
		Ohio — 0.1%
	1,040	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,584
	1,563	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/112		1,811
				3,395
		Total Municipal Bonds (Cost $15,002)		17,670

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — 0.3% (x)
		Financials — 0.3%
		Banks — 0.2%
		Bank of America Corp.,
	1,022	Series AA, VAR, 6.100%, 03/17/25		1,074
	2,000	Series K, VAR, 8.000%, 01/30/18		2,058
		Citigroup, Inc.,
	3,592	Series O, VAR, 5.875%, 03/27/20		3,646
	1,545	Series Q, VAR, 5.950%, 08/15/20		1,573
	581	VAR, 5.950%, 01/30/23		604
	430	Series P, VAR, 5.950%, 05/15/25		444
	813	Series M, VAR, 6.300%, 05/15/24		842
	626	Credit Agricole S.A., (France), VAR, 8.125%, 12/23/25 (e)		672
	1,450	Lloyds Banking Group plc, (United Kingdom), VAR, 6.375%, 06/27/20		1,629
				12,542
		Capital Markets — 0.1%
		Goldman Sachs Group, Inc. (The),
	215	Series O, VAR, 5.300%, 11/10/26		220
	2,253	Series M, VAR, 5.375%, 05/10/20		2,278
	1,500	Series L, VAR, 5.700%, 05/10/19		1,532
		Morgan Stanley,
	1,500	Series H, VAR, 5.450%, 07/15/19		1,504
	940	Series J, VAR, 5.550%, 07/15/20		964
				6,498
		Total Preferred Securities (Cost $18,899)		19,040
	Supranational — 0.0% (g)
	1,000	African Development Bank, 8.800%, 09/01/19		1,208
	NZD 1,500	International Finance Corp., 3.500%, 09/05/17		1,101
		Total Supranational (Cost $2,377)		2,309
	U.S. Government Agency Securities — 0.6%
		Federal National Mortgage Association,
	7,360	06/01/17		7,324
	1,500	5.625%, 07/15/37		2,250
	385	6.250%, 05/15/29		559
	1,275	Federal National Mortgage Association STRIPS, 3.776%, 05/15/30		901
		Financing Corp. STRIPS,
	3,100	1.383%, 11/30/17		3,063
	1,000	1.531%, 05/11/18		985
	1,500	2.743%, 09/26/19		1,449
	212	New Valley Generation II, 5.572%, 05/01/20		230

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	U.S. Government Agency Securities — continued
	421	New Valley Generation V, 4.929%, 01/15/21		467
		Residual Funding Corp. STRIPS,
	12,080	2.309%, 07/15/20		11,455
	2,770	1.806%, 10/15/20		2,623
	1,285	1.199%, 01/15/21		1,209
		Tennessee Valley Authority,
	902	4.625%, 09/15/60		1,157
	2,103	5.250%, 09/15/39		2,964
	1,610	5.880%, 04/01/36		2,381
	500	Tennessee Valley Authority STRIPS, 6.471%, 11/01/25		403
		Total U.S. Government Agency Securities (Cost $36,805)		39,420
	U.S. Treasury Obligations — 24.7%
		U.S. Treasury Bonds,
	39,408	2.500%, 02/15/45		41,620
	20,000	2.500%, 02/15/46		21,127
	9,677	2.500%, 05/15/46		10,240
	50,000	2.875%, 08/15/45		56,856
	19,000	3.000%, 05/15/42		22,092
	64,035	3.000%, 11/15/44		74,530
	42,260	3.000%, 05/15/45		49,188
	42,852	3.000%, 11/15/45		49,924
	85	3.500%, 02/15/39		107
	9,250	3.625%, 08/15/43		12,015
	16,709	3.750%, 11/15/43		22,188
	8,674	4.375%, 05/15/40		12,339
	37,318	4.375%, 05/15/41		53,405
	8,400	4.500%, 02/15/36		12,003
	3,890	4.500%, 05/15/38		5,617
	2,500	5.250%, 02/15/29		3,498
	21,000	5.500%, 08/15/28		29,710
	2,625	7.875%, 02/15/21		3,391
	7,920	8.000%, 11/15/21		10,619
	13,600	8.125%, 05/15/21		17,919
	10,000	8.125%, 08/15/21		13,319
	5,000	8.500%, 02/15/20		6,274
	6,000	8.750%, 08/15/20		7,784
		U.S. Treasury Coupon STRIPS,
	48,829	0.464%, 08/15/28 (n)		39,202
	15	1.944%, 08/15/23 (n)		13
	6,495	2.204%, 02/15/21 (n)		6,147
	16,318	2.219%, 05/15/32 (n)		11,887
	7,390	2.223%, 05/15/22 (n)		6,833
	7,251	2.252%, 05/15/20 (n)		6,960
	15,000	2.305%, 05/15/21 (n)		14,146

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	640		2.539%, 02/15/22 (n)		595
	225		2.713%, 02/15/23 (n)		205
	11,239		Zero Coupon, 08/15/17 (n)		11,169
	185		3.202%, 08/15/19 (n)		180
	6,916		3.417%, 02/15/17 (n)		6,901
	14,565		3.513%, 11/15/17 (n)		14,436
	14,610		3.605%, 11/15/21 (n)		13,644
	5,000		3.712%, 08/15/22 (n)		4,602
	5,000		3.843%, 11/15/22 (n)		4,574
	42,000		4.374%, 11/15/33 (n)		29,344
	1,606		4.461%, 08/15/18 (n)		1,581
	4,000		4.473%, 02/15/18 (n)		3,956
	2,615		5.095%, 02/15/28 (n)		2,121
	1,000		U.S. Treasury Inflation Indexed Bonds, 3.625%, 04/15/28		2,049
			U.S. Treasury Notes,
	45		0.500%, 03/31/17 (k)		45
	7,740		0.625%, 08/31/17		7,735
	10,300		0.875%, 07/31/19 (k)		10,286
	149,100		1.000%, 12/15/17		149,566
	119,000		1.000%, 03/15/18		119,400
	64,000		1.000%, 05/31/18		64,207
	85,296		1.375%, 06/30/18		86,152
	2,000		1.375%, 01/31/20		2,023
	27,565		1.500%, 08/31/18		27,925
	30,644		1.500%, 12/31/18		31,089
	4,750		1.500%, 05/31/19		4,826
	164,545		1.500%, 05/31/20		167,052
	22,879		1.625%, 12/31/19		23,337
	2,000		2.125%, 08/15/21		2,085
	11,000		2.250%, 11/30/17		11,203
	209,142		2.625%, 11/15/20		221,674
	4,115		2.875%, 03/31/18		4,248
	1,000		3.125%, 10/31/16		1,005
	3,954		3.125%, 05/15/19		4,188
	1,250		3.250%, 03/31/17		1,270
	25,192		3.500%, 05/15/20		27,398
	8,000		4.250%, 11/15/17		8,335
			Total U.S. Treasury Obligations (Cost $1,617,678)		1,691,359
SHARES
	Common Stocks — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Media — 0.0% (g)
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B (a) (e)		40

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 143

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands)

SHARES			SECURITY DESCRIPTION	VALUE
	Common Stocks — continued
			Specialty Retail — 0.0% (g)
	40		Nebraska Book Holdings, Inc. (a)		3
			Total Consumer Discretionary		43
			Financials — 0.0% (g)
			Insurance — 0.0% (g)
	1,551		ACC Claims Holdings LLC (a)		16
			Industrials — 0.0% (g)
			Commercial Services & Supplies — 0.0% (g)
	—	(h)	Quad/Graphics, Inc.		2
			Materials — 0.0% (g)
			Containers & Packaging — 0.0% (g)
	9		Constar International, Inc., Class A (a)		—	(h)
			Telecommunication Services — 0.0% (g)
			Wireless Telecommunication Services — 0.0% (g)
	68		NII Holdings, Inc. (a)		226
			Utilities — 0.0% (g)
			Independent Power & Renewable Electricity Producers — 0.0% (g)
	4		Dynegy, Inc. (a)		50
			Total Common Stocks (Cost $1,424)		337
	Preferred Stocks — 0.0% (g)
			Financials — 0.0% (g)
			Insurance — 0.0% (g)
	11		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		346
	2		XLIT Ltd., (Cayman Islands), Series D, VAR, 3.800%, 10/03/16 ($1,000 par value) @		1,886
			Total Financials		2,232
			Industrials — 0.0% (g)
			Commercial Services & Supplies — 0.0% (g)
	1		Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) @		1,028
			Materials — 0.0% (g)
			Containers & Packaging — 0.0% (g)
	1		Constar International, Inc., Class A ($— par value)		—
			Total Preferred Stocks (Cost $3,490)		3,260

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — 0.7%
		Consumer Discretionary — 0.3%
		Automobiles — 0.0% (g)
	507	Chrysler Group LLC, Term Loan B, VAR, 05/24/17		507
		Hotels, Restaurants & Leisure — 0.2%
	191	Intrawest Operations Group LLC, Initial Term Loan, VAR, 12/09/20		192
	16,643	Lila Mexican Holdings LLC, Tranche B, VAR, 08/11/22		16,251
				16,443
		Media — 0.0% (g)
	200	Gray Television, Inc., Initial Term Loan, VAR, 06/13/21		201
	749	iHeartCommunications, Inc., Term Loan D, VAR, 01/30/19		574
	596	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 07/30/19		455
	197	Media General, Inc., Term B Loan, VAR, 07/31/20		197
	192	MTL Publishing LLC, Term B-3 Loan, VAR, 08/19/22		192
	509	Tribune Media Co., Term Loan B, VAR, 12/27/20		510
	2,993	Vertis, Inc., 1st Lien Term Loan, VAR, 12/20/15 (d)		—	(h)
				2,129
		Specialty Retail — 0.1%
	1,375	Harbor Fre Tools USA, Inc., 1st Lien Term Loan, VAR, 4.000%, 08/11/23		1,378
	1,301	Petsmart, Inc., Term Loan B, VAR, 03/11/22		1,303
	284	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 10/01/19		285
				2,966
		Total Consumer Discretionary		22,045
		Consumer Staples — 0.1%
		Food & Staples Retailing — 0.1%
	1,541	Albertson’s LLC, 2016-1 Term Loan B-4, VAR, 4.500%, 08/25/21		1,547
	1,240	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		1,247
	1,181	Rite Aid Corp., Tranche 2 Term Loan, VAR, 06/21/21		1,182
	1,685	SUPERVALU, Inc., Term Loan B, VAR, 03/21/19		1,686
				5,662

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Food Products — 0.0% (g)
	552	Dole Food Co., Inc., Tranche B Term Loan, VAR, 11/01/18		553
	398	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.270%, 01/13/23		400
				953
		Total Consumer Staples		6,615
		Energy — 0.1%
		Oil, Gas & Consumable Fuels — 0.1%
	3,300	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23 ^		3,195
	548	MEG Energy Corp., Incremental Term Loan, (Canada), VAR, 03/31/20		503
		Total Energy		3,698
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	1,123	Sears Roebuck Acceptance Corp., Term Loan, VAR, 06/30/18		1,088
		Health Care — 0.0% (g)
		Health Care Equipment & Supplies — 0.0% (g)
	400	Halyard Health, Inc., Term Loan, VAR, 11/01/21		399
		Health Care Providers & Services — 0.0% (g)
	219	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, VAR, 02/16/23		219
	722	inVentiv Health, Inc., Term Loan B-4, VAR, 05/15/18		723
				942
		Pharmaceuticals — 0.0% (g)
	475	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 04/01/22		476
		Total Health Care		1,817
		Industrials — 0.0% (g)
		Air Freight & Logistics — 0.0% (g)
	1,183	XPO Logistics, Inc., Term loan, VAR, 4.250%, 10/31/21 ^		1,188
		Information Technology — 0.1%
		IT Services — 0.0% (g)
	1,135	First Data Corp., 2022 New Dollar Term Loan, VAR, 4.272%, 07/08/22		1,138
		Semiconductors & Semiconductor Equipment — 0.1%
	900	Avago Technologies, Term A-2 Loan, (Singapore), VAR, 3.508%, 02/01/23		907

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Semiconductors & Semiconductor Equipment — continued
	445	Microsemi Corp., Closing Date Term B Loan, VAR, 01/15/23		448
	158	NXP B.V./NXP Funding LLC, Term B Loan, (Netherlands), VAR, 12/07/20		159
	393	On Semiconductor Corp., Term Loan B, VAR, 03/31/23		398
				1,912
		Total Information Technology		3,050
		Materials — 0.0% (g)
		Chemicals — 0.0% (g)
	422	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 02/01/20		423
		Containers & Packaging — 0.0% (g)
	200	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		200
		Total Materials		623
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	805	Cincinnati Bell, Inc., Term Loan, VAR, 09/10/20		805
	1,187	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		1,183
		Total Telecommunication Services		1,988
		Utilities — 0.1%
		Electric Utilities — 0.1%
	217	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 12/19/16		218
	211	Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan C, VAR, 5.000%, 10/31/17		212
	4,117	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 10/10/17 (d)		1,317
	2,117	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 10/10/17 (d)		666
	927	Texas Competitive Electric Holdings Co. LLC, Term Loan B, VAR, 5.000%, 10/31/17		929
				3,342
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	1,415	Dynegy, Inc., 1st Lien Term Loan C, VAR, 5.000%, 06/27/23		1,415
		Total Utilities		4,757
		Total Loan Assignments (Cost $52,898)		46,869

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 145

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

(Amounts in thousands, except number of Futures contracts)

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE
	Warrants — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	9	Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—	(h)
	4	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—
		Total Consumer Discretionary		—	(h)
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	1	Gener8 Maritime, Inc., expiring 05/17/17 (Strike Price $1.00) (a)		—
	200	Pacific Exploration and Production Corp., (Canada), expiring 10/24/16 (Strike Price $1.00) (a)		576
		Total Energy		576
		Total Warrants (Cost $— (h))		576

SHARES		SECURITY DESCRIPTION	VALUE
	Short-Term Investment — 5.1%
		Investment Company — 5.1%
	346,277	JPMorgan Prime Money Market Fund, Institutional Class Shares, VAR, 0.360% (b) (l) (Cost $346,277)		346,277
		Total Investments — 99.2% (Cost $6,599,268)		6,785,807
		Other Assets in Excess of Liabilities — 0.8%		57,795
		NET ASSETS — 100.0%	$	6,843,602

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT AUGUST 31, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	470		10 Year U.S. Treasury Note		12/20/16		USD		61,533			58
	652		U.S. Treasury Long Bond		12/20/16		USD		111,085			(31	)
	406		2 Year U.S. Treasury Note		12/30/16		USD		88,635			(38	)
	209		5 Year U.S. Treasury Note		12/30/16		USD		25,341			(28	)
			Short Futures Outstanding
	(5	)	10 Year U.S. Treasury Note		12/20/16		USD		(654	)		2
	(330	)	10 Year U.S. Ultra Bond		12/20/16		USD		(47,644	)		56
	(264	)	Ultra Long Term U.S. Treasury Bond		12/20/16		USD		(49,492	)		(112	)
	(41	)	5 Year U.S. Treasury Note		12/30/16		USD		(4,971	)		—	(h)
												(93	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT AUGUST 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	2,544		BRL	Barclays Bank plc††		09/30/16		787		781		(6	)
	4,386		BRL	Deutsche Bank AG††		09/30/16		1,321		1,347		26
	108		EUR	Citibank, N.A.		09/30/16		123		121		(2	)
								2,231		2,249		18

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

CONTRACTS TO SELL		CURRENCY		COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT AUGUST 31, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,100		AUD	Australia and New Zealand Banking Group Limited		09/09/16		2,241		2,329		(88	)
	6,611		BRL	Deutsche Bank AG†		09/30/16		2,000		2,031		(31	)
	2,863		BRL	HSBC Bank, N.A.†		09/30/16		820		879		(59	)
	1,378		EUR	Royal Bank of Canada		09/09/16		1,543		1,538		5
	35		EUR	Goldman Sachs International		09/30/16		39		38		1
	236		EUR	Royal Bank of Canada		09/30/16		267		264		3
	104,000		JPY	Royal Bank of Canada		09/09/16		959		1,006		(47	)
	13,167		ZAR	Deutsche Bank AG		09/09/16		831		894		(63	)
								8,700		8,979		(279	)

Centrally Cleared Credit Default Swaps — Buy Protection ^[1]

Credit Indices:

REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF AUGUST 31, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE		UPFRONT PREMIUMS (PAID)/ RECEIVED [5]
CDX.EM.25-V1	1.000% quarterly		06/20/21		3.033	%		50,000		3,115		(3,884	)
										3,115		(3,884	)

Centrally Cleared Credit Default Swaps — Sell Protection ^[2]

Credit Indices:

REFERENCE OBLIGATION	FUND RECEIVES FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF AUGUST 31, 2016 [3]			NOTIONAL AMOUNT [4]		VALUE		UPFRONT PREMIUMS (PAID)/ RECEIVED [5]
CDX.NA.HY.26-V1	5.000% quarterly		06/20/21		3.920	%		2,000		88		(88	)
CDX.NA.IG.26-V1	1.000% quarterly		06/20/21		0.729			41,000		516		(515	)
										604		(603	)

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

^[2]  The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

^[3]  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^[4]  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^[5]  Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 147

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 37.6%
		Agency CMO — 37.6%
		Federal Home Loan Mortgage Corp. REMIC,
	30	Series 1343, Class LA, 8.000%, 08/15/22		33
	200	Series 1367, Class K, 5.500%, 09/15/22		214
	36	Series 1591, Class E, 10.000%, 10/15/23		37
	309	Series 1633, Class Z, 6.500%, 12/15/23		337
	254	Series 1694, Class PK, 6.500%, 03/15/24		281
	1,819	Series 1785, Class A, 6.000%, 10/15/23		1,984
	103	Series 1999, Class PU, 7.000%, 10/15/27		117
	202	Series 2031, Class PG, 7.000%, 02/15/28		234
	592	Series 2035, Class PC, 6.950%, 03/15/28		676
	411	Series 2064, Class PD, 6.500%, 06/15/28		471
	320	Series 2095, Class PE, 6.000%, 11/15/28		367
	161	Series 2152, Class BD, 6.500%, 05/15/29		171
	781	Series 2162, Class TH, 6.000%, 06/15/29		904
	451	Series 2367, Class ME, 6.500%, 10/15/31		516
	476	Series 2480, Class EJ, 6.000%, 08/15/32		530
	457	Series 2562, Class PG, 5.000%, 01/15/18		467
	3,874	Series 2611, Class QZ, 5.000%, 05/15/33		4,432
	204	Series 2647, Class A, 3.250%, 04/15/32		215
	264	Series 2651, Class VZ, 4.500%, 07/15/18		271
	940	Series 2656, Class BG, 5.000%, 10/15/32		956
	594	Series 2688, Class DG, 4.500%, 10/15/23		641
	1,225	Series 2773, Class TB, 4.000%, 04/15/19		1,256
	1,729	Series 2841, Class AT, 4.000%, 08/15/19		1,772
	829	Series 2882, Class QD, 4.500%, 07/15/34		886
	4,464	Series 2915, Class MU, 5.000%, 01/15/35		4,899
	906	Series 2927, Class GA, 5.500%, 10/15/34		977
	1,592	Series 2931, Class QD, 4.500%, 02/15/20		1,649
	599	Series 3085, Class VS, HB, IF, 26.689%, 12/15/35		1,048
	2,003	Series 3181, Class OP, PO, 07/15/36		1,783
	2,025	Series 3188, Class GE, 6.000%, 07/15/26		2,302
	6,414	Series 3325, Class JL, 5.500%, 06/15/37		7,011
	4,551	Series 3341, Class PE, 6.000%, 07/15/37		5,109
	1,215	Series 3413, Class B, 5.500%, 04/15/37		1,350
	4,000	Series 3699, Class QH, 5.500%, 07/15/40		4,461
	4,593	Series 3737, Class DG, 5.000%, 10/15/30		5,023
	7,000	Series 3798, Class AY, 3.500%, 01/15/26		7,389
	5,000	Series 3809, Class BC, 3.500%, 02/15/26		5,238
	6,351	Series 3926, Class MW, 4.500%, 09/15/26		7,117
	3,970	Series 3927, Class PC, 4.500%, 09/15/41		4,801
	18,796	Series 3981, Class PA, 3.000%, 04/15/31		19,218
	13,974	Series 4002, Class MV, 4.000%, 01/15/30		14,754
	14,484	Series 4039, Class SA, IF, IO, 5.992%, 05/15/42		2,719

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	12,000	Series 4047, Class PB, 3.500%, 01/15/41		12,922
	5,000	Series 4050, Class VE, 4.000%, 01/15/29		5,505
	4,651	Series 4066, Class VB, 3.500%, 01/15/29		5,050
	3,104	Series 4181, Class VA, 3.000%, 05/15/26		3,257
	21,732	Series 4186, Class JE, 2.000%, 03/15/33		21,907
	13,772	Series 4188, Class JG, 2.000%, 04/15/33		13,912
	10,458	Series 4206, Class DA, 2.000%, 05/15/33		10,664
	1,450	Series 4314, Class DY, 3.500%, 03/15/29		1,583
	2,624	Series 4336, Class YB, 3.000%, 05/15/29		2,791
	5,873	Series 4365, Class HZ, 3.000%, 01/15/40		5,814
	10,000	Series 4458, Class BW, 3.000%, 04/15/35		10,208
	5,172	Series 4594, Class GN, 2.500%, 02/15/45		5,328
		Federal Home Loan Mortgage Corp. STRIPS,
	30	Series 155, Class IO, IO, 7.000%, 11/01/23		5
	17,556	Series 264, Class 30, 3.000%, 07/15/42		17,951
	10,393	Series 267, Class 30, 3.000%, 08/15/42		10,776
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	1,544	Series T-51, Class 1A, VAR, 6.500%, 09/25/43		1,836
	1,782	Series T-54, Class 2A, 6.500%, 02/25/43		2,146
	798	Series T-56, Class APO, PO, 05/25/43		720
		Federal National Mortgage Association - ACES,
	4,464	Series 2015-M13, Class A2, VAR, 2.801%, 06/25/25		4,677
	11,927	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		12,644
	593	Federal National Mortgage Association Grantor Trust, Series 2004-T1, Class 1A2, 6.500%, 01/25/44		712
		Federal National Mortgage Association REMIC,
	7	Series 1988-16, Class B, 9.500%, 06/25/18		7
	94	Series 1993-110, Class H, 6.500%, 05/25/23		105
	73	Series 1993-146, Class E, PO, 05/25/23		69
	1,208	Series 1993-155, Class PJ, 7.000%, 09/25/23		1,355
	14	Series 1993-205, Class H, PO, 09/25/23		13
	20	Series 1993-217, Class H, PO, 08/25/23		19
	16	Series 1993-228, Class G, PO, 09/25/23		15
	411	Series 1994-37, Class L, 6.500%, 03/25/24		455
	1,555	Series 1994-51, Class PV, 6.000%, 03/25/24		1,700
	736	Series 1998-58, Class PC, 6.500%, 10/25/28		824
	250	Series 2000-8, Class Z, 7.500%, 02/20/30		298

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	401	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		78
	9	Series 2002-2, Class UC, 6.000%, 02/25/17		9
	6	Series 2002-3, Class PG, 5.500%, 02/25/17		6
	263	Series 2002-73, Class OE, 5.000%, 11/25/17		268
	543	Series 2002-92, Class FB, VAR, 1.174%, 04/25/30		552
	3,609	Series 2003-21, Class PZ, 4.500%, 03/25/33		3,882
	146	Series 2003-67, Class SA, HB, IF, 42.091%, 10/25/31		238
	823	Series 2003-81, Class MC, 5.000%, 12/25/32		830
	2,405	Series 2003-128, Class DY, 4.500%, 01/25/24		2,584
	982	Series 2004-46, Class QD, HB, IF, 21.902%, 03/25/34		1,430
	1,453	Series 2004-54, Class FL, VAR, 0.924%, 07/25/34		1,454
	1,459	Series 2004-60, Class PA, 5.500%, 04/25/34		1,518
	6,686	Series 2005-22, Class EH, 5.000%, 04/25/35		7,285
	1,156	Series 2005-58, Class EP, 5.500%, 07/25/35		1,273
	1,325	Series 2005-62, Class DX, 5.000%, 05/25/34		1,357
	1,429	Series 2005-83, Class LA, 5.500%, 10/25/35		1,602
	5,383	Series 2005-116, Class PC, 6.000%, 01/25/36		6,089
	4,262	Series 2006-3, Class SB, IF, IO, 6.176%, 07/25/35		631
	6,908	Series 2006-51, Class FP, VAR, 0.874%, 03/25/36		6,903
	87	Series 2006-81, Class FA, VAR, 0.874%, 09/25/36		87
	920	Series 2006-110, Class PO, PO, 11/25/36		880
	2,974	Series 2007-76, Class PE, 6.000%, 08/25/37		3,321
	768	Series 2009-89, Class A1, 5.410%, 05/25/35		810
	46	Series 2010-4, Class SL, IF, 10.408%, 02/25/40		64
	1,280	Series 2010-11, Class CB, 4.500%, 02/25/40		1,377
	6,000	Series 2010-47, Class MB, 5.000%, 09/25/39		6,743

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,968	Series 2010-68, Class EP, 4.500%, 12/25/39		5,333
	5,000	Series 2010-117, Class DY, 4.500%, 10/25/25		5,613
	4,274	Series 2010-155, Class B, 3.500%, 01/25/26		4,635
	11,500	Series 2011-145, Class PB, 3.500%, 01/25/32		12,467
	12,523	Series 2012-47, Class QE, 4.000%, 05/25/38		13,004
	5,566	Series 2012-50, Class HY, 4.000%, 05/25/42		6,261
	7,640	Series 2012-60, Class EP, 3.000%, 04/25/42		7,834
	17,989	Series 2012-63, Class VA, 4.000%, 08/25/23		19,176
	1,400	Series 2012-141, Class PB, 2.500%, 12/25/42		1,390
	5,300	Series 2013-106, Class PY, 3.000%, 10/25/33		5,506
	3,699	Series 2013-130, Class GY, 3.500%, 01/25/34		4,141
	6,000	Series 2015-11, Class AQ, 3.000%, 03/25/35		6,133
	4,000	Series 2015-28, Class GB, 3.500%, 05/25/35		4,397
	4,653	Series 2015-41, Class AY, 3.000%, 06/25/35		4,867
	11,897	Series 2015-48, Class DE, 3.000%, 10/25/44		12,311
	4,491	Series 2016-28, Class DW, 3.500%, 05/25/36		4,945
	19,383	Series 2016-38, Class NA, 3.000%, 01/25/46		20,367
	9	Series G92-35, Class EB, 7.500%, 07/25/22		10
	11	Series G92-44, Class ZQ, 8.000%, 07/25/22		11
		Federal National Mortgage Association REMIC Trust,
	156	Series 1999-W4, Class A9, 6.250%, 02/25/29		172
	1,716	Series 2002-W7, Class A4, 6.000%, 06/25/29		1,950
	733	Series 2003-W1, Class 1A1, VAR, 5.632%, 12/25/42		831
	387	Series 2003-W1, Class 2A, VAR, 6.307%, 12/25/42		455
	2,449	Series 2005-W1, Class 1A2, 6.500%, 10/25/44		2,888

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 149

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,601	Series 2009-W1, Class A, 6.000%, 12/25/49		1,835
		Federal National Mortgage Association STRIPS,
	1,807	Series 278, Class 1, VAR, 1.469%, 08/25/25		1,841
	593	Series 278, Class 3, VAR, 1.535%, 11/25/23		598
	215	Series 343, Class 23, IO, 4.000%, 10/25/18		6
		Government National Mortgage Association,
	4,844	Series 2001-64, Class PB, 6.500%, 12/20/31		5,532
	3,285	Series 2004-27, Class PD, 5.500%, 04/20/34		3,816
	874	Series 2008-15, Class NB, 4.500%, 02/20/38		942
	4,606	Series 2008-40, Class SA, IF, IO, 5.893%, 05/16/38		900
	17,710	Series 2009-42, Class TX, 4.500%, 06/20/39		19,156
	51	Series 2009-52, Class MA, 5.000%, 11/20/36		51
	4,673	Series 2009-69, Class WM, 5.500%, 08/20/39		5,030
	13,158	Series 2011-29, Class Z, 5.000%, 05/20/40		15,962
		Total Collateralized Mortgage Obligations (Cost $502,218)		521,521
	Commercial Mortgage-Backed Securities — 1.8%
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	6,026	Series K046, Class A2, 3.205%, 03/25/25		6,575
	6,500	Series K048, Class A2, VAR, 3.284%, 06/25/25		7,129
	3,519	Series K049, Class A2, 3.010%, 07/25/25		3,786
	6,716	Series K052, Class A2, 3.151%, 11/25/25		7,306
		Total Commercial Mortgage-Backed Securities (Cost $23,389)		24,796
	Foreign Government Security — 0.5%
	7,527	Israel Government AID Bond, (Israel), Zero Coupon, 09/15/19 (Cost $6,996)		7,213
	Mortgage Pass-Through Securities — 8.9%
		Federal Home Loan Mortgage Corp.,
	3	ARM, 1.922%, 07/01/30		3
	4	ARM, 1.941%, 02/01/19		4
	5	ARM, 2.030%, 03/01/18		5
	22	ARM, 2.077%, 08/01/18		22
	12	ARM, 2.375%, 06/01/18		12

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,110	ARM, 2.504%, 03/01/37		1,173
	29	ARM, 2.523%, 01/01/21		29
	104	ARM, 2.572%, 01/01/27		109
	10	ARM, 2.579%, 11/01/18		10
	15	ARM, 2.652%, 04/01/30		15
	1	ARM, 3.061%, 01/01/20		1
	17	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.000%, 12/01/16		18
	233	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 4.500%, 05/01/24		254
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	1,070	4.500%, 10/01/40		1,175
	285	5.500%, 11/01/33		318
	80	6.000%, 02/01/32		92
	350	6.500%, 01/01/24 - 06/01/29		406
	743	7.000%, 08/01/25 - 09/01/29		854
	39	7.500%, 09/01/24 - 08/01/25		44
	22	8.000%, 11/01/24		25
	87	8.500%, 05/01/24 - 07/01/28		101
	1	9.000%, 10/01/17 - 11/01/21		1
		Federal National Mortgage Association,
	13	ARM, 1.875%, 06/01/17 - 06/01/20		14
	24	ARM, 1.919%, 06/01/29		25
	72	ARM, 1.941%, 11/01/27 - 11/01/40		76
	12	ARM, 2.524%, 07/01/17		12
	13	ARM, 2.577%, 08/01/19		13
	13	ARM, 2.875%, 01/01/29		13
	11	ARM, 3.892%, 09/01/27		12
	3	ARM, 6.000%, 12/01/18		3
	6	ARM, 6.002%, 04/01/19		6
		Federal National Mortgage Association, 15 Year, Single Family,
	2,642	4.000%, 04/01/19 - 09/01/25		2,801
	585	4.500%, 03/01/19		600
	140	5.500%, 11/01/16 - 03/01/18		142
	333	Federal National Mortgage Association, 20 Year, Single Family, 5.000%, 11/01/23		369
		Federal National Mortgage Association, 30 Year, Single Family,
	7,291	3.000%, 03/01/43 - 09/01/46 (w)		7,604
	13,970	3.500%, 05/01/42 - 12/01/45		14,915
	3,615	3.500%, 09/01/46 (w)		3,863
	15,439	4.000%, 06/01/43 - 11/01/43		16,844
	531	4.500%, 03/01/38		580
	1,515	5.000%, 11/01/33		1,711
	9,819	5.500%, 02/01/29 - 05/01/36		11,275

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,418	6.000%, 07/01/36		1,668
	344	6.500%, 06/01/26 - 04/01/32		411
	3,234	7.000%, 02/01/24 - 03/01/35		3,977
	92	7.500%, 03/01/30 - 04/01/30		96
	4	10.000%, 09/01/17 - 07/01/20		4
		Federal National Mortgage Association, Other,
	4,886	VAR, 1.255%, 12/01/25		4,882
	6,500	2.810%, 04/01/25		6,871
	5,966	2.974%, 06/01/27		6,246
	6,500	3.100%, 01/01/26		7,018
	7,371	3.117%, 01/01/22		7,874
	8,940	3.259%, 01/01/22		9,588
	3,000	3.300%, 11/01/26		3,278
	4,335	3.765%, 12/01/25		4,870
	62	6.000%, 09/01/28		71
		Government National Mortgage Association II, 30 Year, Single Family,
	164	8.000%, 11/20/26 - 11/20/27		194
		Government National Mortgage Association, 30 Year, Single Family,
	1	6.000%, 10/15/23		2
	387	6.500%, 06/15/23 - 02/15/24		445
	164	7.000%, 12/15/22 - 06/15/28		172
	256	7.500%, 02/15/22 - 02/15/28		279
	100	8.000%, 07/15/22 - 08/15/26		109
	199	9.000%, 02/15/17 - 11/15/24		219
	1	9.500%, 08/15/17 - 09/15/20		1
		Total Mortgage Pass-Through Securities (Cost $117,979)		123,824
	U.S. Government Agency Securities — 19.4%
		Federal Farm Credit Banks,
	10,000	5.750%, 05/11/26		13,206
	12,824	5.750%, 12/07/28		17,617
		Federal National Mortgage Association,
	10,000	6.250%, 05/15/29		14,509
	30,000	9.323%, 10/09/19 (n)		28,729
		Federal National Mortgage Association STRIPS,
	8,000	2.348%, 10/08/27 (n)		6,150
	10,000	4.335%, 05/15/30 (n)		7,068
	9,200	13.356%, 05/29/26 (n)		7,444
		Residual Funding Corp. STRIPS,
	18,300	1.954%, 10/15/20 (n)		17,332
	57,000	2.124%, 07/15/20 (n)		54,050
	5,000	2.268%, 01/15/21 (n)		4,702
	60,673	3.402%, 10/15/19 (n)		58,530
	15,700	4.757%, 01/15/30 (n)		11,301

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,000	14.663%, 04/15/30 (n)		3,585
	15,000	Resolution Funding Corp. STRIPS, 15.173%, 04/15/28 (n)		11,291
	14,740	Tennessee Valley Authority STRIPS, 5.177%, 12/15/17 (n)		14,555
		Total U.S. Government Agency Securities (Cost $239,827)		270,069
	U.S. Treasury Obligations — 26.9%
		U.S. Treasury Bonds,
	20,000	5.250%, 11/15/28		27,869
	2,500	7.125%, 02/15/23		3,392
	3,935	7.250%, 08/15/22		5,278
	3,635	8.000%, 11/15/21		4,874
	3,190	8.875%, 08/15/17		3,438
	1,020	9.000%, 11/15/18		1,203
	72,500	U.S. Treasury Coupon STRIPS, 2.042%, 05/15/20 (n)		69,596
	55,000	U.S. Treasury Inflation Indexed Bonds, 1.375%, 02/15/44		67,818
		U.S. Treasury Notes,
	25,000	0.625%, 05/31/17		25,000
	35,000	1.625%, 02/15/26		35,109
	15,000	1.625%, 05/15/26		15,043
	35,000	1.875%, 09/30/17		35,439
	20,000	2.000%, 08/15/25		20,715
	30,000	2.625%, 11/15/20		31,798
	25,000	4.250%, 11/15/17		26,046
	1,020	4.750%, 08/15/17		1,059
		Total U.S. Treasury Obligations (Cost $354,679)		373,677
SHARES
	Short-Term Investment — 5.5%
		Investment Company — 5.5%
	75,648	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $75,648)		75,648
		Total Investments — 100.6% (Cost $1,320,736)		1,396,748
		Liabilities in Excess of Other Assets — (0.6)%		(8,976	)
		NET ASSETS — 100.0%	$	1,387,772

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 151

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 0.0% (g)
	269	Countrywide Asset-Backed Certificates, Series 2004-13, Class MV8, VAR, 2.188%, 01/25/35		5
	3	Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 3.024%, 09/25/34		2
	1,854	Unipac IX LLC, 13.000%, 12/31/20		1,757
		Total Asset-Backed Securities (Cost $1,826)		1,764
	Convertible Bonds — 0.1%
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	2,611 Units	Liberty Interactive LLC, 3.750%, 02/15/30		1,570
		Utilities — 0.1%
		Independent Power & Renewable Electricity Producers — 0.1%
	6,500 Units	NRG Yield, Inc., 3.250%, 06/01/20 (e)		6,358
		Total Convertible Bonds (Cost $7,379)		7,928
	Corporate Bonds — 86.6%
		Consumer Discretionary — 17.6%
		Auto Components — 1.6%
		American Axle & Manufacturing, Inc.,
	4,300	6.250%, 03/15/21		4,493
	6,350	6.625%, 10/15/22		6,771
		Goodyear Tire & Rubber Co. (The),
	27,860	5.000%, 05/31/26		29,166
	16,210	5.125%, 11/15/23		16,939
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	3,920	4.875%, 03/15/19		3,883
	19,588	5.875%, 02/01/22		18,290
	4,725	6.000%, 08/01/20		4,542
	3,849	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		4,138
	31,535	MPG Holdco I, Inc., 7.375%, 10/15/22		32,501
	8,029	Tenneco, Inc., 5.375%, 12/15/24		8,551
		ZF North America Capital, Inc.,
	13,519	4.000%, 04/29/20 (e)		14,356
	19,699	4.500%, 04/29/22 (e)		20,832
	23,091	4.750%, 04/29/25 (e)		24,505
				188,967
		Automobiles — 0.6%
		Fiat Chrysler Automobiles N.V., (Netherlands),
	14,652	4.500%, 04/15/20		15,018
	14,546	5.250%, 04/15/23		15,004

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
		Jaguar Land Rover Automotive plc, (United Kingdom),
	15,269	4.125%, 12/15/18 (e)		15,727
	15,103	4.250%, 11/15/19 (e)		15,764
	12,400	5.625%, 02/01/23 (e)		13,082
		Motors Liquidation Co.,
	50	0.684%, 06/01/49		—	(h)
	973	5.250%, 03/06/32		—	(h)
	47	5.250%, 10/01/51		—	(h)
	34,959	6.250%, 07/15/33 (d)		—	(h)
	10,255	6.750%, 05/01/28 (d)		—	(h)
	246	7.250%, 04/15/41		—	(h)
	284	7.250%, 07/15/41		—	(h)
	548	7.250%, 02/15/52		—	(h)
	404	7.375%, 05/15/48		—	(h)
	6,000	7.375%, 05/23/48 (d)		—	(h)
	9,300	7.400%, 09/01/25 (d)		—	(h)
	25,800	7.700%, 04/15/16 (d)		—	(h)
	3,415	7.750%, 03/15/36 (d)		—	(h)
	12,550	8.100%, 06/15/24 (d)		—	(h)
	20,000	8.250%, 07/15/23 (d)		—	(h)
				74,595
		Distributors — 0.2%
		Global Partners LP/GLP Finance Corp.,
	200	6.250%, 07/15/22		180
	6,000	7.000%, 06/15/23		5,460
	8,798	LKQ Corp., 4.750%, 05/15/23		8,886
	10,535	Performance Food Group, Inc., 5.500%, 06/01/24 (e)		10,943	��
				25,469
		Diversified Consumer Services — 0.2%
		Service Corp. International,
	6,995	5.375%, 05/15/24		7,502
	10,170	8.000%, 11/15/21		12,026
				19,528
		Hotels, Restaurants & Leisure — 3.6%
		1011778 B.C. ULC/New Red Finance, Inc., (Canada),
	2,852	4.625%, 01/15/22 (e)		2,952
	35,165	6.000%, 04/01/22 (e)		36,791
		Boyd Gaming Corp.,
	6,035	6.375%, 04/01/26 (e)		6,458
	11,943	6.875%, 05/15/23		12,898

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — continued
	4,615	CCM Merger, Inc., 9.125%, 05/01/19 (e)		4,840
	4,382	Choice Hotels International, Inc., 5.750%, 07/01/22		4,798
	20,268	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (d)		11,147
	11,222	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		11,531
	5,505	Eldorado Resorts, Inc., 7.000%, 08/01/23		5,808
	14,025	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		14,021
		GLP Capital LP/GLP Financing II, Inc.,
	820	4.375%, 04/15/21		865
	21,605	5.375%, 11/01/23		23,685
	6,845	5.375%, 04/15/26		7,478
	10,620	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		11,098
	13,680	Hilton Escrow Issuer LLC/Hilton Escrow Issuer Corp., 4.250%, 09/01/24 (e)		13,937
	22,075	International Game Technology plc, (United Kingdom), 6.500%, 02/15/25 (e)		23,929
		KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
	11,010	5.000%, 06/01/24 (e)		11,547
	11,010	5.250%, 06/01/26 (e)		11,698
	9,715	Landry’s, Inc., 9.375%, 05/01/20 (e)		10,225
	4,230	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc., 5.625%, 05/01/24 (e)		4,590
		MGM Resorts International,
	13,083	4.625%, 09/01/26		12,952
	24,665	6.000%, 03/15/23		26,776
	15,080	6.625%, 12/15/21		16,927
	13,635	6.750%, 10/01/20		15,237
	9,615	7.750%, 03/15/22		11,178
	4,741	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125%, 08/15/21 (e)		4,883
	8,408	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		8,692
		Scientific Games International, Inc.,
	9,480	7.000%, 01/01/22 (e)		10,072
	22,095	10.000%, 12/01/22		20,438
	20,675	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		20,830
	13,594	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		14,885

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hotels, Restaurants & Leisure — continued
	6,000	Six Flags Entertainment Corp., 4.875%, 07/31/24 (e)		6,120
	6,000	Speedway Motorsports, Inc., 5.125%, 02/01/23		6,195
	9,231	Station Casinos LLC, 7.500%, 03/01/21		9,816
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	4,465	5.375%, 03/15/22		4,638
	18,645	5.500%, 03/01/25 (e)		18,831
				438,766
		Household Durables — 1.6%
		CalAtlantic Group, Inc.,
	4,195	5.375%, 10/01/22		4,384
	17,165	5.875%, 11/15/24		18,538
	8,180	8.375%, 01/15/21		9,755
		D.R. Horton, Inc.,
	3,313	4.375%, 09/15/22		3,495
	9,382	4.750%, 02/15/23		10,062
		Lennar Corp.,
	4,182	4.500%, 06/15/19		4,391
	4,242	4.500%, 11/15/19		4,481
	13,651	4.750%, 05/30/25		14,163
	8,473	4.875%, 12/15/23		8,875
	3,360	6.950%, 06/01/18		3,620
	13,082	M/I Homes, Inc., 6.750%, 01/15/21		13,671
	11,635	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		11,490
		Meritage Homes Corp.,
	9,263	7.000%, 04/01/22		10,328
	990	7.150%, 04/15/20		1,094
		PulteGroup, Inc.,
	7,300	5.000%, 01/15/27		7,464
	10,622	5.500%, 03/01/26		11,333
	11,009	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		11,504
		Tempur Sealy International, Inc.,
	1,798	5.500%, 06/15/26 (e)		1,878
	14,420	5.625%, 10/15/23		15,141
		Toll Brothers Finance Corp.,
	11,333	4.875%, 11/15/25		11,886
	10,990	5.625%, 01/15/24		11,759
				189,312

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 153

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Internet & Direct Marketing Retail — 0.2%
		Netflix, Inc.,
	3,309	5.375%, 02/01/21		3,590
	9,800	5.500%, 02/15/22		10,535
	12,075	5.750%, 03/01/24		13,041
				27,166
		Media — 7.7%
		Altice Luxembourg S.A., (Luxembourg),
	5,572	7.625%, 02/15/25 (e)		5,725
	21,558	7.750%, 05/15/22 (e)		22,946
		Altice U.S. Finance I Corp.,
	26,720	5.375%, 07/15/23 (e)		27,956
	21,433	5.500%, 05/15/26 (e)		22,542
	10,860	AMC Entertainment, Inc., 5.875%, 02/15/22		11,186
		AMC Networks, Inc.,
	4,630	4.750%, 12/15/22		4,769
	21,375	5.000%, 04/01/24		21,909
		Cablevision Systems Corp.,
	6,380	7.750%, 04/15/18		6,811
	25,681	8.000%, 04/15/20		27,350
	12,688	8.625%, 09/15/17		13,484
	9,225	Cenveo Corp., 8.500%, 09/15/22 (e)		6,642
		Cinemark USA, Inc.,
	3,000	4.875%, 06/01/23		3,075
	8,761	5.125%, 12/15/22		9,068
		Clear Channel Worldwide Holdings, Inc.,
	12,665	Series A, 6.500%, 11/15/22		12,807
	2,650	Series A, 7.625%, 03/15/20		2,544
	10,950	Series B, 6.500%, 11/15/22		11,470
	33,551	Series B, 7.625%, 03/15/20		33,803
		DISH DBS Corp.,
	5,625	5.875%, 07/15/22		5,731
	95,171	6.750%, 06/01/21		102,249
	12,252	7.750%, 07/01/26 (e)		13,073
	7,327	EMI Music Publishing Group North America Holdings, Inc., 7.625%, 06/15/24 (e)		7,987
		Gray Television, Inc.,
	8,130	5.875%, 07/15/26 (e)		8,476
	18,785	7.500%, 10/01/20		19,536
		Hughes Satellite Systems Corp.,
	18,978	5.250%, 08/01/26 (e)		18,859
	7,496	6.625%, 08/01/26 (e)		7,440
		iHeartCommunications, Inc.,
	10,817	9.000%, 12/15/19		8,748
	1,365	9.000%, 03/01/21		1,024

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Lamar Media Corp.,
	6,325	5.000%, 05/01/23		6,689
	1,425	5.375%, 01/15/24		1,517
	9,255	Liberty Interactive LLC, 8.250%, 02/01/30		9,949
	13,725	LIN Television Corp., 5.875%, 11/15/22		14,514
	7,075	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		7,340
	13,533	Mediacom Broadband LLC/Mediacom Broadband Corp., 6.375%, 04/01/23		14,345
	5,895	Nexstar Broadcasting, Inc., 6.125%, 02/15/22 (e)		6,101
	10,845	Nexstar Escrow Corp., 5.625%, 08/01/24 (e)		11,062
	31,200	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		32,054
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	10,028	5.625%, 02/15/24		10,667
	15,319	5.875%, 03/15/25		16,392
	4,740	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		4,983
	3,825	Quebecor, Inc., (Canada), 9.750%, 01/15/16 (d)		—	(h)
	6,917	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		7,375
		Regal Entertainment Group,
	17,300	5.750%, 03/15/22		18,100
	4,975	5.750%, 02/01/25		5,062
		Sinclair Television Group, Inc.,
	7,500	5.125%, 02/15/27 (e)		7,556
	13,600	5.375%, 04/01/21		14,144
	18,790	5.625%, 08/01/24 (e)		19,572
		Sirius XM Radio, Inc.,
	17,999	4.625%, 05/15/23 (e)		18,201
	17,023	5.375%, 04/15/25 (e)		17,831
	13,865	5.375%, 07/15/26 (e)		14,264
	4,103	5.750%, 08/01/21 (e)		4,288
		TEGNA, Inc.,
	11,365	5.500%, 09/15/24 (e)		11,990
	16,865	6.375%, 10/15/23		18,257
	15,803	Unitymedia GmbH, (Germany), 6.125%, 01/15/25 (e)		16,949
	20,335	Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany), 5.500%, 01/15/23 (e)		21,403
		Univision Communications, Inc.,
	27,085	5.125%, 05/15/23 (e)		28,168
	22,190	5.125%, 02/15/25 (e)		23,189

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	31,362	6.750%, 09/15/22 (e)		33,366
	10,861	8.500%, 05/15/21 (e)		11,295
	20,789	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		21,855
		WMG Acquisition Corp.,
	2,160	5.000%, 08/01/23 (e)		2,219
	10,483	5.625%, 04/15/22 (e)		10,929
	19,439	6.750%, 04/15/22 (e)		20,678
	7,625	Ziggo Bond Finance B.V., (Netherlands), 5.875%, 01/15/25 (e)		7,663
				927,177
		Multiline Retail — 0.5%
	29,900	Dollar Tree, Inc., 5.750%, 03/01/23		32,180
	12,840	J.C. Penney Corp., Inc., 5.875%, 07/01/23 (e)		13,397
	15,300	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		13,092
				58,669
		Specialty Retail — 1.3%
	6,675	Caleres, Inc., 6.250%, 08/15/23		6,942
		Claire’s Stores, Inc.,
	11,275	6.125%, 03/15/20 (e)		5,976
	32,700	9.000%, 03/15/19 (e)		18,851
	5,000	CST Brands, Inc., 5.000%, 05/01/23		5,287
	5,000	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		5,063
	9,830	Guitar Center, Inc., 6.500%, 04/15/19 (e)		8,749
	10,550	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		10,550
		L Brands, Inc.,
	13,900	5.625%, 10/15/23		15,550
	10,900	6.750%, 07/01/36		11,712
	8,030	6.875%, 11/01/35		8,773
	2,149	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e) (d)		384
	11,600	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		12,325
	16,972	Penske Automotive Group, Inc., 5.500%, 05/15/26		16,983
	5,060	Radio Systems Corp., 8.375%, 11/01/19 (e)		5,288
		Sally Holdings LLC/Sally Capital, Inc.,
	5,200	5.500%, 11/01/23		5,538
	11,150	5.625%, 12/01/25		12,076
	1,700	5.750%, 06/01/22		1,774
	8,058	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		8,400
				160,221

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Textiles, Apparel & Luxury Goods — 0.1%
		Hanesbrands, Inc.,
	4,877	4.625%, 05/15/24 (e)		5,103
	4,877	4.875%, 05/15/26 (e)		5,084
	8,050	Levi Strauss & Co., 5.000%, 05/01/25		8,352
				18,539
		Total Consumer Discretionary		2,128,409
		Consumer Staples — 5.7%
		Beverages — 0.6%
		Constellation Brands, Inc.,
	3,239	3.750%, 05/01/21		3,425
	5,180	4.250%, 05/01/23		5,526
	5,855	4.750%, 11/15/24		6,382
	3,330	4.750%, 12/01/25		3,624
		Cott Beverages, Inc.,
	22,655	5.375%, 07/01/22		23,391
	14,981	6.750%, 01/01/20		15,693
	12,898	DS Services of America, Inc., 10.000%, 09/01/21 (e)		14,478
				72,519
		Food & Staples Retailing — 1.6%
		Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC,
	12,605	5.750%, 03/15/25 (e)		13,046
	31,999	6.625%, 06/15/24 (e)		34,354
	10,760	Ingles Markets, Inc., 5.750%, 06/15/23		11,197
		New Albertsons, Inc.,
	3,978	6.625%, 06/01/28		3,669
	11,882	7.450%, 08/01/29		11,704
	1,500	7.750%, 06/15/26		1,515
	6,116	8.000%, 05/01/31		6,208
	7,899	8.700%, 05/01/30		8,057
		Rite Aid Corp.,
	32,566	6.125%, 04/01/23 (e)		35,158
	8,000	6.750%, 06/15/21		8,430
	442	Safeway, Inc., 5.000%, 08/15/19		449
	46,460	SUPERVALU, Inc., 7.750%, 11/15/22		43,905
	5,675	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		5,093
	8,315	U.S. Foods, Inc., 5.875%, 06/15/24 (e)		8,710
				191,495
		Food Products — 2.7%
	6,867	B&G Foods, Inc., 4.625%, 06/01/21		7,081
	16,703	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		16,995

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 155

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
	14,920	Darling Ingredients, Inc., 5.375%, 01/15/22		15,666
	23,679	Dean Foods Co., 6.500%, 03/15/23 (e)		25,159
	3,075	FAGE International S.A./FAGE USA Dairy Industry, Inc., (Luxembourg), 5.625%, 08/15/26 (e)		3,179
		JBS USA LUX S.A./JBS USA Finance, Inc.,
	5,670	5.750%, 06/15/25 (e)		5,761
	29,785	5.875%, 07/15/24 (e)		30,777
	50,979	7.250%, 06/01/21 (e)		52,508
	17,849	8.250%, 02/01/20 (e)		18,451
	7,184	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		7,417
	4,950	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		5,334
		Post Holdings, Inc.,
	25,974	5.000%, 08/15/26 (e)		25,909
	29,039	6.750%, 12/01/21 (e)		31,181
	8,720	7.750%, 03/15/24 (e)		9,690
	2,000	8.000%, 07/15/25 (e)		2,285
		Smithfield Foods, Inc.,
	15,714	5.250%, 08/01/18 (e)		15,871
	17,714	5.875%, 08/01/21 (e)		18,511
	18,959	6.625%, 08/15/22		20,097
	12,700	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		13,859
				325,731
		Household Products — 0.3%
	9,395	Central Garden & Pet Co., 6.125%, 11/15/23		10,088
		Spectrum Brands, Inc.,
	17,866	5.750%, 07/15/25		19,362
	9,304	6.125%, 12/15/24		10,037
	5,137	6.625%, 11/15/22		5,496
				44,983
		Personal Products — 0.5%
	21,244	NBTY, Inc., 7.625%, 05/15/21 (e)		21,722
		Prestige Brands, Inc.,
	14,060	5.375%, 12/15/21 (e)		14,552
	5,825	6.375%, 03/01/24 (e)		6,219
	8,363	Revlon Consumer Products Corp., 5.750%, 02/15/21		8,551
	7,521	Revlon Escrow Corp., 6.250%, 08/01/24 (e)		7,803
				58,847
		Total Consumer Staples		693,575

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy — 9.7%
		Energy Equipment & Services — 1.2%
	7,200	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		6,660
	6,358	Basic Energy Services, Inc., 7.750%, 10/15/22		2,448
	8,400	CSI Compressco LP/CSI Compressco Finance, Inc., 7.250%, 08/15/22		7,560
		Ensco plc, (United Kingdom),
	2,298	4.500%, 10/01/24		1,636
	4,589	4.700%, 03/15/21		3,960
	8,030	Hiland Partners Holdings LP/Hiland Partners Finance Corp., 5.500%, 05/15/22 (e)		8,330
	5,022	Parker Drilling Co., 6.750%, 07/15/22		3,917
		Precision Drilling Corp., (Canada),
	9,422	5.250%, 11/15/24		7,914
	4,845	6.500%, 12/15/21		4,494
	16,769	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (e)		5,094
	3,000	SESI LLC, 7.125%, 12/15/21		2,933
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	6,265	5.500%, 08/15/22		5,913
	3,804	7.500%, 07/01/21		3,861
		Transocean, Inc., (Cayman Islands),
	9,986	6.800%, 03/15/38		6,466
	23,564	9.000%, 07/15/23 (e)		22,792
	11,922	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		10,968
	22,617	Unit Corp., 6.625%, 05/15/21		18,829
		Weatherford International Ltd., (Bermuda),
	5,131	4.500%, 04/15/22		4,259
	8,332	7.000%, 03/15/38		6,270
	3,002	7.750%, 06/15/21		2,949
	2,952	8.250%, 06/15/23		2,901
	7,725	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		7,918
				148,072
		Oil, Gas & Consumable Fuels — 8.5%
		Antero Resources Corp.,
	19,942	5.125%, 12/01/22		19,693
	13,926	5.375%, 11/01/21		13,943
	10,831	6.000%, 12/01/20		11,088
		Apache Corp.,
	2,187	3.250%, 04/15/22		2,236
	4,345	4.750%, 04/15/43		4,484
	3,136	6.000%, 01/15/37		3,604

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Baytex Energy Corp., (Canada),
	1,254	5.125%, 06/01/21 (e)		1,044
	4,544	5.625%, 06/01/24 (e)		3,681
	10,875	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		10,467
		Boardwalk Pipelines LP,
	1,150	4.950%, 12/15/24		1,186
	7,500	5.950%, 06/01/26		8,187
	7,550	Buckeye Partners LP, 5.600%, 10/15/44		7,629
		California Resources Corp.,
	223	5.500%, 09/15/21		115
	116	6.000%, 11/15/24		56
	13,890	8.000%, 12/15/22 (e)		9,375
		Cenovus Energy, Inc., (Canada),
	2,635	4.450%, 09/15/42		2,145
	16,170	5.700%, 10/15/19		17,368
	11,664	6.750%, 11/15/39		12,453
	14,050	Cheniere Corpus Christi Holdings LLC, 7.000%, 06/30/24 (e)		15,033
	19,195	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		18,283
	10,160	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		10,408
	14,327	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		14,005
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	1,255	6.375%, 03/15/24		640
	2,811	8.500%, 12/15/19		1,799
	1,150	Concho Resources, Inc., 5.500%, 10/01/22		1,190
	8,470	CONSOL Energy, Inc., 5.875%, 04/15/22		7,665
		Continental Resources, Inc.,
	39,730	5.000%, 09/15/22		38,439
	3,117	7.125%, 04/01/21		3,226
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9,092	6.125%, 03/01/22		8,842
	7,200	6.250%, 04/01/23		7,020
		Encana Corp., (Canada),
	888	3.900%, 11/15/21		880
	2,218	6.500%, 02/01/38		2,220
		Energy Transfer Equity LP,
	20,596	5.875%, 01/15/24		21,111
	1,000	7.500%, 10/15/20		1,095
	4,032	EnLink Midstream Partners LP, 4.850%, 07/15/26		4,005

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	8,048	EnLink Midstream Partners LP/EnLink Midstream Finance Corp, 7.125%, 06/01/22		8,561
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	6,982	6.375%, 06/15/23		3,823
	10,802	7.750%, 09/01/22		5,914
	32,606	9.375%, 05/01/20		21,031
		Genesis Energy LP/Genesis Energy Finance Corp.,
	8,325	5.625%, 06/15/24		8,013
	5,790	6.000%, 05/15/23		5,761
	4,770	6.750%, 08/01/22		4,865
	12,043	Halcon Resources Corp., 13.000%, 02/15/22 (e)		6,684
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	13,966	5.000%, 12/01/24 (e)		13,547
	15,000	5.750%, 10/01/25 (e)		14,700
	11,082	7.625%, 04/15/21 (e)		11,387
		Holly Energy Partners LP/Holly Energy Finance Corp.,
	10,691	6.000%, 08/01/24 (e)		10,905
	6,047	6.500%, 03/01/20		6,228
	14,391	Jupiter Resources, Inc., (Canada), 8.500%, 10/01/22 (e)		11,369
	12,000	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		11,385
		MEG Energy Corp., (Canada),
	1,059	6.500%, 03/15/21 (e)		868
	14,010	7.000%, 03/31/24 (e)		11,278
		MPLX LP,
	8,414	4.500%, 07/15/23 (e)		8,487
	12,000	4.875%, 12/01/24 (e)		12,267
	24,982	4.875%, 06/01/25 (e)		25,479
	3,005	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		2,284
		Newfield Exploration Co.,
	10,351	5.375%, 01/01/26		10,403
	10,657	5.750%, 01/30/22		11,056
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	1,794	5.125%, 07/15/19		1,682
	7,048	6.875%, 10/15/21		6,554
		NGPL PipeCo LLC,
	15,600	7.119%, 12/15/17 (e)		16,243
	11,700	9.625%, 06/01/19 (e)		12,227

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 157

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Oasis Petroleum, Inc.,
	9,657	6.875%, 03/15/22		8,981
	1,025	6.875%, 01/15/23		946
	7,176	7.250%, 02/01/19		7,068
		ONEOK Partners LP,
	695	6.650%, 10/01/36		759
	834	6.850%, 10/15/37		963
	8,995	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		8,550
		Penn Virginia Corp.,
	1,500	7.250%, 04/15/19 (d)		600
	14,125	8.500%, 05/01/20 (d)		5,932
		Plains All American Pipeline LP/PAA Finance Corp.,
	763	5.150%, 06/01/42		704
	6,737	6.650%, 01/15/37		7,517
		QEP Resources, Inc.,
	9,170	5.250%, 05/01/23		8,987
	19,600	5.375%, 10/01/22		19,404
	11,942	6.875%, 03/01/21		12,485
		Range Resources Corp.,
	11,065	4.875%, 05/15/25		10,678
	9,848	5.000%, 03/15/23		9,725
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	4,168	4.500%, 11/01/23		4,213
	8,792	5.000%, 10/01/22		9,339
	14,035	5.500%, 04/15/23		14,516
	9,457	Rice Energy, Inc., 7.250%, 05/01/23		9,883
		Rockies Express Pipeline LLC,
	22,875	6.000%, 01/15/19 (e)		24,076
	1,450	6.850%, 07/15/18 (e)		1,535
	17,176	RSP Permian, Inc., 6.625%, 10/01/22		17,863
		SM Energy Co.,
	23,700	5.000%, 01/15/24		21,715
	11,750	5.625%, 06/01/25		10,986
	2,862	6.500%, 11/15/21		2,834
	7,787	6.500%, 01/01/23		7,631
	10,030	Stone Energy Corp., 7.500%, 11/15/22		5,504
		Sunoco LP/Sunoco Finance Corp.,
	800	5.500%, 08/01/20 (e)		812
	15,678	6.250%, 04/15/21 (e)		16,148
	15,760	6.375%, 04/01/23 (e)		16,233

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	10,000	5.250%, 05/01/23		10,150
	7,175	6.875%, 02/01/21		7,426
	4,288	Tesoro Corp., 5.125%, 04/01/24		4,395
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	9,650	5.875%, 10/01/20		9,927
	6,685	6.125%, 10/15/21		7,003
	8,000	6.250%, 10/15/22		8,468
	7,660	6.375%, 05/01/24		8,177
	6,800	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		8,803
		Ultra Petroleum Corp., (Canada),
	4,262	5.750%, 12/15/18 (d)		3,537
	21,384	6.125%, 10/01/24 (d)		17,428
	7,920	W&T Offshore, Inc., 8.500%, 06/15/19		2,396
	4,704	Western Refining, Inc., 6.250%, 04/01/21		4,575
		Whiting Petroleum Corp.,
	29,315	5.000%, 03/15/19		27,117
	4,624	5.750%, 03/15/21		4,115
		Williams Partners LP/ACMP Finance Corp.,
	22,150	4.875%, 05/15/23		22,380
	12,000	6.125%, 07/15/22		12,476
		WPX Energy, Inc.,
	9,865	5.250%, 09/15/24		9,100
	41,983	6.000%, 01/15/22		40,829
				1,022,505
		Total Energy		1,170,577
		Financials — 5.1%
		Banks — 1.9%
		CIT Group, Inc.,
	7,713	3.875%, 02/19/19		7,884
	41,941	5.000%, 08/15/22		44,458
	37,915	5.250%, 03/15/18		39,526
	13,761	5.375%, 05/15/20		14,707
	10,000	6.625%, 04/01/18 (e)		10,655
		Royal Bank of Scotland Group plc, (United Kingdom),
	4,518	6.000%, 12/19/23		4,779
	51,480	6.100%, 06/10/23		54,663
	46,019	6.125%, 12/15/22		49,149
				225,821

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — 0.2%
		E*TRADE Financial Corp.,
	9,260	4.625%, 09/15/23		9,611
	5,850	5.375%, 11/15/22		6,296
	10,028	MSCI, Inc., 5.250%, 11/15/24 (e)		10,655
				26,562
		Consumer Finance — 1.4%
		Ally Financial, Inc.,
	8,901	3.250%, 02/13/18		8,990
	18,355	3.250%, 11/05/18		18,527
	7,206	3.600%, 05/21/18		7,323
	8,000	4.125%, 03/30/20		8,260
	32,604	4.125%, 02/13/22		33,501
	32,112	4.625%, 05/19/22		33,718
	11,345	4.625%, 03/30/25		11,770
	23,264	8.000%, 11/01/31		29,138
		Springleaf Finance Corp.,
	1,822	7.750%, 10/01/21		1,913
	10,793	8.250%, 12/15/20		11,792
				164,932
		Diversified Financial Services — 0.8%
	23,188	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		10,898
	22,450	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		23,600
	19,738	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		10,955
	7,730	Highland Ranch, 6.700%, 09/01/20		7,653
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	9,589	6.500%, 07/01/21		9,134
	3,490	6.500%, 06/01/22		3,254
	7,757	7.875%, 10/01/20		7,815
	6,920	9.625%, 05/01/19		7,249
	10,120	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		10,550
	13,435	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		9,438
				100,546
		Insurance — 0.5%
	16,661	CNO Financial Group, Inc., 5.250%, 05/30/25		16,536
	4,762	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		4,750
	7,210	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		7,877
	14,342	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		16,637

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	11,400	National Financial Partners Corp., 9.000%, 07/15/21 (e)		11,770
				57,570
		Thrifts & Mortgage Finance — 0.3%
	26,329	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		26,271
	9,072	Radian Group, Inc., 7.000%, 03/15/21		10,206
				36,477
		Total Financials		611,908
		Health Care — 9.2%
		Health Care Equipment & Supplies — 1.2%
		Alere, Inc.,
	5,366	6.375%, 07/01/23 (e)		5,487
	12,213	6.500%, 06/15/20		11,984
	250	7.250%, 07/01/18		256
	20,797	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		21,369
	5,100	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		5,355
	17,430	Hologic, Inc., 5.250%, 07/15/22 (e)		18,541
		Mallinckrodt International Finance S.A., (Luxembourg),
	1,067	3.500%, 04/15/18		1,068
	2,784	4.750%, 04/15/23		2,584
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	10,040	4.875%, 04/15/20 (e)		10,266
	9,330	5.500%, 04/15/25 (e)		9,190
	24,111	5.625%, 10/15/23 (e)		24,201
	10,414	5.750%, 08/01/22 (e)		10,518
	7,714	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		8,062
		Teleflex, Inc.,
	5,000	4.875%, 06/01/26		5,212
	9,785	5.250%, 06/15/24		10,250
				144,343
		Health Care Providers & Services — 5.9%
		Acadia Healthcare Co., Inc.,
	15,955	5.625%, 02/15/23		16,234
	8,830	6.500%, 03/01/24		9,283
		Amsurg Corp.,
	6,200	5.625%, 11/30/20		6,417
	8,365	5.625%, 07/15/22		8,637
		Centene Corp.,
	9,306	4.750%, 05/15/22		9,667

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 159

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	10,589	5.625%, 02/15/21		11,264
	13,415	6.125%, 02/15/24		14,622
		CHS/Community Health Systems, Inc.,
	2,061	5.125%, 08/15/18		2,087
	15,665	5.125%, 08/01/21		15,450
	21,212	6.875%, 02/01/22		17,606
	13,871	7.125%, 07/15/20		12,406
	19,750	8.000%, 11/15/19		18,688
		DaVita, Inc.,
	18,915	5.000%, 05/01/25		19,170
	19,420	5.125%, 07/15/24		20,051
	8,500	5.750%, 08/15/22		8,915
	9,550	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		9,645
		Fresenius Medical Care U.S. Finance II, Inc.,
	4,205	4.125%, 10/15/20 (e)		4,436
	9,230	4.750%, 10/15/24 (e)		9,876
	4,281	5.625%, 07/31/19 (e)		4,688
	12,976	5.875%, 01/31/22 (e)		14,760
	2,075	6.500%, 09/15/18 (e)		2,259
	2,419	6.875%, 07/15/17		2,519
	10,235	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		11,617
	11,585	HCA Holdings, Inc., 6.250%, 02/15/21		12,541
		HCA, Inc.,
	11,028	3.750%, 03/15/19		11,373
	9,680	4.250%, 10/15/19		10,152
	12,385	4.500%, 02/15/27		12,509
	11,871	5.000%, 03/15/24		12,553
	16,185	5.250%, 04/15/25		17,338
	12,340	5.250%, 06/15/26		13,188
	36,840	5.375%, 02/01/25		38,051
	10,440	5.875%, 03/15/22		11,484
	19,145	5.875%, 02/15/26		20,253
	11,356	6.500%, 02/15/20		12,535
	21,198	7.500%, 02/15/22		24,200
	20,955	Series 1, 5.875%, 05/01/23		22,265
	38,711	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		35,082
	1,827	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		1,891
		LifePoint Health, Inc.,
	7,970	5.375%, 05/01/24 (e)		8,179
	9,929	5.500%, 12/01/21		10,376
	34,914	MPH Acquisition Holdings LLC, 7.125%, 06/01/24 (e)		37,532

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — continued
	17,645	Team Health, Inc., 7.250%, 12/15/23 (e)		19,233
		Tenet Healthcare Corp.,
	16,318	4.375%, 10/01/21		16,277
	18,561	4.500%, 04/01/21		18,608
	5,725	4.750%, 06/01/20		5,868
	11,514	5.000%, 03/01/19		11,197
	8,164	5.500%, 03/01/19		8,001
	19,145	6.000%, 10/01/20		20,246
	5,204	6.250%, 11/01/18		5,555
	6,208	6.750%, 02/01/20		6,146
	13,840	6.750%, 06/15/23		13,209
	12,807	8.000%, 08/01/20		13,015
	9,948	8.125%, 04/01/22		10,072
				709,226
		Health Care Technology — 0.3%
		Change Healthcare Holdings, Inc.,
	20,170	6.000%, 02/15/21 (e)		21,380
	11,853	11.000%, 12/31/19		12,535
				33,915
		Life Sciences Tools & Services — 0.1%
	14,095	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		14,659
		Pharmaceuticals — 1.7%
	14,025	Celtic Pharma Phinco B.V., (Bermuda), 17.000%, 06/15/12 (d)		1
		Concordia International Corp., (Canada),
	34,592	7.000%, 04/15/23 (e)		26,809
	9,500	9.500%, 10/21/22 (e)		7,814
	10,763	Endo Finance LLC, 5.750%, 01/15/22 (e)		10,030
		Endo Finance LLC/Endo Finco, Inc.,
	5,000	5.375%, 01/15/23 (e)		4,525
	7,185	7.250%, 01/15/22 (e)		6,951
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc., (Ireland),
	17,105	6.000%, 07/15/23 (e)		15,523
	8,650	6.500%, 02/01/25 (e)		7,677
		Valeant Pharmaceuticals International, Inc., (Canada),
	24,825	5.375%, 03/15/20 (e)		23,398
	6,341	5.500%, 03/01/23 (e)		5,517
	6,075	5.625%, 12/01/21 (e)		5,483
	26,362	5.875%, 05/15/23 (e)		23,198
	28,520	6.125%, 04/15/25 (e)		25,062
	15,168	6.375%, 10/15/20 (e)		14,485

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	3,870	6.750%, 08/15/21 (e)		3,681
	10,270	7.000%, 10/01/20 (e)		10,013
	10,420	7.250%, 07/15/22 (e)		9,847
	11,237	7.500%, 07/15/21 (e)		11,044
				211,058
		Total Health Care		1,113,201
		Industrials — 8.4%
		Aerospace & Defense — 0.7%
		Bombardier, Inc., (Canada),
	6,425	4.750%, 04/15/19 (e)		6,441
	9,550	5.500%, 09/15/18 (e)		9,813
		Orbital ATK, Inc.,
	3,485	5.250%, 10/01/21		3,633
	7,230	5.500%, 10/01/23		7,610
		TransDigm, Inc.,
	6,940	5.500%, 10/15/20		7,122
	15,793	6.000%, 07/15/22		16,425
	8,435	6.375%, 06/15/26 (e)		8,604
	23,775	6.500%, 07/15/24		24,666
				84,314
		Air Freight & Logistics — 0.1%
		XPO Logistics, Inc.,
	5,555	6.125%, 09/01/23 (e)		5,708
	11,450	6.500%, 06/15/22 (e)		11,893
				17,601
		Airlines — 0.5%
	4,197	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		4,375
	5,956	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		6,596
	1,843	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		1,982
	7,492	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		7,866
	3,460	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		3,958
	222	Delta Air Lines 2009-1 Series B Pass-Through Trust, Series B, 9.750%, 12/17/16		229
	9,656	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		10,428
	11,093	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		12,563
	6,755	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		6,991

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Airlines — continued
	2,123	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		2,261
	697	UAL 2009-2A Pass-Through Trust, 9.750%, 01/15/17		716
				57,965
		Building Products — 1.0%
	10,710	Masonite International Corp., (Canada), 5.625%, 03/15/23 (e)		11,353
	10,564	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		11,568
		Standard Industries, Inc.,
	2,076	5.125%, 02/15/21 (e)		2,190
	14,175	5.375%, 11/15/24 (e)		15,061
	6,545	5.500%, 02/15/23 (e)		6,938
	21,700	6.000%, 10/15/25 (e)		23,761
	35,632	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		36,166
	11,705	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		10,535
				117,572
		Commercial Services & Supplies — 2.4%
	46,060	ADT Corp. (The), 4.125%, 06/15/23		45,217
	4,235	Aramark Services, Inc., 5.125%, 01/15/24		4,391
	28,097	Casella Waste Systems, Inc., 7.750%, 02/15/19		28,729
	7,630	Covanta Holding Corp., 5.875%, 03/01/24		7,668
	4,234	Deluxe Corp., 6.000%, 11/15/20		4,388
	21,185	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		19,331
		Harland Clarke Holdings Corp.,
	5,000	6.875%, 03/01/20 (e)		4,812
	391	9.750%, 08/01/18 (e)		403
	35,289	ILFC E-Capital Trust I, VAR, 3.980%, 12/21/65 (e)		28,178
	32,786	ILFC E-Capital Trust II, VAR, 4.230%, 12/21/65 (e)		26,557
	17,250	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		18,069
	2,972	Mustang Merger Corp., 8.500%, 08/15/21 (e)		3,106
	54,884	Prime Security Services Borrower LLC/Prime Finance, Inc., 9.250%, 05/15/23 (e)		59,824
	8,000	Quad/Graphics, Inc., 7.000%, 05/01/22		7,760
		Quebecor World Capital Corp., (Canada),
	8,325	6.125%, 01/15/16 (d)		—	(h)
	6,815	6.500%, 08/01/27 (d)		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 161

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Commercial Services & Supplies — continued
	865	Quebecor World Capital ULC, (Canada), 6.125%, 01/15/16 (d)		—	(h)
	1,670	R.R. Donnelley & Sons Co., 7.875%, 03/15/21		1,816
		West Corp.,
	11,172	4.750%, 07/15/21 (e)		11,398
	17,503	5.375%, 07/15/22 (e)		17,065
				288,712
		Construction & Engineering — 0.8%
		AECOM,
	14,635	5.750%, 10/15/22		15,513
	39,445	5.875%, 10/15/24		43,143
	28,597	MasTec, Inc., 4.875%, 03/15/23		28,597
	11,857	Tutor Perini Corp., 7.625%, 11/01/18		11,976
				99,229
		Electrical Equipment — 0.4%
	13,307	EnerSys, 5.000%, 04/30/23 (e)		13,274
	10,175	Novelis Corp., 6.250%, 08/15/24 (e)		10,608
		Sensata Technologies B.V., (Netherlands),
	11,128	4.875%, 10/15/23 (e)		11,490
	3,520	5.000%, 10/01/25 (e)		3,643
	2,101	5.625%, 11/01/24 (e)		2,227
	5,780	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		5,953
				47,195
		Machinery — 0.6%
	12,887	ATS Automation Tooling Systems, Inc., (Canada), 6.500%, 06/15/23 (e)		13,145
	18,586	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		16,077
		Bluewater Holding B.V., (Netherlands),
	31,500	Reg. S, 10.000%, 12/10/19 (e)		13,860
	8,875	Briggs & Stratton Corp., 6.875%, 12/15/20		9,762
	16,745	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		17,499
		Oshkosh Corp.,
	225	5.375%, 03/01/22		235
	5,796	5.375%, 03/01/25		6,086
				76,664
		Marine — 0.1%
	6,552	Shelf Drilling Holdings Ltd., (Cayman Islands), 8.625%, 11/01/18 (e)		5,258
	26,212	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		5,242
				10,500

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Professional Services — 0.1%
	5,795	CEB, Inc., 5.625%, 06/15/23 (e)		5,751
	5,163	IHS Markit Ltd., (Bermuda), 5.000%, 11/01/22 (e)		5,486
				11,237
		Road & Rail — 0.2%
		Ashtead Capital, Inc.,
	11,086	5.625%, 10/01/24 (e)		11,654
	14,610	6.500%, 07/15/22 (e)		15,414
				27,068
		Trading Companies & Distributors — 1.5%
	17,210	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		11,789
		Aircastle Ltd., (Bermuda),
	8,902	5.125%, 03/15/21		9,659
	3,405	5.500%, 02/15/22		3,699
	10,719	7.625%, 04/15/20		12,380
	10,484	H&E Equipment Services, Inc., 7.000%, 09/01/22		11,061
		HD Supply, Inc.,
	11,154	5.750%, 04/15/24 (e)		11,879
	28,700	7.500%, 07/15/20		29,884
		United Rentals North America, Inc.,
	7,850	4.625%, 07/15/23		8,031
	7,595	5.500%, 07/15/25		7,823
	24,125	5.750%, 11/15/24		25,090
	15,440	5.875%, 09/15/26		16,057
	8,488	6.125%, 06/15/23		8,923
	10,500	Univar USA, Inc., 6.750%, 07/15/23 (e)		10,867
	10,790	WESCO Distribution, Inc., 5.375%, 06/15/24 (e)		11,033
				178,175
		Total Industrials		1,016,232
		Information Technology — 5.3%
		Communications Equipment — 0.7%
	17,267	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		18,778
		Avaya, Inc.,
	10,031	7.000%, 04/01/19 (e)		7,473
	6,818	10.500%, 03/01/21		1,773
	6,807	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		7,224
		CommScope, Inc.,
	2,513	4.375%, 06/15/20 (e)		2,601
	10,830	5.000%, 06/15/21 (e)		11,236
	11,781	5.500%, 06/15/24 (e)		12,370

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Communications Equipment — continued
	15,912	Goodman Networks, Inc., 12.125%, 07/01/18		7,876
		Nokia OYJ, (Finland),
	6,517	5.375%, 05/15/19		7,047
	5,650	6.625%, 05/15/39		6,158
	6,550	Plantronics, Inc., 5.500%, 05/31/23 (e)		6,812
				89,348
		Electronic Equipment, Instruments & Components — 0.4%
	10,130	Anixter, Inc., 5.500%, 03/01/23		10,662
		Belden, Inc.,
	5,649	5.250%, 07/15/24 (e)		5,734
	5,650	5.500%, 09/01/22 (e)		5,890
		CDW LLC/CDW Finance Corp.,
	9,966	5.000%, 09/01/23		10,327
	7,051	5.500%, 12/01/24		7,557
	2,695	6.000%, 08/15/22		2,894
	2,853	Zebra Technologies Corp., 7.250%, 10/15/22		3,095
				46,159
		Internet Software & Services — 0.1%
	4,800	Match Group, Inc., 6.375%, 06/01/24		5,220
		VeriSign, Inc.,
	6,008	4.625%, 05/01/23		6,143
	2,933	5.250%, 04/01/25		3,058
				14,421
		IT Services — 0.9%
	9,550	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		9,407
		First Data Corp.,
	23,445	5.000%, 01/15/24 (e)		23,855
	8,260	5.375%, 08/15/23 (e)		8,570
	24,775	5.750%, 01/15/24 (e)		25,363
	5,370	6.750%, 11/01/20 (e)		5,585
	30,908	7.000%, 12/01/23 (e)		32,415
				105,195
		Semiconductors & Semiconductor Equipment — 1.3%
		Advanced Micro Devices, Inc.,
	6,052	6.750%, 03/01/19		6,082
	18,232	7.000%, 07/01/24		16,773
	770	7.500%, 08/15/22		747
	3,440	7.750%, 08/01/20		3,406
	2,499	Entegris, Inc., 6.000%, 04/01/22 (e)		2,599
	2,315	Freescale Semiconductor, Inc., 6.000%, 01/15/22 (e)		2,440

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Semiconductors & Semiconductor Equipment — continued
		Micron Technology, Inc.,
	15,555	5.250%, 08/01/23 (e)		15,049
	182	5.250%, 01/15/24 (e)		174
	4,936	5.500%, 02/01/25		4,782
	5,558	5.625%, 01/15/26 (e)		5,308
	5,448	5.875%, 02/15/22		5,489
	11,250	7.500%, 09/15/23 (e)		12,403
	5,700	Microsemi Corp., 9.125%, 04/15/23 (e)		6,527
		NXP B.V./NXP Funding LLC, (Netherlands),
	10,909	4.125%, 06/15/20 (e)		11,291
	20,027	4.125%, 06/01/21 (e)		20,948
	13,426	4.625%, 06/15/22 (e)		14,139
	2,430	5.750%, 02/15/21 (e)		2,533
	3,963	5.750%, 03/15/23 (e)		4,219
	9,706	Qorvo, Inc., 6.750%, 12/01/23 (e)		10,567
	5,867	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		6,432
				151,908
		Software — 0.7%
		Infor U.S., Inc.,
	12,295	5.750%, 08/15/20 (e)		12,977
	16,502	6.500%, 05/15/22		16,729
	10,842	Informatica LLC, 7.125%, 07/15/23 (e)		10,246
	10,577	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		10,828
		Open Text Corp., (Canada),
	7,385	5.625%, 01/15/23 (e)		7,625
	7,211	5.875%, 06/01/26 (e)		7,608
	15,295	Solera LLC/Solera Finance, Inc., 10.500%, 03/01/24 (e)		16,939
	4,630	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23		4,873
				87,825
		Technology Hardware, Storage & Peripherals — 1.2%
		Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	135	3.480%, 06/01/19 (e)		139
	7,038	4.420%, 06/15/21 (e)		7,363
	20,333	5.450%, 06/15/23 (e)		21,662
	16,498	5.875%, 06/15/21 (e)		17,464
	20,333	6.020%, 06/15/26 (e)		21,796
	14,225	7.125%, 06/15/24 (e)		15,403
	1,844	8.100%, 07/15/36 (e)		2,142
	3,065	8.350%, 07/15/46 (e)		3,570
	21,198	Diebold, Inc., 8.500%, 04/15/24 (e)		21,569

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 163

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Technology Hardware, Storage & Peripherals — continued
		NCR Corp.,
	3,142	5.000%, 07/15/22		3,205
	1,176	5.875%, 12/15/21		1,232
	2,730	6.375%, 12/15/23		2,887
		Western Digital Corp.,
	8,181	7.375%, 04/01/23 (e)		8,876
	15,432	10.500%, 04/01/24 (e)		17,438
				144,746
		Total Information Technology		639,602
		Materials — 10.1%
		Chemicals — 2.5%
	10,870	A Schulman, Inc., 6.875%, 06/01/23 (e)		10,924
	5,000	Ashland, Inc., 6.875%, 05/15/43		5,450
	7,900	Axalta Coating Systems LLC, 4.875%, 08/15/24 (e)		8,236
	5,175	Axiall Corp., 4.875%, 05/15/23		5,427
	5,690	Basell Finance Co., B.V., (Netherlands), 8.100%, 03/15/27 (e)		7,655
		Blue Cube Spinco, Inc.,
	27,175	9.750%, 10/15/23 (e)		32,134
	40,868	10.000%, 10/15/25 (e)		48,633
	38,886	CVR Partners LP/CVR Nitrogen Finance Corp., 9.250%, 06/15/23 (e)		38,546
	14,749	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		16,887
	55,680	Hexion, Inc., 6.625%, 04/15/20		48,268
		Momentive Performance Materials, Inc.,
	8,310	3.880%, 10/24/21		6,868
	9,310	8.875%, 10/15/20 (d)		—	(h)
		NOVA Chemicals Corp., (Canada),
	5,545	5.000%, 05/01/25 (e)		5,725
	10,435	5.250%, 08/01/23 (e)		10,826
	6,050	Nufarm Australia Ltd., (Australia), 6.375%, 10/15/19 (e)		6,126
	26,138	PolyOne Corp., 5.250%, 03/15/23		27,314
	5,300	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		5,128
	12,000	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		12,825
	5,690	Valvoline, Inc., 5.500%, 07/15/24 (e)		5,972
				302,944
		Construction Materials — 1.1%
	15,730	Cemex Finance LLC, 9.375%, 10/12/22 (e)		17,322
		Cemex S.A.B. de C.V., (Mexico),
	24,380	5.700%, 01/11/25 (e)		25,083

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Construction Materials — continued
	34,604	6.125%, 05/05/25 (e)		36,379
	37,003	7.750%, 04/16/26 (e)		41,769
	5,806	Headwaters, Inc., 7.250%, 01/15/19		6,024
	10,816	U.S. Concrete, Inc., 6.375%, 06/01/24		11,276
				137,853
		Containers & Packaging — 1.5%
		Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., (Ireland),
	1,694	7.000%, 11/15/20 (e)		1,692
	3,320	7.250%, 05/15/24 (e)		3,532
		Ball Corp.,
	4,991	4.000%, 11/15/23		5,078
	5,000	5.000%, 03/15/22		5,400
	11,740	5.250%, 07/01/25		12,709
		Berry Plastics Corp.,
	15,950	5.125%, 07/15/23		16,409
	7,000	5.500%, 05/15/22		7,284
		Cascades, Inc., (Canada),
	4,740	5.500%, 07/15/22 (e)		4,764
	7,655	5.750%, 07/15/23 (e)		7,743
	3,085	Constar International, Inc., 11.000%, 12/31/17 (d)		324
		Graphic Packaging International, Inc.,
	7,745	4.750%, 04/15/21		8,297
	3,230	4.875%, 11/15/22		3,403
		Owens-Brockway Glass Container, Inc.,
	5,890	5.000%, 01/15/22 (e)		6,199
	12,403	5.375%, 01/15/25 (e)		12,992
	1,350	5.875%, 08/15/23 (e)		1,476
	1,802	6.375%, 08/15/25 (e)		1,996
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	10,695	5.125%, 07/15/23 (e)		11,096
	12,385	5.750%, 10/15/20		12,757
	12,600	6.875%, 02/15/21		13,072
	3,800	8.250%, 02/15/21		3,952
	829	9.875%, 08/15/19		853
		Sealed Air Corp.,
	22,767	5.125%, 12/01/24 (e)		24,361
	10,344	5.250%, 04/01/23 (e)		11,042
				176,431
		Metals & Mining — 4.8%
	16,255	AK Steel Corp., 7.500%, 07/15/23		17,637

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — continued
		Alcoa, Inc.,
	18,585	5.125%, 10/01/24		19,607
	4,866	5.400%, 04/15/21		5,163
	6,943	5.870%, 02/23/22		7,516
	9,851	5.900%, 02/01/27		10,565
	7,034	5.950%, 02/01/37		7,102
	2,250	6.150%, 08/15/20		2,457
	15,659	6.750%, 01/15/28		17,421
		Aleris International, Inc.,
	1,203	7.875%, 11/01/20		1,239
	9,900	9.500%, 04/01/21 (e)		10,865
		Anglo American Capital plc, (United Kingdom),
	16,100	4.125%, 04/15/21 (e)		15,939
	8,517	4.125%, 09/27/22 (e)		8,325
	1,968	4.450%, 09/27/20 (e)		1,988
	25,315	4.875%, 05/14/25 (e)		25,378
		ArcelorMittal, (Luxembourg),
	5,170	6.125%, 06/01/25		5,558
	3,245	6.250%, 08/05/20		3,505
	14,005	6.500%, 03/01/21		15,195
	58,000	7.250%, 02/25/22		65,250
	2,900	7.750%, 03/01/41		3,016
	5,270	8.000%, 10/15/39		5,665
	5,300	10.850%, 06/01/19		6,320
	18,487	Coeur Mining, Inc., 7.875%, 02/01/21		18,256
	17,188	Commercial Metals Co., 4.875%, 05/15/23		17,274
		Freeport-McMoRan, Inc.,
	16,015	3.100%, 03/15/20		14,734
	15,460	3.550%, 03/01/22		13,450
	39,610	3.875%, 03/15/23		33,966
	5,129	4.000%, 11/14/21		4,693
	1,776	5.400%, 11/14/34		1,385
	32,550	5.450%, 03/15/43		24,901
	15,456	Hecla Mining Co., 6.875%, 05/01/21		15,572
	6,432	HudBay Minerals, Inc., (Canada), 9.500%, 10/01/20		6,448
	5,550	Kaiser Aluminum Corp., 5.875%, 05/15/24 (e)		5,883
		Lundin Mining Corp., (Canada),
	10,080	7.500%, 11/01/20 (e)		10,634
	11,280	7.875%, 11/01/22 (e)		12,070
		New Gold, Inc., (Canada),
	12,111	6.250%, 11/15/22 (e)		12,505
	4,261	7.000%, 04/15/20 (e)		4,389
	21,539	Novelis, Inc., (Canada), 8.750%, 12/15/20		22,562

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
	2,495	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		2,264
	8,160	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		8,323
		Steel Dynamics, Inc.,
	5,850	5.125%, 10/01/21		6,084
	7,600	5.250%, 04/15/23		7,904
	9,670	5.500%, 10/01/24		10,202
	8,892	6.375%, 08/15/22		9,381
	5,032	Taseko Mines Ltd., (Canada), 7.750%, 04/15/19		3,214
		Teck Resources Ltd., (Canada),
	8,250	3.000%, 03/01/19		8,002
	9,070	4.750%, 01/15/22		8,483
	8,060	5.400%, 02/01/43		6,005
	7,270	6.000%, 08/15/40		5,889
	7,310	6.125%, 10/01/35		6,104
	1,920	8.000%, 06/01/21 (e)		2,078
	7,421	8.500%, 06/01/24 (e)		8,349
	10,885	United States Steel Corp., 8.375%, 07/01/21 (e)		11,838
				578,553
		Paper & Forest Products — 0.2%
		Clearwater Paper Corp.,
	6,395	4.500%, 02/01/23		6,371
	6,719	5.375%, 02/01/25 (e)		6,786
	15,735	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		10,857
	6,530	NWH Escrow Corp., 7.500%, 08/01/21 (e)		4,375
				28,389
		Total Materials		1,224,170
		Real Estate — 0.8%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	11,136	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		11,660
	10,830	DuPont Fabros Technology LP, 5.875%, 09/15/21		11,331
		Equinix, Inc.,
	2,065	4.875%, 04/01/20		2,148
	7,608	5.375%, 01/01/22		8,126
	18,058	5.375%, 04/01/23		19,096
	2,707	5.750%, 01/01/25		2,897
	4,481	5.875%, 01/15/26		4,881

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 165

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Equity Real Estate Investment Trusts (REITs) — continued
		Iron Mountain, Inc.,
	13,529	5.750%, 08/15/24		14,036
	10,396	6.000%, 10/01/20 (e)		11,046
	5,387	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		5,481
		VEREIT Operating Partnership LP,
	3,025	4.125%, 06/01/21		3,161
	1,289	4.875%, 06/01/26		1,389
		Total Real Estate		95,252
		Telecommunication Services — 10.4%
		Diversified Telecommunication Services — 7.1%
		Altice Financing S.A., (Luxembourg),
	10,515	6.500%, 01/15/22 (e)		11,041
	19,517	6.625%, 02/15/23 (e)		20,322
	16,485	7.500%, 05/15/26 (e)		17,350
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,000	5.125%, 05/01/23 (e)		1,052
	5,200	5.250%, 09/30/22		5,460
	5,688	5.375%, 05/01/25 (e)		5,994
	10,128	5.500%, 05/01/26 (e)		10,723
	37,655	5.750%, 02/15/26 (e)		40,291
	53,808	5.875%, 04/01/24 (e)		57,978
	21,964	Cincinnati Bell, Inc., 8.375%, 10/15/20		22,733
	9,948	Consolidated Communications, Inc., 6.500%, 10/01/22		9,650
	128,912	Embarq Corp., 7.995%, 06/01/36		133,667
		Frontier Communications Corp.,
	27,490	6.250%, 09/15/21		26,811
	16,421	8.500%, 04/15/20		17,714
	964	8.750%, 04/15/22		1,005
	10,000	8.875%, 09/15/20		10,900
	32,472	9.250%, 07/01/21		35,151
	22,091	10.500%, 09/15/22		24,038
	21,012	11.000%, 09/15/25		22,693
		Intelsat Jackson Holdings S.A., (Luxembourg),
	14,521	5.500%, 08/01/23		9,910
	7,910	7.250%, 04/01/19		6,338
	15,080	7.250%, 10/15/20		11,725
	19,125	8.000%, 02/15/24 (e)		19,221
	12,018	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		3,545
	22,112	Level 3 Communications, Inc., 5.750%, 12/01/22		23,107
		Level 3 Financing, Inc.,
	7,358	5.125%, 05/01/23		7,643

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	14,544	5.250%, 03/15/26 (e)		15,089
	1,910	5.375%, 08/15/22		1,996
	10,555	5.375%, 01/15/24		11,070
	13,627	5.375%, 05/01/25		14,308
	11,460	5.625%, 02/01/23		12,004
	1,000	6.125%, 01/15/21		1,038
		Qwest Capital Funding, Inc.,
	7,892	6.875%, 07/15/28		7,132
	20,558	7.750%, 02/15/31		19,813
	5,575	Qwest Corp., 7.250%, 09/15/25		6,028
		SBA Communications Corp.,
	13,205	4.875%, 07/15/22		13,535
	2,380	4.875%, 09/01/24 (e)		2,413
		SFR Group S.A., (France),
	50,605	6.000%, 05/15/22 (e)		51,718
	11,702	6.250%, 05/15/24 (e)		11,790
	14,242	7.375%, 05/01/26 (e)		14,705
		Sprint Capital Corp.,
	5,540	6.875%, 11/15/28		4,956
	9,285	6.900%, 05/01/19		9,378
	18,753	8.750%, 03/15/32		18,560
	13,965	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		14,349
		Virgin Media Finance plc, (United Kingdom),
	9,250	5.250%, 02/15/22		8,290
	10,422	6.375%, 04/15/23 (e)		11,100
		Virgin Media Secured Finance plc, (United Kingdom),
	3,000	5.250%, 01/15/26 (e)		3,067
	7,867	5.375%, 04/15/21 (e)		8,182
		Wind Acquisition Finance S.A., (Luxembourg),
	4,696	4.750%, 07/15/20 (e)		4,755
	7,010	7.375%, 04/23/21 (e)		7,220
		Windstream Services LLC,
	4,903	7.500%, 06/01/22		4,719
	6,606	7.500%, 04/01/23		6,266
		Zayo Group LLC/Zayo Capital, Inc.,
	16,700	6.000%, 04/01/23		17,368
	5,525	6.375%, 05/15/25		5,830
				862,741
		Wireless Telecommunication Services — 3.3%
	21,169	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		22,016
		Sprint Communications, Inc.,
	8,529	6.000%, 12/01/16		8,614

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Wireless Telecommunication Services — continued
	23,125	7.000%, 03/01/20 (e)		24,802
	22,520	7.000%, 08/15/20		22,182
	2,690	8.375%, 08/15/17		2,802
	36,726	9.000%, 11/15/18 (e)		40,444
	3,596	9.125%, 03/01/17		3,699
	2,455	9.250%, 04/15/22		2,578
	5,758	11.500%, 11/15/21		6,478
		Sprint Corp.,
	25,764	7.125%, 06/15/24		24,025
	17,249	7.250%, 09/15/21		17,055
	27,634	7.625%, 02/15/25		26,174
	23,004	7.875%, 09/15/23		22,314
		T-Mobile USA, Inc.,
	2,836	5.250%, 09/01/18		2,895
	7,620	6.000%, 03/01/23		8,077
	15,259	6.000%, 04/15/24		16,251
	14,660	6.125%, 01/15/22		15,466
	12,564	6.250%, 04/01/21		13,114
	16,845	6.375%, 03/01/25		18,108
	4,862	6.500%, 01/15/24		5,227
	11,207	6.500%, 01/15/26		12,265
	8,204	6.625%, 11/15/20		8,471
	13,487	6.625%, 04/01/23		14,389
	15,458	6.633%, 04/28/21		16,192
	28,587	6.731%, 04/28/22		30,052
	17,390	6.836%, 04/28/23		18,651
				402,341
		Total Telecommunication Services		1,265,082
		Utilities — 4.3%
		Electric Utilities — 0.2%
	23,018	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		23,363
	15,375	Texas Competitive Electric Holdings Co. LLC, VAR, 3.977%, 10/01/20		4,997
				28,360
		Gas Utilities — 1.3%
	12,275	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		13,073
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	5,357	5.625%, 05/20/24		5,732
	5,356	5.875%, 08/20/26		5,744
	16,574	Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23		14,958

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — continued
	5,833	PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		5,643
		Rose Rock Midstream LP/Rose Rock Finance Corp.,
	5,385	5.625%, 07/15/22		4,954
	6,417	5.625%, 11/15/23		5,840
		Sabine Pass Liquefaction LLC,
	30,157	5.625%, 04/15/23		31,740
	30,640	5.625%, 03/01/25		32,402
	12,850	5.625%, 02/01/21		13,493
	9,090	5.750%, 05/15/24		9,658
	14,402	5.875%, 06/30/26 (e)		15,410
				158,647
		Independent Power & Renewable Electricity Producers — 2.5%
		AES Corp.,
	3,000	4.875%, 05/15/23		3,037
	20,000	5.500%, 03/15/24		20,750
	10,165	5.500%, 04/15/25		10,424
	8,453	6.000%, 05/15/26		8,971
		Calpine Corp.,
	16,308	5.250%, 06/01/26 (e)		16,512
	9,837	5.375%, 01/15/23		9,843
	10,700	5.500%, 02/01/24		10,660
	9,821	5.750%, 01/15/25		9,784
	26,374	5.875%, 01/15/24 (e)		27,890
		Dynegy, Inc.,
	29,544	5.875%, 06/01/23		26,811
	6,000	7.375%, 11/01/22		5,910
	11,750	7.625%, 11/01/24		11,486
	32,044	GenOn Energy, Inc., 9.875%, 10/15/20		22,591
		NRG Energy, Inc.,
	14,220	6.250%, 05/01/24		14,113
	32,000	6.625%, 03/15/23		32,640
	19,946	6.625%, 01/15/27 (e)		19,983
	3,000	7.250%, 05/15/26 (e)		3,116
		Talen Energy Supply LLC,
	7,603	4.625%, 07/15/19 (e)		7,147
	10,579	6.500%, 06/01/25		9,070
		TerraForm Power Operating LLC,
	15,357	5.875%, 02/01/23 (e)		15,415
	12,640	6.125%, 06/15/25 (e)		12,861
				299,014

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 167

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Multi-Utilities — 0.3%
			NRG Yield Operating LLC,
	6,850		5.000%, 09/15/26 (e)		6,850
	21,760		5.375%, 08/15/24		22,685
					29,535
			Total Utilities		515,556
			Total Corporate Bonds (Cost $10,350,329)		10,473,564
	Preferred Securities — 0.8% (x)
			Financials — 0.8%
			Banks — 0.8%
	20,448		Bank of America Corp., Series AA, VAR, 6.100%, 03/17/25		21,496
	22,680		Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		23,232
			Citigroup, Inc.,
	13,720		Series R, VAR, 6.125%, 11/15/20		14,315
	7,910		Series T, VAR, 6.250%, 08/15/26		8,543
	10,770		Credit Agricole S.A., (France), VAR, 8.125%, 12/23/25 (e)		11,558
			Royal Bank of Scotland Group plc, (United Kingdom),
	10,292		VAR, 7.500%, 08/10/20		9,752
	6,561		VAR, 8.000%, 08/10/25		6,378
	4,790		VAR, 8.625%, 08/15/21		4,880
					100,154
			Capital Markets — 0.0% (g)
	4,290		Goldman Sachs Group, Inc. (The), Series O, VAR, 5.300%, 11/10/26		4,386
			Total Preferred Securities (Cost $101,856)		104,540
SHARES
	Common Stocks — 0.0% (g)
			Consumer Discretionary — 0.0% (g)
			Media — 0.0% (g)
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a) (e)		1,463
			Specialty Retail — 0.0% (g)
	116		Nebraska Book Holdings, Inc. (a)		9
			Total Consumer Discretionary		1,472
			Financials — 0.0% (g)
			Diversified Financial Services — 0.0% (g)
	9,055		Adelphia Recovery Trust (a)		—	(h)

SHARES		SECURITY DESCRIPTION	VALUE($)
		Insurance — 0.0% (g)
	7,076	ACC Claims Holdings LLC (a)		71
		Total Financials		71
		Industrials — 0.0% (g)
		Commercial Services & Supplies — 0.0% (g)
	1	Quad/Graphics, Inc.		16
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	58	Constar International, Inc., Class A, ADR (a)		—	(h)
		Telecommunication Services — 0.0% (g)
		Wireless Telecommunication Services — 0.0% (g)
	1,491	NII Holdings, Inc. (a)		4,964
		Utilities — 0.0% (g)
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	100	Dynegy, Inc. (a)		1,267
		Total Common Stocks (Cost $28,391)		7,790
	Preferred Stocks — 0.5%
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	1	Spanish Broadcasting System, Inc., Series B, 10.750%, 10/03/16 ($1,000 par value) @		713
		Financials — 0.4%
		Consumer Finance — 0.1%
	260	GMAC Capital Trust I, Series 2, VAR, 6.602%, 02/15/40 ($25 par value)		6,568
		Insurance — 0.3%
	312	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		9,818
	34	XLIT Ltd., (Cayman Islands), Series D, VAR, 3.800%, 10/03/16 ($1,000 par value) @		26,323
				36,141
		Total Financials		42,709
		Industrials — 0.1%
		Commercial Services & Supplies — 0.1%
	13	Pitney Bowes International Holdings, Inc., Series F, 6.125%, 10/30/16 ($1,000 par value) @		13,047
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	6	Constar International, Inc., Class A		—	(h)
		Total Preferred Stocks (Cost $55,897)		56,469

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — 6.5%
		Consumer Discretionary — 1.7%
		Automobiles — 0.1%
	4,466	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		4,472
	6,351	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		6,356
				10,828
		Hotels, Restaurants & Leisure — 0.2%
	13,752	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		13,778
	7,942	Intrawest Operations Group LLC, Initial Term Loan, VAR, 5.000%, 12/09/20		7,969
	5,911	Scientific Games International, Inc., Initial Term Loan, VAR, 6.000%, 10/18/20		5,911
				27,658
		Leisure Products — 0.3%
	14,900	Delta 2 Sarl, 2nd Lien Facility, (Luxembourg), VAR, 7.750%, 07/29/22		14,745
	17,670	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21 ^		17,568
	8,342	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		7,591
				39,904
		Media — 0.9%
	16,975	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22		17,106
	2,797	Entravision Communications Corp., Tranche B Term Loan, VAR, 3.500%, 05/31/20		2,788
	8,285	Gray Television, Inc., Initial Term Loan, VAR, 3.938%, 06/13/21		8,316
	37,355	iHeartCommunications, Inc., Term Loan D, VAR, 7.274%, 01/30/19		28,632
	20,104	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.024%, 07/30/19		15,363
	11,594	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20		11,594
	3,149	MTL Publishing LLC, Term B-3 Loan, VAR, 4.000%, 08/19/22		3,149
	5,955	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		5,966
	6,519	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		6,513
	11,059	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		11,053
				110,480

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — 0.2%
	10,683	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21		8,418
	9,308	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		9,336
				17,754
		Total Consumer Discretionary		206,624
		Consumer Staples — 0.6%
		Food & Staples Retailing — 0.4%
	32,995	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		33,172
	10,119	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		10,122
				43,294
		Food Products — 0.1%
	3,815	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.501%, 11/01/18		3,826
	3,638	Hearthside Group Holdings LLC, Term Loan, VAR, 4.500%, 06/02/21		3,638
	2,782	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.250%, 04/29/20		2,789
	3,806	Pinnacle Foods Finance LLC, Fourth Amendment Tranche I Term Loan, VAR, 3.270%, 01/13/23		3,826
	2,918	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.250%, 04/29/20		2,923
				17,002
		Personal Products — 0.1%
	8,238	Revlon Consumer Products Corp., Term Loan B, VAR, 4.750%, 07/14/23 ^		8,226
		Total Consumer Staples		68,522
		Energy — 1.0%
		Energy Equipment & Services — 0.0% (g)
	3,300	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		2,062
		Oil, Gas & Consumable Fuels — 1.0%
	2,723	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		2,710
	12,547	California Resources, 1st Lien Second Out Term Loan, VAR, 11.500%, 08/05/21 ^		13,143
	14,127	Chesapeake Energy, First Lien Last Out Term Loan, VAR, 8.500%, 08/15/21 ^		14,568
	5,865	EP Energy LLC/Everest Acquisition LLC., 2nd Lien Term Loan, VAR, 9.750%, 06/30/21 ^		5,770

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 169

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Oil, Gas & Consumable Fuels — continued
	9,160	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		3,298
	56,740	Gulf Finance LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/27/23 ^		54,943
	8,919	MEG Energy Corp., Incremental Term Loan, (Canada), VAR, 3.750%, 03/31/20		8,185
	6,365	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20 (d)		4,378
	5,657	Sabine Oil & Gas Corp., Term Loan, VAR, 12.000%, 12/31/18 (d) ^		177
	15,280	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		14,860
				122,032
		Total Energy		124,094
		Financials — 0.2%
		Consumer Finance — 0.1%
	14,594	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		14,138
		Diversified Financial Services — 0.1%
	10,979	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		10,712
		Total Financials		24,850
		Health Care — 0.2%
		Health Care Providers & Services — 0.1%
	5,777	inVentiv Health, Inc., Term Loan B-4, VAR, 7.750%, 05/15/18		5,783
		Pharmaceuticals — 0.1%
	17,647	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		16,684
		Total Health Care		22,467
		Industrials — 0.4%
		Air Freight & Logistics — 0.1%
	10,589	XPO Logistics, Inc., Term loan, VAR, 4.250%, 10/31/21 ^		10,635
		Building Products — 0.1%
	11,529	Stardust Finance, Senior Lien Term Loan, VAR, 6.500%, 03/14/22 ^		11,433
		Industrial Conglomerates — 0.0% (g)
	2,073	Autoparts Holdings Ltd., Term Loan, VAR, 7.000%, 07/29/17		1,958
		Machinery — 0.1%
	14,099	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (Luxembourg), VAR, 4.250%, 03/11/22 ^		14,113

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Marine — 0.1%
	2,590	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		1,744
	7,135	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18 (d)		3,995
				5,739
		Total Industrials		43,878
		Information Technology — 0.7%
		Communications Equipment — 0.1%
	18,496	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		13,803
		Internet Software & Services — 0.0% (g)
	3,020	Solar Winds Holdings, Inc., 1st Lien Term loan, VAR, 5.500%, 02/03/23		3,030
		IT Services — 0.2%
	24,070	First Data Corp., 2021 New Dollar Term Loan, VAR, 4.522%, 03/24/21 ^		24,181
	4,436	First Data Corp., 2022 New Dollar Term Loan, VAR, 4.272%, 07/08/22		4,448
				28,629
		Semiconductors & Semiconductor Equipment — 0.3%
	16,509	Avago Technologies, Term A-2 Loan, (Singapore), VAR, 3.508%, 02/01/23 ^		16,651
	14,286	Microsemi Corp., Closing Date Term B Loan, VAR, 3.750%, 01/15/23 ^		14,374
	2,701	NXP B.V./NXP Funding LLC, Term B Loan, (Netherlands), VAR, 3.750%, 12/07/20		2,715
	6,252	On Semiconductor Corp., Term Loan B, VAR, 5.250%, 03/31/23		6,329
				40,069
		Software — 0.1%
	6,000	Infor U.S., Inc., Tranche B-5 Term Loan, VAR, 3.750%, 06/03/20		5,931
		Total Information Technology		91,462
		Materials — 0.4%
		Containers & Packaging — 0.3%
	939	Ardagh Holdings USA, Inc., New Term Loan, VAR, 4.000%, 12/17/19		943
	4,962	Berry Plastics Corp., Term Loan D, VAR, 3.500%, 02/08/20		4,951
	6,285	Berry Plastics Corp., Term Loan G, VAR, 3.500%, 01/06/21		6,270
	7,962	Berry Plastics Corp., Term Loan H, VAR, 3.750%, 10/01/22		7,957

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Containers & Packaging — continued
	2,543	NVLX Acquisition LLC, 1st Lien Term Loan, VAR, 6.000%, 12/05/21		2,555
	6,385	Viskase Companies, Inc., Initial Term Loan, VAR, 4.250%, 01/30/21 ^		5,922
				28,598
		Metals & Mining — 0.1%
	1,124	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		1,123
	2,085	Atkore International, Inc., 2nd Lien Initial Term Loan, VAR, 7.750%, 10/09/21		2,083
	12,056	FMG Resources Pty, Ltd., Term Loan B, VAR, 3.750%, 06/30/19 ^		11,984
				15,190
		Total Materials		43,788
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.4%
	6,088	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20 ^		6,088
	20,233	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		20,160
	10,835	Virgin Media Investments Holdings Ltd., F Facility, (United Kingdom), VAR, 3.649%, 06/30/23 ^		10,834
	9,522	Windstream, Term Loan B-6, VAR, 5.750%, 03/29/21		9,578
				46,660
		Wireless Telecommunication Services — 0.0% (g)
	3,993	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		3,542
	3,411	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		3,030
				6,572
		Total Telecommunication Services		53,232
		Utilities — 0.9%
		Electric Utilities — 0.7%
	5,974	Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan C, VAR, 5.000%, 10/31/17 ^		5,987
	83,215	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.970%, 10/10/17 (d)		26,629
	70,354	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.970%, 10/10/17 (d)		22,144

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	27,971	Texas Competitive Electric Holdings Co. LLC, Term Loan B, VAR, 5.000%, 10/31/17 ^		28,034
				82,794
		Independent Power & Renewable Electricity Producers — 0.2%
	5,373	Calpine Corp., Term Loan, VAR, 4.000%, 01/15/23		5,399
	21,365	Dynegy, Inc., 1st Lien Term Loan C, VAR, 5.000%, 06/27/23		21,368
				26,767
		Total Utilities		109,561
		Total Loan Assignments (Cost $899,130)		788,478
NUMBER OF WARRANTS
	Warrants — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	112	Nebraska Book Co., Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—	(h)
	52	Nebraska Book Holdings, Inc., expiring 06/29/19 (Strike Price $1.00) (a)		—	(h)
		Total Consumer Discretionary		—	(h)
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	23	Gener8 Maritime, Inc., expiring 05/17/17 (Strike Price $1.00) (a)		—	(h)
		Total Warrants (Cost $2)		—	(h)
PRINCIPAL AMOUNT($)
	Short-Term Investments — 5.2%
		U.S. Treasury Obligations— 0.1%
		U.S. Treasury Bills,
	7,560	0.322, 01/05/17 (k) (n)		7,550
	2,755	0.326, 10/06/16 (k) (n)		2,754
		Total U.S. Treasury Obligations (Cost $10,305)		10,304

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 171

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE($)
		Investment Company — 5.1%
	616,479	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l)		616,479
		Total Short-Term Investments (Cost $626,784)		626,783
		Total Investments — 99.7% (Cost $12,071,594)		12,067,317
		Other Assets in Excess of Liabilities — 0.3%		30,431
		NET ASSETS — 100.0%	$	12,097,748

Percentages indicated are based on net assets.

Centrally Cleared Credit Default Swaps — Sell Protection ^[1]

Credit Indices:

REFERENCE OBLIGATION

FUND RECEIVES FIXED RATE (r)

TERMINATION DATE

IMPLIED CREDIT SPREAD AS OF AUGUST 31, 2016 [2]

NOTIONAL AMOUNT [3]

VALUE

UPFRONT PREMIUMS (PAID)/ RECEIVED [4]

CDX.NA.HY.26-V1

5.000% quarterly

06/20/21

3.927

%

200,000

10,927

(9,374

)

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

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

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

^[4]  Upfront premiums generally relate to payments made or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.4%
		Ally Auto Receivables Trust,
	87	Series 2013-2, Class A3, 0.790%, 01/15/18		87
	476	Series 2015-1, Class A3, 1.390%, 09/16/19		477
	305	Series 2015-SN1, Class A3, 1.210%, 12/20/17		305
	509	Series 2016-1, Class A3, 1.470%, 04/15/20		511
	800	Series 2016-2, Class A3, 1.350%, 05/15/20		800
		American Express Credit Account Master Trust,
	1,847	Series 2014-2, Class A, 1.260%, 01/15/20		1,850
	619	Series 2014-3, Class A, 1.490%, 04/15/20		622
		AmeriCredit Automobile Receivables Trust,
	71	Series 2013-5, Class A3, 0.900%, 09/10/18		71
	206	Series 2015-4, Class A3, 1.700%, 07/08/20		207
	428	Series 2016-2, Class A3, 1.600%, 11/09/20		428
	617	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		616
	1,500	BMW Vehicle Lease Trust, Series 2015-2, Class A3, 1.400%, 09/20/18		1,502
		BMW Vehicle Owner Trust,
	80	Series 2013-A, Class A3, 0.670%, 11/27/17		80
	425	Series 2014-A, Class A3, 0.970%, 11/26/18		425
	463	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		467
		Capital Auto Receivables Asset Trust,
	1,600	Series 2015-1, Class A3, 1.610%, 06/20/19		1,605
	617	Series 2015-2, Class A3, 1.730%, 09/20/19		618
	335	CarFinance Capital Auto Trust, Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		333
		CarMax Auto Owner Trust,
	214	Series 2013-4, Class A3, 0.800%, 07/16/18		214
	1,314	Series 2014-2, Class A3, 0.980%, 01/15/19		1,313
	527	Series 2015-2, Class A3, 1.370%, 03/16/20		528
	337	Series 2016-1, Class A3, 1.610%, 11/16/20		339
	711	Series 2016-2, Class A3, 1.520%, 02/16/21		713
	883	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		885
	483	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		482
	3,200	Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.730%, 04/09/20		3,233
		CNH Equipment Trust,
	81	Series 2013-C, Class A3, 1.020%, 08/15/18		81
	666	Series 2013-D, Class A3, 0.770%, 10/15/18		666
	756	Series 2014-A, Class A3, 0.840%, 05/15/19		755
	1,064	Series 2014-B, Class A3, 0.910%, 05/15/19		1,063

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	136	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		136
		CPS Auto Receivables Trust,
	74	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		74
	225	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		224
	468	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		468
	585	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		585
	1,098	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		1,095
	460	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		461
	1,857	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 03/15/22 (e)		1,857
	26	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)		26
	1,500	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		1,506
		DT Auto Owner Trust,
	333	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		333
	826	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		825
		Exeter Automobile Receivables Trust,
	4	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		3
	247	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		247
	834	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		834
		Fifth Third Auto Trust,
	10	Series 2013-A, Class A3, 0.610%, 09/15/17		10
	318	Series 2015-1, Class A3, 1.420%, 03/16/20		319
	1,295	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		1,291
		Flagship Credit Auto Trust,
	535	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		533
	501	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		500
	749	Series 2016-2, Class A1, 2.280%, 05/15/20 (e)		749

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 173

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	127		Ford Credit Auto Lease Trust, Series 2014-B, Class A3, 0.890%, 09/15/17		127
			Ford Credit Auto Owner Trust,
	22		Series 2013-C, Class A3, 0.820%, 12/15/17		22
	180		Series 2013-D, Class A3, 0.670%, 04/15/18		180
	735		Series 2014-B, Class A3, 0.900%, 10/15/18		735
	930		Series 2014-C, Class A3, 1.060%, 05/15/19		930
	668		Series 2015-A, Class A3, 1.280%, 09/15/19		669
	658		Series 2015-B, Class A3, 1.160%, 11/15/19		658
	585		Series 2015-C, Class A3, 1.410%, 02/15/20		586
	373		Series 2016-B, Class A3, 1.330%, 10/15/20		374
	1,478		GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,470
	441		GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		438
			GLS Auto Receivables Trust,
	897		Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		895
	1,041		Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		1,046
			GM Financial Automobile Leasing Trust,
	963		Series 2015-1, Class A3, 1.530%, 09/20/18		967
	974		Series 2015-3, Class A3, 1.690%, 03/20/19		979
	248		Series 2016-2, Class A3, 1.620%, 09/20/19		249
	681		GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		681
			Harley-Davidson Motorcycle Trust,
	1,498		Series 2015-1, Class A3, 1.410%, 06/15/20		1,501
	716		Series 2015-2, Class A3, 1.300%, 03/16/20		717
			Honda Auto Receivables Owner Trust,
	163		Series 2013-4, Class A3, 0.690%, 09/18/17		163
	738		Series 2014-1, Class A3, 0.670%, 11/21/17		737
	806	��	Series 2015-1, Class A3, 1.050%, 10/15/18		806
	389		Series 2016-1, Class A3, 1.220%, 12/18/19		389
	392		Series 2016-3, Class A3, 1.160%, 05/18/20		391
			Hyundai Auto Receivables Trust,
	339		Series 2014-A, Class A3, 0.790%, 07/16/18		338
	988		Series 2014-B, Class A3, 0.900%, 12/17/18		988
	718		Series 2015-A, Class A3, 1.050%, 04/15/19		718
	343		Series 2015-C, Class A3, 1.460%, 02/18/20		344
			John Deere Owner Trust,
	1,129		Series 2014-B, Class A3, 1.070%, 11/15/18		1,128
	384		Series 2015-B, Class A3, 1.440%, 10/15/19		385
	1,199		Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		1,189
	317		Nationstar HECM Loan Trust, Series 2016-3A, Class A, 2.013%, 08/25/26 (e)		317

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000	Nissan Auto Lease Trust, Series 2015-A, Class A3, 1.400%, 06/15/18		1,001
		Nissan Auto Receivables Owner Trust,
	341	Series 2013-C, Class A3, 0.670%, 08/15/18		340
	506	Series 2014-A, Class A3, 0.720%, 08/15/18		505
	489	Series 2014-B, Class A3, 1.110%, 05/15/19		489
	823	Series 2015-C, Class A3, 1.370%, 05/15/20		826
	305	Series 2016-B, Class A3, 1.320%, 01/15/21		306
	956	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		947
		OneMain Financial Issuance Trust,
	773	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		774
	1,490	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		1,492
	1,295	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		1,309
	1,750	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		1,752
	102	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		102
	1,642	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		1,642
	1,472	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		1,472
	1,100	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		1,102
	213	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.824%, 03/25/36		211
	191	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		193
	612	SoFi Consumer Loan Program, Series 2016-2A, Class A, 3.090%, 10/27/25 (e)		617
	1,444	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		1,445
		Toyota Auto Receivables Owner Trust,
	679	Series 2014-A, Class A3, 0.670%, 12/15/17		678
	429	Series 2014-C, Class A3, 0.930%, 07/16/18		429
	600	Series 2016-A, Class A3, 1.250%, 03/16/20		601
	348	Series 2016-B, Class A3, 1.300%, 04/15/20		348
	877	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.458%, 10/15/18 (e)		864
	73	USAA Auto Owner Trust, Series 2014-1, Class A3, 0.580%, 12/15/17		73

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	760		Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		759
	541		Volkswagen Auto Loan Enhanced Trust, Series 2013-2, Class A3, 0.700%, 04/20/18		540
	207		VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		207
	1,122		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,134
	398		VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		399
	449		VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		450
	858		VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		858
	1,484		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		1,483
	877		VOLT XXVI LLC, Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		874
	911		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		909
	772		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		772
	642		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		641
	1,309		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,309
	1,061		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,061
	203		Westgate Resorts LLC, Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		202
	1,846		Westlake Automobile Receivables Trust, Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		1,847
			World Omni Auto Receivables Trust,
	437		Series 2015-A, Class A3, 1.340%, 05/15/20		438
	1,286		Series 2015-B, Class A3, 1.490%, 12/15/20		1,291
			World Omni Automobile Lease Securitization Trust,
	802		Series 2014-A, Class A3, 1.160%, 09/15/17		802
	1,093		Series 2015-A, Class A3, 1.540%, 10/15/18		1,095
			Total Asset-Backed Securities (Cost $90,952)		91,058
	Collateralized Mortgage Obligations — 17.4%
			Agency CMO — 16.9%
			Federal Home Loan Mortgage Corp. REMIC,
	29		Series 1578, Class K, 6.900%, 09/15/23		32
	239		Series 2110, Class PG, 6.000%, 01/15/29		275
	—	(h)	Series 2355, Class BP, 6.000%, 09/15/16		—	(h)
	1		Series 2391, Class QR, 5.500%, 12/15/16		1

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	2	Series 2427, Class LW, 6.000%, 03/15/17		2
	39	Series 2436, Class MC, 7.000%, 04/15/32		44
	46	Series 2441, Class GF, 6.500%, 04/15/32		54
	281	Series 2505, Class D, 5.500%, 09/15/32		311
	872	Series 2525, Class AM, 4.500%, 04/15/32		968
	139	Series 2544, Class KE, 5.500%, 12/15/32		157
	342	Series 2557, Class HL, 5.300%, 01/15/33		381
	8	Series 2558, Class BD, 5.000%, 01/15/18		8
	40	Series 2564, Class NK, 5.000%, 02/15/18		41
	107	Series 2575, Class PE, 5.500%, 02/15/33		122
	436	Series 2586, Class WG, 4.000%, 03/15/33		470
	5	Series 2594, Class JB, 4.500%, 04/15/18		5
	19	Series 2595, Class HJ, 5.000%, 03/15/23		20
	371	Series 2596, Class QD, 4.000%, 03/15/33		399
	141	Series 2611, Class KH, 5.000%, 05/15/18		144
	435	Series 2621, Class QH, 5.000%, 05/15/33		481
	561	Series 2624, Class QH, 5.000%, 06/15/33		624
	1,456	Series 2626, Class JC, 5.000%, 06/15/23		1,562
	739	Series 2632, Class AB, 4.500%, 06/15/18		756
	21	Series 2648, Class BK, 5.000%, 07/15/33		22
	42	Series 2649, Class PJ, 3.500%, 06/15/33		44
	17	Series 2649, Class QH, 4.500%, 07/15/18		17
	227	Series 2649, Class WB, 3.500%, 07/15/23		238
	893	Series 2673, Class PE, 5.500%, 09/15/33		1,002
	1,090	Series 2685, Class DT, 5.000%, 10/15/23		1,192
	251	Series 2687, Class JH, 5.000%, 10/15/23		271
	680	Series 2696, Class DG, 5.500%, 10/15/33		765
	101	Series 2699, Class TC, 4.000%, 11/15/18		103
	1,614	Series 2701, Class AC, 5.000%, 11/15/23		1,747
	284	Series 2725, Class TA, 4.500%, 12/15/33		338
	792	Series 2733, Class ME, 5.000%, 01/15/34		883
	29	Series 2744, Class TU, 5.500%, 05/15/32		29
	3	Series 2750, Class JB, 4.500%, 02/15/19		3
	237	Series 2752, Class JB, 4.500%, 02/15/19		244
	160	Series 2760, Class KT, 4.500%, 09/15/32		165
	318	Series 2764, Class UE, 5.000%, 10/15/32		327
	278	Series 2768, Class PK, 5.000%, 03/15/34		304
	118	Series 2773, Class OC, 5.000%, 04/15/19		122
	292	Series 2804, Class AM, 5.000%, 03/15/34		294
	99	Series 2828, Class JE, 4.500%, 07/15/19		102
	20	Series 2843, Class BC, 5.000%, 08/15/19		21
	197	Series 2864, Class NB, 5.500%, 07/15/33		204
	183	Series 2875, Class HB, 4.000%, 10/15/19		187
	505	Series 2899, Class HB, 4.000%, 12/15/19		518
	109	Series 2910, Class BE, 4.500%, 12/15/19		112

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 175

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	149	Series 2920, Class KT, 4.500%, 01/15/20		153
	140	Series 2929, Class KG, 4.500%, 02/15/20		144
	594	Series 2934, Class KG, 5.000%, 02/15/35		665
	28	Series 2950, Class JA, 4.500%, 03/15/20		28
	1,688	Series 2960, Class JH, 5.500%, 04/15/35		1,892
	59	Series 2968, Class MD, 5.500%, 12/15/33		60
	137	Series 2981, Class BC, 4.500%, 05/15/20		140
	56	Series 2988, Class TY, 5.500%, 06/15/25		62
	1,367	Series 2989, Class TG, 5.000%, 06/15/25		1,493
	17	Series 2993, Class PM, 4.500%, 05/15/35		18
	22	Series 3017, Class MK, 5.000%, 12/15/34		22
	55	Series 3028, Class ME, 5.000%, 02/15/34		56
	54	Series 3036, Class TE, 5.500%, 12/15/34		55
	25	Series 3057, Class PE, 5.500%, 11/15/34		25
	42	Series 3077, Class TO, PO, 04/15/35		39
	118	Series 3082, Class PW, 5.500%, 12/15/35		135
	2,726	Series 3084, Class BH, 5.500%, 12/15/35		3,085
	151	Series 3087, Class KX, 5.500%, 12/15/25		166
	2,564	Series 3098, Class KG, 5.500%, 01/15/36		2,867
	2,144	Series 3102, Class CE, 5.500%, 01/15/26		2,377
	59	Series 3121, Class JD, 5.500%, 03/15/26		65
	203	Series 3123, Class HT, 5.000%, 03/15/26		222
	112	Series 3136, Class CO, PO, 04/15/36		101
	85	Series 3145, Class AJ, 5.500%, 04/15/36		96
	803	Series 3150, Class EQ, 5.000%, 05/15/26		875
	151	Series 3200, Class PO, PO, 08/15/36		138
	114	Series 3219, Class PD, 6.000%, 11/15/35		115
	101	Series 3270, Class AT, 5.500%, 01/15/37		115
	17	Series 3272, Class PA, 6.000%, 02/15/37		20
	14	Series 3289, Class ND, 5.500%, 06/15/35		14
	2,155	Series 3294, Class DB, 4.500%, 03/15/22		2,232
	102	Series 3337, Class MD, 5.500%, 06/15/27		115
	136	Series 3348, Class HT, 6.000%, 07/15/37		157
	393	Series 3349, Class HE, 5.500%, 07/15/36		403
	42	Series 3372, Class BD, 4.500%, 10/15/22		43
	26	Series 3508, Class PK, 4.000%, 02/15/39		27
	44	Series 3513, Class A, 4.500%, 02/15/39		47
	652	Series 3521, Class B, 4.000%, 04/15/24		706
	125	Series 3544, Class BC, 4.000%, 06/15/24		132
	5,262	Series 3546, Class NB, 4.000%, 06/15/24		5,605
	2,537	Series 3562, Class JC, 4.000%, 08/15/24		2,677
	1,732	Series 3563, Class BD, 4.000%, 08/15/24		1,805
	64	Series 3563, Class LB, 4.000%, 08/15/29		69
	265	Series 3571, Class MY, 4.000%, 09/15/24		289
	1,828	Series 3575, Class EB, 4.000%, 09/15/24		1,937

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	2,811	Series 3577, Class B, 4.000%, 09/15/24		2,968
	442	Series 3578, Class KB, 4.000%, 09/15/24		469
	9	Series 3593, Class PC, 5.000%, 05/15/38		9
	318	Series 3605, Class NB, 5.500%, 06/15/37		324
	394	Series 3647, Class GA, 5.000%, 11/15/28		405
	10	Series 3652, Class A, 4.500%, 11/15/24		10
	314	Series 3653, Class B, 4.500%, 04/15/30		345
	2,116	Series 3653, Class HJ, 5.000%, 04/15/40		2,365
	135	Series 3659, Class BD, 5.000%, 01/15/37		140
	530	Series 3659, Class VG, 5.000%, 09/15/34		593
	2,435	Series 3677, Class KB, 4.500%, 05/15/40		2,696
	2,243	Series 3677, Class PB, 4.500%, 05/15/40		2,421
	97	Series 3688, Class GT, VAR, 7.277%, 11/15/46		113
	260	Series 3715, Class PC, 4.500%, 08/15/40		288
	883	Series 3740, Class BP, 4.500%, 04/15/38		926
	187	Series 3747, Class HI, IO, 4.500%, 07/15/37		7
	774	Series 3747, Class PA, 4.000%, 04/15/38		809
	120	Series 3755, Class ML, 5.500%, 06/15/29		126
	1,750	Series 3787, Class AY, 3.500%, 01/15/26		1,853
	1,275	Series 3794, Class LB, 3.500%, 01/15/26		1,353
	439	Series 3797, Class PA, 4.500%, 08/15/39		454
	1,661	Series 3816, Class HA, 3.500%, 11/15/25		1,799
	1,599	Series 3819, Class ZQ, 6.000%, 04/15/36		1,823
	500	Series 3824, Class EY, 3.500%, 03/15/31		540
	1,488	Series 3827, Class BM, 5.500%, 08/15/39		1,608
	264	Series 3828, Class PU, 4.500%, 03/15/41		282
	902	Series 3852, Class TP, IF, 5.500%, 05/15/41		972
	2,800	Series 3874, Class DW, 3.500%, 06/15/21		2,962
	1,600	Series 3885, Class AC, 4.000%, 06/15/26		1,695
	821	Series 3898, Class KH, 3.500%, 06/15/26		884
	1,146	Series 3904, Class EC, 2.000%, 08/15/40		1,146
	1,600	Series 3911, Class B, 3.500%, 08/15/26		1,749
	534	Series 3955, Class HB, 3.000%, 12/15/40		549
	2,500	Series 3956, Class EB, 3.250%, 11/15/41		2,585
	2,500	Series 3959, Class PB, 3.000%, 11/15/26		2,630
	1,650	Series 3963, Class JB, 4.500%, 11/15/41		1,903
	246	Series 4026, Class MQ, 4.000%, 04/15/42		267
	609	Series 4085, Class FB, VAR, 0.908%, 01/15/39		611
	3,316	Series 4219, Class JA, 3.500%, 08/15/39		3,489
	3,650	Series 4238, Class UY, 3.000%, 08/15/33		3,800
	2,574	Series 4337, Class VJ, 3.500%, 06/15/27		2,784

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,850	Federal Home Loan Mortgage Corp. STRIPS, Series 262, Class 35, 3.500%, 07/15/42		1,969
		Federal National Mortgage Association - ACES,
	1,732	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,860
	2,056	Series 2011-M4, Class A1, 2.548%, 06/25/21		2,106
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,925
	3,953	Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		4,123
	3,500	Series 2014-M1, Class A2, VAR, 3.270%, 07/25/23		3,745
	3,108	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		3,414
	3,100	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		3,370
	4,756	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		5,065
	1,800	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,879
	1,973	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		2,109
	4,631	Series 2015-M1, Class A2, 2.532%, 09/25/24		4,781
	4,500	Series 2015-M3, Class A2, 2.723%, 10/25/24		4,707
	1,400	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		1,498
		Federal National Mortgage Association REMIC,
	339	Series 1997-57, Class PN, 5.000%, 09/18/27		371
	136	Series 2001-63, Class TC, 6.000%, 12/25/31		152
	349	Series 2001-81, Class HE, 6.500%, 01/25/32		403
	2	Series 2002-24, Class AJ, 6.000%, 04/25/17		2
	342	Series 2002-75, Class GB, 5.500%, 11/25/32		366
	123	Series 2002-85, Class PE, 5.500%, 12/25/32		137
	127	Series 2003-5, Class EQ, 5.500%, 02/25/23		139
	77	Series 2003-21, Class OU, 5.500%, 03/25/33		87
	96	Series 2003-23, Class CH, 5.000%, 04/25/33		106
	800	Series 2003-26, Class EB, 3.500%, 04/25/33		857

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	181	Series 2003-41, Class BK, 5.000%, 05/25/18		185
	150	Series 2003-48, Class TC, 5.000%, 06/25/23		161
	130	Series 2003-55, Class HY, 5.000%, 06/25/23		140
	255	Series 2003-63, Class YB, 5.000%, 07/25/33		280
	458	Series 2003-69, Class N, 5.000%, 07/25/33		501
	432	Series 2003-80, Class QG, 5.000%, 08/25/33		495
	93	Series 2003-84, Class GE, 4.500%, 09/25/18		95
	323	Series 2003-85, Class QD, 5.500%, 09/25/33		361
	22	Series 2003-87, Class TJ, 4.500%, 09/25/18		22
	89	Series 2003-94, Class CE, 5.000%, 10/25/33		96
	587	Series 2003-129, Class ME, 5.000%, 08/25/23		599
	105	Series 2003-134, Class MH, 5.000%, 06/25/33		108
	567	Series 2004-44, Class KT, 6.000%, 06/25/24		628
	188	Series 2004-53, Class NC, 5.500%, 07/25/24		204
	394	Series 2004-70, Class EB, 5.000%, 10/25/24		426
	12	Series 2004-81, Class HA, 4.250%, 10/25/24		12
	527	Series 2005-5, Class CK, 5.000%, 01/25/35		572
	1,214	Series 2005-29, Class WC, 4.750%, 04/25/35		1,339
	164	Series 2005-33, Class QD, 5.000%, 01/25/34		166
	294	Series 2005-48, Class TD, 5.500%, 06/25/35		342
	828	Series 2005-53, Class MJ, 5.500%, 06/25/35		931
	105	Series 2005-58, Class EP, 5.500%, 07/25/35		116
	91	Series 2005-62, Class CP, 4.750%, 07/25/35		98
	250	Series 2005-68, Class BE, 5.250%, 08/25/35		306
	364	Series 2005-68, Class PG, 5.500%, 08/25/35		412

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 177

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	88	Series 2005-86, Class AX, 5.500%, 10/25/35		89
	8	Series 2005-99, Class AE, 5.500%, 12/25/35		9
	1,061	Series 2005-102, Class PG, 5.000%, 11/25/35		1,178
	764	Series 2005-110, Class GL, 5.500%, 12/25/35		898
	30	Series 2005-110, Class MB, 5.500%, 09/25/35		32
	435	Series 2006-22, Class CE, 4.500%, 08/25/23		462
	39	Series 2006-41, Class MC, 5.500%, 07/25/35		40
	133	Series 2006-49, Class PA, 6.000%, 06/25/36		154
	800	Series 2006-114, Class HE, 5.500%, 12/25/36		890
	69	Series 2007-33, Class HE, 5.500%, 04/25/37		78
	25	Series 2007-65, Class KI, IF, IO, 6.096%, 07/25/37		3
	555	Series 2007-71, Class GB, 6.000%, 07/25/37		637
	281	Series 2007-71, Class KP, 5.500%, 07/25/37		310
	153	Series 2007-113, Class DB, 4.500%, 12/25/22		160
	185	Series 2008-65, Class CD, 4.500%, 08/25/23		191
	1,189	Series 2008-70, Class BY, 4.000%, 08/25/23		1,221
	49	Series 2008-72, Class BX, 5.500%, 08/25/38		55
	20	Series 2008-74, Class B, 5.500%, 09/25/38		23
	792	Series 2009-19, Class PW, 4.500%, 10/25/36		865
	38	Series 2009-37, Class KI, IF, IO, 5.476%, 06/25/39		5
	228	Series 2009-39, Class LB, 4.500%, 06/25/29		248
	969	Series 2009-62, Class HJ, 6.000%, 05/25/39		1,077
	138	Series 2009-71, Class MB, 4.500%, 09/25/24		148
	240	Series 2009-71, Class XB, 5.000%, 03/25/38		241
	51	Series 2009-78, Class J, 5.000%, 09/25/19		52

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	34	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		5
	94	Series 2009-86, Class OT, PO, 10/25/37		86
	2,151	Series 2009-92, Class AD, 6.000%, 11/25/39		2,402
	63	Series 2009-96, Class CB, 4.000%, 11/25/49		66
	344	Series 2009-96, Class DB, 4.000%, 11/25/29		368
	263	Series 2009-112, Class ST, IF, IO, 5.726%, 01/25/40		45
	120	Series 2010-9, Class MD, 5.000%, 02/25/38		131
	3,880	Series 2010-22, Class PE, 5.000%, 03/25/40		4,340
	500	Series 2010-28, Class DE, 5.000%, 04/25/30		562
	123	Series 2010-35, Class SB, IF, IO, 5.896%, 04/25/40		17
	3,125	Series 2010-37, Class CY, 5.000%, 04/25/40		3,469
	700	Series 2010-41, Class DC, 4.500%, 05/25/25		749
	2,135	Series 2010-49, Class KB, 4.000%, 05/25/25		2,250
	122	Series 2010-54, Class EA, 4.500%, 06/25/40		132
	54	Series 2010-56, Class BD, 5.000%, 12/25/38		54
	23	Series 2010-64, Class DM, 5.000%, 06/25/40		26
	408	Series 2010-71, Class HJ, 5.500%, 07/25/40		457
	4,000	Series 2010-103, Class GB, 4.000%, 09/25/20		4,214
	116	Series 2010-111, Class AE, 5.500%, 04/25/38		119
	4,850	Series 2010-123, Class BP, 4.500%, 11/25/40		5,424
	1,019	Series 2010-135, Class HE, 3.000%, 01/25/21		1,037
	498	Series 2011-22, Class MA, 6.500%, 04/25/38		546
	1,330	Series 2011-39, Class ZA, 6.000%, 11/25/32		1,524
	1,006	Series 2011-41, Class KL, 4.000%, 05/25/41		1,113
	500	Series 2011-50, Class LP, 4.000%, 06/25/41		552

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,186	Series 2011-61, Class V, 4.500%, 08/25/22		2,208
	3,000	Series 2011-75, Class BL, 3.500%, 08/25/21		3,173
	1,000	Series 2012-14, Class DE, 3.500%, 03/25/42		1,055
	524	Series 2012-103, Class DA, 3.500%, 10/25/41		541
	1,312	Series 2012-137, Class CF, VAR, 0.824%, 08/25/41		1,306
	1,888	Series 2013-83, Class CA, 3.500%, 10/25/37		1,969
	2,250	Series 2013-104, Class CY, 5.000%, 10/25/43		2,724
		Federal National Mortgage Association STRIPS,
	51	Series 293, Class 1, PO, 12/25/24		45
	96	Series 314, Class 1, PO, 07/25/31		88
		Government National Mortgage Association,
	62	Series 2002-44, Class JC, 6.000%, 07/20/32		71
	573	Series 2002-79, Class KL, 5.500%, 11/20/32		642
	154	Series 2003-10, Class KJ, 5.500%, 02/20/33		176
	589	Series 2003-29, Class PD, PAC, 5.500%, 04/16/33		661
	357	Series 2003-33, Class NE, PAC, 5.500%, 04/16/33		396
	4	Series 2003-40, Class TD, 5.000%, 03/20/33		4
	204	Series 2003-65, Class AP, 5.500%, 08/20/33		230
	772	Series 2003-77, Class TK, PAC, 5.000%, 09/16/33		859
	1,665	Series 2004-16, Class GC, 5.500%, 02/20/34		1,912
	48	Series 2004-54, Class BG, 5.500%, 07/20/34		54
	899	Series 2004-93, Class PD, 5.000%, 11/16/34		1,024
	934	Series 2004-101, Class BE, 5.000%, 11/20/34		1,042
	450	Series 2005-11, Class PL, PAC, 5.000%, 02/20/35		498
	1,982	Series 2005-26, Class XY, 5.500%, 03/20/35		2,237
	516	Series 2005-33, Class AY, 5.500%, 04/16/35		590
	174	Series 2005-49, Class B, 5.500%, 06/20/35		195

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	431	Series 2005-51, Class DC, 5.000%, 07/20/35		478
	67	Series 2005-56, Class BD, 5.000%, 07/20/35		74
	40	Series 2006-7, Class ND, 5.500%, 08/20/35		46
	489	Series 2007-37, Class LB, 5.500%, 06/16/37		559
	376	Series 2007-79, Class BL, 5.750%, 08/20/37		428
	450	Series 2008-7, Class PQ, 5.000%, 02/20/38		521
	1,007	Series 2008-9, Class PW, PAC, 5.250%, 02/20/38		1,130
	277	Series 2008-23, Class YA, PAC, 5.250%, 03/20/38		310
	1,011	Series 2008-33, Class PB, PAC, 5.500%, 04/20/38		1,149
	293	Series 2008-34, Class PG, PAC, 5.250%, 04/20/38		334
	280	Series 2008-35, Class NF, PAC, 5.000%, 04/20/38		312
	274	Series 2008-38, Class BE, 5.000%, 07/16/36		282
	1,007	Series 2008-38, Class BG, 5.000%, 05/16/38		1,148
	324	Series 2008-43, Class NB, PAC, 5.500%, 05/20/38		367
	868	Series 2008-56, Class PX, PAC, 5.500%, 06/20/38		978
	973	Series 2008-58, Class PD, PAC, 5.500%, 08/16/37		1,022
	1,247	Series 2008-58, Class PE, PAC, 5.500%, 07/16/38		1,470
	7	Series 2008-62, Class SA, IF, IO, 5.638%, 07/20/38		1
	198	Series 2008-76, Class US, IF, IO, 5.388%, 09/20/38		28
	191	Series 2008-95, Class DS, IF, IO, 6.788%, 12/20/38		39
	308	Series 2009-14, Class AG, 4.500%, 03/20/39		334
	47	Series 2009-15, Class NA, 5.000%, 12/20/38		49
	47	Series 2009-61, Class AP, PAC, 4.000%, 08/20/39		50
	467	Series 2009-72, Class SM, IF, IO, 5.743%, 08/16/39		75
	331	Series 2009-106, Class ST, IF, IO, 5.488%, 02/20/38		58

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 179

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	175	Series 2010-7, Class EA, PAC, 5.000%, 06/16/38		191
	57	Series 2010-14, Class QP, 6.000%, 12/20/39		59
	397	Series 2010-130, Class BD, 4.000%, 12/20/39		430
	398	Series 2010-157, Class OP, PO, 12/20/40		360
	2,121	Series 2011-97, Class WA, VAR, 6.117%, 11/20/38		2,407
	2,011	Series 2014-H11, Class VA, VAR, 0.968%, 06/20/64		2,000
	3,001	Series 2015-H20, Class FA, VAR, 0.938%, 08/20/65		2,979
	2,022	Series 2015-H26, Class FG, VAR, 0.988%, 10/20/65		2,012
	1,138	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33		1,307
				239,557
		Non-Agency CMO — 0.5%
	606	Bear Stearns ALT-A Trust, Series 2004-6, Class 1A, VAR, 1.164%, 07/25/34		577
	21	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.500%, 06/25/19		21
	107	Citigroup Mortgage Loan Trust, Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		108
		Citigroup Mortgage Loan Trust, Inc.,
	35	Series 2003-1, Class 3A4, 5.250%, 09/25/33		35
	77	Series 2004-HYB4, Class WA, VAR, 2.879%, 12/25/34		76
	48	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		48
	252	GMACM Mortgage Loan Trust, Series 2004-J5, Class A7, 6.500%, 01/25/35		260
	270	GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4, 5.500%, 05/25/34		277
		JP Morgan Mortgage Trust,
	880	Series 2006-A2, Class 5A3, VAR, 2.783%, 11/25/33		892
	158	Series 2007-A1, Class 5A5, VAR, 2.911%, 07/25/35		158
	225	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.882%, 04/21/34		230
	13	MASTR Alternative Loan Trust, Series 2004-5, Class 5A1, 4.750%, 06/25/19		13

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	186	MASTR Asset Securitization Trust, Series 2003-11, Class 8A1, 5.500%, 12/25/33		189
		Merrill Lynch Mortgage Investors Trust,
	298	Series 2003-F, Class A1, VAR, 1.164%, 10/25/28		291
	352	Series 2004-B, Class A1, VAR, 1.024%, 05/25/29		343
	79	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.676%, 04/25/34		83
	68	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		69
	9	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		9
	16	RALI Trust, Series 2004-QS3, Class CB, 5.000%, 03/25/19		16
	724	Sequoia Mortgage Trust, Series 2004-11, Class A1, VAR, 1.112%, 12/20/34		708
	444	Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		445
	287	Structured Asset Mortgage Investments II Trust, Series 2003-AR4, Class A1, VAR, 1.214%, 01/19/34		276
	503	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 2.183%, 12/25/44		497
		WaMu Mortgage Pass-Through Certificates Trust,
	301	Series 2003-AR11, Class A6, VAR, 2.549%, 10/25/33		303
	4	Series 2003-S6, Class 2A1, 5.000%, 07/25/18		4
	945	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-P, Class 2A1, VAR, 2.988%, 09/25/34		973
				6,901
		Total Collateralized Mortgage Obligations (Cost $239,849)		246,458
	Commercial Mortgage-Backed Securities — 3.2%
	1,325	A10 Term Asset Financing LLC, Series 2014-1, Class A2, 3.020%, 04/15/33 (e)		1,303
		Banc of America Commercial Mortgage Trust,
	30	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		30
	97	Series 2006-5, Class A4, 5.414%, 09/10/47		97

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	29	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		29
	1,400	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		1,502
	14	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48		15
	2,750	COMM Mortgage Trust, Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		2,757
	109	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		108
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,045	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,232
	4,000	Series K037, Class A2, 3.490%, 01/25/24		4,426
	1,000	Series K038, Class A2, 3.389%, 03/25/24		1,101
	2,503	Series K046, Class A2, 3.205%, 03/25/25		2,731
	2,000	Series K048, Class A2, VAR, 3.284%, 06/25/25		2,194
	469	Series K049, Class A2, 3.010%, 07/25/25		505
	1,354	Series KF12, Class A, VAR, 1.224%, 09/25/22		1,359
	327	Series KJ02, Class A2, 2.597%, 09/25/20		337
	1,750	Series KPLB, Class A, 2.770%, 05/25/25		1,834
	5,000	Series KSMC, Class A2, 2.615%, 01/25/23		5,226
	800	Federal National Mortgage Association - ACES, Series 2016-M6, Class A2, 2.488%, 05/25/26		822
	735	FREMF Mortgage Trust, Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		724
	1,344	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		1,350
	57	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2005-CB11, Class AJ, VAR, 5.584%, 08/12/37		57
	742	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 02/15/40		749
	9,827	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.768%, 12/12/49 (e)		10
	2,200	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,333
		Morgan Stanley Capital I Trust,
	37,205	Series 2007-HQ11, Class X, IO, VAR, 0.379%, 02/12/44 (e)		15
	577	Series 2011-C3, Class A3, 4.054%, 07/15/49		603

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	190	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		188
	1,726	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.958%, 07/14/34 (e)		1,714
	493	RAIT Trust, Series 2015-FL4, Class A, VAR, 1.857%, 12/15/31 (e)		493
	866	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		917
		UBS-Barclays Commercial Mortgage Trust,
	1,040	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,127
	1,486	Series 2013-C6, Class A4, 3.244%, 04/10/46		1,586
	2,750	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		2,956
	2	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		2
	1,800	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440%, 04/15/45		1,932
		Total Commercial Mortgage-Backed Securities (Cost $43,688)		45,364
	Corporate Bonds — 32.9%
		Consumer Discretionary — 2.2%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	138	3.625%, 07/02/24		147
	1,135	4.250%, 03/01/21		1,218
	40	5.000%, 03/30/20		44
				1,409
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	2,100	2.250%, 07/31/19 (e)		2,134
	153	2.250%, 03/02/20 (e)		156
	584	2.625%, 09/15/16 (e)		584
				2,874
		Hotels, Restaurants & Leisure — 0.1%
	1,250	McDonald’s Corp., 3.375%, 05/26/25		1,317
	326	Starbucks Corp., 2.700%, 06/15/22		342
				1,659
		Internet & Direct Marketing Retail — 0.1%
	1,217	Amazon.com, Inc., 3.800%, 12/05/24		1,358

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 181

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — 1.2%
		21st Century Fox America, Inc.,
	30	7.250%, 05/18/18		33
	600	7.430%, 10/01/26		802
	200	7.700%, 10/30/25		275
	1,019	CBS Corp., 3.700%, 08/15/24		1,075
	450	Comcast Cable Communications LLC, 8.875%, 05/01/17		473
	335	Comcast Corp., 6.500%, 01/15/17		342
	422	Discovery Communications LLC, 4.375%, 06/15/21		457
	285	Grupo Televisa SAB, (Mexico), 4.625%, 01/30/26		315
	1,715	Historic TW, Inc., 9.150%, 02/01/23		2,325
	400	NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 (e)		407
	2,000	NBCUniversal Media LLC, 2.875%, 01/15/23		2,095
		Time Warner Cable, Inc.,
	50	8.250%, 04/01/19		58
	3,425	8.750%, 02/14/19		3,978
	500	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		683
		Time Warner, Inc.,
	400	3.400%, 06/15/22		424
	200	3.550%, 06/01/24		213
		Viacom, Inc.,
	700	3.125%, 06/15/22		699
	189	3.250%, 03/15/23		188
	300	3.875%, 04/01/24		311
	1,111	4.250%, 09/01/23		1,177
	806	Walt Disney Co. (The), 1.100%, 12/01/17		806
				17,136
		Multiline Retail — 0.2%
		Macy’s Retail Holdings, Inc.,
	160	3.625%, 06/01/24		162
	40	4.500%, 12/15/34		38
	1,240	7.450%, 07/15/17		1,302
	175	Nordstrom, Inc., 4.000%, 10/15/21		188
	868	Target Corp., 3.500%, 07/01/24		956
				2,646
		Specialty Retail — 0.3%
	262	Bed Bath & Beyond, Inc., 3.749%, 08/01/24		271
		Home Depot, Inc. (The),
	531	2.000%, 06/15/19		542
	450	2.700%, 04/01/23		470
	986	3.750%, 02/15/24		1,098

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
		Lowe’s Cos., Inc.,
	1,004	3.125%, 09/15/24		1,069
	238	3.375%, 09/15/25		258
				3,708
		Total Consumer Discretionary		30,790
		Consumer Staples — 2.5%
		Beverages — 0.7%
		Anheuser-Busch InBev Finance, Inc.,
	1,384	3.300%, 02/01/23		1,452
	2,000	3.700%, 02/01/24		2,171
		Coca-Cola Co. (The),
	893	1.150%, 04/01/18		894
	1,000	1.800%, 09/01/16		1,000
	1,000	Diageo Investment Corp., 2.875%, 05/11/22		1,046
	1,257	PepsiCo, Inc., 1.250%, 08/13/17		1,262
	1,450	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		1,577
				9,402
		Food & Staples Retailing — 0.8%
	1,094	Costco Wholesale Corp., 2.250%, 02/15/22		1,123
		CVS Health Corp.,
	1,100	2.750%, 12/01/22		1,136
	1,357	4.000%, 12/05/23		1,502
		Kroger Co. (The),
	92	5.400%, 07/15/40		114
	700	6.150%, 01/15/20		799
	1,000	6.400%, 08/15/17		1,048
	208	Sysco Corp., 3.750%, 10/01/25		225
	1,692	Walgreens Boots Alliance, Inc., 3.100%, 06/01/23		1,745
		Wal-Mart Stores, Inc.,
	1,650	2.550%, 04/11/23		1,720
	200	3.300%, 04/22/24		219
	930	3.625%, 07/08/20		1,008
				10,639
		Food Products — 0.9%
		Bunge Ltd. Finance Corp.,
	31	3.500%, 11/24/20		32
	1,192	8.500%, 06/15/19		1,394
		Cargill, Inc.,
	900	3.300%, 03/01/22 (e)		941
	400	6.000%, 11/27/17 (e)		423
	1,000	7.350%, 03/06/19 (e)		1,145

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
		General Mills, Inc.,
	2,075	3.150%, 12/15/21		2,203
	100	5.650%, 02/15/19		110
		Kellogg Co.,
	513	3.250%, 05/21/18		529
	1,606	4.000%, 12/15/20		1,760
		Kraft Heinz Foods Co.,
	1,419	3.500%, 06/06/22		1,515
	310	5.375%, 02/10/20		347
	425	6.875%, 01/26/39		597
	89	Mead Johnson Nutrition Co., Class C, 4.125%, 11/15/25		97
	1,600	Mondelez International, Inc., 4.000%, 02/01/24		1,766
	171	Tyson Foods, Inc., 2.650%, 08/15/19		175
				13,034
		Household Products — 0.1%
		Kimberly-Clark Corp.,
	200	2.400%, 03/01/22		207
	1,800	2.400%, 06/01/23		1,859
				2,066
		Total Consumer Staples		35,141
		Energy — 3.1%
		Energy Equipment & Services — 0.3%
	150	Diamond Offshore Drilling, Inc., 3.450%, 11/01/23		133
		Halliburton Co.,
	350	3.500%, 08/01/23		362
	550	6.150%, 09/15/19		616
	750	8.750%, 02/15/21		929
	800	Nabors Industries, Inc., 4.625%, 09/15/21		762
		Schlumberger Investment S.A., (Luxembourg),
	233	3.300%, 09/14/21 (e)		248
	737	3.650%, 12/01/23		802
				3,852
		Oil, Gas & Consumable Fuels — 2.8%
	1,025	Anadarko Petroleum Corp., 8.700%, 03/15/19		1,170
	400	Apache Corp., 6.900%, 09/15/18		437
		BP Capital Markets plc, (United Kingdom),
	1,000	2.241%, 09/26/18		1,019
	317	2.750%, 05/10/23		323
	712	3.245%, 05/06/22		752
	900	Burlington Resources, Inc., 8.200%, 03/15/25		1,171

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
		Canadian Natural Resources Ltd., (Canada),
	800	5.700%, 05/15/17		824
	500	5.900%, 02/01/18		525
	1,200	Cenovus Energy, Inc., (Canada), 3.800%, 09/15/23		1,159
		Chevron Corp.,
	1,000	2.355%, 12/05/22		1,024
	285	3.191%, 06/24/23		305
	833	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		909
	375	ConocoPhillips Holding Co., 6.950%, 04/15/29		479
	725	Devon Energy Corp., 3.250%, 05/15/22		719
		Ecopetrol S.A., (Colombia),
	467	4.125%, 01/16/25		452
	773	5.375%, 06/26/26		789
		Energy Transfer Partners LP,
	537	3.600%, 02/01/23		528
	182	4.050%, 03/15/25		182
		EnLink Midstream Partners LP,
	281	2.700%, 04/01/19		277
	633	4.150%, 06/01/25		599
		Enterprise Products Operating LLC,
	225	3.350%, 03/15/23		233
	651	3.700%, 02/15/26		679
	150	3.750%, 02/15/25		157
	263	3.900%, 02/15/24		278
	333	3.950%, 02/15/27		350
		EOG Resources, Inc.,
	240	2.625%, 03/15/23		239
	600	4.150%, 01/15/26		661
	2,200	Exxon Mobil Corp., 2.709%, 03/06/25		2,298
	1,294	Magellan Midstream Partners LP, 4.250%, 02/01/21		1,389
	400	Marathon Oil Corp., 2.800%, 11/01/22		366
	964	Marathon Petroleum Corp., 3.625%, 09/15/24		977
	118	Noble Energy, Inc., 5.625%, 05/01/21		123
		Occidental Petroleum Corp.,
	441	2.700%, 02/15/23		449
	727	3.500%, 06/15/25		773
	1,800	ONEOK Partners LP, 4.900%, 03/15/25		1,949
		Petroleos Mexicanos, (Mexico),
	731	4.500%, 01/23/26		733
	270	4.875%, 01/18/24		282
	466	6.375%, 02/04/21 (e)		515
	173	Phillips 66, 4.300%, 04/01/22		191

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 183

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Plains All American Pipeline LP/PAA Finance Corp.,
	705	2.600%, 12/15/19		709
	575	3.650%, 06/01/22		581
	300	3.850%, 10/15/23		299
		Spectra Energy Capital LLC,
	503	3.300%, 03/15/23		497
	50	6.200%, 04/15/18		53
	710	8.000%, 10/01/19		819
		Statoil ASA, (Norway),
	1,200	1.150%, 05/15/18		1,197
	1,179	2.650%, 01/15/24		1,207
		Suncor Energy, Inc., (Canada),
	350	3.600%, 12/01/24		369
	200	6.100%, 06/01/18		215
		Sunoco Logistics Partners Operations LP,
	156	4.250%, 04/01/24		162
	700	5.500%, 02/15/20		766
	1,153	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		1,150
	821	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		847
		Total Capital International S.A., (France),
	138	1.550%, 06/28/17		139
	200	2.700%, 01/25/23		207
	1,003	3.750%, 04/10/24		1,102
		TransCanada PipeLines Ltd., (Canada),
	455	2.500%, 08/01/22		456
	2,345	3.750%, 10/16/23		2,508
	300	7.125%, 01/15/19		334
				39,902
		Total Energy		43,754
		Financials — 10.8%
		Banks — 4.4%
	1,629	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		1,661
		Bank of America Corp.,
	427	2.000%, 01/11/18		429
	53	3.300%, 01/11/23		55
	1,154	4.000%, 01/22/25		1,202
	737	4.125%, 01/22/24		803
	556	4.450%, 03/03/26		598
	780	5.000%, 05/13/21		875
	865	5.625%, 07/01/20		976
	585	5.650%, 05/01/18		622

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	600	6.400%, 08/28/17		629
	2,000	6.875%, 04/25/18		2,168
	2,600	7.625%, 06/01/19		2,987
		Bank of Montreal, (Canada),
	567	1.400%, 09/11/17		568
	1,153	2.375%, 01/25/19		1,176
	100	2.550%, 11/06/22		103
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		2,005
	630	2.800%, 07/21/21		656
	952	Barclays plc, (United Kingdom), 3.650%, 03/16/25		946
		BB&T Corp.,
	166	2.450%, 01/15/20		170
	500	2.625%, 06/29/20		516
	3,360	Capital One Bank USA N.A., 3.375%, 02/15/23		3,452
		Citigroup, Inc.,
	1,000	1.550%, 08/14/17		1,001
	845	1.800%, 02/05/18		848
	2,000	2.050%, 12/07/18		2,015
	650	3.400%, 05/01/26		669
	778	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		833
	903	Cooperatieve Rabobank UA, (Netherlands), 3.875%, 02/08/22		986
	447	Discover Bank, 4.200%, 08/08/23		479
	470	Fifth Third Bancorp, 2.875%, 07/27/20		487
		Fifth Third Bank,
	250	2.375%, 04/25/19		255
	425	2.875%, 10/01/21		444
		HSBC Bank plc, (United Kingdom),
	523	1.500%, 05/15/18 (e)		521
	1,100	4.750%, 01/19/21 (e)		1,217
		HSBC Holdings plc, (United Kingdom),
	1,100	4.000%, 03/30/22		1,176
	800	4.250%, 03/14/24		833
	251	4.300%, 03/08/26		270
	352	Huntington Bancshares, Inc., 3.150%, 03/14/21		366
		KeyCorp,
	42	2.900%, 09/15/20		44
	1,657	5.100%, 03/24/21		1,870
	813	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		813
	1,000	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,064

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	909	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		928
	100	National City Corp., 6.875%, 05/15/19		113
	591	Nordea Bank AB, (Sweden), 4.250%, 09/21/22 (e)		635
	356	PNC Bank N.A., 1.950%, 03/04/19		360
	50	PNC Financial Services Group Inc. (The), 5.125%, 02/08/20		56
		PNC Financial Services Group, Inc. (The),
	362	4.375%, 08/11/20		397
	50	5.625%, 02/01/17		51
	363	6.700%, 06/10/19		414
	402	Regions Financial Corp., 3.200%, 02/08/21		417
		Royal Bank of Canada, (Canada),
	1,302	1.200%, 09/19/17		1,302
	1,193	2.000%, 10/01/18		1,207
	600	2.200%, 07/27/18		609
	250	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		254
	799	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		811
	442	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		446
	1,800	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,931
		SunTrust Banks, Inc.,
	1,500	2.750%, 05/01/23		1,518
	800	3.500%, 01/20/17		806
		Toronto-Dominion Bank (The), (Canada),
	400	1.500%, 03/13/17 (e)		401
	1,041	1.750%, 07/23/18		1,048
		U.S. Bancorp,
	307	1.650%, 05/15/17		308
	500	2.200%, 04/25/19		511
	215	2.950%, 07/15/22		224
	732	4.125%, 05/24/21		812
		Wachovia Corp.,
	1,000	5.750%, 06/15/17		1,035
	3,895	5.750%, 02/01/18		4,136
		Wells Fargo & Co.,
	428	2.550%, 12/07/20		440
	368	3.000%, 02/19/25		378
	1,000	3.500%, 03/08/22		1,068
	1,000	Wells Fargo Bank N.A., 6.000%, 11/15/17		1,054
	506	Westpac Banking Corp., (Australia), 2.000%, 03/03/20 (e)		512
				62,970

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — 2.9%
	2,150	Ameriprise Financial, Inc., 4.000%, 10/15/23		2,354
		Bank of New York Mellon Corp. (The),
	92	2.600%, 08/17/20		95
	1,440	4.150%, 02/01/21		1,579
	155	4.600%, 01/15/20		170
	200	BlackRock, Inc., 6.250%, 09/15/17		211
	470	Blackstone Holdings Finance Co. LLC, 4.750%, 02/15/23 (e)		524
	500	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		546
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		42
	1,666	CME Group, Inc., 3.000%, 09/15/22		1,762
		Credit Suisse AG, (Switzerland),
	833	1.750%, 01/29/18		834
	520	3.625%, 09/09/24		546
		Deutsche Bank AG, (Germany),
	610	1.875%, 02/13/18		607
	350	6.000%, 09/01/17		363
		Goldman Sachs Group, Inc. (The),
	500	3.625%, 01/22/23		530
	92	4.250%, 10/21/25		98
	196	5.250%, 07/27/21		222
	900	5.375%, 03/15/20		1,001
	5,150	7.500%, 02/15/19		5,863
	1,195	Series D, 6.000%, 06/15/20		1,364
	1,502	Intercontinental Exchange, Inc., 4.000%, 10/15/23		1,656
	436	Invesco Finance plc, (United Kingdom), 3.750%, 01/15/26		468
	1,850	Jefferies Group LLC, 6.875%, 04/15/21		2,122
	334	Legg Mason, Inc., 4.750%, 03/15/26		365
		Macquarie Bank Ltd., (Australia),
	810	1.600%, 10/27/17 (e)		812
	481	2.600%, 06/24/19 (e)		490
	800	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		911
		Morgan Stanley,
	600	2.650%, 01/27/20		615
	1,081	3.875%, 01/27/26		1,155
	880	4.350%, 09/08/26		942
	622	5.000%, 11/24/25		693
	154	5.500%, 07/24/20		174
	2,500	5.625%, 09/23/19		2,779
	687	5.750%, 01/25/21		787
	1,000	6.625%, 04/01/18		1,077

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 185

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	1,700	7.300%, 05/13/19		1,941
		State Street Corp.,
	1,724	3.100%, 05/15/23		1,801
	1,154	3.700%, 11/20/23		1,273
		Thomson Reuters Corp., (Canada),
	1,700	3.950%, 09/30/21		1,815
	800	4.300%, 11/23/23		879
				41,466
		Consumer Finance — 1.3%
	400	American Express Centurion Bank, 6.000%, 09/13/17		420
		American Express Co.,
	200	6.150%, 08/28/17		209
	1,820	7.000%, 03/19/18		1,973
		American Honda Finance Corp.,
	250	2.250%, 08/15/19		256
	1,450	7.625%, 10/01/18 (e)		1,631
		Caterpillar Financial Services Corp.,
	176	2.250%, 12/01/19		180
	510	2.750%, 08/20/21		534
	900	2.850%, 06/01/22		941
	675	7.150%, 02/15/19		768
		Ford Motor Credit Co. LLC,
	484	1.724%, 12/06/17		485
	792	2.375%, 03/12/19		802
	627	3.000%, 06/12/17		635
		General Motors Financial Co., Inc.,
	522	3.100%, 01/15/19		532
	615	3.700%, 05/09/23		627
		John Deere Capital Corp.,
	753	1.600%, 07/13/18		759
	65	1.700%, 01/15/20		65
	650	3.150%, 10/15/21		692
	1,166	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		1,172
		PACCAR Financial Corp.,
	591	1.600%, 03/15/17		594
	1,400	2.200%, 09/15/19		1,431
		Toyota Motor Credit Corp.,
	429	1.375%, 01/10/18		430
	1,700	2.125%, 07/18/19		1,737
	800	2.625%, 01/10/23		828
				17,701

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — 0.8%
	7,238	GE Capital International Funding Co. Unlimited Co., (Ireland), 2.342%, 11/15/20		7,448
	650	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		772
		Shell International Finance B.V., (Netherlands),
	788	2.875%, 05/10/26		810
	150	3.400%, 08/12/23		161
	1,555	4.300%, 09/22/19		1,687
	40	4.375%, 03/25/20		44
				10,922
		Insurance — 1.4%
	651	Allstate Corp. (The), 3.150%, 06/15/23		692
	818	American International Group, Inc., 4.125%, 02/15/24		880
		Berkshire Hathaway Finance Corp.,
	323	1.300%, 05/15/18		324
	2,160	5.400%, 05/15/18		2,313
	61	Chubb Corp. (The), 5.750%, 05/15/18		66
	1,900	Chubb INA Holdings, Inc., 2.700%, 03/13/23		1,967
		CNA Financial Corp.,
	499	3.950%, 05/15/24		526
	364	4.500%, 03/01/26		394
	675	Jackson National Life Global Funding, 3.050%, 04/29/26 (e)		686
		Liberty Mutual Group, Inc.,
	950	4.250%, 06/15/23 (e)		1,028
	900	5.000%, 06/01/21 (e)		997
	864	Lincoln National Corp., 4.200%, 03/15/22		933
	1,000	Manulife Financial Corp., (Canada), 4.150%, 03/04/26		1,089
	824	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		838
	1,216	MassMutual Global Funding II, 2.100%, 08/02/18 (e)		1,235
		Metropolitan Life Global Funding I,
	710	1.500%, 01/10/18 (e)		713
	1,600	3.000%, 01/10/23 (e)		1,652
	426	3.875%, 04/11/22 (e)		462
		New York Life Global Funding,
	323	1.950%, 02/11/20 (e)		327
	1,024	2.150%, 06/18/19 (e)		1,044
	471	Principal Financial Group, Inc., 3.125%, 05/15/23		482
	650	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		879

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	373	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		382
				19,909
		Total Financials		152,968
		Health Care — 1.8%
		Biotechnology — 0.4%
		Amgen, Inc.,
	1,100	3.875%, 11/15/21		1,197
	1,350	4.100%, 06/15/21		1,479
	117	Baxalta, Inc., 3.600%, 06/23/22		120
	612	Biogen, Inc., 3.625%, 09/15/22		655
		Celgene Corp.,
	1,000	3.250%, 08/15/22		1,043
	700	3.950%, 10/15/20		755
	88	Gilead Sciences, Inc., 3.250%, 09/01/22		94
				5,343
		Health Care Equipment & Supplies — 0.2%
	246	Becton, Dickinson & Co., 2.675%, 12/15/19		255
	2,400	Medtronic, Inc., 3.500%, 03/15/25		2,601
				2,856
		Health Care Providers & Services — 0.3%
	381	Aetna, Inc., 1.750%, 05/15/17		382
	700	Anthem, Inc., 3.300%, 01/15/23		733
	131	Cardinal Health, Inc., 3.750%, 09/15/25		142
	150	McKesson Corp., 2.700%, 12/15/22		152
		UnitedHealth Group, Inc.,
	365	2.750%, 02/15/23		378
	145	2.875%, 03/15/22		152
	1,500	2.875%, 03/15/23		1,567
	187	3.375%, 11/15/21		201
	255	4.700%, 02/15/21		286
	100	WellPoint, Inc., 2.375%, 02/15/17		100
				4,093
		Life Sciences Tools & Services — 0.0% (g)
	441	Thermo Fisher Scientific, Inc., 3.600%, 08/15/21		469
		Pharmaceuticals — 0.9%
		AbbVie, Inc.,
	302	2.850%, 05/14/23		306
	1,304	2.900%, 11/06/22		1,343
	316	Actavis Funding SCS, (Luxembourg), 3.450%, 03/15/22		331

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
	250	Actavis, Inc., 3.250%, 10/01/22		259
	1,210	Bristol-Myers Squibb Co., 2.000%, 08/01/22		1,221
	555	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		623
	1,875	GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23		1,969
	1,657	Johnson & Johnson, 2.050%, 03/01/23		1,692
		Merck & Co., Inc.,
	1,400	1.300%, 05/18/18		1,408
	215	2.350%, 02/10/22		221
	1,800	Mylan N.V., (Netherlands), 2.500%, 06/07/19 (e)		1,823
	1,153	Novartis Capital Corp., 3.400%, 05/06/24		1,267
	498	Teva Pharmaceutical Finance Co. B.V., (Netherlands), Series 2, 3.650%, 11/10/21		527
	174	Zoetis, Inc., 1.875%, 02/01/18		174
				13,164
		Total Health Care		25,925
		Industrials — 3.6%
		Aerospace & Defense — 0.6%
	864	BAE Systems Holdings, Inc., 3.800%, 10/07/24 (e)		913
		Boeing Co. (The),
	540	4.875%, 02/15/20		605
	750	7.950%, 08/15/24		1,056
	2,000	General Dynamics Corp., 2.250%, 11/15/22		2,049
		Lockheed Martin Corp.,
	380	3.350%, 09/15/21		406
	850	4.250%, 11/15/19		924
	325	Northrop Grumman Corp., 5.050%, 08/01/19		356
		Precision Castparts Corp.,
	1,500	2.500%, 01/15/23		1,555
	800	3.250%, 06/15/25		861
	476	Raytheon Co., 3.150%, 12/15/24		512
				9,237
		Air Freight & Logistics — 0.3%
	796	FedEx Corp., 3.200%, 02/01/25		835
		United Parcel Service, Inc.,
	1,457	2.450%, 10/01/22		1,521
	1,600	3.125%, 01/15/21		1,708
	425	5.125%, 04/01/19		467
				4,531

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 187

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — 0.2%
	388	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		413
	65	American Airlines 2011-1 Class A Pass-Through Trust, Series A, 5.250%, 01/31/21		70
	825	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		902
	126	American Airlines 2016-2 Class A Pass-Through Trust, Series A, 3.650%, 06/15/28		133
	309	Continental Airlines 2007-1 Class A Pass-Through Trust, Series 071A, 5.983%, 04/19/22		349
	259	Continental Airlines 2012-2 Class A Pass-Through Trust, Series 2-A, 4.000%, 10/29/24		278
	32	Delta Air Lines 2010-2 Class A Pass-Through Trust, Series 2A, 4.950%, 05/23/19		34
	58	Delta Air Lines 2011-1 Class A Pass-Through Trust, Series A, 5.300%, 04/15/19		62
	392	Delta Air Lines 2012-1 Class A Pass-Through Trust, Series A, 4.750%, 05/07/20		418
				2,659
		Commercial Services & Supplies — 0.2%
		Republic Services, Inc.,
	417	3.550%, 06/01/22		447
	1,200	5.500%, 09/15/19		1,333
		Waste Management, Inc.,
	862	2.900%, 09/15/22		901
	242	4.600%, 03/01/21		269
	150	4.750%, 06/30/20		166
				3,116
		Construction & Engineering — 0.1%
	350	ABB Finance USA, Inc., 2.875%, 05/08/22		367
	526	Fluor Corp., 3.375%, 09/15/21		563
				930
		Electrical Equipment — 0.0% (g)
	272	Eaton Corp., 1.500%, 11/02/17		273
		Industrial Conglomerates — 0.6%
		General Electric Co.,
	636	1.600%, 11/20/17		640
	200	2.100%, 12/11/19		205
	125	4.375%, 09/16/20		139
	1,919	4.650%, 10/17/21		2,191
	95	5.300%, 02/11/21		109
	529	5.500%, 01/08/20		599
	80	5.625%, 09/15/17		84

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	70	5.875%, 01/14/38		96
	1,200	Honeywell International, Inc., 4.250%, 03/01/21		1,340
	490	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		520
		Koninklijke Philips N.V., (Netherlands),
	1,200	3.750%, 03/15/22		1,291
	480	5.750%, 03/11/18		512
	208	Roper Technologies, Inc., 3.000%, 12/15/20		216
				7,942
		Machinery — 0.2%
	30	Caterpillar, Inc., 7.900%, 12/15/18		34
		Deere & Co.,
	298	2.600%, 06/08/22		309
	700	4.375%, 10/16/19		765
	1,400	Illinois Tool Works, Inc., 3.500%, 03/01/24		1,532
	228	Parker-Hannifin Corp., 3.300%, 11/21/24		245
				2,885
		Professional Services — 0.0% (g)
	264	Equifax, Inc., 2.300%, 06/01/21		265
		Road & Rail — 1.4%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		135
	2,000	4.100%, 06/01/21		2,213
		Canadian Pacific Railway Co., (Canada),
	1,146	4.500%, 01/15/22		1,257
	600	7.250%, 05/15/19		686
		CSX Corp.,
	3,000	6.250%, 03/15/18		3,217
	230	7.375%, 02/01/19		261
		ERAC USA Finance LLC,
	120	2.800%, 11/01/18 (e)		123
	1,500	3.300%, 10/15/22 (e)		1,568
	650	3.850%, 11/15/24 (e)		701
	315	4.500%, 08/16/21 (e)		347
		Norfolk Southern Corp.,
	812	2.903%, 02/15/23		841
	250	3.000%, 04/01/22		261
	829	3.250%, 12/01/21		876
	750	3.850%, 01/15/24		820
	300	5.750%, 04/01/18		321
	263	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 06/15/19 (e)		265
		Ryder System, Inc.,
	555	2.450%, 09/03/19		563

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	145	2.500%, 03/01/17		145
	145	2.500%, 03/01/18		147
	535	3.500%, 06/01/17		544
		Union Pacific Corp.,
	850	3.250%, 01/15/25		911
	1,200	3.750%, 03/15/24		1,323
	1,931	4.163%, 07/15/22		2,174
				19,699
		Total Industrials		51,537
		Information Technology — 1.5%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	90	2.450%, 06/15/20		93
	181	2.900%, 03/04/21		191
	90	4.450%, 01/15/20		99
	975	4.950%, 02/15/19		1,062
				1,445
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	155	6.000%, 04/01/20		171
	1,350	7.500%, 01/15/27		1,674
				1,845
		Internet Software & Services — 0.2%
	2,673	eBay, Inc., 2.600%, 07/15/22		2,707
		IT Services — 0.2%
		International Business Machines Corp.,
	252	1.800%, 05/17/19		256
	1,150	2.250%, 02/19/21		1,184
	40	8.375%, 11/01/19		49
	329	Total System Services, Inc., 4.800%, 04/01/26		363
	864	Xerox Corp., 5.625%, 12/15/19		935
				2,787
		Semiconductors & Semiconductor Equipment — 0.2%
		Intel Corp.,
	987	2.700%, 12/15/22		1,032
	728	3.100%, 07/29/22		777
	773	3.300%, 10/01/21		834
	790	Texas Instruments, Inc., 2.750%, 03/12/21		832
				3,475
		Software — 0.4%
	942	Intuit, Inc., 5.750%, 03/15/17		965

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
		Microsoft Corp.,
	486	2.375%, 05/01/23		499
	1,500	4.200%, 06/01/19		1,621
		Oracle Corp.,
	287	1.900%, 09/15/21		288
	1,285	2.500%, 10/15/22		1,320
	253	2.800%, 07/08/21		265
	720	5.750%, 04/15/18		773
	50	6.500%, 04/15/38		70
				5,801
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	818	2.150%, 02/09/22		834
	1,006	2.850%, 05/06/21		1,061
	1,154	3.200%, 05/13/25		1,233
	567	HP, Inc., 4.375%, 09/15/21		611
				3,739
		Total Information Technology		21,799
		Materials — 0.9%
		Chemicals — 0.6%
	168	Agrium, Inc., (Canada), 3.375%, 03/15/25		173
		Dow Chemical Co. (The),
	594	3.000%, 11/15/22		615
	800	3.500%, 10/01/24		848
	52	4.125%, 11/15/21		57
	17	8.550%, 05/15/19		20
		Ecolab, Inc.,
	279	1.450%, 12/08/17		280
	167	2.250%, 01/12/20		170
	330	3.250%, 01/14/23		345
		Mosaic Co. (The),
	1,535	3.750%, 11/15/21		1,619
	708	4.250%, 11/15/23		755
		Potash Corp. of Saskatchewan, Inc., (Canada),
	100	3.625%, 03/15/24		105
	1,050	6.500%, 05/15/19		1,178
		PPG Industries, Inc.,
	550	3.600%, 11/15/20		582
	230	6.650%, 03/15/18		246
	1,250	Praxair, Inc., 2.200%, 08/15/22		1,269
	315	Rohm & Haas Co., 7.850%, 07/15/29		441
	400	Union Carbide Corp., 7.500%, 06/01/25		503
				9,206

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 189

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction Materials — 0.0% (g)
	250	CRH America, Inc., 3.875%, 05/18/25 (e)		268
		Containers & Packaging — 0.0% (g)
	350	International Paper Co., 3.800%, 01/15/26		370
		Metals & Mining — 0.3%
	382	BHP Billiton Finance USA Ltd., (Australia), 2.050%, 09/30/18		387
		Freeport-McMoRan, Inc.,
	352	2.150%, 03/01/17		351
	400	3.550%, 03/01/22		348
	2,267	3.875%, 03/15/23		1,944
		Nucor Corp.,
	305	4.000%, 08/01/23		329
	172	5.850%, 06/01/18		184
				3,543
		Total Materials		13,387
		Real Estate — 0.9%
		Equity Real Estate Investment Trusts (REITs) — 0.9%
	360	American Tower Corp., 3.500%, 01/31/23		376
	909	Boston Properties LP, 3.800%, 02/01/24		978
	672	Duke Realty LP, 4.375%, 06/15/22		732
	600	Equity Commonwealth, 6.650%, 01/15/18		622
	1,047	ERP Operating LP, 4.625%, 12/15/21		1,173
		HCP, Inc.,
	469	3.875%, 08/15/24		480
	1,629	4.250%, 11/15/23		1,716
		Prologis LP,
	127	3.750%, 11/01/25		137
	457	4.250%, 08/15/23		507
		Realty Income Corp.,
	600	3.250%, 10/15/22		619
	400	3.875%, 07/15/24		424
	1,200	Simon Property Group LP, 4.375%, 03/01/21		1,328
	106	UDR, Inc., 2.950%, 09/01/26		107
		Ventas Realty LP,
	90	3.500%, 02/01/25		93
	470	3.750%, 05/01/24		493
	158	4.125%, 01/15/26		171
		Welltower, Inc.,
	600	3.750%, 03/15/23		631
	2,007	4.500%, 01/15/24		2,200
		Total Real Estate		12,787

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.2%
		AT&T, Inc.,
	825	3.000%, 06/30/22		850
	750	3.600%, 02/17/23		792
	1,232	3.800%, 03/15/22		1,321
	775	3.875%, 08/15/21		840
	360	4.450%, 04/01/24		397
	2,800	5.500%, 02/01/18		2,958
		British Telecommunications plc, (United Kingdom),
	1,500	1.250%, 02/14/17		1,501
	350	2.350%, 02/14/19		357
	900	Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18		994
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		268
		Orange S.A., (France),
	525	2.750%, 09/14/16		525
	50	9.000%, 03/01/31		80
		Telefonica Emisiones S.A.U., (Spain),
	420	3.192%, 04/27/18		431
	409	5.134%, 04/27/20		454
	114	5.462%, 02/16/21		130
		Verizon Communications, Inc.,
	822	2.625%, 02/21/20		848
	886	4.150%, 03/15/24		984
	1,057	4.500%, 09/15/20		1,166
	1,000	5.150%, 09/15/23		1,169
				16,065
		Wireless Telecommunication Services — 0.2%
	379	America Movil S.A.B. de C.V., (Mexico), 3.125%, 07/16/22		392
	608	Rogers Communications, Inc., (Canada), 3.625%, 12/15/25		661
		Vodafone Group plc, (United Kingdom),
	1,400	2.950%, 02/19/23		1,450
	500	5.625%, 02/27/17		511
				3,014
		Total Telecommunication Services		19,079
		Utilities — 4.2%
		Electric Utilities — 3.2%
	800	Appalachian Power Co., 4.600%, 03/30/21		879
	372	Arizona Public Service Co., 3.350%, 06/15/24		399

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	1,595	Baltimore Gas & Electric Co., 2.800%, 08/15/22		1,666
	237	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		255
		DTE Electric Co.,
	197	2.650%, 06/15/22		204
	1,000	3.375%, 03/01/25		1,081
	1,500	3.650%, 03/15/24		1,648
	200	3.900%, 06/01/21		219
		Duke Energy Carolinas LLC,
	1,250	3.900%, 06/15/21		1,374
	50	6.450%, 10/15/32		68
	233	Duke Energy Corp., 3.550%, 09/15/21		250
	160	Duke Energy Indiana LLC, 3.750%, 07/15/20		173
	461	Duke Energy Progress LLC, 2.800%, 05/15/22		482
	720	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		729
	400	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		439
	765	Entergy Arkansas, Inc., 3.050%, 06/01/23		802
	65	Entergy Corp., 2.950%, 09/01/26		66
	269	Entergy Mississippi, Inc., 2.850%, 06/01/28		275
	3,700	Georgia Power Co., 4.250%, 12/01/19		4,005
	1,663	Great Plains Energy, Inc., 4.850%, 06/01/21		1,816
	1,000	Hydro-Quebec, (Canada), Series HY, 8.400%, 01/15/22		1,306
		Indiana Michigan Power Co.,
	25	7.000%, 03/15/19		28
	100	Series J, 3.200%, 03/15/23		104
	200	Kentucky Utilities Co., 3.300%, 10/01/25		217
	94	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		101
		Nevada Power Co.,
	1,000	6.500%, 08/01/18		1,095
	1,000	7.125%, 03/15/19		1,141
		NextEra Energy Capital Holdings, Inc.,
	518	2.400%, 09/15/19		526
	1,539	2.700%, 09/15/19		1,578
	200	6.000%, 03/01/19		220
	938	Niagara Mohawk Power Corp., 3.508%, 10/01/24 (e)		1,010
	300	NSTAR Electric Co., 2.375%, 10/15/22		304
	1,200	Ohio Power Co., Series M, 5.375%, 10/01/21		1,365
	300	Oncor Electric Delivery Co. LLC, 7.000%, 09/01/22		381

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		Pacific Gas & Electric Co.,
	794	2.450%, 08/15/22		813
	424	3.250%, 09/15/21		449
	1,500	3.250%, 06/15/23		1,594
	400	3.400%, 08/15/24		432
	350	3.850%, 11/15/23		386
	50	6.050%, 03/01/34		68
	200	PacifiCorp, 5.650%, 07/15/18		216
	1,500	Pennsylvania Electric Co., 6.050%, 09/01/17		1,560
	752	PPL Capital Funding, Inc., 4.200%, 06/15/22		820
	224	PPL Electric Utilities Corp., 2.500%, 09/01/22		229
	560	Progress Energy, Inc., 4.400%, 01/15/21		614
	74	Public Service Co. of Colorado, 3.200%, 11/15/20		78
	283	Public Service Co. of New Hampshire, 3.500%, 11/01/23		303
	220	Public Service Co. of Oklahoma, 4.400%, 02/01/21		239
	1,100	Public Service Electric & Gas Co., 2.000%, 08/15/19		1,120
		Southern California Edison Co.,
	958	3.875%, 06/01/21		1,049
	650	5.500%, 08/15/18		705
	1,860	Southwestern Electric Power Co., 6.450%, 01/15/19		2,056
	1,500	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		1,735
		Virginia Electric & Power Co.,
	1,600	2.750%, 03/15/23		1,657
	1,099	2.950%, 01/15/22		1,155
		Wisconsin Electric Power Co.,
	1,000	1.700%, 06/15/18		1,009
	545	2.950%, 09/15/21		574
				45,067
		Gas Utilities — 0.2%
	1,365	Atmos Energy Corp., 8.500%, 03/15/19		1,592
	843	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		913
				2,505
		Independent Power & Renewable Electricity Producers — 0.1%
	180	Exelon Generation Co. LLC, 4.000%, 10/01/20		192
		PSEG Power LLC,
	1,290	4.150%, 09/15/21		1,378
	221	4.300%, 11/15/23		239
				1,809

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 191

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — 0.6%
	500	CenterPoint Energy, Inc., 6.500%, 05/01/18		535
		Consumers Energy Co.,
	137	2.850%, 05/15/22		143
	1,060	5.650%, 04/15/20		1,203
	350	Dominion Resources, Inc., Series B, 2.750%, 09/15/22		357
	784	DTE Energy Co., Series F, 3.850%, 12/01/23		860
		NiSource Finance Corp.,
	300	3.850%, 02/15/23		322
	500	5.450%, 09/15/20		563
	940	6.125%, 03/01/22		1,118
	100	6.800%, 01/15/19		111
	6	San Diego Gas & Electric Co., 5.350%, 05/15/40		8
		Sempra Energy,
	192	4.050%, 12/01/23		212
	1,400	9.800%, 02/15/19		1,666
		Southern Co. Gas Capital Corp.,
	939	3.500%, 09/15/21		990
	550	5.250%, 08/15/19		601
				8,689
		Water Utilities — 0.1%
		American Water Capital Corp.,
	364	3.400%, 03/01/25		393
	1,400	3.850%, 03/01/24		1,548
				1,941
		Total Utilities		60,011
		Total Corporate Bonds (Cost $446,773)		467,178
	Foreign Government Securities — 0.4%
		Republic of Panama, (Panama),
	460	3.750%, 03/16/25		498
	347	4.000%, 09/22/24		381
		Republic of Poland, (Poland),
	800	3.250%, 04/06/26		849
	467	4.000%, 01/22/24		518
		United Mexican States, (Mexico),
	568	3.500%, 01/21/21		607
	1,076	3.600%, 01/30/25		1,138
	694	4.000%, 10/02/23		754
	332	4.125%, 01/21/26		364
		Total Foreign Government Securities (Cost $4,720)		5,109

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — 9.1%
	33	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24		36
	158	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 5.500%, 05/01/27		177
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	1,889	4.500%, 05/01/41		2,078
	287	5.000%, 10/01/33		324
	3	6.000%, 12/01/36		3
	1,842	Federal Home Loan Mortgage Corp. Gold Pools, Other, 3.500%, 06/01/42		1,964
		Federal National Mortgage Association,
	860	2.610%, 06/01/26		894
	3,176	2.640%, 06/01/26		3,310
	1,730	4.250%, 10/01/28		1,992
		Federal National Mortgage Association, 15 Year, Single Family,
	33	6.000%, 10/01/19 - 01/01/24		34
	1,542	Federal National Mortgage Association, 20 Year, Single Family, 3.500%, 08/01/32		1,641
		Federal National Mortgage Association, 30 Year, Single Family,
	1,256	5.000%, 08/01/40		1,406
	763	6.000%, 12/01/32 - 04/01/35		883
	1,061	6.500%, 10/01/36 - 10/01/38		1,220
	670	7.000%, 04/01/37 - 11/01/38		788
		Federal National Mortgage Association, Other,
	2,499	ARM, 0.815%, 01/01/23		2,498
	1,367	ARM, 0.835%, 05/01/24		1,371
	3,000	1.400%, 07/01/17		3,002
	2,389	1.735%, 05/01/20		2,405
	1,925	1.940%, 07/01/19		1,949
	4,800	2.010%, 06/01/20		4,883
	1,429	2.140%, 04/01/19		1,452
	929	2.190%, 12/01/22		952
	2,538	2.340%, 12/01/22		2,617
	2,388	2.350%, 05/01/23		2,464
	1,556	2.395%, 01/01/22		1,610
	4,824	2.400%, 12/01/22 - 07/01/23		4,983
	3,751	2.410%, 01/01/23		3,874
	2,089	2.490%, 10/01/17 - 05/01/26		2,123
	3,000	2.520%, 05/01/23		3,125
	2,066	2.530%, 03/01/23		2,149
	1,000	2.590%, 11/01/21		1,044
	1,310	2.630%, 09/01/21		1,371
	2,000	2.650%, 08/01/22		2,093
	2,000	2.670%, 07/01/22		2,089

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	2,057	2.680%, 05/01/25		2,150
	2,499	2.705%, 04/01/23		2,632
	2,200	2.810%, 04/01/25		2,325
	1,107	2.900%, 06/01/22		1,171
	1,473	3.020%, 06/01/25		1,575
	3,683	3.030%, 12/01/21 - 04/01/27		3,933
	1,919	3.050%, 10/01/20		2,023
	2,500	3.100%, 09/01/25		2,695
	1,345	3.110%, 10/01/21		1,431
	1,482	3.370%, 11/01/20		1,589
	5,000	3.380%, 01/01/18 - 12/01/23		5,208
	1,267	3.450%, 11/01/23		1,387
	990	3.480%, 12/01/20		1,062
	5,942	3.500%, 05/01/43 - 06/01/43		6,336
	1,671	3.590%, 10/01/20		1,799
	1,150	3.690%, 11/01/23		1,280
	4,332	3.739%, 06/01/18		4,460
	3,400	3.770%, 09/01/21		3,706
	2,275	3.804%, 05/01/22		2,472
	1,197	3.860%, 07/01/21		1,307
	3,394	4.000%, 07/01/42		3,674
	1,000	4.040%, 10/01/20		1,091
	999	4.260%, 07/01/21		1,108
	3,251	4.295%, 06/01/21		3,609
	1,854	4.330%, 04/01/21		2,047
	730	4.369%, 02/01/20		793
	933	4.640%, 01/01/21		1,037
	313	Government National Mortgage Association II, 30 Year, Single Family, 6.000%, 09/20/38		358
		Total Mortgage Pass-Through Securities (Cost $124,856)		129,062
	U.S. Government Agency Securities — 15.8%
	16,450	Federal Home Loan Banks, 1.125%, Zero Coupon, 06/21/19		16,501
		Federal Home Loan Mortgage Corp.,
	20,000	1.250%, 10/02/19		20,115
	62,000	2.375%, 01/13/22		65,165

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal National Mortgage Association,
	8,333	1.250%, 08/17/21		8,290
	1,335	2.125%, 04/24/26		1,366
	105,000	2.625%, 09/06/24		112,308
	735	Tennessee Valley Authority, 1.750%, 10/15/18		747
		Total U.S. Government Agency Securities (Cost $217,418)		224,492
	U.S. Treasury Obligations — 12.6%
		U.S. Treasury Inflation Indexed Bonds,
	32,000	1.750%, 01/15/28		42,822
	17,250	3.875%, 04/15/29		36,293
		U.S. Treasury Inflation Indexed Notes,
	26,705	0.125%, 04/15/17		28,298
	10,000	0.125%, 07/15/22		10,588
	2,000	0.250%, 01/15/25		2,052
	9,100	1.375%, 01/15/20		10,681
	40,000	1.625%, 01/15/18		47,208
		Total U.S. Treasury Obligations (Cost $176,510)		177,942
SHARES
	Short-Term Investments — 5.6%
		Investment Companies — 5.6%
	73,311	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.360% (b) (l) †		73,311
	6,500	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.200% (b) (l) †		6,500
		Total Short-Term Investments (Cost $79,811)		79,811
		Total Investments — 103.4% (Cost $1,424,577)		1,466,474
		Liabilities in Excess of Other Assets — (3.4)%		(48,143	)
		NET ASSETS — 100.0%	$	1,418,331

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 193

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

Inflation-Linked Swaps (Amounts in thousands)
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
Barclays Bank plc	2.590% at termination		CPI-U at termination		12/31/19	$	3,000	$	(305	)
Barclays Bank plc	1.455% at termination		CPI-U at termination		01/15/22		46,000		225
Barclays Bank plc	2.439% at termination		CPI-U at termination		05/15/24		5,000		(548	)
Barclays Bank plc	2.705% at termination		CPI-U at termination		09/02/44		9,000		(3,307	)
Barclays Bank plc	2.700% at termination		CPI-U at termination		09/03/44		4,000		(1,461	)
BNP Paribas	2.530% at termination		CPI-U at termination		02/22/18		53,000		(3,599	)
BNP Paribas	2.100% at termination		CPI-U at termination		08/26/18		22,000		(993	)
BNP Paribas	2.105% at termination		CPI-U at termination		08/26/18		11,000		(499	)
BNP Paribas	2.098% at termination		CPI-U at termination		09/09/18		10,000		(453	)
BNP Paribas	2.248% at termination		CPI-U at termination		01/15/19		20,000		(1,212	)
BNP Paribas	2.190% at termination		CPI-U at termination		09/03/19		11,000		(611	)
BNP Paribas	2.693% at termination		CPI-U at termination		09/03/44		1,000		(362	)
BNP Paribas	2.695% at termination		CPI-U at termination		09/03/44		1,000		(363	)
Citibank, N.A.	1.478% at termination		CPI-U at termination		04/02/17		4,000		10
Citibank, N.A.	2.190% at termination		CPI-U at termination		09/02/19		20,000		(1,111	)
Citibank, N.A.	1.592% at termination		CPI-U at termination		06/24/21		15,000		12
Citibank, N.A.	2.458% at termination		CPI-U at termination		05/21/24		13,000		(1,459	)
Citibank, N.A.	2.492% at termination		CPI-U at termination		08/27/24		40,000		(4,727	)
Citibank, N.A.	2.477% at termination		CPI-U at termination		09/02/24		3,000		(349	)
Citibank, N.A.	2.623% at termination		CPI-U at termination		10/07/24		10,000		(453	)
Credit Suisse International	2.085% at termination		CPI-U at termination		06/01/17		25,000		(1,223	)
Credit Suisse International	2.178% at termination		CPI-U at termination		05/28/18		34,000		(1,789	)
Credit Suisse International	2.315% at termination		CPI-U at termination		07/15/20		50,000		(3,728	)
Deutsche Bank AG, New York	2.500% at termination		CPI-U at termination		02/25/18		23,000		(1,525	)
Deutsche Bank AG, New York	2.500% at termination		CPI-U at termination		03/06/18		49,000		(3,235	)
Deutsche Bank AG, New York	2.140% at termination		CPI-U at termination		09/10/19		41,000		(2,159	)
Deutsche Bank AG, New York	1.565% at termination		CPI-U at termination		01/30/20		35,000		(446	)
Deutsche Bank AG, New York	1.748% at termination		CPI-U at termination		04/02/20		32,000		(314	)
Deutsche Bank AG, New York	1.525% at termination		CPI-U at termination		10/13/20		18,000		(91	)
Deutsche Bank AG, New York	2.477% at termination		CPI-U at termination		02/21/24		10,000		(1,122	)
Deutsche Bank AG, New York	2.415% at termination		CPI-U at termination		12/15/24		42,000		(1,411	)
Deutsche Bank AG, New York	1.978% at termination		CPI-U at termination		04/02/25		37,000		(1,235	)
Deutsche Bank AG, New York	2.000% at termination		CPI-U at termination		10/13/45		3,000		(156	)
Goldman Sachs International	2.211% at termination		CPI-U at termination		08/29/19		27,000		(1,532	)
Goldman Sachs International	2.185% at termination		CPI-U at termination		09/02/19		26,000		(1,438	)
Goldman Sachs International	2.194% at termination		CPI-U at termination		09/02/19		29,000		(1,618	)
Goldman Sachs International	2.100% at termination		CPI-U at termination		09/12/19		41,000		(2,069	)
Morgan Stanley Capital Services	2.195% at termination		CPI-U at termination		04/22/18		28,000		(1,492	)
Morgan Stanley Capital Services	2.145% at termination		CPI-U at termination		11/22/18		24,000		(1,155	)
Morgan Stanley Capital Services	1.442% at termination		CPI-U at termination		09/17/20		93,000		(175	)
Morgan Stanley Capital Services	2.500% at termination		CPI-U at termination		02/04/24		15,000		(1,714	)
Morgan Stanley Capital Services	2.673% at termination		CPI-U at termination		09/12/44		2,000		(704	)
Royal Bank of Scotland	2.475% at termination		CPI-U at termination		03/17/24		2,000		(225	)
Royal Bank of Scotland	2.733% at termination		CPI-U at termination		02/10/44		5,000		(1,886	)
								$	(54,007	)

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 19.6%
	1,446	Accredited Mortgage Loan Trust, Series 2003-3, Class A1, SUB, 5.210%, 01/25/34		1,411
	1,831	Ally Auto Receivables Trust, Series 2015-SN1, Class A3, 1.210%, 12/20/17		1,831
	2,564	American Express Credit Account Master Trust, Series 2014-2, Class A, 1.260%, 01/15/20		2,568
	280	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-7, Class M1, VAR, 1.763%, 08/25/33		267
		Amortizing Residential Collateral Trust,
	91	Series 2002-BC4, Class A, VAR, 1.104%, 07/25/32		86
	571	Series 2002-BC6, Class M1, VAR, 1.649%, 08/25/32		524
	2,619	Series 2002-BC9, Class M1, VAR, 2.174%, 12/25/32		2,401
		AMRESCO Residential Securities Corp. Mortgage Loan Trust,
	3	Series 1997-2, Class M1A, VAR, 1.079%, 06/25/27		3
	445	Series 1998-1, Class M1A, VAR, 1.133%, 01/25/28		430
	609	Series 1998-3, Class M1A, VAR, 1.154%, 09/25/28		577
	3,459	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		3,378
	333	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE7, Class M2, VAR, 3.133%, 12/15/33		327
	1,692	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		1,688
		B2R Mortgage Trust,
	1,080	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,077
	2,478	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		2,544
	7,000	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		7,017
	2,978	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		2,967
	2,429	Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE1, Class M2, VAR, 1.733%, 01/25/35		2,256
	887	Bear Stearns Asset-Backed Securities Trust, Series 2003-SD1, Class A, VAR, 1.424%, 12/25/33		831
	3,125	BMW Vehicle Lease Trust, Series 2015-1, Class A3, 1.240%, 12/20/17		3,128
	271	BNC Mortgage Loan Trust, Series 2007-2, Class A2, VAR, 0.624%, 05/25/37		265

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,034	Cabela’s Credit Card Master Note Trust, Series 2016-1, Class A1, 1.780%, 06/15/22		4,024
		California Republic Auto Receivables Trust,
	448	Series 2013-1, Class A2, 1.410%, 09/17/18 (e)		449
	6,685	Series 2015-2, Class A3, 1.310%, 08/15/19		6,686
	4,493	Series 2015-3, Class A3, 1.620%, 11/15/19		4,498
	948	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		947
	3,276	Capital Auto Receivables Asset Trust, Series 2015-1, Class A2, 1.420%, 06/20/18		3,278
	58	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		58
	1,688	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.528%, 10/15/21 (e)		1,384
		CarMax Auto Owner Trust,
	3,512	Series 2015-2, Class A3, 1.370%, 03/16/20		3,520
	5,000	Series 2015-4, Class A3, 1.560%, 11/16/20		5,027
	354	Centex Home Equity Loan Trust, Series 2002-A, Class MV1, VAR, 1.374%, 01/25/32		283
	3,000	Chrysler Capital Auto Receivables Trust, Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		3,006
	1,207	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		1,205
	3,849	Colony American Finance Ltd., Series 2016-1, Class A, 2.544%, 06/15/48 (e)		3,850
	248	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		248
		Countrywide Asset-Backed Certificates,
	82	Series 2002-1, Class A, VAR, 1.084%, 08/25/32		71
	129	Series 2002-BC1, Class A, VAR, 1.184%, 04/25/32		83
	113	Series 2003-BC2, Class 2A1, VAR, 1.124%, 06/25/33		98
	844	Series 2003-BC5, Class M1, VAR, 1.574%, 09/25/33		765
	263	Series 2004-2, Class M4, VAR, 2.024%, 03/25/34		243
	139	Series 2004-S1, Class M2, SUB, 5.584%, 02/25/35		138
	270	Countrywide Home Equity Loan Trust, Series 2004-A, Class A, VAR, 0.728%, 04/15/30		261
		CPS Auto Receivables Trust,
	105	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		105

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 195

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	179	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		179
	1,301	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		1,300
	1,419	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		1,417
	1,473	Series 2016-B, Class B, 3.180%, 09/15/20 (e)		1,478
		CWHEQ Revolving Home Equity Loan Trust,
	356	Series 2005-E, Class 2A, VAR, 0.728%, 11/15/35		313
	1,612	Series 2005-M, Class A1, VAR, 0.748%, 02/15/36		1,390
	10,280	Discover Card Execution Note Trust, Series 2014-A1, Class A1, VAR, 0.938%, 07/15/21		10,309
	1,200	DT Auto Owner Trust, Series 2016-2A, Class B, 2.920%, 05/15/20 (e)		1,208
		Exeter Automobile Receivables Trust,
	11	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		12
	1,229	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		1,226
	2,607	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		2,605
	4,288	Series 2016-2A, Class A, 2.210%, 07/15/20 (e)		4,280
		First Franklin Mortgage Loan Trust,
	98	Series 2002-FF1, Class M1, VAR, 1.574%, 04/25/32		81
	598	Series 2002-FF4, Class M1, VAR, 2.099%, 02/25/33		336
	325	Series 2003-FFH1, Class M2, VAR, 3.149%, 09/25/33		263
	547	Series 2004-FF8, Class M4, VAR, 2.130%, 10/25/34		181
		First Investors Auto Owner Trust,
	824	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		823
	1,646	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		1,643
	810	First NLC Trust, Series 2005-2, Class M1, VAR, 1.004%, 09/25/35		796
	2,266	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		2,259
		Flagship Credit Auto Trust,
	251	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		251
	2,363	Series 2016-2, Class A1, 2.280%, 05/15/20 (e)		2,365

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ford Credit Auto Owner Trust,
	1,837	Series 2014-B, Class A3, 0.900%, 10/15/18		1,837
	2,632	Series 2015-B, Class A3, 1.160%, 11/15/19		2,633
	1,400	Series 2016-B, Class A3, 1.330%, 10/15/20		1,403
	3,580	Fremont Home Loan Trust, Series 2005-C, Class M2, VAR, 1.014%, 07/25/35		3,198
	802	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		797
	6,244	GM Financial Automobile Leasing Trust, Series 2015-2, Class A3, 1.680%, 12/20/18		6,272
	137	GreenPoint Mortgage Funding Trust, Series 2005-HE3, Class A, VAR, 0.688%, 09/15/30		120
	3,582	Harley-Davidson Motorcycle Trust, Series 2015-2, Class A3, 1.300%, 03/16/20		3,588
	78	Honda Auto Receivables Owner Trust, Series 2015-1, Class A2, 0.700%, 06/15/17		78
	2,392	Hyundai Auto Receivables Trust, Series 2015-A, Class A3, 1.050%, 04/15/19		2,393
	4,883	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.507%, 06/17/31 (e)		4,856
	109	Irwin Home Equity Loan Trust, Series 2004-1, Class 1A1, VAR, 1.164%, 12/25/24		100
	5,500	Leaf Receivables Funding 10 LLC, Series 2015-1, Class A3, 1.490%, 03/15/18 (e)		5,493
	10	Lehman Home Equity Loan Trust, Series 1998-1, Class A1, 7.000%, 05/25/28		3
	193	Long Beach Mortgage Loan Trust, Series 2004-1, Class M3, VAR, 1.574%, 02/25/34		185
	3,112	Mercedes Benz Auto Lease Trust, Series 2015-A, Class A3, 1.100%, 08/15/17		3,112
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,236	Series 2003-NC6, Class M1, VAR, 1.724%, 06/25/33		1,197
	7,500	Series 2005-WMC4, Class M5, VAR, 1.499%, 04/25/35		7,029
	273	New Century Home Equity Loan Trust, Series 2003-5, Class AII, VAR, 1.288%, 11/25/33		213
	3,334	Nissan Auto Lease Trust, Series 2015-B, Class A3, 1.540%, 04/16/18		3,345
	3,628	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		3,622
		OneMain Financial Issuance Trust,
	3,325	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		3,328
	2,877	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		2,908

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,500	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		3,504
	632	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2002-4, Class M1, VAR, 1.424%, 07/25/32		592
		Park Place Securities, Inc., Asset-Backed Pass-Through Certificates,
	764	Series 2004-WHQ2, Class M2, VAR, 1.469%, 02/25/35		761
	1,090	Series 2005-WHQ3, Class M2, VAR, 1.199%, 06/25/35		1,088
	255	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		254
	1,071	Porsche Innovative Lease Owner Trust, Series 2014-1, Class A3, 1.030%, 11/20/17 (e)		1,070
		Progress Residential Trust,
	3,278	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,321
	5,507	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,654
	231	RAMP Trust, Series 2003-RS2, Class AII, VAR, 1.204%, 03/25/33		207
	523	RASC Trust, Series 2003-KS4, Class MI2, SUB, 5.510%, 06/25/33		395
		Residential Funding Mortgage Securities II Home Loan Trust,
	24	Series 2001-HI2, Class AI7, SUB, 7.440%, 04/25/26		24
	91	Series 2001-HI4, Class A7, SUB, 7.240%, 10/25/26		90
	28	Series 2003-HS1, Class AII, VAR, 0.814%, 12/25/32		26
	2,889	Sofi Consumer Loan Program LLC, Series 2016-1, Class A, 3.260%, 08/25/25 (e)		2,904
		SoFi Professional Loan Program LLC,
	591	Series 2014-B, Class A1, VAR, 1.774%, 08/25/32 (e)		593
	1,423	Series 2015-A, Class A1, VAR, 1.724%, 03/25/33 (e)		1,425
	2,542	Series 2015-B, Class A1, VAR, 1.574%, 04/25/35 (e)		2,524
	1,812	Series 2015-C, Class A1, VAR, 1.574%, 08/27/35 (e)		1,799
	2,879	Series 2016-B, Class A1, VAR, 1.724%, 06/25/33 (e)		2,892
	2,097	SpringCastle America Funding LLC, Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		2,099
	2,139	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		2,141

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	130	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A3, VAR, 1.224%, 04/25/33		126
		TCF Auto Receivables Owner Trust,
	7,200	Series 2015-1A, Class A3, 1.490%, 12/16/19 (e)		7,199
	2,249	Series 2015-2A, Class A2, 1.640%, 01/15/19 (e)		2,250
	1,429	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.757%, 05/17/32 (e)		1,419
	4,210	U.S. Residential Opportunity Fund III Trust, Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		4,206
	415	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		414
	973	VOLT XIX LLC, Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		975
	2,736	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		2,764
	2,322	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		2,327
	1,686	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		1,687
	1,961	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,961
	5,193	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,190
	3,680	VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		3,560
	2,082	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		2,079
	1,715	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,716
	1,187	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,187
	3,273	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		3,273
	4,140	Westgate Resorts LLC, Series 2016-1A, Class A, 3.500%, 12/20/28 (e)		4,140
		Total Asset-Backed Securities (Cost $250,556)		248,064
	Collateralized Mortgage Obligations — 55.1%
		Agency CMO — 49.4%
	169	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 1, Class S, IF, IO, 8.437%, 10/25/22		20
		Federal Home Loan Mortgage Corp. REMIC,
	3	Series 1071, Class F, VAR, 1.458%, 04/15/21		3

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 197

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	11	Series 1343, Class LA, 8.000%, 08/15/22		12
	9	Series 1370, Class JA, VAR, 1.658%, 09/15/22		9
	8	Series 1379, Class W, VAR, 1.300%, 10/15/22		8
	2	Series 1508, Class KA, VAR, 1.290%, 05/15/23		2
	142	Series 1689, Class M, PO, 03/15/24		135
	69	Series 1771, Class PK, 8.000%, 02/15/25		78
	120	Series 1974, Class ZA, 7.000%, 07/15/27		134
	21	Series 1981, Class Z, 6.000%, 05/15/27		23
	75	Series 2033, Class PR, PO, 03/15/24		72
	11	Series 2261, Class ZY, 7.500%, 10/15/30		12
	1	Series 2289, Class NA, VAR, 10.067%, 05/15/20		1
	39	Series 2338, Class FN, VAR, 1.008%, 08/15/28		39
	86	Series 2416, Class SA, IF, 14.615%, 02/15/32		124
	68	Series 2416, Class SH, IF, 14.985%, 02/17/32		93
	14	Series 2477, Class FZ, VAR, 1.058%, 06/15/31		15
	410	Series 3085, Class VS, HB, IF, 26.689%, 12/15/35		718
	533	Series 3300, Class FA, VAR, 0.808%, 08/15/35		530
	1,531	Series 3737, Class DG, 5.000%, 10/15/30		1,674
	2,428	Series 3832, Class PL, 5.000%, 08/15/39		2,566
	1,621	Series 3841, Class JF, VAR, 0.908%, 10/15/38		1,627
	6,407	Series 3860, Class FP, VAR, 0.908%, 06/15/40		6,432
	2,105	Series 3952, Class MA, 3.000%, 11/15/21		2,162
	8,840	Series 4074, Class FE, VAR, 0.908%, 07/15/42		8,826
	8,899	Series 4111, Class FA, VAR, 0.858%, 08/15/39		8,912
	4,897	Series 4120, Class KI, IO, 3.000%, 10/15/32		474
	14,648	Series 4150, Class F, VAR, 0.878%, 01/15/43		14,628
	17,083	Series 4150, Class GE, 2.000%, 01/15/33		17,250
	10,568	Series 4161, Class YF, VAR, 0.878%, 02/15/43		10,550
	5,578	Series 4206, Class DA, 2.000%, 05/15/33		5,688
	11,445	Series 4281, Class FB, VAR, 1.058%, 12/15/43		11,458

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	18,707		Series 4350, Class AF, VAR, 0.817%, 12/15/37		18,545
	13,846		Series 4350, Class FK, VAR, 0.817%, 06/15/38		13,797
	2,172		Series 4350, Class KF, VAR, 0.817%, 01/15/39		2,152
	14,963		Series 4363, Class FA, VAR, 0.525%, 09/15/41		14,870
	7,059		Series 4413, Class WF, VAR, 0.817%, 10/15/41		7,019
	14,986		Series 4448, Class TF, VAR, 0.787%, 05/15/40		14,927
	42,005		Series 4457, Class KF, VAR, 0.817%, 10/15/40		41,942
	14,882		Series 4480, Class FM, VAR, 0.817%, 06/15/40		14,898
	11,109		Series 4515, Class FA, VAR, 0.837%, 08/15/38		11,021
	5,172		Series 4594, Class GN, 2.500%, 02/15/45		5,328
	23,305		Federal Home Loan Mortgage Corp. STRIPS, Series 328, Class S4, IF, IO, 2.051%, 02/15/38		1,429
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	70		Series T-51, Class 1APO, PO, 09/25/42		60
	2,778		Series T-54, Class 4A, VAR, 3.218%, 02/25/43		2,870
	72		Federal National Mortgage Association - ACES, Series 2014-M5, Class FA, VAR, 0.825%, 01/25/17		72
			Federal National Mortgage Association Grantor Trust,
	404		Series 2001-T8, Class A1, 7.500%, 07/25/41		471
	1,277		Series 2002-T6, Class A4, VAR, 3.535%, 03/25/41		1,330
			Federal National Mortgage Association REMIC,
	4		Series 1988-15, Class B, VAR, 1.074%, 06/25/18		4
	1		Series 1989-77, Class J, 8.750%, 11/25/19		1
	—	(h)	Series 1989-89, Class H, 9.000%, 11/25/19		—	(h)
	21		Series 1990-64, Class Z, 10.000%, 06/25/20		23
	43		Series 1990-145, Class A, VAR, 1.465%, 12/25/20		43
	47		Series 1991-142, Class PL, 8.000%, 10/25/21		51
	48		Series 1991-156, Class F, VAR, 1.824%, 11/25/21		50

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	—	(h)	Series 1992-91, Class SQ, HB, IF, 8,985.610%, 05/25/22		9
	85		Series 1992-112, Class GB, 7.000%, 07/25/22		94
	3		Series 1992-154, Class SA, IF, IO, 5.400%, 08/25/22		—	(h)
	36		Series 1992-200, Class FK, VAR, 1.990%, 11/25/22		37
	42		Series 1993-27, Class S, IF, 8.965%, 02/25/23		49
	81		Series 1993-110, Class H, 6.500%, 05/25/23		90
	9		Series 1993-119, Class H, 6.500%, 07/25/23		10
	79		Series 1993-146, Class E, PO, 05/25/23		75
	36		Series 1993-165, Class FH, VAR, 1.674%, 09/25/23		37
	186		Series 1993-179, Class FM, VAR, 1.940%, 10/25/23		191
	34		Series 1997-74, Class E, 7.500%, 10/20/27		40
	353		Series 2001-9, Class F, VAR, 0.757%, 02/17/31		354
	86		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		17
	85		Series 2002-77, Class FY, VAR, 0.924%, 12/25/17		85
	203		Series 2003-17, Class FN, VAR, 0.824%, 03/25/18		203
	30		Series 2003-21, Class FK, VAR, 0.924%, 03/25/33		31
	774		Series 2004-17, Class BF, VAR, 0.874%, 01/25/34		772
	1,218		Series 2006-3, Class SB, IF, IO, 6.176%, 07/25/35		180
	1,060		Series 2006-16, Class HZ, 5.500%, 03/25/36		1,139
	2,471		Series 2006-124, Class FC, VAR, 0.874%, 01/25/37		2,464
	543		Series 2010-42, Class PD, 4.500%, 07/25/39		546
	3,683		Series 2012-38, Class PA, 2.000%, 09/25/41		3,730
	6,244		Series 2012-93, Class ME, 2.500%, 01/25/42		6,437
	4,058		Series 2012-114, Class VE, 3.500%, 10/25/25		4,295
	14,267		Series 2012-119, Class FB, VAR, 0.874%, 11/25/42		14,193
	2,861		Series 2013-6, Class FL, VAR, 0.924%, 02/25/43		2,854

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	5,302	Series 2013-15, Class DC, 2.000%, 03/25/33		5,352
	5,507	Series 2013-23, Class KJ, 2.250%, 05/25/42		5,602
	4,451	Series 2013-26, Class AV, 3.500%, 04/25/26		4,725
	3,392	Series 2013-43, Class YH, 2.500%, 05/25/33		3,447
	12,245	Series 2013-54, Class HF, VAR, 0.724%, 10/25/41		12,203
	740	Series 2014-49, Class AF, VAR, 0.787%, 08/25/44		733
	9,740	Series 2014-66, Class WF, VAR, 0.817%, 10/25/54		9,720
	18,945	Series 2015-42, Class BF, VAR, 0.777%, 06/25/45		18,894
	16,953	Series 2015-91, Class AF, VAR, 0.837%, 12/25/45		16,855
	22,134	Series 2016-25, Class LA, 3.000%, 07/25/45		23,062
	24,532	Series 2016-30, Class PA, 3.000%, 04/25/45		25,612
	7,970	Series 2016-33, Class JA, 3.000%, 07/25/45		8,308
	12,777	Series 2016-38, Class NA, 3.000%, 01/25/46		13,426
	3	Series G92-44, Class ZQ, 8.000%, 07/25/22		3
	507	Series G94-9, Class PJ, 6.500%, 08/17/24		581
		Federal National Mortgage Association REMIC Trust,
	277	Series 2003-W1, Class 2A, VAR, 6.307%, 12/25/42		325
	1,177	Series 2003-W4, Class 5A, VAR, 3.230%, 10/25/42		1,187
	1,742	Series 2003-W15, Class 3A, VAR, 4.102%, 12/25/42		1,862
	838	Series 2009-W1, Class A, 6.000%, 12/25/49		961
		Federal National Mortgage Association STRIPS,
	212	Series 343, Class 23, IO, 4.000%, 10/25/18		6
	308	Series 343, Class 27, IO, 4.500%, 01/25/19		10
	528	Federal National Mortgage Association Trust, Series 2004-W2, Class 4A, VAR, 2.934%, 02/25/44		562
		Government National Mortgage Association,
	11	Series 2000-35, Class F, VAR, 1.057%, 12/16/25		11
	214	Series 2002-31, Class FC, VAR, 0.770%, 09/26/21		214

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 199

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	4,383	Series 2010-166, Class GP, 3.000%, 04/20/39		4,543
	6,424	Series 2012-61, Class FM, VAR, 0.907%, 05/16/42		6,435
	3,327	Series 2012-H21, Class FA, VAR, 0.968%, 07/20/62		3,301
	17,659	Series 2013-H16, Class FA, VAR, 1.008%, 07/20/63		17,616
	18,691	Series 2014-H07, Class FC, VAR, 1.068%, 05/20/64		18,690
	6,003	Series 2014-H11, Class JA, VAR, 0.968%, 06/20/64		5,974
	15,791	Series 2014-H17, Class FM, VAR, 0.948%, 08/20/64		15,693
	8,980	Series 2015-H03, Class FD, VAR, 1.108%, 01/20/65		8,910
	17,501	Series 2015-H04, Class FL, VAR, 0.938%, 02/20/65		17,391
	9,443	Series 2015-H12, Class FA, VAR, 0.948%, 05/20/65		9,381
	20,076	Series 2015-H12, Class FJ, VAR, 0.898%, 05/20/65		19,935
	22,871	Series 2015-H14, Class FB, VAR, 0.898%, 05/20/65		22,703
	16,990	Series 2015-H19, Class FN, VAR, 0.908%, 07/20/65		16,835
	19,919	Series 2015-H23, Class TA, VAR, 0.938%, 09/20/65		19,767
				623,945
		Non-Agency CMO — 5.7%
		Alternative Loan Trust,
	687	Series 2004-33, Class 3A3, VAR, 2.663%, 12/25/34		622
	23	Series 2004-J4, Class 1A6, SUB, 5.400%, 06/25/34		23
	383	Banc of America Alternative Loan Trust, Series 2004-8, Class 3A1, 5.500%, 09/25/19		375
		Banc of America Funding Trust,
	314	Series 2005-E, Class 5A1, VAR, 3.173%, 05/20/35		310
	582	Series 2006-1, Class 2A1, 5.500%, 01/25/36		559
		Banc of America Mortgage Trust,
	738	Series 2004-D, Class 2A2, VAR, 3.258%, 05/25/34		730
	535	Series 2005-A, Class 3A1, VAR, 2.906%, 02/25/35		523

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	478	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC6, Class M1, VAR, 1.529%, 11/25/34		157
		CHL Mortgage Pass-Through Trust,
	295	Series 2003-21, Class A1, VAR, 3.244%, 05/25/33		297
	139	Series 2004-HYB8, Class 1A1, VAR, 1.212%, 01/20/35		125
	339	Series 2005-1, Class 1A2, VAR, 1.224%, 03/25/35		47
	5	Collateralized Mortgage Obligation Trust, Series 50, Class B, PO, 10/01/18		5
		Credit Suisse First Boston Mortgage Securities Corp.,
	1,045	Series 2003-AR24, Class 2A4, VAR, 2.979%, 10/25/33		1,037
	893	Series 2004-5, Class 4A1, 6.000%, 09/25/34		909
	133	Series 2005-5, Class 1A1, 5.000%, 07/25/20		132
	399	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 5.804%, 02/25/20		403
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes,
	4,500	Series 2013-DN1, Class M1, VAR, 3.924%, 07/25/23		4,586
	7,063	Series 2015-DNA3, Class M2, VAR, 3.374%, 04/25/28		7,328
		Federal National Mortgage Association, Connecticut Avenue Securities,
	2,161	Series 2013-C01, Class M1, VAR, 2.524%, 10/25/23		2,183
	2,088	Series 2014-C01, Class M1, VAR, 2.124%, 01/25/24		2,103
	6,099	Series 2014-C02, Class 1M1, VAR, 1.474%, 05/25/24		6,102
	2,064	Series 2014-C03, Class 1M1, VAR, 1.724%, 07/25/24		2,069
	369	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA10, Class 2A1, 5.250%, 12/25/20		374
	849	First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1, VAR, 2.811%, 12/25/34		847
	71	First Republic Bank Mortgage Pass-Through Certificates Trust, Series 2000-FRB1, Class B1, VAR, 1.024%, 06/25/30		57
	372	First Republic Mortgage Loan Trust, Series 2000-FRB2, Class A1, VAR, 1.008%, 11/15/30		332

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	793	GSAA Trust, Series 2004-CW1, Class 1A1, 5.500%, 04/01/34		815
	467	GSR Mortgage Loan Trust, Series 2004-10F, Class 7A1, 5.500%, 09/25/34		481
		Impac CMB Trust,
	263	Series 2004-3, Class 3A, VAR, 1.164%, 03/25/34		249
	290	Series 2004-6, Class 1A2, VAR, 1.304%, 10/25/34		267
	1,366	Series 2005-5, Class A1, VAR, 1.164%, 08/25/35		1,197
	1,084	Indymac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A1, VAR, 3.160%, 03/25/37		1,002
	153	JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1, VAR, 2.583%, 10/25/33		150
		MASTR Adjustable Rate Mortgages Trust,
	221	Series 2003-5, Class 5A1, VAR, 2.375%, 10/25/33		220
	404	Series 2004-13, Class 2A1, VAR, 2.882%, 04/21/34		413
	1,308	Series 2004-13, Class 3A7B, VAR, 2.530%, 11/21/34		1,324
	142	MASTR Seasoned Securitization Trust, Series 2003-1, Class 3A2, VAR, 0.924%, 02/25/33		129
		Mellon Residential Funding Corp. Mortgage Pass-Through Certificates,
	419	Series 2001-TBC1, Class B1, VAR, 1.388%, 11/15/31		365
	96	Series 2002-TBC1, Class B1, VAR, 1.508%, 09/15/30		82
	48	Series 2002-TBC1, Class B2, VAR, 1.908%, 09/15/30		40
	194	Series 2002-TBC2, Class B1, VAR, 1.358%, 08/15/32		159
		Merrill Lynch Mortgage Investors Trust,
	447	Series 2004-1, Class 2A3, VAR, 2.682%, 12/25/34		414
	617	Series 2004-D, Class A1, VAR, 1.184%, 09/25/29		611
	11	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		12
		Morgan Stanley Dean Witter Capital I, Inc. Trust,
	289	Series 2003-HYB1, Class A4, VAR, 2.197%, 03/25/33		262
	270	Series 2003-HYB1, Class B1, VAR, 2.197%, 03/25/33		198

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Morgan Stanley Mortgage Loan Trust,
	2,649	Series 2004-3, Class 4A, VAR, 5.676%, 04/25/34		2,771
	349	Series 2004-5AR, Class 3A3, VAR, 2.857%, 07/25/34		321
	1,968	Series 2004-5AR, Class 3A5, VAR, 2.857%, 07/25/34		1,958
	892	Series 2004-11AR, Class 1A2A, VAR, 0.834%, 01/25/35		833
	1,325	NAAC Reperforming Loan REMIC Trust Certificates, Series 2004-R3, Class AF, VAR, 0.974%, 02/25/35 (e)		1,088
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	486	Series 2003-A3, Class A1, SUB, 5.500%, 08/25/33		496
	31	Series 2004-AR1, Class 5A1, VAR, 1.284%, 08/25/34		29
	776	Prime Mortgage Trust, Series 2005-2, Class 2A1, VAR, 6.591%, 10/25/32		819
	169	RALI Trust, Series 2003-QS16, Class A1, 5.000%, 08/25/18		169
		RFMSI Trust,
	3,242	Series 2005-SA2, Class 2A2, VAR, 3.401%, 06/25/35		3,029
	829	Series 2006-SA4, Class 2A1, VAR, 4.034%, 11/25/36		727
		Sequoia Mortgage Trust,
	65	Series 11, Class A, VAR, 1.412%, 12/20/32		63
	169	Series 2003-3, Class A2, VAR, 1.625%, 07/20/33		159
	1,642	Series 2004-11, Class A2, VAR, 1.571%, 12/20/34		1,565
	1,714	Springleaf Mortgage Loan Trust, Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,705
	134	Structured Asset Mortgage Investments II Trust, Series 2004-AR1, Class 1A1, VAR, 1.214%, 03/19/34		129
	1,049	Structured Asset Mortgage Investments, Inc., Series 2002-AR2, Class A3, VAR, 1.264%, 07/19/32		787
		Structured Asset Securities Corp., Mortgage Pass-Through Certificates,
	2,501	Series 2003-24A, Class 2A, VAR, 3.089%, 07/25/33		2,375
	1,678	Series 2003-29, Class 3A1, VAR, 4.919%, 09/25/33		1,670
	3,030	Series 2003-32, Class 5A1, VAR, 5.804%, 11/25/33		3,110

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 201

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	831	Series 2003-40A, Class 4A, VAR, 2.941%, 01/25/34		802
	4,038	Thornburg Mortgage Securities Trust, Series 2004-4, Class 5A, VAR, 2.540%, 12/25/44		3,825
		WaMu Mortgage Pass-Through Certificates Trust,
	1,420	Series 2004-AR3, Class A1, VAR, 2.783%, 06/25/34		1,431
	752	Series 2004-AR11, Class A, VAR, 2.713%, 10/25/34		756
		Wells Fargo Mortgage-Backed Securities Trust,
	354	Series 2003-K, Class 1A2, VAR, 2.638%, 11/25/33		356
	482	Series 2005-AR16, Class 3A2, VAR, 2.969%, 03/25/35		484
	125	Series 2006-17, Class A1, 5.500%, 11/25/21		127
	137	Series 2007-3, Class 3A1, 5.500%, 04/25/22		140
				72,349
		Total Collateralized Mortgage Obligations (Cost $697,223)		696,294
	Commercial Mortgage-Backed Securities — 3.2%
		A10 Securitization LLC,
	1,935	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		1,925
	2,371	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		2,378
		A10 Term Asset Financing LLC,
	2,466	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		2,454
	5,281	Series 2016-1, Class A1, 2.420%, 03/15/35 (e)		5,285
	2,900	BAMLL Commercial Mortgage Securities Trust, Series 2013-DSNY, Class A, VAR, 1.558%, 09/15/26 (e)		2,898
		Bayview Commercial Asset Trust,
	360	Series 2004-3, Class A2, VAR, 0.944%, 01/25/35 (e)		324
	1,309	Series 2005-2A, Class A2, VAR, 0.874%, 08/25/35 (e)		1,141
	261	Series 2005-2A, Class M1, VAR, 0.954%, 08/25/35 (e)		218
	1,241	Series 2007-3, Class A2, VAR, 0.814%, 07/25/37 (e)		1,002
	2,793	BBCMS Trust, Series 2015-VFM, Class A1, 2.466%, 03/10/36 (e)		2,798

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	6,000	BHMS Mortgage Trust, Series 2014-ATLS, Class BFL, VAR, 2.447%, 07/05/33 (e)		5,920
		COMM Mortgage Trust,
	3,402	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		3,410
	2,667	Series 2014-BBG, Class A, VAR, 1.308%, 03/15/29 (e)		2,644
	1,319	Series 2014-PAT, Class A, VAR, 1.308%, 08/13/27 (e)		1,314
	3,774	Series 2014-TWC, Class A, VAR, 1.358%, 02/13/32 (e)		3,774
	633	GS Mortgage Securities Trust, Series 2013-GC16, Class A1, 1.264%, 11/10/46		633
	396	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class A4, 5.332%, 12/15/43		396
	726	RAIT Trust, Series 2014-FL3, Class A, VAR, 1.758%, 12/15/31 (e)		717
	1,155	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		1,223
		Total Commercial Mortgage-Backed Securities (Cost $41,108)		40,454
	Corporate Bonds — 9.0%
		Consumer Discretionary — 0.3%
		Media — 0.3%
	4,000	Walt Disney Co. (The), VAR, 1.139%, 05/30/19		4,009
		Consumer Staples — 0.1%
		Food & Staples Retailing — 0.1%
	607	Walgreens Boots Alliance, Inc., 1.750%, 11/17/17		610
		Energy — 1.6%
		Oil, Gas & Consumable Fuels — 1.6%
	3,000	BP Capital Markets plc, (United Kingdom), VAR, 1.270%, 09/26/18		3,018
	1,810	Buckeye Partners LP, 4.875%, 02/01/21		1,933
	2,882	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		2,947
	4,963	ConocoPhillips Co., 1.500%, 05/15/18		4,963
	1,525	ONEOK Partners LP, 3.200%, 09/15/18		1,551
	1,628	Plains All American Pipeline LP/PAA Finance Corp., 2.600%, 12/15/19		1,638
	684	Spectra Energy Partners LP, 2.950%, 09/25/18		697
	3,000	Statoil ASA, (Norway), VAR, 1.248%, 11/08/18		3,011
	822	TransCanada PipeLines Ltd., (Canada), 1.875%, 01/12/18		826
		Total Energy		20,584

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Financials — 5.1%
		Banks — 1.9%
	3,000	ABN AMRO Bank N.V., (Netherlands), VAR, 1.543%, 10/28/16 (e)		3,003
		Bank of America Corp.,
	1,346	1.700%, 08/25/17		1,350
	2,000	Series L, 2.600%, 01/15/19		2,044
	5,000	Bank of Montreal, (Canada), 1.350%, 08/28/18		4,996
	3,169	Barclays plc, (United Kingdom), 2.875%, 06/08/20		3,194
	3,000	BB&T Corp., VAR, 1.417%, 02/01/19		3,016
	923	BNP Paribas S.A., (France), 2.700%, 08/20/18		944
	2,750	Citigroup, Inc., VAR, 1.497%, 11/15/16		2,753
	964	Discover Bank, 2.600%, 11/13/18		978
	967	SunTrust Banks, Inc., 2.350%, 11/01/18		983
				23,261
		Capital Markets — 0.7%
		Goldman Sachs Group, Inc. (The),
	1,000	2.625%, 04/25/21		1,018
	3,000	VAR, 1.917%, 11/15/18		3,033
		Morgan Stanley,
	1,482	2.500%, 01/24/19		1,506
	2,925	2.500%, 04/21/21		2,955
				8,512
		Consumer Finance — 1.7%
	3,000	American Express Credit Corp., VAR, 1.197%, 03/18/19		3,016
	3,000	American Honda Finance Corp., VAR, 1.157%, 10/07/16		3,002
	4,000	Ford Motor Credit Co. LLC, Series 1, VAR, 1.486%, 03/12/19		3,998
	4,000	HSBC USA, Inc., VAR, 1.520%, 09/24/18		3,991
	2,824	Nissan Motor Acceptance Corp., VAR, 1.386%, 03/03/17 (e)		2,828
	5,000	Toyota Motor Credit Corp., VAR, 1.018%, 05/16/17		5,004
				21,839
		Diversified Financial Services — 0.3%
	4,000	Shell International Finance B.V., (Netherlands), VAR, 1.266%, 05/11/20		4,004
		Insurance — 0.5%
	880	Chubb INA Holdings, Inc., 2.300%, 11/03/20		905
	1,982	Jackson National Life Global Funding, 1.875%, 10/15/18 (e)		2,002

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		New York Life Global Funding,
	2,485	1.125%, 03/01/17 (e)		2,487
	1,234	2.000%, 04/13/21 (e)		1,245
				6,639
		Total Financials		64,255
		Health Care — 0.4%
		Health Care Equipment & Supplies — 0.1%
	857	Medtronic, Inc., 1.500%, 03/15/18		862
		Life Sciences Tools & Services — 0.0% (g)
	662	Thermo Fisher Scientific, Inc., 1.300%, 02/01/17		662
		Pharmaceuticals — 0.3%
	3,300	Actavis Funding SCS, (Luxembourg), VAR, 1.548%, 09/01/16		3,300
		Total Health Care		4,824
		Industrials — 0.2%
		Road & Rail — 0.2%
	2,210	Ryder System, Inc., 2.500%, 05/11/20		2,226
		Information Technology — 0.6%
		Semiconductors & Semiconductor Equipment — 0.2%
	2,753	Texas Instruments, Inc., 1.750%, 05/01/20		2,781
		Software — 0.2%
	3,000	Oracle Corp., VAR, 1.260%, 01/15/19		3,019
		Technology Hardware, Storage & Peripherals — 0.2%
	1,793	Apple, Inc., VAR, 1.009%, 05/03/18		1,798
		Total Information Technology		7,598
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.1%
	1,314	AT&T, Inc., 2.450%, 06/30/20		1,341
		Wireless Telecommunication Services — 0.2%
	3,000	America Movil S.A.B. de C.V., (Mexico), VAR, 1.656%, 09/12/16		2,996
		Total Telecommunication Services		4,337
		Utilities — 0.4%
		Electric Utilities — 0.1%
	1,081	Duke Energy Corp., VAR, 1.034%, 04/03/17		1,082
	828	Southern California Edison Co., Series 14-B, 1.125%, 05/01/17		829
				1,911
		Gas Utilities — 0.2%
	2,100	Korea Gas Corp., (South Korea), 2.250%, 07/25/17 (e)		2,116

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 203

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Independent Power & Renewable Electricity Producers — 0.1%
	870	Exelon Generation Co. LLC, 2.950%, 01/15/20		895
		Total Utilities		4,922
		Total Corporate Bonds (Cost $112,595)		113,365
	Mortgage Pass-Through Securities — 4.0%
		Federal Home Loan Mortgage Corp.,
	11	ARM, 1.720%, 12/01/21		11
	16	ARM, 2.395%, 07/01/19		17
	10	ARM, 2.500%, 06/01/26		10
	17	ARM, 2.503%, 10/01/29		18
	21	ARM, 2.530%, 11/01/27		21
	38	ARM, 2.570%, 05/01/18 - 12/01/26		39
	45	ARM, 2.572%, 01/01/27		47
	271	ARM, 2.628%, 01/01/23 - 02/01/23		286
	31	ARM, 2.652%, 04/01/30		33
	47	ARM, 2.667%, 07/01/28		48
	8	ARM, 2.680%, 06/01/22		8
	110	ARM, 2.687%, 12/01/27		115
	11	ARM, 2.702%, 12/01/29		11
	22	ARM, 2.732%, 01/01/30		23
	356	ARM, 2.738%, 04/01/32		370
	215	ARM, 2.755%, 07/01/30		225
	155	ARM, 2.758%, 08/01/27		161
	187	ARM, 2.792%, 12/01/26		194
	91	ARM, 2.929%, 01/01/23		93
	21	ARM, 3.009%, 04/01/24		21
	9	ARM, 3.112%, 06/01/25		9
	6,453	Federal Home Loan Mortgage Corp. Gold Pools, 3.000%, 08/01/28		6,796
	3	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 8.000%, 06/01/17		3
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	9	7.500%, 05/01/28		10
	19	8.500%, 07/01/28		23
	10	9.000%, 02/01/25		11
		Federal National Mortgage Association,
	2	ARM, 2.125%, 03/01/17		2
	2	ARM, 2.133%, 06/01/18		2
	9	ARM, 2.156%, 04/01/21		9
	38	ARM, 2.188%, 11/01/18		38
	12	ARM, 2.238%, 12/01/20		13
	14	ARM, 2.325%, 04/01/24		15
	4	ARM, 2.370%, 11/01/21		4

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	10	ARM, 2.400%, 07/01/20		10
	7	ARM, 2.455%, 05/01/18		7
	5	ARM, 2.473%, 05/01/29		6
	446	ARM, 2.496%, 05/01/33		475
	31	ARM, 2.525%, 05/01/30		31
	27	ARM, 2.540%, 09/01/19 - 07/01/25		28
	20	ARM, 2.548%, 01/01/31		21
	161	ARM, 2.682%, 09/01/33		172
	31	ARM, 2.704%, 03/01/29		31
	71	ARM, 2.722%, 12/01/28		73
	84	ARM, 2.747%, 08/01/26		88
	339	ARM, 2.783%, 01/01/25		358
	141	ARM, 2.788%, 02/01/34		148
	13	ARM, 2.801%, 03/01/38		13
	38	ARM, 2.840%, 11/01/23		39
	19	ARM, 2.844%, 06/01/26		20
	42	ARM, 3.083%, 11/01/30		42
	15	ARM, 3.271%, 07/01/27		15
	14	ARM, 6.000%, 01/01/20		14
	2,978	Federal National Mortgage Association, 15 Year, Single Family, 4.000%, 02/01/25		3,166
		Federal National Mortgage Association, 20 Year, Single Family,
	9,757	3.000%, 02/01/33 - 07/01/33		10,241
	2,419	5.000%, 10/01/23		2,676
		Federal National Mortgage Association, 30 Year, FHA/VA,
	17	7.000%, 03/01/27		18
	13	8.000%, 11/01/27		13
	16	8.500%, 10/01/24		16
		Federal National Mortgage Association, 30 Year, Single Family,
	9,848	4.000%, 02/01/45		10,793
	2,712	5.000%, 12/01/39		3,072
	1,168	5.500%, 08/01/40		1,312
	738	6.000%, 04/01/39		859
	17	7.250%, 09/01/22		17
	90	7.500%, 06/01/23 - 10/01/30		94
		Federal National Mortgage Association, Other,
	5,596	ARM, 1.255%, 12/01/25		5,591
	56	12.000%, 11/01/30		61
		Government National Mortgage Association II, 30 Year, Single Family,
	19	7.250%, 08/20/22		19
	32	7.400%, 02/20/22 - 03/20/22		32
	7	7.500%, 10/20/23		8
	13	7.850%, 12/20/21		14
	41	8.000%, 07/20/25 - 08/20/26		48

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,853	Government National Mortgage Association, 15 Year, Single Family, 4.500%, 10/15/24		1,992
		Government National Mortgage Association, 30 Year, Single Family,
	16	7.000%, 06/15/24		16
	16	8.000%, 10/15/27		18
	8	9.000%, 11/15/24		8
	49	9.500%, 07/15/25		55
		Total Mortgage Pass-Through Securities (Cost $48,955)		50,416
	Municipal Bond — 0.1% (t)
		California — 0.1%
	870	University of California, Series Y-1, Rev., VAR, 0.994%, 07/01/17 (Cost $870)		870

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 8.4%
		Investment Company — 8.4%
	106,063	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.360% (b) (l) (Cost $106,063)		106,063
		Total Investments — 99.4% (Cost $1,257,370)		1,255,526
		Other Assets in Excess of Liabilities — 0.6%		6,992
		NET ASSETS — 100.0%	$	1,262,518

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 205

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 9.3%
		ABFC Trust,
	933	Series 2005-AQ1, Class A4, SUB, 4.861%, 06/25/35		954
	484	Series 2005-WF1, Class A2C, VAR, 1.144%, 12/25/34		484
	143	Accredited Mortgage Loan Trust, Series 2006-1, Class A3, VAR, 0.668%, 04/25/36		142
		American Homes 4 Rent Trust,
	2,200	Series 2014-SFR1, Class D, VAR, 2.607%, 06/17/31 (e)		2,185
	3,328	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		3,608
	1,500	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		1,642
	3,437	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		3,703
	5,850	Series 2014-SFR3, Class B, 4.201%, 12/17/36 (e)		6,349
	1,570	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		1,696
	2,650	Series 2014-SFR3, Class D, 5.040%, 12/17/36 (e)		2,887
	3,172	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		3,517
	1,951	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		2,083
	3,030	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		3,192
	1,971	Series 2015-SFR2, Class A, 3.732%, 10/17/45 (e)		2,140
	3,600	Series 2015-SFR2, Class E, 6.070%, 10/17/45 (e)		3,909
		Anchor Assets IX LLC,
	5,750	Series 2016-1, Class A, 5.125%, 02/15/20 (e)		5,750
	4,000	Series 2016-1, Class B, 6.250%, 02/15/20 (e)		4,000
	2,162	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		2,112
		B2R Mortgage Trust,
	5,590	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		5,576
	3,965	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		4,070
	2,994	Series 2016-1, Class A, 2.567%, 07/15/49 (e)		2,977
	2,000	Series 2016-1, Class B, 3.870%, 07/15/49 (e)		2,045

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,131	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		3,083
	124	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.894%, 04/25/36		120
	958	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		954
	474	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.500%, 07/15/64 (e)		474
		Chase Funding Trust,
	1,741	Series 2002-3, Class 1A5, SUB, 5.907%, 06/25/32		1,700
	753	Series 2003-4, Class 1A5, SUB, 5.315%, 05/25/33		773
	609	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		621
	59	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.950%, 04/25/32 (e)		58
		Citigroup Mortgage Loan Trust, Inc.,
	88	Series 2003-HE3, Class A, VAR, 0.904%, 12/25/33		86
	452	Series 2004-HE1, Class A, VAR, 0.783%, 09/25/33 (e)		443
	1,818	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		1,818
	1,618	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 4.704%, 12/25/47 (d)		269
	150	Federal National Mortgage Association REMIC Trust, Series 2001-W4, Class AF6, SUB, 5.610%, 01/25/32		165
		FirstKey Lending Trust,
	5,661	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		5,643
	1,442	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		1,448
	1,478	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,470
	4,460	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class CT1, 4.178%, 10/15/48 (e)		4,460
	4,025	HERO Funding Trust, Series 2016-2A, Class A, 3.750%, 09/20/41 (e)		4,035
	159	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.724%, 03/25/36		144

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		HSBC Home Equity Loan Trust USA,
	120	Series 2007-1, Class AS, VAR, 0.712%, 03/20/36		120
	402	Series 2007-3, Class APT, VAR, 1.712%, 11/20/36		401
		KGS-Alpha SBA COOF Trust,
	5,066	Series 2012-3, Class A, IO, VAR, 1.432%, 09/25/26 (e)		93
	23,842	Series 2012-4, Class A, IO, VAR, 1.060%, 09/25/37 (e)		875
	15,314	Series 2012-6, Class A, IO, VAR, 0.620%, 05/25/39 (e)		287
	3,887	Series 2015-2, Class A, IO, VAR, 2.899%, 07/25/41 (e)		516
		Long Beach Mortgage Loan Trust,
	1,597	Series 2004-1, Class M1, VAR, 1.274%, 02/25/34		1,515
	188	Series 2006-WL2, Class 2A3, VAR, 0.724%, 01/25/36		182
		LV Tower 52 Issuer LLC,
	2,231	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		2,175
	778	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		732
	106,735	Madison Avenue Manufactured Housing Contract, Series 2002-A, Class IO, IO, 0.300%, 03/25/32		1,283
	2,292	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		2,392
		Mid-State Capital Trust,
	1,099	Series 2010-1, Class A, 3.500%, 12/15/45 (e)		1,126
	1,695	Series 2010-1, Class M, 5.250%, 12/15/45 (e)		1,797
		Nationstar HECM Loan Trust,
	942	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		943
	1,964	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		1,963
	841	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		841
	852	Series 2016-2A, Class A, 2.239%, 06/25/26 (e)		852
	4,701	Series 2016-2A, Class M1, 3.598%, 06/25/26 (e)		4,701
	2,154	Series 2016-3A, Class A, 2.013%, 08/25/26 (e)		2,154
	498	Series 2016-3A, Class M1, 3.147%, 08/25/26 (e)		498

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	503	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.171%, 11/25/33		517
		NRPL Trust,
	1,568	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		1,557
	1,000	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		992
	3,730	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		3,648
	1,000	Series 2015-2A, Class A2, SUB, 3.750%, 10/25/57 (e)		946
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	5,000	Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		4,986
	2,600	Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		2,602
	2,095	Series 2016-T1, Class BT1, 3.294%, 06/15/49 (e)		2,072
		Oak Hill Advisors Residential Loan Trust,
	956	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		947
	513	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		503
		Ocwen Master Advance Receivables Trust,
	3,668	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		3,670
	609	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		610
	1,250	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		1,250
	3,600	Series 2016-T1, Class AT1, 2.521%, 08/17/48 (e)		3,598
	1,522	Series 2016-T2, Class BT2, 3.265%, 08/16/49 (e)		1,521
	3,025	Series 2016-T2, Class DT2, 4.446%, 08/16/49 (e)		3,022
		Pretium Mortgage Credit Partners I LLC,
	1,232	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		1,232
	1,000	Series 2015-NPL2, Class A2, SUB, 4.250%, 07/27/30 (e)		985
		Progress Residential Trust,
	7,269	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		7,364
	1,761	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		1,781
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		2,581

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 207

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	6,000	Series 2015-SFR2, Class D, 3.684%, 06/12/32 (e)		6,024
	2,070	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		2,050
	5,867	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		6,024
	2,000	Series 2015-SFR3, Class C, 4.327%, 11/12/32 (e)		2,081
	1,593	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		1,660
	1,350	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,397
	1,488	Series 2016-SFR1, Class C, VAR, 2.982%, 09/17/33 (e)		1,505
	3,098	Series 2016-SFR1, Class E, VAR, 4.332%, 09/17/33 (e)		3,119
		RAMP Trust,
	13	Series 2004-RS8, Class AI6, SUB, 4.980%, 08/25/34		13
	482	Series 2004-RS11, Class M1, VAR, 1.454%, 11/25/34		479
	947	Series 2006-RZ1, Class A3, VAR, 0.824%, 03/25/36		939
	487	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		228
	1,013	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		1,004
	287	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		290
	97	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.392%, 01/25/36		72
	241	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		239
		SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
	2,200	Series 2015-T2, Class DT2, 4.230%, 01/15/47 (e)		2,200
	2,138	Series 2015-T3, Class DT3, 4.430%, 07/15/47 (e)		2,140
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	357	Series 2002-AL1, Class A2, 3.450%, 02/25/32		356
	880	Series 2002-AL1, Class A3, 3.450%, 02/25/32		872

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	995	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		990
		U.S. Residential Opportunity Fund III Trust,
	1,536	Series 2016-1III, Class A, SUB, 3.475%, 07/27/36 (e)		1,536
	8,905	Series 2016-2III, Class A, SUB, 3.475%, 08/27/36 (e)		8,897
	1,399	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		1,395
	260	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		260
	280	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		279
		VOLT XIX LLC,
	973	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		975
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		390
	1,401	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,415
	1,405	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		1,415
	5,939	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		5,968
	1,436	VOLT XLVII LLC, Series 2016-NPL7, Class A1, SUB, 3.750%, 06/25/46 (e)		1,439
	3,211	VOLT XLVIII LLC, Series 2016-NPL8, Class A1, SUB, 3.500%, 07/25/46 (e)		3,209
		VOLT XXII LLC,
	843	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		843
	583	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		559
	1,471	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,471
	5,193	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,190
	921	VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		891
	1,561	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		1,559
	1,429	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,430
	1,187	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,187
	1,768	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,768

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,327		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,326
	2,497		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		2,515
			Westgate Resorts LLC,
	232		Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		231
	3,863		Series 2015-2A, Class A, 3.200%, 07/20/28 (e)		3,855
	4,192		Series 2015-2A, Class B, 4.000%, 07/20/28 (e)		4,160
	6,939		Series 2016-1A, Class B, 4.500%, 12/20/28 (e)		6,892
			Total Asset-Backed Securities (Cost $257,265)		259,352
	Collateralized Mortgage Obligations — 38.6%
			Agency CMO — 31.4%
			Federal Home Loan Mortgage Corp. REMIC,
	2		Series 22, Class C, 9.500%, 04/15/20		2
	4		Series 23, Class F, 9.600%, 04/15/20		4
	2		Series 30, Class D, 9.500%, 02/15/20		2
	1		Series 47, Class F, 10.000%, 06/15/20		1
	4		Series 77, Class H, 8.500%, 09/15/20		5
	—	(h)	Series 81, Class A, 8.125%, 11/15/20		—	(h)
	1		Series 84, Class F, 9.200%, 10/15/20		1
	1		Series 99, Class Z, 9.500%, 01/15/21		1
	—	(h)	Series 180, Class J, HB, 1,010.000%, 09/15/21		—	(h)
	—	(h)	Series 186, Class I, HB, 1,009.500%, 08/15/21		—	(h)
	—	(h)	Series 189, Class K, HB, 1,009.500%, 10/15/21		—	(h)
	—	(h)	Series 204, Class E, HB, IF, 1,787.516%, 05/15/23		1
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	1		Series 1065, Class J, 9.000%, 04/15/21		2
	2		Series 1079, Class S, HB, IF, 32.274%, 05/15/21		3
	—	(h)	Series 1082, Class D, HB, 1,007.780%, 05/15/21		—	(h)
	1		Series 1084, Class F, VAR, 1.458%, 05/15/21		1
	1		Series 1084, Class S, HB, IF, 42.941%, 05/15/21		1
	2		Series 1133, Class H, 7.000%, 09/15/21		2
	7		Series 1144, Class KB, 8.500%, 09/15/21		8

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,137.063%, 01/15/22		1
	15		Series 1343, Class LA, 8.000%, 08/15/22		17
	8		Series 1343, Class LB, 7.500%, 08/15/22		9
	23		Series 1374, Class Z, 7.000%, 10/15/22		25
	7		Series 1395, Class G, 6.000%, 10/15/22		8
	58		Series 1401, Class J, 7.000%, 10/15/22		63
	92		Series 1466, Class PZ, 7.500%, 02/15/23		102
	3		Series 1470, Class F, VAR, 1.690%, 02/15/23		3
	3		Series 1505, Class QB, IF, 19.582%, 05/15/23		4
	26		Series 1518, Class G, IF, 8.591%, 05/15/23		30
	16		Series 1526, Class L, 6.500%, 06/15/23		18
	28		Series 1541, Class O, VAR, 0.840%, 07/15/23		28
	269		Series 1552, Class IA, IF, 18.568%, 08/15/23		382
	7		Series 1570, Class F, VAR, 2.190%, 08/15/23		7
	18		Series 1570, Class SA, HB, IF, 23.980%, 08/15/23		27
	75		Series 1578, Class K, 6.900%, 09/15/23		82
	8		Series 1578, Class V, IO, 7.000%, 09/15/23		1
	151		Series 1591, Class PV, 6.250%, 10/15/23		166
	15		Series 1602, Class SA, HB, IF, 21.100%, 10/15/23		22
	192		Series 1628, Class LZ, 6.500%, 12/15/23		210
	189		Series 1638, Class H, 6.500%, 12/15/23		216
	140		Series 1644, Class K, 6.750%, 12/15/23		154
	240		Series 1658, Class GZ, 7.000%, 01/15/24		268
	6		Series 1671, Class QC, IF, 10.000%, 02/15/24		9
	108		Series 1677, Class Z, 7.500%, 07/15/23		120
	5		Series 1686, Class SH, IF, 18.095%, 02/15/24		8
	96		Series 1695, Class EB, 7.000%, 03/15/24		107
	13		Series 1699, Class FC, VAR, 1.108%, 03/15/24		13
	22		Series 1745, Class D, 7.500%, 08/15/24		25
	345		Series 1760, Class ZD, VAR, 1.080%, 02/15/24		344
	39		Series 1798, Class F, 5.000%, 05/15/23		42
	2		Series 1807, Class G, 9.000%, 10/15/20		2
	310		Series 1813, Class I, PO, 11/15/23		295

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 209

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,198	Series 1813, Class J, IF, IO, 5.500%, 11/15/23		133
	62	Series 1829, Class ZB, 6.500%, 03/15/26		68
	113	Series 1863, Class Z, 6.500%, 07/15/26		130
	6	Series 1865, Class D, PO, 02/15/24		6
	51	Series 1899, Class ZE, 8.000%, 09/15/26		58
	43	Series 1963, Class Z, 7.500%, 01/15/27		49
	15	Series 1985, Class PR, IO, 8.000%, 07/15/27		2
	19	Series 1987, Class PE, 7.500%, 09/15/27		21
	150	Series 2033, Class J, 5.600%, 06/15/23		160
	8	Series 2033, Class SN, HB, IF, 28.332%, 03/15/24		4
	11	Series 2038, Class PN, IO, 7.000%, 03/15/28		2
	105	Series 2040, Class PE, 7.500%, 03/15/28		120
	10	Series 2042, Class T, 7.000%, 03/15/28		11
	38	Series 2060, Class Z, 6.500%, 05/15/28		44
	84	Series 2061, Class DC, IO, 6.500%, 06/15/28		9
	8,230	Series 2065, Class PX, IO, 0.750%, 08/17/27		177
	236	Series 2075, Class PH, 6.500%, 08/15/28		262
	37	Series 2086, Class GB, 6.000%, 09/15/28		42
	18	Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	153	Series 2110, Class PG, 6.000%, 01/15/29		176
	210	Series 2111, Class SB, IF, IO, 6.992%, 01/15/29		38
	55	Series 2125, Class JZ, 6.000%, 02/15/29		61
	134	Series 2130, Class QS, 6.000%, 03/15/29		153
	25	Series 2132, Class SB, HB, IF, 28.410%, 03/15/29		44
	37	Series 2132, Class ZL, 6.500%, 03/15/29		41
	5	Series 2141, Class IO, IO, 7.000%, 04/15/29		1
	17	Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	33	Series 2178, Class PB, 7.000%, 08/15/29		38
	54	Series 2201, Class C, 8.000%, 11/15/29		62
	5	Series 2204, Class GB, VAR, 8.000%, 12/20/29		5
	202	Series 2209, Class TC, 8.000%, 01/15/30		243
	107	Series 2210, Class Z, 8.000%, 01/15/30		124
	27	Series 2224, Class CB, 8.000%, 03/15/30		32
	22	Series 2247, Class Z, 7.500%, 08/15/30		26
	191	Series 2254, Class Z, 9.000%, 09/15/30		228

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	106		Series 2256, Class MC, 7.250%, 09/15/30		123
	126		Series 2259, Class ZM, 7.000%, 10/15/30		144
	170		Series 2271, Class PC, 7.250%, 12/15/30		196
	66		Series 2283, Class K, 6.500%, 12/15/23		73
	43		Series 2296, Class PD, 7.000%, 03/15/31		50
	707		Series 2303, Class ZD, 7.000%, 04/15/31		838
	328		Series 2303, Class ZN, 8.500%, 04/15/29		385
	19		Series 2306, Class K, PO, 05/15/24		18
	47		Series 2306, Class SE, IF, IO, 9.020%, 05/15/24		9
	306		Series 2344, Class ZD, 6.500%, 08/15/31		363
	31		Series 2344, Class ZJ, 6.500%, 08/15/31		36
	24		Series 2345, Class NE, 6.500%, 08/15/31		28
	32		Series 2347, Class VP, 6.500%, 03/15/20		34
	—	(h)	Series 2353, Class TD, 6.000%, 09/15/16		—	(h)
	—	(h)	Series 2355, Class BP, 6.000%, 09/15/16		—	(h)
	—	(h)	Series 2358, Class PD, 6.000%, 09/15/16		—	(h)
	—	(h)	Series 2359, Class PM, 6.000%, 09/15/16		—	(h)
	114		Series 2359, Class ZB, 8.500%, 06/15/31		134
	—	(h)	Series 2360, Class PG, 6.000%, 09/15/16		—	(h)
	—	(h)	Series 2366, Class MD, 6.000%, 10/15/16		—	(h)
	501		Series 2367, Class ZK, 6.000%, 10/15/31		574
	10		Series 2368, Class AS, IF, 19.610%, 10/15/31		14
	24		Series 2372, Class F, VAR, 1.008%, 10/15/31		24
	25		Series 2383, Class FD, VAR, 1.008%, 11/15/31		25
	39		Series 2388, Class UZ, 8.500%, 06/15/31		46
	3		Series 2391, Class QR, 5.500%, 12/15/16		3
	1		Series 2394, Class MC, 6.000%, 12/15/16		1
	374		Series 2399, Class TH, 6.500%, 01/15/32		418
	80		Series 2410, Class OE, 6.375%, 02/15/32		88
	80		Series 2410, Class QS, IF, 18.180%, 02/15/32		126
	61		Series 2410, Class QX, IF, IO, 8.142%, 02/15/32		18
	91		Series 2423, Class MC, 7.000%, 03/15/32		105
	115		Series 2423, Class MT, 7.000%, 03/15/32		133
	7		Series 2425, Class OB, 6.000%, 03/15/17		7
	1,229		Series 2431, Class F, VAR, 1.008%, 03/15/32		1,234
	180		Series 2433, Class SA, IF, 19.610%, 02/15/32		281
	130		Series 2434, Class TC, 7.000%, 04/15/32		152
	204		Series 2436, Class MC, 7.000%, 04/15/32		229

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	70		Series 2444, Class ES, IF, IO, 7.442%, 03/15/32		19
	80		Series 2450, Class GZ, 7.000%, 05/15/32		92
	79		Series 2450, Class SW, IF, IO, 7.492%, 03/15/32		20
	—	(h)	Series 2458, Class QE, 5.500%, 06/15/17		—	(h)
	147		Series 2462, Class NB, 6.500%, 06/15/22		161
	278		Series 2464, Class FE, VAR, 1.508%, 03/15/32		285
	21		Series 2470, Class SL, IF, 9.000%, 01/15/27		23
	855		Series 2494, Class SX, IF, IO, 6.492%, 02/15/32		152
	267		Series 2513, Class ZC, 5.500%, 10/15/32		302
	152		Series 2517, Class Z, 5.500%, 10/15/32		165
	72		Series 2535, Class BK, 5.500%, 12/15/22		78
	28		Series 2549, Class ZG, 5.000%, 01/15/18		28
	1,519		Series 2552, Class FP, VAR, 1.508%, 01/15/33		1,551
	989		Series 2557, Class HL, 5.300%, 01/15/33		1,099
	46		Series 2571, Class SK, HB, IF, 32.311%, 09/15/23		79
	284		Series 2586, Class WI, IO, 6.500%, 03/15/33		48
	57		Series 2611, Class SQ, IF, 11.985%, 05/15/33		72
	68		Series 2611, Class UH, 4.500%, 05/15/18		69
	89		Series 2626, Class NS, IF, IO, 6.042%, 06/15/23		4
	47		Series 2631, Class SA, IF, 13.919%, 06/15/33		65
	95		Series 2637, Class SA, IF, IO, 5.592%, 06/15/18		3
	235		Series 2641, Class WI, IO, 5.000%, 01/15/33		6
	101		Series 2650, Class PO, PO, 12/15/32		100
	282		Series 2650, Class SO, PO, 12/15/32		275
	88		Series 2671, Class S, IF, 13.828%, 09/15/33		116
	135		Series 2692, Class SC, IF, 12.271%, 07/15/33		154
	53		Series 2694, Class BA, 4.000%, 06/15/31		55
	348		Series 2720, Class PC, 5.000%, 12/15/23		377
	1,987		Series 2722, Class PF, VAR, 1.108%, 12/15/33		1,997
	293		Series 2725, Class SC, IF, 8.334%, 11/15/33		314

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	118	Series 2744, Class TU, 5.500%, 05/15/32		120
	102	Series 2756, Class NA, 5.000%, 02/15/24		110
	12	Series 2780, Class JG, 4.500%, 04/15/19		12
	247	Series 2802, Class ZY, 6.000%, 05/15/34		274
	104	Series 2835, Class QO, PO, 12/15/32		95
	34	Series 2877, Class KO, PO, 03/15/19		33
	474	Series 2934, Class EC, PO, 02/15/20		464
	493	Series 2934, Class HI, IO, 5.000%, 02/15/20		30
	284	Series 2934, Class KI, IO, 5.000%, 02/15/20		15
	79	Series 2945, Class SA, IF, 11.380%, 03/15/20		85
	9,979	Series 2949, Class YZ, 5.500%, 03/15/35		11,049
	137	Series 2967, Class JI, IO, 5.000%, 04/15/20		9
	71	Series 2967, Class S, HB, IF, 31.033%, 04/15/25		108
	13	Series 2989, Class PO, PO, 06/15/23		13
	152	Series 2990, Class SL, HB, IF, 22.632%, 06/15/34		210
	16	Series 2990, Class WP, IF, 15.718%, 06/15/35		19
	391	Series 2994, Class FC, VAR, 0.908%, 02/15/33		391
	131	Series 3022, Class SX, IF, 15.606%, 08/15/25		168
	1,470	Series 3035, Class Z, 5.850%, 09/15/35		1,607
	237	Series 3068, Class QB, 4.500%, 06/15/20		242
	352	Series 3077, Class TO, PO, 04/15/35		322
	247	Series 3117, Class EO, PO, 02/15/36		227
	396	Series 3117, Class OG, PO, 02/15/36		373
	248	Series 3117, Class OK, PO, 02/15/36		219
	69	Series 3122, Class OH, PO, 03/15/36		65
	20	Series 3122, Class ZB, 6.000%, 03/15/36		27
	41	Series 3134, Class PO, PO, 03/15/36		38
	1,553	Series 3137, Class XP, 6.000%, 04/15/36		1,798
	172	Series 3138, Class PO, PO, 04/15/36		157
	495	Series 3143, Class BC, 5.500%, 02/15/36		555
	61	Series 3149, Class SO, PO, 05/15/36		56
	362	Series 3151, Class PO, PO, 05/15/36		349
	445	Series 3152, Class MO, PO, 03/15/36		423
	233	Series 3153, Class EO, PO, 05/15/36		207
	287	Series 3171, Class MO, PO, 06/15/36		272
	181	Series 3179, Class OA, PO, 07/15/36		170
	108	Series 3194, Class SA, IF, IO, 6.592%, 07/15/36		12

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 211

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	302	Series 3200, Class PO, PO, 08/15/36		277
	408	Series 3210, Class PO, PO, 05/15/36		396
	249	Series 3219, Class DI, IO, 6.000%, 04/15/36		44
	257	Series 3232, Class ST, IF, IO, 6.192%, 10/15/36		46
	507	Series 3237, Class AO, PO, 11/15/36		462
	130	Series 3253, Class PO, PO, 12/15/21		127
	222	Series 3260, Class CS, IF, IO, 5.632%, 01/15/37		31
	106	Series 3262, Class SG, IF, IO, 5.892%, 01/15/37		14
	114	Series 3274, Class JO, PO, 02/15/37		107
	153	Series 3274, Class MO, PO, 02/15/37		146
	80	Series 3275, Class FL, VAR, 0.948%, 02/15/37		80
	2,380	Series 3282, Class YD, 5.500%, 02/15/22		2,559
	57	Series 3288, Class GS, IF, 0.560%, 03/15/37		56
	558	Series 3290, Class SB, IF, IO, 5.942%, 03/15/37		90
	144	Series 3305, Class MB, IF, 2.988%, 07/15/34		153
	101	Series 3316, Class JO, PO, 05/15/37		96
	2,947	Series 3318, Class BT, VAR, 7.000%, 05/15/34		3,445
	1,978	Series 3322, Class NS, VAR, 7.000%, 05/15/37		2,364
	99	Series 3371, Class FA, VAR, 1.108%, 09/15/37		100
	303	Series 3373, Class TO, PO, 04/15/37		289
	411	Series 3385, Class SN, IF, IO, 5.492%, 11/15/37		55
	421	Series 3387, Class SA, IF, IO, 5.912%, 11/15/37		70
	294	Series 3393, Class JO, PO, 09/15/32		274
	583	Series 3404, Class SC, IF, IO, 5.492%, 01/15/38		87
	2,519	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		31
	143	Series 3422, Class LI, IO, 5.000%, 02/15/23		6
	221	Series 3451, Class SA, IF, IO, 5.542%, 05/15/38		30
	284	Series 3461, Class LZ, 6.000%, 06/15/38		323
	864	Series 3481, Class SJ, IF, IO, 5.342%, 08/15/38		104
	186	Series 3511, Class IO, IO, 5.000%, 12/15/21		11

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	214	Series 3511, Class SA, IF, IO, 5.492%, 02/15/39		38
	662	Series 3531, Class SA, IF, IO, 5.792%, 05/15/39		81
	1,091	Series 3537, Class MI, IO, 5.000%, 06/15/38		137
	147	Series 3546, Class A, VAR, 2.261%, 02/15/39		150
	216	Series 3549, Class FA, VAR, 1.708%, 07/15/39		219
	966	Series 3572, Class JS, IF, IO, 6.292%, 09/15/39		144
	356	Series 3604, Class PO, PO, 05/15/36		339
	376	Series 3607, Class AO, PO, 04/15/36		358
	376	Series 3607, Class BO, PO, 04/15/36		358
	827	Series 3607, Class PO, PO, 05/15/37		741
	435	Series 3611, Class PO, PO, 07/15/34		415
	1,700	Series 3614, Class QB, 4.000%, 12/15/24		1,884
	433	Series 3621, Class BO, PO, 01/15/40		398
	573	Series 3621, Class PO, PO, 01/15/40		526
	577	Series 3623, Class LO, PO, 01/15/40		554
	1,343	Series 3632, Class BS, IF, 15.808%, 02/15/40		1,988
	5,900	Series 3659, Class VG, 5.000%, 09/15/34		6,602
	346	Series 3688, Class CU, VAR, 6.729%, 11/15/21		363
	2,027	Series 3688, Class NI, IO, 5.000%, 04/15/32		127
	2,248	Series 3704, Class DT, 7.500%, 11/15/36		2,684
	1,709	Series 3704, Class ET, 7.500%, 12/15/36		2,096
	2,989	Series 3714, Class IP, IO, 5.000%, 08/15/40		389
	909	Series 3739, Class LI, IO, 4.000%, 03/15/34		11
	1,772	Series 3740, Class SC, IF, IO, 5.492%, 10/15/40		302
	2,373	Series 3747, Class CY, 4.500%, 10/15/40		2,811
	1,500	Series 3747, Class PY, 4.000%, 10/15/40		1,683
	1,719	Series 3759, Class HI, IO, 4.000%, 08/15/37		70
	981	Series 3760, Class GI, IO, 4.000%, 10/15/37		31
	1,500	Series 3770, Class PY, 5.000%, 12/15/40		1,846
	375	Series 3789, Class EZ, 4.000%, 11/15/40		386
	1,882	Series 3795, Class EI, IO, 5.000%, 10/15/39		296
	303	Series 3852, Class QN, IF, 5.500%, 05/15/41		334

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	531		Series 3852, Class TP, IF, 5.500%, 05/15/41		572
	2,599		Series 3860, Class PZ, 5.000%, 05/15/41		3,285
	519		Series 3895, Class WA, VAR, 5.703%, 10/15/38		587
	2,296		Series 3966, Class BF, VAR, 1.008%, 10/15/40		2,308
	3,669		Series 3966, Class NA, 4.000%, 12/15/41		3,971
	2,213		Series 3998, Class GF, VAR, 0.958%, 05/15/36		2,222
	1,000		Series 4015, Class MY, 3.500%, 03/15/42		1,071
	3,852		Series 4048, Class FJ, VAR, 0.867%, 07/15/37		3,799
	497		Series 4126, Class JB, 2.500%, 11/15/42		496
	1,000		Series 4177, Class MQ, 2.500%, 03/15/43		992
	2,989		Series 4280, Class EO, PO, 12/15/43		2,710
	3,052		Series 4281, Class OB, PO, 12/15/43		2,604
	4,600		Series 4580, Class PT, VAR, 7.139%, 08/15/39		5,305
			Federal Home Loan Mortgage Corp. STRIPS,
	—	(h)	Series 1, Class B, IO, 8.000%, 10/15/18		—	(h)
	—	(h)	Series 16, Class B, IO, 10.000%, 06/01/20		—	(h)
	3		Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	1,050		Series 191, Class IO, IO, 8.000%, 01/01/28		246
	437		Series 197, Class PO, PO, 04/01/28		386
	547		Series 233, Class 11, IO, 5.000%, 09/15/35		80
	315		Series 233, Class 12, IO, 5.000%, 09/15/35		48
	740		Series 233, Class 13, IO, 5.000%, 09/15/35		111
	1,056		Series 239, Class S30, IF, IO, 7.192%, 08/15/36		191
	178		Series 243, Class 16, IO, 4.500%, 11/15/20		8
	311		Series 243, Class 17, IO, 4.500%, 12/15/20		15
	25,528		Series 262, Class 35, 3.500%, 07/15/42		27,165
	1,431		Series 299, Class 300, 3.000%, 01/15/43		1,489
	3,009		Series 310, Class PO, PO, 09/15/43		2,624
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	272		Series T-41, Class 3A, VAR, 5.853%, 07/25/32		290
	987		Series T-42, Class A5, 7.500%, 02/25/42		1,182
	60		Series T-51, Class 1A, VAR, 6.500%, 09/25/43		72
	71		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		88
	1,644		Series T-54, Class 2A, 6.500%, 02/25/43		1,980
	799		Series T-54, Class 3A, 7.000%, 02/25/43		960

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1,466	Series T-56, Class A5, 5.231%, 05/25/43		1,640
	133	Series T-58, Class APO, PO, 09/25/43		116
	129	Series T-59, Class 1AP, PO, 10/25/43		109
	1,871	Series T-62, Class 1A1, VAR, 1.689%, 10/25/44		1,908
	3,893	Series T-76, Class 2A, VAR, 1.665%, 10/25/37		4,097
		Federal National Mortgage Association - ACES,
	3,407	Series 2010-M1, Class A2, 4.450%, 09/25/19		3,680
	4,578	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		4,933
	9,480	Series 2011-M2, Class A3, 3.764%, 04/25/21		10,299
	5,000	Series 2011-M4, Class A2, 3.726%, 06/25/21		5,435
	4,000	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		4,134
	2,500	Series 2014-M3, Class A2, VAR, 3.501%, 01/25/24		2,717
	1,640	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		1,747
	2,000	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		2,088
	2,419	Series 2015-M2, Class A3, VAR, 3.150%, 12/25/24		2,566
	3,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		3,138
	1,230	Series 2015-M7, Class A2, 2.590%, 12/25/24		1,274
	7,777	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		8,322
	3,091	Series 2015-M13, Class A2, VAR, 2.801%, 06/25/25		3,239
	5,000	Series 2016-M2, Class AV2, 2.152%, 01/25/23		5,094
	4,500	Series 2016-M6, Class A2, 2.488%, 05/25/26		4,624
		Federal National Mortgage Association Grantor Trust,
	615	Series 2001-T7, Class A1, 7.500%, 02/25/41		741
	25	Series 2001-T10, Class PO, PO, 12/25/41		23
	474	Series 2001-T12, Class A2, 7.500%, 08/25/41		584
	259	Series 2002-T4, Class A2, 7.000%, 12/25/41		301

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 213

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	631		Series 2002-T4, Class A3, 7.500%, 12/25/41		738
	208		Series 2002-T16, Class A2, 7.000%, 07/25/42		249
	412		Series 2002-T19, Class A2, 7.000%, 07/25/42		497
	509		Series 2004-T1, Class 1A1, 6.000%, 01/25/44		589
	384		Series 2004-T3, Class PT1, VAR, 9.140%, 01/25/44		347
	3,229		Federal National Mortgage Association Interest STRIPS, Series 373, Class 1, PO, 07/25/36		2,921
			Federal National Mortgage Association REMIC,
	9		Series 1988-7, Class Z, 9.250%, 04/25/18		9
	1		Series 1988-11, Class D, PO, 05/25/18		1
	36		Series 1988-21, Class G, 9.500%, 08/25/18		37
	—	(h)	Series 1989-21, Class G, 10.450%, 04/25/19		—	(h)
	3		Series 1989-27, Class Y, 6.900%, 06/25/19		3
	3		Series 1989-70, Class G, 8.000%, 10/25/19		3
	2		Series 1989-78, Class H, 9.400%, 11/25/19		2
	1		Series 1989-89, Class H, 9.000%, 11/25/19		1
	1		Series 1990-60, Class K, 5.500%, 06/25/20		1
	1		Series 1990-93, Class G, 5.500%, 08/25/20		1
	—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		—	(h)
	13		Series 1990-102, Class J, 6.500%, 08/25/20		13
	1		Series 1990-134, Class SC, HB, IF, 20.813%, 11/25/20		2
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	46		Series 1991-44, Class G, 8.500%, 05/25/21		50
	—	(h)	Series 1991-60, Class PM, HB, 1,009.000%, 06/25/21		—	(h)
	3		Series 1992-101, Class J, 7.500%, 06/25/22		4
	77		Series 1993-25, Class J, 7.500%, 03/25/23		85
	39		Series 1993-27, Class S, IF, 8.965%, 02/25/23		46
	14		Series 1993-31, Class K, 7.500%, 03/25/23		16
	160		Series 1993-54, Class Z, 7.000%, 04/25/23		176
	9		Series 1993-62, Class SA, IF, 18.923%, 04/25/23		12
	8		Series 1993-97, Class FA, VAR, 1.774%, 05/25/23		9
	1		Series 1993-108, Class D, PO, 02/25/23		1

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	21	Series 1993-162, Class F, VAR, 1.474%, 08/25/23		21
	3	Series 1993-165, Class SD, IF, 13.393%, 09/25/23		4
	34	Series 1993-179, Class SB, HB, IF, 26.731%, 10/25/23		54
	6	Series 1993-228, Class G, PO, 09/25/23		6
	6	Series 1993-230, Class FA, VAR, 1.124%, 12/25/23		6
	448	Series 1994-26, Class J, PO, 01/25/24		423
	47	Series 1994-37, Class L, 6.500%, 03/25/24		52
	16	Series 1995-2, Class Z, 8.500%, 01/25/25		18
	104	Series 1996-14, Class SE, IF, IO, 9.170%, 08/25/23		23
	4	Series 1996-59, Class J, 6.500%, 08/25/22		4
	29	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		1
	11	Series 1997-24, Class Z, 8.000%, 04/18/27		13
	10	Series 1997-27, Class J, 7.500%, 04/18/27		11
	250	Series 1997-46, Class Z, 7.500%, 06/17/27		285
	9	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	582	Series 1998-30, Class ZA, 6.500%, 05/20/28		653
	92	Series 1998-36, Class ZB, 6.000%, 07/18/28		105
	64	Series 1998-43, Class SA, IF, IO, 19.057%, 04/25/23		25
	38	Series 1999-57, Class Z, 7.500%, 12/25/19		40
	65	Series 1999-62, Class PB, 7.500%, 12/18/29		76
	206	Series 2000-18, Class EC, PO, 10/25/23		198
	10	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		2
	497	Series 2001-4, Class ZA, 6.500%, 03/25/31		584
	49	Series 2001-7, Class PF, 7.000%, 03/25/31		56
	62	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		12
	94	Series 2001-36, Class DE, 7.000%, 08/25/31		110
	232	Series 2001-38, Class FB, VAR, 1.024%, 08/25/31		232
	42	Series 2001-44, Class PD, 7.000%, 09/25/31		47
	88	Series 2001-44, Class PU, 7.000%, 09/25/31		101
	122	Series 2001-49, Class LZ, 8.500%, 07/25/31		143

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	451	Series 2001-53, Class FX, VAR, 0.874%, 10/25/31		451
	243	Series 2001-61, Class Z, 7.000%, 11/25/31		276
	29	Series 2001-72, Class SX, IF, 16.245%, 12/25/31		41
	1	Series 2001-74, Class MB, 6.000%, 12/25/16		1
	25	Series 2002-1, Class SA, HB, IF, 23.483%, 02/25/32		44
	47	Series 2002-1, Class UD, HB, IF, 22.665%, 12/25/23		71
	171	Series 2002-7, Class FD, VAR, 1.224%, 04/25/29		174
	3	Series 2002-9, Class ST, IF, 18.061%, 03/25/17		3
	348	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		18
	19	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		25
	1	Series 2002-19, Class PE, 6.000%, 04/25/17		1
	457	Series 2002-30, Class Z, 6.000%, 05/25/32		524
	28	Series 2002-37, Class Z, 6.500%, 06/25/32		32
	938	Series 2002-50, Class ZA, 6.000%, 05/25/31		1,024
	584	Series 2002-60, Class FA, VAR, 1.274%, 02/25/31		595
	584	Series 2002-60, Class FB, VAR, 1.274%, 02/25/31		595
	43	Series 2002-62, Class ZE, 5.500%, 11/25/17		44
	21	Series 2002-63, Class KC, 5.000%, 10/25/17		22
	16	Series 2002-63, Class LB, 5.500%, 10/25/17		17
	69	Series 2002-77, Class S, IF, 13.522%, 12/25/32		84
	1,140	Series 2003-2, Class F, VAR, 1.274%, 02/25/33		1,160
	351	Series 2003-7, Class A1, 6.500%, 12/25/42		406
	709	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		103
	842	Series 2003-22, Class UD, 4.000%, 04/25/33		904
	246	Series 2003-26, Class XS, IF, IO, 6.526%, 03/25/23		13
	977	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		178

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	44	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		10
	1,219	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		293
	26	Series 2003-52, Class SX, HB, IF, 21.377%, 10/25/31		38
	472	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		78
	27	Series 2003-74, Class SH, IF, 9.226%, 08/25/33		32
	103	Series 2003-80, Class SY, IF, IO, 7.126%, 06/25/23		3
	451	Series 2003-86, Class ZA, 5.500%, 09/25/33		504
	73	Series 2003-91, Class SD, IF, 11.626%, 09/25/33		89
	2,710	Series 2003-105, Class AZ, 5.500%, 10/25/33		3,086
	8	Series 2003-106, Class PO, PO, 08/25/17		8
	525	Series 2003-116, Class SB, IF, IO, 7.076%, 11/25/33		117
	2,780	Series 2003-122, Class ZJ, 6.000%, 12/25/33		3,259
	53	Series 2003-130, Class SX, IF, 10.733%, 01/25/34		66
	75	Series 2003-131, Class SK, IF, 15.151%, 01/25/34		94
	65	Series 2003-132, Class OA, PO, 08/25/33		62
	145	Series 2003-132, Class PI, IO, 5.500%, 08/25/33		14
	460	Series 2004-4, Class QI, IF, IO, 6.576%, 06/25/33		47
	115	Series 2004-4, Class QM, IF, 13.151%, 06/25/33		142
	200	Series 2004-10, Class SC, HB, IF, 26.502%, 02/25/34		242
	660	Series 2004-17, Class H, 5.500%, 04/25/34		740
	267	Series 2004-25, Class SA, IF, 18.083%, 04/25/34		398
	917	Series 2004-28, Class PF, VAR, 0.924%, 03/25/34		918
	332	Series 2004-36, Class SA, IF, 18.083%, 05/25/34		512
	59	Series 2004-36, Class SN, IF, 13.151%, 07/25/33		66
	367	Series 2004-46, Class EP, PO, 03/25/34		345
	155	Series 2004-46, Class QB, HB, IF, 21.902%, 05/25/34		235

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 215

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	114	Series 2004-46, Class SK, IF, 15.058%, 05/25/34		150
	3,667	Series 2004-50, Class VZ, 5.500%, 07/25/34		4,088
	45	Series 2004-51, Class SY, IF, 13.191%, 07/25/34		60
	292	Series 2004-53, Class NC, 5.500%, 07/25/24		317
	145	Series 2004-59, Class BG, PO, 12/25/32		137
	2,421	Series 2004-61, Class FH, VAR, 1.324%, 11/25/32		2,475
	97	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		116
	398	Series 2004-87, Class F, VAR, 1.274%, 01/25/34		406
	1,021	Series 2005-7, Class LO, PO, 02/25/35		936
	194	Series 2005-13, Class FL, VAR, 0.924%, 03/25/35		194
	142	Series 2005-15, Class MO, PO, 03/25/35		140
	15,500	Series 2005-19, Class PB, 5.500%, 03/25/35		18,820
	26	Series 2005-52, Class PA, 6.500%, 06/25/35		27
	671	Series 2005-56, Class S, IF, IO, 6.186%, 07/25/35		130
	208	Series 2005-66, Class SG, IF, 16.064%, 07/25/35		308
	757	Series 2005-66, Class SV, IF, IO, 6.226%, 07/25/35		139
	365	Series 2005-67, Class HG, 5.500%, 01/25/35		384
	687	Series 2005-68, Class PG, 5.500%, 08/25/35		778
	175	Series 2005-73, Class PS, IF, 15.389%, 08/25/35		246
	592	Series 2005-74, Class SK, IF, 18.688%, 05/25/35		839
	458	Series 2005-84, Class XM, 5.750%, 10/25/35		500
	142	Series 2005-90, Class AO, PO, 10/25/35		136
	686	Series 2005-90, Class ES, IF, 15.564%, 10/25/35		926
	399	Series 2005-90, Class PO, PO, 09/25/35		383
	475	Series 2005-103, Class SC, IF, 10.292%, 07/25/35		566
	451	Series 2005-106, Class US, HB, IF, 22.644%, 11/25/35		696

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,278	Series 2006-8, Class WN, IF, IO, 6.176%, 03/25/36		694
	894	Series 2006-8, Class WQ, PO, 03/25/36		783
	62	Series 2006-15, Class OT, PO, 01/25/36		61
	530	Series 2006-16, Class HZ, 5.500%, 03/25/36		569
	195	Series 2006-23, Class KO, PO, 04/25/36		177
	492	Series 2006-27, Class OH, PO, 04/25/36		462
	403	Series 2006-44, Class GO, PO, 06/25/36		381
	975	Series 2006-44, Class P, PO, 12/25/33		930
	225	Series 2006-50, Class JO, PO, 06/25/36		215
	333	Series 2006-50, Class PS, PO, 06/25/36		318
	636	Series 2006-53, Class US, IF, IO, 6.056%, 06/25/36		91
	1,064	Series 2006-56, Class FT, VAR, 1.274%, 07/25/36		1,171
	145	Series 2006-58, Class AP, PO, 07/25/36		138
	417	Series 2006-58, Class PO, PO, 07/25/36		397
	194	Series 2006-59, Class QO, PO, 01/25/33		190
	190	Series 2006-60, Class DO, PO, 04/25/35		182
	555	Series 2006-63, Class ZH, 6.500%, 07/25/36		653
	163	Series 2006-65, Class QO, PO, 07/25/36		150
	289	Series 2006-72, Class GO, PO, 08/25/36		274
	149	Series 2006-72, Class HO, PO, 08/25/26		144
	192	Series 2006-72, Class TO, PO, 08/25/36		185
	1,915	Series 2006-77, Class PC, 6.500%, 08/25/36		2,213
	449	Series 2006-78, Class BZ, 6.500%, 08/25/36		509
	268	Series 2006-79, Class DO, PO, 08/25/36		253
	325	Series 2006-86, Class OB, PO, 09/25/36		313
	333	Series 2006-90, Class AO, PO, 09/25/36		314
	1,715	Series 2006-94, Class GI, IF, IO, 6.126%, 10/25/26		265
	72	Series 2006-94, Class GK, HB, IF, 30.628%, 10/25/26		122
	2,015	Series 2006-105, Class ME, 5.500%, 11/25/36		2,275
	211	Series 2006-110, Class PO, PO, 11/25/36		202
	109	Series 2006-111, Class EO, PO, 11/25/36		104
	241	Series 2006-113, Class PO, PO, 07/25/36		235
	392	Series 2006-115, Class OK, PO, 12/25/36		359
	488	Series 2006-117, Class GS, IF, IO, 6.126%, 12/25/36		54
	283	Series 2006-118, Class A2, VAR, 0.584%, 12/25/36		282

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	115	Series 2006-119, Class PO, PO, 12/25/36		109
	693	Series 2006-120, Class IO, IO, 6.500%, 12/25/36		146
	481	Series 2006-120, Class PF, VAR, 0.774%, 12/25/36		479
	686	Series 2006-126, Class AO, PO, 01/25/37		657
	672	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		112
	33	Series 2007-1, Class SD, HB, IF, 35.854%, 02/25/37		83
	254	Series 2007-7, Class SG, IF, IO, 5.976%, 08/25/36		71
	1,094	Series 2007-14, Class ES, IF, IO, 5.916%, 03/25/37		193
	243	Series 2007-14, Class OP, PO, 03/25/37		223
	110	Series 2007-15, Class NO, PO, 03/25/22		107
	220	Series 2007-16, Class FC, VAR, 1.274%, 03/25/37		223
	1,226	Series 2007-18, Class MZ, 6.000%, 03/25/37		1,343
	186	Series 2007-22, Class SC, IF, IO, 5.556%, 03/25/37		32
	86	Series 2007-39, Class EF, VAR, 0.774%, 05/25/37		86
	3,402	Series 2007-46, Class ZK, 5.500%, 05/25/37		3,588
	380	Series 2007-54, Class FA, VAR, 0.924%, 06/25/37		380
	1,182	Series 2007-54, Class WI, IF, IO, 5.576%, 06/25/37		220
	717	Series 2007-60, Class AX, IF, IO, 6.626%, 07/25/37		168
	395	Series 2007-64, Class FB, VAR, 0.894%, 07/25/37		395
	704	Series 2007-65, Class KI, IF, IO, 6.096%, 07/25/37		91
	2,087	Series 2007-72, Class EK, IF, IO, 5.876%, 07/25/37		361
	1,373	Series 2007-76, Class ZG, 6.000%, 08/25/37		1,538
	337	Series 2007-78, Class CB, 6.000%, 08/25/37		380
	74	Series 2007-79, Class SB, HB, IF, 22.094%, 08/25/37		113
	312	Series 2007-88, Class VI, IF, IO, 6.016%, 09/25/37		65
	1,034	Series 2007-91, Class ES, IF, IO, 5.936%, 10/25/37		154

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	958	Series 2007-100, Class SM, IF, IO, 5.926%, 10/25/37		171
	992	Series 2007-101, Class A2, VAR, 0.774%, 06/27/36		969
	197	Series 2007-106, Class A7, VAR, 6.150%, 10/25/37		220
	1,898	Series 2007-112, Class SA, IF, IO, 5.926%, 12/25/37		383
	1,898	Series 2007-114, Class A6, VAR, 0.724%, 10/27/37		1,894
	2,495	Series 2007-116, Class HI, IO, VAR, 1.641%, 01/25/38		178
	812	Series 2008-1, Class BI, IF, IO, 5.386%, 02/25/38		134
	282	Series 2008-10, Class XI, IF, IO, 5.706%, 03/25/38		41
	1,319	Series 2008-12, Class CO, PO, 03/25/38		1,212
	438	Series 2008-16, Class IS, IF, IO, 5.676%, 03/25/38		71
	206	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		7
	576	Series 2008-20, Class SA, IF, IO, 6.466%, 03/25/38		110
	213	Series 2008-27, Class SN, IF, IO, 6.376%, 04/25/38		35
	153	Series 2008-32, Class SA, IF, IO, 6.326%, 04/25/38		25
	573	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		—	(h)
	51	Series 2008-44, Class PO, PO, 05/25/38		48
	447	Series 2008-47, Class SI, IF, IO, 5.976%, 06/25/23		38
	316	Series 2008-53, Class CI, IF, IO, 6.676%, 07/25/38		59
	178	Series 2008-76, Class GF, VAR, 1.174%, 09/25/23		178
	81	Series 2008-80, Class GP, 6.250%, 09/25/38		92
	610	Series 2008-80, Class SA, IF, IO, 5.326%, 09/25/38		87
	303	Series 2008-81, Class SB, IF, IO, 5.326%, 09/25/38		46
	116	Series 2009-4, Class BD, 4.500%, 02/25/39		123
	284	Series 2009-6, Class GS, IF, IO, 6.026%, 02/25/39		59
	502	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		32

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 217

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	275	Series 2009-12, Class IO, IO, 4.500%, 03/25/24		11
	636	Series 2009-17, Class QS, IF, IO, 6.126%, 03/25/39		93
	1,981	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		297
	120	Series 2009-47, Class MT, 7.000%, 07/25/39		133
	752	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		97
	485	Series 2009-62, Class HJ, 6.000%, 05/25/39		538
	84	Series 2009-63, Class P, 5.000%, 03/25/37		92
	263	Series 2009-69, Class PO, PO, 09/25/39		250
	78	Series 2009-79, Class UA, 7.000%, 03/25/38		88
	394	Series 2009-84, Class WS, IF, IO, 5.376%, 10/25/39		48
	493	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		71
	1,095	Series 2009-86, Class OT, PO, 10/25/37		998
	538	Series 2009-92, Class AD, 6.000%, 11/25/39		601
	291	Series 2009-99, Class SC, IF, IO, 5.656%, 12/25/39		43
	782	Series 2009-99, Class WA, VAR, 6.295%, 12/25/39		898
	2,919	Series 2009-103, Class MB, VAR, 2.800%, 12/25/39		3,078
	657	Series 2009-112, Class ST, IF, IO, 5.726%, 01/25/40		113
	502	Series 2009-113, Class FB, VAR, 1.074%, 01/25/40		505
	2,149	Series 2010-1, Class WA, VAR, 6.218%, 02/25/40		2,479
	1,482	Series 2010-16, Class WA, VAR, 6.443%, 03/25/40		1,737
	2,909	Series 2010-16, Class WB, VAR, 6.239%, 03/25/40		3,360
	553	Series 2010-23, Class KS, IF, IO, 6.576%, 02/25/40		73
	638	Series 2010-35, Class SB, IF, IO, 5.896%, 04/25/40		86
	334	Series 2010-39, Class OT, PO, 10/25/35		316
	642	Series 2010-40, Class FJ, VAR, 1.124%, 04/25/40		647
	274	Series 2010-42, Class S, IF, IO, 5.876%, 05/25/40		47

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	981	Series 2010-43, Class FD, VAR, 1.124%, 05/25/40		989
	907	Series 2010-49, Class SC, IF, 11.611%, 03/25/40		1,164
	681	Series 2010-61, Class WA, VAR, 5.949%, 06/25/40		780
	2,864	Series 2010-68, Class SA, IF, IO, 4.476%, 07/25/40		359
	1,085	Series 2010-103, Class ME, 4.000%, 09/25/40		1,171
	1,676	Series 2010-103, Class SB, IF, IO, 5.576%, 11/25/49		226
	2,000	Series 2010-111, Class AM, 5.500%, 10/25/40		2,357
	245	Series 2010-123, Class FL, VAR, 0.954%, 11/25/40		246
	2,872	Series 2010-125, Class SA, IF, IO, 3.916%, 11/25/40		275
	2,721	Series 2010-130, Class CY, 4.500%, 11/25/40		3,165
	4,516	Series 2010-147, Class SA, IF, IO, 6.006%, 01/25/41		1,064
	540	Series 2010-148, Class MA, 4.000%, 02/25/39		556
	424	Series 2011-2, Class WA, VAR, 5.822%, 02/25/51		469
	1,674	Series 2011-20, Class MW, 5.000%, 03/25/41		2,029
	7,555	Series 2011-21, Class CV, 4.500%, 09/25/26		7,577
	2,680	Series 2011-30, Class LS, IO, VAR, 1.880%, 04/25/41		190
	2,660	Series 2011-39, Class ZA, 6.000%, 11/25/32		3,048
	583	Series 2011-43, Class WA, VAR, 5.818%, 05/25/51		662
	1,679	Series 2011-47, Class ZA, 5.500%, 07/25/38		1,839
	1,647	Series 2011-56, Class VA, 5.000%, 09/25/40		1,665
	1,365	Series 2011-58, Class WA, VAR, 5.450%, 07/25/51		1,532
	402	Series 2011-75, Class FA, VAR, 1.038%, 08/25/41		407
	2,313	Series 2011-118, Class LB, 7.000%, 11/25/41		2,747
	4,093	Series 2011-118, Class MT, 7.000%, 11/25/41		4,863

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	4,069		Series 2011-118, Class NT, 7.000%, 11/25/41		4,809
	1,676		Series 2012-21, Class WA, VAR, 5.612%, 03/25/52		1,888
	2,096		Series 2012-58, Class FA, VAR, 1.024%, 03/25/39		2,103
	2,563		Series 2012-99, Class BY, 2.500%, 09/25/42		2,480
	809		Series 2013-2, Class LZ, 3.000%, 02/25/43		816
	5,832		Series 2013-4, Class AJ, 3.500%, 02/25/43		6,122
	3,257		Series 2013-92, Class PO, PO, 09/25/43		2,795
	3,274		Series 2013-101, Class DO, PO, 10/25/43		2,823
	6,140		Series 2013-135, Class PO, PO, 01/25/44		5,324
	928		Series 2014-44, Class B, 2.500%, 08/25/34		926
	1,853		Series 2015-85, Class HD, 3.000%, 11/25/45		1,896
	4,753		Series 2015-91, Class AC, VAR, 7.500%, 12/25/36		5,562
	14,773		Series 2016-33, Class JA, 3.000%, 07/25/45		15,400
	7,273		Series 2016-38, Class NA, 3.000%, 01/25/46		7,642
	26		Series G92-7, Class JQ, 8.500%, 01/25/22		29
	3		Series G92-12, Class B, 7.700%, 02/25/22		3
	4		Series G92-14, Class Z, 7.000%, 02/25/22		5
	—	(h)	Series G92-27, Class SQ, HB, IF, 11,389.778%, 05/25/22		1
	7		Series G92-42, Class Z, 7.000%, 07/25/22		8
	23		Series G92-44, Class ZQ, 8.000%, 07/25/22		24
	29		Series G92-54, Class ZQ, 7.500%, 09/25/22		32
	69		Series G92-61, Class Z, 7.000%, 10/25/22		76
	7		Series G92-62, Class B, PO, 10/25/22		7
	46		Series G93-1, Class KA, 7.900%, 01/25/23		52
	30		Series G93-17, Class SI, IF, 6.000%, 04/25/23		35
	262		Series G94-7, Class PJ, 7.500%, 05/17/24		298
	50		Series G97-2, Class ZA, 8.500%, 02/17/27		61
			Federal National Mortgage Association REMIC Trust,
	829		Series 2001-W3, Class A, VAR, 6.636%, 09/25/41		935
	3,733		Series 2002-W10, Class IO, IO, VAR, 0.937%, 08/25/42		121
	319		Series 2003-W1, Class 1A1, VAR, 5.632%, 12/25/42		362
	200		Series 2003-W1, Class 2A, VAR, 6.307%, 12/25/42		235

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	47		Series 2003-W4, Class 2A, VAR, 6.264%, 10/25/42		54
	1,345		Series 2004-W4, Class A7, 5.500%, 06/25/34		1,505
	749		Series 2004-W11, Class 1A1, 6.000%, 05/25/44		889
	308		Series 2006-W3, Class 1AF1, VAR, 0.764%, 10/25/46		308
	360		Series 2006-W3, Class 2A, 6.000%, 09/25/46		404
	638		Series 2007-W2, Class 1A1, VAR, 0.844%, 03/25/37		638
	300		Series 2007-W3, Class 1A3, 6.750%, 04/25/37		336
	50		Series 2007-W7, Class 1A4, HB, IF, 36.034%, 07/25/37		78
	2,287		Series 2009-W1, Class A, 6.000%, 12/25/49		2,622
			Federal National Mortgage Association STRIPS,
	1		Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	—	(h)	Series 59, Class 2, IO, 9.500%, 07/25/17		—	(h)
	172		Series 213, Class 2, IO, 8.000%, 03/25/23		34
	235		Series 218, Class 2, IO, 7.500%, 04/25/23		42
	6		Series 265, Class 2, 9.000%, 03/25/24		7
	12		Series 285, Class 1, PO, 02/25/27		11
	443		Series 293, Class 1, PO, 12/25/24		396
	232		Series 300, Class 1, PO, 09/25/24		206
	284		Series 331, Class 13, IO, 7.000%, 11/25/32		63
	164		Series 339, Class 18, IO, 4.500%, 07/25/18		5
	164		Series 339, Class 21, IO, 4.500%, 08/25/18		4
	136		Series 339, Class 28, IO, 5.500%, 08/25/18		4
	145		Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		26
	348		Series 345, Class 24, IO, VAR, 5.000%, 08/25/22		12
	322		Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		59
	410		Series 356, Class 3, IO, 5.000%, 01/25/35		72
	511		Series 356, Class 39, IO, 5.000%, 01/25/20		28
	555		Series 365, Class 8, IO, 5.500%, 05/25/36		102
	59		Series 368, Class 3, IO, 4.500%, 11/25/20		2
	197		Series 374, Class 5, IO, 5.500%, 08/25/36		37
	478		Series 383, Class 32, IO, 6.000%, 01/25/38		89
	90		Series 393, Class 6, IO, 5.500%, 04/25/37		15
	2,548		Series 412, Class F2, VAR, 1.024%, 08/25/42		2,536

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 219

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
		Federal National Mortgage Association Trust,
	345	Series 2003-W2, Class 1A1, 6.500%, 07/25/42		406
	312	Series 2003-W8, Class 2A, 7.000%, 10/25/42		369
	306	Series 2003-W8, Class 3F1, VAR, 0.924%, 05/25/42		303
	463	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		553
	416	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		485
	851	Series 2005-W3, Class 2AF, VAR, 0.744%, 03/25/45		828
	322	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		370
	2,054	Series 2005-W4, Class 3A, VAR, 2.592%, 06/25/45		2,138
	456	Series 2006-W2, Class 1AF1, VAR, 0.744%, 02/25/46		456
		Government National Mortgage Association,
	489	Series 1994-7, Class PQ, 6.500%, 10/16/24		553
	170	Series 1999-4, Class ZB, 6.000%, 02/20/29		192
	4	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		5
	86	Series 2000-9, Class Z, 8.000%, 06/20/30		103
	406	Series 2000-9, Class ZJ, 8.500%, 02/16/30		479
	363	Series 2000-21, Class Z, 9.000%, 03/16/30		440
	27	Series 2000-36, Class HC, 7.330%, 11/20/30		32
	9	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		1
	583	Series 2001-21, Class PE, 6.500%, 05/16/31		669
	107	Series 2001-31, Class SJ, HB, IF, 26.206%, 02/20/31		193
	83	Series 2001-35, Class SA, IF, IO, 7.743%, 08/16/31		28
	91	Series 2001-36, Class S, IF, IO, 7.543%, 08/16/31		30
	25	Series 2001-55, Class SF, HB, IF, 24.562%, 11/20/31		48
	355	Series 2002-4, Class TD, 7.000%, 01/20/32		425
	313	Series 2002-24, Class AG, IF, IO, 7.443%, 04/16/32		67
	85	Series 2002-24, Class SB, IF, 11.165%, 04/16/32		106
	271	Series 2002-24, Class Z, 8.500%, 04/16/32		311

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	533	Series 2002-31, Class SE, IF, IO, 6.993%, 04/16/30		97
	20	Series 2002-33, Class SY, IF, 9.000%, 02/26/23		25
	186	Series 2002-40, Class UK, 6.500%, 06/20/32		219
	59	Series 2002-41, Class LS, IF, 9.000%, 06/16/32		78
	107	Series 2002-45, Class QE, 6.500%, 06/20/32		127
	130	Series 2002-47, Class PG, 6.500%, 07/16/32		153
	31	Series 2002-70, Class PS, IF, IO, 7.188%, 08/20/32		1
	609	Series 2003-11, Class SK, IF, IO, 7.193%, 02/16/33		110
	15	Series 2003-24, Class PO, PO, 03/16/33		14
	518	Series 2003-41, Class ID, IO, 5.500%, 05/20/33		94
	129	Series 2003-46, Class IH, IO, 5.500%, 12/20/32		2
	40	Series 2003-90, Class PO, PO, 10/20/33		37
	574	Series 2003-112, Class SA, IF, IO, 6.043%, 12/16/33		123
	144	Series 2003-112, Class TS, IF, IO, 6.438%, 10/20/32		1
	137	Series 2004-28, Class S, IF, 18.269%, 04/16/34		206
	199	Series 2004-46, Class AO, PO, 06/20/34		189
	53	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		59
	102	Series 2004-73, Class AE, IF, 13.810%, 08/17/34		125
	1,860	Series 2004-73, Class JL, IF, IO, 6.043%, 09/16/34		360
	637	Series 2004-90, Class SI, IF, IO, 5.588%, 10/20/34		98
	148	Series 2005-24, Class ST, IF, 7.500%, 01/17/34		158
	406	Series 2005-26, Class VI, IO, 5.500%, 01/20/35		18
	110	Series 2005-35, Class FL, VAR, 0.862%, 03/20/32		110
	2,077	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		339
	253	Series 2005-68, Class DP, IF, 15.213%, 06/17/35		359
	1,264	Series 2005-68, Class KI, IF, IO, 5.788%, 09/20/35		219

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,567	Series 2005-72, Class AZ, 5.500%, 09/20/35		1,759
	518	Series 2005-85, Class IO, IO, 5.500%, 11/16/35		111
	226	Series 2006-16, Class OP, PO, 03/20/36		217
	151	Series 2006-22, Class AO, PO, 05/20/36		145
	135	Series 2006-34, Class PO, PO, 07/20/36		128
	464	Series 2006-38, Class SW, IF, IO, 5.988%, 06/20/36		54
	195	Series 2006-59, Class SD, IF, IO, 6.188%, 10/20/36		33
	1,218	Series 2007-17, Class JI, IF, IO, 6.303%, 04/16/37		245
	167	Series 2007-17, Class JO, PO, 04/16/37		152
	110	Series 2007-25, Class FN, VAR, 0.807%, 05/16/37		110
	642	Series 2007-26, Class SC, IF, IO, 5.688%, 05/20/37		120
	32	Series 2007-27, Class MI, IO, 5.500%, 09/20/36		—	(h)
	31	Series 2007-28, Class BO, PO, 05/20/37		29
	595	Series 2007-31, Class AO, PO, 05/16/37		576
	37	Series 2007-36, Class HO, PO, 06/16/37		35
	732	Series 2007-36, Class SE, IF, IO, 5.963%, 06/16/37		134
	908	Series 2007-36, Class SG, IF, IO, 5.958%, 06/20/37		171
	636	Series 2007-40, Class SD, IF, IO, 6.238%, 07/20/37		114
	636	Series 2007-42, Class SB, IF, IO, 6.238%, 07/20/37		116
	256	Series 2007-45, Class QA, IF, IO, 6.128%, 07/20/37		52
	437	Series 2007-50, Class AI, IF, IO, 6.263%, 08/20/37		63
	88	Series 2007-53, Class SW, IF, 18.668%, 09/20/37		123
	684	Series 2007-57, Class PO, PO, 03/20/37		650
	299	Series 2007-71, Class SB, IF, IO, 6.188%, 07/20/36		13
	1,458	Series 2007-74, Class SL, IF, IO, 6.033%, 11/16/37		247
	497	Series 2007-76, Class SA, IF, IO, 6.018%, 11/20/37		88
	734	Series 2007-79, Class SY, IF, IO, 6.038%, 12/20/37		132
	96	Series 2008-1, Class PO, PO, 01/20/38		88

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	398	Series 2008-2, Class MS, IF, IO, 6.653%, 01/16/38		86
	278	Series 2008-10, Class S, IF, IO, 5.318%, 02/20/38		49
	1,171	Series 2008-13, Class PI, IO, 5.500%, 02/16/38		217
	183	Series 2008-20, Class PO, PO, 09/20/37		175
	181	Series 2008-29, Class PO, PO, 02/17/33		175
	594	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		65
	255	Series 2008-33, Class XS, IF, IO, 7.193%, 04/16/38		58
	1,500	Series 2008-36, Class AY, 5.000%, 04/16/23		1,562
	624	Series 2008-36, Class SH, IF, IO, 5.788%, 04/20/38		100
	2,211	Series 2008-40, Class SA, IF, IO, 5.893%, 05/16/38		432
	320	Series 2008-55, Class SA, IF, IO, 5.688%, 06/20/38		58
	121	Series 2008-60, Class PO, PO, 01/20/38		119
	1,873	Series 2008-62, Class SA, IF, IO, 5.638%, 07/20/38		332
	126	Series 2008-71, Class SC, IF, IO, 5.488%, 08/20/38		16
	481	Series 2008-93, Class AS, IF, IO, 5.188%, 12/20/38		71
	1,274	Series 2008-95, Class DS, IF, IO, 6.788%, 12/20/38		257
	360	Series 2008-96, Class SL, IF, IO, 5.488%, 12/20/38		53
	395	Series 2009-6, Class SA, IF, IO, 5.593%, 02/16/39		64
	739	Series 2009-10, Class SA, IF, IO, 5.438%, 02/20/39		100
	425	Series 2009-10, Class SL, IF, IO, 5.993%, 03/16/34		16
	2,302	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		410
	446	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		98
	513	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		111
	294	Series 2009-24, Class DS, IF, IO, 5.788%, 03/20/39		20
	312	Series 2009-25, Class SE, IF, IO, 7.088%, 09/20/38		60
	179	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		27

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 221

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	400	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		70
	929	Series 2009-42, Class SC, IF, IO, 5.568%, 06/20/39		156
	474	Series 2009-43, Class SA, IF, IO, 5.438%, 06/20/39		75
	2,843	Series 2009-54, Class JZ, 5.500%, 07/20/39		3,182
	856	Series 2009-64, Class SN, IF, IO, 5.593%, 07/16/39		90
	186	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		25
	700	Series 2009-67, Class SA, IF, IO, 5.543%, 08/16/39		102
	1,230	Series 2009-72, Class SM, IF, IO, 5.743%, 08/16/39		197
	439	Series 2009-79, Class OK, PO, 11/16/37		417
	1,270	Series 2009-102, Class SM, IF, IO, 5.893%, 06/16/39		102
	1,037	Series 2009-104, Class AB, 7.000%, 08/16/39		1,159
	1,416	Series 2009-106, Class AS, IF, IO, 5.893%, 11/16/39		237
	1,654	Series 2009-106, Class ST, IF, IO, 5.488%, 02/20/38		292
	1,432	Series 2009-121, Class VA, 5.500%, 11/20/20		1,492
	153	Series 2010-14, Class AO, PO, 12/20/32		148
	231	Series 2010-14, Class BO, PO, 11/20/35		212
	1,579	Series 2010-14, Class CO, PO, 08/20/35		1,496
	565	Series 2010-14, Class QP, 6.000%, 12/20/39		590
	1,820	Series 2010-41, Class WA, VAR, 5.822%, 10/20/33		2,075
	902	Series 2010-103, Class WA, VAR, 5.725%, 08/20/34		1,018
	999	Series 2010-129, Class AW, VAR, 6.109%, 04/20/37		1,125
	888	Series 2010-130, Class CP, 7.000%, 10/16/40		1,046
	2,734	Series 2010-157, Class OP, PO, 12/20/40		2,478
	32,839	Series 2010-H17, Class XQ, VAR, 5.238%, 07/20/60		34,866
	2,386	Series 2011-22, Class WA, VAR, 5.937%, 02/20/37		2,676
	2,970	Series 2011-97, Class WA, VAR, 6.117%, 11/20/38		3,370

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,970	Series 2011-137, Class WA, VAR, 5.537%, 07/20/40		4,497
	2,842	Series 2011-163, Class WA, VAR, 5.861%, 12/20/38		3,250
	5,190	Series 2012-24, Class WA, VAR, 5.593%, 07/20/41		5,939
	5,912	Series 2012-52, Class WA, VAR, 6.140%, 04/20/38		6,855
	1,356	Series 2012-59, Class WA, VAR, 5.583%, 08/20/38		1,557
	7,785	Series 2012-138, Class PT, VAR, 3.958%, 11/16/42		8,090
	7,996	Series 2012-141, Class WA, VAR, 4.529%, 11/16/41		8,846
	7,699	Series 2012-141, Class WB, VAR, 3.970%, 09/16/42		8,131
	4,968	Series 2012-141, Class WC, VAR, 3.714%, 01/20/42		5,269
	19,283	Series 2012-H10, Class FA, VAR, 1.018%, 12/20/61		19,246
	3,407	Series 2012-H15, Class FA, VAR, 0.918%, 05/20/62		3,407
	14,090	Series 2012-H21, Class CF, VAR, 1.168%, 05/20/61		14,109
	14,791	Series 2012-H21, Class DF, VAR, 1.118%, 05/20/61		14,803
	6,954	Series 2012-H22, Class FD, VAR, 0.938%, 01/20/61		6,943
	5,339	Series 2012-H24, Class FA, VAR, 0.918%, 03/20/60		5,338
	7,381	Series 2012-H24, Class FD, VAR, 1.058%, 09/20/62		7,383
	3,414	Series 2012-H24, Class FG, VAR, 0.898%, 04/20/60		3,407
	6,348	Series 2012-H26, Class JA, VAR, 1.018%, 10/20/61		6,347
	11,166	Series 2012-H26, Class MA, VAR, 1.018%, 07/20/62		11,134
	5,617	Series 2012-H27, Class FB, VAR, 0.968%, 10/20/62		5,603
	8,418	Series 2012-H28, Class FA, VAR, 1.048%, 09/20/62		8,416
	1,631	Series 2012-H30, Class JA, VAR, 0.948%, 01/20/60		1,632
	1,567	Series 2012-H30, Class PA, VAR, 0.918%, 11/20/59		1,567
	8,236	Series 2012-H31, Class FD, VAR, 0.808%, 12/20/62		8,155

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,934	Series 2013-26, Class AK, VAR, 4.662%, 09/20/41		3,198
	3,697	Series 2013-54, Class WA, VAR, 4.699%, 11/20/42		4,064
	1,173	Series 2013-75, Class WA, VAR, 5.220%, 06/20/40		1,292
	10,680	Series 2013-H01, Class FA, 1.650%, 01/20/63		10,649
	4,733	Series 2013-H01, Class JA, VAR, 0.788%, 01/20/63		4,678
	4,882	Series 2013-H01, Class TA, VAR, 0.968%, 01/20/63		4,879
	442	Series 2013-H02, Class HF, VAR, 0.768%, 11/20/62		441
	2,114	Series 2013-H03, Class FA, VAR, 0.768%, 08/20/60		2,113
	14,410	Series 2013-H04, Class BA, 1.650%, 02/20/63		14,368
	3,245	Series 2013-H04, Class SA, VAR, 0.888%, 02/20/63		3,216
	1,449	Series 2013-H05, Class FB, VAR, 0.868%, 02/20/62		1,446
	2,315	Series 2013-H07, Class GA, VAR, 0.938%, 03/20/63		2,302
	6,084	Series 2013-H07, Class HA, VAR, 0.878%, 03/20/63		6,037
	12,478	Series 2013-H07, Class JA, 1.750%, 03/20/63		12,539
	3,867	Series 2013-H07, Class MA, VAR, 1.018%, 04/20/62		3,865
	2,098	Series 2013-H08, Class BF, VAR, 0.868%, 03/20/63		2,080
	4,465	Series 2013-H08, Class FC, VAR, 0.918%, 02/20/63		4,437
	5,525	Series 2013-H09, Class HA, 1.650%, 04/20/63		5,507
	3,001	Series 2014-188, Class W, VAR, 4.674%, 10/20/41		3,297
	1,134	Series 2014-H17, Class FC, VAR, 0.968%, 07/20/64		1,128
	2,037	Series 2015-91, Class W, VAR, 5.240%, 05/20/40		2,277
	805	Series 2015-137, Class WA, VAR, 5.488%, 01/20/38		910
	6,743	Series 2015-H23, Class FB, VAR, 0.988%, 09/20/65		6,713
	6,064	Series 2015-H26, Class FG, VAR, 0.988%, 10/20/65		6,036

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	11,800	Series 2015-H29, Class FL, VAR, 1.068%, 11/20/65		11,799
	4,824	Series 2015-H32, Class FH, VAR, 1.128%, 12/20/65		4,840
	5,385	Series 2016-H07, Class FA, VAR, 1.218%, 03/20/66		5,427
	9,848	Series 2016-H07, Class FQ, VAR, 1.168%, 03/20/66		9,900
	2,518	Series 2016-H11, Class FD, VAR, 0.868%, 05/20/66		2,520
	9,471	Series 2016-H13, Class FD, VAR, 0.962%, 05/20/66		9,457
	6,811	Series 2016-H13, Class FT, VAR, 1.067%, 05/20/66		6,807
	8,968	Series 2016-H16, Class FC, VAR, 1.615%, 07/20/66		8,943
	6,000	Series 2016-H17, Class FC, VAR, 1.326%, 08/20/66		6,007
		Vendee Mortgage Trust,
	2,555	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		2,875
	395	Series 1996-1, Class 1Z, 6.750%, 02/15/26		456
	212	Series 1996-2, Class 1Z, 6.750%, 06/15/26		244
	428	Series 1997-1, Class 2Z, 7.500%, 02/15/27		503
	320	Series 1998-1, Class 2E, 7.000%, 03/15/28		384
				872,807
		Non-Agency CMO — 7.2%
	2,722	Access PT Funding Trust, Series 2016-1, 6.250%, 02/16/21		2,721
		Ajax Mortgage Loan Trust,
	3,002	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		2,981
	1,195	Series 2013-B, Class A, VAR, 3.500%, 02/25/51 (e)		1,189
	1,114	Series 2014-A, Class A, SUB, 4.000%, 10/25/57 (e)		1,108
	962	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		947
		Alternative Loan Trust,
	415	Series 2002-11, Class M, 6.500%, 10/25/32		406
	1,447	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,438
	22	Series 2004-J3, Class 4A1, 4.750%, 04/25/19		22
	827	Series 2005-1CB, Class 1A6, IF, IO, 6.576%, 03/25/35		187

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 223

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	4,167	Series 2005-20CB, Class 3A8, IF, IO, 4.226%, 07/25/35		595
	3,033	Series 2005-22T1, Class A2, IF, IO, 4.546%, 06/25/35		553
	132	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		97
	5,827	Series 2005-37T1, Class A2, IF, IO, 4.526%, 09/25/35		1,111
	5,447	Series 2005-54CB, Class 1A2, IF, IO, 4.326%, 11/25/35		844
	26	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		25
	910	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		849
	618	Series 2005-57CB, Class 3A2, IF, IO, 4.576%, 12/25/35		103
	447	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		413
	525	Series 2005-86CB, Class A11, 5.500%, 02/25/36		446
	1,077	Series 2005-J1, Class 1A4, IF, IO, 4.576%, 02/25/35		60
	15,681	Series 2006-7CB, Class 1A2, IF, IO, 4.776%, 05/25/36		4,029
	603	Series 2006-26CB, Class A9, 6.500%, 09/25/36		478
		American General Mortgage Loan Trust,
	167	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		172
	516	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		519
		Angel Oak Mortgage Trust LLC,
	1,196	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		1,199
	1,333	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		1,329
		ASG Resecuritization Trust,
	150	Series 2009-1, Class A60, VAR, 2.535%, 06/26/37 (e)		149
	970	Series 2009-3, Class A65, VAR, 2.379%, 03/26/37 (e)		965
	1,333	Series 2010-2, Class A60, VAR, 2.014%, 01/28/37 (e)		1,318
	532	Series 2011-1, Class 2A35, 6.000%, 09/28/36 (e)		452
	1,001	Series 2011-1, Class 3A50, VAR, 3.101%, 11/28/35 (e)		987

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Banc of America Alternative Loan Trust,
	313	Series 2003-11, Class 2A1, 6.000%, 01/25/34		321
	175	Series 2003-11, Class PO, PO, 01/25/34		138
	377	Series 2004-1, Class 1A1, 6.000%, 02/25/34		400
	46	Series 2004-1, Class 5A1, 5.500%, 02/25/19		46
	1,717	Series 2005-1, Class CBIO, IO, 5.500%, 02/25/35		368
	1,463	Series 2005-12, Class CBIO, IO, 5.750%, 01/25/36		310
		Banc of America Funding Trust,
	121	Series 2004-1, Class PO, PO, 03/25/34		96
	435	Series 2004-3, Class 1A1, 5.500%, 10/25/34		446
	393	Series 2004-C, Class 1A1, VAR, 3.082%, 12/20/34		385
	416	Series 2005-1, Class 30IO, IO, 5.500%, 02/25/35		70
	128	Series 2005-4, Class 30PO, PO, 08/25/35		105
	337	Series 2005-6, Class 2A7, 5.500%, 10/25/35		322
	38	Series 2005-7, Class 30PO, PO, 11/25/35		29
	167	Series 2005-8, Class 30PO, PO, 01/25/36		122
	938	Series 2005-E, Class 4A1, VAR, 2.938%, 03/20/35		941
	493	Series 2010-R11A, Class 1A6, VAR, 5.079%, 08/26/35 (e)		494
		Banc of America Mortgage Trust,
	514	Series 2003-A, Class 4A1, VAR, 2.899%, 02/25/33		508
	158	Series 2003-C, Class 3A1, VAR, 3.181%, 04/25/33		159
	761	Series 2003-E, Class 2A2, VAR, 3.275%, 06/25/33		759
	591	Series 2003-J, Class 3A2, VAR, 3.199%, 11/25/33		589
	247	Series 2004-3, Class 15IO, IO, VAR, 0.229%, 04/25/19		1
	96	Series 2004-3, Class 1A26, 5.500%, 04/25/34		96
	59	Series 2004-4, Class APO, PO, 05/25/34		50
	2,889	Series 2004-5, Class 15IO, IO, VAR, 0.226%, 06/25/19		3
	25	Series 2004-9, Class 3A1, 6.500%, 09/25/32		26

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	442	Series 2004-C, Class 2A2, VAR, 3.198%, 04/25/34		439
	428	Series 2004-J, Class 3A1, VAR, 3.150%, 11/25/34		420
		BCAP LLC Trust,
	398	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		413
	145	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		145
	899	Series 2009-RR14, Class 3A2, VAR, 2.893%, 08/26/35 (e)		901
	316	Series 2010-RR5, Class 2A5, VAR, 5.402%, 04/26/37 (e)		317
	163	Series 2010-RR7, Class 1A5, VAR, 3.021%, 04/26/35 (e)		161
	2,931	Series 2010-RR7, Class 2A1, VAR, 2.623%, 07/26/45 (e)		2,908
	844	Series 2010-RR8, Class 3A4, VAR, 3.087%, 05/26/35 (e)		830
	172	Series 2010-RR12, Class 2A5, VAR, 2.977%, 01/26/36 (e)		170
	217	Series 2010-RR12, Class 4A5, VAR, 3.010%, 10/26/36 (e)		216
	15	Series 2011-R11, Class 24A5, VAR, 3.000%, 08/26/22 (e)		15
	199	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		199
	900	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		908
	255	Series 2011-RR5, Class 11A3, VAR, 0.638%, 05/28/36 (e)		254
	1,350	Series 2011-RR10, Class 2A1, VAR, 1.352%, 09/26/37 (e)		1,306
	402	Series 2012-RR1, Class 5A1, VAR, 9.858%, 07/26/37 (e)		415
	997	Series 2012-RR3, Class 2A5, VAR, 2.404%, 05/26/37 (e)		994
	534	Series 2012-RR4, Class 8A3, VAR, 0.717%, 06/26/47 (e)		521
	2,514	Series 2012-RR10, Class 1A1, VAR, 0.718%, 02/26/37 (e)		2,439
	324	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, VAR, 1.024%, 03/25/35		316
		Bear Stearns ARM Trust,
	309	Series 2003-4, Class 3A1, VAR, 2.918%, 07/25/33		308
	174	Series 2003-7, Class 3A, VAR, 2.835%, 10/25/33		171

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	442	Series 2004-1, Class 12A1, VAR, 3.080%, 04/25/34		436
	203	Series 2004-2, Class 14A, VAR, 3.344%, 05/25/34		202
	858	Series 2005-5, Class A1, VAR, 2.580%, 08/25/35		862
	1,314	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		1,282
	575	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, SUB, 5.750%, 10/25/33		590
	67	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-9, Class 1P, PO, 11/25/33		60
		Chase Mortgage Finance Trust,
	2,611	Series 2007-A1, Class 1A3, VAR, 2.970%, 02/25/37		2,577
	231	Series 2007-A1, Class 2A1, VAR, 3.097%, 02/25/37		230
	262	Series 2007-A1, Class 7A1, VAR, 3.053%, 02/25/37		262
	670	Series 2007-A1, Class 9A1, VAR, 3.000%, 02/25/37		663
	592	Series 2007-A2, Class 2A1, VAR, 2.883%, 07/25/37		588
		CHL Mortgage Pass-Through Trust,
	276	Series 2002-36, Class A22, 6.000%, 01/25/33		279
	300	Series 2004-3, Class A26, 5.500%, 04/25/34		300
	54	Series 2004-3, Class PO, PO, 04/25/34		48
	822	Series 2004-5, Class 1A4, 5.500%, 06/25/34		849
	112	Series 2004-7, Class 2A1, VAR, 2.940%, 06/25/34		109
	485	Series 2004-13, Class 1A4, 5.500%, 08/25/34		497
	154	Series 2004-HYB1, Class 2A, VAR, 2.806%, 05/20/34		146
	664	Series 2004-HYB3, Class 2A, VAR, 2.761%, 06/20/34		631
	459	Series 2004-HYB6, Class A3, VAR, 2.792%, 11/20/34		438
	67	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		68
	241	Series 2005-16, Class A23, 5.500%, 09/25/35		227
	1,183	Series 2005-22, Class 2A1, VAR, 2.755%, 11/25/35		969

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 225

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	3,272	Series 2007-4, Class 1A52, IF, IO, 4.876%, 05/25/37		706
	63	Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Series 2005-6, Class APO, PO, 09/25/35		54
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	423	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		420
	5	Series 2003-UP2, Class PO1, PO, 12/25/18		4
		Citigroup Mortgage Loan Trust,
	1,031	Series 2008-AR4, Class 1A1A, VAR, 2.993%, 11/25/38 (e)		1,025
	583	Series 2009-8, Class 4A1, 6.000%, 11/25/36 (e)		599
	748	Series 2009-10, Class 1A1, VAR, 2.631%, 09/25/33 (e)		752
	557	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		572
	528	Series 2009-11, Class 3A1, VAR, 5.750%, 05/25/37 (e)		533
	99	Series 2010-7, Class 10A1, VAR, 2.762%, 02/25/35 (e)		99
	736	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		738
	1,011	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		1,015
	728	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		742
		Citigroup Mortgage Loan Trust, Inc.,
	144	Series 2003-1, Class 2A5, 5.250%, 10/25/33		145
	71	Series 2003-1, Class PO3, PO, 09/25/33		64
	14	Series 2003-1, Class WA2, 6.500%, 06/25/31		14
	9	Series 2003-1, Class WPO2, PO, 06/25/31		8
	19	Series 2003-UP3, Class A3, 7.000%, 09/25/33		19
	46	Series 2003-UST1, Class A1, 5.500%, 12/25/18		46
	8	Series 2003-UST1, Class PO1, PO, 12/25/18		7
	3	Series 2003-UST1, Class PO3, PO, 12/25/18		3
	265	Series 2004-UST1, Class A3, VAR, 2.635%, 08/25/34		265
	192	Series 2004-UST1, Class A6, VAR, 2.645%, 08/25/34		185
	221	Series 2005-1, Class 2A1A, VAR, 2.801%, 04/25/35		175

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	554	Series 2005-2, Class 2A11, 5.500%, 05/25/35		566
	665	Series 2005-5, Class 1A2, VAR, 3.406%, 08/25/35		482
		Credit Suisse First Boston Mortgage Securities Corp.,
	790	Series 2003-1, Class DB1, VAR, 6.738%, 02/25/33		799
	276	Series 2003-21, Class 1A4, 5.250%, 09/25/33		283
	984	Series 2003-27, Class 5A3, 5.250%, 11/25/33		995
	476	Series 2003-27, Class 5A4, 5.250%, 11/25/33		482
	477	Series 2003-29, Class 1A1, 6.500%, 12/25/33		504
	316	Series 2003-29, Class 5A1, 7.000%, 12/25/33		335
	656	Series 2003-AR15, Class 3A1, VAR, 3.187%, 06/25/33		650
	439	Series 2004-4, Class 2A4, 5.500%, 09/25/34		459
	243	Series 2004-5, Class 3A1, 5.250%, 08/25/19		247
	498	Series 2004-8, Class 1A4, 5.500%, 12/25/34		521
	1,227	Series 2004-AR2, Class 2A1, VAR, 2.879%, 03/25/34		1,240
	1,432	Series 2005-4, Class 2X, IO, VAR, 5.500%, 06/25/35		301
	1,121	Series 2005-9, Class DX, IO, 5.500%, 10/25/35		65
	325	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		329
		CSMC,
	6,745	Series 2010-11R, Class A6, VAR, 1.493%, 06/28/47 (e)		6,492
	251	Series 2011-6R, Class 3A1, VAR, 3.210%, 07/28/36 (e)		253
	715	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		716
	670	Series 2012-3R, Class 1A1, VAR, 2.715%, 07/27/37 (e)		673
	521	CSMC Trust, Series 2012-2R, Class 2A1, VAR, 2.631%, 03/27/47 (e)		516
	239	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 5.804%, 02/25/20		242

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		First Horizon Alternative Mortgage Securities Trust,
	767	Series 2004-AA4, Class A1, VAR, 2.716%, 10/25/34		750
	416	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		359
	6,063	Series 2007-FA4, Class 1A2, IF, IO, 5.126%, 08/25/37		1,505
		First Horizon Mortgage Pass-Through Trust,
	193	Series 2004-AR2, Class 2A1, VAR, 3.065%, 05/25/34		191
	300	Series 2004-AR7, Class 2A2, VAR, 2.709%, 02/25/35		299
	507	Series 2005-AR1, Class 2A2, VAR, 2.935%, 04/25/35		507
		GMACM Mortgage Loan Trust,
	324	Series 2003-AR1, Class A4, VAR, 3.328%, 10/19/33		320
	1,111	Series 2003-AR2, Class 2A4, VAR, 3.205%, 12/19/33		1,093
	43	Series 2003-J8, Class A, 5.250%, 12/25/33		45
	449	Series 2004-J1, Class A20, 5.500%, 04/25/34		454
	883	Series 2004-J5, Class A7, 6.500%, 01/25/35		912
	190	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		193
	1,955	Series 2005-AR3, Class 3A4, VAR, 3.304%, 06/19/35		1,912
		GSMPS Mortgage Loan Trust,
	418	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		423
	199	Series 2004-4, Class 1AF, VAR, 0.924%, 06/25/34 (e)		178
	400	Series 2005-RP2, Class 1AF, VAR, 0.874%, 03/25/35 (e)		344
	2,376	Series 2005-RP3, Class 1AF, VAR, 0.874%, 09/25/35 (e)		2,045
	1,080	Series 2005-RP3, Class 1AS, IO, VAR, 4.240%, 09/25/35 (e)		151
	2,327	Series 2006-RP2, Class 1AS2, IF, IO, 5.600%, 04/25/36 (e)		355
		GSR Mortgage Loan Trust,
	117	Series 2003-13, Class 1A1, VAR, 2.797%, 10/25/33		118
	44	Series 2003-6F, Class A2, VAR, 0.924%, 09/25/32		42

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	489	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		498
	49	Series 2004-3F, Class 3A8, 13.500%, 02/25/34		57
	737	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		756
	892	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		912
	424	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		435
	123	Series 2005-5F, Class 8A3, VAR, 1.024%, 06/25/35		116
	1,410	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,498
	208	Series 2006-1F, Class 1AP, PO, 02/25/36		159
	3,738	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,282
	1,019	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		981
	2,624	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		2,605
	150	Impac CMB Trust, Series 2005-2, Class 2M1, VAR, 1.304%, 04/25/35		132
	662	Impac Secured Assets CMN Owner Trust, Series 2001-8, Class A6, 6.440%, 01/25/32		664
	667	Impac Secured Assets Trust, Series 2006-2, Class 2A1, VAR, 0.874%, 08/25/36		655
	204	IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 2A1A, VAR, 3.006%, 03/25/36		164
		JP Morgan Mortgage Trust,
	325	Series 2004-A3, Class 4A1, VAR, 3.212%, 07/25/34		334
	187	Series 2004-A4, Class 1A1, VAR, 3.307%, 09/25/34		191
	60	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		62
	548	Series 2005-A1, Class 3A4, VAR, 3.008%, 02/25/35		558
	884	Series 2006-A2, Class 4A1, VAR, 3.185%, 08/25/34		886
	740	Series 2006-A2, Class 5A2, VAR, 2.783%, 11/25/33		750
	1,339	Series 2006-A2, Class 5A3, VAR, 2.783%, 11/25/33		1,357
	304	Series 2006-A3, Class 6A1, VAR, 3.145%, 08/25/34		304

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 227

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	360	Series 2007-A1, Class 5A2, VAR, 2.911%, 07/25/35		364
	490	Series 2014-1, Class 1A11, VAR, 4.000%, 01/25/44 (e)		515
	3	Kidder Peabody Mortgage Assets Trust, Series B, Class A1, PO, 04/22/18		3
		Lehman Mortgage Trust,
	460	Series 2006-2, Class 1A1, VAR, 5.928%, 04/25/36		411
	276	Series 2007-6, Class 1A8, 6.000%, 07/25/37		247
	685	Series 2008-2, Class 1A6, 6.000%, 03/25/38		515
		MASTR Adjustable Rate Mortgages Trust,
	141	Series 2004-3, Class 4A2, VAR, 2.690%, 04/25/34		131
	31	Series 2004-4, Class 2A1, VAR, 2.262%, 05/25/34		28
	243	Series 2004-13, Class 2A1, VAR, 2.882%, 04/21/34		248
	1,219	Series 2004-13, Class 3A7, VAR, 3.028%, 11/21/34		1,243
	250	Series 2004-15, Class 3A1, VAR, 3.406%, 12/25/34		246
		MASTR Alternative Loan Trust,
	262	Series 2003-4, Class 2A1, 6.250%, 06/25/33		272
	156	Series 2003-8, Class 3A1, 5.500%, 12/25/33		162
	128	Series 2003-8, Class 5A1, 5.000%, 11/25/18		131
	91	Series 2003-9, Class 8A1, 6.000%, 01/25/34		91
	85	Series 2004-1, Class 30PO, PO, 02/25/34		72
	352	Series 2004-3, Class 2A1, 6.250%, 04/25/34		366
	175	Series 2004-3, Class 30PO, PO, 04/25/34		138
	157	Series 2004-3, Class 30X1, IO, 6.000%, 04/25/34		35
	238	Series 2004-5, Class 30PO, PO, 06/25/34		207
	99	Series 2004-5, Class 30X1, IO, 6.000%, 06/25/34		18
	1,052	Series 2004-6, Class 7A1, 6.000%, 07/25/34		1,026
	108	Series 2004-6, Class 30X1, IO, 5.500%, 07/25/34		21
	83	Series 2004-7, Class 30PO, PO, 08/25/34		65

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	325	Series 2004-7, Class AX1, IO, 5.500%, 08/25/34		69
	110	Series 2004-10, Class 1A1, 4.500%, 09/25/19		111
	1,852	Series 2005-3, Class AX2, IO, 6.000%, 04/25/35		467
		MASTR Asset Securitization Trust,
	33	Series 2003-2, Class 1A1, 5.000%, 03/25/18		33
	11	Series 2003-2, Class 2A1, 4.500%, 03/25/18		11
	178	Series 2003-3, Class 3A18, 5.500%, 04/25/33		178
	11	Series 2003-4, Class 3A2, 5.000%, 05/25/18		11
	87	Series 2003-4, Class 5A1, 5.500%, 05/25/33		89
	49	Series 2003-8, Class 1A1, 5.500%, 09/25/33		49
	36	Series 2003-9, Class 15PO, PO, 10/25/18		35
	4	Series 2003-10, Class 15PO, PO, 11/25/18		4
	4	Series 2003-11, Class 15PO, PO, 12/25/18		4
	135	Series 2003-12, Class 6A1, 5.000%, 12/25/33		136
	27	Series 2004-1, Class 30PO, PO, 02/25/34		21
	27	Series 2004-3, Class PO, PO, 03/25/34		24
	25	Series 2004-4, Class 3A1, 4.500%, 04/25/19		25
	21	Series 2004-8, Class 1A1, 4.750%, 08/25/19		21
	23	Series 2004-8, Class PO, PO, 08/25/19		22
	26	Series 2004-9, Class 5A1, 5.250%, 09/25/19		26
	387	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		414
	2,133	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.874%, 05/25/35 (e)		1,668
	346	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		274
		Merrill Lynch Mortgage Investors Trust,
	323	Series 2003-A, Class 2A2, VAR, 2.049%, 03/25/28		301
	127	Series 2003-A4, Class 2A, VAR, 3.136%, 07/25/33		116
	439	Series 2003-A5, Class 2A6, VAR, 2.900%, 08/25/33		441

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	1,033		Series 2003-E, Class A1, VAR, 1.144%, 10/25/28		984
	1,657		Series 2003-F, Class A1, VAR, 1.164%, 10/25/28		1,618
	568		Series 2004-1, Class 2A1, VAR, 2.682%, 12/25/34		568
	602		Series 2004-A4, Class A2, VAR, 2.855%, 08/25/34		612
	631		Series 2004-D, Class A2, VAR, 1.949%, 09/25/29		604
	338		Series 2004-E, Class A2A, VAR, 1.613%, 11/25/29		325
	54		Series 2005-A1, Class 3A, VAR, 2.766%, 12/25/34		53
	3		ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		3
	662		Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.676%, 04/25/34		693
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 14,804.840%, 04/20/21		—	(h)
			MortgageIT Trust,
	397		Series 2005-1, Class 1A1, VAR, 1.164%, 02/25/35		382
	178		Series 2005-5, Class A1, VAR, 0.784%, 12/25/35		160
	435		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		436
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	87		Series 2003-A1, Class A1, 5.500%, 05/25/33		88
	40		Series 2003-A1, Class A2, 6.000%, 05/25/33		40
	23		Series 2003-A1, Class A5, 7.000%, 04/25/33		24
	4		Series 2003-A1, Class A7, 5.000%, 04/25/18		4
	327		Nomura Resecuritization Trust, Series 2010-6RA, Class 1A5, VAR, 3.006%, 03/26/36 (e)		323
			Prime Mortgage Trust,
	23		Series 2004-1, Class 2A3, 5.250%, 08/25/34		23
	543		Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		567
	252		Series 2005-4, Class 2PO, PO, 10/25/35		82

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	368	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.842%, 05/25/35		355
		RALI Trust,
	3	Series 2001-QS19, Class A2, 6.000%, 12/25/16		3
	6	Series 2002-QS16, Class A3, IF, 15.526%, 10/25/17		6
	26	Series 2003-QS3, Class A2, IF, 15.346%, 02/25/18		28
	70	Series 2003-QS9, Class A3, IF, IO, 7.026%, 05/25/18		2
	99	Series 2003-QS12, Class A2A, IF, IO, 7.076%, 06/25/18		4
	43	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		1
	3,372	Series 2003-QS13, Class A2, 4.000%, 07/25/33		3,215
	501	Series 2003-QS13, Class A5, VAR, 1.174%, 07/25/33		458
	2,976	Series 2003-QS13, Class A6, IF, IO, 0.600%, 07/25/33		61
	169	Series 2003-QS14, Class A1, 5.000%, 07/25/18		169
	120	Series 2003-QS18, Class A1, 5.000%, 09/25/18		121
	690	Series 2004-QA4, Class NB3, VAR, 4.085%, 09/25/34		684
	195	Series 2004-QA6, Class NB2, VAR, 3.344%, 12/26/34		164
	1,073	Series 2004-QS7, Class A4, 5.500%, 05/25/34		1,089
	1,543	Series 2005-QA6, Class A32, VAR, 3.936%, 05/25/35		1,291
	184	Series 2005-QA10, Class A31, VAR, 3.899%, 09/25/35		155
	342	Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		284
		RBSSP Resecuritization Trust,
	726	Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		771
	178	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		186
	102	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		102
	480	Series 2009-12, Class 1A1, VAR, 5.851%, 11/25/33 (e)		497
	218	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		216

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 229

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	3,275	Series 2012-6, Class 2A1, VAR, 0.648%, 10/26/36 (e)		3,222
		Residential Asset Securitization Trust,
	3	Series 2002-A13, Class A4, 5.250%, 12/25/17		3
	221	Series 2003-A5, Class A1, 5.500%, 06/25/33		223
	126	Series 2003-A13, Class A3, 5.500%, 01/25/34		129
	17	Series 2003-A14, Class A1, 4.750%, 02/25/19		17
	562	Series 2004-IP2, Class 1A1, VAR, 2.904%, 12/25/34		564
	3,532	Series 2005-A2, Class A4, IF, IO, 4.526%, 03/25/35		511
	1,663	Series 2005-A16, Class AX, IO, 5.750%, 02/25/36		382
	565	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		521
	357	Series 2006-A6, Class 2A13, 6.000%, 07/25/36		306
		RFMSI Trust,
	23	Series 2003-S14, Class A4, PO, 07/25/18		22
	63	Series 2003-S16, Class A3, 5.000%, 09/25/18		63
	78	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		79
	142	Series 2004-S6, Class 2A6, PO, 06/25/34		110
	409	Series 2005-SA4, Class 1A1, VAR, 3.223%, 09/25/35		339
	1	RFSC Trust, Series 2002-RM1, Class API, PO, 12/25/17		1
		Sequoia Mortgage Trust,
	732	Series 2003-1, Class 1A, VAR, 1.272%, 04/20/33		687
	1,085	Series 2004-8, Class A1, VAR, 1.212%, 09/20/34		1,029
	1,039	Series 2004-8, Class A2, VAR, 1.950%, 09/20/34		997
	2,632	Series 2004-9, Class A1, VAR, 1.192%, 10/20/34		2,491
	886	Series 2004-10, Class A1A, VAR, 1.132%, 11/20/34		829
		Springleaf Mortgage Loan Trust,
	1,715	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		1,709
	2,644	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		2,634

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	1,800	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		1,795
	1,268	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		1,271
	1,371	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,364
	1,493	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,501
	201	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.813%, 06/25/34		201
		Structured Asset Mortgage Investments II Trust,
	1,153	Series 2004-AR5, Class 1A1, VAR, 1.174%, 10/19/34		1,099
	1,894	Series 2005-AR5, Class A3, VAR, 0.764%, 07/19/35		1,828
	1,614	Structured Asset Securities Corp., Series 2003-37A, Class 2A, VAR, 2.697%, 12/25/33		1,603
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	153	Series 2003-32, Class 1A1, VAR, 5.221%, 11/25/33		153
	477	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		487
	198	Series 2003-33H, Class 1APO, PO, 10/25/33		185
	505	Series 2003-34A, Class 3A3, VAR, 2.931%, 11/25/33		496
	1,106	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,135
	133	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		135
		Thornburg Mortgage Securities Trust,
	94	Series 2003-4, Class A1, VAR, 1.164%, 09/25/43		90
	93	Series 2004-1, Class II2A, VAR, 1.811%, 03/25/44		90
		WaMu Mortgage Pass-Through Certificates Trust,
	9	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		9
	542	Series 2003-AR7, Class A7, VAR, 2.677%, 08/25/33		542
	454	Series 2003-AR8, Class A, VAR, 2.697%, 08/25/33		458
	1,608	Series 2003-AR9, Class 1A6, VAR, 2.631%, 09/25/33		1,626

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	377	Series 2003-AR9, Class 2A, VAR, 2.755%, 09/25/33		369
	1,104	Series 2003-AR11, Class A6, VAR, 2.549%, 10/25/33		1,112
	470	Series 2003-S1, Class A5, 5.500%, 04/25/33		483
	132	Series 2003-S3, Class 1A4, 5.500%, 06/25/33		136
	20	Series 2003-S7, Class A1, 4.500%, 08/25/18		21
	71	Series 2003-S8, Class A6, 4.500%, 09/25/18		71
	1,180	Series 2003-S9, Class A8, 5.250%, 10/25/33		1,227
	35	Series 2003-S9, Class P, PO, 10/25/33		30
	99	Series 2004-AR3, Class A1, VAR, 2.783%, 06/25/34		100
	672	Series 2004-AR3, Class A2, VAR, 2.783%, 06/25/34		677
	282	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		284
	83	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		84
	153	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		158
	1,693	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		1,763
	146	Series 2006-AR10, Class 2P, VAR, 2.684%, 09/25/36		126
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	144	Series 2005-1, Class 1A1, 5.500%, 03/25/35		142
	5,907	Series 2005-2, Class 1A4, IF, IO, 4.526%, 04/25/35		900
	763	Series 2005-4, Class CB7, 5.500%, 06/25/35		705
	77	Series 2005-4, Class DP, PO, 06/25/20		71
	661	Series 2005-6, Class 2A4, 5.500%, 08/25/35		606
	7,607	Series 2005-11, Class A4, IF, IO, 4.426%, 01/25/36		1,370
		Washington Mutual MSC Mortgage Pass-Through Certificates,
	391	Series 2004-RA2, Class 2A, 7.000%, 07/25/33		422
	22	Series 2004-RA4, Class 1P, PO, 04/25/19		21

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Wells Fargo Mortgage-Backed Securities Trust,
	1,014	Series 2003-G, Class A1, VAR, 2.898%, 06/25/33		1,016
	183	Series 2003-K, Class 1A1, VAR, 2.638%, 11/25/33		183
	50	Series 2003-K, Class 1A2, VAR, 2.638%, 11/25/33		50
	107	Series 2004-B, Class A1, VAR, 2.732%, 02/25/34		107
	613	Series 2004-EE, Class 2A1, VAR, 2.967%, 12/25/34		617
	77	Series 2004-EE, Class 2A2, VAR, 2.967%, 12/25/34		78
	398	Series 2004-EE, Class 3A1, VAR, 3.028%, 12/25/34		410
	1,007	Series 2004-I, Class 1A1, VAR, 2.893%, 07/25/34		1,018
	2,011	Series 2004-P, Class 2A1, VAR, 2.988%, 09/25/34		2,071
	69	Series 2004-Q, Class 1A3, VAR, 2.949%, 09/25/34		69
	1,947	Series 2004-S, Class A1, VAR, 2.989%, 09/25/34		1,979
	1,622	Series 2004-U, Class A1, VAR, 3.006%, 10/25/34		1,612
	422	Series 2004-V, Class 1A1, VAR, 3.008%, 10/25/34		424
	97	Series 2005-9, Class 1APO, PO, 10/25/35		87
	461	Series 2005-AR8, Class 2A1, VAR, 2.977%, 06/25/35		470
	281	Series 2005-AR16, Class 2A1, VAR, 2.852%, 02/25/34		282
	692	Series 2007-7, Class A7, 6.000%, 06/25/37		679
	473	Series 2007-11, Class A14, 6.000%, 08/25/37		470
				200,439
		Total Collateralized Mortgage Obligations (Cost $1,037,905)		1,073,246
	Commercial Mortgage-Backed Securities — 5.2%
		A10 Securitization LLC,
	54	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		54
	1,005	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		1,000
	431	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		432
	375	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		379

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 231

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	469	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		468
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	473	Series 2014-FL2, Class B, VAR, 2.557%, 08/15/31 (e)		472
	673	Series 2014-FL2, Class C, VAR, 3.007%, 08/15/31 (e)		668
	350	Series 2014-FL2, Class D, VAR, 3.907%, 08/15/31 (e)		341
		BAMLL Commercial Mortgage Securities Trust,
	1,120	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		1,173
	1,000	Series 2014-520M, Class A, VAR, 4.325%, 08/15/46 (e)		1,171
	2,500	Series 2014-520M, Class C, VAR, 4.354%, 08/15/46 (e)		2,520
	5,185	Series 2016-FR14, Class A, VAR, 3.147%, 02/27/48 (e)		4,816
	117	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		117
		BB-UBS Trust,
	4,100	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,398
	3,575	Series 2012-SHOW, Class E, VAR, 4.160%, 11/05/36 (e)		3,542
	966	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		982
	2,110	Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class AMFL, VAR, 1.198%, 06/11/50 (e)		2,073
	1,760	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		1,768
	3,000	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class AM, 5.254%, 08/15/48		3,010
		COMM Mortgage Trust,
	5,317	Series 2012-CR2, Class XA, IO, VAR, 1.897%, 08/15/45		418
	1,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		1,697
	140,365	Series 2013-CR9, Class XB, IO, VAR, 0.250%, 07/10/45 (e)		1,969
	1,247	Series 2013-SFS, Class A2, VAR, 3.086%, 04/12/35 (e)		1,302
	1,500	Series 2014-CR19, Class A5, 3.796%, 08/10/47		1,655

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,500	Series 2014-TWC, Class A, VAR, 1.358%, 02/13/32 (e)		2,500
	1,542	Series 2015-CR24, Class A5, 3.696%, 08/10/48		1,696
	1,562	Series 2015-CR25, Class A4, 3.759%, 08/10/48		1,722
	311	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.964%, 07/10/38		311
	1,823	DBWF Mortgage Trust, Series 2015-LCM, Class A1, 2.998%, 06/10/34 (e)		1,895
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,791
	4,000	Series K037, Class A2, 3.490%, 01/25/24		4,426
	857	Series K038, Class A2, 3.389%, 03/25/24		944
	4,924	Series KF12, Class A, VAR, 1.224%, 09/25/22		4,942
	545	Series KJ02, Class A2, 2.597%, 09/25/20		563
	5,000	Series KPLB, Class A, 2.770%, 05/25/25		5,239
	2,000	Series KS01, Class A2, 2.522%, 01/25/23		2,074
	7,200	FORT CRE LLC, Series 2016-1A, Class D, VAR, 6.350%, 05/31/36 (e)		7,200
		FREMF Mortgage Trust,
	3,099	Series 2014-K39, Class C, VAR, 4.282%, 08/25/47 (e)		3,063
	6,000	Series 2015-K720, Class B, VAR, 3.506%, 07/25/22 (e)		5,888
	3,250	Series 2016-K722, Class B, VAR, 3.966%, 07/25/49 (e)		3,201
		Government National Mortgage Association,
	1,873	Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		2,019
	1,872	Series 2014-168, Class VB, VAR, 3.491%, 06/16/47		2,029
	2,684	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		2,728
		GS Mortgage Securities Corp. Trust,
	20,000	Series 2012-SHOP, Class XA, IO, VAR, 1.438%, 06/05/31 (e)		652
	2,444	Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		2,455
	7,390	GS Mortgage Securities Trust, Series 2006-GG8, Class X, IO, VAR, 0.747%, 11/10/39 (e)		—	(h)
		JP Morgan Chase Commercial Mortgage Securities Trust,
	15,118	Series 2006-CB15, Class X1, IO, VAR, 0.482%, 06/12/43		15

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	600	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		595
	875	Series 2007-C1, Class A4, 5.716%, 02/15/51		900
	2,686	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		2,944
		LB-UBS Commercial Mortgage Trust,
	10,134	Series 2006-C1, Class XCL, IO, VAR, 0.338%, 02/15/41 (e)		1
	1,925	Series 2007-C1, Class AM, 5.455%, 02/15/40		1,938
	495	Series 2007-C2, Class A3, 5.430%, 02/15/40		500
	838	ML-CFC Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 09/12/49		865
	1,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		1,061
		Morgan Stanley Capital I Trust,
	240	Series 2007-T27, Class A4, VAR, 5.818%, 06/11/42		246
	1,213	Series 2011-C3, Class A3, 4.054%, 07/15/49		1,268
	1,500	Series 2012-C4, Class A3, 2.991%, 03/15/45		1,546
		Morgan Stanley Re-REMIC Trust,
	2,676	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		2,663
	2,085	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		2,067
	3,410	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		3,053
	486	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.524%, 08/25/29 (e)		491
		PFP Ltd., (Cayman Islands),
	759	Series 2015-2, Class A, VAR, 1.958%, 07/14/34 (e)		754
	704	Series 2015-2, Class C, VAR, 3.758%, 07/14/34 (e)		686
	487	Series 2015-2, Class D, VAR, 4.508%, 07/14/34 (e)		470
		RAIT Trust,
	363	Series 2014-FL3, Class A, VAR, 1.758%, 12/15/31 (e)		358
	2,475	Series 2015-FL5, Class B, VAR, 4.408%, 01/15/31 (e)		2,475
	2,123	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		2,203

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	981	Resource Capital Corp., Ltd., (Cayman Islands), Series 2015-CRE4, Class B, VAR, 3.507%, 08/15/32 (e)		922
	374	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		374
	6,619	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, VAR, 2.274%, 05/10/45 (e)		639
	3,015	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		3,194
		UBS-Barclays Commercial Mortgage Trust,
	1,300	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,408
	14,264	Series 2012-C2, Class XA, IO, VAR, 1.797%, 05/10/63 (e)		775
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		915
		VNDO Mortgage Trust,
	2,991	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		3,141
	2,500	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		2,687
	7,576	Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class XC, IO, VAR, 0.165%, 03/15/45 (e)		—	(h)
		Wells Fargo Commercial Mortgage Trust,
	3,000	Series 2013-120B, Class A, VAR, 2.800%, 03/18/28 (e)		3,073
	1,458	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,598
	17	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		17
		WFRBS Commercial Mortgage Trust,
	1,250	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,379
	1,200	Series 2012-C6, Class A4, 3.440%, 04/15/45		1,288
	750	Series 2013-C11, Class D, VAR, 4.317%, 03/15/45 (e)		703
		Total Commercial Mortgage-Backed Securities (Cost $140,388)		143,975
	Mortgage Pass-Through Securities — 39.5%
		Federal Home Loan Mortgage Corp.,
	155	ARM, 2.429%, 05/01/37		162
	191	ARM, 2.496%, 11/01/36		202
	258	ARM, 2.515%, 11/01/36		272
	170	ARM, 2.592%, 10/01/36		178
	388	ARM, 2.593%, 11/01/36		411

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 233

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	122	ARM, 2.605%, 12/01/33		129
	155	ARM, 2.617%, 11/01/36		164
	68	ARM, 2.628%, 10/01/37		73
	168	ARM, 2.631%, 08/01/36		176
	181	ARM, 2.634%, 01/01/35		192
	320	ARM, 2.647%, 10/01/36		336
	47	ARM, 2.652%, 02/01/37		50
	90	ARM, 2.664%, 03/01/35		95
	165	ARM, 2.677%, 03/01/36		175
	14	ARM, 2.732%, 01/01/30		15
	164	ARM, 2.796%, 02/01/37		174
	98	ARM, 2.811%, 09/01/37		103
	161	ARM, 2.820%, 05/01/36		170
	617	ARM, 2.842%, 03/01/37		647
	151	ARM, 2.856%, 04/01/34		160
	107	ARM, 2.885%, 12/01/36		114
	193	ARM, 2.912%, 09/01/36		205
	638	ARM, 2.947%, 10/01/36		678
	155	ARM, 2.959%, 05/01/38		163
	159	ARM, 3.003%, 12/01/35		168
	90	ARM, 3.031%, 02/01/37		95
	358	ARM, 3.063%, 06/01/36		379
	237	ARM, 3.101%, 04/01/38		252
	91	ARM, 3.157%, 07/01/37		95
	85	ARM, 3.255%, 02/01/37		91
	196	ARM, 3.442%, 03/01/36		206
	27	ARM, 6.335%, 10/01/36		28
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	20	4.500%, 10/01/18		21
	33	5.000%, 12/01/18		34
	341	5.500%, 06/01/17 - 12/01/22		367
	178	6.000%, 06/01/17 - 03/01/22		184
	89	6.500%, 02/01/17 - 03/01/22		93
	10	7.000%, 03/01/17 - 07/01/17		10
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	1,550	4.000%, 02/01/32		1,673
	969	5.500%, 05/01/27 - 03/01/28		1,096
	273	6.000%, 12/01/22 - 02/01/24		311
	374	6.500%, 01/01/28		436
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	27,720	3.500%, 12/01/45 - 08/01/46 (w)		29,248
	152	4.000%, 10/01/33		163
	11,879	4.500%, 05/01/41 - 10/01/41		13,056

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	11,044	5.000%, 11/01/35 - 06/01/44		12,248
	2,168	5.500%, 01/01/33 - 03/01/40		2,463
	383	6.000%, 11/01/28 - 12/01/33		441
	2,035	6.500%, 05/01/24 - 03/01/38		2,427
	749	7.000%, 07/01/29 - 10/01/36		889
	48	7.500%, 09/01/38		59
	18	8.500%, 08/01/30		18
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	693	7.500%, 01/01/32 - 12/01/36		821
	232	10.000%, 10/01/30		253
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	24,712	3.500%, 10/01/32 - 06/01/43		26,359
	19,450	4.000%, 09/01/32 - 01/01/46		21,038
	3,443	4.500%, 01/01/46		3,835
	383	5.500%, 02/01/18 - 12/01/35		401
	1,589	6.000%, 02/01/33 - 04/01/36		1,790
	2,609	6.500%, 11/01/36 - 10/17/38		2,989
	18	10.500%, 07/20/21		18
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	1	7.500%, 03/01/17 - 05/01/17		1
		Federal National Mortgage Association,
	148	ARM, 2.075%, 10/01/34		156
	374	ARM, 2.176%, 08/01/34		385
	2	ARM, 2.242%, 03/01/19		2
	168	ARM, 2.297%, 01/01/33		174
	182	ARM, 2.310%, 07/01/33		188
	248	ARM, 2.364%, 11/01/33		263
	238	ARM, 2.370%, 02/01/35		246
	212	ARM, 2.380%, 10/01/34		224
	157	ARM, 2.382%, 09/01/34		166
	1,657	ARM, 2.395%, 01/01/35		1,731
	125	ARM, 2.403%, 09/01/35		131
	125	ARM, 2.408%, 01/01/36		131
	260	ARM, 2.452%, 10/01/34		273
	146	ARM, 2.470%, 02/01/35		152
	387	ARM, 2.475%, 09/01/36		406
	118	ARM, 2.488%, 06/01/35		124
	65	ARM, 2.527%, 11/01/33		69
	223	ARM, 2.532%, 11/01/37		233
	139	ARM, 2.539%, 02/01/34		148
	93	ARM, 2.547%, 01/01/34		98
	127	ARM, 2.552%, 04/01/34		132
	352	ARM, 2.555%, 05/01/35		370

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	275		ARM, 2.557%, 10/01/36		292
	214		ARM, 2.565%, 10/01/34		226
	9		ARM, 2.585%, 09/01/27		10
	244		ARM, 2.603%, 08/01/36		256
	179		ARM, 2.606%, 08/01/34		189
	423		ARM, 2.650%, 12/01/37		449
	425		ARM, 2.671%, 07/01/37		454
	168		ARM, 2.685%, 09/01/33		179
	210		ARM, 2.720%, 12/01/36		220
	276		ARM, 2.729%, 07/01/33		293
	176		ARM, 2.741%, 11/01/36		187
	45		ARM, 2.753%, 01/01/38		46
	318		ARM, 2.762%, 04/01/34 - 04/01/35		335
	567		ARM, 2.764%, 04/01/35		598
	311		ARM, 2.791%, 10/01/34		330
	175		ARM, 2.810%, 12/01/36		185
	210		ARM, 2.835%, 05/01/34		222
	127		ARM, 2.841%, 10/01/36		135
	56		ARM, 2.844%, 05/01/35		59
	89		ARM, 2.845%, 05/01/35		93
	135		ARM, 2.864%, 06/01/34		142
	223		ARM, 3.020%, 07/01/36		237
	107		ARM, 3.073%, 07/01/37		112
	325		ARM, 3.075%, 06/01/36		346
	2,569		ARM, 3.362%, 03/01/36		2,700
	21		ARM, 3.824%, 03/01/29		23
			Federal National Mortgage Association, 15 Year, Single Family,
	76		4.500%, 03/01/19		78
	536		5.000%, 06/01/18 - 08/01/24		564
	625		5.500%, 11/01/18 - 11/01/23		654
	308		6.000%, 08/01/17 - 08/01/21		318
	413		6.500%, 03/01/17 - 02/01/24		449
	72		7.000%, 05/01/17 - 08/01/21		75
	—	(h)	7.500%, 03/01/17		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	6,745		3.500%, 12/01/30 - 08/01/32		7,170
	3,417		4.000%, 01/01/35		3,748
	239		6.000%, 09/01/29		274
	644		6.500%, 05/01/22 - 12/01/27		743
	12		7.500%, 09/01/21		13
			Federal National Mortgage Association, 30 Year, FHA/VA,
	46		6.000%, 09/01/33		52
	2,518		6.500%, 02/01/29 - 08/01/39		2,919

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	98	7.000%, 10/01/28 - 02/01/33		112
	34	8.000%, 06/01/28		39
	8	8.500%, 03/01/30 - 06/01/30		9
	76	9.000%, 05/01/18 - 06/01/31		84
	4	10.000%, 07/01/19		4
	3	10.500%, 11/01/18		3
	5	11.000%, 04/01/19		5
		Federal National Mortgage Association, 30 Year, Single Family,
	12,612	3.000%, 07/01/43 - 08/01/43		13,208
	15,131	3.500%, 03/01/43 - 06/01/43		15,999
	21,187	4.000%, 08/01/33 - 04/01/46		22,949
	749	4.500%, 05/01/29 - 09/01/34		820
	872	5.000%, 06/01/33 - 09/01/35		982
	2,613	5.500%, 11/01/32 - 05/01/40		3,008
	2,777	6.000%, 12/01/28 - 11/01/38		3,232
	2,417	6.500%, 11/01/29 - 09/01/38		2,841
	6,235	7.000%, 04/01/20 - 02/01/39		7,453
	2,082	7.500%, 08/01/36 - 04/01/39		2,674
	534	8.000%, 03/01/27 - 10/01/36		652
	76	8.500%, 12/01/27 - 02/01/30		85
	5	9.500%, 07/01/28		5
	3	10.000%, 02/01/24		3
		Federal National Mortgage Association, Other,
	1,938	ARM, 0.845%, 03/01/25		1,944
	1,944	ARM, 0.935%, 08/01/22		1,946
	7,329	ARM, 1.255%, 12/01/25		7,322
	3,647	VAR, 1.265%, 03/01/22		3,658
	92	VAR, 2.725%, 08/01/34		97
	2,347	VAR, 6.070%, 11/01/18		2,420
	463	1.660%, 11/01/17		462
	2,000	1.690%, 12/01/19		2,011
	1,884	1.750%, 06/01/20		1,898
	2,830	2.000%, 12/01/20		2,887
	20,000	2.010%, 06/01/20		20,346
	4,051	2.150%, 01/01/23		4,142
	1,638	2.240%, 12/01/22		1,683
	7,979	2.340%, 12/01/22 - 01/01/23		8,226
	11,955	2.370%, 11/01/22 - 12/01/22		12,346
	1,872	2.380%, 11/01/22		1,934
	703	2.395%, 01/01/22		727
	6,000	2.400%, 12/01/22 - 02/01/23		6,196
	5,601	2.410%, 11/01/22		5,782
	3,262	2.420%, 12/01/22		3,370
	5,800	2.460%, 02/01/23		5,973
	2,889	2.470%, 09/01/22 - 11/01/22		2,997

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 235

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	4,862	2.510%, 10/01/22 - 06/01/23		5,057
	7,576	2.520%, 10/01/22		7,885
	11,288	2.530%, 10/01/22 - 12/01/22		11,753
	2,500	2.590%, 11/01/21		2,611
	5,029	2.600%, 06/01/22		5,248
	2,600	2.630%, 09/01/21 - 11/01/21		2,718
	1,902	2.640%, 04/01/23		1,991
	10,320	2.650%, 08/01/22 - 03/01/23		10,788
	2,000	2.660%, 12/01/22		2,129
	8,532	2.670%, 07/01/22		8,926
	5,686	2.690%, 07/01/22		5,962
	5,000	2.700%, 04/01/25		5,235
	6,425	2.750%, 03/01/22 - 07/01/22		6,744
	7,000	2.760%, 06/01/22		7,378
	11,504	2.790%, 06/01/22 - 06/01/27		12,114
	1,730	2.810%, 05/01/27		1,823
	9,250	2.830%, 07/01/22 - 05/01/27		9,752
	1,670	2.840%, 01/01/25		1,766
	7,895	2.860%, 05/01/22 - 08/01/22		8,344
	1,300	2.870%, 09/01/27		1,358
	1,510	2.890%, 01/01/25		1,601
	9,534	2.900%, 05/01/22 - 12/01/24		10,093
	3,000	2.920%, 05/01/30		3,130
	3,704	2.940%, 05/01/22		3,924
	6,500	2.950%, 12/01/24 - 11/01/25		6,924
	2,026	2.960%, 06/01/30		2,141
	4,165	2.970%, 12/01/24 - 06/01/30		4,425
	4,937	2.980%, 03/01/22 - 06/01/22		5,245
	8,658	2.990%, 02/01/22 - 05/01/31		9,202
	8,511	3.000%, 05/01/22 - 08/01/43		8,919
	6,138	3.020%, 05/01/22 - 06/01/25		6,538
	21,250	3.030%, 12/01/21 - 06/01/31		22,611
	2,000	3.040%, 12/01/24		2,142
	4,811	3.080%, 05/01/22 - 06/01/27		5,155
	7,282	3.090%, 01/01/22		7,740
	4,342	3.100%, 05/01/22 - 09/01/25		4,662
	4,000	3.110%, 12/01/24		4,304
	11,528	3.120%, 01/01/22 - 06/01/35		12,305
	8,839	3.130%, 01/01/22 - 06/01/30		9,384
	11,206	3.140%, 02/01/22 - 12/01/26		11,998
	5,225	3.200%, 02/01/22 - 06/01/30		5,614
	2,481	3.230%, 11/01/20		2,635
	2,134	3.235%, 10/01/26		2,315
	4,857	3.240%, 01/01/22		5,201
	1,911	3.270%, 11/01/20		2,036
	10,007	3.280%, 10/01/20 - 11/01/30		10,832

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	6,906	3.290%, 10/01/20 - 08/01/26		7,486
	1,005	3.300%, 07/01/30		1,104
	2,473	3.320%, 08/01/30		2,702
	3,890	3.350%, 11/01/20		4,146
	3,644	3.360%, 10/01/20		3,890
	5,036	3.370%, 11/01/20 - 09/01/30		5,438
	862	3.377%, 10/01/20		918
	1,500	3.380%, 12/01/23		1,642
	4,161	3.390%, 12/01/29 - 09/01/30		4,559
	7,846	3.430%, 09/01/20 - 11/01/21		8,410
	2,310	3.460%, 04/01/27		2,533
	2,476	3.480%, 12/01/20		2,656
	6,418	3.490%, 09/01/23		7,035
	50,424	3.500%, 02/01/33 - 06/01/46		53,748
	2,500	3.540%, 10/01/20		2,686
	4,123	3.543%, 12/01/20		4,420
	2,000	3.550%, 02/01/30		2,221
	1,538	3.570%, 11/01/34		1,664
	3,723	3.590%, 12/01/20 - 08/01/23		4,097
	2,736	3.600%, 09/01/20		2,943
	2,431	3.610%, 11/01/34		2,652
	12,479	3.620%, 09/01/20		13,428
	1,955	3.630%, 10/01/29		2,173
	6,100	3.670%, 07/01/23		6,770
	2,356	3.740%, 07/01/20 - 07/01/23		2,565
	5,000	3.765%, 12/01/25		5,617
	26,661	3.770%, 01/01/21 - 09/01/21		29,050
	6,200	3.830%, 12/01/21		6,832
	1,803	3.840%, 09/01/20		1,947
	2,302	3.860%, 07/01/21		2,513
	2,975	3.870%, 01/01/21		3,237
	5,000	3.890%, 09/01/21		5,481
	3,433	3.930%, 07/01/20 - 01/01/21		3,724
	4,000	3.940%, 07/01/21		4,397
	20,043	3.950%, 07/01/20 - 07/01/21		21,870
	2,827	3.960%, 08/01/20		3,064
	5,586	3.970%, 06/01/21 - 07/01/21		6,121
	2,196	3.990%, 07/01/21		2,408
	29,190	4.000%, 11/01/33 - 09/01/42		31,560
	3,000	4.020%, 06/01/21		3,302
	1,600	4.040%, 10/01/20		1,746
	3,178	4.050%, 08/01/21		3,497
	7,991	4.060%, 07/01/21		8,792
	7,506	4.066%, 07/01/20		8,135
	2,205	4.070%, 10/01/21		2,435
	10,608	4.080%, 11/01/26		12,037

SEE NOTES TO FINANCIAL STATEMENTS.

236 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,829	4.120%, 04/01/20		1,977
	8,164	4.160%, 03/01/21 - 07/01/21		8,999
	4,307	4.240%, 06/01/21		4,763
	2,000	4.250%, 04/01/21		2,215
	22,253	4.281%, 01/01/20		23,874
	756	4.283%, 01/01/21		829
	3,940	4.290%, 06/01/20		4,301
	1,434	4.295%, 06/01/21		1,592
	1,431	4.300%, 04/01/21		1,587
	7,393	4.310%, 06/01/21		8,193
	2,331	4.320%, 06/01/21		2,585
	2,632	4.330%, 02/01/21 - 07/01/21		2,920
	9,000	4.340%, 06/01/21		10,034
	5,698	4.350%, 04/01/20 - 02/01/21		6,241
	2,676	4.381%, 04/01/20		2,912
	6,624	4.399%, 02/01/20		7,202
	5,800	4.400%, 02/01/20		6,302
	5,854	4.480%, 02/01/21 - 06/01/21		6,533
	138	4.500%, 08/01/33		145
	3,237	4.552%, 08/01/26		3,755
	4,663	4.640%, 01/01/21		5,183
	2,788	4.762%, 08/01/26		3,310
	3,655	4.970%, 02/01/31		4,361
	1,209	5.000%, 04/01/22 - 01/01/36		1,355
	985	5.500%, 03/01/17 - 04/01/38		1,078
	1,184	6.000%, 02/01/36 - 11/01/39		1,319
	217	6.500%, 10/01/35 - 06/01/36		235
	1,317	7.000%, 12/01/36 - 10/01/46		1,477
	1	10.165%, 06/15/21		1
	1	11.000%, 08/20/20		1
	6	Government National Mortgage Association II, 15 Year, Single Family, 6.000%, 04/20/17		6
		Government National Mortgage Association II, 30 Year, Single Family,
	3,530	3.750%, 08/20/46 (w)		3,770
	1,922	4.000%, 03/20/46		2,081
	2,720	4.250%, 12/20/44		2,975
	455	5.500%, 09/20/39		521
	2,163	6.000%, 08/20/39		2,507
	1,610	6.500%, 10/20/33 - 01/20/39		1,790
	12	7.500%, 02/20/28 - 09/20/28		15
	19	8.000%, 06/20/26 - 10/20/27		23
	12	8.500%, 03/20/25 - 05/20/25		14
		Government National Mortgage Association II, Other,
	1,777	3.750%, 12/20/32		1,892

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,863		4.433%, 05/20/63		3,095
	2,013		4.462%, 05/20/63		2,175
	3,059		4.479%, 04/20/63		3,305
	107		6.000%, 11/20/38		117
			Government National Mortgage Association, 15 Year, Single Family,
	47		6.000%, 06/15/18		48
	—	(h)	7.000%, 10/15/16		1
	3		7.500%, 11/15/17		3
			Government National Mortgage Association, 30 Year, Single Family,
	4,000		4.000%, 08/15/46		4,321
	54		6.375%, 08/15/26		61
	1,389		6.500%, 10/15/27 - 04/15/33		1,598
	1,389		7.000%, 09/15/31 - 03/15/37		1,647
	52		7.500%, 11/15/22 - 01/15/33		54
	1		8.000%, 09/15/22		1
	6		9.000%, 01/15/31		6
	154		9.500%, 10/15/24		166
	—	(h)	11.000%, 01/15/21		—	(h)
			Government National Mortgage Association, Other, 20 Year, Single Family,
	313		6.500%, 08/15/22 - 11/15/23		339
	34		7.000%, 08/15/23		37
			Total Mortgage Pass-Through Securities (Cost $1,055,332)		1,100,967
	U.S. Treasury Obligations — 1.0%
			U.S. Treasury Bonds,
	200		4.375%, 02/15/38		284
	200		4.500%, 05/15/38		289
			U.S. Treasury Coupon STRIPS,
	2,300		1.841%, 05/15/20 (n)		2,208
	140		1.960%, 08/15/23 (n)		126
	2,350		2.266%, 02/15/24 (n)		2,095
	6,000		2.332%, 05/15/21 (n)		5,658
	1,500		2.340%, 05/15/22 (n)		1,387
	500		2.582%, 05/15/23 (n)		452
	1,000		2.586%, 11/15/22 (n)		915
	2,360		2.657%, 02/15/23 (n)		2,147
	750		3.040%, 02/15/33 (n)		535
	500		3.305%, 08/15/30 (n)		381
	800		3.330%, 02/15/30 (n)		618
	800		3.393%, 08/15/31 (n)		596
	650		5.880%, 11/15/30 (n)		492
	500		6.099%, 02/15/29 (n)		396
	200		6.294%, 08/15/28 (n)		160

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 237

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
		U.S. Treasury Notes,
	700	1.750%, 10/31/20		717
	4,300	1.750%, 05/15/23		4,389
	2,500	2.000%, 10/31/21		2,592
	1,000	2.125%, 12/31/21		1,044
		Total U.S. Treasury Obligations (Cost $25,634)		27,481
	Loan Assignment — 0.2%
		Consumer Discretionary — 0.2%
		Hotels, Restaurants & Leisure — 0.2%
	5,462	Lila Mexican Holdings LLC, Tranche B Term Loan, VAR, 3.508%, 08/11/22 (Cost $5,295)		5,333

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 6.8%
		Investment Company — 6.8%
	188,596	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.360% (b) (l) (Cost $188,596)		188,596
		Total Investments — 100.6% (Cost $2,710,415)		2,798,950
		Liabilities in Excess of Other Assets ��� (0.6)%		(16,452	)
		NET ASSETS — 100.0%	$	2,782,498

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

238 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 8.9%
	3,546	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.288%, 12/27/22 (e)		3,547
	1,170	Accredited Mortgage Loan Trust, Series 2006-1, Class A3, VAR, 0.668%, 04/25/36		1,166
	2,390	Ally Auto Receivables Trust, Series 2016-1, Class A2A, 1.200%, 08/15/18		2,392
	3,025	Ally Master Owner Trust, Series 2014-3, Class A, 1.330%, 03/15/19		3,026
		American Credit Acceptance Receivables Trust,
	1,003	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		1,002
	1,127	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		1,126
	3,022	Series 2015-3, Class A, 1.950%, 09/12/19 (e)		3,025
	3,576	Series 2016-3, Class A, 1.700%, 11/12/20 (e)		3,573
	4,875	Series 2016-1A, Class A, 2.370%, 05/12/20 (e)		4,896
		American Express Credit Account Master Trust,
	4,565	Series 2014-2, Class A, 1.260%, 01/15/20		4,572
	3,602	Series 2014-3, Class A, 1.490%, 04/15/20		3,618
		AmeriCredit Automobile Receivables Trust,
	198	Series 2013-5, Class A3, 0.900%, 09/10/18		198
	200	Series 2014-1, Class A3, 0.900%, 02/08/19		200
	2,545	Series 2014-2, Class A3, 0.940%, 02/08/19		2,543
	7,869	Series 2015-1, Class A3, 1.260%, 11/08/19		7,865
	6,936	Series 2015-2, Class A3, 1.270%, 01/08/20		6,931
	3,446	Series 2015-4, Class A3, 1.700%, 07/08/20		3,456
	1,917	Series 2016-1, Class A3, 1.810%, 10/08/20		1,926
	40	Amortizing Residential Collateral Trust, Series 2002-BC6, Class M1, VAR, 1.649%, 08/25/32		37
	6,428	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		6,415
		Bear Stearns Asset-Backed Securities Trust,
	319	Series 2003-SD2, Class 2A, VAR, 3.261%, 06/25/43		300
	303	Series 2006-SD1, Class A, VAR, 0.894%, 04/25/36		294
	7,535	BMW Vehicle Lease Trust, Series 2016-1, Class A3, 1.340%, 01/22/19		7,516

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,545	BMW Vehicle Owner Trust, Series 2013-A, Class A4, 1.120%, 04/27/20		1,545
	1,197	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		1,192
		Cabela’s Credit Card Master Note Trust,
	7,000	Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		7,009
	7,605	Series 2016-1, Class A1, 1.780%, 06/15/22		7,586
		Capital Auto Receivables Asset Trust,
	1,306	Series 2013-4, Class A3, 1.090%, 03/20/18		1,306
	4,073	Series 2014-1, Class A3, 1.320%, 06/20/18		4,075
	548	Series 2014-2, Class A3, 1.260%, 05/21/18		547
	2,099	Series 2014-3, Class A3, 1.480%, 11/20/18		2,099
	4,500	Series 2015-3, Class A2, 1.720%, 01/22/19		4,518
	13,930	Series 2015-3, Class A3, 1.940%, 01/21/20		13,997
	5,128	Series 2015-4, Class A2, 1.620%, 03/20/19		5,132
	3,483	Series 2016-1, Class A3, 1.730%, 04/20/20		3,488
		Capital One Multi-Asset Execution Trust,
	3,540	Series 2013-A3, Class A3, 0.960%, 09/16/19		3,540
	2,000	Series 2015-A7, Class A7, 1.450%, 08/16/21		2,009
		CarFinance Capital Auto Trust,
	569	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		569
	1,550	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		1,551
	5,999	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		5,969
	3,203	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		3,185
		CarMax Auto Owner Trust,
	482	Series 2013-4, Class A3, 0.800%, 07/16/18		482
	842	Series 2014-3, Class A3, 1.160%, 06/17/19		842
	2,898	Series 2014-4, Class A3, 1.250%, 11/15/19		2,901
	7,075	Series 2015-1, Class A3, 1.380%, 11/15/19		7,091

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 239

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,609	Series 2015-2, Class A3, 1.370%, 03/16/20		2,615
	13,250	Series 2015-4, Class A3, 1.560%, 11/16/20		13,321
	3,543	Series 2016-1, Class A3, 1.610%, 11/16/20		3,560
	9,560	Series 2016-2, Class A3, 1.520%, 02/16/21		9,592
	2,758	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		2,755
	2,281	Centex Home Equity Loan Trust, Series 2002-C, Class AF4, SUB, 4.980%, 06/25/31		2,302
		Chrysler Capital Auto Receivables Trust,
	4,889	Series 2015-BA, Class A3, 1.910%, 03/16/20 (e)		4,898
	17,654	Series 2016-AA, Class A3, 1.770%, 10/15/20 (e)		17,688
	3,500	Series 2016-AA, Class A4, 1.960%, 01/18/22 (e)		3,508
	1,487	CIT Equipment Collateral, Series 2014-VT1, Class A3, 1.500%, 10/21/19 (e)		1,486
	1,931	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		1,929
		Citibank Credit Card Issuance Trust,
	2,625	Series 2007-A8, Class A8, 5.650%, 09/20/19		2,749
	4,750	Series 2014-A8, Class A8, 1.730%, 04/09/20		4,799
		CNH Equipment Trust,
	433	Series 2013-C, Class A3, 1.020%, 08/15/18		433
	1,997	Series 2014-A, Class A3, 0.840%, 05/15/19		1,995
	5,330	Series 2014-A, Class A4, 1.500%, 05/15/20		5,333
	1,010	Series 2016-B, Class A3, 1.630%, 08/15/21		1,011
	7,047	Colony American Finance Ltd., (Cayman Islands), Series 2016-1, Class A, 2.544%, 06/15/48 (e)		7,048
	1,029	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		1,029
		CPS Auto Receivables Trust,
	1,886	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		1,888
	472	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		467

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	96	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		96
	362	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		362
	366	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		366
	1,202	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		1,200
	3,357	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		3,351
	2,693	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		2,690
	2,880	Series 2015-C, Class A, 1.770%, 06/17/19 (e)		2,887
	10,083	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		10,117
	5,740	Series 2016-B, Class A, 2.070%, 11/15/19 (e)		5,753
		CPS Auto Trust,
	686	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		685
	1,026	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		1,023
		Credit Acceptance Auto Loan Trust,
	11,969	Series 2014-2A, Class A, 1.880%, 03/15/22 (e)		11,967
	20,249	Series 2015-1A, Class A, 2.000%, 07/15/22 (e)		20,268
	6,890	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		6,907
	82	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		89
	402	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.424%, 10/25/34		377
	9,435	Discover Card Execution Note Trust, Series 2014-A4, Class A4, 2.120%, 12/15/21		9,620
		Drive Auto Receivables Trust,
	15,000	Series 2015-DA, Class B, 2.590%, 12/16/19 (e)		15,075
	3,459	Series 2016-BA, Class A3, 1.670%, 07/15/19 (e)		3,457
		DT Auto Owner Trust,
	1,879	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		1,879
	1,830	Series 2015-3A, Class A, 1.660%, 03/15/19 (e)		1,831

SEE NOTES TO FINANCIAL STATEMENTS.

240 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	9,616	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		9,633
	5,814	Series 2016-2A, Class A, 1.730%, 08/15/19 (e)		5,808
	6,913	Series 2016-3A, Class A, 1.750%, 11/15/19 (e)		6,905
		Exeter Automobile Receivables Trust,
	23	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		23
	741	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		740
	10,379	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		10,389
	4,031	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		4,021
	15,746	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		15,736
	5,752	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		5,755
	6	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-20, Class A6, SUB, 7.134%, 09/25/29		7
		Fifth Third Auto Trust,
	2,210	Series 2014-2, Class A4, 1.380%, 12/15/20		2,214
	5,113	Series 2015-1, Class A3, 1.420%, 03/16/20		5,123
		First Investors Auto Owner Trust,
	239	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		239
	3,222	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		3,218
	3,292	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		3,286
	11,474	Series 2016-1A, Class A1, 1.920%, 05/15/20 (e)		11,492
	5,827	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		5,809
		Flagship Credit Auto Trust,
	704	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		704
	676	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		675
	3,325	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		3,315
	5,205	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		5,185
	6,684	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		6,710

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	6,683	Series 2016-2, Class A1, 2.280%, 05/15/20 (e)		6,689
		Ford Credit Auto Lease Trust,
	2,039	Series 2014-B, Class A3, 0.890%, 09/15/17		2,039
	14,125	Series 2015-A, Class A3, 1.130%, 06/15/18		14,120
		Ford Credit Auto Owner Trust,
	225	Series 2013-C, Class A3, 0.820%, 12/15/17		225
	1,669	Series 2015-A, Class A3, 1.280%, 09/15/19		1,672
	6,799	Series 2015-B, Class A3, 1.160%, 11/15/19		6,802
	2,596	Series 2015-C, Class A3, 1.410%, 02/15/20		2,602
	2,004	Series 2016-B, Class A3, 1.330%, 10/15/20		2,009
	6,797	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		6,762
	659	GE Equipment Small Ticket LLC, Series 2014-1A, Class A3, 0.950%, 09/25/17 (e)		658
		GLS Auto Receivables Trust,
	4,484	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		4,475
	19,083	Series 2016-1A, Class A, 2.730%, 10/15/20 (e)		19,179
	4,405	GM Financial Automobile Leasing Trust, Series 2015-1, Class A3, 1.530%, 09/20/18		4,420
	1,562	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		1,562
		GO Financial Auto Securitization Trust,
	1,106	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		1,104
	4,195	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		4,216
	14,689	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class AT1, 2.302%, 10/15/46 (e)		14,684
		Honda Auto Receivables Owner Trust,
	462	Series 2013-4, Class A3, 0.690%, 09/18/17		462
	5,397	Series 2016-1, Class A3, 1.220%, 12/18/19		5,394
	1,911	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.712%, 11/20/36		1,906

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 241

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Hyundai Auto Lease Securitization Trust,
	4,102	Series 2015-B, Class A3, 1.400%, 11/15/18 (e)		4,113
	4,000	Series 2016-A, Class A3, 1.600%, 07/15/19 (e)		4,010
		Hyundai Auto Receivables Trust,
	298	Series 2014-A, Class A3, 0.790%, 07/16/18		298
	3,046	Series 2014-A, Class A4, 1.320%, 08/15/19		3,050
	1,559	Series 2015-B, Class A3, 1.120%, 11/15/19		1,557
	3,416	Series 2015-B, Class A4, 1.480%, 06/15/21		3,408
	5,577	Series 2015-C, Class A3, 1.460%, 02/18/20		5,593
	1,600	Series 2016-A, Class A3, 1.560%, 09/15/20		1,612
		John Deere Owner Trust,
	1,928	Series 2014-B, Class A3, 1.070%, 11/15/18		1,927
	1,961	Series 2015-B, Class A3, 1.440%, 10/15/19		1,964
	20,283	LV Tower 52 Issuer LLC, Series 2013-1, Class A, 5.500%, 07/15/19 (e)		19,770
		Mercedes-Benz Auto Lease Trust,
	3,138	Series 2015-A, Class A4, 1.210%, 10/15/20		3,139
	7,836	Series 2015-B, Class A3, 1.340%, 07/16/18		7,853
	5,105	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A4, 1.750%, 12/15/21		5,155
	628	Mid-State Trust VI, Series 6, Class A1, 7.340%, 07/01/35		666
	373	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, VAR, 2.774%, 03/25/33		348
	253	MSCC Heloc Trust, Series 2007-1, Class A, VAR, 0.624%, 12/25/31		251
	1,657	Nationstar HECM Loan Trust, Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		1,657
	4,521	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 1.015%, 12/07/20		4,508
	8,715	Nissan Auto Lease Trust, Series 2015-B, Class A3, 1.540%, 04/16/18		8,745
		Nissan Auto Receivables Owner Trust,
	1,870	Series 2015-B, Class A3, 1.340%, 03/16/20		1,872

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,582	Series 2016-A, Class A3, 1.340%, 10/15/20		4,595
	3,130	Series 2016-B, Class A3, 1.320%, 01/15/21		3,137
	5,628	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2016-T1, Class AT1, 2.751%, 06/15/49 (e)		5,609
	4,299	Oak Hill Advisors Residential Loan Trust, Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		4,261
	5,501	Ocwen Master Advance Receivables Trust, Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		5,504
	5,139	OneMain Direct Auto Receivables Trust, Series 2016-1A, Class A, 2.040%, 01/15/21 (e)		5,131
		OneMain Financial Issuance Trust,
	3,499	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		3,503
	10,263	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		10,278
	11,832	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		11,960
	16,951	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		16,969
	19,336	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		19,336
	1,022	PFS Tax Lien Trust, Series 2014-1, 1.440%, 05/15/29 (e)		1,016
	7,636	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		7,638
	11,173	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		11,176
	10,622	Progress Residential Trust, Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		10,762
	8,000	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		8,015
	10	RASC Trust, Series 2001-KS1, Class AI6, 6.349%, 03/25/32		10
	2,610	RBSHD Trust, Series 2013-1A, Class A, SUB, 7.685%, 10/25/47 (e)		2,610
		Santander Drive Auto Receivables Trust,
	418	Series 2014-4, Class A3, 1.080%, 09/17/18		417
	5,029	Series 2016-1, Class A2A, 1.410%, 07/15/19		5,032
	2,362	Series 2016-2, Class A3, 1.560%, 05/15/20		2,364

SEE NOTES TO FINANCIAL STATEMENTS.

242 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	2,680	Sierra Auto Receivables Securitization Trust, Series 2016-1A, Class A, 2.850%, 01/18/22 (e)		2,675
	2,628	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		2,622
	10,633	SpringCastle America Funding LLC, Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		10,641
		Springleaf Funding Trust,
	9,407	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		9,413
	15,120	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		15,248
	2,986	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		2,970
		Synchrony Credit Card Master Note Trust,
	7,500	Series 2012-6, Class A, 1.360%, 08/17/20		7,540
	4,800	Series 2015-2, Class A, 1.600%, 04/15/21		4,821
	9,388	Series 2016-1, Class A, 2.040%, 03/15/22		9,511
	871	Toyota Auto Receivables Owner Trust, Series 2016-B, Class A3, 1.300%, 04/15/20		871
	5,462	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.458%, 10/15/18 (e)		5,380
	3,519	United Auto Credit Securitization Trust, Series 2016-1, Class A, 2.000%, 10/15/17 (e)		3,518
	10,518	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		10,493
	1,236	Verizon Owner Trust, Series 2016-1A, Class A, 1.420%, 01/20/21 (e)		1,236
	6,953	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		6,948
	1,036	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		1,035
	5,199	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		5,252
	2,576	VOLT XLV LLC, Series 2016-NPL5, Class A1, SUB, 4.000%, 05/25/46 (e)		2,595
	7,163	VOLT XLVI LLC, Series 2016-NPL6, Class A1, SUB, 3.844%, 06/25/46 (e)		7,198
	5,254	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		5,258
	9,807	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		9,804

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	10,385		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		10,380
	9,367		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		9,354
	5,145		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		5,148
	4,392		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		4,390
	11,223		VOLT XXXIV LLC, Series 2015-NPL7, Class A1, SUB, 3.250%, 02/25/55 (e)		11,193
	4,994		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		5,031
	5,305		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		5,303
			Westlake Automobile Receivables Trust,
	8,391		Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		8,397
	2,610		Series 2016-2A, Class A2, 1.570%, 06/17/19 (e)		2,606
			World Financial Network Credit Card Master Trust,
	13,905		Series 2015-B, Class A, 2.550%, 06/17/24		14,279
	3,600		Series 2016-A, Class A, 2.030%, 04/15/25		3,625
	3,168		World Omni Auto Receivables Trust, Series 2014-B, Class A3, 1.140%, 01/15/20		3,167
	3,527		World Omni Automobile Lease Securitization Trust, Series 2016-A, Class A3, 1.450%, 08/15/19		3,538
			Total Asset-Backed Securities (Cost $979,218)		980,889
	Collateralized Mortgage Obligations — 4.2%
			Agency CMO — 3.7%
			Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	453		Series 31, Class Z, 8.000%, 04/25/24		517
	87		Series 56, Class Z, 7.500%, 09/20/26		101
			Federal Home Loan Mortgage Corp. REMIC,
	—	(h)	Series 2, Class Z, 9.300%, 03/15/19		—	(h)
	1		Series 12, Class A, 9.250%, 11/15/19		1
	1		Series 16, Class D, 10.000%, 10/15/19		1
	5		Series 17, Class I, 9.900%, 10/15/19		5
	9		Series 23, Class F, 9.600%, 04/15/20		10
	5		Series 26, Class F, 9.500%, 02/15/20		5
	1		Series 81, Class A, 8.125%, 11/15/20		1
	6		Series 85, Class C, 8.600%, 01/15/21		6
	4		Series 99, Class Z, 9.500%, 01/15/21		4

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 243

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	1		Series 159, Class H, 4.500%, 09/15/21		1
	2		Series 189, Class D, 6.500%, 10/15/21		2
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	1		Series 1053, Class G, 7.000%, 03/15/21		1
	4		Series 1056, Class KZ, 6.500%, 03/15/21		4
	1		Series 1074, Class H, 8.500%, 05/15/21		1
	5		Series 1082, Class C, 9.000%, 05/15/21		5
	3		Series 1087, Class I, 8.500%, 06/15/21		3
	10		Series 1125, Class Z, 8.250%, 08/15/21		11
	9		Series 1142, Class IA, 7.000%, 10/15/21		9
	1		Series 1169, Class G, 7.000%, 11/15/21		1
	15		Series 1343, Class LA, 8.000%, 08/15/22		17
	3		Series 1424, Class F, VAR, 1.240%, 11/15/22		3
	75		Series 1480, Class LZ, 7.500%, 03/15/23		82
	183		Series 1560, Class Z, 7.000%, 08/15/23		199
	62		Series 1754, Class Z, 8.500%, 09/15/24		71
	151		Series 1779, Class Z, 8.500%, 04/15/25		174
	2		Series 1807, Class G, 9.000%, 10/15/20		2
	281		Series 1888, Class Z, 7.000%, 08/15/26		310
	1		Series 2358, Class PD, 6.000%, 09/15/16		1
	2		Series 2390, Class CH, 5.500%, 12/15/16		2
	342		Series 2418, Class MF, 6.000%, 02/15/22		379
	8		Series 2425, Class JH, 6.000%, 03/15/17		8
	48		Series 2453, Class BD, 6.000%, 05/15/17		49
	21		Series 2458, Class OE, 6.000%, 06/15/17		21
	21		Series 2496, Class BK, 5.500%, 09/15/17		22
	23		Series 2503, Class TG, 5.500%, 09/15/17		24
	31		Series 2508, Class AQ, 5.500%, 10/15/17		31
	109		Series 2513, Class DB, 5.000%, 10/15/17		111
	355		Series 2542, Class ES, 5.000%, 12/15/17		362
	373		Series 2546, Class C, 5.000%, 12/15/17		380
	1,211		Series 2638, Class JG, 5.000%, 02/15/33		1,267
	3,713		Series 2682, Class JG, 4.500%, 10/15/23		4,004
	1,238		Series 2707, Class PE, 5.000%, 11/15/18		1,267
	5,980		Series 2750, Class DE, 4.500%, 02/15/19		6,131
	710		Series 2761, Class CB, 4.000%, 03/15/19		727
	3,370		Series 2843, Class BC, 5.000%, 08/15/19		3,475
	1,254		Series 2864, Class NB, 5.500%, 07/15/33		1,299
	1,038		Series 2976, Class HZ, 4.500%, 05/15/35		1,120
	2,688		Series 2988, Class TY, 5.500%, 06/15/25		2,985
	4,230		Series 2989, Class MU, IF, IO, 6.492%, 07/15/34		894
	5,468		Series 2989, Class TG, 5.000%, 06/15/25		5,971

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	453	Series 2995, Class FT, VAR, 0.758%, 05/15/29		451
	883	Series 3002, Class BN, 5.000%, 07/15/35		974
	2,988	Series 3005, Class ED, 5.000%, 07/15/25		3,265
	65	Series 3005, Class PV, IF, 11.931%, 10/15/33		78
	1,257	Series 3305, Class IW, IF, IO, 5.942%, 04/15/37		182
	22,003	Series 3420, Class EI, IO, SUB, 1.120%, 08/15/37		1,153
	1,850	Series 3429, Class S, IF, IO, 6.312%, 03/15/38		299
	2,099	Series 3546, Class A, VAR, 2.261%, 02/15/39		2,145
	329	Series 3564, Class JA, 4.000%, 01/15/18		335
	2,221	Series 3572, Class JS, IF, IO, 6.292%, 09/15/39		330
	6,748	Series 3609, Class SA, IF, IO, 5.832%, 12/15/39		1,559
	10,668	Series 3747, Class HI, IO, 4.500%, 07/15/37		396
	3,085	Series 3784, Class S, IF, IO, 6.092%, 07/15/23		298
	7,722	Series 3855, Class AM, 6.500%, 11/15/36		8,577
	5,468	Series 3977, Class AB, 3.000%, 09/15/29		5,600
	4,613	Series 4088, Class LE, 4.000%, 10/15/40		4,789
	15,415	Series 4141, Class BI, IO, 2.500%, 12/15/27		1,305
	23,238	Series 4229, Class MA, 3.500%, 05/15/41		24,750
	14,498	Series 4305, Class A, 3.500%, 06/15/48		15,122
	10,908	Series 4305, Class KA, 3.000%, 03/15/38		11,144
	22,167	Series 4374, Class NC, SUB, 2.750%, 02/15/46		22,958
		Federal National Mortgage Association - ACES,
	3,534	Series 2011-M2, Class A1, 2.019%, 04/25/21		3,555
	212	Series 2014-M5, Class FA, VAR, 0.825%, 01/25/17		212
		Federal National Mortgage Association REMIC,
	2	Series 1988-7, Class Z, 9.250%, 04/25/18		2
	1	Series 1988-13, Class C, 9.300%, 05/25/18		1
	2	Series 1988-15, Class A, 9.000%, 06/25/18		2
	1	Series 1988-16, Class B, 9.500%, 06/25/18		1
	2	Series 1989-2, Class D, 8.800%, 01/25/19		2

SEE NOTES TO FINANCIAL STATEMENTS.

244 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	6		Series 1989-27, Class Y, 6.900%, 06/25/19		7
	1		Series 1989-54, Class E, 8.400%, 08/25/19		2
	2		Series 1989-66, Class J, 7.000%, 09/25/19		2
	1		Series 1989-70, Class G, 8.000%, 10/25/19		1
	15		Series 1989-72, Class E, 9.350%, 10/25/19		16
	2		Series 1989-89, Class H, 9.000%, 11/25/19		2
	1		Series 1989-96, Class H, 9.000%, 12/25/19		1
	3		Series 1990-7, Class B, 8.500%, 01/25/20		3
	2		Series 1990-12, Class G, 4.500%, 02/25/20		2
	6		Series 1990-19, Class G, 9.750%, 02/25/20		7
	8		Series 1990-58, Class J, 7.000%, 05/25/20		8
	10		Series 1990-61, Class H, 7.000%, 06/25/20		10
	5		Series 1990-106, Class J, 8.500%, 09/25/20		5
	3		Series 1990-109, Class J, 7.000%, 09/25/20		3
	3		Series 1990-111, Class Z, 8.750%, 09/25/20		4
	2		Series 1990-117, Class E, 8.950%, 10/25/20		2
	3		Series 1990-123, Class G, 7.000%, 10/25/20		3
	4		Series 1990-132, Class Z, 7.000%, 11/25/20		4
	66		Series 1990-137, Class X, 9.000%, 12/25/20		72
	1		Series 1991-53, Class J, 7.000%, 05/25/21		1
	3		Series 1991-130, Class C, 9.000%, 09/25/21		3
	—	(h)	Series 1992-96, Class B, PO, 05/25/22		—	(h)
	631		Series 1992-131, Class KB, 8.000%, 08/25/22		702
	546		Series 1992-185, Class L, 8.000%, 10/25/22		614
	2		Series 1993-165, Class SN, IF, 11.471%, 09/25/23		3
	16		Series 1993-235, Class G, PO, 09/25/23		15

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	1,178		Series 1994-15, Class ZK, 5.500%, 02/25/24		1,257
	1,400		Series 1994-43, Class PK, 6.350%, 02/25/24		1,482
	—	(h)	Series 1995-W3, Class A, 9.000%, 04/25/25		1
	926		Series 1999-6, Class PB, 6.000%, 03/25/19		993
	7,079		Series 2001-81, Class HE, 6.500%, 01/25/32		8,171
	22		Series 2002-2, Class MG, 6.000%, 02/25/17		23
	2		Series 2002-3, Class OG, 6.000%, 02/25/17		2
	6		Series 2002-28, Class LD, 6.000%, 05/25/17		6
	14		Series 2002-58, Class HC, 5.500%, 09/25/17		14
	48		Series 2002-59, Class UC, 5.500%, 09/25/17		48
	27		Series 2002-63, Class KC, 5.000%, 10/25/17		27
	6,235		Series 2002-64, Class PG, 5.500%, 10/25/32		7,023
	161		Series 2003-16, Class LJ, 5.000%, 03/25/18		164
	1,532		Series 2003-24, Class PD, 5.000%, 04/25/18		1,562
	566		Series 2003-42, Class CI, IO, 6.500%, 05/25/33		58
	804		Series 2003-49, Class IO, IO, 6.500%, 06/25/33		138
	440		Series 2003-57, Class IB, IO, 5.000%, 06/25/18		15
	49		Series 2003-89, Class DC, 5.000%, 12/25/32		49
	396		Series 2003-92, Class HP, 4.500%, 09/25/18		406
	378		Series 2003-129, Class ME, 5.000%, 08/25/23		386
	1,250		Series 2004-60, Class PA, 5.500%, 04/25/34		1,300
	496		Series 2004-72, Class F, VAR, 1.024%, 09/25/34		495
	72		Series 2004-101, Class AR, 5.500%, 01/25/35		80
	3,212		Series 2005-19, Class PA, 5.500%, 07/25/34		3,419

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 245

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,441	Series 2005-38, Class FK, VAR, 0.824%, 05/25/35		1,436
	97	Series 2005-84, Class MB, 5.750%, 10/25/35		108
	4,099	Series 2006-4, Class PB, 6.000%, 09/25/35		4,501
	355	Series 2006-58, Class ST, IF, IO, 6.626%, 07/25/36		64
	135	Series 2007-16, Class FC, VAR, 1.274%, 03/25/37		137
	241	Series 2007-22, Class SC, IF, IO, 5.556%, 03/25/37		41
	4,405	Series 2007-33, Class MS, IF, IO, 6.066%, 04/25/37		609
	634	Series 2007-54, Class FA, VAR, 0.924%, 06/25/37		633
	2,903	Series 2007-85, Class SH, IF, IO, 5.976%, 09/25/37		421
	827	Series 2007-106, Class A7, VAR, 6.150%, 10/25/37		923
	444	Series 2008-18, Class SE, IF, IO, 5.746%, 03/25/38		72
	294	Series 2008-72, Class IO, IO, 5.000%, 08/25/28		28
	1,220	Series 2008-93, Class AM, 5.500%, 06/25/37		1,291
	1,437	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		29
	3,150	Series 2009-15, Class AC, 5.500%, 03/25/29		3,537
	3,284	Series 2009-29, Class LA, VAR, 1.510%, 05/25/39		3,156
	1,730	Series 2009-62, Class HJ, 6.000%, 05/25/39		1,922
	4,119	Series 2009-70, Class IN, IO, 4.500%, 08/25/19		129
	10,038	Series 2009-112, Class SW, IF, IO, 5.726%, 01/25/40		1,554
	1,108	Series 2010-58, Class MA, 5.500%, 12/25/38		1,157
	2,177	Series 2010-60, Class IO, IO, 4.000%, 06/25/20		108
	4,675	Series 2010-64, Class DM, 5.000%, 06/25/40		5,184
	3,377	Series 2010-111, Class AE, 5.500%, 04/25/38		3,474
	11,517	Series 2010-126, Class LI, IO, 4.000%, 11/25/40		817

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	1,326		Series 2011-36, Class PA, 4.000%, 02/25/39		1,350
	5,430		Series 2011-42, Class DE, 3.250%, 11/25/28		5,486
	31,013		Series 2012-46, Class KI, IO, 3.500%, 05/25/27		3,510
	6,610		Series 2013-1, Class BA, 3.000%, 02/25/40		6,829
	11,001		Series 2013-9, Class CB, 5.500%, 04/25/42		12,428
	4,007		Series 2013-55, Class BA, 3.000%, 06/25/37		4,127
	17,494		Series 2013-83, Class CA, 3.500%, 10/25/37		18,244
	11,618		Series 2013-90, Class DK, 3.500%, 12/25/31		12,219
	13,260		Series 2013-92, Class A, 3.500%, 12/25/38		13,841
	3,897		Series 2013-96, Class CA, 4.000%, 04/25/41		4,115
	11,584		Series 2013-96, Class YA, 3.500%, 09/25/38		12,215
	17,808		Series 2014-23, Class PA, 3.500%, 08/25/36		18,530
	8,060		Series 2016-2, Class GA, 3.000%, 02/25/46		8,390
	3		Series G-11, Class Z, 8.500%, 05/25/21		4
	—	(h)	Series G-22, Class ZT, 8.000%, 12/25/16		—	(h)
	159		Series G92-19, Class M, 8.500%, 04/25/22		178
	10		Series G92-35, Class E, 7.500%, 07/25/22		11
	304		Series G92-35, Class EA, 8.000%, 07/25/22		329
	4		Series G92-40, Class ZC, 7.000%, 07/25/22		4
	5		Series G92-44, Class ZQ, 8.000%, 07/25/22		5
	8		Series G92-54, Class ZQ, 7.500%, 09/25/22		9
	1,604		Series G92-64, Class J, 8.000%, 11/25/22		1,801
	723		Series G92-66, Class K, 8.000%, 12/25/22		800
	593		Series G94-6, Class PJ, 8.000%, 05/17/24		675
			Federal National Mortgage Association STRIPS,
	—	(h)	Series 268, Class 2, IO, 9.000%, 02/25/23		—	(h)
	1,069		Series 334, Class 9, IO, 6.000%, 03/25/33		234
	447		Series 334, Class 13, IO, VAR, 6.000%, 03/25/33		84

SEE NOTES TO FINANCIAL STATEMENTS.

246 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	484	Series 334, Class 17, IO, VAR, 6.500%, 02/25/33		98
	136	Series 334, Class 24, IO, VAR, 5.000%, 02/25/18		3
	1,028	Series 343, Class 21, IO, 4.000%, 09/25/18		31
	359	Series 345, Class 22, IO, VAR, 4.500%, 05/25/20		12
	292	Series 351, Class 28, IO, VAR, 5.000%, 04/25/19		13
	360	Series 356, Class 16, IO, VAR, 5.500%, 06/25/35		66
	333	Series 359, Class 16, IO, VAR, 5.500%, 10/25/35		55
	483	Series 369, Class 19, IO, VAR, 6.000%, 10/25/36		73
	280	Series 369, Class 26, IO, VAR, 6.500%, 10/25/36		58
	664	Series 386, Class 20, IO, VAR, 6.500%, 08/25/38		129
	1,181	Series 394, Class C3, IO, 6.500%, 09/25/38		221
	4,708	Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, VAR, 0.784%, 11/25/46		4,717
		Government National Mortgage Association,
	635	Series 2004-39, Class IN, IO, 5.500%, 06/20/33		86
	5,297	Series 2006-23, Class S, IF, IO, 5.988%, 01/20/36		346
	13,210	Series 2006-26, Class S, IF, IO, 5.988%, 06/20/36		2,657
	8,182	Series 2007-16, Class KU, IF, IO, 6.138%, 04/20/37		1,484
	2,522	Series 2008-75, Class SP, IF, IO, 6.958%, 08/20/38		483
	3,338	Series 2009-14, Class KS, IF, IO, 5.788%, 03/20/39		518
	975	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		211
	8,052	Series 2009-14, Class SA, IF, IO, 5.568%, 03/20/39		1,194
	1,841	Series 2009-61, Class PD, 5.000%, 03/16/38		1,866
	8,696	Series 2009-106, Class XL, IF, IO, 6.238%, 06/20/37		1,048
	415	Series 2010-14, Class QP, 6.000%, 12/20/39		433

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,137	Series 2011-48, Class QA, 5.000%, 08/16/39		4,379
	6,520	Series 2012-84, Class AB, 5.000%, 07/16/33		6,755
	10,256	Series 2012-96, Class WP, 6.500%, 08/16/42		11,911
	2,741	Series 2013-88, Class WA, VAR, 4.998%, 06/20/30		2,968
	21,734	Series 2013-H05, Class FB, VAR, 0.868%, 02/20/62		21,685
		NCUA Guaranteed Notes Trust,
	10,673	Series 2010-R3, Class 1A, VAR, 1.054%, 12/08/20		10,691
	3,492	Series 2010-R3, Class 3A, 2.400%, 12/08/20		3,513
	3	Vendee Mortgage Trust, Series 1994-3C, Class 3, 9.784%, 03/15/21		3
				404,629
		Non-Agency CMO — 0.5%
	15,223	Ajax Mortgage Loan Trust, Series 2014-A, Class A, SUB, 4.000%, 10/25/57 (e)		15,145
	51	Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, 12/25/33		53
		Banc of America Mortgage Trust,
	273	Series 2004-4, Class 4A1, 4.750%, 05/25/19		277
	583	Series 2004-5, Class 4A1, 4.750%, 06/25/19		583
	1,225	Series 2005-1, Class 2A1, 5.000%, 02/25/20		1,243
		BCAP LLC Trust,
	442	Series 2009-RR13, Class 5A1, VAR, 5.750%, 01/26/36 (e)		442
	5,343	Series 2013-RR4, Class A4A2, 2.000%, 02/13/51 (e)		5,313
	153	Bear Stearns ARM Trust, Series 2003-7, Class 3A, VAR, 2.835%, 10/25/33		150
		CHL Mortgage Pass-Through Trust,
	122	Series 2003-J15, Class 3A1, 5.000%, 01/25/19		123
	116	Series 2004-8, Class 2A1, 4.500%, 06/25/19		118
	258	Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.000%, 02/25/21		265
		Citigroup Mortgage Loan Trust,
	2,356	Series 2008-AR4, Class 1A1A, VAR, 2.993%, 11/25/38 (e)		2,344

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 247

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Non-Agency CMO — continued
	1,323		Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		1,328
			Citigroup Mortgage Loan Trust, Inc.,
	107		Series 2003-UP3, Class A1, 7.000%, 09/25/33		107
	1,325		Series 2004-UST1, Class A6, VAR, 2.645%, 08/25/34		1,272
			Credit Suisse First Boston Mortgage Securities Corp.,
	65		Series 2003-17, Class 2A6, 3.500%, 07/25/18		65
	300		Series 2003-23, Class 8A1, 5.000%, 09/25/18		302
	512		Series 2004-8, Class 6A1, 4.500%, 12/25/19		516
	637		CSMC Mortgage-Backed Trust, Series 2007-5, Class 5A5, VAR, 5.407%, 12/25/14		514
	591		First Horizon Mortgage Pass-Through Trust, Series 2004-7, Class 2A1, 4.750%, 12/25/19		591
	2,270		GMACM Mortgage Loan Trust, Series 2003-AR1, Class A4, VAR, 3.328%, 10/19/33		2,243
	4,374		Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		4,341
	716		Impac Secured Assets CMN Owner Trust, Series 2004-4, Class 2A2, VAR, 1.244%, 02/25/35		710
			JP Morgan Mortgage Trust,
	1,898		Series 2004-S2, Class 5A1, 5.500%, 12/25/19		1,899
	2,686		Series 2006-A2, Class 4A1, VAR, 3.185%, 08/25/34		2,693
	—	(h)	Kidder Peabody Mortgage Assets Trust, Series A, Class A1, 6.500%, 02/22/17		—	(h)
			MASTR Alternative Loan Trust,
	51		Series 2004-8, Class 6A1, 5.500%, 09/25/19		52
	809		Series 2004-8, Class 7A1, 5.000%, 09/25/19		819
			MASTR Asset Securitization Trust,
	77		Series 2002-7, Class 1A1, 5.500%, 11/25/17		77
	197		Series 2003-2, Class 1A1, 5.000%, 03/25/18		197
	135		Series 2003-11, Class 10A1, 5.000%, 12/25/18		135

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — continued
	490		Series 2004-6, Class 6A1, 4.500%, 07/25/19		490
	—	(h)	ML Trust XLIV, Series 44, Class G, 9.000%, 08/20/20		—	(h)
	39		Morgan Stanley Mortgage Loan Trust, Series 2004-1, Class 1A3, 5.000%, 11/25/18		39
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	46		Series 2005-AR1, Class 1A1, VAR, 2.830%, 02/25/35		47
	1,845		Series 2005-AR6, Class 4A1, VAR, 0.784%, 12/25/35		742
	787		Prime Mortgage Trust, Series 2005-2, Class 1A1, 4.750%, 07/25/20		786
			Springleaf Mortgage Loan Trust,
	809		Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		806
	2,169		Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		2,172
	819		WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S10, Class A4, 4.500%, 10/25/18		820
			Wells Fargo Mortgage-Backed Securities Trust,
	863		Series 2003-K, Class 1A1, VAR, 2.638%, 11/25/33		864
	14		Series 2003-K, Class 1A2, VAR, 2.638%, 11/25/33		14
	2,292		Series 2003-M, Class A1, VAR, 2.787%, 12/25/33		2,294
	747		Series 2004-EE, Class 2A2, VAR, 2.967%, 12/25/34		760
	1,214		Series 2004-EE, Class 3A2, VAR, 3.028%, 12/25/34		1,251
	989		Series 2004-O, Class A1, VAR, 2.992%, 08/25/34		1,002
					56,004
			Total Collateralized Mortgage Obligations (Cost $454,387)		460,633
	Commercial Mortgage-Backed Securities — 1.2%
			A10 Securitization LLC,
	60		Series 2013-1, Class A, 2.400%, 11/15/25 (e)		60
	12,562		Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		12,498
			A10 Term Asset Financing LLC,
	3,630		Series 2013-2, Class A, 2.620%, 11/15/27 (e)		3,620

SEE NOTES TO FINANCIAL STATEMENTS.

248 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	1,476	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		1,468
		Banc of America Commercial Mortgage Trust,
	240	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		240
	1,077	Series 2006-5, Class A4, 5.414%, 09/10/47		1,077
	3,621	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48		3,618
		COMM Mortgage Trust,
	4,225	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		4,235
	12,345	Series 2014-TWC, Class A, VAR, 1.358%, 02/13/32 (e)		12,345
	846	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		840
	14,770	GS Mortgage Securities Trust, Series 2006-GG8, Class AM, 5.591%, 11/10/39		14,767
		JP Morgan Chase Commercial Mortgage Securities Trust,
	338	Series 2006-CB17, Class A4, 5.429%, 12/12/43		338
	6,890	Series 2006-LDP9, Class AM, 5.372%, 05/15/47		6,913
	3,000	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		2,976
		LB-UBS Commercial Mortgage Trust,
	6,973	Series 2007-C2, Class A3, 5.430%, 02/15/40		7,043
	3,607	Series 2007-C7, Class A3, VAR, 5.866%, 09/15/45		3,743
	14,135	ML-CFC Commercial Mortgage Trust, Series 2007-9, Class AMA, VAR, 5.853%, 09/12/49		14,470
		Morgan Stanley Capital I Trust,
	10,000	Series 2006-IQ12, Class AM, 5.370%, 12/15/43		10,041
	8,887	Series 2006-IQ12, Class AMFX, 5.370%, 12/15/43		8,924
		Morgan Stanley Re-REMIC Trust,
	6,590	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		6,557
	2,687	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		2,664
	10,778	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.958%, 07/14/34 (e)		10,705
	5,942	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VAR, 5.482%, 08/15/39		6,001

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	34		Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		34
			Total Commercial Mortgage-Backed Securities (Cost $142,780)		135,177
	Corporate Bonds — 22.4%
			Consumer Discretionary — 0.9%
			Auto Components — 0.1%
			Johnson Controls, Inc.,
	1,010		1.400%, 11/02/17		1,010
	4,050		2.600%, 12/01/16		4,068
	1,015		5.000%, 03/30/20		1,111
					6,189
			Automobiles — 0.3%
	2,199		BMW U.S. Capital LLC, 1.500%, 04/11/19 (e)		2,209
			Daimler Finance North America LLC,
	2,210		1.375%, 08/01/17 (e)		2,214
	2,050		1.650%, 03/02/18 (e)		2,058
	4,597		1.875%, 01/11/18 (e)		4,628
	2,175		2.000%, 08/03/18 (e)		2,197
	1,750		2.250%, 09/03/19 (e)		1,780
	5,000		2.250%, 03/02/20 (e)		5,092
	4,250		2.400%, 04/10/17 (e)		4,283
			Hyundai Capital America,
	859	��	2.000%, 07/01/19 (e)		864
	2,335		2.400%, 10/30/18 (e)		2,367
	3,011		Kia Motors Corp., (South Korea), 2.625%, 04/21/21 (e)		3,105
	2,050		Volkswagen Group of America Finance LLC, 1.250%, 05/23/17 (e)		2,046
					32,843
			Hotels, Restaurants & Leisure — 0.0% (g)
	830		McDonald’s Corp., 3.500%, 07/15/20		886
			Internet & Direct Marketing Retail — 0.0% (g)
	5,009		Amazon.com, Inc., 2.600%, 12/05/19		5,211
			Media — 0.3%
			21st Century Fox America, Inc.,
	3,080		7.250%, 05/18/18		3,374
	315		8.000%, 10/17/16		318
			CBS Corp.,
	3,500		2.300%, 08/15/19		3,543
	1,865		5.750%, 04/15/20		2,109
			Comcast Corp.,
	1,950		5.875%, 02/15/18		2,083
	416		6.500%, 01/15/17		424

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 249

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Cox Communications, Inc.,
	1,190	5.875%, 12/01/16 (e)		1,203
	690	6.250%, 06/01/18 (e)		735
	5,157	Grupo Televisa S.A.B., (Mexico), 6.000%, 05/15/18		5,508
	800	Historic TW, Inc., 6.875%, 06/15/18		876
	556	Sky plc, (United Kingdom), 2.625%, 09/16/19 (e)		564
		Time Warner Cable, Inc.,
	3,886	5.850%, 05/01/17		3,999
	675	6.750%, 07/01/18		735
	2,540	Time Warner, Inc., 4.875%, 03/15/20		2,809
		Viacom, Inc.,
	1,133	2.200%, 04/01/19		1,136
	4,700	2.500%, 12/15/16		4,718
	2,163	2.750%, 12/15/19		2,210
	329	Walt Disney Co. (The), 1.100%, 12/01/17		329
				36,673
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	1,576	3.450%, 01/15/21		1,643
	6,930	7.450%, 07/15/17		7,276
	645	Target Corp., 2.300%, 06/26/19		665
				9,584
		Specialty Retail — 0.1%
		AutoZone, Inc.,
	3,985	1.625%, 04/21/19		3,994
	1,639	7.125%, 08/01/18		1,809
	2,155	Home Depot, Inc. (The), 2.000%, 06/15/19		2,202
	1,415	Lowe’s Cos., Inc., 6.100%, 09/15/17		1,489
				9,494
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	955	VF Corp., 5.950%, 11/01/17		1,006
		Total Consumer Discretionary		101,886
		Consumer Staples — 1.0%
		Beverages — 0.3%
	4,816	Anheuser-Busch Cos. LLC, 5.000%, 03/01/19		5,210
	8,049	Anheuser-Busch InBev Finance, Inc., 1.900%, 02/01/19		8,133
	6,042	Anheuser-Busch InBev Worldwide, Inc., 5.375%, 01/15/20		6,760
	3,400	Beam Suntory, Inc., 1.875%, 05/15/17		3,410

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
		Diageo Capital plc, (United Kingdom),
	461	1.500%, 05/11/17		463
	400	5.750%, 10/23/17		420
	3,745	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		3,753
	943	PepsiCo, Inc., 1.500%, 02/22/19		952
	4,630	SABMiller Holdings, Inc., 2.200%, 08/01/18 (e)		4,688
	2,080	SABMiller plc, (United Kingdom), 6.500%, 07/15/18 (e)		2,269
				36,058
		Food & Staples Retailing — 0.4%
	3,675	Costco Wholesale Corp., 1.750%, 02/15/20		3,721
		CVS Health Corp.,
	1,500	1.900%, 07/20/18		1,518
	4,819	2.125%, 06/01/21		4,872
	9,410	2.250%, 12/05/18		9,611
	4,207	2.250%, 08/12/19		4,310
		Kroger Co. (The),
	2,835	2.200%, 01/15/17		2,848
	4,765	2.300%, 01/15/19		4,856
	800	6.400%, 08/15/17		839
		Sysco Corp.,
	1,383	2.600%, 10/01/20		1,427
	2,350	5.250%, 02/12/18		2,473
	2,974	Walgreen Co., 5.250%, 01/15/19		3,217
	6,877	Walgreens Boots Alliance, Inc., 2.600%, 06/01/21		7,030
				46,722
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	1,180	3.200%, 06/15/17		1,196
	774	3.500%, 11/24/20		806
	685	8.500%, 06/15/19		801
		Cargill, Inc.,
	3,345	1.900%, 03/01/17 (e)		3,360
	275	6.000%, 11/27/17 (e)		291
	2,000	7.350%, 03/06/19 (e)		2,289
	1,800	Ingredion, Inc., 1.800%, 09/25/17		1,808
		Kellogg Co.,
	729	1.750%, 05/17/17		733
	1,200	3.250%, 05/21/18		1,237
		Kraft Heinz Foods Co.,
	1,793	2.250%, 06/05/17		1,807
	1,340	6.125%, 08/23/18		1,460

SEE NOTES TO FINANCIAL STATEMENTS.

250 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
		Mead Johnson Nutrition Co.,
	847	3.000%, 11/15/20		884
	2,665	4.900%, 11/01/19		2,925
	7,265	Mondelez International, Inc., 2.250%, 02/01/19		7,395
	4,089	Tyson Foods, Inc., 2.650%, 08/15/19		4,194
				31,186
		Total Consumer Staples		113,966
		Energy — 2.1%
		Energy Equipment & Services — 0.3%
	1,954	Halliburton Co., 2.000%, 08/01/18		1,966
	6,445	Nabors Industries, Inc., 6.150%, 02/15/18		6,679
	3,667	National Oilwell Varco, Inc., 1.350%, 12/01/17		3,640
	8,008	Noble Holding International Ltd., (Cayman Islands), 2.500%, 03/15/17		7,938
	3,380	Schlumberger Holdings Corp., 2.350%, 12/21/18 (e)		3,438
	1,901	Schlumberger Investment S.A., (Luxembourg), 1.250%, 08/01/17 (e)		1,901
	4,980	Transocean, Inc., (Cayman Islands), 3.750%, 10/15/17		4,968
				30,530
		Oil, Gas & Consumable Fuels — 1.8%
		Anadarko Petroleum Corp.,
	438	6.375%, 09/15/17		458
	1,195	6.950%, 06/15/19		1,324
	1,600	8.700%, 03/15/19		1,826
	1,795	BG Energy Capital plc, (United Kingdom), 2.875%, 10/15/16 (e)		1,798
		Boardwalk Pipelines LP,
	9,050	5.200%, 06/01/18		9,205
	2,160	5.500%, 02/01/17		2,186
	1,000	BP Capital Markets America, Inc., 4.200%, 06/15/18		1,048
		BP Capital Markets plc, (United Kingdom),
	8,002	1.375%, 11/06/17		8,013
	470	4.500%, 10/01/20		519
	1,820	4.742%, 03/11/21		2,058
		Buckeye Partners LP,
	4,350	2.650%, 11/15/18		4,394
	3,420	6.050%, 01/15/18		3,596
		Canadian Natural Resources Ltd., (Canada),
	768	1.750%, 01/15/18		765
	3,510	5.700%, 05/15/17		3,614

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	1,620	5.900%, 02/01/18		1,703
	4,790	Cenovus Energy, Inc., (Canada), 5.700%, 10/15/19		5,145
		Chevron Corp.,
	1,917	1.365%, 03/02/18		1,922
	2,580	1.561%, 05/16/19		2,597
	815	1.718%, 06/24/18		824
	1,376	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		1,407
	6,264	CNOOC Nexen Finance 2014 ULC, (Canada), 1.625%, 04/30/17		6,269
		ConocoPhillips,
	1,400	5.750%, 02/01/19		1,531
	1,065	6.650%, 07/15/18		1,161
		ConocoPhillips Co.,
	800	1.050%, 12/15/17		796
	1,067	2.200%, 05/15/20		1,075
	3,304	4.200%, 03/15/21		3,563
	4,830	Energy Transfer Partners LP, 6.700%, 07/01/18		5,176
	7,375	EnLink Midstream Partners LP, 2.700%, 04/01/19		7,264
		Enterprise Products Operating LLC,
	2,135	5.250%, 01/31/20		2,357
	698	Series L, 6.300%, 09/15/17		732
	9,632	Series N, 6.500%, 01/31/19		10,715
		EOG Resources, Inc.,
	930	4.400%, 06/01/20		1,001
	3,450	5.625%, 06/01/19		3,769
	2,660	Husky Energy, Inc., (Canada), 7.250%, 12/15/19		3,040
	1,000	Korea National Oil Corp., (South Korea), 3.125%, 04/03/17 (e)		1,010
	1,775	Magellan Midstream Partners LP, 6.550%, 07/15/19		1,999
	7,358	Marathon Oil Corp., 2.700%, 06/01/20		7,142
	6,610	Noble Energy, Inc., 8.250%, 03/01/19		7,525
	1,855	Occidental Petroleum Corp., 1.500%, 02/15/18		1,862
		ONEOK Partners LP,
	8,666	3.200%, 09/15/18		8,814
	446	8.625%, 03/01/19		503
	4,300	Petrobras Global Finance B.V., (Netherlands), 6.125%, 10/06/16		4,311
	2,560	Petroleos Mexicanos, (Mexico), 3.125%, 01/23/19		2,589
	3,026	Phillips 66, 2.950%, 05/01/17		3,061

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 251

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	1,480	Pioneer Natural Resources Co., 6.875%, 05/01/18		1,593
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,896	2.600%, 12/15/19		1,908
	6,917	6.125%, 01/15/17		7,030
	5,605	6.500%, 05/01/18		5,982
	2,180	8.750%, 05/01/19		2,505
	2,617	Spectra Energy Capital LLC, 6.200%, 04/15/18		2,781
	2,819	Spectra Energy Partners LP, 2.950%, 09/25/18		2,870
		Statoil ASA, (Norway),
	2,600	1.150%, 05/15/18		2,593
	235	1.800%, 11/23/16		235
	1,423	1.950%, 11/08/18		1,440
	2,480	2.250%, 11/08/19		2,533
	460	5.250%, 04/15/19		503
	1,165	Suncor Energy, Inc., (Canada), 6.100%, 06/01/18		1,251
	3,350	Sunoco Logistics Partners Operations LP, 5.500%, 02/15/20		3,668
	3,990	Texas Eastern Transmission LP, 6.000%, 09/15/17 (e)		4,157
		Total Capital International S.A., (France),
	1,774	1.500%, 02/17/17		1,778
	727	1.550%, 06/28/17		730
		TransCanada PipeLines Ltd., (Canada),
	351	1.875%, 01/12/18		353
	4,454	3.125%, 01/15/19		4,571
	715	3.800%, 10/01/20		765
	1,040	6.500%, 08/15/18		1,134
	2,695	Valero Energy Corp., 9.375%, 03/15/19		3,187
	4,850	Western Gas Partners LP, 2.600%, 08/15/18		4,851
				200,085
		Total Energy		230,615
		Financials — 12.1%
		Banks — 5.8%
		ABN AMRO Bank N.V., (Netherlands),
	2,060	2.450%, 06/04/20 (e)		2,111
	6,346	2.500%, 10/30/18 (e)		6,469
	1,200	American Express Bank FSB, 6.000%, 09/13/17		1,259
	3,515	ANZ New Zealand International Ltd., (New Zealand), 1.750%, 03/29/18 (e)		3,525

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Australia & New Zealand Banking Group Ltd., (Australia),
	3,078	1.450%, 05/15/18		3,077
	550	1.500%, 01/16/18		552
		Bank of America Corp.,
	24,025	2.000%, 01/11/18		24,170
	10,370	2.625%, 10/19/20		10,612
	7,533	2.625%, 04/19/21		7,681
	3,000	5.625%, 07/01/20		3,386
	2,875	5.650%, 05/01/18		3,060
	4,203	5.750%, 12/01/17		4,419
	12,990	6.000%, 09/01/17		13,561
	6,870	6.400%, 08/28/17		7,198
	17,606	6.875%, 04/25/18		19,081
	10,590	7.625%, 06/01/19		12,166
	1,792	Series L, 1.950%, 05/12/18		1,805
	13,740	Series L, 2.250%, 04/21/20		13,846
	13,295	Series L, 2.600%, 01/15/19		13,589
	6,845	Series L, 2.650%, 04/01/19		7,005
		Bank of Montreal, (Canada),
	3,455	1.350%, 08/28/18		3,452
	3,375	1.400%, 04/10/18		3,378
	100	1.450%, 04/09/18		100
	705	2.375%, 01/25/19		719
		Bank of Nova Scotia (The), (Canada),
	6,293	2.050%, 06/05/19		6,368
	3,814	2.450%, 03/22/21		3,907
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,589	1.450%, 09/08/17 (e)		1,588
	5,840	1.700%, 03/05/18 (e)		5,848
	400	2.150%, 09/14/18 (e)		404
	1,800	2.300%, 03/10/19 (e)		1,822
	1,000	2.700%, 09/09/18 (e)		1,020
		Banque Federative du Credit Mutuel S.A., (France),
	2,935	1.700%, 01/20/17 (e)		2,939
	2,031	2.500%, 10/29/18 (e)		2,068
	1,250	Barclays Bank plc, (United Kingdom), Series 1, 5.000%, 09/22/16		1,252
		Barclays plc, (United Kingdom),
	5,670	2.750%, 11/08/19		5,716
	3,400	3.200%, 08/10/21		3,422
		BB&T Corp.,
	9,163	1.450%, 01/12/18		9,179
	4,065	1.600%, 08/15/17		4,084

SEE NOTES TO FINANCIAL STATEMENTS.

252 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	950	2.050%, 06/19/18		962
	3,993	2.250%, 02/01/19		4,070
	1,890	2.450%, 01/15/20		1,937
	2,500	2.625%, 06/29/20		2,578
	1,878	5.250%, 11/01/19		2,069
	2,360	BNP Paribas S.A., (France), 2.375%, 09/14/17		2,383
	1,684	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		1,707
		Branch Banking & Trust Co.,
	675	1.050%, 12/01/16		675
	3,000	1.450%, 05/10/19		3,001
	300	2.850%, 04/01/21		313
		Capital One Bank USA N.A.,
	3,000	2.150%, 11/21/18		3,023
	2,000	2.250%, 02/13/19		2,024
		Capital One N.A.,
	3,750	1.500%, 09/05/17		3,754
	4,135	1.500%, 03/22/18		4,124
	7,462	1.650%, 02/05/18		7,472
	4,472	2.350%, 08/17/18		4,532
	2,500	2.400%, 09/05/19		2,545
		Citigroup, Inc.,
	15,745	1.700%, 04/27/18		15,763
	11,873	1.750%, 05/01/18		11,889
	7,862	1.800%, 02/05/18		7,890
	4,170	2.050%, 12/07/18		4,201
	16,290	2.400%, 02/18/20		16,503
	7,545	2.500%, 09/26/18		7,677
	2,500	2.700%, 03/30/21		2,549
	2,279	Comerica Bank, 2.500%, 06/02/20		2,331
	3,982	Comerica, Inc., 2.125%, 05/23/19		4,014
		Commonwealth Bank of Australia, (Australia),
	4,050	1.375%, 09/06/18 (e)		4,041
	1,450	2.250%, 03/13/19		1,474
	2,050	2.300%, 03/12/20		2,089
	5,073	Cooperatieve Rabobank UA, (Netherlands), 2.250%, 01/14/19		5,152
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	774	2.750%, 03/26/20		776
	5,211	3.450%, 04/16/21 (e)		5,322
	4,400	Danske Bank A/S, (Denmark), 1.650%, 09/06/19 (e)		4,394
	3,800	Discover Bank, 3.100%, 06/04/20		3,909
	7,788	Fifth Third Bancorp, 2.875%, 07/27/20		8,065

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Fifth Third Bank,
	3,236	2.300%, 03/15/19		3,294
	5,890	2.375%, 04/25/19		6,009
		HSBC Bank plc, (United Kingdom),
	5,524	1.500%, 05/15/18 (e)		5,509
	4,200	4.750%, 01/19/21 (e)		4,647
	4,520	HSBC Bank USA N.A., 6.000%, 08/09/17		4,702
		HSBC Holdings plc, (United Kingdom),
	7,370	2.950%, 05/25/21		7,557
	1,600	3.400%, 03/08/21		1,671
		Huntington Bancshares, Inc.,
	3,390	2.600%, 08/02/18		3,448
	803	3.150%, 03/14/21		835
	1,815	7.000%, 12/15/20		2,114
		Huntington National Bank (The),
	3,006	2.000%, 06/30/18		3,026
	2,899	2.200%, 11/06/18		2,930
	2,175	2.200%, 04/01/19		2,197
	3,218	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		3,238
	1,560	KeyBank N.A., 2.350%, 03/08/19		1,589
		KeyCorp,
	1,570	2.300%, 12/13/18		1,595
	11,369	2.900%, 09/15/20		11,798
		Lloyds Bank plc, (United Kingdom),
	2,568	1.750%, 03/16/18		2,568
	2,063	2.050%, 01/22/19		2,069
		Manufacturers & Traders Trust Co.,
	345	1.400%, 07/25/17		346
	2,850	1.450%, 03/07/18		2,854
	1,000	2.250%, 07/25/19		1,017
	1,648	2.300%, 01/30/19		1,678
	2,066	6.625%, 12/04/17		2,199
		Mizuho Bank Ltd., (Japan),
	1,631	1.800%, 03/26/18 (e)		1,635
	1,000	2.450%, 04/16/19 (e)		1,015
	1,189	2.650%, 09/25/19 (e)		1,214
	2,069	Mizuho Financial Group, Inc., (Japan), 2.632%, 04/12/21 (e)		2,099
	687	MUFG Americas Holdings Corp., 1.625%, 02/09/18		687
		National Australia Bank Ltd., (Australia),
	400	1.375%, 07/12/19		398
	2,862	2.000%, 01/14/19		2,889
	1,900	2.250%, 07/01/19 (e)		1,932

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 253

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,850	National City Bank, 5.800%, 06/07/17		1,909
	4,425	National City Corp., 6.875%, 05/15/19		4,994
		PNC Bank N.A.,
	1,000	1.500%, 10/18/17		1,003
	1,975	1.500%, 02/23/18		1,982
	1,014	1.950%, 03/04/19		1,026
	2,000	2.300%, 06/01/20		2,042
	4,300	2.400%, 10/18/19		4,408
	1,000	2.600%, 07/21/20		1,032
	250	6.000%, 12/07/17		264
		PNC Financial Services Group, Inc. (The),
	7,278	5.125%, 02/08/20		8,086
	647	5.625%, 02/01/17		659
		Royal Bank of Canada, (Canada),
	1,585	1.500%, 01/16/18		1,588
	5,960	1.625%, 04/15/19		5,976
	3,250	1.875%, 02/05/20		3,280
	1,635	2.000%, 12/10/18		1,653
	15,915	2.200%, 07/27/18		16,155
	1,469	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		1,492
	5,718	Santander UK plc, (United Kingdom), 2.500%, 03/14/19		5,801
	884	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		888
		Sumitomo Mitsui Banking Corp., (Japan),
	3,250	1.500%, 01/18/18		3,245
	775	2.500%, 07/19/18		787
		SunTrust Banks, Inc.,
	8,531	2.350%, 11/01/18		8,671
	900	2.500%, 05/01/19		919
	2,425	2.900%, 03/03/21		2,513
	1,000	7.250%, 03/15/18		1,082
	500	Svenska Handelsbanken AB, (Sweden), 1.625%, 03/21/18		502
		Toronto-Dominion Bank (The), (Canada),
	2,183	2.125%, 04/07/21		2,207
	550	2.250%, 11/05/19		562
	2,998	U.S. Bancorp, 1.950%, 11/15/18		3,044
		U.S. Bank N.A.,
	3,630	1.350%, 01/26/18		3,638
	4,000	1.400%, 04/26/19		4,003
	2,000	2.125%, 10/28/19		2,042
		Wachovia Corp.,
	5,165	5.750%, 06/15/17		5,346
	10,367	5.750%, 02/01/18		11,009

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Wells Fargo & Co.,
	25,648	2.150%, 01/30/20		26,066
	12,550	2.550%, 12/07/20		12,900
	12,332	2.600%, 07/22/20		12,684
		Wells Fargo Bank N.A.,
	3,100	1.750%, 05/24/19		3,124
	1,750	6.000%, 11/15/17		1,844
		Westpac Banking Corp., (Australia),
	1,047	1.550%, 05/25/18		1,052
	1,632	2.000%, 08/14/17		1,643
	1,202	2.250%, 01/17/19		1,221
	4,000	2.600%, 11/23/20		4,115
	3,106	4.875%, 11/19/19		3,402
				643,664
		Capital Markets — 2.8%
	1,200	Ameritech Capital Funding Corp., 6.450%, 01/15/18		1,275
		Bank of New York Mellon Corp. (The),
	3,450	2.050%, 05/03/21		3,488
	6,452	2.200%, 03/04/19		6,565
	5,040	2.500%, 04/15/21		5,187
	1,100	4.600%, 01/15/20		1,205
	4,254	Series G, 2.150%, 02/24/20		4,330
	4,914	BlackRock, Inc., Series 2, 5.000%, 12/10/19		5,470
		Credit Suisse AG, (Switzerland),
	7,500	1.700%, 04/27/18		7,504
	2,383	1.750%, 01/29/18		2,387
	1,250	2.300%, 05/28/19		1,267
		Deutsche Bank AG, (Germany),
	1,232	1.350%, 05/30/17		1,229
	20,339	1.875%, 02/13/18		20,235
		Goldman Sachs Group, Inc. (The),
	7,740	2.600%, 04/23/20		7,895
	6,812	2.625%, 01/31/19		6,987
	5,810	2.625%, 04/25/21		5,912
	2,025	2.750%, 09/15/20		2,080
	4,295	2.875%, 02/25/21		4,418
	27,314	5.375%, 03/15/20		30,385
	6,198	5.950%, 01/18/18		6,568
	18,799	7.500%, 02/15/19		21,402
	2,375	Series D, 6.000%, 06/15/20		2,710
		ING Bank N.V., (Netherlands),
	1,500	1.800%, 03/16/18 (e)		1,507
	1,676	2.300%, 03/22/19 (e)		1,701
	3,772	2.450%, 03/16/20 (e)		3,849

SEE NOTES TO FINANCIAL STATEMENTS.

254 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	4,640	3.750%, 03/07/17 (e)		4,697
	2,486	Intercontinental Exchange, Inc., 2.500%, 10/15/18		2,545
	2,210	Jefferies Group LLC, 5.125%, 04/13/18		2,308
		Macquarie Bank Ltd., (Australia),
	6,545	1.600%, 10/27/17 (e)		6,559
	7,574	2.600%, 06/24/19 (e)		7,713
		Macquarie Group Ltd., (Australia),
	3,080	3.000%, 12/03/18 (e)		3,154
	3,817	4.875%, 08/10/17 (e)		3,931
	446	7.625%, 08/13/19 (e)		511
		Morgan Stanley,
	2,528	1.875%, 01/05/18		2,541
	7,165	2.450%, 02/01/19		7,303
	28,644	2.650%, 01/27/20		29,380
	10,706	2.800%, 06/16/20		11,007
	5,400	5.500%, 01/26/20		6,005
	4,115	5.500%, 07/24/20		4,641
	2,836	5.750%, 01/25/21		3,251
	10,310	5.950%, 12/28/17		10,909
	1,090	6.250%, 08/28/17		1,141
	5,026	6.625%, 04/01/18		5,415
	4,861	7.300%, 05/13/19		5,549
	2,070	Northern Trust Co. (The), 6.500%, 08/15/18		2,269
		State Street Corp.,
	1,005	1.350%, 05/15/18		1,008
	1,991	2.550%, 08/18/20		2,062
	500	TD Ameritrade Holding Corp., 5.600%, 12/01/19		558
		Thomson Reuters Corp., (Canada),
	1,550	1.300%, 02/23/17		1,552
	885	1.650%, 09/29/17		889
	1,320	6.500%, 07/15/18		1,437
		UBS AG, (Switzerland),
	2,000	1.375%, 06/01/17		2,001
	1,400	1.375%, 08/14/17		1,400
	8,864	1.800%, 03/26/18		8,913
	1,500	2.350%, 03/26/20		1,534
	12,664	2.375%, 08/14/19		12,922
	600	5.875%, 12/20/17		634
				311,295
		Consumer Finance — 2.1%
		American Express Centurion Bank,
	1,633	5.950%, 06/12/17		1,692
	1,945	6.000%, 09/13/17		2,040

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
		American Express Co.,
	9,610	6.150%, 08/28/17		10,064
	5,015	7.000%, 03/19/18		5,436
	1,395	8.125%, 05/20/19		1,627
		American Express Credit Corp.,
	3,635	1.550%, 09/22/17		3,647
	1,296	1.800%, 07/31/18		1,307
	2,753	1.875%, 11/05/18		2,779
	1,994	2.125%, 03/18/19		2,033
	8,570	2.250%, 08/15/19		8,749
	5,279	2.250%, 05/05/21		5,368
	2,001	Series F, 2.600%, 09/14/20		2,062
		American Honda Finance Corp.,
	1,475	1.550%, 12/11/17		1,485
	4,150	1.600%, 02/16/18 (e)		4,179
	2,950	1.600%, 07/13/18		2,972
	1,419	2.450%, 09/24/20		1,467
	2,250	7.625%, 10/01/18 (e)		2,530
	4,100	Series A, 2.150%, 03/13/20		4,179
		Capital One Financial Corp.,
	613	2.450%, 04/24/19		625
	4,340	4.750%, 07/15/21		4,845
	392	6.750%, 09/15/17		413
		Caterpillar Financial Services Corp.,
	1,840	1.700%, 06/16/18		1,857
	2,165	2.100%, 06/09/19		2,208
	2,130	2.250%, 12/01/19		2,182
	2,055	7.050%, 10/01/18		2,296
	760	7.150%, 02/15/19		865
		Ford Motor Credit Co. LLC,
	1,573	1.684%, 09/08/17		1,575
	3,515	1.724%, 12/06/17		3,520
	10,211	2.375%, 01/16/18		10,314
	6,146	2.375%, 03/12/19		6,228
	2,338	2.459%, 03/27/20		2,357
	1,322	2.551%, 10/05/18		1,343
	2,575	2.875%, 10/01/18		2,638
	6,233	3.000%, 06/12/17		6,308
	1,818	3.336%, 03/18/21		1,886
	10,200	4.250%, 02/03/17		10,321
	500	5.000%, 05/15/18		527
	650	8.000%, 12/15/16		663
	2,170	8.125%, 01/15/20		2,570
		General Motors Financial Co., Inc.,
	7,066	2.400%, 05/09/19		7,098

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 255

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
	2,294	3.100%, 01/15/19		2,339
	3,504	3.200%, 07/13/20		3,582
	2,804	3.200%, 07/06/21		2,848
	600	3.250%, 05/15/18		612
	11,821	4.200%, 03/01/21		12,473
	3,515	6.750%, 06/01/18		3,804
		HSBC USA, Inc.,
	5,590	1.625%, 01/16/18		5,591
	2,845	1.700%, 03/05/18		2,848
	4,525	2.350%, 03/05/20		4,551
	5,990	2.750%, 08/07/20		6,118
		John Deere Capital Corp.,
	1,107	1.350%, 01/16/18		1,112
	1,351	1.550%, 12/15/17		1,360
	1,260	1.700%, 01/15/20		1,273
	2,600	1.950%, 03/04/19		2,643
		Nissan Motor Acceptance Corp.,
	3,883	1.800%, 03/15/18 (e)		3,904
	5,280	2.350%, 03/04/19 (e)		5,366
		Toyota Motor Credit Corp.,
	10,991	1.375%, 01/10/18		11,032
	3,394	1.900%, 04/08/21		3,442
	8,753	2.100%, 01/17/19		8,917
	6,700	2.125%, 07/18/19		6,846
	2,363	Volkswagen International Finance N.V., (Netherlands), 2.375%, 03/22/17 (e)		2,374
				229,290
		Diversified Financial Services — 0.4%
		Bank of America N.A.,
	5,250	2.050%, 12/07/18		5,321
	400	5.300%, 03/15/17		409
	1,000	6.100%, 06/15/17		1,037
	6,012	Berkshire Hathaway, Inc., 1.550%, 02/09/18		6,056
	629	Boeing Capital Corp., 4.700%, 10/27/19		695
	13,419	GE Capital International Funding Co. Unlimited Co., (Ireland), 2.342%, 11/15/20		13,809
	1,115	National Rural Utilities Cooperative Finance Corp., 2.350%, 06/15/20		1,141
	1,269	Nationwide Building Society, (United Kingdom), 2.450%, 07/27/21 (e)		1,281
		Shell International Finance B.V., (Netherlands),
	533	1.125%, 08/21/17		533
	4,470	1.375%, 05/10/19		4,467
	3,315	1.625%, 11/10/18		3,334
	1,682	2.125%, 05/11/20		1,716

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — continued
	1,200	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		1,207
	1,562	Total Capital Canada Ltd., (Canada), 1.450%, 01/15/18		1,569
		UBS Group Funding Jersey Ltd., (Jersey),
	2,530	2.950%, 09/24/20 (e)		2,595
	1,371	3.000%, 04/15/21 (e)		1,413
				46,583
		Insurance — 0.9%
	1,390	ACE INA Holdings, Inc., 5.800%, 03/15/18		1,485
	5,078	American International Group, Inc., 3.300%, 03/01/21		5,327
	2,045	Aon Corp., 5.000%, 09/30/20		2,262
		Berkshire Hathaway Finance Corp.,
	2,294	1.300%, 05/15/18		2,300
	1,654	1.700%, 03/15/19		1,675
	4,670	Chubb Corp. (The), 5.750%, 05/15/18		5,020
	783	Chubb INA Holdings, Inc., 2.300%, 11/03/20		805
		CNA Financial Corp.,
	2,000	5.875%, 08/15/20		2,264
	1,255	6.950%, 01/15/18		1,338
	1,790	7.350%, 11/15/19		2,054
		Jackson National Life Global Funding,
	1,695	1.875%, 10/15/18 (e)		1,712
	2,910	2.250%, 04/29/21 (e)		2,934
	4,500	2.300%, 04/16/19 (e)		4,572
		Lincoln National Corp.,
	470	6.250%, 02/15/20		530
	7,862	8.750%, 07/01/19		9,191
	6,571	Marsh & McLennan Cos., Inc., 2.350%, 09/10/19		6,678
		MassMutual Global Funding II,
	2,272	2.000%, 04/15/21 (e)		2,283
	2,085	2.100%, 08/02/18 (e)		2,117
		Metropolitan Life Global Funding I,
	5,250	1.500%, 01/10/18 (e)		5,276
	6,781	2.300%, 04/10/19 (e)		6,918
		New York Life Global Funding,
	4,600	1.550%, 11/02/18 (e)		4,623
	920	2.100%, 01/02/19 (e)		936
	7,291	2.150%, 06/18/19 (e)		7,435
		Pricoa Global Funding I,
	2,200	1.350%, 08/18/17 (e)		2,203
	4,120	1.600%, 05/29/18 (e)		4,138
	4,417	2.550%, 11/24/20 (e)		4,538

SEE NOTES TO FINANCIAL STATEMENTS.

256 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — continued
	3,298	Principal Financial Group, Inc., 1.850%, 11/15/17		3,318
		Principal Life Global Funding II,
	2,178	1.125%, 02/24/17 (e)		2,179
	2,040	1.500%, 04/18/19 (e)		2,039
	3,984	2.250%, 10/15/18 (e)		4,053
	1,388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		1,423
		Travelers Cos., Inc. (The),
	600	3.900%, 11/01/20		655
	1,000	5.750%, 12/15/17		1,056
				105,337
		Thrifts & Mortgage Finance — 0.1%
	6,030	BPCE S.A., (France), 1.625%, 01/26/18		6,044
		Total Financials		1,342,213
		Health Care — 1.6%
		Biotechnology — 0.3%
		Amgen, Inc.,
	2,205	1.250%, 05/22/17		2,207
	6,344	2.125%, 05/15/17		6,387
	6,948	2.200%, 05/22/19		7,094
	100	5.850%, 06/01/17		103
	870	Baxalta, Inc., 2.875%, 06/23/20		884
		Biogen, Inc.,
	1,672	2.900%, 09/15/20		1,742
	3,140	6.875%, 03/01/18		3,391
		Celgene Corp.,
	1,501	2.300%, 08/15/18		1,524
	4,170	2.875%, 08/15/20		4,328
		Gilead Sciences, Inc.,
	2,073	2.050%, 04/01/19		2,115
	1,490	2.550%, 09/01/20		1,546
				31,321
		Health Care Equipment & Supplies — 0.2%
		Becton, Dickinson & Co.,
	580	1.800%, 12/15/17		583
	1,380	2.675%, 12/15/19		1,428
	3,257	4.900%, 04/15/18		3,437
	1,335	6.375%, 08/01/19		1,513
		Covidien International Finance S.A., (Luxembourg),
	520	4.200%, 06/15/20		568
	1,480	6.000%, 10/15/17		1,559
	19	Danaher Corp., 1.650%, 09/15/18		19

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
	3,100	Edwards Lifesciences Corp., 2.875%, 10/15/18		3,173
	2,915	Medtronic, Inc., 2.500%, 03/15/20		3,018
		Stryker Corp.,
	2,166	1.300%, 04/01/18		2,167
	3,500	2.000%, 03/08/19		3,543
				21,008
		Health Care Providers & Services — 0.5%
		Aetna, Inc.,
	2,475	1.900%, 06/07/19		2,497
	2,640	2.200%, 03/15/19		2,681
	1,865	Anthem, Inc., 2.300%, 07/15/18		1,892
		Cardinal Health, Inc.,
	1,850	1.900%, 06/15/17		1,861
	808	1.950%, 06/15/18		816
	4,779	2.400%, 11/15/19		4,879
	3,280	Express Scripts Holding Co., 1.250%, 06/02/17		3,283
		Laboratory Corp. of America Holdings,
	3,782	2.200%, 08/23/17		3,817
	2,618	2.500%, 11/01/18		2,649
	3,250	2.625%, 02/01/20		3,312
		McKesson Corp.,
	1,790	1.400%, 03/15/18		1,791
	2,688	2.284%, 03/15/19		2,740
	1,425	5.700%, 03/01/17		1,458
	3,014	Medco Health Solutions, Inc., 4.125%, 09/15/20		3,248
		UnitedHealth Group, Inc.,
	1,582	1.400%, 10/15/17		1,588
	1,587	1.625%, 03/15/19		1,596
	509	1.700%, 02/15/19		514
	250	1.875%, 11/15/16		251
	2,258	2.700%, 07/15/20		2,354
	935	6.000%, 06/15/17		969
	440	6.000%, 11/15/17		464
	250	6.000%, 02/15/18		267
		WellPoint, Inc.,
	2,670	2.250%, 08/15/19		2,712
	3,118	5.875%, 06/15/17		3,228
				50,867
		Life Sciences Tools & Services — 0.1%
		Thermo Fisher Scientific, Inc.,
	2,703	1.300%, 02/01/17		2,705
	1,525	1.850%, 01/15/18		1,535

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 257

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — continued
	2,250	2.400%, 02/01/19		2,292
	2,930	4.700%, 05/01/20		3,195
				9,727
		Pharmaceuticals — 0.5%
		AbbVie, Inc.,
	6,617	1.750%, 11/06/17		6,647
	200	1.800%, 05/14/18		201
	8,075	2.000%, 11/06/18		8,155
	927	2.300%, 05/14/21		937
	5,990	2.500%, 05/14/20		6,127
		Actavis Funding SCS, (Luxembourg),
	680	2.450%, 06/15/19		692
	3,798	3.000%, 03/12/20		3,926
		Actavis, Inc.,
	3,695	1.875%, 10/01/17		3,711
	1,650	6.125%, 08/15/19		1,851
		Allergan, Inc.,
	1,530	1.350%, 03/15/18		1,524
	3,482	3.375%, 09/15/20		3,652
		Bayer U.S. Finance LLC,
	1,000	1.500%, 10/06/17 (e)		1,000
	2,600	2.375%, 10/08/19 (e)		2,645
	4,155	Forest Laboratories LLC, 4.375%, 02/01/19 (e)		4,383
	1,320	Merck & Co., Inc., 1.850%, 02/10/20		1,348
	2,400	Mylan, Inc., 1.350%, 11/29/16		2,403
	369	Perrigo Co. plc, (Ireland), 1.300%, 11/08/16		369
	1,165	Pfizer, Inc., 6.050%, 03/30/17		1,200
	800	Roche Holdings, Inc., 2.250%, 09/30/19 (e)		822
	5,020	Teva Pharmaceutical Finance Co. B.V., (Netherlands), 2.400%, 11/10/16		5,030
		Zoetis, Inc.,
	2,055	1.875%, 02/01/18		2,060
	531	3.450%, 11/13/20		555
				59,238
		Total Health Care		172,161
		Industrials — 1.2%
		Aerospace & Defense — 0.2%
	2,903	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		3,232
	1,283	General Dynamics Corp., 1.000%, 11/15/17		1,282
		Lockheed Martin Corp.,
	2,230	1.850%, 11/23/18		2,259
	1,415	2.500%, 11/23/20		1,462

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	2,640	Northrop Grumman Corp., 1.750%, 06/01/18		2,662
	5,665	Precision Castparts Corp., 2.250%, 06/15/20		5,810
	520	Raytheon Co., 4.400%, 02/15/20		572
	655	Textron, Inc., 5.600%, 12/01/17		686
		United Technologies Corp.,
	3,625	6.125%, 02/01/19		4,042
	911	SUB, 1.778%, 05/04/18		917
				22,924
		Air Freight & Logistics — 0.0% (g)
	1,570	FedEx Corp., 2.300%, 02/01/20		1,608
		Commercial Services & Supplies — 0.1%
	5,940	Republic Services, Inc., 3.800%, 05/15/18		6,182
		Waste Management, Inc.,
	1,220	2.600%, 09/01/16		1,220
	2,605	4.750%, 06/30/20		2,893
				10,295
		Construction & Engineering — 0.0% (g)
	1,990	ABB Finance USA, Inc., 1.625%, 05/08/17		1,998
		Electrical Equipment — 0.1%
	6,389	Eaton Corp., 1.500%, 11/02/17		6,411
	700	Emerson Electric Co., 4.875%, 10/15/19		774
				7,185
		Industrial Conglomerates — 0.4%
		General Electric Co.,
	5,897	1.600%, 11/20/17		5,933
	2,559	5.300%, 02/11/21		2,945
	2,716	5.500%, 01/08/20		3,075
	2,172	5.550%, 05/04/20		2,472
	6,878	5.625%, 09/15/17		7,203
	12,575	5.625%, 05/01/18		13,515
	1,816	6.000%, 08/07/19		2,065
	544	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 2.000%, 11/08/17 (e)		547
	644	Koninklijke Philips N.V., (Netherlands), 5.750%, 03/11/18		686
		Roper Technologies, Inc.,
	710	2.050%, 10/01/18		718
	830	3.000%, 12/15/20		865
				40,024
		Machinery — 0.0% (g)
	2,494	Illinois Tool Works, Inc., 1.950%, 03/01/19		2,538
		Professional Services — 0.0% (g)
	1,507	Equifax, Inc., 2.300%, 06/01/21		1,515

SEE NOTES TO FINANCIAL STATEMENTS.

258 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	3,268	5.650%, 05/01/17		3,366
	1,750	5.750%, 03/15/18		1,872
	465	8.125%, 04/15/20		570
		Canadian Pacific Railway Co., (Canada),
	2,900	6.500%, 05/15/18		3,124
	1,720	7.250%, 05/15/19		1,966
		CSX Corp.,
	1,045	5.600%, 05/01/17		1,076
	1,168	6.250%, 03/15/18		1,252
	555	7.375%, 02/01/19		631
	1,456	7.900%, 05/01/17		1,519
		ERAC USA Finance LLC,
	1,012	2.750%, 03/15/17 (e)		1,019
	1,841	6.200%, 11/01/16 (e)		1,856
	2,819	6.375%, 10/15/17 (e)		2,965
	1,500	Norfolk Southern Corp., 5.900%, 06/15/19		1,673
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	927	2.500%, 06/15/19 (e)		934
	3,594	3.375%, 03/15/18 (e)		3,683
		Ryder System, Inc.,
	1,865	2.450%, 09/03/19		1,893
	2,294	2.500%, 03/01/17		2,302
	2,315	2.500%, 03/01/18		2,345
	1,320	2.500%, 05/11/20		1,329
	885	2.550%, 06/01/19		898
		Union Pacific Corp.,
	696	1.800%, 02/01/20		704
	1,075	5.650%, 05/01/17		1,107
	4,448	5.750%, 11/15/17		4,708
				42,792
		Trading Companies & Distributors — 0.0% (g)
	3,303	Air Lease Corp., 2.125%, 01/15/18		3,306
		Total Industrials		134,185
		Information Technology — 0.4%
		Communications Equipment — 0.0% (g)
	5,302	Cisco Systems, Inc., 2.125%, 03/01/19		5,422
		Electronic Equipment, Instruments & Components — 0.0% (g)
		Arrow Electronics, Inc.,
	1,382	3.000%, 03/01/18		1,400
	464	6.875%, 06/01/18		496
				1,896

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Internet Software & Services — 0.0% (g)
	2,379	eBay, Inc., 2.200%, 08/01/19		2,409
		IT Services — 0.1%
	2,930	International Business Machines Corp., 1.800%, 05/17/19		2,975
		Total System Services, Inc.,
	1,350	2.375%, 06/01/18		1,359
	2,080	3.800%, 04/01/21		2,205
				6,539
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	1,318	Intel Corp., 2.450%, 07/29/20		1,368
	1,781	Texas Instruments, Inc., 1.750%, 05/01/20		1,799
				3,167
		Software — 0.2%
	8,282	Intuit, Inc., 5.750%, 03/15/17		8,482
		Microsoft Corp.,
	349	0.875%, 11/15/17		349
	3,455	1.850%, 02/12/20		3,514
		Oracle Corp.,
	3,250	2.250%, 10/08/19		3,351
	1,985	2.375%, 01/15/19		2,039
	735	5.000%, 07/08/19		810
				18,545
		Technology Hardware, Storage & Peripherals — 0.1%
		Apple, Inc.,
	3,589	1.550%, 02/07/20		3,612
	5,915	2.100%, 05/06/19		6,052
	2,210	2.250%, 02/23/21		2,268
				11,932
		Total Information Technology		49,910
		Materials — 0.4%
		Chemicals — 0.3%
	1,540	Agrium, Inc., (Canada), 6.750%, 01/15/19		1,705
	4,340	CF Industries, Inc., 6.875%, 05/01/18		4,672
	805	Dow Chemical Co. (The), 8.550%, 05/15/19		950
		Ecolab, Inc.,
	2,254	1.450%, 12/08/17		2,260
	3,765	3.000%, 12/08/16		3,786
	4,866	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		4,979
		PPG Industries, Inc.,
	5,482	2.300%, 11/15/19		5,567
	1,470	3.600%, 11/15/20		1,554
	146	6.650%, 03/15/18		156

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 259

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	740	Praxair, Inc., 4.500%, 08/15/19		807
	502	Rohm & Haas Co., 6.000%, 09/15/17		525
				26,961
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	5,095	1.625%, 02/24/17		5,107
	1,500	2.050%, 09/30/18		1,521
	2,745	Freeport-McMoRan, Inc., 2.375%, 03/15/18		2,700
		Nucor Corp.,
	1,500	5.750%, 12/01/17		1,565
	1,260	5.850%, 06/01/18		1,348
				12,241
		Total Materials		39,202
		Real Estate — 0.4%
		Equity Real Estate Investment Trusts (REITs) — 0.4%
		Boston Properties LP,
	4,267	4.125%, 05/15/21		4,658
	4,031	5.875%, 10/15/19		4,489
	1,926	Crown Castle International Corp., 2.250%, 09/01/21		1,923
		ERP Operating LP,
	3,118	2.375%, 07/01/19		3,177
	767	5.750%, 06/15/17		793
		HCP, Inc.,
	5,410	2.625%, 02/01/20		5,487
	400	5.375%, 02/01/21		449
	390	6.700%, 01/30/18		417
	1,500	Prologis LP, 4.000%, 01/15/18		1,541
		Realty Income Corp.,
	2,625	2.000%, 01/31/18		2,641
	2,080	5.375%, 09/15/17		2,162
		Simon Property Group LP,
	4,585	1.500%, 02/01/18 (e)		4,602
	1,511	2.150%, 09/15/17		1,522
	3,739	2.200%, 02/01/19		3,811
	1,569	Ventas Realty LP/Ventas Capital Corp., 2.000%, 02/15/18		1,578
		Welltower, Inc.,
	735	2.250%, 03/15/18		742
	1,870	6.125%, 04/15/20		2,121
		Total Real Estate		42,113

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.9%
		AT&T, Inc.,
	3,260	1.700%, 06/01/17		3,272
	8,095	1.750%, 01/15/18		8,139
	17,375	2.450%, 06/30/20		17,725
	4,754	2.800%, 02/17/21		4,899
	1,900	5.000%, 03/01/21		2,135
	13,484	5.500%, 02/01/18		14,246
	1,134	5.600%, 05/15/18		1,214
	1,992	British Telecommunications plc, (United Kingdom), 2.350%, 02/14/19		2,033
		Deutsche Telekom International Finance B.V., (Netherlands),
	2,865	2.250%, 03/06/17 (e)		2,883
	3,580	6.750%, 08/20/18		3,954
	1,533	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		1,537
	1,391	Orange S.A., (France), 2.750%, 02/06/19		1,431
		Telefonica Emisiones S.A.U., (Spain),
	3,516	3.192%, 04/27/18		3,606
	740	5.462%, 02/16/21		845
	849	6.221%, 07/03/17		882
		Verizon Communications, Inc.,
	9,634	2.625%, 02/21/20		9,936
	8,848	3.650%, 09/14/18		9,254
	5,830	4.500%, 09/15/20		6,434
	6,440	6.100%, 04/15/18		6,931
				101,356
		Wireless Telecommunication Services — 0.2%
		America Movil S.A.B. de C.V., (Mexico),
	6,915	5.000%, 03/30/20		7,642
	2,056	5.625%, 11/15/17		2,159
	5,520	Rogers Communications, Inc., (Canada), 6.800%, 08/15/18		6,063
		Vodafone Group plc, (United Kingdom),
	1,555	1.250%, 09/26/17		1,555
	4,871	1.500%, 02/19/18		4,870
	2,144	1.625%, 03/20/17		2,149
	1,396	5.625%, 02/27/17		1,425
				25,863
		Total Telecommunication Services		127,219
		Utilities — 1.2%
		Electric Utilities — 0.7%
	4,123	American Electric Power Co., Inc., 1.650%, 12/15/17		4,131

SEE NOTES TO FINANCIAL STATEMENTS.

260 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
		Arizona Public Service Co.,
	1,938	2.200%, 01/15/20		1,968
	400	8.750%, 03/01/19		468
	500	Atlantic City Electric Co., 7.750%, 11/15/18		567
	4,610	Cleveland Electric Illuminating Co. (The), 8.875%, 11/15/18		5,301
		Commonwealth Edison Co.,
	880	4.000%, 08/01/20		957
	1,000	5.800%, 03/15/18		1,069
	1,000	6.150%, 09/15/17		1,051
		Duke Energy Carolinas LLC,
	460	1.750%, 12/15/16		461
	1,480	5.250%, 01/15/18		1,559
		Duke Energy Corp.,
	1,105	2.100%, 06/15/18		1,118
	505	2.150%, 11/15/16		506
	1,240	Duke Energy Florida LLC, 5.650%, 06/15/18		1,336
	708	Duke Energy Indiana LLC, 3.750%, 07/15/20		765
	4,140	Electricite de France S.A., (France), 1.150%, 01/20/17 (e)		4,138
	965	Entergy Gulf States Louisiana LLC, 6.000%, 05/01/18		1,033
	735	Entergy Louisiana LLC, 6.500%, 09/01/18		805
	565	Kansas City Power & Light Co., 5.850%, 06/15/17		583
	445	Kentucky Power Co., 6.000%, 09/15/17 (e)		465
	530	Kentucky Utilities Co., 3.250%, 11/01/20		559
	1,952	MidAmerican Energy Co., 2.400%, 03/15/19		2,003
		NextEra Energy Capital Holdings, Inc.,
	224	2.700%, 09/15/19		230
	250	6.000%, 03/01/19		275
	631	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		689
	1,425	Northern States Power Co., 2.200%, 08/15/20		1,452
	985	Ohio Power Co., 6.050%, 05/01/18		1,055
		Pacific Gas & Electric Co.,
	2,675	5.625%, 11/30/17		2,817
	1,579	8.250%, 10/15/18		1,795
	250	PacifiCorp, 5.650%, 07/15/18		270
	1,567	PECO Energy Co., 1.200%, 10/15/16		1,568
	875	Pennsylvania Electric Co., 6.050%, 09/01/17		910
	455	PPL Capital Funding, Inc., 1.900%, 06/01/18		456
		Progress Energy, Inc.,
	5,000	4.400%, 01/15/21		5,483
	5,969	4.875%, 12/01/19		6,523

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION		VALUE($)
			��
		Electric Utilities — continued
	535	Public Service Co. of Colorado, 5.800%, 08/01/18			580
	1,246	Public Service Co. of New Mexico, 7.950%, 05/15/18			1,371
	510	Public Service Co. of Oklahoma, 5.150%, 12/01/19			562
	2,135	Public Service Electric & Gas Co., 2.000%, 08/15/19			2,174
		Southern California Edison Co.,
	1,306	1.845%, 02/01/22			1,307
	1,005	5.500%, 08/15/18			1,089
	5,610	Southern Co. (The), 2.750%, 06/15/20			5,786
		Southwestern Electric Power Co.,
	765	6.450%, 01/15/19			846
	1,045	Series F, 5.875%, 03/01/18			1,107
	577	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)			578
		Virginia Electric & Power Co.,
	1,387	1.200%, 01/15/18			1,387
	1,268	5.000%, 06/30/19			1,376
	1,215	5.400%, 04/30/18			1,295
	2,620	Xcel Energy, Inc., 2.400%, 03/15/21			2,690
					76,514
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	400	6.350%, 06/15/17			415
	314	8.500%, 03/15/19			366
	1,492	CenterPoint Energy Resources Corp., 4.500%, 01/15/21			1,616
		Dominion Gas Holdings LLC,
	210	2.500%, 12/15/19			215
	7,023	2.800%, 11/15/20			7,252
	320	Southern California Gas Co., 1.550%, 06/15/18			322
					10,186
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	1,798	2.950%, 01/15/20			1,849
	260	5.200%, 10/01/19			285
	5,923	PSEG Power LLC, 2.450%, 11/15/18			5,993
		Southern Power Co.,
	2,684	1.850%, 12/01/17			2,702
	495	Series 15A, 1.500%, 06/01/18			496
					11,325

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 261

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — 0.3%
		Berkshire Hathaway Energy Co.,
	2,385	1.100%, 05/15/17		2,386
	1,015	2.400%, 02/01/20		1,038
	1,207	CenterPoint Energy, Inc., Series B, 5.950%, 02/01/17		1,229
		CMS Energy Corp.,
	2,455	5.050%, 02/15/18		2,575
	470	6.250%, 02/01/20		536
	330	8.750%, 06/15/19		392
	2,725	Consolidated Edison Co. of New York, Inc., Series 08-A, 5.850%, 04/01/18		2,917
	455	Consumers Energy Co., 6.125%, 03/15/19		508
		Dominion Resources, Inc.,
	748	1.250%, 03/15/17		749
	1,100	6.400%, 06/15/18		1,192
	1,778	Series A, 1.400%, 09/15/17		1,781
	5,199	DTE Energy Co., 2.400%, 12/01/19		5,305
		NiSource Finance Corp.,
	1,057	6.400%, 03/15/18		1,131
	4,750	6.800%, 01/15/19		5,302
		Sempra Energy,
	1,645	2.300%, 04/01/17		1,656
	820	6.150%, 06/15/18		883
	1,300	9.800%, 02/15/19		1,548
		TECO Finance, Inc.,
	475	5.150%, 03/15/20		523
	1,660	6.572%, 11/01/17		1,755
		WEC Energy Group, Inc.,
	1,230	1.650%, 06/15/18		1,237
	2,200	2.450%, 06/15/20		2,247
				36,890
		Total Utilities		134,915
		Total Corporate Bonds (Cost $2,465,778)		2,488,385
	Mortgage Pass-Through Securities — 2.6%
		Federal Home Loan Mortgage Corp.,
	337	ARM, 1.960%, 08/01/37		356
	1,941	ARM, 2.429%, 05/01/37		2,023
	2,454	ARM, 2.490%, 10/01/36		2,592
	1,729	ARM, 2.492%, 03/01/37		1,808
	788	ARM, 2.515%, 11/01/36		829
	1,178	ARM, 2.528%, 12/01/36		1,242
	337	ARM, 2.565%, 12/01/36		355
	42	ARM, 2.572%, 01/01/27		44
	850	ARM, 2.615%, 12/01/36		901

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	701	ARM, 2.619%, 10/01/37		748
	1,901	ARM, 2.650%, 01/01/37		2,001
	165	ARM, 2.652%, 02/01/37		174
	717	ARM, 2.655%, 03/01/37		750
	153	ARM, 2.664%, 03/01/35		160
	1,014	ARM, 2.675%, 04/01/37		1,066
	58	ARM, 2.687%, 12/01/27		61
	1,170	ARM, 2.704%, 08/01/37		1,248
	358	ARM, 2.759%, 06/01/36		376
	1	ARM, 2.768%, 12/01/17		1
	555	ARM, 2.787%, 11/01/37		587
	1,141	ARM, 2.794%, 08/01/36		1,194
	1,400	ARM, 2.843%, 08/01/36		1,487
	198	ARM, 2.901%, 04/01/37		210
	264	ARM, 3.035%, 08/01/37		275
	157	ARM, 3.071%, 07/01/36		167
	2,009	ARM, 3.101%, 04/01/38		2,137
	3,675	ARM, 3.110%, 03/01/35		3,909
	1,389	ARM, 3.141%, 03/01/36		1,467
	1,714	ARM, 3.161%, 01/01/38		1,827
	2,194	ARM, 3.199%, 10/01/35		2,331
	928	ARM, 3.218%, 03/01/37		990
	5,046	ARM, 3.227%, 06/01/37		5,358
	2,584	ARM, 3.230%, 06/01/37		2,748
	750	ARM, 3.255%, 02/01/37		803
	2,282	ARM, 3.442%, 03/01/36		2,402
	2	ARM, 5.751%, 01/01/27		2
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	18,407	4.000%, 07/01/18 - 06/01/26		19,500
	143	4.500%, 10/01/18		147
	3,236	5.000%, 03/01/18 - 01/01/21		3,328
	10,764	5.500%, 08/01/19 - 01/01/24		11,591
	2,091	6.000%, 08/01/17 - 12/01/23		2,179
	599	6.500%, 04/01/17 - 08/01/21		607
	58	7.000%, 03/01/17		58
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	592	6.000%, 01/01/19 - 10/01/24		673
	15	6.500%, 08/01/18 - 05/01/21		17
	11	7.500%, 10/01/16 - 07/01/18		11
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	17,443	5.500%, 03/01/34 - 07/01/37		19,794
	237	6.000%, 09/01/17 - 07/01/32		271
	348	7.000%, 08/01/38		405

SEE NOTES TO FINANCIAL STATEMENTS.

262 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
			Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	7,487		7.500%, 12/01/36		8,828
	1,374		10.000%, 10/01/30		1,503
			Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	2		8.000%, 04/01/17 - 05/01/19		2
	2		8.250%, 08/01/17		2
			Federal National Mortgage Association,
	7		ARM, 1.875%, 01/01/19		7
	46		ARM, 1.876%, 08/01/37		47
	2,095		ARM, 2.007%, 08/01/37		2,149
	870		ARM, 2.082%, 04/01/37		897
	8		ARM, 2.155%, 07/01/27		8
	5		ARM, 2.242%, 03/01/19		6
	2,013		ARM, 2.281%, 07/01/37		2,086
	259		ARM, 2.309%, 10/01/36		274
	692		ARM, 2.368%, 09/01/34		722
	1,812		ARM, 2.369%, 01/01/37		1,882
	1,180		ARM, 2.386%, 02/01/37		1,227
	140		ARM, 2.395%, 01/01/35		146
	255		ARM, 2.422%, 01/01/37		269
	10		ARM, 2.450%, 05/01/25		10
	—	(h)	ARM, 2.470%, 10/01/27		—	(h)
	1,670		ARM, 2.477%, 11/01/37		1,773
	—	(h)	ARM, 2.480%, 08/01/17		—	(h)
	94		ARM, 2.493%, 12/01/36		99
	720		ARM, 2.509%, 10/01/36		762
	307		ARM, 2.541%, 07/01/37		324
	2,511		ARM, 2.561%, 12/01/36		2,637
	1,431		ARM, 2.575%, 11/01/37		1,524
	417		ARM, 2.582%, 05/01/36		438
	671		ARM, 2.586%, 12/01/35		705
	60		ARM, 2.587%, 04/01/36		62
	1,107		ARM, 2.603%, 08/01/36		1,163
	871		ARM, 2.610%, 12/01/37		918
	897		ARM, 2.617%, 08/01/36		950
	1		ARM, 2.625%, 08/01/19		1
	1,402		ARM, 2.626%, 11/01/37		1,473
	38		ARM, 2.650%, 07/01/37		40
	17		ARM, 2.694%, 06/01/27		17
	185		ARM, 2.719%, 12/01/36		196
	532		ARM, 2.816%, 04/01/37		561
	5		ARM, 2.821%, 08/01/36		5
	458		ARM, 2.825%, 07/01/36		481
	2,254		ARM, 2.846%, 03/01/37		2,394

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	26		ARM, 2.882%, 06/01/36		27
	439		ARM, 2.915%, 12/01/36		467
	190		ARM, 2.925%, 08/01/36		201
	7		ARM, 2.972%, 10/01/25		7
	—	(h)	ARM, 3.000%, 11/01/16		—	(h)
	278		ARM, 3.080%, 03/01/47		287
	1,046		ARM, 3.124%, 08/01/36		1,098
	2,921		ARM, 3.213%, 03/01/36		3,109
	492		ARM, 3.270%, 04/01/38		498
	2,734		ARM, 3.441%, 03/01/36		2,908
	2,300		ARM, 3.456%, 10/01/35		2,450
	3,267		ARM, 3.469%, 03/01/36		3,473
			Federal National Mortgage Association, 15 Year, Single Family,
	313		4.000%, 08/01/18 - 01/01/19		324
	978		4.500%, 05/01/18 - 05/01/19		1,003
	1,385		5.000%, 12/01/17 - 07/01/20		1,427
	20,236		5.500%, 01/01/18 - 07/01/25		21,804
	7,302		6.000%, 11/01/17 - 07/01/24		7,855
	2,086		6.500%, 03/01/17 - 03/01/23		2,199
	31		7.000%, 02/01/17 - 01/01/18		31
	—	(h)	8.000%, 10/01/16		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	655		5.500%, 05/01/27		735
	15		6.000%, 03/01/18 - 07/01/19		17
	1,659		6.500%, 03/01/17 - 03/01/25		1,906
	365		7.000%, 08/01/20 - 08/01/21		383
			Federal National Mortgage Association, 30 Year, FHA/VA,
	133		5.500%, 08/01/34		149
	11		8.500%, 03/01/27		12
			Federal National Mortgage Association, 30 Year, Single Family,
	17,215		5.000%, 10/01/39		19,389
	23,056		5.500%, 12/01/32 - 04/01/37		26,274
	14,619		6.000%, 04/01/35 - 01/01/38		16,933
	9,057		6.500%, 03/01/26 - 10/01/38		10,469
	3,735		7.000%, 04/01/37 - 08/01/37		4,400
	65		8.000%, 12/01/30		72
	3		8.500%, 09/01/21		3
	23		9.000%, 02/01/31		24
	16		9.500%, 07/01/28		17
	4		10.000%, 02/01/24		4
			Federal National Mortgage Association, Other,
	27		4.000%, 07/01/17		28
	79		4.500%, 12/01/19		82

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 263

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	94		5.500%, 09/01/17		95
	52		6.000%, 09/01/17		52
			Government National Mortgage Association II,
	21		ARM, 1.875%, 07/20/21		22
	126		ARM, 2.000%, 09/20/17 - 01/20/28		129
	—	(h)	ARM, 2.125%, 05/20/17		—	(h)
	5		ARM, 2.500%, 12/20/17 - 05/20/21		5
	7		ARM, 3.000%, 04/20/18 - 05/20/20		7
	1		ARM, 3.500%, 10/20/17 - 12/20/17		1
	2		ARM, 4.000%, 08/20/18		3
			Government National Mortgage Association II, 30 Year, Single Family,
	3,225		6.000%, 09/20/38		3,682
	7,598		7.000%, 08/20/38 - 09/20/38		8,870
	11		7.500%, 09/20/28		13
	24		8.000%, 09/20/26 - 12/20/27		28
	28		8.500%, 03/20/25 - 04/20/25		32
	982		Government National Mortgage Association, 15 Year, Single Family, 6.500%, 10/15/23		1,061
			Government National Mortgage Association, 30 Year, Single Family,
	3,785		6.500%, 09/15/38		4,680
	8		8.500%, 04/15/25		10
	7		9.000%, 09/15/24 - 10/15/26		8
	124		9.500%, 07/15/20 - 12/15/25		136
			Total Mortgage Pass-Through Securities (Cost $280,788)		288,697
	U.S. Government Agency Securities — 3.9%
	8,500		Federal Farm Credit Banks, 1.000%, 09/25/17		8,514
			Federal Home Loan Banks,
	7,500		0.875%, 06/29/18		7,499
	28,365		0.875%, 08/05/19		28,222
	30,855		1.250%, 06/08/18		31,028
	39,150		4.750%, 12/16/16		39,649
	20,000		5.000%, 11/17/17		21,008
			Federal Home Loan Mortgage Corp.,
	21,940		0.750%, 07/14/17		21,949
	25,650		0.750%, 04/09/18		25,596
	10,000		0.875%, 07/19/19		9,945
	32,050		1.000%, 03/08/17		32,119
	20,000		4.875%, 06/13/18		21,406
			Federal National Mortgage Association,
	48,325		1.125%, 04/27/17		48,490
	19,105		1.125%, 07/20/18		19,187
	15,000		1.250%, 09/28/16		15,010

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	12,500	1.250%, 08/17/21		12,435
	10,355	1.508%, 10/09/19 (n)		9,916
	5,000	5.000%, 02/13/17		5,101
	21,155	5.375%, 06/12/17		21,930
	50,000	Residual Funding Corp. STRIPS, 1.445%, 10/15/19 (n)		48,234
		Total U.S. Government Agency Securities (Cost $426,598)		427,238
	U.S. Treasury Obligations — 56.3%
		U.S. Treasury Notes,
	281,670	0.500%, 07/31/17		281,230
	121,620	0.625%, 05/31/17		121,620
	75,000	0.625%, 06/30/17		74,985
	10,000	0.625%, 07/31/17		9,995
	370,820	0.625%, 08/31/17		370,588
	246,695	0.625%, 09/30/17		246,444
	200,745	0.625%, 11/30/17		200,455
	282,250	0.625%, 04/30/18		281,467
	115,380	0.750%, 06/30/17		115,470
	271,280	0.750%, 10/31/17		271,354
	371,830	0.750%, 12/31/17		371,801
	20,000	0.750%, 02/28/18		19,990
	65,070	0.750%, 03/31/18		65,039
	50,000	0.750%, 04/15/18		49,963
	10,000	0.750%, 04/30/18		9,992
	30,000	0.875%, 07/15/17		30,054
	40,000	0.875%, 11/30/17		40,069
	185,200	0.875%, 01/31/18		185,497
	130,200	0.875%, 07/15/18		130,332
	70,000	0.875%, 10/15/18		70,044
	30,000	0.875%, 05/15/19		29,981
	90,395	0.875%, 07/31/19		90,268
	45,000	1.000%, 03/15/18		45,151
	200,000	1.000%, 05/31/18		200,648
	25,000	1.000%, 08/15/18		25,083
	40,000	1.000%, 09/15/18		40,133
	10,180	1.000%, 06/30/19		10,205
	50,570	1.000%, 08/31/19		50,661
	55,000	1.000%, 09/30/19		55,073
	30,200	1.000%, 11/30/19		30,212
	130,000	1.125%, 06/15/18		130,706
	226,195	1.250%, 10/31/18		228,095
	25,000	1.250%, 11/15/18		25,209
	60,550	1.250%, 11/30/18		61,077
	40,000	1.250%, 12/15/18		40,347
	175,860	1.250%, 01/31/19		177,412

SEE NOTES TO FINANCIAL STATEMENTS.

264 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	30,000	1.250%, 01/31/20		30,223
	20,000	1.375%, 06/30/18		20,201
	50,920	1.375%, 07/31/18		51,453
	90,400	1.375%, 09/30/18		91,392
	10,910	1.375%, 12/31/18		11,037
	146,725	1.375%, 02/28/19		148,513
	15,000	1.375%, 01/31/20		15,175
	20,270	1.375%, 02/29/20		20,504
	25,140	1.375%, 03/31/20		25,424
	25,165	1.375%, 04/30/20		25,449
	35,000	1.375%, 08/31/20		35,342
	35,000	1.375%, 09/30/20		35,331
	30,530	1.500%, 08/31/18		30,928
	95,495	1.500%, 12/31/18		96,883
	80,690	1.500%, 01/31/19		81,888
	75,440	1.500%, 02/28/19		76,592
	277,010	1.500%, 05/31/19		281,425
	20,000	1.500%, 10/31/19		20,323
	50,450	1.500%, 11/30/19		51,262
	100,490	1.625%, 03/31/19		102,359
	105,650	1.625%, 04/30/19		107,660
	55,000	1.625%, 06/30/19		56,081
	130,225	1.625%, 07/31/19		132,814
	10,000	1.750%, 09/30/19		10,239
	30,000	1.750%, 10/31/20		30,724
	80,270	1.875%, 09/30/17		81,277

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	55,210	2.000%, 11/30/20		57,114
	25,000	2.125%, 08/31/20		25,972
	15,000	2.250%, 11/30/17		15,277
	70,000	2.250%, 07/31/18		71,903
	40,520	2.375%, 07/31/17		41,140
	20,000	2.375%, 05/31/18		20,542
	40,200	2.625%, 01/31/18		41,243
	40,000	2.750%, 02/28/18		41,170
	55,000	2.875%, 03/31/18		56,777
		Total U.S. Treasury Obligations (Cost $6,208,127)		6,228,287
SHARES
	Short-Term Investment — 0.4%
		Investment Company — 0.4%
	42,185	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $42,185)		42,185
		Total Investments — 99.9% (Cost $10,999,861)		11,051,491
		Other Assets in Excess of Liabilities — 0.1%		13,682
		NET ASSETS — 100.0%	$	11,065,173

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 265

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 73.2%
		Consumer Discretionary — 14.9%
		Auto Components — 0.5%
	515	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19		510
	304	ZF North America Capital, Inc., 4.000%, 04/29/20 (e)		323
				833
		Automobiles — 0.7%
	293	Fiat Chrysler Automobiles N.V., (Netherlands), 4.500%, 04/15/20		300
	767	Jaguar Land Rover Automotive plc, (United Kingdom), 4.125%, 12/15/18 (e)		790
				1,090
		Hotels, Restaurants & Leisure — 4.0%
	325	CCM Merger, Inc., 9.125%, 05/01/19 (e)		341
	300	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		308
		GLP Capital LP/GLP Financing II, Inc.,
	465	4.375%, 11/01/18		484
	40	4.375%, 04/15/21		42
	790	4.875%, 11/01/20		845
	360	International Game Technology, 7.500%, 06/15/19		406
	400	International Game Technology plc, (United Kingdom), 5.625%, 02/15/20 (e)		429
		MGM Resorts International,
	1,040	5.250%, 03/31/20		1,110
	575	8.625%, 02/01/19		651
	540	NCL Corp., Ltd., (Bermuda), 5.250%, 11/15/19 (e)		549
	143	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 6.125%, 08/15/21 (e)		147
	675	Royal Caribbean Cruises Ltd., (Liberia), 7.250%, 03/15/18		727
	156	Ruby Tuesday, Inc., 7.625%, 05/15/20		148
	314	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		344
	155	Yum! Brands, Inc., 3.875%, 11/01/20		161
				6,692
		Household Durables — 2.4%
		CalAtlantic Group, Inc.,
	415	8.375%, 05/15/18		457
	225	8.375%, 01/15/21		268
	675	D.R. Horton, Inc., 4.000%, 02/15/20		707
	1,400	Lennar Corp., 4.500%, 06/15/19		1,470

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Household Durables — continued
	287	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		283
	250	PulteGroup, Inc., 4.250%, 03/01/21		262
	435	Toll Brothers Finance Corp., 6.750%, 11/01/19		490
				3,937
		Media — 6.2%
		Cablevision Systems Corp.,
	800	7.750%, 04/15/18		854
	519	8.000%, 04/15/20		553
	1,430	8.625%, 09/15/17		1,520
	175	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 03/15/20		176
		DISH DBS Corp.,
	1,205	4.250%, 04/01/18		1,237
	650	4.625%, 07/15/17		665
	1,479	7.875%, 09/01/19		1,649
	850	Gray Television, Inc., 7.500%, 10/01/20		884
	871	NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.000%, 08/01/18 (e)		884
	250	Nielsen Finance LLC/Nielsen Finance Co., 4.500%, 10/01/20		256
	860	Sirius XM Radio, Inc., 4.250%, 05/15/20 (e)		877
	250	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		254
	500	TEGNA, Inc., 5.125%, 10/15/19		514
				10,323
		Multiline Retail — 0.3%
	500	Dollar Tree, Inc., 5.250%, 03/01/20		521
		Specialty Retail — 0.8%
	750	Michaels Stores, Inc., 5.875%, 12/15/20 (e)		777
	454	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		473
				1,250
		Total Consumer Discretionary		24,646
		Consumer Staples — 3.8%
		Beverages — 0.2%
	250	Cott Beverages, Inc., 6.750%, 01/01/20		262
		Food & Staples Retailing — 1.9%
		Safeway, Inc.,
	37	3.950%, 08/15/20		36
	2,740	5.000%, 08/15/19		2,780

SEE NOTES TO FINANCIAL STATEMENTS.

266 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
	540	SUPERVALU, Inc., 6.750%, 06/01/21		508
				3,324
		Food Products — 1.6%
	1,947	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		1,981
	444	JBS USA LUX S.A./JBS USA Finance, Inc., 8.250%, 02/01/20 (e)		459
	216	Smithfield Foods, Inc., 5.250%, 08/01/18 (e)		218
				2,658
		Personal Products — 0.1%
	100	NBTY, Inc., 7.625%, 05/15/21 (e)		102
		Total Consumer Staples		6,346
		Energy — 7.8%
		Energy Equipment & Services — 0.4%
	600	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		552
	81	Weatherford International Ltd., (Bermuda), 7.750%, 06/15/21		80
				632
		Oil, Gas & Consumable Fuels — 7.4%
	543	Antero Resources Corp., 6.000%, 12/01/20		556
	175	Buckeye Partners LP, 6.050%, 01/15/18		184
	266	California Resources Corp., 8.000%, 12/15/22 (e)		180
	735	Cenovus Energy, Inc., (Canada), 5.700%, 10/15/19		789
	55	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		52
	290	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.500%, 12/15/19		186
	215	Continental Resources, Inc., 7.125%, 04/01/21		223
	400	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.000%, 12/15/20		394
	400	Energy Transfer Equity LP, 7.500%, 10/15/20		438
	500	Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc., 6.500%, 11/15/20		501
	500	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		515
	270	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		253
		NGPL PipeCo LLC,
	1,600	7.119%, 12/15/17 (e)		1,667
	800	9.625%, 06/01/19 (e)		836
	248	Oasis Petroleum, Inc., 7.250%, 02/01/19		244

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	185	ONEOK Partners LP, 3.200%, 09/15/18		188
	170	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 05/01/18		181
	366	QEP Resources, Inc., 6.800%, 04/01/18		371
	800	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		842
		Sunoco LP/Sunoco Finance Corp.,
	1,000	5.500%, 08/01/20 (e)		1,015
	211	6.250%, 04/15/21 (e)		217
	800	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/19		806
	1,000	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/19		1,065
	650	Western Gas Partners LP, 2.600%, 08/15/18		650
	77	Whiting Petroleum Corp., 5.000%, 03/15/19		71
				12,424
		Total Energy		13,056
		Financials — 4.7%
		Banks — 1.5%
	2,461	CIT Group, Inc., 3.875%, 02/19/19		2,515
		Consumer Finance — 1.5%
		Ally Financial, Inc.,
	556	3.250%, 11/05/18		561
	1,700	4.750%, 09/10/18		1,766
		Springleaf Finance Corp.,
	26	7.750%, 10/01/21		27
	119	8.250%, 12/15/20		130
				2,484
		Diversified Financial Services — 0.7%
	300	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		167
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	505	6.500%, 08/01/18		504
	485	9.625%, 05/01/19		507
				1,178
		Insurance — 0.6%
	850	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		929
		Thrifts & Mortgage Finance — 0.4%
	675	Radian Group, Inc., 5.500%, 06/01/19		716
		Total Financials		7,822

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 267

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care — 8.6%
		Health Care Equipment & Supplies — 1.2%
	1,050	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		1,079
	700	Mallinckrodt International Finance S.A., (Luxembourg), 3.500%, 04/15/18		701
	270	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg), 4.875%, 04/15/20 (e)		276
				2,056
		Health Care Providers & Services — 5.4%
	450	Centene Corp., 5.625%, 02/15/21		479
		CHS/Community Health Systems, Inc.,
	191	5.125%, 08/15/18		193
	375	7.125%, 07/15/20		335
	700	8.000%, 11/15/19		663
	580	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		658
	325	HCA Holdings, Inc., 6.250%, 02/15/21		352
		HCA, Inc.,
	521	3.750%, 03/15/19		537
	620	4.250%, 10/15/19		650
	700	6.500%, 02/15/20		773
	2,200	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		1,994
		Tenet Healthcare Corp.,
	830	5.000%, 03/01/19		806
	350	6.250%, 11/01/18		374
	965	VAR, 4.153%, 06/15/20		962
				8,776
		Health Care Technology — 1.3%
	2,045	Change Healthcare Holdings, Inc., 11.000%, 12/31/19		2,163
		Pharmaceuticals — 0.7%
		Valeant Pharmaceuticals International, Inc., (Canada),
	355	5.375%, 03/15/20 (e)		335
	635	6.375%, 10/15/20 (e)		606
	300	7.000%, 10/01/20 (e)		293
				1,234
		Total Health Care		14,229
		Industrials — 7.0%
		Aerospace & Defense — 0.6%
	752	Bombardier, Inc., (Canada), 5.500%, 09/15/18 (e)		773

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	79	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		83
	80	TransDigm, Inc., 5.500%, 10/15/20		82
				938
		Airlines — 0.3%
	79	American Airlines Group, Inc., 5.500%, 10/01/19 (e)		81
	444	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		463
	7	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		8
				552
		Building Products — 0.5%
	750	Standard Industries, Inc., 5.125%, 02/15/21 (e)		791
		Commercial Services & Supplies — 3.6%
	518	ACCO Brands Corp., 6.750%, 04/30/20		549
	1,165	ADT Corp. (The), 6.250%, 10/15/21		1,276
	1,159	Casella Waste Systems, Inc., 7.750%, 02/15/19		1,185
	965	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		881
	1,770	ILFC E-Capital Trust I, VAR, 3.980%, 12/21/65 (e)		1,412
	300	R.R. Donnelley & Sons Co., 7.250%, 05/15/18		320
	392	West Corp., 4.750%, 07/15/21 (e)		400
				6,023
		Construction & Engineering — 0.6%
	1,033	Tutor Perini Corp., 7.625%, 11/01/18		1,043
		Electrical Equipment — 0.3%
	450	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		464
		Machinery — 0.4%
	534	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		462
	300	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		132
				594
		Trading Companies & Distributors — 0.7%
	445	Aircastle Ltd., (Bermuda), 6.250%, 12/01/19		492
	710	HD Supply, Inc., 7.500%, 07/15/20		740
				1,232
		Total Industrials		11,637

SEE NOTES TO FINANCIAL STATEMENTS.

268 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Information Technology — 4.4%
			Electronic Equipment, Instruments & Components — 0.3%
	550		Anixter, Inc., 5.625%, 05/01/19		582
		��	Internet Software & Services — 0.2%
	314		IAC/InterActiveCorp., 4.875%, 11/30/18		322
			Semiconductors & Semiconductor Equipment — 1.3%
	612		Advanced Micro Devices, Inc., 6.750%, 03/01/19		615
			NXP B.V./NXP Funding LLC, (Netherlands),
	1,000		4.125%, 06/15/20 (e)		1,036
	455		4.125%, 06/01/21 (e)		476
					2,127
			Software — 1.0%
	750		Infor U.S., Inc., 5.750%, 08/15/20 (e)		792
	825		Nuance Communications, Inc., 5.375%, 08/15/20 (e)		844
					1,636
			Technology Hardware, Storage & Peripherals — 1.6%
			Diamond 1 Finance Corp./Diamond 2 Finance Corp.,
	1,060		3.480%, 06/01/19 (e)		1,089
	489		4.420%, 06/15/21 (e)		512
	260		5.875%, 06/15/21 (e)		275
	750		NCR Corp., 4.625%, 02/15/21		758
					2,634
			Total Information Technology		7,301
			Materials — 9.1%
			Chemicals — 0.9%
	400		Eagle Spinco, Inc., 4.625%, 02/15/21		419
	805		Hexion, Inc., 6.625%, 04/15/20		698
	425		Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		411
					1,528
			Construction Materials — 0.7%
	350		Cemex S.A.B. de C.V., (Mexico), 6.500%, 12/10/19 (e)		374
	776		Headwaters, Inc., 7.250%, 01/15/19		805
					1,179
			Containers & Packaging — 1.5%
	300		Ball Corp., 4.375%, 12/15/20		323
	375		Graphic Packaging International, Inc., 4.750%, 04/15/21		402
	550		Owens-Illinois, Inc., 7.800%, 05/15/18		602

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
	520	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, VAR, 4.127%, 07/15/21 (e)		528
	500	Sealed Air Corp., 6.500%, 12/01/20 (e)		571
				2,426
		Metals & Mining — 6.0%
	2,140	Alcoa, Inc., 5.720%, 02/23/19		2,295
		Anglo American Capital plc, (United Kingdom),
	745	3.625%, 05/14/20 (e)		738
	500	4.450%, 09/27/20 (e)		505
		ArcelorMittal, (Luxembourg),
	270	6.500%, 03/01/21		293
	1,570	10.850%, 06/01/19		1,872
	91	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, (Australia), 7.125%, 05/01/18 (e)		93
	71	Commercial Metals Co., 7.350%, 08/15/18		76
	940	Freeport-McMoRan, Inc., 2.375%, 03/15/18		925
	430	New Gold, Inc., (Canada), 7.000%, 04/15/20 (e)		443
	600	Novelis, Inc., (Canada), 8.375%, 12/15/17		613
	182	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		165
	550	Steel Dynamics, Inc., 6.125%, 08/15/19		568
		Teck Resources Ltd., (Canada),
	840	3.000%, 03/01/19		815
	25	8.000%, 06/01/21 (e)		27
	310	United States Steel Corp., 8.375%, 07/01/21 (e)		337
				9,765
		Total Materials		14,898
		Real Estate — 0.8%
		Equity Real Estate Investment Trusts (REITs) — 0.8%
	700	Equinix, Inc., 5.375%, 01/01/22		748
	543	Iron Mountain, Inc., 6.000%, 10/01/20 (e)		577
	104	VEREIT Operating Partnership LP, 4.125%, 06/01/21		109
		Total Real Estate		1,434
		Telecommunication Services — 8.3%
		Diversified Telecommunication Services — 4.1%
	575	CCO Holdings LLC/CCO Holdings Capital Corp., 6.625%, 01/31/22		605
	610	CenturyLink, Inc., Series R, 5.150%, 06/15/17		625
	683	Cincinnati Bell, Inc., 8.375%, 10/15/20		707
		Frontier Communications Corp.,
	900	7.125%, 03/15/19		970

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 269

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	845	8.125%, 10/01/18		930
	1,600	8.500%, 04/15/20		1,726
	523	Intelsat Jackson Holdings S.A., (Luxembourg), 7.250%, 04/01/19		419
	820	Sprint Capital Corp., 6.900%, 05/01/19		828
				6,810
		Wireless Telecommunication Services — 4.2%
	750	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		780
		Sprint Communications, Inc.,
	1,000	8.375%, 08/15/17		1,042
	1,200	9.000%, 11/15/18 (e)		1,321
		T-Mobile USA, Inc.,
	525	6.250%, 04/01/21		548
	1,000	6.464%, 04/28/19		1,020
	2,275	6.542%, 04/28/20		2,349
				7,060
		Total Telecommunication Services		13,870
		Utilities — 3.8%
		Independent Power & Renewable Electricity Producers — 3.8%
	965	AES Corp., VAR, 3.842%, 06/01/19		965
	1,500	Calpine Corp., 6.000%, 01/15/22 (e)		1,573
	600	Dynegy, Inc., 6.750%, 11/01/19		615
	1,000	GenOn Energy, Inc., 9.875%, 10/15/20		705
	1,500	NRG Energy, Inc., 8.250%, 09/01/20		1,541
	1,033	Talen Energy Supply LLC, 4.625%, 07/15/19 (e)		971
		Total Utilities		6,370
		Total Corporate Bonds (Cost $121,320)		121,609
	Preferred Securities — 0.8% (x)
		Financials — 0.8%
		Banks — 0.7%
	545	Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		558
	575	Citigroup, Inc., Series Q, VAR, 5.950%, 08/15/20		586
				1,144
		Capital Markets — 0.1%
	204	Goldman Sachs Group, Inc. (The), Series L, VAR, 5.700%, 05/10/19		208
		Total Preferred Securities (Cost $1,357)		1,352

SHARES			SECURITY DESCRIPTION	VALUE($)
	Common Stock — 0.0% (g)
			Energy — 0.0% (g)
			Oil, Gas & Consumable Fuels — 0.0% (g)
	—	(h)	Federal Home Loan Mortgage Corp. (Cost $31)		33
	Preferred Stocks — 0.8%
			Financials — 0.8%
			Consumer Finance — 0.4%
	23		GMAC Capital Trust I, Series 2, VAR, 6.602%, 02/15/40 ($25 par value)		591
			Insurance — 0.4%
	1		XLIT Ltd., (Cayman Islands), Series D, VAR, 3.800%, 10/03/16 ($1,000 par value) @		794
			Total Preferred Stocks (Cost $1,493)		1,385
PRINCIPAL AMOUNT($)
	Loan Assignments — 20.8%
			Consumer Discretionary — 7.1%
			Auto Components — 1.1%
	1,367		CS Intermediate Holdco 2 LLC, Term Loan, VAR, 4.000%, 04/04/21		1,372
	395		Key Safety Systems, Inc., Initial Term Loan, VAR, 5.500%, 08/29/21		395
					1,767
			Hotels, Restaurants & Leisure — 1.5%
	746		CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		728
	772		Golden Nugget, Inc., Closing Date Facility Term Loan, VAR, 5.500%, 11/21/19		776
	331		Golden Nugget, Inc., Delayed Draw Term Loan, VAR, 5.500%, 11/21/19		332
	595		Intrawest Operations Group LLC, Initial Term Loan, VAR, 5.000%, 12/09/20		597
					2,433
			Internet & Direct Marketing Retail — 0.6%
	1,283		Lands’ End, Inc., Initial Term B Loan, VAR, 4.250%, 04/04/21		1,024
			Leisure Products — 0.5%
	760		Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		756
			Media — 3.1%
	305		Charter Communications Operating LLC, Term Loan, VAR, 3.500%, 01/24/23		307
	720		iHeartCommunications, Inc., Term Loan D, VAR, 7.274%, 01/30/19		552

SEE NOTES TO FINANCIAL STATEMENTS.

270 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Media — continued
	142	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 8.024%, 07/30/19		109
	488	Mission Broadcasting, Inc., Incremental Tranche B-1 Term Loan, VAR, 3.750%, 10/01/20		487
	553	Nexstar Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		553
	1,836	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		1,834
	1,402	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,401
				5,243
		Specialty Retail — 0.3%
	508	PetSmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		509
		Total Consumer Discretionary		11,732
		Consumer Staples — 3.3%
		Food & Staples Retailing — 1.0%
	360	Albertson’s LLC, 2016-1 Term Loan B-4, VAR, 4.500%, 08/25/21		361
	274	Albertson’s LLC, 2016-1 Term Loan B-5, VAR, 4.750%, 12/21/22		276
	644	Rite Aid Corp., Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		645
	420	SUPERVALU, Inc., Term Loan B, VAR, 5.500%, 03/21/19		420
				1,702
		Food Products — 2.3%
	2,765	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.501%, 11/01/18		2,772
	358	Hearthside Group Holdings LLC, Term Loan, VAR, 4.500%, 06/02/21		358
	206	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.250%, 04/29/20		206
	534	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.250%, 04/29/20		536
				3,872
		Total Consumer Staples		5,574
		Energy — 2.1%
		Energy Equipment & Services — 0.4%
	97	Drillships Ocean Ventures, Inc., Tranche B-1 Term Loan, VAR, 6.000%, 03/31/21		44
	292	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		183
	1,073	Seadrill Partners LP, Initial Term Loan, VAR, 4.000%, 02/21/21		514
				741

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 1.7%
	97	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		96
	117	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		118
	405	CITGO Petroleum Corp., Term B Loan, VAR, 4.500%, 07/29/21		398
	875	Energy Transfer Equity LP, Term Loan, VAR, 3.292%, 12/02/19		858
	715	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20 (d)		257
	795	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20 (d)		547
	201	Sabine Oil & Gas Corp., Term Loan, VAR, 12.000%, 12/31/18 (d) ^		6
	81	Southcross Holdings Borrower LP, Tranche B Term Loan, VAR, 3.500%, 04/23/23		69
	400	Western Refining, Inc., 1st Lien Term Loan B, VAR, 5.500%, 06/23/23		389
				2,738
		Total Energy		3,479
		Financials — 0.9%
		Capital Markets — 0.4%
	680	UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan, VAR, 5.000%, 07/22/23		681
		Diversified Financial Services — 0.5%
	753	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		734
		Total Financials		1,415
		Health Care — 1.5%
		Health Care Providers & Services — 0.8%
	139	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, VAR, 4.500%, 02/16/23		140
	479	CHG Healthcare Services, Inc., Term Loan B, VAR, 4.750%, 06/07/23		481
	221	MultiPlan, Inc., 1st Lien Term Loan B, VAR, 5.000%, 06/07/23		223
	508	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.250%, 01/31/21		509
				1,353
		Pharmaceuticals — 0.7%
	399	Endo Pharmaceutical, 2015 Incremental Term B Loan, VAR, 3.750%, 09/26/22		397
	469	Grifols Worldwide Operations Ltd., U.S. Tranche B Term Loan, VAR, 3.443%, 02/27/21		472

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 271

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Pharmaceuticals — 0.7%
	333	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 5.500%, 04/01/22		333
				1,202
		Total Health Care		2,555
		Industrials — 1.4%
		Airlines — 0.2%
	386	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		387
		Building Products — 0.2%
	394	Stardust Finance, Senior Lien Term Loan, VAR, 6.500%, 03/14/22		391
		Commercial Services & Supplies — 0.5%
	310	Prime Security Services Borrower LLC, 1st Lien Term Loan, VAR, 4.750%, 04/07/22		312
	400	University Support Services LLC, 1st Lien Term Loan B, VAR, 6.250%, 07/06/22		401
				713
		Construction & Engineering — 0.0% (g)
	71	Stonewall Gas Gathering LLC, Term Loan, VAR, 8.750%, 01/28/22		73
		Industrial Conglomerates — 0.2%
	285	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		260
		Marine — 0.3%
	414	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		278
	460	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18 (d)		258
				536
		Total Industrials		2,360
		Materials — 1.4%
		Chemicals — 0.9%
	946	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		951
	499	Gemini HDPE LLC, Advance, VAR, 4.750%, 08/06/21		498
				1,449
		Metals & Mining — 0.5%
	836	FMG Resources Pty, Ltd., Term Loan B, (Australia), VAR, 3.750%, 06/30/19		831
		Total Materials		2,280

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Real Estate — 0.3%
		Equity Real Estate Investment Trusts (REITs) — 0.3%
	539	MGM Growth Properties, Term Loan B, VAR, 4.000%, 04/25/23		543
		Telecommunication Services — 1.5%
		Diversified Telecommunication Services — 1.5%
	240	Cincinnati Bell, Inc., Term Loan, VAR, 4.000%, 09/10/20		240
	1,045	Level 3 Financing, Inc., Term Loan B-3, VAR, 4.000%, 08/01/19		1,050
	717	UPC Financing Partnership, Senior Secured Term Loan AN, VAR, 4.080%, 08/31/24		714
	379	Virgin Media Investments Holdings Ltd., F Facility, (United Kingdom), VAR, 3.649%, 06/30/23		379
	140	XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		140
		Total Telecommunication Services		2,523
		Utilities — 1.3%
		Electric Utilities — 1.3%
	194	Calpine Construction Finance Co., Term B-1 Loan, VAR, 3.000%, 05/03/20		191
	512	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 12/19/16		514
	103	Texas Competitive Electric Holdings Co. LLC, 1st Lien Term Loan C, VAR, 5.000%, 10/31/17		104
	1,750	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.970%, 10/10/17 (d)		559
	1,175	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.970%, 10/10/17 (d)		370
	454	Texas Competitive Electric Holdings Co. LLC, Term Loan B, VAR, 5.000%, 07/26/23		455
		Total Utilities		2,193
		Total Loan Assignments (Cost $38,419)		34,654
SHARES
	Short-Term Investment — 3.3%
		Investment Company — 3.3%
	5,501	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.310% (b) (l) (Cost $5,501)		5,501
		Total Investments — 98.9% (Cost $168,121)		164,534
		Other Assets in Excess of Liabilities — 1.1%		1,908
		NET ASSETS — 100.0%	$	166,442

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

272 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

JPMorgan Treasury & Agency Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 12.2%
	4,000	Financing Corp. STRIPS, 1.383%, 11/30/17 (n)		3,952
	5,663	New Valley Generation I, 7.299%, 03/15/19		6,201
	2,236	New Valley Generation II, 5.572%, 05/01/20		2,432
		Total U.S. Government Agency Securities (Cost $12,348)		12,585
	U.S. Treasury Obligations — 86.4%
		U.S. Treasury Notes,
	8,500	0.625%, 04/30/18		8,476
	10,000	0.750%, 10/31/17		10,003
	10,000	0.875%, 04/30/17		10,021
	675	0.875%, 07/31/19		674
	1,325	1.000%, 06/30/19		1,328
	2,000	1.000%, 08/31/19		2,004
	3,000	1.125%, 03/31/20		3,008
	9,000	1.250%, 10/31/18		9,076
	4,000	1.250%, 02/29/20		4,029
	3,000	1.375%, 08/31/20		3,029
	8,000	1.500%, 10/31/19		8,129
	8,000	1.750%, 10/31/18		8,154
	5,000	2.125%, 08/31/20		5,194
	2,000	2.125%, 01/31/21		2,081
	6,000	2.625%, 11/15/20		6,360
	4,405	3.125%, 01/31/17		4,454
	3,000	3.250%, 12/31/16		3,028
		Total U.S. Treasury Obligations (Cost $88,437)		89,048

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 1.0%
		Investment Company — 1.0%
	1,078	JPMorgan Federal Money Market Fund, Institutional Class Shares, 0.210% (b) (l) (Cost $1,078)		1,078
		Total Investments — 99.6% (Cost $101,863)		102,711
		Other Assets in Excess of Liabilities — 0.4%		367
		NET ASSETS — 100.0%	$	103,078

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 273

J.P. Morgan Income Funds

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF AUGUST 31, 2016

ACES	—  Alternative Credit Enhancement Securities
ADR	—  American Depositary Receipt
ARM	—  Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2016.
AUD	—  Australian Dollar
BRL	—  Brazilian Real
CMBS	—  Commercial Mortgage-Backed Security
CMO	—  Collateralized Mortgage Obligation
CPI-U	—  Consumer Price Index for All Urban Customers
CSMC	—  Credit Suisse Mortgage Trust
ESOP	—  Employee Stock Ownership Program
EUR	—  Euro
FHA	—  Federal Housing Administration
FHLMC	—  Federal Home Loan Mortgage Corp.
GMAC	—  General Motors Acceptance Corp.
GO	—  General Obligation
HB	—  High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—  Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of August 31, 2016. The rate may be subject to a cap and floor.
IO	—  Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY	—  Japanese Yen
MLP	—  Master Limited Partnership.
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
PAC	—  Planned Amortization Class
PO	—  Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Reg. S	—  Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
REIT	—  Real Estate Investment Trust
REMIC	—  Real Estate Mortgage Investment Conduit
Rev.	—  Revenue
STRIPS	—  Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.

SUB	—  Step-Up Bond. The interest rate shown is the rate in effect as of August 31, 2016.
TBA	—  To Be Announced
USD	—  United States Dollar
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of August 31, 2016.
ZAR	—  South African Rand
(a)	—  Non-income producing security.
(b)	—  Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	—  Defaulted Security.
(e)	—  Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(g)	—  Amount rounds to less than 0.05%.
(h)	—  Amount rounds to less than 500.
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts.
(l)	—  The rate shown is the current yield as of August 31, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.
(r)	—  Rates shown are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the next put date, next demand date or final maturity date.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—  Securities are perpetual and thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of August 31, 2016.
@	—  The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is currently in effect as of August 31, 2016.
^	—  All or a portion of the security is unsettled as of August 31, 2016. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
†	—  The following approximates the value of investments restricted as collateral for swaps to various brokers (amounts in thousands):

Fund	Value
Inflation Managed Bond Fund	$	54,390

††	—  Non-deliverable forward.
1	—  Security matures in 2115.
2	—  Security matures in 2110.
3	—  Security matures in 2105.
4	—  Security matures in 2111.
5	—  Security matures in 2114.
6	—  Security matures in 2112.

SEE NOTES TO FINANCIAL STATEMENTS.

274 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 275

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited)

(Amounts in thousands, except per share amounts)

	Core Bond Fund		Core Plus Bond Fund		Government Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	28,632,968	$	6,439,530	$	1,321,100
Investments in affiliates, at value		856,578		346,277		75,648
Total investment securities, at value		29,489,546		6,785,807		1,396,748
Foreign currency, at value		—		119		—
Deposits at broker for futures contracts		—		15		—
Receivables:
Investment securities sold		9,895		1,101		63
Investment securities sold — delayed delivery securities		—		44,248		—
Fund shares sold		46,694		183,213		4,099
Interest and dividends from non-affiliates		115,407		37,467		3,987
Dividends from affiliates		218		94		17
Tax reclaims		—		47		—
Variation margin on futures contracts		—		26		—
Unrealized appreciation on forward foreign currency exchange contracts		—		35		—
Total Assets		29,661,760		7,052,172		1,404,914
LIABILITIES:
Payables:
Due to custodian		65		18		—	(a)
Investment securities purchased		38,241		99,643		12
Investment securities purchased — delayed delivery securities		10,005		101,506		11,489
Fund shares redeemed		71,808		3,870		4,390
Unrealized depreciation on forward foreign currency exchange contracts		—		296		—
Variation margin on centrally cleared swaps		—		20		—
Accrued liabilities:
Investment advisory fees		6,672		1,570		276
Administration fees		1,543		441		66
Distribution fees		1,388		440		199
Shareholder servicing fees		2,245		121		16
Custodian and accounting fees		351		94		25
Collateral management fees		—		20		—
Trustees’ and Chief Compliance Officer’s fees		31		18		—
Other		4,291		513		669
Total Liabilities		136,640		208,570		17,142
Net Assets	$	29,525,120	$	6,843,602	$	1,387,772

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

276 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
NET ASSETS:
Paid-in-Capital	$	28,016,863		$	6,674,524		$	1,306,984
Accumulated undistributed (distributions in excess of) net investment income		1,840			1,412			7
Accumulated net realized gains (losses)		76,306			(17,750	)		4,769
Net unrealized appreciation (depreciation)		1,430,111			185,416			76,012
Total Net Assets	$	29,525,120		$	6,843,602		$	1,387,772
Net Assets:
Class A	$	3,144,567		$	1,121,133		$	572,720
Class C		1,042,392			301,696			77,714
Class R2		121,239			32,897			65,745
Class R5		473,292			—			—
Class R6		12,626,222			3,596,661			74,411
Institutional Class		—			1,164,902			—
Select Class		12,117,408			626,313			597,182
Total	$	29,525,120		$	6,843,602		$	1,387,772
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		262,249			133,068			52,387
Class C		86,404			35,612			7,132
Class R2		10,124			3,905			6,019
Class R5		39,550			—			—
Class R6		1,052,525			426,649			6,812
Institutional Class		—			138,118			—
Select Class		1,011,246			74,353			54,650
Net Asset Value (a):
Class A — Redemption price per share	$	11.99		$	8.43		$	10.93
Class C — Offering price per share (b)		12.06			8.47			10.90
Class R2 — Offering and redemption price per share		11.98			8.42			10.92
Class R5 — Offering and redemption price per share		11.97			—			—
Class R6 — Offering and redemption price per share		12.00			8.43			10.92
Institutional Class — Offering and redemption price per share		—			8.43			—
Select Class — Offering and redemption price per share		11.98			8.42			10.93
Class A maximum sales charge		3.75	%		3.75	%		3.75	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.46		$	8.76		$	11.36
Cost of investments in non-affiliates	$	27,202,857		$	6,252,991		$	1,245,088
Cost of investments in affiliates		856,578			346,277			75,648
Cost of foreign currency		—			120			—
Premiums paid on swaps		—			4,487			—

(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, 2016 J.P. MORGAN INCOME FUNDS 277

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	High Yield Fund		Inflation Managed Bond Fund			Limited Duration Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	11,450,838	$	1,386,663		$	1,149,463
Investments in affiliates, at value		616,479		25,421			106,063
Investments in affiliates — restricted, at value		—		54,390			—
Total investment securities, at value		12,067,317		1,466,474			1,255,526
Cash		1,083		—			508
Receivables:
Investment securities sold		9,823		—			1,828
Fund shares sold		17,693		826			4,893
Interest and dividends from non-affiliates		185,693		8,295			1,714
Dividends from affiliates		148		4			26
Tax reclaims		750		—			—
Outstanding swap contracts, at value		—		247			—
Total Assets		12,282,507		1,475,846			1,264,495
LIABILITIES:
Payables:
Due to custodian		—		—	(a)		—
Investment securities purchased		159,038		873			—
Fund shares redeemed		15,419		1,189			1,460
Variation margin on centrally cleared swaps		401		—			—
Outstanding swap contracts, at value		—		54,254			—
Accrued liabilities:
Investment advisory fees		6,071		405			178
Administration fees		596		97			35
Distribution fees		343		8			69
Shareholder servicing fees		36		58			60
Custodian and accounting fees		92		27			31
Collateral management fees		3		27			—
Trustees’ and Chief Compliance Officer’s fees		33		1			—	(a)
Other		2,727		576			144
Total Liabilities		184,759		57,515			1,977
Net Assets	$	12,097,748	$	1,418,331		$	1,262,518

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

278 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
NET ASSETS:
Paid-in-Capital	$	12,448,127		$	1,458,531		$	1,335,874
Accumulated undistributed (distributions in excess of) net investment income		3,302			(291	)		(399	)
Accumulated net realized gains (losses)		(350,957	)		(27,799	)		(71,113	)
Net unrealized appreciation (depreciation)		(2,724	)		(12,110	)		(1,844	)
Total Net Assets	$	12,097,748		$	1,418,331		$	1,262,518
Net Assets:
Class A	$	953,627		$	23,913		$	181,470
Class C		221,579			3,944			47,474
Class R2		8,746			777			—
Class R5		65,007			760			—
Class R6		4,394,000			796,648			765,924
Select Class		6,454,789			592,289			267,650
Total	$	12,097,748		$	1,418,331		$	1,262,518
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		130,465			2,317			18,117
Class C		30,262			384			4,792
Class R2		1,198			75			—
Class R5		8,835			73			—
Class R6		597,943			77,081			76,364
Select Class		878,280			57,393			26,726
Net Asset Value (a):
Class A — Redemption price per share	$	7.31		$	10.32		$	10.02
Class C — Offering price per share (b)		7.32			10.27			9.91
Class R2 — Offering and redemption price per share		7.30			10.33			—
Class R5 — Offering and redemption price per share		7.36			10.36			—
Class R6 — Offering and redemption price per share		7.35			10.34			10.03
Select Class — Offering and redemption price per share		7.35			10.32			10.01
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)]	$	7.59		$	10.72		$	10.25
Cost of investments in non-affiliates	$	11,455,115		$	1,344,766		$	1,151,307
Cost of investments in affiliates		616,479			25,421			106,063
Cost of investments in affiliates — restricted		—			54,390			—
Premiums paid on swaps		9,374			—			—

(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, 2016 J.P. MORGAN INCOME FUNDS 279

STATEMENTS OF ASSETS AND LIABILITIES

AS OF AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	Mortgage-Backed Securities Fund		Short Duration Bond Fund		Short Duration High Yield Fund			Treasury & Agency Fund
ASSETS:
Investments in non-affiliates, at value	$	2,610,354	$	11,009,306	$	159,033		$	101,633
Investments in affiliates, at value		188,596		42,185		5,501			1,078
Total investment securities, at value		2,798,950		11,051,491		164,534			102,711
Cash		—		—		53			—
Receivables:
Investment securities sold		141		32,915		5			—
Fund shares sold		3,500		7,698		17			33
Interest and dividends from non-affiliates		6,982		41,065		2,205			527
Dividends from affiliates		56		14		2			—	(a)
Tax reclaims		—		—		17			—
Total Assets		2,809,629		11,133,183		166,833			103,271
LIABILITIES:
Payables:
Due to custodian		120		32		—			—	(a)
Investment securities purchased		11,234		26,465		168			—
Investment securities purchased — delayed delivery securities		13,065		—		—			—
Fund shares redeemed		1,739		35,934		72			96
Accrued liabilities:
Investment advisory fees		492		2,072		45			1
Administration fees		—		574		—			—
Distribution fees		54		175		1			5
Shareholder servicing fees		120		1,356		17			22
Custodian and accounting fees		100		104		14			6
Trustees’ and Chief Compliance Officer’s fees		4		36		—	(a)		—	(a)
Audit fees		47		51		63			38
Other		156		1,211		11			25
Total Liabilities		27,131		68,010		391			193
Net Assets	$	2,782,498	$	11,065,173	$	166,442		$	103,078

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

280 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Mortgage-Backed Securities Fund			Short Duration Bond Fund			Short Duration High Yield Fund			Treasury & Agency Fund
NET ASSETS:
Paid-in-Capital	$	2,692,484		$	11,012,554		$	183,505		$	102,189
Accumulated undistributed (distributions in excess of) net investment income		(25	)		(2,220	)		11			(8	)
Accumulated net realized gains (losses)		1,504			3,209			(13,487	)		49
Net unrealized appreciation (depreciation)		88,535			51,630			(3,587	)		848
Total Net Assets	$	2,782,498		$	11,065,173		$	166,442		$	103,078
Net Assets:
Class A	$	185,082		$	531,168		$	3,122		$	23,505
Class C		21,759			97,792			305			—
Class R6		1,386,596			3,107,116			33,353			—
Select Class		1,189,061			7,329,097			129,662			79,573
Total	$	2,782,498		$	11,065,173		$	166,442		$	103,078
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		15,825			48,815			332			2,489
Class C		1,910			8,930			33			—
Class R6		121,467			285,225			3,545			—
Select Class		104,137			672,676			13,786			8,428
Net Asset Value (a):
Class A — Redemption price per share	$	11.70		$	10.88		$	9.41		$	9.44
Class C — Offering price per share (b)		11.39			10.95			9.40			—
Class R6 — Offering and redemption price per share		11.42			10.89			9.41			—
Select Class — Offering and redemption price per share		11.42			10.90			9.41			9.44
Class A maximum sales charge		3.75	%	��	2.25	%		2.25	%		2.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	12.16		$	11.13		$	9.63		$	9.66
Cost of investments in non-affiliates	$	2,521,819		$	10,957,676		$	162,620		$	100,785
Cost of investments in affiliates		188,596			42,185			5,501			1,078

(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, 2016 J.P. MORGAN INCOME FUNDS 281

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited)

(Amounts in thousands)

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	438,799		$	90,222		$	19,778
Interest income from affiliates		—			—	(a)		—
Dividend income from non-affiliates		—			82			—
Dividend income from affiliates		2,431			623			66
Total investment income		441,230			90,927			19,844
EXPENSES:
Investment advisory fees		45,457			8,504			2,006
Administration fees		12,429			2,324			549
Distribution fees:
Class A		4,049			1,232			708
Class C		3,820			1,066			282
Class R2		297			89			164
Shareholder servicing fees:
Class A		4,049			1,232			708
Class C		1,273			355			94
Class R2		148			44			82
Class R5		114			—			—
Institutional Class		—			479			—
Select Class		15,250			648			779
Custodian and accounting fees		652			233			58
Interest expense to affiliates		—			—	(a)		—
Professional fees		225			186			43
Collateral management fees		—			20			—
Trustees’ and Chief Compliance Officer’s fees		67			31			13
Printing and mailing costs		1,445			170			43
Registration and filing fees		227			142			50
Transfer agency fees (See Note 2.I.)		262			59			139
Sub-transfer agency fees (See Note 2.I.)		5,376			885			1,046
Other		205			49			10
Total expenses		95,345			17,748			6,774
Less fees waived		(17,044	)		(2,698	)		(1,818	)
Less earnings credits		(1	)		—	(a)		—
Less expense reimbursements		(33	)		(52	)		(444	)
Net expenses		78,267			14,998			4,512
Net investment income (loss)		362,963			75,929			15,332
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		62,002			7,216			4,383
Futures		—			1,302			—
Foreign currency transactions		—			(341	)		—
Swaps		—			(6,418	)		—
Net realized gain (loss)		62,002			1,759			4,383
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		566,572			184,371			4,370
Futures		—			167			—
Foreign currency translations		—			(128	)		—
Swaps		—			(968	)		—
Unfunded commitments		7			—			—
Change in net unrealized appreciation/depreciation		566,579			183,442			4,370
Net realized/unrealized gains (losses)		628,581			185,201			8,753
Change in net assets resulting from operations	$	991,544		$	261,130		$	24,085

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

282 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	348,897		$	20,282		$	9,930
Interest income from affiliates		—			57			—
Dividend income from non-affiliates		1,471			—			—
Dividend income from affiliates		845			28			189
Total investment income		351,213			20,367			10,119
EXPENSES:
Investment advisory fees		35,400			2,629			1,621
Administration fees		4,466			616			532
Distribution fees:
Class A		1,188			43			241
Class C		802			15			186
Class R2		22			2			—
Shareholder servicing fees:
Class A		1,188			43			241
Class C		267			5			62
Class R2		11			1			—
Class R5		16			1			—
Select Class		6,913			810			375
Custodian and accounting fees		188			85			94
Professional fees		103			45			37
Collateral management fees		3			27			—
Trustees’ and Chief Compliance Officer’s fees		50			12			12
Printing and mailing costs		709			—			39
Registration and filing fees		136			54			31
Transfer agency fees (See Note 2.I.)		581			13			20
Sub-transfer agency fees (See Note 2.I.)		3,260			107			127
Other		60			18			11
Total expenses		55,363			4,526			3,629
Less fees waived		(11,792	)		(491	)		(1,130	)
Less earnings credits		(1	)		—			—
Less expense reimbursements		(716	)		(48	)		—
Net expenses		42,854			3,987			2,499
Net investment income (loss)		308,359			16,380			7,620
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(89,267	)		4,981			(6	)
Investments in affiliates		—	(a)		—			—
Swaps		7,360			(23,228	)		—
Net realized gain (loss)		(81,907	)		(18,247	)		(6	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		1,062,575			18,727			6,625
Swaps		1,553			27,683			—
Change in net unrealized appreciation/depreciation		1,064,128			46,410			6,625
Net realized/unrealized gains (losses)		982,221			28,163			6,619
Change in net assets resulting from operations	$	1,290,580		$	44,543		$	14,239

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 283

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED AUGUST 31, 2016 (Unaudited) (continued)

(Amounts in thousands)

	Mortgage-Backed Securities Fund			Short Duration Bond Fund			Short Duration High Yield Fund			Treasury & Agency Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	42,785		$	76,472		$	4,121		$	513
Dividend income from non-affiliates		—			—			36			—
Dividend income from affiliates		502			70			13			2
Total investment income		43,287			76,542			4,170			515
EXPENSES:
Investment advisory fees		4,886			14,294			386			156
Administration fees		1,145			4,690			63			43
Distribution fees:
Class A		251			681			4			36
Class C		78			392			1			—
Shareholder servicing fees:
Class A		251			681			4			36
Class C		26			130			—	(a)		—
Select Class		1,462			9,502			148			94
Custodian and accounting fees		184			250			29			12
Professional fees		84			68			57			32
Trustees’ and Chief Compliance Officer’s fees		15			54			10			10
Printing and mailing costs		84			577			6			5
Registration and filing fees		36			57			38			15
Transfer agency fees (See Note 2.I.)		23			59			3			3
Sub-transfer agency fees (See Note 2.I.)		293			2,098			1			14
Other		22			89			3			3
Total expenses		8,840			33,622			753			459
Less fees waived		(4,204	)		(5,108	)		(278	)		(188	)
Less earnings credits		—	(a)		—	(a)		—			—
Less expense reimbursements		—			—			—	(a)		—
Net expenses		4,636			28,514			475			271
Net investment income (loss)		38,651			48,028			3,695			244
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		1,439			2,973			(3,411	)		48
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		8,254			53,505			12,530			190
Unfunded commitments		—	(a)		2			—			—
Change in net unrealized appreciation/depreciation		8,254			53,507			12,530			190
Net realized/unrealized gains (losses)		9,693			56,480			9,119			238
Change in net assets resulting from operations	$	48,344		$	104,508		$	12,814		$	482

(a) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

284 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	362,963		$	674,007		$	75,929		$	130,807
Net realized gain (loss)		62,002			65,200			1,759			(17,927	)
Change in net unrealized appreciation/depreciation		566,579			(230,536	)		183,442			(96,909	)
Change in net assets resulting from operations		991,544			508,671			261,130			15,971
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(35,905	)		(77,176	)		(12,489	)		(20,653	)
From net realized gains		—			(5,773	)		—			(1,670	)
Class B (a)
From net investment income		—			(58	)		—			(6	)
Class C
From net investment income		(7,811	)		(14,251	)		(2,577	)		(5,609	)
From net realized gains		—			(1,845	)		—			(548	)
Class R2
From net investment income		(1,172	)		(2,105	)		(365	)		(678	)
From net realized gains		—			(213	)		—			(66	)
Class R5
From net investment income		(5,785	)		(9,514	)		—			—
From net realized gains		—			(735	)		—			—
Class R6
From net investment income		(173,293	)		(283,647	)		(40,196	)		(47,065	)
From net realized gains		—			(24,825	)		—			(5,085	)
Institutional Class
From net investment income		—			—			(13,169	)		(21,960	)
From net realized gains		—			—			—			(1,564	)
Select Class
From net investment income		(144,864	)		(295,000	)		(7,250	)		(36,145	)
From net realized gains		—			(21,607	)		—			(758	)
Total distributions to shareholders		(368,830	)		(736,749	)		(76,046	)		(141,807	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(612,148	)		1,376,925			1,897,916			1,022,920
NET ASSETS:
Change in net assets		10,566			1,148,847			2,083,000			897,084
Beginning of period		29,514,554			28,365,707			4,760,602			3,863,518
End of period	$	29,525,120		$	29,514,554		$	6,843,602		$	4,760,602
Accumulated undistributed (distributions in excess of) net investment income	$	1,840		$	7,707		$	1,412		$	1,529

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 285

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Government Bond Fund						High Yield Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,332		$	28,463		$	308,359		$	558,430
Net realized gain (loss)		4,383			618			(81,907	)		(218,886	)
Change in net unrealized appreciation/depreciation		4,370			1,041			1,064,128			(1,242,298	)
Change in net assets resulting from operations		24,085			30,122			1,290,580			(902,754	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(6,367	)		(13,051	)		(25,817	)		(45,574	)
From net realized gains		—			(8,104	)		—			(492	)
Class B (a)
From net investment income		—			(13	)		—			(41	)
Class C
From net investment income		(573	)		(1,092	)		(5,258	)		(11,837	)
From net realized gains		—			(968	)		—			(126	)
Class R2
From net investment income		(656	)		(1,080	)		(226	)		(525	)
From net realized gains		—			(757	)		—			(6	)
Class R5
From net investment income		—			—			(1,763	)		(3,813	)
From net realized gains		—			—			—			(36	)
Class R6 (b)
From net investment income		(149	)		—			(117,895	)		(161,050	)
From net realized gains		—			—			—			(2,073	)
Select Class
From net investment income		(7,838	)		(14,519	)		(159,385	)		(337,926	)
From net realized gains		—			(8,055	)		—			(3,062	)
Total distributions to shareholders		(15,583	)		(47,639	)		(310,344	)		(566,561	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		72,488			49,839			1,828,841			483,159
NET ASSETS:
Change in net assets		80,990			32,322			2,809,077			(986,156	)
Beginning of period		1,306,782			1,274,460			9,288,671			10,274,827
End of period	$	1,387,772		$	1,306,782		$	12,097,748		$	9,288,671
Accumulated undistributed (distributions in excess of) net investment income	$	7		$	258		$	3,302		$	5,287

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

286 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,380		$	25,755		$	7,620		$	11,408
Net realized gain (loss)		(18,247	)		(6,288	)		(6	)		(165	)
Change in net unrealized appreciation/depreciation		46,410			(32,951	)		6,625			(6,628	)
Change in net assets resulting from operations		44,543			(13,484	)		14,239			4,615
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(311	)		(751	)		(854	)		(1,452	)
Class C
From net investment income		(27	)		(30	)		(100	)		(97	)
Class R2
From net investment income		(6	)		(2	)		—			—
Class R5
From net investment income		(28	)		(196	)		—			—
Class R6
From net investment income		(9,191	)		(10,023	)		(5,138	)		(3,706	)
Select Class
From net investment income		(6,879	)		(15,877	)		(1,682	)		(6,303	)
Total distributions to shareholders		(16,442	)		(26,879	)		(7,774	)		(11,558	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(169,600	)		(183,626	)		2,807			322,424
NET ASSETS:
Change in net assets		(141,499	)		(223,989	)		9,272			315,481
Beginning of period		1,559,830			1,783,819			1,253,246			937,765
End of period	$	1,418,331		$	1,559,830		$	1,262,518		$	1,253,246
Accumulated undistributed (distributions in excess of) net investment income	$	(291	)	$	(229	)	$	(399	)	$	(245	)

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 287

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	38,651		$	74,201		$	48,028		$	100,522
Net realized gain (loss)		1,439			1,786			2,973			6,262
Change in net unrealized appreciation/depreciation		8,254			2,402			53,507			(41,779	)
Change in net assets resulting from operations		48,344			78,389			104,508			65,005
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(2,455	)		(4,236	)		(1,598	)		(2,421	)
From net realized gains		—			(150	)		—			(425	)
Class B (a)
From net investment income		—			—			—			—	(b)
Class C
From net investment income		(215	)		(225	)		(38	)		(147	)
From net realized gains		—			(9	)		—			(87	)
Class R6
From net investment income		(20,519	)		(41,985	)		(17,552	)		(33,410	)
From net realized gains		—			(1,179	)		—			(2,444	)
Select Class
From net investment income		(16,325	)		(30,537	)		(32,705	)		(64,725	)
From net realized gains		—			(880	)		—			(5,599	)
Total distributions to shareholders		(39,514	)		(79,201	)		(51,893	)		(109,258	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		87,379			101,972			56,656			(101,531	)
NET ASSETS:
Change in net assets		96,209			101,160			109,271			(145,784	)
Beginning of period		2,686,289			2,585,129			10,955,902			11,101,686
End of period	$	2,782,498		$	2,686,289		$	11,065,173		$	10,955,902
Accumulated undistributed (distributions in excess of) net investment income	$	(25	)	$	838		$	(2,220	)	$	1,645

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

288 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Short Duration High Yield Fund						Treasury & Agency Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,695		$	9,551		$	244		$	695
Net realized gain (loss)		(3,411	)		(6,895	)		48			93
Change in net unrealized appreciation/depreciation		12,530			(12,081	)		190			259
Change in net assets resulting from operations		12,814			(9,425	)		482			1,047
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(67	)		(134	)		(43	)		(134	)
From net realized gains		—			—			—			(26	)
Class C
From net investment income		(6	)		(11	)		—			—
Class R6
From net investment income		(797	)		(2,816	)		—			—
Select Class
From net investment income		(2,915	)		(6,607	)		(211	)		(586	)
From net realized gains		—			—			—			(84	)
Total distributions to shareholders		(3,785	)		(9,568	)		(254	)		(830	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		114			(79,606	)		(2,861	)		(24,709	)
NET ASSETS:
Change in net assets		9,143			(98,599	)		(2,633	)		(24,492	)
Beginning of period		157,299			255,898			105,711			130,203
End of period	$	166,442		$	157,299		$	103,078		$	105,711
Accumulated undistributed (distributions in excess of) net investment income	$	11		$	101		$	(8	)	$	2

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 289

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	681,511		$	1,289,184		$	376,044		$	461,853
Distributions reinvested		34,226			77,471			12,087			21,470
Cost of shares redeemed		(710,006	)		(3,307,992	)		(135,144	)		(224,501	)
Conversion from Class B Shares		—			16,134			—			1,021
Change in net assets resulting from Class A capital transactions	$	5,731		$	(1,925,203	)	$	252,987		$	259,843
Class B (a)
Proceeds from shares issued	$	—		$	35		$	—		$	12
Distributions reinvested		—			57			—			6
Cost of shares redeemed		—			(3,500	)		—			(322	)
Conversion to Class A Shares		—			(16,134	)		—			(1,021	)
Change in net assets resulting from Class B capital transactions	$	—		$	(19,542	)	$	—		$	(1,325	)
Class C
Proceeds from shares issued	$	139,904		$	153,635		$	58,696		$	82,689
Distributions reinvested		7,208			14,985			2,423			5,774
Cost of shares redeemed		(104,131	)		(230,260	)		(32,823	)		(71,859	)
Change in net assets resulting from Class C capital transactions	$	42,981		$	(61,640	)	$	28,296		$	16,604
Class R2
Proceeds from shares issued	$	19,628		$	34,628		$	8,804		$	27,876
Distributions reinvested		1,068			2,138			191			471
Cost of shares redeemed		(15,356	)		(40,726	)		(11,931	)		(12,096	)
Change in net assets resulting from Class R2 capital transactions	$	5,340		$	(3,960	)	$	(2,936	)	$	16,251
Class R5
Proceeds from shares issued	$	73,726		$	206,211		$	—		$	—
Distributions reinvested		4,462			7,651			—			—
Cost of shares redeemed		(60,772	)		(126,009	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	17,416		$	87,853		$	—		$	—
Class R6
Proceeds from shares issued	$	1,276,227		$	6,249,156		$	1,401,424		$	1,783,621
Distributions reinvested		163,470			296,498			38,896			48,212
Cost of shares redeemed		(2,227,743	)		(2,896,201	)		(327,553	)		(236,828	)
Change in net assets resulting from Class R6 capital transactions	$	(788,046	)	$	3,649,453		$	1,112,767		$	1,595,005
Institutional Class
Proceeds from shares issued	$	—		$	—		$	472,663		$	343,641
Distributions reinvested		—			—			12,574			22,760
Cost of shares redeemed		—			—			(155,536	)		(161,023	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	329,701		$	205,378
Select Class
Proceeds from shares issued	$	2,173,872		$	5,814,466		$	238,484		$	308,123
Distributions reinvested		115,094			267,721			6,080			35,211
Cost of shares redeemed		(2,184,536	)		(6,432,223	)		(67,463	)		(1,412,170	)
Change in net assets resulting from Select Class capital transactions	$	104,430		$	(350,036	)	$	177,101		$	(1,068,836	)
Total change in net assets resulting from capital transactions	$	(612,148	)	$	1,376,925		$	1,897,916		$	1,022,920

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

290 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		Core Bond Fund						Core Plus Bond Fund
		Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued			57,373			110,021			45,204			56,139
Reinvested			2,877			6,617			1,453			2,618
Redeemed			(59,509	)		(281,776	)		(16,204	)		(27,302	)
Conversion from Class B Shares			—			1,378			—			123
Change in Class A Shares			741			(163,760	)		30,453			31,578
Class B (a)
Issued			—			3			—			1
Reinvested			—			5			—			1
Redeemed			—			(298	)		—			(39	)
Conversion to Class A Shares			—			(1,378	)		—			(122	)
Change in Class B Shares			—			(1,668	)		—			(159	)
Class C
Issued			11,698			13,038			7,022			10,016
Reinvested			602			1,274			290			700
Redeemed			(8,703	)		(19,545	)		(3,927	)		(8,692	)
Change in Class C Shares			3,597			(5,233	)		3,385			2,024
Class R2
Issued			1,655			2,961			1,063			3,383
Reinvested			90			183			23			57
Redeemed			(1,295	)		(3,480	)		(1,432	)		(1,466	)
Change in Class R2 Shares			450			(336	)		(346	)		1,974
Class R5
Issued	��		6,209			17,692			—			—
Reinvested			376			655			—			—
Redeemed			(5,135	)		(10,781	)		—			—
Change in Class R5 Shares			1,450			7,566			—			—
Class R6
Issued			107,984			533,969			168,236			217,064
Reinvested			13,738			25,344			4,670			5,900
Redeemed			(187,561	)		(247,410	)		(39,337	)		(28,834	)
Change in Class R6 Shares			(65,839	)		311,903			133,569			194,130
Institutional Class
Issued			—			—			56,652			41,799
Reinvested			—			—			1,510			2,772
Redeemed			—			—			(18,678	)		(19,545	)
Change in Institutional Class Shares			—			—			39,484			25,026
Select Class
Issued			183,201			495,668			28,627			37,482
Reinvested			9,683			22,898			731			4,271
Redeemed			(183,708	)		(550,438	)		(8,124	)		(172,400	)
Change in Select Class Shares			9,176			(31,872	)		21,234			(130,647	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 291

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Government Bond Fund						High Yield Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	114,445		$	275,090		$	358,733		$	672,055
Distributions reinvested		3,587			12,237			24,935			42,259
Cost of shares redeemed		(123,122	)		(291,606	)		(375,224	)		(567,419	)
Conversion from Class B Shares		—			2,720			—			3,096
Change in net assets resulting from Class A capital transactions	$	(5,090	)	$	(1,559	)	$	8,444		$	149,991
Class B (a)
Proceeds from shares issued	$	—		$	30		$	—		$	43
Distributions reinvested		—			11			—			38
Cost of shares redeemed		—			(671	)		—			(1,333	)
Conversion to Class A Shares		—			(2,720	)		—			(3,096	)
Change in net assets resulting from Class B capital transactions	$	—		$	(3,350	)	$	—		$	(4,348	)
Class C
Proceeds from shares issued	$	15,820		$	19,726		$	24,656		$	26,897
Distributions reinvested		489			1,634			4,881			10,999
Cost of shares redeemed		(12,516	)		(24,327	)		(25,207	)		(84,351	)
Change in net assets resulting from Class C capital transactions	$	3,793		$	(2,967	)	$	4,330		$	(46,455	)
Class R2
Proceeds from shares issued	$	17,619		$	28,842		$	1,489		$	3,650
Distributions reinvested		427			1,175			170			431
Cost of shares redeemed		(13,962	)		(21,862	)		(2,273	)		(4,621	)
Change in net assets resulting from Class R2 capital transactions	$	4,084		$	8,155		$	(614	)	$	(540	)
Class R5
Proceeds from shares issued	$	—		$	—		$	10,317		$	19,127
Distributions reinvested		—			—			1,612			3,552
Cost of shares redeemed		—			—			(9,802	)		(32,841	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	2,127		$	(10,162	)
Class R6 (b)
Proceeds from shares issued	$	74,425		$	—		$	729,453		$	2,263,337
Distributions reinvested		149			—			111,502			149,887
Cost of shares redeemed		(1	)		—			(511,154	)		(276,392	)
Change in net assets resulting from Class R6 capital transactions	$	74,573		$	—		$	329,801		$	2,136,832
Select Class
Proceeds from shares issued	$	140,452		$	207,849		$	2,140,085		$	2,078,892
Distributions reinvested		6,588			17,840			100,789			228,026
Cost of shares redeemed		(151,912	)		(176,129	)		(756,121	)		(4,049,077	)
Change in net assets resulting from Select Class capital transactions	$	(4,872	)	$	49,560		$	1,484,753		$	(1,742,159	)
Total change in net assets resulting from capital transactions	$	72,488		$	49,839		$	1,828,841		$	483,159

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

292 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Government Bond Fund						High Yield Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued		10,497			25,337			50,618			94,167
Reinvested		329			1,132			3,527			5,918
Redeemed		(11,313	)		(26,828	)		(52,904	)		(79,106	)
Conversion from Class B Shares		—			249			—			407
Change in Class A Shares		(487	)		(110	)		1,241			21,386
Class B (a)
Issued		—			3			—			6
Reinvested		—			1			—			5
Redeemed		—			(62	)		—			(174	)
Conversion to Class A Shares		—			(249	)		—			(406	)
Change in Class B Shares		—			(307	)		—			(569	)
Class C
Issued		1,456			1,820			3,493			3,719
Reinvested		45			152			689			1,526
Redeemed		(1,152	)		(2,245	)		(3,565	)		(11,691	)
Change in Class C Shares		349			(273	)		617			(6,446	)
Class R2
Issued		1,619			2,662			212			506
Reinvested		39			109			24			60
Redeemed		(1,281	)		(2,015	)		(322	)		(652	)
Change in Class R2 Shares		377			756			(86	)		(86	)
Class R5
Issued		—			—			1,450			2,616
Reinvested		—			—			227			490
Redeemed		—			—			(1,378	)		(4,483	)
Change in Class R5 Shares		—			—			299			(1,377	)
Class R6 (b)
Issued		6,798			—			102,550			313,320
Reinvested		14			—			15,688			21,110
Redeemed		—	(c)		—			(71,903	)		(39,034	)
Change in Class R6 Shares		6,812			—			46,335			295,396
Select Class
Issued		12,887			19,141			300,293			288,780
Reinvested		605			1,650			14,158			31,426
Redeemed		(13,912	)		(16,199	)		(106,580	)		(564,957	)
Change in Select Class Shares		(420	)		4,592			207,871			(244,751	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Commencement of offering of class of shares effective August 1, 2016 for Government Bond Fund.

(c) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 293

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	5,518		$	15,190		$	23,081		$	92,942
Distributions reinvested		311			751			817			1,391
Cost of shares redeemed		(33,827	)		(22,673	)		(41,736	)		(99,104	)
Conversion from Class B Shares		—			—			—			122
Change in net assets resulting from Class A capital transactions	$	(27,998	)	$	(6,732	)	$	(17,838	)	$	(4,649	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	4
Cost of shares redeemed		—			—			—			(86	)
Conversion to Class A Shares		—			—			—			(122	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(204	)
Class C
Proceeds from shares issued	$	1,299		$	622		$	3,630		$	14,826
Distributions reinvested		27			30			95			92
Cost of shares redeemed		(985	)		(1,485	)		(7,410	)		(17,520	)
Change in net assets resulting from Class C capital transactions	$	341		$	(833	)	$	(3,685	)	$	(2,602	)
Class R2
Proceeds from shares issued	$	466		$	358		$	—		$	—
Distributions reinvested		6			2			—			—
Cost of shares redeemed		(66	)		(80	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	406		$	280		$	—		$	—
Class R5
Proceeds from shares issued	$	243		$	1,524		$	—		$	—
Distributions reinvested		28			196			—			—
Cost of shares redeemed		(11,521	)		(2,211	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(11,250	)	$	(491	)	$	—		$	—
Class R6
Proceeds from shares issued	$	47,972		$	424,960		$	87,841		$	734,862
Distributions reinvested		8,982			9,688			4,794			3,224
Cost of shares redeemed		(73,819	)		(128,254	)		(11,032	)		(97,953	)
Change in net assets resulting from Class R6 capital transactions	$	(16,865	)	$	306,394		$	81,603		$	640,133
Select Class
Proceeds from shares issued	$	86,993		$	156,573		$	74,809		$	411,901
Distributions reinvested		2,975			9,612			1,180			5,449
Cost of shares redeemed		(204,202	)		(648,429	)		(133,262	)		(727,604	)
Change in net assets resulting from Select Class capital transactions	$	(114,234	)	$	(482,244	)	$	(57,273	)	$	(310,254	)
Total change in net assets resulting from capital transactions	$	(169,600	)	$	(183,626	)	$	2,807		$	322,424

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

294 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		Inflation Managed Bond Fund						Limited Duration Bond Fund
		Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued			539			1,480			2,310			9,289
Reinvested			30			74			82			139
Redeemed			(3,292	)		(2,217	)		(4,175	)		(9,915	)
Conversion from Class B Shares			—			—			—			12
Change in Class A Shares			(2,723	)		(663	)		(1,783	)		(475	)
Class B (a)
Issued			—			—			—			—	(b)
Redeemed			—			—			—			(9	)
Conversion to Class A Shares			—			—			—			(12	)
Change in Class B Shares			—			—			—			(21	)
Class C
Issued			127			61			367			1,499
Reinvested			3			3			10			9
Redeemed	��		(96	)		(145	)		(749	)		(1,771	)
Change in Class C Shares			34			(81	)		(372	)		(263	)
Class R2
Issued			45			36			—			—
Reinvested			—	(b)		—	(b)		—			—
Redeemed			(6	)		(8	)		—			—
Change in Class R2 Shares			39			28			—			—
Class R5
Issued			23			149			—			—
Reinvested			3			19			—			—
Redeemed			(1,117	)		(217	)		—			—
Change in Class R5 Shares			(1,091	)		(49	)		—			—
Class R6
Issued			4,655			41,783			8,794			73,445
Reinvested			872			950			478			323
Redeemed			(7,146	)		(12,685	)		(1,101	)		(9,797	)
Change in Class R6 Shares			(1,619	)		30,048			8,171			63,971
Select Class
Issued			8,471			15,343			7,481			41,154
Reinvested			289			941			118			545
Redeemed			(19,857	)		(63,764	)		(13,328	)		(72,883	)
Change in Select Class Shares			(11,097	)		(47,480	)		(5,729	)		(31,184	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 295

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	60,298		$	122,386		$	93,188		$	473,231
Distributions reinvested		2,324			4,295			1,562			2,760
Cost of shares redeemed		(87,452	)		(56,848	)		(94,252	)		(172,446	)
Conversion from Class B Shares		—			—			—			363
Change in net assets resulting from Class A capital transactions	$	(24,830	)	$	69,833		$	498		$	303,908
Class B (a)
Proceeds from shares issued	$	—		$	—		$	—		$	35
Distributions reinvested		—			—			—			—	(b)
Cost of shares redeemed		—			—			—			(151	)
Conversion to Class A Shares		—			—			—			(363	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(479	)
Class C
Proceeds from shares issued	$	6,277		$	14,586		$	6,226		$	23,148
Distributions reinvested		180			217			37			226
Cost of shares redeemed		(4,036	)		(3,258	)		(19,867	)		(36,175	)
Change in net assets resulting from Class C capital transactions	$	2,421		$	11,545		$	(13,604	)	$	(12,801	)
Class R6
Proceeds from shares issued	$	72,975		$	177,261		$	917,390		$	2,124,251
Subscriptions in-kind (See Note X)		—			—			44,995			—
Distributions reinvested		19,230			40,071			7,049			21,544
Cost of shares redeemed		(94,704	)		(229,992	)		(1,049,516	)		(1,929,940	)
Change in net assets resulting from Class R6 capital transactions	$	(2,499	)	$	(12,660	)	$	(80,082	)	$	215,855
Select Class
Proceeds from shares issued	$	314,880		$	412,165		$	1,676,720		$	2,488,315
Distributions reinvested		12,059			21,595			24,063			44,385
Cost of shares redeemed		(214,652	)		(400,506	)		(1,550,939	)		(3,140,714	)
Change in net assets resulting from Select Class capital transactions	$	112,287		$	33,254		$	149,844		$	(608,014	)
Total change in net assets resulting from capital transactions	$	87,379		$	101,972		$	56,656		$	(101,531	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

296 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued		5,161			10,533			8,578			43,602
Reinvested		199			370			144			254
Redeemed		(7,485	)		(4,892	)		(8,667	)		(15,900	)
Conversion from Class B Shares		—			—			—			33
Change in Class A Shares		(2,125	)		6,011			55			27,989
Class B (a)
Issued		—			—			—			4
Reinvested		—			—			—			—	(b)
Redeemed		—			—			—			(14	)
Conversion to Class A Shares		—			—			—			(33	)
Change in Class B Shares		—			—			—			(43	)
Class C
Issued		552			1,288			569			2,122
Reinvested		16			19			3			21
Redeemed		(355	)		(288	)		(1,816	)		(3,312	)
Change in Class C Shares		213			1,019			(1,244	)		(1,169	)
Class R6
Issued		6,413			15,585			84,227			195,339
Subscriptions in-kind (See Note X)		—			—			4,128			—
Reinvested		1,688			3,535			648			1,983
Redeemed		(8,309	)		(20,216	)		(96,336	)		(177,528	)
Change in Class R6 Shares		(208	)		(1,096	)		(7,333	)		19,794
Select Class
Issued		27,623			36,302			154,014			228,970
Reinvested		1,058			1,905			2,210			4,084
Redeemed		(18,810	)		(35,316	)		(142,400	)		(288,919	)
Change in Select Class Shares		9,871			2,891			13,824			(55,865	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

(b) Amount rounds to less than 500.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 297

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short Duration High Yield Fund						Treasury & Agency Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	590		$	12,531		$	2,610		$	21,299
Distributions reinvested		67			134			43			155
Cost of shares redeemed		(269	)		(11,651	)		(13,837	)		(13,558	)
Conversion from Class B Shares		—			—			—			—	(a)
Change in net assets resulting from Class A capital transactions	$	388		$	1,014		$	(11,184	)	$	7,896
Class B (b)
Cost of shares redeemed	$	—		$	—		$	—		$	(36	)
Conversion to Class A Shares		—			—			—			—	(a)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	—		$	(36	)
Class C
Proceeds from shares issued	$	183		$	260		$	—		$	—
Distributions reinvested		6			11			—			—
Cost of shares redeemed		(163	)		(303	)		—			—
Change in net assets resulting from Class C capital transactions	$	26		$	(32	)	$	—		$	—
Class R6
Proceeds from shares issued	$	5,790		$	1,999		$	—		$	—
Distributions reinvested		1			1			—			—
Cost of shares redeemed		(20,000	)		(31,670	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(14,209	)	$	(29,670	)	$	—		$	—
Select Class
Proceeds from shares issued	$	33,544		$	37,758		$	19,555		$	13,981
Distributions reinvested		616			1,247			111			413
Cost of shares redeemed		(20,251	)		(89,923	)		(11,343	)		(46,963	)
Change in net assets resulting from Select Class capital transactions	$	13,909		$	(50,918	)	$	8,323		$	(32,569	)
Total change in net assets resulting from capital transactions	$	114		$	(79,606	)	$	(2,861	)	$	(24,709	)

(a) Amount rounds to less than 500.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

298 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Short Duration High Yield Fund						Treasury & Agency Fund
	Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016			Six Months Ended August 31, 2016 (Unaudited)			Year Ended February 29, 2016
SHARE TRANSACTIONS:
Class A
Issued		64			1,294			277			2,265
Reinvested		7			15			4			16
Redeemed		(29	)		(1,220	)		(1,465	)		(1,439	)
Conversion from Class B Shares		—			—			—			—	(a)
Change in Class A Shares		42			89			(1,184	)		842
Class B (b)
Redeemed		—			—			—			(4	)
Conversion to Class A Shares		—			—			—			—	(a)
Change in Class B Shares		—			—			—			(4	)
Class C
Issued		20			28			—			—
Reinvested		1			1			—			—
Redeemed		(18	)		(32	)		—			—
Change in Class C Shares		3			(3	)		—			—
Class R6
Issued		638			215			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(2,225	)		(3,298	)		—			—
Change in Class R6 Shares		(1,587	)		(3,083	)		—			—
Select Class
Issued		3,633			3,987			2,068			1,485
Reinvested		67			133			12			44
Redeemed		(2,211	)		(9,581	)		(1,201	)		(4,987	)
Change in Select Class Shares		1,489			(5,461	)		879			(3,458	)

(a) Amount rounds to less than 500.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015.

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 299

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Core Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	11.75	$	0.13	$	0.24		$	0.37		$	(0.13	)	$	—		$	(0.13	)
Year Ended February 29, 2016		11.84		0.25		(0.07	)		0.18			(0.25	)		(0.02	)		(0.27	)
Year Ended February 28, 2015		11.65		0.27		0.20			0.47			(0.27	)		(0.01	)		(0.28	)
Year Ended February 28, 2014		12.02		0.30		(0.32	)		(0.02	)		(0.29	)		(0.06	)		(0.35	)
Year Ended February 28, 2013		11.93		0.32		0.11			0.43			(0.32	)		(0.02	)		(0.34	)
Year Ended February 29, 2012		11.46		0.40		0.49			0.89			(0.40	)		(0.02	)		(0.42	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		11.82		0.09		0.24			0.33			(0.09	)		—			(0.09	)
Year Ended February 29, 2016		11.90		0.17		(0.06	)		0.11			(0.17	)		(0.02	)		(0.19	)
Year Ended February 28, 2015		11.71		0.19		0.21			0.40			(0.20	)		(0.01	)		(0.21	)
Year Ended February 28, 2014		12.07		0.22		(0.31	)		(0.09	)		(0.21	)		(0.06	)		(0.27	)
Year Ended February 28, 2013		11.98		0.25		0.10			0.35			(0.24	)		(0.02	)		(0.26	)
Year Ended February 29, 2012		11.51		0.33		0.48			0.81			(0.32	)		(0.02	)		(0.34	)
Class R2
Six Months Ended August 31, 2016 (Unaudited)		11.73		0.11		0.26			0.37			(0.12	)		—			(0.12	)
Year Ended February 29, 2016		11.82		0.22		(0.07	)		0.15			(0.22	)		(0.02	)		(0.24	)
Year Ended February 28, 2015		11.63		0.24		0.20			0.44			(0.24	)		(0.01	)		(0.25	)
Year Ended February 28, 2014		12.00		0.27		(0.32	)		(0.05	)		(0.26	)		(0.06	)		(0.32	)
Year Ended February 28, 2013		11.91		0.29		0.11			0.40			(0.29	)		(0.02	)		(0.31	)
Year Ended February 29, 2012		11.45		0.37		0.48			0.85			(0.37	)		(0.02	)		(0.39	)
Class R5
Six Months Ended August 31, 2016 (Unaudited)		11.72		0.15		0.25			0.40			(0.15	)		—			(0.15	)
Year Ended February 29, 2016		11.82		0.28		(0.07	)		0.21			(0.29	)		(0.02	)		(0.31	)
Year Ended February 28, 2015		11.63		0.30		0.21			0.51			(0.31	)		(0.01	)		(0.32	)
Year Ended February 28, 2014		12.00		0.33		(0.31	)		0.02			(0.33	)		(0.06	)		(0.39	)
Year Ended February 28, 2013		11.91		0.36		0.10			0.46			(0.35	)		(0.02	)		(0.37	)
Year Ended February 29, 2012		11.44		0.43		0.49			0.92			(0.43	)		(0.02	)		(0.45	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		11.75		0.15		0.26			0.41			(0.16	)		—			(0.16	)
Year Ended February 29, 2016		11.84		0.30		(0.07	)		0.23			(0.30	)		(0.02	)		(0.32	)
Year Ended February 28, 2015		11.65		0.31		0.21			0.52			(0.32	)		(0.01	)		(0.33	)
Year Ended February 28, 2014		12.02		0.34		(0.32	)		0.02			(0.33	)		(0.06	)		(0.39	)
Year Ended February 28, 2013		11.92		0.36		0.12			0.48			(0.36	)		(0.02	)		(0.38	)
Year Ended February 29, 2012		11.46		0.44		0.48			0.92			(0.44	)		(0.02	)		(0.46	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		11.74		0.14		0.24			0.38			(0.14	)		—			(0.14	)
Year Ended February 29, 2016		11.83		0.27		(0.07	)		0.20			(0.27	)		(0.02	)		(0.29	)
Year Ended February 28, 2015		11.64		0.28		0.21			0.49			(0.29	)		(0.01	)		(0.30	)
Year Ended February 28, 2014		12.01		0.32		(0.32	)		—	(g)		(0.31	)		(0.06	)		(0.37	)
Year Ended February 28, 2013		11.92		0.34		0.11			0.45			(0.34	)		(0.02	)		(0.36	)
Year Ended February 29, 2012		11.45		0.42		0.49			0.91			(0.42	)		(0.02	)		(0.44	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

300 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	11.99		3.19	%	$	3,144,567		0.74	%		2.16	%		0.98	%		12	%
	11.75		1.57			3,071,916		0.74			2.11			0.98			22
	11.84		4.16			5,034,237		0.74			2.27			0.96			15
	11.65		(0.08	)		5,237,738		0.75			2.52			0.97			15
	12.02		3.56			6,347,063		0.74			2.68			0.97			15
	11.93		7.89			5,937,341		0.75			3.40			0.98			20
	12.06		2.82			1,042,392		1.39			1.52			1.45			12
	11.82		0.98			978,417		1.39			1.47			1.45			22
	11.90		3.45			1,047,962		1.39			1.62			1.46			15
	11.71		(0.69	)		1,216,032		1.40			1.84			1.47			15
	12.07		2.91			2,549,712		1.39			2.03			1.47			15
	11.98		7.15			2,400,830		1.40			2.76			1.48			20
	11.98		3.15			121,239		0.99			1.92			1.35			12
	11.73		1.32			113,488		0.99			1.87			1.34			22
	11.82		3.90			118,352		0.99			2.01			1.24			15
	11.63		(0.33	)		110,094		1.00			2.28			1.23			15
	12.00		3.32			112,812		0.99			2.40			1.22			15
	11.91		7.54			67,044		1.00			3.14			1.23			20
	11.97		3.44			473,292		0.44			2.47			0.52			12
	11.72		1.83			446,658		0.44			2.42			0.52			22
	11.82		4.49			360,868		0.44			2.56			0.52			15
	11.63		0.21			325,239		0.45			2.84			0.53			15
	12.00		3.87			286,302		0.44			2.96			0.52			15
	11.91		8.21			190,711		0.45			3.70			0.53			20
	12.00		3.48			12,626,222		0.34			2.56			0.40			12
	11.75		2.00			13,142,391		0.34			2.52			0.41			22
	11.84		4.53			9,552,192		0.38			2.62			0.44			15
	11.65		0.24			6,635,284		0.40			2.90			0.48			15
	12.02		3.98			5,132,037		0.39			3.01			0.47			15
	11.92		8.16			3,221,144		0.40			3.75			0.48			20
	11.98		3.27			12,117,408		0.57			2.33			0.71			12
	11.74		1.77			11,761,684		0.57			2.29			0.71			22
	11.83		4.32			12,232,357		0.57			2.43			0.71			15
	11.64		0.08			9,526,541		0.58			2.68			0.72			15
	12.01		3.73			14,911,091		0.57			2.84			0.72			15
	11.92		8.09			12,717,750		0.58			3.58			0.73			20

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 301

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
Core Plus Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	8.15	$	0.10	$	0.29		$	0.39		$	(0.11	)	$	—		$	(0.11	)
Year Ended February 29, 2016		8.40		0.24		(0.23	)		0.01			(0.24	)		(0.02	)		(0.26	)
Year Ended February 28, 2015		8.31		0.27		0.15			0.42			(0.27	)		(0.06	)		(0.33	)
Year Ended February 28, 2014		8.49		0.30		(0.12	)		0.18			(0.30	)		(0.06	)		(0.36	)
Year Ended February 28, 2013		8.38		0.31		0.10			0.41			(0.30	)		—	(g)		(0.30	)
Year Ended February 29, 2012		8.19		0.38		0.19			0.57			(0.38	)		—	(g)		(0.38	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		8.19		0.08		0.28			0.36			(0.08	)		—			(0.08	)
Year Ended February 29, 2016		8.44		0.18		(0.23	)		(0.05	)		(0.18	)		(0.02	)		(0.20	)
Year Ended February 28, 2015		8.35		0.22		0.14			0.36			(0.21	)		(0.06	)		(0.27	)
Year Ended February 28, 2014		8.52		0.24		(0.11	)		0.13			(0.24	)		(0.06	)		(0.30	)
Year Ended February 28, 2013		8.42		0.26		0.09			0.35			(0.25	)		—	(g)		(0.25	)
Year Ended February 29, 2012		8.23		0.33		0.19			0.52			(0.33	)		—	(g)		(0.33	)
Class R2
Six Months Ended August 31, 2016 (Unaudited)		8.14		0.09		0.28			0.37			(0.09	)		—			(0.09	)
Year Ended February 29, 2016		8.39		0.20		(0.23	)		(0.03	)		(0.20	)		(0.02	)		(0.22	)
Year Ended February 28, 2015		8.30		0.23		0.15			0.38			(0.23	)		(0.06	)		(0.29	)
Year Ended February 28, 2014		8.48		0.26		(0.12	)		0.14			(0.26	)		(0.06	)		(0.32	)
Year Ended February 28, 2013		8.38		0.28		0.09			0.37			(0.27	)		—	(g)		(0.27	)
Year Ended February 29, 2012		8.20		0.35		0.18			0.53			(0.35	)		—	(g)		(0.35	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		8.15		0.12		0.28			0.40			(0.12	)		—			(0.12	)
Year Ended February 29, 2016		8.40		0.26		(0.22	)		0.04			(0.27	)		(0.02	)		(0.29	)
Year Ended February 28, 2015		8.31		0.29		0.15			0.44			(0.29	)		(0.06	)		(0.35	)
Year Ended February 28, 2014		8.49		0.33		(0.12	)		0.21			(0.33	)		(0.06	)		(0.39	)
Year Ended February 28, 2013		8.38		0.34		0.10			0.44			(0.33	)		—	(g)		(0.33	)
Year Ended February 29, 2012		8.19		0.41		0.19			0.60			(0.41	)		—	(g)		(0.41	)
Institutional Class
Six Months Ended August 31, 2016 (Unaudited)		8.16		0.11		0.27			0.38			(0.11	)		—			(0.11	)
Year Ended February 29, 2016		8.40		0.26		(0.22	)		0.04			(0.26	)		(0.02	)		(0.28	)
Year Ended February 28, 2015		8.32		0.28		0.15			0.43			(0.29	)		(0.06	)		(0.35	)
Year Ended February 28, 2014		8.49		0.32		(0.11	)		0.21			(0.32	)		(0.06	)		(0.38	)
Year Ended February 28, 2013		8.39		0.33		0.10			0.43			(0.33	)		—	(g)		(0.33	)
Year Ended February 29, 2012		8.20		0.40		0.20			0.60			(0.41	)		—	(g)		(0.41	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		8.14		0.12		0.28			0.40			(0.12	)		—			(0.12	)
Year Ended February 29, 2016		8.39		0.25		(0.23	)		0.02			(0.25	)		(0.02	)		(0.27	)
Year Ended February 28, 2015		8.30		0.28		0.14			0.42			(0.27	)		(0.06	)		(0.33	)
Year Ended February 28, 2014		8.48		0.30		(0.11	)		0.19			(0.31	)		(0.06	)		(0.37	)
Year Ended February 28, 2013		8.38		0.32		0.09			0.41			(0.31	)		—	(g)		(0.31	)
Year Ended February 29, 2012		8.19		0.39		0.19			0.58			(0.39	)		—	(g)		(0.39	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

302 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		Ratios/Supplemental data (a)
							Ratios to average net assets
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)(f)
$	8.43		4.75	%	$	1,121,133		0.74	%		2.46	%		1.01	%		34	%
	8.15		0.09			836,190		0.75			2.88			1.02			45
	8.40		5.10			596,507		0.74			3.18			0.97			52
	8.31		2.12			334,499		0.75			3.54			0.95			25
	8.49		5.06			568,987		0.73			3.67			0.95			25
	8.38		7.19			424,254		0.75			4.63			0.97			23
	8.47		4.36			301,696		1.39			1.83			1.47			34
	8.19		(0.60	)		263,986		1.40			2.23			1.49			45
	8.44		4.37			254,815		1.39			2.58			1.46			52
	8.35		1.54			254,763		1.40			2.88			1.45			25
	8.52		4.27			559,441		1.38			3.02			1.45			25
	8.42		6.48			398,777		1.40			3.97			1.47			23
	8.42		4.52			32,897		1.14			2.09			1.40			34
	8.14		(0.34	)		34,621		1.15			2.48			1.41			45
	8.39		4.70			19,108		1.14			2.79			1.31			52
	8.30		1.72			12,063		1.15			3.16			1.20			25
	8.48		4.56			9,675		1.13			3.25			1.20			25
	8.38		6.66			927		1.15			4.21			1.22			23
	8.43		4.90			3,596,661		0.39			2.80			0.41			34
	8.15		0.43			2,388,798		0.40			3.22			0.42			45
	8.40		5.44			830,958		0.39			3.48			0.43			52
	8.31		2.48			326,452		0.40			3.92			0.45			25
	8.49		5.40			243,671		0.39			3.99			0.45			25
	8.38		7.57			64,170		0.39			5.01			0.46			23
	8.43		4.73			1,164,902		0.48			2.72			0.54			34
	8.16		0.49			804,375		0.49			3.14			0.55			45
	8.40		5.24			618,643		0.48			3.39			0.54			52
	8.32		2.51			260,210		0.49			3.86			0.56			25
	8.49		5.20			51,964		0.47			3.94			0.55			25
	8.39		7.47			39,168		0.48			4.90			0.57			23
	8.42		4.88			626,313		0.45			2.75			0.72			34
	8.14		0.21			432,632		0.64			3.00			0.69			45
	8.39		5.20			1,542,145		0.64			3.32			0.69			52
	8.30		2.23			1,275,145		0.65			3.66			0.70			25
	8.48		5.05			1,516,099		0.63			3.78			0.70			25
	8.38		7.28			1,340,341		0.64			4.74			0.72			23

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 303

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
Government Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	10.86	$	0.12	(f)(g)	$	0.07		$	0.19		$	(0.12	)	$	—		$	(0.12	)
Year Ended February 29, 2016		11.02		0.23	(f)		—	(h)		0.23			(0.24	)		(0.15	)		(0.39	)
Year Ended February 28, 2015		11.03		0.27			0.19			0.46			(0.26	)		(0.21	)		(0.47	)
Year Ended February 28, 2014		11.56		0.29			(0.47	)		(0.18	)		(0.30	)		(0.05	)		(0.35	)
Year Ended February 28, 2013		11.55		0.30			0.01			0.31			(0.30	)		—			(0.30	)
Year Ended February 29, 2012		10.81		0.38			0.76			1.14			(0.38	)		(0.02	)		(0.40	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		10.83		0.08	(f)(g)		0.07			0.15			(0.08	)		—			(0.08	)
Year Ended February 29, 2016		10.98		0.15	(f)		0.01			0.16			(0.16	)		(0.15	)		(0.31	)
Year Ended February 28, 2015		10.99		0.19			0.19			0.38			(0.18	)		(0.21	)		(0.39	)
Year Ended February 28, 2014		11.52		0.20			(0.47	)		(0.27	)		(0.21	)		(0.05	)		(0.26	)
Year Ended February 28, 2013		11.51		0.22			—	(h)		0.22			(0.21	)		—			(0.21	)
Year Ended February 29, 2012		10.78		0.30			0.75			1.05			(0.30	)		(0.02	)		(0.32	)
Class R2
Six Months Ended August 31, 2016 (Unaudited)		10.85		0.11	(f)(g)		0.07			0.18			(0.11	)		—			(0.11	)
Year Ended February 29, 2016		11.01		0.20	(f)		0.01			0.21			(0.22	)		(0.15	)		(0.37	)
Year Ended February 28, 2015		11.02		0.25			0.18			0.43			(0.23	)		(0.21	)		(0.44	)
Year Ended February 28, 2014		11.55		0.26			(0.47	)		(0.21	)		(0.27	)		(0.05	)		(0.32	)
Year Ended February 28, 2013		11.54		0.28			—	(h)		0.28			(0.27	)		—			(0.27	)
Year Ended February 29, 2012		10.80		0.35			0.76			1.11			(0.35	)		(0.02	)		(0.37	)
Class R6
August 1, 2016 (i) through August 31, 2016 (Unaudited)		10.97		0.02	(f)(g)		(0.05	)		(0.03	)		(0.02	)		—			(0.02	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.86		0.14	(f)(g)		0.07			0.21			(0.14	)		—			(0.14	)
Year Ended February 29, 2016		11.02		0.26	(f)		—	(h)		0.26			(0.27	)		(0.15	)		(0.42	)
Year Ended February 28, 2015		11.03		0.31			0.18			0.49			(0.29	)		(0.21	)		(0.50	)
Year Ended February 28, 2014		11.56		0.32			(0.48	)		(0.16	)		(0.32	)		(0.05	)		(0.37	)
Year Ended February 28, 2013		11.54		0.33			0.02			0.35			(0.33	)		—			(0.33	)
Year Ended February 29, 2012		10.80		0.41			0.76			1.17			(0.41	)		(0.02	)		(0.43	)

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

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

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

(h) Amount rounds to less than $0.005.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

304 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	10.93		1.79	%	$	572,720		0.75	%		2.21	%(g)		1.14	%		7	%
	10.86		2.16			574,262		0.75			2.13			1.13			15
	11.02		4.23			583,764		0.75			2.47			1.09			18
	11.03		(1.60	)		681,612		0.74			2.55			1.05			5
	11.56		2.67			777,517		0.74			2.61			1.01			12
	11.55		10.67			615,219		0.74			3.33			1.03			15
	10.90		1.42			77,714		1.47			1.49	(g)		1.51			7
	10.83		1.49			73,435		1.48			1.40			1.52			15
	10.98		3.47			77,471		1.48			1.74			1.57			18
	10.99		(2.35	)		86,180		1.47			1.80			1.54			5
	11.52		1.94			186,164		1.47			1.89			1.51			12
	11.51		9.81			201,498		1.47			2.61			1.53			15
	10.92		1.66			65,745		1.00			1.96	(g)		1.39			7
	10.85		1.92			61,217		1.00			1.88			1.41			15
	11.01		3.95			53,792		1.00			2.21			1.37			18
	11.02		(1.84	)		50,214		0.99			2.31			1.30			5
	11.55		2.44			49,501		0.99			2.34			1.26			12
	11.54		10.41			25,147		0.99			3.07			1.28			15
	10.92		(0.26	)		74,411		0.35			2.38	(g)		0.41			7
	10.93		1.93			597,182		0.48			2.48	(g)		0.80			7
	10.86		2.46			597,868		0.48			2.40			0.81			15
	11.02		4.51			556,051		0.48			2.74			0.82			18
	11.03		(1.36	)		685,750		0.47			2.82			0.80			5
	11.56		3.02			859,946		0.47			2.88			0.76			12
	11.54		10.96			769,531		0.47			3.62			0.78			15

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 305

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			Redemption fees
High Yield Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	6.65	$	0.19	$	0.67		$	0.86		$	(0.20	)	$	—		$	(0.20	)	$	—
Year Ended February 29, 2016		7.71		0.40		(1.06	)		(0.66	)		(0.40	)		—	(g)		(0.40	)		—
Year Ended February 28, 2015		8.08		0.41		(0.19	)		0.22			(0.42	)		(0.17	)		(0.59	)		—
Year Ended February 28, 2014		8.17		0.47		0.12			0.59			(0.47	)		(0.21	)		(0.68	)		—
Year Ended February 28, 2013		7.89		0.51		0.32			0.83			(0.50	)		(0.05	)		(0.55	)		—
Year Ended February 29, 2012		8.33		0.55		(0.27	)		0.28			(0.56	)		(0.16	)		(0.72	)		—	(g)
Class C
Six Months Ended August 31, 2016 (Unaudited)		6.66		0.17		0.67			0.84			(0.18	)		—			(0.18	)		—
Year Ended February 29, 2016		7.72		0.36		(1.06	)		(0.70	)		(0.36	)		—	(g)		(0.36	)		—
Year Ended February 28, 2015		8.09		0.36		(0.19	)		0.17			(0.37	)		(0.17	)		(0.54	)		—
Year Ended February 28, 2014		8.18		0.43		0.12			0.55			(0.43	)		(0.21	)		(0.64	)		—
Year Ended February 28, 2013		7.90		0.46		0.33			0.79			(0.46	)		(0.05	)		(0.51	)		—
Year Ended February 29, 2012		8.34		0.50		(0.27	)		0.23			(0.51	)		(0.16	)		(0.67	)		—	(g)
Class R2
Six Months Ended August 31, 2016 (Unaudited)		6.64		0.18		0.67			0.85			(0.19	)		—			(0.19	)		—
Year Ended February 29, 2016		7.70		0.38		(1.06	)		(0.68	)		(0.38	)		—	(g)		(0.38	)		—
Year Ended February 28, 2015		8.06		0.38		(0.18	)		0.20			(0.39	)		(0.17	)		(0.56	)		—
Year Ended February 28, 2014		8.15		0.45		0.11			0.56			(0.44	)		(0.21	)		(0.65	)		—
Year Ended February 28, 2013		7.88		0.49		0.31			0.80			(0.48	)		(0.05	)		(0.53	)		—
Year Ended February 29, 2012		8.32		0.53		(0.27	)		0.26			(0.54	)		(0.16	)		(0.70	)		—	(g)
Class R5
Six Months Ended August 31, 2016 (Unaudited)		6.69		0.20		0.67			0.87			(0.20	)		—			(0.20	)		—
Year Ended February 29, 2016		7.75		0.42		(1.06	)		(0.64	)		(0.42	)		—	(g)		(0.42	)		—
Year Ended February 28, 2015		8.12		0.43		(0.19	)		0.24			(0.44	)		(0.17	)		(0.61	)		—
Year Ended February 28, 2014		8.21		0.50		0.11			0.61			(0.49	)		(0.21	)		(0.70	)		—
Year Ended February 28, 2013		7.93		0.53		0.33			0.86			(0.53	)		(0.05	)		(0.58	)		—
Year Ended February 29, 2012		8.36		0.58		(0.27	)		0.31			(0.58	)		(0.16	)		(0.74	)		—	(g)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		6.68		0.21		0.67			0.88			(0.21	)		—			(0.21	)		—
Year Ended February 29, 2016		7.74		0.42		(1.06	)		(0.64	)		(0.42	)		—	(g)		(0.42	)		—
Year Ended February 28, 2015		8.11		0.43		(0.19	)		0.24			(0.44	)		(0.17	)		(0.61	)		—
Year Ended February 28, 2014		8.20		0.50		0.11			0.61			(0.49	)		(0.21	)		(0.70	)		—
Year Ended February 28, 2013		7.91		0.53		0.34			0.87			(0.53	)		(0.05	)		(0.58	)		—
Year Ended February 29, 2012		8.35		0.58		(0.28	)		0.30			(0.58	)		(0.16	)		(0.74	)		—	(g)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		6.68		0.20		0.67			0.87			(0.20	)		—			(0.20	)		—
Year Ended February 29, 2016		7.75		0.42		(1.07	)		(0.65	)		(0.42	)		—	(g)		(0.42	)		—
Year Ended February 28, 2015		8.11		0.42		(0.18	)		0.24			(0.43	)		(0.17	)		(0.60	)		—
Year Ended February 28, 2014		8.20		0.49		0.12			0.61			(0.49	)		(0.21	)		(0.70	)		—
Year Ended February 28, 2013		7.92		0.53		0.32			0.85			(0.52	)		(0.05	)		(0.57	)		—
Year Ended February 29, 2012		8.36		0.58		(0.28	)		0.30			(0.58	)		(0.16	)		(0.74	)		—	(g)

(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 0.01% unless otherwise noted.

(f) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

306 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	7.31		13.01	%	$	953,627		0.99	%		5.45	%		1.34	%		23	%
	6.65		(8.73	)		859,215		1.00			5.52			1.37			52
	7.71		2.86			831,346		0.99			5.14			1.35			52
	8.08		7.57			1,066,865		1.04			5.84			1.32			54
	8.17		10.98			964,864		1.12			6.32			1.33			65
	7.89		3.69			1,103,966		1.15			6.98			1.34			41
	7.32		12.66			221,579		1.54			4.90			1.84			23
	6.66		(9.26	)		197,406		1.55			4.92			1.85			52
	7.72		2.27			278,495		1.58			4.55			1.84			52
	8.09		7.00			315,026		1.59			5.29			1.81			54
	8.18		10.33			348,508		1.68			5.75			1.84			65
	7.90		3.03			280,078		1.80			6.33			1.84			41
	7.30		12.85			8,746		1.29			5.15			1.88			23
	6.64		(9.06	)		8,533		1.30			5.19			1.82			52
	7.70		2.62			10,544		1.33			4.8			1.68			52
	8.06		7.24			11,019		1.34			5.54			1.56			54
	8.15		10.58			16,384		1.36			6.06			1.59			65
	7.88		3.46			6,968		1.40			6.72			1.59			41
	7.36		13.21			65,007		0.74			5.69			0.88			23
	6.69		(8.46	)		57,112		0.75			5.73			0.88			52
	7.75		3.06			76,869		0.78			5.36			0.90			52
	8.12		7.82			103,378		0.79			6.09			0.86			54
	8.21		11.26			102,404		0.82			6.59			0.89			65
	7.93		4.11			50,747		0.86			7.28			0.89			41
	7.35		13.24			4,394,000		0.69			5.74			0.75			23
	6.68		(8.44	)		3,685,406		0.70			5.91			0.76			52
	7.74		3.10			1,983,909		0.73			5.41			0.80			52
	8.11		7.86			2,202,757		0.74			6.13			0.81			54
	8.20		11.42			1,746,074		0.77			6.66			0.84			65
	7.91		4.01			1,461,496		0.81			7.32			0.84			41
	7.35		13.21			6,454,789		0.79			5.63			1.12			23
	6.68		(8.64	)		4,480,999		0.80			5.66			1.12			52
	7.75		3.16			7,089,261		0.83			5.30			1.09			52
	8.11		7.76			7,329,642		0.84			6.04			1.06			54
	8.20		11.18			8,127,147		0.87			6.57			1.08			65
	7.92		3.95			8,616,283		0.90			7.23			1.09			41

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 307

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
Inflation Managed Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	10.14	$	0.10		$	0.18		$	0.28		$	(0.10	)	$	—		$	(0.10	)
Year Ended February 29, 2016		10.37		0.13			(0.22	)		(0.09	)		(0.14	)		—			(0.14	)
Year Ended February 28, 2015		10.51		0.12	(g)		(0.14	)		(0.02	)		(0.12	)		—			(0.12	)
Year Ended February 28, 2014		10.81		0.12			(0.30	)		(0.18	)		(0.11	)		(0.01	)		(0.12	)
Year Ended February 28, 2013		10.74		0.15			0.13			0.28			(0.16	)		(0.05	)		(0.21	)
Year Ended February 29, 2012		10.34		0.22			0.44			0.66			(0.21	)		(0.05	)		(0.26	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		10.09		0.07			0.18			0.25			(0.07	)		—			(0.07	)
Year Ended February 29, 2016		10.33		0.07			(0.23	)		(0.16	)		(0.08	)		—			(0.08	)
Year Ended February 28, 2015		10.48		0.05	(g)		(0.13	)		(0.08	)		(0.07	)		—			(0.07	)
Year Ended February 28, 2014		10.78		0.04			(0.29	)		(0.25	)		(0.04	)		(0.01	)		(0.05	)
Year Ended February 28, 2013		10.73		0.08			0.12			0.20			(0.10	)		(0.05	)		(0.15	)
Year Ended February 29, 2012		10.34		0.16			0.43			0.59			(0.15	)		(0.05	)		(0.20	)
Class R2
Six Months Ended August 31, 2016 (Unaudited)		10.14		0.09			0.19			0.28			(0.09	)		—			(0.09	)
Year Ended February 29, 2016		10.37		0.09			(0.20	)		(0.11	)		(0.12	)		—			(0.12	)
Year Ended February 28, 2015		10.51		0.10	(g)		(0.14	)		(0.04	)		(0.10	)		—			(0.10	)
Year Ended February 28, 2014		10.81		0.10			(0.32	)		(0.22	)		(0.07	)		(0.01	)		(0.08	)
Year Ended February 28, 2013		10.74		0.13			0.12			0.25			(0.13	)		(0.05	)		(0.18	)
Year Ended February 29, 2012		10.35		0.20			0.42			0.62			(0.18	)		(0.05	)		(0.23	)
Class R5
Six Months Ended August 31, 2016 (Unaudited)		10.18		0.10			0.19			0.29			(0.11	)		—			(0.11	)
Year Ended February 29, 2016		10.41		0.16			(0.23	)		(0.07	)		(0.16	)		—			(0.16	)
Year Ended February 28, 2015		10.55		0.14	(g)		(0.14	)		—	(h)		(0.14	)		—			(0.14	)
Year Ended February 28, 2014		10.85		0.11			(0.27	)		(0.16	)		(0.13	)		(0.01	)		(0.14	)
Year Ended February 28, 2013		10.77		0.18			0.12			0.30			(0.17	)		(0.05	)		(0.22	)
Year Ended February 29, 2012		10.37		0.24			0.44			0.68			(0.23	)		(0.05	)		(0.28	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		10.15		0.12			0.19			0.31			(0.12	)		—			(0.12	)
Year Ended February 29, 2016		10.38		0.16			(0.22	)		(0.06	)		(0.17	)		—			(0.17	)
Year Ended February 28, 2015		10.52		0.14	(g)		(0.13	)		0.01			(0.15	)		—			(0.15	)
Year Ended February 28, 2014		10.82		0.14			(0.30	)		(0.16	)		(0.13	)		(0.01	)		(0.14	)
Year Ended February 28, 2013		10.74		0.17			0.14			0.31			(0.18	)		(0.05	)		(0.23	)
Year Ended February 29, 2012		10.34		0.25			0.44			0.69			(0.24	)		(0.05	)		(0.29	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.14		0.11			0.18			0.29			(0.11	)		—			(0.11	)
Year Ended February 29, 2016		10.37		0.16			(0.23	)		(0.07	)		(0.16	)		—			(0.16	)
Year Ended February 28, 2015		10.51		0.13	(g)		(0.13	)		—	(h)		(0.14	)		—			(0.14	)
Year Ended February 28, 2014		10.81		0.13			(0.29	)		(0.16	)		(0.13	)		(0.01	)		(0.14	)
Year Ended February 28, 2013		10.74		0.17			0.12			0.29			(0.17	)		(0.05	)		(0.22	)
Year Ended February 29, 2012		10.34		0.24			0.44			0.68			(0.23	)		(0.05	)		(0.28	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

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

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

308 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	10.32		2.77	%	$	23,913		0.75	%		1.92	%		1.27	%		17	%
	10.14		(0.85	)		51,090		0.75			1.32			1.15			27
	10.37		(0.18	)		59,129		0.75			1.15	(g)		1.05			28
	10.51		(1.66	)		67,620		0.75			1.15			1.05			35
	10.81		2.60			160,110		0.74			1.41			1.01			16
	10.74		6.42			134,099		0.74			2.09			1.02			36
	10.27		2.47			3,944		1.39			1.32			1.57			17
	10.09		(1.53	)		3,534		1.40			0.67			1.53			27
	10.33		(0.82	)		4,453		1.40			0.51	(g)		1.52			28
	10.48		(2.27	)		5,253		1.40			0.42			1.56			35
	10.78		1.89			6,580		1.39			0.72			1.51			16
	10.73		5.68			4,302		1.39			1.47			1.53			36
	10.33		2.76			777		1.00			1.73			1.37			17
	10.14		(1.08	)		363		1.00			0.87			1.67			27
	10.37		(0.41	)		86		1.00			0.94	(g)		1.28			28
	10.51		(1.96	)		131		1.00			0.94			1.29			35
	10.81		2.37			11,476		0.99			1.18			1.26			16
	10.74		6.04			11,174		0.99			1.85			1.27			36
	10.36		2.88			760		0.52			2.00			0.53			17
	10.18		(0.64	)		11,844		0.55			1.54			0.58			27
	10.41		0.02			12,619		0.54			1.34	(g)		0.60			28
	10.55		(1.44	)		12,774		0.55			1.05			0.65			35
	10.85		2.82			58		0.54			1.62			0.56			16
	10.77		6.57			56		0.53			2.23			0.57			36
	10.34		3.03			796,648		0.46			2.25			0.46			17
	10.15		(0.56	)		798,786		0.46			1.55			0.46			27
	10.38		0.07			505,064		0.48			1.32	(g)		0.50			28
	10.52		(1.41	)		337,208		0.50			1.29			0.57			35
	10.82		2.88			243,756		0.49			1.62			0.51			16
	10.74		6.68			167,997		0.49			2.37			0.53			36
	10.32		2.88			592,289		0.60			2.11			0.73			17
	10.14		(0.70	)		694,213		0.60			1.52			0.72			27
	10.37		(0.04	)		1,202,468		0.60			1.26	(g)		0.75			28
	10.51		(1.47	)		1,090,324		0.60			1.20			0.81			35
	10.81		2.71			1,141,000		0.59			1.53			0.76			16
	10.74		6.56			870,400		0.59			2.22			0.77			36

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 309

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
Limited Duration Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	9.97	$	0.04	$	0.06		$	0.10			$	(0.05	)
Year Ended February 29, 2016		10.02		0.07		(0.05	)		0.02				(0.07	)
Year Ended February 28, 2015		9.96		0.07		0.06			0.13				(0.07	)
Year Ended February 28, 2014		9.84		0.06		0.14			0.20				(0.08	)
Year Ended February 28, 2013		9.46		0.13		0.37			0.50				(0.12	)
Year Ended February 29, 2012		9.46		0.18		(0.01	)		0.17				(0.17	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		9.86		0.02		0.05			0.07				(0.02	)
Year Ended February 29, 2016		9.91		0.02		(0.05	)		(0.03	)			(0.02	)
Year Ended February 28, 2015		9.86		0.02		0.05			0.07				(0.02	)
Year Ended February 28, 2014		9.74		0.01		0.14			0.15				(0.03	)
Year Ended February 28, 2013		9.37		0.08		0.37			0.45				(0.08	)
Year Ended February 29, 2012		9.37		0.13		(0.01	)		0.12				(0.12	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		9.98		0.07		0.05			0.12				(0.07	)
Year Ended February 29, 2016		10.03		0.11		(0.04	)		0.07				(0.12	)
Year Ended February 28, 2015		9.98		0.12		0.04			0.16				(0.11	)
Year Ended February 28, 2014		9.85		0.10		0.15			0.25				(0.12	)
Year Ended February 28, 2013		9.47		0.17		0.38			0.55				(0.17	)
Year Ended February 29, 2012		9.47		0.22		(0.01	)		0.21				(0.21	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		9.96		0.06		0.05			0.11				(0.06	)
Year Ended February 29, 2016		10.02		0.10		(0.06	)		0.04		��		(0.10	)
Year Ended February 28, 2015		9.96		0.10		0.05			0.15				(0.09	)
Year Ended February 28, 2014		9.84		0.08		0.14			0.22				(0.10	)
Year Ended February 28, 2013		9.46		0.16		0.37			0.53				(0.15	)
Year Ended February 29, 2012		9.46		0.20		(0.01	)		0.19				(0.19	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

SEE NOTES TO FINANCIAL STATEMENTS.

310 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	10.02		0.95	%	$	181,470		0.68	%		0.87	%		0.96	%		12	%
	9.97		0.19			198,338		0.68			0.70			0.95			23
	10.02		1.28			204,080		0.68			0.74			0.93			24
	9.96		2.01			185,550		0.67			0.60			0.93			23
	9.84		5.36			63,879		0.67			1.37			0.95			24
	9.46		1.80			48,120		0.68			1.89			0.94			21
	9.91		0.71			47,474		1.18			0.37			1.43			12
	9.86		(0.31	)		50,910		1.18			0.20			1.44			23
	9.91		0.72			53,773		1.18			0.24			1.42			24
	9.86		1.49			57,659		1.17			0.10			1.42			23
	9.74		4.80			63,760		1.17			0.87			1.45			24
	9.37		1.33			54,348		1.18			1.39			1.44			21
	10.03		1.19			765,924		0.24			1.32			0.37			12
	9.98		0.66			680,614		0.23			1.14			0.37			23
	10.03		1.63			42,352		0.23			1.21			0.39			24
	9.98		2.51			18,305		0.22			1.05			0.42			23
	9.85		5.80			8,301		0.22			1.79			0.45			24
	9.47		2.27			3,642		0.23			2.34			0.44			21
	10.01		1.08			267,650		0.43			1.12			0.64			12
	9.96		0.35			323,384		0.43			0.95			0.63			23
	10.02		1.55			637,355		0.43			1.00			0.65			24
	9.96		2.23			548,277		0.42			0.85			0.67			23
	9.84		5.61			377,532		0.42			1.61			0.70			24
	9.46		2.08			292,294		0.43			2.13			0.69			21

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 311

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
Mortgage-Backed Securities Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	11.66	$	0.14	(f)	$	0.05		$	0.19		$	(0.15	)	$	—	��	$	(0.15	)
Year Ended February 29, 2016		11.65		0.30	(f)		0.02			0.32			(0.30	)		(0.01	)		(0.31	)
Year Ended February 28, 2015		11.58		0.34			0.08			0.42			(0.34	)		(0.01	)		(0.35	)
Year Ended February 28, 2014		11.84		0.35			(0.30	)		0.05			(0.30	)		(0.01	)		(0.31	)
Year Ended February 28, 2013		11.75		0.34			0.08			0.42			(0.33	)		—			(0.33	)
Year Ended February 29, 2012		11.50		0.49			0.25			0.74			(0.49	)		—			(0.49	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		11.36		0.11	(f)		0.04			0.15			(0.12	)		—			(0.12	)
Year Ended February 29, 2016		11.36		0.23	(f)		0.03			0.26			(0.25	)		(0.01	)		(0.26	)
Year Ended February 28, 2015		11.30		0.27			0.09			0.36			(0.29	)		(0.01	)		(0.30	)
Year Ended February 28, 2014		11.57		0.26			(0.27	)		(0.01	)		(0.25	)		(0.01	)		(0.26	)
July 2, 2012 (g) through February 28, 2013		11.55		0.17			0.04			0.21			(0.19	)		—			(0.19	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		11.38		0.16	(f)		0.05			0.21			(0.17	)		—			(0.17	)
Year Ended February 29, 2016		11.39		0.34	(f)		0.01			0.35			(0.35	)		(0.01	)		(0.36	)
Year Ended February 28, 2015		11.32		0.38			0.09			0.47			(0.39	)		(0.01	)		(0.40	)
Year Ended February 28, 2014		11.59		0.36			(0.27	)		0.09			(0.35	)		(0.01	)		(0.36	)
Year Ended February 28, 2013		11.51		0.38			0.07			0.45			(0.37	)		—			(0.37	)
Year Ended February 29, 2012		11.28		0.54			0.23			0.77			(0.54	)		—			(0.54	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		11.38		0.16	(f)		0.04			0.20			(0.16	)		—			(0.16	)
Year Ended February 29, 2016		11.39		0.32	(f)		0.01			0.33			(0.33	)		(0.01	)		(0.34	)
Year Ended February 28, 2015		11.32		0.35			0.10			0.45			(0.37	)		(0.01	)		(0.38	)
Year Ended February 28, 2014		11.59		0.35			(0.28	)		0.07			(0.33	)		(0.01	)		(0.34	)
Year Ended February 28, 2013		11.51		0.36			0.08			0.44			(0.36	)		—			(0.36	)
Year Ended February 29, 2012		11.27		0.53			0.23			0.76			(0.52	)		—			(0.52	)

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

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

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

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

(e) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(f) Calculated based upon average shares outstanding.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

312 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)(e)
$	11.70		1.60	%	$	185,082		0.63	%		2.46	%		1.03	%		9	%
	11.66		2.82			209,213		0.64			2.56			0.99			16
	11.65		3.69			139,104		0.65			2.85			1.02			7
	11.58		0.45			149,964		0.65			2.66			0.99			9
	11.84		3.57			294,739		0.64			2.88			0.98			19
	11.75		6.57			255,946		0.64			4.29			0.98			21
	11.39		1.31			21,759		1.13			1.96			1.52			9
	11.36		2.31			19,275		1.14			2.06			1.51			16
	11.36		3.21			7,704		1.15			2.36			1.52			7
	11.30		(0.10	)		6,322		1.15			2.22			1.50			9
	11.57		1.81			6,592		1.14			2.08			1.49			19
	11.42		1.85			1,386,596		0.23			2.86			0.46			9
	11.38		3.14			1,384,768		0.24			2.98			0.46			16
	11.39		4.20			1,397,901		0.25			3.25			0.49			7
	11.32		0.81			1,604,557		0.25			3.12			0.50			9
	11.59		3.97			1,864,649		0.24			3.29			0.48			19
	11.51		6.96			1,538,507		0.24			4.72			0.48			21
	11.42		1.77			1,189,061		0.38			2.71			0.75			9
	11.38		2.97			1,073,033		0.39			2.83			0.72			16
	11.39		4.05			1,040,420		0.40			3.10			0.75			7
	11.32		0.63			1,043,527		0.40			2.89			0.74			9
	11.59		3.83			2,242,411		0.39			3.09			0.73			19
	11.51		6.89			1,264,766		0.39			4.51			0.73			21

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 313

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Short Duration Bond Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	10.83	$	0.03		$	0.05		$	0.08		$	(0.03	)	$	—		$	(0.03	)
Year Ended February 29, 2016		10.87		0.07			(0.03	)		0.04			(0.07	)		(0.01	)		(0.08	)
Year Ended February 28, 2015		10.90		0.07			(0.02	)		0.05			(0.07	)		(0.01	)		(0.08	)
Year Ended February 28, 2014		10.97		0.07			(0.06	)		0.01			(0.07	)		(0.01	)		(0.08	)
Year Ended February 28, 2013		10.97		0.11			—	(g)		0.11			(0.11	)		—	(g)		(0.11	)
Year Ended February 29, 2012		10.95		0.15			0.04			0.19			(0.15	)		(0.02	)		(0.17	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		10.90		—	(g)		0.05			0.05			—	(g)		—			—	(g)
Year Ended February 29, 2016		10.94		0.01			(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)
Year Ended February 28, 2015		10.97		0.01			(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
Year Ended February 28, 2014		11.04		0.01			(0.05	)		(0.04	)		(0.02	)		(0.01	)		(0.03	)
Year Ended February 28, 2013		11.04		0.05			—	(g)		0.05			(0.05	)		—	(g)		(0.05	)
Year Ended February 29, 2012		11.02		0.09			0.04			0.13			(0.09	)		(0.02	)		(0.11	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		10.84		0.06			0.05			0.11			(0.06	)		—			(0.06	)
Year Ended February 29, 2016		10.89		0.12			(0.03	)		0.09			(0.13	)		(0.01	)		(0.14	)
Year Ended February 28, 2015		10.91		0.12			(0.01	)		0.11			(0.12	)		(0.01	)		(0.13	)
Year Ended February 28, 2014		10.98		0.12			(0.05	)		0.07			(0.13	)		(0.01	)		(0.14	)
Year Ended February 28, 2013		10.99		0.16			(0.01	)		0.15			(0.16	)		—	(g)		(0.16	)
Year Ended February 29, 2012		10.97		0.20			0.05			0.25			(0.21	)		(0.02	)		(0.23	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		10.84		0.04			0.07			0.11			(0.05	)		—			(0.05	)
Year Ended February 29, 2016		10.89		0.10			(0.04	)		0.06			(0.10	)		(0.01	)		(0.11	)
Year Ended February 28, 2015		10.91		0.10			(0.02	)		0.08			(0.09	)		(0.01	)		(0.10	)
Year Ended February 28, 2014		10.98		0.10			(0.06	)		0.04			(0.10	)		(0.01	)		(0.11	)
Year Ended February 28, 2013		10.99		0.13			(0.01	)		0.12			(0.13	)		—	(g)		(0.13	)
Year Ended February 29, 2012		10.96		0.18			0.05			0.23			(0.18	)		(0.02	)		(0.20	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

314 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	10.88		0.76	%	$	531,168		0.80	%		0.54	%		0.90	%		24	%
	10.83		0.35			528,045		0.80			0.63			0.92			45
	10.87		0.38			225,852		0.80			0.63			0.92			41
	10.90		0.11			240,174		0.80			0.63			0.89			38
	10.97		0.99			281,110		0.80			0.97			0.86			33
	10.97		1.76			260,098		0.80			1.36			0.86			40
	10.95		0.50			97,792		1.30			0.04			1.41			24
	10.90		(0.16	)		110,872		1.30			0.13			1.41			45
	10.94		(0.10	)		124,100		1.30			0.13			1.40			41
	10.97		(0.39	)		154,636		1.30			0.14			1.39			38
	11.04		0.50			237,782		1.30			0.48			1.36			33
	11.04		1.23			297,098		1.30			0.86			1.37			40
	10.89		1.02			3,107,116		0.30			1.04			0.35			24
	10.84		0.77			3,171,892		0.30			1.13			0.35			45
	10.89		0.98			2,969,476		0.30			1.12			0.38			41
	10.91		0.60			2,819,549		0.30			1.14			0.39			38
	10.98		1.40			4,077,991		0.30			1.46			0.36			33
	10.99		2.28			3,530,135		0.30			1.86			0.36			40
	10.90		0.99			7,329,097		0.55			0.79			0.65			24
	10.84		0.50			7,145,093		0.55			0.88			0.66			45
	10.89		0.72			7,781,780		0.55			0.88			0.65			41
	10.91		0.36			7,800,036		0.55			0.88			0.64			38
	10.98		1.13			7,712,342		0.55			1.22			0.61			33
	10.99		2.10			6,946,436		0.55			1.61			0.61			40

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 315

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Short Duration High Yield Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	8.87	$	0.21	$	0.55		$	0.76		$	(0.22	)	$	—		$	(0.22	)
Year Ended February 29, 2016		9.76		0.41		(0.89	)		(0.48	)		(0.41	)		—			(0.41	)
Year Ended February 28, 2015		10.05		0.41		(0.28	)		0.13			(0.41	)		(0.01	)		(0.42	)
March 1, 2013 (g) through February 28, 2014		10.00		0.41		(0.02	)		0.39			(0.34	)		—			(0.34	)
Class C
Six Months Ended August 31, 2016 (Unaudited)		8.85		0.19		0.55			0.74			(0.19	)		—			(0.19	)
Year Ended February 29, 2016		9.75		0.36		(0.89	)		(0.53	)		(0.37	)		—			(0.37	)
Year Ended February 28, 2015		10.05		0.36		(0.28	)		0.08			(0.37	)		(0.01	)		(0.38	)
March 1, 2013 (g) through February 28, 2014		10.00		0.36		(0.02	)		0.34			(0.29	)		—			(0.29	)
Class R6
Six Months Ended August 31, 2016 (Unaudited)		8.86		0.23		0.55			0.78			(0.23	)		—			(0.23	)
Year Ended February 29, 2016		9.77		0.44		(0.90	)		(0.46	)		(0.45	)		—			(0.45	)
Year Ended February 28, 2015		10.06		0.45		(0.28	)		0.17			(0.45	)		(0.01	)		(0.46	)
March 1, 2013 (g) through February 28, 2014		10.00		0.45		(0.01	)		0.44			(0.38	)		—			(0.38	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		8.86		0.22		0.56			0.78			(0.23	)		—			(0.23	)
Year Ended February 29, 2016		9.76		0.43		(0.89	)		(0.46	)		(0.44	)		—			(0.44	)
Year Ended February 28, 2015		10.05		0.44		(0.28	)		0.16			(0.44	)		(0.01	)		(0.45	)
March 1, 2013 (g) through February 28, 2014		10.00		0.43		(0.01	)		0.42			(0.37	)		—			(0.37	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Commencement of operations.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended February 28, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

316 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	9.41		8.59	%	$	3,122		0.89	%		4.50	%		1.39	%		36	%
	8.87		(5.03	)		2,570		0.90			4.34			1.25			42
	9.76		1.31			1,965		0.89			4.15			1.21			73
	10.05		4.02			1,415		0.89	(h)		4.13	(h)		1.45	(h)		66
	9.40		8.45			305		1.39			4.00			2.07			36
	8.85		(5.61	)		264		1.40			3.82			1.88			42
	9.75		0.80			324		1.39			3.63			1.73			73
	10.05		3.48			55		1.39	(h)		3.62	(h)		2.15	(h)		66
	9.41		8.93			33,353		0.49			4.90			0.77			36
	8.86		(4.81	)		45,491		0.50			4.65			0.69			42
	9.77		1.72			80,234		0.49			4.53			0.70			73
	10.06		4.47			41,712		0.48	(h)		4.49	(h)		0.78	(h)		66
	9.41		8.86			129,662		0.64			4.75			1.02			36
	8.86		(4.86	)		108,974		0.65			4.55			0.94			42
	9.76		1.54			173,375		0.64			4.40			0.95			73
	10.05		4.24			201,219		0.63	(h)		4.36	(h)		1.15	(h)		66

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 317

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
Treasury & Agency Fund
Class A
Six Months Ended August 31, 2016 (Unaudited)	$	9.42	$	0.01	$	0.03		$	0.04		$	(0.02	)	$	—		$	(0.02	)
Year Ended February 29, 2016		9.41		0.04		0.03			0.07			(0.05	)		(0.01	)		(0.06	)
Year Ended February 28, 2015		9.49		0.06		(0.05	)		0.01			(0.06	)		(0.03	)		(0.09	)
Year Ended February 28, 2014		9.63		0.08		(0.10	)		(0.02	)		(0.09	)		(0.03	)		(0.12	)
Year Ended February 28, 2013		9.74		0.09		(0.06	)		0.03			(0.09	)		(0.05	)		(0.14	)
Year Ended February 29, 2012		9.78		0.12		0.05			0.17			(0.11	)		(0.10	)		(0.21	)
Select Class
Six Months Ended August 31, 2016 (Unaudited)		9.42		0.03		0.02			0.05			(0.03	)		—			(0.03	)
Year Ended February 29, 2016		9.40		0.06		0.04			0.10			(0.07	)		(0.01	)		(0.08	)
Year Ended February 28, 2015		9.48		0.08		(0.05	)		0.03			(0.08	)		(0.03	)		(0.11	)
Year Ended February 28, 2014		9.62		0.10		(0.10	)		—	(g)		(0.11	)		(0.03	)		(0.14	)
Year Ended February 28, 2013		9.73		0.11		(0.06	)		0.05			(0.11	)		(0.05	)		(0.16	)
Year Ended February 29, 2012		9.77		0.14		0.05			0.19			(0.13	)		(0.10	)		(0.23	)

(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) Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

318 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

		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)(f)
$	9.44		0.39	%	$	23,505		0.70	%		0.29	%		1.06	%		16	%
	9.42		0.73			34,618		0.70			0.42			1.03			24
	9.41		0.12			26,654		0.70			0.64			1.02			23
	9.49		(0.20	)		44,375		0.70			0.85			0.98			15
	9.63		0.23			73,424		0.69			0.89			0.95			19
	9.74		1.72			90,893		0.70			1.17			0.95			35
	9.44		0.49			79,573		0.45			0.54			0.81			16
	9.42		1.05			71,093		0.45			0.66			0.77			24
	9.40		0.38			103,513		0.45			0.87			0.78			23
	9.48		0.05			132,599		0.45			1.09			0.73			15
	9.62		0.48			235,447		0.44			1.14			0.70			19
	9.73		1.97			313,699		0.45			1.42			0.70			35

SEE NOTES TO FINANCIAL STATEMENTS.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 319

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 10 separate funds of the Trusts (collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
Core Bond Fund	Class A, Class C, Class R2, Class R3**, Class R4**, Class R5, Class R6 and Select Class	JPM II	Diversified
Core Plus Bond Fund	Class A, Class C, Class R2, Class R3**, Class R4**, Class R5**, Class R6, Institutional Class and Select Class	JPM II	Diversified
Government Bond Fund	Class A, Class C, Class R2, Class R3**, Class R4**, Class R6* and Select Class	JPM II	Diversified
High Yield Fund	Class A, Class C, Class R2, Class R5, Class R6 and Select Class	JPM II	Diversified
Inflation Managed Bond Fund	Class A, Class C, Class R2***, Class R5, Class R6 and Select Class	JPM I	Diversified
Limited Duration Bond Fund	Class A, Class C, Class R6 and Select Class	JPM II	Diversified
Mortgage-Backed Securities Fund	Class A, Class C, Class R6 and Select Class	JPM II	Diversified
Short Duration Bond Fund	Class A, Class C, Class R6 and Select Class	JPM II	Diversified
Short Duration High Yield Fund	Class A, Class C, Class R6 and Select Class	JPM I	Diversified
Treasury & Agency Fund	Class A and Select Class	JPM II	Diversified

* Commenced operations on August 1, 2016.

** Expected to commence operations on September 9, 2016.

*** Class will liquidate on or about December 8, 2016.

The investment objective of Core Bond Fund is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

The investment objective of Core Plus Bond Fund is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.

The investment objective of Government Bond Fund is to seek a high level of current income with liquidity and safety of principal.

The investment objective of High Yield Fund is to seek a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

The investment objective of Inflation Managed Bond Fund is to seek to maximize inflation protected total return.

The investment objective of Limited Duration Bond Fund is to seek a high level of current income consistent with low volatility of principal.

The investment objective of Mortgage-Backed Securities Fund is to seek to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.

The investment objective of Short Duration Bond Fund is to seek current income consistent with preservation of capital through investment in high- and medium-grade fixed income securities.

The investment objective of Short Duration High Yield Fund is to seek current income with a secondary objective of capital appreciation.

The investment objective of Treasury & Agency Fund is to seek a high level of current income by investing in U.S. Treasury and other U.S. agency obligations with a primary, but not exclusive, focus on issues that produce income exempt from state income taxes.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, sub-transfer agency, distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.

On June 19, 2015, all remaining Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015, Class B Shares automatically converted to Class A Shares after eight years (except for Limited Duration Bond Fund, Short Duration Bond Fund and Treasury & Agency Fund whose Class B Shares converted to Class A Shares after six years) and provided for a CDSC.

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. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ Administrator under the Administration Agreement.

320 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

2. Significant Accounting Policies

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

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

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

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Futures 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.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Limited Duration Bond Fund and Mortgage-Backed Securities Fund at August 31, 2016.

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

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

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

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

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

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

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 321

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

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

Core Bond Fund

		Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities		$	—	$	2,181,618	$	988,577		$	3,170,195
Collateralized Mortgage Obligations
Agency CMO			—		3,740,087		12			3,740,099
Non-Agency CMO			—		581,085		120,874			701,959
Total Collateralized Mortgage Obligations			—		4,321,172		120,886			4,442,058
Commercial Mortgage-Backed Securities			—		769,938		91,409			861,347
Corporate Bonds
Consumer Discretionary			—		457,312		—			457,312
Consumer Staples			—		357,568		—			357,568
Energy			—		634,024		—			634,024
Financials			—		2,664,947		—			2,664,947
Health Care			—		380,767		—			380,767
Industrials			—		487,458		—			487,458
Information Technology			—		405,473		—			405,473
Materials			—		184,179		—			184,179
Real Estate	��		—		163,206		—			163,206
Telecommunication Services			—		424,405		—			424,405
Utilities			—		546,437		—			546,437
Total Corporate Bonds			—		6,705,776		—			6,705,776
Foreign Government Securities			—		305,083		—			305,083
Mortgage Pass-Through Securities			—		4,834,777		—			4,834,777
Municipal Bonds			—		91,002		—			91,002
Preferred Security
Financials			—		10,128		—			10,128
Supranational			—		28,544		—			28,544
U.S. Government Agency Securities			—		723,835		—			723,835
U.S. Treasury Obligations			—		7,415,024		—			7,415,024
Loan Assignment
Consumer Discretionary			—		45,199		—			45,199
Short-Term Investment
Investment Company			856,578		—		—			856,578
Total Investments in Securities		$	856,578	$	27,432,096	$	1,200,872		$	29,489,546
Core Plus Bond Fund
		Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary		$	—	$	—	$	43		$	43
Financials			—		—		16			16
Industrials			2		—		—			2
Materials			—		—		—	(a)		—	(a)
Telecommunication Services			226		—		—			226
Utilities			50		—		—			50
Total Common Stocks			278		—		59			337

322 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Core Plus Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Preferred Stocks
Financials	$	346	$	—	$	1,886		$	2,232
Industrials		—		1,028		—			1,028
Materials		—		—		—	(b)		—	(b)
Total Preferred Stocks		346		1,028		1,886			3,260
Debt Securities
Asset-Backed Securities		—		430,561		333,792			764,353
Collateralized Mortgage Obligations
Agency CMO		—		502,261		—			502,261
Non-Agency CMO		—		71,994		17,935			89,929
Total Collateralized Mortgage Obligations		—		574,255		17,935			574,255
Commercial Mortgage-Backed Securities		—		300,517		71,108			371,625
Convertible Bonds		—		—		—	(a)		—	(a)
Corporate Bonds
Consumer Discretionary		—		187,883		118			188,001
Consumer Staples		—		106,036		—			106,036
Energy		—		187,675		8,983			196,658
Financials		—		454,872		—			454,372
Health Care		—		135,280		—			135,280
Health Care Providers & Services		—		425		—			425
Industrials		—		135,117		—	(a)		135,117
Information Technology		—		126,661		—			126,661
Materials		—		109,493		50			109,543
Oil, Gas & Consumable Fuels		—		220		—			220
Real Estate		—		29,165		—			29,165
Telecommunication Services		—		122,706		—			122,706
Utilities		—		105,639		—			105,639
Total Corporate Bonds		—		1,701,172		9,151			1,710,323
Foreign Government Securities		—		69,264		—			69,264
Mortgage Pass-Through Securities		—		1,110,935		—			1,110,935
Municipal Bonds		—		17,670		—			17,670
Preferred Securities
Financials		—		19,040		—			19,040
Supranational		—		2,309		—			2,309
U.S. Government Agency Securities		—		39,420		—			39,420
U.S. Treasury Obligations		—		1,691,359		—			1,691,359
Loan Assignments
Consumer Discretionary		—		22,045		—	(a)		22,045
Consumer Staples		—		6,615		—			6,615
Energy		—		3,698		—			3,698
Financials		—		1,088		—			1,088
Health Care		—		1,817		—			1,817
Industrials		—		1,188		—			1,188
Information Technology		—		3,050		—			3,050
Materials		—		623		—			623
Telecommunication Services		—		1,988		—			1,988
Utilities		—		4,757		—			4,757
Total Loan Assignments		—		46,869		—	(a)		46,869
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Energy		—		—		576			576
Total Warrants		—		—		576			576

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 323

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Core Plus Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Short-Term Investment
Investment Company	$	346,277		$	—		$	—		$	346,277
Total Investments in Securities	$	346,901		$	6,004,399		$	434,507		$	6,785,807
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	35		$	—		$	35
Futures Contracts		116			—			—			116
Total Appreciation in Other Financial Instruments	$	116		$	35		$	—		$	151
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(296	)	$	—		$	(296	)
Futures Contracts		(209	)		—			—			(209	)
Swaps		—			(870	)		—			(870	)
Total Depreciation in Other Financial Instruments	$	(209	)	$	(1,166	)	$	—		$	(1,375	)
Government Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	75,648		$	1,321,100		$	—		$	1,396,748
High Yield Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	—		$	—		$	1,472		$	1,472
Financials		—			—			71			71
Industrials		17			—			—			17
Materials		—			—			—	(a)		—	(a)
Telecommunication Services		4,964			—			—			4,964
Utilities		1,267			—			—			1,267
Total Common Stocks		6,248			—			1,543			7,791
Preferred Stocks
Consumer Discretionary		713			—			—			713
Financials		16,386			—			26,323			42,709
Industrials		—			13,047			—			13,047
Materials		—			—			—	(a)		—	(a)
Total Preferred Stocks		17,099			13,047			26,323			56,469
Debt Securities
Asset-Backed Securities		—			—			1,764			1,764
Convertible Bonds
Consumer Discretionary		—			1,570			—			1,570
Utilities		—			6,358			—			6,358
Total Convertible Bonds		—			7,928			—			7,928

324 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

High Yield Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Corporate Bonds
Consumer Discretionary	$	—	$	2,122,565	$	5,844		$	2,128,409
Consumer Staples		—		693,575		—			693,575
Energy		—		1,151,748		18,829			1,170,577
Financials		—		604,255		7,653			611,908
Health Care		—		1,113,200		1			1,113,201
Industrials		—		1,016,232		—	(a)		1,016,232
Information Technology		—		639,602		—			639,602
Materials		—		1,223,846		324			1,224,170
Real Estate		—		95,252		—			95,252
Telecommunication Services		—		1,256,792		8,290			1,265,082
Utilities		—		515,556		—			515,556
Total Corporate Bonds		—		10,432,623		40,941			10,473,564
Preferred Securities
Financials		—		104,540		—			104,540
Loan Assignments
Consumer Discretionary		—		206,624		—			206,624
Consumer Staples		—		68,522		—			68,522
Energy		—		124,094		—			124,094
Financials		—		24,850		—			24,850
Health Care		—		22,467		—			22,467
Industrials		—		43,878		—			43,878
Information Technology		—		91,462		—			91,462
Materials		—		43,788		—			43,788
Telecommunication Services		—		53,232		—			53,232
Utilities		—		109,561		—			109,561
Total Loan Assignments		—		788,478		—			788,478
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Energy		—		—		—	(a)		—	(a)
Total Warrants		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Company		616,479		—		—			616,479
U.S. Treasury Obligations		—		10,304		—			10,304
Total Investments in Securities	$	639,826	$	11,356,920	$	70,571		$	12,067,317
Appreciation in Other Financial Instruments
Swaps	$	—	$	9,374	$	—		$	9,374
Inflation Managed Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	75,431	$	15,627		$	91,058
Collateralized Mortgage Obligations
Agency CMO		—		239,557		—			239,557
Non-Agency CMO		—		6,825		76			6,901
Total Collateralized Mortgage Obligations		—		246,382		76			246,458

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 325

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Inflation Managed Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Commercial Mortgage-Backed Securities	$	—	$	45,231		$	133	$	45,364
Corporate Bonds
Consumer Discretionary		—		30,790			—		30,790
Consumer Staples		—		35,141			—		35,141
Energy		—		43,754			—		43,754
Financials		—		152,968			—		152,968
Health Care		—		25,925			—		25,925
Industrials		—		51,537			—		51,537
Information Technology		—		21,799			—		21,799
Materials		—		13,387			—		13,387
Real Estate		—		12,787			—		12,787
Telecommunication Services		—		19,079			—		19,079
Utilities		—		60,011			—		60,011
Total Corporate Bonds		—		467,178			—		467,178
Foreign Government Securities		—		5,109			—		5,109
Mortgage Pass-Through Securities		—		129,062			—		129,062
U.S. Government Agency Securities		—		224,492			—		224,492
U.S. Treasury Obligations		—		177,942			—		177,942
Short-Term Investments
Investment Company		79,811		—			—		79,811
Total Investments in Securities	$	79,811	$	1,370,827		$	15,836	$	1,466,474
Appreciation in Other Financial Instruments
Swaps	$	—	$	247		$	—	$	247
Total Appreciation in Other Financial Instruments	$	—	$	247		$	—	$	247
Depreciation in Other Financial Instruments
Swaps	$	—	$	(54,254	)	$	—	$	(54,254	)
Total Depreciation in Other Financial Instruments	$	—	$	(54,254	)	$	—	$	(54,254	)
Limited Duration Bond Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	182,021		$	66,043	$	248,064
Collateralized Mortgage Obligations
Agency CMO		—		623,945			—		623,945
Non-Agency CMO		—		56,414			15,935		72,349
Total Collateralized Mortgage Obligations		—		680,359			15,935		696,294
Commercial Mortgage-Backed Securities		—		34,316			6,138		40,454
Corporate Bonds
Consumer Discretionary		—		4,009			—		4,009
Consumer Staples		—		610			—		610
Energy		—		20,584			—		20,584
Financials		—		64,255			—		64,255
Health Care		—		4,824			—		4,824
Industrials		—		2,226			—		2,226
Information Technology		—		7,598			—		7,598
Telecommunication Services		—		4,337			—		4,337
Utilities		—		4,922			—		4,922
Total Corporate Bonds		—		113,365			—		113,365

326 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Limited Duration Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Mortgage Pass-Through Securities	$	—		$	50,416	$	—	$	50,416
Municipal Bond		—			870		—		870
Short-Term Investment
Investment Company		106,063			—		—		106,063
Total Investments in Securities	$	106,063		$	1,061,347	$	88,116	$	1,255,526
Mortgage-Backed Securities Fund			��
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	115,897	$	143,455	$	259,352
Collateralized Mortgage Obligations
Agency CMO		—			872,802		5		872,807
Non-Agency CMO		—			161,820		38,619		200,439
Total Collateralized Mortgage Obligations		—			1,034,622		38,624		1,073,246
Commercial Mortgage-Backed Securities		—			124,281		19,694		143,975
Mortgage Pass-Through Securities		—			1,100,967		—		1,100,967
U.S. Treasury Obligations		—			27,481		—		27,481
Loan Assignment
Consumer Discretionary		—			5,333		—		5,333
Short-Term Investment
Investment Company		188,596			—		—		188,596
Total Investments in Securities	$	188,596		$	2,408,581	$	201,773	$	2,798,950
Short Duration Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—		$	835,849	$	145,040	$	980,889
Collateralized Mortgage Obligations
Agency CMO		—			404,629		—		404,629
Non-Agency CMO		—			51,663		4,341		56,004
Total Collateralized Mortgage Obligations		—			456,292		4,341		460,633
Commercial Mortgage-Backed Securities		—			134,337		840		135,177
Corporate Bonds
Consumer Discretionary		—			101,886		—		101,886
Consumer Staples		—			113,966		—		113,966
Energy		—			230,615		—		230,615
Financials		—			1,342,213		—		1,342,213
Health Care		—			172,161		—		172,161
Industrials		—			134,185		—		134,185
Information Technology		—			49,910		—		49,910
Materials		—			39,202		—		39,202
Real Estate		—			42,113		—		42,113
Telecommunication Services		—			127,219		—		127,219
Utilities		—			134,915		—		134,915
Total Corporate Bonds		—			2,488,385		—		2,488,385

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 327

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Short Duration Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Mortgage Pass-Through Securities	$	—	$	288,697	$	—	$	288,697
U.S. Government Agency Securities		—		427,238		—		427,238
U.S. Treasury Obligations		—		6,228,287		—		6,228,287
Short-Term Investment
Investment Company		42,185		—		—		42,185
Total Investments in Securities	$	42,185	$	10,859,085	$	150,221	$	11,051,491
Short Duration High Yield Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Corporate Bonds
Consumer Discretionary	$	—	$	24,646	$	—	$	24,646
Consumer Staples		—		6,346		—		6,346
Energy		—		13,056		—		13,056
Financials		—		7,822		—		7,822
Health Care		—		14,229		—		14,229
Industrials		—		11,637		—		11,637
Information Technology		—		7,301		—		7,301
Materials		—		14,898		—		14,898
Real Estate		—		1,434		—		1,434
Telecommunication Services		—		13,870		—		13,870
Utilities		—		6,370		—		6,370
Total Corporate Bonds		—		121,609		—		121,609
Preferred Securities
Financials		—		1,352		—		1,352
Common Stock
Energy		—		—		33		33
Preferred Stocks
Financials		591		—		794		1,385
Loan Assignments
Consumer Discretionary		—		11,732		—		11,732
Consumer Staples		—		5,574		—		5,574
Energy		—		3,479		—		3,479
Financials		—		1,415		—		1,415
Health Care		—		2,555		—		2,555
Industrials		—		2,360		—		2,360
Materials		—		2,280		—		2,280
Real Estate		—		543		—		543
Telecommunication Services		—		2,523		—		2,523
Utilities		—		2,193		—		2,193
Total Loan Assignments		—		34,654		—		34,654
Short-Term Investment
Investment Company		5,501		—		—		5,501
Total Investments in Securities	$	6,092	$	157,615	$	827	$	164,534

328 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Treasury & Agency Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (c)	$	1,078	$	101,633	$	—	$	102,711

(a) Amount rounds to less than 500.

(b) Value is zero.

(c) 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.

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

There were no transfers between level 1 and level 2 during the six months ended August 31, 2016.

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

Core Bond Fund	Balance as of February 29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	291,801	$	—		$	9,087		$	(3,468	)	$	118,207		$	(163,285	)	$	746,734	$	(10,499	)	$	988,577
Collateralized Mortgage Obligations — Agency CMO		—		—			12			—			—	(b)		—			—		—			12
Collateralized Mortgage Obligations — Non-Agency CMO		67,974		—	(a)		(1,331	)		(359	)		32,002			(12,056	)		38,080		(3,436	)		120,874
Commercial Mortgage-Backed Securities		106,750		—			(634	)		(7,462	)		—			(5,675	)		—		(1,570	)		91,409
Loan Assignment — Financials		10,289		—			52			—	(a)		995			(11,336	)		—		—			—
Total	$	476,814	$	—		$	7,186		$	(11,289	)	$	151,204		$	(192,352	)	$	784,814	$	(15,505	)	$	1,200,872

Core Plus Bond Fund	Balance as of February 29, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	106,212		$	—		$	2,865		$	(792	)	$	68,318		$	(60,905	)	$	218,094	$	—		$	333,792
Collateralized Mortgage Obligations — Non-Agency CMO		12,664			—	(a)		(132	)		(26	)		4,830			(3,456	)		4,172		(117	)		17,935
Commercial Mortgage-Backed Securities		66,932			33			2,626			(1,336	)		10,400			(6,727	)		—		(820	)		71,108
Common Stocks — Consumer Discretionary		76			—			(33	)		—			—			—			—		—			43
Common Stocks — Financials		165			44			(59	)		—			528			(662	)		—		—			16
Common Stocks — Materials		—	(a)		—			—			—			—			—			—		—			—	(a)
Convertible Bonds — Consumer Discretionary		—	(b)		(104	)		104			—			—			—			—		—			—	(a)
Convertible Bonds — Utilities		511			247			(245	)		—			—			(513	)		—		—			—
Corporate Bonds — Consumer Discretionary		1,165			(61	)		(513	)		2			—	(a)		(475	)		—		—			118
Corporate Bonds — Energy		—			(214	)		907			123			7,684			(182	)		665		—			8,983

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 329

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Core Plus Bond Fund	Balance as of February 29, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Corporate Bonds — Industrials	$	596		$	—		$	—		$	—		$	—	$	—		$	—	$	(596	)	$	—	(a)
Corporate Bonds — Materials		538			(85	)		131			(2	)		—		(532	)		—		—			50
Loan Assignment — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Preferred Stocks — Financials		—			—			(53	)		—			—		—			1,939		—			1,886
Preferred Stocks — Materials		—	(b)		—			—			—			—		—			—		—			—	(b)
Warrants — Consumer Discretionary		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — Energy		—	(a)		—			576			—			—		—			—		—			576
Total	$	188,859		$	(140	)	$	6,174		$	(2,031	)	$	91,760	$	(73,452	)	$	224,870	$	(1,533	)	$	434,507

High Yield Fund	Balance as of February 29, 2016			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	2,424		$	—		$	178		$	(29	)	$	—	(a)	$	(809	)	$	—	$	—		$	1,764
Common Stocks — Consumer Discretionary		1,355			—			117			—			—			—			—		—			1,472
Common Stocks — Financials		2,465			656			(878	)		—			7,753			(9,925	)		—		—			71
Common Stocks — Materials		—	(a)		—			—			—			—			—			—		—			—	(a)
Convertible Bonds — Consumer Discretionary		—	(a)		(1,654	)		1,654			—			—			—	(a)		—		—			—
Convertible Bonds — Utilities		7,656			3,694			(3,668	)		—			—			(7,682	)		—		—			—
Corporate Bonds — Consumer Discretionary		14,819			(786	)		229			7			1			(12,326	)		3,900		—			5,844
Corporate Bonds — Energy		9,600			(3,435	)		11,658			13			—			(3,108	)		13,701		(9,600	)		18,829
Corporate Bonds — Financials		8,426			—			(9	)		8			—			(772	)		—		—			7,653
Corporate Bonds — Health Care		1			—			—			—			—			—			—		—			1
Corporate Bonds — Industrials		25,565			(45	)		45			—			—			(4,488	)		—		(21,077	)		—	(a)
Corporate Bonds — Materials		6,962			—			—			—			—			—			—		(6,638	)		324
Corporate Bonds — Telecommunication Services		5,626			—			(46	)		49			2,661			—			—		—			8,290
Loan Assignments — Industrials		1,384			(205	)		174			1			—			(1,354	)		—		—			—
Loan Assignments — Materials		9,121			—			926			(2	)		—			(10,045	)		—		—			—
Preferred Stocks — Financials		—			—			(747	)		—			—			—			27,070		—			26,323
Preferred Stocks — Materials		—	(a)		—			—			—			—			—			—		—			—	(a)
Warrants — Consumer Discretionary		—	(a)		—			—			—			—			—			—		—			—	(a)
Warrants — Energy		—	(a)		—			—	(a)		—			—			—			—		—			—	(a)
Total	$	95,404		$	(1,775	)	$	9,633		$	47		$	10,415		$	(50,509	)	$	44,671	$	(37,315	)	$	70,571

330 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Inflation Managed Bond Fund	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	3,402	$	—	$	155		$	1		$	—	$	(3,828	)	$	15,897	$	—	$	15,627
Collateralized Mortgage Obligation — Non-Agency CMO		82		—		—	(a)		—	(a)		—		(6	)		—		—		76
Commercial Mortgage-Backed Securities		559		—		(2	)		(139	)		—		(285	)		—		—		133
Total	$	4,043	$	—	$	153		$	(138	)	$	—	$	(4,119	)	$	15,897	$	—	$	15,836

Limited Duration Bond Fund	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)		Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	41,425	$	—	$	962	$	18		$	—	(a)	$	(12,425	)	$	36,063	$	—	$	66,043
Collateralized Mortgage Obligations — Non-Agency CMO		17,334		—		134		(4	)		—			(4,042	)		2,513		—		15,935
Commercial Mortgage-Backed Securities		6,074		—		81		—			—			(17	)		—		—		6,138
Total	$	64,833	$	—	$	1,177	$	14		$	—		$	(16,484	)	$	38,576	$	—	$	88,116

Mortgage-Backed Securities Fund	Balance as of February 29, 2016		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	42,546	$	—	$	2,031		$	(286	)	$	43,527	$	(15,920	)	$	74,517	$	(2,960	)	$	143,455
Collateralized Mortgage Obligations — Agency CMO		—		—		5			—			—		—			—		—			5
Collateralized Mortgage Obligations — Non-Agency CMO		33,778		—		(1,160	)		(167	)		3,152		(4,062	)		8,809		(1,731	)		38,619
Commercial Mortgage-Backed Securities		16,470		—		185			(372	)		4,376		(265	)		—		(700	)		19,694
Loan Assignment — Financials		704		—		4			—	(a)		68		(776	)		—		—			—
Total	$	93,498	$	—	$	1,065		$	(825	)	$	51,123	$	(21,023	)	$	83,326	$	(5,391	)	$	201,773

Short Duration Bond Fund	Balance as of February 29, 2016			Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Asset-Backed Securities	$	25,508		$	—	$	1,134		$	22		$	10,210	$	(30,274	)	$	138,448	$	(8	)	$	145,040
Collateralized Mortgage Obligations — Non-Agency CMO		—	(a)		—		59			—	(a)		—		(772	)		5,054		—			4,341
Commercial Mortgage-Backed Securities		7,890			—		(14	)		—	(a)		—		(7,036	)		—		—			840
Loan Assignment — Financials		2,638			—		13			—	(a)		255		(2,906	)		—		—			—
Total	$	36,036		$	—	$	1,192		$	22		$	10,465	$	(40,988	)	$	143,502	$	(8	)	$	150,221

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 331

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Short Duration High Yield Fund	Balance as of February 29, 2016		Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of August 31, 2016
Investments in Securities
Corporate Bonds — Industrials	$	525	$	(16	)	$	24		$	(8	)	$	—	$	(525	)	$	—	$	—		$	—
Corporate Bonds — Materials		536		—			—			—			—		—			—		(536	)		—
Loan Assignments — Industrials		194		—			—			—			—		—			—		(194	)		—
Loan Assignments — Materials		208		9			21			—	(a)		—		(238	)		—		—			—
Common Stock — Energy		—		—			2			—			31		—			—		—			33
Preferred Stock — Financials		—		—			(22	)		—			—		—			816		—			794
Total	$	1,463	$	(7	)	$	25		$	(8	)	$	31	$	(763	)	$	816	$	(730	)	$	827

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

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

(a) Amount rounds to less than 500.

(b) Value is zero.

Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2016 for Core Bond Fund, Core Plus Bond Fund, Inflation Managed Bond Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration High Yield Fund.

There were no significant transfers among any levels during the six months ended August 31, 2016 for High Yield Fund.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2016, which were valued using significant unobservable inputs (level 3), were as follows (amounts in thousands):

Core Bond Fund	$	9,207
Core Plus Bond Fund		6,805
High Yield Fund		10,895
Inflation Managed Bond Fund		168
Limited Duration Bond Fund		1,177
Mortgage-Backed Securities Fund		1,134
Short Duration Bond Fund		1,192
Short Duration High Yield Fund		(20	)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

332 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Core Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	695,517	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 30.00% (3.10%)
				Constant Default Rate		0.00% - 50.00% (13.76%)
				Yield (Discount Rate of Cash Flows)		1.39% - 7.80% (3.80%)
				Projected Principal Writedown		83.00% (83.00%)
Asset-Backed Securities		695,517
		101,482	Discounted Cash Flow	PSA Prepayment Model		393.00% (393.00%)
				Constant Prepayment Rate		1.00% - 37.14% (10.63%)
				Constant Default Rate		0.00% - 9.64% (2.81%)
				Yield (Discount Rate of Cash Flows)		0.61% - 142.13% (5.35%)
Collateralized Mortgage Obligations		101,482
		59,425	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (22.24%)
				Yield (Discount Rate of Cash Flows)		(10.90%) - 30.76% (4.31%)
Commercial Mortgage-Backed Securities		59,425
Total	$	856,424

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $344,448,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

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

Core Plus Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	16		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(a)	Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Common Stock		16
		1,886		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.73% (4.73%)
		—		Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Preferred Stock		1,886
		9,101		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		11.32% - 18.50% (7.41%)
		50		Pending Distribution Amount	Discount for potential outcome (b)		15.00 - 99.99% (25.87%)
Corporate Bond		9,151
		233,190		Discounted Cash Flow	Liquidity Discount		4.50% (4.50%)
					Implied Spread to Index		2.00% (2.00%)
					Projected Principal Writedown		94.00% (94.00%)
					Constant Prepayment Rate		0.00% - 40.00% (7.51%)
					Constant Default Rate		0.00% - 50.00% (14.14%)
					Yield (Discount Rate of Cash Flows)		1.52% - 12.00% (4.57%)
Asset-Backed Securities		233,190

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 333

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

	Fair Value at August 31, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
		15,359		Discounted Cash Flow	Constant Prepayment Rate		1.00% - 30.57% (10.01%)
					Constant Default Rate		0.00% - 7.99% (2.18%)
					Yield (Discount Rate of Cash Flows)		2.43% - 24.83% (4.91%)
Collateralized Mortgage Obligations		15,359
		66,057		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (8.73%)
					Yield (Discount Rate of Cash Flows)		0.97% - 30.76% (4.85%)
Commercial Mortgage-Backed Securities		66,057
Warrants		576		Intrinsic Value	Implied Minority / Liquidity Discount		20.00% (20.00%)
		—	(a)	Discounted Cash Flow	Projected Principal Writedown		99.99% (99.99%)
Loan Assignments		—	(a)
Total	$	326,235

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $108,272,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

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

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, 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. A significant change in broker pricing information could result in a significantly higher or lower value in such level 3 instruments.

High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	71		Terms of Exchange Offer	Expected Recovery		$0.01 ($0.01)
		—	(a)	Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Common Stocks		71
		26,323		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.73% (4.73%)
		—	(a)	Pending Distribution Amount	Discount for potential outcome (b)		100.00% (100.00%)
Preferred Stocks		26,323
		32,963		Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		7.96% - 18.50% (12.40%)
		325		Pending Distribution Amount	Discount for potential outcome (b)		15.00% - 99.99% (26.18%)
Corporate Bonds		33,288
		1,764		Discounted Cash Flow	Liquidity Discount		4.50% (4.50%)
					Implied Spread to Index		2.00% (2.00%)
					Constant Prepayment Rate		3.00% - 7.00% (4.22%)
					Constant Default Rate		5.52% - 6.10% (5.92%)
					Yield (Discount Rate of Cash Flows)		8.11% - 12.00% (10.82%)
Asset-Backed Securities		1,764
Warrants		—	(a)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	61,446

334 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $9,125,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

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

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

Inflation Managed Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	15,627	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 15.00% (1.00%)
				Constant Default Rate		0.00% - 36.00% (25.59%)
				Yield (Discount Rate of Cash Flows)		2.06% - 4.51% (3.65%)
Asset-Backed Securities		15,627
		76	Discounted Cash Flow	Constant Prepayment Rate		8.00%(8.00%)
				Constant Default Rate		0.25% (0.25%)
				Yield (Discount Rate of Cash Flows)		3.58% (3.58%)
Collateralized Mortgage Obligations		76
		24	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 90.00% (55.47%)
				Yield (Discount Rate of Cash Flows)		2.67% - 4.69% (3.44%)
Commercial Mortgage-Backed Securities		24
Total	$	15,727

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $109,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

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

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 335

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Limited Duration Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	62,667	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (2.33%)
				Constant Default Rate		0.00% - 50.00% (13.75%)
				Yield (Discount Rate of Cash Flows)		1.59% - 25.00% (4.34%)
Asset-Backed Securities		62,667
		15,935	Discounted Cash Flow	PSA Prepayment Model		393.00% (393.00%)
				Constant Prepayment Rate		0.50% - 14.62% (9.83%)
				Constant Default Rate		0.00% - 7.30% (0.09%)
				Yield (Discount Rate of Cash Flows)		1.39% - 6.70% (1.93%)
Collateralized Mortgage Obligations		15,935
		6,138	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 5.00% (0.18%)
				Constant Default Rate		0.00% - 3.00% (0.11%)
				Yield (Discount Rate of Cash Flows)		3.26% - 5.42% (3.34%)
Commercial Mortgage-Backed Securities		6,138
Total	$	84,740

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $3,376,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

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

Mortgage-Backed Securities Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	109,943	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 18.00% (2.00%)
				Constant Default Rate		0.00% - 50.00% (8.19%)
				Yield (Discount Rate of Cash Flows)		1.39%% - 7.53% (3.76%)
				Projected Principal Writedown		83.00% (83.00%)
Asset-Backed Securities		109,943
		33,826	Discounted Cash Flow	PSA Prepayment Model		393.00% (393.00%)
				Constant Prepayment Rate		1.00% - 37.14% (8.51%)
				Constant Default Rate		0.00% - 14.25% (4.94%)
				Yield (Discount Rate of Cash Flows)		(12.14)% - 142.13% (6.13%)
Collateralized Mortgage Obligations		33,826
		10,784	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (17.26%)
				Yield (Discount Rate of Cash Flows)		0.93% - 30.76% (4.28%)
Commercial Mortgage-Backed Securities		10,784
Total	$	154,553

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $47,220,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs

336 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Short Duration Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at August 31, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	122,299		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 18.00% (2.01%)
					Constant Default Rate		0.00% - 36.00% (22.70%)
					Yield (Discount Rate of Cash Flows)		1.52% - 7.80% (3.66%)
Asset-Backed Securities		122,299
		—	(a)	Discounted Cash Flow	PSA Prepayment Model		393.00% (393.00%)
					Yield (Discount Rate of Cash Flows)		1.74% (1.74%)
Collateralized Mortgage Obligations		—	(a)
Total	$	122,299

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At August 31, 2016, the value of these investments was approximately $27,922,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

(a) Amount rounds to less than 500.

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

Short Duration High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements

(Amounts in thousands)

	Fair Value at August 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	33	Broker Quote	Mid Price	$	355.00 - $370.00 ($362.50)
Common Stock		33
		794	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)		4.79% (4.79%)
Preferred Stock		794
Total	$	827

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

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

As of August 31, 2016, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 337

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

C. When Issued, Delayed Delivery Securities and Forward Commitments — Core Bond Fund, Core Plus Bond Fund, Government Bond Fund and Mortgage-Backed Securities 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.

Core Bond Fund, Core Plus Bond Fund, Government Bond Fund and Mortgage-Backed Securities Fund had delayed delivery securities outstanding as of August 31, 2016, which are shown as Payable for investment securities purchased-delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2016 are detailed on the SOIs.

D. Loan Assignments — Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration High Yield 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 Funds invest in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the fund has direct rights against the borrower on a loan, provided, however, the fund’s rights may be more limited than the lender from which it acquired the assignment and the fund may be able to enforce its rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

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

At August 31, 2016, Short Duration High Yield Fund had investments in Loan Assignments that amounted to more than 5% of the Fund’s net assets, by agent bank as follows:

Agent Bank	Percentage
Deutsche Bank AG		7.0	%

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

At August 31, 2016, the Funds did not have any outstanding unfunded loan commitments.

F. Derivatives — Core Plus Bond Fund, High Yield Fund and Inflation Managed Bond Fund used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract

338 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparties (i.e., decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

Notes F(1) — F(3) below describe the various derivatives used by the Funds.

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

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

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

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

(2). Forward Foreign Currency Exchange Contracts — Core Plus Bond Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). As of August 31, 2016, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(3). Swaps — Core Plus Bond Fund, High Yield Fund and Inflation Managed Bond Fund engaged in various swap transactions, including interest rate and credit default swaps, to manage interest rate (e.g., duration, yield curve) and credit risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or centrally cleared (“centrally cleared swaps”) with a central clearinghouse through a Futures Commission Merchant (“FCM”), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 339

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. Cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.G.) and is reported on the Statements of Assets and Liabilities as Investments in affiliates — restricted. Collateral received by the Funds is held in escrow in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Funds, which provides collateral management services to the Funds (See Note 3.F.).

Inflation Managed Bond Fund’s swap contracts at net value and collateral posted by counterparty as of August 31, 2016 are as follows (amounts in thousands):

Fund		Counterparty	Value of swap contracts			Collateral amount
Inflation Managed Bond Fund	Collateral Posted	Barclays Bank plc	$	(5,396	)	$	5,210
		BNP Paribas		(8,092	)		8,220
		Citibank, N.A.		(8,077	)		8,280
		Credit Suisse International		(6,740	)		6,610
		Deutsche Bank AG, New York		(11,694	)		11,700
		Goldman Sachs International		(6,657	)		6,500
		Morgan Stanley Capital Services		(5,240	)		5,890
		Royal Bank of Scotland		(2,111	)		1,980

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

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

Credit Default Swaps

Core Plus Bond Fund and High Yield 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 Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Interest Rate Swaps

Core Plus Bond Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

Inflation-Linked Swaps

Inflation Managed Bond Fund used inflation-linked swaps to provide inflation protection within its portfolio. The use of swaps exposes the Fund to interest rate risk.

340 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

(5). Summary of Derivatives Information

The following table presents the value of derivatives held as of August 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Core Plus Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Centrally Cleared Swaps (b)		Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	116		$	—		$	—	$	116
Foreign exchange contracts	Receivables		—			35			—		35
Credit contracts	Receivables		—			—			3,719		3,719
Total		$	116		$	35		$	3,719	$	3,870
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(209	)	$	—		$	—	$	(209	)
Foreign exchange contracts	Payables		—			(296	)		—		(296	)
Credit contracts	Payables		—			—			—		—
Total		$	(209	)	$	(296	)	$	—	$	(505	)

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

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

The following table presents the value of derivatives held as of August 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

High Yield Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Centrally Cleared Swaps (a)
Credit contracts	Receivables	$	10,927

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

The following table presents the value of derivatives held as of August 31, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

Inflation Managed Bond Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		OTC Swaps
Interest rate contracts	Receivables	$	247
Gross Liabilities:
Interest rate contracts	Payables	$	(54,254	)

The Fund did not have derivative assets as of August 31, 2016. The following table presents the Fund’s gross derivative liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral posted by the Fund as of August 31, 2016 (amounts in thousands):

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 341

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

Inflation Managed Bond Fund

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset		Collateral Posted (b)			Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	5,396	$	—	$	(5,210	)	$	186
BNP Paribas		8,092		—		(8,092	)		—
Citibank, N.A.		8,077		—		(8,077	)		—
Credit Suisse International		6,740		—		(6,610	)		130
Deutsche Bank AG, New York		11,694		—		(11,694	)		—
Goldman Sachs International		6,657		—		(6,500	)		157
Morgan Stanley Capital Services		5,240		—		(5,240	)		—
Royal Bank of Scotland		2,111		—		(1,980	)		131
	$	54,007	$	—	$	(53,403	)	$	604

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

(b) Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. See Note 2.F.(3). for actual swap collateral received or posted.

The following tables present the effect of derivatives on the Statements of Operations for the six month ended August 31, 2016, by primary underlying risk exposure (amounts in thousands):

Core Plus Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	$	1,302	$	—		$	(119	)	$	1,183
Foreign exchange contracts		—		(405	)		—			(405	)
Credit contracts		—		—			(6,299	)		(6,299	)
Total	$	1,302	$	(405	)	$	(6,418	)	$	(5,521	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Swaps			Total
Interest rate contracts	$	167	$	—		$	143		$	310
Foreign exchange contracts		—		(128	)		—			(128	)
Credit contracts		—		—			(1,111	)		(1,111	)
Total	$	167	$	(128	)	$	(968	)	$	(929	)

High Yield Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	7,360
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Credit contracts	$	1,553

342 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

Inflation Managed Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	(23,228	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Swaps
Interest rate contracts	$	27,683

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the six month ended August 31, 2016 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

	Core Plus Bond Fund			High Yield Fund			Inflation Managed Bond Fund
Futures Contracts:
Average Notional Balance Long	$	188,471		$	—		$	—
Average Notional Balance Short		46,418			—			—
Ending Notional Balance Long		286,594			—			—
Ending Notional Balance Short		102,761			—			—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		1,837			—			—
Average Settlement Value Sold		8,348			—			—
Ending Settlement Value Purchased		2,231			—			—
Ending Settlement Value Sold		8,700			—			—
Credit Default Swaps:
Average Notional Balance — Buy Protection		85,000			—			—
Average Notional Balance — Sell Protection		14,857			150,000	(a)		—
Ending Notional Balance — Buy Protection		50,000			—			—
Ending Notional Balance — Sell Protection		43,000			200,000			—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Pays Fixed Rate		5,000	(b)		—			1,086,286
Ending Notional Balance — Pays Fixed Rate		—			—			992,000

(a) For the period March 1, 2016 through August 31, 2016.

(b) For the period March 1, 2016 through March 31, 2016.

The Funds’ derivatives contracts held at August 31, 2016 are not accounted for as hedging instruments under GAAP.

G. 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 the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 343

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.

Inflation Managed Bond Fund invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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

Transfer agency fees and sub-transfer agency fees are class-specific expenses. The amount of the transfer agency fees and sub-transfer agency fees charged to each class of the Funds for the six months ended August 31, 2016 are as follows (amounts in thousands):

	Class A		Class C			Class R2			Class R5			Class R6			Institutional Class		Select Class			Total
Core Bond Fund
Transfer agency fees	$	84	$	21		$	6		$	3		$	56			n/a	$	92		$	262
Sub-transfer agency fees		1,312		269			117			151			—			n/a		3,527			5,376
Core Plus Bond Fund
Transfer agency fees		29		6			2			n/a			12		$	5		5			59
Sub-transfer agency fees		456		91			42			n/a			—			140		156			885
Government Bond Fund
Transfer agency fees		121		3			8			n/a			—	(a)		n/a		7			139
Sub-transfer agency fees		525		33			67			n/a			—			n/a		421			1,046
High Yield Fund
Transfer agency fees		51		8			5			2			15			n/a		500			581
Sub-transfer agency fees		367		87			12			23			—			n/a		2,771			3,260
Inflation Managed Bond Fund
Transfer agency fees		5		1			—	(a)		—	(a)		3			n/a		4			13
Sub-transfer agency fees		49		2			—	(a)		—			—			n/a		56			107
Limited Duration Bond Fund
Transfer agency fees		9		3			n/a			n/a			5			n/a		3			20
Sub-transfer agency fees		80		14			n/a			n/a			—			n/a		33			127
Mortgage-Backed Securities Fund
Transfer agency fees		10		1			n/a			n/a			6			n/a		6			23
Sub-transfer agency fees		62		5			n/a			n/a			—			n/a		226			293
Short Duration Bond Fund
Transfer agency fees		11		4			n/a			n/a			13			n/a		31			59
Sub-transfer agency fees		118		29			n/a			n/a			—			n/a		1,951			2,098
Short Duration High Yield Fund
Transfer agency fees		1		—	(a)		n/a			n/a			1			n/a		1			3
Sub-transfer agency fees		1		—	(a)		n/a			n/a			—			n/a		—	(a)		1
Treasury & Agency Fund
Transfer agency fees		2		n/a			n/a			n/a			n/a			n/a		1			3
Sub-transfer agency fees		3		n/a			n/a			n/a			n/a			n/a		11			14

(a) Amount rounds to less than 500.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of August 31, 2016, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

344 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

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

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 each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

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

Core Bond Fund	0.30	%
Core Plus Bond Fund	0.30
Government Bond Fund	0.30
High Yield Fund	0.65	*
Inflation Managed Bond Fund	0.35
Limited Duration Bond Fund	0.25
Mortgage-Backed Securities Fund	0.35
Short Duration Bond Fund	0.25
Short Duration High Yield Fund	0.50
Treasury & Agency Fund	0.30

* Effective November 1, 2016, the annual rate will be 0.60%.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended August 31, 2016, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C			Class R2
	0.25	%		0.75	%		0.50	%

In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares (except for Class C Shares of Limited Duration Bond Fund and Short Duration Bond Fund purchased prior to September 3, 2013) and

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 345

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

certain Class A Shares for which front-end sales charges have been waived. For the six months ended August 31, 2016, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge			CDSC
Core Bond Fund	$	353		$	1
Core Plus Bond Fund		288			1
Government Bond Fund		30			—	(a)
High Yield Fund		99			—	(a)
Inflation Managed Bond Fund		2			—	(a)
Limited Duration Bond Fund		5			—	(a)
Mortgage-Backed Securities Fund		25			1
Short Duration Bond Fund		28			—	(a)
Short Duration High Yield Fund		—	(a)		—
Treasury & Agency Fund		—	(a)		—

(a) Amount rounds to less than 500.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not charge a shareholder servicing fee. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Institutional Class			Select Class
Core Bond Fund		0.25	%		0.25	%		0.25	%		0.05	%		n/a			0.25	%
Core Plus Bond Fund		0.25			0.25			0.25			n/a			0.10	%		0.25
Government Bond Fund		0.25			0.25			0.25			n/a			n/a			0.25
High Yield Fund		0.25			0.25			0.25			0.05			n/a			0.25
Inflation Managed Bond Fund		0.25			0.25			0.25			0.05			n/a			0.25
Limited Duration Bond Fund		0.25			0.25			n/a			n/a			n/a			0.25
Mortgage-Backed Securities Fund		0.25			0.25			n/a			n/a			n/a			0.25
Short Duration Bond Fund		0.25			0.25			n/a			n/a			n/a			0.25
Short Duration High Yield Fund		0.25			0.25			n/a			n/a			n/a			0.25
Treasury & Agency Fund		0.25			n/a			n/a			n/a			n/a			0.25

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

The Distributor waived Shareholder Servicing fees as outlined in Note 3.G.

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

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

F. Collateral Management Fees — JPMCB provides derivatives collateral management services for Core Plus Bond Fund and Inflation Managed Bond Fund. The amounts paid directly to JPMCB by the Funds for these services are included in Collateral management fees on the Statements of Operations.

G. Waivers and Reimbursements — The Adviser, Administrator and/or Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to

346 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Core Bond Fund*		0.75	%		1.40	%		1.00	%		0.45	%		0.35	%		n/a			0.58	%
Core Plus Bond Fund^		0.75			1.40			1.15			n/a			0.40			0.49	%		0.46
Government Bond Fund		0.75			1.48			1.00			n/a			0.35			n/a			0.48
High Yield Fund**		1.00			1.55			1.30			0.75			0.70			n/a			0.80
Inflation Managed Bond Fund		0.75			1.40			1.00			0.55			0.50			n/a			0.60
Limited Duration Bond Fund		0.70			1.20			n/a			n/a			0.25			n/a			0.45
Mortgage-Backed Securities Fund		0.65			1.15			n/a			n/a			0.25			n/a			0.40
Short Duration Bond Fund		0.80			1.30			n/a			n/a			0.30			n/a			0.55
Short Duration High Yield Fund		0.90			1.40			n/a			n/a			0.50			n/a			0.65
Treasury & Agency Fund		0.70			n/a			n/a			n/a			n/a			n/a			0.45

^ Prior to January 6, 2016, the contractual expense limitation for Core Plus Bond Fund was 0.65% for Select Class Shares.

* Effective November 1, 2016, the contractual expense limitation is 0.50% for Select Shares. Effective July 1, 2017, the contractual expense limitation for Class R2 Shares will be 1.10%.

** Effective November 1, 2016, the contractual expense limitations are 1.50%, 0.75%, 0.70%, and 0.60% for Class C, Select, Class R5 and Class R6 shares, respectively. Effective July 1, 2017, the contractual expense limitation for Class R2 Shares will be 1.35%.

Except as noted above, the expense limitation agreements were in effect for the six months ended August 31, 2016 and are in place until at least June 30, 2017, except for Class B Shares which are no longer operating and all share classes of Core Bond Fund and High Yield Fund which are in place until at least October 31, 2018.

For the six months ended August 31, 2016, 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		Administration		Shareholder Servicing		Total		Contractual Reimbursements
Core Bond Fund	$	4,628	$	3,079	$	8,007	$	15,714	$	33
Core Plus Bond Fund		151		100		2,150		2,401		52
Government Bond Fund		149		99		1,570		1,818		444
High Yield Fund		1,832		1,219		8,351		11,402		716
Inflation Managed Bond Fund		—		—		478		478		48
Limited Duration Bond Fund		459		305		274		1,038		—
Mortgage-Backed Securities Fund		1,802		1,145		1,000		3,947		—
Short Duration Bond Fund		1,800		1,198		2,110		5,108		—
Short Duration High Yield Fund		145		63		63		271		—	(a)
Treasury & Agency Fund		143		43		2		188		—

(a) Amount rounds to less than 500.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). For all funds with the exception of Core Plus Bond Fund, effective July 1, 2016, the Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to July 1, 2016, a portion of the waiver and/or reimbursement is voluntary.

For Core Plus Bond Fund, effective January 6, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. Prior to January 6, 2016, a portion of the waiver was voluntary.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 347

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

The amounts of waivers resulting from investments in these money market funds for the six months ended August 31, 2016 were as follows (amounts in thousands):

Core Bond Fund	$	1,330
Core Plus Bond Fund		297
High Yield Fund		390
Inflation Managed Bond Fund		13
Limited Duration Bond Fund		92
Mortgage-Backed Securities Fund		257
Short Duration High Yield Fund		7

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

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

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

During the six months ended August 31, 2016, Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Inflation Managed Bond Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Short Duration High Yield Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended August 31, 2016, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended August 31, 2016, 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)		Purchases of U.S. Government		Sales of U.S. Government
Core Bond Fund	$	3,085,703	$	2,432,499	$	698,532	$	1,043,116
Core Plus Bond Fund		2,411,431		1,267,577		1,153,033		581,599
Government Bond Fund		93,008		76,916		50,037		14,330
High Yield Fund		4,125,437		2,364,154		—		—
Inflation Managed Bond Fund		122,946		232,229		122,772		192,132
Limited Duration Bond Fund		141,834		167,215		—		—
Mortgage-Backed Securities Fund		418,504		230,335		—		—
Short Duration Bond Fund		1,083,213		1,235,722		1,640,810		1,464,622
Short Duration High Yield Fund		52,362		53,371		—		—
Treasury & Agency Fund		—		2,310		15,999		16,335

348 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

5. Federal Income Tax Matters

For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at August 31, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	28,059,435	$	1,484,168	$	54,057	$	1,430,111
Core Plus Bond Fund		6,599,268		230,169		43,630		186,539
Government Bond Fund		1,320,736		78,042		2,030		76,012
High Yield Fund		12,071,594		432,730		437,007		(4,277	)
Inflation Managed Bond Fund		1,424,577		43,761		1,864		41,897
Limited Duration Bond Fund		1,257,370		6,902		8,746		(1,844	)
Mortgage-Backed Securities Fund		2,710,415		101,582		13,047		88,535
Short Duration Bond Fund		10,999,861		66,648		15,018		51,630
Short Duration High Yield Fund		168,121		2,500		6,087		(3,587	)
Treasury & Agency Fund		101,863		854		6		848

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after February 28, 2011 are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At February 29, 2016, Core Bond Fund, Government Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund and Treasury & Agency Fund did not have any net capital loss carryforwards.

At February 29, 2016, the Funds had the following pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains (amounts in thousands):

	2017		2018		2019		Total
Limited Duration Bond Fund	$	42,572	$	10,531	$	6,963	$	60,066

As of February 29, 2016, the Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term			Long-Term
Core Plus Bond Fund	$	1,406		$	—
High Yield Fund		39,756			44,932
Inflation Managed Bond Fund		8,757			316
Limited Duration Bond Fund		—	(a)		11,012
Short Duration High Yield Fund		3,057			2,013

(a) Amount rounds to less than 500.

6. Borrowings

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

The 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 7, 2016.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended August 31, 2016.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 349

NOTES TO FINANCIAL STATEMENTS

AS OF AUGUST 31, 2016 (Unaudited) (continued)

In addition, effective August 16, 2016, the Trusts along with certain other trusts (“Borrowers”) entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which and 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. The initial term of the Credit Facility is 364 days, unless extended. The Funds did not utilize the Credit Facility during the period ended August 31, 2016.

7. Risks, Concentrations and Indemnifications

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

As of August 31, 2016, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Core Bond Fund		—	%		20.9	%
Core Plus Bond Fund		19.8			16.7
High Yield Fund		—			22.2
Inflation Managed Bond Fund		16.3			27.2
Limited Duration Bond Fund		46.5			—

As of August 31, 2016, the Funds had omnibus accounts which represented the following percentage of each Fund’s net assets:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-affiliated Omnibus Accounts		% of the Fund
Core Plus Bond Fund		1		13.6	%		—		—	%
Government Bond Fund		—		—			1		17.8
High Yield Fund		1		10.8			—		—
Inflation Managed Bond Fund		1		24.4			—		—
Short Duration Bond Fund		2		64.6			1		11.7
Short Duration High Yield Fund		1		82.3			1		11.0
Treasury & Agency Fund		2		64.4			—		—

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

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

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

A significant portion of the Funds’ (except High Yield Fund, Short Duration High Yield Fund and Treasury & Agency Fund) investments are comprised of asset-backed or mortgage related securities, including securities backed by sub-prime mortgages.

350 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

High Yield Fund and Short Duration High Yield Fund may invest up to 100% of the Funds’ total assets in below investment grade securities or unrated securities that JPMIM deems to be of equivalent quality. Such securities may include so called “distressed debt”.

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

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

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

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given the historically low interest rate environment, risks associated with rising rates are heightened. 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.

8. Subscription in-Kind

During the six months ended August 31, 2016, certain Short Duration Bond Fund Class R6 shareholders purchased shares of Short Duration Bond Fund. The portfolio securities were received primarily by means of a subscription in-kind exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amount in thousands):

May 9, 2016	Value		Type
Class R6	$	44,995		Subscription in-kind

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 351

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, 2016, and continued to hold your shares at the end of the reporting period, August 31, 2016.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Core Bond Fund
Class A
Actual*	$	1,000.00	$	1,031.90	$	3.79		0.74	%
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class C
Actual*		1,000.00		1,028.20		7.11		1.39
Hypothetical*		1,000.00		1,018.20		7.07		1.39
Class R2
Actual*		1,000.00		1,031.50		5.07		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R5
Actual*		1,000.00		1,034.40		2.26		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
Class R6
Actual*		1,000.00		1,034.80		1.74		0.34
Hypothetical*		1,000.00		1,023.49		1.73		0.34
Select Class
Actual*		1,000.00		1,032.70		2.92		0.57
Hypothetical*		1,000.00		1,022.33		2.91		0.57
Core Plus Bond Fund
Class A
Actual*		1,000.00		1,047.50		3.82		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class C
Actual*		1,000.00		1,043.60		7.16		1.39
Hypothetical*		1,000.00		1,018.20		7.07		1.39
Class R2
Actual*		1,000.00		1,045.20		5.88		1.14
Hypothetical*		1,000.00		1,019.46		5.80		1.14

352 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Core Plus Bond Fund (continued)
Class R6
Actual*	$	1,000.00	$	1,049.00	$	2.01		0.39	%
Hypothetical*		1,000.00		1,023.24		1.99		0.39
Institutional Class
Actual*		1,000.00		1,047.30		2.48		0.48
Hypothetical*		1,000.00		1,022.79		2.45		0.48
Select Class
Actual*		1,000.00		1,048.80		2.32		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45
Government Bond Fund
Class A
Actual*		1,000.00		1,017.90		3.81		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class C
Actual*		1,000.00		1,014.20		7.46		1.47
Hypothetical*		1,000.00		1,017.80		7.48		1.47
Class R2
Actual*		1,000.00		1,016.60		5.08		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00
Class R6
Actual**		1,000.00		997.40		0.29		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Select Class
Actual*		1,000.00		1,019.30		2.44		0.48
Hypothetical*		1,000.00		1,022.79		2.45		0.48
High Yield Fund
Class A
Actual*		1,000.00		1,130.10		5.32		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class C
Actual*		1,000.00		1,126.60		8.25		1.54
Hypothetical*		1,000.00		1,017.44		7.83		1.54
Class R2
Actual*		1,000.00		1,128.50		6.92		1.29
Hypothetical*		1,000.00		1,018.70		6.56		1.29
Class R5
Actual*		1,000.00		1,132.10		3.98		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class R6
Actual*		1,000.00		1,132.40		3.71		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Select Class
Actual*		1,000.00		1,132.10		4.25		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Inflation Managed Bond Fund
Class A
Actual*		1,000.00		1,027.70		3.83		0.75
Hypothetical*		1,000.00		1,021.42		3.82		0.75
Class C
Actual*		1,000.00		1,024.70		7.09		1.39
Hypothetical*		1,000.00		1,018.20		7.07		1.39
Class R2
Actual*		1,000.00		1,027.60		5.11		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 353

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Inflation Managed Bond Fund (continued)
Class R5
Actual*	$	1,000.00	$	1,028.80	$	2.66		0.52	%
Hypothetical*		1,000.00		1,022.58		2.65		0.52
Class R6
Actual*		1,000.00		1,030.30		2.35		0.46
Hypothetical*		1,000.00		1,022.89		2.35		0.46
Select Class
Actual*		1,000.00		1,028.80		3.07		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Limited Duration Bond Fund
Class A
Actual*		1,000.00		1,009.50		3.44		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class C
Actual*		1,000.00		1,007.10		5.97		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R6
Actual*		1,000.00		1,011.90		1.22		0.24
Hypothetical*		1,000.00		1,024.00		1.22		0.24
Select Class
Actual*		1,000.00		1,010.80		2.18		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
Mortgage-Backed Securities Fund
Class A
Actual*		1,000.00		1,016.00		3.20		0.63
Hypothetical*		1,000.00		1,022.03		3.21		0.63
Class C
Actual*		1,000.00		1,013.10		5.73		1.13
Hypothetical*		1,000.00		1,019.51		5.75		1.13
Class R6
Actual*		1,000.00		1,018.50		1.17		0.23
Hypothetical*		1,000.00		1,024.05		1.17		0.23
Select Class
Actual*		1,000.00		1,017.70		1.93		0.38
Hypothetical*		1,000.00		1,023.29		1.94		0.38
Short Duration Bond Fund
Class A
Actual*		1,000.00		1,007.60		4.05		0.80
Hypothetical*		1,000.00		1,021.17		4.08		0.80
Class C
Actual*		1,000.00		1,005.00		6.57		1.30
Hypothetical*		1,000.00		1,018.65		6.61		1.30
Class R6
Actual*		1,000.00		1,010.20		1.52		0.30
Hypothetical*		1,000.00		1,023.69		1.53		0.30
Select Class
Actual*		1,000.00		1,009.90		2.79		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55

354 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

	Beginning Account Value March 1, 2016		Ending Account Value August 31, 2016		Expenses Paid During the Period		Annualized Expense Ratio
Short Duration High Yield Fund
Class A
Actual*	$	1,000.00	$	1,085.90	$	4.68		0.89	%
Hypothetical*		1,000.00		1,020.72		4.53		0.89
Class C
Actual*		1,000.00		1,084.50		7.30		1.39
Hypothetical*		1,000.00		1,018.20		7.07		1.39
Class R6
Actual*		1,000.00		1,089.30		2.58		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49
Select Class
Actual*		1,000.00		1,088.60		3.37		0.64
Hypothetical*		1,000.00		1,021.98		3.26		0.64
Treasury & Agency Fund
Class A
Actual*		1,000.00		1,003.90		3.54		0.70
Hypothetical*		1,000.00		1,021.68		3.57		0.70
Select Class
Actual*		1,000.00		1,004.90		2.27		0.45
Hypothetical*		1,000.00		1,022.94		2.29		0.45

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

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 30/365 (to reflect the actual period). Commencement of operations was August 1, 2016.

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 355

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(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 2016, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 17, 2016.

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

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

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

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

Nature, Extent and Quality of Services Provided by the Adviser

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

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

356 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

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

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

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

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

Fall-Out Benefits

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

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

Economies of Scale

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

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Core Bond Fund, Core Plus Bond Fund, Government Bond Fund, High Yield Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond Fund, and Treasury & Agency Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Inflation Managed Bond Fund and Short Duration High Yield 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,

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 357

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(Unaudited) (continued)

and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance for the Funds 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 sub-set of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. For certain Funds, the Trustees and Adviser determined that the Peer Group and/or Universe 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 of funds with similar portfolio objectives (as selected by the independent consultant). The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Core Bond Fund’s performance for Class A shares was in the first, third and fifth quintiles based upon the Peer Group, and in the first, third and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the

first, third and fourth quintiles based upon the Peer Group, and in the first, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Core Plus Bond Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, and in the second, first and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the fourth, first and second quintiles based upon the Peer Group, and in the second, first and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Government Bond Fund’s performance for Class A shares was in the first, fourth and first quintiles based upon the Peer Group, and in the second, third, and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the first, fifth and first quintiles based upon the Peer Group and in the first, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the High Yield Fund’s performance for Class A shares was in the third, third and fourth quintiles based upon the Peer Group, and in the fourth, third, and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the third, third and fourth quintiles based upon the Peer Group, and in the third quintile based on the Universe, for the one-, three-, and five-year periods ended December 31, 2015, 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

358 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Inflation Managed Bond Fund’s performance for Class A shares was in the first, first, and fifth quintiles based upon the Peer Group, and in the first, first and fourth quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the first quintile for both the one- and three-year periods ended December 31, 2015 based upon the Peer Group, and in the first, first, and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Limited Duration Bond Fund’s performance for Class A shares was in the fourth, first and second quintiles based upon the Peer Group, and in the third, first and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that the performance for Select Class shares was in the first quintile for each of the one-, three-, and five-year periods ended December 31, 2015 based upon the Peer Group, and in the third, first, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, 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 performance was reasonable.

The Trustees noted that the Mortgage-Backed Securities Fund’s performance for Class A shares was in the first, second and second quintiles based upon the Peer Group, and in the first, third, and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees noted that performance for Select Class shares was in the first, second, and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that, based upon the Universe, the Short Duration Bond Fund’s performance was in the third, third, and

second quintiles for Class A shares, and in the first quintile for Select Class shares for the one-, three-, and five-year periods ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

The Trustees noted that the Short Duration High Yield Fund’s performance for Class A shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and in the third and second quintiles based upon the Peer Group and Universe, respectively, for Select Class shares for the one-year period ended December 31, 2015. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the fixed income committee at each of their regular meetings over the course of the next year.

The Trustees noted that, based upon the Universe, the Treasury & Agency Fund’s performance was in the third, fourth and third quintiles for Class A shares, and in the second, third, and second quintiles for Select Class shares, for the one-, three-, and five-year periods ended December 31, 2015, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was reasonable.

Advisory Fees and Expense Ratios

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

AUGUST 31, 2016 J.P. MORGAN INCOME FUNDS 359

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(Unaudited) (continued)

review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

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

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

The Trustees noted that the Government Bond Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the 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 Select Class shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Select Class 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 reasonable.

The Trustees noted that the High Yield Fund’s net advisory fee for Class A shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fourth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Select Class shares was in the fifth quintile based upon both the Peer Group and Universe and that the actual total expenses for Select Class shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, including the changes to the Fund’s contractual advisory fee and Fee Caps effective November 1, 2016, in light of this information, the Trustees concluded that the advisory fee was reasonable.

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

The Trustees noted that the Limited Duration 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 for Select Class shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Select Class Shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Mortgage-Backed Securities 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, and that the net advisory fee and actual total expenses for Select Class shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.

The Trustees noted that the Short Duration 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 actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Select Class shares were in the second quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Short Duration High Yield Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the Treasury & Agency Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

360 J.P. MORGAN INCOME FUNDS AUGUST 31, 2016

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

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

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

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

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

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

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

^© JPMorgan Chase & Co., 2016.  All rights reserved. August 2016. SAN-INC2-816

ITEM 2. CODE OF ETHICS.

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

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

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

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

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

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

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

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

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

Not applicable to a semi-annual report.

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

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

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

Not applicable to a semi-annual report.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

Included in Item 1.

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

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not applicable.

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

Not applicable.

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

(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

Not applicable.

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

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

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

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

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the

Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

ITEM 12. EXHIBITS.

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

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

Not applicable.

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

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

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

Not applicable.

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

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

SIGNATURES

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

JPMorgan Trust II

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	November 4, 2016

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, 2016

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	November 4, 2016