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, 2015 through February 29, 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.

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).

Annual Report

J.P. Morgan Municipal Bond Funds

February 29, 2016

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	54
Financial Highlights	64
Notes to Financial Statements	72
Report of Independent Registered Public Accounting Firm	85
Trustees	86
Officers	88
Schedule of Shareholder Expenses	89
Tax Letter	91
Privacy Policy — Located at the back of this Annual Report

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

March 16, 2016 (Unaudited)

Dear Shareholder,

Even as the U.S. economy continued to steadily strengthen during the past year, the drag from slowing growth in the rest of the world increased and was reflected by turbulent financial markets and highly active central banks.

  “While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low.”

Gains in employment and consumer spending throughout 2015 helped persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in more than a decade. Meanwhile, leading central banks in China, Japan and the European Union enacted extraordinary measures to stimulate economic growth and stabilize financial markets. In the face of slowing global growth and rising market volatility, the Fed declined to further raise interest rates at its mid-March meeting.

Throughout the past twelve months, oil and gas prices remained historically low amid global oversupply and slowing demand, and by the end of the reporting period prices were roughly two-thirds off their peak in 2014. In February, spot prices for crude oil dropped to levels not seen since 2004.

While low energy prices put more money into consumers’ pockets and helped reduce commercial transportation costs, deteriorating balance sheets of energy sector companies raised the threat of defaults, particularly in the U.S. market for high yield bonds (also known as “junk bonds”). Also, energy companies have sharply curtailed spending on new projects, which has hurt the broader industrial sector that supplies pipeline, construction materials and machinery to oil exploration and production.

Along with lower oil prices, the U.S. dollar’s strength relative to other currencies was an important economic factor over the past twelve months. Overseas central bank interventions have driven down the value of foreign currencies, particularly the euro and the yen, while the strength of the U.S. economy had made the dollar more attractive. This in turn hurt the overseas earnings of U.S. companies. Among the companies that comprise the Standard & Poor’s 500 Index (S&P 500), an estimated aggregate of 35% to 40% of their earnings come from overseas and the loss of income was reflected in the final quarter of 2015, when aggregate per-share earnings of companies in the S&P 500 declined on a year-over-year basis for the third

consecutive quarter. Notably, financial analysts accelerated the pace of downward revisions to their earnings estimates during the first two months of 2016.

Meanwhile, the broader U.S. economy continued along its low-growth trajectory for the twelve months. Gross domestic product (GDP) grew by 2.4% in 2015, matching 2014 output. With the addition of 230,000 new jobs in February, non-farm private sector employment extended its expansion to 72 consecutive months. During the twelve months ended February 29, 2016, the unemployment rate fell to 4.9% from 5.5%, though wage growth during the period was 2.2%, barely outpacing the rate of inflation. Consumer spending, which accounts for two-thirds of U.S. economic activity, slowed to 0.1% growth in December and maintained that pace through January and February.

While the relative strength of the U.S. economy provides support for both U.S. equity and bond markets, it was not enough to overcome the slowdown in corporate earnings and weakening demand overseas. The S&P 500 reached a record high in mid-May and then suffered sell-offs in August 2015 and January 2016. Bond markets benefitted somewhat from investors’ search for safe havens amid market volatility, but with global interest rates at historic lows, yields on fixed-income investments were slight.

While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low. In this climate of low growth and heightened volatility in financial markets, investors may best be served by a patient, long term outlook and a properly diversified portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 1

J.P. Morgan Municipal Bond Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

Financial markets experienced increased volatility and deepening investor concern about slowing economic growth in China, anemic growth in Europe and Japan, the strength of the U.S. dollar and expectations for rising interest rates in the U.S. Overproduction and declining demand continued to hold down energy prices, and prices for other commodities also slumped during the twelve month reporting period. Notably, Puerto Rico’s $70 billion debt crisis remained unresolved at the end of February 2016, but there appeared to be little spillover effect on municipal bond markets.

Meanwhile, interest rates on intermediate and long term municipal bonds moved lower as both domestic and foreign economic and financial factors came into play and periodically influenced market movements. However, interest rates on bonds with shorter maturities rose in response to the U.S. Federal Reserve’s December interest rate increase, thus resulting in a flattening of the yield curve over the twelve month period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds. For the twelve months ended February 29, 2016, the Barclays Municipal Bond Index returned 3.95%

2 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		3.46%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		3.58%
Net Assets as of 2/29/2016 (In Thousands)	$	334,934
Duration as of 2/29/2016		5.2 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 twelve months ended February 29, 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 position in bonds of longer maturities detracted from performance. Overall, bonds in the 15-year maturity range outperformed bonds of longer and shorter maturities and the Fund’s underweight position in the 15-year range also detracted from relative performance. Municipal bonds of California and New York outperformed other municipal bond sectors and the Fund’s underweight position in those sectors also detracted from relative performance. Also, the Fund’s underweight position in the transportation sector detracted from performance relative to the Benchmark.

The Fund’s underweight position in pre-refunded bonds and its overweight position in revenue bonds, particularly in the housing and water & sewer sectors, contributed to performance relative to the Benchmark. The Fund’s longer duration in bonds with 5% to 6% coupons also contributed to performance, as did the Fund’s longer duration in bonds rated AA. 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?

The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. Over the

twelve month period, the Fund’s average duration was slightly longer than that of the Benchmark.

CREDIT QUALITY ALLOCATIONS***
AAA	24.4	%
AA	51.7
A	14.6
BBB	6.1
BB	0.6
NR	2.6

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

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

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

*** Percentages indicated are based on total investments as of February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 3

JPMorgan Municipal Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 23, 1993
With Sales Charge*			(0.57	)%		3.06	%		3.31	%
Without Sales Charge			3.26			3.85			3.71
CLASS C SHARES	November 4, 1997
With CDSC**			1.61			3.25			3.12
Without CDSC			2.61			3.25			3.12
SELECT CLASS SHARES	February 9, 1993		3.46			4.11			3.97

* Sales Charge for Class A Shares is 3.75%

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.99%
Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index		3.58%
Net Assets as of 2/29/2016 (In Thousands)	$	132,283
Duration as of 2/29/2016		4.8 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 twelve months ended February 29, 2016, the Fund underperformed the Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”). Over the course of the twelve month period, interest rates on intermediate and long term municipal bonds moved lower as both domestic and foreign economic and financial factors came into play and periodically influenced market movements. However, interest rates on bonds with shorter maturities rose in response to the U.S. Federal Reserve’s December interest rate increase, thus resulting in a flattening of the yield curve over the twelve month period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

The Fund’s underweight position and shorter duration in the transportation bond sector and in bonds rated A and BBB were leading detractors from performance relative to the Benchmark. 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 go down and up, respectively, versus bonds with shorter duration. The Fund’s underweight positions in state general obligation bonds and special tax bonds also detracted from relative performance.

The Fund’s slightly overweight positions and longer duration in the education and hospitals sectors and in bonds rated AA contributed to performance relative to the Benchmark.

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	16.3	%
AA	68.9
A	12.3
BBB	0.3
NR	2.2

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 18.8% 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 5

JPMorgan Ohio Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(1.10	)%		2.65	%		3.20	%
Without Sales Charge			2.72			3.45			3.60
CLASS C SHARES	February 19, 2005
With CDSC**			1.05			2.84			2.97
Without CDSC			2.05			2.84			2.97
SELECT CLASS SHARES	July 2, 1991		2.99			3.72			3.86

* Sales Charge for Class A Shares is 3.75%

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.85%
Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index		2.01%
Net Assets as of 2/29/2016 (In Thousands)	$	2,660,412
Duration as of 2/29/2016		3.5 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 twelve months ended February 29, 2016, the Fund underperformed the Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”). Relative to the Benchmark, the Fund’s underweight position in bonds with 4-6 year maturities was a leading detractor from performance. The Fund’s underweight position in the industrial development revenue/pollution control revenue bond sector and its underweight position in bonds rated BBB also detracted from relative performance.

The Fund’s position on the short and long ends of the yield curve made a positive contribution to relative performance as the curve flattened during the twelve month period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds. The Fund’s overweight position and longer duration in the leasing and hospital sectors also contributed to relative performance, as did the Fund’s longer duration in California bonds and bonds rated A.

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	26.3	%
AA	54.2
A	17.0
BBB	1.5
NR	1.0

Although the Credit Quality Allocations table reflects the ratings of the bonds detailed in the Schedule of Investments, 5.0% 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 7

JPMorgan Short-Intermediate Municipal Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 4, 1998
With Sales Charge*			(0.66	)%		0.78	%		1.83	%
Without Sales Charge			1.58			1.24			2.06
CLASS C SHARES	November 1, 2001
With CDSC**			0.14			0.73			1.55
Without CDSC			1.14			0.73			1.55
INSTITUTIONAL CLASS SHARES	June 19, 2009		2.09			1.74			2.49
SELECT CLASS SHARES	May 4, 1998		1.85			1.48			2.32

* Sales Charge for Class A Shares is 2.25%

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		3.53%
Barclays Municipal Bond Index		3.95%
Net Assets as of 2/29/2016 (In Thousands)	$	305,013
Duration as of 2/29/2016		6.6 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 twelve months ended February 29, 2016, the Fund underperformed the Barclays Municipal Bond Index (the “Benchmark”). Relative to the Benchmark, the Fund’s underweight position in the industrial redevelopment/pollution control bonds sector was a leading detractor from performance. The Fund’s underweight positions in Florida and Massachusetts bonds and in bonds rated A also detracted from relative performance.

The Fund’s overweight position and longer duration relative to the Benchmark in the 10+ year maturity section of the yield curve was a leading contributor to 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 yield curve shows the relationship between yields and maturity dates for a set of similar bonds.

The Fund’s longer duration in the transportation and hospital sectors and in bonds rated AA also made a positive contribution to relative performance, as did the Fund’s underweight position in New York state bonds.

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	23.5	%
AA	54.5
A	15.2
BBB	4.0
NR	2.8

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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 9

JPMorgan Tax Free Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 1, 1988
With Sales Charge*			(0.32	)%		4.20	%		3.70	%
Without Sales Charge			3.53			5.00			4.10
CLASS C SHARES	July 1, 2008
With CDSC**			1.83			4.28			3.38
Without CDSC			2.83			4.28			3.38
SELECT CLASS SHARES	February 1, 1995		3.82			5.18			4.27

* Sales Charge for Class A Shares is 3.75%

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 95.6% (t)
		Alabama — 1.0%
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	1,000	City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co. Barry Plant Project, Series A, Rev., VAR, 1.650%, 03/20/17		1,010
		Utility — 0.7%
	2,000	The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.000%, 09/01/31		2,367
		Total Alabama		3,377
		Alaska — 1.1%
		Other Revenue — 0.4%
	1,410	Northern Tobacco Securitization Corp., Series A, Rev., 4.625%, 06/01/23		1,418
		Transportation — 0.7%
	2,000	Alaska Industrial Development & Export Authority, Revolving Fund, Series A, Rev., 5.250%, 04/01/27		2,293
		Total Alaska		3,711
		Arizona — 1.8%
		Housing — 0.0% (g)
	95	Maricopa County IDA, Single Family Mortgage, Series 1B, Rev., GNMA/FNMA/FHLMC, 5.650%, 07/01/39		96
		Water & Sewer — 1.8%
	2,645	City of Scottsdale, Water & Sewer System, Rev., 5.250%, 07/01/22		3,295
	2,150	City of Tucson, Water System, Rev., 5.000%, 07/01/24		2,682
				5,977
		Total Arizona		6,073
		Arkansas — 0.0% (g)
		Housing — 0.0% (g)
	65	Arkansas Development Finance Authority, Single Family Mortgage, Series D, Rev., AMT, GNMA/FNMA/FHLMC, 5.500%, 01/01/37		66
		California — 2.4%
		General Obligation — 0.3%
	1,000	Salinas Union High School District, GO, Zero Coupon, 08/01/20		924
		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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.5%
	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		1,821
		Other Revenue — 0.2%
	600	California County, Tobacco Securitization Agency, Tobacco Settlement, Asset-Backed, Kern County Tobacco Funding Corp., Rev., 5.000%, 06/01/23		715
		Prerefunded — 0.3%
	1,000	Alum Rock Union Elementary School District, Election of 2008, Series A, GO, AGC, 5.250%, 08/01/18 (p)		1,110
		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
		Utility — 0.7%
	2,000	San Diego Public Facilities Financing Authority, Series A, Rev., 5.250%, 08/01/26		2,353
		Total California		8,155
		Colorado — 1.6%
		Certificate of Participation/Lease — 0.2%
	625	Pueblo County Judicial Complex Project, COP, AGM, 5.000%, 09/15/21		733
		General Obligation — 0.3%
	1,000	Douglas County School District No. Re-1, Douglas & Elbert Counties, GO, 5.250%, 12/15/20		1,203
		Housing — 0.2%
		Denver City & County, Single Family Home Mortgage, Metropolitan Mayors Caucus Program,
	35	Rev., GNMA COLL, 6.000%, 05/01/27		35
	110	Rev., GNMA COLL, 6.150%, 11/01/34		113
	316	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.550%, 12/01/39		332
	25	Series A, Rev., GNMA/FNMA/FHLMC, 7.300%, 11/01/31		25
	175	El Paso County, Single Family Mortgage, Southern Front Range Region Program, Series E, Rev., AMT, GNMA/FNMA/FHLMC, 5.850%, 04/01/41		181
				686

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 11

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — 0.8%
	2,415	Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project, Series B, Rev., 5.000%, 09/01/22		2,553
		Prerefunded — 0.1%
	223	El Paso County, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.350%, 03/07/16 (p)		230
		Total Colorado		5,405
		Connecticut — 1.5%
		Education — 1.3%
		Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program,
	760	Series A, Rev., 4.000%, 11/15/19		819
	1,560	Series A, Rev., 5.250%, 11/15/23		1,819
	1,500	Series A, Rev., 5.250%, 11/15/24		1,749
				4,387
		Housing — 0.2%
	625	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Subseries A-1, Rev., 4.000%, 11/15/45		682
		Total Connecticut		5,069
		Delaware — 0.2%
		Housing — 0.2%
		Delaware State Housing Authority, Senior Single Family Mortgage,
	460	Series A-1, Rev., AMT, 4.900%, 07/01/29		499
	255	Series D-1, Rev., AMT, GNMA/FNMA/FHLMC, 4.625%, 01/01/23		257
		Total Delaware		756
		District of Columbia — 1.0%
		Water & Sewer — 1.0%
	3,000	District of Columbia Water & Sewer Authority Public Utility, Subordinate Lien, Green Bonds, Series A, Rev., 5.000%, 10/01/45		3,486
		Florida — 12.7%
		Certificate of Participation/Lease — 3.3%
	4,000	Collier County School Board, Master Lease Program, Series A, COP, AGM, 5.250%, 02/15/21		4,762
	2,250	South Florida Water Management District, COP, 5.000%, 10/01/32		2,680
	3,000	The School Board of Miami-Dade County, Series D, COP, 5.000%, 02/01/27		3,636
				11,078

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — 0.4%
	1,100	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp. Obligated Group, Rev., 5.000%, 12/01/21		1,281
		Housing — 1.3%
	440	Broward County Housing Finance Authority, Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.500%, 04/01/27		442
		Florida Housing Finance Corp., Homeowner Mortgage Special Program,
	760	Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		793
	710	Series B, Rev., GNMA/FNMA/FHLMC, 4.500%, 01/01/29		754
	840	Series B, Rev., GNMA COLL, 4.500%, 01/01/29		896
	480	Hillsborough County Housing Finance Authority, Single Family Mortgage, Series 2, Rev., AMT, GNMA/FNMA/FHLMC, 4.400%, 10/01/27		480
	125	Miami-Dade County Housing Finance Authority, Home Ownership Mortgage, Series A-1, Rev., GNMA/FNMA/FHLMC, 5.300%, 10/01/36		125
	520	Orange County Housing Finance Authority, Multi-County Program, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.125%, 09/01/38		535
	460	Pinellas County Housing Finance Authority, Multi-County Program, Series A-2, Rev., AMT, GNMA/FNMA/FHLMC, 4.900%, 09/01/27		472
				4,497
		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		981
	500	County of Escambia, Pollution Control, Gulf Power Company Project, Rev., VAR, 2.100%, 04/11/19		511
				1,492
		Other Revenue — 0.7%
	2,000	Miami Beach Redevelopment Agency, Historic Convention Village, Series A, Rev., 5.000%, 02/01/27		2,380
		Transportation — 1.4%
	2,635	City of Orlando, Greater Orlando Aviation Authority, Airport Facilities, Series B, Rev., AMT, 5.000%, 10/01/26		3,000
	1,500	Tampa-Hillsborough County Expressway Authority, Series A, Rev., 5.000%, 07/01/27		1,758
				4,758

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — 3.2%
	5,000	City of Port St. Lucie, Utility Systems, Rev., NATL-RE, 5.250%, 09/01/24		6,144
	800	Florida Municipal Power Agency, All Requirements Power Supply Project, Series A, Rev., 5.000%, 10/01/30 (w)		962
	2,000	Palm Beach County Solid Waste Authority, Rev., BHAC, 5.500%, 10/01/22		2,327
	1,000	Pasco County, Solid Waste Disposal & Resource Recovery System, Rev., AMT, 5.000%, 10/01/20		1,165
				10,598
		Water & Sewer — 1.9%
	5,000	Tampa Bay Water Utility System, Rev., NATL-RE, 5.500%, 10/01/22		6,319
		Total Florida		42,403
		Georgia — 4.7%
		Certificate of Participation/Lease — 1.8%
	5,000	Gwinnett County Development Authority, Public Schools Project, COP, NATL-RE, 5.250%, 01/01/22		6,076
		General Obligation — 1.8%
	5,000	Fulton County School District, GO, 5.500%, 01/01/21		5,827
		Housing — 0.2%
	610	Atlanta Urban Residential Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program, Series B, Rev., GNMA/FNMA/FHLMC, 5.500%, 03/01/41		637
		Industrial Development Revenue/Pollution Control Revenue — 0.9%
	3,000	Monroe County Development Authority, Pollution Control, Oglethorpe Power Corp. Scherer Project, Series A, Rev., VAR, 2.400%, 04/01/20		3,086
		Total Georgia		15,626
		Hawaii — 0.5%
		General Obligation — 0.5%
	1,470	City & County of Honolulu, Series D, GO, 5.250%, 09/01/26		1,693
		Illinois — 1.3%
		General Obligation — 0.6%
	2,000	Chicago Board of Education, Series C, GO, AGC-ICC, 5.250%, 12/01/26		2,094

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — 0.2%
		City of Aurora, Single Family Mortgage,
	247	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.500%, 12/01/39		256
	245	Series B, Rev., GNMA/FNMA/FHLMC, 5.450%, 12/01/39		253
	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
				534
		Other Revenue — 0.2%
	500	Illinois Finance Authority, OSF Healthcare System, Series A, Rev., 5.000%, 05/15/19		558
		Prerefunded — 0.3%
		City of Chicago, Single Family Mortgage,
	520	Series E, Rev., GNMA/FNMA/FHLMC, 5.500%, 06/01/16 (p)		553
	555	Series K, Rev., FHLMC COLL, 5.350%, 12/01/16 (p)		602
				1,155
		Total Illinois		4,341
		Indiana — 2.3%
		Housing — 0.3%
		Indiana Housing & Community Development Authority, Home First Mortgage,
	240	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28		254
	605	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/28		645
				899
		Other Revenue — 1.3%
	2,000	City of Whiting, Environmental Facilities, BP Products North America, Inc. Project, Rev., VAR, AMT, 5.000%, 11/01/22		2,295
	1,670	Indiana Health Facility Financing Authority, Ascension Health Credit Group, Series A-1, Rev., 5.000%, 11/15/34		1,971
				4,266
		Utility — 0.4%
	1,250	Indiana State Finance Authority, First Lien Wastewater Utility, CWA Authority Project, Series A, Rev., 5.000%, 10/01/30		1,468

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 13

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.3%
	1,050	Indianapolis Local Public Improvement Bond Bank, Waterworks Project, Series F, Rev., NATL-RE, 5.000%, 07/01/19		1,054
		Total Indiana		7,687
		Iowa — 0.9%
		Education — 0.5%
		Iowa Student Loan Liquidity Corp., Student Loan,
	500	Rev., AMT, 5.000%, 12/01/18		552
	1,000	Rev., AMT, 5.000%, 12/01/25		1,190
				1,742
		Housing — 0.4%
		Iowa Finance Authority, Single Family Mortgage, Mortgage-Backed Securities Program,
	275	Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/28		289
	750	Series A, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/46 (w)		821
				1,110
		Total Iowa		2,852
		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
	228	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		236
	430	Louisiana Housing Finance Agency, Single Family Mortgage, Home Ownership Program, Series A, Rev., GNMA/FNMA/FHLMC, 5.500%, 06/01/40		444
	240	Louisiana Housing Finance Agency, Single Family Mortgage, Mortgage-Backed Securities Program, Series A, Rev., GNMA/FNMA/FHLMC, 4.600%, 12/01/28		253
		Total Louisiana		1,573
		Maine — 0.6%
		Housing — 0.6%
		Maine State Housing Authority,
	1,020	Series A, Rev., 4.000%, 11/15/45 (w)		1,115
	425	Series A-1, Rev., AMT, 4.500%, 11/15/28		455
	325	Series B, Rev., 4.000%, 11/15/43		347
		Total Maine		1,917

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Maryland — 0.0% (g)
		Housing — 0.0% (g)
	55	Montgomery County Housing Opportunities Commission, Single Family Mortgage, Series D, Rev., AMT, 5.500%, 01/01/38		56
		Massachusetts — 7.4%
		Education — 0.7%
	820	Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology, Series L, Rev., 5.250%, 07/01/33		1,126
	1,060	Massachusetts Health & Educational Facilities Authority, Springfield College, Rev., 5.000%, 10/15/17		1,125
				2,251
		General Obligation — 0.9%
	2,500	Commonwealth of Massachusetts, Series B, GO, AGM, 5.250%, 09/01/21		3,052
		Water & Sewer — 5.8%
	5,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.250%, 08/01/24		6,435
		Massachusetts Water Resources Authority,
	7,925	Series B, Rev., AGM, 5.250%, 08/01/28		10,481
	2,000	Series B, Rev., AGM, 5.250%, 08/01/29		2,672
				19,588
		Total Massachusetts		24,891
		Michigan — 1.2%
		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 — 0.6%
	1,705	Saginaw County Economic Development Corp., BGI South LLC-Recovery Zone, Rev., 5.000%, 12/01/20		1,930
		Total Michigan		3,965
		Minnesota — 2.4%
		Housing — 2.4%
		Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program,
	520	Series A, Rev., GNMA/FNMA/FHLMC, 4.500%, 06/01/35		554
	583	Series A, Rev., GNMA/FNMA/FHLMC, 5.125%, 12/01/40		594

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — continued
	36	Series B, Rev., GNMA/FNMA/FHLMC, 5.150%, 12/01/38		37
	765	Minneapolis Community Development Agency, Multi-Family Housing, Riverside Homes Project, Rev., 6.100%, 09/01/19		767
		Minneapolis/St. Paul Housing Finance Board, Single Family Mortgage, Mortgage-Backed Securities Program, City Living Home Programs,
	283	Series A-1, Rev., GNMA/FNMA/FHLMC, 5.250%, 12/01/40		284
	570	Series A-2, Rev., GNMA/FNMA/FHLMC, 5.520%, 03/01/41		607
		Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program,
	755	Series A, Rev., GNMA/FNMA/FHLMC, 4.250%, 07/01/28		788
	370	Series D, Rev., GNMA/FNMA/FHLMC, 4.500%, 07/01/34		393
		Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation,
	1,015	Rev., 5.250%, 08/01/24		1,199
	1,070	Rev., 5.250%, 08/01/25		1,260
	825	Rev., 5.250%, 08/01/26		968
	520	Minnesota Housing Finance Agency, Residential Housing Finance, Series D, Rev., GNMA/FNMA/FHLMC, 4.000%, 07/01/40		542
				7,993
		Prerefunded — 0.0% (g)
	35	State of Minnesota, Series A, GO, 5.000%, 10/01/21 (p)		42
		Total Minnesota		8,035
		Mississippi — 0.7%
		Housing — 0.7%
	810	Mississippi Home Corp., Home Ownership Mortgage, Series A, Rev., GNMA COLL, 4.500%, 12/01/31		854
	1,580	Mississippi Home Corp., Single Family Mortgage, Series B-1, Rev., GNMA/FNMA/FHLMC, 5.375%, 12/01/38		1,645
		Total Mississippi		2,499
		Missouri — 0.9%
		Housing — 0.2%
		Missouri Housing Development Commission, Single Family Mortgage, Homeownership Loan Program,
	130	Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.050%, 03/01/38		135

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	285	Series E-1, Rev., AMT, GNMA/FNMA/FHLMC, 5.600%, 03/01/37		298
	400	Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program, Series E-1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/27		427
				860
		Transportation — 0.7%
	2,105	City of St. Louis, Lambert-St. Louis International Airport, Series B, Rev., AMT, AGM, 5.000%, 07/01/19		2,224
		Total Missouri		3,084
		Nevada — 0.5%
		Housing — 0.1%
	103	Nevada Rural Housing Authority, Single Family Mortgage, Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.200%, 11/01/40		104
		Other Revenue — 0.4%
	1,360	Las Vegas Convention & Visitors Authority, Rev., AMBAC, 5.000%, 07/01/29		1,441
		Total Nevada		1,545
		New Hampshire — 1.8%
		Education — 1.7%
		City of Manchester, School Facilities,
	3,545	Rev., NATL-RE, 5.500%, 06/01/24		4,518
	900	Rev., NATL-RE, 5.500%, 06/01/27		1,185
				5,703
		Housing — 0.1%
	440	New Hampshire Housing Finance Authority, Single Family Mortgage, Series E, Rev., 6.625%, 07/01/38		468
		Total New Hampshire		6,171
		New Jersey — 3.0%
		Education — 0.2%
	250	New Jersey Educational Facilities Authority, College of New Jersey Issue, Series A, Rev., 5.000%, 07/01/18		272
	500	New Jersey Higher Education Student Assistance Authority, Senior Student Loan, Series 1A, Rev., AMT, 5.000%, 12/01/19		558
				830
		General Obligation — 0.5%
	1,215	Egg Harbor Township Board of Education, GO, AGM, 5.750%, 07/15/24		1,577

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 15

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		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		510
		Other Revenue — 1.4%
		New Jersey Health Care Facilities Financing Authority, University Hospital Issue,
	1,000	Series A, Rev., AGM, 5.000%, 07/01/22		1,184
	820	Series A, Rev., AGM, 5.000%, 07/01/23		979
	2,550	Tobacco Settlement Financing Corp., Series 1A, Rev., 5.000%, 06/01/19		2,674
				4,837
		Transportation — 0.7%
	2,000	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.500%, 12/15/21		2,282
		Total New Jersey		10,036
		New Mexico — 0.2%
		Housing — 0.2%
	700	New Mexico Mortgage Finance Authority, Single Family Mortgage Program, Series B-3, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 4.200%, 07/01/28		708
		New York — 11.7%
		Housing — 0.8%
	570	New York State Mortgage Agency, 39th Series, Rev., 5.000%, 04/01/28		605
	1,750	State of New York, Mortgage Agency, Homeowner Mortgage, Series 195, Rev., 4.000%, 10/01/46		1,921
				2,526
		Other Revenue — 3.3%
	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		1,210
	4,000	New York State Dormitory Authority, Sales Tax, Series B, Rev., 5.000%, 03/15/30		4,939
	1,250	New York State Energy Research & Development Authority, Pollution Control, Series B, Rev., VAR, 2.000%, 05/01/20		1,278
		Niagara Tobacco Asset Securitization Corp., Tobacco Settlement Asset-Backed Bonds,
	400	Rev., 5.000%, 05/15/22		472
	1,660	Rev., 5.000%, 05/15/23		1,983

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,000	Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Series B, Rev., 5.000%, 11/15/29		1,219
				11,101
		Prerefunded — 0.0% (g)
	5	New York State Dormitory Authority, Series A, Rev., 5.250%, 02/15/19 (p)		6
		Special Tax — 2.4%
	1,995	New York State Dormitory Authority, Series A, Rev., 5.250%, 02/15/24		2,254
	1,000	New York State Dormitory Authority, Personal Education, Series C, Rev., 5.000%, 03/15/26		1,085
	4,000	New York State Urban Development Corp., State Personal Income Tax, General Purpose, Series A, Rev., 5.000%, 03/15/32		4,818
				8,157
		Transportation — 3.3%
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	3,000	Series A, Rev., 5.000%, 11/15/29		3,624
	3,145	Series B, Rev., 5.250%, 11/15/24		3,647
	3,000	Port Authority of New York & New Jersey, Consolidated, 194th Series, Rev., 5.000%, 10/15/30		3,687
				10,958
		Water & Sewer — 1.9%
		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		2,856
	3,000	Series B, Rev., 5.000%, 06/15/28		3,582
				6,438
		Total New York		39,186
		North Carolina — 2.0%
		Other Revenue — 0.4%
	1,000	County of Randolph, Limited Obligation, Series B, Rev., 5.000%, 10/01/26		1,249
		Prerefunded — 0.5%
	1,355	University of North Carolina, Series A, Rev., 5.250%, 10/01/19 (p)		1,569
		Water & Sewer — 1.1%
	3,330	City of Charlotte, Water & Sewer System, Rev., 5.250%, 07/01/22		3,806
		Total North Carolina		6,624

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		North Dakota — 2.0%
		Housing — 1.4%
		North Dakota Housing Finance Agency, Home Mortgage Finance Program,
	715	Series B, Rev., 5.000%, 07/01/28		760
	2,000	Series D, Rev., 4.000%, 07/01/46		2,197
	855	Series D, Rev., 4.500%, 01/01/29		904
	685	Series F, Rev., AMT, 4.500%, 01/01/35		717
				4,578
		Utility — 0.6%
	2,000	McLean County, Solid Waste Facilities, Great River Energy Project, Series A, Rev., 4.875%, 07/01/26		2,186
		Total North Dakota		6,764
		Ohio — 1.4%
		General Obligation — 0.6%
	1,500	Lakota Local School District, Series A, GO, NATL-RE, 5.250%, 12/01/25		1,931
		Housing — 0.0% (g)
	40	Ohio Housing Finance Agency, Single Family Mortgage, Series 1, Rev., GNMA/FNMA/FHLMC, 5.000%, 11/01/28		42
		Industrial Development Revenue/Pollution Control Revenue — 0.6%
	1,615	Ohio State Water Development Authority, Water Pollution Control Loan Fund, Series B, Rev., 5.000%, 12/01/29		2,012
		Transportation — 0.2%
	615	Cleveland-Cuyahoga County Port Authority, Capital Improvement Project, Series A, Rev., 5.375%, 05/15/19		616
		Utility — 0.0% (g)
	75	American Municipal Power, Inc., Unrefunded Balance, Prairie State Energy Campus Project, Series A, Rev., 5.250%, 02/15/21		81
		Total Ohio		4,682
		Oklahoma — 0.5%
		Housing — 0.5%
	63	IDK Partners III Trust, Mortgage Pass-Through Certificates, Class A, Rev., 5.100%, 08/01/23		63
		Oklahoma County Home Finance Authority, Single Family Mortgage-Backed Securities Program,
	830	Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.400%, 10/01/38		856
	35	Series A-2, Rev., GNMA COLL, 5.700%, 04/01/36		35

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Housing — continued
	680	Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program, Series A, Rev., GNMA COLL, 4.375%, 09/01/27		708
		Total Oklahoma		1,662
		Oregon — 0.5%
		Housing — 0.5%
	1,580	Oregon State Housing & Community Services Department, Single Family Mortgage Program, Series B, Rev., AMT, 5.000%, 07/01/30		1,698
		Pennsylvania — 3.4%
		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		2,301
		Housing — 0.6%
	2,000	Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 118A, Rev., AMT, 3.500%, 04/01/40		2,123
		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		1,019
				2,272
		Other Revenue — 0.7%
	2,000	Philadelphia Redevelopment Authority, Neighborhood Transformation Initiative, Rev., 5.000%, 04/15/19		2,231
		Transportation — 0.7%
		Allegheny County Airport Authority, Pittsburgh International Airport,
	1,500	Series A-1, Rev., AMT, 5.000%, 01/01/22		1,755
	600	Series A-1, Rev., AMT, 5.000%, 01/01/26		680
				2,435
		Total Pennsylvania		11,362
		Rhode Island — 1.5%
		Education — 0.6%
		Rhode Island Student Loan Authority, Student Loan Program,
	650	Rev., AMT, 5.000%, 12/01/18		714

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 17

JPMorgan Municipal Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	1,000	Rev., AMT, 5.000%, 12/01/19		1,121
				1,835
		Transportation — 0.9%
	2,600	Rhode Island Economic Development Corp., Series B, Rev., 5.000%, 07/01/22		3,019
		Total Rhode Island		4,854
		South Carolina — 0.8%
		Housing — 0.2%
	460	South Carolina State Housing Finance & Development Authority, Series 1, Rev., GNMA COLL, 5.000%, 01/01/28		480
		Prerefunded — 0.6%
	1,855	York County School District No. 1, Series A, GO, SCSDE, 5.250%, 03/01/19 (p)		2,102
		Total South Carolina		2,582
		South Dakota — 0.9%
		Housing — 0.9%
		South Dakota Housing Development Authority, Homeownership Mortgage,
	2,490	Series D, Rev., 4.000%, 11/01/45		2,742
	315	Series E, Rev., 6.000%, 11/01/38		320
		Total South Dakota		3,062
		Tennessee — 2.4%
		Housing — 0.7%
		Tennessee Housing Development Agency, Homeownership Program,
	355	Series 1C, Rev., AMT, 3.750%, 01/01/25		359
	95	Series 2007-1, Rev., AMT, 5.500%, 01/01/38		97
		Tennessee Housing Development Agency, Housing Finance Program,
	895	Series A-1, Rev., 5.000%, 01/01/27		929
	335	Series A-2, Rev., 4.200%, 07/01/25		346
	390	Tennessee Housing Development Agency, Residential Finance Program, Series 2B, Rev., 4.000%, 07/01/43		416
				2,147
		Transportation — 0.3%
	1,000	Memphis-Shelby County Airport Authority, Series B, Rev., AMT, 5.750%, 07/01/25		1,141
		Utility — 0.7%
	2,000	Tennessee Energy Acquisition Corp., Gas Project, Series A, Rev., 5.250%, 09/01/21		2,332

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.7%
	2,000	Nashville & Davidson County Metropolitan Government, Water & Sewer, Series A, Rev., AGM, 5.250%, 01/01/21		2,398
		Total Tennessee		8,018
		Texas — 8.2%
		General Obligation — 3.0%
	4,000	Fort Bend County, Limited Tax, GO, 5.250%, 03/01/28		4,346
	2,000	Socorro Independent School District, Series A, GO, PSF-GTD, 5.000%, 08/15/24		2,512
	450	State of Texas, Water Financial Assistance, Series D, GO, 5.000%, 05/15/33		540
	2,000	Texas Transportation Commission, Mobility Fund, GO, 5.000%, 10/01/24		2,508
				9,906
		Housing — 0.8%
	1,100	Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8, Rev., VAR, 5.950%, 11/01/23		1,101
	890	Texas Department of Housing & Community Affairs, Residential Mortgage, Series A, Rev., GNMA/FNMA/FHLMC, 5.000%, 07/01/29		953
	525	Texas State Affordable Housing Corp., Single Family Mortgage, Series C, Rev., GNMA/FNMA/FHLMC, 5.300%, 10/01/39		540
	240	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		247
				2,841
		Other Revenue — 2.0%
	2,800	Dallas Area Rapid Transit, Senior Lien, Series A, Rev., 5.000%, 12/01/32		3,394
	3,000	Texas Water Development Board, State Revolving Fund, Sub Lien, Series B, Rev., 5.250%, 07/15/24		3,199
				6,593
		Prerefunded — 0.8%
	2,500	Wichita Falls Independent School District, School Building, GO, PSF-GTD, 5.000%, 02/01/17 (p)		2,605
		Utility — 1.6%
		Harris County Industrial Development Corp., Solid Waste Disposal, Deer Park Refining Limited Partnership Project,
	900	Rev., 4.700%, 05/01/18		956

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	4,000	Rev., 5.000%, 02/01/23		4,429
				5,385
		Total Texas		27,330
		Utah — 2.2%
		Education — 1.2%
	3,245	Utah State Board of Regents, Student Fee & Housing System, Rev., NATL-RE, 5.250%, 04/01/23		4,027
		Housing — 0.6%
	2,000	Utah Housing Corp., Single Family Mortgage, Series D, Rev., 4.000%, 01/01/45		2,186
		Other Revenue — 0.4%
	970	Utah Transit Authority, Sales Tax, Series C, Rev., AGM, 5.250%, 06/15/29		1,247
		Total Utah		7,460
		Vermont — 1.5%
		Housing — 1.5%
		Vermont Housing Finance Agency, Multiple Purpose,
	1,800	Series A, Rev., AMT, 4.000%, 11/01/46		1,933
	2,500	Series B, Rev., AMT, 3.750%, 11/01/45		2,657
	505	Series B, Rev., AMT, 4.125%, 11/01/42		526
		Total Vermont		5,116
		Virginia — 1.4%
		Education — 0.7%
	2,000	Virginia Public School Authority, School Financing, Series B, Rev., 5.000%, 08/01/24		2,512
		Prerefunded — 0.7%
	2,050	Virginia Public Building Authority, Public Facilities, Series B, Rev., 5.250%, 08/01/18 (p)		2,267
		Total Virginia		4,779
		Washington — 1.4%
		General Obligation — 0.7%
	2,000	State of Washington, Motor Vehicle Fuel Tax, Series B, GO, 5.000%, 07/01/22		2,451

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Transportation — 0.5%
	1,300	Port of Seattle, Series B, Rev., AMT, 5.000%, 09/01/25		1,514
		Utility — 0.2%
	500	Chelan County Public Utility District No.1, Series A, Rev., AMT, 5.500%, 07/01/26		587
		Total Washington		4,552
		West Virginia — 0.9%
		Other Revenue — 0.9%
	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		2,293
		Total Municipal Bonds (Cost $301,265)		320,360
SHARES
	Investment Company — 1.7%
	389	Nuveen Premium Income Municipal Fund, Inc., (Cost $5,430)		5,587
	Short-Term Investment — 4.1%
		Investment Company — 4.1%
	13,774	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $13,774)		13,774
		Total Investments — 101.4% (Cost $320,469)		339,721
		Liabilities in Excess of Other Assets — (1.4)%		(4,787	)
		NET ASSETS — 100.0%	$	334,934

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 19

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 99.9% (t)
		California — 1.0%
		Prerefunded — 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)		1,278
		Illinois — 1.1%
		Water & Sewer — 1.1%
	1,500	City of Chicago, Water, Second Lien, Series A, Rev., AMBAC, 5.000%, 11/01/20		1,532
		Louisiana — 1.3%
		Prerefunded — 1.3%
	1,685	Jefferson Parish Finance Authority, Single Family Mortgage, Rev., FGIC, Zero Coupon, 05/01/17 (p)		1,673
		Ohio — 93.9%
		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		1,989
		Education — 11.2%
	1,285	Cuyahoga Community College District, General Receipts, Series D, Rev., 5.000%, 08/01/27		1,541
	500	Ohio State University, General Receipts, Special Purpose, Series A, Rev., 5.000%, 06/01/28		594
		Ohio State University, General Receipts, Unrefunded Balance,
	1,915	Series D, Rev., 5.000%, 12/01/26		2,455
	1,915	Series D, Rev., 5.000%, 12/01/27		2,458
	1,650	State of Ohio, Higher Educational Facility, Case Western Reserve University 2006 Project, Rev., NATL-RE, 5.250%, 12/01/19		1,914
	2,185	State of Ohio, Higher Educational Facility, Otterbein College 2008 Project, Series A, Rev., 5.500%, 12/01/23		2,420
	2,000	State of Ohio, Higher Educational Facility, University of Dayton 2013 Project, Rev., 5.000%, 12/01/28		2,315
	1,000	Wright State University, General Receipts, Series A, Rev., 5.000%, 05/01/26		1,145
				14,842
		General Obligation — 22.2%
		Central Ohio Solid Waste Authority, Solid Waste Facilities Improvement, Limited Tax,
	1,170	GO, 5.000%, 12/01/26		1,404
	1,610	GO, 5.000%, 12/01/29		1,910
	1,500	City of Cincinnati, Various Purpose, Series C, GO, 5.000%, 12/01/18		1,582

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	1,240	City of Cleveland, Various Purpose, GO, 5.000%, 12/01/26		1,507
	1,500	City of Columbus, Limited Tax, Various Purpose, Series B, GO, 5.000%, 08/15/28		1,813
	2,500	County of Butler, Lakota Local School District, Series A, GO, NATL-RE, FGIC, 5.250%, 12/01/24		3,175
		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		1,190
	3,000	GO, NATL-RE, FGIC, 5.250%, 12/01/24		3,801
	1,800	GO, NATL-RE, FGIC, 5.250%, 12/01/25		2,300
	1,000	Franklin & Licking Counties, New Albany Plain Local School District, Various Purpose, GO, 5.000%, 12/01/25		1,168
	2,450	Lakewood City School District, Capital Appreciation, GO, AGM, Zero Coupon, 12/01/17		2,411
	1,500	State of Ohio, Common Schools, Series B, GO, 5.000%, 09/15/26		1,780
		State of Ohio, Higher Education,
	1,500	GO, 5.000%, 11/01/31		1,817
	1,000	GO, 5.000%, 11/01/33		1,198
	1,000	State of Ohio, Infrastructure Improvement, Series C, GO, 5.000%, 03/01/29		1,195
	1,000	Toledo City School District, School Facilities Improvement, GO, 5.000%, 12/01/23		1,182
				29,433
		Hospital — 8.5%
	500	County of Franklin, Hospital Facilities, OhioHealth Corp., Rev., 5.000%, 05/15/31		594
		State of Ohio, Hospital, Cleveland Clinic Health System Obligated Group,
	2,000	Series A, Rev., 5.000%, 01/01/26		2,148
	1,500	Series B, Rev., 5.000%, 01/01/25		1,677
		State of Ohio, University Hospital Health System, Inc.,
	1,500	Series A, Rev., 5.000%, 01/15/20		1,704
	550	Series A, Rev., 5.000%, 01/15/24		617
	1,000	Series A, Rev., 5.000%, 01/15/28		1,153
	1,885	Series A, Rev., 5.000%, 01/15/32 (w)		2,196
	1,000	Series A, Rev., 5.250%, 01/15/23		1,139
				11,228

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Housing — 3.6%
	590	County of Cuyahoga, Multi-Family Housing, Allerton Apartments Project, Series A, Rev., FHA, GNMA COLL, 4.900%, 08/20/22		623
	125	County of Trumbull, Multi-Family Housing, Royal Mall Apartments Project, Series A, Rev., FHA, GNMA COLL, 4.800%, 05/20/17		127
		Ohio Housing Finance Agency,
	1,000	Series A, Rev., AGM, 5.000%, 04/01/22		1,049
	500	Series A, Rev., AGM, 5.000%, 04/01/27		523
	1,390	Ohio Housing Finance Agency, Multi-Family Housing, Hillwood II Project, Rev., AMT, GNMA COLL, 4.850%, 05/20/21		1,427
	95	Ohio Housing Finance Agency, Multi-Family Housing, Warren Heights, Series C, Rev., AMT, GNMA COLL, FHA, 4.500%, 11/20/17		95
		Ohio Housing Finance Agency, Residential Mortgage-Backed Securities Program,
	335	Series A, Rev., AMT, GNMA COLL, 4.300%, 03/01/16		335
	450	Series J, Rev., GNMA/FNMA/COLL, 5.900%, 09/01/23		465
	100	Summit County Port Authority, Multi-Family Housing, Callis Tower Apartments Project, Rev., GNMA COLL, FHA, 4.500%, 09/20/17		101
				4,745
		Other Revenue — 12.2%
	930	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/21		1,092
	1,310	County of Cuyahoga, Economic Development, Shaker Square Project, Series D, Rev., 5.000%, 12/01/25		1,491
	1,250	County of Cuyahoga, Various Purpose, Rev., 5.000%, 12/01/29		1,524
	1,000	County of Franklin, Hospital Facilities, OhioHealth Corp., Rev., 5.000%, 05/15/27		1,200
	115	Franklin County Convention Facilities Authority, Rev., 5.000%, 12/01/22		123
		Ohio State Building Authority, State Facilities, Administrative Building Fund Projects,
	1,835	Series A, Rev., 5.000%, 10/01/24		2,069
	1,000	Series B, Rev., 5.000%, 10/01/23		1,150
	1,220	Series B, Rev., 5.000%, 10/01/24		1,398
	1,745	Ohio State Building Authority, State Facilities, Adult Correctional Building Fund Projects, Series A, Rev., 5.000%, 10/01/22		1,973
	1,235	RiverSouth Authority, RiverSouth Area Redevelopment, Series A, Rev., 5.000%, 12/01/21		1,480

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		1,179
	1,235	State of Ohio, Parks & Recreation Capital Facilities, Series II-A, Rev., 5.000%, 12/01/20		1,454
				16,133
		Prerefunded — 14.7%
	1,000	American Municipal Power-Ohio, Inc., Prairie State Energy Campus Project, Series A, Rev., AGC, 5.000%, 02/15/19 (p)		1,123
	1,530	Beavercreek City School District, Counties of Greene & Montgomery, School Improvement, GO, 5.000%, 06/01/19 (p)		1,736
	115	Central Ohio Solid Waste Authority, Solid Waste Facilities Improvement, Limited Tax, GO, 5.000%, 06/01/22 (p)		141
	2,000	City of Avon, Series B, GO, 5.000%, 12/01/18 (p)		2,233
	1,500	City of Cleveland, Airport System, Series C, Rev., AGM, 5.000%, 01/01/17 (p)		1,557
	440	City of Cleveland, Parking Facilities, Rev., AGM, 5.250%, 09/15/21 (p)		538
	1,500	City of Columbus, Unlimited Tax, Various Purpose, Series A, GO, 5.000%, 07/01/21 (p)		1,802
	1,000	City of Strongsville, Limited Tax, Various Purpose, GO, 5.000%, 12/01/18 (p)		1,117
	1,000	County of Franklin, City of Columbus, School District, School Facilities Construction & Improvement, GO, 5.000%, 06/01/19 (p)		1,132
	1,405	Delaware & Franklin Counties, Olentangy Local School District, School Facilities Construction & Improvement, GO, 5.000%, 06/01/18 (p)		1,541
	1,000	Franklin, Delaware & Union Counties, Dublin City School District, School Facilities Construction & Improvement, GO, 5.000%, 12/01/18 (p)		1,117
		Ohio State University, General Receipts,
	85	Series D, Rev., 5.000%, 12/01/26 (p)		111
	85	Series D, Rev., 5.000%, 12/01/27 (p)		112
	2,000	Ohio State Water Development Authority, Drinking Water Assistance Fund, Rev., 5.000%, 06/01/18 (p)		2,193
	1,750	State of Ohio, Infrastructure Improvement, Series A, GO, 5.375%, 03/01/18 (p)		1,915
	1,000	State of Ohio, Revitalization Project, Series A, Rev., 5.000%, 04/01/18 (p)		1,090
				19,458

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 21

JPMorgan Ohio Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 9.1%
	2,000	City of Cleveland, Airport System, Series A, Rev., AGM-CR, AMBAC, 5.250%, 01/01/20		2,291
	345	Cleveland-Cuyahoga County Port Authority, Capital Improvement Project, Series A, Rev., 5.375%, 05/15/19		345
	2,000	Columbus Regional Airport Authority, Rev., NATL-RE, 5.000%, 01/01/19		2,076
		Ohio State Turnpike Commission,
	2,000	Series A, Rev., 5.000%, 02/15/22		2,204
	1,185	Series A, Rev., 5.000%, 02/15/23		1,305
	2,000	Series A, Rev., 5.250%, 02/15/27		2,576
	1,000	State of Ohio, Capital Facilities Lease Appropriation, Series A, Rev., 5.000%, 04/01/30		1,208
				12,005
		Utility — 7.5%
		City of Columbus, Sewerage System,
	1,000	Rev., 5.000%, 06/01/28		1,242
	1,950	Rev., 5.000%, 06/01/29		2,445
	1,880	Rev., 5.000%, 06/01/30		2,334
		City of Hamilton, Electric System,
	950	Series A, Rev., AGC, 5.000%, 10/01/20		1,078
	1,000	Series A, Rev., AGC, 5.000%, 10/01/21		1,128
	1,000	City of Toledo, Water System, Series A, Rev., 5.000%, 11/15/25		1,165
	480	Cleveland Department of Public Utilities, Division of Public Power System, Unrefunded Balance, Series A-1, Rev., NATL-RE, 5.000%, 11/15/20		496
				9,888

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 3.4%
	2,000	Ohio State Water Development Authority, Capital Appreciation, Water Pollution Control Fund, Water Quality, Series B, Rev., Zero Coupon, 06/01/17		1,983
	2,000	Ohio State Water Development Authority, Fresh Water, Rev., 5.500%, 12/01/21		2,484
				4,467
		Total Ohio		124,188
		Texas — 2.6%
		General Obligation — 0.7%
	1,000	Northside Independent School District, Series D, GO, PSF-GTD, 5.000%, 06/15/18		1,014
		Prerefunded — 1.9%
	2,500	Southeast Texas Housing Finance Corp., Single Family Mortgage, Series A, Rev., NATL-RE, Zero Coupon, 09/01/17 (p)		2,473
		Total Texas		3,487
		Total Municipal Bonds (Cost $122,150)		132,158
SHARES
	Short-Term Investment — 0.6%
		Investment Company — 0.6%
	790	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $790)		790
		Total Investments — 100.5% (Cost $122,940)		132,948
		Liabilities in Excess of Other Assets — (0.5)%		(665	)
		NET ASSETS — 100.0%	$	132,283

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligation — 0.0% (g)
		Agency CMO — 0.0% (g)
	396	Federal National Mortgage Association REMIC, Series 2002-36, Class FS, VAR, 0.936%, 06/25/32 (Cost $396)		400
	Daily Demand Note — 0.3%
		Ohio — 0.3%
		Hospital — 0.3%
	7,500	State of Ohio, University Hospitals Health System, Inc., Rev., VRDO, 0.340%, 03/01/16 (Cost $7,500)		7,500
	Monthly Demand Note — 0.1%
		Kansas — 0.1%
		Transportation — 0.1%
	2,000	State of Kansas, Department of Transportation, Highway, Series B-3, Rev., VAR, 0.526%, 04/01/16 (Cost $2,000)		1,998
	Municipal Bonds — 97.6% (t)
		Alabama — 0.2%
		Education — 0.0% (g)
	750	Alabama Public School & College Authority, Capital Improvement Pool Refunding, Series 2014-A, Rev., 5.000%, 02/01/21		891
		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		3,514
		Other Revenue — 0.1%
		Montgomery County Public Building Authority, Revenue Refunding Warrants, Facilities Project,
	1,000	Rev., 5.000%, 03/01/21		1,181
	500	Rev., 5.000%, 03/01/23		609
				1,790
		Total Alabama		6,195
		Alaska — 0.7%
		General Obligation — 0.4%
		State of Alaska,
	8,230	Series A, GO, 5.000%, 08/01/17		8,759
	2,000	Series B, GO, 5.000%, 08/01/18		2,210
				10,969

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	765	Alaska Industrial Development & Export Authority Power, Snettisham Hydroelectric Project, Rev., AMT, 5.000%, 01/01/17		790
		City of Valdez, Marine Term, BP Pipelines Project,
	2,000	Series B, Rev., 5.000%, 01/01/21		2,252
	3,225	Series C, Rev., 5.000%, 01/01/21		3,631
				6,673
		Utility — 0.0% (g)
	500	City of Anchorage, Electric Utilities, Senior Lien, Series A, Rev., 5.000%, 12/01/23		613
		Total Alaska		18,255
		Arizona — 1.5%
		Certificate of Participation/Lease — 0.2%
	3,750	Arizona Board of Regents, University of Arizona Projects, Series C, COP, 5.000%, 06/01/17		3,952
	500	Arizona School Facilities Board, Series A-1, COP, 5.000%, 09/01/19		569
				4,521
		General Obligation — 0.4%
	2,550	City of Scottsdale, GO, 5.000%, 07/01/22		3,138
		Maricopa County, Saddle Mountain Unified School District No. 90, Arizona School Improvement,
	1,350	Series A, GO, 3.000%, 07/01/16		1,361
	1,550	Series A, GO, 3.000%, 07/01/17		1,593
	3,755	Maricopa County, Unified School District No.11-Peoria, GO, 5.000%, 07/01/18		4,120
				10,212
		Other Revenue — 0.6%
		Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals,
	250	Series A, Rev., 5.000%, 12/01/21		299
	1,500	Series A, Rev., 5.000%, 12/01/24		1,861
	3,540	Series A, Rev., 5.000%, 12/01/25		4,349
	3,000	Series A, Rev., 5.000%, 12/01/26		3,667
	5,000	Phoenix City Civic Improvement Corp., Transportation Excise Tax, Light Rail Project, Rev., 5.000%, 07/01/20		5,850
				16,026
		Transportation — 0.2%
		Maricopa County, Regional Public Transportation Authority, Excise Tax Revenue, Public Transportation Fund,
	1,000	Rev., 5.250%, 07/01/18		1,107

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 23

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	3,100	Rev., 5.250%, 07/01/19		3,557
				4,664
		Water & Sewer — 0.1%
	3,025	City of Phoenix, Civic Improvement Corp., Wastewater Systems, Junior Lien, Rev., 4.000%, 07/01/16		3,063
	1,000	Pima County, Sewer System, Rev., 5.000%, 07/01/18		1,101
				4,164
		Total Arizona		39,587
		Arkansas — 0.3%
		Education — 0.2%
	300	Board of Trustees of the University of Arkansas, Student Fee, Ualr Campus, Rev., 3.000%, 10/01/26		319
		University of Arkansas, Uams Campus,
	535	Rev., 5.000%, 03/01/20		617
	500	Rev., 5.000%, 03/01/25		626
	1,000	Rev., 5.000%, 03/01/26		1,242
	1,000	Rev., 5.000%, 03/01/27		1,228
				4,032
		Special Tax — 0.0% (g)
	580	City of Little Rock, Hotel & Restaurant, Tax Allocation, 5.000%, 07/01/20		675
		Water & Sewer — 0.1%
	1,095	City of Fort Smith, Water & Sewer Refunding & Construction, Rev., 5.000%, 10/01/28		1,318
	555	City of Little Rock, Sewer, Rev., 5.000%, 10/01/25		684
				2,002
		Total Arkansas		6,709
		California — 20.3%
		Certificate of Participation/Lease — 0.1%
		City of Chula Vista, Police Facility Project,
	360	COP, 5.000%, 10/01/21		426
	465	COP, 5.000%, 10/01/22		558
	1,000	COP, 5.000%, 10/01/23		1,213
		Goleta Water District,
	175	Series A, COP, AGM, 4.000%, 12/01/16		180
	140	Series A, COP, AGM, 5.000%, 12/01/20		166
				2,543
		Education — 0.4%
	325	California Education Facilities Authority, Santa Clara University, Rev., 5.000%, 04/01/27		407

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
		California Educational Facilities Authority, Claremont Mckenna College,
	1,575	Series A, Rev., 4.000%, 01/01/23		1,842
	1,675	Series A, Rev., 4.000%, 01/01/24		1,976
	750	Series A, Rev., 5.000%, 01/01/26		963
	4,750	Regents of the University of California, Limited Project, Series I, Rev., 5.000%, 05/15/17		5,017
				10,205
		General Obligation — 7.5%
	1,050	Allan Hancock Joint Community College District, GO, 5.000%, 08/01/22		1,293
		City & County of San Francisco,
	5,310	Series A, GO, 5.000%, 06/15/25		6,483
	10,000	Series R-1, GO, 5.000%, 06/15/24		12,441
	5,845	City of Los Angeles, Series B, GO, 5.000%, 09/01/18		6,489
	415	Contra Costa Community College District, Election of 2014, Series A, GO, 4.000%, 08/01/25		488
	5,000	County of Los Angeles, Community College District, Series C, GO, 5.000%, 06/01/26		6,502
		County of Sacramento, San Juan Unified School District, Election of 2002,
	820	GO, 2.000%, 08/01/16		826
	525	GO, 5.000%, 08/01/17		559
	395	GO, 5.000%, 08/01/18		437
	860	GO, 5.000%, 08/01/19		983
	775	GO, 5.000%, 08/01/20		913
	1,000	County of Santa Clara, Moreland School District, GO, 5.000%, 08/01/21		1,207
	6,055	County of Santa Clara, San Jose Evergreen Community College District, Series B, GO, 5.000%, 09/01/18		6,717
		Folsom Cordova Unified School District, School Facilities Improvement District No. 2,
	1,000	GO, 2.000%, 10/01/16		1,010
	845	GO, 5.000%, 10/01/17		906
	1,500	Foothill-De Anza Community College District, GO, 5.000%, 08/01/28		1,881
		Grossmont Healthcare District,
	1,225	Series D, GO, 5.000%, 07/15/26		1,536
	1,285	Series D, GO, 5.000%, 07/15/27		1,597
	1,000	Grossmont Healthcare District, Election of 2006, Series C, GO, 5.000%, 07/15/26		1,254
	5,000	Los Angeles Community College District, Series A, GO, 5.000%, 08/01/29		6,149
	11,535	Los Angeles Unified School District, Series C, GO, 5.000%, 07/01/21		13,941

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
		Moulton-Niguel Water District Consolidated,
	2,260	GO, 4.000%, 09/01/16		2,304
	335	GO, 4.000%, 09/01/17		353
	1,100	GO, 5.000%, 09/01/16		1,127
	300	GO, 5.000%, 09/01/18		333
		Novato Unified School District,
	535	GO, 4.000%, 02/01/22		622
	685	GO, 5.000%, 02/01/23		849
	870	GO, 5.000%, 02/01/24		1,095
	1,500	GO, 5.000%, 08/01/25		1,886
	1,800	GO, 5.000%, 08/01/26		2,255
	1,200	Oak Grove School District, GO, 5.000%, 08/01/23		1,515
	1,770	Placentia-Yorba Linda Unified School District, GO, 5.000%, 08/01/25		2,266
	2,000	Salinas Union High School District, GO, Zero Coupon, 08/01/20		1,849
	1,400	San Diego Community College District, GO, 5.000%, 08/01/18		1,552
		San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax,
	3,825	Series R-3, GO, 5.000%, 07/01/17		4,058
	10,000	Series R-3, GO, 5.000%, 07/01/18		11,023
	6,310	Series R-3, GO, 5.000%, 07/01/19		7,199
		San Diego Unified School District, Election of 2012,
	700	Series F, GO, 5.000%, 07/01/28		868
	550	Series F, GO, 5.000%, 07/01/29		677
	500	Series F, GO, 5.000%, 07/01/30		611
	575	Series F, GO, 5.000%, 07/01/31		698
		San Francisco Bay Area Rapid Transit District, Election of 2004,
	2,735	Series D, GO, 3.000%, 08/01/22		3,044
	1,500	Series D, GO, 5.000%, 08/01/27		1,898
	1,685	Series D, GO, 5.000%, 08/01/28		2,116
	8,580	San Francisco Unified School District, GO, 5.000%, 06/15/18		9,448
	5,190	San Francisco Unified School District, Proposition A, Election of 2011, Series B, GO, 5.000%, 06/15/24		6,357
		San Mateo County Community College District,
	700	GO, 5.000%, 09/01/25		886
	1,095	GO, 5.000%, 09/01/26		1,374
	1,510	San Rafael City High School District, GO, 4.000%, 08/01/16		1,534
		State of California,
	4,750	GO, VAR, 4.000%, 12/01/16		4,795

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	10,000	GO, VAR, 4.000%, 12/01/17		10,426
	1,855	GO, 5.000%, 03/01/17		1,940
	13,210	GO, 5.000%, 03/01/26		16,511
		State of California, Various Purpose,
	3,560	GO, 5.000%, 11/01/23		4,463
	2,810	Series B, GO, 5.000%, 09/01/23		3,513
	10,495	Whittier Union School District, GO, 5.000%, 08/01/23		13,174
				198,231
		Hospital — 0.0% (g)
	380	California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford, Series A, Rev., VAR, 5.000%, 08/15/25		471
		Other Revenue — 5.6%
		Alameda County Transport Authority, Sales Tax,
	5,000	Rev., 3.000%, 03/01/17		5,136
	3,095	Rev., 3.000%, 03/01/18		3,250
	5,000	Rev., 4.000%, 03/01/19		5,505
	5,000	Rev., 4.000%, 03/01/22		5,843
	1,240	Rev., 5.000%, 03/01/20		1,446
	1,000	Anaheim Public Financing Authority, Anaheim Convention Center Expansion Project, Series A, Rev., 5.000%, 05/01/17		1,052
		California Health Facilities Financing Authority, Cedars-Sinal Medical Center,
	1,850	Rev., 5.000%, 11/15/25		2,351
	6,000	Rev., 5.000%, 11/15/26		7,570
	1,160	California Health Facilities Financing Authority, Memorial Health Services, Series A, Rev., 5.000%, 10/01/16		1,193
		California Health Facilities Financing Authority, Providence Health & Services,
	750	Series A, Rev., 5.000%, 10/01/21		909
	1,500	Series A, Rev., 5.000%, 10/01/22		1,856
	10,000	California Health Facilities Financing Authority, St. Joseph Health System, Rev., 5.000%, 10/18/22		12,227
		California Health Facilities Financing Authority, St. Joseph Health System Obligated Group,
	5,000	Series C, Rev., VAR, 5.000%, 10/15/19		5,727
	12,870	Series D, Rev., VAR, 5.000%, 10/15/20		15,132
		California Infrastructure & Economic Development Bank, The J. Paul Getty Trust,
	10,000	Series A-1, Rev., VAR, 0.290%, 03/03/16		10,000
	15,000	Series A-1, Rev., VAR, 0.290%, 03/03/16		14,990

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 25

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	100	California Municipal Finance Authority, NorthBay Healthcare Group, Rev., 5.000%, 11/01/16		102
	4,500	California State Public Works Board, Department of General Services, Series F, Rev., 5.000%, 05/01/21		5,382
		Contra Costa County Transportation Authority, Sales Tax,
	3,420	Series A, Rev., 4.000%, 03/01/23		4,044
	3,830	Series A, Rev., 4.000%, 03/01/25		4,583
	2,420	Series A, Rev., 5.000%, 03/01/23		3,024
	2,000	Series A, Rev., 5.000%, 03/01/24		2,532
	1,250	Series A, Rev., 5.000%, 03/01/25		1,603
	1,000	Series B, Rev., 4.000%, 03/01/18		1,070
	1,600	Series B, Rev., 5.000%, 03/01/18		1,745
	1,750	Series B, Rev., 5.000%, 03/01/19		1,980
	500	Glendale Redevelopment Agency, Successor Agency, Tax Allocation, AGM, 4.000%, 12/01/16		514
	1,000	Golden State Tobacco Securitization Corp., Tobacco Settlement, Series A, Rev., 5.000%, 06/01/21		1,193
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.000%, 07/01/27		1,258
	1,300	Los Angeles County, Regional Financing Authority, Montecedro, Inc., Project, Series B-2, Rev., 3.000%, 11/15/20		1,303
	11,150	Regents of the University of California, Series AK, Rev., VAR, 5.000%, 05/15/23		13,816
		Riverside Community Properties Development, Inc., Riverside County Law Building Project,
	640	Rev., 5.000%, 10/15/18		705
	780	Rev., 5.000%, 10/15/19		885
	255	San Bernardino County Transportation Authority, Series A, Rev., 3.000%, 03/01/17		262
		San Diego County Regional Transportation Commission, Sales Tax,
	250	Series A, Rev., 5.000%, 04/01/21		302
	100	Series A, Rev., 5.000%, 04/01/22		123
		San Francisco Bay Area Rapid Transit District, Sales Tax,
	525	Series A, Rev., 5.000%, 07/01/24		668
	905	Series A, Rev., 5.000%, 07/01/25		1,163
	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		2,075
	1,225	Santa Clara County Financing Authority, Capital Projects, Series A, Rev., 5.000%, 02/01/19		1,373

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,000	Santa Clara Valley Transportation Authority, Sales Tax, Series A, Rev., 5.000%, 04/01/26		1,267
	1,000	Sonoma County Transportation Authority, Sales Tax, Rev., 5.000%, 12/01/24		1,275
				148,434
		Prerefunded — 0.3%
	1,160	California State Public Works Board, California State University, Series E, Rev., 5.000%, 04/01/19 (p)		1,310
	6,115	Los Angeles Unified School District, Election of 2004, Series F, GO, FGIC, 5.000%, 07/01/16 (p)		6,215
				7,525
		Transportation — 2.2%
	7,550	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series C, Rev., VAR, 1.875%, 04/01/19		7,708
	9,000	Bay Area Toll Authority, Toll Bridge, San Francisco Bay Area, Series G, Rev., VAR, 0.610%, 03/03/16		8,934
	10,000	City of Long Beach Harbor, Series C, Rev., 5.000%, 11/15/18		11,178
		City of Los Angeles Department of Airports,
	1,590	Series A, Rev., AMT, 5.000%, 05/15/21		1,885
	315	Series B, Rev., 4.000%, 05/15/23		371
	365	Series B, Rev., 4.000%, 05/15/24		433
	1,015	Series C, Rev., 4.000%, 05/15/18		1,093
	1,000	Series C, Rev., 5.000%, 05/15/19		1,138
	750	Series C, Rev., 5.000%, 05/15/22		915
	700	Series C, Rev., 5.000%, 05/15/24		871
	3,380	Series D, Rev., AMT, 5.000%, 05/15/22		4,072
	2,700	Series D, Rev., AMT, 5.000%, 05/15/27		3,284
	1,950	Series D, Rev., AMT, 5.000%, 05/15/28		2,348
	2,550	Series D, Rev., AMT, 5.000%, 05/15/29		3,050
	9,665	Los Angeles County Metropolitan Transportation Authority, Series A, Rev., 5.000%, 07/01/19		11,058
				58,338
		Utility — 1.8%
	5,000	California State Department of Water Resources, Central Valley Project Water System, Series AI, Rev., 5.000%, 12/01/17		5,402
		California State Department of Water Resources, Power Supply,
	16,100	Series G-4, Rev., 4.350%, 05/01/16		16,219
	15,000	Series L, Rev., 5.000%, 05/01/19		17,037

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	5,000	City of Los Angeles Department of Water & Power, Power System, Series A, Rev., 4.000%, 07/01/17		5,242
	4,250	City of Los Angeles Department of Water & Power, Water System, Series A, Rev., 5.000%, 07/01/16		4,320
	400	Walnut Energy Center Authority, Series A, Rev., 5.000%, 01/01/23		493
				48,713
		Water & Sewer — 2.4%
		City of Los Angeles Wastewater System Subordinate,
	1,500	Series A, Rev., 5.000%, 06/01/18		1,649
	1,250	Series A, Rev., 5.000%, 06/01/19		1,422
		County of San Mateo, Silicon Valley Clean Water,
	400	Rev., 4.000%, 02/01/19		439
	300	Rev., 5.000%, 02/01/17		313
	320	Rev., 5.000%, 02/01/18		348
		East Bay Municipal Utility District, Wastewater System,
	3,000	Series A, Rev., 5.000%, 06/01/20		3,527
	2,330	Series B, Rev., 5.000%, 06/01/19		2,656
	10,000	Los Angeles Department Water & Power System, Series B, Rev., 5.000%, 12/01/18		11,195
	2,750	Los Angeles Wastewater System, Series A, Rev., 5.000%, 06/01/22		3,385
		Metropolitan Water District of Southern California,
	4,000	Series A, Rev., 5.000%, 07/01/18		4,416
	8,000	Series A, Rev., 5.000%, 07/01/19		9,153
	5,000	Series C, Rev., 5.000%, 07/01/18		5,520
	6,105	Series C-1, Rev., VAR, 3.000%, 10/01/19		6,550
	5,815	Series G-1, Rev., VAR, 2.000%, 10/01/16		5,846
		Silicon Valley Clean Water, Wastewater,
	400	Rev., 5.000%, 08/01/28		503
	390	Rev., 5.000%, 08/01/29		487
	5,000	State of California, Department of Water Resources, Central Valley Project, Water System, Series AS, Rev., 5.000%, 12/01/25		6,341
				63,750
		Total California		538,210
		Colorado — 1.2%
		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

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Certificate of Participation/Lease — continued
	100	Series A, COP, 5.000%, 12/01/24		122
		County of Boulder, Flood Reconstruction Projects,
	720	COP, 5.000%, 12/01/22		847
	500	COP, 5.000%, 12/01/23		587
	500	COP, 5.000%, 12/01/25		586
		County of Eagle,
	500	COP, 3.000%, 12/01/18		528
	200	COP, 5.000%, 12/01/22		242
	250	COP, 5.000%, 12/01/23		305
	335	COP, 5.000%, 12/01/24		413
		Regional Transportation District,
	2,000	Series A, COP, 5.000%, 06/01/23		2,315
	1,700	Series A, COP, 5.000%, 06/01/25		1,948
				8,133
		Education — 0.3%
		University of Colorado, University Enterprise,
	3,150	Series A, Rev., 5.000%, 06/01/22		3,880
	2,300	Series B-1, Rev., 5.000%, 06/01/23		2,876
	400	University of Northern Colorado Greeley, Colorado Institutional Enterprise Refunding, Series A, Rev., 3.000%, 06/01/16		403
				7,159
		General Obligation — 0.1%
		Counties of Gunnison, Watershed School District No. 1,
	300	GO, 4.000%, 12/01/22		351
	500	GO, 5.000%, 12/01/26		615
	1,000	Routt County, Colorado School District Re-2 Steamboat Springs Refunding, Series A, GO, 4.000%, 12/01/18		1,088
				2,054
		Other Revenue — 0.5%
	1,000	County of Boulder, Rev., 5.000%, 12/15/16		1,037
		Denver Urban Renewal Authority,
	1,850	Series A-1, Rev., 5.000%, 12/01/16		1,910
	5,270	Series B-1, Rev., 4.250%, 12/01/22		6,141
	2,210	Series B-1, Rev., 5.000%, 12/01/19		2,535
	470	Series B-1, Rev., 5.000%, 12/01/24		586
	840	Series B-1, Rev., 5.000%, 12/01/25		1,058
				13,267
		Water & Sewer — 0.0% (g)
	1,000	Board of Water Works of Pueblo, Water, Rev., 2.000%, 11/01/18		1,031
		Total Colorado		31,644

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 27

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Connecticut — 2.4%
		General Obligation — 0.7%
	1,125	City of Shelton, GO, 4.000%, 08/01/17		1,182
		State of Connecticut,
	6,500	Series B, GO, 5.000%, 05/15/21		7,697
	8,000	Series C, GO, 5.000%, 06/15/20		9,292
				18,171
		Housing — 0.0% (g)
	425	Connecticut Housing Finance Authority, Housing Mortgage Finance Program, Series B, Subseries B-1, Rev., 0.900%, 05/15/16		425
		Other Revenue — 0.8%
	15,000	State of Connecticut Health & Educational Facilities Authority, Hartford Healthcare Issue, Series G, Rev., VAR, 1.240%, 04/01/16		15,036
	5,775	State of Connecticut, Health & Educational Facility Authority, Series B, Rev., VAR, 0.836%, 04/01/16		5,803
				20,839
		Transportation — 0.9%
	10,000	State of Connecticut, Transportation Infrastructure Purposes, Series A, Rev., 5.000%, 09/01/28		12,086
		State of Connecticut, Transportation Infrastructure, Special Tax,
	4,265	Series A, Rev., 5.000%, 12/01/17		4,597
	5,750	Series B, Rev., 5.000%, 12/01/17		6,198
				22,881
		Total Connecticut		62,316
		Delaware — 0.6%
		General Obligation — 0.6%
		State of Delaware,
	120	GO, 5.000%, 07/01/19		137
	14,590	Series A, GO, 5.000%, 07/01/17		15,475
		Total Delaware		15,612
		District of Columbia — 0.6%
		Hospital — 0.4%
		District of Columbia Children’s Hospital,
	975	Rev., 5.000%, 07/15/20		1,134
	500	Rev., 5.000%, 07/15/21		595
	850	Rev., 5.000%, 07/15/22		1,029
	2,725	Rev., 5.000%, 07/15/23		3,347
	1,100	Rev., 5.000%, 07/15/25		1,378
	1,000	Rev., 5.000%, 07/15/26		1,244

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Hospital — continued
	2,500	Rev., 5.000%, 07/15/29		3,034
				11,761
		Transportation — 0.1%
	1,475	Metropolitan Washington Airports Authority, Airport System, Series C, Rev., 5.000%, 10/01/21		1,770
		Water & Sewer — 0.1%
	1,475	District of Columbia, Water and Sewer Authority, Public Utility, Series A, Rev., 5.000%, 10/01/29		1,819
		Total District of Columbia		15,350
		Florida — 3.1%
		Certificate of Participation/Lease — 1.5%
	4,600	Lee County School Board, Series B, COP, 5.000%, 08/01/17		4,887
	5,600	Miami-Dade County School Board, Series A, COP, 5.000%, 05/01/26		6,804
		School Board of Duval County,
	1,035	Series B, COP, 5.000%, 07/01/19		1,168
	750	Series B, COP, 5.000%, 07/01/21		891
	4,000	Series B, COP, 5.000%, 07/01/26		4,869
		Seminole County School Board,
	295	Series A, COP, 4.000%, 07/01/18		316
	200	Series A, COP, 5.000%, 07/01/19		226
	210	Series A, COP, 5.000%, 07/01/20		243
	2,295	South Florida Water Management District, COP, 5.000%, 10/01/24		2,838
		St. Johns County School Board, Master Lease Program,
	7,645	COP, 5.000%, 07/01/17		8,095
	3,000	COP, 5.000%, 07/01/18		3,294
	1,500	COP, 5.000%, 07/01/19		1,697
	2,000	COP, 5.000%, 07/01/20		2,321
	1,750	COP, 5.000%, 07/01/21		2,080
	750	St. Lucie County School Board, Master Lease Program, Series A, COP, 5.000%, 07/01/19		847
				40,576
		Education — 0.1%
	1,660	Board of Governors of the University of Florida, Student Activity, Rev., 5.000%, 07/01/20		1,937
		General Obligation — 0.3%
	4,845	Broward County School District, GO, 5.000%, 07/01/23		5,905
		City of Port St. Lucie,
	425	GO, 4.000%, 07/01/16		430

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	450	GO, 4.000%, 07/01/17		471
	1,000	Reedy Creek Improvement District, Series B, GO, 4.000%, 06/01/19		1,098
				7,904
		Hospital — 0.1%
	1,000	Palm Beach County Health Facilities Authority, Hospital, BRRH Corp., Obligated Group, Rev., 3.000%, 12/01/16		1,016
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	6,000	Escambia County, Pollution Control, Rev., VAR, 1.550%, 06/15/16		6,016
		Other Revenue — 0.2%
	550	City of Jacksonville, Series B, Rev., 5.000%, 10/01/17		588
	1,000	Lee County, Rev., 5.000%, 10/01/17		1,069
		Miami Beach Health Facilities Authority, Mt Sinai Medical Centre,
	200	Rev., 4.000%, 11/15/16		204
	150	Rev., 4.000%, 11/15/17		158
		St. Johns County School Sales Tax,
	1,000	Rev., 5.000%, 10/01/19		1,146
	1,000	Rev., 5.000%, 10/01/25		1,255
		The School Board of Escambia County, Sales Tax,
	685	Rev., 5.000%, 09/01/23		844
	275	Rev., 5.000%, 09/01/24		342
	120	Rev., 5.000%, 09/01/25		151
				5,757
		Prerefunded — 0.2%
	4,500	Hillsborough County Industrial Development Authority, Health Facilities Projects, University Community Hospital, Series A, Rev., 5.625%, 08/15/18 (p)		5,041
		Transportation — 0.1%
		Miami-Dade County Expressway Authority, Toll System,
	1,550	Series A, Rev., 5.000%, 07/01/20		1,805
	625	Series A, Rev., 5.000%, 07/01/22		755
	850	Series B, Rev., 5.000%, 07/01/25		1,034
				3,594
		Utility — 0.4%
		City of Lakeland, Energy System,
	1,250	Rev., 5.000%, 10/01/23		1,550
	1,155	Rev., 5.000%, 10/01/24		1,445

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	3,455	Rev., 5.000%, 10/01/26		4,347
	2,185	City of Tallahassee, Energy System, Rev., 5.000%, 10/01/23		2,696
	750	Florida Municipal Power Agency, All Requirements Power Supply Project, Series B, Rev., 5.000%, 10/01/26		920
				10,958
		Total Florida		82,799
		Georgia — 2.7%
		General Obligation — 2.0%
	1,065	Bryan County, School District, Sales Tax, GO, 4.000%, 08/01/17		1,118
	4,210	Bulloch County School District, Sales Tax, Series A, GO, 4.000%, 05/01/16		4,237
	1,000	City of Atlanta, Series A, GO, 4.000%, 12/01/19		1,117
	1,000	County of Carroll, School Dsitrict Sales Tax, GO, 5.000%, 04/01/23 (w)		1,228
	1,400	County of Sumter, Sales Tax, GO, 4.000%, 12/01/18		1,521
		State of Georgia,
	5,405	Series B, GO, 5.000%, 10/01/17		5,791
	5,000	Series E, GO, 4.000%, 09/01/18		5,418
	14,800	Series I, GO, 5.000%, 07/01/18		16,306
	1,250	Series I, GO, 5.000%, 07/01/19		1,426
	8,165	Series I, GO, 5.000%, 07/01/21		9,859
	4,270	Series J-2, GO, 4.000%, 11/01/17		4,519
				52,540
		Housing — 0.1%
		Georgia Housing & Finance Authority, Single Family,
	750	Series A-4, Rev., 0.800%, 06/01/17		752
	700	Series A-4, Rev., 0.900%, 12/01/17		703
				1,455
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	4,000	Monroe County Development Authority, Pollution Control, Gulf Power Company Plant, Scherer Project, Rev., VAR, 2.000%, 06/21/18		4,069
		Other Revenue — 0.2%
	5,000	Fulton County Development Authority, Technology Athletic Association Project, Series A, Rev., 5.000%, 10/01/22		6,030

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 29

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		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		1,215
	1,000	Series A-1, Rev., 5.000%, 07/01/28		1,205
	750	Series A-1, Rev., 5.000%, 07/01/29		900
				3,320
		Utility — 0.1%
	1,685	Camden County Public Service Authority, St. Mary’s Project, Rev., 5.000%, 12/01/16		1,743
		Water & Sewer — 0.1%
	3,000	City of Atlanta, Water & Wastewater, Revenue Refunding, Series A-1, Rev., VAR, 1.791%, 03/03/16		3,067
	500	Cobb County-Marietta Water Authority, Rev., 5.000%, 11/01/23		629
				3,696
		Total Georgia		72,853
		Hawaii — 1.1%
		General Obligation — 1.0%
		City & County of Honolulu,
	1,500	Series A, GO, 5.000%, 10/01/18		1,666
	3,700	Series B, GO, 5.000%, 10/01/18		4,111
		State of Hawaii,
	10,160	Series DY, GO, 5.000%, 02/01/20		11,766
	7,640	Series EF, GO, 5.000%, 11/01/21		9,260
				26,803
		Prerefunded — 0.1%
	2,205	State of Hawaii, Series D, GO, 5.000%, 06/01/16 (p)		2,232
		Total Hawaii		29,035
		Idaho — 0.1%
		Education — 0.0% (g)
	565	University of Idaho, Series A, Rev., 5.000%, 04/01/22		684
		Transportation — 0.1%
	1,950	Idaho Housing & Finance Association, Federal Highway Trust, Series A, Rev., GRAN, 5.000%, 07/15/25		2,379
		Total Idaho		3,063
		Illinois — 4.0%
		Education — 0.2%
	5,000	Illinois Educational Facilities Authority, University of Chicago, Series B-2, Rev., VAR, 1.550%, 02/13/20		5,046

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 1.5%
		City of Chicago,
	5,000	Series C, GO, 5.000%, 01/01/22		5,218
	10,000	Series C, GO, 5.000%, 01/01/23		10,268
	1,225	City of Peoria, Series A, GO, 5.000%, 01/01/20		1,396
	4,740	City of Peoria, Tazewell County, Community College District No. 514, Series A, GO, 5.000%, 12/01/19		5,462
		County of Dupage, Courthouse Project,
	335	GO, 5.000%, 01/01/24		414
	525	GO, 5.000%, 01/01/27		651
	250	GO, 5.000%, 01/01/28		308
	730	GO, 5.000%, 01/01/29		889
	3,460	County of Winnebago, Series A, GO, 4.000%, 12/30/19		3,855
	2,800	DuPage County Forest Preserve District, GO, 5.000%, 01/01/21		3,309
		Kendall Kane & Will Counties Community Unit School District,
	1,000	GO, 5.000%, 02/01/25		1,208
	1,135	GO, 5.000%, 02/01/26		1,372
		McHenry County, Woodstock Community Unit School District No. 200,
	1,000	GO, 2.000%, 01/15/17		1,013
	300	GO, 5.000%, 01/15/21		353
	2,500	State of Illinois, GO, 4.000%, 02/01/18		2,617
	2,250	Village of Wilmette, GO, 4.125%, 12/01/16		2,313
				40,646
		Other Revenue — 1.0%
	6,000	Illinois Finance Authority, Advocate Health Care, Series A-1, Rev., VAR, 5.000%, 01/15/20		6,863
	2,715	Illinois Finance Authority, Rush University Medical Center Obligated Group, Series A, Rev., 5.000%, 11/15/25		3,340
		Illinois Finance Authority, Silver Cross Hospital and Medical Centers,
	150	Series C, Rev., 5.000%, 08/15/21		172
	500	Series C, Rev., 5.000%, 08/15/22		581
	5,000	Illinois State Toll Highway Authority, Senior Priority, Series B, Rev., 5.000%, 12/01/17		5,373
	4,500	Municipal Electric Agency Power Supply System, Rev., 5.000%, 02/01/19		5,010
	5,000	State of Illinois, Unemployment Insurance Fund Building Receipts, Series A, Rev., 5.000%, 06/15/16		5,071
				26,410

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.8%
		Illinois State Toll Highway Authority, Senior Priority,
	14,425	Series A-2, Rev., AGM, 5.000%, 07/01/16 (p)		14,656
	5,720	University of Illinois, Auxiliary Facilities System, Rev., NATL-RE, 5.000%, 04/01/16 (p)		5,744
				20,400
		Transportation — 0.1%
		City of Chicago, Chicago Midway Airport Second Lien Revenue Refunding,
	2,580	Series 2014A, Rev., AMT, 5.000%, 01/01/21		2,971
	500	Series 2014B, Rev., 5.000%, 01/01/20		573
				3,544
		Utility — 0.4%
		Citiy of Springfield, Senior Lien Electric,
	3,500	Rev., 5.000%, 03/01/24		4,242
	4,000	Rev., 5.000%, 03/01/26		4,850
				9,092
		Total Illinois		105,138
		Indiana — 1.3%
		Education — 0.1%
	800	County of Dearborn, Aurora School Building Corp., First Mortgage Refunding & Improvement, Rev., 4.000%, 07/15/16		811
		County of Elkhart, GCS School Building Corp. One, First Mortgage Refunding & Improvement,
	300	Rev., 4.000%, 07/15/17		313
	265	Rev., 5.000%, 07/15/18		291
		New Albany Floyd County School Building Corp.,
	700	Rev., 5.000%, 07/15/21		834
	835	Rev., 5.000%, 07/15/22		1,009
				3,258
		Other Revenue — 1.0%
	5,000	City of Whiting, Environmental Facilities, BP Products North America, Inc. Project, Rev., VAR, 5.000%, 11/01/22		5,737
		Fort Wayne Redevelopment Authority Lease Rent, Harrison Square Project,
	795	Rev., 5.000%, 02/01/22		954
	1,000	Rev., 5.000%, 08/01/23		1,223
	1,170	Indiana Finance Authority, Educational Facilities, Indianapolis Museum of Art, Inc. Project, Series B, Rev., 5.000%, 02/01/19		1,296

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	1,000	Indiana Finance Authority, Stadium Project, Lease Appropriation, Series A, Rev., 5.250%, 02/01/28		1,239
	1,855	Indiana Health Facility Financing Authority, Ascension Health, Subseries A-8, Rev., VAR, 5.000%, 07/28/16		1,889
		Indiana State Finance Authority State Revolving Fund Program Refunding,
	3,080	Series B, Rev., 5.000%, 02/01/18		3,342
	5,500	Series B, Rev., 5.000%, 02/01/19		6,186
	3,320	Indianapolis Local Public Improvement Bond Bank, Series D, Rev., 5.000%, 06/01/17		3,495
				25,361
		Prerefunded — 0.0% (g)
	45	Indiana Health Facility Financing Authority, Ascension Health, Subseries A-8, Rev., VAR, 5.000%, 07/28/16 (p)		46
	750	Indiana State Office Building Commission, Indiana State Museum Facility, Series C, Rev., NATL-RE, FGIC, 5.250%, 07/01/19 (p)		859
				905
		Utility — 0.2%
		Indiana Municipal Power Agency, Power Supply System,
	1,085	Series A, Rev., 5.000%, 01/01/17		1,127
	1,000	Series A, Rev., 5.000%, 01/01/18		1,080
	1,250	Series A, Rev., 5.000%, 01/01/19		1,398
				3,605
		Water & Sewer — 0.0% (g)
	620	Evansville Local Public Improvement Bond Bank, Sewage Works Project, Series A, Rev., 5.000%, 07/01/19		700
		Total Indiana		33,829
		Kansas — 1.2%
		Certificate of Participation/Lease — 0.0% (g)
	915	Johnson County Park & Recreation District, Series A, COP, 4.000%, 09/01/16		931
		General Obligation — 0.0% (g)
	200	Butler County, Unified School District No. 375, GO, 4.000%, 09/01/24		223
		Other Revenue — 0.1%
	1,000	Wyandotte County-Kansas City Unified Government, Sales Tax, Redevelopment Project Area B, Sub Lien, Rev., 5.000%, 12/01/16		1,033

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.1%
	1,795	Kansas Development Finance Authority, Public Water Supply, Series DW-1, Rev., 3.250%, 04/01/17 (p)		1,849
		Transportation — 0.9%
	16,120	Kansas Department of Transportation, Highway, Series B, Rev., 5.000%, 09/01/26		20,484
	3,400	Kansas State Department Transportation Highway, Series C, Rev., 5.000%, 09/01/17		3,631
				24,115
		Water & Sewer — 0.1%
	2,200	City of Wichita, Water & Sewer Utility, Series A, Rev., 5.000%, 10/01/22		2,702
		Total Kansas		30,853
		Kentucky — 1.2%
		Education — 0.3%
	6,980	University of Kentucky, Series D, Rev., 5.000%, 10/01/21		8,430
		Industrial Development Revenue/Pollution Control Revenue — 0.3%
	7,000	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Co. Project, Series A, Rev., VAR, 1.650%, 04/03/17		7,053
		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)		2,762
		Transportation — 0.4%
		Kentucky Asset/Liability Commission, Project Notes, Federal Highway Trust Fund,
	750	Series A, Rev., 5.000%, 09/01/23		905
	1,750	Series A, Rev., 5.000%, 09/01/25		2,173
	3,000	Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects, Series B, Rev., 5.000%, 07/01/22		3,664
	2,500	Kentucky Turnpike Authority, Revitalization Projects, Series A, Rev., 5.000%, 07/01/16		2,540
		Louisville Regional Airport Authority, Airport System,
	1,500	Series A, Rev., AMT, 3.000%, 07/01/17		1,545
	345	Series B, Rev., 4.000%, 07/01/18		371
				11,198

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — 0.1%
	2,000	Louisville/Jefferson County Metro Government, Pollution Control, Louisville Gas & Electric Company Project, Series A, Rev., VAR, 2.200%, 08/01/19		2,067
		Water & Sewer — 0.0% (g)
	1,000	Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A, Rev., 4.000%, 02/01/17		1,033
		Total Kentucky		32,543
		Louisiana — 1.7%
		General Obligation — 0.5%
		State of Louisiana,
	5,000	Series A, GO, 5.000%, 08/01/19		5,698
	7,000	Series B, GO, 5.000%, 11/15/18		7,800
				13,498
		Other Revenue — 1.0%
		City of Bossier, Local Government Environmental Facilities & Community Development Authority, Louisiana Project,
	800	Rev., 5.000%, 11/01/22		965
	3,525	Rev., 5.000%, 11/01/26		4,363
	5,000	Louisiana Public Facilities Authority, Hurricane Recovery Program, Rev., 5.000%, 06/01/23		6,052
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project,
	160	Rev., 3.000%, 05/15/17		164
	300	Rev., 3.000%, 05/15/18		311
	9,500	State of Louisiana, Gasoline & Fuels Tax, Second Lien Revenue, Libor Index, Series A, Rev., VAR, 0.768%, 04/01/16		9,454
		Tobacco Settlement Financing Corp., Asset-Backed,
	2,500	Series A, Rev., 5.000%, 05/15/16		2,522
	2,250	Series A, Rev., 5.000%, 05/15/17		2,356
				26,187
		Utility — 0.0% (g)
	1,100	City of New Orleans, Rev., 5.000%, 12/01/18		1,216
		Water & Sewer — 0.2%
	4,795	East Baton Rouge Sewerage Commission, Series A, Rev., VAR, 0.798%, 04/01/16		4,763
		Total Louisiana		45,664
		Maine — 0.5%
		General Obligation — 0.5%
		City of Westbrook,
	750	GO, 3.000%, 10/15/23		822

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	750	GO, 5.000%, 10/15/24		934
		State of Maine,
	4,740	Series B, GO, 4.000%, 06/01/17		4,954
	6,000	Series B, GO, 5.000%, 06/01/18		6,591
		Total Maine		13,301
		Maryland — 2.9%
		Education — 0.5%
		University of Maryland, Auxiliary Facilities & Tuition System,
	1,000	Series A, Rev., 5.000%, 04/01/17		1,050
	5,095	Series A, Rev., 5.000%, 04/01/19		5,765
	5,540	Series A, Rev., 5.000%, 04/01/20		6,460
				13,275
		General Obligation — 1.8%
	2,000	County of Montgomery, Public Improvement, Series A, GO, 5.000%, 08/01/19		2,286
	12,795	State of Maryland, Local Facilities Loan, Series A, GO, 5.000%, 08/01/20		15,077
		State of Maryland, State & Local Facilities Loan,
	3,650	Series B, GO, 5.000%, 03/15/16		3,658
	17,780	Series B, GO, 5.000%, 03/15/18		19,375
	6,900	Series C, GO, 5.000%, 08/01/20		8,131
				48,527
		Other Revenue — 0.1%
	1,500	Maryland Health & Higher Educational Facilities Authority, The Johns Hopkins Health System Issue, Series A, Rev., 5.000%, 05/15/24		1,867
	750	State of Maryland, Health & Higher Educational Facilities Authority, Peninsula Regional Medical Center, Rev., 5.000%, 07/01/22		909
				2,776
		Prerefunded — 0.2%
	4,335	State of Maryland, State and Local Facilities, Series C, GO, 5.000%, 03/01/19 (p)		4,875
		Transportation — 0.3%
	5,000	Maryland State Department of Transportation County Transportation, Rev., 5.000%, 03/01/16		5,001
	2,070	Maryland State Transportation Authority, Rev., GRAN, 5.000%, 03/01/17		2,166
				7,167
		Total Maryland		76,620

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Massachusetts — 3.5%
		Education — 0.6%
		Massachusetts Development Finance Agency, Boston College,
	2,300	Series S, Rev., 5.000%, 07/01/16		2,338
	1,000	Series S, Rev., 5.000%, 07/01/17		1,061
	4,535	Massachusetts Health & Educational Facilities Authority, Various Amherst College, Series K-2, Rev., VAR, 1.700%, 11/01/16		4,570
		Massachusetts School Building Authority,
	3,135	Series A, Rev., 5.000%, 11/15/23		3,945
	3,295	Series A, Rev., 5.000%, 11/15/24		4,188
				16,102
		General Obligation — 1.2%
		City of Boston,
	6,820	Series A, GO, 5.000%, 03/01/22		8,343
	7,360	Series A, GO, 5.000%, 03/01/23		9,170
	10,000	Commonwealth of Massachusetts, Subseries D-2, GO, VAR, 0.310%, 03/03/16		9,945
	4,310	Massachusetts State Consolidate Loan of 2014, Series 2, GO, 4.000%, 04/01/18		4,615
				32,073
		Other Revenue — 1.2%
	100	Commonwealth of Massachusetts, Rail Enhancement Program, Series A, Rev., 5.000%, 06/01/20		117
	2,335	Commonwealth of Massachusetts, Special Obligation, Series A, Rev., AGM, 5.500%, 06/01/16		2,367
	3,250	Massachusetts Development Finance Agency, Caregroup, Series H-1, Rev., 5.000%, 07/01/19		3,646
		Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group,
	450	Series I, Rev., 5.000%, 07/01/18		492
	1,150	Series I, Rev., 5.000%, 07/01/27		1,387
	750	Massachusetts Port Authority, Series C, Rev., 5.000%, 07/01/23		928
	500	Massachusetts State Development Finance Agency, Lahey Health System, Series F, Rev., 5.000%, 08/15/26		573
	18,500	Massachusetts Water Pollution Abatement Trust, Rev., 5.000%, 08/01/25		23,779
				33,289

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 33

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Prerefunded — 0.4%
	7,515	Massachusetts Health & Educational Facilities Authority, Institute of Technology, Series O, Rev., 6.000%, 07/01/18 (p)		8,448
	1,900	Massachusetts State College Building Authority, Series A, Rev., AMBAC, 5.000%, 05/01/16 (p)		1,916
				10,364
		Transportation — 0.1%
	1,875	Commonwealth of Massachusetts, Rail Enhancement Program, Series A, Rev., 5.000%, 06/01/23		2,343
		Total Massachusetts		94,171
		Michigan — 1.2%
		Education — 0.2%
	5,000	Regents of the University of Michigan, Series E, Rev., VAR, 0.440%, 03/03/16		4,966
		General Obligation — 0.3%
	800	County of Wayne, Wayne-Westland Community Schools, GO, Q-SBLF, 5.000%, 05/01/18		871
	1,000	Kalamazoo Public Schools, GO, 5.000%, 05/01/22		1,208
		Troy School District, School Building & Site,
	1,425	GO, Q-SBLF, 3.000%, 05/01/17		1,464
	875	GO, Q-SBLF, 4.000%, 05/01/18		935
	650	GO, Q-SBLF, 5.000%, 05/01/19		732
	500	GO, Q-SBLF, 5.000%, 05/01/20		579
	550	GO, Q-SBLF, 5.000%, 05/01/21		654
	500	GO, Q-SBLF, 5.000%, 05/01/22		604
				7,047
		Hospital — 0.1%
	2,250	Michigan State Hospital Finance Authority, Ascension Health Credit Group, Series B-4, Rev., 5.000%, 11/15/27		2,760
		Other Revenue — 0.3%
	2,110	Michigan Finance Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/16		2,169
	2,250	Michigan Finance Authority, Clean Water State Revolving Fund, Rev., 5.000%, 10/01/21		2,721
		Michigan Finance Authority, Local Government Loan Program,
	1,290	Series B, Rev., 4.000%, 11/01/18		1,396
	675	Series B, Rev., 4.000%, 11/01/19		747
	455	Series B, Rev., 4.000%, 11/01/20		510
	1,300	Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/20		1,392
				8,935

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.2%
	5,055	Michigan Municipal Bond Authority, Clean Water Revolving Fund, Rev., 5.000%, 10/01/17 (p)		5,408
		Utility — 0.1%
	2,060	Lansing Board of Water & Light, Utility Systems, Series A, Rev., 5.000%, 07/01/16		2,092
		Water & Sewer — 0.0% (g)
		City of Grand Rapids, Sanitary Sewer System Improvement,
	350	Rev., 5.000%, 01/01/22		424
	450	Rev., 5.000%, 01/01/23		551
				975
		Total Michigan		32,183
		Minnesota — 1.4%
		Education — 0.3%
		Minnesota Higher Education Facilities Authority,
	350	Series L, Rev., 4.000%, 04/01/20 (w)		391
	400	Series L, Rev., 5.000%, 04/01/23 (w)		486
	750	Series L, Rev., 5.000%, 04/01/24 (w)		915
	750	Series L, Rev., 5.000%, 04/01/26 (w)		931
	640	Series L, Rev., 5.000%, 04/01/27 (w)		784
	920	Series L, Rev., 5.000%, 04/01/28 (w)		1,117
	500	Series L, Rev., 5.000%, 04/01/29 (w)		603
	2,260	Series M, Rev., 4.000%, 04/01/21 (w)		2,563
				7,790
		General Obligation — 0.8%
	11,885	State of Minnesota, Series A, GO, 5.000%, 08/01/18		13,128
	5,000	State of Minnesota, Trunk Highway, Series B, GO, 5.000%, 10/01/17		5,355
	3,500	State of Minnesota, Various Purpose, Series A, GO, 5.000%, 06/01/17		3,699
				22,182
		Transportation — 0.1%
		Minneapolis-St Paul Metropolitan Airports Commission, Subordinate Airport,
	750	Series A, Rev., 5.000%, 01/01/18		810
	220	Series A, Rev., 5.000%, 01/01/20		253
	1,000	Series A, Rev., 5.000%, 01/01/22		1,205
				2,268
		Utility — 0.2%
		Western Minnesota Municipal Power Agency, Power Supply,
	2,400	Series A, Rev., 3.000%, 01/01/18		2,505

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	1,500	Series A, Rev., 5.000%, 01/01/23		1,835
	1,000	Series A, Rev., 5.000%, 01/01/24		1,238
				5,578
		Total Minnesota		37,818
		Mississippi — 0.7%
		Education — 0.0% (g)
	1,745	Mississippi State University Educational Building Corp., New Facilities and Refinancing Project, Series A, Rev., 4.000%, 08/01/18		1,885
		General Obligation — 0.7%
		State of Mississippi,
	11,735	Series C, GO, 5.000%, 10/01/25		14,872
	2,500	Series F, GO, 5.250%, 10/01/23		3,163
				18,035
		Total Mississippi		19,920
		Missouri — 1.4%
		Certificate of Participation/Lease — 0.1%
	1,000	City of Chesterfield, COP, 5.000%, 12/01/21		1,205
	750	Cole County Missouri Refunding, Jail Project, COP, 4.000%, 12/01/16		769
				1,974
		Education — 0.1%
		Health & Educational Facilities Authority,
	450	Rev., 4.000%, 10/01/18		487
	625	Rev., 4.000%, 10/01/19		693
	300	Rev., 4.000%, 10/01/20		339
	300	Rev., 4.000%, 10/01/21		345
				1,864
		General Obligation — 0.2%
	350	County of Clay, North Kansas City School District 74, Refunding & Improvement, Missouri Direct Deposit Program, GO, 5.000%, 03/01/22		424
		Francis Howell School Missouri Direct Deposit Program,
	3,335	GO, 4.000%, 03/01/23		3,879
	1,900	GO, 4.000%, 03/01/24		2,218
	325	School District of the City of Ladue, GO, 4.000%, 03/01/21		372
				6,893
		Industrial Development Revenue/Pollution Control Revenue — 0.1%
	2,895	Kansas City Industrial Development Authority, Series A, Rev., AMBAC, 5.000%, 12/01/20		3,107

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.5%
	2,100	Bi-State Development Agency, Metropolitan District, Sales Tax Appropriation, Combined Lien, Series A, Rev., 5.000%, 10/01/17		2,248
	350	City of Springfield, Series A, Rev., 4.000%, 09/01/18		377
	2,000	County of Jackson, Harry S. Truman Sports Complex Project, Rev., 5.000%, 12/01/22		2,447
	2,010	County of St. Louis, Regional Convention & Sports Complex Authority, Convention & Sports Facility, Series B, Rev., 5.000%, 08/15/19		2,280
	550	Missouri Environmental Improvement & Energy Resources Authority, Water Pollution Control & Drinking Water, Series B, Rev., 5.000%, 07/01/23		652
		Missouri State Health & Educational Facilities Authority, Health Facilities, BJC Health System,
	1,000	Rev., 5.000%, 01/01/17		1,038
	950	Rev., 5.000%, 01/01/18		1,025
	780	Rev., 5.000%, 01/01/19		871
	225	Rev., 5.000%, 01/01/21		266
	2,045	State of Missouri, Environmental Improvement & Energy Residual Authority, Water Pollution Control & Drinking Water, Rev., 5.000%, 01/01/24		2,474
				13,678
		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)		2,620
		Transportation — 0.3%
		Kansas City, Missouri Airport Refunding, General Improvement,
	2,500	Series B, Rev., 5.000%, 09/01/17		2,660
	1,250	Series B, Rev., 5.000%, 09/01/18		1,376
		Missouri Airport Refunding, Lambert St. Louis International Airport,
	1,575	Rev., 5.000%, 07/01/21		1,853
	1,000	Rev., 5.000%, 07/01/22		1,193
	1,080	Rev., 5.000%, 07/01/23		1,301
				8,383
		Total Missouri		38,519

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 35

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Montana — 0.1%
		General Obligation — 0.1%
		State of Montana, Long-Range Building Program,
	690	GO, 5.000%, 08/01/21		835
	1,000	GO, 5.000%, 08/01/22		1,234
	650	Yellowstone County, School District No. 2 Billings, School Building, GO, 5.000%, 06/15/20		762
		Total Montana		2,831
		Nebraska — 0.5%
		General Obligation — 0.1%
	1,680	City of Omaha, Various Purpose, Series A, GO, 4.000%, 11/15/16		1,724
		Utility — 0.4%
	2,000	Central Plains Energy Project, Gas Project No. 3, Rev., 5.000%, 09/01/17		2,105
	1,750	Municipal Energy Agency of Nebraska, Series A, Rev., 5.000%, 04/01/17		1,834
		Nebraska Public Power District,
	3,000	Series B, Rev., 5.000%, 01/01/31		3,604
	2,610	Series B, Rev., 5.000%, 01/01/32		3,116
				10,659
		Total Nebraska		12,383
		Nevada — 0.5%
		General Obligation — 0.5%
	10,000	State of Nevada, Capital Improvement, Series D, GO, 5.000%, 04/01/25		12,645
		Other Revenue — 0.0% (g)
	1,250	County of Clark, Series A, Rev., 4.000%, 07/01/18		1,345
		Total Nevada		13,990
		New Hampshire — 0.2%
		General Obligation — 0.2%
	2,880	State of New Hampshire, Series A, GO, 5.000%, 03/01/26		3,649
	2,200	State of New Hampshire, Capital Improvement, Series B, GO, 5.000%, 12/01/27		2,741
		Total New Hampshire		6,390
		New Jersey — 1.8%
		Education — 0.1%
	1,040	New Jersey Economic Development Authority, School Facilities Construction, Series A, Rev., 5.250%, 12/15/20		1,124

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — continued
	1,250	New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue, Series C, Rev., 5.000%, 09/01/19		1,362
				2,486
		General Obligation — 1.0%
	150	City of Long Branch, GO, 4.000%, 01/15/21		169
		County of Passaic,
	2,355	GO, 5.000%, 02/01/19		2,640
	1,685	GO, 5.000%, 02/01/20		1,949
	90	GO, 5.000%, 02/01/21		107
		Monmouth County, General Improvement,
	2,485	GO, 4.000%, 01/15/21		2,825
	1,050	GO, 4.000%, 01/15/22		1,210
	1,670	GO, 4.000%, 01/15/23		1,947
		State of New Jersey,
	525	GO, AGM, 4.000%, 02/15/20		578
	10,075	Series Q, GO, 5.000%, 08/15/20		11,550
	2,495	Township of Hamilton, Sewer Utility Refunding and Improvement, GO, 3.000%, 08/01/16		2,521
	400	Township of South Brunswick, GO, 5.000%, 09/01/22		487
				25,983
		Other Revenue — 0.4%
		New Jersey Environmental Infrastructure Trust,
	2,225	Series A, Rev., 5.000%, 09/01/18		2,467
	2,000	Series A-R, Rev., 4.000%, 09/01/18		2,166
		Tobacco Settlement Financing Corp., Asset-Backed,
	4,000	Series 1A, Rev., 5.000%, 06/01/18		4,198
	5,000	Series 1B, Rev., Zero Coupon, 06/01/41		1,325
				10,156
		Prerefunded — 0.1%
	1,570	New Jersey EDA, School Facilities Construction, Series I, Rev., 5.500%, 09/01/16 (p)		1,612
	1,680	New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 6.000%, 12/15/18 (p)		1,925
				3,537
		Transportation — 0.2%
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System, Series B, Rev., NATL-RE, 5.500%, 12/15/16		1,558

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	4,000	New Jersey Turnpike Authority, Series B-3, Rev., VAR, 0.856%, 04/01/16		4,007
				5,565
		Total New Jersey		47,727
		New Mexico — 0.1%
		General Obligation — 0.1%
	2,140	County of Santa Fe, Santa Fe Public School District, GO, 5.000%, 08/01/21		2,575
		Other Revenue — 0.0% (g)
	800	New Mexico Finance Authority, Senior Lien Public Project, Series B, Rev., 5.000%, 06/01/21		961
		Total New Mexico		3,536
		New York — 13.3%
		Education — 0.2%
	500	City of Troy Capital Resources Corp., Rensselaer Polytechnic Institute Project, Rev., 5.000%, 08/01/20		579
	2,000	Erie County Industrial Development Agency, School District Buffalo Project, Series B, Rev., 5.000%, 05/01/16		2,017
	2,550	Syracuse Industrial Development Agency, City School, Series A, Rev., 5.000%, 05/01/16		2,571
				5,167
		General Obligation — 2.2%
	2,410	Bedford Central School District, GO, 5.000%, 11/15/22		2,993
		City of New York,
	6,250	Series K, GO, 5.000%, 08/01/19		7,119
	3,860	Subseries G-1, GO, 5.000%, 04/01/20		4,472
	4,230	City of New York, Fiscal Year 2003, Series C, Subseries C-A, GO, 5.000%, 08/01/17		4,499
		City of New York, Fiscal Year 2013,
	3,695	Series B, GO, 4.000%, 08/01/19		4,084
	5,000	Series J, GO, 5.000%, 08/01/18		5,517
	9,000	City of New York, Fiscal Year 2014, Series E, GO, 5.000%, 08/01/17		9,571
		Counties of Rockland & Orange, Ramapo Central School District,
	1,800	GO, 4.000%, 10/15/17		1,903
	2,030	GO, 4.000%, 10/15/19		2,260
	285	County of Allegany, Public Improvement, GO, 4.000%, 09/15/19		317
	6,750	County of Westchester, Series B, GO, 5.000%, 11/15/25		8,731

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	2,025	Hampton Bays Union Free School District, GO, 5.000%, 09/15/22		2,492
	1,300	South Orangetown New York Central School District, GO, 5.000%, 12/01/23		1,647
		Town of East Hampton,
	1,000	GO, 5.000%, 05/15/21		1,204
	1,000	GO, 5.000%, 05/15/23		1,247
				58,056
		Hospital — 0.1%
		Build Resource Corp., The New York Methodist Hospital Project,
	1,000	Rev., 5.000%, 07/01/18		1,089
	650	Rev., 5.000%, 07/01/20		743
	550	Rev., 5.000%, 07/01/21		641
	1,000	Rev., 5.000%, 07/01/22		1,184
				3,657
		Other Revenue — 5.2%
		Battery Park City Authority,
	3,450	Series A, Rev., 3.000%, 11/01/18		3,679
	2,500	Series A, Rev., 4.000%, 11/01/19		2,804
	2,445	City of New York, Transitional Finance Authority, Unrefunded Balance, Future Tax, Subseries C-1, Rev., 5.000%, 11/01/16		2,522
	800	Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project, Series B, Rev., 5.000%, 07/01/23		963
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	2,750	Series B, Rev., 5.000%, 02/01/20		3,182
	2,120	Subseries A-1, Rev., 5.000%, 11/01/17		2,279
		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)		1,599
	3,700	Series A, Subseries A-1, Rev., 5.000%, 11/01/20		4,377
	7,500	New York Convention Center Development Corp. Hotel Unit Fee Secured, Rev., 5.000%, 11/15/26		9,379
	2,845	New York Local Government Assistance Corp., Series A-5, Rev., 5.000%, 04/01/18		3,111
	1,210	New York Local Government Assistance Corp., Senior Lien, Series A, Rev., 5.000%, 04/01/17		1,272
		New York State Dormitory Authority, Columbia University,
	585	Series B, Rev., 5.000%, 10/01/21		711

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 37

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Other Revenue — continued
	2,500	Series B, Rev., 5.000%, 10/01/23		3,145
	2,350	New York State Dormitory Authority, School Districts Financing Program, Series F, Rev., AGM, 5.000%, 10/01/16		2,414
		New York State Dormitory Authority, State Sales Tax,
	2,000	Series A, Rev., 5.000%, 03/15/17		2,097
	3,000	Series A, Rev., 5.000%, 03/15/18		3,275
	2,000	Series A, Rev., 5.000%, 03/15/21		2,400
	1,100	New York State Dormitory Authority, The New School, Series A, Rev., 5.000%, 07/01/24		1,358
	3,000	New York State Energy Research & Development Authority, Pollution Control, Electric & Gas Corp., Project, Series C, Rev., VAR, 2.000%, 05/01/20		3,066
	10,180	New York State Environmental Facilities Corp., Green Bonds, Series D, Rev., 5.000%, 09/15/21		12,369
		New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Revolving Funds, New York City Municipal Water Finance Authority Projects, Second Resolution,
	9,385	Series A, Rev., 5.000%, 06/15/17		9,946
	4,905	Series A, Rev., 5.000%, 06/15/19		5,595
	2,500	Port Authority of New York & New Jersey, Consolidated 185, Rev., AMT, 5.000%, 09/01/17		2,663
		Sales Tax Asset Receivable Corp., Fiscal Year 2015,
	8,525	Series A, Rev., 5.000%, 10/15/19		9,818
	15,405	Series A, Rev., 5.000%, 10/15/20		18,262
	4,800	Series A, Rev., 5.000%, 10/15/22		5,952
	4,500	Series A, Rev., 5.000%, 10/15/25		5,700
		Tobacco Settlement Financing Corp., Asset-Backed,
	5,330	Series B, Rev., 5.000%, 06/01/16		5,396
	10,000	Series B, Rev., 5.000%, 06/01/20		10,123
				139,457
		Prerefunded — 0.8%
	7,555	City of New York, Transitional Finance Authority, Future Tax, Subseries C-1, Rev., 5.000%, 11/01/16 (p)		7,788
	12,055	Westchester Tobacco Asset Securitization Corp., Capital Appreciation, Rev., 6.950%, 07/15/17 (p)		13,247
				21,035

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Special Tax — 0.9%
	1,500	New York Local Government Assistance Corp., Sub Lien, Series A-5, Rev., 5.500%, 04/01/19		1,721
	1,110	New York State Dormitory Authority, Personal Income Tax, Series G, Rev., 5.000%, 08/15/21		1,331
	1,000	New York State Urban Development Corp., Economic Development and Housing, Series A-1, Rev., 5.000%, 12/15/16		1,037
	17,140	New York State Urban Development Corp., General Purpose, Series C, Rev., 5.000%, 03/15/18		18,680
				22,769
		Transportation — 3.3%
		Buffalo & Fort Erie Public Bridge Authority, Toll Bridge System,
	465	Rev., 5.000%, 01/01/20		534
	815	Rev., 5.000%, 01/01/21		960
		Metropolitan Transportation Authority,
	2,500	Rev., VAR, 0.370%, 03/03/16		2,486
	11,000	Series C, Rev., VAR, 4.000%, 11/15/20		12,380
	2,770	Series D, Rev., 5.000%, 11/15/18		3,087
	1,435	Subseries A-1, Rev., 5.000%, 11/15/20		1,689
	3,000	Metropolitan Transportation Authority, Dedicated Tax Fund, Subseries B-2, Rev., 5.000%, 11/01/16		3,094
		Metropolitan Transportation Authority, Transportation,
	2,000	Subseries C-1, Rev., 5.000%, 11/15/19		2,297
	3,000	Subseries C-1, Rev., 5.000%, 11/15/24		3,723
		New York State Thruway Authority,
	27,555	Series A, Rev., 5.000%, 05/01/19		31,130
	4,200	Series J, Rev., 5.000%, 01/01/18		4,534
	745	Niagara Frontier Transportation Authority, Buffalo International Airport, Series B, Rev., 4.000%, 04/01/16		748
	5,000	Triborough Bridge & Tunnel Authority, Series B, Rev., 5.000%, 11/15/17		5,390
	15,000	Triborough Bridge & Tunnel Authority, Subseries B-C, Rev., VAR, 0.686%, 04/01/16		14,867
				86,919
		Utility — 0.2%
	5,000	Long Island Power Authority, Electric System, Series C, Rev., VAR, 0.948%, 04/01/16		4,966

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.4%
		New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution,
	4,000	Series CC-2, Rev., 5.000%, 06/15/18		4,153
	5,000	Series EE, Rev., 5.000%, 06/15/19		5,691
				9,844
		Total New York		351,870
		North Carolina — 1.0%
		General Obligation — 0.8%
	2,230	City of Durham, Series C, GO, 5.000%, 07/01/18		2,457
		State of North Carolina,
	6,695	Series B, GO, 5.000%, 04/01/16		6,724
	9,670	Series D, GO, 4.000%, 06/01/20		10,934
	2,430	State of North Carolina, Public Improvement, Series A, GO, 5.000%, 05/01/17		2,560
				22,675
		Other Revenue — 0.1%
	2,605	Durham Capital Financing Corp., Limited Obligation, Rev., 4.000%, 06/01/16		2,630
		Prerefunded — 0.1%
	1,510	County of Union, Series D, GO, NATL-RE, 5.000%, 03/01/17 (p)		1,579
		Total North Carolina		26,884
		Ohio — 1.8%
		Education — 0.3%
	535	Ohio Higher Educational Facility Commission, Case Western Reserve University Project, Series A, Rev., 4.000%, 12/01/19		595
		Ohio Higher Educational Facility Commission, Denison University Project,
	2,920	Rev., 5.000%, 11/01/24		3,615
	1,000	Rev., 5.000%, 11/01/26		1,229
		Ohio State Higher Educational Facility Commission, Oberlin College,
	600	Rev., 4.000%, 10/01/18		651
	675	Rev., 4.000%, 10/01/19		748
	1,000	Rev., 5.000%, 10/01/20		1,173
				8,011
		General Obligation — 0.2%
	5,000	City of Columbus, Series A, GO, 2.000%, 07/01/17		5,103
		City of Dublin, Various Purpose,
	500	GO, 4.000%, 12/01/27		586

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — continued
	300	GO, 4.000%, 12/01/28		348
				6,037
		Hospital — 0.5%
	10,800	County of Allen, Mercy Health, Series B, Rev., VAR, 0.760%, 03/03/16		10,696
		County Of Lake, Hospital Facilities, Lake Hospital System, Inc.,
	1,445	Rev., 5.000%, 08/15/23		1,721
	1,655	Rev., 5.000%, 08/15/24		1,979
				14,396
		Other Revenue — 0.6%
	1,165	County of Cuyahoga, Rev., 5.000%, 12/01/22		1,444
	1,250	Ohio State, Capital Facilities, Lease Appropriation, Adult Correctional Building Funding Projects, Series A, Rev., 5.000%, 10/01/16		1,285
	2,295	Ohio State, Capital Facilities, Lease Appropriation, Mental Health Facilities Funding Projects, Series B, Rev., 4.000%, 08/01/16		2,331
	200	RiverSouth Authority, Riversouth Area Redevelopment Refunding, Series A, Rev., 5.000%, 06/01/22		241
		State of Ohio, Capital Facilities Lease Appropriation, Cultural & Sports Facilities Building Fund Projects,
	3,595	Series B, Rev., 5.000%, 04/01/24		4,443
	1,805	Series B, Rev., 5.000%, 04/01/25		2,255
	1,500	State of Ohio, Capital Facilities Lease-Appropriation, Mental Health Facilities Improvement, Funds Project, Series A, Rev., 4.000%, 02/01/17		1,549
	1,000	State of Ohio, Capital Facilities Lease-Appropriation, Refunding, Series A, Rev., 5.000%, 10/01/18		1,110
				14,658
		Utility — 0.1%
	1,975	City of Columbus, Sewerage System, Rev., 5.000%, 06/01/28		2,454
		Water & Sewer — 0.1%
		Hamilton County, Sewer System, Metropolitan Sewer District of Greater Cincinnati,
	500	Series A, Rev., 5.000%, 12/01/18		559
	640	Series A, Rev., 5.000%, 12/01/19		738
	1,375	Series A, Rev., 5.000%, 12/01/21		1,667
				2,964
		Total Ohio		48,520

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 39

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Oklahoma — 1.1%
		Education — 0.5%
		Blaine County Educational Facilities Authority, Educational Facilities, Watonga Public Schools Project,
	555	Rev., 5.000%, 12/01/18		613
	850	Rev., 5.000%, 12/01/19		965
	945	Rev., 5.000%, 12/01/21		1,112
	1,000	Cleveland County Educational Facilities Authority, Educational Facilities Lease, Moore Public Schools Project, Rev., 5.000%, 06/01/17		1,055
	6,195	Cleveland County Educational Facilities Authority, Educational Facilities Lease, Norman Public Schools Project, Rev., 5.000%, 07/01/19		7,011
		Oklahoma County Finance Authority, Educational Facilities, Lease Western Heights Public School Project,
	250	Rev., 4.000%, 09/01/18		268
	325	Rev., 5.000%, 09/01/19		367
	2,000	Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project, Rev., 5.000%, 09/01/21		2,366
				13,757
		Other Revenue — 0.5%
		Cleveland County Justice Authority, Sales Tax, Detention Facility Project,
	1,675	Rev., 3.000%, 03/01/16		1,675
	1,205	Rev., 3.000%, 03/01/17		1,233
	1,000	Rev., 3.000%, 03/01/18		1,042
	500	Rev., 4.000%, 03/01/20		542
		Oklahoma Capital Improvement Authority, Agency Facilities,
	700	Series C, Rev., 5.000%, 07/01/19		794
	1,075	Series C, Rev., 5.000%, 07/01/20		1,252
		Oklahoma Capitol Improvement Authority, State Facilities,
	3,910	Series A, Rev., 3.000%, 01/01/17		3,994
	3,225	Series A, Rev., 5.000%, 01/01/24		4,011
				14,543
		Utility — 0.1%
	2,030	Oklahoma Municipal Power Authority, SIFMA Index, Series A, Rev., VAR, 0.810%, 03/03/16		2,026
		Total Oklahoma		30,326

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oregon — 1.4%
		General Obligation — 0.4%
	2,000	State of Oregon, Article XI-Q State Projects, Series H, GO, 5.000%, 05/01/21		2,397
	7,005	State of Oregon, Tax-Exempt Refunding, Series L, GO, 5.000%, 11/01/19		8,079
				10,476
		Other Revenue — 0.5%
	5,730	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.000%, 04/01/26		7,254
		Oregon State Facilities Authority, Providence Health & Services,
	1,000	Series A, Rev., 4.000%, 10/01/16		1,022
	5,000	Series C, Rev., VAR, 0.890%, 03/03/16		5,000
				13,276
		Prerefunded — 0.3%
	6,210	Oregon State Department of Administrative Services, Lottery, Series A, Rev., 5.250%, 04/01/19 (p)		7,044
		Transportation — 0.1%
		Port of Portland, International Airport,
	1,000	Series 23, Rev., 5.000%, 07/01/23		1,232
	1,595	Series 23, Rev., 5.000%, 07/01/24		1,987
				3,219
		Utility — 0.1%
	3,350	Oregon State Facilities Authority, Providence Health & Services, Rev., VAR, 0.240%, 03/03/16		3,350
		Water & Sewer — 0.0% (g)
	40	City of Portland, Sewer System, First Lien, Series A, Rev., 5.000%, 10/01/23		50
		Total Oregon		37,415
		Pennsylvania — 3.9%
		Education — 0.7%
		Commonwealth of Pennsylvania, State Public School Building Authority, Montgomery County Community College,
	1,135	Rev., 4.000%, 05/01/16		1,142
	1,125	Rev., 4.000%, 05/01/17		1,166
	5,055	Pennsylvania State Higher Educational Facilities Authority, Trustees of the University, Series B, Rev., 5.000%, 10/01/22		6,226
		State Public School Building Authority, Community College of Philadelphia Project,
	2,760	Rev., 5.000%, 06/15/21		3,204

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Education — continued
	2,625	Rev., 5.000%, 06/15/24		3,111
	2,860	State Public School Building Authority, Montgomery County Community College, Rev., 5.000%, 05/01/19		3,192
				18,041
		General Obligation — 0.2%
	2,200	Commonwealth of Pennsylvania, First Series, GO, 5.000%, 07/01/18		2,411
		County of Bucks,
	500	GO, 5.000%, 05/01/24		628
	150	GO, 5.000%, 05/01/25		190
	310	GO, 5.000%, 05/01/26		399
	350	Schuylkill Valley School District, GO, 5.000%, 04/01/22		423
	1,045	Souderton Area School District, Series A, GO, 4.000%, 11/15/18		1,131
				5,182
		Hospital — 0.1%
	1,400	General Authority of Southcentral, Hanover Hospital, Inc., Rev., 5.000%, 12/01/26		1,640
		Other Revenue — 1.6%
	3,000	Commonwealth Financing Authority, Series B, Rev., 5.000%, 06/01/23		3,570
	1,225	Lancaster County Hospital Authority, Health System, Series B, Rev., 4.000%, 07/01/17		1,278
		Pennsylvania Economic Development Financing Authority, Unemployment Compensation,
	11,900	Series A, Rev., 5.000%, 07/01/17		12,629
	14,950	Series B, Rev., 5.000%, 07/01/21		16,105
	2,500	Pennsylvania Turnpike Commission Series A-2, Rev., VAR, 0.810%, 03/03/16		2,497
	5,000	Philadelphia City Municipal Authority, Series A, Rev., 5.000%, 11/15/17		5,359
		Southcentral General Authority, Wellspan Health Obligation Group,
	380	Series A, Rev., 5.000%, 06/01/24		465
	1,000	Series A, Rev., 5.000%, 06/01/27		1,190
				43,093
		Prerefunded — 0.2%
	5,675	Commonwealth of Pennsylvania, Second Series, GO, 5.000%, 03/01/17 (p)		5,934
		Water & Sewer — 1.1%
		Allegheny County Sanitary Authority, Sewer,
	4,000	Rev., 5.000%, 12/01/21		4,779
	3,000	Rev., 5.000%, 12/01/22		3,622
	4,000	Rev., 5.000%, 12/01/23		4,865

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
		City of Philadelphia, Water & Wastewater,
	8,530	Series A, Rev., 5.000%, 01/01/20		9,794
	1,510	Series A, Rev., 5.000%, 07/01/22		1,827
	2,595	Series A, Rev., 5.000%, 07/01/24		3,204
	750	Pittsburgh Water & Sewer Authority, First Lien, Series B, Rev., AGM, 4.000%, 09/01/17		788
				28,879
		Total Pennsylvania		102,769
		Rhode Island — 0.2%
		General Obligation — 0.1%
	1,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan, Series A, GO, 5.000%, 10/15/18		1,107
	2,000	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan of 2014, Series A, GO, 5.000%, 11/01/19		2,286
				3,393
		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		728
		Prerefunded — 0.1%
	1,475	State of Rhode Island & Providence Plantations, Consolidated Capital Development Loan, Series A, GO, 5.000%, 10/15/19 (p)		1,694
		Total Rhode Island		5,815
		South Carolina — 0.4%
		Education — 0.2%
	3,730	SCAGO Educational Facilities Corp., School District of Pickens County Project, Rev., 5.000%, 12/01/20		4,380
		General Obligation — 0.1%
		State of South Carolina,
	1,310	Series B, GO, 5.000%, 04/01/18		1,431
	1,110	Series D, GO, 5.000%, 04/01/18		1,212
				2,643
		Special Tax — 0.1%
		County of Charleston,
	645	Rev., 5.000%, 12/01/18		720
	1,000	Rev., 5.000%, 12/01/19		1,151
				1,871

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 41

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Water & Sewer — 0.0% (g)
		City of Myrtle Beach, Waterworks And Sewer System,
	815	Rev., 2.000%, 03/01/23		833
	670	Rev., 5.000%, 03/01/27		833
				1,666
		Total South Carolina		10,560
		South Dakota — 0.1%
		Other Revenue — 0.1%
		South Dakota Health & Educational Facilities Authority,
	625	Series B, Rev., 4.000%, 11/01/20		702
	500	Series B, Rev., 4.000%, 11/01/21		563
	375	Series B, Rev., 5.000%, 11/01/22		453
		South Dakota State Building Authority,
	500	Series B, Rev., 5.000%, 06/01/19		565
	485	Series B, Rev., 5.000%, 06/01/21		577
		Total South Dakota		2,860
		Tennessee — 0.7%
		Education — 0.0% (g)
	1,250	Tennessee State School Authority, Higher Educational Facilities, Series B, Rev., 3.000%, 11/01/16		1,273
		General Obligation — 0.4%
	1,645	City of Chattanooga, GO, 5.000%, 10/01/17		1,763
	2,330	County of Maury, GO, 4.000%, 04/01/17		2,421
	5,000	Shelby County, Series A, GO, 5.000%, 03/01/17		5,231
	1,000	Williamson County District School, Series A, GO, 5.000%, 04/01/18		1,092
				10,507
		Other Revenue — 0.2%
	5	Metropolitan Government of Nashville & Davidson, County Sports Authority, Public Improvement, Rev., 5.000%, 07/01/20		6
	3,900	Sevier County Public Building Authority, Tennessee Local Government Public Improvement, Series VII-O-1, Rev., 5.000%, 06/01/18		4,259
				4,265
		Utility — 0.1%
	800	City Of Chattanooga, Electric System, Series A, Rev., 5.000%, 09/01/22		985

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Utility — continued
	835	Clarksville Tennessee Water Sewer & Gas Refunding-Sub Lien, Rev., 4.000%, 02/01/17		861
				1,846
		Total Tennessee		17,891
		Texas — 9.0%
		Education — 0.2%
	790	Austin Community College District, Combined Fee, Series A, Rev., 5.000%, 02/01/21		927
	790	Stephen F. Austin State University, Board of Regents, Revenue Financing System, Rev., 4.000%, 10/15/18		852
	1,940	Texas Woman’s University, Board of Regents, Revenue Financing System, Rev., 5.000%, 07/01/17		2,054
	1,000	University of North Texas, Financing System, Series A, Rev., 5.000%, 04/15/16		1,006
				4,839
		General Obligation — 3.2%
		Allen Independent School District, School Building,
	500	GO, PSF-GTD, 5.000%, 02/15/25		628
	400	GO, PSF-GTD, 5.000%, 02/15/26		508
	705	GO, PSF-GTD, 5.000%, 02/15/27		888
	840	Argyle Independent School District, School Building, GO, PSF-GTD, 3.000%, 08/15/19		901
	475	City of Abilene, Taylor & Jones Counties, GO, 5.000%, 02/15/21		561
		City of Colony,
	620	GO, 5.000%, 08/15/19		707
	610	GO, 5.000%, 08/15/20		714
	1,045	City of Denton, GO, 5.000%, 02/15/23		1,282
		City of El Paso, Refunding & Improvement,
	6,790	GO, 5.000%, 08/15/18		7,502
	4,005	GO, 5.000%, 08/15/19		4,570
	2,215	GO, 5.000%, 08/15/20		2,599
	530	GO, 5.000%, 08/15/21		637
	4,035	GO, 5.000%, 08/15/25		5,068
		City of Fort Worth, Certificates of Obligation,
	310	Series A, GO, 3.000%, 03/01/16		310
	445	Series A, GO, 3.000%, 03/01/17		456
	500	Series A, GO, 4.000%, 03/01/18		534
	785	Series A, GO, 4.000%, 03/01/19		860
		City of Fort Worth, Refunding & Improvement, General Purpose,
	450	GO, 3.000%, 03/01/16		450

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — continued
	870	GO, 3.000%, 03/01/17		893
	1,000	GO, 4.000%, 03/01/18		1,067
	1,060	GO, 4.000%, 03/01/19		1,161
	1,640	City of Grand Prairie, GO, 5.000%, 02/15/25		2,070
	2,805	City of Houston, Public Improvement, Series A, GO, 5.000%, 03/01/18		3,048
	185	City of Mesquite, County of Dallas, GO, 4.000%, 02/15/18		196
	355	City of Mesquite, County of Dallas, Certificates of Obligation, GO, 3.000%, 02/15/18		370
	2,000	City of San Antonio, GO, 5.000%, 02/01/23		2,451
	1,205	County of Bexar, Blanco Road Project, Series B, GO, 4.000%, 06/15/16		1,218
	5,150	County of Travis, Austin Independent School District, Unlimited Tax Refunding, GO, NATL-RE, 5.000%, 08/01/17		5,484
		Judson Independent School District,
	420	GO, PSF-GTD, 4.000%, 02/01/18		446
	595	Series A, GO, PSF-GTD, 5.000%, 02/01/19		667
	700	Laredo Community College District, GO, 5.000%, 08/01/21		836
	3,030	Leander Independent School District, GO, PSF-GTD, 5.000%, 08/15/27		3,806
		Mabank Independent School District, School Building,
	750	GO, PSF-GTD, 5.000%, 08/15/25		950
	1,310	GO, PSF-GTD, 5.000%, 08/15/26		1,642
	1,360	GO, PSF-GTD, 5.000%, 08/15/27		1,687
	11,465	Northside Independent School District, GO, VAR, PSF-GTD, 1.000%, 06/01/16		11,481
	1,880	Northside Independent School District, School Building, GO, PSF-GTD, 5.000%, 08/15/25		2,389
	4,250	Northwest Independent School District, Series B, GO, PSF-GTD, 5.000%, 02/15/24		5,299
	1,750	San Jacinto Community College District, GO, 5.000%, 02/15/22		2,108
	1,600	State of Texas, College Student Loan, GO, 5.000%, 08/01/16		1,632
	3,000	State of Texas, Transportation Commission Mobility, GO, 5.000%, 10/01/19		3,451
	1,000	Tom Green County, Combination Tax & Limited Surplus, GO, 5.000%, 02/01/26		1,231
				84,758
		Hospital — 0.3%
	7,500	County of Harris, Cultural Education Facilities Finance Corp., Children’s Hospital, Series 3, Rev., VAR, 1.148%, 03/03/16		7,494

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — 0.7%
	500	Harris County Metropolitan Transit Authority, Series A, Rev., 5.000%, 11/01/16		516
	10,755	Harris County, Houston Sports Authority Senior Lien, Series A, Rev., AGM, 5.000%, 11/15/26		13,008
	505	Midtown Redevelopment Authority, Tax Allocation, Rev., 4.000%, 01/01/17		518
	4,000	Texas Public Finance Authority, Unemployment Compensation Obligation Assessment, Series B, Special Assessment, 4.000%, 07/01/17		4,126
	2,180	Township of Woodlands, Sales & Refunding, Rev., AGM, 5.000%, 03/01/16		2,180
				20,348
		Prerefunded — 0.7%
	5,605	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.250%, 12/01/18 (p)		6,599
		Lower Colorado River Authority,
	20	Rev., 5.000%, 05/15/16 (p)		20
	60	Series B, Rev., 5.000%, 05/15/22 (p)		73
	7,000	North East Independent School District, School Building, Series A, GO, 5.000%, 08/01/17 (p)		7,449
	5,000	Waco Health Facilities Development Corp., Hillcrest Health System Project, Series A, Rev., NATL-RE, FHA, 5.000%, 08/01/16 (p)		5,099
				19,240
		Transportation — 2.1%
		Love Field Airport Modernization Corp.,
	500	Rev., AMT, 5.000%, 11/01/18		551
	750	Rev., AMT, 5.000%, 11/01/19		850
	1,000	Rev., AMT, 5.000%, 11/01/20		1,158
	1,000	Rev., AMT, 5.000%, 11/01/22		1,196
	1,500	Rev., AMT, 5.000%, 11/01/23		1,804
	1,205	Rev., AMT, 5.000%, 11/01/24		1,456
	1,000	Rev., AMT, 5.000%, 11/01/25		1,213
	1,000	Rev., AMT, 5.000%, 11/01/26		1,206
	6,000	North Texas Tollway Authority System, First Tier, Series C, Rev., VAR, 0.680%, 03/03/16		5,904
	1,155	North Texas Tollway Authority, Special Projects System, Series A, Rev., 5.000%, 09/01/16		1,182
	17,500	State of Texas, Transportation Commission Mobility, GO, VAR, 0.390%, 03/03/16		17,361

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 43

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — continued
	10,125	Texas Transportation Commission Central, Turnpike System, Second Tier, Series A, Rev., VAR, 5.000%, 04/01/20		11,580
	10,000	Texas Transportation Commission State Highway Fund, First Tier, SIFMA Index, Series B, Rev., VAR, 0.360%, 03/03/16		9,996
				55,457
		Utility — 1.0%
		City of Cedar Park, Utility System,
	820	Rev., 5.000%, 08/15/21		982
	560	Rev., 5.000%, 08/15/22		681
	5,000	City of Houston, Utility System Revenue Refunding, Series C, Rev., 5.000%, 05/15/20		5,824
	7,500	City of San Antonio, Electric & Gas Systems, Junior Lien, Series B, Rev., VAR, 0.390%, 03/03/16		7,467
		City of Victoria, Utility System,
	160	Rev., 2.000%, 12/01/18		165
	150	Rev., 2.500%, 12/01/19		158
	4,700	Lower Colorado River Authority, Series B, Rev., 5.000%, 05/15/23		5,687
	5,980	Lower Colorado River Authority, Unrefunded Balance, Rev., 5.000%, 05/15/16		6,041
				27,005
		Water & Sewer — 0.8%
	3,520	City of Dallas, Waterworks & Sewer System, Series A, Rev., 5.000%, 10/01/19		4,044
		City of Galveston, Waterworks & Sewer System,
	180	Rev., 4.000%, 05/01/18		192
	205	Rev., 5.000%, 05/01/19		231
	245	Rev., 5.000%, 05/01/20		284
	265	Rev., 5.000%, 05/01/21		314
	380	Rev., 5.000%, 05/01/24		469
	850	Rev., 5.000%, 05/01/26		1,030
		City of San Antonio, Water System,
	1,390	Series A, Rev., 5.000%, 05/15/25		1,752
	1,335	Series A, Rev., 5.000%, 05/15/26		1,695
	1,000	City of San Antonio, Water System, Junior Lien, Series E, Rev., 5.000%, 05/15/19		1,133
	1,035	North Harris County, Regional Water Authority, Senior Lien, Rev., 5.000%, 12/15/19		1,191
	5,250	Texas County Trinity River Authority, Regional Wastewater System, Rev., 5.000%, 08/01/16		5,356

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — continued
		Trinity River Authority Central Regional Wastewater System,
	1,500	Rev., 5.000%, 08/01/18		1,658
	1,250	Rev., 5.000%, 08/01/19		1,428
				20,777
		Total Texas		239,918
		Utah — 0.5%
		Education — 0.1%
		Regents of the University of Utah,
	285	Series A, Rev., 5.000%, 08/01/23		354
	500	Series A, Rev., 5.000%, 08/01/24		627
				981
		General Obligation — 0.4%
		State of Utah,
	4,925	GO, 5.000%, 07/01/21		5,950
	4,855	Series C, GO, 5.000%, 07/01/18		5,350
				11,300
		Total Utah		12,281
		Vermont — 0.1%
		Education — 0.1%
		University of Vermont & State Agricultural College,
	750	Rev., 5.000%, 10/01/21		900
	855	Rev., 5.000%, 10/01/22		1,043
				1,943
		Other Revenue — 0.0% (g)
		Vermont Municipal Bond Bank,
	545	Series 2, Rev., 5.000%, 12/01/17		588
	400	Series 3, Rev., 5.000%, 12/01/21		485
				1,073
		Total Vermont		3,016
		Virginia — 2.2%
		General Obligation — 0.6%
	3,940	City of Alexandria, Series A, GO, 4.250%, 06/15/18		4,267
	1,295	City of Virginia Beach, Public Improvement, Series A-1, GO, 5.000%, 03/15/17		1,358
	5,390	County of Arlington, Series B, GO, 5.000%, 08/15/22		6,657
	2,065	Fairfax County, Public Improvement, Series B, GO, 5.000%, 10/01/25		2,655
				14,937

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	5,090	Virginia Beach Development Authority, Public Refunded, Series C, Rev., 5.000%, 08/01/18		5,611
		Other Revenue — 0.4%
	2,150	Fairfax County Economic Development Authority, County Facilities Projects, Series A, Rev., 4.000%, 10/01/18		2,333
	2,900	Virginia Public School Authority, Special Obligation, Rev., 5.000%, 07/15/19		3,312
	1,300	Virginia Resources Authority, Infrastructure & State Moral Obligation, Series B, Rev., 5.000%, 11/01/18		1,448
	2,250	Virginia Resources Authority, Infrastructure Pooled Financing Program, Series C, Rev., 5.000%, 11/01/20		2,667
				9,760
		Prerefunded — 0.2%
	1,450	City of Norfolk, Capital Improvement, Series C, GO, 5.000%, 04/01/17 (p)		1,521
		Virginia Resources Authority, Clean Water State Revolving Fund,
	4,725	Rev., 4.750%, 10/01/17 (p)		5,035
				6,556
		Transportation — 0.2%
	5,585	Virginia Commonwealth Transportation Board, Capital Projects, Series A-1, Rev., 5.000%, 05/15/16		5,642
		Water & Sewer — 0.6%
		City of Norfolk, Water Revenue,
	4,435	Rev., 5.000%, 11/01/17		4,765
	1,340	Rev., 5.000%, 11/01/18		1,493
	3,190	County of Fairfax, Sewer Revenue, Rev., 5.000%, 07/15/19		3,643
	5,615	Fairfax County Water Authority, Series B, Rev., 5.250%, 04/01/24		7,222
				17,123
		Total Virginia		59,629
		Washington — 2.2%
		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		2,809
	3,125	Series D, COP, 5.000%, 07/01/19		3,547
				6,356

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Education — 0.0% (g)
	125	University of Washington, Rev., 1.750%, 04/01/19		128
		General Obligation — 1.0%
	2,000	County of King, Shoreline School District No. 412, GO, 4.000%, 12/01/16		2,054
	4,000	County of Snohomish, Everett School District No. 2, GO, 5.000%, 12/01/18		4,462
		King County Public Hospital District No. 2, Evergreenhealth,
	1,370	GO, 5.000%, 12/01/18		1,528
	870	GO, 5.000%, 12/01/19		1,000
	1,400	Snohomish County School District No. 002, Everett Refunding, GO, 4.000%, 12/01/17		1,480
	7,905	State of Washington, Motor Vehicle Fuel Tax, Series R, GO, 5.000%, 07/01/16		8,033
	7,300	State of Washington, Various Purpose, Series R, GO, 5.000%, 07/01/17		7,747
				26,304
		Other Revenue — 0.3%
	3,205	Central Puget Sound Regional Transit Authority, Sales Tax, Green Bonds, Series S-1, Rev., 5.000%, 11/01/29		3,943
	5,000	Central Puget Sound Regional Transit Authority, Sales Tax, Series S-2A, Rev., VAR, 0.710%, 03/03/16		5,005
				8,948
		Transportation — 0.2%
	4,000	Port of Seattle, Intermediate Lien, Series B, Rev., 5.000%, 03/01/19		4,498
		Utility — 0.5%
	7,500	City of Seattle, Municipal Light & Power, Series B-1, Rev., VAR, 0.690%, 03/03/16		7,500
		County of Clallam, Public Utility District No. 1, Electric System,
	220	Rev., 5.000%, 04/01/21		260
	330	Rev., 5.000%, 04/01/23		400
	500	County of Snohomish, Public Utility District No. 1, Electric System, Rev., 5.000%, 12/01/25		627
	1,000	Grant County Public Utility District No. 2, Electric System, Rev., VAR, 0.330%, 03/03/16		996
		Public Utility District No. 1 of Cowlitz County, Electric Distribution System,
	750	Series B, Rev., 5.000%, 09/01/24		928
	1,000	Series B, Rev., 5.000%, 09/01/26		1,231

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 45

JPMorgan Short-Intermediate Municipal Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utility — continued
	1,000	Series B, Rev., 5.000%, 09/01/27		1,220
				13,162
		Total Washington		59,396
		West Virginia — 0.2%
		Other Revenue — 0.1%
		Monongalia County Building Commission, Health System,
	1,545	Rev., 5.000%, 07/01/18		1,684
	1,565	Rev., 5.000%, 07/01/22		1,861
				3,545
		Utility — 0.1%
	750	West Virginia Water Development Authority, Chesapeake Bay/Greenbrier River Projects, Series A, Rev., 5.000%, 07/01/24		933
	595	West Virginia Water Development Authority, Infrastructure Jobs Dev Council, Series A, Rev., 3.000%, 10/01/16		604
		West Virginia Water Development Authority, Loan Program II,
	540	Series A-II, Rev., 3.000%, 11/01/16		549
	555	Series B-II, Rev., 3.000%, 11/01/16		565
				2,651
		Total West Virginia		6,196
		Wisconsin — 0.5%
		Certificate of Participation/Lease — 0.1%
		State of Wisconsin, Master Lease,
	800	Series A, COP, 5.000%, 09/01/17		851
	1,125	Series A, COP, 5.000%, 09/01/18		1,239
				2,090
		General Obligation — 0.1%
	2,275	City of Oak Creek, Milwaukee County, GO, 2.000%, 11/01/16		2,281
	1,990	State of Wisconsin, Series A, GO, 5.000%, 05/01/18		2,179
				4,460
		Other Revenue — 0.3%
	1,250	Wisconsin Health & Educational Facilities Authority, Thedacare, Inc., Rev., 5.000%, 12/15/20		1,462

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Other Revenue — continued
	5,815	Wisconsin Health and Educational Facilities Authority, Ascension Health Alliance Senior Credit Group, Series B-2, Rev., VAR, 4.000%, 05/30/19		6,369
				7,831
		Total Wisconsin		14,381
		Total Municipal Bonds (Cost $2,546,348)		2,598,771
	Weekly Demand Notes — 1.7%
		Arizona — 0.2%
		Industrial Development Revenue/Pollution Control Revenue — 0.2%
	4,500	Coconino County Pollution Control Corp., Arizona Public Service Company Navajo Project, Series A, Rev., VRDO, 0.200%, 03/03/16		4,500
		California — 0.1%
		Other Revenue — 0.1%
	1,000	California Municipal Finance Authority, NorthBay Healthcare Group, Series A, Rev., VAR, 2.110%, 03/03/16		1,001
	1,500	California Statewide Communities Development Authority, Kaiser Permanente, Series B, Rev., VAR, 0.960%, 03/03/16		1,502
		Total California		2,503
		Connecticut — 0.0% (g)
		General Obligation — 0.0% (g)
	1,500	State of Connecticut, SIFMA Index, Series B, GO, VAR, 0.500%, 03/03/16		1,492
		Georgia — 0.2%
		Transportation — 0.2%
	5,000	Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Rev., VAR, 0.290%, 03/03/16		4,993
		New York — 0.4%
		General Obligation — 0.4%
	10,000	City of New York, Subseries J-9, GO, VAR, 0.410%, 03/03/16		9,988
		Pennsylvania — 0.4%
		Other Revenue — 0.0% (g)
		Pennsylvania Turnpike Commission,
	1,525	Series A-2, Rev., VAR, 0.510%, 03/03/16		1,511
		Transportation — 0.4%
		Pennsylvania Turnpike Commission,
	5,000	Series A, Rev., VAR, 0.690%, 03/03/16		4,977

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Transportation — continued
	5,000	Series B-1, Rev., VAR, 0.610%, 03/03/16		4,980
				9,957
		Total Pennsylvania		11,468
		Texas — 0.4%
		Transportation — 0.2%
		Harris County, Toll Road, Senior Lien,
	3,200	Series A, Rev., VAR, 0.640%, 03/03/16		3,206
	2,500	Series A, Rev., VAR, 0.790%, 03/03/16		2,503
				5,709

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 0.2%
	4,000	City of San Antonio, Water System, Junior Lien, Series F, Rev., VAR, 0.690%, 03/03/16		4,001
		Total Texas		9,710
		Total Weekly Demand Notes (Cost $44,686)		44,654
		Total Investments — 99.7% (Cost $2,600,930)		2,653,323
		Other Assets in Excess of Liabilities — 0.3%		7,089
		NET ASSETS — 100.0%	$	2,660,412

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 47

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — 92.9% (t)
		Alabama — 0.7%
		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		1,053
		Other Revenue — 0.4%
	1,000	Montgomery County Public Building Authority, Facilities Project, Rev., 5.000%, 03/01/29		1,184
		Total Alabama		2,237
		Alaska — 4.7%
		Other Revenue — 0.4%
	70	Alaska Municipal Bond Bank Authority, Rev., 5.750%, 09/01/33		77
	1,005	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Unrefunded Balance, Rev., AGC, 6.000%, 09/01/28		1,177
				1,254
		Prerefunded — 1.6%
	2,430	Alaska Municipal Bond Bank Authority, Rev., 5.750%, 09/01/18 (p)		2,733
	1,745	Matanuska-Susitna Borough, Goose Creek Correctional Center Project, Rev., AGC, 6.000%, 09/01/19 (p)		2,056
				4,789
		Utility — 2.7%
		Alaska Energy Authority, Power, Bradley Lake Hydroelectric Project, Fourth Series,
	3,485	Rev., AGM, 6.000%, 07/01/17		3,731
	3,915	Rev., AGM, 6.000%, 07/01/19		4,553
				8,284
		Total Alaska		14,327
		California — 21.7%
		Certificate of Participation/Lease — 0.5%
	1,500	Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project, COP, AGM, 5.000%, 06/01/33		1,680
		Education — 1.5%
		California Educational Facilities Authority, Claremont McKenna College,
	1,500	Series A, Rev., 4.000%, 01/01/34		1,638
	1,625	Series A, Rev., 4.000%, 01/01/39		1,735
	1,000	California Educational Facilities Authority, Stanford University, Series U-3, Rev., 5.000%, 06/01/43		1,341
				4,714

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		General Obligation — 7.8%
	355	County of Santa Clara, Campbell Union High School District, GO, 3.000%, 08/01/31		372
	5,000	Los Angeles Unified School District, Series D, GO, 5.000%, 01/01/34		5,625
		Menlo Park City School District, Crossover Capital Appreciation,
	250	GO, Zero Coupon, 07/01/38		102
	1,525	GO, Zero Coupon, 07/01/40		566
	7,500	Mount San Antonio Community College District, Election of 2008, Series A, GO, Zero Coupon, 08/01/43		5,558
	50	Pomona Unified School District, Series A, GO, NATL-RE, 6.100%, 02/01/20		60
	3,000	Santa Maria Joint Union High School District, Santa Barbara & San Luis Obispo, GO, Zero Coupon, 08/01/37		1,062
	100	Santa Monica-Malibu Unified School District, GO, 4.000%, 08/01/21		116
		State of California, Various Purpose,
	2,000	GO, 5.000%, 03/01/25		2,526
	1,500	GO, 5.000%, 03/01/28		1,847
	5,000	GO, 6.500%, 04/01/33		5,834
				23,668
		Other Revenue — 2.6%
	2,950	California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Rev., 5.000%, 11/15/28		3,678
	2,500	California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 5.000%, 11/15/41		2,907
	1,000	Los Angeles County Metropolitan Transportation Authority, Union Station Gateway Project, Rev., 5.000%, 07/01/27		1,258
				7,843
		Prerefunded — 1.2%
	40	California Health Facilities Financing Authority, Providence Health & Services, Series C, Rev., 6.500%, 10/01/18 (p)		46
	1,960	California Health Facilities Financing Authority, Unrefunded Balance, Providence Health & Services, Series C, Rev., 6.500%, 10/01/18 (p)		2,249
	1,165	Los Angeles Harbor Department, Rev., 7.600%, 10/01/18 (p)		1,286
				3,581

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Transportation — 0.6%
	1,250	City of Los Angeles, Department of Airports, Series A, Rev., AMT, 5.000%, 05/15/38		1,412
	350	Los Angeles Harbor Department, Series A, Rev., 5.000%, 08/01/26		444
				1,856
		Utility — 1.9%
	2,000	Long Beach Bond Finance Authority, Natural Gas Purchase, Series A, Rev., 5.250%, 11/15/21		2,315
	2,500	Los Angeles Department of Water & Power, Power System, Sub Series A-1, Rev., 5.250%, 07/01/38		2,739
	625	Northern California Transmission Agency, Oregon Transmission Project, Series A, Rev., 5.000%, 05/01/31 (w)		763
				5,817
		Water & Sewer — 5.6%
	250	City of Bakersfield, Wastewater, Series A, Rev., 5.000%, 09/15/23		315
	610	City of Los Angeles, Department of Water and Power, Power System, Series D, Rev., 5.000%, 07/01/33		724
		East Bay Municipal Utility District Water System, Green Bonds,
	2,450	Series B, Rev., 5.000%, 06/01/32		2,987
	1,150	Series B, Rev., 5.000%, 06/01/33		1,397
	3,000	Metropolitan Water District of Southern California, Series A, Rev., 5.000%, 07/01/32		3,170
	7,500	San Diego Public Facilities Financing Authority, Senior Sewer, Series A, Rev., 5.250%, 05/15/39		8,501
				17,094
		Total California		66,253
		Colorado — 4.8%
		Certificate of Participation/Lease — 2.4%
	4,925	Adams County, Colorado Refunding and Improvement, COP, 4.000%, 12/01/40		5,181
	2,000	State of Colorado, Building Excellent Schools Today, Series G, COP, 5.000%, 03/15/32		2,299
				7,480
		Hospital — 0.4%
	1,000	Denver Health & Hospital Authority, Series A, Rev., 5.250%, 12/01/45		1,111
		Other Revenue — 0.7%
	2,155	Colorado Health Facilities Authority, Vail Valley Medical Centre Project, Rev., 4.000%, 01/15/45		2,185

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.6%
	1,500	University of Colorado, University Enterprise, Series A, Rev., 5.375%, 06/01/19 (p)		1,717
		Utility — 0.7%
		Colorado Water Resources & Power Development Authority, Water & Wastewater Utility Enterprise Project,
	1,000	Series A, Rev., AGC, 5.125%, 12/01/30		1,095
	1,000	Series A, Rev., AGC, 5.250%, 12/01/38		1,101
				2,196
		Total Colorado		14,689
		Delaware — 0.8%
		Prerefunded — 0.8%
	2,185	Delaware State Economic Development Authority, Osteopathic Hospital Association, Series A, Rev., 6.900%, 01/01/18 (p)		2,345
		District of Columbia — 1.9%
		Education — 0.4%
		District of Columbia,
	500	Series A, Rev., 6.000%, 07/01/43		579
	500	Series A, Rev., 6.000%, 07/01/48		575
				1,154
		General Obligation — 1.5%
	3,965	District of Columbia, Series B, GO, NATL-RE, 6.000%, 06/01/19		4,618
		Total District of Columbia		5,772
		Florida — 2.2%
		General Obligation — 1.0%
	2,415	Hillsborough County, Parks & Recreation Program, GO, NATL-RE, 5.250%, 07/01/25		3,136
		Transportation — 1.2%
	3,205	Hillsborough County Aviation Authority, Tampa International Airport, Series B, Rev., NATL-RE, 6.000%, 10/01/18		3,595
		Total Florida		6,731
		Georgia — 2.1%
		Other Revenue — 2.1%
	5,000	Dalton Development Authority, Hamilton Health Care System, Rev., NATL-RE, 5.500%, 08/15/26		5,869
	550	Fulton County Development Authority, Robert W. Woodruff Arts Center, Inc. Project, Series A, Rev., 3.500%, 03/15/36		549
		Total Georgia		6,418

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 49

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — 4.3%
		General Obligation — 1.3%
	510	Cook County Forest Preserve District, Limited Tax Project, Series B, GO, 5.000%, 12/15/37		557
	3,000	State of Illinois, GO, 5.500%, 07/01/38		3,250
				3,807
		Prerefunded — 0.7%
	1,750	Chicago Public Building Commission, Board of Education, Series A, Rev., NATL-RE, 7.000%, 01/01/20 (p)		2,077
		Transportation — 2.3%
	1,500	Chicago O’Hare International Airport, General Airport, Third Lien, Series A, Rev., 5.750%, 01/01/39		1,749
	1,455	Illinois State Toll Highway Authority, Series B, Rev., 5.000%, 01/01/40		1,669
	3,320	Regional Transportation Authority, Series D, Rev., NATL-RE, 7.750%, 06/01/19		3,706
				7,124
		Total Illinois		13,008
		Indiana — 1.6%
		General Obligation — 0.1%
	150	Beech Grove School Building Corp., First Mortgage, GO, National State Aid Withholding, 6.250%, 07/05/16		153
		Other Revenue — 1.5%
	4,000	Indiana Finance Authority, State Revolving Fund Program, Series A, Rev., 5.000%, 02/01/30		4,706
		Total Indiana		4,859
		Kentucky — 1.5%
		Education — 1.5%
		Oldham County, Kentucky School District Finance Corp., School Building,
	1,760	Rev., 5.000%, 06/01/26 (w)		2,167
	2,000	Rev., 5.000%, 06/01/27 (w)		2,464
		Total Kentucky		4,631
		Louisiana — 0.8%
		Other Revenue — 0.8%
	1,150	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Rev., 5.000%, 05/15/47		1,260
	1,000	Tobacco Settlement Financing Corp., Series A, Rev., 5.250%, 05/15/35		1,117
		Total Louisiana		2,377

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Maine — 2.3%
		Other Revenue — 0.1%
	445	Maine Health & Higher Educational Facilities Authority, Rev., 4.000%, 07/01/44		456
		Prerefunded — 2.2%
	5,675	Maine Turnpike Authority, Rev., 6.000%, 07/01/19 (p)		6,645
		Total Maine		7,101
		Maryland — 1.2%
		General Obligation — 1.2%
	2,745	Baltimore County, Consolidated Public Improvement Bonds, GO, 5.000%, 08/01/26		3,485
		Massachusetts — 0.2%
		Other Revenue — 0.2%
	385	Massachusetts Water Pollution Abatement Trust, Pool Program, Rev., 5.250%, 08/01/28		511
		Michigan — 0.6%
		Education — 0.0% (g)
	5	Regents of the University of Michigan, Rev., 5.000%, 04/01/46		6
		Other Revenue — 0.6%
	1,500	Michigan State Trunk Line, Rev., 5.000%, 11/15/36		1,740
		Total Michigan		1,746
		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		1,339
		Missouri — 1.7%
		Utility — 1.2%
	3,250	Missouri Joint Municipal Electric Utility Commission Power Project, Prairie State Project, Series A, Rev., 5.000%, 12/01/40 (w)		3,732
		Water & Sewer — 0.5%
	1,500	City of Kansas, Sanitary Sewer System Improvement, Series A, Rev., 3.000%, 01/01/35		1,451
		Total Missouri		5,183
		Montana — 0.2%
		Certificate of Participation/Lease — 0.2%
	400	City of Helena, COP, 5.000%, 01/01/29		438

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New Jersey — 2.7%
		Housing — 0.4%
	1,145	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series AA, Rev., 6.375%, 10/01/28		1,188
		Transportation — 2.3%
	20,000	New Jersey Transportation Trust Fund Authority, Capital Appreciation, Transportation Systems, Series A, Rev., Zero Coupon, 12/15/36		6,975
		Total New Jersey		8,163
		New York — 10.8%
		Other Revenue — 3.5%
	4,450	New York State Dormitory Authority, State Sales Tax, Series A, Rev., 5.000%, 03/15/26		5,656
	4,250	Utility Debt Securitization Authority, Series TE, Rev., 5.000%, 12/15/41		4,968
				10,624
		Transportation — 5.5%
	13,535	Port Authority of New York & New Jersey, Consolidated, 93rd Series, Rev., 6.125%, 06/01/94		16,877
		Water & Sewer — 1.8%
	5,000	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2009, Series A, Rev., 5.750%, 06/15/40		5,548
		Total New York		33,049
		North Carolina — 0.4%
		Other Revenue — 0.4%
		City of Raleigh,
	375	Rev., 4.000%, 02/01/31		414
	775	Rev., 4.000%, 02/01/32		850
		Total North Carolina		1,264
		Ohio — 1.9%
		General Obligation — 0.7%
		Greenville City School District, School Improvement,
	1,000	GO, 5.250%, 01/01/38		1,135
	1,000	GO, 5.250%, 01/01/41		1,129
				2,264
		Other Revenue — 0.4%
	1,000	County of Warren, Otterbein Homes Obligated Group, Healthcare Facilities, Series A, Rev., 5.500%, 07/01/39		1,142

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Prerefunded — 0.6%
		County of Richland, Correctional Facilities Improvement,
	500	GO, AGC, 5.875%, 12/01/18 (p)		570
	400	GO, AGC, 6.000%, 12/01/18 (p)		458
	650	GO, AGC, 6.125%, 12/01/18 (p)		746
				1,774
		Water & Sewer — 0.2%
	645	Northeast Ohio Regional Sewer District, Wastewater Improvement, Refunding, Rev., 4.000%, 11/15/49		668
		Total Ohio		5,848
		Oklahoma — 0.7%
		Water & Sewer — 0.7%
	2,000	Oklahoma City Water Utilities Trust, Water & Sewer System, Series A, Rev., 5.000%, 07/01/34		2,239
		Oregon — 0.4%
		Utility — 0.4%
	825	City of Portland, First Lien Sewer System, Series A, Rev., 5.000%, 06/01/26		1,044
		South Carolina — 7.0%
		Prerefunded — 5.2%
	9,515	Laurens County School District No. 056, GO, AGC, SCSDE, 6.125%, 03/01/19 (p)		11,029
	3,900	Piedmont Municipal Power Agency, Electric, Rev., FGIC, 6.750%, 01/01/20 (p)		4,751
				15,780
		Utility — 1.8%
	4,615	Piedmont Municipal Power Agency, Electric, Unrefunded Balance, Rev., NATL-RE, 6.750%, 01/01/20		5,548
		Total South Carolina		21,328
		South Dakota — 0.3%
		Other Revenue — 0.1%
	300	South Dakota State Building Authority, Series A, Rev., 5.000%, 06/01/22		363
		Prerefunded — 0.2%
	555	Heartland Consumers Power District, Unrefunded Balance, Rev., AGM, 6.000%, 01/01/17 (p)		581
		Total South Dakota		944
		Texas — 10.7%
		Education — 0.5%
	1,250	Clifton Higher Education Finance Corp., Idea Public Schools, Rev., 6.000%, 08/15/33		1,492

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 51

JPMorgan Tax Free Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		General Obligation — 0.2%
	535	City of Carrollton, GO, 5.000%, 08/15/26		606
		Hospital — 1.2%
		Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center, Hospital,
	1,000	Rev., 5.125%, 09/01/33		1,127
	2,300	Rev., 5.500%, 09/01/43		2,617
				3,744
		Prerefunded — 4.1%
	2,200	City of Forney, Independent School District, Series A, GO, PSF-GTD, 5.750%, 08/15/18 (p)		2,470
	2,500	City of Houston, Water & Sewer System, Junior Lien, Series A, Rev., AGM, 5.750%, 12/01/32 (p)		3,624
	480	City of San Antonio, Electric & Gas Systems, Rev., 5.000%, 02/01/17 (p)		500
	3,500	Harris County Health Facilities Development Corp., Memorial Hermann Healthcare System, Series B, Rev., 7.250%, 12/01/18 (p)		4,121
	1,500	Harris County Health Facilities Development Corp., Texas Children’s Hospital Project, Rev., 5.500%, 10/01/19 (p)		1,658
				12,373
		Transportation — 1.5%
	1,965	Dallas-Fort Worth International Airport, Joint Improvement, Series A, Rev., 5.000%, 11/01/42		2,220
	2,000	North Texas Tollway Authority, Special Projects System, Series A, Rev., 6.000%, 09/01/41		2,425
				4,645
		Utility — 1.7%
	5,000	SA Energy Acquisition Public Facility Corp., Gas Supply, Rev., 5.250%, 08/01/16		5,092

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Water & Sewer — 1.5%
	4,435	Canyon Regional Water Authority, Wells Ranch Project, Rev., AMBAC, 5.125%, 08/01/25		4,703
		Total Texas		32,655
		Washington — 4.3%
		Education — 2.1%
	5,430	Western Washington University, Housing & Dining System, Junior Lien, Series A, Rev., AMBAC, 5.500%, 10/01/22		6,434
		General Obligation — 0.4%
	1,000	State of Washington, Various Purpose, Series C, GO, 5.000%, 02/01/34		1,198
		Prerefunded — 1.8%
	5,000	Washington Health Care Facilities Authority, Multicare Health System, Series A, Rev., AGM, 5.000%, 08/15/18 (p)		5,520
		Total Washington		13,152
		Total Municipal Bonds (Cost $252,118)		283,136
SHARES
	Short-Term Investment — 9.1%
		Investment Company — 9.1%
	27,826	JPMorgan Tax Free Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $27,826)		27,826
		Total Investments — 102.0% (Cost $279,944)		310,962
		Liabilities in Excess of Other Assets — (2.0)%		(5,949	)
		NET ASSETS — 100.0%	$	305,013

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

J.P. Morgan Municipal Bond Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

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
EDA	—  Economic Development Authority
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
IDA	—  Industrial Development Authority
LIQ	—  Liquidity Agreement
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 February 29, 2016.
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 29, 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 0.1%.
(l)	—  The rate shown is the current yield as of February 29, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 53

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.

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016

(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	$	325,947		$	132,158		$	2,653,323		$	283,136
Investments in affiliates, at value		13,774			790			—			27,826
Total investment securities, at value		339,721			132,948			2,653,323			310,962
Cash		—			—			24,889			—
Receivables:
Investment securities sold		734			165			21,955			274
Investment securities sold — delayed delivery securities		—			—			—			5,649
Fund shares sold		216			172			2,430			225
Interest and dividends from non-affiliates		3,345			1,372			25,478			3,135
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Total Assets		344,016			134,657			2,728,075			320,245
LIABILITIES:
Payables:
Investment securities purchased — delayed delivery securities		7,859			2,211			15,563			14,816
Fund shares redeemed		987			32			51,359			203
Accrued liabilities:
Investment advisory fees		72			32			387			56
Administration fees		17			9			83			9
Distribution fees		24			26			18			46
Shareholder servicing fees		51			15			40			28
Custodian and accounting fees		5			2			42			3
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—			4			—	(a)
Other		67			47			167			71
Total Liabilities		9,082			2,374			67,663			15,232
Net Assets	$	334,934		$	132,283		$	2,660,412		$	305,013

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

	Municipal Income Fund			Ohio Municipal Bond Fund			Short- Intermediate Municipal Bond Fund			Tax Free Bond Fund
NET ASSETS:
Paid-in-Capital	$	315,623		$	121,855		$	2,606,353		$	271,956
Accumulated undistributed (distributions in excess of) net investment income		68			28			462			(26	)
Accumulated net realized gains (losses)		(9	)		392			1,204			2,065
Net unrealized appreciation (depreciation)		19,252			10,008			52,393			31,018
Total Net Assets	$	334,934		$	132,283		$	2,660,412		$	305,013
Net Assets:
Class A	$	73,120		$	50,915		$	38,345		$	152,207
Class C		15,950			26,556			17,709			26,715
Institutional Class		—			—			2,453,419			—
Select Class		245,864			54,812			150,939			126,091
Total	$	334,934		$	132,283		$	2,660,412		$	305,013
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		7,242			4,625			3,580			12,104
Class C		1,594			2,400			1,641			2,140
Institutional Class		—			—			227,951			—
Select Class		24,512			5,012			14,053			10,065
Net Asset Value (a):
Class A — Redemption price per share	$	10.10		$	11.01		$	10.71		$	12.57
Class C — Offering price per share (b)		10.00			11.07			10.80			12.48
Institutional Class — Offering and redemption price per share		—			—			10.76			—
Select Class — Offering and redemption price per share		10.03			10.94			10.74			12.53
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)]	$	10.49		$	11.44		$	10.96		$	13.06
Cost of investments in non-affiliates	$	306,695		$	122,150		$	2,600,930		$	252,118
Cost of investments in affiliates		13,774			790			—			27,826

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

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 55

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2016

(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	$	10,298		$	5,133		$	44,447		$	13,002
Dividend income from non-affiliates		323			—			—			—
Dividend income from affiliates		3			—	(a)		20			3
Total investment income		10,624			5,133			44,467			13,005
EXPENSES:
Investment advisory fees		956			416			7,624			911
Administration fees		261			114			2,499			249
Distribution fees:
Class A		171			127			96			366
Class B (b)		—	(a)		1			—	(a)		1
Class C		107			201			124			191
Shareholder servicing fees:
Class A		171			127			96			366
Class B (b)		—	(a)		1			—	(a)		—	(a)
Class C		36			67			41			64
Institutional Class		—			—			2,840			—
Select Class		590			153			385			329
Custodian and accounting fees		38			29			256			32
Interest expense to affiliates		—	(a)		—			1			—
Professional fees		61			55			87			68
Trustees’ and Chief Compliance Officer’s fees		3			1			30			3
Printing and mailing costs		9			12			90			12
Registration and filing fees		63			12			210			58
Transfer agent fees (See Note 2.E.)		8			9			29			21
Sub-transfer agent fees (See Note 2.E.)		26			15			360			50
Other		8			6			35			9
Total expenses		2,508			1,346			14,803			2,730
Less fees waived		(407	)		(115	)		(6,371	)		(747	)
Less expense reimbursements		—	(a)		—			(120	)		—
Net expenses		2,101			1,231			8,312			1,983
Net investment income (loss)		8,523			3,902			36,155			11,022
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		2,323			881			4,455			3,508
Futures		—			—			—			31
Net realized gain (loss)		2,323			881			4,455			3,539
Distributions of capital gains received from investment company affiliates		2			—	(a)		3			2
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(284	)		(1,269	)		22,057			(4,498	)
Futures		—			—			—			—	(a)
Net realized/unrealized gains (losses)		2,041			(388	)		26,515			(957	)
Change in net assets resulting from operations	$	10,564		$	3,514		$	62,670		$	10,065

(a) Amount rounds to less than $1,000.

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

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Municipal Income Fund						Ohio Municipal Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,523		$	9,989		$	3,902		$	4,843
Net realized gain (loss)		2,323			1,071			881			1,789
Distributions of capital gains received from investment company affiliates		2			—	(a)		—	(a)		—	(a)
Change in net unrealized appreciation/depreciation		(284	)		4,973			(1,269	)		(798	)
Change in net assets resulting from operations		10,564			16,033			3,514			5,834
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(1,746	)		(1,728	)		(1,480	)		(1,652	)
From net realized gains		(513	)		(302	)		(470	)		(409	)
Class B (b)
From net investment income		—	(a)		(1	)		(3	)		(13	)
From net realized gains		—			—	(a)		—			(4	)
Class C
From net investment income		(289	)		(315	)		(604	)		(637	)
From net realized gains		(105	)		(66	)		(240	)		(203	)
Select Class
From net investment income		(6,683	)		(7,877	)		(1,922	)		(2,577	)
From net realized gains		(1,813	)		(1,180	)		(526	)		(549	)
Total distributions to shareholders		(11,149	)		(11,469	)		(5,245	)		(6,044	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,140	)		(26,255	)		(15,915	)		(31,622	)
NET ASSETS:
Change in net assets		(2,725	)		(21,691	)		(17,646	)		(31,832	)
Beginning of period		337,659			359,350			149,929			181,761
End of period	$	334,934		$	337,659		$	132,283		$	149,929
Accumulated undistributed (distributions in excess of) net investment income	$	68		$	263		$	28		$	135

(a) Amount rounds to less than $1,000.

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	36,155		$	29,168		$	11,022		$	10,995
Net realized gain (loss)		4,455			5,430			3,539			3,338
Distributions of capital gains received from investment company affiliates		3			21			2			2
Change in net unrealized appreciation/depreciation		22,057			(3,330	)		(4,498	)		5,829
Change in net assets resulting from operations		62,670			31,289			10,065			20,164
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(279	)		(230	)		(5,422	)		(5,149	)
From net realized gains		—			—			(1,137	)		(1,236	)
Class B (a)
From net investment income		—	(b)		—	(b)		(3	)		(19	)
From net realized gains		—			—			—			(5	)
Class C
From net investment income		(34	)		(7	)		(774	)		(737	)
From net realized gains		—			—			(190	)		(215	)
Institutional Class
From net investment income		(34,727	)		(27,299	)		—			—
Select Class
From net investment income		(1,502	)		(1,372	)		(5,128	)		(5,132	)
From net realized gains		—			—			(966	)		(1,177	)
Total distributions to shareholders		(36,542	)		(28,908	)		(13,620	)		(13,670	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(450,440	)		665,225			(35,086	)		52,596
NET ASSETS:
Change in net assets		(424,312	)		667,606			(38,641	)		59,090
Beginning of period		3,084,724			2,417,118			343,654			284,564
End of period	$	2,660,412		$	3,084,724		$	305,013		$	343,654
Accumulated undistributed (distributions in excess of) net investment income	$	462		$	849		$	(26	)	$	279

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

	Municipal Income Fund						Ohio Municipal Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	16,000		$	12,088		$	3,024		$	2,377
Distributions reinvested		2,210			1,978			1,825			1,894
Cost of shares redeemed		(13,070	)		(11,168	)		(5,644	)		(13,475	)
Conversion from Class B Shares		31			—			459			—
Change in net assets resulting from Class A capital transactions	$	5,171		$	2,898		$	(336	)	$	(9,204	)
Class B (a)
Proceeds from shares issued	$	—	(b)	$	—		$	1		$	39
Distributions reinvested		—	(b)		1			2			17
Cost of shares redeemed		(10	)		(22	)		(72	)		(140	)
Conversion to Class A Shares		(31	)		—			(459	)
Change in net assets resulting from Class B capital transactions	$	(41	)	$	(21	)	$	(528	)	$	(84	)
Class C
Proceeds from shares issued	$	4,893		$	2,091		$	2,398		$	2,208
Distributions reinvested		346			339			815			812
Cost of shares redeemed		(3,716	)		(3,577	)		(3,608	)		(5,570	)
Change in net assets resulting from Class C capital transactions	$	1,523		$	(1,147	)	$	(395	)	$	(2,550	)
Select Class
Proceeds from shares issued	$	87,128		$	52,009		$	5,370		$	10,668
Distributions reinvested		1,019			842			1,753			2,014
Cost of shares redeemed		(96,940	)		(80,836	)		(21,779	)		(32,466	)
Change in net assets resulting from Select Class capital transactions	$	(8,793	)	$	(27,985	)	$	(14,656	)	$	(19,784	)
Total change in net assets resulting from capital transactions	$	(2,140	)	$	(26,255	)	$	(15,915	)	$	(31,622	)

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Municipal Income Fund						Ohio Municipal Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,592			1,195			274			213
Reinvested		221			196			166			169
Redeemed		(1,302	)		(1,107	)		(512	)		(1,202	)
Conversion from Class B Shares		3			—			42			—
Change in Class A Shares		514			284			(30	)		(820	)
Class B (a)
Issued		—	(b)		—			1			3
Reinvested		—	(b)		—	(b)		—	(b)		1
Redeemed		(1	)		(2	)		(7	)		(12	)
Conversion to Class A Shares		(3	)		—			(41	)		—
Change in Class B Shares		(4	)		(2	)		(47	)		(8	)
Class C
Issued		489			210			216			196
Reinvested		35			34			74			72
Redeemed		(374	)		(358	)		(326	)		(495	)
Change in Class C Shares		150			(114	)		(36	)		(227	)
Select Class
Issued		8,731			5,197			490			958
Reinvested		102			84			160			181
Redeemed		(9,723	)		(8,052	)		(1,986	)		(2,910	)
Change in Select Class Shares		(890	)		(2,771	)		(1,336	)		(1,771	)

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

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	9,633		$	11,095		$	37,119		$	54,512
Distributions reinvested		269			222			6,297			6,171
Cost of shares redeemed		(12,393	)		(12,551	)		(56,410	)		(26,475	)
Conversion from Class B Shares		40			—			381			1
Change in net assets resulting from Class A capital transactions	$	(2,451	)	$	(1,234	)	$	(12,613	)	$	34,209
Class B (a)
Proceeds from shares issued	$	—	(b)	$	—		$	—	(b)	$	1
Distributions reinvested		—	(b)		—	(b)		3			22
Cost of shares redeemed		—			(71	)		(228	)		(205	)
Conversion to Class A Shares		(40	)		—			(381	)		(1	)
Change in net assets resulting from Class B capital transactions	$	(40	)	$	(71	)	$	(606	)	$	(183	)
Class C
Proceeds from shares issued	$	6,849		$	3,708		$	5,451		$	7,470
Distributions reinvested		30			7			947			937
Cost of shares redeemed		(7,401	)		(7,553	)		(6,982	)		(6,430	)
Change in net assets resulting from Class C capital transactions	$	(522	)	$	(3,838	)	$	(584	)	$	1,977
Institutional Class
Proceeds from shares issued	$	1,058,123		$	1,227,919		$	—		$	—
Distributions reinvested		5,951			4,233			—			—
Cost of shares redeemed		(1,492,628	)		(552,022	)		—			—
Change in net assets resulting from Institutional Class capital transactions	$	(428,554	)	$	680,130		$	—		$	—
Select Class
Proceeds from shares issued	$	47,246		$	54,084		$	27,990		$	35,185
Distributions reinvested		286			280			2,391			2,070
Cost of shares redeemed		(66,405	)		(64,126	)		(51,664	)		(20,662	)
Change in net assets resulting from Select Class capital transactions	$	(18,873	)	$	(9,762	)	$	(21,283	)	$	16,593
Total change in net assets resulting from capital transactions	$	(450,440	)	$	665,225		$	(35,086	)	$	52,596

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short-Intermediate Municipal Bond Fund						Tax Free Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		910			1,043			2,962			4,307
Reinvested		25			21			503			487
Redeemed		(1,170	)		(1,181	)		(4,496	)		(2,091	)
Conversion from Class B Shares		4			—			31			—	(b)
Change in Class A Shares		(231	)		(117	)		(1,000	)		2,703
Class B (a)
Issued		—	(b)		—			—	(b)		—	(b)
Reinvested		—	(b)		—	(b)		—	(b)		2
Redeemed		—			(6	)		(18	)		(16	)
Conversion to Class A Shares		(4	)		—			(31	)		—	(b)
Change in Class B Shares		(4	)		(6	)		(49	)		(14	)
Class C
Issued		640			347			437			594
Reinvested		3			1			76			74
Redeemed		(692	)		(707	)		(561	)		(512	)
Change in Class C Shares		(49	)		(359	)		(48	)		156
Institutional Class
Issued		99,256			115,186			—			—
Reinvested		558			397			—			—
Redeemed		(139,661	)		(51,731	)		—			—
Change in Institutional Class Shares		(39,847	)		63,852			—			—
Select Class
Issued		4,432			5,079			2,236			2,784
Reinvested		27			26			192			164
Redeemed		(6,244	)		(6,023	)		(4,147	)		(1,638	)
Change in Select Class Shares		(1,785	)		(918	)		(1,719	)		1,310

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
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	)		—	(e)		(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
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
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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (including imputed interest) (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including imputed interest)			Portfolio turnover rate (d)
$	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
	10.00		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
	10.03		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.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
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	)		—	(e)		(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
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	)		—	(e)		(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
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	)		—	(e)		(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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	11.07		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
	10.94		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.

FEBRUARY 29, 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) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Short-Intermediate Municipal Bond Fund
Class A
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
Year Ended February 29, 2016		10.70		0.02		0.10			0.12			(0.02	)
Year Ended February 28, 2015		10.69		0.01		—	(e)		0.01			—	(e)
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	)		—	(e)		(0.03	)
Year Ended February 29, 2012		10.53		0.06		0.21			0.27			(0.06	)
Institutional Class
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
Year Ended February 29, 2016		10.65		0.10		0.10			0.20			(0.11	)
Year Ended February 28, 2015		10.65		0.09		—	(e)		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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	10.80		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
	10.76		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
	10.74		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.

FEBRUARY 29, 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) (a)		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
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
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
Year Ended February 29, 2016		12.65		0.47		—	(e)		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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	12.48		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
	12.53		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.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016

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. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

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.

JPMorgan Funds Management, Inc. (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.

72 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

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.

Futures are generally valued on the basis of available market quotations.

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
Industrial Development Revenue/Pollution Control Revenue	$	—	$	1,010	$	—	$	1,010
Utility		—		2,367		—		2,367
Total Alabama		—		3,377		—		3,377
Alaska
Other Revenue		—		1,418		—		1,418
Transportation		—		2,293		—		2,293
Total Alaska		—		3,711		—		3,711
Arizona
Housing		—		96		—		96
Water & Sewer		—		5,977		—		5,977
Total Arizona		—		6,073		—		6,073
Arkansas
Housing		—		66		—		66
California
General Obligation		—		924		—		924
Housing		—		211		—		211
Industrial Development Revenue/Pollution Control Revenue		—		1,821		—		1,821
Other Revenue		—		715		—		715
Prerefunded		—		1,110		—		1,110
Transportation		—		1,021		—		1,021
Utility		—		2,353		—		2,353
Total California		—		8,155		—		8,155

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (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	$	—	$	733	$	—	$	733
General Obligation		—		1,203		—		1,203
Housing		—		686		—		686
Other Revenue		—		2,553		—		2,553
Prerefunded		—		230		—		230
Total Colorado		—		5,405		—		5,405
Connecticut
Education		—		4,387		—		4,387
Housing		—		682		—		682
Total Connecticut		—		5,069		—		5,069
Delaware
Housing		—		756		—		756
District of Columbia
Water & Sewer		—		3,486		—		3,486
Florida
Certificate of Participation/Lease		—		11,078		—		11,078
Hospital		—		1,281		—		1,281
Housing		—		4,497		—		4,497
Industrial Development Revenue/Pollution Control Revenue		—		1,492		—		1,492
Other Revenue		—		2,380		—		2,380
Transportation		—		4,758		—		4,758
Utility		—		10,598		—		10,598
Water & Sewer		—		6,319		—		6,319
Total Florida		—		42,403		—		42,403
Georgia
Certificate of Participation/Lease		—		6,076		—		6,076
General Obligation		—		5,827		—		5,827
Housing		—		637		—		637
Industrial Development Revenue/Pollution Control Revenue		—		3,086		—		3,086
Total Georgia		—		15,626		—		15,626
Hawaii
General Obligation		—		1,693		—		1,693
Illinois
General Obligation		—		2,094		—		2,094
Housing		—		534		—		534
Other Revenue		—		558		—		558
Prerefunded		—		1,155		—		1,155
Total Illinois		—		4,341		—		4,341
Indiana
Housing		—		899		—		899
Other Revenue		—		4,266		—		4,266
Utility		—		1,468		—		1,468
Water & Sewer		—		1,054		—		1,054
Total Indiana		—		7,687		—		7,687
Iowa
Education		—		1,742		—		1,742
Housing		—		1,110		—		1,110
Total Iowa		—		2,852		—		2,852

74 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Louisiana
Housing	$	—	$	1,573	$	—	$	1,573
Maine
Housing		—		1,917		—		1,917
Maryland
Housing		—		56		—		56
Massachusetts
Education		—		2,251		—		2,251
General Obligation		—		3,052		—		3,052
Water & Sewer		—		19,588		—		19,588
Total Massachusetts		—		24,891		—		24,891
Michigan
Housing		—		2,035		—		2,035
Industrial Development Revenue/Pollution Control Revenue		—		1,930		—		1,930
Total Michigan		—		3,965		—		3,965
Minnesota
Housing		—		7,993		—		7,993
Prerefunded		—		42		—		42
Total Minnesota		—		8,035		—		8,035
Mississippi
Housing		—		2,499		—		2,499
Missouri
Housing		—		860		—		860
Transportation		—		2,224		—		2,224
Total Missouri		—		3,084		—		3,084
Nevada
Housing		—		104		—		104
Other Revenue		—		1,441		—		1,441
Total Nevada		—		1,545		—		1,545
New Hampshire
Education		—		5,703		—		5,703
Housing		—		468		—		468
Total New Hampshire		—		6,171		—		6,171
New Jersey
Education		—		830		—		830
General Obligation		—		1,577		—		1,577
Industrial Development Revenue/Pollution Control Revenue		—		510		—		510
Other Revenue		—		4,837		—		4,837
Transportation		—		2,282		—		2,282
Total New Jersey		—		10,036		—		10,036
New Mexico
Housing		—		708		—		708
New York
Housing		—		2,526		—		2,526
Other Revenue		—		11,101		—		11,101
Prerefunded		—		6		—		6
Special Tax		—		8,157		—		8,157
Transportation		—		10,958		—		10,958
Water & Sewer		—		6,438		—		6,438
Total New York		—		39,186		—		39,186

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (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	$	—	$	1,249	$	—	$	1,249
Prerefunded		—		1,569		—		1,569
Water & Sewer		—		3,806		—		3,806
Total North Carolina		—		6,624		—		6,624
North Dakota
Housing		—		4,578		—		4,578
Utility		—		2,186		—		2,186
Total North Dakota		—		6,764		—		6,764
Ohio
General Obligation		—		1,931		—		1,931
Housing		—		42		—		42
Industrial Development Revenue/Pollution Control Revenue		—		2,012		—		2,012
Transportation		—		616		—		616
Utility		—		81		—		81
Total Ohio		—		4,682		—		4,682
Oklahoma
Housing		—		1,599		63		1,662
Oregon
Housing		—		1,698		—		1,698
Pennsylvania
Education		—		2,301		—		2,301
Housing		—		2,123		—		2,123
Industrial Development Revenue/Pollution Control Revenue		—		2,272		—		2,272
Other Revenue		—		2,231		—		2,231
Transportation		—		2,435		—		2,435
Total Pennsylvania		—		11,362		—		11,362
Rhode Island
Education		—		1,835		—		1,835
Transportation		—		3,019		—		3,019
Total Rhode Island		—		4,854		—		4,854
South Carolina
Housing		—		480		—		480
Prerefunded		—		2,102		—		2,102
Total South Carolina		—		2,582		—		2,582
South Dakota
Housing		—		3,062		—		3,062
Tennessee
Housing		—		2,147		—		2,147
Transportation		—		1,141		—		1,141
Utility		—		2,332		—		2,332
Water & Sewer		—		2,398		—		2,398
Total Tennessee		—		8,018		—		8,018
Texas
General Obligation		—		9,906		—		9,906
Housing		—		2,841		—		2,841
Other Revenue		—		6,593		—		6,593
Prerefunded		—		2,605		—		2,605
Utility		—		5,385		—		5,385
Total Texas		—		27,330		—		27,330

76 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

Municipal Income Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Utah
Education	$	—	$	4,027	$	—	$	4,027
Housing		—		2,186		—		2,186
Other Revenue		—		1,247		—		1,247
Total Utah		—		7,460		—		7,460
Vermont
Housing		—		5,116		—		5,116
Virginia
Education		—		2,512		—		2,512
Prerefunded		—		2,267		—		2,267
Total Virginia		—		4,779		—		4,779
Washington
General Obligation		—		2,451		—		2,451
Transportation		—		1,514		—		1,514
Utility		—		587		—		587
Total Washington		—		4,552		—		4,552
West Virginia
Other Revenue		—		3,156		—		3,156
Wisconsin
Other Revenue		—		2,293		—		2,293
Total Municipal Bonds		—		320,297		63		320,360
Investment Company		5,587		—		—		5,587
Short-Term Investment
Investment Company		13,774		—		—		13,774
Total Investments in Securities	$	19,361	$	320,297	$	63	$	339,721

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)	$	790	$	132,158	$	—	$	132,948
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)	$	—	$	2,653,323	$	—	$	2,653,323
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)	$	27,826	$	283,136	$	—	$	310,962

(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.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

There were no transfers among any levels during the year ended February 29, 2016.

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

JPMorgan Municipal Income Fund	Balance as of February 28, 2015		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of February 29, 2016
Investments in Securities
Oklahoma – Housing	$	79	$	—	$	—	(a)	$	—	(a)	$	—	$	(16	)	$	—	$	—	$	63
Wisconsin – Other Revenue		5,023		—		(23	)		—			—		(5,000	)		—		—		—
Total	$	5,102	$	—	$	(23	)	$	—	(a)	$	—	$	(5,016	)	$	—	$	—	$	63

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in unrealized appreciation (depreciation) attributable to securities owned at February 29, 2016, which were valued using significant unobservable inputs (Level 3) amounted to approximately $—(a). This amount is included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statement of Operations.

(a) Amount rounds to less than $1,000.

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 February 29, 2016, which are shown as a Receivable for Investment securities purchased — 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 February 29, 2016 are detailed on the SOIs.

The Funds did not have TBA purchase commitments outstanding as of February 29, 2016.

C. Futures Contracts — Tax Free Bond Fund used treasury and interest rate futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

78 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

The table below discloses the volume of the Fund’s futures contracts activity during the year ended February 29, 2016 (amounts in thousands):

	Tax Free Bond Fund
Futures Contracts:
Average Notional Balance Short	$	5,090	(a)
Ending Notional Balance Short		—

(a) For the period March 1, 2015 through May 31, 2015.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

D. 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.

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 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 agent fees and sub-transfer agent fees are class-specific expenses. The amount of transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the year ended February 29, 2016 are as follows (amounts in thousands):

	Class A		Class B (a)			Class C		Institutional Class		Select Class		Total
Municipal Income Fund
Transfer agent fees	$	3	$	—	(b)	$	1		n/a	$	4	$	8
Sub-transfer agent fees		13		—	(b)		4		n/a		9		26
Ohio Municipal Bond Fund
Transfer agent fees		2		—	(b)		1		n/a		6		9
Sub-transfer agent fees		5		—	(b)		5		n/a		5		15
Short-Intermediate Municipal Bond Fund
Transfer agent fees		2		—	(b)		1	$	24		2		29
Sub-transfer agent fees		4		—	(b)		5		340		11		360
Tax Free Bond Fund
Transfer agent fees		17		—	(b)		1		n/a		3		21
Sub-transfer agent fees		27		—	(b)		6		n/a		17		50

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

(b) Amount rounds to less than $1,000.

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 February 29, 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.

G. 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

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Municipal Income Fund	$	—		—	(a)		—	(a)
Ohio Municipal Bond Fund		—		—			—
Short-Intermediate Municipal Bond Fund		—		—			—
Tax Free Bond Fund		—		—			—

The reclassifications for the Funds relate primarily to redesignation of distributions.

H. Floating-Rate Note Obligations Related to Securities Held — Municipal Income Fund may enter into transactions in which a fixed-rate note owned by the Fund is transferred to a trust in exchange for cash and residual interests in the trust’s assets and cash flows, which are in the form of an inverse floating rate investment (the “Inverse Floater”). The trust funds the purchase of the fixed-rate notes by issuing floating-rate certificates to third parties and allowing the Fund to retain the residual interests in the fixed-rate notes. The Inverse Floater held by the Fund gives the Fund the right to (1) cause the holders of the floating-rate certificates to tender their notes at par at the next reset date, and (2) transfer the fixed-rate notes from the trust to the Fund, causing the trust to collapse.

At February 29, 2016, Municipal Income Fund did not hold any Inverse Floaters.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreement, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), 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, an indirect, wholly-owned subsidiary of JPMorgan, 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 year ended February 29, 2016, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

Effective April 1, 2016, the Administrator merged into JPMIM, and JPMIM became the Funds’ administrator under the Administration Agreement.

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, Class B 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 B			Class C
	0.25	%		0.75	%		0.75	%

80 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

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 B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 29, 2016, the Distributor retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Municipal Income Fund	$	10	$	—
Ohio Municipal Bond Fund		6		—	(a)
Short-Intermediate Municipal Bond Fund		3		—
Tax Free Bond Fund		27		—

(a) Amount rounds to less than $1,000.

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 B			Class C			Institutional Class			Select Class
Municipal Income Fund		0.25	%		0.25	%		0.25	%		n/a			0.25	%
Ohio Municipal Bond Fund		0.25			0.25			0.25			n/a			0.25
Short-Intermediate Municipal Bond Fund		0.25			0.25			0.25			0.10	%		0.25
Tax Free Bond Fund		0.25			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 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 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 A			Class B			Class C			Institutional Class			Select Class
Municipal Income Fund ^		0.82	%		1.39	%		1.39	%		n/a			0.57	%
Ohio Municipal Bond Fund		0.88			1.53			1.53			n/a			0.63
Short-Intermediate Municipal Bond Fund		0.75			1.25			1.25			0.25	%		0.50
Tax Free Bond Fund ^^		0.67			1.36			1.36			n/a			0.50

^ Prior to December 1, 2014, the contractual expense limitations for Municipal Income Fund were 0.87%, 1.52%, 1.52% and 0.62% for Class A, Class B, Class C and Select Class Shares, respectively.

^^ Prior to December 1, 2014, the contractual expense limitations for Tax Free Bond Fund were 0.75%, 1.44%, 1.44% and 0.58% for Class A, Class B, Class C and Select Class Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended February 29, 2016. The contractual expense limitation percentages in the table above are in place until at least June 30, 2016, except for Class B Shares which are no longer operating.

For the year ended February 29, 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	$	158		$	105	$	139	$	402	$	—	(a)
Ohio Municipal Bond Fund		—	(a)		—		115		115		—
Short-Intermediate Municipal Bond Fund		2,081			1,386		2,848		6,315		120
Tax Free Bond Fund		201			134		406		741		—

(a) Amount rounds to less than $1,000.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and 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. A portion of the waiver is voluntary.

The amounts of these waivers resulting from investments in these money market funds for the year ended February 29, 2016 were as follows (amounts in thousands):

Municipal Income Fund	$	5
Ohio Municipal Bond Fund		—	(a)
Short-Intermediate Municipal Bond Fund		56
Tax Free Bond Fund		6

(a) Amount rounds to less than $1,000.

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 year ended February 29, 2016, the Funds may have 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 year ended February 29, 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 year ended February 29, 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	$	69,883	$	67,033
Ohio Municipal Bond Fund		10,488		24,534
Short-Intermediate Municipal Bond Fund		1,121,872		1,343,751
Tax Free Bond Fund		271,084		304,992

During the year ended February 29, 2016, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at February 29, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	320,470	$	19,332	$	81	$	19,251
Ohio Municipal Bond Fund		122,940		10,046		38		10,008
Short-Intermediate Municipal Bond Fund		2,601,020		54,606		2,303		52,303
Tax Free Bond Fund		279,944		31,196		178		31,018

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

82 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

The tax character of distributions paid during the year ended February 29, 2016 was as follows (amounts in thousands):

	Ordinary Income			Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Municipal Income Fund	$	105		$	8,712	$	2,332	$	11,149
Ohio Municipal Bond Fund		—	(a)		4,009		1,236		5,245
Short-Intermediate Municipal Bond Fund		13			36,529		—		36,542
Tax Free Bond Fund		947			11,326		1,347		13,620

(a) Amount rounds to less than $1,000.

The tax character of distributions paid during the year ended February 28, 2015 was as follows (amounts in thousands):

	Ordinary Income		Tax Exempt Income		Net Long-Term Capital Gains		Total Distributions Paid
Municipal Income Fund	$	19	$	9,902	$	1,548	$	11,469
Ohio Municipal Bond Fund		6		4,873		1,165		6,044
Short-Intermediate Municipal Bond Fund		24		28,884		—		28,908
Tax Free Bond Fund		1,957		11,027		686		13,670

As of February 29, 2016 , the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Ordinary Income		Tax Exempt Income		Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Municipal Income Fund	$	—	$	100	$	—	$	19,251
Ohio Municipal Bond Fund		—		35		393		10,008
Short-Intermediate Municipal Bond Fund		—		518		1,296		52,303
Tax Free Bond Fund		1,049		16		1,015		31,018

For the Funds, the cumulative timing differences primarily consist of trustee deferred compensation and wash sale loss deferrals.

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

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

Short-Intermediate Municipal Bond Fund $ 3,252

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended February 29, 2016, the following Fund deferred to March 1, 2016 the net capital losses of (amounts in thousands):

	Net capital loss
	Short-Term		Long-Term
Municipal Income Fund	$	2	$	6

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).

In addition, the Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each 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.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 29, 2016. Average borrowings from the Facility for, or at any time during the year ended February 29, 2016, were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Short-Intermediate Municipal Bond Fund	$	31,655		0.31	%		3	$	1

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.

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 February 29, 2016, the Funds had affiliated omnibus accounts which collectively represent the following percentage of each Fund’s net assets as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund
Municipal Income Fund		2		66.7	%
Ohio Municipal Bond Fund		3		62.3
Short-Intermediate Municipal Bond Fund		2		94.3
Tax Free Bond Fund		4		54.8

As of February 29, 2016, Municipal Income Fund had a shareholder which is an account maintained by a financial intermediary on behalf of its clients that collectively owned shares representing the following percentage of the Funds’ net assets:

	% of the Fund
Municipal Income Fund		11.3	%

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 FEBRUARY 29, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust II and the Shareholders of JPMorgan Municipal Income Fund, JPMorgan Ohio Municipal Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Municipal Income Fund, JPMorgan Ohio Municipal Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (each a separate fund of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) at February 29, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 27, 2016

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 85

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	148	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	148	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	148	None
Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	148	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	148	None
Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	148	None
Marilyn McCoy* (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	148	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	148	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	148	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

86 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	148	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	148	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	148	None

(1) The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (148 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 87

TRUSTEES

(Unaudited) (continued)

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trust (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Executive Director, JPMorgan Funds Management, Inc. since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

88 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 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, September 1, 2015, and continued to hold your shares at the end of the reporting period, February 29, 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 September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Municipal Income Fund
Class A
Actual	$	1,000.00	$	1,032.20	$	4.14		0.82	%
Hypothetical		1,000.00		1,020.79		4.12		0.82
Class C
Actual		1,000.00		1,028.40		7.01		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Select Class
Actual		1,000.00		1,033.60		2.88		0.57
Hypothetical		1,000.00		1,022.03		2.87		0.57
Ohio Municipal Bond Fund
Class A
Actual		1,000.00		1,025.80		4.43		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88
Class C
Actual		1,000.00		1,022.30		7.54		1.50
Hypothetical		1,000.00		1,017.40		7.52		1.50
Select Class
Actual		1,000.00		1,027.20		3.18		0.63
Hypothetical		1,000.00		1,021.73		3.17		0.63
Short-Intermediate Municipal Bond Fund
Class A
Actual		1,000.00		1,017.20		3.76		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,015.40		6.26		1.25
Hypothetical		1,000.00		1,018.65		6.27		1.25

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 89

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Short-Intermediate Municipal Bond Fund (continued)
Institutional Class
Actual	$	1,000.00	$	1,019.70	$	1.26		0.25	%
Hypothetical		1,000.00		1,023.62		1.26		0.25
Select Class
Actual		1,000.00		1,018.40		2.51		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50
Tax Free Bond Fund
Class A
Actual		1,000.00		1,035.40		3.39		0.67
Hypothetical		1,000.00		1,021.53		3.37		0.67
Class C
Actual		1,000.00		1,032.10		6.87		1.36
Hypothetical		1,000.00		1,018.10		6.82		1.36
Select Class
Actual		1,000.00		1,036.60		2.53		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

90 J.P. MORGAN MUNICIPAL BOND FUNDS FEBRUARY 29, 2016

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
Municipal Income Fund	$	2,332
Ohio Municipal Bond Fund		1,236
Tax Free Bond Fund		1,347

Tax-Exempt Income

Each fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 29, 2016 (amounts in thousands):

	Exempt Distributions Paid
Municipal Income Fund	$	8,712
Ohio Municipal Bond Fund		4,009
Short-Intermediate Municipal Bond Fund		36,529
Tax Free Bond Fund		11,326

FEBRUARY 29, 2016 J.P. MORGAN MUNICIPAL BOND FUNDS 91

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ¡   J.P. Morgan Funds doesn’t jointly market.

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. 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 business 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. February 2016. AN-MUNIBOND-216

Annual Report

J.P. Morgan Money Market Funds

February 29, 2016

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	64
Financial Highlights	90
Notes to Financial Statements	114
Report of Independent Registered Public Accounting Firm	125
Trustees	126
Officers	128
Schedule of Shareholder Expenses	129
Tax Letter	134
Privacy Policy — Located at the back of this Annual Report

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

MARCH 16, 2016 (Unaudited)

Even as the U.S. economy continued to steadily strengthen during the past year, the drag from slowing growth in the rest of the world increased and was reflected by turbulent financial markets and highly active central banks.

  “While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low.”

Gains in employment and consumer spending throughout 2015 helped persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in more than a decade. Meanwhile, leading central banks in China, Japan and the European Union enacted extraordinary measures to stimulate economic growth and stabilize financial markets. In the face of slowing global growth and rising market volatility, the Fed declined to further raise interest rates at its mid-March meeting.

Throughout the past twelve months, oil and gas prices remained historically low amid global oversupply and slowing demand, and by the end of the reporting period prices were roughly two-thirds off their peak in 2014. In February, spot prices for crude oil dropped to levels not seen since 2004.

While low energy prices put more money into consumers’ pockets and helped reduce commercial transportation costs, deteriorating balance sheets of energy sector companies raised the threat of defaults, particularly in the U.S. market for high yield bonds (also known as “junk bonds”). Also, energy companies have sharply curtailed spending on new projects, which has hurt the broader industrial sector that supplies pipeline, construction materials and machinery to oil exploration and production.

Along with lower oil prices, the U.S. dollar’s strength relative to other currencies was an important economic factor over the past twelve months. Overseas central bank interventions have driven down the value of foreign currencies, particularly the euro and the yen, while the strength of the U.S. economy had made the dollar more attractive. This in turn hurt the overseas earnings of U.S. companies. Among the companies that comprise the Standard & Poor’s 500 Index (S&P 500), an estimated aggregate of 35% to 40% of their earnings come from overseas and the loss of income was reflected in the final quarter of 2015, when aggregate per-share earnings of companies in the

S&P 500 declined on a year-over-year basis for the third consecutive quarter. Notably, financial analysts accelerated the pace of downward revisions to their earnings estimates during the first two months of 2016.

Meanwhile, the broader U.S. economy continued along its low-growth trajectory for the twelve months. Gross domestic product (GDP) grew by 2.4% in 2015, matching 2014 output. With the addition of 230,000 new jobs in February, non-farm private sector employment extended its expansion to 72 consecutive months. During the twelve months ended February 29, 2016, the unemployment rate fell to 4.9% from 5.5%, though wage growth during the period was 2.2%, barely outpacing the rate of inflation. Consumer spending, which accounts for two-thirds of U.S. economic activity, slowed to 0.1% growth in December and maintained that pace through January and February.

While the relative strength of the U.S. economy provides support for both U.S. equity and bond markets, it was not enough to overcome the slowdown in corporate earnings and weakening demand overseas. The S&P 500 reached a record high in mid-May and then suffered sell-offs in August 2015 and January 2016. Bond markets benefitted somewhat from investors’ search for safe havens amid market volatility, but with global interest rates at historic lows, yields on fixed-income investments were slight.

While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low. In this climate of low growth and heightened volatility in financial markets, investors may best be served by a patient, long term outlook and a properly diversified portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management,

J.P. Morgan Asset Management

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 1

JPMorgan Prime Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$106.5 Billion
Weighted Average Maturity^	35 days
Weighted Average Life^^	46 days

MATURITY SCHEDULE*^
1 day	27.6	%
2–7 days	8.0
8–30 days	14.3
31–60 days	21.2
61–90 days	21.1
91–180 days	7.8

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Class C Shares	0.01	%
Agency Shares	0.32
Capital Shares	0.40
Cash Management Shares	0.01
Direct Shares	0.28
Eagle Class Shares	0.01
IM Shares	0.42
Institutional Class Shares	0.37
Investor Shares	0.08
Morgan Shares	0.06
Premier Shares	0.13
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 February 29, 2016.

⁽¹⁾  The yields for Class C Shares, Agency Shares, Capital Shares, Cash Management 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 (0.60)%, 0.27%, 0.37%, (0.38)%, 0.26%, (0.13)%, 0.42%, 0.32%, 0.08%, 0.05%, 0.12%, (0.13)% and (0.48)% for Class C Shares, Agency Shares, Capital Shares, Cash Management 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 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 FEBRUARY 29, 2016

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$13.2 Billion
Weighted Average Maturity^	32 days
Weighted Average Life^^	40 days

MATURITY SCHEDULE*^
1 day	24.8	%
2–7 days	11.4
8–30 days	17.3
31–60 days	26.7
61–90 days	16.1
91–180 days	3.7

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Class C Shares	0.01	%
Agency Shares	0.31
Capital Shares	0.39
E*Trade Shares	0.01
Institutional Class Shares	0.36
Investor Shares	0.06
Morgan Shares	0.01
Premier Shares	0.12
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 February 29, 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 (0.62)%, 0.23%, 0.33%, (0.53)%, 0.28%, 0.03%, (0.09)%, 0.08%, (0.17)% and (0.57)% 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.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 3

JPMorgan U.S. Government Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares
Net Assets as of February 29, 2016	$60.4 Billion
Weighted Average Maturity^	46 days
Weighted Average Life^^	108 days

MATURITY SCHEDULE*^
1 day	17.4	%
2–7 days	16.5
8–30 days	23.5
31–60 days	8.9
61–90 days	11.5
91–180 days	20.6
181+ days	1.6

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Agency Shares	0.13	%
Capital Shares	0.20
Direct Shares	0.09
Eagle Class Shares	0.01
IM Shares	0.23
Institutional Class Shares	0.18
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
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 February 29, 2016.

⁽¹⁾  The yields for Agency Shares, Capital 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 0.08%, 0.18%, 0.08%, (0.32)%, 0.23%, 0.13%, (0.12)%, (0.23)%, (0.08)%, (0.36)% and (0.67)% for Agency Shares, Capital 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. 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 FEBRUARY 29, 2016

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$17.0 Billion
Weighted Average Maturity^	39 days
Weighted Average Life^^	99 days

MATURITY SCHEDULE*^
1 day	49.8	%
2–7 days	13.7
8–30 days	2.3
31–60 days	5.7
61–90 days	3.4
91–180 days	22.0
181+ days	3.1

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Class C Shares	0.00	%
Agency Shares	0.10
Direct Shares	0.06
Eagle Class Shares	0.00
IM Shares	0.19
Institutional Class Shares	0.15
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 February 29, 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 (0.80)%, 0.05%, 0.04%, (0.34)%, 0.19%, 0.09%, (0.15)%, (0.26)%, (0.10)%, (0.35)% and (0.69)% 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.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 5

JPMorgan Federal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$4.2 Billion
Weighted Average Maturity^	34 days
Weighted Average Life^^	111 days

MATURITY SCHEDULE*^
1 day	11.0	%
2–7 days	6.8
8–30 days	44.1
31–60 days	15.4
61–90 days	20.3
91–180 days	2.4

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Agency Shares	0.12	%
Institutional Class Shares	0.17
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 February 29, 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 0.06%, 0.11%, (0.23)%, (0.08)% and (0.33)% 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 FEBRUARY 29, 2016

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

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$22.3 Billion
Weighted Average Maturity^	44 days
Weighted Average Life^^	114 days

MATURITY SCHEDULE*^
1 day	17.1	%
2–7 days	10.1
8–30 days	20.8
31–60 days	13.7
61–90 days	25.4
91–180 days	12.9

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Agency Shares	0.08	%
Capital Shares	0.16
Institutional Class Shares	0.13
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 February 29, 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 0.03%, 0.13%, 0.08%, (0.27)%, (0.12)%, (0.36)% and (0.72)% 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.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 7

JPMorgan Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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 February 29, 2016	$19.0 Billion
Weighted Average Maturity^	15 days
Weighted Average Life^^	15 days

MATURITY SCHEDULE**^
1 day	23.2	%
2–7 days	64.7
8–30 days	1.9
31–60 days	2.0
61-90 days	0.8
91–180 days	7.4

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Agency Shares	0.01	%
Direct Shares	0.02
Eagle Class Shares	0.01
Institutional Class Shares	0.01
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.

* 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 February 29, 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 (0.27)%, (0.26)%, (0.67)%, (0.22)%, (0.57)%, (0.42)% and (0.67)% 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 FEBRUARY 29, 2016

JPMorgan Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 29, 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, E*Trade, Institutional Class, Morgan, Premier, Reserve and Service Shares
Net Assets as of February 29, 2016	$3.2 Billion
Weighted Average Maturity^	12 days
Weighted Average Life^^	12 days

MATURITY SCHEDULE**^
1 day	26.1	%
2–7 days	65.1
8–30 days	0.6
31–60 days	2.8
61–90 days	1.3
91–180 days	4.1

7-DAY SEC YIELD AS OF FEBRUARY 29, 2016 (1)
Agency Shares	0.01	%
E*Trade Shares	0.01
Institutional Class Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
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 February 29, 2016.

⁽¹⁾  The yields for Agency 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 (0.26)%, (1.01)%, (0.21)%, (0.56)%, (0.41)%, (0.66)% and (1.01)% for Agency 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.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 9

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 42.1%
	550,000	ABN AMRO Bank N.V., 0.630%, 04/08/16		549,635
		Agricultural Bank of China Ltd.,
	100,000	0.680%, 04/20/16		100,000
	62,000	0.700%, 05/06/16		62,000
		Australia & New Zealand Banking Group Ltd.,
	305,000	0.600%, 05/16/16		305,000
	138,000	0.620%, 05/27/16		138,000
		Banco Del Estado De Chile,
	90,000	0.430%, 03/15/16		90,000
	200,000	0.600%, 05/06/16		200,000
	130,000	0.610%, 05/20/16		130,000
	100,000	0.620%, 06/03/16		100,000
	60,000	VAR, 0.786%, 03/25/16		60,000
		Bank of China Ltd.,
	75,000	0.740%, 04/08/16		74,941
	300,000	0.740%, 04/11/16		299,748
	65,000	0.790%, 04/08/16		64946
	45,000	0.830%, 03/30/16		44,970
	190,000	Bank of Montreal, 0.600%, 04/08/16		190,000
		Bank of Nova Scotia,
	80,000	VAR, 0.542%, 03/10/16		80,000
	100,000	VAR, 0.670%, 04/09/16		100,000
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	300,000	0.610%, 05/11/16		300,000
	195,000	0.620%, 04/26/16		195,000
	280,000	0.700%, 05/25/16		280,000
	224,000	0.730%, 06/08/16		224,000
		Banque Federative du Credit Mutuel S.A.,
	531,000	0.640%, 04/07/16		531,000
	374,000	0.695%, 06/01/16		373,337
	190,000	0.700%, 06/01/16		190,000
	412,000	0.705%, 05/02/16		412,000
	250,000	0.705%, 05/03/16		249,692
		BNP Paribas,
	450,000	0.500%, 03/11/16		450,000
	439,000	0.610%, 04/13/16		438,681
	155,000	0.650%, 03/17/16		155,000
		BNP Paribas S.A.,
	565,000	0.610%, 04/07/16		564,646
	334,000	0.610%, 04/12/16		333,763
	858,000	0.623%, 05/02/16		857,081
	290,000	BPCE S.A., 0.650%, 03/17/16		290,000
	300,000	Caisse des Depots et Consignations, 0.620%, 05/19/16		299,592
	125,000	Canadian Imperial Bank of Commerce, 0.850%, 08/24/16		125,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	100,000	Chiba Bank Ltd., 0.640%, 03/14/16		100,000
		China Construction Bank Corp.,
	355,530	0.440%, 03/03/16		355,530
	165,000	0.680%, 04/20/16		165,000
	295,000	0.700%, 05/06/16		295,000
		Citibank N.A.,
	125,000	0.580%, 04/15/16		125,000
	70,000	0.650%, 05/17/16		70,000
		Commonwealth Bank of Australia,
	300,000	0.650%, 07/05/16		300,000
	100,000	0.830%, 08/25/16		100,000
	150,000	VAR, 0.551%, 03/01/16		150,000
		Credit Agricole Corporate and Investment Bank,
	450,000	0.630%, 04/06/16		450,000
	500,000	0.650%, 05/06/16		500,000
	600,000	0.710%, 05/09/16		600,000
	469,000	0.720%, 05/02/16		469,000
	75,000	0.720%, 06/01/16		75,000
	330,000	VAR, 0.839%, 03/09/16		330,000
		Credit Industriel et Commercial,
	159,000	0.500%, 03/02/16		159,000
	160,000	0.650%, 06/03/16		160,000
	688,000	0.690%, 06/01/16		686,787
	357,000	0.700%, 05/03/16		356,563
	240,850	0.720%, 05/10/16		240,850
	445,000	0.720%, 05/13/16		445,000
	283,000	0.900%, 07/25/16		283,000
		Credit Suisse AG,
	200,000	0.800%, 06/01/16		200,000
	500,000	VAR, 0.686%, 03/01/16		500,000
	150,000	VAR, 0.866%, 03/25/16		150,000
		Danske Bank A/S,
	318,000	0.615%, 05/11/16		317,615
	673,000	0.630%, 04/08/16		672,553
	151,000	0.630%, 05/03/16		150,834
	275,000	Dexia Credit Local S.A., VAR, 0.779%, 03/10/16		275,000
		DZ Bank AG,
	309,000	0.600%, 04/11/16		308,789
	331,000	0.600%, 04/14/16		331,000
	140,000	0.600%, 04/26/16		139,870
	295,000	0.600%, 05/10/16		294,656
	140,000	0.610%, 04/06/16		140,000
	150,000	0.620%, 04/15/16		149,884
	197,000	0.620%, 04/19/16		196,834

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Certificates of Deposit — continued
	169,000	HSBC Bank plc, 0.850%, 07/19/16		169,059
		Industrial & Commercial Bank of China Ltd.,
	275,000	0.680%, 04/20/16		275,000
	82,000	0.770%, 04/08/16		81,933
	627,700	0.800%, 04/07/16		627,700
		ING Bank N.V.,
	331,000	0.440%, 03/21/16		331,000
	225,000	0.620%, 04/13/16		225,000
	663,000	0.700%, 05/23/16		663,000
	250,000	0.837%, 03/16/16		250,000
	400,000	VAR, 0.649%, 06/09/16		400,000
		KBC Bank N.V.,
	148,000	0.700%, 03/04/16		147,991
	324,800	0.700%, 03/17/16		324,699
	223,000	0.700%, 04/07/16		222,840
	320,000	0.700%, 04/28/16		319,640
	500,000	0.700%, 05/04/16		499,379
	113,000	0.700%, 05/06/16		112,855
		Mitsubishi UFJ Trust & Banking Corp.,
	150,000	0.500%, 03/04/16		149,994
	280,000	0.640%, 05/06/16		280,000
	178,000	0.660%, 05/13/16		178,000
	55,000	0.680%, 04/14/16		54,954
	140,000	0.680%, 04/15/16		139,881
	109,000	0.680%, 04/28/16		108,881
	175,000	0.680%, 04/29/16		174,805
	33,000	0.700%, 04/11/16		32,974
	199,000	0.700%, 04/19/16		199,000
	150,000	0.710%, 04/19/16		149,855
	168,000	0.758%, 05/16/16		167,732
		Mizuho Bank Ltd.,
	150,000	0.460%, 03/02/16		149,998
	123,000	0.460%, 03/03/16		122,997
	172,700	0.500%, 03/17/16		172,706
	304,000	0.520%, 03/07/16		304,000
	342,000	0.678%, 04/19/16		341,683
	220,000	0.680%, 04/26/16		219,768
	55,000	0.690%, 04/12/16		54,956
	120,000	0.690%, 04/13/16		119,901
	62,000	0.690%, 04/15/16		61,947
	28,000	0.690%, 04/21/16		27,973
	100,000	0.690%, 05/04/16		99,877
	580,000	0.699%, 04/22/16		579,416
	75,000	0.700%, 05/19/16		74,885
	90,000	0.700%, 06/15/16		90,000
	175,000	0.770%, 07/07/16		174,522

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	565,000	National Australia Bank Ltd., 0.600%, 04/15/16		564,577
	275,000	National Bank of Canada, VAR, 0.727%, 03/03/16		275,000
	200,000	Nationwide Building Society, 0.620%, 05/02/16		199,787
		Natixis,
	415,000	0.510%, 03/08/16		415,000
	343,000	0.710%, 05/31/16		343,000
	171,968	0.720%, 05/02/16		171,968
	420,000	VAR, 0.466%, 05/04/16		420,000
	500,000	VAR, 0.658%, 03/08/16		500,000
		Norinchukin Bank,
	300,000	0.600%, 04/12/16		300,000
	169,000	0.600%, 04/15/16		169,000
	119,500	0.600%, 04/20/16		119,500
	250,000	0.600%, 04/25/16		250,000
	214,000	0.600%, 04/27/16		214,000
	235,000	0.600%, 05/02/16		235,000
	170,000	0.600%, 05/12/16		170,000
	195,000	0.610%, 04/12/16		195,000
	300,000	0.610%, 05/09/16		300,000
	30,000	0.610%, 05/10/16		30,000
	86,000	0.625%, 04/15/16		85,933
	307,000	0.630%, 04/08/16		307,000
	100,000	0.630%, 04/13/16		99,925
	70,000	0.630%, 04/14/16		69,946
	300,000	0.630%, 05/10/16		299,633
	300,000	0.630%, 05/24/16		300,000
	100,000	Oversea-Chinese Banking Corp. Ltd., 0.600%, 05/27/16		99,855
	100,000	Pohjola Bank plc, 0.640%, 05/20/16		99,858
		Rabobank Nederland N.V.,
	108,000	0.610%, 04/11/16		107,925
	590,000	0.630%, 06/08/16		588,980
	200,000	0.640%, 05/06/16		199,766
	240,000	0.650%, 05/20/16		239,654
	1,105,000	0.670%, 05/17/16		1,103,420
	223,000	0.670%, 05/20/16		222,669
	384,000	0.680%, 05/02/16		383,551
	150,000	0.680%, 06/22/16		149,680
	300,000	0.777%, 03/16/16		300,000
	100,000	0.779%, 03/09/16		100,000
	140,000	0.830%, 08/23/16		140,000
	75,000	0.845%, 08/25/16		74,690
	50,000	Shizuoka Bank, 0.580%, 03/11/16		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 11

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Certificates of Deposit — continued
	146,000	Skandinaviska Enskilda Banken AB, 0.450%, 03/02/16		146,000
	100,000	Societe Generale, 0.620%, 05/09/16		100,000
		Standard Chartered plc,
	340,000	0.650%, 04/13/16		340,000
	65,000	0.650%, 04/14/16		65,000
	275,000	0.650%, 04/22/16		274,742
	100,000	0.650%, 04/26/16		99,899
	404,000	0.650%, 04/29/16		403,571
	500,000	State Street Bank & Trust Co., VAR, 0.639%, 03/11/16		500,000
		Sumitomo Mitsui Banking Corp.,
	361,000	0.500%, 03/10/16		361,000
	560,000	0.620%, 05/03/16		560,000
	166,000	0.650%, 04/19/16		166,000
	240,000	0.670%, 05/05/16		239,710
	120,000	0.680%, 04/25/16		120,000
	305,000	0.680%, 04/26/16		304,678
	365,000	0.700%, 04/19/16		365,000
	374,000	0.700%, 04/20/16		374,000
		Sumitomo Mitsui Trust Bank Ltd.,
	127,000	0.690%, 05/13/16		126,823
	108,000	0.700%, 04/26/16		107,883
	120,000	0.700%, 05/05/16		119,848
	80,000	0.700%, 05/19/16		79,877
	112,000	0.710%, 04/07/16		111,918
	111,000	0.710%, 04/19/16		110,893
	160,000	0.710%, 04/22/16		159,836
	100,000	0.710%, 04/25/16		99,892
		Svenska Handelsbanken AB,
	215,700	0.500%, 03/08/16		215,700
	225,000	0.655%, 06/24/16		225,004
	174,000	UBS AG, VAR, 0.808%, 03/08/16		174,000
		Wells Fargo Bank N.A.,
	489,000	0.630%, 05/02/16		489,000
	440,000	0.630%, 05/05/16		440,000
	100,000	Westpac Banking Corp., VAR, 0.549%, 03/07/16		100,000
		Total Certificates of Deposit (Cost $44,856,189)		44,856,189
	Commercial Paper — 21.4% (n)
		ABN AMRO Funding USA LLC,
	152,000	0.391%, 03/01/16 (e)		152,000
	62,000	0.480%, 03/21/16 (e)		61,984
	98,000	0.621%, 05/02/16 (e)		97,895

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agricultural Bank of China Ltd.,
	214,530	0.430%, 03/02/16 (e)		214,527
	179,500	0.681%, 04/19/16 (e)		179,334
	220,000	0.701%, 05/03/16 (e)		219,731
		Antalis S.A.,
	47,580	0.601%, 03/10/16 (e)		47,573
	52,100	0.641%, 04/07/16 (e)		52,066
	102,000	0.661%, 04/12/16 (e)		101,921
	50,000	ANZ New Zealand (Int’l) Ltd., 0.651%, 05/10/16 (e)		49,937
		Atlantic Asset Securitization LLC,
	59,000	0.601%, 03/07/16 (e)		58,994
	75,000	0.601%, 03/09/16 (e)		74,990
	168,000	0.608%, 03/10/16 (e)		167,975
	100,000	0.631%, 05/18/16 (e)		99,863
	200,000	0.631%, 05/20/16 (e)		199,720
	200,000	VAR, 0.654%, 03/26/16 (e)		200,000
		Australia & New Zealand Banking Group Ltd.,
	101,000	0.581%, 03/09/16 (e)		100,987
	659,400	VAR, 0.766%, 03/03/16 (e)		659,400
	125,000	Bank Nederlandse Gemeenten N.V., VAR, 0.532%, 03/14/16 (e)		125,000
		Bank of Nova Scotia,
	190,000	VAR, 0.776%, 03/14/16 (e)		190,000
	400,000	VAR, 0.779%, 03/09/16 (e)		400,000
		Barton Capital S.A.,
	23,850	0.611%, 05/11/16 (e)		23,821
	25,000	0.621%, 05/02/16 (e)		24,973
	65,000	0.641%, 04/04/16 (e)		64,961
	175,000	VAR, 0.639%, 03/07/16 (e)		175,000
		Bedford Row Funding Corp.,
	25,000	VAR, 0.568%, 03/16/16 (e)		25,000
	127,300	VAR, 0.661%, 04/18/16 (e)		127,299
	5,000	BMW U.S. Capital, LLC, 0.320%, 03/01/16 (e)		5,000
		BNP Paribas,
	90,100	0.551%, 03/14/16		90,082
	300,000	0.561%, 03/14/16 (e)		299,939
	328,000	0.601%, 04/12/16 (e)		327,770
	254,000	0.601%, 05/02/16 (e)		253,738
	106,506	0.672%, 05/13/16		106,362
	65,000	0.682%, 05/13/16 (e)		64,910
	200,000	BPCE S.A., 0.641%, 05/05/16 (e)		199,769
		Caisse Centrale Desjardins,
	223,400	0.591%, 05/24/16 (e)		223,092
	53,000	0.601%, 03/08/16 (e)		52,994
	50,000	0.641%, 04/29/16 (e)		49,948

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Paper — continued
		Caisse des Depots et Consignations,
	224,000	0.596%, 05/18/16 (e)		223,711
	100,000	0.596%, 05/19/16 (e)		99,869
	264,000	0.601%, 04/26/16 (e)		263,754
	265,000	0.601%, 05/27/16 (e)		264,616
	163,000	0.601%, 06/01/16 (e)		162,750
	210,000	Canadian Imperial Holdings, Inc., 0.430%, 03/02/16		209,997
		Cancara Asset Securitisation LLC,
	115,000	0.601%, 05/04/16 (e)		114,877
	206,000	0.608%, 05/03/16 (e)		205,781
	37,050	0.631%, 04/04/16 (e)		37,028
	100,000	0.631%, 04/06/16 (e)		99,937
	360,000	0.631%, 04/07/16 (e)		359,767
	156,000	0.631%, 04/19/16 (e)		155,866
		Commonwealth Bank of Australia,
	194,650	0.551%, 05/25/16 (e)		194,397
	125,000	VAR, 0.548%, 03/15/16 (e)		125,000
	120,000	VAR, 0.549%, 03/17/16 (e)		120,000
	250,000	VAR, 0.552%, 03/01/16 (e)		250,000
	100,000	VAR, 0.552%, 03/20/16 (e)		100,000
	100,000	VAR, 0.599%, 03/04/16 (e)		100,000
		Credit Agricole Corporate and Investment Bank,
	125,000	0.300%, 03/01/16		125,000
	55,000	0.651%, 05/06/16		54,935
	104,000	0.721%, 05/02/16		103,871
	200,000	Crown Point Capital Co. LLC, Series A, VAR, 0.938%, 03/29/16 (e)		200,000
	63,000	Danske Corp., Series A, 0.611%, 05/10/16 (e)		62,925
		DBS Bank Ltd.,
	95,000	0.601%, 04/12/16 (e)		94,933
	20,000	0.601%, 04/13/16 (e)		19,986
		DNB Bank ASA,
	107,000	0.651%, 06/27/16 (e)		106,772
	400,000	0.652%, 06/24/16 (e)		399,169
		Electricite de France S.A.,
	120,000	0.611%, 04/22/16 (e)		119,894
	200,000	0.611%, 04/25/16 (e)		199,814
		Erste Abwicklungsanstalt,
	114,100	0.571%, 04/15/16 (e)		114,019
	214,000	0.581%, 04/07/16 (e)		213,872
	23,000	0.611%, 05/11/16 (e)		22,972
	10,000	Exxon Mobil Corp., 0.310%, 03/01/16		10,000
		General Electric Co.,
	500,000	0.370%, 03/04/16		499,984

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	31,000	0.370%, 03/08/16		30,998
	74,000	0.450%, 03/29/16		73,974
		Gotham Funding Corp.,
	65,000	0.621%, 04/06/16 (e)		64,959
	150,000	0.631%, 04/12/16 (e)		149,890
		HSBC Bank plc,
	465,000	VAR, 0.588%, 03/09/16 (e)		465,000
	235,000	VAR, 0.807%, 03/14/16 (e)		235,000
		Industrial & Commercial Bank of China Ltd.,
	133,382	0.400%, 03/01/16 (e)		133,382
	99,000	0.701%, 05/02/16 (e)		98,881
		ING U.S. Funding LLC,
	167,000	0.672%, 06/10/16		166,686
	100,000	0.844%, 08/09/16		99,624
	38,700	0.854%, 08/17/16		38,546
		Kells Funding LLC,
	115,000	0.601%, 05/02/16 (e)		114,881
	96,000	0.601%, 05/03/16 (e)		95,899
	200,000	0.611%, 05/24/16 (e)		199,715
	200,000	0.611%, 05/25/16 (e)		199,712
	100,000	0.611%, 06/01/16 (e)		99,844
	315,000	0.611%, 06/02/16 (e)		314,504
	200,000	0.611%, 06/08/16 (e)		199,665
	200,000	Landesbank Hessen-Thueringen Girozentrale, 0.601%, 05/02/16 (e)		199,793
	100,000	Liberty Street Funding LLC, 0.350%, 03/01/16 (e)		100,000
		LMA Americas LLC,
	90,000	0.440%, 03/08/16 (e)		89,992
	190,000	0.501%, 03/02/16 (e)		189,997
	18,000	0.521%, 03/07/16 (e)		17,999
	50,000	0.641%, 05/19/16 (e)		49,930
		Macquarie Bank Ltd.,
	53,750	0.501%, 03/04/16 (e)		53,748
	125,000	0.601%, 03/07/16 (e)		124,987
	110,000	0.611%, 03/10/16 (e)		109,983
	120,000	0.621%, 04/06/16 (e)		119,926
	78,000	Matchpoint Finance plc, Series A, 0.601%, 03/08/16 (e)		77,991
		MetLife Short Term Funding LLC,
	93,000	0.581%, 04/12/16 (e)		92,937
	96,000	0.581%, 05/23/16 (e)		95,872
	50,000	0.581%, 05/24/16 (e)		49,932
	169,000	0.591%, 05/16/16 (e)		168,789
	38,441	0.601%, 04/28/16 (e)		38,404

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Paper — continued
		Mitsubishi UFJ Trust & Banking Corp.,
	200,000	0.651%, 05/23/16 (e)		199,700
	96,000	0.681%, 04/19/16 (e)		95,911
		Mont Blanc Capital Corp.,
	60,681	0.601%, 03/10/16 (e)		60,672
	34,000	0.611%, 05/09/16 (e)		33,960
	260,000	National Australia Bank Ltd., 0.430%, 03/07/16 (e)		259,981
		Natixis,
	171,000	0.300%, 03/01/16		171,000
	507,962	0.705%, 05/02/16		507,346
	84,000	0.712%, 05/31/16		83,849
		Nederlandse Waterschapsbank N.V.,
	150,000	0.591%, 04/20/16 (e)		149,877
	224,000	0.601%, 05/04/16 (e)		223,761
	115,000	0.616%, 06/14/16 (e)		114,794
		Nieuw Amsterdam Receivables Corp.,
	107,000	0.451%, 03/14/16 (e)		106,983
	95,000	0.500%, 03/04/16 (e)		94,996
	20,000	0.601%, 04/14/16 (e)		19,985
	75,000	0.601%, 05/10/16 (e)		74,913
	65,100	0.631%, 04/04/16 (e)		65,061
		NRW Bank,
	182,530	0.380%, 03/02/16 (e)		182,528
	554,300	0.581%, 04/13/16 (e)		553,916
	11,001	Old Line Funding LLC, 0.270%, 03/01/16 (e)		11,001
		Ontario Teachers’ Finance Trust,
	125,000	0.752%, 06/24/16 (e)		124,701
	15,000	0.752%, 06/29/16 (e)		14,962
		Regency Markets No. 1 LLC,
	50,000	0.430%, 03/14/16 (e)		49,992
	102,500	0.430%, 03/21/16 (e)		102,476
	552,000	Societe Generale S.A., 0.596%, 04/05/16 (e)		551,681
	100,000	Sumitomo Mitsui Banking Corp., 0.621%, 05/03/16 (e)		99,892
	164,000	Sumitomo Mitsui Trust Bank Ltd., 0.521%, 03/03/16 (e)		163,995
		Suncorp-Metway Ltd.,
	150,000	0.451%, 03/01/16 (e)		150,000
	29,000	0.461%, 03/03/16 (e)		28,999
	218,000	Svenska Handelsbanken AB, 0.501%, 03/10/16 (e)		217,973
	146,650	Swedbank AB, 0.641%, 05/06/16		146,478
		Thunder Bay Funding LLC,
	80,000	0.571%, 03/14/16 (e)		79,984

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	218,000	0.702%, 04/06/16 (e)		217,847
	50,000	VAR, 0.677%, 03/03/16 (e)		50,000
	296,950	Total Capital Canada Ltd., 0.581%, 04/14/16 (e)		296,740
		Versailles Commercial Paper LLC,
	75,000	0.430%, 03/02/16 (e)		74,999
	150,000	0.651%, 05/12/16 (e)		149,805
		Victory Receivables Corp.,
	12,966	0.350%, 03/01/16 (e)		12,966
	100,000	0.621%, 04/04/16 (e)		99,942
	125,000	0.631%, 04/06/16 (e)		124,921
	105,000	0.631%, 04/07/16 (e)		104,932
		Westpac Banking Corp.,
	100,000	VAR, 0.542%, 03/07/16 (e)		99,999
	100,000	VAR, 0.546%, 03/01/16 (e)		100,000
	133,000	VAR, 0.547%, 03/20/16 (e)		133,000
	250,000	VAR, 0.547%, 03/20/16 (e)		250,000
	133,000	VAR, 0.547%, 03/20/16 (e)		133,000
	150,000	VAR, 0.549%, 03/10/16 (e)		150,000
	200,000	VAR, 0.551%, 03/23/16 (e)		200,000
	150,000	VAR, 0.551%, 03/23/16 (e)		150,000
	100,000	VAR, 0.552%, 03/27/16 (e)		100,000
	250,000	VAR, 0.559%, 03/10/16 (e)		249,999
		Total Commercial Paper (Cost $22,805,008)		22,805,008
	Corporate Notes — 2.6%
		Consumer Staples — 0.1%
		Food & Staples Retailing — 0.1%
		Wal-Mart Stores, Inc.
	66,960	0.600%, 04/11/16		66,979
	38,135	2.800%, 04/15/16		38,249
				105,228
		Financials — 2.5%
		Banks — 1.9%
	790,000	Royal Bank of Canada, VAR, 0.737%, 03/18/16 (e)		790,000
	434,000	Svenska Handelsbanken AB, VAR, 0.668%, 03/14/16 (e)		434,000
	785,000	Wells Fargo Bank N.A., VAR, 0.632%, 03/17/16		785,000
				2,009,000
		Capital Markets — 0.6%
	675,000	ING Bank N.V., VAR, 0.677%, 03/31/16 (e)		675,000
		Total Financials		2,684,000
		Total Corporate Notes (Cost $2,789,228)		2,789,228

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — 6.1%
	293,209	Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.331%, dated 02/29/16, due 03/01/16, repurchase price $293,212. [1]		293,209
	150,000	BNP Paribas Securities Corp., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $150,001, collateralized by U.S. Treasury Securities, 1.375% - 2.375%, due 01/15/17 - 08/15/24, with a value of $153,000.		150,000
	225,000	BNP Paribas Securities Corp., 0.880%, dated 02/29/16, due 03/14/16, repurchase price $225,077, collateralized by Asset-Backed Securities, 0.000% - 5.622%, due 04/15/25 - 07/01/39, Collateralized Mortgage Obligations, 0.000% - 3.892%, due 11/25/25 - 05/25/47, Corporate Bonds, 2.762% - 9.875%, due 03/15/16 - 11/01/35, Federal National Mortgage Association, 6.500%, due 02/25/44, Federal National Mortgage Association Connecticut Avenue Securities, 1.636% - 7.380%, due 10/25/23 - 08/25/28, Municipal Debt Securities, 1.669%, due 04/25/22 and Sovereign Government Securities, 4.875% - 8.875%, due 10/14/19 - 01/22/21, with a value of $242,982.		225,000
	175,000	Citigroup Global Markets, Inc., 0.780%, dated 02/29/16, due 03/21/16, repurchase price $175,080, collateralized by Corporate Bonds, 0.000% - 12.750%, due 04/01/16 - 10/18/43, Corporate Notes, 0.000% - 8.950%, due 04/04/17 - 01/01/99 and Sovereign Government Securities, 2.500% - 9.375%, due 01/15/19 - 01/27/45, with a value of $187,911.		175,000
	175,000	Citigroup Global Markets, Inc., 0.880%, dated 02/29/16, due 03/21/16, repurchase price $175,090, collateralized by Asset-Backed Securities, 1.032% - 5.750%, due 05/25/34 - 11/25/51 and Collateralized Mortgage Obligations, 0.000% - 6.143%, due 10/15/20 - 06/12/50, with a value of $188,455.		175,000
	1,400,000	Credit Suisse First Boston USA, Inc., 1.175%, dated 02/29/16, due 03/18/16, repurchase price $1,400,823, collateralized by Collateralized Mortgage Obligations, 0.000% - 16.629%, due 12/27/18 - 05/10/63, with a value of $1,512,004.		1,400,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,122,000	Credit Suisse First Boston USA, Inc., 1.171%, dated 02/29/16, due 05/06/16, repurchase price $1,124,445, collateralized by Collateralized Mortgage Obligations, 0.000% - 52.035%, due 03/25/18 - 11/25/57 and Commercial Paper, 0.000%, due 03/01/16 - 05/10/16, with a value of $1,207,785.		1,122,000
	50,000	HSBC Securities USA, Inc., 0.380%, dated 02/29/16, due 03/01/16, repurchase price $50,001, collateralized by Corporate Bonds, 2.393% - 7.500%, due 01/15/19 - 12/29/49, with a value of $53,353.		50,000
	230,000	HSBC Securities USA, Inc., 0.380%, dated 02/29/16, due 03/01/16, repurchase price $230,002, collateralized by Corporate Bonds, 1.125% - 9.125%, due 01/27/17 - 04/14/46 and Corporate Notes, 1.500% - 4.900%, due 03/13/18 - 11/17/45, with a value of $241,692.		230,000
	545,000	Merrill Lynch PFS, Inc., 0.780%, dated 02/29/16, due 03/01/16, repurchase price $545,012, collateralized by Asset-Backed Securities, 0.000% - 1.137%, due 10/02/39 - 05/25/55, Collateralized Mortgage Obligations, 0.000%, due 06/15/28, Corporate Bonds, 0.000% - 9.250%, due 02/19/18 - 04/15/22 and Municipal Debt Securities, 4.150% - 10.000%, due 08/01/17 - 06/01/47, with a value of $584,883.		545,000
	475,000	Merrill Lynch PFS, Inc., 0.960%, dated 02/29/16, due 04/04/16, repurchase price $475,443, collateralized by Asset-Backed Securities, 0.000% - 5.872%, due 12/19/16 - 12/06/50 and Collateralized Mortgage Obligations, 0.000% - 36.385%, due 02/16/27 - 08/25/55, with a value of $513,000.		475,000
	625,000	Merrill Lynch PFS, Inc., 0.960%, dated 02/29/16, due 04/04/16, repurchase price $625,583, collateralized by Asset-Backed Securities, 0.000% - 12.443%, due 04/30/16 - 01/01/99, Collateralized Mortgage Obligations, 0.000% - 46.459%, due 08/25/16 - 03/25/58, Corporate Bonds, 0.000% - 12.500%, due 03/15/16 - 12/31/99 and Corporate Notes, 0.000% - 8.875%, due 04/05/16 - 01/01/49, with a value of $675,000.		625,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	450,000	Merrill Lynch PFS, Inc., 0.960%, dated 02/29/16, due 04/04/16, repurchase price $450,420, collateralized by Asset-Backed Securities, 0.000% - 7.500%, due 09/12/16 - 11/19/52 and Collateralized Mortgage Obligations, 0.000% - 6.714%, due 03/15/28 - 08/25/55, with a value of $486,000.		450,000
	200,000	Royal Bank of Canada, 0.400%, dated 02/29/16, due 03/07/16, repurchase price $200,016, collateralized by Federal Home Loan Mortgage Corporation, 3.000% - 4.500%, due 12/01/35 - 02/01/46, Federal National Mortgage Association, 2.500% - 4.500%, due 05/01/26 - 02/01/46 and Government National Mortgage Association, 3.000% - 4.000%, due 07/20/44 - 09/20/63, with a value of $204,022.		200,000
	250,000	Wells Fargo Securities, LLC, 0.380%, dated 02/29/16, due 03/01/16, repurchase price $250,003, collateralized by Collateralized Mortgage Obligations, 0.000% - 5.889%, due 11/06/17 - 09/17/58, with a value of $270,003.		250,000
	100,000	Wells Fargo Securities, LLC, 0.500%, dated 02/29/16, due 03/03/16, repurchase price $100,004, collateralized by Certificates of Deposit, 0.000% - 2.100%, due 05/26/16 - 02/03/23 and Commercial Paper, 0.000%, due 03/01/16 - 10/28/16, with a value of $105,010.		100,000
		Total Repurchase Agreements (Cost $6,465,209)		6,465,209
	Time Deposits — 25.3%
	2,650,000	Australia & New Zealand Banking Group Ltd., 0.360%, 03/01/16		2,650,000
		Bank of Montreal,
	489,530	0.370%, 03/02/16		489,530
	300,000	0.370%, 03/04/16		300,000
		Bank of New York Mellon Corp.,
	500,000	0.260%, 03/01/16		500,000
	1,895,846	0.270%, 03/01/16		1,895,846
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The),
	544,252	0.300%, 03/01/16		544,252
	299,530	0.370%, 03/01/16		299,530
	819,134	BNP Paribas, 0.370%, 03/01/16		819,134
	200,000	Canadian Imperial Bank of Commerce, 0.190%, 03/01/16		200,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	500,000	China Construction Bank Corp., 0.400%, 03/01/16		500,000
	200,000	Citibank N.A., 0.370%, 03/02/16		200,000
		Credit Agricole Corporate and Investment Bank,
	250,000	0.300%, 03/01/16		250,000
	300,000	0.300%, 03/01/16		300,000
	350,000	0.300%, 03/01/16		350,000
	563,773	0.300%, 03/01/16		563,773
	450,000	Credit Industriel et Commercial, 0.300%, 03/01/16		450,000
	3,000,000	DNB Bank ASA, 0.290%, 03/01/16		3,000,000
	2,065,000	KBC Bank N.V., 0.310%, 03/01/16		2,065,000
		Natixis S.A.,
	360,000	0.300%, 03/01/16		360,000
	483,973	0.300%, 03/01/16		483,973
	1,149,530	0.380%, 03/01/16		1,149,530
	300,000	Nordea Bank Finland plc, 0.190%, 03/01/16		300,000
	1,000,000	Rabobank Nederland N.V., 0.370%, 03/01/16		1,000,000
		Skandinaviska Enskilda Banken AB,
	600,000	0.290%, 03/01/16		600,000
	700,000	0.290%, 03/01/16		700,000
	858,242	0.290%, 03/01/16		858,242
	946,276	0.290%, 03/01/16		946,276
	450,000	Standard Chartered plc, 0.390%, 03/04/16		450,000
	1,685,530	Svenska Handelsbanken AB, 0.370%, 03/02/16		1,685,530
	3,000,000	Swedbank AB, 0.290%, 03/01/16		3,000,000
		Total Time Deposits (Cost $26,910,616)		26,910,616
	U.S. Government Agency Security — 0.0% (g)
	10,328	Federal Home Loan Mortgage Corp., 0.200%, 03/01/16 (Cost $10,328)		10,328
	U.S. Treasury Obligations — 2.1%
		U.S. Treasury Notes — 2.1%
	345,000	0.375%, 03/15/16		345,012
	347,000	0.375%, 05/31/16		347,052
	550,000	1.750%, 05/31/16		551,965
	35,000	2.250%, 03/31/16		35,056
	650,000	2.375%, 03/31/16		651,102
	240,000	3.250%, 05/31/16		241,693
		Total U.S. Treasury Obligations (Cost $2,171,880)		2,171,880

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — 0.1%
		New Jersey — 0.1%
	67,915	Jets Stadium Development LLC, Series A-4A, VAR, LOC: Sumitomo Mitsui Banking, 0.380%, 03/07/16 (e)		67,915
	26,700	Jets Stadium Finance Issuer 2015 LLC, VAR, LOC: Sumitomo Mitsui Banking, 0.380%, 03/07/16 (e)		26,700
		Total Weekly Demand Notes (Cost $94,615)		94,615
		Total Investments — 99.7% (Cost $106,103,073)*		106,103,073
		Other Assets in Excess of Liabilities — 0.3%		351,774
		NET ASSETS — 100.0%	$	106,454,847

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 17

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Certificates of Deposit — 31.0%
	57,000	ABN AMRO Bank N.V., 0.630%, 04/08/16		56,962
	15,000	Australia & New Zealand Banking Group Ltd., 0.620%, 05/27/16		15,000
	35,000	Bank of China Ltd., 0.740%, 04/08/16		34,973
		Bank of Tokyo-Mitsubishi UFJ Ltd.,
	25,000	0.610%, 05/11/16		25,000
	25,000	0.620%, 04/26/16		25,000
	33,000	0.700%, 05/25/16		33,000
	26,000	0.730%, 06/08/16		26,000
		Banque Federative du Credit Mutuel S.A.,
	55,000	0.640%, 04/07/16		55,000
	20,000	0.700%, 06/01/16		20,000
	80,000	0.705%, 05/03/16		79,901
	30,000	BNP Paribas, 0.610%, 04/13/16		29,978
		BNP Paribas S.A.,
	60,000	0.610%, 04/07/16		59,962
	50,000	0.610%, 04/12/16		49,965
	70,000	0.630%, 05/02/16		69,924
	30,000	BPCE S.A., 0.650%, 03/17/16		30,000
	25,000	Chiba Bank Ltd., 0.640%, 03/14/16		25,000
		China Construction Bank Corp.,
	100,000	0.440%, 03/03/16		100,000
	20,000	0.680%, 04/20/16		20,000
	25,000	Citibank N.A., 0.580%, 04/15/16		25,000
		Credit Agricole Corporate and Investment Bank,
	30,000	0.460%, 03/01/16		30,000
	47,000	0.630%, 04/06/16		47,000
	125,000	0.720%, 06/01/16		125,000
		Credit Industriel et Commercial,
	5,000	0.500%, 03/02/16		5,000
	65,000	0.690%, 06/01/16		64,885
	33,000	0.700%, 05/03/16		32,960
	25,000	0.720%, 05/10/16		25,000
	55,000	0.720%, 05/13/16		55,000
	35,000	0.900%, 07/25/16		35,000
		Danske Bank A/S,
	38,000	0.615%, 05/11/16		37,954
	70,000	0.630%, 04/08/16		69,954
		DZ Bank AG,
	20,000	0.600%, 04/11/16		19,986
	17,000	0.600%, 04/26/16		16,984
	37,000	0.600%, 04/14/16		37,000
	50,000	0.600%, 05/10/16		49,942
	15,000	0.610%, 04/06/16		15,000
	100,000	0.620%, 04/15/16		99,923

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	22,000	0.620%, 04/19/16		21,981
	40,000	0.660%, 03/24/16		40,000
		Industrial & Commercial Bank of China Ltd.,
	35,000	0.680%, 04/20/16		35,000
	10,000	0.770%, 04/08/16		9,992
	65,000	0.800%, 04/07/16		65,000
		ING Bank N.V.,
	25,000	0.620%, 04/13/16		25,000
	100,000	0.660%, 03/23/16		100,000
	80,000	0.700%, 05/23/16		80,000
		KBC Bank N.V.,
	100,000	0.380%, 03/01/16		100,000
	31,000	0.680%, 05/23/16		30,951
	10,000	0.700%, 03/04/16		9,999
	40,000	0.700%, 03/17/16		39,988
	25,000	0.700%, 04/07/16		24,982
	50,000	0.700%, 04/28/16		49,944
	50,000	0.700%, 05/06/16		49,936
		Mitsubishi UFJ Trust & Banking Corp.,
	25,000	0.680%, 04/12/16		24,980
	10,000	0.680%, 04/14/16		9,992
	15,000	0.680%, 04/15/16		14,987
	34,000	0.680%, 04/28/16		33,963
	21,000	0.700%, 04/19/16		21,000
	22,000	0.758%, 05/16/16		21,965
		Mizuho Bank Ltd.,
	30,000	0.678%, 04/19/16		29,972
	26,000	0.680%, 04/26/16		25,973
	20,000	0.690%, 04/13/16		19,984
	10,000	0.690%, 04/15/16		9,991
	83,000	0.699%, 04/22/16		82,916
	100,000	0.700%, 04/28/16		99,888
	50,000	0.700%, 05/20/16		49,922
	60,000	National Australia Bank Ltd., 0.600%, 04/15/16		59,955
	75,000	Natixis, VAR, 0.466%, 05/04/16		75,000
		Norinchukin Bank,
	15,000	0.600%, 04/15/16		15,000
	25,000	0.600%, 04/20/16		25,000
	25,000	0.600%, 04/25/16		25,000
	30,000	0.600%, 04/27/16		30,000
	20,000	0.600%, 05/12/16		20,000
	25,000	0.610%, 04/12/16		25,000
	10,000	0.625%, 04/15/16		9,992
	32,000	0.630%, 04/08/16		32,000
	35,000	0.630%, 05/24/16		35,000

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Certificates of Deposit — continued
	25,000	Oversea-Chinese Banking Corp. Ltd., 0.600%, 05/27/16		24,964
		Pohjola Bank plc,
	25,000	0.640%, 05/20/16		24,965
	50,000	0.720%, 03/29/16		49,972
		Rabobank Nederland N.V.,
	23,000	0.640%, 05/06/16		22,973
	125,000	0.670%, 05/17/16		124,821
	25,000	0.670%, 05/20/16		24,963
	40,000	0.680%, 05/02/16		39,953
		Standard Chartered plc,
	40,000	0.650%, 04/14/16		40,000
	35,000	0.650%, 04/22/16		34,967
	50,000	0.650%, 04/29/16		49,947
	100,000	0.700%, 04/12/16		99,919
		Sumitomo Mitsui Banking Corp.,
	18,000	0.650%, 04/19/16		18,000
	20,000	0.680%, 04/25/16		20,000
	36,000	0.680%, 04/26/16		35,962
	38,000	0.700%, 04/19/16		38,000
	39,000	0.700%, 04/20/16		39,000
		Sumitomo Mitsui Trust Bank Ltd.,
	125,000	0.370%, 03/03/16		125,000
	15,000	0.690%, 05/13/16		14,979
	75,000	0.700%, 03/21/16		75,000
	13,000	0.700%, 04/26/16		12,986
	30,000	0.700%, 05/19/16		29,954
	12,000	0.710%, 04/07/16		11,991
	14,000	0.710%, 04/19/16		13,986
	20,000	0.710%, 04/22/16		19,980
	65,000	Wells Fargo Bank N.A., 0.630%, 05/02/16		65,000
		Total Certificates of Deposit (Cost $4,084,788)		4,084,788
	Commercial Paper — 32.1% (n)
		ABN AMRO Funding USA LLC,
	20,000	0.391%, 03/01/16 (e)		20,000
	16,000	0.621%, 05/02/16 (e)		15,983
	53,000	0.621%, 05/09/16 (e)		52,937
	75,000	0.621%, 05/17/16 (e)		74,901
	19,750	0.631%, 04/26/16 (e)		19,731
	28,000	0.641%, 03/21/16 (e)		27,990
	40,000	0.641%, 04/20/16 (e)		39,964
		Agricultural Bank of China Ltd.,
	50,000	0.430%, 03/02/16 (e)		49,999
	40,000	0.681%, 04/19/16 (e)		39,963

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Antalis S.A.,
	10,000	0.601%, 03/10/16 (e)		9,999
	22,450	0.661%, 04/11/16 (e)		22,433
		Atlantic Asset Securitization LLC,
	6,000	0.601%, 03/07/16 (e)		5,999
	15,000	0.601%, 03/09/16 (e)		14,998
	61,000	0.603%, 03/10/16 (e)		60,991
	10,000	Australia & New Zealand Banking Group Ltd., 0.581%, 03/09/16 (e)		9,999
		Barton Capital S.A.,
	85,000	0.611%, 04/28/16 (e)		84,917
	80,000	0.621%, 04/25/16 (e)		79,924
	15,000	Bedford Row Funding Corp., VAR, 0.568%, 03/16/16 (e)		15,000
		BNP Paribas,
	30,000	0.601%, 04/12/16 (e)		29,979
	65,000	0.651%, 03/17/16		64,981
	11,000	0.672%, 05/13/16		10,985
	100,000	BNP Paribas Fortis S.A., 0.380%, 03/02/16		99,999
		Caisse Centrale Desjardins,
	37,000	0.571%, 05/02/16 (e)		36,964
	5,000	0.601%, 03/08/16 (e)		4,999
		Caisse des Depots et Consignations,
	26,000	0.596%, 05/18/16 (e)		25,966
	53,500	0.599%, 05/19/16 (e)		53,430
	31,000	0.601%, 04/26/16 (e)		30,971
	40,000	0.601%, 05/20/16 (e)		39,947
	65,000	0.601%, 05/27/16 (e)		64,906
		Cancara Asset Securitisation LLC,
	14,000	0.631%, 04/04/16 (e)		13,992
	40,000	0.631%, 04/07/16 (e)		39,974
		Cedar Springs Capital Co. LLC,
	75,000	0.591%, 03/07/16 (e)		74,992
	26,000	0.671%, 05/19/16 (e)		25,962
	63,849	China Construction Bank Corp., 0.400%, 03/01/16 (e)		63,849
		Commonwealth Bank of Australia,
	25,000	VAR, 0.548%, 03/15/16 (e)		25,000
	50,000	VAR, 0.554%, 03/23/16 (e)		50,000
	100,000	Concord Minutemen Capital Co. LLC, Series A, 0.621%, 04/26/16 (e)		99,904
	65,000	Credit Agricole Corporate and Investment Bank, 0.651%, 05/06/16		64,923
		Credit Suisse AG,
	100,000	0.621%, 04/11/16 (e)		99,929
	35,000	0.702%, 05/06/16 (e)		34,955
	50,000	0.803%, 06/01/16 (e)		49,898

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 19

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Paper — continued
	55,000	Danske Corp., Series A, 0.611%, 04/01/16 (e)		54,971
	5,000	DBS Bank Ltd., 0.601%, 04/12/16 (e)		4,996
	100,000	Electricite de France S.A., 0.611%, 04/22/16 (e)		99,912
		Erste Abwicklungsanstalt,
	20,000	0.571%, 04/15/16 (e)		19,986
	23,000	0.581%, 04/07/16 (e)		22,986
	40,000	0.591%, 04/26/16 (e)		39,963
	15,000	0.662%, 05/24/16 (e)		14,977
		Gotham Funding Corp.,
	50,334	0.480%, 03/28/16 (e)		50,316
	30,000	0.621%, 04/06/16 (e)		29,981
	35,000	HSBC Bank plc, VAR, 0.588%, 03/09/16 (e)		35,000
	20,000	HSBC USA, Inc., 0.581%, 05/10/16 (e)		19,977
		Industrial & Commercial Bank of China Ltd.,
	50,000	0.400%, 03/01/16 (e)		50,000
	25,000	0.681%, 04/19/16 (e)		24,977
	20,000	ING U.S. Funding LLC, 0.671%, 06/10/16		19,962
	124,530	Intercontinental Exchange, Inc., 0.430%, 03/02/16 (e)		124,529
		Kells Funding LLC,
	50,000	0.581%, 04/14/16 (e)		49,964
	25,000	0.601%, 05/02/16 (e)		24,974
	25,000	0.601%, 05/03/16 (e)		24,974
	95,000	0.611%, 05/26/16 (e)		94,862
	25,000	0.611%, 06/01/16 (e)		24,961
		Liberty Street Funding LLC,
	35,000	0.601%, 03/07/16 (e)		34,996
	44,050	0.601%, 03/08/16 (e)		44,045
		Macquarie Bank Ltd.,
	50,000	0.601%, 03/07/16 (e)		49,995
	20,000	0.611%, 03/10/16 (e)		19,997
	150,000	0.611%, 04/21/16 (e)		149,870
	75,000	0.681%, 03/21/16 (e)		74,972
	20,000	Matchpoint Finance plc, Series A, 0.621%, 03/10/16 (e)		19,997
	25,000	MetLife Short Term Funding LLC, 0.581%, 05/24/16 (e)		24,966
	50,000	Mitsubishi UFJ Trust & Banking Corp., 0.701%, 05/03/16 (e)		49,939
	10,000	Mont Blanc Capital Corp., 0.601%, 03/10/16 (e)		9,999
		Nationwide Building Society,
	75,000	0.470%, 03/16/16 (e)		74,985
	83,500	0.470%, 03/17/16 (e)		83,483
	75,000	Natixis, 0.681%, 03/21/16		74,972

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Nederlandse Waterschapsbank N.V.,
	75,000	0.581%, 05/12/16 (e)		74,913
	20,000	0.591%, 04/20/16 (e)		19,984
	25,000	0.601%, 05/04/16 (e)		24,973
	25,000	Nieuw Amsterdam Receivables Corp., 0.601%, 05/10/16 (e)		24,971
	60,000	NRW Bank, 0.581%, 04/13/16 (e)		59,958
	50,000	Regency Markets No. 1 LLC, 0.430%, 03/14/16 (e)		49,992
	50,000	Ridgefield Funding Co. LLC, Series A1, 0.701%, 03/18/16 (e)		49,983
	56,000	Societe Generale S.A., 0.596%, 04/05/16 (e)		55,968
	50,000	Starbird Funding Corp., 0.661%, 03/21/16 (e)		49,982
	100,000	Sumitomo Mitsui Banking Corp., 0.701%, 03/22/16 (e)		99,959
	5,000	Svenska Handelsbanken AB, 0.501%, 03/10/16 (e)		4,999
	33,000	Total Capital Canada Ltd., 0.581%, 04/14/16 (e)		32,977
	50,000	Toyota Credit Canada, Inc., 0.611%, 04/25/16		49,953
	75,000	Versailles Commercial Paper LLC, 0.651%, 05/12/16 (e)		74,903
	30,000	Victory Receivables Corp., 0.631%, 04/11/16 (e)		29,978
		Westpac Banking Corp.,
	77,000	VAR, 0.547%, 03/20/16 (e)		77,000
	77,000	VAR, 0.547%, 03/20/16 (e)		77,000
	75,000	VAR, 0.549%, 03/10/16 (e)		75,000
		Total Commercial Paper (Cost $4,229,210)		4,229,210
	Corporate Notes — 5.3%
		Financials — 5.3%
		Banks — 4.3%
	250,000	Australia & New Zealand Banking Group Ltd., VAR, 0.766%, 03/03/16 (e)		250,000
	85,000	Royal Bank of Canda, VAR, 0.737%, 03/18/16		85,000
	50,000	Svenska Handelsbanken AB, VAR, 0.668%, 03/14/16 (e)		50,000
	185,000	Wells Fargo Bank N.A., VAR, 0.632%, 03/17/16		185,000
				570,000
		Capital Markets — 1.0%
	125,000	ING Bank N.V., VAR, 0.677%, 03/31/16 (e)		125,000
		Total Corporate Notes (Cost $695,000)		695,000

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — 4.8%
	25,000	Citigroup Global Markets, Inc., 0.780%, dated 02/29/16, due 03/21/16, repurchase price $25,011, collateralized by Corporate Bonds, 11.000%, due 10/01/21 and U.S. Treasury Securities, 0.625%, due 09/30/17, with a value of $26,353.		25,000
	25,000	Citigroup Global Markets, Inc., 0.880%, dated 02/29/16, due 03/21/16, repurchase price $25,013, collateralized by Collateralized Mortgage Obligations, 0.000% - 1.727%, due 08/26/37 - 02/25/47, with a value of $27,000.		25,000
	130,000	HSBC Securities USA, Inc., 0.530%, dated 02/29/16, due 03/01/16, repurchase price $130,002, collateralized by Corporate Bonds, 2.125% - 11.000%, due 01/15/18 - 10/29/49 and Corporate Notes, 1.700% - 3.875%, due 06/07/16 - 08/01/25, with a value of $136,725.		130,000
	150,000	Merrill Lynch PFS, Inc., 0.780%, dated 02/29/16, due 03/01/16, repurchase price $150,003, collateralized by Asset-Backed Securities, 0.872% - 1.319%, due 06/07/40 - 11/19/51, Certificates of Deposit, 0.000%, due 09/23/16, Collateralized Mortgage Obligations, 1.838%, due 08/25/46 and Commercial Paper, 0.000%, due 03/01/16 - 07/01/16, with a value of $159,013.		150,000
	175,000	Merrill Lynch PFS, Inc., 0.960%, dated 02/29/16, due 04/04/16, repurchase price $175,163, collateralized by Asset-Backed Securities, 0.000% - 7.710%, due 05/05/36 - 07/25/60 and Collateralized Mortgage Obligations, 0.000% - 6.092%, due 03/15/28 - 11/23/50, with a value of $189,000.		175,000
	75,000	Merrill Lynch PFS, Inc., 0.960%, dated 02/29/16, due 04/04/16, repurchase price $75,070, collateralized by Asset-Backed Securities, 0.000% - 1.067%, due 10/11/42 - 09/10/46, Collateralized Mortgage Obligations, 0.000%, due 06/26/23 and Sovereign Government Securities, 0.000% - 13.625%, due 01/23/18 - 01/27/45, with a value of $81,000.		75,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	50,000	Royal Bank of Canada, 0.400%, dated 02/29/16, due 03/07/16, repurchase price $50,004, collateralized by Federal Home Loan Mortgage Corporation, 2.814% - 4.000%, due 01/01/34 - 03/01/46, Federal National Mortgage Association, 3.500% - 4.500%, due 11/01/34 - 02/01/46 and Government National Mortgage Association, 3.500% - 5.000%, due 03/15/42 - 09/20/63, with a value of $51,000.		50,000
		Total Repurchase Agreements (Cost $630,000)		630,000
	Time Deposits — 22.6%
	300,000	Australia & New Zealand Banking Group Ltd., 0.360%, 03/01/16		300,000
	150,000	Bank of Montreal, 0.370%, 03/02/16		150,000
	38,439	Bank of New York Mellon Corp., 0.270%, 03/01/16		38,439
	100,000	China Construction Bank Corp., 0.400%, 03/01/16		100,000
	100,000	Citibank N.A., 0.370%, 03/02/16		100,000
	305,000	Credit Agricole Corporate and Investment Bank, 0.300%, 03/01/16		305,000
	200,000	Credit Industriel et Commercial, 0.300%, 03/01/16		200,000
	300,000	KBC Bank N.V., 0.310%, 03/01/16		300,000
		Natixis S.A.,
	50,000	0.300%, 03/01/16		50,000
	350,000	0.380%, 03/01/16		350,000
	350,000	Rabobank Nederland N.V., 0.370%, 03/01/16		350,000
	175,000	Skandinaviska Enskilda Banken AB, 0.290%, 03/01/16		175,000
	248,530	Standard Chartered plc, 0.390%, 03/01/16		248,530
	300,000	Svenska Handelsbanken AB, 0.370%, 03/02/16		300,000
		Total Time Deposits (Cost $2,966,969)		2,966,969
	U.S. Treasury Obligations — 4.1%
		U.S. Treasury Notes — 4.1%
	288,000	0.375%, 03/15/16		288,010
	130,000	1.750%, 05/31/16		130,465
	116,000	2.375%, 03/31/16		116,196
		Total U.S. Treasury Obligations (Cost $534,671)		534,671

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 21

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — 0.1%
		New Jersey — 0.1%
	11,985	Jets Stadium Development LLC, Series A-4A, VAR, LOC: Sumitomo Mitsui Banking, 0.380%, 03/07/16 (e)		11,985
	5,000	Jets Stadium Finance Issuer 2015 LLC, VAR, LOC: Sumitomo Mitsui Banking, 0.380%, 03/07/16 (e)		5,000
		Total Weekly Demand Notes (Cost $16,985)		16,985
		Total Investments — 100.0% (Cost $13,157,623)*		13,157,623
		Liabilities in Excess of Other Assets — 0.0% (g)		(1,074	)
		NET ASSETS — 100.0%	$	13,156,549

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 58.6%
		Federal Farm Credit Bank — 3.7%
	62,000	DN, 0.291%, 03/21/16 (n)		61,990
	10,000	DN, 0.391%, 05/20/16 (n)		9,991
	15,000	DN, 0.401%, 07/19/16 (n)		14,977
	30,000	DN, 0.451%, 06/14/16 (n)		29,961
	100,000	DN, 0.481%, 08/08/16 (n)		99,787
	100,000	DN, 0.491%, 08/29/16 (n)		99,754
	15,000	DN, 0.522%, 08/23/16 (n)		14,962
	29,000	DN, 0.542%, 08/30/16 (n)		28,921
	25,000	DN, 0.552%, 07/14/16 (n)		24,948
	160,000	VAR, 0.396%, 03/30/16		159,999
	190,000	VAR, 0.398%, 03/07/16		189,987
	265,000	VAR, 0.410%, 03/18/16		264,993
	80,000	VAR, 0.416%, 03/01/16		79,988
	203,000	VAR, 0.417%, 03/21/16		202,935
	125,000	VAR, 0.430%, 03/18/16		125,001
	120,000	VAR, 0.430%, 03/19/16		119,971
	153,000	VAR, 0.436%, 03/25/16		152,952
	64,836	VAR, 0.437%, 03/14/16		64,841
	130,000	VAR, 0.439%, 03/29/16		129,986
	175,000	VAR, 0.441%, 03/25/16		174,968
	50,000	VAR, 0.467%, 03/13/16		50,013
	119,100	VAR, 0.477%, 03/13/16		119,156
				2,220,081
		Federal Home Loan Bank — 36.4%
	100,000	0.340%, 06/20/16		99,989
	184,000	0.360%, 06/21/16		183,987
	275,000	0.400%, 06/17/16		275,000
	125,000	0.400%, 07/08/16		124,993
	70,000	2.000%, 09/09/16		70,534
	600,000	DN, 0.180%, 03/16/16 (n)		599,955
	809,940	DN, 0.185%, 03/01/16 (n)		809,940
	347,000	DN, 0.190%, 03/18/16 (n)		346,969
	750,000	DN, 0.193%, 03/07/16 (n)		749,976
	865,000	DN, 0.202%, 03/23/16 (n)		864,893
	650,000	DN, 0.219%, 03/09/16 (n)		649,968
	425,000	DN, 0.230%, 03/28/16 (n)		424,927
	250,000	DN, 0.250%, 03/08/16 (n)		249,988
	600,000	DN, 0.250%, 03/10/16 (n)		599,962
	100,000	DN, 0.281%, 04/28/16 (n)		99,955
	263,118	DN, 0.300%, 03/02/16 (n)		263,116
	739,671	DN, 0.304%, 04/20/16 (n)		739,359
	665,900	DN, 0.319%, 04/22/16 (n)		665,594
	90,000	DN, 0.320%, 04/06/16 (n)		89,971
	123,500	DN, 0.341%, 04/13/16 (n)		123,450

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Bank — continued
	500,000	DN, 0.360%, 03/04/16 (n)		499,985
	578,384	DN, 0.375%, 04/15/16 (n)		578,113
	543,000	DN, 0.383%, 03/11/16 (n)		542,942
	145,700	DN, 0.390%, 05/27/16 (n)		145,563
	899,250	DN, 0.398%, 05/25/16 (n)		898,405
	712,800	DN, 0.400%, 04/27/16 (n)		712,349
	10,000	DN, 0.400%, 06/15/16 (n)		9,988
	100,000	DN, 0.401%, 05/13/16 (n)		99,919
	350,000	DN, 0.401%, 06/24/16 (n)		349,553
	500,000	DN, 0.401%, 06/27/16 (n)		499,344
	1,535,000	DN, 0.410%, 05/04/16 (n)		1,533,881
	300,000	DN, 0.420%, 03/21/16 (n)		299,930
	100,000	DN, 0.446%, 06/20/16 (n)		99,863
	146,500	DN, 0.481%, 08/10/16 (n)		146,183
	250,000	DN, 0.491%, 04/26/16 (n)		249,809
	100,000	DN, 0.496%, 08/26/16 (n)		99,755
	500,000	DN, 0.501%, 09/01/16 (n)		498,722
	525,000	DN, 0.504%, 07/18/16 (n)		523,981
	400,000	DN, 0.511%, 05/23/16 (n)		399,530
	175,000	DN, 0.532%, 08/15/16 (n)		174,570
	346,000	DN, 0.541%, 06/22/16 (n)		345,413
	350,000	DN, 0.550%, 07/05/16 (n)		349,328
	250,000	DN, 0.602%, 07/06/16 (n)		249,471
	450,000	DN, 0.602%, 07/07/16 (n)		449,040
	230,000	DN, 0.602%, 08/01/16 (n)		229,413
	5,800	DN, 0.602%, 08/09/16 (n)		5,784
	175,000	VAR, 0.427%, 03/21/16		174,987
	100,000	VAR, 0.436%, 03/25/16		99,970
	930,000	VAR, 0.441%, 03/08/16		929,838
	250,000	VAR, 0.502%, 03/13/16		249,984
	230,000	VAR, 0.524%, 03/19/16		230,000
	500,000	VAR, 0.531%, 03/15/16		500,000
	175,000	VAR, 0.558%, 05/12/16		174,992
	150,000	VAR, 0.561%, 04/19/16		149,999
	250,000	VAR, 0.562%, 05/16/16		250,000
	700,000	VAR, 0.593%, 05/22/16		699,946
	500,000	VAR, 0.593%, 05/23/16		499,955
				21,983,031
		Federal Home Loan Mortgage Corp. — 9.2%
	210,000	DN, 0.280%, 03/14/16 (n)		209,979
	475,000	DN, 0.350%, 04/20/16 (n)		474,769
	500,000	DN, 0.401%, 07/11/16 (n)		499,267
	250,000	DN, 0.411%, 06/07/16 (n)		249,721
	490,000	DN, 0.430%, 03/07/16 (n)		489,965

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 23

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — continued
		Federal Home Loan Mortgage Corp. — continued
	500,000	DN, 0.451%, 07/14/16 (n)		499,156
	329,300	DN, 0.456%, 08/12/16 (n)		328,618
	500,000	DN, 0.461%, 04/13/16 (n)		499,725
	500,000	DN, 0.481%, 04/07/16 (n)		499,753
	200,000	DN, 0.489%, 08/19/16 (n)		199,536
	500,000	DN, 0.506%, 05/09/16 (n)		499,516
	250,000	VAR, 0.407%, 03/15/16		249,989
	275,000	VAR, 0.427%, 03/21/16		274,989
	575,000	VAR, 0.562%, 03/21/16		574,918
				5,549,901
		Federal National Mortgage Association — 9.3%
	35,000	2.250%, 03/15/16		35,026
	500,000	DN, 0.380%, 04/06/16 (n)		499,810
	750,000	DN, 0.401%, 07/18/16 (n)		748,842
	500,000	DN, 0.401%, 07/19/16 (n)		499,222
	250,000	DN, 0.401%, 07/25/16 (n)		249,594
	250,000	DN, 0.411%, 06/13/16 (n)		249,704
	389,375	DN, 0.456%, 08/17/16 (n)		388,543
	500,000	DN, 0.486%, 08/18/16 (n)		498,855
	12,500	DN, 0.501%, 07/06/16 (n)		12,478
	955,000	VAR, 0.438%, 03/08/16		954,853
	250,000	VAR, 0.439%, 03/07/16		249,940
	980,000	VAR, 0.440%, 03/16/16		979,855
	275,000	VAR, 0.449%, 03/26/16		274,975
				5,641,697
		Total U.S. Government Agency Securities (Cost $35,394,710)		35,394,710
	U.S. Treasury Obligations — 7.6%
		U.S. Treasury Notes — 7.6%
	726,000	0.250%, 05/15/16		725,786
	377,000	0.500%, 06/15/16		377,209
	650,000	0.500%, 07/31/16		650,107
	479,000	1.500%, 07/31/16		481,084
	500,000	1.750%, 05/31/16		501,663
	250,000	2.750%, 11/30/16		253,931
	1,235,000	3.250%, 05/31/16		1,243,720
	235,000	3.250%, 06/30/16		237,244
	100,000	3.250%, 07/31/16		101,142
		Total U.S. Treasury Obligations (Cost $4,571,886)		4,571,886
	Repurchase Agreements — 33.8%
	3,231,791	Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.331%, dated 02/29/16, due 03/01/16, repurchase price $3,231,821. [1]		3,231,791

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	914,905	Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.320%, dated 02/29/16, due 03/01/16, repurchase price $914,913. [2]		914,905
	250,000	Bank of America N.A., 0.320%, dated 02/29/16, due 03/01/16, 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
	500,000	Barclays Capital, Inc., 0.330%, dated 02/29/16 , due 03/03/16, repurchase price $500,014, collateralized by Federal Farm Credit Bank, 0.475% - 3.720%, due 07/20/16 - 06/01/35, Federal Home Loan Bank, 0.377% - 4.700%, due 07/22/16 - 07/25/33, Federal Home Loan Mortgage Corporation, 0.000%, due 09/15/23 - 12/17/29, Federal National Mortgage Association, 0.000% - 7.125%, due 04/01/16 - 11/15/30 and Tennessee Valley Authority, 0.000%, due 06/15/35, with a value of $510,000.		500,000
	500,000	BNP Paribas Securities Corp., 0.410%, dated 02/29/16, due 05/04/16, repurchase price $500,370, collateralized by Federal Home Loan Mortgage Corporation, 0.543% - 7.500%, due 08/01/18 - 08/15/45, Federal National Mortgage Association, 0.000% - 7.500%, due 10/01/17 - 07/25/54, Government National Mortgage Association, 0.728% - 6.000%, due 05/20/26 - 01/20/65 and U.S. Treasury Securities, 0.000% - 3.125%, due 03/03/16 - 08/15/25, with a value of $512,308.		500,000
	250,000	Credit Agricole Corporate and Investment Bank, 0.320%, dated 02/29/16, due 03/01/16, repurchase price $250,002, collateralized by Federal Home Loan Mortgage Corporation, 4.000%, due 08/01/45 and Federal National Mortgage Association, 3.500% - 4.500%, due 05/01/42 - 09/01/45, with a value of $255,000.		250,000
	500,000	Credit Agricole Corporate and Investment Bank, 0.340%, dated 02/29/16, due 03/02/16, repurchase price $500,009, collateralized by Federal Home Loan Mortgage Corporation, 4.000%, due 10/01/41, Federal National Mortgage Association, 3.000% - 5.000%, due 01/01/31 - 11/01/45 and Government National Mortgage Association, 4.000% - 4.500%, due 10/20/41 - 04/20/45, with a value of $510,000.		500,000

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	500,000	Credit Suisse First Boston USA, Inc., 0.340%, dated 02/29/16, due 03/16/16, repurchase price $500,076, collateralized by Federal National Mortgage Association, 1.685% - 5.526%, due 02/01/17 - 02/01/46, with a value of $510,003.		500,000
	2,000,000	Deutsche Bank Securities Inc., 0.340%, dated 02/29/16, due 03/01/16, repurchase price $2,000,019, collateralized by Federal Home Loan Bank, 0.000% - 1.375%, due 03/24/16 - 02/18/21, Federal Home Loan Mortgage Corporation, 0.000% - 5.500%, due 06/01/32 - 09/15/43, Federal National Mortgage Association, 0.000% - 123.961%, due 05/11/17 - 11/25/52, Government National Mortgage Association, 0.000% - 5.750%, due 06/01/32 - 09/15/42, U.S. Treasury Securities, 0.375% - 2.750%, due 05/31/16 - 09/30/22 and Vendee Mortgage Trust, 5.750%, due 11/15/32, with a value of $2,046,199.		2,000,000
	1,000,000	Deutsche Bank Securities Inc., 0.340%, dated 02/29/16, due 03/04/16, repurchase price $1,000,038, collateralized by Federal Home Loan Mortgage Corporation, 0.726% - 6.500%, due 07/15/39 - 10/15/45, Federal National Mortgage Association, 3.000% - 7.366%, due 10/25/33 - 05/25/54 and Government National Mortgage Association, 2.000% - 6.500%, due 11/16/33 - 10/20/45, with a value of $1,030,000.		1,000,000
	500,000	Deutsche Bank Securities Inc., 0.350%, dated 02/29/16, due 03/02/16, repurchase price $500,010, collateralized by Federal Home Loan Mortgage Corporation, 0.826% - 6.953%, due 07/15/39 - 02/15/45, Federal National Mortgage Association, 3.000%, due 06/25/35 and Government National Mortgage Association, 4.000% - 6.500%, due 11/16/40 - 10/20/45, with a value of $515,000.		500,000
	1,500,000	Deutsche Bank Securities Inc., 0.350%, dated 02/29/16, due 03/03/16, repurchase price $1,500,044, collateralized by Federal Home Loan Mortgage Corporation, 0.000% - 115.498%, due 06/15/25 - 11/15/45, Federal National Mortgage Association, 0.000% - 6.500%, due 11/25/32 - 05/25/54 and Government National Mortgage Association, 0.000% - 80.204%, due 08/20/27 - 10/20/62, with a value of $1,544,764.		1,500,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	600,000	Federal Reserve Bank of New York, 0.250%, dated 02/29/16, due 03/01/16, repurchase price $600,004, collateralized by U.S. Treasury Securities, 2.000% - 6.625%, due 11/30/20 - 02/15/27, with a value of $600,004.		600,000
	750,000	Royal Bank of Canada, 0.340%, dated 02/29/16, due 03/07/16, repurchase price $750,050, collateralized by Federal Home Loan Mortgage Corporation, 2.000% - 8.000%, due 05/01/16 - 09/01/45, Federal National Mortgage Association, 0.786% - 7.000%, due 05/01/16 - 02/01/46 and Government National Mortgage Association, 1.875% - 9.000%, due 11/20/23 - 09/20/63, with a value of $765,170.		750,000
	1,000,000	Royal Bank of Canada, 0.400%, dated 02/29/16, due 03/07/16, repurchase price $1,000,078, collateralized by Federal Home Loan Mortgage Corporation, 2.484% - 4.500%, due 02/01/36 - 05/01/42, Federal National Mortgage Association, 0.977% - 4.500%, due 07/01/28 - 02/01/46, Government National Mortgage Association, 3.500% - 4.500%, due 10/20/43 - 01/20/46 and U.S. Treasury Securities, 0.125%, due 04/15/16, with a value of $1,020,018.		1,000,000
	1,000,000	Societe Generale S.A., 0.320%, dated 02/29/16, due 03/01/16, repurchase price $1,000,009, collateralized by U.S. Treasury Securities, 0.000% - 8.750%, due 04/15/16 - 05/15/44, with a value of $1,020,000.		1,000,000
	1,000,000	Societe Generale S.A., 0.330%, dated 02/29/16, due 03/04/16, repurchase price $1,000,037, collateralized by U.S. Treasury Securities, 0.000% - 8.875%, due 04/07/16 - 02/15/45, with a value of $1,020,000.		1,000,000
	1,500,000	Societe Generale S.A., 0.340%, dated 02/29/16, due 03/02/16, repurchase price $1,500,028, collateralized by U.S. Treasury Securities, 0.000% - 8.125%, due 04/15/16 - 05/15/45, with a value of $1,530,000.		1,500,000
	1,000,000	Societe Generale S.A., 0.340%, dated 02/29/16, due 03/03/16, repurchase price $1,000,028, collateralized by U.S. Treasury Securities, 0.000% - 3.625%, due 05/26/16 - 02/15/45, with a value of $1,020,000.		1,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 25

JPMorgan U.S. Government Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	500,000	Wells Fargo Bank N.A., 0.430%, dated 02/29/16, due 05/17/16, repurchase price $500,466, collateralized by Federal Home Loan Mortgage Corporation, 3.500%, due 06/01/45, with a value of $510,431.		500,000
	400,000	Wells Fargo Securities, LLC, 0.330%, dated 02/29/16, due 03/01/16, repurchase price $400,004, collateralized by Federal National Mortgage Association, 3.500%, due 02/01/46 - 03/01/46, with a value of $408,026.		400,000
	1,000,000	Wells Fargo Securities, LLC, 0.330%, dated 02/29/16, due 03/01/16, repurchase price $1,000,009, collateralized by Federal Home Loan Mortgage Corporation, 3.500%, due 12/01/30 and Federal National Mortgage Association, 3.500%, due 02/01/46 - 03/01/46, with a value of $1,020,009.		1,000,000
		Total Repurchase Agreements (Cost $20,396,696)		20,396,696
		Total Investments — 100.0% (Cost $60,363,292)*		60,363,292
		Other Assets in Excess of Liabilities — 0.0% (g)		6,269
		NET ASSETS — 100.0%	$	60,369,561

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 49.4%
		U.S. Treasury Bond — 2.4%
	400,000	7.250%, 05/15/16		405,628
		U.S. Treasury Notes — 47.0%
	400,000	0.375%, 03/15/16		400,013
	182,000	0.375%, 03/31/16		182,020
	76,000	0.375%, 04/30/16		76,025
	500,000	0.375%, 05/31/16		499,976
	257,800	0.500%, 06/15/16		257,894
	500,000	0.500%, 07/31/16		500,034
	193,000	0.500%, 08/31/16		192,961
	75,000	0.500%, 09/30/16		74,994
	350,000	0.625%, 07/15/16		350,121
	380,000	0.625%, 08/15/16		380,265
	67,000	0.875%, 11/30/16		67,118
	100,000	1.000%, 08/31/16		100,233
	300,000	1.500%, 06/30/16		301,080
	500,000	1.750%, 05/31/16		501,685
	100,000	2.000%, 04/30/16		100,279
	450,000	2.250%, 03/31/16		450,710
	200,000	2.375%, 03/31/16		200,322
	100,000	3.000%, 08/31/16		101,237
	225,000	3.250%, 05/31/16		226,630
	300,000	3.250%, 06/30/16		302,604
	350,000	3.250%, 07/31/16		354,062
	100,000	4.875%, 08/15/16		101,990
	225,000	VAR, 0.373%, 03/01/16		224,913
	150,000	VAR, 0.389%, 03/01/16		150,001
	550,000	VAR, 0.394%, 03/01/16		549,537
	363,000	VAR, 0.397%, 03/01/16		362,749
	304,000	VAR, 0.404%, 03/01/16		304,058
	550,000	VAR, 0.488%, 03/01/16		550,059
	150,000	VAR, 0.592%, 03/01/16		150,122
				8,013,692
		Total U.S. Treasury Obligations (Cost $8,419,320)		8,419,320
	Repurchase Agreements — 51.6%
	750,000	Barclays Capital, Inc., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $750,006, collateralized by U.S. Treasury Securities, 0.000% - 2.000%, due 05/15/16 - 11/15/45, with a value of $765,000.		750,000
	250,000	Barclays Capital, Inc., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $250,002, collateralized by U.S. Treasury Securities, 0.000% - 4.250%, due 07/15/17 - 11/15/40, with a value of $255,000.		250,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	500,000	Barclays Capital, Inc., 0.320%, dated 02/29/16, due 03/03/16, repurchase price $500,013, collateralized by U.S. Treasury Securities, 0.000% - 5.500%, due 07/31/16 - 05/15/43, with a value of $510,000.		500,000
	1,171,450	BNP Paribas Securities Corp., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $1,171,460, collateralized by U.S. Treasury Securities, 0.000% - 6.250%, due 05/12/16 - 05/15/45, with a value of $1,194,879.		1,171,450
	498,527	Deutsche Bank Securities Inc., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $498,531, collateralized by U.S. Treasury Securities, 0.625% - 2.750%, due 08/15/16 - 06/30/18, with a value of $508,498.		498,527
	500,000	Deutsche Bank Securities Inc., 0.330%, dated 02/29/16, due 03/03/16, repurchase price $500,014, collateralized by U.S. Treasury Securities, 0.000% - 9.000%, due 03/17/16 - 11/15/45, with a value of $510,000.		500,000
	550,000	Federal Reserve Bank of New York, 0.250%, dated 02/29/16, due 03/01/16, repurchase price $550,004, collateralized by U.S. Treasury Securities, 1.625% - 2.000%, due 02/15/22 - 11/15/22, with a value of $550,004.		550,000
	250,000	JPMorgan Securities LLC, 0.300%, dated 02/29/16, due 03/01/16, repurchase price $250,002, collateralized by U.S. Treasury Securities, 0.750% - 2.750%, due 02/28/18 - 02/15/24, with a value of $255,004.		250,000
	154,100	Merrill Lynch PFS, Inc., 0.300%, dated 02/29/16, due 03/01/16, repurchase price $154,101, collateralized by U.S. Treasury Securities, 0.000%, due 05/05/16 - 05/15/18, with a value of $157,182.		154,100
	750,000	Royal Bank of Scotland Group plc, 0.290%, dated 02/29/16, due 03/01/16, repurchase price $750,006, collateralized by U.S. Treasury Securities, 0.125% - 3.250%, due 07/31/16 - 01/15/25, with a value of $765,004.		750,000
	1,000,000	Societe Generale S.A., 0.330%, dated 02/29/16, due 03/04/16, repurchase price $1,000,037, collateralized by U.S. Treasury Securities, 0.000% - 8.750%, due 03/31/16 - 05/15/45, with a value of $1,020,000.		1,000,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 27

JPMorgan U.S. Treasury Plus Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Repurchase Agreements — continued
	1,762,652	Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.305%, dated 02/29/16, due 03/01/16, repurchase price $1,762,667. [3]		1,762,652
	500,000	Wells Fargo Securities, LLC, 0.310%, dated 02/29/16, due 03/01/16, repurchase price $500,004, collateralized by U.S. Treasury Securities, 0.125% - 4.625%, due 11/15/16 - 11/15/42, with a value of $510,004.		500,000
	150,000	Wells Fargo Securities, LLC, 0.390%, dated 02/29/16, due 04/11/16, repurchase price $150,068, collateralized by U.S. Treasury Securities, 1.375% - 1.750%, due 11/30/18 - 02/28/22, with a value of $153,151.		150,000
		Total Repurchase Agreements (Cost $8,786,729)		8,786,729
		Total Investments — 101.0% (Cost $17,206,049)*		17,206,049
		Liabilities in Excess of Other Assets — (1.0)%		(177,532	)
		NET ASSETS — 100.0%	$	17,028,517

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

JPMorgan Federal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Government Agency Securities — 86.3%
		Federal Farm Credit Bank — 9.4%
	40,000	VAR, 0.396%, 03/30/16		40,000
	45,000	VAR, 0.398%, 03/07/16		44,997
	22,000	VAR, 0.417%, 03/21/16		21,993
	100,000	VAR, 0.420%, 03/01/16		100,000
	25,000	VAR, 0.430%, 03/18/16		25,000
	22,000	VAR, 0.436%, 03/25/16		21,993
	25,000	VAR, 0.464%, 03/28/16		24,994
	50,000	VAR, 0.495%, 03/01/16		49,899
	25,000	VAR, 0.536%, 03/25/16		25,000
	40,000	VAR, 0.576%, 03/12/16		39,992
				393,868
		Federal Home Loan Bank — 76.9%
	25,000	0.360%, 06/21/16		24,998
	25,000	0.400%, 07/08/16		24,999
	115,700	DN, 0.285%, 03/18/16 (n)		115,685
	200,000	DN, 0.290%, 03/11/16 (n)		199,984
	200,000	DN, 0.300%, 03/21/16 (n)		199,967
	124,000	DN, 0.300%, 03/28/16 (n)		123,972
	193,948	DN, 0.311%, 03/02/16 (n)		193,946
	41,573	DN, 0.325%, 03/23/16 (n)		41,565
	100,000	DN, 0.338%, 04/22/16 (n)		99,951
	50,000	DN, 0.340%, 03/30/16 (n)		49,986
	200,000	DN, 0.340%, 04/05/16 (n)		199,934
	90,000	DN, 0.340%, 04/06/16 (n)		89,969
	22,550	DN, 0.340%, 04/07/16 (n)		22,542
	236,223	DN, 0.352%, 03/17/16 (n)		236,186
	80,700	DN, 0.365%, 04/15/16 (n)		80,663
	175,000	DN, 0.380%, 03/22/16 (n)		174,961
	90,850	DN, 0.380%, 05/20/16 (n)		90,773
	200,000	DN, 0.385%, 05/11/16 (n)		199,848
	117,000	DN, 0.394%, 03/16/16 (n)		116,981
	105,000	DN, 0.398%, 05/25/16 (n)		104,902
	100,000	DN, 0.404%, 05/06/16 (n)		99,926

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Federal Home Loan Bank — continued
	155,000	DN, 0.410%, 04/29/16 (n)		154,896
	200,000	DN, 0.410%, 05/04/16 (n)		199,854
	100,000	DN, 0.511%, 05/23/16 (n)		99,882
	25,000	VAR, 0.441%, 03/08/16		24,996
	35,000	VAR, 0.447%, 03/21/16		34,962
	40,000	VAR, 0.524%, 03/19/16		40,000
	50,000	VAR, 0.531%, 03/15/16		50,000
	50,000	VAR, 0.575%, 03/03/16		50,000
	25,000	VAR, 0.593%, 05/22/16		24,998
	35,000	VAR, 0.618%, 05/22/16		35,000
				3,206,326
		Total U.S. Government Agency Securities (Cost $3,600,194)		3,600,194
	U.S. Treasury Obligations — 14.8%
		U.S. Treasury Bill — 6.0% (n)
	250,000	0.276%, 03/24/16		249,956
		U.S. Treasury Notes — 8.8%
	25,000	0.625%, 07/15/16		25,013
	25,000	3.250%, 06/30/16		25,231
	126,367	VAR, 0.389%, 03/01/16		126,380
	115,000	VAR, 0.394%, 03/01/16		114,912
	75,000	VAR, 0.404%, 03/01/16		75,023
				366,559
		Total U.S. Treasury Obligations (Cost $616,515)		616,515
		Total Investments — 101.1% (Cost $4,216,709)*		4,216,709
		Liabilities in Excess of Other Assets — (1.1)%		(45,379	)
		NET ASSETS — 100.0%	$	4,171,330

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 29

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

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	U.S. Treasury Obligations — 99.9%
		U.S. Treasury Bills — 55.8% (n)
	2,002,195	0.257%, 03/10/16		2,002,066
	2,625,000	0.271%, 03/24/16		2,624,546
	1,700,000	0.274%, 03/03/16		1,699,974
	250,000	0.276%, 05/05/16		249,876
	1,200,000	0.303%, 04/28/16		1,199,416
	2,625,758	0.311%, 05/26/16		2,623,811
	1,140,000	0.315%, 05/12/16		1,139,282
	250,000	0.326%, 06/02/16		249,795
	646,846	0.422%, 05/19/16		646,411
				12,435,177
		U.S. Treasury Notes — 44.1%
	225,000	0.250%, 04/15/16		224,957
	590,000	0.375%, 03/31/16		589,997
	420,000	0.375%, 04/30/16		420,003
	675,000	0.375%, 05/31/16		674,980
	500,000	0.500%, 07/31/16		500,098
	150,000	1.500%, 06/30/16		150,545
	425,000	1.750%, 05/31/16		426,475
	320,000	2.000%, 04/30/16		320,858
	808,000	2.250%, 03/31/16		809,277
	212,000	2.375%, 03/31/16		212,365

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		U.S. Treasury Notes — continued
	260,000	2.625%, 04/30/16		260,964
	400,000	3.250%, 05/31/16		402,732
	468,000	3.250%, 06/30/16		472,202
	950,000	VAR, 0.373%, 03/01/16		949,794
	50,000	VAR, 0.389%, 03/01/16		50,003
	500,000	VAR, 0.390%, 03/01/16		500,063
	500,000	VAR, 0.394%, 03/01/16		499,627
	550,000	VAR, 0.397%, 03/01/16		549,807
	1,250,000	VAR, 0.404%, 03/01/16		1,250,056
	550,000	VAR, 0.488%, 03/01/16		549,916
				9,814,719
		Total U.S. Treasury Obligations (Cost $22,249,896)		22,249,896
		Total Investments — 99.9% (Cost $22,249,896)*		22,249,896
		Other Assets in Excess of Liabilities — 0.1%		21,046
		NET ASSETS — 100.0%	$	22,270,942

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Municipal Bonds — 96.1%
		Alabama — 0.2%
	15,000	East Alabama Health Care Authority, Series B, Rev., VRDO, 0.020%, 03/07/16		15,000
	775	Mobile County IDA, PCR, ExxonMobil Project, Rev., VRDO, 0.010%, 03/01/16		775
		The Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal U.S.A. LLC Project,
	8,335	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		8,335
	10,450	Series B, Rev., VRDO, 0.020%, 03/07/16		10,450
				34,560
		Alaska — 1.6%
		Alaska Housing Finance Corp., Governmental Purpose,
	49,910	Series A, Rev., VRDO, 0.010%, 03/07/16		49,910
	31,985	Series B, Rev., VRDO, 0.010%, 03/07/16		31,985
	12,300	Alaska Housing Finance Corp., Governmental Purpose, University of Alaska, Series A, Rev., VRDO, 0.020%, 03/07/16		12,300
		Alaska Housing Finance Corp., Home Mortgage,
	50,880	Series A, Rev., VRDO, 0.010%, 03/07/16		50,880
	25,930	Series B, Rev., VRDO, 0.010%, 03/07/16		25,930
		City of Valdez, Marine Terminal, Exxon Pipeline Co. Project,
	44,020	Series A, Rev., VRDO, 0.010%, 03/01/16		44,020
	20,015	Series B, Rev., VRDO, 0.010%, 03/01/16		20,015
	13,375	Series C, Rev., VRDO, 0.010%, 03/01/16		13,375
	22,995	City of Valdez, Marine Terminal, ExxonMobil Project, Rev., VRDO, 0.010%, 03/01/16		22,995
	23,030	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0028, Rev., VAR, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/01/16 (e)		23,030
				294,440
		Arizona — 0.9%
	42,300	Ak-Chin Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		42,300
		Arizona Health Facilities Authority, Banner Health,
	18,195	Series 2008G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		18,195
	15,000	Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		15,000
	15,600	City of Mesa, Utility System, Series ROCS-RR-II-R-11032, Rev., VRDO, AGM, LIQ: Citibank N.A., 0.020%, 03/07/16		15,600

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Arizona — continued
	14,575	Maricopa County IDA, Multi-Family Housing, Las Gardenias Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		14,575
	2,000	Phoenix City IDA, Multi-Family Housing, Del Mar Terrace Apartments Project, Series A, Rev., VRDO, FHLMC COLL, LIQ: FHLMC, 0.050%, 03/07/16		2,000
	37,440	Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		37,440
	22,955	The Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic, Series 2014-B, Rev., VRDO, 0.010%, 03/01/16		22,955
				168,065
		California — 10.6%
	28,780	ABAG Finance Authority for Nonprofit Corps., Sharp HealthCare, Series D, Rev., VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		28,780
	23,700	Antelope Valley-East Kern Water Agency, Series A-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		23,700
	784	Bay Area Toll Authority, California Toll Bridge, Series 2015, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.020%, 03/07/16 (e)		784
	1,664	California Educational Facilities Authority, Series 3144, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.020%, 03/07/16 (e)		1,664
	2,400	California Health Facilities Financing Authority, Adventist Health System, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		2,400
	11,750	California Health Facilities Financing Authority, City of Hope, Series C, Rev., VRDO, 0.010%, 03/07/16		11,750
	23,800	California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Loan Program, Series H, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		23,800
	17,930	California Health Facilities Financing Authority, Scripps Health, Series C, Rev., VRDO, LOC: Union Bank N.A., 0.010%, 03/07/16		17,930
	6,100	California Health Facilities Financing Authority, St. Joseph Health System, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.010%, 03/07/16		6,100
	30,000	California Health Facilities Financing Authority, Stanford Hospital & Clinics, Series B-1, Rev., VRDO, 0.010%, 03/07/16		30,000

SEE NOTES TO FINANCIAL STATEMENTS.

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

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	1,220	California Infrastructure & Economic Development Bank, IDR, Pleasant Mattress, Inc. Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.040%, 03/07/16		1,220
		California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co.,
	16,600	Series B, Rev., VRDO, LOC: Union Bank N.A., 0.010%, 03/01/16		16,600
	750	Series C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/01/16		750
	2,870	California Municipal Finance Authority, La Sierra University, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		2,870
	13,610	California Municipal Finance Authority, Pollution Control, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.010%, 03/01/16		13,610
	400	California Municipal Finance Authority, Recovery Zone Facility, Chevron U.S.A., Inc. Project, Series A, Rev., VRDO, 0.010%, 03/01/16		400
		California Statewide Communities Development Authority,
	30,000	Series 09-D, VRDO, 0.120%, 03/22/16		30,000
	10,000	Series 9B-1, VRDO, 0.030%, 03/22/16		10,000
	45,000	Series 9B-1, VRDO, 0.240%, 03/04/16		45,000
	22,000	Series 9B-2, VRDO, 0.200%, 05/05/16		22,000
	35,000	Series 9B-5, VRDO, 0.260%, 06/02/16		35,000
	82,650	Series J, Rev., VRDO, 0.010%, 03/07/16		82,650
	100	California Statewide Communities Development Authority, John Muir Health, Series A, Rev., VRDO , LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		100
		California Statewide Communities Development Authority, Kaiser Permanente,
	39,100	Series B, Rev., VRDO, 0.010%, 03/07/16		39,100
	88,300	Series B, Rev., VRDO, 0.020%, 03/07/16		88,300
	15,600	Series C-1, Rev., VRDO, 0.010%, 03/07/16		15,600
	60,835	Series C-2, Rev., VRDO, 0.010%, 03/07/16		60,835
	64,840	Series C-3, Rev., VRDO, 0.010%, 03/07/16		64,840
	94,280	Series E, Rev., VRDO, 0.020%, 03/07/16		94,280
	55,780	Series L, Rev., VRDO, 0.010%, 03/07/16		55,780
	133,850	Series M, Rev., VRDO, 0.010%, 03/07/16		133,850
	3,650	California Statewide Communities Development Authority, Multi-Family Housing, Golden Age Garden Apartments, Series H, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.020%, 03/07/16		3,650

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
	8,700	California Statewide Communities Development Authority, Multi-Family Housing, Kelvin Court, Series B, Rev., VRDO, FNMA, LIQ: FNMA, 0.040%, 03/07/16		8,700
	1,050	City of Irvine, Improvement Bond Act of 1915, District No. 94-13, GO, VRDO, LOC: State Street Bank & Trust, 0.010%, 03/01/16		1,050
	1,354	City of Irvine, Improvement Bond Act of 1915, District No. 97-17, GO, VRDO, LOC: State Street Bank & Trust, 0.010%, 03/01/16 (e)		1,354
	1,400	City of Modesto, Multi-Family Housing, Valley Oak Project, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.010%, 03/07/16		1,400
	59,050	City of Pasadena, Series A, COP, VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		59,050
	900	City of Vacaville, Multi-Family Housing, Sycamores Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		900
	80,000	County of Kern, Rev., TAN, 7.000%, 06/30/16		81,764
	70,000	County of Los Angeles, Rev., TAN, 5.000%, 06/30/16		71,087
	35,000	County of Santa Cruz, Rev., TAN, 2.000%, 06/30/16		35,196
		Eastern Municipal Water District, Water and Waste Water,
	3,200	Series B, VRDO, 0.010%, 03/01/16		3,200
	47,260	Series C, Rev., VRDO, 0.010%, 03/07/16		47,260
	29,535	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2007-0034, COP, VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		29,535
	1,500	Irvine Ranch Water District, Nos. 105, 140, 240 & 250, CONS, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		1,500
	1,100	Irvine Unified School District, Community Facilities District No. 09-1, Series A, GO, VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		1,100
	28,550	Los Angeles City Department of Water & Power, Power System, Series A, Subseries A-3, Rev., VRDO, 0.010%, 03/01/16		28,550
	45,500	Los Angeles City Department of Water & Power, Water System, Series B, Subseries B-1, Rev., VRDO, 0.010%, 03/07/16		45,500
		Los Angeles Community College District,
	10,800	Series ROCS-RR-II-R-11768, GO, VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.020%, 03/07/16		10,800

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		California — continued
	11,820	Series ROCS-RR-II-R-11773, GO, VRDO, LIQ: Citibank N.A., 0.010%, 03/07/16		11,820
		Los Angeles Department of Water & Power, Power System,
	27,400	Series A, Subseries A-7, Rev., VRDO, 0.010%, 03/01/16		27,400
	45,000	Series B, Subseries B-2, Rev., VRDO, 0.010%, 03/07/16		45,000
	52,900	Series B, Subseries B-7, Rev., VRDO, 0.010%, 03/07/16		52,900
	9,200	Los Angeles Department of Water & Power, Waterworks, Series B, Subseries B-3, Rev., VRDO, 0.010%, 03/07/16		9,200
		Metropolitan Water District of Southern California,
	11,500	Series A-1, VRDO, 0.010%, 03/07/16		11,500
	26,050	Series A-2, Rev., 0.010%, 03/07/16		26,050
	575	Series B-3, Rev., VRDO, 0.010%, 03/01/16		575
	55,260	Puttable Floating Option Tax-Exempt Receipts, Series PT-4642, GO, VRDO, LIQ: Bank of America N.A., 0.010%, 03/07/16 (e)		55,260
		Regents of the University of California,
	10,000	Series AL-1, Rev., VRDO, 0.010%, 03/07/16		10,000
	14,850	Series AL-4, Rev., VRDO, 0.010%, 03/07/16		14,850
	17,025	Riverside County Transportation Commission, Sales Tax, Series C, Rev., VRDO, 0.010%, 03/07/16		17,025
	5,000	Sacramento County Sanitation Districts Financing Authority, Municipal Securities Trust Receipts, Series SGC-47, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, 0.020%, 03/07/16		5,000
	67,635	Sacramento County Sanitation Districts Financing Authority, Sub-Lien, Sacramento Regional County Sanitation District, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		67,635
	18,000	San Diego Community College District, Series ROCS-RR-II-R-11775, GO, VRDO, LIQ: Citibank N.A., 0.020%, 03/07/16		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., 0.010%, 03/07/16		4,775

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		California — continued
	17,000	San Francisco City & County Redevelopment Agency, Airport Commission City, California San Francisco International Airport, Series 36A, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		17,000
	5,090	Santa Clara County Financing Authority, Multiple Facilities Projects, Series M, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		5,090
		State of California,
	15,000	Series A, Subseries A2-1, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		15,000
	20,000	Series A-1, LOC: Wells Fargo Bank N.A., 0.040%, 04/19/16		20,000
	31,000	Series A-2, LOC: Royal Bank of Canada, 0.050%, 04/21/16		31,000
	10,000	Series B, Subseries B-1, GO, VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		10,000
	2,500	Series B, Subseries B-2, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		2,500
	6,140	Series B, Subseries B-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		6,140
		State of California, Kindergarten,
	11,700	Series A5, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/01/16		11,700
	31,400	Series A6, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		31,400
	34,200	Series A7, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		34,200
	13,900	Series B1, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/01/16		13,900
	33,000	State of California, Municipal Securities Trust Receipts, Series SGC-6, Class A, GO, VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		33,000
	6,250	Tender Option Bond Trust Receipts, Rev., VRDO, 0.040%, 03/07/16		6,250
				2,005,459
		Colorado — 3.2%
	22,210	City of Colorado Springs, Utilities Revenue System, Sub Lien, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		22,210
		City of Colorado Springs, Utilities System Improvement,
	10,800	Series A, Rev., VRDO, 0.010%, 03/07/16		10,800
	43,565	Series A, Rev., VRDO, 0.010%, 03/07/16		43,565

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 33

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Colorado — continued
	60,590	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Series 2012, Rev., VRDO, 0.020%, 03/07/16		60,590
	105,000	Colorado Educational Loan program, Series 2015A, Rev., TAN, 1.500%, 06/29/16		105,414
	10,300	Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.020%, 03/07/16		10,300
	925	Colorado Housing & Finance Authority, Multi-Family Housing Project, Series A-4, Class I, Rev., VRDO, 0.020%, 03/07/16		925
	11,460	Colorado Housing & Finance Authority, Multi-Family Housing, Terrace Park Apartments Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.030%, 03/07/16		11,460
		Colorado Housing & Finance Authority, Single Family Mortgage,
	50,000	Series B-2, Class I, Rev., VRDO, AMT, 0.030%, 03/07/16		50,000
	41,480	Series B-3, Class I, Rev., VRDO, LOC: FHLB, 0.030%, 03/07/16		41,480
	2,665	Series C-2, Class I, Rev., VRDO, LIQ: FHLB, 0.010%, 03/07/16		2,665
	15,010	County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.010%, 03/07/16		15,010
	35,075	Moffat County, PCR, Tri-State Generation and Transmission Association, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		35,075
	195,000	State of Colorado, General Fund, Series 2015A, Rev., TAN, 1.500%, 06/28/16		195,772
				605,266
		Connecticut — 0.6%
	39,200	Capital City EDA, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/07/16		39,200
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	35,000	Series C, Subseries C-2, Rev., VRDO, AMT, 0.020%, 03/07/16		35,000
	21,935	Series D, Subseries D-3, Rev., VRDO, AMT, 0.020%, 03/07/16		21,935
	18,140	Connecticut State Health & Educational Facility Authority, Yale University, Series V-1, Rev., VRDO, 0.010%, 03/01/16		18,140
				114,275

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Delaware — 0.4%
	13,800	County of New Castle, FlightSafety International, Inc. Project, Rev., VRDO, BHAC, 0.020%, 03/07/16		13,800
	28,155	County of New Castle, Multi-Family Rental Housing, Fairfield English Village Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		28,155
	8,525	Delaware State Health Facilities Authority, Christiana Care Health Services, Series B, Rev., VRDO, 0.010%, 03/07/16		8,525
	20,465	University of Delaware, Series B, Rev., VRDO, 0.010%, 03/01/16		20,465
				70,945
		District of Columbia — 0.2%
	1,730	District of Columbia, American Psychology Association, Rev., VRDO, LOC: Bank of America N.A., 0.080%, 03/07/16		1,730
	2,028	District of Columbia, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.210%, 03/07/16		2,028
	12,125	District of Columbia, Water & Sewer Authority, Public Utility, Subordinate Lien, Series B, Subseries B-1, Rev., VRDO, 0.010%, 03/07/16		12,125
	18,775	Metropolitan Washington Airports Authority, Subseries D-2, Rev., VRDO, LOC: TD Bank N.A., 0.020%, 03/07/16		18,775
				34,658
		Florida — 2.5%
	16,575	Austin Trust, Various States, Series 2007-1025, Rev., VRDO, LIQ: Bank of America N.A., 0.030%, 03/07/16		16,575
	39,400	County of Hillsborough, Capital Improvement Program, Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.050%, 04/28/16		39,400
	18,765	Florida Gulf Coast University Financing Corp., Housing Project, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.020%, 03/07/16		18,765
	1,500	Florida Housing Finance Corp., Multi-Family Mortgage, Tuscany Lake Apartments, Rev., FNMA, 0.020%, 03/07/16		1,500
	20,000	Florida Municipal Power Agency, All Requirements Power Supply Project, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/01/16		20,000
	18,410	Gainesville Utility Systems, Series A, Rev., VRDO, 0.010%, 03/01/16		18,410

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Florida — continued
		Highlands County Health Facilities Authority, Hospital, Adventist Health System/Sunbelt Obligated Group,
	44,150	Series I-1, Rev., VRDO, 0.010%, 03/07/16		44,150
	15,100	Series I-3, Rev., VRDO, 0.010%, 03/07/16		15,100
	18,300	Series I-4, Rev., VRDO, 0.010%, 03/07/16		18,300
		JEA, Electric System,
	21,500	Series B-2, Rev., VRDO, 0.010%, 03/07/16		21,500
	27,600	Series B-3, Rev., VRDO, 0.010%, 03/07/16		27,600
	14,000	Subseries D, Rev., VRDO, 0.010%, 03/01/16		14,000
	8,000	JEA, St. Johns River Power Park System, Series ROCS-RR II R-14025, Rev., VAR, LIQ: Citibank N.A., 0.020%, 03/07/16		8,000
	44,520	JEA, Water and Sewer System, Series A-1, Rev., VRDO, 0.010%, 03/01/16		44,520
	200	JEA, Water and Sewer Systems, Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		200
		Orange County Health Facilities Authority, The Nemours Foundation Project,
	3,575	Series 2009C-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		3,575
	28,820	Series B, Rev., VRDO, LOC: Northern Trust Co., 0.010%, 03/07/16		28,820
	22,585	Orange County School Board, Certificates of Participation, Series 2008C, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		22,585
	22,285	Orange County Tourist Development Tax, Series 2352, Rev., VRDO, FGIC, LIQ: Wells Fargo & Co., 0.010%, 03/07/16 (e)		22,285
	68,800	Sarasota County Public Hospital District, Sarasota Memorial Hospital Project, Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.020%, 03/07/16		68,800
	675	South Florida Water Management District, Series ROCS RR II R-12313, COP, VAR, AGM-CR, AMBAC, LIQ: Citibank N.A., 0.020%, 03/01/16 (e)		675
	14,900	Tender Option Bond Trust Receipts, Series 2015-XF0251, Rev., VRDO, 0.030%, 03/07/16		14,900
				469,660
		Georgia — 1.9%
	47,400	Burke County Development Authorities, Pollution Control, Oglethorpe Power Corp. Vogtle Project, Series 2010A, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		47,400

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Georgia — continued
	7,460	DeKalb County Housing Authority, Multi-Family Housing, Chapel Run Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.040%, 03/07/16		7,460
	9,945	DeKalb County Housing Authority, Multi-Family Housing, Robins Landing Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.040%, 03/07/16		9,945
	10,735	DeKalb County Housing Authority, Multi-Family Housing, Timber Trace Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		10,735
	111,765	DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Project, Rev., VRDO, 0.020%, 03/07/16		111,765
	59,610	Georgia Municipal Electric Authority, Project One, Series B, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		59,610
	2,770	Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/07/16		2,770
	5,940	Henry County Water & Sewer Authority, EAGLE, Series 2005-0008, Class A, Rev., VAR, BHAC, AGM-CR, NATL-RE, LIQ: Citibank N.A., 0.010%, 03/07/16		5,940
	400	Marietta City Housing Authority, Multi-Family Housing, Concepts 21 — Delk Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		400
		Private Colleges & Universities Authority, Emory University,
	46,725	Series B, Subseries B-2, Rev., VRDO, 0.010%, 03/07/16		46,725
	500	Series B-1, Rev., VRDO, 0.010%, 03/07/16		500
	43,295	Series C-1, Rev., VRDO, 0.010%, 03/07/16		43,295
	22,000	Series C-5, Rev., VRDO, 0.010%, 03/07/16		22,000
				368,545
		Idaho — 1.0%
	9,600	Coeur d’Alene Tribe, GO, VRDO, LOC: Bank of America N.A., 0.040%, 03/07/16		9,600
	7,370	Idaho State Building Authority, Prison Facilities Project, Series A, Rev., VRDO, 0.010%, 03/07/16		7,370
	180,000	State of Idaho, GO, TAN, 2.000%, 06/30/16		181,014
				197,984

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 35

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Illinois — 4.6%
	57,995	Chicago Midway Airport, Second Lien, Series C-2, Rev., VRDO, AMT, LOC: Wells Fargo Bank N.A., 0.050%, 03/07/16		57,995
	140,600	Chicago O’Hare International Airport, Third Lien, Series C, Rev., VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		140,600
	4,300	City of Galesburg, Knox College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.020%, 03/07/16		4,300
	16,735	County of Cook, Illinois, Catholic Theological Union Project, Series 2005, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		16,735
	10,400	County of Cook, Village of Justice, Multi-Family Housing, Candlewood Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		10,400
	1,140	County of Lake, A.L. Hansen Manufacturing Co. Project, Rev., VRDO, LOC: Harris Trust & Savings Bank, 0.150%, 03/07/16		1,140
	5,065	County of Will, Village of Romeoville, Lewis University, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		5,065
	10,000	Illinois Development Finance Authority, Residential Rental, F.C. Harris Pavilion Project, Rev., VRDO, FNMA, LIQ: FHLMC, 0.040%, 03/07/16		10,000
	13,000	Illinois Development Finance Authority, Village of Oak Park Residence Corporation Project, Series 2001, Rev., VRDO, LOC: PNC Bank N.A., 0.020%, 03/07/16		13,000
	6,200	Illinois Educational Facilities Authority, Adler Planetarium, Series 1997, Rev., VRDO, LOC: PNC Bank N.A., 0.020%, 03/07/16		6,200
	49,230	Illinois Finance Authority, Advocate Healthcare Network, Series C-2A, Rev., VRDO, 0.010%, 03/07/16		49,230
	12,790	Illinois Finance Authority, Bradley University, Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		12,790
	65,865	Illinois Finance Authority, Chicago Symphony Orchestra, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		65,865
	21,250	Illinois Finance Authority, Edward Hospital Obligated Group, Series A, Rev., VRDO, LOC: BMO Harris Bank N.A., 0.010%, 03/07/16		21,250
	37,040	Illinois Finance Authority, LOC: PNC Bank N.A., 0.020%, 03/01/16		37,040
		Illinois Finance Authority, Northwestern Memorial Hospital,
	39,530	Series A-2, Rev., VRDO, 0.010%, 03/07/16		39,530
	31,735	Series A-4, Rev., VRDO, 0.010%, 03/07/16		31,735

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Illinois — continued
	13,500	Illinois Finance Authority, Northwestern University, Subseries C, Rev., VRDO, 0.010%, 03/07/16		13,500
		Illinois Finance Authority, University of Chicago,
	76,576	Rev., VRDO, 0.010%, 03/07/16		76,576
	23,045	Series B, Rev., VRDO, 0.010%, 03/07/16		23,045
	39,545	Series C, Rev., VRDO, 0.010%, 03/07/16		39,545
		Illinois Finance Authority, University of Chicago Medical Center,
	6,540	Series A, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/01/16		6,540
	26,580	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		26,580
	1,340	Series B, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		1,340
	25,000	Series D-1, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/01/16		25,000
	7,800	Series E-1, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		7,800
	7,000	Illinois Housing Development Authority, Homeowner Mortgage, Series C-3, Rev., VRDO, AMT, 0.020%, 03/07/16		7,000
		Illinois State Toll Highway Authority, Toll Highway,
	30,000	Series A-1B, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.020%, 03/07/16		30,000
	51,900	Series A-2A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.020%, 03/07/16		51,900
	21,300	Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services, LP Project, Rev., VRDO, LOC: Wachovia Bank N.A., 0.040%, 03/07/16		21,300
	10,500	Joliet Regional Port District, Marine Terminal, Exxon Project, Rev., VRDO, 0.010%, 03/01/16		10,500
	6,530	Regional Transportation Authority, Series SGC-55, Class A, GO, FGIC, LOC: Societe Generale, 0.020%, 03/07/16		6,530
				870,031
		Indiana — 3.4%
	25,425	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2006-0162, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		25,425
		Indiana Finance Authority, Trinity Health,
	111,635	Series D-2, VRDO, 0.020%, 03/16/16		111,635
	63,140	Series D-2, VRDO, 0.050%, 03/16/16		63,140

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Indiana — continued
	19,610	Indiana Health & Educational Facility Financing Authority, Community Hospital of Lagrange County, Inc. Project, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		19,610
		Indiana Health Facility Financing Authority, Ascension Health,
	29,400	Series A-2, Rev., VRDO, 0.010%, 03/07/16		29,400
	57,810	Series E-6, Rev., VRDO, 0.010%, 03/07/16		57,810
	35,275	Indiana State Finance Authority, Ascension Health Senior Credit Group, Series E-8, Rev., VRDO, 0.010%, 03/07/16		35,275
	13,830	Indiana State Finance Authority, Environmental, Duke Energy Indiana, Inc. Project, Series A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/01/16		13,830
	33,425	Indiana State Finance Authority, Lease Appropriation, Stadium Project, Series A-2, Rev., VRDO, 0.010%, 03/07/16		33,425
	36,000	Indiana State Finance Authority, Midwestern Disaster Relief, Ohio Electric Corp. Project, Series B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		36,000
		Indiana State Finance Authority, Parkview Health System,
	70,585	Series C, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		70,585
	88,040	Series D, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.020%, 03/07/16		88,040
	29,390	Indiana State Finance Authority, University Health, Series E, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		29,390
	36,425	RBC Municipal Products, Inc. Trust, Various States, Series E-23, Rev., VRDO, LIQ: Royal Bank of Canada, LOC: Royal Bank of Canada, 0.020%, 03/07/16		36,425
				649,990
		Iowa — 0.6%
	31,485	City of Hills, Health Facilities, Mercy Hospital Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		31,485
	7,810	Iowa Finance Authority, Midwest Disaster Area, Chrisbro III, Inc. Project, Rev., VRDO, 0.020%, 03/07/16		7,810
	80,800	Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Company Project, Rev., VRDO, 0.010%, 03/07/16		80,800
				120,095

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Kansas — 0.4%
	30,315	Kansas State Department of Transportation, Highway, Series C-2, Rev., VRDO, 0.020%, 03/07/16		30,315
	14,000	Kansas State Development Finance Authority, KU Health System, Series J, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		14,000
	19,720	Olathe Health Facilities, Olathe Medical Center, Series C, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/01/16		19,720
	17,050	University of Kansas Hospital Authority, KU Health System, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		17,050
				81,085
		Kentucky — 0.2%
	4,950	City of Jeffersontown, Kentucky League of Cities Funding Trust Lease Program, Rev., VRDO, LOC: U.S. Bank N.A., 0.030%, 03/07/16		4,950
	30,000	County of Carroll, Environmental Facilities, Kentucky Utilities Co. Project, Series A, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.020%, 03/07/16		30,000
	8,000	County of Louisville & Jefferson, Metropolitan Government Norton Healthcare, Inc., Rev., VRDO, LOC: PNC Bank N.A., 0.020%, 03/07/16		8,000
				42,950
		Louisiana — 1.0%
		East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project,
	70,350	Series A, Rev., VRDO, 0.010%, 03/01/16		70,350
	72,515	Series B, Rev., VRDO, 0.010%, 03/01/16		72,515
	26,370	East Baton Rouge Parish, PCR, Exxon Project, Rev., VRDO, 0.010%, 03/01/16		26,370
	14,718	Industrial Development Board of the Parish of East Baton Rouge, Louisiana, Inc., ExxonMobil Project, Gulf Opportunity Zone, Rev., VRDO, 0.010%, 03/01/16		14,718
	4,780	Parish of St. John the Baptist, Series 2116, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.010%, 03/07/16 (e)		4,780
	7,240	State of Louisiana, Gas & Fuels Tax, Series ROCS-RR-II-R-11899, Rev., VRDO, LIQ: Citibank N.A., 0.010%, 03/07/16		7,240
				195,973

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 37

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Maryland — 1.9%
	49,900	County of Baltimore, Consolidated Public Improvement, 0.030%, 04/04/16		49,900
	31,500	County of Baltimore, Metropolitan District, Series 2011, 0.020%, 03/02/16		31,500
	15,200	Maryland Community Development Administration, Department of Housing & Community Development, Multi-Family Housing, MonteVerde Apartments, Series E, Rev., VRDO, FHLMC, 0.020%, 03/07/16		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, 0.030%, 03/07/16		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, 0.030%, 03/07/16		11,700
		Maryland Community Development Administration, Department of Housing & Community Development, Residential,
	46,690	Series D, Rev., VRDO, AMT, LOC: PNC Bank N.A., 0.020%, 03/07/16		46,690
	58,800	Series J, Rev., VRDO, AMT, 0.030%, 03/07/16		58,800
	50,390	Maryland Economic Development Corp., Multi-Modal, Howard Hughes Medical Institute Project, Series B, Rev., VRDO, 0.010%, 03/07/16		50,390
	6,300	Maryland Health & Higher Educational Facilities Authority, Series B, Rev., VRDO, 0.010%, 03/07/16		6,300
		Maryland Health & Higher Educational Facilities Authority, John Hopkins University,
	16,100	Series A, Rev., VRDO, 0.010%, 03/07/16		16,100
	36,110	Series B, 0.020%, 03/01/16		36,110
	4,454	Maryland Health & Higher Educational Facilities Authority, Pooled Loan Program, Series D, Rev., VRDO, LOC: Bank of America N.A., 0.040%, 03/07/16		4,454
	1,200	Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Series D, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/01/16		1,200
	30,415	Maryland Stadium Authority, Sports Facilities, Football Stadium Issue, Rev., VRDO, 0.010%, 03/07/16		30,415

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Maryland — continued
	2,000	Montgomery County Housing Opportunities Commission, Oakfield Apartments, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.030%, 03/07/16		2,000
				367,159
		Massachusetts — 3.1%
		Commonwealth of Massachusetts,
	25,000	Series B, GO, RAN, 2.000%, 05/25/16		25,106
	145,000	Series C, GO, RAN, 2.000%, 06/22/16		145,813
	100,000	Series I, 0.050%, 04/21/16		100,000
	20,000	Series I, 0.060%, 04/21/16		20,000
	40,000	Commonwealth of Massachusetts, Central Artery/Ted Williams Tunnel Infrastructure Loan Act of 2000, Series A, GO, VRDO, 0.010%, 03/07/16		40,000
	4,565	Massachusetts Bay Transportation Authority, General Transportation System, Series A-2, Rev., VRDO, 0.010%, 03/07/16		4,565
	500	Massachusetts Development Finance Agency, Partners HealthCare System, Series K, Rev., VRDO, 0.020%, 03/07/16		500
		Massachusetts Health & Educational Facilities Authority, Partners Healthcare System,
	18,000	Series H-2, VRDO, 0.050%, 04/04/16		18,000
	29,700	Series I-2, Rev., VRDO, 0.010%, 03/07/16		29,700
	52,500	Massachusetts School Building Authority, Series A, LOC: Bank of America N.A., 0.070%, 05/16/16		52,500
	2,300	Massachusetts State Development Finance Agency, First Mortgage Brookhaven, Series B, Rev., VRDO, LOC: Bank of America N.A., 0.140%, 03/07/16		2,300
		Massachusetts State Health & Educational Facilities Authority, Amherst College,
	24,200	Series J-1, Rev., VRDO, 0.010%, 03/07/16		24,200
	8,100	Series J-2, Rev., VRDO, 0.010%, 03/01/16		8,100
	13,070	Massachusetts State Health & Educational Facilities Authority, Baystate Medical Center, Series G, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		13,070
		Massachusetts State Health & Educational Facilities Authority, Capital Asset Program,
	24,980	Series M-2, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/07/16		24,980
	2,500	Series M-4A, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/07/16		2,500
	35,400	Massachusetts State Health & Educational Facilities Authority, Museum of Fine Arts Issue, Series A-1, Rev., VRDO, 0.010%, 03/01/16		35,400

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Massachusetts — continued
	20,550	Massachusetts State Health & Educational Facilities Authority, Tufts University Issue, Series N-1, Rev., VRDO, 0.010%, 03/01/16		20,550
	22,000	Massachusetts Water Resources Authority, Series A-3, Rev., VRDO, 0.010%, 03/07/16		22,000
				589,284
		Michigan — 1.6%
	34,140	Kent Hospital Finance Authority, Spectrum Health System, Series B-3, Rev., VRDO, 0.010%, 03/07/16		34,140
	12,803	Michigan Finance Authority, Student Loan, Series 22-A, Rev., VRDO, LOC: State Street Bank & Trust, 0.010%, 03/07/16		12,803
	37,265	Michigan State Building Authority, Series 7, LOC: State Street Bank & Trust, 0.080%, 05/19/16		37,265
	17,200	Michigan State Housing Development Authority, Rental Housing, Series C, Rev., VRDO, AMT, 0.030%, 03/01/16		17,200
		Michigan State Housing Finance Authority,
	14,975	Series 2008 C, VRDO, 0.050%, 03/22/16		14,975
	9,900	Series 2008 C, VRDO, 0.050%, 03/22/16		9,900
	11,580	Puttable Floating Option Tax-Exempt Receipts, Series PT-4700, Rev., VRDO, LIQ: Bank of America N.A., 0.050%, 03/07/16		11,580
		Regent of the University of Michigan,
	53,485	Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		53,485
	15,215	Series B, Rev., VRDO, 0.010%, 03/01/16		15,215
		University of Michigan,
	70,625	Series B, Rev., VRDO, 0.010%, 03/07/16		70,625
	20,000	Series B, 0.040%, 04/01/16		20,000
				297,188
		Minnesota — 3.4%
	47,050	City of Rochester, Health Care Facilities, Mayo Clinic, Series A, Rev., VRDO, 0.010%, 03/07/16		47,050
		City of Rochester, Minnesota Health Care Facilities,
	10,000	Series 00-A, VRDO, 0.030%, 03/02/16		10,000
	119,400	Series 2000 B, VRDO, 0.030%, 03/07/16		119,400
	15,000	City of Rochester, Minnesota Health Care Facilities, Mayo Foundation, Rev., 0.010%, 03/07/16		15,000
	7,000	County of Hennepin, Ballpark Project, Third Lien, Series C, Rev., VRDO, 0.020%, 03/07/16		7,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Michigan — continued
		Eclipse Funding Trust, Solar Eclipse, Various States,
	9,490	Series 2006-0074, Rev., VAR, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/07/16		9,490
	10,415	Series 2006-0136, Rev., VRDO, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		10,415
	30,345	Series 2007-0003, Rev., VAR, AGM, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		30,345
	19,970	Series 2007-0015, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		19,970
	30,515	Series 2007-0032, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/07/16		30,515
	38,300	Series 2007-0045, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/01/16		38,300
	20,495	Series 2007-0051, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/07/16		20,495
	19,285	Series 2007-0059, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/01/16		19,285
	11,715	Series 2007-0062, Rev., VRDO, LIQ: U.S. Bank N.A., 0.020%, 03/07/16		11,715
	17,335	Series 2007-0112, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.020%, 03/07/16		17,335
	8,500	Midwest Consortium of Municipal Utilities, Draw Down Association Financing Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.020%, 03/07/16		8,500
	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., 0.020%, 03/07/16		37,570
	43,700	Minneapolis & St Paul Housing & Redevelopment Authority, Health Care System, Allina Health System,, Rev., VRDO, 0.010%, 03/07/16		43,700
		Minnesota Housing Finance Agency, Residential Housing Finance,
	4,865	Series B, Rev., VRDO, AMT, 0.030%, 03/07/16		4,865
	20,000	Series C, Rev., VRDO, AMT, FHLB, 0.030%, 03/07/16		20,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 39

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Michigan — continued
	7,640	Series J, Rev., VRDO, AMT, 0.030%, 03/07/16		7,640
	12,580	Series S, Rev., VRDO, AMT, 0.050%, 03/07/16		12,580
		Rochester, Minnesota Health Care Facilities, Mayo Foundation,
	62,050	Series A, Rev., VRDO, 0.010%, 03/07/16		62,050
	41,400	Series C, Rev., VRDO, 0.010%, 03/07/16		41,400
				644,620
		Mississippi — 3.9%
	18,500	County of Jackson, Port Facility, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.010%, 03/01/16		18,500
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project,
	27,820	Series A, Rev., VRDO, 0.010%, 03/01/16		27,820
	28,910	Series A, Rev., VRDO, 0.010%, 03/01/16		28,910
	30,400	Series A, Rev., VRDO, 0.010%, 03/07/16		30,400
	18,700	Series B, Rev., VRDO, 0.010%, 03/01/16		18,700
	14,275	Series B, Rev., VRDO, 0.010%, 03/01/16		14,275
	15,320	Series B, Rev., VRDO, 0.010%, 03/01/16		15,320
	19,000	Series B, Rev., VRDO, 0.010%, 03/07/16		19,000
	16,995	Series C, Rev., VRDO, 0.010%, 03/01/16		16,995
	29,300	Series C, Rev., VRDO, 0.010%, 03/01/16		29,300
	30,985	Series C, Rev., VRDO, 0.010%, 03/01/16		30,985
	25,000	Series C, Rev., VRDO, 0.010%, 03/07/16		25,000
	14,000	Series D, Rev., VRDO, 0.010%, 03/01/16		14,000
	33,920	Series D, Rev., VRDO, 0.010%, 03/01/16		33,920
	40,000	Series D, Rev., VRDO, 0.010%, 03/07/16		40,000
	27,860	Series E, Rev., VRDO, 0.010%, 03/01/16		27,860
	30,000	Series E, Rev., VRDO, 0.010%, 03/07/16		30,000
	10,200	Series E, Rev., VRDO, 0.010%, 03/01/16		10,200
	9,600	Series E, Rev., VRDO, 0.010%, 03/01/16		9,600
	16,995	Series F, Rev., VRDO, 0.010%, 03/01/16		16,995
	32,875	Series F, Rev., VRDO, 0.010%, 03/07/16		32,875
	62,930	Series G, Rev., VRDO, 0.010%, 03/01/16		62,930
	11,080	Series G, Rev., VRDO, 0.010%, 03/01/16		11,080
	28,900	Series G, Rev., VRDO, 0.010%, 03/01/16		28,900
	15,350	Series H, Rev., VRDO, 0.010%, 03/01/16		15,350
	22,010	Series I, Rev., VRDO, 0.010%, 03/01/16		22,010
	44,650	Series J, Rev., VRDO, 0.010%, 03/01/16		44,650
	46,995	Series L, Rev., VRDO, 0.010%, 03/01/16		46,995
	11,345	Mississippi Hospital Equipment & Facilities Authority, Rev., VRDO, 0.030%, 03/07/16		11,345
				733,915

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Missouri — 1.9%
	59,075	City of Kansas, Series E, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		59,075
	20,000	Curators of University of Missouri, Series A, 0.030%, 04/05/16		20,000
	725	Kansas City IDA, Livers Bronze Co. Project, Rev., VRDO, LOC: Bank of America N.A., 0.230%, 03/07/16		725
	32,700	Missouri Development Finance Board, Cultural Facilities, Kauffman Center for the Performing Arts Project, Series A, Rev., VRDO, 0.010%, 03/01/16		32,700
	25,000	Missouri State Health & Educational Facilities Authority, Series D, VRDO, 0.030%, 04/07/16		25,000
	70,200	Missouri State Health & Educational Facilities Authority, BJC Health System, Series D, Rev., VRDO, 0.010%, 03/07/16		70,200
	16,300	Missouri State Health & Educational Facilities Authority, Educational Facilities, Washington University, Series C, Rev., VRDO, 0.010%, 03/01/16		16,300
	48,725	Missouri State Health & Educational Facilities Authority, Health Facilities, SSM Health Care, Series G, Rev., VRDO, 0.010%, 03/07/16		48,725
	2,120	Missouri State Health & Educational Facilities Authority, Saint Louis University, Series A-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		2,120
	50,000	Missouri State Health & Educational Facilities Authority, SSM Health Care, Series F, Rev., VRDO, 0.010%, 03/07/16		50,000
	7,275	Missouri State Health & Educational Facilities Authority, State Louis University, Series B-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		7,275
		Missouri State Health & Educational Facilities Authority, Washington University,
	5,210	Series B, Rev., VRDO, 0.010%, 03/01/16		5,210
	4,500	Series C, Rev., VRDO, 0.010%, 03/01/16		4,500
	300	Series D, Rev., VRDO, 0.010%, 03/01/16		300
	20,000	State of Missouri, Health & Educational Facilities Authority, Health Facilities, Series 14-B, VRDO, 0.030%, 04/04/16		20,000
				362,130
		Nebraska — 0.3%
	30,610	County of Lancaster, Hospital Authority No. 1, BryanLGH Medical Center, Series B-2, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		30,610

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Nebraska — continued
	23,380	County of Lancaster, Hospital Authority, No. 1, BryanLGH Medical Center, Series B-1, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		23,380
				53,990
		Nevada — 2.8%
	29,875	City of Reno, Renown Regional Medical Center, Series A, Rev., VRDO, LOC: Union Bank N.A., 0.030%, 03/07/16		29,875
	39,150	Clark County, Nevada Airport System, Sub Lien, Series D-3, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		39,150
	69,850	Clark County, Nevada Las Vegas-McCarran International Airport, Passenger Facility Charge, Series F-2, Rev., VRDO, LOC: Union Bank N.A., 0.010%, 03/07/16		69,850
	28,735	County of Clark, Airport, Series A, GO, VRDO, AMT, 0.020%, 03/07/16		28,735
		County of Clark, Airport System Subordinate Lien,
	58,920	Series D-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		58,920
	93,100	Series D-2A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		93,100
	150,000	Las Vegas Valley Water District, Series 04-B, 0.040%, 03/02/16		150,000
		Nevada Housing Division, Multi-Unit Housing,
	8,650	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		8,650
	10,900	Series A, Rev., VRDO, LOC: Wachovia Bank N.A., 0.160%, 03/07/16		10,900
	2,850	Series M, Rev., VAR, LOC: U.S. Bank N.A., 0.050%, 03/07/16		2,850
	3,430	Nevada Housing Division, Multi-Unit Housing, Horizon, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		3,430
	17,850	Nevada Housing Division, Multi-Unit Housing, Reno Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		17,850
	12,710	Nevada Housing Division, Multi-Unit Housing, Silverado, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		12,710
				526,020
		New Hampshire — 0.2%
	10,765	New Hampshire Business Finance Authority, Mark H. Wentworth Home Issue, Rev., VRDO, LOC: TD Banknorth N.A., 0.050%, 03/07/16		10,765

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Hampshire — continued
	14,965	New Hampshire Health & Educational Facilities Authority, University System, Series B, Rev., VRDO, 0.010%, 03/01/16		14,965
	11,920	New Hampshire Housing Finance Authority, Multi-Family Housing, Series 2034, Rev., VRDO, LIQ: Wells Fargo & Co., 0.060%, 03/07/16		11,920
				37,650
		New Jersey — 0.2%
		New Jersey Housing & Mortgage Finance Agency, Single Family Housing,
	12,865	Series I, Rev., VRDO, AMT, 0.020%, 03/07/16		12,865
	17,200	Series R, Rev., VRDO, 0.030%, 03/07/16		17,200
				30,065
		New Mexico — 0.2%
	21,485	New Mexico Finance Authority, State Transportation, Senior Lien, Rev., 2.000%, 06/15/16		21,595
	23,065	New Mexico Hospital Equipment Loan Council, Hospital System, Presbyterian Healthcare Services, Series C, Rev., VRDO, 0.010%, 03/07/16		23,065
				44,660
		New York — 23.0%
		City of New York, Fiscal Year 1994,
	10,000	Series 1994 H, GO, VRDO, AGM, 0.010%, 03/01/16		10,000
	1,500	Subseries H-3, GO, VRDO, AGM, 0.010%, 03/01/16		1,500
		City of New York, Fiscal Year 2004,
	17,850	Series A, Subseries A-3, GO, VRDO, LOC: Morgan Stanley Bank, 0.010%, 03/07/16		17,850
	11,000	Series A, Subseries A-4, GO, VRDO, LOC: Bank of Montreal, 0.010%, 03/07/16		11,000
	100	Subseries H-1, GO, VRDO, LOC: Bank of New York Mellon, 0.010%, 03/01/16		100
	1,325	Subseries H-4, GO, VRDO, LOC: Bank of New York Mellon, 0.010%, 03/01/16		1,325
		City of New York, Fiscal Year 2006,
	6,300	Series E, Subseries E-2, GO, VRDO, LOC: Bank of America N.A., 0.010%, 03/01/16		6,300
	22,770	Series E, Subseries E-3, GO, VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		22,770

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 41

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	34,100	Series E, Subseries E-4, GO, VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		34,100
	21,700	Series F, Subseries F-3, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		21,700
	30,000	Series F, Subseries F-4B, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		30,000
	34,450	Series I, Subseries I-3, GO, VRDO, LOC: Bank of America N.A., 0.010%, 03/01/16		34,450
		City of New York, Fiscal Year 2008,
	77,955	Series J, Subseries J-5, GO, VRDO, 0.010%, 03/01/16		77,955
	62,040	Series J, Subseries J-6, GO, VRDO, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/01/16		62,040
	52,600	Series L, Subseries L-3, GO, VRDO, 0.010%, 03/01/16		52,600
	31,025	Subseries L-4, GO, VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		31,025
	81,400	Subseries L-5, GO, VRDO, 0.010%, 03/01/16		81,400
		City of New York, Fiscal Year 2012,
	21,900	Series A, Subseries A-3, GO, VRDO, LIQ: Landesbank Hessen-Thuringen, 0.010%, 03/01/16		21,900
	37,300	Series A, Subseries A-5, GO, VRDO, LOC: Royal Bank of Canada, 0.010%, 03/01/16		37,300
	10,620	Series D, Subseries D-3A, GO, VRDO, 0.010%, 03/01/16		10,620
	2,800	Series D, Subseries D-3B, GO, VRDO, LOC: Royal Bank of Canada, 0.010%, 03/01/16		2,800
	52,600	Series G, Subseries G-3, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		52,600
	49,800	Series G, Subseries G-4, GO, VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		49,800
	11,510	Series G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.010%, 03/01/16		11,510
	18,225	Series I, GO, 5.000%, 08/01/16		18,588
		City of New York, Fiscal Year 2013,
	53,180	Series A, Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.010%, 03/01/16		53,180
	12,750	Series A, Subseries A-4, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		12,750
	5,000	Series F, Subseries F-3, GO, VRDO, 0.010%, 03/01/16		5,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	23,400	City of New York, Fiscal Year 2014, Subseries D-4, GO, VRDO, 0.010%, 03/01/16		23,400
	3,450	City of New York, Fiscal Year 2015, Series F, Subseries F-7, GO, VRDO, LOC: Royal Bank of Canada, 0.010%, 03/01/16		3,450
	31,635	City of Rochester, Series II, GO, BAN, 1.500%, 08/05/16		31,799
	50,325	EAGLE Tax-Exempt Trust, Series 0055F, Class A, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.030%, 03/07/16		50,325
	20,455	Eclipse Funding Trust, Solar Eclipse, Various States, Series 2006-0159, Rev., VAR, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/07/16		20,455
		Metropolitan Transportation Authority,
	12,000	Rev., 0.010%, 03/01/16		12,000
	138,600	Subseries D-1, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/07/16		138,600
	6,620	Subseries E-1, Rev., VRDO, 0.010%, 03/01/16		6,620
	24,000	Subseries E-2, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		24,000
	18,000	Subseries E-3, Rev., VRDO, LOC: Citibank N.A., 0.010%, 03/07/16		18,000
		Metropolitan Transportation Authority, Dedicated Tax Fund,
	45,000	Series 2015A, Subseries 2015A-8, Rev., 0.750%, 06/01/16		45,054
	10,410	Series A, Subseries A-1, Rev., VRDO, LOC: Royal Bank of Canada, 0.010%, 03/01/16		10,410
	120,000	Series A, Subseries A-1, Rev., BAN, 0.750%, 06/01/16		120,153
	10,000	Metropolitan Transportation Authority, New York, Subseries G-2, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		10,000
	20,000	Metropolitan Transportation Authority, Transportation, Series 2012E, Subseries 2005E-3, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/01/16		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, 0.020%, 03/07/16		19,350
	15,570	Nassau Health Care Corp., Subseries B-2, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		15,570

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	117,210	Nassau Interim Finance Authority, Sales Tax Secured, Series A, Rev., VRDO, 0.020%, 03/07/16		117,210
	8,750	New York City Health & Hospital Corp., Health System, Series B, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		8,750
	20,000	New York City Housing Development Corp., Multi-Family Housing, First Ave. Development, Rev., FNMA, LOC: FNMA, 0.040%, 03/07/16		20,000
	4,760	New York City Housing Development Corp., Multi-Family Housing, Ogden Ave. Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		4,760
	25,000	New York City Housing Development Corp., Multi-Family Mortgage, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		25,000
	2,800	New York City Housing Development Corp., Multi-Family Mortgage, 245 East 124th Street, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.010%, 03/07/16		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., 0.040%, 03/07/16		7,255
	13,600	New York City Housing Development Corp., Multi-Family Mortgage, Highbridge Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		13,600
	8,230	New York City Housing Development Corp., Multi-Family Mortgage, The Plaza, Series A, Rev., VRDO, LOC: Citibank N.A., 0.040%, 03/07/16		8,230
	44,900	New York City Housing Development Corp., Multi-Family Rental Housing, 90 Washington Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		44,900
	27,300	New York City Housing Development Corp., Multi-Family Rental Housing, Atlantic Court Apartments, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.040%, 03/07/16		27,300
	47,800	New York City Housing Development Corp., Multi-Family Rental Housing, Royal Properties, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.020%, 03/07/16		47,800
	2,930	New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		2,930

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	45,000	New York City Industrial Development Agency, 123 Washington LLC Project, Series 2007, Rev., VRDO, LOC: Bank of China, 0.050%, 03/01/16		45,000
	34,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series B, Subseries B-3, Rev., VRDO, 0.010%, 03/01/16		34,000
	65,000	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2001, Series F, Subseries F-1, Rev., VRDO, 0.010%, 03/01/16		65,000
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2012,
	37,485	Series A, Subseries A-1, Rev., VRDO, 0.010%, 03/01/16		37,485
	49,635	Series A, Subseries A-2, Rev., VRDO, 0.010%, 03/01/16		49,635
	32,310	Series B, Subseries B-1, Rev., VRDO, 0.010%, 03/01/16		32,310
	49,700	Series B, Subseries B-2, Rev., VRDO, 0.010%, 03/01/16		49,700
	22,800	Series B, Subseries B-3, Rev., VRDO, 0.010%, 03/01/16		22,800
	26,050	Series B, Subseries B-4, Rev., VRDO, 0.010%, 03/01/16		26,050
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2006,
	5,270	Series B, Subseries AA-1B, Rev., VRDO, 0.010%, 03/01/16		5,270
	46,750	Subseries AA-1A, Rev., VRDO, 0.010%, 03/01/16		46,750
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2007,
	14,820	Series CC, Subseries CC-1, Rev., VRDO, 0.010%, 03/01/16		14,820
	27,185	Series CC, Subseries CC-2, Rev., VRDO, 0.010%, 03/01/16		27,185
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2008,
	21,050	Series BB, Subseries BB-1, Rev., VRDO, 0.010%, 03/07/16		21,050
	52,060	Series BB, Subseries BB-2, Rev., VRDO, 0.010%, 03/01/16		52,060
	13,000	Subseries BB-4, Rev., VRDO, 0.010%, 03/07/16		13,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 43

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2011,
	42,155	Series DD, Subseries DD-1, Rev., VRDO, 0.010%, 03/01/16		42,155
	34,770	Series DD, Subseries DD-3A, Rev., VRDO, 0.010%, 03/01/16		34,770
	54,500	Series FF, Subseries FF-1, Rev., VRDO, 0.010%, 03/01/16		54,500
	4,885	Subseries DD-3B, Rev., VRDO, 0.010%, 03/01/16		4,885
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013,
	29,725	Series AA, Subseries AA-1, Rev., VRDO, 0.010%, 03/01/16		29,725
	32,000	Series AA, Subseries AA-2, Rev., VRDO, 0.010%, 03/07/16		32,000
	16,650	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2014, Series AA, Subseries AA-3, Rev., VRDO, 0.010%, 03/01/16		16,650
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015,
	63,520	Series BB, Subseries BB-2, Rev., VRDO, 0.010%, 03/01/16		63,520
	21,040	Series BB-4, Rev., VRDO, 0.010%, 03/01/16		21,040
		New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2016,
	28,600	Series AA-2, Rev., VRDO, 0.010%, 03/01/16		28,600
	6,000	Series AA-2, Rev., VRDO, 0.010%, 03/01/16		6,000
	11,055	New York City Transitional Finance Authority, Series 1, Subseries 1D, Rev., VRDO, 0.010%, 03/01/16		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., 0.020%, 03/07/16		48,260
	36,060	Series 2007-0014, Class A, Rev., VRDO, AGM-CR, FGIC, LIQ: Citibank N.A., 0.020%, 03/07/16		36,060

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	345	New York City Transitional Finance Authority, Future Tax Secured Tax-Exempt Subordinate, Fiscal Year 2014, Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		345
	34,000	New York City Transitional Finance Authority, Future Tax Secured Tax-Exempt Subordinate, Fiscal Year 2015, Subseries E-4, Rev., VRDO, 0.010%, 03/01/16		34,000
		New York City Transitional Finance Authority, Future Tax Secured Tax-Exempt Subordinate, Fiscal Year 2016,
	10,000	Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		10,000
	8,000	Subseries A-5, Rev., VRDO, 0.010%, 03/01/16		8,000
	51,900	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 1999, Series A, Subseries A-1, Rev., VRDO, 0.010%, 03/07/16		51,900
	42,120	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2001, Series C, Rev., VRDO, 0.010%, 03/01/16		42,120
	36,400	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2002, Subseries C-5, Rev., VRDO, 0.010%, 03/01/16		36,400
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003,
	29,050	Series C, Subseries C-4, Rev., VRDO, 0.010%, 03/01/16		29,050
	9,175	Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		9,175
		New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013,
	300	Series A, Subseries A-5, Rev., VRDO, 0.010%, 03/01/16		300
	42,200	Series A, Subseries A-6, Rev., VRDO, 0.010%, 03/01/16		42,200
	60,865	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Subseries D-4, Rev., VRDO, 0.010%, 03/01/16		60,865
	96,300	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015, Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		96,300
		New York City Transitional Finance Authority, New York City Recovery,
	2,360	Series 1, Subseries 1A, Rev., VRDO, LIQ: Landesbank Hessen-Thuringen, 0.010%, 03/07/16		2,360

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	14,865	Series 2, Subseries 2F, Rev., VRDO, LIQ: Bayerische Landesbank, 0.010%, 03/01/16		14,865
	9,985	Series 3, Subseries 3-H, Rev., VRDO, 0.010%, 03/01/16		9,985
	300	New York City, Fiscal Year 2008, Subseries D-3, GO, VRDO, 0.010%, 03/07/16		300
	26,650	New York City, Fiscal Year 2012, Series G, Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/01/16		26,650
	3,160	New York Liberty Development Corp., Series ROCS-RR-II-R-11868, Rev., VRDO, LIQ: Citibank N.A., 0.040%, 03/07/16 (e)		3,160
	7,400	New York State Dormitory Authority, Series ROCS-RR II R-14018, Rev., VAR, LIQ: Citibank N.A., 0.020%, 03/07/16 (e)		7,400
		New York State Dormitory Authority, City University System, CONS Fifth General Resolution,
	49,900	Series C, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		49,900
	45,600	Series D, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		45,600
	69,525	New York State Dormitory Authority, Court Facilities Lease, Series B, Rev., VRDO, LOC: Bayerische Landesbank, 0.010%, 03/07/16		69,525
	500	New York State Dormitory Authority, EAGLE, Series 2006-0138, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.020%, 03/07/16		500
	62,490	New York State Dormitory Authority, Royal, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.020%, 03/07/16		62,490
	25,190	New York State Dormitory Authority, St. John’s University, Series B-1, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		25,190
	19,920	New York State Energy Research & Development Authority, Consolidated Edison Co., Inc. Project, Series A, Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.010%, 03/07/16		19,920
	1,800	New York State Housing Finance Agency, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		1,800
	2,755	New York State Housing Finance Agency, 10 Barclay Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		2,755

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	55,100	New York State Housing Finance Agency, 10 Liberty, Series A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.020%, 03/07/16		55,100
	8,000	New York State Housing Finance Agency, 101 West End Avenue, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		8,000
	4,100	New York State Housing Finance Agency, 150 East 44th Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		4,100
	28,475	New York State Housing Finance Agency, 160 Madison Avenue Housing, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/01/16		28,475
	51,100	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.030%, 03/07/16		51,100
	10,000	New York State Housing Finance Agency, 205 East 92nd Street, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		10,000
	4,200	New York State Housing Finance Agency, 240 East 39th Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.040%, 03/07/16		4,200
	7,200	New York State Housing Finance Agency, 345 East 94th Street, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.020%, 03/07/16		7,200
	3,200	New York State Housing Finance Agency, 360 West 43rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		3,200
	21,500	New York State Housing Finance Agency, 555 Tenth Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.020%, 03/07/16		21,500
		New York State Housing Finance Agency, 605 West 42nd Street,
	80,000	Series A, Rev., VRDO, LOC: Bank of China, 0.050%, 03/01/16		80,000
	47,280	Series A, Rev., VRDO, LOC: Bank of China, 0.050%, 03/01/16		47,280
	5,500	New York State Housing Finance Agency, 625 West 57th Street, Series A-1, Rev., LOC: Bank of America N.A., 0.010%, 03/07/16		5,500
	17,760	New York State Housing Finance Agency, 80 Dekalb Avenue, Series B, Rev., VRDO, 0.030%, 03/07/16		17,760
	50,000	New York State Housing Finance Agency, 88 Leonard Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.020%, 03/07/16		50,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 45

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		New York — continued
	9,550	New York State Housing Finance Agency, Chelsea Arms, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		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., 0.020%, 03/07/16		3,900
	7,400	New York State Housing Finance Agency, East 84th Street, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.040%, 03/07/16		7,400
	18,250	New York State Housing Finance Agency, Helena, Series A, Rev., VRDO, FNMA, LOC: FNMA, 0.030%, 03/07/16		18,250
	28,550	New York State Housing Finance Agency, Historic Front Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/07/16		28,550
	7,050	New York State Housing Finance Agency, North End, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		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., 0.010%, 03/07/16		27,000
	28,000	New York State Housing Finance Agency, Riverside Center 2 Housing, Series A-3, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/07/16		28,000
	6,680	New York State Housing Finance Agency, Talleyrand Crescent, Rev., VRDO, FNMA, LOC: FNMA, 0.020%, 03/07/16		6,680
	11,300	New York State Housing Finance Agency, Theater Row, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.020%, 03/07/16		11,300
	50,065	New York State Housing Finance Agency, Tribeca Green, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.020%, 03/07/16		50,065
	4,850	New York State Housing Finance Agency, Union Square South, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.040%, 03/07/16		4,850
	10,000	New York State Housing Finance Agency, Victory, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.020%, 03/07/16		10,000
	2,100	New York State Housing Finance Agency, West 23rd Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		2,100
	2,500	New York State Housing Finance Agency, West 38th Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		2,500

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	100	New York State Housing Finance Agency, Weyant Green Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		100
	3,400	New York State Housing Finance Agency, Worth Street, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		3,400
	47,330	Onondaga County Trust Cultural Resources, Syracuse University Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		47,330
		Puttable Floating Option Tax-Exempt Receipts,
	12,665	Series PT-4648, Rev., VRDO, LIQ: Bank of America N.A., 0.010%, 03/07/16 (e)		12,665
	13,635	Series PT-4681, Rev., VRDO, LIQ: Bank of America N.A., 0.010%, 03/07/16		13,635
	17,705	Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.180%, 03/07/16		17,705
	11,250	Series PT-4704, Rev., VRDO, LIQ: Bank of America N.A., 0.080%, 03/07/16 (e)		11,250
	1,570	Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust, Series 2001-2, Class A, Rev., VAR, FHLMC, LIQ: FHLMC, 0.620%, 03/07/16		1,570
	24,990	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-19, Rev., VRDO, LOC: Royal Bank of Canada, 0.020%, 03/07/16 (e)		24,990
	78,000	Sachem Central School District, Suffolk County, GO, TAN, 2.000%, 06/28/16		78,419
		Triborough Bridge & Tunnel Authority,
	40,790	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		40,790
	27,135	Subseries B-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		27,135
		Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels,
	28,890	Rev., 0.010%, 03/07/16		28,890
	15,025	Series B, Subseries B-3, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		15,025
	22,295	Watkins Glen Central School District, Chemung and Schuyler Counties, GO, BAN, 2.000%, 08/03/16		22,441
				4,362,229
		North Carolina — 3.2%
	26,235	Buncombe County Metropolitan Sewerage District, Series A, Rev., VRDO, 0.020%, 03/07/16		26,235

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		North Carolina — continued
		Charlotte-Mecklenburg Hospital Authority, Carolinas Healthcare System,
	1,000	Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		1,000
	8,505	Series C, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		8,505
	8,760	Series H, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		8,760
	43,430	City of Charlotte, 2003 Governmental Facilities Projects, Series G, COP, VRDO, LIQ: Wells Fargo Bank N.A., 0.010%, 03/07/16		43,430
		City of Charlotte, Charlotte Douglas International Airport,
	13,570	Series B, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		13,570
	7,080	Series C, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		7,080
	6,820	City of Charlotte, Governmental Facilities, Series F, COP, VRDO, 0.020%, 03/07/16		6,820
	19,580	City of Greensboro, Combined Enterprise System, Series A, Rev., VRDO, 0.020%, 03/07/16		19,580
	5,415	City of Raleigh, Combined Enterprise System, Series B, Rev., VRDO, 0.010%, 03/07/16		5,415
		City of Raleigh, Downtown Improvement Projects,
	32,000	Series A, COP, VRDO, 0.020%, 03/07/16		32,000
	43,585	Series B-1, COP, VRDO, 0.020%, 03/07/16		43,585
	8,330	City of Raleigh, Enterprise System, Series A, Rev., VRDO, 0.010%, 03/07/16		8,330
	62,860	County of Guilford, Series B, GO, VRDO, 0.020%, 03/07/16		62,860
		County of Wake,
	50,000	Series A, GO, VRDO, 0.010%, 03/07/16		50,000
	44,000	Series B, GO, VRDO, 0.010%, 03/07/16		44,000
	6,650	Series B, GO, VRDO, 0.010%, 03/07/16		6,650
	18,910	Durham County Industrial Facilities & Pollution Control Financing Authority, Research Triangle Institute, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		18,910
	16,000	North Carolina Capital Facilities Finance Agency, NCCU Real Estate, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.020%, 03/07/16		16,000
	21,775	North Carolina Medical Care Commission, Rev., VRDO, 0.010%, 03/07/16		21,775
	25,000	North Carolina Medical Care Commission, Moses Cone Health System, Series A, Rev., VRDO, 0.010%, 03/07/16		25,000

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Carolina — continued
	34,235	North Carolina State University at Raleigh, Board of Governors, Series B, Rev., VRDO, 0.020%, 03/07/16		34,235
	17,130	Piedmont Triad Airport Authority, Series A, Rev., VRDO, LOC: Branch Banking & Trust, 0.020%, 03/07/16		17,130
		University of North Carolina, University Hospital at Chapel Hill,
	28,210	Series A, Rev., VRDO, 0.010%, 03/01/16		28,210
	14,000	Series A, Rev., VRDO, 0.010%, 03/07/16		14,000
	20,435	Series B, Rev., VRDO, 0.010%, 03/07/16		20,435
	30,000	Wake County, Public Improvement, Series B, GO, VRDO, 0.010%, 03/07/16		30,000
				613,515
		Ohio — 0.8%
	400	City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project, Series 2008, Rev., VRDO, LOC: PNC Bank N.A., 0.020%, 03/07/16		400
	24,700	County of Cuyahoga, Ohio, Hospital Facilities, Sisters of Charity Health System, Series 2000, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		24,700
	300	County of Franklin, Hospital, Holy Cross Health System, Rev., VRDO, 0.010%, 03/07/16		300
		Franklin County, Ohio Health Care Facilities, Ohio Presbyterian Retirement Services,
	7,000	Series 2006-A, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		7,000
	10,540	Series B, Rev., VRDO, 0.020%, 03/07/16		10,540
	9,500	Ohio Air Quality Development Authority, Air Quality, AEP Generation Resources Inc. Project, Series 2014A, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.010%, 03/07/16		9,500
	400	Ohio Air Quality Development Authority, Air Quality, Ohio Valley Electric Corp. Project, Series 2009 B, Rev., VRDO, LOC: Bank of Nova Scotia, 0.010%, 03/07/16		400
		Ohio State University, General Receipts,
	500	Rev., VRDO, 0.010%, 03/07/16		500
	25,000	Rev., VRDO, 0.010%, 03/07/16		25,000
	6,000	State of Ohio, Higher Educational Facility Commission, Cleveland Clinic Health System, Series B-1, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.010%, 03/01/16		6,000
	14,660	State of Ohio, Hospital, Cleveland Clinic Health System Obligated Group, Series 2013-B3, Rev., VRDO, LIQ: U.S. Bank N.A., 0.010%, 03/01/16		14,660

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 47

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Ohio — continued
		State of Ohio, Infrastructure Improvement,
	20,715	Series A, GO, VRDO, 0.010%, 03/07/16		20,715
	25,995	Series B, GO, VRDO, 0.010%, 03/07/16		25,995
				145,710
		Oklahoma — 0.1%
	10,490	Tulsa County Home Finance Authority, Multi-Family Housing, Waterford Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		10,490
		Oregon — 0.5%
	15,450	Clackamas County Hospital Facility Authority, Legacy Health System, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		15,450
	48,700	Oregon Facilities Authority, PeaceHealth, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.020%, 03/07/16		48,700
	28,520	Oregon Health and Sciences University, Rev., 0.010%, 03/01/16		28,520
	11,190	Umatilla Indian Reservation, Confederated Tribes, Tribal Infrastructure, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.020%, 03/07/16		11,190
				103,860
		Pennsylvania — 2.7%
		Bucks County IDA, Grand View Hospital,
	11,275	Series A, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		11,275
	7,200	Series B, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		7,200
	20,130	Butler County General Authority, Series SGC-58, Class A, Rev., VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		20,130
	23,700	City of Philadelphia, Gas Works, Series D, Rev., VRDO, LOC: Royal Bank of Canada, 0.010%, 03/07/16		23,700
		County of Montour, Geisinger Authority Health System,
	43,400	Series A, Rev., VRDO, 0.010%, 03/01/16		43,400
	38,000	Series B, Rev., VRDO, 0.010%, 03/01/16		38,000
	20,000	Series B, Rev., VRDO, 0.010%, 03/01/16		20,000
	10,880	County of Montour, Geisinger Health System, Series A, Rev., VRDO, 0.010%, 03/01/16		10,880
	10,000	Delaware County IDA, Airport Facilities, United Parcel Service Project, Series 2015, Rev., VRDO, 0.010%, 03/01/16		10,000
	29,290	Delaware River Port Authority, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.010%, 03/07/16		29,290

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pennsylvania — continued
	17,155	Delaware Valley Regional Finance Authority, Local Government, Class A, Rev., VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		17,155
	28,110	Fayette County Hospital Authority, Regional Health System, Series A, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		28,110
		Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project,
	4,810	Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		4,810
	2,405	Series A-T2, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		2,405
	17,080	Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.010%, 03/07/16		17,080
	25,535	Northeastern Pennsylvania Hospital and Education Authority, The Commonwealth Medical College Project, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		25,535
	44,500	Pennsylvania Economic Development Financing Authority, PSEG Power LLC Project, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		44,500
	12,975	Pennsylvania Housing Finance Agency, Building Development, Rev., VRDO, 0.020%, 03/07/16		12,975
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	29,805	Series 2005-89, Rev., VRDO, AMT, 0.020%, 03/07/16		29,805
	29,270	Series 79B, Rev., VRDO, AMT, 0.020%, 03/07/16		29,270
	7,135	Series 99C, Rev., VRDO, AMT, 0.020%, 03/07/16		7,135
	10,000	Philadelphia Authority, Industrial Development Multi-Modal Lease, Series B-3, Rev., VRDO, LOC: PNC Bank N.A., 0.010%, 03/07/16		10,000
	20,000	Pittsburgh Water & Sewer Authority, Series B-2, Rev., VRDO, LOC: Royal Bank of Canada, 0.010%, 03/07/16		20,000
	20,000	RBC Municipal Products, Inc. Trust, Floater Certificates, Series E-36, Rev., VRDO, LOC: Royal Bank of Canada, 0.020%, 03/07/16 (e)		20,000
	30,000	University of Pittsburgh of the Commonwealth System of Higher Education, PANTHERS, Rev., 2.000%, 08/02/16		30,213
				512,868

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Rhode Island — 0.6%
	13,765	Narragansett Bay Commission, Wastewater System, Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		13,765
	1,720	Rhode Island Health & Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/07/16		1,720
	4,425	Rhode Island Health & Educational Building Corp., Higher Education Facilities, Brown University Issue, Series A, Rev., VRDO, 0.010%, 03/07/16		4,425
		Rhode Island Health & Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue,
	48,740	Series 2008A, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		48,740
	6,650	Series B, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		6,650
	7,000	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		7,000
	24,600	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		24,600
	750	Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 0.010%, 03/01/16		750
				107,650
		South Carolina — 0.3%
	10,000	City of Columbia, Waterworks & Sewer System, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/07/16		10,000
	6,925	City of North Charleston, Public Facilities Convention, COP, VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		6,925
	300	South Carolina Educational Facilities Authority, Morris College Project, Rev., VRDO, LOC: Bank of America N.A., 0.160%, 03/07/16		300
	34,585	South Carolina Jobs-Economic Development Authority, Anmed Health Project, Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		34,585
				51,810
		Tennessee — 0.9%
	37,560	Chattanooga Health, Educational & Housing Facility Board, Catholic Health Initiatives, Series C, Rev., VRDO, 0.020%, 03/07/16		37,560

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Tennessee — continued
	50,000	County of Shelby, Public Improvement & School, Series B, GO, VRDO, 0.020%, 03/07/16 (p)		50,000
	14,675	Memphis City Health, Educational & Housing Facility Board, Multi-Family Housing, Watergrove Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.010%, 03/07/16		14,675
	27,110	Metropolitan Government of Nashville & Davidson County, Series A-1, 0.020%, 03/02/16		27,110
	25,000	Metropolitan Government of Nashville & Davidson County, Water & Sewer, Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.070%, 03/28/16		25,000
	22,860	Montgomery County Public Building Authority, Tennessee County Loan Pool, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/01/16		22,860
				177,205
		Texas — 6.5%
	9,100	Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		9,100
	45,475	City of Austin, Airport System, Subseries 2005-4, Rev., VRDO, AMT, AGM, LOC: Sumitomo Mitsui Banking Corp., 0.020%, 03/07/16		45,475
	50,000	City of Houston, Rev., TRAN, 2.250%, 06/30/16		50,320
		City of Houston, Combined Utility System, First Lien,
	10,600	Series 2004B-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.010%, 03/07/16		10,600
	41,700	Series 2004B-4, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.010%, 03/07/16		41,700
	21,000	Series B-2, Rev., VRDO, LOC: Bank of New York Mellon, 0.010%, 03/07/16		21,000
	73,990	City of San Antonio, Texas Water System, Series B, 0.020%, 03/07/16		73,990
	65,880	Counties of Travis & Williamson, City of Austin, Water & Wastewater System, Rev., VRDO, LOC: Citibank N.A., 0.020%, 03/07/16		65,880
	24,225	County of Harris, Series SGC-31, Class A, Rev., VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		24,225

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 49

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Texas — continued
	600	County of Jefferson, Port of Port Arthur Navigation District, Fina Oil & Chemical Co. Project, Rev., VRDO, 0.040%, 03/07/16		600
	30,000	County of Jefferson, Port of Port Arthur Navigation District, PCR, Texaco, Inc. Project, Rev., VRDO, 0.010%, 03/01/16		30,000
	45,755	Crawford Education Facilities Corp., Education, Houston Baptist University Project, Rev., VRDO, LOC: Bank of America N.A., 0.040%, 03/07/16		45,755
	15,000	Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl L.P. Project, Series 2003, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.060%, 03/07/16		15,000
	18,550	Gulf Coast Waste Disposal Authority, PCR, Exxon Project, Rev., VRDO, 0.010%, 03/01/16		18,550
	32,935	Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2013D, Rev., VRDO, 0.010%, 03/07/16		32,935
	300	Harris County Industrial Development Corp., Solid Waste Disposal, Exxon Project, Rev., VRDO, 0.010%, 03/01/16		300
		Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project,
	45,240	Rev., VRDO, 0.010%, 03/01/16		45,240
	118,440	Rev., VRDO, 0.010%, 03/01/16		118,440
	400	Series A, Rev., VRDO, 0.010%, 03/01/16		400
	5,750	Series A-2, Rev., VRDO, 0.010%, 03/01/16		5,750
	230	Subseries A-3, Rev., VRDO, 0.010%, 03/01/16		230
	20,000	Midlothian Industrial Development Corp., Environmental Facilities, Holcim Project, Rev., VRDO, LOC: UBS AG, 0.020%, 03/07/16		20,000
	6,750	North Texas Tollway Authority, Rev., VAR, LIQ: Citibank N.A., 0.030%, 03/07/16 (e)		6,750
	8,300	Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		8,300
	5,560	SunAmerica Taxable Trust, Series 2002-1, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.070%, 03/07/16		5,560
	14,275	Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project, Rev., LOC: TD Bank N.A., 0.010%, 03/01/16		14,275

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — continued
		Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System,
	55,250	Series A, Rev., VRDO, 0.010%, 03/07/16		55,250
	18,500	Series B, Rev., VRDO, 0.010%, 03/07/16		18,500
	6,400	Tarrant County Housing Finance Corp., Multi-Family Housing, Remington Hill Development, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		6,400
	9,335	Tender Option Bond Trust Receipts, Rev., VRDO, 0.060%, 03/07/16		9,335
	8,650	Texas Department of Housing & Community Affairs, Multi-Family Housing, Reading Road Apartments, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		8,650
	740	Texas Department of Housing & Community Affairs, Multi-Family Housing, Timber Point Apartments Project, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		740
	58,020	Texas State Multi-Mode-Mobility, Series B, VRDO, 0.020%, 03/07/16		58,020
		University of Texas System,
	21,292	Series A, 0.020%, 03/10/16		21,292
	25,000	Series A, 0.030%, 03/02/16		25,000
	25,000	Series A, 0.030%, 03/08/16		25,000
	25,000	Series A, 0.030%, 03/21/16		25,000
	15,000	Series A, 0.030%, 03/23/16		15,000
	9,000	Series A, 0.030%, 03/24/16		9,000
	20,000	Series A, 0.050%, 04/19/16		20,000
	25,000	Series A, 0.060%, 03/01/16		25,000
	12,500	Series A, 0.070%, 05/25/16		12,500
	25,000	Series A, 0.100%, 06/01/16		25,000
	25,000	Series A, 0.100%, 06/02/16		25,000
	25,000	Series A, 0.140%, 06/01/16		24,996
	25,000	Series A, 0.160%, 06/02/16		24,997
	25,000	Series A, 0.180%, 06/03/16		24,999
	34,450	University of Texas System, Board of Regents, Financing System, Series B, Rev., VRDO, 0.010%, 03/07/16		34,450
	11,965	University of Texas System, Board of Regents, Permanent University Fund, Series A, Rev., VRDO, LIQ: University of Texas Permanent University Fund, 0.010%, 03/07/16		11,965
	9,495	Wells Fargo Stage Trust, Various States, Series P04-E, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.030%, 03/07/16 (e)		9,495
				1,225,964

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Utah — 0.3%
	23,700	Central Utah Water Conservancy District, Series A, GO, VRDO, 0.020%, 03/07/16		23,700
	1,000	Murray City, Utah, IHC Health Services, Inc., Series D, Rev., VRDO, 0.010%, 03/01/16		1,000
	23,700	Utah County, Utah Hospital, IHC Health Services, Inc., Series C, Rev., VRDO, 0.010%, 03/07/16		23,700
		Utah Housing Finance Agency, Single Family Mortgage,
	4,795	Series D-1, Rev., VRDO, AMT, 0.020%, 03/07/16		4,795
	4,890	Series E-1, Class I, Rev., VRDO, AMT, 0.020%, 03/07/16		4,890
	4,220	Series F-2, Class I, Rev., VRDO, 0.050%, 03/07/16		4,220
				62,305
		Vermont — 0.2%
	37,600	Vermont Educational & Health Buildings Financing Agency, Norwich University Project, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		37,600
		Virginia — 2.4%
	745	Alexandria City IDA, Pooled Loan Program, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.050%, 03/07/16		745
	22,930	Fairfax County EDA, Smithsonian Institution Issue, Series A, Rev., VRDO, 0.010%, 03/07/16		22,930
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	151,657	Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		151,657
	14,980	Series M019, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		14,980
	19,059	Series M020, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		19,059
	12,275	Series M024, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		12,275
	21,460	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.080%, 03/07/16		21,460
	11,645	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.080%, 03/07/16		11,645
		Loudoun County IDA, Howard Hughes Medical,
	65,000	Series B, Rev., VRDO, 0.020%, 03/07/16		65,000
	37,600	Series C, Rev., VRDO, 0.010%, 03/07/16		37,600
	16,000	Series D, Rev., VRDO, 0.010%, 03/07/16		16,000
	9,900	Series E, Rev., VRDO, 0.010%, 03/07/16		9,900

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Virginia — continued
	7,170	Loudoun County Sanitation Authority, Water & Sewer System, Rev., VRDO, 0.020%, 03/07/16		7,170
	18,805	Montgomery County IDA, Virginia Tech Foundation, Series A, Rev., VRDO, 0.020%, 03/07/16		18,805
	1,100	Peninsula Ports Authority, Dominion Term Association Project, Series D, Rev., VRDO, LOC: U.S. Bank N.A., 0.010%, 03/01/16		1,100
	2,935	Virginia College Building Authority, Educatioal Facilities, 21st Century College & Equipment Programs, Series C, Rev., VRDO, 0.010%, 03/01/16		2,935
	35,265	Virginia College Building Authority, Educatioal Facilities, University of Richmond Project, Rev., VRDO, 0.010%, 03/01/16		35,265
	9,400	Virginia College Building Authority, Educatioal Facilities, Washington and Lee University, Series B, Rev., VRDO, 0.010%, 03/07/16		9,400
				457,926
		Washington — 0.9%
	17,000	Chelan County Public Utility District No.1, Series B, Rev., VRDO, 0.010%, 03/07/16		17,000
	22,000	County of King, Sewer, Series B, Rev., VRDO, LOC: Helaba, 0.010%, 03/07/16		22,000
	31,545	King County Housing Authority, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.020%, 03/07/16		31,545
	390	Seattle Housing Authority, Low Income Housing Assistance, Bayview Manor Project, Series B, Rev., VRDO, LOC: U.S. Bank N.A., 0.020%, 03/07/16		390
	9,750	University of Washington, Series 2015-XF2183, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.020%, 03/07/16 (e)		9,750
	2,935	Washington State Housing Finance Commission, Franke Tobey Jones Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.020%, 03/07/16		2,935
	1,945	Washington State Housing Finance Commission, Local 82 — JATC Educational Development Trust Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.030%, 03/01/16		1,945
	14,660	Washington State Housing Finance Commission, Multi-Family Housing, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.050%, 03/07/16		14,660
	2,545	Washington State Housing Finance Commission, Multi-Family Housing, Granite Falls Assisted Living Project, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.040%, 03/07/16		2,545

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 51

JPMorgan Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Washington — continued
	13,600	Washington State Housing Finance Commission, Multi-Family Housing, Mallard Lakes Apartments Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.030%, 03/07/16		13,600
	24,600	Washington State Housing Finance Commission, Multi-Family Housing, Merrill Gardens, Kirkland, Series A, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		24,600
	6,070	Washington State Housing Finance Commission, Single Family Program, Series VR-1A, Rev., VRDO, AMT, FHLMC, 0.030%, 03/07/16		6,070
	25,215	Washington State Housing Finance Commission, Urban Center Apartments Project, Series 2012, Rev., VRDO, FHLMC, 0.010%, 03/07/16		25,215
				172,255
		West Virginia — 0.2%
	44,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Company — Mitchell Project, Series A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.020%, 03/07/16		44,000
		Wisconsin — 0.4%
		State of Wisconsin,
	29,415	Series 13-A, 0.020%, 03/01/16		29,415
	730	Series A, GO, 5.000%, 05/01/16		736
	19,953	State of Wisconsin, Tax-Exempt, Series 06-A, 0.020%, 03/01/16		19,953
	22,150	Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Inc., Series 09-A, Rev., VRDO, 0.010%, 03/01/16		22,150
	11,205	Wisconsin Housing & EDA, Home Ownership, Series C, Rev., VRDO, 0.020%, 03/07/16		11,205
				83,459
		Wyoming — 0.3%
		Lincoln County, PCR, Exxonmobile Project,
	7,300	Series 2014, Rev., VRDO, 0.010%, 03/01/16		7,300
	100	Series B, Rev., VRDO, 0.010%, 03/01/16		100
	40,300	Sublette County Pollution Control, Exxonmobil Project, Rev., VRDO, 0.010%, 03/01/16		40,300

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wyoming — continued
		Uinta County, Pollution Control, Chevron U.S.A., Inc. Project,
	1,205	Rev., VRDO, 0.010%, 03/01/16		1,205
	400	Rev., VRDO, 0.010%, 03/01/16		400
				49,305
		Total Municipal Bonds (Cost $18,228,813)		18,228,813
SHARES
	Variable Rate Demand Preferred Shares — 3.6%
		Nuveen AMT-Free Municipal Income Fund
	27,500	Series 2, LIQ: Citibank N.A., 0.090%, 03/07/16 # (e)		27,500
	11,000	Series 4, LIQ: Royal Bank of Canada, 0.090%, 03/07/16 # (e)		11,000
	14,100	Nuveen California AMT-Free Municipal Income Fund, Series 5, LIQ: Morgan Stanley Bank, 0.160%, 03/07/16 # (e)		14,100
		Nuveen California Dividend Advantage Municipal Fund
	59,200	Series 1, LIQ: Morgan Stanley Bank, 0.160%, 03/07/16 # (e)		59,200
	8,500	Series 2, LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		8,500
	21,000	Series 5, LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		21,000
	20,000	Series 6, LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		20,000
	249,300	Nuveen Insured Municipal Opportunity Fund, Inc., LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		249,300
	128,500	Nuveen Municipal Market Opportunity Fund, Inc., LIQ: TD Bank N.A., 0.100%, 03/07/16 # (e)		128,500
	25,000	Nuveen New Jersey Dividend Advantage Municipal Fund, Series 2, LIQ: Royal Bank of Canada, 0.090%, 03/07/16 # (e)		25,000
		Nuveen New York AMT-Free Municipal Income Fund, Inc., LIQ: Citibank N.A.,
	47,400	Series 2, 0.070%, 03/07/16 # (e)		47,400
	8,500	Series 3, 0.070%, 03/07/16 # (e)		8,500
	16,000	Nuveen Ohio Quality Income Municipal Fund, LIQ: Royal Bank of Canada, 0.100%, 03/07/16 # (e)		16,000
	17,500	Nuveen Pennsylvania Investment Quality Municipal Fund, Series 2, LIQ: Royal Bank of Canada, 0.110%, 03/07/16 # (e)		17,500

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Variable Rate Demand Preferred Shares — continued
	38,000	Nuveen Virginia Premium Income Municipal Fund, LIQ: TD Bank N.A., 0.100%, 03/07/16 # (e)		38,000
		Total Variable Rate Demand Preferred Shares (Cost $691,500)		691,500
		Total Investments — 99.7% (Cost $18,920,313)*		18,920,313
		Other Assets in Excess of Liabilities — 0.3%		48,982
		NET ASSETS — 100.0%	$	18,969,295

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 53

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION (t)	VALUE($)
	Commercial Paper — 5.9% (n)
		Alabama — 2.0%
		Huntsville Health Care Authority,
	25,000	0.060%, 03/02/16		25,000
	10,000	0.060%, 03/07/16		10,000
	29,000	0.070%, 04/04/16		29,000
				64,000
		California — 1.4%
		California Statewide Communities Development Authority,
	20,000	Series 2008-C, Rev., VRDO, 0.230%, 06/06/16		20,000
	23,000	Series 2008-C, Rev., VRDO, 0.230%, 06/21/16		23,000
				43,000
		Florida — 0.2%
	5,610	County of Hillsborough, Series A, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.110%, 04/07/16		5,610
		Missouri — 0.6%
	20,000	Missouri State of Health & Educational Facilities Authority, Series 2014-C, 0.060%, 04/04/16		20,000
		Nebraska — 1.3%
		Lincoln Nebraska Electric System,
	20,000	Series 1995, 0.040%, 03/08/16		20,000
	22,750	Series 1995, 0.070%, 04/04/16		22,750
				42,750
		Tennessee — 0.4%
	12,500	Metropolitan Government of Nashville & Davidson County, Series A-1, 0.080%, 04/07/16		12,500
		Total Commercial Paper (Cost $187,860)		187,860
	Daily Demand Notes — 26.1%
		Arizona — 0.3%
	11,410	The Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic, Series 2014B, Rev., VRDO, 0.010%, 03/01/16		11,410
		California — 0.3%
	8,855	California Infrastructure & Economic Development Bank, Pacific Gas & Electric Co., Series D, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.010%, 03/01/16		8,855

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Florida — 0.7%
	24,275	South Florida Water Management District, Series ROCS RR II R-12313, COP, VRDO, AGM-CR, AMBAC, LIQ: Citibank N.A., 0.020%, 03/01/16 (e)		24,275
		Illinois — 0.3%
	9,000	County of Will, Solid Waste Disposal, BASF Corp. Project, Rev., VRDO, 0.060%, 03/01/16		9,000
		Iowa — 0.4%
	12,350	City of Iowa, Rev., VRDO, 0.030%, 03/01/16		12,350
		Kentucky — 2.6%
	14,700	Louisville & Jefferson County Regional Airport Authority, UPS Worldwide Forwarding, Series C, Rev., VRDO, 0.010%, 03/01/16		14,700
	47,000	Louisville & Jefferson County, Regional Airport Authority, Special Facilities, UPS Worldwide Forwarding, Inc. Project, Series A, Rev., VRDO, 0.010%, 03/01/16		47,000
	21,400	Louisville Regional Airport Authority Special Facilities, BT-OH LLC Project, Series A, Rev., VRDO, 0.010%, 03/01/16		21,400
				83,100
		Louisiana — 0.2%
	7,785	East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Series B, Rev., VRDO, 0.010%, 03/01/16		7,785
		Massachusetts — 1.8%
	49,800	Massachusetts State Health & Educational Facilities Authority, Museum of Fine Arts Issue, Series A-1, Rev., VRDO, 0.010%, 03/01/16		49,800
	7,000	Massachusetts Water Resources Authority, Multi-Modal, Series C, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/01/16		7,000
				56,800
		Michigan — 1.6%
	10,895	Michigan State Housing Development Authority, Multi-Family Housing, Jackson Project, Rev., VRDO, FHLB, LOC: FHLB, 0.030%, 03/01/16		10,895
	39,205	Michigan State Housing Development Authority, Rental Housing, Series C, Rev., VRDO, AMT, LIQ: Bank of America N.A., 0.030%, 03/01/16		39,205
				50,100
		Mississippi — 2.6%
	4,100	County of Jackson, Port Facility, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.010%, 03/01/16		4,100

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — continued
		Mississippi — continued
		Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron U.S.A., Inc. Project,
	20,070	Series G, Rev., VRDO, 0.010%, 03/01/16		20,070
	7,500	Series G, Rev., VRDO, 0.010%, 03/01/16		7,500
	31,640	Series H, Rev., VRDO, 0.010%, 03/01/16		31,640
	14,400	Series I, Rev., VRDO, 0.010%, 03/01/16		14,400
	5,000	Series L, Rev., VRDO, 0.010%, 03/01/16		5,000
				82,710
		Missouri — 0.3%
	4,880	Missouri State Health & Educational Facilities Authority, State Louis University, Series B-2, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/01/16		4,880
	5,800	Missouri State Health & Educational Facilities Authority, Washington University, Series C, Rev., VRDO, 0.010%, 03/01/16		5,800
				10,680
		New York — 10.8%
	16,050	City of New York, Fiscal Year 2014, Series D, Subseries D-5, GO, VRDO, LOC: PNC Bank N.A., 0.010%, 03/01/16		16,050
	16,650	New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2003, Series F, Subseries F-2, Rev., VRDO, LOC: Citibank N.A., 0.010%, 03/01/16		16,650
		New York City Municipal Water Finance Authority, Water & Sewer System, Fiscal Year 2012,
	15,300	Series A, Subseries A-2, Rev., VRDO, 0.010%, 03/01/16		15,300
	28,945	Series A-1, Subseries A-1, Rev., VRDO, 0.010%, 03/01/16		28,945
	6,365	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2007, Series CC, Subseries CC-1, Rev., VRDO, 0.010%, 03/01/16		6,365
	6,100	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2013, Series AA, Subseries AA-1, Rev., VRDO, 0.010%, 03/01/16		6,100
	7,400	New York City Municipal Water Finance Authority, Water & Sewer System, Second General Resolution, Fiscal Year 2015, Series BB-4, Rev., VAR, 0.010%, 03/01/16		7,400

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
	61,500	New York City Transitional Finance Authority, Future Tax Secured, Series C, Rev., VRDO, LOC: Morgan Stanley Bank, 0.010%, 03/01/16		61,500
	2,500	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003, Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		2,500
	6,700	New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014, Subseries A-4, Rev., VRDO, 0.010%, 03/01/16		6,700
	16,790	New York State Housing Finance Agency, 350 West 43rd Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/01/16		16,790
	47,500	New York State Housing Finance Agency, 455 West 37th Street Housing, Series A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thuringen, 0.010%, 03/01/16		47,500
	36,900	New York State Housing Finance Agency, 505 West 37th Street Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.020%, 03/01/16		36,900
	15,000	New York State Housing Finance Agency, 605 West 42nd Street Housing, Series A, Rev., VRDO, LOC: Bank of China Ltd., 0.050%, 03/01/16		15,000
		New York State Mortgage Agency, Homeowner Mortgage,
	27,155	Series 135, Rev., VRDO, AMT, 0.020%, 03/01/16		27,155
	34,000	Series 142, Rev., VRDO, AMT, 0.010%, 03/01/16		34,000
				344,855
		Ohio — 0.3%
	8,705	County of Allen, Hospital Facilities, Catholic Healthcare Partners, Series C, Rev., VRDO, LOC: Union Bank N.A., 0.010%, 03/01/16		8,705
		Oregon — 0.3%
	9,500	Port of Portland, Horizon Air Insurance, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/01/16		9,500
		Tennessee — 0.8%
	15,970	Clarksville Public Building Authority, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/01/16		15,970

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 55

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Daily Demand Notes — continued
		Tennessee — continued
	11,385	Montgomery County Public Building Authority, Tennessee County Loan Pool, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/01/16		11,385
				27,355
		Texas — 0.9%
	30,375	Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Series B, Rev., VRDO, 0.010%, 03/01/16		30,375
		Utah — 0.4%
	12,000	Murray City, Utah Hospital Revenue, IHC Health Services, Inc., Series D, Rev., VRDO, 0.010%, 03/01/16		12,000
		Washington — 1.0%
	22,450	Washington Health Care Facilities Authority, MultiCare Health System, Series D, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.010%, 03/01/16		22,450
	9,400	Washington State Housing Finance Commission, Tacoma Art Museum Project, Rev., VRDO, LOC: Northern Trust Co., 0.010%, 03/01/16		9,400
				31,850
		Wyoming — 0.5%
	15,405	Uinta County, Pollution Control, Chevron U.S.A., Inc. Project, Rev., VRDO, 0.010%, 03/01/16		15,405
		Total Daily Demand Notes (Cost $837,110)		837,110
	Municipal Bonds — 4.0%
		Massachusetts — 0.2%
	6,500	Wachusett Regional School District, Rev., RAN, 2.250%, 05/27/16		6,522
		New Jersey — 0.8%
	15,281	County of Burlington, Township of Evesham, Series A, GO, BAN, 2.000%, 05/19/16		15,331
	11,500	Township of East Brunswick, Middlesex County, GO, BAN, 2.000%, 07/28/16		11,567
				26,898
		New York — 3.0%
	14,071	City of Beacon, Series A, GO, BAN, 2.000%, 05/27/16		14,122
	4,700	City of Olean, Cattaraugus County, GO, BAN, 2.000%, 06/16/16		4,718
	9,242	City School District of the City of Rome, Oneida County, GO, BAN, 2.000%, 08/05/16		9,293
	5,215	County of Broome, Town of Vestal, GO, BAN, 2.000%, 05/13/16		5,231

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New York — continued
		County of Clinton,
	1,543	Series A, GO, BAN, 2.000%, 06/10/16		1,549
	14,884	Series B, GO, BAN, 2.000%, 06/10/16		14,939
	6,500	East Quogue Union Free School District, Suffolk County, GO, TAN, 2.000%, 06/24/16		6,526
	14,375	Harpursville Central School District, Broome and Chenango Counties, GO, BAN, 2.000%, 07/22/16		14,449
	14,180	Mexico Central School District, Oswego County, GO, BAN, 2.000%, 07/15/16		14,249
	5,000	Onondaga County, North Syracuse Central School District, GO, RAN, 2.000%, 06/24/16		5,019
	6,670	Village of East Aurora, Erie County, GO, BAN, 2.000%, 07/07/16		6,700
				96,795
		Total Municipal Bonds (Cost $130,215)		130,215
	Weekly Demand Notes — 56.8%
		Arkansas — 0.5%
	15,000	Arkansas Development Finance Authority, Solid Waste Disposal, Waste Management of Arkansas, Inc. Project, Rev., VRDO, LOC: Bank of America N.A., 0.030%, 03/07/16		15,000
		California — 1.5%
	17,900	California Housing Finance Agency, Series 3206, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.240%, 03/07/16 (e)		17,900
	29,320	California Statewide Communities Development Authority, Multi-Family Housing, Bay Vista at Meadow Park Apartments, Series NN-1, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		29,320
				47,220
		Colorado — 0.6%
	20,000	City of Colorado Springs, Utilities, Sub Lien, Series A, Rev., VRDO, 0.020%, 03/07/16		20,000
	410	Colorado Educational & Cultural Facilities Authority, Nature Conservancy Project, Rev., VRDO, 0.020%, 03/07/16		410
				20,410
		Connecticut — 1.4%
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
	13,630	Series D, Rev., VRDO, 0.020%, 03/07/16		13,630
	30,000	Series D, Subseries D-3, Rev., VRDO, AMT, 0.030%, 03/07/16		30,000
				43,630

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Delaware — 1.0%
	32,080	County of New Castle, FlightSafety International, Inc. Project, Rev., VRDO, 0.020%, 03/07/16		32,080
	1,255	Delaware State Housing Authority, MERLOTS, Series C66, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.330%, 03/07/16 (e)		1,255
				33,335
		District of Columbia — 1.3%
		Metropolitan Washington Airports Authority,
	7,700	Series C, Subseries C-1, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking, 0.020%, 03/07/16		7,700
	33,095	Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.010%, 03/07/16		33,095
				40,795
		Florida — 2.3%
	17,800	Collier County IDA, Allete, Inc. Project, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.050%, 03/07/16		17,800
	18,000	County of Palm Beach, Special Purpose Facilities, FlightSafety Project, Rev., VRDO, 0.020%, 03/07/16		18,000
	15,035	Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments, Series I, Rev., VRDO, LOC: Citibank N.A., 0.040%, 03/07/16		15,035
	12,755	Orlando Utilities Commission Utility System, Revenue Refunding, Series B, Rev., VRDO, 0.030%, 03/07/16		12,755
	11,270	Sumter County IDA, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.110%, 03/07/16		11,270
				74,860
		Georgia — 1.0%
	28,485	Fulton County Development Authority, Airport Facility, FlightSafety International, Inc. Project, Series B, Rev., VRDO, 0.020%, 03/07/16		28,485
	2,080	Georgia Municipal Electric Authority, Series SGC-32, Class A, Rev., VRDO, FGIC, LIQ: Societe Generale, 0.020%, 03/07/16 (e)		2,080
				30,565
		Idaho — 1.4%
		Idaho Housing & Finance Association, Single Family Mortgage,
	8,935	Series A, Class I, Rev., VRDO, 0.030%, 03/07/16		8,935

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Idaho — continued
	4,770	Series A, Class I, Rev., VRDO, 0.030%, 03/07/16		4,770
	6,335	Series B, Class I, Rev., VRDO, LOC: FNMA, 0.030%, 03/07/16		6,335
	7,550	Series D, Class 1, Rev., VRDO, 0.030%, 03/07/16		7,550
	8,975	Series D, Class I, Rev., VRDO, 0.030%, 03/07/16		8,975
	9,240	Series E, Class I, Rev., VRDO, 0.030%, 03/07/16		9,240
				45,805
		Illinois — 3.5%
	105,350	Illinois State Toll Highway Authority, Toll Highway, Series A-1B, Rev., VRDO, AGM, 0.020%, 03/07/16		105,350
	4,100	Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Project, Rev., VRDO, LOC: Bank of America N.A., 0.180%, 03/07/16		4,100
	3,320	Regional Transportation Authority, Series SGC-45, Class A, GO, VRDO, FGIC, LOC: Societe Generale, 0.020%, 03/07/16		3,320
				112,770
		Indiana — 0.2%
	4,845	City of Indianapolis, Multi-Family Housing, Nora Commons, L.P., Series A, Rev., VRDO, LOC: U.S. Bank N.A., 0.070%, 03/07/16		4,845
	2,500	Tender Option Bond Trust Receipts/CTFS Various State, Series 2016-ZF0280, Rev., VRDO, 0.020%, 03/07/16		2,500
				7,345
		Iowa — 0.6%
		Iowa Finance Authority, Multi-Family Housing,
	10,730	Series A, Rev., VRDO, AMT, 0.040%, 03/07/16		10,730
	8,285	Series B, Rev., VRDO, AMT, 0.040%, 03/07/16		8,285
				19,015
		Kansas — 2.2%
	9,920	City of Wichita, Airport Facility, FlightSafety International, Inc., Series VIII, Rev., VRDO, 0.020%, 03/07/16		9,920
		Kansas State, Department of Transportation, Highway,
	29,610	Series C-1, Rev., VRDO, 0.020%, 03/07/16		29,610
	30,000	Series C-3, Rev., VRDO, 0.020%, 03/07/16		30,000
				69,530

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 57

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Kentucky — 0.9%
	10,100	County of Carroll, Solid Waste Disposal, Colotex Corp. Project, Rev., VRDO, LOC: Bank of America N.A., 0.020%, 03/07/16		10,100
	17,900	Kenton County Airport Board, Special Facilities, FlightSafety International, Inc. Project, Series A, Rev., VRDO, 0.020%, 03/07/16		17,900
				28,000
		Louisiana — 0.5%
	4,600	Parish of Ascension, BASF Corp. Project, Rev., VRDO, 0.060%, 03/07/16		4,600
	10,000	State of Louisiana, Gas & Fuels Tax, Series ROCS-RR-II-R-11769, Rev., VRDO, LIQ: Citibank N.A., 0.040%, 03/07/16		10,000
				14,600
		Maine — 0.5%
	17,360	Maine State Housing Authority, Series G, Rev., VRDO, AMT, 0.030%, 03/07/16		17,360
		Maryland — 1.5%
	7,925	Austin Trust, Various States, Series 2007-1023, Rev., VRDO, LIQ: Bank of America N.A., 0.110%, 03/07/16		7,925
	24,700	Maryland Community Development Administration, Department of Housing & Community Development, Residential, Series G, Rev., VRDO, 0.020%, 03/07/16		24,700
	13,900	Prince Georges County Housing Authority, Multi-family, Allentowne Apartments Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		13,900
				46,525
		Massachusetts — 0.8%
	1,500	Massachusetts Housing Finance Agency, Series A, Rev., VRDO, LOC: TD Bank N.A., 0.010%, 03/07/16		1,500
	11,165	Massachusetts State Municipal Securities Trust Receipts, Series SGC-51, Class A, GO, VAR, AMBAC, LIQ: Societe Generale, 0.020%, 03/07/16		11,165
	14,000	University of Massachusetts, Building Authority, Series 1, Rev., VRDO, 0.020%, 03/07/16		14,000
				26,665
		Nebraska — 0.7%
	23,025	Eclipse Funding Trust, Solar Eclipse, Lincoln, Series 2007-0043, Rev., VRDO, LIQ: U.S. Bank N.A., LOC: U.S. Bank N.A., 0.010%, 03/07/16 (e)		23,025

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		New Jersey — 0.2%
	7,900	New Jersey Housing & Mortgage Finance Agency, Single Family Housing, Series Y, Rev., VRDO, 0.020%, 03/07/16		7,900
		New Mexico — 0.6%
	18,805	University of New Mexico, Subordinate Lien System, Series C, Rev., VRDO, 0.010%, 03/07/16		18,805
		New York — 9.8%
	14,000	Austin Trust, Various States, Series 2008-1067, Rev., VRDO, LIQ: Bank of America N.A., 0.080%, 03/07/16		14,000
	49,625	EAGLE Tax-Exempt Trust, Series 2008-0055F, Class A, Rev., VRDO, FHLMC COLL, LIQ: FHLB, 0.030%, 03/07/16		49,625
	20,000	New York City Housing Development Corp., Multi-Family Mortgage, Related-Upper East, Series A, Rev., VRDO, AMT, LOC: Landesbank Baden-Wuerttemberg, 0.030%, 03/07/16		20,000
	11,000	New York City Industrial Development Agency, Special Facility, Air Express International Corp. Project, Rev., VRDO, LOC: Citibank N.A., 0.050%, 03/07/16		11,000
	7,100	New York City Trust for Cultural Resources, Refunding, American Musuem Natural History, Series B3, Rev., VRDO, LIQ: Wells Fargo Bank N.A., 0.020%, 03/07/16		7,100
	40,000	New York Housing Development Corp., Multi-Family Rent Housing, Westport Development, Series A, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.050%, 03/07/16		40,000
	31,900	New York State Housing Finance Agency, 188 Ludlow Street, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.030%, 03/07/16		31,900
	30,000	New York State Housing Finance Agency, 29 Flatbush Avenue Housing, Series A, Rev., VRDO, LOC: Landesbank Hessen-Thuringen, 0.020%, 03/07/16		30,000
	40,000	New York State Housing Finance Agency, 55 West 25th Street Housing, Series A, Rev., VRDO, AMT, FNMA, LIQ: FNMA, 0.050%, 03/07/16		40,000
	10,000	New York State Housing Finance Agency, 606 West 57th Street Housing, Series A, Rev., VRDO, LOC: Wells Fargo Bank N.A., 0.010%, 03/07/16		10,000
	12,115	New York State Housing Finance Agency, Remeeder Houses Apartments, Rev., VRDO, LOC: Citibank N.A., 0.030%, 03/07/16		12,115

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		New York — continued
	6,700	New York State Housing Finance Agency, Warren Knolls Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		6,700
	6,700	New York State Housing Finance Agency, West Haverstraw Senior Citizens Apartments, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		6,700
	9,505	Port Authority of New York & New Jersey, Series ROCS-RR-II-R-11770, Rev., VRDO, LIQ: Citibank N.A., 0.040%, 03/07/16 (e)		9,505
	17,995	Puttable Floating Option Tax-Exempt Receipts, Series PT-4702, Rev., VRDO, LIQ: Bank of America N.A., 0.180%, 03/07/16		17,995
		Puttable Floating Option Tax-Exempt Receipts, SunAmerica Trust,
	6,615	Series 2001-1, Class A, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.620%, 03/07/16		6,615
	1,555	Series 2001-2, Class A, Rev., VAR, FHLMC, LIQ: FHLMC, 0.620%, 03/07/16		1,555
				314,810
		North Carolina — 1.9%
	38,315	City of Raleigh, Downtown Improvement Projects, Series B-1, COP, VRDO, 0.020%, 03/07/16		38,315
	6,205	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., 0.160%, 03/07/16		6,205
	5,000	North Carolina Capital Facilities Finance Agency, Educational Facilities, Series 3070X, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.020%, 03/07/16 (e)		5,000
	9,800	Person County Industrial Facilities & Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum NC, Inc., Rev., VRDO, LOC: Credit Industrial E.T., 0.050%, 03/07/16		9,800
				59,320
		North Dakota — 2.1%
		North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage,
	13,155	Series A, Rev., VRDO, AMT, 0.030%, 03/07/16		13,155
	27,055	Series B, Rev., VRDO, AMT, 0.030%, 03/07/16		27,055

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		North Dakota — continued
	27,625	North Dakota State Housing Finance Agency, Housing & Home Mortgage Finance Programs, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		27,625
				67,835
		Ohio — 1.4%
	5,450	County of Franklin, Multi-Family Housing, Ashton Square Apartments Project, Rev., VRDO, FNMA, LIQ: FNMA, 0.040%, 03/07/16		5,450
		Ohio Housing Finance Agency, Residential Mortgage, Mortgage-Backed Securities Program,
	900	Series J, Rev., VRDO, AMT, FHLMC, 0.020%, 03/07/16		900
	15,100	Series N, Rev., VRDO, AMT, GNMA/FNMA/COLL, 0.020%, 03/07/16		15,100
	23,785	Ohio Housing Finance Agency, Residential Mortgage-Backed Securities Program, Series I, Rev., VRDO, AMT, GNMA/FNMA/COLL, LOC: Wells Fargo Bank N.A., 0.050%, 03/07/16		23,785
				45,235
		Pennsylvania — 1.6%
	11,465	Adams County IDA, Gettysburg Foundation Facility, Series A, Rev., VRDO, LOC: Manufacturers & Traders Trust Co., 0.060%, 03/07/16		11,465
	14,165	Delaware Valley Regional Financial Authority, Series SGC-63, Class A, Rev., VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		14,165
		Pennsylvania Housing Finance Agency, Single Family Mortgage,
	800	Rev., VRDO, AMT, 0.030%, 03/07/16		800
	6,000	Series 2007-99C, Rev., VRDO, AMT, 0.020%, 03/07/16		6,000
	17,905	Series 98C, Rev., VRDO, AMT, 0.020%, 03/07/16		17,905
				50,335
		Rhode Island — 0.9%
	26,050	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, The Groves at Johanston Project, Series 2006, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		26,050
	2,100	Rhode Island Housing & Mortgage Finance Corp., Multi-Family Housing, University Heights Project, Rev., VRDO, AMT, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		2,100
				28,150

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 59

JPMorgan Municipal Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		South Carolina — 0.3%
	4,735	City of North Charleston, Golf Course Mortgage, Rev., VRDO, 0.050%, 03/07/16		4,735
	5,000	Tender Option Bond Trust Receipts/CTFS Various State, Series 2015-XF2204, Rev., VRDO, 0.010%, 03/07/16 (e)		5,000
				9,735
		South Dakota — 1.1%
	34,000	South Dakota Housing Development Authority, Home Ownership Mortgage, Series F, Rev., VRDO, AMT, 0.020%, 03/07/16		34,000
		Tennessee — 0.6%
	9,000	Jackson Industrial Development Board, Industrial Development, General Cable Corp. Project, Rev., VRDO, LOC: PNC Bank N.A., 0.070%, 03/07/16		9,000
	11,070	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., 0.030%, 03/07/16		11,070
				20,070
		Texas — 5.1%
	5,800	Brazoria County Brazos River Harbor Navigation District, BASF Corp. Project, Rev., VRDO, 0.060%, 03/07/16		5,800
	13,695	County of Harris, Series SGC-31, Class A, Rev., VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		13,695
	28,700	Dallas-Fort Worth International Airport Facilities Improvement Corp., Airport Facility, FlightSafety Texas, Inc. Project, Rev., VRDO, 0.020%, 03/07/16		28,700
	13,145	Montgomery Country Housing Finance Corp., Multi-Family Housing, Park at Woodline Townhomes, Rev., VRDO, LOC: Citibank N.A., 0.030%, 03/07/16		13,145
	10,950	North Texas Tollway Authority, Series ROCS-RR-II-R-11947, Rev., VRDO, LIQ: Citibank N.A., 0.030%, 03/07/16 (e)		10,950
	16,600	State of Texas, Series C, GO, VRDO, 0.020%, 03/07/16		16,600
	10,510	SunAmerica Taxable Trust, Series 2002-1, Class A, Rev., VRDO, FHLMC, LOC: FHLMC, 0.070%, 03/07/16		10,510
		Texas Department of Housing & Community Affairs, Single Family Mortgage,
	30,480	Series B, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, 0.050%, 03/07/16		30,480

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Texas — continued
	18,200	Series D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: Texas Comptroller of Public Accounts, 0.030%, 03/07/16		18,200
	4,800	Texas Department of Housing and Community Affairs, Multi-Family Housing, Terraces at Cibolo, Rev., VRDO, LOC: Citibank N.A., 0.030%, 03/07/16		4,800
	12,000	Texas State Municipal Securities Trust Receipts, Series SGC-9, Class A, GO, VRDO, LIQ: Societe Generale, 0.020%, 03/07/16		12,000
				164,880
		Utah — 0.5%
		Utah Housing Corp., Single Family Mortgage,
	3,165	Series A-2, Rev., VRDO, LOC: FHLMC, 0.020%, 03/07/16		3,165
	1,850	Series B, Class I, Rev., VRDO, 0.020%, 03/07/16		1,850
	6,365	Series C-2, Class I, Rev., VRDO, FHA, 0.020%, 03/07/16		6,365
	5,525	Series D-2, Class I, Rev., VRDO, 0.020%, 03/07/16		5,525
				16,905
		Virginia — 5.6%
		Federal Home Loan Mortgage Corp., Multi-Family Housing,
	8,565	Series M015, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.040%, 03/07/16		8,565
	95,226	Series M017, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		95,226
	21,470	Series M025, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.080%, 03/07/16		21,470
	22,265	Series M026, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.080%, 03/07/16		22,265
	19,735	Suffolk EDA, Hospital Facilities, EAGLE, Series 2013-0014, Class A, Rev., VRDO, LIQ: Citibank N.A., 0.180%, 03/07/16 (e)		19,735
	12,750	Virginia Housing Development Authority, MERLOTS, Series C-42, Rev., VRDO, 0.080%, 03/07/16 (e)		12,750
				180,011
		Washington — 1.5%
	10,000	Port Grays Harbor Industrial Development Corp., Murphy Co. Project, Rev., VRDO, LOC: U.S. Bank N.A., 0.050%, 03/07/16		10,000
	9,985	Washington State Housing Finance Commission, Multi-Family Housing, Barkley Ridge Apartments Project, Series A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.030%, 03/07/16		9,985

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Weekly Demand Notes — continued
		Washington — continued
	27,180	Washington State Housing Finance Commission, Multi-Family Housing, Queen Anne Project, Series A, Rev., VRDO, FNMA, LIQ: FNMA, 0.020%, 03/07/16		27,180
				47,165
		West Virginia — 0.7%
	21,000	West Virginia EDA, Solid Waste Disposal Facilities, Kentucky Power Company — Mitchell Project, Series A, Rev., VRDO, LOC: Sumitomo Mitsui Banking, 0.020%, 03/07/16		21,000
		Wisconsin — 0.5%
		Wisconsin Housing & EDA, Home Ownership,
	13,600	Series E, Rev., VRDO, AMT, 0.030%, 03/07/16		13,600
	1,945	Series ROCS-RR-II-R-11522, Rev., VRDO, LIQ: Citibank N.A., 0.040%, 03/07/16		1,945
				15,545
		Total Weekly Demand Notes (Cost $1,818,156)		1,818,156
SHARES
	Variable Rate Demand Preferred Shares — 7.4%
	22,000	Nuveen AMT-Free Municipal Income Fund, Series 2, LIQ: Citibank N.A., 0.090%, 03/07/16 # (e)		22,000
		Nuveen California Dividend Advantage Municipal Fund
	10,000	Series 4, LIQ: Royal Bank of Canada, 0.090%, 03/07/16 # (e)		10,000
	5,000	Series 6, LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		5,000
	26,800	Nuveen Investment Quality Municipal Fund, Inc., LIQ: Barclays Bank plc, 0.110%, 03/07/16 # (e)		26,800

SHARES		SECURITY DESCRIPTION	VALUE($)
	25,000	Nuveen Municipal Market Opportunity Fund, Inc., LIQ: TD Bank N.A., 0.100%, 03/07/16 # (e)		25,000
	15,500	Nuveen Municipal Opportunity Fund, Inc., LIQ: Citibank N.A., 0.100%, 03/07/16 # (e)		15,500
	14,600	Nuveen New Jersey Dividend Advantage Municipal Fund, Series 3, LIQ: Royal Bank of Canada, 0.090%, 03/07/16 # (e)		14,600
	8,600	Nuveen New York AMT-Free Municipal Income Fund, Series 1, LIQ: Citibank N.A., 0.070%, 03/07/16 # (e)		8,600
	7,000	Nuveen Ohio Quality Income Municipal Fund, LIQ: Royal Bank of Canada, 0.100%, 03/07/16 # (e)		7,000
	19,000	Nuveen Pennsylvania Investment Quality Municipal Fund, Series 3, LIQ: Royal Bank of Canada, 0.110%, 03/07/16 # (e)		19,000
	9,700	Nuveen Premier Municipal Income Fund, Inc., LIQ: Barclays Bank plc, 0.110%, 03/07/16 # (e)		9,700
	73,200	Nuveen Premium Income Municipal Fund 2, Inc., Rev., VRDO, AMT, LIQ: Barclays Bank plc, 0.110%, 03/07/16 # (e)		73,200
		Total Variable Rate Demand Preferred Shares (Cost $236,400)		236,400
		Total Investments — 100.2% (Cost $3,209,741)*		3,209,741
		Liabilities in Excess of Other Assets — (0.2)%		(7,267	)
		NET ASSETS — 100.0%	$	3,202,474

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 61

J.P. Morgan Money Market Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

AGM	—  Insured by Assured Guaranty Municipal Corp.
AMBAC	—  Insured by American Municipal Bond Assurance Corp.
AMT	—  Alternative Minimum Tax
BAN	—  Bond Anticipation Note
BHAC	—  Insured by Berkshire Hathaway Assurance Corp.
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.
PANTHERS	—  Pitt Asset Notes — Tax Exempt Higher Education Series
PCR	—  Pollution Control Revenue
RAN	—  Revenue Anticipation Note
RE	—  Reinsured
Rev.	—  Revenue
ROCS	—  Reset Option Certificates
TAN	—  Tax Anticipation Note
TRAN	—  Tax & Revenue Anticipation Note
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of February 29, 2016.
VRDO	—  Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of February 29, 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 0.1%.
(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 has a weekly demand feature. The interest rate shown is the rate in effect as of February 29, 2016.

Additional Investment Information:

[1] Agency Joint Trading Account I — At February 29, 2016, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
Prime Money Market Fund	$	293,209	$	293,212	$	299,242
U.S. Government Money Market Fund	$	3,231,791	$	3,231,821	$	3,298,284

Repurchase Agreements — At February 29, 2016, the Principal Amounts of certain Funds’ pro-rata interests in the Agency Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			Prime Money Market Fund and U.S. Government Money Market Fund
Bank of Nova Scotia		0.320	%	$	250,000
Societe Generale S.A.		0.340	%		725,000
Wells Fargo Bank N.A.		0.330	%		1,150,000
Wells Fargo Securities, LLC		0.330	%		1,400,000
Total				$	3,525,000

At February 29, 2016, the Agency Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
Federal Home Loan Mortgage Corporation	0.900% to 3.500%		04/25/17 to 12/01/45
Federal National Mortgage Association	0.000% to 6.000%		05/01/18 to 02/01/46
Government National Mortgage Association	0.592% to 7.500%		06/20/26 to 05/15/56
U.S. Treasury Securities	0.625% to 1.125%		05/31/17 to 02/28/21

[2] Agency Joint Trading Account II — At February 29, 2016, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Government Money Market Fund	$	914,905	$	914,913	$	934,072

Repurchase Agreements — At February 29, 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.		0.320	%	$	217,834
Citigroup Global Markets, Inc.		0.320	%		217,835
Merrill Lynch PFS, Inc.		0.320	%		479,236
Total				$	914,905

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

At February 29, 2016, the Agency Joint Trading Account II was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
Federal Home Loan Mortgage Corporation	0.000% to 10.000%		01/15/20 to 05/15/53
Federal National Mortgage Association	0.000% to 10.000%		12/25/16 to 02/25/46
Government National Mortgage Association	2.500% to 6.500%		06/17/20 to 01/20/46
U.S. Treasury Securities	0.000% to 4.750%		04/15/17 to 11/15/45

[3] Treasury Joint Trading Account I — At February 29, 2016, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 01, 2016, as follows (amounts in thousands):

Fund	Principal Amount		Repurchase Price		Collateral Value Allocation
U.S. Treasury Plus Money Market Fund	$	1,762,652	$	1,762,667	$	1,797,909

Repurchase Agreements — At February 29, 2016, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account I were as follows (amounts in thousands):

Counterparty	Interest Rate			U.S. Treasury Plus Money Market Fund
Bank of Nova Scotia		0.300	%	$	393,889
Citibank N.A.		0.300	%		196,944
Credit Agricole Corporate and Investment Bank		0.300	%		492,361
Societe Generale S.A.		0.320	%		196,944
Wells Fargo Bank N.A.		0.310	%		482,514
Total				$	1,762,652

At February 29, 2016, the Treasury Joint Trading Account I was fully collateralized by:

Issuer	Interest Rates	Maturity Dates
U.S. Treasury Securities	0.000% to 8.125%		04/07/16 to 02/15/46

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 63

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016

(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	$	99,637,864	$	12,527,623	$	39,966,596		$	8,419,320
Repurchase agreements, at value		6,465,209		630,000		20,396,696			8,786,729
Total investment securities, at value		106,103,073		13,157,623		60,363,292			17,206,049
Cash		848,130		9		—	(a)		1
Receivables:
Interest from non-affiliates		41,573		4,510		21,884			26,742
Total Assets		106,992,776		13,162,142		60,385,176			17,232,792
LIABILITIES:
Payables:
Distributions		17,203		1,487		3,607			986
Investment securities purchased		499,665		—		—			200,156
Accrued liabilities:
Investment advisory fees		6,742		634		3,621			1,042
Administration fees		5,939		594		3,190			917
Distribution fees		329		470		—			18
Shareholder servicing fees		4,806		1,130		3,728			703
Custodian and accounting fees		956		247		335			128
Trustees’ and Chief Compliance Officer’s fees		—		3		1			28
Printing and mailing costs		923		773		369			59
Other		1,366		255		764			238
Total Liabilities		537,929		5,593		15,615			204,275
Net Assets	$	106,454,847	$	13,156,549	$	60,369,561		$	17,028,517

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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	$	106,455,647		$	13,156,904		$	60,370,925		$	17,029,050
Accumulated undistributed (distributions in excess of) net investment income		(800	)		(368	)		(1,365	)		(535	)
Accumulated net realized gains (losses)		—			13			1			2
Total Net Assets	$	106,454,847		$	13,156,549		$	60,369,561		$	17,028,517
Net Assets:
Class C	$	39,558		$	505,609		$	—		$	154,988
Agency		8,141,439			71,741			7,594,151			956,921
Capital		64,690,852			2,071,483			28,046,995			—
Cash Management		488,399			—			—			—
Direct		1,330,952			—			870,118			672,625
Eagle Class		396,419			—			437,372			20
E*Trade		—			1,758,478			—			—
IM		2,628,508			—			648,289			4,788,250
Institutional Class		20,011,248			6,630,618			8,704,148			8,736,623
Investor		1,841,412			117,816			3,856,545			89,016
Morgan		1,877,099			1,609,448			2,229,161			706,209
Premier		2,030,985			132,337			7,570,828			244,258
Reserve		930,188			189,404			16,298			679,587
Service		2,047,788			69,615			395,656			20
Total	$	106,454,847		$	13,156,549		$	60,369,561		$	17,028,517
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class C		39,557			505,615			—			154,993
Agency		8,141,460			71,716			7,594,326			956,958
Capital		64,691,229			2,071,525			28,047,627			—
Cash Management		488,393			—			—			—
Direct		1,330,961			—			870,137			672,651
Eagle Class		396,422			—			437,382			20
E*Trade		—			1,758,532			—			—
IM		2,628,528			—			648,304			4,788,431
Institutional Class		20,011,411			6,630,661			8,704,337			8,736,953
Investor		1,841,414			117,847			3,856,631			89,020
Morgan		1,877,088			1,609,473			2,229,211			706,232
Premier		2,030,969			132,339			7,570,979			244,268
Reserve		930,173			189,406			16,298			679,612
Service		2,047,760			69,618			395,664			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	$	99,637,864		$	12,527,623		$	39,966,596		$	8,419,320
Cost of repurchase agreements		6,465,209			630,000			20,396,696			8,786,729

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 65

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016 (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	$	4,216,709	$	22,249,896	$	18,920,313	$	3,209,741
Cash		1		54		28		1
Receivables:
Investment securities sold		—		650,690		83,420		20,658
Fund shares sold		8,642		—		—		—
Interest from non-affiliates		421		26,176		16,495		1,933
Total Assets		4,225,773		22,926,816		19,020,256		3,232,333
LIABILITIES:
Payables:
Distributions		270		868		134		1
Investment securities purchased		50,000		650,868		50,000		29,610
Fund shares redeemed		3,167		—		—		—
Accrued liabilities:
Investment advisory fees		230		1,333		12		17
Administration fees		210		1,186		261		52
Shareholder servicing fees		238		1,150		—		—
Custodian and accounting fees		37		176		148		32
Trustees’ and Chief Compliance Officer’s fees		2		28		33		2
Printing and mailing costs		159		37		126		88
Other		130		228		247		57
Total Liabilities		54,443		655,874		50,961		29,859
Net Assets	$	4,171,330	$	22,270,942	$	18,969,295	$	3,202,474

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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	$	4,171,515		$	22,271,474		$	18,969,150		$	3,202,472
Accumulated undistributed (distributions in excess of) net investment income		(200	)		(602	)		(9	)		6
Accumulated net realized gains (losses)		15			70			154			(4	)
Total Net Assets	$	4,171,330		$	22,270,942		$	18,969,295		$	3,202,474
Net Assets:
Agency	$	233,955		$	1,895,744		$	344,578		$	193,260
Capital		—			9,678,309			—			—
Direct		—			—			20			—
Eagle Class		—			—			1,301,201			—
E*Trade		—			—			—			1,935,318
Institutional Class		3,615,992			7,378,773			10,007,028			132,605
Morgan		131,723			1,990,677			111,381			387,521
Premier		171,808			1,219,310			2,984,160			28,451
Reserve		17,852			108,109			4,220,927			9,796
Service		—			20			—			515,523
Total	$	4,171,330		$	22,270,942		$	18,969,295		$	3,202,474
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Agency		233,970			1,895,780			344,566			193,255
Capital		—			9,678,469			—			—
Direct		—			—			20			—
Eagle Class		—			—			1,301,158			—
E*Trade		—			—			—			1,935,302
Institutional Class		3,616,498			7,378,979			10,006,711			132,603
Morgan		131,752			1,990,691			111,377			387,529
Premier		171,848			1,219,353			2,984,048			28,453
Reserve		17,854			108,091			4,220,816			9,796
Service		—			20			—			515,525
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	$	4,216,709		$	22,249,896		$	18,920,313		$	3,209,741

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 67

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2016

(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	$	369,064		$	57,479		$	103,651		$	24,619
Income from interfund lending (net)		—			15			—			—
Total investment income		369,064			57,494			103,651			24,619
EXPENSES:
Investment advisory fees		92,450			14,147			46,149			12,671
Administration fees		79,747			12,212			39,823			10,934
Distribution fees (See Note 4)		18,806			42,875			7,546			3,938
Shareholder servicing fees (See Note 4)		104,637			34,300			76,927			18,122
Custodian and accounting fees		2,787			646			572			172
Interest expense to affiliates		3			—			—	(a)		—
Professional fees		1,185			247			622			213
Trustees’ and Chief Compliance Officer’s fees		1,031			163			453			157
Printing and mailing costs		924			2,463			577			94
Registration and filing fees		858			366			922			214
Transfer agent fees (See Note 2.E.)		2,723			479			1,184			358
Other		973			163			546			154
Total expenses		306,124			108,061			175,321			47,027
Less fees waived		(71,534	)		(63,426	)		(88,571	)		(25,970	)
Less earnings credits		(11	)		—			(27	)		(11	)
Less expense reimbursements		(1	)		(1	)		—			(18	)
Net expenses		234,578			44,634			86,723			21,028
Net investment income (loss)		134,486			12,860			16,928			3,591
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		371			79			549			119
Change in net assets resulting from operations	$	134,857		$	12,939		$	17,477		$	3,710

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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	$	6,795		$	23,326		$	10,591		$	2,776
EXPENSES:
Investment advisory fees		3,520			20,027			15,460			2,447
Administration fees		3,037			17,278			13,341			2,112
Distribution fees (See Note 4)		152			2,157			14,659			14,722
Shareholder servicing fees (See Note 4)		5,167			28,342			36,642			8,930
Custodian and accounting fees		107			471			514			83
Interest expense to affiliates		—			—	(a)		—	(a)		—	(a)
Professional fees		82			275			242			76
Trustees’ and Chief Compliance Officer’s fees		32			226			191			26
Printing and mailing costs		760			75			155			255
Registration and filing fees		344			251			296			106
Transfer agent fees (See Note 2.E.)		127			567			390			69
Other		39			227			141			28
Total expenses		13,367			69,896			82,031			28,854
Less fees waived		(7,698	)		(48,756	)		(73,363	)		(26,379	)
Less earnings credits		—			—	(a)		(1	)		—
Less expense reimbursements		—	(a)		—	(a)		(9	)		—
Net expenses		5,669			21,140			8,658			2,475
Net investment income (loss)		1,126			2,186			1,933			301
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		72			130			1,715			140
Change in net assets resulting from operations	$	1,198		$	2,316		$	3,648		$	441

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	134,486		$	39,457		$	12,860		$	6,277
Net realized gain (loss)		371			544			79			186
Change in net assets resulting from operations		134,857			40,001			12,939			6,463
DISTRIBUTIONS TO SHAREHOLDERS:
Class B (a)
From net investment income		—	(b)		—	(b)		—	(b)		—	(b)
From net realized gains		—			—	(b)		—			—	(b)
Class C
From net investment income		(2	)		(2	)		(53	)		(68	)
From net realized gains		—	(b)		—	(b)		(5	)		(5	)
Agency
From net investment income		(4,977	)		(772	)		(58	)		(9	)
From net realized gains		(17	)		(45	)		(1	)		(1	)
Capital
From net investment income		(96,527	)		(30,319	)		(4,571	)		(2,214	)
From net realized gains		(168	)		(377	)		(29	)		(24	)
Cash Management
From net investment income		(85	)		(105	)		—			—
From net realized gains		(2	)		(7	)		—			—
Direct
From net investment income		(1,289	)		(946	)		—			—
From net realized gains		(4	)		(15	)		—			—
Eagle Class
From net investment income		(35	)		(35	)		—			—
From net realized gains		(1	)		(2	)		—			—
E*Trade
From net investment income		—			—			(604	)		(1,955	)
From net realized gains		—			—			(58	)		(51	)
IM
From net investment income		(4,235	)		(859	)		—			—
From net realized gains		(5	)		(13	)		—			—
Institutional Class
From net investment income		(26,145	)		(6,040	)		(7,335	)		(1,844	)
From net realized gains		(56	)		(179	)		(51	)		(39	)
Investor
From net investment income		(204	)		(95	)		(18	)		(18	)
From net realized gains		(3	)		(6	)		(1	)		(1	)
Morgan
From net investment income		(254	)		(232	)		(167	)		(185	)
From net realized gains		(5	)		(13	)		(17	)		(13	)
Premier
From net investment income		(447	)		(182	)		(29	)		(14	)
From net realized gains		(6	)		(10	)		(1	)		(1	)
Reserve
From net investment income		(105	)		(125	)		(17	)		(20	)
From net realized gains		(2	)		(7	)		(2	)		(1	)
Service
From net investment income		(181	)		(181	)		(9	)		(12	)
From net realized gains		(4	)		(10	)		(1	)		(1	)
Total distributions to shareholders		(134,759	)		(40,577	)		(13,027	)		(6,476	)

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(9,582,493	)		109,712			(6,935,158	)		3,173,229
NET ASSETS:
Change in net assets		(9,582,395	)		109,136			(6,935,246	)		3,173,216
Beginning of period		116,037,242			115,928,106			20,091,795			16,918,579
End of period	$	106,454,847		$	116,037,242		$	13,156,549		$	20,091,795
Accumulated undistributed (distributions in excess of) net investment income	$	(800	)	$	(800	)	$	(368	)	$	(367	)

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 71

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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,928		$	5,522		$	3,591		$	—
Net realized gain (loss)		549			181			119			16
Change in net assets resulting from operations		17,477			5,703			3,710			16
DISTRIBUTIONS TO SHAREHOLDERS:
Class B (a)
From net investment income		—			—			—			—	(b)
From net realized gains		—			—			—			—	(b)
Class C
From net investment income		—			—			—	(b)		(1	)
From net realized gains		—			—			(1	)		(2	)
Agency
From net investment income		(2,033	)		(781	)		(123	)		(4	)
From net realized gains		(92	)		(61	)		(7	)		(26	)
Capital
From net investment income		(10,376	)		(2,888	)		—			—
From net realized gains		(246	)		(210	)		—			—
Direct
From net investment income		(144	)		(33	)		(50	)		(6	)
From net realized gains		(9	)		(2	)		(6	)		(24	)
Eagle Class
From net investment income		(36	)		(142	)		—			—	(b)
From net realized gains		(4	)		(10	)		—			—	(b)
IM
From net investment income		(313	)		(90	)		(1,463	)		(9	)
From net realized gains		(5	)		(10	)		(27	)		(28	)
Institutional Class
From net investment income		(2,982	)		(781	)		(1,983	)		(20	)
From net realized gains		(84	)		(55	)		(64	)		(79	)
Investor
From net investment income		(310	)		(349	)		—	(b)		(1	)
From net realized gains		(31	)		(25	)		(1	)		(4	)
Morgan
From net investment income		(216	)		(236	)		(1	)		(2	)
From net realized gains		(23	)		(16	)		(5	)		(10	)
Premier
From net investment income		(569	)		(376	)		(1	)		(1	)
From net realized gains		(72	)		(26	)		(2	)		(6	)
Reserve
From net investment income		(7	)		(10	)		(2	)		(3	)
From net realized gains		—	(b)		(1	)		(5	)		(13	)
Service
From net investment income		(67	)		(88	)		—			—	(b)
From net realized gains		(4	)		(6	)		—			—	(b)
Total distributions to shareholders		(17,623	)		(6,196	)		(3,741	)		(239	)

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		288,249			6,688,968			3,069,769			(1,945,106	)
NET ASSETS:
Change in net assets		288,103			6,688,475			3,069,738			(1,945,329	)
Beginning of period		60,081,458			53,392,983			13,958,779			15,904,108
End of period	$	60,369,561		$	60,081,458		$	17,028,517		$	13,958,779
Accumulated undistributed (distributions in excess of) net investment income	$	(1,365	)	$	(1,240	)	$	(535	)	$	(503	)

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 73

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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,126		$	446		$	2,186		$	—
Net realized gain (loss)		72			52			130			162
Change in net assets resulting from operations		1,198			498			2,316			162
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(36	)		(20	)		(92	)		(6	)
From net realized gains		(4	)		(3	)		(7	)		(41	)
Capital
From net investment income		—			—			(1,354	)		(38	)
From net realized gains		—			—			(44	)		(205	)
Institutional Class
From net investment income		(1,066	)		(425	)		(785	)		(40	)
From net realized gains		(64	)		(78	)		(36	)		(235	)
Morgan
From net investment income		(11	)		(10	)		(4	)		(6	)
From net realized gains		(2	)		(1	)		(9	)		(28	)
Premier
From net investment income		(20	)		(27	)		(3	)		(5	)
From net realized gains		(3	)		(5	)		(5	)		(28	)
Reserve
From net investment income		(2	)		—	(a)		—	(a)		—	(a)
From net realized gains		—	(a)		—	(a)		—	(a)		(1	)
Service
From net investment income		—			—			—			—	(a)
From net realized gains		—			—			—	(a)		—	(a)
Total distributions to shareholders		(1,208	)		(569	)		(2,339	)		(633	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(242,718	)		(31,528	)		(1,232,721	)		99,465
NET ASSETS:
Change in net assets		(242,728	)		(31,599	)		(1,232,744	)		98,994
Beginning of period		4,414,058			4,445,657			23,503,686			23,404,692
End of period	$	4,171,330		$	4,414,058		$	22,270,942		$	23,503,686
Accumulated undistributed (distributions in excess of) net investment income	$	(200	)	$	(191	)	$	(602	)	$	(550	)

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Tax Free Money Market Fund						Municipal Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,933		$	1,912		$	301		$	284
Net realized gain (loss)		1,715			3,160			140			218
Change in net assets resulting from operations		3,648			5,072			441			502
DISTRIBUTIONS TO SHAREHOLDERS:
Agency
From net investment income		(32	)		(34	)		(8	)		(5	)
From net realized gains		(46	)		(31	)		(4	)		(3	)
Direct
From net investment income		—	(a)		—	(a)		—			—
From net realized gains		—	(a)		—	(a)		—			—
Eagle Class
From net investment income		(126	)		(129	)		—			—
From net realized gains		(200	)		(127	)		—			—
E*Trade
From net investment income		—			—			(195	)		(197	)
From net realized gains		—			—			(95	)		(94	)
Institutional Class
From net investment income		(1,046	)		(1,079	)		(15	)		(18	)
From net realized gains		(1,559	)		(1,044	)		(7	)		(9	)
Morgan
From net investment income		(11	)		(16	)		(37	)		(26	)
From net realized gains		(24	)		(13	)		(20	)		(14	)
Premier
From net investment income		(262	)		(227	)		(3	)		(4	)
From net realized gains		(388	)		(211	)		(1	)		(2	)
Reserve
From net investment income		(456	)		(427	)		(1	)		(2	)
From net realized gains		(704	)		(433	)		(1	)		(1	)
Service
From net investment income		—			—			(42	)		(29	)
From net realized gains		—			—			(21	)		(15	)
Total distributions to shareholders		(4,854	)		(3,771	)		(450	)		(419	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(1,226,248	)		752,514			139,977			164,471
NET ASSETS:
Change in net assets		(1,227,454	)		753,815			139,968			164,554
Beginning of period		20,196,749			19,442,934			3,062,506			2,897,952
End of period	$	18,969,295		$	20,196,749		$	3,202,474		$	3,062,506
Accumulated undistributed (distributions in excess of) net investment income	$	(9	)	$	(9	)	$	6		$	6

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class B (a)
Proceeds from shares issued	$	—		$	86		$	69		$	100
Distributions reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Cost of shares redeemed		(105	)		(249	)		(409	)		(822	)
Conversion to Morgan Shares		(514	)		(76	)		(1054	)		(170	)
Change in net assets resulting from Class B capital transactions	$	(619	)	$	(239	)	$	(1,394	)	$	(892	)
Class C
Proceeds from shares issued	$	47,970		$	19,166		$	219,626		$	490,624
Distributions reinvested		2			2			58			73
Cost of shares redeemed		(25,312	)		(19,929	)		(418,347	)		(457,047	)
Change in net assets resulting from Class C capital transactions	$	22,660		$	(761	)	$	(198,663	)	$	33,650
Agency
Proceeds from shares issued	$	402,268,621		$	327,535,472		$	315,483		$	1,366,119
Distributions reinvested		562			134			34			4
Cost of shares redeemed		(400,731,257	)		(328,497,424	)		(339,426	)		(1,342,453	)
Change in net assets resulting from Agency capital transactions	$	1,537,926		$	(961,818	)	$	(23,909	)	$	23,670
Capital
Proceeds from shares issued	$	898,641,705		$	735,970,811		$	13,791,594		$	18,636,462
Distributions reinvested		41,937			11,753			3,255			1,738
Cost of shares redeemed		(900,133,191	)		(738,035,627	)		(14,612,885	)		(19,543,918	)
Change in net assets resulting from Capital capital transactions	$	(1,449,549	)	$	(2,053,063	)	$	(818,036	)	$	(905,718	)
Cash Management
Proceeds from shares issued	$	2,286,522		$	3,307,838		$	—		$	—
Distributions reinvested		80			109			—			—
Cost of shares redeemed		(3,034,255	)		(2,825,546	)		—			—
Change in net assets resulting from Cash Management capital transactions	$	(747,653	)	$	482,401		$	—		$	—
Direct
Proceeds from shares issued	$	2,720,187		$	4,211,565		$	—		$	—
Cost of shares redeemed		(3,808,687	)		(3,388,143	)		—			—
Change in net assets resulting from Direct capital transactions	$	(1,088,500	)	$	823,422		$	—		$	—
Eagle Class
Proceeds from shares issued	$	512,243		$	490,999		$	—		$	—
Distributions reinvested		36			37			—			—
Cost of shares redeemed		(440,029	)		(540,191	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	72,250		$	(49,155	)	$	—		$	—
E*Trade
Proceeds from shares issued	$	—		$	—		$	2,338,735		$	3,441,422
Distributions reinvested		—			—			662			2,006
Cost of shares redeemed		—			—			(8,078,883	)		(1,867,510	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	(5,739,486	)	$	1,575,918

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS: (continued)
IM
Proceeds from shares issued	$	37,443,428		$	17,876,818		$	—		$	—
Distributions reinvested		75			255			—			—
Cost of shares redeemed		(38,564,457	)		(14,127,691	)		—			—
Change in net assets resulting from IM capital transactions	$	(1,120,954	)	$	3,749,382		$	—		$	—
Institutional Class
Proceeds from shares issued	$	164,150,461		$	132,887,668		$	45,216,773		$	39,571,799
Distributions reinvested		6,984			1,090			1,748			446
Cost of shares redeemed		(171,864,961	)		(134,308,893	)		(45,280,508	)		(35,780,613	)
Change in net assets resulting from Institutional Class capital transactions	$	(7,707,516	)	$	(1,420,135	)	$	(61,987	)	$	3,791,632
Investor
Proceeds from shares issued	$	1,377,808		$	878,123		$	437,316		$	1,405,159
Distributions reinvested		207			101			3			3
Cost of shares redeemed		(618,251	)		(489,493	)		(435,697	)		(2,042,764	)
Change in net assets resulting from Investor capital transactions	$	759,764		$	388,731		$	1,622		$	(637,602	)
Morgan
Proceeds from shares issued	$	87,350,729		$	117,287,656		$	2,541,275		$	3,090,843
Distributions reinvested		146			135			173			181
Cost of shares redeemed		(87,753,254	)		(117,341,813	)		(2,617,604	)		(3,774,126	)
Conversion from Class B Shares		514			76			1,054			170
Change in net assets resulting from Morgan capital transactions	$	(401,865	)	$	(53,946	)	$	(75,102	)	$	(682,932	)
Premier
Proceeds from shares issued	$	51,258,738		$	30,752,151		$	580,727		$	1,130,431
Distributions reinvested		128			66			3			2
Cost of shares redeemed		(50,817,662	)		(31,183,803	)		(566,543	)		(1,143,014	)
Change in net assets resulting from Premier capital transactions	$	441,204		$	(431,586	)	$	14,187		$	(12,581	)
Reserve
Proceeds from shares issued	$	26,828,510		$	44,409,004		$	36,717,078		$	42,895,532
Distributions reinvested		95			112			3			3
Cost of shares redeemed		(27,052,886	)		(44,681,289	)		(36,700,330	)		(42,907,754	)
Change in net assets resulting from Reserve capital transactions	$	(224,281	)	$	(272,173	)	$	16,751		$	(12,219	)
Service
Proceeds from shares issued	$	2,294,901		$	1,408,892		$	16,481,056		$	19,434,179
Distributions reinvested		185			191			3			4
Cost of shares redeemed		(1,970,446	)		(1,500,431	)		(16,530,200	)		(19,433,880	)
Change in net assets resulting from Service capital transactions	$	324,640		$	(91,348	)	$	(49,141	)	$	303
Total change in net assets resulting from capital transactions	$	(9,582,493	)	$	109,712		$	(6,935,158	)	$	3,173,229

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Morgan Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class B (a)
Issued		—			86			69			100
Reinvested		—	(b)		—	(b)		—	(b)		—	(b)
Redeemed		(105	)		(249	)		(409	)		(822	)
Conversion to Morgan Shares		(514	)		(76	)		(1,054	)		(170	)
Change in Class B Shares		(619	)		(239	)		(1,394	)		(892	)
Class C
Issued		47,970			19,166			219,626			490,624
Reinvested		2			2			58			73
Redeemed		(25,312	)		(19,929	)		(418,347	)		(457,047	)
Change in Class C Shares		22,660			(761	)		(198,663	)		33,650
Agency
Issued		402,268,621			327,535,472			315,483			1,366,119
Reinvested		562			134			34			4
Redeemed		(400,731,257	)		(328,497,424	)		(339,426	)		(1,342,453	)
Change in Agency Shares		1,537,926			(961,818	)		(23,909	)		23,670
Capital
Issued		898,641,705			735,970,811			13,791,594			18,636,462
Reinvested		41,937			11,753			3,255			1,738
Redeemed		(900,133,191	)		(738,035,627	)		(14,612,885	)		(19,543,918	)
Change in Capital Shares		(1,449,549	)		(2,053,063	)		(818,036	)		(905,718	)
Cash Management
Issued		2,286,522			3,307,838			—			—
Reinvested		80			109			—			—
Redeemed		(3,034,255	)		(2,825,546	)		—			—
Change in Cash Management Shares		(747,653	)		482,401			—			—
Direct
Issued		2,720,187			4,211,565			—			—
Redeemed		(3,808,687	)		(3,388,143	)		—			—
Change in Direct Shares		(1,088,500	)		823,422			—			—
Eagle Class
Issued		512,243			490,999			—			—
Reinvested		36			37			—			—
Redeemed		(440,029	)		(540,191	)		—			—
Change in Eagle Class Shares		72,250			(49,155	)		—			—
E*Trade
Issued		—			—			2,338,735			3,441,422
Reinvested		—			—			662			2,006
Redeemed		—			—			(8,078,883	)		(1,867,510	)
Change in E*Trade Shares		—			—			(5,739,486	)		1,575,918
IM
Issued		37,443,428			17,876,818			—			—
Reinvested		75			255			—			—
Redeemed		(38,564,457	)		(14,127,691	)		—			—
Change in IM Shares		(1,120,954	)		3,749,382			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Prime Money Market Fund						Liquid Assets Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS: (continued)
Institutional Class
Issued		164,150,461			132,887,668			45,216,773			39,571,799
Reinvested		6,984			1,090			1,748			446
Redeemed		(171,864,961	)		(134,308,893	)		(45,280,508	)		(35,780,613	)
Change in Institutional Class Shares		(7,707,516	)		(1,420,135	)		(61,987	)		3,791,632
Investor
Issued		1,377,808			878,123			437,316			1,405,159
Reinvested		207			101			3			3
Redeemed		(618,251	)		(489,493	)		(435,697	)		(2,042,764	)
Change in Investor Shares		759,764			388,731			1,622			(637,602	)
Morgan
Issued		87,350,729			117,287,656			2,541,275			3,090,843
Reinvested		146			135			173			181
Redeemed		(87,753,254	)		(117,341,813	)		(2,617,604	)		(3,774,126	)
Conversion from Class B Shares		514			76			1,054			170
Change in Morgan Shares		(401,865	)		(53,946	)		(75,102	)		(682,932	)
Premier
Issued		51,258,738			30,752,151			580,727			1,130,431
Reinvested		128			66			3			2
Redeemed		(50,817,662	)		(31,183,803	)		(566,543	)		(1,143,014	)
Change in Premier Shares		441,204			(431,586	)		14,187			(12,581	)
Reserve
Issued		26,828,510			44,409,004			36,717,078			42,895,532
Reinvested		95			112			3			3
Redeemed		(27,052,886	)		(44,681,289	)		(36,700,330	)		(42,907,754	)
Change in Reserve Shares		(224,281	)		(272,173	)		16,751			(12,219	)
Service
Issued		2,294,901			1,408,892			16,481,056			19,434,179
Reinvested		185			191			3			4
Redeemed		(1,970,446	)		(1,500,431	)		(16,530,200	)		(19,433,880	)
Change in Service Shares		324,640			(91,348	)		(49,141	)		303

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Morgan Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 79

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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class B (a)
Proceeds from shares issued	$	—		$	—		$	2		$	58
Distributions reinvested		—			—			—			—	(b)
Cost of shares redeemed		—			—			(9	)		(17	)
Conversion to Morgan Shares		—			—			(138	)		(46	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(145	)	$	(5	)
Class C
Proceeds from shares issued	$	—		$	—		$	105,451		$	114,917
Distributions reinvested		—			—			1			3
Cost of shares redeemed		—			—			(119,329	)		(88,466	)
Change in net assets resulting from Class C capital transactions	$	—		$	—		$	(13,877	)	$	26,454
Agency
Proceeds from shares issued	$	458,807,419		$	169,583,964		$	70,874,808		$	73,715,082
Distributions reinvested		71			53			43			4
Cost of shares redeemed		(458,642,107	)		(169,253,745	)		(70,776,186	)		(75,447,740	)
Change in net assets resulting from Agency capital transactions	$	165,383		$	330,272		$	98,665		$	(1,732,654	)
Capital
Proceeds from shares issued	$	415,543,073		$	269,157,121		$	—		$	—
Distributions reinvested		5,314			1,624			—			—
Cost of shares redeemed		(420,473,412	)		(262,003,000	)		—			—
Change in net assets resulting from Capital capital transactions	$	(4,925,025	)	$	7,155,745		$	—		$	—
Direct
Proceeds from shares issued	$	1,908,801		$	922,160		$	3,264,083		$	2,579,091
Cost of shares redeemed		(1,333,724	)		(908,601	)		(3,813,462	)		(3,012,864	)
Change in net assets resulting from Direct capital transactions	$	575,077		$	13,559		$	(549,379	)	$	(433,773	)
Eagle Class
Proceeds from shares issued	$	1,119,514		$	1,024,871		$	—		$	—
Distributions reinvested		40			149			—			—	(b)
Cost of shares redeemed		(1,033,247	)		(2,512,336	)		(80	)		—
Change in net assets resulting from Eagle Class capital transactions	$	86,307		$	(1,487,316	)	$	(80	)	$	—	(b)
IM
Proceeds from shares issued	$	1,759,427		$	4,979,322		$	26,161,561		$	15,986,310
Distributions reinvested		—	(b)		—	(b)		608			6
Cost of shares redeemed		(2,253,893	)		(4,399,972	)		(24,419,657	)		(14,872,167	)
Change in net assets resulting from IM capital transactions	$	(494,466	)	$	579,350		$	1,742,512		$	1,114,149
Institutional Class
Proceeds from shares issued	$	148,109,991		$	106,975,416		$	92,331,037		$	52,301,869
Distributions reinvested		626			124			1,031			36
Cost of shares redeemed		(147,686,296	)		(105,795,641	)		(90,112,215	)		(53,081,442	)
Change in net assets resulting from Institutional Class capital transactions	$	424,321		$	1,179,899		$	2,219,853		$	(779,537	)

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

.	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS: (continued)
Investor
Proceeds from shares issued	$	2,858,618		$	2,180,154		$	213,845		$	711,006
Distributions reinvested		341			374			—	(b)		—	(b)
Cost of shares redeemed		(2,069,037	)		(2,779,131	)		(306,734	)		(766,554	)
Change in net assets resulting from Investor capital transactions	$	789,922		$	(598,603	)	$	(92,889	)	$	(55,548	)
Morgan
Proceeds from shares issued	$	176,475,885		$	79,037,849		$	31,568,183		$	38,804,738
Distributions reinvested		41			48			1			1
Cost of shares redeemed		(176,286,032	)		(79,434,214	)		(31,596,879	)		(38,682,124	)
Conversion from Class B Shares		—			—			138			46
Change in net assets resulting from Morgan capital transactions	$	189,894		$	(396,317	)	$	(28,557	)	$	122,661
Premier
Proceeds from shares issued	$	172,471,600		$	58,242,619		$	18,135,751		$	26,649,005
Distributions reinvested		30			28			—	(b)		1
Cost of shares redeemed		(168,342,824	)		(58,446,850	)		(18,274,505	)		(26,759,900	)
Change in net assets resulting from Premier capital transactions	$	4,128,806		$	(204,203	)	$	(138,754	)	$	(110,894	)
Reserve
Proceeds from shares issued	$	4,891,894		$	4,997,076		$	21,347,634		$	31,889,762
Distributions reinvested		5			9			7			14
Cost of shares redeemed		(5,025,881	)		(4,895,684	)		(21,515,141	)		(31,985,735	)
Change in net assets resulting from Reserve capital transactions	$	(133,982	)	$	101,401		$	(167,500	)	$	(95,959	)
Service
Proceeds from shares issued	$	4,033,487		$	4,529,412		$	—		$	—
Distributions reinvested		67			94			—			—	(b)
Cost of shares redeemed		(4,551,542	)		(4,514,325	)		(80	)		—
Change in net assets resulting from Service capital transactions	$	(517,988	)	$	15,181		$	(80	)	$	—	(b)
Total change in net assets resulting from capital transactions	$	288,249		$	6,688,968		$	3,069,769		$	(1,945,106	)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Morgan Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 81

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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class B (a)
Issued		—			—			2			58
Reinvested		—			—			—			—	(b)
Redeemed		—			—			(9	)		(17	)
Conversion to Morgan Shares		—			—			(138	)		(46	)
Change in Class B Shares		—			—			(145	)		(5	)
Class C
Issued		—			—			105,447			114,917
Reinvested		—			—			1			3
Redeemed		—			—			(119,329	)		(88,466	)
Change in Class C Shares		—			—			(13,881	)		26,454
Agency
Issued		458,807,414			169,583,964			70,874,851			73,715,082
Reinvested		71			53			43			4
Redeemed		(458,642,107	)		(169,253,745	)		(70,776,184	)		(75,447,740	)
Change in Agency Shares		165,378			330,272			98,710			(1,732,654	)
Capital
Issued		415,543,073			269,157,121			—			—
Reinvested		5,314			1,624			—			—
Redeemed		(420,473,354	)		(262,003,000	)		—			—
Change in Capital Shares		(4,924,967	)		7,155,745			—			—
Direct
Issued		1,908,801			922,160			3,263,950			2,579,091
Redeemed		(1,333,724	)		(908,601	)		(3,813,462	)		(3,012,864	)
Change in Direct Shares		575,077			13,559			(549,512	)		(433,773	)
Eagle Class
Issued		1,119,514			1,024,871			—			—
Reinvested		40			149			—			—	(b)
Redeemed		(1,033,247	)		(2,512,336	)		(80	)		—
Change in Eagle Class Shares		86,307			(1,487,316	)		(80	)		—	(b)
IM
Issued		1,759,427			4,979,322			26,161,793			15,986,310
Reinvested		—	(b)		—	(b)		608			6
Redeemed		(2,253,893	)		(4,399,972	)		(24,419,626	)		(14,872,167	)
Change in IM Shares		(494,466	)		579,350			1,742,775			1,114,149
Institutional Class
Issued		148,109,983			106,975,416			92,331,104			52,301,869
Reinvested		626			124			1,031			36
Redeemed		(147,686,296	)		(105,795,641	)		(90,112,215	)		(53,081,442	)
Change in Institutional Class Shares		424,313			1,179,899			2,219,920			(779,537	)
Investor
Issued		2,858,618			2,180,154			213,816			711,006
Reinvested		341			374			—	(b)		—	(b)
Redeemed		(2,069,037	)		(2,779,131	)		(306,734	)		(766,554	)
Change in Investor Shares		789,922			(598,603	)		(92,918	)		(55,548	)

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

.	U.S. Government Money Market Fund						U.S. Treasury Plus Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS: (continued)
Morgan
Issued		176,475,820			79,037,849			31,568,121			38,804,738
Reinvested		41			48			1			1
Redeemed		(176,286,032	)		(79,434,214	)		(31,596,878	)		(38,682,124	)
Conversion from Class B Shares		—			—			138			46
Change in Morgan Shares		189,829			(396,317	)		(28,618	)		122,661
Premier
Issued		172,471,600			58,242,619			18,135,678			26,649,005
Reinvested		30			28			—	(b)		1
Redeemed		(168,342,804	)		(58,446,850	)		(18,274,505	)		(26,759,900	)
Change in Premier Shares		4,128,826			(204,203	)		(138,827	)		(110,894	)
Reserve
Issued		4,891,894			4,997,076			21,347,559			31,889,762
Reinvested		5			9			7			14
Redeemed		(5,025,881	)		(4,895,684	)		(21,515,141	)		(31,985,735	)
Change in Reserve Shares		(133,982	)		101,401			(167,575	)		(95,959	)
Service
Issued		4,033,487			4,529,412			—			—
Reinvested		67			94			—			—	(b)
Redeemed		(4,551,542	)		(4,514,325	)		(80	)		—
Change in Service Shares		(517,988	)		15,181			(80	)		—	(b)

(a) All remaining Class B Shares converted to Morgan Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Morgan Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 83

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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	826,639		$	311,654		$	79,326,288		$	79,404,988
Distributions reinvested		7			2			49			15
Cost of shares redeemed		(677,466	)		(460,144	)		(79,130,787	)		(79,696,748	)
Change in net assets resulting from Agency capital transactions	$	149,180		$	(148,488	)	$	195,550		$	(291,745	)
Capital
Proceeds from shares issued	$	—		$	—		$	41,633,858		$	28,670,009
Distributions reinvested		—			—			850			133
Cost of shares redeemed		—			—			(40,673,839	)		(29,421,117	)
Change in net assets resulting from Capital capital transactions	$	—		$	—		$	960,869		$	(750,975	)
Institutional Class
Proceeds from shares issued	$	8,640,303		$	9,036,513		$	32,337,241		$	26,295,184
Distributions reinvested		516			233			211			80
Cost of shares redeemed		(9,020,779	)		(8,876,645	)		(35,260,715	)		(25,136,281	)
Change in net assets resulting from Institutional Class capital transactions	$	(379,960	)	$	160,101		$	(2,923,263	)	$	1,158,983
Morgan
Proceeds from shares issued	$	740,934		$	792,007		$	281,077,841		$	117,581,630
Distributions reinvested		9			9			2			7
Cost of shares redeemed		(720,496	)		(777,371	)		(280,564,759	)		(117,729,842	)
Change in net assets resulting from Morgan capital transactions	$	20,447		$	14,645		$	513,084		$	(148,205	)
Premier
Proceeds from shares issued	$	397,701		$	494,129		$	36,693,783		$	42,880,471
Distributions reinvested		10			13			—	(a)		5
Cost of shares redeemed		(445,687	)		(551,761	)		(36,734,086	)		(42,751,490	)
Change in net assets resulting from Premier capital transactions	$	(47,976	)	$	(57,619	)	$	(40,303	)	$	128,986
Reserve
Proceeds from shares issued	$	44,122		$	24,817		$	1,075,542		$	61,929
Distributions reinvested		2			—	(a)		—	(a)		1
Cost of shares redeemed		(28,533	)		(24,984	)		(1,014,120	)		(59,509	)
Change in net assets resulting from Reserve capital transactions	$	15,591		$	(167	)	$	61,422		$	2,421
Service
Distributions reinvested	$	—		$	—		$	—	(a)	$	—	(a)
Cost of shares redeemed		—			—			(80	)		—
Change in net assets resulting from Service capital transactions	$	—		$	—		$	(80	)	$	—	(a)
Total change in net assets resulting from capital transactions	$	(242,718	)	$	(31,528	)	$	(1,232,721	)	$	99,465

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Federal Money Market Fund						100% U.S. Treasury Securities Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Agency
Issued		826,639			311,617			79,326,288			79,404,988
Reinvested		7			2			49			15
Redeemed		(677,466	)		(460,139	)		(79,130,783	)		(79,696,748	)
Change in Agency Shares		149,180			(148,520	)		195,554			(291,745	)
Capital
Issued		—			—			41,633,847			28,670,009
Reinvested		—			—			850			133
Redeemed		—			—			(40,673,839	)		(29,421,117	)
Change in Capital Shares		—			—			960,858			(750,975	)
Institutional Class
Issued		8,640,303			9,036,553			32,337,240			26,295,184
Reinvested		516			233			211			80
Redeemed		(9,020,779	)		(8,876,623	)		(35,260,715	)		(25,136,281	)
Change in Institutional Class Shares		(379,960	)		160,163			(2,923,264	)		1,158,983
Morgan
Issued		740,934			791,997			281,077,841			117,581,630
Reinvested		9			9			2			7
Redeemed		(720,496	)		(777,371	)		(280,564,757	)		(117,729,842	)
Change in Morgan Shares		20,447			14,635			513,086			(148,205	)
Premier
Issued		397,701			494,110			36,693,783			42,880,471
Reinvested		10			13			—	(a)		5
Redeemed		(445,687	)		(551,761	)		(36,734,082	)		(42,751,490	)
Change in Premier Shares		(47,976	)		(57,638	)		(40,299	)		128,986
Reserve
Issued		44,122			24,817			1,075,542			61,929
Reinvested		2			—	(a)		—	(a)		1
Redeemed		(28,533	)		(24,984	)		(1,014,118	)		(59,509	)
Change in Reserve Shares		15,591			(167	)		61,424			2,421
Service
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			(80	)		—
Change in Service Shares		—			—			(80	)		—	(a)

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 85

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Free Money Market Fund						Municipal Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Agency
Proceeds from shares issued	$	1,357,982		$	1,444,926		$	884,994		$	662,016
Distributions reinvested		17			20			—	(a)		1
Cost of shares redeemed		(1,335,799	)		(1,430,325	)		(772,935	)		(620,102	)
Change in net assets resulting from Agency capital transactions	$	22,200		$	14,621		$	112,059		$	41,915
Direct
Distributions reinvested	$	—	(a)	$	—	(a)	$	—		$	—
Cost of shares redeemed		(80	)		—			—			—
Change in net assets resulting from Direct capital transactions	$	(80	)	$	—	(a)	$	—		$	—
Eagle Class
Proceeds from shares issued	$	964,565		$	865,077		$	—		$	—
Distributions reinvested		326			256			—			—
Cost of shares redeemed		(963,540	)		(895,219	)		—			—
Change in net assets resulting from Eagle Class capital transactions	$	1,351		$	(29,886	)	$	—		$	—
E*Trade
Proceeds from shares issued	$	—		$	—		$	542,546		$	589,152
Distributions reinvested		—			—			290			291
Cost of shares redeemed		—			—			(608,414	)		(580,761	)
Change in net assets resulting from E*Trade capital transactions	$	—		$	—		$	(65,578	)	$	8,682
Institutional Class
Proceeds from shares issued	$	76,627,965		$	64,216,110		$	752,041		$	674,799
Distributions reinvested		226			212			20			24
Cost of shares redeemed		(78,283,310	)		(63,204,811	)		(807,933	)		(710,942	)
Change in net assets resulting from Institutional Class capital transactions	$	(1,655,119	)	$	1,011,511		$	(55,872	)	$	(36,119	)
Morgan
Proceeds from shares issued	$	9,507,184		$	13,579,265		$	798,706		$	892,182
Distributions reinvested		4			3			55			36
Cost of shares redeemed		(9,505,238	)		(13,749,954	)		(764,717	)		(869,074	)
Change in net assets resulting from Morgan capital transactions	$	1,950		$	(170,686	)	$	34,044		$	23,144
Premier
Proceeds from shares issued	$	10,163,022		$	16,350,585		$	38,321		$	58,886
Distributions reinvested		9			15			4			6
Cost of shares redeemed		(9,771,894	)		(16,147,868	)		(39,248	)		(69,875	)
Change in net assets resulting from Premier capital transactions	$	391,137		$	202,732		$	(923	)	$	(10,983	)
Reserve
Proceeds from shares issued	$	13,523,582		$	14,127,611		$	2,530,262		$	3,751,415
Distributions reinvested		98			71			—	(a)		1
Cost of shares redeemed		(13,511,367	)		(14,403,460	)		(2,532,070	)		(3,772,722	)
Change in net assets resulting from Reserve capital transactions	$	12,313		$	(275,778	)	$	(1,808	)	$	(21,306	)

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Tax Free Money Market Fund					Municipal Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015		Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS: (continued)
Service
Proceeds from shares issued	$	—		$	—	$	3,569,690		$	3,322,113
Distributions reinvested		—			—		61			44
Cost of shares redeemed		—			—		(3,451,696	)		(3,163,019	)
Change in net assets resulting from Service capital transactions	$	—		$	—	$	118,055		$	159,138
Total change in net assets resulting from capital transactions	$	(1,226,248	)	$	752,514	$	139,977		$	164,471

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 87

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Tax Free Money Market Fund						Municipal Money Market Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Agency
Issued		1,357,982			1,444,926			884,994			662,016
Reinvested		17			20			—	(a)		1
Redeemed		(1,335,799	)		(1,430,325	)		(772,935	)		(620,102	)
Change in Agency Shares		22,200			14,621			112,059			41,915
Direct
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(80	)		—			—			—
Change in Direct Shares		(80	)		—	(a)		—			—
Eagle Class
Issued		964,565			865,077			—			—
Reinvested		326			256			—			—
Redeemed		(963,540	)		(895,219	)		—			—
Change in Eagle Class Shares		1,351			(29,886	)		—			—
E*Trade
Issued		—			—			542,546			589,152
Reinvested		—			—			290			291
Redeemed		—			—			(608,414	)		(580,761	)
Change in E*Trade Shares		—			—			(65,578	)		8,682
Institutional Class
Issued		76,627,923			64,216,110			752,041			674,799
Reinvested		226			212			20			24
Redeemed		(78,283,310	)		(63,204,811	)		(807,933	)		(710,942	)
Change in Institutional Class Shares		(1,655,161	)		1,011,511			(55,872	)		(36,119	)
Morgan
Issued		9,507,184			13,579,265			798,706			892,182
Reinvested		4			3			55			36
Redeemed		(9,505,235	)		(13,749,954	)		(764,717	)		(869,074	)
Change in Morgan Shares		1,953			(170,686	)		34,044			23,144
Premier
Issued		10,163,022			16,350,585			38,321			58,886
Reinvested		9			15			4			6
Redeemed		(9,771,863	)		(16,147,868	)		(39,248	)		(69,875	)
Change in Premier Shares		391,168			202,732			(923	)		(10,983	)
Reserve
Issued		13,523,582			14,127,611			2,530,262			3,751,415
Reinvested		98			71			—	(a)		1
Redeemed		(13,511,360	)		(14,403,460	)		(2,532,070	)		(3,772,722	)
Change in Reserve Shares		12,320			(275,778	)		(1,808	)		(21,306	)
Service
Issued		—			—			3,569,690			3,322,113
Reinvested		—			—			61			44
Redeemed		—			—			(3,451,696	)		(3,163,019	)
Change in Service Shares		—			—			118,055			159,138

(a) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

THIS PAGE IS INTENTIONALLY LEFT BLANK

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 89

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
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
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
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
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
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
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
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 (f) 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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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	%	$	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		0.07			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		0.14			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			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		0.07			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			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		0.17			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.

FEBRUARY 29, 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
Prime Money Market Fund (continued)
Institutional Class
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
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
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
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
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
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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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		0.11	%	$	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		0.01			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		0.01			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		0.02			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			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			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.

FEBRUARY 29, 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
Liquid Assets Money Market Fund
Class C
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Agency
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Capital
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
E*Trade
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Institutional Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Investor
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Morgan
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	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		0.08			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		0.16			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			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		0.13			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		0.02			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
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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
Liquid Assets Money Market Fund (continued)
Premier
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Reserve
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Service
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	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			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		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.

FEBRUARY 29, 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. Government Money Market Fund
Agency
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
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
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
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 (g) through February 28, 2013		1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
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
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
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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Amount rounds to less than 0.01%.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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		0.02	%	$	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		0.04			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		0.02			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			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		0.05			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		0.04			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
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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
U.S. Government Money Market Fund (continued)
Morgan
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
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
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
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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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	%	$	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			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			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			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.

FEBRUARY 29, 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
U.S. Treasury Plus Money Market Fund
Class C
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
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
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
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 through (g) February 28, 2013		1.00		—			—	(e)		—	(e)		—	(e)		—	(e)		—	(e)
IM
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
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)
Investor
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)

(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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Amount rounds to less than 0.01%.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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)	$	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		0.01			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		0.01			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	(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		0.04			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		0.02			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
	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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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
U.S. Treasury Plus Money Market Fund (continued)
Morgan
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
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
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
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 0.01% unless otherwise noted.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

(f) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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)	$	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)		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	(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	(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.

FEBRUARY 29, 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
Federal Money Market Fund
Agency
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—			—	(c)		—	(c)		—			—	(c)
Institutional Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—			—	(c)		—	(c)		—			—	(c)
Morgan
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—			—	(c)		—	(c)		—			—	(c)
Premier
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—			—	(c)		—	(c)		—			—	(c)
Reserve
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—			—	(c)		—	(c)		—			—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

(d) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.02	%	$	233,955		0.16	%		0.02	%		0.33	%
	1.00		0.01			84,778		0.07			0.00	(d)		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	(d)		786,165		0.11			0.00	(d)		0.33
	1.00		0.03			3,615,992		0.13			0.03			0.28
	1.00		0.01			3,995,934		0.06			0.01			0.30
	1.00		0.01			3,835,871		0.07			0.01			0.29
	1.00		0.01			3,259,389		0.12			0.01			0.28
	1.00		0.00	(d)		4,325,820		0.10			0.00	(d)		0.28
	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	(d)		140,119		0.11			0.00	(d)		0.63
	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	(d)		435,501		0.11			0.00	(d)		0.48
	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	(d)		0.74
	1.00		0.01			18,231		0.12			0.01			0.73
	1.00		0.00	(d)		11,368		0.09			0.01			0.73

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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
100% U.S. Treasury Securities Money Market Fund
Agency
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Capital
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Institutional Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Morgan
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Premier
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Reserve
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Service
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—			—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—			—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

(d) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	1.00		0.01	%	$	1,895,744		0.10	%		0.01	%		0.31	%
	1.00		0.00	(d)		1,700,093		0.05			0.00			0.31
	1.00		0.00	(d)		1,991,907		0.07			0.00			0.31
	1.00		0.00	(d)		2,685,908		0.10			0.00			0.31
	1.00		0.00	(d)		1,914,902		0.06			0.00	(d)		0.31
	1.00		0.02			9,678,309		0.08			0.01			0.21
	1.00		0.00	(d)		8,717,551		0.04			0.00			0.21
	1.00		0.00	(d)		9,468,647		0.06			0.00			0.21
	1.00		0.00	(d)		9,726,191		0.10			0.00			0.21
	1.00		0.00	(d)		8,254,673		0.05			0.00	(d)		0.21
	1.00		0.01			7,378,773		0.08			0.01			0.26
	1.00		0.00	(d)		10,302,127		0.04			0.00			0.26
	1.00		0.00	(d)		9,143,359		0.06			0.00			0.26
	1.00		0.00	(d)		8,763,499		0.10			0.00	(d)		0.26
	1.00		0.00	(d)		7,246,605		0.06			0.00	(d)		0.26
	1.00		0.00	(d)		1,990,677		0.10			0.00	(d)		0.61
	1.00		0.00	(d)		1,477,551		0.05			0.00			0.61
	1.00		0.00	(d)		1,625,797		0.07			0.00			0.61
	1.00		0.00	(d)		1,969,401		0.10			0.00	(d)		0.61
	1.00		0.00	(d)		1,512,492		0.05			0.00	(d)		0.61
	1.00		0.00	(d)		1,219,310		0.10			0.00	(d)		0.46
	1.00		0.00	(d)		1,259,597		0.04			0.00			0.46
	1.00		0.00	(d)		1,130,636		0.07			0.00			0.46
	1.00		0.00	(d)		1,361,053		0.10			0.00	(d)		0.46
	1.00		0.00	(d)		1,482,938		0.06			0.00	(d)		0.46
	1.00		0.00	(d)		108,109		0.14			0.00	(d)		0.71
	1.00		0.00	(d)		46,667		0.04			0.00			0.71
	1.00		0.00	(d)		44,246		0.07			0.00			0.71
	1.00		0.00	(d)		56,977		0.10			0.00	(d)		0.71
	1.00		0.00	(d)		69,684		0.05			0.01			0.71
	1.00		0.00	(d)		20		0.07			0.00	(d)		2.08
	1.00		0.00	(d)		100		0.04			0.00			1.06
	1.00		0.00	(d)		100		0.06			0.00			1.06
	1.00		0.00	(d)		100		0.10			0.00			1.06
	1.00		0.00	(d)		100		0.06			0.00	(d)		1.06

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 109

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Tax Free Money Market Fund
Agency
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Direct
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Eagle Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Institutional Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Morgan
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Premier
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Reserve
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

(d) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	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	(d)		0.31
	1.00		0.01			693,197		0.21			0.01			0.31
	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	(d)		0.31
	1.00		0.01			100		0.22			0.00	(d)		0.31
	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		0.03			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		0.03			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	(d)		0.61
	1.00		0.01			422,534		0.22			0.00	(d)		0.61
	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	(d)		0.46
	1.00		0.01			2,865,171		0.22			0.00	(d)		0.46
	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	(d)		0.71
	1.00		0.01			7,340,658		0.22			0.00	(d)		0.71

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 111

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
Municipal Money Market Fund
Agency
Year Ended February 29, 2016	$	1.00	$	—	(b)(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)	$	—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
E*Trade
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Institutional Class
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Morgan
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—			—			—
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Premier
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—	(c)		—	(c)		—	(c)		—			—			—
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Reserve
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—			—	(c)		—	(c)		—			—			—
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Service
Year Ended February 29, 2016		1.00		—	(b)(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2015		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Year Ended February 28, 2014		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)
Year Ended February 28, 2013		1.00		—			—	(c)		—	(c)		—			—			—
Year Ended February 29, 2012		1.00		—	(c)		—	(c)		—	(c)		—	(c)		—			—	(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.01.

(d) Amount rounds to less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return			Net assets, end of period (000’s)		Net expenses (a)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits
$	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		0.01			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		0.01			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		0.01			387,521		0.08			0.01			0.62
	1.00		0.01			353,483		0.13			0.01			0.62
	1.00		0.00	(d)		330,333		0.19			0.00	(d)		0.62
	1.00		0.00			356,149		0.29			0.00	(d)		0.62
	1.00		0.00	(d)		334,195		0.32			0.00	(d)		0.62
	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	(d)		40,357		0.19			0.00	(d)		0.47
	1.00		0.00			52,034		0.29			0.00	(d)		0.47
	1.00		0.00	(d)		78,792		0.32			0.00	(d)		0.47
	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	(d)		32,909		0.19			0.00	(d)		0.72
	1.00		0.00			45,250		0.30			0.00			0.72
	1.00		0.00	(d)		54,714		0.32			0.00	(d)		0.72
	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	(d)		238,328		0.19			0.00	(d)		1.07
	1.00		0.00			243,374		0.29			0.00			1.07
	1.00		0.00	(d)		273,172		0.32			0.00	(d)		1.07

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016

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, Institutional Class, Morgan, Premier, Reserve and Service	JPM II	Diversified

^ E*Trade Shares commenced operations on March 9, 2016 for the U.S. Government 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.

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. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

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: 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.

114 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

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.

JPMorgan Funds Management, Inc. (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 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 February 29, 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)	$	—	$	106,103,073	$	—	$	106,103,073
Liquid Assets Money Market Fund
Total Investments in Securities (a)	$	—	$	13,157,623	$	—	$	13,157,623
U.S. Government Money Market Fund
Total Investments in Securities (a)	$	—	$	60,363,292	$	—	$	60,363,292
U.S. Treasury Plus Money Market Fund
Total Investments in Securities (a)	$	—	$	17,206,049	$	—	$	17,206,049
Federal Money Market Fund
Total Investments in Securities (a)	$	—	$	4,216,709	$	—	$	4,216,709
100% U.S. Treasury Securities Money Market Fund
Total Investments in Securities (a)	$	—	$	22,249,896	$	—	$	22,249,896
Tax Free Money Market Fund
Total Investments in Securities (a)	$	—	$	18,920,313	$	—	$	18,920,313
Municipal Money Market Fund
Total Investments in Securities (a)	$	—	$	3,209,741	$	—	$	3,209,741

(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.

There were no transfers among any levels during the year ended February 29, 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.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

As of February 29, 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 agent fees are class-specific expenses. The amount of the transfer agent fees charged to each class of the Funds for the year ended February 29, 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 B	$	1	$	1		n/a	$	—	(a)		n/a		n/a			n/a			n/a
Class C		4		12		n/a		4			n/a		n/a			n/a			n/a
Agency		153		3	$	185		19		$	3	$	31		$	7		$	2
Capital		1,387		66		514		n/a			n/a		220			n/a			n/a
Cash Management		20		n/a		n/a		n/a			n/a		n/a			n/a			n/a
Direct		49		n/a		13		28			n/a		n/a			—	(a)		n/a
Eagle Class		7		n/a		14		—	(a)		n/a		n/a			24			n/a
E*Trade		n/a		131		n/a		n/a			n/a		n/a			n/a			38
IM		54		n/a		15		70			n/a		n/a			n/a			n/a
Institutional Class		535		109		180		169			90		202			202			5
Investor		26		3		60		4			n/a		n/a			n/a			n/a
Morgan		346		143		72		35			22		76			11			12
Premier		84		4		113		11			11		33			58			2
Reserve		23		5		3		18			1		5			88			1
Service		34		2		15		—	(a)		n/a		—	(a)		n/a			9
Total	$	2,723	$	479	$	1,184	$	358		$	127	$	567		$	390		$	69

(a) Amount rounds to less than $1,000.

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 February 29, 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.

116 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

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.

The following amounts were reclassified within the capital accounts (amounts in thousands):

	Paid-in-Capital		Accumulated Undistributed/ (Distributions in excess of) Net Investment Income		Accumulated Net Realized Gains (Losses)
Prime Money Market Fund	$	140		—	$	(140	)

The reclassifications for the Fund relate primarily to tax equalization.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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 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 an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, 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 year ended February 29, 2016, the effective annualized rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

Effective April 1, 2016, the Administrator merged into JPMIM, and JPMIM became the Funds’ administrator under the Administration Agreement.

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 B, 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 B			Class C			Cash Management			Eagle Class			E*Trade			Morgan			Reserve			Service
Prime Money Market Fund		0.75	%		0.75	%		0.50	%		0.25	%		n/a			n/a			0.25	%		0.60	%
Liquid Assets Money Market Fund		0.75			0.75			n/a			n/a			0.60	%		0.10	%		0.25			0.60
U.S. Government Money Market Fund		n/a			n/a			n/a			0.25			n/a			0.10			0.25			0.60
U.S. Treasury Plus Money Market Fund		0.75			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			n/a			0.10			0.25			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			n/a			n/a			n/a			0.10			0.25			0.60
Tax Free Money Market Fund		n/a			n/a			n/a			0.25			n/a			0.10			0.25			n/a
Municipal Money Market Fund		n/a			n/a			n/a			n/a			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 B and Class C Shares. For the year ended February 29, 2016, the Distributor retained the following amounts (in thousands):

	CDSC
Prime Money Market Fund	$	1
Liquid Assets Money Market Fund		—	(a)
U.S. Treasury Plus Money Market Fund		—	(a)

(a) Amount rounds to less than $1,000.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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 B			Class C			Agency			Capital			Cash Management			Direct			Eagle Class
Prime Money Market Fund		0.25	%		0.25	%		0.15	%		0.05	%		0.30	%		0.15	%		0.30	%
Liquid Assets Money Market Fund		0.25			0.25			0.15			0.05			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			n/a			0.15			0.05			n/a			0.15			0.30
U.S. Treasury Plus Money Market Fund		0.25			0.25			0.15			n/a			n/a			0.15			0.30
Federal Money Market Fund		n/a			n/a			0.15			n/a			n/a			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			0.15			0.05			n/a			n/a			n/a
Tax Free Money Market Fund		n/a			n/a			0.15			n/a			n/a			0.15			0.30
Municipal Money Market Fund		n/a			n/a			0.15			n/a			n/a			n/a			n/a
	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		n/a			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 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 B			Class C			Agency			Capital			Cash Management			Direct			Eagle Class
Prime Money Market Fund		0.97	%		0.97	%		0.26	%		0.18	%		0.96	%		0.30	%		0.70	%
Liquid Assets Money Market Fund		0.97			0.97			0.26			0.18			n/a			n/a			n/a
U.S. Government Money Market Fund		n/a			n/a			0.26			0.18			n/a			0.30			0.70
U.S. Treasury Plus Money Market Fund		0.97			0.97			0.26			n/a			n/a			0.30			0.70
Federal Money Market Fund		n/a			n/a			0.26			n/a			n/a			n/a			n/a
100% U.S. Treasury Securities Money Market Fund		n/a			n/a			0.26			0.18			n/a			n/a			n/a
Tax Free Money Market Fund		n/a			n/a			0.26			n/a			n/a			0.30			0.70
Municipal Money Market Fund		n/a			n/a			0.26			n/a			n/a			n/a			n/a

118 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	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		n/a			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 year ended February 29, 2016, and are in place until at least June 30, 2016, except for Class B Shares which are no longer operating.

In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 29, 2016. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

For the year ended February 29, 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	$	99	$	—	$	35,186	$	3	$	35,288	$	1
Liquid Assets Money Market Fund		1,571		1,040		8,823		13		11,447		1
U.S. Government Money Market Fund		48		—		16,474		1		16,523		—
U.S. Treasury Plus Money Market Fund		12		—		4,804		3		4,819		18
Federal Money Market Fund		883		588		1,620		—		3,091		—	(a)
100% U.S. Treasury Securities Money Market Fund		1,130		743		6,737		—		8,610		—	(a)
Tax Free Money Market Fund		995		670		4,386		—		6,051		9
Municipal Money Market Fund		351		233		1,140		—		1,724		—

	Voluntary Waivers
	Investment Advisory		Administration		Shareholder Servicing		Distribution		Total
Prime Money Market Fund	$	—	$	—	$	17,852	$	18,394	$	36,246
Liquid Assets Money Market Fund		—		—		10,167		41,812		51,979
U.S. Government Money Market Fund		8,480		5,657		50,366		7,545		72,048
U.S. Treasury Plus Money Market Fund		3,541		2,363		11,342		3,905		21,151
Federal Money Market Fund		909		607		2,939		152		4,607
100% U.S. Treasury Securities Money Market Fund		11,074		7,382		19,533		2,157		40,146
Tax Free Money Market Fund		12,234		8,164		32,255		14,659		67,312
Municipal Money Market Fund		1,293		859		7,781		14,722		24,655

(a) Amount rounds to less than $1,000.

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.

During the year ended February 29, 2016, the Funds may have 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 year ended February 29, 2016, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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 year ended February 29, 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	$	326,542	$	77,300	$	—
Municipal Money Market Fund		174,188		242,891		—

4. Class Specific Expenses

The Funds’ class specific gross expenses for the year ended February 29, 2016 were as follows (amounts in thousands):

	Distribution		Shareholder Servicing
Prime Money Market Fund
Class B	$	1	$	—	(a)
Class C		179		60
Agency		—		11,012
Capital		—		34,310
Cash Management		4,273		2,564
Direct		—		3,117
Eagle Class		880		1,056
Institutional Class		—		24,999
Investor		—		4,805
Morgan		—		7,033
Premier		—		7,105
Reserve		2,628		3,153
Service		10,845		5,423
	$	18,806	$	104,637
Liquid Assets Money Market Fund
Class B	$	3	$	1
Class C		3,978		1,326
Agency		—		120
Capital		—		1,548
E*Trade		36,245		18,123
Institutional Class		—		5,759
Investor		—		424
Morgan		1,665		5,826
Premier		—		376
Reserve		435		522
Service		549		275
	$	42,875	$	34,300
U.S. Government Money Market Fund
Agency	$	—	$	13,642
Capital		—		12,936
Direct		—		1,161
Eagle Class		883		1,060
Institutional Class		—		8,691
Investor		—		11,362
Morgan		2,265		7,926
Premier		—		17,821
Reserve		185		222
Service		4,213		2,106
	$	7,546	$	76,927

120 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Distribution			Shareholder Servicing
U.S. Treasury Plus Money Market Fund
Class B	$	—	(a)	$	—	(a)
Class C		1,176			392
Agency		—			1,220
Direct		—			1,958
Eagle Class		—	(a)		—	(a)
Institutional Class		—			8,021
Investor		—			476
Morgan		735			2,573
Premier		—			1,051
Reserve		2,027			2,431
Service		—	(a)		—	(a)
	$	3,938		$	18,122
Federal Money Market Fund
Agency	$	—		$	219
Institutional Class		—			3,934
Morgan		110			383
Premier		—			580
Reserve		42			51
	$	152		$	5,167
100% U.S. Treasury Securities Money Market Fund
Agency	$	—		$	2,438
Capital		—			5,238
Institutional Class		—			9,556
Morgan		1,966			6,879
Premier		—			4,001
Reserve		191			230
Service		—	(a)		—	(a)
	$	2,157		$	28,342
Tax Free Money Market Fund
Agency	$	—		$	484
Direct		—			—	(a)
Eagle Class		3,151			3,781
Institutional Class		—			10,451
Morgan		110			385
Premier		—			7,863
Reserve		11,398			13,678
	$	14,659		$	36,642
Municipal Money Market Fund
Agency	$	—		$	118
E*Trade		11,699			5,850
Institutional Class		—			163
Morgan		394			1,377
Premier		—			87
Reserve		29			35
Service		2,600			1,300
	$	14,722		$	8,930

(a) Amount rounds to less than $1,000.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

5. Federal Income Tax Matters

The tax character of distributions paid during the year ended February 29, 2016 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	134,759	$	—	$	—	$	134,759
Liquid Assets Money Market Fund		13,027		—		—		13,027
U.S. Government Money Market Fund		17,623		—		—		17,623
U.S. Treasury Plus Money Market Fund		3,741		—		—		3,741
Federal Money Market Fund		1,208		—		—		1,208
100% U.S. Treasury Securities Money Market Fund		2,326		13		—		2,339
Tax Free Money Market Fund		1,911		1,357		1,586		4,854
Municipal Money Market Fund		165		—		285		450

The tax character of distributions paid during the year ended February 28, 2015 was as follows (amounts in thousands):

	Ordinary Income		Long-Term Capital Gains		Tax Exempt Income		Total Distributions Paid
Prime Money Market Fund	$	40,577	$	—	$	—	$	40,577
Liquid Assets Money Market Fund		6,476		—		—		6,476
U.S. Government Money Market Fund		6,196		—		—		6,196
U.S. Treasury Plus Money Market Fund		239		—		—		239
Federal Money Market Fund		569		—		—		569
100% U.S. Treasury Securities Money Market Fund		633		—		—		633
Tax Free Money Market Fund		391		1,484		1,896		3,771
Municipal Money Market Fund		89		53		277		419

As of February 29, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain or (Tax Basis Loss Carryover)		Tax Exempt Income		Unrealized Appreciation (Depreciation)
Prime Money Market Fund	$	19,932	$	—	$	—	$	—
Liquid Assets Money Market Fund		1,545		—		—		—
U.S. Government Money Market Fund		3,614		—		—		—
U.S. Treasury Plus Money Market Fund		985		—		—		—
Federal Money Market Fund		284		—		—		—
100% U.S. Treasury Securities Money Market Fund		941		—		—		—
Tax Free Money Market Fund		287		46		606		—
Municipal Money Market Fund		7		—		80		—

For the Funds, the cumulative timing differences primarily consist of distributions payable and trustee deferred compensation.

As of 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 are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely

122 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

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 February 29, 2016, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the year ended February 29, 2016, were as follows (amounts in thousands):

	Average Loans		Number of Days Outstanding		Interest Earned
Liquid Assets Money Market Fund	$	47,560		35	$	15

Interest earned as a result of lending money to another fund as of February 29, 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 at February 29, 2016, or at any time during the year then ended.

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 February 29, 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:

	% of the Fund
Liquid Assets Money Market Fund		56.9	%
U.S. Treasury Plus Money Market Fund		15.9
Federal Money Market Fund		42.9
100% U.S. Treasury Securities Money Market Fund		21.7
Tax Free Money Market Fund		20.0
Municipal Money Market Fund		13.3

As of February 29, 2016, 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 and Municipal Money Market Fund each had shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Liquid Assets Money Market Fund		1		13.8	%
U.S. Government Money Market Fund		1		14.8
U.S. Treasury Plus Money Market Fund		1		13.8
Federal Money Market Fund		1		33.6
100% U.S. Treasury Securities Money Market Fund		1		12.4
Tax Free Money Market Fund		1		56.0
Municipal Money Market Fund		2		75.4

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

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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 on or before October 1, 2016, 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 1, 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.

124 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Municipal Money Market Fund and JPMorgan U.S. Government Money Market Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund and JPMorgan Tax Free Money Market Fund (each a separate fund of JPMorgan Trust I) and JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (each a separate fund of JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) at February 29, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 27, 2016

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 125

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	148	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	148	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	148	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	148	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	148	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	148	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	148	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	148	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	148	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

126 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	148	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	148	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	148	None

(1) The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2) A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (148 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 127

TRUSTEES

(Unaudited) (continued)

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Executive Director, JPMorgan Funds Management, Inc. since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

128 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 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, September 1, 2015, and continued to hold your shares at the end of the reporting period, February 29, 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 September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Prime Money Market Fund
Class C
Actual	$	1,000.00	$	1,000.10	$	1.94		0.39	%
Hypothetical		1,000.00		1,022.92		1.96		0.39
Agency
Actual		1,000.00		1,000.60		1.29		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Capital
Actual		1,000.00		1,001.00		0.90		0.18
Hypothetical		1,000.00		1,023.97		0.91		0.18
Cash Management
Actual		1,000.00		1,000.10		1.74		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Direct
Actual		1,000.00		1,000.50		1.34		0.27
Hypothetical		1,000.00		1,023.52		1.36		0.27
Eagle Class
Actual		1,000.00		1,000.10		1.84		0.37
Hypothetical		1,000.00		1,023.02		1.86		0.37
IM
Actual		1,000.00		1,001.10		0.80		0.16
Hypothetical		1,000.00		1,024.07		0.81		0.16
Institutional Class
Actual		1,000.00		1,000.80		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Investor
Actual		1,000.00		1,000.10		1.84		0.37
Hypothetical		1,000.00		1,023.02		1.86		0.37

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Prime Money Market Fund (continued)
Morgan
Actual	$	1,000.00	$	1,000.10	$	1.79		0.36	%
Hypothetical		1,000.00		1,023.07		1.81		0.36
Premier
Actual		1,000.00		1,000.20		1.69		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
Reserve
Actual		1,000.00		1,000.10		1.84		0.37
Hypothetical		1,000.00		1,023.02		1.86		0.37
Service
Actual		1,000.00		1,000.10		1.84		0.37
Hypothetical		1,000.00		1,023.02		1.86		0.37
Liquid Assets Money Market Fund
Class C
Actual		1,000.00		1,000.10		1.89		0.38
Hypothetical		1,000.00		1,022.97		1.91		0.38
Agency
Actual		1,000.00		1,000.60		1.29		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Capital
Actual		1,000.00		1,001.00		0.90		0.18
Hypothetical		1,000.00		1,023.97		0.91		0.18
E*Trade
Actual		1,000.00		1,000.10		1.59		0.32
Hypothetical		1,000.00		1,023.27		1.61		0.32
Institutional Class
Actual		1,000.00		1,000.90		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Investor
Actual		1,000.00		1,000.10		1.79		0.36
Hypothetical		1,000.00		1,023.07		1.81		0.36
Morgan
Actual		1,000.00		1,000.10		1.89		0.38
Hypothetical		1,000.00		1,022.97		1.91		0.38
Premier
Actual		1,000.00		1,000.20		1.79		0.36
Hypothetical		1,000.00		1,023.07		1.81		0.36
Reserve
Actual		1,000.00		1,000.10		1.94		0.39
Hypothetical		1,000.00		1,022.92		1.96		0.39
Service
Actual		1,000.00		1,000.10		1.84		0.37
Hypothetical		1,000.00		1,023.02		1.86		0.37
U.S. Government Money Market Fund
Agency
Actual		1,000.00		1,000.20		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Capital
Actual		1,000.00		1,000.40		0.85		0.17
Hypothetical		1,000.00		1,024.02		0.86		0.17
Direct
Actual		1,000.00		1,000.10		1.09		0.22
Hypothetical		1,000.00		1,023.77		1.11		0.22

130 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 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	$	1.14		0.23	%
Hypothetical		1,000.00		1,023.72		1.16		0.23
IM
Actual		1,000.00		1,000.40		0.75		0.15
Hypothetical		1,000.00		1,024.12		0.75		0.15
Institutional Class
Actual		1,000.00		1,000.30		0.90		0.18
Hypothetical		1,000.00		1,023.97		0.91		0.18
Investor
Actual		1,000.00		1,000.10		1.14		0.23
Hypothetical		1,000.00		1,023.72		1.16		0.23
Morgan
Actual		1,000.00		1,000.10		1.14		0.23
Hypothetical		1,000.00		1,023.72		1.16		0.23
Premier
Actual		1,000.00		1,000.10		1.14		0.23
Hypothetical		1,000.00		1,023.72		1.16		0.23
Reserve
Actual		1,000.00		1,000.10		1.09		0.22
Hypothetical		1,000.00		1,023.77		1.11		0.22
Service
Actual		1,000.00		1,000.10		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
U.S. Treasury Plus Money Market Fund
Class C
Actual		1,000.00		1,000.00		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Agency
Actual		1,000.00		1,000.10		0.94		0.19
Hypothetical		1,000.00		1,023.92		0.96		0.19
Direct
Actual		1,000.00		1,000.10		0.85		0.17
Hypothetical		1,000.00		1,024.02		0.86		0.17
Eagle Class
Actual		1,000.00		1,000.00		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
IM
Actual		1,000.00		1,000.40		0.70		0.14
Hypothetical		1,000.00		1,024.17		0.70		0.14
Institutional Class
Actual		1,000.00		1,000.20		0.80		0.16
Hypothetical		1,000.00		1,024.07		0.81		0.16
Investor
Actual		1,000.00		1,000.00		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Morgan
Actual		1,000.00		1,000.00		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Premier
Actual		1,000.00		1,000.00		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 131

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 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	$	1.04		0.21	%
Hypothetical		1,000.00		1,023.82		1.06		0.21
Service
Actual		1,000.00		1,000.00		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Federal Money Market Fund
Agency
Actual		1,000.00		1,000.20		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Institutional Class
Actual		1,000.00		1,000.30		0.85		0.17
Hypothetical		1,000.00		1,024.02		0.86		0.17
Morgan
Actual		1,000.00		1,000.10		1.09		0.22
Hypothetical		1,000.00		1,023.77		1.11		0.22
Premier
Actual		1,000.00		1,000.10		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Reserve
Actual		1,000.00		1,000.10		1.04		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
100% U.S. Treasury Securities Money Market Fund
Agency
Actual		1,000.00		1,000.10		0.70		0.14
Hypothetical		1,000.00		1,024.17		0.70		0.14
Capital
Actual		1,000.00		1,000.20		0.60		0.12
Hypothetical		1,000.00		1,024.27		0.60		0.12
Institutional Class
Actual		1,000.00		1,000.10		0.60		0.12
Hypothetical		1,000.00		1,024.27		0.60		0.12
Morgan
Actual		1,000.00		1,000.00		0.75		0.15
Hypothetical		1,000.00		1,024.12		0.75		0.15
Premier
Actual		1,000.00		1,000.00		0.70		0.14
Hypothetical		1,000.00		1,024.17		0.70		0.14
Reserve
Actual		1,000.00		1,000.00		0.85		0.17
Hypothetical		1,000.00		1,024.02		0.86		0.17
Service
Actual		1,000.00		1,000.00		1.99		0.40
Hypothetical		1,000.00		1,022.87		2.01		0.40
Tax Free Money Market Fund
Agency
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03
Direct
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03

132 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Tax Free Money Market Fund (continued)
Eagle Class
Actual	$	1,000.00	$	1,000.20	$	0.15		0.03	%
Hypothetical		1,000.00		1,024.71		0.15		0.03
Institutional Class
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03
Morgan
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03
Premier
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03
Reserve
Actual		1,000.00		1,000.20		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03
Municipal Money Market Fund
Agency
Actual		1,000.00		1,000.10		0.25		0.05
Hypothetical		1,000.00		1,024.61		0.25		0.05
E*Trade
Actual		1,000.00		1,000.10		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06
Institutional Class
Actual		1,000.00		1,000.10		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06
Morgan
Actual		1,000.00		1,000.10		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06
Premier
Actual		1,000.00		1,000.10		0.25		0.05
Hypothetical		1,000.00		1,024.61		0.25		0.05
Reserve
Actual		1,000.00		1,000.10		0.25		0.05
Hypothetical		1,000.00		1,024.61		0.25		0.05
Service
Actual		1,000.00		1,000.10		0.30		0.06
Hypothetical		1,000.00		1,024.57		0.30		0.06

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

FEBRUARY 29, 2016 J.P. MORGAN MONEY MARKET FUNDS 133

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
100% U.S. Treasury Securities Money Market Fund	$	13
Tax Free Money Market Fund		1,357

Qualified Interest Income (QII) and Short Term Capital Gain

Each fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 29, 2016 (amounts in thousands):

	Qualified Interest Income		Short-Term Gain
Prime Money Market Fund	$	67,881	$	273
Liquid Assets Money Market Fund		6,499		166
U.S. Government Money Market Fund		17,053		570
U.S. Treasury Plus Money Market Fund		3,623		118
Federal Money Market Fund		1,135		73
100% U.S. Treasury Securities Money Market Fund		2,238		88

Tax-Exempt Income

Each fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 29, 2016 (amounts in thousands):

	Exempt Distributions Paid
Tax Free Money Market Fund	$	1,586
Municipal Money Market Fund		285

Treasury Income

Each fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 29, 2016:

	Income from U.S. Treasury Obligations
Prime Money Market Fund		4.71	%
Liquid Assets Money Market Fund		4.34
U.S. Government Money Market Fund		4.43
U.S. Treasury Plus Money Market Fund		60.44
Federal Money Market Fund		12.99
100% U.S. Treasury Securities Money Market Fund		100.00

134 J.P. MORGAN MONEY MARKET FUNDS FEBRUARY 29, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ¡   J.P. Morgan Funds doesn’t jointly market.

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (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 business 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. February 2016 AN-MMKT-216

Annual Report

J.P. Morgan Income Funds

February 29, 2016

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	268
Financial Highlights	292
Notes to Financial Statements	312
Report of Independent Registered Public Accounting Firm	344
Trustees	345
Officers	347
Schedule of Shareholder Expenses	348
Tax Letter	352
Privacy Policy — Located at the back of this Annual Report

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

March 16, 2016 (Unaudited)

Dear Shareholder,

Even as the U.S. economy continued to steadily strengthen during the past year, the drag from slowing growth in the rest of the world increased and was reflected by turbulent financial markets and highly active central banks.

  “While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low.”

Gains in employment and consumer spending throughout 2015 helped persuade the U.S. Federal Reserve (the “Fed”) to raise interest rates in December for the first time in more than a decade. Meanwhile, leading central banks in China, Japan and the European Union enacted extraordinary measures to stimulate economic growth and stabilize financial markets. In the face of slowing global growth and rising market volatility, the Fed declined to further raise interest rates at its mid-March meeting.

Throughout the past twelve months, oil and gas prices remained historically low amid global oversupply and slowing demand, and by the end of the reporting period prices were roughly two-thirds off their peak in 2014. In February, spot prices for crude oil dropped to levels not seen since 2004.

While low energy prices put more money into consumers’ pockets and helped reduce commercial transportation costs, deteriorating balance sheets of energy sector companies raised the threat of defaults, particularly in the U.S. market for high yield bonds (also known as “junk bonds”). Also, energy companies have sharply curtailed spending on new projects, which has hurt the broader industrial sector that supplies pipeline, construction materials and machinery to oil exploration and production.

Along with lower oil prices, the U.S. dollar’s strength relative to other currencies was an important economic factor over the past twelve months. Overseas central bank interventions have driven down the value of foreign currencies, particularly the euro and the yen, while the strength of the U.S. economy had made the dollar more attractive. This in turn hurt the overseas earnings of U.S. companies. Among the companies that comprise the Standard & Poor’s 500 Index (S&P 500), an estimated aggregate of 35% to 40% of their earnings come from overseas and the loss of income was reflected in the final quarter of

2015, when aggregate per-share earnings of companies in the S&P 500 declined on a year-over-year basis for the third consecutive quarter. Notably, financial analysts accelerated the pace of downward revisions to their earnings estimates during the first two months of 2016.

Meanwhile, the broader U.S. economy continued along its low-growth trajectory for the twelve months. Gross domestic product (GDP) grew by 2.4% in 2015, matching 2014 output. With the addition of 230,000 new jobs in February, non-farm private sector employment extended its expansion to 72 consecutive months. During the twelve months ended February 29, 2016, the unemployment rate fell to 4.9% from 5.5%, though wage growth during the period was 2.2%, barely outpacing the rate of inflation. Consumer spending, which accounts for two-thirds of U.S. economic activity, slowed to 0.1% growth in December and maintained that pace through January and February.

While the relative strength of the U.S. economy provides support for both U.S. equity and bond markets, it was not enough to overcome the slowdown in corporate earnings and weakening demand overseas. The S&P 500 reached a record high in mid-May and then suffered sell-offs in August 2015 and January 2016. Bond markets benefitted somewhat from investors’ search for safe havens amid market volatility, but with global interest rates at historic lows, yields on fixed-income investments were slight.

While the outlook for the U.S. economy had dimmed somewhat by the end of February, job growth continued, core inflation remained stable and the risk of economic recession in the U.S. appeared low. In this climate of low growth and heightened volatility in financial markets, investors may best be served by a patient, long term outlook and a properly diversified portfolio.

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

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management, J.P. Morgan Asset Management

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 1

J.P. Morgan Income Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

Financial markets experienced increased volatility and deepening investor concern about slowing economic growth in China, anemic growth in Europe and Japan, the strength of the U.S. dollar and expectations for rising interest rates in the U.S. Overproduction and declining demand continued to hold down energy prices, and prices for other commodities also slumped during the twelve month reporting period.

Interest rates on bonds with shorter maturities rose in response to the U.S. Federal Reserve’s December interest rate increase, thus resulting in a flattening of the yield curve over the twelve month period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds. For the twelve months ended February 29, 2016, the Barclays U.S. Aggregate Index returned 1.50% and the Barclays High Yield Corporate Index returned -8.30%.

2 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.77%
Barclays U.S. Aggregate Index		1.50%
Net Assets as of 2/29/2016 (In Thousands)	$	29,514,554
Duration as of 2/29/2016		4.9 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares outperformed the Barclays U.S. Aggregate Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight position in the 10-year portion of the yield curve, which outperformed shorter and longer maturity portions of the curve, was a leading contributor to performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s overweight position in mortgage-backed securities also helped relative performance as mortgage-backed securities generally outperformed other sectors of the broader bond market. The Fund’s security selection in pass-through mortgages and collateralized mortgage obligations allocation also contributed to relative performance as did the Fund’s underweight positions in industrial sector debt securities.

The Fund’s underweight position in U.S. Treasury bonds and agency debt securities detracted from relative performance, as did the Fund’s security selection within asset-backed securities.

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 February 29, 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	25.3	%
Corporate Bonds	18.3
Collateralized Mortgage Obligations	16.3
Mortgage Pass-Through Securities	14.8
Asset-Backed Securities	11.1
Commercial Mortgage-Backed Securities	3.2
U.S. Government Agency Securities	2.3
Foreign Government Securities	1.0
Others (each less than 1.0%)	0.6
Short-Term Investment	7.1

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 3

JPMorgan Core Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			(2.23	)%		2.59	%		4.43	%
Without Sales Charge			1.57			3.39			4.82
CLASS C SHARES	March 22, 1999
With CDSC**			(0.11	)		2.71			4.14
Without CDSC			0.89			2.71			4.14
CLASS R2 SHARES	November 3, 2008		1.32			3.12			4.56
CLASS R5 SHARES	May 15, 2006		1.83			3.69			5.12
CLASS R6 SHARES	February 22, 2005		1.92			3.75			5.20
SELECT CLASS SHARES	June 1, 1991		1.77			3.56			5.00

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 R5 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. Class R5 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 Bond Fund, the Barclays U.S. Aggregate Index and the Lipper Core Bond Funds Index from February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.21%
Barclays U.S. Aggregate Index		1.50%
Net Assets as of 2/29/2016 (In Thousands)	$	4,760,602
Duration as of 2/29/2016		5.6 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed 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 underperformed investment grade debt securities during the twelve month reporting period, was a leading detractor from relative performance.

In general, mortgage-backed debt securities outperformed other sectors of the fixed-income market amid continued strength in the U.S. housing market. The Fund’s allocation to mortgage-backed securities, particularly out-of-Benchmark agency collateralized mortgage obligations, was a leading positive contributor to 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***
Corporate Bonds	27.5	%
U.S. Treasury Obligations	22.9
Asset-Backed Securities	12.8
Mortgage Pass-Through Securities	11.8
Collateralized Mortgage Obligations	10.8
Commercial Mortgage-Backed Securities	5.9
Foreign Government Securities	1.2
Loan Assignments	1.0
Others (each less than 1.0%)	1.7
Short-Term Investment	4.4

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 5

JPMorgan Core Plus Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(3.70	)%		3.09	%		4.73	%
Without Sales Charge			0.09			3.88			5.13
CLASS C SHARES	May 30, 2000
With CDSC**			(1.60	)		3.18			4.49
Without CDSC			(0.60	)		3.18			4.49
CLASS R2 SHARES	November 3, 2008		(0.34	)		3.43			4.75
CLASS R6 SHARES	February 22, 2005		0.43			4.23			5.54
INSTITUTIONAL CLASS SHARES	June 19, 2009		0.37			4.15			5.41
SELECT CLASS SHARES	March 5, 1993		0.21			3.96			5.28

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.46%
Barclays U.S. Government Bond Index		2.83%
Net Assets as of 2/29/2016 (In Thousands)	$	1,306,782
Duration as of 2/29/2016		5.1 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed the Barclays U.S. Government Bond Index (the “Benchmark”). Overall, inflation expectations remained low during the reporting period and the Fund’s allocation to U.S. Treasury Inflation Protected Securities, which are not held in the Benchmark, was the leading detractor from performance relative to the Benchmark.

The Fund’s security selection in mortgage securities, particularly U.S. agency bonds, and its security selection in the U.S. agency sector were leading contributors to relative performance. The Fund’s overweight position in the 10-year maturity portion of the yield curve, which outperformed shorter and longer maturity portions of the curve, also made a positive contribution 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.

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	39.8	%
U.S. Treasury Obligations	25.3
U.S. Government Agency Securities	20.4
Mortgage Pass-Through Securities	8.5
Commercial Mortgage-Backed Securities	1.8
Foreign Government Security	0.6
Short-Term Investment	3.6

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 7

JPMorgan Government Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 5, 1993
With Sales Charge*			(1.68	)%		2.76	%		4.16	%
Without Sales Charge			2.16			3.55			4.56
CLASS C SHARES	March 22, 1999
With CDSC**			0.49			2.80			3.81
Without CDSC			1.49			2.80			3.81
CLASS R2 SHARES	November 3, 2008		1.92			3.30			4.30
SELECT CLASS SHARES	February 8, 1993		2.46			3.84			4.84

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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. Prior performance of Class R2 Shares 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 Government Bond Fund, the Barclays U.S. Government Bond Index and the Lipper General U.S. Government Funds Index from February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(8.64)%
Barclays U.S. Corporate High Yield — 2% Issuer Capped Index		(8.26)%
Net Assets as of 2/29/2016 (In Thousands)	$	9,288,671
Duration as of 2/29/2016		4.5 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 twelve months ended February 29, 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 underperformed other sectors of the bond market as weakness in global energy prices raised fears of widespread defaults in the high yield sector.

Relative to the Benchmark, the Fund’s security selection in the utilities, transportation and communications sectors was a leading detractor from performance. The Fund’s underweight position in bonds rated BB also detracted from relative performance as securities of higher credit quality outperformed the market during the twelve month period.

Relative to the Benchmark, the Fund’s security selection and slight underweight position in below-investment-grade bonds in the energy and basic materials sectors, and its overweight position in the consumer noncyclical sector were leading contributors to performance. The Fund’s underweight positions in bonds rated CCC and lower 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	87.5	%
Loan Assignments	6.3
Preferred Securities	2.1
Others (each less than 1.0%)	0.4
Short-Term Investment	3.7

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 9

JPMorgan High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 13, 1998
With Sales Charge*			(12.15	)%		2.28	%		5.45	%
Without Sales Charge			(8.73	)		3.05			5.85
CLASS C SHARES	March 22, 1999
With CDSC**			(10.26	)		2.45			5.20
Without CDSC			(9.26	)		2.45			5.20
CLASS R2 SHARES	November 3, 2008		(9.06	)		2.75			5.55
CLASS R5 SHARES	May 15, 2006		(8.58	)		3.33			6.15
CLASS R6 SHARES	February 22, 2005		(8.44	)		3.37			6.19
SELECT CLASS SHARES	November 13, 1998		(8.64	)		3.26			6.10

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 and Class R5 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. Class R5 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 High Yield Fund, the Barclays U.S. Corporate High Yield — 2% Issuer Capped Index and the Lipper High Yield Bond Index from February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(0.70)%
Barclays 1-10 Year U.S. TIPS Index		0.00%
Barclays U.S. Intermediate Aggregate Index		2.07%
Inflation Managed Bond Composite Benchmark(1)		(0.75)%
Net Assets as of 2/29/2016 (In Thousands)	$	1,559,830
Duration as of 2/29/2016		3.5 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed the Barclays 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”) and the Barclays U.S. Intermediate Aggregate Index, but outperformed the Inflation Managed Bond Composite Benchmark.

Relative to the Index, the Fund’s allocation to corporate debt securities was the leading detractor from performance for the twelve month period, as corporate bonds underperformed U.S. Treasury bonds during the twelve month period. The Index contains only Treasury bonds. The Fund’s security selection in asset-backed debt securities also detracted from relative performance.

The Fund’s security selection within mortgage securities, including pass-throughs, agency and non-agency and collateralized mortgage obligations, was a leading positive contributor to relative performance. The Fund’s overall shorter duration relative to the Index and the Fund’s allocation to inflation swaps were modest contributors to performance as real bond yields rose and inflation swaps generally performed well. 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 underweight to overall inflation exposure was also a positive contributor as net inflation accrual was negative during the period.

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 believed that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. However, 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. Due to their inflation outlook, the Fund’s managers maintained the level of inflation protection in the Fund at relatively high levels and increased the Fund’s exposure of the hedge in short-dated and long-dated sections of the yield curve in an attempt to take advantage of attractive bond valuations.

PORTFOLIO COMPOSITION***
Corporate Bonds	28.3	%
U.S. Government Agency Securities	17.0
Collateralized Mortgage Obligations	16.3
U.S. Treasury Obligations	14.8
Mortgage Pass-Through Securities	7.6
Asset-Backed Securities	6.9
Commercial Mortgage-Backed Securities	3.0
Foreign Government Securities	0.3
Short-Term Investment	5.8

* 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 February 29, 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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 11

JPMorgan Inflation Managed Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	March 31, 2010
With Sales Charge*			(4.53	)%		0.46	%		1.31	%
Without Sales Charge			(0.85	)		1.22			1.97
CLASS C SHARES	March 31, 2010
With CDSC**			(2.53	)		0.55			1.30
Without CDSC			(1.53	)		0.55			1.30
CLASS R2 SHARES	March 31, 2010		(1.08	)		0.95			1.70
CLASS R5 SHARES	March 31, 2010		(0.64	)		1.42			2.18
CLASS R6 SHARES	November 30, 2010		(0.56	)		1.49			2.22
SELECT CLASS SHARES	March 31, 2010		(0.70	)		1.37			2.11

* Sales Charge for Class A Shares is 3.75%.

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

LIFE OF FUND PERFORMANCE (3/31/10 TO 2/29/16)

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 February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.35%
Barclays 1-3 Year U.S. Government/Credit Bond Index		0.91%
Net Assets as of 2/29/2016 (In Thousands)	$	1,253,246
Duration as of 2/29/2016		1.0 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed the Barclays 1-3 Year U.S. Government/Credit Bond Index (the “Benchmark”). Overall, interest rates declined during the reporting period, and the spread between yields on U.S. Treasury bonds and yields of other debt securities widened. In this environment, the Fund’s allocation to floating rate debt securities detracted from performance relative to the Benchmark, which contains fixed rate government bonds.

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.

HOW WAS THE FUND POSITIONED?

During the twelve 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. At February 29, 2016, the Fund’s overall duration was 0.98 years. 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	54.1	%
Asset-Backed Securities	21.0
Corporate Bonds	9.8
Mortgage Pass-Through Securities	4.3
Commercial Mortgage-Backed Securities	4.3
Municipal Bond	0.1
Short-Term Investment	6.4

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 13

JPMorgan Limited Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 10, 1993
With Sales Charge*			(2.06	)%		1.64	%		2.46	%
Without Sales Charge			0.19			2.11			2.69
CLASS C SHARES	November 1, 2001
With CDSC**			(1.31	)		1.59			2.18
Without CDSC			(0.31	)		1.59			2.18
CLASS R6 SHARES	February 22, 2005		0.66			2.56			3.15
SELECT CLASS SHARES	February 2, 1993		0.35			2.35			2.94

* Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		2.97%
Barclays U.S. MBS Index		2.51%
Net Assets as of 2/29/2016 (In Thousands)	$	2,686,289
Duration as of 2/29/2016		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 twelve months ended February 29, 2016, the Fund’s Select Class Shares outperformed the Barclays U.S. MBS Index (the “Benchmark”). Relative to the Benchmark, the Fund’s allocation to agency and non-agency collateralized mortgage obligations and commercial mortgage-backed securities, none of which are held in the Benchmark, were leading contributors to performance.

The Fund’s allocation to short-term debt securities detracted from relative performance. The securities were used to manage cash inflows pending investment in longer-term investments.

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***
Collateralized Mortgage Obligations	39.8	%
Mortgage Pass-Through Securities	37.7
Asset-Backed Securities	6.6
Commercial Mortgage-Backed Securities	4.8
U.S. Treasury Obligations	1.0
Loan Assignments	0.2
Short-Term Investment	9.9

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 15

JPMorgan Mortgage-Backed Securities Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	August 18, 2000
With Sales Charge*			(1.09	)%		2.60	%		4.88	%
Without Sales Charge			2.73			3.39			5.28
CLASS C SHARES	July 2, 2012
With CDSC**			1.31			2.90			4.77
Without CDSC			2.31			2.90			4.77
CLASS R6 SHARES	February 22, 2005		3.14			3.80			5.71
SELECT CLASS SHARES	August 18, 2000		2.97			3.65			5.55

* Sales Charge for Class A Shares is 3.75%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		0.50%
Barclays 1-3 Year U.S. Government/Credit Bond Index		0.91%
Net Assets as of 2/29/2016 (In Thousands)	$	10,955,902
Duration as of 2/29/2016		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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed the Barclays 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selection in the corporate credit sector, particularly industrial sector securities, and its underweight position in U.S. Treasury securities were leading detractors from performance.

The Fund’s overweight position in the 5-10 year maturity portion of the yield curve and its allocation to mortgage securities, which are not held in the Benchmark, made a positive contribution to performance relative to the Benchmark. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

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 to U.S. Treasuries and an overweight to non-Treasury securities.

PORTFOLIO COMPOSITION***
U.S. Treasury Obligations	55.2	%
Corporate Bonds	20.5
Asset-Backed Securities	9.6
Collateralized Mortgage Obligations	4.9
U.S. Government Agency Securities	4.1
Mortgage Pass-Through Securities	3.0
Commercial Mortgage-Backed Securities	2.4
Loan Assignment	0.0	(a)
Short-Term Investment	0.3

(a) Amount rounds to less than 0.1%.

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 17

JPMorgan Short Duration Bond Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(1.91	)%		0.26	%		2.17	%
Without Sales Charge			0.35			0.72			2.40
CLASS C SHARES	November 1, 2001
With CDSC**			(1.16	)		0.21			1.89
Without CDSC			(0.16	)		0.21			1.89
CLASS R6 SHARES	February 22, 2005		0.77			1.21			2.90
SELECT CLASS SHARES	September 4, 1990		0.50			0.96			2.65

* Sales Charge for Class A Shares is 2.25%.

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

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Short Duration High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		(4.95)%
Barclays U.S. Aggregate Index		1.50%
BofA Merrill Lynch 1-5 Year U.S. Cash Pay High Yield Constrained Index		(8.95)%
Net Assets as of 2/29/2016 (In Thousands)	$	157,299
Duration as of 2/29/2016		2.0 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 twelve months ended February 29, 2016, the Fund’s Select Class Shares underperformed the Barclays U.S. Aggregate Index but outperformed 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 underperformed other sectors of the bond market as weakness in global energy prices raised fears of widespread defaults in the high yield sector. The Fund’s allocation to high yield bonds detracted from performance relative to the Barclays U.S. Aggregate Index which did not include below investment grade bonds.

Relative to the Benchmark, the Fund’s underweight position and security selection in the energy sector and its security selection in the basic industries sector were leading contributors to performance for the twelve month reporting period. The Fund’s underweight position in bonds rated CCC also contributed to relative performance.

The Fund’s security selection in the technology & electronics sector and its underweight position in the capital goods sector were leading detractors from relative performance. The Fund’s underweight position in BB rated bonds also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

Relative to the Benchmark, the Fund was overweight in securities rated BBB, B and unrated bonds during the twelve month period. Conversely, the Fund 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	76.2	%
Loan Assignments	21.6
Others (each less than 0.1%)	1.7
Short-Term Investment	0.5

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 19

JPMorgan Short Duration High Yield Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS	1 YEAR			3 YEAR			SINCE INCEPTION
CLASS A SHARES	March 1, 2013
With Sales Charge*			(7.13	)%		(0.73	)%		(0.73	)%
Without Sales Charge			(5.03	)		0.02			0.02
CLASS C SHARES	March 1, 2013
With CDSC**			(6.61	)		(0.52	)		(0.52	)
Without CDSC			(5.61	)		(0.52	)		(0.52	)
CLASS R6 SHARES	March 1, 2013		(4.81	)		0.38			0.38
SELECT CLASS SHARES	March 1, 2013		(4.95	)		0.23			0.23

* Sales Charge for Class A Shares is 2.25%.

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

LIFE OF FUND PERFORMANCE (3/1/13 TO 2/29/16)

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 February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Treasury & Agency Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Select Class Shares)*		1.05%
Barclays 1-5 Year U.S. Treasury Index		1.79%
Net Assets as of 2/29/2016 (In Thousands)	$	105,711
Duration as of 2/29/2016		2.0 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 twelve months ended February 29, 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 to 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	84.9	%
U.S. Government Agency Securities	14.3
Short-Term Investment	0.8

* 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 February 29, 2016. The Fund’s portfolio composition is subject to change.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 21

JPMorgan Treasury & Agency Fund

FUND COMMENTARY

TWELVE MONTHS ENDED FEBRUARY 29, 2016 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 29, 2016
	INCEPTION DATE OF CLASS		1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		January 20, 1997
With Sales Charge*				(1.57	)%		0.05	%		2.00	%
Without Sales Charge				0.73			0.52			2.22
SELECT CLASS SHARES		January 20, 1997		1.05			0.78			2.49

* Sales Charge for Class A Shares is 2.25%.

TEN YEAR PERFORMANCE (2/28/06 TO 2/29/16)

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 February 28, 2006 to February 29, 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 redemption 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 FEBRUARY 29, 2016

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 11.2%
	6,499	ABFC Trust, Series 2005-AQ1, Class A4, SUB, 4.919%, 06/25/35		6,652
		Academic Loan Funding Trust,
	7,213	Series 2012-1A, Class A1, VAR, 1.236%, 12/27/22 (e)		7,163
	4,410	Series 2013-1A, Class A, VAR, 1.236%, 12/26/44 (e)		4,334
		Ally Auto Receivables Trust,
	2,516	Series 2013-2, Class A3, 0.790%, 01/15/18		2,515
	1,200	Series 2013-2, Class A4, 1.240%, 11/15/18		1,200
	9,245	Series 2014-SN2, Class A3, 1.030%, 09/20/17		9,232
	11,502	Series 2015-SN1, Class A2A, 0.930%, 06/20/17		11,487
	7,021	Series 2015-SN1, Class A3, 1.210%, 12/20/17		7,019
	8,400	Series 2016-1, Class A2A, 1.200%, 08/15/18		8,402
	26,835	Series 2016-2, Class A2, 1.170%, 10/15/18		26,834
		American Credit Acceptance Receivables Trust,
	5,485	Series 2014-2, Class B, 2.260%, 03/10/20 (e)		5,484
	4,500	Series 2014-3, Class B, 2.430%, 06/10/20 (e)		4,475
	1,053	Series 2014-4, Class A, 1.330%, 07/10/18 (e)		1,051
	6,827	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		6,805
	12,169	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		12,154
	8,997	Series 2015-2, Class C, 4.320%, 05/12/21 (e)		8,832
	17,165	Series 2016-1A, Class B, 4.240%, 06/13/22 (e)		17,226
		American Homes 4 Rent Trust,
	4,000	Series 2014-SFR1, Class C, VAR, 2.179%, 06/17/31 (e)		3,798
	12,228	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		12,747
	2,400	Series 2014-SFR2, Class B, 4.290%, 10/17/36 (e)		2,370
	4,000	Series 2014-SFR2, Class D, 5.149%, 10/17/36 (e)		3,865
	7,300	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		7,260
	9,796	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		9,998

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,750	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		3,706
	16,970	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		17,243
	17,977	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		18,059
	7,420	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		7,018
	1,415	Series 2015-SFR2, Class E, 6.070%, 10/17/45 (e)		1,402
		AmeriCredit Automobile Receivables Trust,
	1,690	Series 2013-5, Class A3, 0.900%, 09/10/18		1,688
	10,193	Series 2015-2, Class A2A, 0.830%, 09/10/18		10,171
	6,357	Series 2016-1, Class A3, 1.810%, 10/08/20		6,378
	51	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-13, Class AF6, SUB, 4.951%, 01/25/34		52
	26,454	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		25,743
		AXIS Equipment Finance Receivables II LLC,
	402	Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		402
	3,671	Series 2013-1A, Class B, 2.850%, 12/20/17 (e)		3,672
		AXIS Equipment Finance Receivables III LLC,
	12,735	Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		12,705
	1,000	Series 2015-1A, Class C, 3.410%, 04/20/20 (e)		1,005
	1,000	Series 2015-1A, Class D, 4.050%, 05/20/20 (e)		1,005
		B2R Mortgage Trust,
	10,058	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		9,964
	19,785	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		20,157
	9,300	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		9,322
	16,381	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		16,080
		BCC Funding Corp. X,
	21,662	Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		21,616
	2,717	Series 2015-1, Class D, 4.544%, 12/21/20 (e)		2,651

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 23

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	521	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.806%, 04/25/36		496
	1,850	Blue Elephant Loan Trust, Series 2015-1, Class B, 5.560%, 12/15/22 (e)		1,856
		BMW Vehicle Owner Trust,
	654	Series 2013-A, Class A3, 0.670%, 11/27/17		653
	1,398	Series 2014-A, Class A2, 0.530%, 04/25/17		1,397
	7,080	Series 2014-A, Class A3, 0.970%, 11/26/18		7,074
	4,185	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		4,174
		Cabela’s Credit Card Master Note Trust,
	6,816	Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		6,836
	5,757	Series 2015-2, Class A1, 2.250%, 07/17/23		5,826
	17,918	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.375%, 07/15/64 (e)		17,892
		CarFinance Capital Auto Trust,
	809	Series 2013-1A, Class B, 2.750%, 11/15/18 (e)		812
	2,664	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		2,661
	2,250	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		2,252
	11,996	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		11,917
	8,270	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		8,208
	22,447	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.522%, 10/15/21 (e)		22,447
		CarMax Auto Owner Trust,
	247	Series 2013-1, Class A3, 0.600%, 10/16/17		247
	9,689	Series 2013-2, Class A4, 0.840%, 11/15/18		9,642
	2,507	Series 2013-4, Class A3, 0.800%, 07/16/18		2,503
	2,612	Series 2013-4, Class A4, 1.280%, 05/15/19		2,608
	8,358	Series 2014-2, Class A3, 0.980%, 01/15/19		8,343
	10,783	Series 2015-2, Class A2A, 0.820%, 06/15/18		10,775

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Carnow Auto Receivables Trust,
	4,830	Series 2014-1A, Class B, 1.890%, 11/15/18 (e)		4,822
	8,506	Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		8,480
		Chase Funding Trust,
	1,928	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		1,987
	2,986	Series 2003-6, Class 1A5, SUB, 5.350%, 11/25/34		3,104
	5,089	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		5,181
		Citi Held For Asset Issuance,
	7,319	Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		7,299
	12,837	Series 2015-PM1, Class B, 2.930%, 12/15/21 (e)		12,558
	30,275	Series 2015-MF1, Class A, 4.48%, 08/15/22 (e)		30,201
	950	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,296
	336	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.950%, 04/25/32 (e)		332
	523	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.816%, 12/25/33		501
	23,604	Colony American Homes, Series 2014-2A, Class A, VAR, 1.377%, 07/17/31 (e)		22,867
	26,904	Concord Funding Co. LLC, Series 2012-2, Class A, 3.145%, 01/15/17 (e)		26,904
	8,628	Conix Mortgage Asset Trust, Series 2013-1, Class A, 4.704%, VAR, 12/25/47 (d)		2,502
	4,746	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		4,747
	22,375	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, VAR, 3.011%, 06/25/40 (e)		2,716
		CPS Auto Receivables Trust,
	341	Series 2011-B, Class A, 3.680%, 09/17/18 (e)		341
	1,404	Series 2011-C, Class A, 4.210%, 03/15/19 (e)		1,407
	793	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		794
	4,027	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		4,030
	3,174	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		3,137

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,740	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		1,739
	3,750	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		3,743
	3,702	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		3,688
	5,565	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		5,531
	6,350	Series 2014-B, Class C, 3.230%, 05/15/20 (e)		6,225
	7,087	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		7,041
	4,347	Series 2014-C, Class C, 3.770%, 08/17/20 (e)		4,303
	14,339	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		14,237
	4,000	Series 2014-D, Class C, 4.350%, 11/16/20 (e)		3,860
	12,074	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		11,981
	2,900	Series 2015-A, Class C, 4.000%, 02/16/21 (e)		2,872
	36,230	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		35,958
	16,500	Series 2015-B, Class C, 4.200%, 05/17/21 (e)		16,367
	5,849	Series 2015-C, Class D, 4.630%, 08/16/21 (e)		5,871
	19,337	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		19,335
		CPS Auto Trust,
	3,076	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		3,070
	1,742	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		1,732
		Credit Acceptance Auto Loan Trust,
	21,150	Series 2014-1A, Class A, 1.550%, 10/15/21 (e)		21,096
	17,727	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		17,702
	2,605	Series 2015-2A, Class C, 3.760%, 02/15/24 (e)		2,595
	8	CSMC Trust, Series 2006-CF1, Class A1, VAR, 0.746%, 11/25/35 (e)		8
		CWABS, Inc. Asset-Backed Certificates,
	303	Series 2003-5, Class MF1, VAR, 5.413%, 01/25/34		304
	10	Series 2004-1, Class 3A, VAR, 0.996%, 04/25/34		9
	696	Series 2004-1, Class M1, VAR, 1.186%, 03/25/34		662

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	96	Series 2004-1, Class M2, VAR, 1.261%, 03/25/34		86
	446	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.336%, 10/25/34		420
		Drive Auto Receivables Trust,
	900	Series 2015-AA, Class A2, 1.010%, 11/15/17 (e)		900
	12,065	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		11,824
	16,326	Series 2015-BA, Class B, 2.120%, 06/17/19 (e)		16,324
	14,251	Series 2015-BA, Class D, 3.840%, 07/15/21 (e)		13,890
	3,005	Series 2015-CA, Class A2A, 1.030%, 02/15/18 (e)		3,003
	6,588	Series 2015-CA, Class D, 4.200%, 09/15/21 (e)		6,457
	2,640	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		2,601
	13,085	Series 2016-AA, Class B, 3.170%, 05/15/20 (e)		13,094
	16,810	Series 2016-AA, Class C, 3.910%, 05/17/21 (e)		16,855
		DT Auto Owner Trust,
	3,295	Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		3,290
	4,612	Series 2015-1A, Class A, 1.060%, 09/17/18 (e)		4,608
	9,928	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		9,915
	12,166	Series 2015-2A, Class D, 4.250%, 02/15/22 (e)		11,950
	26,061	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		26,064
		Exeter Automobile Receivables Trust,
	1,066	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		1,065
	4,177	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		4,168
	2,595	Series 2014-2A, Class C, 3.260%, 12/16/19 (e)		2,558
	9,913	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		9,881
	5,389	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		5,322
	10,376	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		10,353
	9,000	Series 2015-1A, Class B, 2.840%, 03/16/20 (e)		8,912

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 25

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	15,739	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		15,673
	19,855	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		19,820
		Fifth Third Auto Trust,
	1,350	Series 2014-3, Class A2A, 0.570%, 05/15/17		1,349
	2,322	Series 2014-3, Class A3, 0.960%, 03/15/19		2,317
		First Investors Auto Owner Trust,
	168	Series 2013-1A, Class A2, 0.900%, 10/15/18 (e)		168
	4,558	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		4,550
	4,892	Series 2014-3A, Class A3, 1.670%, 11/16/20 (e)		4,867
	8,232	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		8,212
	8,370	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		8,350
	2,933	Series 2015-2A, Class D, 4.220%, 12/15/21 (e)		2,834
	24,790	Series 2016-1A, Class A1, 1.920%, 05/15/20 (e)		24,778
		FirstKey Lending Trust,
	27,509	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		27,264
	11,055	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		10,804
		Flagship Credit Auto Trust,
	521	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		521
	5,617	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		5,616
	3,952	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		3,932
	2,220	Series 2014-1, Class B, 2.550%, 02/18/20 (e)		2,191
	10,876	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		10,827
	7,359	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		7,210
	3,958	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		3,730
	16,702	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		16,491
	22,822	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		22,763
	5,299	Series 2015-3, Class B, 3.680%, 03/15/22 (e)		5,234

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,163	Series 2015-3, Class C, 4.650%, 03/15/22 (e)		4,880
	32,649	Series 2016-1, Class A, 2.770%, 12/15/20 (e)		32,570
		Ford Credit Auto Lease Trust,
	7,235	Series 2014-B, Class A3, 0.890%, 09/15/17		7,233
	2,970	Series 2014-B, Class A4, 1.100%, 11/15/17		2,967
		Ford Credit Auto Owner Trust,
	6,344	Series 2014-B, Class A3, 0.900%, 10/15/18		6,338
	1,908	Series 2014-C, Class A2, 0.610%, 08/15/17		1,907
	6,117	Series 2014-C, Class A3, 1.060%, 05/15/19		6,116
	9,816	Series 2015-A, Class A3, 1.280%, 09/15/19		9,843
		Freedom Trust,
	1,049	Series 2011-2, Class A11, VAR, 5.000%, 08/01/46 (e)		1,053
	2,239	Series 2012-2, Class A24, VAR, 5.994%, 10/26/42 (e)		2,263
	3,829	FRT Trust, Series 2013-1A, Class A2N, SUB, 5.000%, 10/25/33 (e)		3,741
	21,369	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		21,276
	438	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		395
		GLC II Trust,
	16,467	Series 2014-A, Class A, 4.000%, 12/18/20 (e)		16,220
	1,261	Series 2014-A, Class B, 6.000%, 12/18/20 (e)		1,242
		GLC Trust,
	12,896	Series 2014-A, Class A, 3.000%, 07/15/21 (e)		12,638
	1,075	Series 2014-A, Class B, 4.000%, 07/15/21 (e)		1,049
		GLS Auto Receivables Trust,
	29,878	Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		29,701
	9,473	Series 2015-1A, Class B, 4.430%, 12/15/20 (e)		9,388
		GM Financial Automobile Leasing Trust,
	16,935	Series 2015-1, Class A2, 1.100%, 12/20/17		16,923
	10,058	Series 2015-1, Class A3, 1.530%, 09/20/18		10,079

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	4,191	Series 2015-1, Class A4, 1.730%, 06/20/19		4,201
	4,386	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		4,380
		GO Financial Auto Securitization Trust,
	13,580	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		13,565
	8,462	Series 2015-1, Class B, 3.590%, 10/15/20 (e)		8,439
	22,822	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		22,679
	9,593	Gold Key Resorts LLC, Series 2014-A, Class A, 3.220%, 03/17/31 (e)		9,607
	8,855	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class CT1, 3.438%, 10/15/46 (e)		8,841
	662	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.636%, 03/25/36		590
		Honda Auto Receivables Owner Trust,
	2,499	Series 2013-4, Class A3, 0.690%, 09/18/17		2,497
	700	Series 2013-4, Class A4, 1.040%, 02/18/20		700
	6,323	Series 2014-2, Class A3, 0.770%, 03/19/18		6,313
	4,961	Series 2015-1, Class A2, 0.700%, 06/15/17		4,957
	12,800	Series 2016-1, Class A2, 1.010%, 06/18/18		12,785
		HSBC Home Equity Loan Trust USA,
	227	Series 2007-1, Class AS, VAR, 0.632%, 03/20/36		226
	3,310	Series 2007-3, Class APT, VAR, 1.632%, 11/20/36		3,299
		Hyundai Auto Receivables Trust,
	7,759	Series 2014-B, Class A3, 0.900%, 12/17/18		7,751
	6,096	Series 2015-A, Class A2, 0.680%, 10/16/17		6,094
	6,143	Series 2015-B, Class A2A, 0.690%, 04/16/18		6,136
	9,311	Series 2015-B, Class A3, 1.120%, 11/15/19		9,297
	22,400	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.429%, 06/17/31 (e)		21,787
		KGS-Alpha SBA COOF Trust,
	92,097	Series 2012-2, Class A, IO, VAR, 0.897%, 08/25/38 (e)		2,648

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	27,212	Series 2012-3, Class A, IO, VAR, 1.272%, 09/25/26 (e)		502
	128,338	Series 2012-4, Class A, IO, VAR, 1.074%, 09/25/37 (e)		5,013
	52,820	Series 2012-6, Class A, IO, VAR, 0.644%, 05/25/39 (e)		1,056
	60,314	Series 2013-2, Class A, IO, VAR, 1.620%, 03/25/39 (e)		3,025
	54,465	Series 2014-1, Class A, IO, VAR, 1.392%, 10/25/32 (e)		2,323
	18,200	Series 2014-2, Class A, IO, VAR, 3.073%, 04/25/40 (e)		2,477
	19,842	Series 2015-2, Class A, IO, VAR, 2.744%, 07/25/41 (e)		2,797
	20,739	Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		20,735
		Long Beach Mortgage Loan Trust,
	4,041	Series 2004-1, Class M1, VAR, 1.186%, 02/25/34		3,785
	675	Series 2004-3, Class M1, VAR, 1.291%, 07/25/34		645
	590	Series 2006-WL2, Class 2A3, VAR, 0.636%, 01/25/36		567
		LV Tower 52 Issuer LLC,
	27,083	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		26,490
	13,091	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		12,389
		MarketPlace Loan Trust,
	3,798	Series 2015-OD1, Class A, 3.250%, 06/17/17		3,786
	3,708	Series 2015-OD1, Class B, 5.250%, 06/17/17		3,684
	5,000	Series 2015-OD2, Class A, 3.250%, 08/17/17 (e)		4,991
	4,804	Series 2015-OD2, Class B, 5.250%, 08/17/17 (e)		4,785
	18,808	Series 2015-OD3, Class A, 3.250%, 09/17/17 (e)		18,704
	5,507	Series 2015-OD3, Class B, 5.250%, 09/17/17 (e)		5,470
	17,515	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		17,395
	7,249	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		7,169
	23,318	Mercedes-Benz Auto Receivables Trust, Series 2015-1, Class A2A, 0.820%, 06/15/18		23,285
	8,551	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		8,939

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 27

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Mid-State Capital Trust,
	4,209	Series 2010-1, Class A, 3.500%, 12/15/45 (e)		4,316
	7,576	Series 2010-1, Class M, 5.250%, 12/15/45 (e)		7,901
		Nationstar HECM Loan Trust,
	10,946	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		10,929
	1,851	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		1,850
	10,932	Series 2016-1A, Class A, 2.981%, 02/25/26 (e)		10,932
	8,828	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		8,828
	301	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		301
	2,798	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.184%, 11/25/33		2,876
		Nissan Auto Lease Trust,
	917	Series 2014-A, Class A3, 0.800%, 02/15/17		916
	23,615	Series 2015-A, Class A2A, 0.990%, 11/15/17		23,608
		Nissan Auto Receivables Owner Trust,
	506	Series 2012-A, Class A4, 1.000%, 07/16/18		506
	3,911	Series 2014-B, Class A3, 1.110%, 05/15/19		3,910
		NRPL Trust,
	16,690	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		16,659
	12,500	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		12,489
	36,431	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		35,709
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	22,000	Series 2015-T1, Class AT1, 2.315%, 08/15/46 (e)		21,923
	6,772	Series 2015-T1, Class CT1, 3.100%, 08/15/46 (e)		6,766
	13,776	Series 2015-T1, Class DT1, 3.600%, 08/15/46 (e)		13,737
	14,811	Series 2015-T2, Class DT2, 4.679%, 08/17/48 (e)		14,820
	5,700	Series 2015-T3, Class DT3, 4.266%, 11/15/46 (e)		5,694

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oak Hill Advisors Residential Loan Trust,
	16,241	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		16,108
	8,569	Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		8,487
	13,465	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		13,423
	12,071	Series 2015-NPL1, Class A2, SUB, 4.000%, 01/25/55 (e)		11,856
	16,220	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		16,124
	5,128	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		5,029
		Ocwen Master Advance Receivables Trust,
	12,701	Series 2015-T1, Class DT1, 4.100%, 09/17/46 (e)		12,680
	6,007	Series 2015-T2, Class DT2, 4.258%, 11/15/46 (e)		6,000
	20,536	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		20,557
	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)		3,894
	14,999	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		15,031
	17,813	OnDeck Asset Securitization Trust LLC, Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		17,808
		OneMain Financial Issuance Trust,
	28,443	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		28,394
	3,571	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		3,486
	42,152	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		41,961
	11,466	Series 2014-2A, Class B, 3.020%, 09/18/24 (e)		11,071
	28,767	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		28,269
	3,800	Series 2015-1A, Class B, 3.850%, 03/18/26 (e)		3,725
	56,051	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		54,768
	11,620	Series 2015-2A, Class B, 3.100%, 07/18/25 (e)		11,123
		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)		11,354

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	147	Option One Mortgage Loan Trust, Series 2003-1, Class A2, VAR, 1.276%, 02/25/33		136
	1,767	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.373%, 10/25/34		1,764
	2,829	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		2,818
		Pretium Mortgage Credit Partners I LLC,
	14,227	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		14,045
	12,483	Series 2015-NPL2, Class A2, SUB, 4.250%, 07/27/30 (e)		12,277
		Progreso Receivables Funding II LLC,
	25,599	Series 2014-A, Class A, 3.500%, 07/08/19 (e)		25,635
	4,117	Series 2014-A, Class B, 6.000%, 07/08/19 (e)		4,139
		Progreso Receivables Funding III LLC,
	24,831	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		24,829
	5,437	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		5,437
		Progreso Receivables Funding IV LLC,
	13,022	Series 2015-B, Class A, 3.000%, 07/28/20 (e)		12,939
	6,046	Series 2015-B, Class B, 5.000%, 07/28/20 (e)		6,046
		Progress Residential Trust,
	23,627	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		23,080
	7,295	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		7,070
	16,110	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		15,534
	8,917	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		8,258
	30,661	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		31,034
	1,791	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		1,776
	4,000	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		4,058
		Purchasing Power Funding LLC,
	28,000	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		27,860
	8,706	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		8,706
		RAMP Trust,
	1,662	Series 2004-RS11, Class M1, VAR, 1.366%, 11/25/34		1,647

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8,151	Series 2006-RZ1, Class A3, VAR, 0.736%, 03/25/36		7,959
		RASC Trust,
	43	Series 2002-KS4, Class AIIB, VAR, 0.936%, 07/25/32		37
	49	Series 2003-KS5, Class AIIB, VAR, 1.016%, 07/25/33		43
	64	Series 2003-KS9, Class A2B, VAR, 1.076%, 11/25/33		53
	4,114	RBSHD Trust, Series 2013-1A, Class A, SUB, 4.685%, 10/25/47 (e)		4,115
	98	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		43
	15,183	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		15,089
		Santander Drive Auto Receivables Trust,
	11,612	Series 2015-S1, Class R1, 1.930%, 09/17/19 (e)		11,525
	2,713	Series 2015-S2, Class R1, 1.840%, 11/18/19 (e)		2,693
	10,400	Series 2015-S7, Class R1, 1.970%, 03/16/21 (e)		10,322
	6,251	Series 2016-1, Class A2A, 1.410%, 07/15/19		6,247
	8,849	Series 2016-1, Class A3, 1.620%, 03/16/20		8,833
	1,255	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		1,268
	719	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.384%, 01/25/36		511
	7,402	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		7,333
	6,255	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		6,248
	456	SNAAC Auto Receivables Trust, Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		456
		SpringCastle America Funding LLC,
	37,755	Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		37,596
	13,500	Series 2014-AA, Class B, 4.610%, 10/25/27 (e)		13,539
		Springleaf Funding Trust,
	56,925	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		56,832

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 29

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	3,616	Series 2014-AA, Class B, 3.450%, 12/15/22 (e)		3,601
	38,406	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		37,843
	7,250	Series 2015-AA, Class B, 3.620%, 11/15/24 (e)		6,795
		SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes,
	10,295	Series 2015-T2, Class CT2, 3.740%, 01/15/47 (e)		10,298
	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)		1,623
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	577	Series 2002-AL1, Class A2, 3.450%, 02/25/32		575
	1,321	Series 2002-AL1, Class A3, 3.450%, 02/25/32		1,304
	2,005	Series 2004-6XS, Class A5A, SUB, 5.530%, 03/25/34		2,035
	1,604	Series 2004-6XS, Class A5B, SUB, 5.550%, 03/25/34		1,644
	17,593	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		17,498
	3,776	Tidewater Auto Receivables Trust, Series 2014-AA, Class C, 2.560%, 08/15/19 (e)		3,780
		Toyota Auto Receivables Owner Trust,
	1,599	Series 2014-C, Class A2, 0.510%, 02/15/17		1,598
	5,761	Series 2014-C, Class A3, 0.930%, 07/16/18		5,757
	23,536	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.381%, 10/15/21 (e)		23,183
	6,062	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.679%, 05/17/32 (e)		5,796
		Truman Capital Mortgage Loan Trust,
	5,500	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		5,472
	5,754	Series 2014-NPL2, Class A2, SUB, 4.000%, 06/25/54 (e)		5,692
	2,517	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		2,508
	14,594	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.721%, 02/27/35 (e)		14,349

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	17,664	U.S. Residential Opportunity Fund III Trust, Series 2015-1III, Class A, 3.721%, 01/27/35 (e)		17,525
		United Auto Credit Securitization Trust,
	5,000	Series 2016-1, Class B, 2.730%, 05/15/18 (e)		4,992
	6,000	Series 2016-1, Class C, 3.550%, 08/15/19 (e)		5,979
	21,922	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		21,551
	5,331	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		5,305
	8,961	Volkswagen Auto Lease Trust, Series 2015-A, Class A2A, 0.870%, 06/20/17		8,927
	5,471	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		5,402
		VOLT XIX LLC,
	15,188	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		15,195
	2,600	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		2,551
	17,984	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		17,960
		VOLT XXII LLC,
	16,164	Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		16,027
	6,168	Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		5,910
	24,350	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		24,125
	52,105	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		51,271
		VOLT XXVI LLC,
	15,495	Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		15,269
	9,201	Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		9,036
	25,880	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		25,489
	19,219	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		18,937
	18,758	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		18,492
	16,420	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		16,135
	31,054	VOLT XXXIV LLC, Series 2015-NPL7, Class A1, 3.250%, 02/25/55 (e)		30,467
	18,059	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		17,858

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
			Westgate Resorts LLC,
	1,385		Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		1,384
	4,133		Series 2013-1A, Class A, 2.250%, 08/20/25 (e)		4,133
	3,968		Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		3,939
			World Omni Auto Receivables Trust,
	1,518		Series 2013-B, Class A3, 0.830%, 08/15/18		1,516
	1,398		Series 2013-B, Class A4, 1.320%, 01/15/20		1,398
	4,381		Series 2015-A, Class A2A, 0.790%, 07/16/18		4,379
	4,378		Series 2015-A, Class A3, 1.340%, 05/15/20		4,382
			Total Asset-Backed Securities (Cost $3,334,581)		3,307,756
	Collateralized Mortgage Obligations — 16.3%
			Agency CMO — 13.4%
			Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	187		Series 8, Class ZA, 7.000%, 03/25/23		206
	117		Series 24, Class ZE, 6.250%, 11/25/23		131
	848		Series 29, Class L, 7.500%, 04/25/24		953
			Federal Home Loan Mortgage Corp. Reference REMIC,
	5,946		Series R006, Class ZA, 6.000%, 04/15/36		6,804
	8,170		Series R007, Class ZA, 6.000%, 05/15/36		9,297
			Federal Home Loan Mortgage Corp. REMIC,
	5		Series 22, Class C, 9.500%, 04/15/20		5
	9		Series 23, Class F, 9.600%, 04/15/20		10
	2		Series 46, Class B, 7.800%, 09/15/20		2
	1		Series 47, Class F, 10.000%, 06/15/20		2
	—	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	6		Series 99, Class Z, 9.500%, 01/15/21		6
	21		Series 114, Class H, 6.950%, 01/15/21		23
	—	(h)	Series 204, Class E, HB, IF, 1,803.548%, 05/15/23		3
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	4		Series 1065, Class J, 9.000%, 04/15/21		5
	2		Series 1079, Class S, HB, IF, 32.548%, 05/15/21		3
	4		Series 1084, Class F, VAR, 1.377%, 05/15/21		4

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	3		Series 1084, Class S, HB, IF, 43.304%, 05/15/21		5
	6		Series 1116, Class I, 5.500%, 08/15/21		6
	28		Series 1144, Class KB, 8.500%, 09/15/21		31
	—	(h)	Series 1172, Class L, HB, VAR, 1,167.776%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,147.060%, 01/15/22		4
	13		Series 1206, Class IA, 7.000%, 03/15/22		14
	18		Series 1250, Class J, 7.000%, 05/15/22		20
	52		Series 1343, Class LA, 8.000%, 08/15/22		59
	21		Series 1343, Class LB, 7.500%, 08/15/22		24
	36		Series 1370, Class JA, VAR, 1.577%, 09/15/22		36
	35		Series 1455, Class WB, IF, 4.462%, 12/15/22		38
	319		Series 1466, Class PZ, 7.500%, 02/15/23		354
	5		Series 1470, Class F, VAR, 1.655%, 02/15/23		5
	58		Series 1491, Class I, 7.500%, 04/15/23		65
	189		Series 1498, Class I, VAR, 1.577%, 04/15/23		194
	274		Series 1502, Class PX, 7.000%, 04/15/23		300
	32		Series 1505, Class Q, 7.000%, 05/15/23		36
	129		Series 1518, Class G, IF, 8.579%, 05/15/23		155
	24		Series 1541, Class M, HB, IF, 24.900%, 07/15/23		38
	113		Series 1541, Class O, VAR, 1.190%, 07/15/23		113
	7		Series 1570, Class F, VAR, 2.155%, 08/15/23		7
	249		Series 1573, Class PZ, 7.000%, 09/15/23		277
	135		Series 1591, Class PV, 6.250%, 10/15/23		150
	46		Series 1602, Class SA, HB, IF, 21.362%, 10/15/23		74
	809		Series 1608, Class L, 6.500%, 09/15/23		922
	305		Series 1642, Class PJ, 6.000%, 11/15/23		336
	124		Series 1658, Class GZ, 7.000%, 01/15/24		139
	14		Series 1671, Class L, 7.000%, 02/15/24		16
	19		Series 1671, Class QC, IF, 10.000%, 02/15/24		28
	14		Series 1686, Class SH, IF, 18.277%, 02/15/24		20
	105		Series 1695, Class EB, 7.000%, 03/15/24		118
	21		Series 1699, Class FC, VAR, 1.027%, 03/15/24		21

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 31

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	140	Series 1700, Class GA, PO, 02/15/24		135
	554	Series 1706, Class K, 7.000%, 03/15/24		621
	10	Series 1709, Class FA, VAR, 1.250%, 03/15/24		10
	407	Series 1720, Class PL, 7.500%, 04/15/24		459
	371	Series 1737, Class L, 6.000%, 06/15/24		420
	67	Series 1745, Class D, 7.500%, 08/15/24		76
	291	Series 1798, Class F, 5.000%, 05/15/23		313
	6	Series 1807, Class G, 9.000%, 10/15/20		6
	59	Series 1829, Class ZB, 6.500%, 03/15/26		65
	377	Series 1863, Class Z, 6.500%, 07/15/26		430
	52	Series 1865, Class D, PO, 02/15/24		47
	52	Series 1890, Class H, 7.500%, 09/15/26		60
	143	Series 1899, Class ZE, 8.000%, 09/15/26		165
	334	Series 1927, Class PH, 7.500%, 01/15/27		382
	271	Series 1927, Class ZA, 6.500%, 01/15/27		309
	9	Series 1935, Class FL, VAR, 1.127%, 02/15/27		9
	113	Series 1963, Class Z, 7.500%, 01/15/27		129
	16	Series 1970, Class PG, 7.250%, 07/15/27		19
	289	Series 1981, Class Z, 6.000%, 05/15/27		322
	192	Series 1983, Class Z, 6.500%, 12/15/23		212
	114	Series 1987, Class PE, 7.500%, 09/15/27		126
	182	Series 2019, Class Z, 6.500%, 12/15/27		204
	618	Series 2033, Class J, 5.600%, 06/15/23		657
	69	Series 2033, Class SN, HB, IF, 28.489%, 03/15/24		38
	188	Series 2038, Class PN, IO, 7.000%, 03/15/28		44
	599	Series 2040, Class PE, 7.500%, 03/15/28		688
	210	Series 2054, Class PV, 7.500%, 05/15/28		242
	26	Series 2056, Class TD, 6.500%, 05/15/18		27
	307	Series 2063, Class PG, 6.500%, 06/15/28		352
	37	Series 2064, Class TE, 7.000%, 06/15/28		42
	116	Series 2070, Class C, 6.000%, 07/15/28		129
	631	Series 2075, Class PH, 6.500%, 08/15/28		705
	676	Series 2075, Class PM, 6.250%, 08/15/28		757
	123	Series 2086, Class GB, 6.000%, 09/15/28		139
	245	Series 2089, Class PJ, IO, 7.000%, 10/15/28		28
	560	Series 2095, Class PE, 6.000%, 11/15/28		639
	1,040	Series 2106, Class ZD, 6.000%, 12/15/28		1,164
	1,454	Series 2110, Class PG, 6.000%, 01/15/29		1,661
	304	Series 2125, Class JZ, 6.000%, 02/15/29		337
	1,573	Series 2126, Class CB, 6.250%, 02/15/29		1,782

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	42	Series 2132, Class SB, HB, IF, 28.703%, 03/15/29		77
	17	Series 2134, Class PI, IO, 6.500%, 03/15/19		1
	24	Series 2141, Class IO, IO, 7.000%, 04/15/29		3
	99	Series 2163, Class PC, IO, 7.500%, 06/15/29		13
	1,303	Series 2169, Class TB, 7.000%, 06/15/29		1,495
	568	Series 2172, Class QC, 7.000%, 07/15/29		643
	321	Series 2176, Class OJ, 7.000%, 08/15/29		375
	2	Series 2196, Class TL, 7.500%, 11/15/29		2
	286	Series 2201, Class C, 8.000%, 11/15/29		330
	631	Series 2208, Class PG, 7.000%, 01/15/30		729
	179	Series 2209, Class TC, 8.000%, 01/15/30		217
	557	Series 2210, Class Z, 8.000%, 01/15/30		646
	109	Series 2224, Class CB, 8.000%, 03/15/30		131
	160	Series 2230, Class Z, 8.000%, 04/15/30		187
	129	Series 2234, Class PZ, 7.500%, 05/15/30		150
	112	Series 2247, Class Z, 7.500%, 08/15/30		131
	306	Series 2256, Class MC, 7.250%, 09/15/30		354
	426	Series 2259, Class ZM, 7.000%, 10/15/30		490
	8	Series 2261, Class ZY, 7.500%, 10/15/30		9
	37	Series 2262, Class Z, 7.500%, 10/15/30		44
	503	Series 2271, Class PC, 7.250%, 12/15/30		581
	414	Series 2283, Class K, 6.500%, 12/15/23		458
	223	Series 2296, Class PD, 7.000%, 03/15/31		261
	81	Series 2306, Class K, PO, 05/15/24		77
	193	Series 2306, Class SE, IF, IO, 8.500%, 05/15/24		24
	128	Series 2313, Class LA, 6.500%, 05/15/31		147
	245	Series 2325, Class PM, 7.000%, 06/15/31		288
	519	Series 2332, Class ZH, 7.000%, 07/15/31		596
	100	Series 2333, Class HC, 6.000%, 07/15/31		99
	2,891	Series 2344, Class ZD, 6.500%, 08/15/31		3,397
	284	Series 2344, Class ZJ, 6.500%, 08/15/31		325
	247	Series 2345, Class NE, 6.500%, 08/15/31		286
	22	Series 2345, Class PQ, 6.500%, 08/15/16		22
	57	Series 2347, Class VP, 6.500%, 03/15/20		60
	267	Series 2351, Class PZ, 6.500%, 08/15/31		308
	72	Series 2353, Class TD, 6.000%, 09/15/16		73
	16	Series 2355, Class BP, 6.000%, 09/15/16		16
	7	Series 2359, Class PM, 6.000%, 09/15/16		7
	510	Series 2359, Class ZB, 8.500%, 06/15/31		605
	34	Series 2360, Class PG, 6.000%, 09/15/16		35

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3	Series 2363, Class PF, 6.000%, 09/15/16		3
	19	Series 2366, Class MD, 6.000%, 10/15/16		19
	260	Series 2367, Class ME, 6.500%, 10/15/31		296
	252	Series 2388, Class FB, VAR, 1.027%, 01/15/29		255
	32	Series 2391, Class QR, 5.500%, 12/15/16		32
	19	Series 2394, Class MC, 6.000%, 12/15/16		19
	288	Series 2399, Class OH, 6.500%, 01/15/32		325
	484	Series 2399, Class TH, 6.500%, 01/15/32		544
	572	Series 2410, Class NG, 6.500%, 02/15/32		653
	342	Series 2410, Class OE, 6.375%, 02/15/32		367
	637	Series 2410, Class QS, IF, 18.390%, 02/15/32		1,023
	240	Series 2410, Class QX, IF, IO, 8.223%, 02/15/32		78
	643	Series 2412, Class SP, IF, 15.246%, 02/15/32		880
	1,547	Series 2418, Class FO, VAR, 1.327%, 02/15/32		1,581
	521	Series 2420, Class XK, 6.500%, 02/15/32		588
	465	Series 2423, Class MC, 7.000%, 03/15/32		538
	579	Series 2423, Class MT, 7.000%, 03/15/32		671
	693	Series 2423, Class TB, 6.500%, 03/15/32		792
	32	Series 2425, Class OB, 6.000%, 03/15/17		32
	759	Series 2430, Class WF, 6.500%, 03/15/32		882
	1,049	Series 2434, Class TC, 7.000%, 04/15/32		1,231
	1,709	Series 2434, Class ZA, 6.500%, 04/15/32		1,958
	1,150	Series 2435, Class CJ, 6.500%, 04/15/32		1,350
	374	Series 2436, Class MC, 7.000%, 04/15/32		422
	183	Series 2441, Class GF, 6.500%, 04/15/32		215
	501	Series 2444, Class ES, IF, IO, 7.523%, 03/15/32		139
	442	Series 2450, Class GZ, 7.000%, 05/15/32		508
	327	Series 2450, Class SW, IF, IO, 7.573%, 03/15/32		92
	636	Series 2455, Class GK, 6.500%, 05/15/32		731
	5	Series 2458, Class QE, 5.500%, 06/15/17		5
	529	Series 2458, Class ZM, 6.500%, 06/15/32		610
	54	Series 2463, Class CE, 6.000%, 06/15/17		55
	398	Series 2466, Class DH, 6.500%, 06/15/32		454
	766	Series 2466, Class PH, 6.500%, 06/15/32		889
	604	Series 2474, Class NR, 6.500%, 07/15/32		692
	1,201	Series 2475, Class S, IF, IO, 7.573%, 02/15/32		274
	821	Series 2484, Class LZ, 6.500%, 07/15/32		952

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	19	Series 2488, Class WS, IF, 15.781%, 08/15/17		21
	991	Series 2500, Class MC, 6.000%, 09/15/32		1,135
	61	Series 2508, Class AQ, 5.500%, 10/15/17		62
	1,036	Series 2512, Class PG, 5.500%, 10/15/22		1,129
	343	Series 2535, Class BK, 5.500%, 12/15/22		372
	268	Series 2537, Class TE, 5.500%, 12/15/17		275
	134	Series 2543, Class LX, 5.000%, 12/15/17		137
	1,462	Series 2543, Class YX, 6.000%, 12/15/32		1,653
	791	Series 2544, Class HC, 6.000%, 12/15/32		901
	109	Series 2549, Class ZG, 5.000%, 01/15/18		113
	915	Series 2552, Class ME, 6.000%, 01/15/33		1,048
	784	Series 2567, Class QD, 6.000%, 02/15/33		894
	835	Series 2571, Class FY, VAR, 1.177%, 12/15/32		851
	105	Series 2571, Class SK, HB, IF, 32.659%, 09/15/23		189
	493	Series 2571, Class SY, IF, 17.575%, 12/15/32		719
	3,524	Series 2575, Class ME, 6.000%, 02/15/33		3,895
	1,270	Series 2586, Class HD, 5.500%, 03/15/23		1,456
	394	Series 2586, Class WI, IO, 6.500%, 03/15/33		73
	1,273	Series 2595, Class HC, 5.500%, 04/15/23		1,468
	613	Series 2596, Class QG, 6.000%, 03/15/33		675
	148	Series 2611, Class UH, 4.500%, 05/15/18		152
	211	Series 2626, Class NS, IF, IO, 6.123%, 06/15/23		11
	1,293	Series 2631, Class SA, IF, 14.067%, 06/15/33		1,790
	1,243	Series 2636, Class Z, 4.500%, 06/15/18		1,285
	210	Series 2637, Class SA, IF, IO, 5.673%, 06/15/18		10
	116	Series 2638, Class DS, IF, 8.173%, 07/15/23		127
	4	Series 2642, Class SL, IF, 6.587%, 07/15/33		5
	82	Series 2650, Class PO, PO, 12/15/32		81
	574	Series 2650, Class SO, PO, 12/15/32		563
	1,182	Series 2651, Class VZ, 4.500%, 07/15/18		1,223
	8,570	Series 2653, Class PZ, 5.000%, 07/15/33		9,873
	413	Series 2671, Class S, IF, 13.976%, 09/15/33		559
	485	Series 2684, Class PO, PO, 01/15/33		482
	359	Series 2692, Class SC, IF, 12.433%, 07/15/33		419
	4	Series 2696, Class CO, PO, 10/15/18		4

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 33

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3,844	Series 2709, Class PG, 5.000%, 11/15/23		4,191
	954	Series 2710, Class HB, 5.500%, 11/15/23		1,043
	386	Series 2720, Class PC, 5.000%, 12/15/23		417
	3,090	Series 2722, Class PF, VAR, 1.027%, 12/15/33		3,111
	9,421	Series 2733, Class SB, IF, 7.626%, 10/15/33		10,576
	258	Series 2744, Class PE, 5.500%, 02/15/34		273
	565	Series 2744, Class TU, 5.500%, 05/15/32		576
	441	Series 2748, Class KO, PO, 10/15/23		434
	553	Series 2758, Class AO, PO, 03/15/19		544
	11	Series 2780, Class JG, 4.500%, 04/15/19		11
	216	Series 2780, Class SY, IF, 15.561%, 11/15/33		291
	3,066	Series 2802, Class OH, 6.000%, 05/15/34		3,358
	106	Series 2835, Class QO, PO, 12/15/32		98
	23	Series 2840, Class JO, PO, 06/15/23		23
	1,088	Series 2903, Class Z, 5.000%, 12/15/24		1,181
	700	Series 2929, Class MS, HB, IF, 26.281%, 02/15/35		1,153
	2,597	Series 2934, Class EC, PO, 02/15/20		2,524
	774	Series 2934, Class HI, IO, 5.000%, 02/15/20		53
	492	Series 2934, Class KI, IO, 5.000%, 02/15/20		30
	201	Series 2945, Class SA, IF, 11.525%, 03/15/20		222
	303	Series 2967, Class S, HB, IF, 31.477%, 04/15/25		494
	9,187	Series 2968, Class EH, 6.000%, 04/15/35		10,999
	890	Series 2968, Class MD, 5.500%, 12/15/33		914
	1,057	Series 2981, Class FA, VAR, 0.827%, 05/15/35		1,060
	1,126	Series 2988, Class AF, VAR, 0.727%, 06/15/35		1,124
	31	Series 2989, Class PO, PO, 06/15/23		31
	590	Series 2990, Class GO, PO, 02/15/35		556
	1,228	Series 2990, Class SL, HB, IF, 22.928%, 06/15/34		1,751
	150	Series 2990, Class WP, IF, 15.926%, 06/15/35		180
	84	Series 3014, Class OD, PO, 08/15/35		80
	191	Series 3022, Class SX, IF, 15.808%, 08/15/25		252
	549	Series 3029, Class SO, PO, 09/15/35		523
	358	Series 3051, Class DP, HB, IF, 26.149%, 10/15/25		561

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	660	Series 3064, Class SG, IF, 18.577%, 11/15/35		974
	21	Series 3068, Class AO, PO, 01/15/35		21
	1,057	Series 3077, Class TO, PO, 04/15/35		988
	1,125	Series 3085, Class WF, VAR, 1.227%, 08/15/35		1,146
	2,444	Series 3101, Class UZ, 6.000%, 01/15/36		2,801
	198	Series 3102, Class HS, HB, IF, 23.001%, 01/15/36		319
	2,147	Series 3117, Class AO, PO, 02/15/36		1,985
	495	Series 3117, Class EO, PO, 02/15/36		475
	728	Series 3117, Class OG, PO, 02/15/36		678
	427	Series 3117, Class OK, PO, 02/15/36		408
	1,329	Series 3122, Class OH, PO, 03/15/36		1,228
	1,239	Series 3122, Class OP, PO, 03/15/36		1,156
	18	Series 3122, Class ZB, 6.000%, 03/15/36		27
	135	Series 3134, Class PO, PO, 03/15/36		129
	1,546	Series 3137, Class XP, 6.000%, 04/15/36		1,777
	716	Series 3138, Class PO, PO, 04/15/36		684
	2,512	Series 3147, Class PO, PO, 04/15/36		2,318
	126	Series 3149, Class SO, PO, 05/15/36		112
	568	Series 3151, Class PO, PO, 05/15/36		545
	961	Series 3153, Class EO, PO, 05/15/36		870
	324	Series 3164, Class MG, 6.000%, 06/15/36		367
	2,280	Series 3171, Class MO, PO, 06/15/36		2,161
	447	Series 3179, Class OA, PO, 07/15/36		416
	2,007	Series 3181, Class AZ, 6.500%, 07/15/36		2,328
	197	Series 3194, Class SA, IF, IO, 6.673%, 07/15/36		31
	1,534	Series 3195, Class PD, 6.500%, 07/15/36		1,749
	3,219	Series 3200, Class AY, 5.500%, 08/15/36		3,629
	650	Series 3200, Class PO, PO, 08/15/36		608
	9,572	Series 3202, Class HI, IF, IO, 6.223%, 08/15/36		1,804
	418	Series 3213, Class OA, PO, 09/15/36		399
	282	Series 3218, Class AO, PO, 09/15/36		268
	921	Series 3218, Class BE, 6.000%, 09/15/35		934
	1,404	Series 3219, Class DI, IO, 6.000%, 04/15/36		263
	750	Series 3225, Class EO, PO, 10/15/36		683
	875	Series 3232, Class ST, IF, IO, 6.273%, 10/15/36		153
	203	Series 3233, Class OP, PO, 05/15/36		192
	1,937	Series 3253, Class PO, PO, 12/15/21		1,909
	366	Series 3256, Class PO, PO, 12/15/36		351

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	647	Series 3260, Class CS, IF, IO, 5.713%, 01/15/37		97
	362	Series 3261, Class OA, PO, 01/15/37		344
	1,200	Series 3274, Class B, 6.000%, 02/15/37		1,319
	185	Series 3274, Class JO, PO, 02/15/37		172
	817	Series 3275, Class FL, VAR, 0.867%, 02/15/37		820
	4,932	Series 3284, Class CB, 5.000%, 03/15/22		5,239
	376	Series 3286, Class PO, PO, 03/15/37		342
	968	Series 3290, Class SB, IF, IO, 6.023%, 03/15/37		151
	1,128	Series 3302, Class UT, 6.000%, 04/15/37		1,285
	792	Series 3305, Class MG, IF, 2.647%, 07/15/34		841
	2,715	Series 3315, Class HZ, 6.000%, 05/15/37		2,929
	795	Series 3316, Class PO, PO, 05/15/37		759
	51	Series 3318, Class AO, PO, 05/15/37		48
	221	Series 3326, Class JO, PO, 06/15/37		210
	1,486	Series 3329, Class JD, 6.000%, 06/15/36		1,545
	403	Series 3331, Class PO, PO, 06/15/37		380
	971	Series 3344, Class SL, IF, IO, 6.173%, 07/15/37		169
	529	Series 3365, Class PO, PO, 09/15/37		502
	309	Series 3371, Class FA, VAR, 1.027%, 09/15/37		311
	443	Series 3373, Class TO, PO, 04/15/37		421
	2,924	Series 3383, Class SA, IF, IO, 6.023%, 11/15/37		468
	4,757	Series 3387, Class SA, IF, IO, 5.993%, 11/15/37		784
	1,694	Series 3393, Class JO, PO, 09/15/32		1,563
	339	Series 3398, Class PO, PO, 01/15/36		337
	5,505	Series 3404, Class SC, IF, IO, 5.573%, 01/15/38		832
	225	Series 3422, Class SE, IF, 16.383%, 02/15/38		317
	4,932	Series 3423, Class PB, 5.500%, 03/15/38		5,718
	2,012	Series 3424, Class PI, IF, IO, 6.373%, 04/15/38		336
	264	Series 3443, Class SY, IF, 9.000%, 03/15/37		329
	1,728	Series 3453, Class B, 5.500%, 05/15/38		1,891
	2,232	Series 3455, Class SE, IF, IO, 5.773%, 06/15/38		395
	457	Series 3461, Class LZ, 6.000%, 06/15/38		523
	6,514	Series 3461, Class Z, 6.000%, 06/15/38		7,369

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,161	Series 3481, Class SJ, IF, IO, 5.423%, 08/15/38		588
	3,295	Series 3501, Class CB, 5.500%, 01/15/39		3,716
	931	Series 3510, Class OD, PO, 02/15/37		831
	1,812	Series 3511, Class SA, IF, IO, 5.573%, 02/15/39		340
	474	Series 3523, Class SD, IF, 18.488%, 06/15/36		650
	2,208	Series 3531, Class SA, IF, IO, 5.873%, 05/15/39		321
	1,454	Series 3531, Class SM, IF, IO, 5.673%, 05/15/39		173
	1,511	Series 3546, Class A, VAR, 2.042%, 02/15/39		1,551
	1,309	Series 3549, Class FA, VAR, 1.627%, 07/15/39		1,333
	1,386	Series 3607, Class AO, PO, 04/15/36		1,313
	2,540	Series 3607, Class BO, PO, 04/15/36		2,406
	3,054	Series 3607, Class OP, PO, 07/15/37		2,744
	3,968	Series 3607, Class PO, PO, 05/15/37		3,802
	1,868	Series 3607, Class TO, PO, 10/15/39		1,653
	2,361	Series 3608, Class SC, IF, IO, 5.823%, 12/15/39		311
	2,194	Series 3611, Class PO, PO, 07/15/34		2,079
	1,794	Series 3614, Class QB, 4.000%, 12/15/24		1,997
	1,902	Series 3621, Class BO, PO, 01/15/40		1,696
	4,125	Series 3632, Class BS, IF, 16.077%, 02/15/40		6,103
	1,149	Series 3645, Class KZ, 5.500%, 08/15/36		1,257
	6,098	Series 3654, Class DC, 5.000%, 04/15/30		7,289
	2,643	Series 3659, Class VE, 5.000%, 03/15/26		2,875
	11,516	Series 3680, Class MA, 4.500%, 07/15/39		12,501
	6,278	Series 3684, Class CY, 4.500%, 06/15/25		7,056
	1,632	Series 3688, Class CU, VAR, 6.685%, 11/15/21		1,715
	13,412	Series 3688, Class GT, VAR, 7.248%, 11/15/46		15,754
	29,436	Series 3704, Class CT, 7.000%, 12/15/36		34,961
	12,040	Series 3704, Class DT, 7.500%, 11/15/36		14,425
	10,520	Series 3704, Class ET, 7.500%, 12/15/36		12,916
	6,017	Series 3710, Class FL, VAR, 0.927%, 05/15/36		6,050
	10,850	Series 3740, Class SB, IF, IO, 5.573%, 10/15/40		1,828
	8,640	Series 3740, Class SC, IF, IO, 5.573%, 10/15/40		1,408

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 35

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	12,695	Series 3747, Class HI, IO, 4.500%, 07/15/37		606
	10,784	Series 3759, Class HI, IO, 4.000%, 08/15/37		611
	6,754	Series 3760, Class GI, IO, 4.000%, 10/15/37		283
	4,630	Series 3760, Class NI, IO, 4.000%, 10/15/37		141
	5,600	Series 3779, Class IH, IO, 4.000%, 11/15/34		195
	6,000	Series 3793, Class AB, 3.500%, 01/15/26		6,500
	6,241	Series 3795, Class EI, IO, 5.000%, 10/15/39		607
	455	Series 3798, Class BF, VAR, 0.727%, 06/15/24		455
	3,275	Series 3800, Class AI, IO, 4.000%, 11/15/29		254
	3,188	Series 3801, Class GB, 4.500%, 11/15/40		3,240
	24,781	Series 3802, Class LS, IF, IO, 1.681%, 01/15/40		1,446
	12,904	Series 3819, Class ZQ, 6.000%, 04/15/36		14,746
	4,943	Series 3852, Class QN, IF, 5.500%, 05/15/41		5,366
	12,919	Series 3852, Class TP, IF, 5.500%, 05/15/41		14,621
	9,345	Series 3860, Class PZ, 5.000%, 05/15/41		11,691
	1,893	Series 3895, Class WA, VAR, 5.679%, 10/15/38		2,129
	5,083	Series 3920, Class LP, 5.000%, 01/15/34		5,669
	12,166	Series 3957, Class B, 4.000%, 11/15/41		13,094
	3,305	Series 3966, Class BF, VAR, 0.927%, 10/15/40		3,323
	5,647	Series 3966, Class NA, 4.000%, 12/15/41		6,149
	9,833	Series 3998, Class GF, VAR, 0.877%, 05/15/36		9,871
	11,975	Series 4012, Class FN, VAR, 0.927%, 03/15/42		12,099
	5,751	Series 4032, Class TO, PO, 07/15/37		5,415
	13,039	Series 4048, Class FB, VAR, 0.827%, 10/15/41		13,005
	20,857	Series 4048, Class FJ, VAR, 0.828%, 07/15/37		20,844
	3,041	Series 4073, Class MF, VAR, 0.877%, 08/15/39		3,045
	6,256	Series 4077, Class FB, VAR, 0.927%, 07/15/42		6,303
	9,661	Series 4087, Class FA, VAR, 0.877%, 05/15/39		9,686

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	7,657	Series 4095, Class FB, VAR, 0.827%, 04/15/39		7,708
	1,794	Series 4217, Class KY, 3.000%, 06/15/43		1,843
	8,428	Series 4219, Class JA, 3.500%, 08/15/39		8,894
	4,297	Series 4238, Class WY, 3.000%, 08/15/33		4,480
	5,190	Series 4257, Class DZ, 2.500%, 10/15/43		4,724
	28,399	Series 4374, Class NC, SUB, 1.750%, 02/15/46		29,648
		Federal Home Loan Mortgage Corp. STRIPS,
	2	Series 134, Class B, IO, 9.000%, 04/01/22		—	(h)
	1,100	Series 197, Class PO, PO, 04/01/28		992
	2,418	Series 233, Class 11, IO, 5.000%, 09/15/35		380
	2,029	Series 233, Class 12, IO, 5.000%, 09/15/35		325
	3,804	Series 233, Class 13, IO, 5.000%, 09/15/35		610
	7,444	Series 239, Class S30, IF, IO, 7.273%, 08/15/36		1,365
	906	Series 243, Class 16, IO, 4.500%, 11/15/20		45
	610	Series 243, Class 17, IO, 4.500%, 12/15/20		34
	82,075	Series 262, Class 35, 3.500%, 07/15/42		85,659
	31,779	Series 264, Class F1, VAR, 0.977%, 07/15/42		31,353
	13,033	Series 270, Class F1, VAR, 0.927%, 08/15/42		12,824
	7,198	Series 299, Class 300, 3.000%, 01/15/43		7,359
	12,302	Series 310, Class PO, PO, 09/15/43		10,077
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	739	Series T-41, Class 3A, VAR, 5.990%, 07/25/32		860
	3,088	Series T-42, Class A5, 7.500%, 02/25/42		3,702
	2,177	Series T-48, Class 1A, VAR, 5.430%, 07/25/33		2,533
	460	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		566
	2,908	Series T-54, Class 2A, 6.500%, 02/25/43		3,499
	1,003	Series T-54, Class 3A, 7.000%, 02/25/43		1,202
	6,997	Series T-56, Class A5, 5.231%, 05/25/43		7,828
	723	Series T-57, Class 1A3, 7.500%, 07/25/43		895
	282	Series T-57, Class 1AP, PO, 07/25/43		246
	3,965	Series T-58, Class 4A, 7.500%, 09/25/43		4,789
	336	Series T-58, Class APO, PO, 09/25/43		291
	3,932	Series T-59, Class 1A2, 7.000%, 10/25/43		4,676

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	366	Series T-59, Class 1AP, PO, 10/25/43		305
	7,158	Series T-62, Class 1A1, VAR, 1.485%, 10/25/44		7,137
	18,130	Series T-76, Class 2A, VAR, 2.929%, 10/25/37		18,807
		Federal National Mortgage Association - ACES,
	17,767	Series 2010-M1, Class A2, 4.450%, 09/25/19		19,334
	6,958	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		7,556
	5,703	Series 2010-M7, Class A2, 3.655%, 11/25/20		6,129
	8,968	Series 2011-M1, Class A3, 3.763%, 06/25/21		9,783
	7,770	Series 2011-M2, Class A2, 3.645%, 04/25/21		8,402
	52,463	Series 2011-M2, Class A3, 3.764%, 04/25/21		57,603
	28,877	Series 2011-M4, Class A2, 3.726%, 06/25/21		31,467
	6,139	Series 2011-M8, Class A2, 2.922%, 08/25/21		6,427
	6,457	Series 2012-M8, Class ASQ3, 1.801%, 12/25/19		6,545
	5,245	Series 2012-M11, Class FA, VAR, 0.932%, 08/25/19		5,251
	11,791	Series 2013-M7, Class A2, 2.280%, 12/27/22		11,832
	11,658	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		11,800
	4,118	Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		4,196
	16,876	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		18,207
	24,000	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		25,852
	959	Series 2014-M5, Class FA, VAR, 0.777%, 01/25/17		958
	3,280	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		3,444
	25,000	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		26,110
	11,740	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		12,328
	12,039	Series 2015-M1, Class A2, 2.532%, 09/25/24		12,134
	12,630	Series 2015-M2, Class A3, VAR, 3.049%, 12/25/24		13,261

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	30,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		30,782
	7,298	Series 2015-M7, Class A2, 2.590%, 12/25/24		7,387
	10,000	Series 2015-M8, Class A2, VAR, 2.900%, 01/25/25		10,314
	57,555	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		61,198
	64,822	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		67,220
		Federal National Mortgage Association Grantor Trust,
	1,154	Series 1999-T2, Class A1, VAR, 7.500%, 01/19/39		1,321
	1,569	Series 2001-T3, Class A1, 7.500%, 11/25/40		1,856
	1,635	Series 2002-T16, Class A2, 7.000%, 07/25/42		1,957
	460	Series 2004-T1, Class 1A2, 6.500%, 01/25/44		526
	3,453	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		4,133
	2,066	Series 2004-T2, Class 2A, VAR, 3.594%, 07/25/43		2,143
	4,844	Series 2004-T3, Class 1A2, 6.500%, 02/25/44		5,498
	1,922	Series 2004-T3, Class 1A3, 7.000%, 02/25/44		2,291
	456	Series 2004-T3, Class PT1, VAR, 8.996%, 01/25/44		411
		Federal National Mortgage Association REMIC,
	4	Series 1988-7, Class Z, 9.250%, 04/25/18		4
	21	Series 1989-70, Class G, 8.000%, 10/25/19		22
	9	Series 1989-78, Class H, 9.400%, 11/25/19		10
	11	Series 1989-83, Class H, 8.500%, 11/25/19		12
	8	Series 1989-89, Class H, 9.000%, 11/25/19		9
	6	Series 1990-1, Class D, 8.800%, 01/25/20		7
	2	Series 1990-7, Class B, 8.500%, 01/25/20		3
	3	Series 1990-60, Class K, 5.500%, 06/25/20		3
	4	Series 1990-63, Class H, 9.500%, 06/25/20		5
	3	Series 1990-93, Class G, 5.500%, 08/25/20		3

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 37

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	—	(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		1
	31		Series 1990-102, Class J, 6.500%, 08/25/20		32
	19		Series 1990-120, Class H, 9.000%, 10/25/20		21
	2		Series 1990-134, Class SC, HB, IF, 20.946%, 11/25/20		3
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		2
	6		Series 1991-24, Class Z, 5.000%, 03/25/21		6
	4		Series 1991-42, Class S, IF, 16.912%, 05/25/21		6
	1		Series 1992-101, Class J, 7.500%, 06/25/22		1
	205		Series 1992-117, Class MA, 8.000%, 07/25/22		228
	33		Series 1992-136, Class PK, 6.000%, 08/25/22		35
	29		Series 1992-143, Class MA, 5.500%, 09/25/22		31
	245		Series 1992-150, Class M, 8.000%, 09/25/22		272
	90		Series 1992-163, Class M, 7.750%, 09/25/22		100
	121		Series 1992-188, Class PZ, 7.500%, 10/25/22		136
	54		Series 1993-21, Class KA, 7.700%, 03/25/23		61
	118		Series 1993-25, Class J, 7.500%, 03/25/23		130
	21		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		30
	332		Series 1993-37, Class PX, 7.000%, 03/25/23		367
	117		Series 1993-54, Class Z, 7.000%, 04/25/23		130
	1,238		Series 1993-56, Class PZ, 7.000%, 05/25/23		1,381
	56		Series 1993-62, Class SA, IF, 19.005%, 04/25/23		82
	613		Series 1993-99, Class Z, 7.000%, 07/25/23		671
	30		Series 1993-122, Class M, 6.500%, 07/25/23		34

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	632	Series 1993-136, Class ZB, VAR, 6.792%, 07/25/23		694
	997	Series 1993-141, Class Z, 7.000%, 08/25/23		1,102
	29	Series 1993-165, Class SD, IF, 13.467%, 09/25/23		38
	36	Series 1993-165, Class SK, IF, 12.500%, 09/25/23		42
	52	Series 1993-178, Class PK, 6.500%, 09/25/23		58
	25	Series 1993-179, Class SB, HB, IF, 26.884%, 10/25/23		42
	17	Series 1993-179, Class SC, IF, 10.500%, 10/25/23		21
	802	Series 1993-183, Class KA, 6.500%, 10/25/23		920
	370	Series 1993-189, Class PL, 6.500%, 10/25/23		411
	17	Series 1993-199, Class FA, VAR, 0.986%, 10/25/23		17
	47	Series 1993-205, Class H, PO, 09/25/23		45
	76	Series 1993-225, Class UB, 6.500%, 12/25/23		84
	22	Series 1993-230, Class FA, VAR, 1.036%, 12/25/23		23
	65	Series 1993-247, Class FE, VAR, 1.436%, 12/25/23		66
	79	Series 1993-247, Class SA, HB, IF, 28.111%, 12/25/23		135
	30	Series 1993-247, Class SU, IF, 12.295%, 12/25/23		39
	5	Series 1994-9, Class E, PO, 11/25/23		5
	270	Series 1994-37, Class L, 6.500%, 03/25/24		310
	1,364	Series 1994-40, Class Z, 6.500%, 03/25/24		1,495
	2,033	Series 1994-62, Class PK, 7.000%, 04/25/24		2,265
	930	Series 1994-63, Class PK, 7.000%, 04/25/24		1,049
	50	Series 1995-2, Class Z, 8.500%, 01/25/25		58
	297	Series 1995-19, Class Z, 6.500%, 11/25/23		341
	508	Series 1996-14, Class SE, IF, IO, 8.710%, 08/25/23		118
	4	Series 1996-27, Class FC, VAR, 0.936%, 03/25/17		4
	499	Series 1996-48, Class Z, 7.000%, 11/25/26		555

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	45	Series 1996-59, Class J, 6.500%, 08/25/22		48
	102	Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		3
	328	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		10
	80	Series 1997-27, Class J, 7.500%, 04/18/27		88
	118	Series 1997-29, Class J, 7.500%, 04/20/27		138
	298	Series 1997-32, Class PG, 6.500%, 04/25/27		341
	472	Series 1997-39, Class PD, 7.500%, 05/20/27		554
	25	Series 1997-42, Class ZC, 6.500%, 07/18/27		29
	510	Series 1997-61, Class ZC, 7.000%, 02/25/23		567
	126	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		15
	18	Series 1998-4, Class C, PO, 04/25/23		17
	186	Series 1998-36, Class ZB, 6.000%, 07/18/28		212
	96	Series 1998-43, Class SA, IF, IO, 18.123%, 04/25/23		20
	192	Series 1998-66, Class SB, IF, IO, 7.724%, 12/25/28		34
	98	Series 1999-17, Class C, 6.350%, 04/25/29		109
	414	Series 1999-18, Class Z, 5.500%, 04/18/29		460
	55	Series 1999-38, Class SK, IF, IO, 7.614%, 08/25/23		5
	47	Series 1999-52, Class NS, HB, IF, 22.160%, 10/25/23		73
	137	Series 1999-62, Class PB, 7.500%, 12/18/29		161
	759	Series 2000-2, Class ZE, 7.500%, 02/25/30		872
	274	Series 2000-20, Class SA, IF, IO, 8.664%, 07/25/30		78
	35	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		6
	215	Series 2001-4, Class PC, 7.000%, 03/25/21		232
	97	Series 2001-7, Class PF, 7.000%, 03/25/31		113
	275	Series 2001-30, Class PM, 7.000%, 07/25/31		315

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	515	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		61
	515	Series 2001-36, Class DE, 7.000%, 08/25/31		602
	667	Series 2001-44, Class MY, 7.000%, 09/25/31		769
	137	Series 2001-44, Class PD, 7.000%, 09/25/31		155
	121	Series 2001-44, Class PU, 7.000%, 09/25/31		140
	1,168	Series 2001-48, Class Z, 6.500%, 09/25/21		1,295
	121	Series 2001-49, Class Z, 6.500%, 09/25/31		141
	88	Series 2001-52, Class KB, 6.500%, 10/25/31		99
	952	Series 2001-60, Class PX, 6.000%, 11/25/31		1,089
	388	Series 2001-60, Class QS, HB, IF, 22.975%, 09/25/31		713
	919	Series 2001-61, Class Z, 7.000%, 11/25/31		1,046
	31	Series 2001-71, Class MB, 6.000%, 12/25/16		31
	30	Series 2001-71, Class QE, 6.000%, 12/25/16		31
	31	Series 2001-72, Class SX, IF, 16.451%, 12/25/31		44
	162	Series 2001-74, Class MB, 6.000%, 12/25/16		165
	40	Series 2001-81, Class LO, PO, 01/25/32		37
	417	Series 2002-1, Class G, 7.000%, 07/25/23		464
	188	Series 2002-1, Class HC, 6.500%, 02/25/22		209
	162	Series 2002-1, Class SA, HB, IF, 23.771%, 02/25/32		270
	65	Series 2002-1, Class UD, HB, IF, 22.975%, 12/25/23		102
	59	Series 2002-2, Class UC, 6.000%, 02/25/17		60
	68	Series 2002-3, Class OG, 6.000%, 02/25/17		69
	1,235	Series 2002-5, Class PK, 6.000%, 02/25/22		1,358
	15	Series 2002-7, Class OG, 6.000%, 03/25/17		15
	25	Series 2002-7, Class TG, 6.000%, 03/25/17		25

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 39

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	969	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		56
	15	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		19
	2,420	Series 2002-15, Class ZA, 6.000%, 04/25/32		2,771
	106	Series 2002-16, Class PG, 6.000%, 04/25/17		107
	13	Series 2002-19, Class PE, 6.000%, 04/25/17		13
	29	Series 2002-21, Class LO, PO, 04/25/32		27
	435	Series 2002-21, Class PE, 6.500%, 04/25/32		497
	133	Series 2002-24, Class AJ, 6.000%, 04/25/17		136
	914	Series 2002-28, Class PK, 6.500%, 05/25/32		1,028
	80	Series 2002-31, Class S, IF, 18.274%, 05/25/17		88
	336	Series 2002-37, Class Z, 6.500%, 06/25/32		388
	90	Series 2002-38, Class QE, 6.000%, 06/25/17		91
	999	Series 2002-48, Class GH, 6.500%, 08/25/32		1,163
	1,449	Series 2002-54, Class PG, 6.000%, 09/25/22		1,601
	138	Series 2002-57, Class AE, 5.500%, 09/25/17		140
	49	Series 2002-63, Class KC, 5.000%, 10/25/17		50
	228	Series 2002-71, Class AP, 5.000%, 11/25/32		249
	161	Series 2002-77, Class S, IF, 13.684%, 12/25/32		219
	2,506	Series 2002-78, Class Z, 5.500%, 12/25/32		2,719
	559	Series 2002-83, Class CS, 6.881%, 08/25/23		619
	799	Series 2002-90, Class A1, 6.500%, 06/25/42		938
	340	Series 2003-9, Class NZ, 6.500%, 02/25/33		376
	483	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		77
	2,522	Series 2003-17, Class EQ, 5.500%, 03/25/23		2,761
	3,576	Series 2003-22, Class UD, 4.000%, 04/25/33		3,789

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	4,656	Series 2003-23, Class EQ, 5.500%, 04/25/23		5,112
	169	Series 2003-32, Class KC, 5.000%, 05/25/18		174
	1,534	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		294
	670	Series 2003-34, Class AX, 6.000%, 05/25/33		771
	2,023	Series 2003-34, Class ED, 6.000%, 05/25/33		2,300
	574	Series 2003-34, Class GB, 6.000%, 03/25/33		615
	1,075	Series 2003-34, Class GE, 6.000%, 05/25/33		1,276
	122	Series 2003-35, Class EA, PO, 05/25/33		113
	157	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		36
	1,071	Series 2003-39, Class LW, 5.500%, 05/25/23		1,162
	214	Series 2003-42, Class GB, 4.000%, 05/25/33		230
	993	Series 2003-47, Class PE, 5.750%, 06/25/33		1,133
	244	Series 2003-52, Class SX, HB, IF, 21.643%, 10/25/31		367
	403	Series 2003-64, Class SX, IF, 12.685%, 07/25/33		502
	1,015	Series 2003-71, Class DS, IF, 6.898%, 08/25/33		1,157
	4,003	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		700
	1,933	Series 2003-73, Class HC, 5.500%, 08/25/33		2,184
	97	Series 2003-74, Class SH, IF, 9.386%, 08/25/33		119
	101	Series 2003-76, Class SH, IF, 13.328%, 09/25/31		103
	493	Series 2003-80, Class SY, IF, IO, 7.214%, 06/25/23		21
	862	Series 2003-81, Class HC, 4.750%, 09/25/18		892
	784	Series 2003-82, Class VB, 5.500%, 08/25/33		796
	1,093	Series 2003-83, Class PG, 5.000%, 06/25/23		1,141
	295	Series 2003-91, Class SD, IF, 11.774%, 09/25/33		368
	12,693	Series 2003-105, Class AZ, 5.500%, 10/25/33		14,516

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,014	Series 2003-116, Class SB, IF, IO, 7.164%, 11/25/33		445
	10,042	Series 2003-122, Class ZJ, 6.000%, 12/25/33		11,715
	519	Series 2003-130, Class CS, IF, 13.228%, 12/25/33		597
	129	Series 2003-130, Class SX, IF, 10.866%, 01/25/34		159
	253	Series 2003-131, Class SK, IF, 15.328%, 01/25/34		329
	121	Series 2003-132, Class OA, PO, 08/25/33		116
	1,399	Series 2004-4, Class QI, IF, IO, 6.664%, 06/25/33		152
	1,040	Series 2004-4, Class QM, IF, 13.328%, 06/25/33		1,298
	727	Series 2004-10, Class SC, HB, IF, 26.857%, 02/25/34		928
	3,174	Series 2004-17, Class H, 5.500%, 04/25/34		3,547
	214	Series 2004-21, Class AE, 4.000%, 04/25/19		220
	1,161	Series 2004-25, Class SA, IF, 18.327%, 04/25/34		1,753
	1,860	Series 2004-28, Class PF, VAR, 0.836%, 03/25/34		1,871
	4,044	Series 2004-36, Class FA, VAR, 0.836%, 05/25/34		4,047
	552	Series 2004-36, Class PC, 5.500%, 02/25/34		576
	1,729	Series 2004-36, Class SA, IF, 18.327%, 05/25/34		2,485
	399	Series 2004-36, Class SN, IF, 13.328%, 07/25/33		457
	2,028	Series 2004-46, Class EP, PO, 03/25/34		1,904
	393	Series 2004-46, Class QB, HB, IF, 22.257%, 05/25/34		593
	295	Series 2004-46, Class SK, IF, 15.302%, 05/25/34		397
	7,624	Series 2004-50, Class VZ, 5.500%, 07/25/34		8,665
	267	Series 2004-51, Class SY, IF, 13.368%, 07/25/34		367
	271	Series 2004-53, Class NC, 5.500%, 07/25/24		296
	195	Series 2004-59, Class BG, PO, 12/25/32		184
	4,620	Series 2004-61, Class FH, VAR, 1.236%, 11/25/32		4,728
	112	Series 2004-61, Class SH, HB, IF, 22.245%, 11/25/32		170

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	302	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		365
	2,385	Series 2004-65, Class EY, 5.500%, 08/25/24		2,623
	268	Series 2004-74, Class SW, IF, 14.641%, 11/25/31		391
	902	Series 2004-79, Class S, IF, 18.602%, 08/25/32		1,131
	354	Series 2004-79, Class SP, IF, 18.602%, 11/25/34		462
	234	Series 2004-81, Class AC, 4.000%, 11/25/19		240
	3,916	Series 2004-81, Class JG, 5.000%, 11/25/24		4,258
	2,359	Series 2004-87, Class F, VAR, 1.186%, 01/25/34		2,404
	434	Series 2005-16, Class LE, 5.500%, 07/25/33		437
	1,860	Series 2005-25, Class PF, VAR, 0.786%, 04/25/35		1,866
	193	Series 2005-42, Class PS, IF, 15.911%, 05/25/35		250
	29	Series 2005-52, Class PA, 6.500%, 06/25/35		31
	1,279	Series 2005-56, Class S, IF, IO, 6.274%, 07/25/35		265
	652	Series 2005-56, Class TP, IF, 16.843%, 08/25/33		900
	228	Series 2005-57, Class CD, HB, IF, 23.491%, 01/25/35		300
	30	Series 2005-57, Class DC, HB, IF, 20.359%, 12/25/34		34
	631	Series 2005-59, Class SU, HB, IF, 23.321%, 06/25/35		978
	475	Series 2005-66, Class SG, IF, 16.286%, 07/25/35		713
	2,339	Series 2005-67, Class EY, 5.500%, 08/25/25		2,598
	2,034	Series 2005-68, Class PG, 5.500%, 08/25/35		2,301
	659	Series 2005-68, Class UC, 5.000%, 06/25/35		695
	1,014	Series 2005-72, Class SB, IF, 15.786%, 08/25/35		1,414
	685	Series 2005-73, Class PS, IF, 15.611%, 08/25/35		982
	10,069	Series 2005-73, Class ZB, 5.500%, 08/25/35		10,873

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 41

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	532	Series 2005-74, Class CP, HB, IF, 23.152%, 05/25/35		794
	2,320	Series 2005-74, Class CS, IF, 18.822%, 05/25/35		3,356
	1,595	Series 2005-74, Class SK, IF, 18.932%, 05/25/35		2,313
	251	Series 2005-75, Class SV, HB, IF, 22.457%, 09/25/35		400
	2,060	Series 2005-84, Class XM, 5.750%, 10/25/35		2,248
	821	Series 2005-90, Class ES, IF, 15.786%, 10/25/35		1,124
	330	Series 2005-90, Class PO, PO, 09/25/35		317
	1,483	Series 2005-93, Class MF, VAR, 0.686%, 08/25/34		1,483
	4,092	Series 2005-106, Class US, HB, IF, 22.969%, 11/25/35		6,294
	421	Series 2005-109, Class PC, 6.000%, 12/25/35		470
	5,075	Series 2005-110, Class GL, 5.500%, 12/25/35		6,042
	50	Series 2005-116, Class PB, 6.000%, 04/25/34		51
	1,560	Series 2005-121, Class DX, 5.500%, 01/25/26		1,707
	4,604	Series 2006-8, Class JZ, 5.500%, 03/25/36		5,219
	10,916	Series 2006-8, Class WN, IF, IO, 6.264%, 03/25/36		2,322
	2,977	Series 2006-8, Class WQ, PO, 03/25/36		2,585
	268	Series 2006-11, Class PS, HB, IF, 22.969%, 03/25/36		427
	4,283	Series 2006-12, Class BZ, 5.500%, 03/25/36		4,849
	240	Series 2006-15, Class OT, PO, 01/25/36		232
	2,210	Series 2006-16, Class HZ, 5.500%, 03/25/36		2,399
	335	Series 2006-16, Class OA, PO, 03/25/36		322
	1,010	Series 2006-22, Class AO, PO, 04/25/36		889
	1,727	Series 2006-23, Class FK, VAR, 0.686%, 04/25/36		1,728
	537	Series 2006-23, Class KO, PO, 04/25/36		494
	1,247	Series 2006-27, Class OH, PO, 04/25/36		1,162
	336	Series 2006-33, Class LS, HB, IF, 28.189%, 05/25/36		631
	771	Series 2006-39, Class WC, 5.500%, 01/25/36		846
	867	Series 2006-43, Class DO, PO, 06/25/36		829

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	291	Series 2006-43, Class PO, PO, 06/25/36		277
	592	Series 2006-44, Class GO, PO, 06/25/36		556
	1,509	Series 2006-44, Class P, PO, 12/25/33		1,426
	661	Series 2006-46, Class FW, VAR, 0.836%, 06/25/36		663
	106	Series 2006-46, Class SW, HB, IF, 22.601%, 06/25/36		150
	1,049	Series 2006-46, Class UC, 5.500%, 12/25/35		1,141
	2,005	Series 2006-50, Class JO, PO, 06/25/36		1,905
	2,488	Series 2006-50, Class PS, PO, 06/25/36		2,349
	2,481	Series 2006-53, Class US, IF, IO, 6.144%, 06/25/36		408
	5,420	Series 2006-56, Class FC, VAR, 0.726%, 07/25/36		5,444
	197	Series 2006-58, Class AP, PO, 07/25/36		187
	597	Series 2006-58, Class FL, VAR, 0.896%, 07/25/36		603
	1,062	Series 2006-58, Class IG, IF, IO, 6.084%, 07/25/36		218
	370	Series 2006-58, Class PO, PO, 07/25/36		350
	423	Series 2006-59, Class QO, PO, 01/25/33		415
	320	Series 2006-60, Class AK, HB, IF, 27.094%, 07/25/36		606
	1,351	Series 2006-60, Class DO, PO, 04/25/35		1,290
	257	Series 2006-62, Class PS, HB, IF, 37.285%, 07/25/36		538
	4,019	Series 2006-63, Class ZH, 6.500%, 07/25/36		4,760
	679	Series 2006-65, Class QO, PO, 07/25/36		639
	8,313	Series 2006-71, Class ZL, 6.000%, 07/25/36		9,555
	1,212	Series 2006-72, Class GO, PO, 08/25/36		1,141
	252	Series 2006-72, Class TO, PO, 08/25/36		242
	3,017	Series 2006-77, Class PC, 6.500%, 08/25/36		3,475
	643	Series 2006-78, Class BZ, 6.500%, 08/25/36		738
	2,109	Series 2006-79, Class DF, VAR, 0.786%, 08/25/36		2,119
	499	Series 2006-79, Class DO, PO, 08/25/36		467
	629	Series 2006-79, Class OP, PO, 08/25/36		603
	529	Series 2006-85, Class MZ, 6.500%, 09/25/36		599
	631	Series 2006-86, Class OB, PO, 09/25/36		602
	675	Series 2006-90, Class AO, PO, 09/25/36		635
	303	Series 2006-94, Class GK, HB, IF, 31.071%, 10/25/26		528

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	398	Series 2006-95, Class SG, HB, IF, 24.457%, 10/25/36		655
	172	Series 2006-109, Class PO, PO, 11/25/36		164
	1,144	Series 2006-110, Class PO, PO, 11/25/36		1,085
	465	Series 2006-111, Class EO, PO, 11/25/36		443
	616	Series 2006-113, Class PO, PO, 07/25/36		601
	135	Series 2006-115, Class ES, HB, IF, 24.817%, 12/25/36		207
	547	Series 2006-115, Class OK, PO, 12/25/36		526
	2,373	Series 2006-117, Class GS, IF, IO, 6.214%, 12/25/36		369
	1,641	Series 2006-118, Class A1, VAR, 0.496%, 12/25/36		1,606
	6,102	Series 2006-118, Class A2, VAR, 0.498%, 12/25/36		6,087
	240	Series 2006-119, Class PO, PO, 12/25/36		226
	1,022	Series 2006-128, Class BP, 5.500%, 01/25/37		1,095
	526	Series 2006-128, Class PO, PO, 01/25/37		505
	1,765	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		308
	73	Series 2007-1, Class SD, HB, IF, 36.385%, 02/25/37		190
	810	Series 2007-7, Class SG, IF, IO, 6.064%, 08/25/36		215
	2,095	Series 2007-10, Class FD, VAR, 0.686%, 02/25/37		2,089
	4,634	Series 2007-14, Class ES, IF, IO, 6.004%, 03/25/37		722
	475	Series 2007-14, Class OP, PO, 03/25/37		450
	136	Series 2007-14, Class QD, 5.500%, 11/25/35		136
	487	Series 2007-15, Class NO, PO, 03/25/22		465
	1,865	Series 2007-16, Class FC, VAR, 1.186%, 03/25/37		1,980
	2,310	Series 2007-18, Class MZ, 6.000%, 03/25/37		2,552
	204	Series 2007-22, Class SC, IF, IO, 5.654%, 03/25/37		35
	1,588	Series 2007-28, Class EO, PO, 04/25/37		1,524
	972	Series 2007-29, Class SG, HB, IF, 21.214%, 04/25/37		1,494
	1,919	Series 2007-35, Class SI, IF, IO, 5.664%, 04/25/37		296
	364	Series 2007-42, Class AO, PO, 05/25/37		351
	5,600	Series 2007-42, Class B, 6.000%, 05/25/37		6,371

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	884	Series 2007-43, Class FL, VAR, 0.736%, 05/25/37		885
	3,660	Series 2007-53, Class SH, IF, IO, 5.664%, 06/25/37		562
	5,594	Series 2007-54, Class FA, VAR, 0.836%, 06/25/37		5,630
	1,191	Series 2007-54, Class WI, IF, IO, 5.664%, 06/25/37		211
	11,043	Series 2007-60, Class AX, IF, IO, 6.714%, 07/25/37		2,389
	676	Series 2007-62, Class SE, IF, 15.411%, 07/25/37		917
	935	Series 2007-64, Class FB, VAR, 0.806%, 07/25/37		936
	4,229	Series 2007-65, Class KI, IF, IO, 6.184%, 07/25/37		613
	1,175	Series 2007-67, Class PO, PO, 07/25/37		1,060
	2,714	Series 2007-70, Class Z, 5.500%, 07/25/37		3,066
	7,376	Series 2007-72, Class EK, IF, IO, 5.964%, 07/25/37		1,310
	1,701	Series 2007-76, Class AZ, 5.500%, 08/25/37		1,864
	2,320	Series 2007-76, Class ZG, 6.000%, 08/25/37		2,598
	1,292	Series 2007-77, Class FG, VAR, 0.936%, 03/25/37		1,300
	416	Series 2007-78, Class CB, 6.000%, 08/25/37		470
	2,451	Series 2007-78, Class PE, 6.000%, 08/25/37		2,759
	970	Series 2007-79, Class SB, HB, IF, 22.419%, 08/25/37		1,465
	3,084	Series 2007-81, Class GE, 6.000%, 08/25/37		3,395
	138	Series 2007-84, Class PG, 6.000%, 12/25/36		139
	262	Series 2007-85, Class SL, IF, 15.061%, 09/25/37		371
	3,608	Series 2007-88, Class VI, IF, IO, 6.104%, 09/25/37		763
	3,706	Series 2007-91, Class ES, IF, IO, 6.024%, 10/25/37		584
	569	Series 2007-92, Class YA, 6.500%, 06/25/37		640
	948	Series 2007-92, Class YS, IF, IO, 5.344%, 06/25/37		131
	662	Series 2007-97, Class FC, VAR, 0.936%, 07/25/37		667

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 43

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,506	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		313
	429	Series 2007-98, Class FB, VAR, 0.886%, 06/25/37		446
	3,412	Series 2007-100, Class SM, IF, IO, 6.014%, 10/25/37		580
	14,786	Series 2007-101, Class A2, VAR, 0.521%, 06/27/36		14,771
	1,424	Series 2007-106, Class A7, VAR, 6.119%, 10/25/37		1,591
	283	Series 2007-108, Class SA, IF, IO, 5.924%, 12/25/37		36
	4,627	Series 2007-109, Class AI, IF, IO, 5.964%, 12/25/37		597
	3,223	Series 2007-112, Class MJ, 6.500%, 12/25/37		3,818
	3,557	Series 2007-112, Class SA, IF, IO, 6.014%, 12/25/37		717
	23,985	Series 2007-114, Class A6, VAR, 0.636%, 10/27/37		23,866
	9,092	Series 2007-116, Class HI, IO, VAR, 1.611%, 01/25/38		528
	1	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		–	(h)
	4,120	Series 2008-1, Class BI, IF, IO, 5.474%, 02/25/38		641
	7,011	Series 2008-4, Class SD, IF, IO, 5.564%, 02/25/38		1,199
	1,060	Series 2008-10, Class XI, IF, IO, 5.804%, 03/25/38		159
	1,180	Series 2008-16, Class IS, IF, IO, 5.774%, 03/25/38		203
	912	Series 2008-18, Class FA, VAR, 1.336%, 03/25/38		926
	451	Series 2008-18, Class SP, IF, 13.128%, 03/25/38		601
	1,724	Series 2008-20, Class SA, IF, IO, 6.554%, 03/25/38		325
	1,502	Series 2008-27, Class SN, IF, IO, 6.464%, 04/25/38		265
	549	Series 2008-28, Class QS, IF, 19.393%, 04/25/38		800
	1,277	Series 2008-32, Class SA, IF, IO, 6.424%, 04/25/38		203
	4,358	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		18
	459	Series 2008-42, Class AO, PO, 09/25/36		443
	47	Series 2008-44, Class PO, PO, 05/25/38		45

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,752	Series 2008-46, Class HI, IO, VAR, 1.616%, 06/25/38		266
	819	Series 2008-47, Class SI, IF, IO, 6.064%, 06/25/23		81
	995	Series 2008-53, Class CI, IF, IO, 6.764%, 07/25/38		211
	4,807	Series 2008-55, Class S, IF, IO, 7.164%, 07/25/28		866
	822	Series 2008-56, Class AC, 5.000%, 07/25/38		900
	965	Series 2008-60, Class JC, 5.000%, 07/25/38		1,070
	1,910	Series 2008-61, Class BH, 4.500%, 07/25/23		2,020
	794	Series 2008-76, Class GF, VAR, 1.086%, 09/25/23		798
	3,860	Series 2008-80, Class SA, IF, IO, 5.414%, 09/25/38		566
	2,197	Series 2008-81, Class SB, IF, IO, 5.414%, 09/25/38		328
	256	Series 2009-4, Class BD, 4.500%, 02/25/39		277
	2,462	Series 2009-6, Class GS, IF, IO, 6.124%, 02/25/39		541
	1,297	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		94
	4,333	Series 2009-11, Class NB, 5.000%, 03/25/29		4,730
	1,031	Series 2009-15, Class MI, IO, 5.000%, 03/25/24		48
	2,069	Series 2009-17, Class QS, IF, IO, 6.214%, 03/25/39		319
	538	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		32
	3,126	Series 2009-19, Class PW, 4.500%, 10/25/36		3,415
	132	Series 2009-47, Class MT, 7.000%, 07/25/39		148
	1,676	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		238
	5,869	Series 2009-59, Class HB, 5.000%, 08/25/39		6,532
	7,106	Series 2009-60, Class HT, 6.000%, 08/25/39		8,150
	142	Series 2009-63, Class P, 5.000%, 03/25/37		156
	5,912	Series 2009-65, Class MT, 5.000%, 09/25/39		6,381

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3,034	Series 2009-69, Class WA, VAR, 6.012%, 09/25/39		3,522
	1,697	Series 2009-70, Class CO, PO, 01/25/37		1,547
	1,705	Series 2009-84, Class WS, IF, IO, 5.464%, 10/25/39		216
	3,997	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		620
	9,674	Series 2009-86, Class OT, PO, 10/25/37		8,772
	2,214	Series 2009-99, Class SC, IF, IO, 5.744%, 12/25/39		311
	4,346	Series 2009-99, Class WA, VAR, 6.293%, 12/25/39		5,021
	6,609	Series 2009-103, Class MB, VAR, 2.498%, 12/25/39		6,998
	2,953	Series 2009-112, Class ST, IF, IO, 5.814%, 01/25/40		492
	896	Series 2009-113, Class AO, PO, 01/25/40		841
	1,166	Series 2010-1, Class WA, VAR, 6.212%, 02/25/40		1,347
	2,095	Series 2010-14, Class FJ, VAR, 1.036%, 03/25/40		2,122
	3,492	Series 2010-16, Class WA, VAR, 6.446%, 03/25/40		4,074
	3,247	Series 2010-16, Class WB, VAR, 6.245%, 03/25/40		3,757
	2,802	Series 2010-35, Class SB, IF, IO, 5.994%, 04/25/40		363
	2,690	Series 2010-35, Class SJ, IF, 16.214%, 04/25/40		3,524
	433	Series 2010-39, Class OT, PO, 10/25/35		407
	1,881	Series 2010-40, Class FJ, VAR, 1.036%, 04/25/40		1,894
	1,736	Series 2010-42, Class S, IF, IO, 5.964%, 05/25/40		321
	1,648	Series 2010-43, Class FD, VAR, 1.027%, 05/25/40		1,668
	631	Series 2010-45, Class BD, 4.500%, 11/25/38		651
	5,779	Series 2010-49, Class SC, IF, 11.788%, 03/25/40		6,934
	8,753	Series 2010-58, Class MB, 5.500%, 06/25/40		9,766
	1,474	Series 2010-63, Class AP, PO, 06/25/40		1,357
	14,689	Series 2010-64, Class DM, 5.000%, 06/25/40		16,286
	6,796	Series 2010-71, Class HJ, 5.500%, 07/25/40		7,784
	1,794	Series 2010-102, Class PN, 5.000%, 09/25/40		2,121

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1,821	Series 2010-103, Class SB, IF, IO, 5.674%, 11/25/49		270
	12,063	Series 2010-111, Class AE, 5.500%, 04/25/38		12,562
	17,488	Series 2010-111, Class AM, 5.500%, 10/25/40		20,833
	14,382	Series 2010-125, Class SA, IF, IO, 4.014%, 11/25/40		1,451
	10,921	Series 2010-147, Class SA, IF, IO, 6.094%, 01/25/41		2,554
	3,327	Series 2010-148, Class MA, 4.000%, 02/25/39		3,444
	2,224	Series 2011-2, Class WA, VAR, 5.812%, 02/25/51		2,462
	685	Series 2011-17, Class EF, VAR, 0.736%, 07/25/25		687
	5,325	Series 2011-19, Class ZY, 6.500%, 07/25/36		6,139
	1,109	Series 2011-22, Class MA, 6.500%, 04/25/38		1,229
	24,217	Series 2011-30, Class LS, IO, VAR, 1.592%, 04/25/41		1,554
	9,416	Series 2011-31, Class DB, 3.500%, 04/25/31		10,124
	6,756	Series 2011-39, Class ZA, 6.000%, 11/25/32		7,780
	6,417	Series 2011-47, Class ZA, 5.500%, 07/25/38		6,928
	635	Series 2011-58, Class WA, VAR, 5.450%, 07/25/51		712
	3,997	Series 2011-75, Class FA, VAR, 0.977%, 08/25/41		4,046
	3,961	Series 2011-101, Class FM, VAR, 0.986%, 01/25/41		3,979
	2,387	Series 2011-111, Class DF, VAR, 0.836%, 12/25/38		2,392
	21,533	Series 2011-118, Class LB, 7.000%, 11/25/41		25,667
	29,638	Series 2011-118, Class MT, 7.000%, 11/25/41		35,320
	25,611	Series 2011-118, Class NT, 7.000%, 11/25/41		30,564
	1,321	Series 2011-149, Class EF, VAR, 0.936%, 07/25/41		1,329
	4,604	Series 2011-149, Class MF, VAR, 0.936%, 11/25/41		4,633
	4,660	Series 2012-14, Class FB, VAR, 0.886%, 08/25/37		4,676

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 45

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	43,931		Series 2012-47, Class HF, VAR, 0.836%, 05/25/27		44,117
	6,976		Series 2012-87, Class KF, VAR, 0.886%, 09/25/37		7,011
	5,301		Series 2012-89, Class FD, VAR, 0.886%, 04/25/39		5,331
	11,778		Series 2012-97, Class FB, VAR, 0.936%, 09/25/42		11,640
	5,280		Series 2012-99, Class FA, VAR, 0.886%, 09/25/42		5,319
	3,267		Series 2012-101, Class FC, VAR, 0.936%, 09/25/42		3,270
	10,695		Series 2012-108, Class F, VAR, 0.936%, 10/25/42		10,795
	6,342		Series 2013-4, Class AJ, 3.500%, 02/25/43		6,686
	6,000		Series 2013-81, Class TA, 3.000%, 02/25/43		5,975
	17,309		Series 2013-92, Class PO, PO, 09/25/43		14,406
	7,887		Series 2013-100, Class WB, 3.000%, 10/25/33		8,088
	13,494		Series 2013-101, Class DO, PO, 10/25/43		11,130
	29,706		Series 2013-128, Class PO, PO, 12/25/43		23,877
	5		Series G-14, Class L, 8.500%, 06/25/21		6
	—	(h)	Series G-17, Class S, HB, VAR, 1,037.037%, 06/25/21		2
	23		Series G-18, Class Z, 8.750%, 06/25/21		25
	1		Series G-22, Class G, 6.000%, 12/25/16		1
	15		Series G-28, Class S, IF, 14.664%, 09/25/21		17
	41		Series G-35, Class M, 8.750%, 10/25/21		44
	7		Series G-51, Class SA, HB, IF, 25.082%, 12/25/21		9
	—	(h)	Series G92-27, Class SQ, HB, IF, 11,513.883%, 05/25/22		9
	196		Series G92-35, Class E, 7.500%, 07/25/22		218
	—	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		2
	17		Series G92-42, Class Z, 7.000%, 07/25/22		19
	137		Series G92-44, Class ZQ, 8.000%, 07/25/22		142
	58		Series G92-45, Class Z, 6.000%, 08/25/22		59
	18		Series G92-52, Class FD, VAR, 0.447%, 09/25/22		18
	188		Series G92-54, Class ZQ, 7.500%, 09/25/22		205
	17		Series G92-59, Class F, VAR, 1.355%, 10/25/22		17

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	35	Series G92-61, Class Z, 7.000%, 10/25/22		39
	25	Series G92-62, Class B, PO, 10/25/22		24
	124	Series G93-1, Class KA, 7.900%, 01/25/23		140
	49	Series G93-5, Class Z, 6.500%, 02/25/23		55
	38	Series G93-14, Class J, 6.500%, 03/25/23		42
	84	Series G93-17, Class SI, IF, 6.000%, 04/25/23		97
	76	Series G93-27, Class FD, VAR, 1.316%, 08/25/23		78
	18	Series G93-37, Class H, PO, 09/25/23		17
	74	Series G95-1, Class C, 8.800%, 01/25/25		84
		Federal National Mortgage Association REMIC Trust,
	1,427	Series 2003-W1, Class 1A1, VAR, 5.711%, 12/25/42		1,641
	375	Series 2003-W1, Class 2A, VAR, 6.361%, 12/25/42		443
	223	Series 2003-W4, Class 2A, VAR, 6.336%, 10/25/42		262
	6,098	Series 2004-W10, Class A6, 5.750%, 08/25/34		6,986
	1,161	Series 2004-W11, Class 1A1, 6.000%, 05/25/44		1,380
	2,158	Series 2005-W1, Class 1A2, 6.500%, 10/25/44		2,551
	2,101	Series 2006-W3, Class 2A, 6.000%, 09/25/46		2,359
	668	Series 2007-W3, Class 1A3, 6.750%, 04/25/37		750
	686	Series 2007-W5, Class PO, PO, 06/25/37		630
	481	Series 2007-W7, Class 1A4, HB, IF, 36.565%, 07/25/37		769
	301	Series 2007-W10, Class 2A, VAR, 6.326%, 08/25/47		342
	10,995	Series 2009-W1, Class A, 6.000%, 12/25/49		12,680
		Federal National Mortgage Association STRIPS,
	1	Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	1	Series 50, Class 2, IO, 10.500%, 03/25/19		—	(h)
	16	Series 218, Class 2, IO, 7.500%, 04/25/23		3
	12	Series 265, Class 2, 9.000%, 03/25/24		15
	1,276	Series 300, Class 1, PO, 09/25/24		1,195
	170	Series 329, Class 1, PO, 01/25/33		163
	313	Series 339, Class 18, IO, 4.500%, 07/25/18		12
	427	Series 339, Class 21, IO, 4.500%, 08/25/18		12

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	231	Series 339, Class 28, IO, 5.500%, 08/25/18		9
	215	Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		41
	924	Series 365, Class 8, IO, 5.500%, 05/25/36		183
	73	Series 368, Class 3, IO, 4.500%, 11/25/20		4
	617	Series 374, Class 5, IO, 5.500%, 08/25/36		126
	631	Series 383, Class 33, IO, 6.000%, 01/25/38		111
	252	Series 393, Class 6, IO, 5.500%, 04/25/37		45
	29,862	Series 411, Class F1, VAR, 0.986%, 08/25/42		30,396
	10,398	Series 412, Class F2, VAR, 0.936%, 08/25/42		10,045
		Federal National Mortgage Association Trust,
	1,285	Series 2003-W2, Class 1A1, 6.500%, 07/25/42		1,509
	769	Series 2003-W2, Class 2A9, 5.900%, 07/25/42		883
	5,168	Series 2003-W6, Class 2A4, 5.204%, 09/25/42		5,950
	2,199	Series 2003-W6, Class 3A, 6.500%, 09/25/42		2,590
	2,615	Series 2003-W8, Class 2A, 7.000%, 10/25/42		3,112
	489	Series 2003-W8, Class 3F1, VAR, 0.836%, 05/25/42		489
	1,329	Series 2004-W1, Class 1A6, 5.040%, 11/25/43		1,336
	3,609	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		4,299
	874	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,025
	903	Series 2004-W8, Class 3A, 7.500%, 06/25/44		1,072
	2,460	Series 2004-W15, Class 2AF, VAR, 0.686%, 08/25/44		2,448
	19,812	Series 2005-W3, Class 2AF, VAR, 0.656%, 03/25/45		19,267
	1,092	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		1,257
	9,132	Series 2006-W2, Class 1AF1, VAR, 0.656%, 02/25/46		9,124
	2,589	Series 2006-W2, Class 2A, VAR, 2.393%, 11/25/45		2,738
	17,655	Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, VAR, 0.696%, 11/25/46		17,691

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
		Government National Mortgage Association,
	1,844	Series 1994-7, Class PQ, VAR, 6.500%, 10/16/24		2,092
	1,633	Series 1999-4, Class ZB, 6.000%, 02/20/29		1,839
	154	Series 1999-30, Class S, IF, IO, 8.170%, 08/16/29		40
	220	Series 1999-40, Class ZW, 7.500%, 11/20/29		256
	180	Series 2000-9, Class Z, 8.000%, 06/20/30		216
	1,987	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,353
	244	Series 2000-12, Class ST, HB, IF, 37.369%, 02/16/30		389
	1,798	Series 2000-21, Class Z, 9.000%, 03/16/30		2,191
	276	Series 2000-31, Class Z, 9.000%, 10/20/30		321
	166	Series 2000-35, Class ZA, 9.000%, 11/20/30		178
	16	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		2
	80	Series 2001-6, Class SD, IF, IO, 8.120%, 03/16/31		28
	872	Series 2001-22, Class PS, IF, 19.892%, 03/17/31		1,476
	200	Series 2001-35, Class SA, IF, IO, 7.820%, 08/16/31		71
	182	Series 2001-36, Class S, IF, IO, 7.620%, 08/16/31		64
	216	Series 2002-3, Class SP, IF, IO, 6.960%, 01/16/32		63
	815	Series 2002-24, Class AG, IF, IO, 7.520%, 04/16/32		186
	74	Series 2002-24, Class SB, IF, 11.279%, 04/16/32		93
	107	Series 2002-31, Class S, IF, IO, 8.270%, 01/16/31		30
	1,661	Series 2002-31, Class SE, IF, IO, 7.070%, 04/16/30		331
	785	Series 2002-40, Class UK, 6.500%, 06/20/32		928
	26	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		34
	3,081	Series 2002-45, Class QE, 6.500%, 06/20/32		3,645
	904	Series 2002-47, Class PG, 6.500%, 07/16/32		1,068

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 47

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	323	Series 2002-47, Class PY, 6.000%, 07/20/32		366
	1,552	Series 2002-47, Class ZA, 6.500%, 07/20/32		1,831
	1,042	Series 2002-52, Class GH, 6.500%, 07/20/32		1,240
	244	Series 2002-70, Class PS, IF, IO, 7.268%, 08/20/32		11
	1,265	Series 2002-75, Class PB, 6.000%, 11/20/32		1,501
	817	Series 2003-11, Class SK, IF, IO, 7.270%, 02/16/33		147
	357	Series 2003-12, Class SP, IF, IO, 7.268%, 02/20/33		100
	124	Series 2003-24, Class PO, PO, 03/16/33		116
	3,633	Series 2003-25, Class PZ, 5.500%, 04/20/33		4,138
	2,830	Series 2003-40, Class TJ, 6.500%, 03/20/33		3,290
	1,004	Series 2003-46, Class MG, 6.500%, 05/20/33		1,197
	923	Series 2003-46, Class TC, 6.500%, 03/20/33		1,054
	602	Series 2003-52, Class AP, PO, 06/16/33		541
	1,688	Series 2003-58, Class BE, 6.500%, 01/20/33		1,930
	2,141	Series 2003-75, Class ZX, 6.000%, 09/16/33		2,418
	97	Series 2003-90, Class PO, PO, 10/20/33		90
	1,409	Series 2003-97, Class SA, IF, IO, 6.120%, 11/16/33		258
	1,182	Series 2003-112, Class SA, IF, IO, 6.120%, 12/16/33		268
	1,573	Series 2003-112, Class TS, IF, IO, 6.518%, 10/20/32		32
	230	Series 2003-114, Class SH, IF, 13.914%, 11/17/32		289
	552	Series 2004-28, Class S, IF, 18.479%, 04/16/34		845
	1,107	Series 2004-46, Class PO, PO, 06/20/34		1,051
	4,048	Series 2004-49, Class Z, 6.000%, 06/20/34		4,588
	528	Series 2004-71, Class SB, HB, IF, 27.343%, 09/20/34		926
	528	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		595
	624	Series 2004-73, Class AE, IF, 13.967%, 08/17/34		780

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,977	Series 2004-73, Class JL, IF, IO, 6.120%, 09/16/34		793
	151	Series 2004-83, Class AP, IF, 13.326%, 10/16/34		186
	20	Series 2004-85, Class PO, PO, 01/17/33		20
	208	Series 2004-87, Class SB, IF, 7.178%, 03/17/33		226
	408	Series 2004-89, Class LS, HB, IF, 22.805%, 10/16/34		657
	6,482	Series 2004-90, Class SI, IF, IO, 5.668%, 10/20/34		1,059
	3,322	Series 2004-96, Class SC, IF, IO, 5.648%, 11/20/34		560
	4,561	Series 2005-3, Class SK, IF, IO, 6.318%, 01/20/35		803
	230	Series 2005-7, Class JM, IF, 15.773%, 05/18/34		285
	861	Series 2005-35, Class FL, VAR, 0.782%, 03/20/32		865
	234	Series 2005-44, Class SP, IF, 11.336%, 10/20/34		272
	481	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		102
	27	Series 2005-65, Class SA, HB, IF, 21.096%, 08/20/35		39
	225	Series 2005-66, Class SP, IF, 19.398%, 08/16/35		345
	2,134	Series 2005-68, Class DP, IF, 15.396%, 06/17/35		3,062
	9,647	Series 2005-68, Class KI, IF, IO, 5.868%, 09/20/35		1,811
	3,155	Series 2005-72, Class AZ, 5.500%, 09/20/35		3,543
	518	Series 2005-82, Class PO, PO, 10/20/35		488
	880	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		160
	787	Series 2006-16, Class OP, PO, 03/20/36		749
	757	Series 2006-20, Class QA, 5.750%, 02/20/36		813
	1,079	Series 2006-22, Class AO, PO, 05/20/36		1,022
	4,431	Series 2006-33, Class Z, 6.500%, 07/20/36		5,235
	160	Series 2006-34, Class PO, PO, 07/20/36		151
	183	Series 2006-38, Class SW, IF, IO, 6.068%, 06/20/36		23
	5,967	Series 2006-38, Class ZK, 6.500%, 08/20/36		7,035
	2,258	Series 2006-57, Class PZ, 5.565%, 10/20/36		2,558

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,385	Series 2006-59, Class SD, IF, IO, 6.268%, 10/20/36		254
	2,492	Series 2006-65, Class SA, IF, IO, 6.368%, 11/20/36		492
	2,243	Series 2007-9, Class CI, IF, IO, 5.768%, 03/20/37		393
	3,756	Series 2007-17, Class JI, IF, IO, 6.380%, 04/16/37		794
	1,457	Series 2007-17, Class JO, PO, 04/16/37		1,386
	1,458	Series 2007-19, Class SD, IF, IO, 5.768%, 04/20/37		244
	855	Series 2007-25, Class FN, VAR, 0.731%, 05/16/37		858
	2,894	Series 2007-26, Class SC, IF, IO, 5.768%, 05/20/37		537
	2,673	Series 2007-27, Class SD, IF, IO, 5.768%, 05/20/37		515
	238	Series 2007-28, Class BO, PO, 05/20/37		218
	3,776	Series 2007-35, Class PO, PO, 06/16/37		3,624
	507	Series 2007-36, Class HO, PO, 06/16/37		480
	2,173	Series 2007-36, Class SE, IF, IO, 6.040%, 06/16/37		429
	2,353	Series 2007-36, Class SJ, IF, IO, 5.818%, 06/20/37		346
	2,231	Series 2007-40, Class SD, IF, IO, 6.318%, 07/20/37		418
	3,383	Series 2007-40, Class SN, IF, IO, 6.248%, 07/20/37		634
	3,221	Series 2007-45, Class QA, IF, IO, 6.208%, 07/20/37		651
	851	Series 2007-50, Class AI, IF, IO, 6.343%, 08/20/37		131
	2,042	Series 2007-53, Class ES, IF, IO, 6.118%, 09/20/37		397
	598	Series 2007-53, Class SW, IF, 18.909%, 09/20/37		861
	3,231	Series 2007-57, Class PO, PO, 03/20/37		3,164
	2,719	Series 2007-67, Class SI, IF, IO, 6.078%, 11/20/37		490
	1,064	Series 2007-71, Class SB, IF, IO, 6.268%, 07/20/36		58
	2,232	Series 2007-72, Class US, IF, IO, 6.118%, 11/20/37		413
	2,498	Series 2007-73, Class MI, IF, IO, 5.568%, 11/20/37		413
	2,193	Series 2007-74, Class SL, IF, IO, 6.110%, 11/16/37		387
	4,846	Series 2007-76, Class SB, IF, IO, 6.068%, 11/20/37		895

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,572	Series 2007-79, Class SY, IF, IO, 6.118%, 12/20/37		668
	169	Series 2008-1, Class PO, PO, 01/20/38		156
	273	Series 2008-7, Class SK, IF, 18.654%, 11/20/37		424
	379	Series 2008-7, Class SP, IF, 12.536%, 10/20/37		514
	589	Series 2008-17, Class IO, IO, 5.500%, 02/20/38		94
	592	Series 2008-20, Class PO, PO, 09/20/37		583
	604	Series 2008-29, Class PO, PO, 02/17/33		578
	3,997	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		426
	1,228	Series 2008-33, Class XS, IF, IO, 7.270%, 04/16/38		274
	5,381	Series 2008-36, Class AY, 5.000%, 04/16/23		5,688
	3,439	Series 2008-36, Class SH, IF, IO, 5.868%, 04/20/38		588
	10,257	Series 2008-40, Class SA, IF, IO, 5.970%, 05/16/38		1,948
	144	Series 2008-43, Class NA, 5.500%, 11/20/37		149
	1,798	Series 2008-50, Class KB, 6.000%, 06/20/38		2,065
	885	Series 2008-55, Class SA, IF, IO, 5.768%, 06/20/38		145
	3,212	Series 2008-60, Class CS, IF, IO, 5.718%, 07/20/38		474
	363	Series 2008-60, Class PO, PO, 01/20/38		358
	3,694	Series 2008-69, Class QD, 5.750%, 07/20/38		3,971
	1,187	Series 2008-71, Class SC, IF, IO, 5.568%, 08/20/38		168
	3,724	Series 2008-76, Class US, IF, IO, 5.468%, 09/20/38		564
	2,415	Series 2008-79, Class CS, IF, 6.368%, 06/20/35		2,801
	7,553	Series 2008-81, Class S, IF, IO, 5.768%, 09/20/38		1,229
	3,911	Series 2008-93, Class AS, IF, IO, 5.268%, 12/20/38		602
	7,021	Series 2008-95, Class DS, IF, IO, 6.868%, 12/20/38		1,418
	2,195	Series 2008-96, Class SL, IF, IO, 5.568%, 12/20/38		345
	1,790	Series 2009-6, Class SA, IF, IO, 5.670%, 02/16/39		274

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 49

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,949	Series 2009-6, Class SH, IF, IO, 5.608%, 02/20/39		300
	3,344	Series 2009-10, Class SA, IF, IO, 5.518%, 02/20/39		478
	997	Series 2009-10, Class SL, IF, IO, 6.070%, 03/16/34		50
	2,682	Series 2009-11, Class SC, IF, IO, 5.720%, 02/16/39		368
	1,003	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		211
	2,163	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		477
	6,016	Series 2009-22, Class SA, IF, IO, 5.838%, 04/20/39		924
	1,753	Series 2009-24, Class DS, IF, IO, 5.868%, 03/20/39		132
	1,631	Series 2009-25, Class SE, IF, IO, 7.168%, 09/20/38		334
	3,552	Series 2009-31, Class TS, IF, IO, 5.868%, 03/20/39		436
	741	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		123
	988	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		184
	1,486	Series 2009-35, Class SN, IF, IO, 5.970%, 12/16/38		108
	11,516	Series 2009-35, Class ZB, 5.500%, 05/16/39		13,944
	4,556	Series 2009-42, Class SC, IF, IO, 5.648%, 06/20/39		701
	3,124	Series 2009-43, Class SA, IF, IO, 5.518%, 06/20/39		491
	5,515	Series 2009-64, Class SN, IF, IO, 5.670%, 07/16/39		646
	1,137	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		139
	4,834	Series 2009-72, Class SM, IF, IO, 5.820%, 08/16/39		780
	2,753	Series 2009-75, Class MN, 5.500%, 09/20/39		3,341
	4,464	Series 2009-79, Class OK, PO, 11/16/37		4,021
	7,412	Series 2009-81, Class SB, IF, IO, 5.658%, 09/20/39		1,197
	7,261	Series 2009-102, Class SM, IF, IO, 5.970%, 06/16/39		654
	2,250	Series 2009-104, Class AB, 7.000%, 08/16/39		2,540
	6,444	Series 2009-106, Class AS, IF, IO, 5.970%, 11/16/39		1,147

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	21,528	Series 2009-106, Class ST, IF, IO, 5.568%, 02/20/38		3,630
	3,181	Series 2009-121, Class VA, 5.500%, 11/20/20		3,345
	1,610	Series 2010-14, Class AO, PO, 12/20/32		1,568
	848	Series 2010-14, Class BO, PO, 11/20/35		748
	2,852	Series 2010-14, Class CO, PO, 08/20/35		2,673
	4,104	Series 2010-14, Class QP, 6.000%, 12/20/39		4,267
	2,295	Series 2010-41, Class WA, VAR, 5.822%, 10/20/33		2,619
	1,187	Series 2010-103, Class WA, VAR, 5.733%, 08/20/34		1,346
	1,668	Series 2010-129, Class AW, VAR, 6.117%, 04/20/37		1,881
	7,981	Series 2010-130, Class CP, 7.000%, 10/16/40		9,450
	11,382	Series 2010-157, Class OP, PO, 12/20/40		10,109
	26,903	Series 2010-H17, Class XQ, VAR, 5.237%, 07/20/60		29,147
	789	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		886
	6,459	Series 2011-43, Class ZQ, 5.500%, 01/16/33		7,355
	5,544	Series 2011-75, Class SM, IF, IO, 6.168%, 05/20/41		1,280
	2,778	Series 2011-97, Class WA, VAR, 6.069%, 11/20/38		3,166
	3,877	Series 2011-137, Class WA, VAR, 5.534%, 07/20/40		4,423
	1,500	Series 2011-157, Class UY, 3.000%, 12/20/41		1,539
	9,176	Series 2011-163, Class WA, VAR, 5.850%, 12/20/38		10,512
	2,712	Series 2011-H05, Class FB, VAR, 0.930%, 12/20/60		2,687
	3,512	Series 2011-H06, Class FA, VAR, 0.880%, 02/20/61		3,474
	3,699	Series 2011-H19, Class FA, VAR, 0.900%, 08/20/61		3,667
	4,638	Series 2012-59, Class WA, VAR, 5.564%, 08/20/38		5,327
	5,665	Series 2012-141, Class WA, VAR, 4.541%, 11/16/41		6,255
	4,094	Series 2012-141, Class WB, VAR, 3.984%, 09/16/42		4,320
	5,983	Series 2012-141, Class WC, VAR, 3.730%, 01/20/42		6,348

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	11,584	Series 2012-H08, Class FB, VAR, 1.030%, 03/20/62		11,512
	8,460	Series 2012-H08, Class FS, VAR, 1.130%, 04/20/62		8,435
	69,530	Series 2012-H10, Class FA, VAR, 0.980%, 12/20/61		69,033
	8,178	Series 2012-H15, Class FA, VAR, 0.701%, 05/20/62		8,179
	2,672	Series 2012-H18, Class NA, VAR, 0.950%, 08/20/62		2,650
	3,178	Series 2012-H20, Class KA, 2.000%, 06/20/62		3,207
	30,222	Series 2012-H21, Class CF, VAR, 1.130%, 05/20/61		30,217
	30,819	Series 2012-H21, Class DF, VAR, 1.080%, 05/20/61		30,791
	31,644	Series 2012-H22, Class FD, VAR, 0.900%, 01/20/61		31,470
	7,437	Series 2012-H24, Class FA, VAR, 0.880%, 03/20/60		7,438
	9,595	Series 2012-H24, Class FD, VAR, 1.020%, 09/20/62		9,600
	4,462	Series 2012-H24, Class FE, VAR, 1.030%, 10/20/62		4,442
	19,093	Series 2012-H24, Class FG, VAR, 0.681%, 04/20/60		19,005
	15,432	Series 2012-H26, Class JA, VAR, 0.980%, 10/20/61		15,430
	22,130	Series 2012-H26, Class MA, VAR, 0.980%, 07/20/62		22,053
	9,546	Series 2012-H27, Class FB, VAR, 0.930%, 10/20/62		9,520
	34,059	Series 2012-H28, Class FA, VAR, 1.010%, 09/20/62		33,935
	29,546	Series 2012-H29, Class FA, VAR, 0.945%, 10/20/62		29,294
	5,912	Series 2012-H30, Class JA, VAR, 0.910%, 01/20/60		5,915
	11,467	Series 2012-H30, Class PA, VAR, 0.880%, 11/20/59		11,470
	27,399	Series 2012-H31, Class FD, VAR, 0.770%, 12/20/62		27,033
	5,723	Series 2013-26, Class AK, VAR, 4.662%, 09/20/41		6,248
	2,945	Series 2013-54, Class WA, VAR, 4.712%, 11/20/42		3,223
	2,166	Series 2013-75, Class WA, VAR, 5.228%, 06/20/40		2,430

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,276	Series 2013-91, Class WA, VAR, 4.506%, 04/20/43		3,533
	3,874	Series 2013-147, Class BE, 4.000%, 12/20/39		4,399
	28,458	Series 2013-H01, Class FA, 1.650%, 01/20/63		28,499
	12,219	Series 2013-H01, Class JA, VAR, 0.750%, 01/20/63		12,029
	10,845	Series 2013-H01, Class TA, VAR, 0.930%, 01/20/63		10,834
	1,555	Series 2013-H02, Class HF, VAR, 0.730%, 11/20/62		1,554
	4,115	Series 2013-H03, Class FA, VAR, 0.730%, 08/20/60		4,113
	38,505	Series 2013-H04, Class BA, 1.650%, 02/20/63		38,562
	2,866	Series 2013-H04, Class SA, VAR, 0.850%, 02/20/63		2,828
	3,573	Series 2013-H07, Class GA, VAR, 0.900%, 03/20/63		3,541
	11,663	Series 2013-H07, Class HA, VAR, 0.840%, 03/20/63		11,524
	9,299	Series 2013-H07, Class JA, 1.750%, 03/20/63		9,396
	5,512	Series 2013-H07, Class MA, VAR, 0.980%, 04/20/62		5,510
	15,403	Series 2013-H08, Class FC, VAR, 0.880%, 02/20/63		15,252
	11,631	Series 2013-H09, Class HA, 1.650%, 04/20/63		11,645
	3,430	Series 2013-H14, Class FC, VAR, 0.900%, 06/20/63		3,400
	3,187	Series 2013-H14, Class FG, VAR, 0.900%, 05/20/63		3,137
	8,722	Series 2014-6, Class W, VAR, 5.471%, 01/20/39		9,733
	7,067	Series 2014-41, Class W, VAR, 4.694%, 10/20/42		7,739
	6,041	Series 2014-188, Class W, VAR, 4.686%, 10/20/41		6,580
	22,072	Series 2014-H01, Class FD, VAR, 1.080%, 01/20/64		21,956
	16,470	Series 2014-H05, Class FA, VAR, 1.120%, 02/20/64		16,402
	5,593	Series 2014-H06, Class HB, VAR, 1.080%, 03/20/64		5,568
	16,162	Series 2014-H09, Class TA, VAR, 1.030%, 04/20/64		16,044

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 51

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	24,815	Series 2014-H10, Class TA, VAR, 1.030%, 04/20/64		24,635
	27,175	Series 2014-H11, Class VA, VAR, 0.930%, 06/20/64		26,819
	26,516	Series 2014-H15, Class FA, VAR, 0.930%, 07/20/64		26,172
	19,856	Series 2014-H17, Class FC, VAR, 0.930%, 07/20/64		19,597
	23,324	Series 2014-H19, Class FE, VAR, 0.900%, 09/20/64		22,993
	11,280	Series 2014-H20, Class LF, VAR, 1.030%, 10/20/64		11,226
	6,620	Series 2015-91, Class W, VAR, 5.242%, 05/20/40		7,408
	8,795	Series 2015-137, Class WA, VAR, 5.483%, 01/20/38		9,950
	13,597	Series 2015-H02, Class FB, VAR, 0.932%, 12/20/64		13,447
	12,553	Series 2015-H03, Class FA, VAR, 0.930%, 12/20/64		12,431
	42,238	Series 2015-H05, Class FC, VAR, 0.910%, 02/20/65		42,144
	27,459	Series 2015-H06, Class FA, VAR, 0.910%, 02/20/65		27,198
	19,804	Series 2015-H07, Class ES, VAR, 0.900%, 02/20/65		19,618
	60,844	Series 2015-H08, Class FC, VAR, 0.731%, 03/20/65		60,671
	48,310	Series 2015-H10, Class FC, VAR, 0.910%, 04/20/65		48,108
	28,767	Series 2015-H12, Class FA, VAR, 0.910%, 05/20/65		28,740
	12,610	Series 2015-H15, Class FD, VAR, 0.870%, 06/20/65		12,414
	19,728	Series 2015-H15, Class FJ, VAR, 0.870%, 06/20/65		19,435
	27,967	Series 2015-H16, Class FG, VAR, 0.870%, 07/20/65		27,600
	30,254	Series 2015-H16, Class FL, VAR, 0.870%, 07/20/65		29,759
	22,570	Series 2015-H18, Class FA, VAR, 0.880%, 06/20/65		22,227
	22,713	Series 2015-H20, Class FA, VAR, 0.900%, 08/20/65		22,394
	19,744	Series 2015-H23, Class FB, VAR, 0.950%, 09/20/65		19,496
	6,236	Series 2015-H26, Class FG, VAR, 0.950%, 10/20/65		6,154

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	13,404	Series 2015-H32, Class FH, VAR, 1.090%, 12/20/65		13,317
	62,120	Series 2016-H07, Class FA, VAR, 1.190%, 03/20/66 (w)		61,887
		NCUA Guaranteed Notes Trust,
	17,704	Series 2010-R3, Class 1A, VAR, 0.999%, 12/08/20		17,730
	3,116	Series 2010-R3, Class 3A, 2.400%, 12/08/20		3,155
		Vendee Mortgage Trust,
	4,749	Series 1993-1, Class ZB, 7.250%, 02/15/23		5,367
	1,130	Series 1994-1, Class 1, VAR, 5.567%, 02/15/24		1,240
	3,595	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		4,070
	1,677	Series 1996-1, Class 1Z, 6.750%, 02/15/26		1,947
	766	Series 1996-2, Class 1Z, 6.750%, 06/15/26		884
	2,318	Series 1997-1, Class 2Z, 7.500%, 02/15/27		2,734
	1,560	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,878
				3,950,044
		Non-Agency CMO — 2.9%
		Ajax Mortgage Loan Trust,
	16,322	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		16,179
	4,621	Series 2013-B, Class A, VAR, 3.500%, 02/25/51 (e)		4,587
	7,066	Series 2013-C, Class A, SUB, 4.500%, 03/25/53 (e)		7,200
	9,635	Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		9,702
	10,474	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		10,502
		Alternative Loan Trust,
	123	Series 2002-12, Class PO, PO, 11/25/32		91
	244	Series 2003-6T2, Class A6, 5.500%, 06/25/33		243
	9,997	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		9,923
	2,866	Series 2005-1CB, Class 1A6, IF, IO, 6.664%, 03/25/35		654
	9,086	Series 2005-20CB, Class 3A8, IF, IO, 4.314%, 07/25/35		1,328

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	8,611	Series 2005-22T1, Class A2, IF, IO, 4.634%, 06/25/35		1,567
	3,944	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		3,704
	115	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		91
	29,686	Series 2005-37T1, Class A2, IF, IO, 4.614%, 09/25/35		5,757
	4,177	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		3,776
	16,490	Series 2005-54CB, Class 1A2, IF, IO, 4.414%, 11/25/35		2,233
	54	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		53
	1,643	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,548
	3,689	Series 2005-J1, Class 1A4, IF, IO, 4.664%, 02/25/35		275
		American General Mortgage Loan Trust,
	500	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		516
	2,137	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		2,140
	4,036	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		4,109
		Angel Oak Mortgage Trust LLC,
	13,970	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		13,954
	4,533	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		4,511
		ASG Resecuritization Trust,
	1,126	Series 2009-1, Class A60, VAR, 5.629%, 06/26/37 (e)		1,115
	9,413	Series 2009-3, Class A65, VAR, 2.348%, 03/26/37 (e)		9,316
	241	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		240
	731	Series 2009-5, Class A50, VAR, 3.406%, 02/28/37 (e)		731
	143	Series 2010-1, Class A85, VAR, 0.831%, 02/27/36 (e)		142
	3,415	Series 2010-2, Class A60, VAR, 1.974%, 01/28/37 (e)		3,355
	358	Series 2011-1, Class 1A85, 4.000%, 09/28/20 (e)		357
	4,879	Series 2011-1, Class 2A35, 6.000%, 09/28/36 (e)		4,300
	4,314	Series 2011-1, Class 3A50, VAR, 2.736%, 11/28/35 (e)		4,224

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Banc of America Alternative Loan Trust,
	158	Series 2003-1, Class APO, PO, 02/25/33		134
	3,578	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		3,609
	987	Series 2003-7, Class 2A4, 5.000%, 09/25/18		989
	3,470	Series 2003-11, Class 1A1, 6.000%, 01/25/34		3,597
	2,816	Series 2003-11, Class 2A1, 6.000%, 01/25/34		2,888
	402	Series 2003-11, Class PO, PO, 01/25/34		345
	906	Series 2004-1, Class 1A1, 6.000%, 02/25/34		960
	402	Series 2004-1, Class 5A1, 5.500%, 02/25/19		406
	112	Series 2004-6, Class 15PO, PO, 07/25/19		109
	796	Series 2004-8, Class 3A1, 5.500%, 09/25/19		777
	632	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		583
	2,023	Series 2005-9, Class CBIO, IO, 5.500%, 10/25/35		506
		Banc of America Funding Trust,
	443	Series 2004-1, Class PO, PO, 03/25/34		359
	611	Series 2004-2, Class 1CB1, 5.750%, 09/20/34		653
	892	Series 2004-C, Class 1A1, VAR, 3.085%, 12/20/34		872
	562	Series 2005-6, Class 2A7, 5.500%, 10/25/35		546
	472	Series 2005-7, Class 30PO, PO, 11/25/35		377
	182	Series 2005-8, Class 30PO, PO, 01/25/36		126
	1,118	Series 2005-E, Class 4A1, VAR, 2.866%, 03/20/35		1,100
	298	Series 2006-1, Class XPO, PO, 01/25/36		227
	2,906	Series 2010-R11A, Class 1A6, VAR, 5.149%, 08/26/35 (e)		2,921
		Banc of America Mortgage Trust,
	1,769	Series 2003-3, Class 1A7, 5.500%, 05/25/33		1,803
	597	Series 2003-3, Class 2A1, VAR, 0.986%, 05/25/18		578
	403	Series 2003-5, Class 3A1, 7.500%, 02/25/31		414
	140	Series 2003-6, Class 2A1, VAR, 0.886%, 08/25/18		138
	24	Series 2003-7, Class A2, 4.750%, 09/25/18		24

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 53

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	176	Series 2003-8, Class APO, PO, 11/25/33		146
	214	Series 2003-C, Class 3A1, VAR, 2.621%, 04/25/33		216
	1,575	Series 2003-E, Class 2A2, VAR, 2.794%, 06/25/33		1,560
	28	Series 2004-1, Class APO, PO, 02/25/34		26
	483	Series 2004-3, Class 15IO, IO, VAR, 0.243%, 04/25/19		1
	1,675	Series 2004-3, Class 1A26, 5.500%, 04/25/34		1,693
	52	Series 2004-4, Class APO, PO, 05/25/34		45
	705	Series 2004-5, Class 2A2, 5.500%, 06/25/34		713
	148	Series 2004-5, Class 4A1, 4.750%, 06/25/19		148
	4,712	Series 2004-6, Class 1A3, 5.500%, 05/25/34		4,751
	110	Series 2004-6, Class 2A7, 5.500%, 07/25/34		111
	261	Series 2004-6, Class APO, PO, 07/25/34		231
	18	Series 2004-8, Class 5PO, PO, 05/25/32		16
	84	Series 2004-8, Class XPO, PO, 10/25/34		72
	355	Series 2004-9, Class 3A1, 6.500%, 09/25/32		368
	4	Series 2004-9, Class 3PO, PO, 09/25/32		4
	820	Series 2004-J, Class 3A1, VAR, 3.148%, 11/25/34		800
	665	Series 2005-1, Class 2A1, 5.000%, 02/25/20		676
		BCAP LLC Trust,
	2,086	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		2,176
	2,282	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		2,292
	6,199	Series 2009-RR14, Class 3A2, VAR, 2.521%, 08/26/35 (e)		6,194
	2,937	Series 2010-RR5, Class 2A5, VAR, 5.402%, 04/26/37 (e)		2,961
	805	Series 2010-RR6, Class 22A3, VAR, 3.980%, 06/26/36 (e)		800
	1,065	Series 2010-RR7, Class 1A5, VAR, 2.812%, 04/26/35 (e)		1,051
	13,215	Series 2010-RR7, Class 2A1, VAR, 2.223%, 07/26/45 (e)		13,114
	88	Series 2010-RR8, Class 3A3, VAR, 2.746%, 05/26/35 (e)		87
	8,968	Series 2010-RR8, Class 3A4, VAR, 2.746%, 05/26/35 (e)		8,676

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	633	Series 2010-RR12, Class 2A5, VAR, 2.681%, 01/26/36 (e)		626
	1,952	Series 2010-RR12, Class 4A5, VAR, 2.736%, 10/26/36 (e)		1,920
	538	Series 2011-R11, Class 24A5, VAR, 3.000%, 08/26/22 (e)		538
	1,037	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		1,041
	8,610	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		8,658
	3,473	Series 2011-RR5, Class 11A3, VAR, 0.577%, 05/28/36 (e)		3,442
	9,902	Series 2011-RR10, Class 2A1, VAR, 1.288%, 09/26/37 (e)		9,539
	4,425	Series 2012-RR1, Class 5A1, VAR, 3.221%, 07/26/37 (e)		4,653
	2,194	Series 2012-RR2, Class 1A1, VAR, 0.597%, 08/26/36 (e)		2,174
	7,967	Series 2012-RR3, Class 2A5, VAR, 2.069%, 05/26/37 (e)		7,934
	4,321	Series 2012-RR4, Class 8A3, VAR, 0.656%, 06/26/47 (e)		4,157
	3,659	Series 2012-RR10, Class 1A1, VAR, 0.657%, 02/26/37 (e)		3,520
	9,487	Series 2012-RR10, Class 3A1, VAR, 0.617%, 05/26/36 (e)		9,233
	11,016	Series 2015-RR4, Class 1A1, VAR, 1.424%, 09/11/38 (e)		10,359
	2,551	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, VAR, 0.936%, 03/25/35		2,474
		Bear Stearns ARM Trust,
	1,866	Series 2003-2, Class A5, VAR, 2.742%, 01/25/33 (e)		1,870
	210	Series 2003-7, Class 3A, VAR, 2.543%, 10/25/33		205
	983	Series 2004-2, Class 14A, VAR, 3.129%, 05/25/34		972
	5,362	Series 2005-5, Class A1, VAR, 2.320%, 08/25/35		5,371
	4,944	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		4,806
	281	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-8, Class 1P, PO, 10/25/33		254
	81	Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates, Series 2004-1, Class P, PO, 02/25/34		69

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Chase Mortgage Finance Trust,
	936	Series 2007-A1, Class 1A3, VAR, 2.736%, 02/25/37		920
	2,053	Series 2007-A1, Class 2A1, VAR, 2.653%, 02/25/37		2,042
	288	Series 2007-A1, Class 7A1, VAR, 2.605%, 02/25/37		286
	1,140	Series 2007-A1, Class 9A1, VAR, 2.738%, 02/25/37		1,122
	853	Series 2007-A2, Class 1A1, VAR, 2.697%, 07/25/37		843
	1,192	Series 2007-A2, Class 2A1, VAR, 2.716%, 07/25/37		1,151
		CHL Mortgage Pass-Through Trust,
	164	Series 2002-18, Class PO, PO, 11/25/32		140
	515	Series 2004-3, Class A26, 5.500%, 04/25/34		537
	350	Series 2004-3, Class A4, 5.750%, 04/25/34		362
	2,421	Series 2004-5, Class 1A4, 5.500%, 06/25/34		2,499
	166	Series 2004-7, Class 2A1, VAR, 2.520%, 06/25/34		161
	863	Series 2004-8, Class 2A1, 4.500%, 06/25/19		881
	292	Series 2004-HYB1, Class 2A, VAR, 2.702%, 05/20/34		276
	1,302	Series 2004-HYB3, Class 2A, VAR, 2.331%, 06/20/34		1,230
	866	Series 2004-HYB6, Class A3, VAR, 2.646%, 11/20/34		817
	103	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		104
	399	Series 2005-14, Class A2, 5.500%, 07/25/35		393
	204	Series 2005-16, Class A23, 5.500%, 09/25/35		198
	3,315	Series 2005-22, Class 2A1, VAR, 2.716%, 11/25/35		2,789
		Citicorp Mortgage Securities Trust,
	161	Series 2006-1, Class 2A1, 5.000%, 02/25/21		165
	1,015	Series 2006-4, Class 1A2, 6.000%, 08/25/36		1,020
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	2,345	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		2,315
	16	Series 2003-UP2, Class PO1, PO, 12/25/18		14

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Citigroup Mortgage Loan Trust,
	6,923	Series 2008-AR4, Class 1A1A, VAR, 2.948%, 11/25/38 (e)		6,853
	1,572	Series 2009-5, Class 8A1, 6.000%, 06/25/36 (e)		1,591
	1,410	Series 2009-8, Class 4A1, 6.000%, 11/25/36 (e)		1,451
	4,995	Series 2009-10, Class 1A1, VAR, 2.519%, 09/25/33 (e)		5,019
	3,131	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		3,218
	2,756	Series 2009-11, Class 3A1, VAR, 5.750%, 05/25/37 (e)		2,795
	761	Series 2010-3, Class 4A1, VAR, 2.580%, 02/25/36 (e)		750
	792	Series 2010-7, Class 10A1, VAR, 2.762%, 02/25/35 (e)		781
	8,749	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		8,798
	10,358	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		10,462
	2,421	Series 2010-10, Class 2A1, VAR, 2.639%, 02/25/36 (e)		2,429
	4,137	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		4,200
		Citigroup Mortgage Loan Trust, Inc.,
	737	Series 2003-1, Class 2A5, 5.250%, 10/25/33		746
	129	Series 2003-1, Class 2A6, PO, 10/25/33		116
	96	Series 2003-1, Class PO2, PO, 10/25/33		86
	98	Series 2003-1, Class PO3, PO, 09/25/33		87
	1	Series 2003-1, Class WPO1, PO, 06/25/16		1
	76	Series 2003-UP3, Class A3, 7.000%, 09/25/33		77
	163	Series 2003-UST1, Class A1, 5.500%, 12/25/18		163
	36	Series 2003-UST1, Class PO1, PO, 12/25/18		35
	26	Series 2003-UST1, Class PO3, PO, 12/25/18		25
	521	Series 2004-UST1, Class A6, VAR, 2.349%, 08/25/34		496
	345	Series 2005-1, Class 2A1A, VAR, 2.592%, 04/25/35		273
	1,755	Series 2005-2, Class 2A11, 5.500%, 05/25/35		1,795
	1,089	Series 2005-5, Class 1A2, VAR, 3.559%, 08/25/35		778

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 55

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Credit Suisse First Boston Mortgage Securities Corp.,
	15	Series 1997-2, Class A, 7.500%, 06/25/20 (e)		15
	1,177	Series 2003-1, Class DB1, VAR, 6.728%, 02/25/33		1,189
	1,179	Series 2003-21, Class 1A4, 5.250%, 09/25/33		1,210
	936	Series 2003-23, Class 1P, PO, 10/25/33		804
	246	Series 2003-23, Class 2A5, 5.000%, 10/25/18		246
	62	Series 2003-25, Class 2A1, 4.500%, 10/25/18		61
	1,715	Series 2003-27, Class 5A3, 5.250%, 11/25/33		1,735
	670	Series 2003-27, Class 5A4, 5.250%, 11/25/33		678
	600	Series 2003-AR15, Class 3A1, VAR, 2.926%, 06/25/33		592
	1,160	Series 2004-4, Class 2A4, 5.500%, 09/25/34		1,211
	747	Series 2004-5, Class 3A1, 5.250%, 08/25/19		759
	15	Series 2004-5, Class 5P, PO, 08/25/19		15
	1,746	Series 2004-8, Class 1A4, 5.500%, 12/25/34		1,818
	247	Series 2005-9, Class AP, PO, 10/25/35		174
	3,613	Series 2005-9, Class DX, IO, 5.500%, 10/25/35		339
	210	Series 2005-10, Class AP, PO, 11/25/35		131
	1,931	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		1,966
		CSMC,
	42,663	Series 2010-11R, Class A6, VAR, 1.439%, 06/28/47 (e)		40,414
	2,459	Series 2010-17R, Class 1A1, VAR, 2.505%, 06/26/36 (e)		2,472
	4,430	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		4,432
	1,891	Series 2011-6R, Class 3A1, VAR, 2.897%, 07/28/36 (e)		1,899
	2,893	Series 2012-2R, Class 2A1, VAR, 2.498%, 03/27/47 (e)		2,849
	4,403	Series 2012-3R, Class 1A1, VAR, 2.389%, 07/27/37 (e)		4,318
	2,119	CSMC Trust, Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		2,121

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust,
	696	Series 2005-1, Class 2A1, VAR, 5.841%, 02/25/20		705
	927	Series 2005-3, Class 1A1, VAR, 5.009%, 06/25/20		926
	27	Deutsche Mortgage Securities, Inc., Mortgage Loan Trust, Series 2004-1, Class 2APO, PO, 10/25/18		26
	296	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		296
		First Horizon Alternative Mortgage Securities Trust,
	1,518	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,307
	12,246	Series 2007-FA4, Class 1A2, IF, IO, 5.214%, 08/25/37		3,003
		First Horizon Mortgage Pass-Through Trust,
	675	Series 2004-AR2, Class 2A1, VAR, 2.747%, 05/25/34		665
	375	Series 2004-AR7, Class 2A2, VAR, 2.739%, 02/25/35		372
	2,477	Series 2005-AR1, Class 2A2, VAR, 2.794%, 04/25/35		2,424
		GMACM Mortgage Loan Trust,
	4,280	Series 2003-AR1, Class A4, VAR, 3.145%, 10/19/33		4,203
	3,827	Series 2003-AR2, Class 2A4, VAR, 3.100%, 12/19/33		3,735
	137	Series 2003-J8, Class A, 5.250%, 12/25/33		142
	1,798	Series 2004-J5, Class A7, 6.500%, 01/25/35		1,855
	569	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		581
	2,977	Series 2005-AR3, Class 3A4, VAR, 2.976%, 06/19/35		2,898
		GSMPS Mortgage Loan Trust,
	717	Series 2004-4, Class 1AF, VAR, 0.836%, 06/25/34 (e)		594
	1,321	Series 2005-RP2, Class 1AF, VAR, 0.786%, 03/25/35 (e)		1,113
	8,033	Series 2005-RP3, Class 1AF, VAR, 0.786%, 09/25/35 (e)		6,488
	5,921	Series 2005-RP3, Class 1AS, IO, VAR, 4.359%, 09/25/35 (e)		874
		GSR Mortgage Loan Trust,
	448	Series 2003-3F, Class 4A3, 5.750%, 04/25/33		466

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	174	Series 2003-6F, Class A2, VAR, 0.836%, 09/25/32		164
	1,178	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		1,210
	1,676	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		1,720
	1,091	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,158
	515	Series 2005-5F, Class 8A3, VAR, 0.936%, 06/25/35		486
	2,527	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		2,616
	186	Series 2005-AR6, Class 3A1, VAR, 2.874%, 09/25/35		185
	1,388	Series 2006-1F, Class 1A3, 5.500%, 02/25/36		1,309
	5,349	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		4,712
	4,393	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,267
	9,283	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		9,097
	1,729	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 1.036%, 05/25/35		1,674
		Impac Secured Assets CMN Owner Trust,
	1,004	Series 2003-2, Class A1, 5.500%, 08/25/33		1,013
	46	Series 2004-3, Class 1A4, VAR, 1.236%, 11/25/34		45
		Impac Secured Assets Trust,
	4,992	Series 2006-1, Class 2A1, VAR, 0.786%, 05/25/36		4,455
	5,485	Series 2006-2, Class 2A1, VAR, 0.786%, 08/25/36		5,329
	2,256	Jefferies Resecuritization Trust, Series 2011-R2, Class A1, VAR, 4.500%, 10/26/36 (e)		2,295
		JP Morgan Mortgage Trust,
	745	Series 2004-A3, Class 4A1, VAR, 2.714%, 07/25/34		762
	929	Series 2004-A4, Class 1A1, VAR, 2.811%, 09/25/34		944
	360	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		369
	2,118	Series 2005-A1, Class 3A4, VAR, 2.759%, 02/25/35		2,148
	13,814	Series 2006-A2, Class 4A1, VAR, 2.716%, 08/25/34		13,831

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	7,535	Series 2006-A2, Class 5A3, VAR, 2.682%, 11/25/33		7,541
	1,775	Series 2006-A3, Class 6A1, VAR, 2.748%, 08/25/34		1,768
	1,407	Series 2007-A1, Class 5A1, VAR, 2.826%, 07/25/35		1,400
	563	Series 2007-A1, Class 5A2, VAR, 2.826%, 07/25/35		568
		JP Morgan Resecuritization Trust,
	1,145	Series 2009-6, Class 4A1, VAR, 2.661%, 09/26/36 (e)		1,144
	302	Series 2010-4, Class 7A1, VAR, 1.990%, 08/26/35 (e)		301
		Lehman Mortgage Trust,
	850	Series 2006-2, Class 1A1, VAR, 5.943%, 04/25/36		754
	768	Series 2007-6, Class 1A8, 6.000%, 07/25/37		687
	4,494	Series 2008-2, Class 1A6, 6.000%, 03/25/38		3,453
		MASTR Adjustable Rate Mortgages Trust,
	900	Series 2004-3, Class 4A2, VAR, 2.452%, 04/25/34		837
	3,541	Series 2004-13, Class 2A1, VAR, 2.781%, 04/21/34		3,534
	551	Series 2004-15, Class 3A1, VAR, 3.403%, 12/25/34		540
		MASTR Alternative Loan Trust,
	1,295	Series 2003-9, Class 2A1, 6.000%, 12/25/33		1,281
	255	Series 2003-9, Class 8A1, 6.000%, 01/25/34		255
	749	Series 2004-3, Class 2A1, 6.250%, 04/25/34		780
	2,496	Series 2004-3, Class 3A1, 6.000%, 04/25/34		2,610
	499	Series 2004-6, Class 30PO, PO, 07/25/34		389
	302	Series 2004-6, Class 7A1, 6.000%, 07/25/34		302
	404	Series 2004-7, Class 30PO, PO, 08/25/34		308
	628	Series 2004-8, Class 6A1, 5.500%, 09/25/19		640
	197	Series 2004-10, Class 1A1, 4.500%, 09/25/19		198
	801	Series 2005-6, Class 3A1, 5.500%, 11/25/20		775
		MASTR Asset Securitization Trust,
	54	Series 2003-2, Class 1A1, 5.000%, 03/25/18		54

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 57

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	36	Series 2003-2, Class 2A1, 4.500%, 03/25/18		36
	114	Series 2003-2, Class 2A10, 4.500%, 03/25/18		113
	65	Series 2003-8, Class 1A1, 5.500%, 09/25/33		64
	98	Series 2003-9, Class 15PO, PO, 10/25/18		98
	142	Series 2003-9, Class 2A7, 5.500%, 10/25/33		141
	62	Series 2003-11, Class 3A1, 4.500%, 12/25/18		63
	104	Series 2003-12, Class 30PO, PO, 12/25/33		92
	273	Series 2003-12, Class 6A1, 5.000%, 12/25/33		275
	72	Series 2004-1, Class 30PO, PO, 02/25/34		62
	1,763	Series 2004-4, Class 1A6, 5.250%, 12/26/33		1,821
	11	Series 2004-4, Class 3A1, 4.500%, 04/25/19		11
	58	Series 2004-6, Class 15PO, PO, 07/25/19		55
	200	Series 2004-8, Class 1A1, 4.750%, 08/25/19		204
	34	Series 2004-8, Class PO, PO, 08/25/19		32
	309	Series 2004-9, Class 5A1, 5.250%, 09/25/19		313
	943	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		1,017
		MASTR Reperforming Loan Trust,
	10,709	Series 2005-2, Class 1A1F, VAR, 0.786%, 05/25/35 (e)		8,462
	1,341	Series 2006-2, Class 1A1, VAR, 4.623%, 05/25/36 (e)		1,230
	795	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		626
		Merrill Lynch Mortgage Investors Trust,
	864	Series 2003-A5, Class 2A6, VAR, 2.496%, 08/25/33		866
	1,753	Series 2003-E, Class A1, VAR, 1.056%, 10/25/28		1,662
	3,451	Series 2003-F, Class A1, VAR, 1.076%, 10/25/28		3,360
	1,751	Series 2004-1, Class 2A1, VAR, 2.321%, 12/25/34		1,746
	740	Series 2004-A, Class A1, VAR, 0.896%, 04/25/29		708
	1,455	Series 2004-A4, Class A2, VAR, 2.561%, 08/25/34		1,478
	1,503	Series 2004-C, Class A2, VAR, 1.428%, 07/25/29		1,423

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — continued
	2,842		Series 2005-A2, Class A1, VAR, 2.643%, 02/25/35		2,761
	3,043		Merrill Lynch Mortgage-Backed Securities Trust, Series 2007-3, Class 1A3, VAR, 1.343%, 06/25/37		2,933
	11		ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		12
			Morgan Stanley Mortgage Loan Trust,
	3,316		Series 2004-3, Class 4A, VAR, 5.691%, 04/25/34		3,470
	824		Series 2004-9, Class 4A, VAR, 4.924%, 10/25/19		814
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 14,925.500%, 04/20/21		1
	1,203		MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 1.076%, 02/25/35		1,139
			MRFC Mortgage Pass-Through Trust,
	3,547		Series 2000-TBC2, Class A1, VAR, 0.911%, 06/15/30		3,344
	773		Series 2000-TBC3, Class A1, VAR, 0.871%, 12/15/30		732
	743		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		751
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	316		Series 2003-A1, Class A1, 5.500%, 05/25/33		320
	202		Series 2003-A1, Class A2, 6.000%, 05/25/33		205
	96		Series 2003-A1, Class A5, 7.000%, 04/25/33		98
	4		Series 2003-A1, Class A7, 5.000%, 04/25/18		4
	658		Nomura Resecuritization Trust, Series 2010-6RA, Class 1A5, VAR, 2.963%, 03/26/36 (e)		643
	5		PaineWebber CMO Trust, Series P, Class 4, 8.500%, 08/01/19		6
	1,383		Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		1,444
	618		Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.641%, 05/25/35		629
			RALI Trust,
	74		Series 2001-QS19, Class A2, 6.000%, 12/25/16		73
	278		Series 2002-QS8, Class A5, 6.250%, 06/25/17		278

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	78	Series 2002-QS16, Class A3, IF, 15.712%, 10/25/17		81
	1,872	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		1,947
	627	Series 2003-QR24, Class A5, 4.000%, 07/25/33		627
	185	Series 2003-QS3, Class A2, IF, 15.541%, 02/25/18		195
	492	Series 2003-QS9, Class A3, IF, IO, 7.114%, 05/25/18		24
	341	Series 2003-QS12, Class A2A, IF, IO, 7.164%, 06/25/18		21
	104	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		4
	8,894	Series 2003-QS13, Class A2, 4.000%, 07/25/33		8,370
	788	Series 2003-QS14, Class A1, 5.000%, 07/25/18		792
	8,903	Series 2003-QS15, Class A7, 5.500%, 08/25/33		8,921
	240	Series 2003-QS18, Class A1, 5.000%, 09/25/18		242
	5,076	Series 2003-QS19, Class A1, 5.750%, 10/25/33		5,278
	8,206	Series 2004-QS7, Class A4, 5.500%, 05/25/34		8,333
	2,410	Series 2005-QA6, Class A32, VAR, 3.473%, 05/25/35		2,020
	260	Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		214
		RBSSP Resecuritization Trust,
	3,945	Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		4,177
	1,113	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		1,161
	1,184	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		1,192
	4,916	Series 2009-12, Class 1A1, VAR, 5.799%, 11/25/33 (e)		5,079
	1,629	Series 2010-9, Class 3A1, VAR, 5.000%, 10/26/34 (e)		1,664
	4,466	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		4,400
	119	Reperforming Loan REMIC Trust, Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		98
		Residential Asset Securitization Trust,
	292	Series 2003-A8, Class A5, 4.250%, 10/25/18		293

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	319	Series 2003-A13, Class A3, 5.500%, 01/25/34		325
	18	Series 2003-A14, Class A1, 4.750%, 02/25/19		19
	10,547	Series 2005-A2, Class A4, IF, IO, 4.614%, 03/25/35		1,673
	1,042	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		944
		RFMSI Trust,
	55	Series 2003-S14, Class A4, PO, 07/25/18		53
	157	Series 2003-S16, Class A3, 5.000%, 09/25/18		157
	281	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		284
	184	Series 2004-S6, Class 2A6, PO, 06/25/34		157
	952	Series 2005-SA4, Class 1A1, VAR, 2.842%, 09/25/35		785
		Sequoia Mortgage Trust,
	1,690	Series 2004-8, Class A1, VAR, 1.132%, 09/20/34		1,597
	2,560	Series 2004-8, Class A2, VAR, 1.610%, 09/20/34		2,448
	763	Series 2004-10, Class A1A, VAR, 1.052%, 11/20/34		725
	2,555	Series 2004-11, Class A1, VAR, 1.032%, 12/20/34		2,461
	2,059	Series 2004-12, Class A3, VAR, 1.115%, 01/20/35		1,880
		Springleaf Mortgage Loan Trust,
	7,203	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		7,177
	9,745	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		9,743
	7,103	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		7,099
	5,974	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		5,973
	10,722	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		10,733
	7,808	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		7,854
	441	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		441
	10,968	Series 2013-3A, Class M1, VAR, 3.790%, 09/25/57 (e)		11,057
	522	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.454%, 06/25/34		519

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 59

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Structured Asset Mortgage Investments II Trust,
	2,164	Series 2004-AR5, Class 1A1, VAR, 1.090%, 10/19/34		2,053
	7,690	Series 2005-AR5, Class A3, VAR, 0.680%, 07/19/35		7,274
		Structured Asset Securities Corp.,
	2,712	Series 2003-37A, Class 2A, VAR, 4.422%, 12/25/33		2,700
	2,638	Series 2004-4XS, Class 1A5, SUB, 5.602%, 02/25/34		2,712
	1,017	Series 2005-RF3, Class 1A, VAR, 0.786%, 06/25/35 (e)		810
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	440	Series 2003-29, Class 1A1, 4.750%, 09/25/18		444
	306	Series 2003-30, Class 1A1, 5.500%, 10/25/33		320
	230	Series 2003-32, Class 1A1, VAR, 5.254%, 11/25/33		229
	2,915	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		2,974
	856	Series 2003-34A, Class 3A3, VAR, 2.639%, 11/25/33		837
	6,100	Series 2004-5H, Class A4, 5.540%, 12/25/33		6,268
	587	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		591
		Thornburg Mortgage Securities Trust,
	5,662	Series 2003-4, Class A1, VAR, 1.076%, 09/25/43		5,425
	4,226	Series 2004-4, Class 3A, VAR, 2.229%, 12/25/44		4,152
		WaMu Mortgage Pass-Through Certificates Trust,
	1,503	Series 2003-AR7, Class A7, VAR, 2.412%, 08/25/33		1,499
	7,763	Series 2003-AR9, Class 1A6, VAR, 2.519%, 09/25/33		7,789
	1,440	Series 2003-AR9, Class 2A, VAR, 2.562%, 09/25/33		1,414
	4,470	Series 2003-AR11, Class A6, VAR, 2.530%, 10/25/33		4,489
	1,366	Series 2003-S1, Class A5, 5.500%, 04/25/33		1,405
	303	Series 2003-S4, Class 2A10, IF, 16.264%, 06/25/33		380

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	410	Series 2003-S8, Class A5, 4.500%, 09/25/18		412
	137	Series 2003-S8, Class A6, 4.500%, 09/25/18		138
	5,273	Series 2003-S9, Class A8, 5.250%, 10/25/33		5,384
	103	Series 2003-S9, Class P, PO, 10/25/33		86
	82	Series 2003-S10, Class A2, 5.000%, 10/25/18		83
	219	Series 2003-S13, Class 23A1, VAR, 0.986%, 12/25/18		213
	2,044	Series 2004-AR3, Class A1, VAR, 2.470%, 06/25/34		2,051
	2,626	Series 2004-AR3, Class A2, VAR, 2.470%, 06/25/34		2,636
	561	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		568
	649	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		660
	890	Series 2004-RS2, Class A4, 5.000%, 11/25/33		903
	4,725	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		4,925
	1,185	Series 2004-S3, Class 1A5, 5.000%, 07/25/34		1,231
	1,051	Series 2006-AR8, Class 1A2, VAR, 2.414%, 08/25/46		888
	219	Series 2006-AR10, Class 2P, VAR, 2.451%, 09/25/36		189
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	1,924	Series 2005-1, Class 1A1, 5.500%, 03/25/35		1,906
	168	Series 2005-1, Class CP, PO, 03/25/35		119
	11,221	Series 2005-2, Class 1A4, IF, IO, 4.614%, 04/25/35		1,918
	3,000	Series 2005-2, Class 2A3, IF, IO, 4.564%, 04/25/35		438
	3,963	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,682
	3,796	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		789
	770	Series 2005-6, Class 2A4, 5.500%, 08/25/35		700
	313	Series 2006-1, Class 3A2, 5.750%, 02/25/36		280

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Washington Mutual MSC Mortgage Pass-Through Certificates Trust,
	67	Series 2003-MS5, Class 1A4, VAR, 0.936%, 03/25/18		66
	21	Series 2003-MS7, Class P, PO, 03/25/33		18
		Wells Fargo Alternative Loan Trust,
	128	Series 2003-1, Class APO, PO, 09/25/33		112
	410	Series 2007-PA3, Class 1A2, 5.750%, 07/25/37		359
	1,133	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		1,121
		Wells Fargo Mortgage-Backed Securities Trust,
	2,998	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		2,991
	115	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		115
	448	Series 2003-L, Class 2A1, VAR, 2.720%, 11/25/33		446
	647	Series 2004-4, Class A9, 5.500%, 05/25/34		660
	989	Series 2004-B, Class A1, VAR, 2.720%, 02/25/34		978
	2,400	Series 2004-EE, Class 2A1, VAR, 2.742%, 12/25/34		2,410
	1,633	Series 2004-EE, Class 2A2, VAR, 2.742%, 12/25/34		1,659
	2,691	Series 2004-EE, Class 3A1, VAR, 2.717%, 12/25/34		2,695
	879	Series 2004-EE, Class 3A2, VAR, 2.717%, 12/25/34		880
	3,955	Series 2004-I, Class 1A1, VAR, 2.787%, 07/25/34		3,989
	10,956	Series 2004-P, Class 2A1, VAR, 2.738%, 09/25/34		10,910
	4,717	Series 2004-S, Class A1, VAR, 2.753%, 09/25/34		4,784
	1,647	Series 2004-V, Class 1A1, VAR, 2.754%, 10/25/34		1,648
	2,112	Series 2004-V, Class 1A2, VAR, 2.754%, 10/25/34		2,124
	1,110	Series 2005-14, Class 1A1, 5.500%, 12/25/35		1,149
	239	Series 2005-14, Class 2APO, PO, 12/25/35		207
	19,633	Series 2005-AR3, Class 1A1, VAR, 2.764%, 03/25/35		19,552
	2,212	Series 2005-AR8, Class 2A1, VAR, 2.788%, 06/25/35		2,239

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	509	Series 2007-7, Class A7, 6.000%, 06/25/37		486
	2,931	Series 2007-11, Class A14, 6.000%, 08/25/37		2,890
				876,830
		Total Collateralized Mortgage Obligations (Cost $4,667,921)		4,826,874
	Commercial Mortgage-Backed Securities — 3.3%
		A10 Securitization LLC,
	795	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		796
	17,714	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		17,628
	4,310	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		4,302
	2,625	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		2,546
		A10 Term Asset Financing LLC,
	11,122	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		10,872
	2,000	Series 2013-2, Class B, 4.380%, 11/15/27 (e)		1,914
	2,442	Series 2013-2, Class C, 5.120%, 11/15/27 (e)		2,310
	10,254	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		10,118
	2,113	Series 2014-1, Class B, 3.870%, 04/15/33 (e)		2,069
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	3,932	Series 2014-FL2, Class B, VAR, 2.480%, 08/15/31 (e)		3,882
	3,982	Series 2014-FL2, Class C, VAR, 2.930%, 08/15/31 (e)		3,932
	2,750	Series 2014-FL2, Class D, VAR, 3.830%, 08/15/31 (e)		2,609
		BAMLL Commercial Mortgage Securities Trust,
	7,026	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		7,135
	7,700	Series 2014-520M, Class C, VAR, 4.214%, 08/15/46 (e)		6,938
		Banc of America Commercial Mortgage Trust,
	12,836	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		12,847
	4,994	Series 2006-4, Class A4, 5.634%, 07/10/46		5,004
	7,216	Series 2006-5, Class A4, 5.414%, 09/10/47		7,271

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 61

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	153,574	Series 2006-5, Class XC, IO, VAR, 0.693%, 09/10/47 (e)		513
	7,375	Series 2007-5, Class A4, 5.492%, 02/10/51		7,630
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	1,097	Series 2005-1, Class AJ, VAR, 5.338%, 11/10/42		1,095
	1,459	Series 2005-3, Class AM, 4.727%, 07/10/43		1,453
	49,532	Series 2005-5, Class XC, IO, VAR, 0.035%, 10/10/45 (e)		23
	6,932	Banc of America Re-REMIC Trust, Series 2009-UB1, Class A4A, VAR, 5.590%, 06/24/50 (e)		7,083
		BB-UBS Trust,
	23,898	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		24,325
	25,559	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		25,448
		Bear Stearns Commercial Mortgage Securities Trust,
	182,398	Series 2006-PW14, Class X1, IO, VAR, 0.644%, 12/11/38 (e)		675
	2,084	Series 2006-T24, Class A4, 5.537%, 10/12/41		2,105
	533,241	Series 2007-T26, Class X1, IO, VAR, 0.144%, 01/12/45 (e)		967
	133,832	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.354%, 12/11/49 (e)		438
	92,090	CD Mortgage Trust, Series 2006-CD3, Class XS, IO, VAR, 0.519%, 10/15/48 (e)		596
	4,653	CGBAM Commercial Mortgage Trust, Series 2014-HD, Class A, VAR, 1.227%, 02/15/31 (e)		4,584
	3,585	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		3,598
		COBALT CMBS Commercial Mortgage Trust,
	4,027	Series 2006-C1, Class A4, 5.223%, 08/15/48		4,076
	5,022	Series 2006-C1, Class AM, 5.254%, 08/15/48		4,963
	124,652	Series 2006-C1, Class IO, IO, VAR, 0.780%, 08/15/48		593
		COMM Mortgage Trust,
	8,968	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		9,018
	26,608	Series 2012-CR2, Class XA, IO, VAR, 1.800%, 08/15/45		2,266

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	4,484	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		4,901
	6,150	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		6,252
	13,800	Series 2014-CR19, Class A5, 3.796%, 08/10/47		14,602
	31,243	Series 2014-KYO, Class A, VAR, 1.329%, 06/11/27 (e)		30,471
	7,748	Series 2014-PAT, Class A, VAR, 1.227%, 08/13/27 (e)		7,516
	10,196	Series 2014-TWC, Class A, VAR, 1.274%, 02/13/32 (e)		9,889
	2,850	Series 2014-TWC, Class B, VAR, 2.034%, 02/13/32 (e)		2,764
	9,250	Series 2015-CR24, Class A5, 3.696%, 08/10/55		9,665
	17,593	Series 2015-CR25, Class A4, 3.759%, 08/10/48		18,457
	2,690	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.877%, 07/10/38		2,692
	198,333	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, VAR, 0.074%, 01/15/49 (e)		207
	32,801	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, VAR, 1.356%, 07/10/44 (e)		1,157
	4,000	DBWF Mortgage Trust, Series 2015-LCM, Class A2, VAR, 3.535%, 06/10/34 (e)		4,044
	7,757	FDIC Guaranteed Notes Trust, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		7,899
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	70,000	Series K037, Class A2, 3.490%, 01/25/24		75,857
	20,914	Series K038, Class A2, 3.389%, 03/25/24		22,593
	23,597	Series K052, Class A2, 3.151%, 11/25/25		24,866
	6,102	Series KJ02, Class A2, 2.597%, 09/25/20		6,296
	36,100	Series KPLB, Class A, 2.770%, 05/25/25		36,796
	14,000	Series KS01, Class A2, 2.522%, 01/25/23		14,422
	41,500	Series KSMC, Class A2, 2.615%, 01/25/23		43,110
		Government National Mortgage Association,
	13,912	Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		15,004
	14,497	Series 2014-168, Class VB, VAR, 3.495%, 06/16/47		15,720
	11,309	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		11,451
		GS Mortgage Securities Corp. Trust,
	67,725	Series 2012-SHOP, Class XA, IO, VAR, 1.297%, 06/05/31 (e)		2,647

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	4,384	Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		4,417
		GS Mortgage Securities Trust,
	101,067	Series 2006-GG8, Class X, IO, VAR, 0.575%, 11/10/39 (e)		151
	1,600	Series 2011-GC5, Class D, VAR, 5.313%, 08/10/44 (e)		1,489
	4,932	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		4,944
		JP Morgan Chase Commercial Mortgage Securities Trust,
	641	Series 2005-CB11, Class AJ, VAR, 5.411%, 08/12/37		640
	86,531	Series 2005-CB11, Class X1, IO, VAR, 0.045%, 08/12/37 (e)		110
	81,734	Series 2005-LDP5, Class X1, IO, VAR, 0.100%, 12/15/44 (e)		97
	991	Series 2006-CB15, Class A4, VAR, 5.814%, 06/12/43		992
	223,391	Series 2006-CB15, Class X1, IO, VAR, 0.271%, 06/12/43		212
	1,393	Series 2006-CB16, Class A4, 5.552%, 05/12/45		1,400
	789	Series 2006-LDP8, Class A4, 5.399%, 05/15/45		792
	1,835	Series 2006-LDP9, Class A3SF, VAR, 0.586%, 05/15/47		1,822
	3,587	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		3,555
	1,267	Series 2007-C1, Class A4, 5.716%, 02/15/51		1,324
	250,503	Series 2007-LD12, Class X, IO, VAR, 0.078%, 02/15/51		293
	8,924	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		9,367
		LB-UBS Commercial Mortgage Trust,
	689	Series 2006-C4, Class A4, VAR, 5.852%, 06/15/38		690
	4,260	Series 2007-C1, Class AM, 5.455%, 02/15/40		4,360
	5,386	Series 2007-C2, Class A3, 5.430%, 02/15/40		5,494
	113,228	Series 2007-C2, Class XW, IO, VAR, 0.539%, 02/15/40		598
	143	Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, VAR, 5.757%, 05/12/39		143
		ML-CFC Commercial Mortgage Trust,
	260,942	Series 2006-4, Class XC, IO, VAR, 0.612%, 12/12/49 (e)		1,016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	5,343	Series 2007-9, Class A4, 5.700%, 09/12/49		5,552
	18,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		18,990
		Morgan Stanley Capital I Trust,
	164,755	Series 2006-IQ12, Class X1, IO, VAR, 0.444%, 12/15/43 (e)		388
	293,571	Series 2007-HQ11, Class X, IO, VAR, 0.208%, 02/12/44 (e)		484
	71,391	Series 2007-HQ13, Class X1, IO, VAR, 0.457%, 12/15/44 (e)		457
	258,869	Series 2007-IQ13, Class X, IO, VAR, 0.403%, 03/15/44 (e)		861
	5,477	Series 2011-C3, Class A3, 4.054%, 07/15/49		5,782
	7,174	Series 2012-C4, Class A3, 2.991%, 03/15/45		7,363
		Morgan Stanley Re-REMIC Trust,
	9,085	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		8,999
	15,284	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		15,245
	10,268	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		9,421
	15,745	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		15,764
		NorthStar, (Cayman Islands),
	4,729	Series 2013-1A, Class A, VAR, 2.286%, 08/25/29 (e)		4,727
	6,359	Series 2013-1A, Class B, VAR, 5.436%, 08/25/29 (e)		6,429
		PFP Ltd., (Cayman Islands),
	11,006	Series 2015-2, Class A, VAR, 1.879%, 07/14/34 (e)		10,873
	7,564	Series 2015-2, Class C, VAR, 3.679%, 07/14/34 (e)		7,568
	4,646	Series 2015-2, Class D, VAR, 4.429%, 07/14/34 (e)		4,649
		RAIT Trust,
	6,204	Series 2014-FL3, Class A, VAR, 1.677%, 12/15/31 (e)		6,084
	8,939	Series 2014-FL3, Class AS, VAR, 2.227%, 12/15/31 (e)		8,694
	4,676	Series 2014-FL3, Class B, VAR, 3.077%, 12/15/31 (e)		4,570
	11,335	Series 2015-FL4, Class A, VAR, 1.777%, 12/15/31 (e)		11,153
	9,668	Series 2015-FL4, Class AS, VAR, 2.177%, 12/15/31 (e)		9,529

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 63

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	12,154	Series 2015-FL5, Class B, VAR, 4.327%, 01/15/31 (e)		12,124
	4,450	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		4,577
	5,167	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		5,208
		Resource Capital Corp., Ltd., (Cayman Islands),
	5,100	Series 2015-CRE4, Class A, VAR, 1.827%, 08/15/32 (e)		5,000
	6,908	Series 2015-CRE4, Class B, VAR, 3.427%, 08/15/32 (e)		6,812
	7,692	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		7,685
	16,108	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, VAR, 2.178%, 05/10/45 (e)		1,570
	15,527	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		16,055
		UBS-Barclays Commercial Mortgage Trust,
	9,327	Series 2012-C2, Class A4, 3.525%, 05/10/63		9,853
	63,438	Series 2012-C2, Class XA, IO, VAR, 1.664%, 05/10/63 (e)		3,876
	2,357	Series 2013-C6, Class A4, 3.244%, 04/10/46		2,408
		VNDO Mortgage Trust,
	11,148	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		11,209
	30,750	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		32,375
		Wachovia Bank Commercial Mortgage Trust,
	1,044	Series 2004-C11, Class A5, VAR, 5.170%, 01/15/41		1,043
	174,584	Series 2006-C24, Class XC, IO, VAR, 0.036%, 03/15/45 (e)		2
		Wells Fargo Commercial Mortgage Trust,
	13,452	Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		13,688
	8,751	Series 2015-C30, Class A4, 3.664%, 09/15/58		9,102
	2,904	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		2,904
		WFRBS Commercial Mortgage Trust,
	9,206	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		10,015
	282	Series 2012-C6, Class A1, 1.081%, 04/15/45		282
	9,327	Series 2012-C6, Class A4, 3.440%, 04/15/45		9,807

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,500	Series 2013-C11, Class D, VAR, 4.179%, 03/15/45 (e)		2,129
		Total Commercial Mortgage-Backed Securities (Cost $955,212)		968,112
	Corporate Bonds — 18.5%
		Consumer Discretionary — 1.4%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	4,124	3.750%, 12/01/21		4,255
	2,991	4.250%, 03/01/21		3,138
	1,146	4.950%, 07/02/64		1,017
	6,278	5.250%, 12/01/41		6,177
				14,587
		Automobiles — 0.1%
		Daimler Finance North America LLC,
	3,758	1.875%, 01/11/18 (e)		3,749
	2,089	2.250%, 03/02/20 (e)		2,058
	1,692	2.375%, 08/01/18 (e)		1,701
	4,706	2.625%, 09/15/16 (e)		4,738
	8,789	2.950%, 01/11/17 (e)		8,888
	1,345	8.500%, 01/18/31		2,012
	1,452	General Motors Co., 6.600%, 04/01/36		1,504
	3,299	Hyundai Capital America, 2.400%, 10/30/18 (e)		3,299
				27,949
		Hotels, Restaurants & Leisure — 0.0% (g)
	4,590	Starbucks Corp., 2.700%, 06/15/22		4,728
				–
		Internet & Catalog Retail — 0.1%
		Amazon.com, Inc.,
	8,688	3.800%, 12/05/24		9,323
	8,677	4.800%, 12/05/34		9,375
				18,698
		Media — 0.9%
		21st Century Fox America, Inc.,
	2,242	6.200%, 12/15/34		2,497
	2,690	6.650%, 11/15/37		3,002
	1,345	6.900%, 08/15/39		1,513
	1,762	7.250%, 05/18/18		1,963
	3,946	7.300%, 04/30/28		4,881
	2,690	7.625%, 11/30/28		3,539
	986	8.000%, 10/17/16		1,025
	942	8.875%, 04/26/23		1,247
	1,525	9.500%, 07/15/24		2,126

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		CBS Corp.,
	5,275	3.700%, 08/15/24		5,253
	4,293	4.000%, 01/15/26		4,283
	2,679	4.600%, 01/15/45		2,339
	2,004	4.900%, 08/15/44		1,819
	673	5.500%, 05/15/33		677
	583	5.900%, 10/15/40		578
		CCO Safari II LLC,
	11,182	4.464%, 07/23/22 (e)		11,354
	4,374	6.384%, 10/23/35 (e)		4,569
	4,708	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		6,583
	897	Comcast Cable Communications LLC, 8.875%, 05/01/17		974
	1,614	Comcast Cable Holdings LLC, 10.125%, 04/15/22		2,157
		Comcast Corp.,
	2,773	3.375%, 08/15/25		2,912
	3,361	4.200%, 08/15/34		3,428
	10,484	4.250%, 01/15/33		10,736
	2,690	6.450%, 03/15/37		3,401
	897	6.500%, 01/15/17		939
	11,658	6.500%, 11/15/35		14,678
		Cox Communications, Inc.,
	3,027	3.250%, 12/15/22 (e)		2,823
	5,600	4.800%, 02/01/35 (e)		4,681
	1,166	8.375%, 03/01/39 (e)		1,272
	2,377	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		2,722
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	9,257	3.800%, 03/15/22		9,511
	2,245	3.950%, 01/15/25		2,282
	5,022	4.600%, 02/15/21		5,415
	11,179	6.000%, 08/15/40		11,596
	2,861	6.375%, 03/01/41		3,073
		Discovery Communications LLC,
	6,532	4.375%, 06/15/21		6,651
	5,069	4.950%, 05/15/42		4,028
		Grupo Televisa SAB, (Mexico),
	1,494	4.625%, 01/30/26		1,514
	1,332	6.125%, 01/31/46		1,289
	3,018	Historic TW, Inc., 9.150%, 02/01/23		3,890
		NBCUniversal Media LLC,
	6,080	4.375%, 04/01/21		6,709
	4,575	5.950%, 04/01/41		5,542
	3,233	6.400%, 04/30/40		4,071

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	1,654	Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)		1,635
		Thomson Reuters Corp., (Canada),
	3,119	3.850%, 09/29/24		3,188
	8,115	3.950%, 09/30/21		8,527
	2,716	4.500%, 05/23/43		2,349
	1,928	4.700%, 10/15/19		2,077
		Time Warner Cable, Inc.,
	3,350	5.500%, 09/01/41		2,982
	873	5.850%, 05/01/17		907
	4,125	5.875%, 11/15/40		3,837
	2,327	6.550%, 05/01/37		2,344
	4,080	6.750%, 07/01/18		4,446
	1,794	6.750%, 06/15/39		1,808
	2,197	7.300%, 07/01/38		2,318
	1,928	8.250%, 04/01/19		2,204
	1,601	8.750%, 02/14/19		1,845
	2,030	Time Warner Cos., Inc., 7.570%, 02/01/24		2,468
	7,641	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		9,064
		Time Warner, Inc.,
	10,400	3.600%, 07/15/25		10,222
	5,085	4.750%, 03/29/21		5,483
	1,573	5.375%, 10/15/41		1,472
	2,802	6.200%, 03/15/40		2,972
	1,474	6.250%, 03/29/41		1,579
	2,238	6.500%, 11/15/36		2,410
	3,430	7.625%, 04/15/31		4,164
	1,125	7.700%, 05/01/32		1,350
		Viacom, Inc.,
	1,440	2.750%, 12/15/19		1,434
	2,489	3.125%, 06/15/22		2,268
	599	3.250%, 03/15/23		543
	5,046	3.875%, 12/15/21		5,012
	6,243	4.375%, 03/15/43		4,258
	1,813	4.500%, 02/27/42		1,272
	1,559	4.850%, 12/15/34		1,230
	274	6.250%, 04/30/16		276
				273,486
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	3,662	2.875%, 02/15/23		3,307
	3,340	3.450%, 01/15/21		3,347
	1,671	4.375%, 09/01/23		1,646
	3,368	4.500%, 12/15/34		2,673

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 65

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multiline Retail — continued
	877	5.125%, 01/15/42		699
	1,166	7.450%, 07/15/17		1,251
	3,458	Nordstrom, Inc., 4.000%, 10/15/21		3,612
	1,883	Target Corp., 6.000%, 01/15/18		2,048
				18,583
		Specialty Retail — 0.1%
	1,409	Bed Bath & Beyond, Inc., 4.915%, 08/01/34		1,204
	3,199	Gap, Inc. (The), 5.950%, 04/12/21		3,330
		Home Depot, Inc. (The),
	3,649	2.000%, 04/01/21		3,670
	3,797	2.625%, 06/01/22		3,862
	2,897	3.000%, 04/01/26		2,995
	5,037	4.250%, 04/01/46		5,264
	4,125	5.400%, 03/01/16		4,125
		Lowe’s Cos., Inc.,
	1,820	3.375%, 09/15/25		1,910
	3,901	4.650%, 04/15/42		4,211
	2,067	5.125%, 11/15/41		2,359
	2,150	6.875%, 02/15/28		2,855
	3,139	Series B, 7.110%, 05/15/37		4,198
				39,983
		Total Consumer Discretionary		398,014
		Consumer Staples — 1.0%
		Beverages — 0.4%
		Anheuser-Busch Cos. LLC,
	897	5.500%, 01/15/18		962
	986	5.750%, 04/01/36		1,134
		Anheuser-Busch InBev Finance, Inc.,
	7,607	2.650%, 02/01/21		7,736
	9,228	3.300%, 02/01/23		9,483
	12,594	3.650%, 02/01/26		13,000
	7,000	3.700%, 02/01/24		7,408
	10,350	4.700%, 02/01/36		10,850
	8,194	4.900%, 02/01/46		8,781
	1,151	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		1,337
	4,687	Brown-Forman Corp., 4.500%, 07/15/45		4,973
		Diageo Capital plc, (United Kingdom),
	3,524	1.500%, 05/11/17		3,530
	2,493	4.828%, 07/15/20		2,748
	4,484	Diageo Investment Corp., 8.000%, 09/15/22		5,756
	2,601	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		2,598

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Beverages — continued
		PepsiCo, Inc.,
	10,210	1.250%, 08/13/17		10,243
	2,245	3.000%, 08/25/21		2,355
	2,780	3.100%, 07/17/22		2,920
	3,615	4.450%, 04/14/46		3,876
	207	7.900%, 11/01/18		241
	7,179	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		7,540
				107,471
		Food & Staples Retailing — 0.3%
	7,510	Costco Wholesale Corp., 2.250%, 02/15/22		7,584
		CVS Health Corp.,
	1,982	3.500%, 07/20/22		2,070
	3,214	4.000%, 12/05/23		3,470
	2,346	4.875%, 07/20/35		2,520
	2,155	5.300%, 12/05/43		2,444
	5,815	CVS Pass-Through Trust, 5.926%, 01/10/34 (e)		6,399
		Kroger Co. (The),
	3,468	2.200%, 01/15/17		3,495
	2,093	4.000%, 02/01/24		2,234
	12,466	5.000%, 04/15/42		13,344
	829	5.400%, 07/15/40		932
	1,794	6.150%, 01/15/20		2,065
	538	6.400%, 08/15/17		575
	11,049	7.500%, 04/01/31		14,090
	1,861	Sysco Corp., 3.750%, 10/01/25		1,928
	7,567	Walgreen Co., 3.100%, 09/15/22		7,447
		Walgreens Boots Alliance, Inc.,
	3,718	3.300%, 11/18/21		3,747
	4,311	3.800%, 11/18/24		4,323
	2,517	4.500%, 11/18/34		2,272
	2,700	4.800%, 11/18/44		2,458
		Wal-Mart Stores, Inc.,
	1,076	5.250%, 09/01/35		1,267
	942	6.200%, 04/15/38		1,211
	628	7.550%, 02/15/30		902
				86,777
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	1,281	3.500%, 11/24/20		1,290
	6,959	8.500%, 06/15/19		8,050
	543	Bunge N.A. Finance LP, 5.900%, 04/01/17		564

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food Products — continued
		Cargill, Inc.,
	6,950	3.300%, 03/01/22 (e)		7,208
	2,443	4.307%, 05/14/21 (e)		2,663
	1,390	6.000%, 11/27/17 (e)		1,488
	2,556	7.350%, 03/06/19 (e)		2,951
	1,638	ConAgra Foods, Inc., 2.100%, 03/15/18		1,640
		Kellogg Co.,
	2,278	1.750%, 05/17/17		2,281
	2,036	3.250%, 05/21/18		2,101
		Kraft Foods Group, Inc.,
	6,663	3.500%, 06/06/22		6,873
	4,392	5.000%, 06/04/42		4,554
	1,215	5.375%, 02/10/20		1,345
	4,612	6.125%, 08/23/18		5,049
	2,690	6.500%, 02/09/40		3,232
	13,399	6.875%, 01/26/39		16,443
		Mead Johnson Nutrition Co.,
	2,074	3.000%, 11/15/20		2,096
	993	Class C, 4.125%, 11/15/25		1,025
	6,100	Mondelez International, Inc., 4.000%, 02/01/24		6,362
	4,951	Tyson Foods, Inc., 3.950%, 08/15/24		5,224
				82,439
		Household Products — 0.0% (g)
		Kimberly-Clark Corp.,
	1,220	2.400%, 03/01/22		1,235
	2,842	3.050%, 08/15/25		2,952
	448	7.500%, 11/01/18		516
	1,246	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		1,490
	897	Procter & Gamble Co. (The), 5.500%, 02/01/34		1,099
				7,292
		Total Consumer Staples		283,979
		Energy — 1.8%
		Energy Equipment & Services — 0.1%
	909	Cameron International Corp., 4.000%, 12/15/23		901
	3,802	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		2,261
	1,267	Ensco plc, (United Kingdom), 5.200%, 03/15/25		646
		Halliburton Co.,
	2,229	3.375%, 11/15/22		2,196
	2,882	3.500%, 08/01/23		2,688

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — continued
	2,098	4.850%, 11/15/35		1,833
	673	6.150%, 09/15/19		733
	4,529	7.450%, 09/15/39		5,219
	2,242	7.600%, 08/15/96 (e)		2,488
		Nabors Industries, Inc.,
	1,065	4.625%, 09/15/21		715
	1,205	5.000%, 09/15/20		908
	1,411	National Oilwell Varco, Inc., 1.350%, 12/01/17		1,368
		Noble Holding International Ltd., (Cayman Islands),
	781	3.950%, 03/15/22		400
	1,661	4.000%, 03/16/18		1,329
	557	5.250%, 03/15/42		222
	2,200	6.050%, 03/01/41		913
	2,543	6.950%, 04/01/45		1,170
	2,931	Schlumberger Investment S.A., (Luxembourg), 3.300%, 09/14/21 (e)		2,966
		Transocean, Inc., (Cayman Islands),
	2,491	4.300%, 10/15/22		1,220
	3,712	6.500%, 11/15/20		2,190
	4,534	7.125%, 12/15/21		2,494
	448	7.500%, 04/15/31		205
	1,334	8.100%, 12/15/41		617
	1,266	Weatherford International Ltd., (Bermuda), 9.875%, 03/01/39		911
				36,593
		Oil, Gas & Consumable Fuels — 1.7%
	2,381	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		1,611
	1,794	Anadarko Finance Co., (Canada), Series B, 7.500%, 05/01/31		1,608
	1,480	Anadarko Holding Co., 7.150%, 05/15/28		1,323
	3,226	Anadarko Petroleum Corp., 8.700%, 03/15/19		3,289
	2,933	ANR Pipeline Co., 9.625%, 11/01/21		3,723
		Apache Corp.,
	853	3.250%, 04/15/22		744
	3,611	4.750%, 04/15/43		2,761
	2,242	6.900%, 09/15/18		2,360
	1,552	BG Energy Capital plc, (United Kingdom), 5.125%, 10/15/41 (e)		1,490
	1,866	Boardwalk Pipelines LP, 4.950%, 12/15/24		1,597
		BP Capital Markets plc, (United Kingdom),
	1,987	1.375%, 11/06/17		1,967
	5,991	1.846%, 05/05/17		5,992

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 67

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	5,200	2.237%, 05/10/19		5,155
	3,779	2.750%, 05/10/23		3,577
	2,273	3.245%, 05/06/22		2,241
	4,509	3.506%, 03/17/25		4,386
	7,135	3.814%, 02/10/24		7,088
		Buckeye Partners LP,
	2,100	2.650%, 11/15/18		1,939
	2,000	4.350%, 10/15/24		1,654
	2,500	4.875%, 02/01/21		2,283
	5,130	5.850%, 11/15/43		3,797
	462	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		500
	1,794	Burlington Resources, Inc., 8.200%, 03/15/25		2,025
		Canadian Natural Resources Ltd., (Canada),
	3,463	3.900%, 02/01/25		2,687
	359	5.900%, 02/01/18		350
	4,152	6.250%, 03/15/38		3,051
	1,300	6.450%, 06/30/33		987
	1,794	6.750%, 02/01/39		1,319
	359	7.200%, 01/15/32		296
		Cenovus Energy, Inc., (Canada),
	1,599	3.000%, 08/15/22		1,168
	2,695	4.450%, 09/15/42		1,574
	5,616	6.750%, 11/15/39		3,952
		Chevron Corp.,
	2,725	2.355%, 12/05/22		2,615
	4,574	4.950%, 03/03/19		4,952
	11,698	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		11,501
	11,233	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		11,537
	471	Conoco Funding Co., (Canada), 7.250%, 10/15/31		495
		ConocoPhillips,
	1,345	5.200%, 05/15/18		1,394
	1,794	5.750%, 02/01/19		1,866
	1,300	6.000%, 01/15/20		1,367
	1,300	6.500%, 02/01/39		1,273
	1,099	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,122
		ConocoPhillips Co.,
	1,889	2.200%, 05/15/20		1,747
	9,861	3.350%, 11/15/24		8,733
		Devon Energy Corp.,
	5,180	3.250%, 05/15/22		3,990

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	2,807	4.750%, 05/15/42		1,799
	1,731	6.300%, 01/15/19		1,641
	4,475	7.950%, 04/15/32		3,574
		Ecopetrol S.A., (Colombia),
	3,333	4.125%, 01/16/25		2,556
	5,409	5.375%, 06/26/26		4,388
		Encana Corp., (Canada),
	2,090	6.500%, 05/15/19		1,717
	1,027	6.500%, 08/15/34		626
		Energy Transfer Partners LP,
	3,584	3.600%, 02/01/23		2,973
	6,594	4.750%, 01/15/26		5,659
	2,519	5.150%, 03/15/45		1,832
	4,843	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		4,258
		EnLink Midstream Partners LP,
	1,145	2.700%, 04/01/19		894
	5,421	4.150%, 06/01/25		3,743
	3,250	5.050%, 04/01/45		1,935
		Enterprise Products Operating LLC,
	3,040	3.700%, 02/15/26		2,845
	2,600	3.750%, 02/15/25		2,465
	2,687	3.900%, 02/15/24		2,543
	1,251	4.900%, 05/15/46		1,103
	1,189	4.950%, 10/15/54		949
	1,758	5.100%, 02/15/45		1,562
	1,259	5.950%, 02/01/41		1,192
	1,100	Series J, 5.750%, 03/01/35		1,051
		EOG Resources, Inc.,
	2,164	2.625%, 03/15/23		1,953
	4,753	4.100%, 02/01/21		4,843
	4,120	5.100%, 01/15/36		3,894
	1,614	6.875%, 10/01/18		1,751
		Exxon Mobil Corp.,
	7,000	2.397%, 03/06/22		7,017
	7,398	3.043%, 03/01/26		7,398
	2,726	4.114%, 03/01/46		2,726
		Gulf South Pipeline Co. LP,
	4,598	4.000%, 06/15/22		4,034
	920	6.300%, 08/15/17 (e)		934
	1,507	Hess Corp., 7.875%, 10/01/29		1,380
	1,036	Husky Energy, Inc., (Canada), 6.150%, 06/15/19		1,008
		Kerr-McGee Corp.,
	1,103	6.950%, 07/01/24		1,046
	10,149	7.875%, 09/15/31		9,185

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Magellan Midstream Partners LP,
	2,338	3.200%, 03/15/25		2,092
	7,133	5.150%, 10/15/43		6,043
	1,794	6.550%, 07/15/19		1,959
		Marathon Oil Corp.,
	6,517	2.800%, 11/01/22		4,271
	2,528	5.900%, 03/15/18		2,295
	2,511	6.000%, 10/01/17		2,436
	3,980	Marathon Petroleum Corp., 3.625%, 09/15/24		3,245
		Noble Energy, Inc.,
	2,200	5.050%, 11/15/44		1,618
	2,428	5.625%, 05/01/21		2,193
		Occidental Petroleum Corp.,
	2,179	1.750%, 02/15/17		2,173
	6,636	3.500%, 06/15/25		6,473
		ONEOK Partners LP,
	3,740	3.375%, 10/01/22		2,954
	3,960	3.800%, 03/15/20		3,588
	13,625	4.900%, 03/15/25		11,148
	1,825	6.650%, 10/01/36		1,391
		Petrobras Global Finance B.V., (Netherlands),
	4,978	4.375%, 05/20/23		3,392
	6,459	5.375%, 01/27/21		4,812
	13,552	6.250%, 03/17/24		9,852
	986	6.750%, 01/27/41		608
	2,115	6.850%, 06/05/151		1,303
	1,794	7.875%, 03/15/19		1,619
		Petro-Canada, (Canada),
	2,286	6.050%, 05/15/18		2,339
	2,870	6.800%, 05/15/38		2,651
		Petroleos Mexicanos, (Mexico),
	4,433	4.250%, 01/15/25 (e)		3,922
	6,403	4.500%, 01/23/26 (e)		5,683
	2,165	4.875%, 01/18/24		2,003
	4,898	5.500%, 06/27/44 (e)		3,751
	4,042	5.625%, 01/23/46 (e)		3,132
	4,385	6.375%, 02/04/21 (e)		4,548
	4,650	6.375%, 01/23/45		4,022
	4,700	6.625%, 06/15/35		4,223
	3,644	6.875%, 08/04/26 (e)		3,764
		Phillips 66,
	2,099	2.950%, 05/01/17		2,125
	1,181	4.300%, 04/01/22		1,205

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	1,834	Pioneer Natural Resources Co., 5.875%, 07/15/16		1,841
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,938	2.600%, 12/15/19		1,699
	7,000	3.600%, 11/01/24		5,381
	16,535	4.650%, 10/15/25		13,906
	9,221	4.900%, 02/15/45		6,196
	4,802	Repsol Oil & Gas Canada, Inc., (Canada), 7.750%, 06/01/19		4,240
	3,847	Schlumberger Holdings Corp., 3.625%, 12/21/22 (e)		3,775
	4,132	Sinopec Group Overseas Development 2013 Ltd., (United Kingdom), 4.375%, 10/17/23 (e)		4,357
		Spectra Energy Capital LLC,
	6,334	3.300%, 03/15/23		5,263
	2,197	5.650%, 03/01/20		2,194
	2,233	7.500%, 09/15/38		2,205
	4,475	8.000%, 10/01/19		4,753
		Spectra Energy Partners LP,
	2,658	2.950%, 09/25/18		2,617
	4,750	3.500%, 03/15/25		4,321
	1,866	4.500%, 03/15/45		1,470
	1,801	5.950%, 09/25/43		1,729
		Statoil ASA, (Norway),
	1,917	1.200%, 01/17/18		1,897
	2,430	2.450%, 01/17/23		2,284
	5,765	2.650%, 01/15/24		5,314
	1,256	2.750%, 11/10/21		1,241
	2,646	3.125%, 08/17/17		2,694
	2,064	3.150%, 01/23/22		2,048
	3,461	3.250%, 11/10/24		3,348
	1,673	4.250%, 11/23/41		1,486
	3,318	5.250%, 04/15/19		3,584
		Suncor Energy, Inc., (Canada),
	2,152	5.950%, 12/01/34		1,916
	1,704	6.100%, 06/01/18		1,758
	807	6.850%, 06/01/39		749
		Sunoco Logistics Partners Operations LP,
	1,814	4.250%, 04/01/24		1,516
	5,160	4.400%, 04/01/21		4,750
	1,840	5.300%, 04/01/44		1,358
	6,969	5.350%, 05/15/45		5,172
	6,209	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		5,488

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 69

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Tosco Corp.,
	3,408	7.800%, 01/01/27		3,916
	3,139	8.125%, 02/15/30		3,599
		Total Capital International S.A., (France),
	1,894	1.500%, 02/17/17		1,896
	5,044	1.550%, 06/28/17		5,043
	1,256	2.700%, 01/25/23		1,205
	5,000	2.750%, 06/19/21		4,999
	1,989	3.750%, 04/10/24		2,023
	8,968	Total Capital S.A., (France), 2.300%, 03/15/16		8,973
		TransCanada PipeLines Ltd., (Canada),
	4,155	4.875%, 01/15/26		4,274
	1,345	6.200%, 10/15/37		1,347
	1,704	6.500%, 08/15/18		1,840
	2,377	7.125%, 01/15/19		2,603
	1,883	7.250%, 08/15/38		2,131
	607	Western Gas Partners LP, 5.375%, 06/01/21		520
				505,312
		Total Energy		541,905
		Financials — 7.7%
		Banks — 3.4%
		ABN AMRO Bank N.V., (Netherlands),
	9,759	1.800%, 06/04/18 (e)		9,710
	3,394	2.500%, 10/30/18 (e)		3,425
	3,079	4.750%, 07/28/25 (e)		2,988
		ANZ New Zealand International Ltd., (New Zealand),
	5,200	2.600%, 09/23/19 (e)		5,238
	3,016	2.850%, 08/06/20 (e)		3,077
		Australia & New Zealand Banking Group Ltd., (Australia),
	5,560	1.450%, 05/15/18		5,523
	8,932	2.400%, 11/23/16 (e)		9,013
	2,571	4.875%, 01/12/21 (e)		2,857
		Bank of America Corp.,
	6,367	2.000%, 01/11/18		6,345
	7,220	3.300%, 01/11/23		7,202
	2,140	3.625%, 03/17/16		2,143
	4,000	3.875%, 03/22/17		4,091
	24,248	3.875%, 08/01/25		24,881
	3,403	4.000%, 04/01/24		3,511
	11,538	4.000%, 01/22/25		11,208
	1,890	4.100%, 07/24/23		1,968

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	6,055	4.250%, 10/22/26		5,976
	5,041	4.450%, 03/03/26		5,041
	11,565	5.000%, 05/13/21		12,631
	5,830	5.625%, 10/14/16		5,980
	15,875	5.625%, 07/01/20		17,569
	4,155	5.750%, 12/01/17		4,407
	2,960	5.875%, 01/05/21		3,340
	19,000	6.400%, 08/28/17		20,156
	4,485	6.500%, 08/01/16		4,582
	5,693	6.875%, 04/25/18		6,218
	3,140	7.625%, 06/01/19		3,618
	8,400	Series L, 2.250%, 04/21/20		8,223
	5,000	Series L, 2.650%, 04/01/19		5,025
	8,782	Series L, 3.950%, 04/21/25		8,464
	7,155	Series L, 5.650%, 05/01/18		7,638
		Bank of Montreal, (Canada),
	5,996	1.400%, 09/11/17		6,012
	6,305	2.375%, 01/25/19		6,379
	7,632	2.550%, 11/06/22		7,604
		Bank of Nova Scotia (The), (Canada),
	7,533	1.450%, 04/25/18		7,489
	13,000	1.700%, 06/11/18		12,978
	8,518	Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 02/23/17 (e)		8,592
	8,000	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		8,009
		Barclays Bank plc, (United Kingdom),
	2,392	2.250%, 05/10/17 (e)		2,419
	3,318	6.050%, 12/04/17 (e)		3,512
	986	Series 1, 5.000%, 09/22/16		1,007
		Barclays plc, (United Kingdom),
	8,888	3.250%, 01/12/21		8,569
	4,694	3.650%, 03/16/25		4,313
	2,993	4.375%, 01/12/26		2,888
	2,605	5.250%, 08/17/45		2,490
		BB&T Corp.,
	3,334	1.600%, 08/15/17		3,337
	6,000	2.625%, 06/29/20		6,086
	5,605	3.950%, 04/29/16		5,633
	2,466	5.250%, 11/01/19		2,695
	1,480	6.850%, 04/30/19		1,696
	3,708	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		3,701
	4,170	Branch Banking & Trust Co., 5.625%, 09/15/16		4,260

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	12,882	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		13,067
	18,804	Capital One Bank USA N.A., 3.375%, 02/15/23		18,289
	5,909	Capital One N.A., 2.350%, 08/17/18		5,882
		Citigroup, Inc.,
	7,450	1.700%, 04/27/18		7,371
	5,000	1.750%, 05/01/18		4,953
	5,915	1.800%, 02/05/18		5,876
	7,940	2.050%, 12/07/18		7,892
	7,289	2.150%, 07/30/18		7,263
	5,000	2.400%, 02/18/20		4,955
	12,625	3.700%, 01/12/26		12,891
	5,806	3.750%, 06/16/24		5,948
	1,494	3.875%, 10/25/23		1,556
	6,200	4.300%, 11/20/26		6,013
	2,450	4.400%, 06/10/25		2,437
	3,750	4.650%, 07/30/45		3,761
	1,655	5.300%, 05/06/44		1,642
	4,296	5.500%, 09/13/25		4,602
	1,842	5.875%, 01/30/42		2,091
	3,363	6.625%, 01/15/28		4,202
	1,424	8.125%, 07/15/39		2,031
	1,250	Comerica Bank, 5.200%, 08/22/17		1,302
	1,148	Comerica, Inc., 3.800%, 07/22/26		1,113
		Commonwealth Bank of Australia, (Australia),
	7,264	2.250%, 03/16/17 (e)		7,347
	3,480	4.500%, 12/09/25 (e)		3,429
		Cooperatieve Rabobank UA, (Netherlands),
	5,500	2.500%, 01/19/21		5,514
	2,243	3.375%, 01/19/17		2,284
	11,498	3.875%, 02/08/22		12,113
	7,438	4.375%, 08/04/25		7,477
	3,139	5.800%, 09/30/102 (e)		3,568
		Credit Suisse Group Funding Guernsey Ltd., (United Kingdom),
	1,764	2.750%, 03/26/20		1,706
	2,746	3.125%, 12/10/20 (e)		2,696
	2,429	3.750%, 03/26/25		2,294
	3,089	4.875%, 05/15/45		2,814
		Discover Bank,
	2,185	2.600%, 11/13/18		2,183
	6,500	3.200%, 08/09/21		6,455
	3,657	4.200%, 08/08/23		3,715

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Fifth Third Bancorp,
	7,022	2.875%, 07/27/20		7,077
	1,300	5.450%, 01/15/17		1,343
		Fifth Third Bank,
	6,100	2.375%, 04/25/19		6,127
	2,846	2.875%, 10/01/21		2,871
		HSBC Bank plc, (United Kingdom),
	8,206	1.500%, 05/15/18 (e)		8,156
	5,346	4.125%, 08/12/20 (e)		5,680
	8,968	4.750%, 01/19/21 (e)		9,885
		HSBC Holdings plc, (United Kingdom),
	12,977	4.000%, 03/30/22		13,497
	2,932	4.250%, 08/18/25		2,841
	6,457	4.875%, 01/14/22		7,053
	6,457	6.100%, 01/14/42		7,980
		Huntington National Bank (The),
	709	2.000%, 06/30/18		706
	6,583	2.875%, 08/20/20		6,619
	4,225	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		4,254
	4,225	KeyBank N.A., 3.180%, 05/22/22		4,276
		KeyCorp,
	2,136	2.900%, 09/15/20		2,139
	2,200	5.100%, 03/24/21		2,419
		Lloyds Bank plc, (United Kingdom),
	4,356	1.750%, 03/16/18		4,336
	4,659	2.050%, 01/22/19		4,650
	4,036	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		4,363
	2,881	Mitsubishi UFJ Financial Group, Inc., (Japan), 2.950%, 03/01/21		2,903
		Mizuho Bank Ltd., (Japan),
	3,021	1.800%, 03/26/18 (e)		3,006
	3,167	2.650%, 09/25/19 (e)		3,211
	3,242	MUFG Americas Holdings Corp., 2.250%, 02/10/20		3,200
		National Australia Bank Ltd., (Australia),
	17,936	2.000%, 06/20/17 (e)		18,107
	6,278	3.000%, 07/27/16 (e)		6,333
	3,587	National City Bank, 5.800%, 06/07/17		3,747
		Nordea Bank AB, (Sweden),
	2,242	1.625%, 05/15/18 (e)		2,232
	13,766	3.125%, 03/20/17 (e)		14,029
	6,408	4.250%, 09/21/22 (e)		6,651
	2,000	PNC Bank N.A., 6.875%, 04/01/18		2,199

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 71

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	1,500	PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24		1,549
		PNC Funding Corp.,
	1,151	2.700%, 09/19/16		1,160
	5,000	3.300%, 03/08/22		5,185
	4,066	4.375%, 08/11/20		4,411
	5,112	5.125%, 02/08/20		5,658
	1,103	5.625%, 02/01/17		1,140
	3,677	6.700%, 06/10/19		4,216
		Royal Bank of Canada, (Canada),
	6,315	1.200%, 09/19/17		6,313
	8,000	1.875%, 02/05/20		8,041
	10,700	2.000%, 10/01/18		10,828
	3,885	2.000%, 12/10/18		3,900
	1,345	2.200%, 07/27/18		1,360
	3,648	2.300%, 07/20/16		3,669
	3,011	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		2,991
	2,594	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		2,596
	2,197	SouthTrust Bank, 7.690%, 05/15/25		2,898
	10,603	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		10,542
	5,938	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		5,961
	5,291	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		5,212
		SunTrust Banks, Inc.,
	2,637	2.900%, 03/03/21		2,631
	897	6.000%, 09/11/17		952
	505	7.250%, 03/15/18		557
	6,008	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		6,054
		Toronto-Dominion Bank (The), (Canada),
	12,555	1.500%, 03/13/17 (e)		12,594
	4,828	1.750%, 07/23/18		4,833
	1,501	1.950%, 01/22/19		1,506
	4,063	2.250%, 11/05/19		4,096
		U.S. Bancorp,
	5,036	1.650%, 05/15/17		5,067
	3,289	3.000%, 03/15/22		3,406
	3,191	4.125%, 05/24/21		3,479
	1,256	7.500%, 06/01/26		1,642
	6,833	U.S. Bank N.A., 2.800%, 01/27/25		6,876
		Wachovia Corp.,
	2,735	5.750%, 06/15/17		2,881
	29,966	5.750%, 02/01/18		32,215

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
		Wells Fargo & Co.,
	7,300	2.150%, 01/30/20		7,280
	10,156	2.600%, 07/22/20		10,270
	4,811	3.000%, 02/19/25		4,805
	3,920	3.300%, 09/09/24		3,997
	8,071	3.500%, 03/08/22		8,471
	4,357	4.100%, 06/03/26		4,500
	4,489	4.300%, 07/22/27		4,658
	7,623	4.600%, 04/01/21		8,394
	6,442	4.650%, 11/04/44		6,301
	2,755	5.606%, 01/15/44		3,043
	8,237	5.625%, 12/11/17		8,805
	14,977	SUB, 3.676%, 06/15/16		15,101
		Wells Fargo Bank N.A.,
	2,000	5.750%, 05/16/16		2,020
	13,622	6.000%, 11/15/17		14,620
	3,973	VAR, 0.842%, 03/15/16		3,973
		Westpac Banking Corp., (Australia),
	6,405	2.000%, 03/03/20 (e)		6,426
	5,874	2.450%, 11/28/16 (e)		5,934
	9,606	4.875%, 11/19/19		10,473
				997,829
		Capital Markets — 1.6%
	5,650	Ameriprise Financial, Inc., 4.000%, 10/15/23		5,984
		Bank of New York Mellon Corp. (The),
	4,471	2.100%, 01/15/19		4,513
	4,310	2.200%, 03/04/19		4,370
	3,617	2.600%, 08/17/20		3,667
	3,800	3.250%, 09/11/24		3,885
	3,089	3.550%, 09/23/21		3,257
	3,335	3.650%, 02/04/24		3,499
	3,363	4.600%, 01/15/20		3,649
	1,667	Series G, 2.200%, 05/15/19		1,676
		BlackRock, Inc.,
	4,287	3.375%, 06/01/22		4,514
	3,515	3.500%, 03/18/24		3,682
	4,145	4.250%, 05/24/21		4,543
	4,190	Series 2, 5.000%, 12/10/19		4,658
		Blackstone Holdings Finance Co. LLC,
	3,107	4.450%, 07/15/45 (e)		2,849
	12,555	5.875%, 03/15/21 (e)		14,300
	2,690	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		2,938
	1,435	Charles Schwab Corp. (The), 3.225%, 09/01/22		1,485

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
		Credit Suisse AG, (Switzerland),
	2,955	1.750%, 01/29/18		2,937
	3,733	2.300%, 05/28/19		3,702
	1,626	3.000%, 10/29/21		1,628
	2,700	3.625%, 09/09/24		2,711
		Deutsche Bank AG, (Germany),
	4,299	1.875%, 02/13/18		4,193
	10,000	2.950%, 08/20/20		9,685
	7,819	6.000%, 09/01/17		8,184
	2,242	FMR LLC, 6.450%, 11/15/39 (e)		2,741
		Goldman Sachs Group, Inc. (The),
	6,428	2.600%, 04/23/20		6,399
	4,682	2.625%, 01/31/19		4,723
	2,975	2.750%, 09/15/20		2,968
	4,008	3.500%, 01/23/25		3,968
	2,287	3.625%, 01/22/23		2,326
	2,971	3.750%, 05/22/25		3,009
	2,665	3.750%, 02/25/26		2,686
	4,341	3.850%, 07/08/24		4,438
	4,400	4.000%, 03/03/24		4,556
	734	4.250%, 10/21/25		730
	6,033	5.250%, 07/27/21		6,702
	8,750	5.375%, 03/15/20		9,593
	6,753	5.750%, 01/24/22		7,672
	14,869	5.950%, 01/18/18		15,855
	13,156	6.000%, 06/15/20		14,765
	5,397	6.150%, 04/01/18		5,817
	1,435	6.750%, 10/01/37		1,640
	29,379	7.500%, 02/15/19		33,436
		ING Bank N.V., (Netherlands),
	4,484	1.375%, 03/07/16 (e)		4,485
	9,890	3.750%, 03/07/17 (e)		10,116
		Invesco Finance plc, (United Kingdom),
	2,510	3.750%, 01/15/26		2,596
	3,914	4.000%, 01/30/24		4,135
		Jefferies Group LLC,
	2,466	5.125%, 04/13/18		2,546
	5,022	6.450%, 06/08/27		4,942
	8,295	6.875%, 04/15/21		9,290
		Macquarie Bank Ltd., (Australia),
	4,470	2.350%, 01/15/19 (e)		4,481
	3,029	2.600%, 06/24/19 (e)		3,033
	6,300	2.850%, 07/29/20 (e)		6,321
	6,300	4.000%, 07/29/25 (e)		6,170
	19,160	5.000%, 02/22/17 (e)		19,761

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		Macquarie Group Ltd., (Australia),
	4,125	6.000%, 01/14/20 (e)		4,489
	9,649	6.250%, 01/14/21 (e)		10,683
		Morgan Stanley,
	4,100	2.650%, 01/27/20		4,094
	13,243	2.800%, 06/16/20		13,309
	7,335	3.700%, 10/23/24		7,430
	6,405	3.875%, 01/27/26		6,580
	3,724	3.950%, 04/23/27		3,597
	19,814	4.000%, 07/23/25		20,440
	1,640	4.350%, 09/08/26		1,631
	3,608	5.000%, 11/24/25		3,795
	6,729	5.500%, 07/24/20		7,449
	4,701	5.500%, 07/28/21		5,273
	12,752	5.625%, 09/23/19		13,994
	2,910	5.750%, 01/25/21		3,271
	960	5.950%, 12/28/17		1,025
	8,631	6.625%, 04/01/18		9,391
	7,533	7.300%, 05/13/19		8,611
	2,610	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		2,996
		State Street Corp.,
	3,191	3.100%, 05/15/23		3,214
	17,629	3.550%, 08/18/25		18,597
	5,771	3.700%, 11/20/23		6,134
	2,279	TD Ameritrade Holding Corp., 2.950%, 04/01/22		2,314
				476,726
		Consumer Finance — 0.7%
	4,394	American Express Centurion Bank, 6.000%, 09/13/17		4,679
	2,466	American Express Co., 7.000%, 03/19/18		2,709
		American Express Credit Corp.,
	7,553	1.800%, 07/31/18		7,522
	7,225	1.875%, 11/05/18		7,241
	2,490	2.375%, 03/24/17		2,518
	7,590	2.375%, 05/26/20		7,570
	4,049	Series F, 2.600%, 09/14/20		4,068
		American Honda Finance Corp.,
	2,626	1.600%, 02/16/18 (e)		2,625
	3,696	2.125%, 02/28/17 (e)		3,736
	3,055	2.125%, 10/10/18		3,086
	598	2.250%, 08/15/19		607
	10,292	2.600%, 09/20/16 (e)		10,396
	1,335	7.625%, 10/01/18 (e)		1,524

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 73

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Consumer Finance — continued
		Capital One Financial Corp.,
	3,175	3.200%, 02/05/25		3,046
	8,188	3.500%, 06/15/23		8,170
	2,225	4.200%, 10/29/25		2,183
	2,244	4.750%, 07/15/21		2,416
		Caterpillar Financial Services Corp.,
	3,353	2.250%, 12/01/19		3,385
	3,873	2.850%, 06/01/22		3,921
	897	5.450%, 04/15/18		967
	807	5.500%, 03/15/16		808
	3,139	7.050%, 10/01/18		3,554
	538	7.150%, 02/15/19		618
		Ford Motor Credit Co. LLC,
	5,190	1.684%, 09/08/17		5,114
	2,690	2.145%, 01/09/18		2,676
	6,244	2.240%, 06/15/18		6,154
	2,196	2.375%, 03/12/19		2,159
	10,210	3.000%, 06/12/17		10,307
	10,853	3.984%, 06/15/16		10,937
	7,923	4.134%, 08/04/25		7,887
	3,001	4.207%, 04/15/16		3,012
	1,200	4.250%, 02/03/17		1,224
	3,446	4.250%, 09/20/22		3,510
	2,881	VAR, 1.870%, 05/09/16		2,883
		General Motors Financial Co., Inc.,
	3,163	3.100%, 01/15/19		3,129
	7,227	3.200%, 07/13/20		6,986
	276	HSBC Finance Corp., 7.350%, 11/27/32		327
		HSBC USA, Inc.,
	6,681	1.625%, 01/16/18		6,646
	7,174	2.350%, 03/05/20		7,029
	7,405	2.750%, 08/07/20		7,356
		John Deere Capital Corp.,
	4,869	1.200%, 10/10/17		4,859
	1,073	1.700%, 01/15/20		1,065
	2,915	2.450%, 09/11/20		2,967
	3,237	2.800%, 01/27/23		3,269
	2,234	3.150%, 10/15/21		2,326
	6,316	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		6,296
		PACCAR Financial Corp.,
	4,103	1.400%, 05/18/18		4,097
	3,536	1.600%, 03/15/17		3,556
		Toyota Motor Credit Corp.,
	3,498	1.375%, 01/10/18		3,505

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	5,109	1.450%, 01/12/18		5,120
	4,484	1.750%, 05/22/17		4,515
				216,260
		Diversified Financial Services — 0.8%
	6,654	Bank of America N.A., 5.300%, 03/15/17		6,879
		Berkshire Hathaway, Inc.,
	18,815	3.400%, 01/31/22		19,961
	5,254	3.750%, 08/15/21		5,683
	5,425	Caisse Centrale Desjardins, (Canada), 2.550%, 03/24/16 (e)		5,431
		CME Group, Inc.,
	9,865	3.000%, 09/15/22		10,190
	5,537	3.000%, 03/15/25		5,561
	1,004	5.300%, 09/15/43		1,174
	7,712	Countrywide Financial Corp., 6.250%, 05/15/16		7,792
		GE Capital International Funding Co., (Ireland),
	44,099	2.342%, 11/15/20 (e)		44,541
	17,059	3.373%, 11/15/25 (e)		17,845
	10,575	4.418%, 11/15/35 (e)		11,043
		Intercontinental Exchange, Inc.,
	2,108	2.500%, 10/15/18		2,135
	5,021	4.000%, 10/15/23		5,260
	2,242	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		2,294
	1,933	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		2,344
		Private Export Funding Corp.,
	10,700	Series EE, 2.800%, 05/15/22		11,271
	12,505	Series KK, 3.550%, 01/15/24		13,735
	8,428	Series Z, 4.375%, 03/15/19		9,197
		Shell International Finance B.V., (Netherlands),
	4,381	1.125%, 08/21/17		4,351
	8,042	2.125%, 05/11/20		7,831
	7,389	4.125%, 05/11/35		6,846
	2,690	4.300%, 09/22/19		2,841
	7,695	4.375%, 03/25/20		8,150
	5,381	6.375%, 12/15/38		6,221
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	4,371	2.900%, 05/27/22 (e)		4,509
	3,421	4.400%, 05/27/45 (e)		3,620
	1,211	5.750%, 10/17/16 (e)		1,247
				227,952

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Insurance — 0.9%
		ACE INA Holdings, Inc.,
	2,420	2.300%, 11/03/20		2,434
	3,418	2.875%, 11/03/22		3,478
	8,295	AIG SunAmerica Global Financing X, 6.900%, 03/15/32 (e)		9,997
	3,650	Allstate Corp. (The), 3.150%, 06/15/23		3,743
		American International Group, Inc.,
	2,671	3.750%, 07/10/25		2,621
	3,407	3.875%, 01/15/35		2,880
	4,478	4.125%, 02/15/24		4,540
	6,665	4.700%, 07/10/35		6,286
		Aon Corp.,
	2,227	3.125%, 05/27/16		2,238
	1,496	6.250%, 09/30/40		1,661
	3,083	Aon plc, (United Kingdom), 3.875%, 12/15/25		3,117
		Berkshire Hathaway Finance Corp.,
	870	1.300%, 05/15/18		871
	2,326	3.000%, 05/15/22		2,410
	2,795	4.300%, 05/15/43		2,760
	13,241	4.400%, 05/15/42		13,180
	10,493	5.400%, 05/15/18		11,437
	1,166	5.750%, 01/15/40		1,388
	1,013	Chubb Corp. (The), 5.750%, 05/15/18		1,103
	4,540	CNA Financial Corp., 3.950%, 05/15/24		4,450
		Jackson National Life Global Funding,
	3,581	1.875%, 10/15/18 (e)		3,576
	2,690	4.700%, 06/01/18 (e)		2,849
	3,049	Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)		3,289
		Lincoln National Corp.,
	2,304	4.200%, 03/15/22		2,388
	1,457	4.850%, 06/24/21		1,556
	5,001	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		5,008
	1,767	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		1,939
		MassMutual Global Funding II,
	14,348	2.000%, 04/05/17 (e)		14,482
	3,346	2.500%, 10/17/22 (e)		3,302
	2,435	3.125%, 04/14/16 (e)		2,442
		MetLife, Inc.,
	2,027	4.050%, 03/01/45		1,832
	2,000	4.875%, 11/13/43		2,049
	731	Series A, 6.817%, 08/15/18		814

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
		Metropolitan Life Global Funding I,
	12,099	1.500%, 01/10/18 (e)		12,014
	6,421	1.875%, 06/22/18 (e)		6,399
	11,927	3.650%, 06/14/18 (e)		12,402
	12,858	3.875%, 04/11/22 (e)		13,523
	11,147	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		16,102
		New York Life Global Funding,
	1,806	1.950%, 02/11/20 (e)		1,798
	29,382	2.150%, 06/18/19 (e)		29,637
	3,587	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		3,716
	4,574	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		6,373
	1,343	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		1,335
	1,290	Principal Financial Group, Inc., 1.850%, 11/15/17		1,292
	10,349	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		13,330
	2,597	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		2,629
	960	Travelers Cos., Inc. (The), 5.800%, 05/15/18		1,044
				247,714
		Real Estate Investment Trusts (REITs) — 0.3%
		American Tower Corp.,
	2,959	3.500%, 01/31/23		2,904
	2,270	5.000%, 02/15/24		2,419
		American Tower Trust I,
	3,439	1.551%, 03/15/18 (e)		3,391
	6,220	3.070%, 03/15/23 (e)		6,287
	3,157	Boston Properties LP, 3.650%, 02/01/26		3,196
		Equity Commonwealth,
	6,287	5.875%, 09/15/20		6,846
	3,489	6.650%, 01/15/18		3,674
	2,255	ERP Operating LP, 4.625%, 12/15/21		2,492
		HCP, Inc.,
	4,125	2.625%, 02/01/20		4,035
	2,651	3.400%, 02/01/25		2,367
	8,366	3.875%, 08/15/24		7,856
	1,349	4.200%, 03/01/24		1,291
	2,228	4.250%, 11/15/23		2,179
	5,043	National Retail Properties, Inc., 4.000%, 11/15/25		5,097
		Prologis LP,
	846	3.750%, 11/01/25		862
	2,567	4.250%, 08/15/23		2,729

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 75

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — continued
		Simon Property Group LP,
	8,221	2.150%, 09/15/17		8,300
	3,410	3.375%, 10/01/24		3,463
	2,090	3.750%, 02/01/24		2,192
	3,838	4.125%, 12/01/21		4,148
	3,138	4.375%, 03/01/21		3,420
		Ventas Realty LP,
	1,929	3.500%, 02/01/25		1,869
	1,882	3.750%, 05/01/24		1,880
	2,746	4.125%, 01/15/26		2,784
		Welltower, Inc.,
	1,639	4.000%, 06/01/25		1,610
	4,002	4.500%, 01/15/24		4,074
				91,365
		Thrifts & Mortgage Finance — 0.0% (g)
	5,650	BPCE S.A., (France), 1.625%, 01/26/18		5,632
		Total Financials		2,263,478
		Health Care — 0.9%
		Biotechnology — 0.3%
		Amgen, Inc.,
	1,066	2.125%, 05/01/20		1,059
	3,005	3.625%, 05/22/24		3,093
	6,278	3.875%, 11/15/21		6,708
	4,036	4.950%, 10/01/41		4,015
	13,004	5.150%, 11/15/41		13,370
	2,106	5.650%, 06/15/42		2,321
	1,771	5.700%, 02/01/19		1,960
	3,176	5.750%, 03/15/40		3,470
		Baxalta, Inc.,
	3,356	3.600%, 06/23/22 (e)		3,327
	1,096	5.250%, 06/23/45 (e)		1,049
		Biogen, Inc.,
	5,466	3.625%, 09/15/22		5,649
	1,383	5.200%, 09/15/45		1,417
		Celgene Corp.,
	5,762	2.875%, 08/15/20		5,830
	8,865	3.250%, 08/15/22		8,869
	4,175	3.625%, 05/15/24		4,200
	4,195	5.000%, 08/15/45		4,293
		Gilead Sciences, Inc.,
	3,532	3.250%, 09/01/22		3,660
	3,850	3.650%, 03/01/26		4,030
	758	4.600%, 09/01/35		788
				79,108

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — 0.0% (g)
	1,589	Baxter International, Inc., 1.850%, 06/15/18		1,588
		Becton, Dickinson & Co.,
	1,030	2.675%, 12/15/19		1,052
	1,537	3.734%, 12/15/24		1,587
	628	5.000%, 05/15/19		675
		Medtronic, Inc.,
	5,206	3.150%, 03/15/22		5,427
	6,490	4.375%, 03/15/35		6,716
				17,045
		Health Care Providers & Services — 0.3%
		Aetna, Inc.,
	1,777	4.500%, 05/15/42		1,730
	2,959	6.750%, 12/15/37		3,643
		Anthem, Inc.,
	2,511	2.300%, 07/15/18		2,524
	4,210	3.125%, 05/15/22		4,144
	2,354	3.300%, 01/15/23		2,316
	3,477	4.625%, 05/15/42		3,292
	3,394	4.650%, 01/15/43		3,177
	4,149	4.650%, 08/15/44		3,910
		Cardinal Health, Inc.,
	3,693	2.400%, 11/15/19		3,711
	4,500	3.750%, 09/15/25		4,681
		Express Scripts Holding Co.,
	2,074	3.300%, 02/25/21		2,087
	6,120	3.500%, 06/15/24		5,858
	3,409	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		3,390
	3,335	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		3,368
	4,275	Texas Health Resources, 4.330%, 11/15/55		4,374
		UnitedHealth Group, Inc.,
	3,636	1.900%, 07/16/18		3,670
	1,615	2.750%, 02/15/23		1,624
	2,690	2.875%, 03/15/23		2,727
	4,726	3.100%, 03/15/26		4,759
	4,532	3.350%, 07/15/22		4,738
	5,955	3.375%, 11/15/21		6,314
	3,829	4.625%, 07/15/35		4,110
	4,888	6.625%, 11/15/37		6,399
				86,546
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	1,048	1.300%, 02/01/17		1,044

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Life Sciences Tools & Services — continued
	3,893	4.150%, 02/01/24		4,065
				5,109
		Pharmaceuticals — 0.3%
		AbbVie, Inc.,
	7,526	1.750%, 11/06/17		7,520
	7,466	2.500%, 05/14/20		7,475
	4,991	2.900%, 11/06/22		4,952
	2,709	3.200%, 11/06/22		2,732
	5,015	4.500%, 05/14/35		4,993
		Actavis Funding SCS, (Luxembourg),
	3,111	3.000%, 03/12/20		3,162
	3,041	3.450%, 03/15/22		3,101
	4,855	4.550%, 03/15/35		4,884
	2,354	Actavis, Inc., 3.250%, 10/01/22		2,364
	1,600	Allergan, Inc., 2.800%, 03/15/23		1,562
	2,991	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		3,039
	5,743	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		6,302
	2,780	GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22		2,864
	1,883	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		2,418
	3,771	Johnson & Johnson, 3.550%, 03/01/36		3,776
		Merck & Co., Inc.,
	933	1.300%, 05/18/18		936
	6,011	2.350%, 02/10/22		6,033
	3,268	2.400%, 09/15/22		3,282
	3,139	2.800%, 05/18/23		3,218
	2,100	3.700%, 02/10/45		2,004
	3,294	Novartis Capital Corp., 3.400%, 05/06/24		3,517
	3,901	Pfizer, Inc., 3.000%, 06/15/23		4,039
	708	Wyeth LLC, 6.450%, 02/01/24		887
		Zoetis, Inc.,
	1,869	1.875%, 02/01/18		1,849
	1,115	4.700%, 02/01/43		977
				87,886
		Total Health Care		275,694
		Industrials — 1.4%
		Aerospace & Defense — 0.2%
	3,267	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		3,298
		BAE Systems Holdings, Inc.,
	4,772	3.800%, 10/07/24 (e)		4,877
	2,107	6.375%, 06/01/19 (e)		2,369

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	4,778	BAE Systems plc, (United Kingdom), 5.800%, 10/11/41 (e)		5,447
		Boeing Co. (The),
	448	4.875%, 02/15/20		498
	1,076	7.950%, 08/15/24		1,470
	1,345	Honeywell International, Inc., 5.300%, 03/01/18		1,454
		Lockheed Martin Corp.,
	2,766	2.125%, 09/15/16		2,780
	937	3.100%, 01/15/23		962
	4,010	4.070%, 12/15/42		3,910
	897	4.250%, 11/15/19		968
	1,198	4.500%, 05/15/36		1,262
	1,569	4.850%, 09/15/41		1,678
	1,794	Northrop Grumman Systems Corp., 7.750%, 02/15/31		2,508
	8,650	Precision Castparts Corp., 3.250%, 06/15/25		8,854
	2,180	Raytheon Co., 3.150%, 12/15/24		2,272
		United Technologies Corp.,
	1,777	1.800%, 06/01/17		1,791
	4,552	3.100%, 06/01/22		4,728
	4,246	4.150%, 05/15/45		4,163
	6,022	4.500%, 06/01/42		6,212
				61,501
		Air Freight & Logistics — 0.0% (g)
	1,670	Federal Express Corp. 1998 Pass-Through Trust, 6.720%, 01/15/22		1,874
	2,232	FedEx Corp., 3.900%, 02/01/35		2,050
		United Parcel Service of America, Inc.,
	2,107	8.375%, 04/01/20		2,633
	717	SUB, 8.375%, 04/01/30		1,031
	1,621	United Parcel Service, Inc., 2.450%, 10/01/22		1,654
				9,242
		Airlines — 0.1%
	3,130	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		3,138
	959	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		1,025
	3,240	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		3,415
	329	Continental Airlines 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		354
	3,083	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		3,395

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 77

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — continued
	1,711	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		1,762
	2,376	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		2,495
	817	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		870
	2,756	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		2,914
				19,368
		Commercial Services & Supplies — 0.1%
		ADT Corp. (The),
	5,011	3.500%, 07/15/22		4,197
	2,809	4.875%, 07/15/42		1,868
	1,525	Pitney Bowes, Inc., 5.600%, 03/15/18		1,614
	4,309	Republic Services, Inc., 3.550%, 06/01/22		4,512
		Waste Management, Inc.,
	1,062	3.900%, 03/01/35		1,031
	1,690	4.750%, 06/30/20		1,858
				15,080
		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		2,115
	928	4.375%, 05/08/42		975
	4,910	Fluor Corp., 3.375%, 09/15/21		5,103
				9,703
		Electrical Equipment — 0.0% (g)
		Eaton Corp.,
	1,418	1.500%, 11/02/17		1,412
	1,247	4.000%, 11/02/32		1,223
	2,377	5.600%, 05/15/18		2,552
	1,794	7.625%, 04/01/24		2,289
				7,476
		Industrial Conglomerates — 0.4%
		Danaher Corp.,
	2,500	2.400%, 09/15/20		2,552
	3,361	3.900%, 06/23/21		3,647
		General Electric Co.,
	2,854	1.600%, 11/20/17		2,873
	1,318	2.100%, 12/11/19		1,343
	6,863	2.300%, 04/27/17		6,986
	3,043	2.700%, 10/09/22		3,147
	1,718	3.100%, 01/09/23		1,799
	4,815	3.150%, 09/07/22		5,058

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrial Conglomerates — continued
	4,366	3.375%, 03/11/24		4,676
	3,698	4.375%, 09/16/20		4,088
	1,554	4.625%, 01/07/21		1,736
	3,338	4.650%, 10/17/21		3,781
	459	5.300%, 02/11/21		519
	1,345	5.400%, 02/15/17		1,402
	5,046	5.500%, 01/08/20		5,744
	6,636	5.625%, 09/15/17		7,075
	20,649	5.625%, 05/01/18		22,522
	488	5.875%, 01/14/38		614
	1,361	6.000%, 08/07/19		1,566
	232	6.875%, 01/10/39		325
	3,139	VAR, 0.788%, 02/15/17		3,136
	2,373	Series A, 6.750%, 03/15/32		3,163
	3,907	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		3,987
	2,860	Ingersoll-Rand Global Holding Co., Ltd., 4.250%, 06/15/23		3,032
		Koninklijke Philips N.V., (Netherlands),
	7,508	3.750%, 03/15/22		7,758
	1,494	5.750%, 03/11/18		1,597
	493	7.200%, 06/01/26		617
	6,588	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		6,591
	1,261	Roper Technologies, Inc., 3.000%, 12/15/20		1,274
	1,540	Tyco International Finance S.A., (Luxembourg), 5.125%, 09/14/45		1,601
				114,209
		Machinery — 0.1%
		Caterpillar, Inc.,
	1,676	1.500%, 06/26/17		1,681
	1,913	2.600%, 06/26/22		1,923
		Deere & Co.,
	5,382	2.600%, 06/08/22		5,399
	2,386	3.900%, 06/09/42		2,313
	15,246	Illinois Tool Works, Inc., 3.900%, 09/01/42		14,970
	695	Ingersoll-Rand Co., 6.391%, 11/15/27		804
		Parker-Hannifin Corp.,
	3,759	4.450%, 11/21/44		3,993
	695	5.500%, 05/15/18		751
				31,834
		Road & Rail — 0.5%
		Burlington Northern Santa Fe LLC,
	1,794	3.000%, 03/15/23		1,829
	3,821	3.050%, 03/15/22		3,933

SEE NOTES TO FINANCIAL STATEMENTS.

78 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — continued
	1,865	3.450%, 09/15/21		1,964
	1,272	3.600%, 09/01/20		1,355
	2,365	3.750%, 04/01/24		2,495
	4,018	4.375%, 09/01/42		4,028
	3,150	4.700%, 09/01/45		3,338
	3,380	5.150%, 09/01/43		3,749
	9,266	5.400%, 06/01/41		10,604
	3,282	5.650%, 05/01/17		3,438
	1,502	5.750%, 03/15/18		1,622
	3,244	5.750%, 05/01/40		3,813
	538	6.700%, 08/01/28		687
	1,166	7.290%, 06/01/36		1,575
		Canadian Pacific Railway Co., (Canada),
	4,200	4.500%, 01/15/22		4,480
	7,086	6.125%, 09/15/151		7,406
	1,345	7.125%, 10/15/31		1,731
		CSX Corp.,
	3,200	3.400%, 08/01/24		3,247
	2,659	3.950%, 05/01/50		2,278
	1,516	4.100%, 03/15/44		1,398
	1,781	4.250%, 06/01/21		1,912
	3,498	5.500%, 04/15/41		3,846
	628	7.375%, 02/01/19		723
	3,587	7.900%, 05/01/17		3,845
		ERAC USA Finance LLC,
	3,474	4.500%, 08/16/21 (e)		3,728
	2,388	5.250%, 10/01/20 (e)		2,634
	3,104	5.625%, 03/15/42 (e)		3,321
	359	6.375%, 10/15/17 (e)		383
	4,417	6.700%, 06/01/34 (e)		5,301
		Norfolk Southern Corp.,
	2,558	2.903%, 02/15/23		2,514
	4,957	3.250%, 12/01/21		4,987
	2,888	3.950%, 10/01/42		2,580
	51	5.590%, 05/17/25		59
	3,049	6.000%, 03/15/053		3,256
	9,412	6.000%, 05/23/114		10,139
	121	7.700%, 05/15/17		130
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	3,744	2.875%, 07/17/18 (e)		3,730
	5,795	3.375%, 02/01/22 (e)		5,639
		Ryder System, Inc.,
	2,867	2.500%, 03/01/17		2,887
	4,930	2.500%, 05/11/20		4,818

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
	3,451	2.875%, 09/01/20		3,424
	2,412	3.600%, 03/01/16		2,412
		Union Pacific Corp.,
	1,297	2.950%, 01/15/23		1,322
	1,230	3.646%, 02/15/24		1,309
	3,935	4.163%, 07/15/22		4,323
	1,435	4.300%, 06/15/42		1,461
	919	4.821%, 02/01/44		1,005
	192	Union Pacific Railroad Co. 2003 Pass-Through Trust, Series 03-1, 4.698%, 01/02/24		207
	3,500	Union Pacific Railroad Co. 2015-1 Pass-Through Trust, 2.695%, 05/12/27		3,529
				150,394
		Trading Companies & Distributors — 0.0% (g)
	4,364	WW Grainger, Inc., 4.600%, 06/15/45		4,738
		Total Industrials		423,545
		Information Technology — 1.1%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	3,488	2.600%, 02/28/23		3,532
	1,479	2.900%, 03/04/21		1,537
	6,539	3.000%, 06/15/22		6,812
	1,822	3.500%, 06/15/25		1,919
	4,500	3.625%, 03/04/24		4,848
	4,179	5.500%, 01/15/40		4,998
	4,475	5.900%, 02/15/39		5,538
				29,184
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	1,712	3.000%, 03/01/18		1,720
	1,595	4.500%, 03/01/23		1,636
	4,157	6.000%, 04/01/20		4,518
	2,421	6.875%, 06/01/18		2,630
	11,025	7.500%, 01/15/27		13,285
				23,789
		Internet Software & Services — 0.0% (g)
		eBay, Inc.,
	9,053	2.600%, 07/15/22		8,454
	5,750	3.450%, 08/01/24		5,474
	1,851	4.000%, 07/15/42		1,412
				15,340

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 79

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		IT Services — 0.2%
	2,170	HP Enterprise Services LLC, 7.450%, 10/15/29		2,430
		International Business Machines Corp.,
	4,972	1.250%, 02/08/18		4,975
	23,206	1.625%, 05/15/20		23,047
	4,619	1.950%, 07/22/16		4,641
	683	4.000%, 06/20/42		653
	592	6.220%, 08/01/27		737
	7,578	7.625%, 10/15/18		8,731
		Xerox Corp.,
	1,759	2.950%, 03/15/17		1,762
	2,370	5.625%, 12/15/19		2,422
	2,870	6.750%, 02/01/17		2,969
				52,367
		Semiconductors & Semiconductor Equipment — 0.1%
		Intel Corp.,
	2,105	3.100%, 07/29/22		2,203
	2,274	3.300%, 10/01/21		2,408
	4,598	3.700%, 07/29/25		4,966
	8,173	4.000%, 12/15/32		8,263
	3,089	4.900%, 07/29/45		3,351
	7,430	National Semiconductor Corp., 6.600%, 06/15/17		7,935
	3,769	Texas Instruments, Inc., 1.650%, 08/03/19		3,772
				32,898
		Software — 0.3%
	3,121	Intuit, Inc., 5.750%, 03/15/17		3,254
		Microsoft Corp.,
	2,069	0.875%, 11/15/17		2,070
	3,037	2.125%, 11/15/22		3,025
	4,650	2.375%, 02/12/22		4,729
	10,221	2.375%, 05/01/23		10,283
	3,459	3.500%, 02/12/35		3,329
	7,202	3.625%, 12/15/23		7,852
	3,620	4.000%, 02/12/55		3,357
	3,974	4.200%, 11/03/35		4,169
	1,089	4.500%, 10/01/40		1,152
	4,348	4.750%, 11/03/55		4,581
		Oracle Corp.,
	14,625	2.950%, 05/15/25		14,757
	1,295	3.625%, 07/15/23		1,370
	3,085	4.300%, 07/08/34		3,157
	14,500	4.375%, 05/15/55		13,912
	4,753	5.000%, 07/08/19		5,276

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	3,049	5.750%, 04/15/18		3,330
	2,300	6.125%, 07/08/39		2,859
	1,749	6.500%, 04/15/38		2,245
	4,103	Series NOTE, 2.800%, 07/08/21		4,241
				98,948
		Technology Hardware, Storage & Peripherals — 0.3%
		Apple, Inc.,
	12,381	2.150%, 02/09/22		12,264
	15,286	2.400%, 05/03/23		15,148
	13,459	2.850%, 05/06/21		14,020
	12,828	3.200%, 05/13/25		13,255
	4,375	3.450%, 02/09/45		3,806
	4,257	4.500%, 02/23/36		4,442
	6,866	VAR, 0.869%, 05/03/18		6,844
	1,704	Dell, Inc., 7.100%, 04/15/28		1,529
		HP, Inc.,
	3,233	4.300%, 06/01/21		3,263
	2,541	4.375%, 09/15/21		2,564
	2,837	4.650%, 12/09/21		2,894
	6,352	6.000%, 09/15/41		5,237
				85,266
		Total Information Technology		337,792
		Materials — 0.5%
		Chemicals — 0.3%
		Agrium, Inc., (Canada),
	3,196	3.375%, 03/15/25		2,937
	3,557	4.125%, 03/15/35		2,803
	4,962	5.250%, 01/15/45		4,432
	9,510	CF Industries, Inc., 7.125%, 05/01/20		10,706
		Dow Chemical Co. (The),
	3,892	3.000%, 11/15/22		3,848
	5,750	3.500%, 10/01/24		5,776
	8,120	4.125%, 11/15/21		8,578
	1,727	5.250%, 11/15/41		1,701
	1,206	7.375%, 11/01/29		1,527
	875	8.550%, 05/15/19		1,029
		E.I. du Pont de Nemours & Co.,
	1,396	4.900%, 01/15/41		1,369
	1,345	5.600%, 12/15/36		1,397
		Ecolab, Inc.,
	3,672	1.450%, 12/08/17		3,654
	3,636	3.250%, 01/14/23		3,698
	897	5.500%, 12/08/41		1,005
	1,259	Monsanto Co., 4.700%, 07/15/64		1,008

SEE NOTES TO FINANCIAL STATEMENTS.

80 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		Mosaic Co. (The),
	1,974	3.750%, 11/15/21		1,965
	7,080	4.250%, 11/15/23		6,923
	449	4.875%, 11/15/41		381
	5,054	5.450%, 11/15/33		4,887
	5,233	5.625%, 11/15/43		4,871
		Potash Corp. of Saskatchewan, Inc., (Canada),
	2,326	3.000%, 04/01/25		2,161
	269	3.250%, 12/01/17		274
	3,408	6.500%, 05/15/19		3,824
		PPG Industries, Inc.,
	1,026	5.500%, 11/15/40		1,166
	972	6.650%, 03/15/18		1,060
	1,883	9.000%, 05/01/21		2,417
	2,612	Praxair, Inc., 2.650%, 02/05/25		2,607
		Union Carbide Corp.,
	5,426	7.500%, 06/01/25		6,642
	5,919	7.750%, 10/01/96		6,914
				101,560
		Construction Materials — 0.0% (g)
		CRH America, Inc.,
	2,811	3.875%, 05/18/25 (e)		2,852
	6,052	5.125%, 05/18/45 (e)		6,137
				8,989
		Metals & Mining — 0.2%
		BHP Billiton Finance USA Ltd., (Australia),
	5,613	3.850%, 09/30/23		5,607
	1,600	5.000%, 09/30/43		1,558
	1,435	5.400%, 03/29/17		1,485
	2,466	6.500%, 04/01/19		2,707
		Freeport-McMoRan, Inc.,
	8,701	2.150%, 03/01/17		8,266
	6,296	3.875%, 03/15/23		4,140
	7,646	5.400%, 11/14/34		4,454
	2,271	5.450%, 03/15/43		1,317
	1,529	Nucor Corp., 4.000%, 08/01/23		1,538
	1,767	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		1,430
		Rio Tinto Finance USA Ltd., (Australia),
	3,367	3.750%, 09/20/21		3,335
	1,794	9.000%, 05/01/19		2,080
	4,007	Rio Tinto Finance USA plc, (United Kingdom), 1.625%, 08/21/17		3,925
	1,199	TCI Communications, Inc., 7.125%, 02/15/28		1,584

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Metals & Mining — continued
		Teck Resources Ltd., (Canada),
	2,865	3.750%, 02/01/23		1,748
	4,904	4.750%, 01/15/22		3,040
				48,214
		Total Materials		158,763
		Telecommunication Services — 1.2%
		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.,
	27,252	3.000%, 06/30/22		27,007
	7,297	3.400%, 05/15/25		7,168
	4,301	3.875%, 08/15/21		4,513
	9,748	4.300%, 12/15/42		8,329
	4,439	4.350%, 06/15/45		3,780
	3,143	4.450%, 05/15/21		3,361
	3,297	4.500%, 05/15/35		3,026
	3,777	4.750%, 05/15/46		3,448
	9,509	5.350%, 09/01/40		9,256
	4,722	5.500%, 02/01/18		5,033
	6,457	6.300%, 01/15/38		6,997
	1,600	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		1,898
	15,000	BellSouth LLC, 6.550%, 06/15/34		15,901
		British Telecommunications plc, (United Kingdom),
	2,203	2.350%, 02/14/19		2,223
	2,511	5.950%, 01/15/18		2,705
	879	9.625%, 12/15/30		1,258
	4,036	Centel Capital Corp., 9.000%, 10/15/19		4,634
		Deutsche Telekom International Finance B.V., (Netherlands),
	2,291	2.250%, 03/06/17 (e)		2,306
	2,087	4.875%, 03/06/42 (e)		2,190
	1,816	6.000%, 07/08/19		2,043
	5,201	8.750%, 06/15/30		7,335
		GTE Corp.,
	3,049	6.940%, 04/15/28		3,594
	897	8.750%, 11/01/21		1,132
		GTP Acquisition Partners I LLC,
	10,038	2.350%, 06/15/20 (e)		9,964
	11,667	3.482%, 06/16/25 (e)		11,772
	2,063	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		2,062
		Orange S.A., (France),
	3,799	2.750%, 09/14/16		3,829
	5,695	9.000%, 03/01/31		7,974

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 81

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	7,308	Qwest Corp., 6.750%, 12/01/21		7,783
		Telefonica Emisiones S.A.U., (Spain),
	1,916	3.192%, 04/27/18		1,946
	4,358	5.134%, 04/27/20		4,668
	2,025	5.462%, 02/16/21		2,220
	2,152	6.421%, 06/20/16		2,182
		Verizon Communications, Inc.,
	1,790	2.625%, 02/21/20		1,814
	5,898	3.000%, 11/01/21		5,991
	15,346	3.500%, 11/01/24		15,671
	11,683	4.150%, 03/15/24		12,440
	11,559	4.400%, 11/01/34		10,858
	9,294	4.500%, 09/15/20		10,106
	3,993	4.522%, 09/15/48		3,644
	5,210	4.672%, 03/15/55		4,601
	28,901	4.862%, 08/21/46		28,236
	3,895	5.012%, 08/21/54		3,617
	5,330	5.150%, 09/15/23		6,034
	1,294	5.850%, 09/15/35		1,410
	3,390	6.400%, 09/15/33		3,950
	159	6.550%, 09/15/43		194
	897	Verizon Maryland LLC, Series B, 5.125%, 06/15/33		879
	8,579	Verizon New England, Inc., 7.875%, 11/15/29		10,674
	789	Verizon New York, Inc., Series B, 7.375%, 04/01/32		886
		Verizon Pennsylvania LLC,
	3,811	6.000%, 12/01/28		4,179
	4,692	8.350%, 12/15/30		5,999
	1,000	8.750%, 08/15/31		1,258
				315,978
		Wireless Telecommunication Services — 0.1%
		America Movil S.A.B. de C.V., (Mexico),
	3,833	2.375%, 09/08/16		3,846
	3,250	3.125%, 07/16/22		3,239
	2,457	6.125%, 03/30/40		2,719
		Rogers Communications, Inc., (Canada),
	8,302	4.100%, 10/01/23		8,798
	2,242	8.750%, 05/01/32		3,057
		Vodafone Group plc, (United Kingdom),
	6,816	1.500%, 02/19/18		6,751
	7,443	1.625%, 03/20/17		7,473
	335	2.500%, 09/26/22		319

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — continued
	340	2.950%, 02/19/23		326
				36,528
		Total Telecommunication Services		352,506
		Utilities — 1.5%
		Electric Utilities — 1.0%
		Alabama Power Co.,
	1,644	3.750%, 03/01/45		1,569
	769	6.000%, 03/01/39		945
	1,904	6.125%, 05/15/38		2,379
	2,134	American Electric Power Co., Inc., 1.650%, 12/15/17		2,119
	3,740	Appalachian Power Co., Series P, 6.700%, 08/15/37		4,401
		Arizona Public Service Co.,
	748	2.200%, 01/15/20		751
	1,923	4.500%, 04/01/42		2,074
	3,036	5.050%, 09/01/41		3,526
	4,419	Baltimore Gas & Electric Co., 2.800%, 08/15/22		4,509
	3,094	Cleveland Electric Illuminating Co. (The), Series D, 7.880%, 11/01/17		3,377
	4,791	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		4,905
	830	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		901
	1,687	DTE Electric Co., 2.650%, 06/15/22		1,720
		Duke Energy Carolinas LLC,
	1,228	4.250%, 12/15/41		1,280
	1,786	4.300%, 06/15/20		1,966
	1,256	5.100%, 04/15/18		1,352
	1,397	6.000%, 01/15/38		1,775
		Duke Energy Corp.,
	3,812	2.150%, 11/15/16		3,839
	2,660	3.550%, 09/15/21		2,764
		Duke Energy Florida LLC,
	1,009	5.650%, 06/15/18		1,100
	628	6.400%, 06/15/38		831
		Duke Energy Indiana LLC,
	3,462	3.750%, 07/15/20		3,701
	2,780	6.350%, 08/15/38		3,614
		Duke Energy Progress LLC,
	2,911	2.800%, 05/15/22		2,979
	3,230	3.000%, 09/15/21		3,374
	2,985	3.250%, 08/15/25		3,103
	1,886	4.100%, 05/15/42		1,903

SEE NOTES TO FINANCIAL STATEMENTS.

82 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	1,569	4.100%, 03/15/43		1,584
	2,258	4.150%, 12/01/44		2,305
	1,794	5.300%, 01/15/19		1,977
		Electricite de France S.A., (France),
	3,961	2.150%, 01/22/19 (e)		3,963
	6,600	6.000%, 01/22/145 (e)		6,534
		Enel Finance International N.V., (Netherlands),
	5,408	5.125%, 10/07/19 (e)		5,880
	897	6.000%, 10/07/39 (e)		990
		Florida Power & Light Co.,
	493	5.625%, 04/01/34		603
	897	5.950%, 02/01/38		1,156
	359	Georgia Power Co., 5.950%, 02/01/39		430
	1,351	Great Plains Energy, Inc., 4.850%, 06/01/21		1,459
		Hydro-Quebec, (Canada),
	1,614	9.400%, 02/01/21		2,135
	7,174	Series HY, 8.400%, 01/15/22		9,504
	2,642	Series IO, 8.050%, 07/07/24		3,670
		Indiana Michigan Power Co.,
	973	7.000%, 03/15/19		1,100
	8,609	Series J, 3.200%, 03/15/23		8,682
	269	Jersey Central Power & Light Co., 7.350%, 02/01/19		303
	4,000	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		4,458
		Kansas City Power & Light Co.,
	3,255	3.150%, 03/15/23		3,247
	8,968	5.300%, 10/01/41		10,198
	2,759	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		2,887
	628	MidAmerican Energy Co., 5.300%, 03/15/18		675
		Nevada Power Co.,
	329	5.375%, 09/15/40		383
	3,354	5.450%, 05/15/41		3,915
	2,018	6.500%, 08/01/18		2,234
	1,637	7.125%, 03/15/19		1,860
	700	Series N, 6.650%, 04/01/36		909
		NextEra Energy Capital Holdings, Inc.,
	2,651	2.400%, 09/15/19		2,650
	1,076	6.000%, 03/01/19		1,175
		Niagara Mohawk Power Corp.,
	3,051	3.508%, 10/01/24 (e)		3,161
	1,457	4.881%, 08/15/19 (e)		1,584
	2,242	Northern States Power Co., 6.250%, 06/01/36		2,944

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
		Ohio Power Co.,
	1,390	6.050%, 05/01/18		1,503
	560	Series M, 5.375%, 10/01/21		633
		Oncor Electric Delivery Co. LLC,
	5,515	6.800%, 09/01/18		6,110
	1,076	7.000%, 09/01/22		1,313
		Pacific Gas & Electric Co.,
	5,047	2.450%, 08/15/22		4,994
	3,349	2.950%, 03/01/26		3,372
	1,265	3.250%, 09/15/21		1,315
	1,794	3.250%, 06/15/23		1,855
	5,781	3.500%, 06/15/25		6,039
	1,681	4.450%, 04/15/42		1,750
	6,511	4.500%, 12/15/41		6,819
	1,776	5.625%, 11/30/17		1,894
	399	6.050%, 03/01/34		490
	673	8.250%, 10/15/18		783
		PacifiCorp,
	2,765	3.600%, 04/01/24		2,947
	897	3.850%, 06/15/21		965
	224	5.500%, 01/15/19		247
	2,556	5.650%, 07/15/18		2,787
		PECO Energy Co.,
	5,022	2.375%, 09/15/22		5,024
	807	5.350%, 03/01/18		866
	807	Pennsylvania Electric Co., 6.050%, 09/01/17		857
	1,184	Potomac Electric Power Co., 6.500%, 11/15/37		1,569
	1,543	PPL Electric Utilities Corp., 2.500%, 09/01/22		1,556
		Progress Energy, Inc.,
	3,380	3.150%, 04/01/22		3,391
	3,388	4.400%, 01/15/21		3,614
	1,327	7.750%, 03/01/31		1,787
		Public Service Co. of Colorado,
	1,821	2.250%, 09/15/22		1,816
	1,040	3.200%, 11/15/20		1,093
	247	5.800%, 08/01/18		270
		Public Service Co. of Oklahoma,
	1,761	4.400%, 02/01/21		1,890
	1,242	5.150%, 12/01/19		1,348
	3,901	Series G, 6.625%, 11/15/37		4,879
		Public Service Electric & Gas Co.,
	6,334	3.000%, 05/15/25		6,487
	1,021	5.375%, 11/01/39		1,244

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 83

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	740	Series I, 1.800%, 06/01/19		741
	387	South Carolina Electric & Gas Co., 4.500%, 06/01/64		387
		Southern California Edison Co.,
	2,103	1.845%, 02/01/22		2,071
	886	3.875%, 06/01/21		957
	3,408	3.900%, 12/01/41		3,374
	1,256	5.500%, 08/15/18		1,377
	2,197	6.050%, 03/15/39		2,829
	578	Series 08-A, 5.950%, 02/01/38		734
	2,854	Series C, 3.500%, 10/01/23		3,031
	2,666	Southern Co. (The), 1.950%, 09/01/16		2,674
	3,049	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		3,565
	2,095	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		2,087
		Virginia Electric & Power Co.,
	696	2.950%, 01/15/22		715
	1,280	3.450%, 02/15/24		1,333
	4,125	5.400%, 04/30/18		4,444
	717	5.950%, 09/15/17		764
	234	Wisconsin Electric Power Co., 2.950%, 09/15/21		242
		Xcel Energy, Inc.,
	242	0.750%, 05/09/16		242
	539	4.700%, 05/15/20		585
	829	4.800%, 09/15/41		874
	3,049	6.500%, 07/01/36		3,875
				281,720
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	1,750	4.125%, 10/15/44		1,767
	7,215	4.150%, 01/15/43		7,216
	619	8.500%, 03/15/19		726
	2,201	Boston Gas Co., 4.487%, 02/15/42 (e)		2,199
		CenterPoint Energy Resources Corp.,
	897	4.500%, 01/15/21		943
	475	6.125%, 11/01/17		504
	2,214	Dominion Gas Holdings LLC, 2.800%, 11/15/20		2,242
				15,597
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	2,100	2.950%, 01/15/20		2,101

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Independent Power & Renewable Electricity Producers — continued
	5,381	4.000%, 10/01/20		5,559
	1,665	5.750%, 10/01/41		1,528
		PSEG Power LLC,
	2,879	4.150%, 09/15/21		2,949
	2,456	4.300%, 11/15/23		2,460
	1,125	8.625%, 04/15/31		1,383
		Southern Power Co.,
	2,361	4.150%, 12/01/25		2,372
	3,879	5.150%, 09/15/41		3,602
				21,954
		Multi-Utilities — 0.3%
		AGL Capital Corp.,
	4,609	3.500%, 09/15/21		4,716
	1,392	4.400%, 06/01/43		1,297
	10,518	5.875%, 03/15/41		11,985
	6,009	6.375%, 07/15/16		6,120
	1,457	Berkshire Hathaway Energy Co., 5.750%, 04/01/18		1,569
	3,390	CenterPoint Energy, Inc., 6.500%, 05/01/18		3,668
	2,760	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		3,423
		Consumers Energy Co.,
	1,343	2.850%, 05/15/22		1,372
	1,256	5.650%, 04/15/20		1,438
	1,478	Delmarva Power & Light Co., 4.000%, 06/01/42		1,470
		Dominion Resources, Inc.,
	1,076	7.000%, 06/15/38		1,314
	1,840	Series C, 4.900%, 08/01/41		1,785
	5,067	Series F, 5.250%, 08/01/33		5,436
		DTE Energy Co.,
	6,150	3.300%, 06/15/22 (e)		6,277
	1,400	Series F, 3.850%, 12/01/23		1,474
		NiSource Finance Corp.,
	2,457	3.850%, 02/15/23		2,561
	6,726	5.800%, 02/01/42		7,729
		San Diego Gas & Electric Co.,
	2,690	3.950%, 11/15/41		2,725
	1,852	6.000%, 06/01/26		2,331
		Sempra Energy,
	3,139	2.875%, 10/01/22		3,038
	3,827	3.550%, 06/15/24		3,824
	2,348	4.050%, 12/01/23		2,455
	1,345	6.000%, 10/15/39		1,481

SEE NOTES TO FINANCIAL STATEMENTS.

84 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
	2,063	6.150%, 06/15/18		2,221
	807	6.500%, 06/01/16		816
	7,309	9.800%, 02/15/19		8,739
	7,009	WEC Energy Group, Inc., 3.550%, 06/15/25		7,232
				98,496
		Water Utilities — 0.0% (g)
		American Water Capital Corp.,
	5,248	3.400%, 03/01/25		5,502
	3,354	6.593%, 10/15/37		4,571
				10,073
		Total Utilities		427,840
		Total Corporate Bonds (Cost $5,435,551)		5,463,516
	Foreign Government Securities — 1.0%
		Federative Republic of Brazil, (Brazil),
	6,774	4.250%, 01/07/25		5,775
	2,660	5.000%, 01/27/45		1,875
		Israel Government AID Bond, (Israel),
	3,000	Zero Coupon, 11/01/19		2,844
	2,640	Zero Coupon, 08/15/23		2,240
	3,587	Zero Coupon, 11/01/23		3,011
	21,968	Zero Coupon, 11/01/24		17,983
	7,240	5.500%, 12/04/23		9,010
	7,330	5.500%, 04/26/24		9,200
	6,771	5.500%, 09/18/33		9,179
	5,000	Series 1, Zero Coupon, 05/01/23		4,283
	22,151	Series 2, Zero Coupon, 11/01/24		18,157
	3,155	Series 4-Z, Zero Coupon, 08/15/22		2,787
	10,000	Series 6-Z, Zero Coupon, 08/15/22		8,834
	10,000	Series 8-Z, Zero Coupon, 02/15/24		8,421
	3,305	Series 8-Z, Zero Coupon, 08/15/24		2,729
	23,876	Series 8-Z, Zero Coupon, 08/15/25		19,021
	8,517	Series 9-Z, Zero Coupon, 05/15/23		7,286
	25,875	Series 9-Z, Zero Coupon, 05/15/24		21,550
	24,763	Series 9-Z, Zero Coupon, 05/15/25		19,912
	14,275	Series 9-Z, Zero Coupon, 11/15/25		11,265
	2,242	Series 11-Z, Zero Coupon, 11/15/26		1,704
	11,427	Province of Ontario, (Canada), 1.650%, 09/27/19		11,412
	502	Province of Quebec, (Canada), Series A, SUB, 7.365%, 03/06/26		688
		Republic of Colombia, (Colombia),
	3,137	4.000%, 02/26/24		3,011
	3,811	4.500%, 01/28/26		3,678

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,979	5.000%, 06/15/45		3,342
	941	5.625%, 02/26/44		852
		Republic of Panama, (Panama),
	2,796	3.750%, 03/16/25		2,803
	2,371	4.000%, 09/22/24		2,418
	737	Republic of Peru, (Peru), 5.625%, 11/18/50		791
	6,568	Republic of Poland, (Poland), 4.000%, 01/22/24		7,040
		Republic of South Africa, (South Africa),
	8,616	5.375%, 07/24/44		7,961
	3,502	5.875%, 09/16/25		3,663
		Republic of Turkey, (Turkey),
	12,555	4.250%, 04/14/26		11,915
	3,879	5.750%, 03/22/24		4,123
		United Mexican States, (Mexico),
	11,021	3.500%, 01/21/21		11,352
	7,166	3.600%, 01/30/25		7,121
	7,316	4.000%, 10/02/23		7,525
	2,862	4.600%, 01/23/46		2,630
	3,906	4.750%, 03/08/44		3,681
	12,227	5.550%, 01/21/45		12,777
	5,118	5.750%, 10/12/102		4,862
		Total Foreign Government Securities (Cost $293,497)		300,711
	Mortgage Pass-Through Securities — 15.0%
		Federal Home Loan Mortgage Corp.,
	605	ARM, 2.050%, 04/01/37		634
	1,462	ARM, 2.064%, 05/01/37		1,520
	210	ARM, 2.200%, 01/01/37		220
	503	ARM, 2.205%, 08/01/36		524
	3,480	ARM, 2.230%, 10/01/36		3,646
	1,025	ARM, 2.255%, 08/01/36		1,075
	17	ARM, 2.262%, 07/01/19		17
	6,062	ARM, 2.266%, 08/01/36		6,396
	1,756	ARM, 2.272%, 10/01/36		1,841
	781	ARM, 2.290%, 07/01/36		822
	993	ARM, 2.318%, 10/01/36		1,046
	237	ARM, 2.322%, 08/01/35		251
	792	ARM, 2.354%, 10/01/36		836
	42	ARM, 2.375%, 07/01/26		42
	765	ARM, 2.391%, 04/01/34		807
	5,179	ARM, 2.424%, 12/01/36		5,420
	5,014	ARM, 2.462%, 01/01/27 - 03/01/37		5,281
	4,948	ARM, 2.467%, 12/01/36		5,227
	40	ARM, 2.483%, 04/01/30		42
	169	ARM, 2.486%, 02/01/37		179

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 85

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,806	ARM, 2.495%, 05/01/36		1,904
	394	ARM, 2.497%, 11/01/36		416
	1,721	ARM, 2.500%, 05/01/36 - 07/01/36		1,815
	2,298	ARM, 2.510%, 05/01/37		2,446
	1,615	ARM, 2.515%, 11/01/36		1,691
	2,154	ARM, 2.519%, 09/01/36		2,273
	2,633	ARM, 2.520%, 11/01/36		2,779
	1,007	ARM, 2.528%, 06/01/37		1,057
	424	ARM, 2.535%, 10/01/36		440
	739	ARM, 2.536%, 11/01/36		781
	819	ARM, 2.542%, 11/01/36		866
	459	ARM, 2.552%, 11/01/37		484
	2,287	ARM, 2.559%, 05/01/33		2,408
	359	ARM, 2.564%, 02/01/36		377
	162	ARM, 2.565%, 12/01/36		170
	1,297	ARM, 2.572%, 05/01/38		1,371
	2,142	ARM, 2.592%, 09/01/36		2,268
	2,231	ARM, 2.605%, 12/01/33 - 10/01/36		2,358
	4,744	ARM, 2.606%, 06/01/36		5,002
	1,761	ARM, 2.608%, 02/01/36		1,859
	923	ARM, 2.617%, 07/01/37		975
	88	ARM, 2.619%, 04/01/37		91
	450	ARM, 2.620%, 05/01/37		481
	78	ARM, 2.623%, 09/01/32		83
	1,132	ARM, 2.632%, 12/01/35		1,204
	2,596	ARM, 2.641%, 01/01/35		2,729
	759	ARM, 2.648%, 01/01/35		798
	1,680	ARM, 2.664%, 09/01/34		1,774
	1,538	ARM, 2.673%, 02/01/37		1,628
	1,512	ARM, 2.679%, 06/01/36		1,603
	1,788	ARM, 2.687%, 03/01/36		1,896
	1,271	ARM, 2.694%, 04/01/37		1,342
	3,496	ARM, 2.702%, 05/01/37		3,712
	2,744	ARM, 2.706%, 02/01/37		2,901
	148	ARM, 2.713%, 02/01/37		156
	1,888	ARM, 2.793%, 04/01/38		2,005
	2,074	ARM, 2.820%, 05/01/37		2,210
	966	ARM, 2.844%, 01/01/37		1,024
	742	ARM, 2.881%, 03/01/37		779
	1,821	ARM, 2.885%, 12/01/36		1,942
	379	ARM, 2.890%, 02/01/37		406
	370	ARM, 2.940%, 05/01/36		392
	1,405	ARM, 2.966%, 10/01/36		1,497
	241	ARM, 3.081%, 12/01/36		261
	407	ARM, 3.100%, 03/01/37		434
	686	ARM, 3.171%, 07/01/36		712

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	2,037		ARM, 3.257%, 03/01/36		2,141
	1,486		ARM, 3.978%, 07/01/40		1,558
			Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	24		4.000%, 06/01/18		25
	367		4.500%, 08/01/18 - 10/01/18		380
	1,358		5.000%, 10/01/17 - 12/01/18		1,402
	1,581		5.500%, 06/01/17 - 02/01/24		1,648
	2,351		6.000%, 04/01/17 - 03/01/22		2,415
	299		6.500%, 07/01/16 - 03/01/22		308
	—	(h)	7.000%, 04/01/17		—	(h)
			Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	12,800		3.500%, 01/01/32 - 03/01/32		13,516
	98		6.000%, 12/01/22		110
	535		6.500%, 01/01/28		610
			Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	36,600		3.000%, 08/01/43		37,726
	33,876		4.500%, 05/01/41		36,950
	36,000		5.000%, 01/01/34 - 08/01/40		39,805
	6,544		5.500%, 01/01/33 - 03/01/40		7,342
	1,004		6.000%, 10/01/29 - 12/01/36		1,151
	5,966		6.500%, 08/01/29 - 03/01/38		6,993
	1,637		7.000%, 04/01/26 - 02/01/37		1,921
	2,085		7.500%, 08/01/25 - 09/01/38		2,513
	17		8.000%, 07/01/20 - 11/01/24		19
	48		8.500%, 07/01/28		60
			Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	6,714		7.500%, 01/01/32 - 12/01/36		8,094
	2,245		10.000%, 10/01/30		2,479
			Federal Home Loan Mortgage Corp. Gold Pools, Other,
	77,208		3.500%, 02/01/33 - 06/01/43		81,283
	38,952		4.000%, 06/01/42 - 01/01/43		41,816
	1,647		5.500%, 04/01/18		1,705
	1,687		6.000%, 02/01/33 - 11/01/36		1,870
	15,335		6.500%, 12/01/35 - 06/01/37		17,366
	10		7.000%, 07/01/29		11
	385		10.000%, 03/17/26		406
			Federal National Mortgage Association,
	408		ARM, 1.803%, 08/01/34		424
	3		ARM, 1.875%, 01/01/19		4
	3,535		ARM, 1.889%, 09/01/36		3,684
	1,305		ARM, 1.898%, 07/01/37		1,359
	593		ARM, 1.912%, 09/01/33		617

SEE NOTES TO FINANCIAL STATEMENTS.

86 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,030	ARM, 1.975%, 01/01/37		1,070
	1,323	ARM, 2.011%, 02/01/37		1,371
	4,442	ARM, 2.020%, 01/01/35		4,635
	561	ARM, 2.050%, 05/01/35		588
	9	ARM, 2.091%, 03/01/19		9
	311	ARM, 2.094%, 02/01/35		323
	695	ARM, 2.100%, 09/01/36		728
	151	ARM, 2.135%, 08/01/35		160
	159	ARM, 2.140%, 04/01/34		162
	404	ARM, 2.212%, 09/01/37		425
	297	ARM, 2.256%, 10/01/34		312
	1,774	ARM, 2.258%, 01/01/36		1,865
	2,613	ARM, 2.270%, 11/01/37		2,734
	31	ARM, 2.280%, 01/01/34		31
	681	ARM, 2.288%, 03/01/35		720
	162	ARM, 2.324%, 07/01/34 - 09/01/34		171
	476	ARM, 2.326%, 08/01/33		503
	716	ARM, 2.341%, 07/01/35		761
	94	ARM, 2.345%, 05/01/35		99
	168	ARM, 2.350%, 11/01/34		178
	774	ARM, 2.361%, 09/01/36		818
	2,648	ARM, 2.365%, 04/01/37		2,797
	625	ARM, 2.367%, 08/01/36		661
	889	ARM, 2.376%, 11/01/37		941
	532	ARM, 2.384%, 11/01/33		566
	300	ARM, 2.399%, 08/01/34		317
	373	ARM, 2.403%, 09/01/35		397
	151	ARM, 2.405%, 07/01/37		158
	432	ARM, 2.428%, 06/01/36		457
	145	ARM, 2.451%, 01/01/35		153
	389	ARM, 2.478%, 05/01/36		413
	280	ARM, 2.487%, 11/01/34		296
	3,988	ARM, 2.492%, 07/01/37		4,223
	2,584	ARM, 2.494%, 08/01/36		2,748
	2,208	ARM, 2.514%, 04/01/35 - 10/01/36		2,336
	1,208	ARM, 2.520%, 07/01/36		1,282
	99	ARM, 2.533%, 09/01/37		101
	2,262	ARM, 2.536%, 09/01/36		2,402
	713	ARM, 2.545%, 06/01/34		754
	188	ARM, 2.547%, 01/01/34		197
	85	ARM, 2.554%, 09/01/27		90
	1,101	ARM, 2.556%, 09/01/37		1,171
	819	ARM, 2.566%, 01/01/36		863
	4,838	ARM, 2.569%, 12/01/37		5,112
	3,664	ARM, 2.582%, 06/01/36 - 07/01/37		3,887
	1	ARM, 2.625%, 08/01/19		1

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,678	ARM, 2.632%, 02/01/37		1,772
	623	ARM, 2.634%, 10/01/34		658
	249	ARM, 2.685%, 09/01/33		265
	714	ARM, 2.687%, 06/01/36		757
	895	ARM, 2.695%, 09/01/36		944
	2,854	ARM, 2.709%, 12/01/36		3,011
	889	ARM, 2.721%, 10/01/35		947
	127	ARM, 2.748%, 09/01/37		130
	792	ARM, 2.748%, 11/01/36		835
	859	ARM, 2.750%, 08/01/36 - 01/01/37		904
	523	ARM, 2.753%, 01/01/38		553
	1,684	ARM, 2.810%, 12/01/36		1,786
	3,752	ARM, 2.835%, 10/01/36		3,998
	1,662	ARM, 2.839%, 10/01/36		1,770
	723	ARM, 3.011%, 11/01/36		761
	8,078	ARM, 3.029%, 03/01/36		8,564
	343	ARM, 3.043%, 02/01/36		362
	2,894	ARM, 3.107%, 08/01/37		3,082
	34	ARM, 3.250%, 01/01/36		35
	51	ARM, 3.748%, 03/01/29		54
	293	ARM, 6.022%, 09/01/37		308
	705	ARM, 6.269%, 08/01/36		739
		Federal National Mortgage Association, 15 Year, Single Family,
	187	3.500%, 04/01/19		197
	2,130	4.500%, 05/01/18 - 12/01/19		2,211
	5,373	5.000%, 04/01/18 - 08/01/24		5,639
	5,166	5.500%, 02/01/18 - 07/01/20		5,368
	11,253	6.000%, 06/01/16 - 07/01/24		12,222
	1,736	6.500%, 03/01/17 - 02/01/24		1,895
	54	7.000%, 03/01/17 - 11/01/17		54
	1	7.500%, 03/01/17		1
		Federal National Mortgage Association, 20 Year, Single Family,
	15,162	3.500%, 07/01/32 - 08/01/32		16,044
	29,515	4.000%, 01/01/35		31,907
	1,103	5.500%, 07/01/25		1,237
	6,800	6.000%, 07/01/26 - 09/01/29		7,742
	2,156	6.500%, 05/01/22 - 08/01/26		2,473
		Federal National Mortgage Association, 30 Year, FHA/VA,
	141	6.000%, 09/01/33		158
	211	6.500%, 03/01/29		241
	16	7.000%, 02/01/33		18
	50	8.000%, 06/01/28		57
	14	8.500%, 02/01/30		14

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 87

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	19		9.000%, 05/01/18 - 12/01/30		19
	8		9.500%, 12/01/18		9
			Federal National Mortgage Association, 30 Year, Single Family,
	34,033		3.000%, 06/01/43 (w)		35,084
	169,443		3.500%, 06/01/43 - 01/01/46 (w)		179,744
	801		4.000%, 12/01/33		857
	22,641		4.500%, 11/01/33 - 09/01/43		24,637
	28,863		5.000%, 06/01/33 - 08/01/40		32,161
	17,831		5.500%, 11/01/32 - 12/01/39		20,222
	14,850		6.000%, 12/01/28 - 11/01/38		17,057
	28,782		6.500%, 11/01/29 - 10/01/38		33,537
	14,847		7.000%, 01/01/24 - 01/01/39		17,951
	9,817		7.500%, 11/01/22 - 04/01/39		12,033
	731		8.000%, 03/01/21 - 01/01/38		868
	16		8.500%, 07/01/24 - 05/01/25		19
	—	(h)	9.000%, 04/01/26		—	(h)
	13		9.500%, 07/01/28		14
	6		10.000%, 02/01/24		6
			Federal National Mortgage Association, Other,
	38,278		ARM, 0.780%, 01/01/23		38,259
	7,189		ARM, 0.890%, 11/01/23		7,237
	19,664		VAR, 0.800%, 05/01/24 - 12/01/24		19,714
	15,156		VAR, 0.810%, 11/01/21 - 02/01/23		15,192
	6,370		VAR, 0.810%, 03/01/25		6,384
	6,803		VAR, 0.820%, 01/01/23		6,850
	15,000		VAR, 0.860%, 07/01/24		15,145
	3,924		VAR, 0.900%, 08/01/22		3,927
	4,895		VAR, 0.930%, 10/01/20		4,896
	8,267		VAR, 1.230%, 03/01/22		8,237
	121		VAR, 2.500%, 08/01/34		128
	5,095		VAR, 6.070%, 11/01/18		5,315
	7,059		1.470%, 12/01/19		7,048
	8,968		1.690%, 12/01/19		9,019
	15,563		1.940%, 01/01/17 - 07/01/19		15,717
	13,452		2.000%, 12/01/20		13,723
	80,712		2.010%, 06/01/20		82,056
	2,083		2.030%, 08/01/19		2,139
	17,280		2.140%, 04/01/19		17,612
	4,306		2.150%, 01/01/23		4,356
	8,352		2.190%, 05/01/19		8,527
	6,328		2.200%, 07/01/19		6,466
	5,707		2.240%, 12/01/22		5,804
	9,057		2.280%, 12/01/22		9,217
	3,364		2.320%, 12/01/22		3,432
	15,130		2.330%, 01/01/23		15,438

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	32,938	2.340%, 12/01/22 - 01/01/23		33,681
	27,392	2.370%, 07/01/19 - 01/01/23		28,182
	7,629	2.380%, 11/01/22		7,810
	15,046	2.390%, 10/01/22 - 12/01/22		15,410
	9,802	2.395%, 01/01/22		10,121
	39,981	2.400%, 12/01/22 - 02/01/23		40,869
	5,286	2.410%, 11/01/22		5,411
	18,296	2.420%, 12/01/22 - 06/01/23		18,752
	15,980	2.440%, 11/01/22 - 01/01/23		16,383
	43,779	2.450%, 06/01/19 - 02/01/23		44,915
	7,842	2.470%, 09/01/22 - 11/01/22		8,051
	10,998	2.490%, 10/01/17 - 03/01/23		11,262
	12,555	2.500%, 04/01/23		13,030
	8,251	2.510%, 01/01/23		8,433
	37,279	2.520%, 10/01/22 - 05/01/23		38,153
	2,690	2.540%, 05/01/23		2,770
	14,587	2.550%, 11/01/22		15,050
	5,307	2.570%, 10/01/22		5,482
	14,284	2.600%, 06/01/22 - 01/01/23		14,778
	7,783	2.610%, 07/01/22		8,057
	5,201	2.620%, 10/01/17		5,295
	22,410	2.630%, 09/01/21 - 06/01/25		23,178
	5,907	2.635%, 10/01/22		6,120
	6,705	2.640%, 04/01/23 - 07/01/23		6,912
	8,968	2.650%, 08/01/22		9,294
	17,754	2.660%, 12/01/22		18,848
	15,877	2.670%, 07/01/22		16,477
	15,169	2.680%, 05/01/25 - 06/01/27		15,355
	12,171	2.690%, 10/01/17 - 07/01/22		12,578
	24,200	2.700%, 04/01/22 - 04/01/25		25,053
	5,564	2.703%, 04/01/23		5,794
	8,358	2.750%, 03/01/22		8,746
	13,945	2.760%, 06/01/22		14,558
	19,243	2.764%, 06/01/23		19,952
	22,420	2.770%, 05/01/22 - 06/01/23		23,388
	4,281	2.780%, 06/01/27		4,328
	8,000	2.790%, 05/01/27		8,079
	10,000	2.810%, 05/01/27		10,133
	9,590	2.820%, 07/01/22		10,033
	39,974	2.830%, 05/01/27 - 06/01/27		40,467
	19,665	2.860%, 05/01/22 - 01/01/25		20,546
	8,500	2.890%, 05/01/27		8,671
	16,597	2.900%, 05/01/22 - 12/01/24		17,283
	6,000	2.910%, 03/01/27		6,128
	56,820	2.920%, 12/01/24 - 05/01/30		58,886
	34,497	2.940%, 05/01/22 - 05/01/30		35,414

SEE NOTES TO FINANCIAL STATEMENTS.

88 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	23,822	2.960%, 01/01/25 - 06/01/30		24,489
	20,157	2.970%, 01/01/22 - 06/01/30		20,940
	19,730	2.980%, 07/01/22		20,833
	17,499	2.990%, 02/01/22 - 01/01/25		18,243
	53,907	3.000%, 06/01/27 - 02/01/43		55,324
	9,839	3.020%, 05/01/22 - 06/01/25		10,339
	56,996	3.030%, 12/01/21 - 04/01/30		58,789
	10,762	3.040%, 12/01/18		11,196
	13,331	3.050%, 04/01/22 - 01/01/25		14,049
	7,497	3.060%, 02/01/22		7,946
	28,156	3.080%, 03/01/22 - 04/01/30		29,319
	21,203	3.090%, 01/01/22 - 02/01/22		22,539
	38,045	3.100%, 05/01/22 - 05/01/30		39,535
	25,303	3.110%, 12/01/24		26,540
	49,623	3.120%, 01/01/22 - 06/01/35		51,011
	47,234	3.130%, 04/01/30 - 06/01/30		48,951
	45,987	3.140%, 02/01/22 - 12/01/26		48,499
	9,580	3.150%, 07/01/30		9,904
	13,200	3.170%, 08/01/25 - 02/01/30		13,787
	9,895	3.180%, 06/01/30		10,263
	17,000	3.190%, 12/01/26		17,784
	7,174	3.200%, 01/01/22		7,671
	9,190	3.210%, 03/01/22 - 05/01/23		9,825
	13,900	3.210%, 03/01/31 (w)		13,978
	14,181	3.220%, 12/01/26 - 04/01/30		14,790
	5,086	3.230%, 11/01/20		5,407
	20,000	3.240%, 12/01/26		20,994
	18,200	3.250%, 09/01/26 - 07/01/27		19,137
	8,000	3.260%, 12/01/26		8,421
	6,797	3.270%, 11/01/20		7,251
	61,399	3.290%, 10/01/20 - 11/01/26		64,806
	15,564	3.300%, 12/01/26 - 07/01/30		16,266
	3,358	3.310%, 12/01/21		3,600
	8,500	3.320%, 05/01/24		9,310
	10,000	3.330%, 09/01/27		10,570
	16,000	3.340%, 02/01/27		16,938
	17,502	3.350%, 11/01/20 - 09/01/30		18,399
	7,138	3.360%, 10/01/20		7,644
	7,953	3.370%, 09/01/30		8,315
	12,018	3.380%, 01/01/18 - 12/01/23		12,533
	2,381	3.390%, 08/01/17		2,446
	3,041	3.400%, 10/01/21		3,271
	16,837	3.430%, 09/01/20 - 11/01/21		18,042
	12,875	3.440%, 12/01/21 - 10/01/26		13,858
	32,361	3.450%, 01/01/24 - 04/01/35		34,620
	7,606	3.480%, 12/01/20		8,163
	189,642	3.500%, 09/01/20 - 06/01/43 (w)		199,801

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	9,000	3.510%, 08/01/23		9,757
	5,470	3.520%, 01/01/18		5,655
	8,609	3.540%, 10/01/20		9,261
	7,461	3.543%, 12/01/20		8,055
	13,000	3.550%, 02/01/30		13,770
	3,774	3.559%, 01/01/21		4,058
	19,458	3.570%, 11/01/34		20,420
	22,955	3.590%, 10/01/20 - 08/01/23		24,850
	1,652	3.600%, 09/01/20		1,775
	9,316	3.610%, 11/01/34		9,790
	9,547	3.630%, 01/01/18 - 10/01/35		10,045
	10,985	3.640%, 06/01/18 - 01/01/25		11,703
	42,150	3.670%, 07/01/23		46,043
	3,272	3.700%, 12/01/20		3,533
	20,834	3.740%, 07/01/20 - 07/01/23		22,682
	16,731	3.743%, 06/01/18		17,410
	3,892	3.760%, 12/01/35		4,155
	27,400	3.765%, 12/01/25		29,937
	34,459	3.770%, 01/01/21 - 09/01/21		37,631
	6,347	3.780%, 09/01/21		6,945
	4,977	3.800%, 03/01/18		5,184
	21,267	3.830%, 12/01/20 - 12/01/21		23,303
	22,378	3.850%, 09/01/20 - 09/01/21		24,375
	8,336	3.860%, 07/01/21		9,137
	10,213	3.870%, 01/01/21		11,147
	14,989	3.881%, 09/01/21		16,441
	31,056	3.890%, 08/01/20 - 09/01/21		33,955
	6,028	3.915%, 10/01/20		6,598
	5,710	3.920%, 09/01/21		6,271
	16,246	3.930%, 07/01/20 - 01/01/21		17,739
	8,968	3.940%, 07/01/21		9,876
	13,314	3.950%, 07/01/20		14,565
	8,521	3.960%, 08/01/20		9,261
	5,491	3.970%, 06/01/21		6,045
	4,642	3.990%, 07/01/21		5,116
	33,846	4.000%, 04/01/20 - 07/01/42		36,320
	6,009	4.020%, 06/01/21		6,639
	5,741	4.050%, 01/01/21 - 08/01/21		6,325
	8,669	4.060%, 07/01/21		9,582
	27,167	4.066%, 07/01/20		29,746
	15,602	4.070%, 10/01/21		17,284
	5,918	4.100%, 06/01/21		6,537
	14,416	4.130%, 11/01/19 - 08/01/21		15,799
	14,930	4.160%, 03/01/21		16,471
	16,452	4.180%, 12/01/19 - 09/01/23		18,324
	4,747	4.190%, 06/01/21		5,263

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 89

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	17,868	4.240%, 11/01/19 - 06/01/21		19,782
	15,784	4.250%, 04/01/21		17,574
	27,728	4.260%, 12/01/19 - 07/01/21		30,692
	6,290	4.263%, 06/01/21		6,934
	16,147	4.281%, 01/01/20		17,431
	6,158	4.283%, 01/01/21		6,815
	4,819	4.295%, 06/01/21		5,344
	6,701	4.300%, 08/01/20 - 04/01/21		7,429
	8,121	4.307%, 07/01/21		9,087
	10,593	4.330%, 02/01/21 - 04/01/21		11,744
	16,142	4.340%, 06/01/21		18,108
	12,796	4.350%, 04/01/20		14,052
	13,138	4.360%, 05/01/21		14,662
	9,909	4.369%, 02/01/20		10,842
	14,411	4.381%, 04/01/20		15,883
	6,613	4.390%, 05/01/21		7,378
	55,153	4.399%, 02/01/20		60,700
	2,511	4.400%, 02/01/20		2,762
	3,675	4.450%, 01/01/21		4,088
	8,071	4.480%, 06/01/21		9,103
	90,433	4.500%, 08/01/21 - 03/01/44		100,561
	17,489	4.514%, 12/01/19		19,118
	5,305	4.540%, 01/01/20 - 07/01/26		6,054
	9,277	4.552%, 08/01/26		10,735
	10,957	4.640%, 01/01/21		12,274
	10,051	4.663%, 12/01/26		11,891
	9,246	4.762%, 08/01/26		10,946
	5,884	4.766%, 08/01/26		6,968
	1,828	5.000%, 04/01/31 - 12/01/32		2,064
	7,674	5.240%, 05/01/17		7,925
	2,524	5.500%, 03/01/17 - 06/01/39		2,734
	10,191	5.895%, 10/01/17		10,850
	2,785	6.000%, 02/01/36 - 11/01/48		3,132
	2,247	6.500%, 04/01/36 - 05/01/37		2,578
	1,491	7.000%, 02/01/36 - 01/01/38		1,723
	17	7.500%, 10/01/37		17
	145	8.000%, 11/01/37		163
	34	10.498%, 04/15/19		37
		Government National Mortgage Association II, 30 Year, Single Family,
	3,345	3.750%, 07/20/45		3,558
	9,417	4.250%, 12/20/44		10,287
	2,429	5.500%, 09/20/39		2,699
	13,739	6.000%, 03/20/28 - 08/20/39		15,669
	1,125	6.500%, 07/20/29		1,294
	524	7.000%, 08/20/38		655

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	89	7.500%, 02/20/28 - 09/20/28		102
	175	8.000%, 12/20/25 - 09/20/28		207
	91	8.500%, 03/20/25 - 05/20/25		104
		Government National Mortgage Association II, Other,
	3,177	3.750%, 09/20/38 - 01/20/39		3,400
	4,520	4.462%, 05/20/63		4,897
	95	6.000%, 11/20/38		103
		Government National Mortgage Association, 15 Year, Single Family,
	8	6.000%, 10/15/17		8
	21	6.500%, 06/15/17		21
		Government National Mortgage Association, 30 Year, Single Family,
	3,967	5.500%, 04/15/33 - 09/15/34		4,553
	114	6.000%, 11/15/28		129
	2,849	6.500%, 01/15/24 - 12/15/35		3,360
	5,471	7.000%, 08/15/23 - 04/15/37		6,529
	801	7.500%, 11/15/22 - 10/15/37		966
	21	8.000%, 07/15/22 - 08/15/28		21
	2	8.500%, 03/15/17 - 11/15/17		2
	16	9.000%, 08/15/16 - 11/15/24		18
	701	9.500%, 09/15/18 - 12/15/25		767
		Total Mortgage Pass-Through Securities (Cost $4,272,154)		4,415,851
	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		4,073
	2,400	State of California, Various Purpose, GO, 7.300%, 10/01/39		3,415
				7,488
		Illinois — 0.0% (g)
	4,890	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		4,554
		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		2,822
		Port Authority of New York & New Jersey, Consolidated 165, Rev.,
	10,965	Series 164, Rev., 5.647%, 11/01/40		13,559
	3,780	Series 165, Rev., 5.647%, 11/01/40		4,674
	17,925	Series 174, Rev., 4.458%, 10/01/62		17,986
				39,041

SEE NOTES TO FINANCIAL STATEMENTS.

90 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Municipal Bonds — continued
		Ohio — 0.1%
	11,725	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		16,130
		Ohio State University, General Receipts,
	1,000	Rev., 5.590%, 12/01/145		1,124
	9,576	Series A, Rev., 4.800%, 06/01/114		10,160
				27,414
		Total Municipal Bonds (Cost $69,670)		78,497
	Supranational — 0.1%
	23,640	African Development Bank, 8.800%, 09/01/19 (Cost $28,115)		28,988
	U.S. Government Agency Securities — 2.3%
	2,986	Federal Farm Credit Bank, 5.125%, 11/15/18		3,311
		Federal Home Loan Bank,
	1,500	3.300%, 08/08/35		1,500
	9,865	5.500%, 07/15/36		13,609
	23,765	Federal National Mortgage Association, 3.999%, 06/01/17 (n)		23,531
	8,071	Federal National Mortgage Association STRIPS, 3.634%, 05/15/30 (n)		5,302
		Financing Corp. STRIPS,
	59,680	1.266%, 05/11/18 (n)		58,418
	3,506	1.577%, 11/30/17 (n)		3,445
	2,399	1.897%, 08/03/18 (n)		2,332
	3,606	1.897%, 08/03/18 (n)		3,517
	1,795	2.099%, 03/07/19 (n)		1,730
	1,688	2.160%, 04/06/18 (n)		1,652
	24,034	2.669%, 04/05/19 (n)		23,165
	27,586	2.869%, 09/26/19 (n)		26,438
		Government Trust Certificate,
	5,741	1.517%, 04/01/16 (n)		5,735
	11,944	2.435%, 04/01/19 (n)		11,427
		Residual Funding Corp. STRIPS,
	160,099	1.596%, 10/15/19 (n)		152,110
	19,730	1.759%, 01/15/21 (n)		18,075
	225,211	1.847%, 07/15/20 (n)		210,614
	50,759	1.881%, 10/15/20 (n)		47,200
		Tennessee Valley Authority,
	4,129	4.250%, 09/15/65		4,343
	2,632	4.625%, 09/15/60		2,995
	8,246	5.250%, 09/15/39		10,548
	493	5.500%, 06/15/38		645
	7,668	5.880%, 04/01/36		10,475

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Tennessee Valley Authority STRIPS,
	3,711	2.109%, 12/15/17 (n)		3,640
	3,500	3.188%, 12/15/28 (n)		2,349
	17,495	3.532%, 11/01/25 (n)		13,496
	2,242	4.171%, 06/15/35 (n)		1,132
	10,762	4.293%, 05/01/19 (n)		10,290
	3,119	4.561%, 07/15/28 (n)		2,132
		Total U.S. Government Agency Securities (Cost $663,533)		675,156
	U.S. Treasury Obligations — 25.6%
		U.S. Treasury Bonds,
	26,500	3.500%, 02/15/39		31,657
	38,050	4.250%, 05/15/39		50,556
	88,390	4.375%, 02/15/38		119,882
	9,030	4.375%, 11/15/39		12,201
	20,000	4.500%, 02/15/36		27,516
	17,861	4.500%, 05/15/38		24,638
	4,094	4.500%, 08/15/39		5,630
	31,370	4.750%, 02/15/37		44,544
	583	5.250%, 11/15/28		799
	12,087	5.250%, 02/15/29		16,611
	20,688	5.375%, 02/15/31		29,639
	8,869	5.500%, 08/15/28		12,359
	5,249	6.125%, 08/15/29		7,819
	6,861	6.250%, 05/15/30		10,463
	4,000	7.125%, 02/15/23		5,488
	50,572	7.500%, 11/15/16		53,010
	4,000	7.875%, 02/15/21		5,265
	29,475	8.000%, 11/15/21		40,206
	14,932	8.125%, 05/15/21		20,026
	41,000	8.500%, 02/15/20		52,704
	17,000	8.750%, 05/15/20		22,267
	54,785	8.750%, 08/15/20		72,686
		U.S. Treasury Coupon STRIPS,
	4,100	1.778%, 11/15/18 (n)		4,001
	72,700	1.778%, 11/15/19 (n)		69,637
	123,537	1.873%, 05/15/21 (n)		114,649
	25,000	1.927%, 08/15/25 (n)		20,834
	212,665	2.078%, 02/15/21 (n)		198,638
	113,900	2.109%, 11/15/23 (n)		99,710
	63,421	2.186%, 05/15/25 (n)		53,156
	106,435	2.294%, 08/15/23 (n)		93,868
	59,076	2.340%, 02/15/24 (n)		51,501
	149,456	2.382%, 05/15/22 (n)		135,555
	25,842	2.396%, 02/15/20 (n)		24,641

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 91

JPMorgan Core Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	105,800	2.482%, 08/15/22 (n)		95,416
	204,956	2.564%, 02/15/22 (n)		186,985
	191,800	2.592%, 11/15/22 (n)		172,003
	116,288	2.614%, 11/15/32 (n)		78,043
	108,421	2.674%, 08/15/21 (n)		100,155
	248,580	2.683%, 05/15/23 (n)		220,364
	51,591	2.734%, 08/15/24 (n)		44,227
	54,049	2.790%, 05/15/28 (n)		41,514
	71,937	2.866%, 08/15/18 (n)		70,480
	329,322	2.878%, 02/15/23 (n)		293,693
	14,870	3.026%, 05/15/29 (n)		11,073
	103,866	3.064%, 02/15/32 (n)		71,409
	78,371	3.081%, 11/15/21 (n)		72,065
	70,375	3.086%, 08/15/32 (n)		47,671
	17,278	3.096%, 05/15/24 (n)		14,937
	200,684	3.136%, 02/15/27 (n)		160,361
	72,532	3.179%, 08/15/28 (n)		55,286
	189,907	3.189%, 08/15/20 (n)		179,311
	14,608	3.231%, 08/15/26 (n)		11,841
	16,680	3.243%, 05/15/35 (n)		10,354
	93,350	3.260%, 05/15/31 (n)		65,697
	196,297	3.280%, 05/15/32 (n)		133,792
	59,956	3.286%, 11/15/29 (n)		44,023
	14,106	3.299%, 05/15/18 (n)		13,849
	79,788	3.312%, 08/15/31 (n)		55,728
	143,105	3.315%, 05/15/33 (n)		94,633
	36,300	3.341%, 02/15/33 (n)		24,187
	21,613	3.343%, 11/15/34 (n)		13,619
	347,451	3.350%, 05/15/20 (n)		328,933
	38,512	3.353%, 08/15/29 (n)		28,512
	87,828	3.385%, 11/15/26 (n)		70,665
	39,999	3.386%, 05/15/26 (n)		32,643
	81,052	3.434%, 02/15/29 (n)		60,778
	84,028	3.454%, 11/15/27 (n)		65,631
	108,709	3.465%, 11/15/33 (n)		70,684
	98,421	3.486%, 11/15/31 (n)		68,268
	27,839	3.528%, 11/15/16 (n)		27,717
	180,863	3.548%, 08/15/19 (n)		174,216
	122,874	3.574%, 05/15/19 (n)		118,884
	25,155	3.612%, 08/15/34 (n)		15,955
	28,525	3.650%, 05/15/34 (n)		18,235
	25,906	3.677%, 02/15/35 (n)		16,200
	38,200	3.812%, 11/15/24 (n)		32,500
	89,733	3.825%, 08/15/30 (n)		64,491
	57,436	3.886%, 11/15/30 (n)		40,991
	72,252	3.939%, 02/15/31 (n)		51,364

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	93,147	3.982%, 02/15/17 (n)		92,501
	46,760	3.994%, 11/15/28 (n)		35,370
	31,792	4.174%, 02/15/18 (n)		31,280
	67,515	4.292%, 02/15/28 (n)		52,320
	75,636	4.345%, 05/15/30 (n)		54,802
	30,716	4.358%, 02/15/34 (n)		19,790
	6,700	4.371%, 02/15/26 (n)		5,515
	45,886	4.475%, 08/15/27 (n)		36,054
	24,963	4.647%, 08/15/33 (n)		16,375
	82,771	4.861%, 11/15/17 (n)		81,623
	1,525	5.059%, 08/15/35 (n)		942
	111,213	5.088%, 02/15/30 (n)		81,087
	6,601	5.266%, 02/15/25 (n)		5,575
	17,309	5.908%, 05/15/27 (n)		13,704
	1,054	6.106%, 05/15/36 (n)		638
		U.S. Treasury Inflation Indexed Bonds,
	2,100	1.750%, 01/15/28		2,697
	3,587	2.500%, 01/15/29		4,860
	9,066	3.625%, 04/15/28		17,952
		U.S. Treasury Inflation Indexed Notes,
	3,587	0.125%, 04/15/16		3,845
	10,000	0.125%, 04/15/19		10,204
	22,231	0.125%, 01/15/22		23,268
	2,584	1.375%, 01/15/20		2,995
		U.S. Treasury Notes,
	69,175	0.875%, 10/15/17		69,270
	2,128	0.875%, 01/31/18		2,131
	4,905	0.875%, 07/31/19		4,882
	20,788	1.000%, 11/30/19		20,718
	16,770	1.250%, 10/31/18		16,936
	99,091	1.250%, 11/30/18		100,093
	38,500	1.250%, 02/29/20		38,667
	16,278	1.375%, 12/31/18		16,497
	13,000	1.375%, 02/28/19		13,170
	10,000	1.375%, 05/31/20		10,081
	11,860	1.500%, 05/31/19		12,056
	14,750	1.500%, 01/31/22		14,817
	8,000	1.625%, 07/31/19		8,164
	5,000	1.750%, 10/31/20		5,116
	20,000	1.750%, 05/15/22		20,347
	203,250	1.750%, 05/15/23		206,243
	6,000	1.875%, 08/31/22		6,144
	2,500	2.000%, 11/30/20		2,586
	15,000	2.000%, 02/28/21		15,527
	50,000	2.000%, 05/31/21		51,730
	10,000	2.000%, 08/31/21		10,337

SEE NOTES TO FINANCIAL STATEMENTS.

92 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	60,000	2.000%, 10/31/21		61,995
	10,000	2.125%, 08/31/20		10,395
	50,445	2.125%, 08/15/21		52,469
	1,794	2.250%, 11/30/17		1,839
	71,975	2.375%, 08/15/24		75,981
	23,317	2.625%, 01/31/18		24,124
	90,991	2.625%, 08/15/20		96,546
	34,504	2.625%, 11/15/20		36,662
	2,242	2.750%, 11/30/16		2,277
	12,681	2.750%, 12/31/17		13,128
	27,600	2.750%, 02/15/19		29,071
	52,451	2.875%, 03/31/18		54,666
	29,550	3.125%, 10/31/16		30,036
	1,794	3.125%, 01/31/17		1,834
	52,041	3.125%, 04/30/17		53,480
	180,518	3.125%, 05/15/19		192,816
	80,000	3.125%, 05/15/21		87,244
	176,535	3.250%, 12/31/16		180,279
	47,007	3.500%, 02/15/18		49,471
	17,039	3.625%, 02/15/21		18,958
	26,647	4.250%, 11/15/17		28,200
	8,520	4.625%, 02/15/17		8,838
		Total U.S. Treasury Obligations (Cost $7,032,433)		7,550,757
	Loan Assignments — 0.1%
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	26,262	Lila Mexican Holdings LLC, Tranche B, VAR, 3.427%, 08/11/22		25,212

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Financials — 0.0% (g)
		Real Estate Management & Development — 0.0% (g)
	10,341	Tricon Capital Group Inc., Revolving Loan, (Canada), VAR, 3.426%, 06/12/17		10,289
		Industrials — 0.0% (g)
		Commercial Services & Supplies — 0.0% (g)
	10,000	GFC Warehouse I, LLC, Revolving Loan, VAR, 5.750%, 12/05/19		10,000
		Total Loan Assignments (Cost $45,513)		45,501
SHARES
	Short-Term Investment — 7.2%
		Investment Company — 7.2%
	2,123,872	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $2,123,872)		2,123,872
		Total Investments — 100.9% (Cost $28,922,052)		29,785,591
		Liabilities in Excess of Other Assets — (0.9)%		(271,037	)
		NET ASSETS — 100.0%	$	29,514,554

Percentages indicated are based on net assets

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 93

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — 12.8%
	692	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.236%, 12/27/22 (e)		687
		Accredited Mortgage Loan Trust,
	402	Series 2006-1, Class A3, VAR, 0.616%, 04/25/36		399
	404	Series 2006-2, Class A3, VAR, 0.586%, 09/25/36		399
	2,375	Ally Auto Receivables Trust, Series 2015-SN1, Class A3, 1.210%, 12/20/17		2,374
	5,000	American Credit Acceptance Receivables Trust, Series 2013-2, Class D, 5.920%, 08/17/20 (e)		5,094
		American Homes 4 Rent Trust,
	1,445	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		1,468
	1,250	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		1,183
		AmeriCredit Automobile Receivables Trust,
	3,082	Series 2015-1, Class A3, 1.260%, 11/08/19		3,070
	4,580	Series 2015-2, Class A3, 1.270%, 01/08/20		4,554
		Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,
	312	Series 2003-5, Class A6, SUB, 4.016%, 04/25/33		317
	56	Series 2003-13, Class AF6, SUB, 4.951%, 01/25/34		56
	700	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class D, 4.940%, 07/20/18 (e)		709
	3,950	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		3,913
	3	BankBoston Home Equity Loan Trust, Series 1998-1, Class A6, 6.350%, 07/25/28		3
		Bear Stearns Asset-Backed Securities Trust,
	381	Series 2003-SD2, Class 2A, VAR, 3.002%, 06/25/43		356
	508	Series 2006-SD1, Class A, VAR, 0.806%, 04/25/36		484
		Blue Elephant Loan Trust,
	1,929	Series 2015-1, Class A, 3.120%, 12/15/22 (e)		1,926
	1,850	Series 2015-1, Class B, 5.560%, 12/15/22 (e)		1,856
	702	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		700
	10,000	CAM Mortgage LLC, Series 2015-1, Class M, VAR, 4.750%, 07/15/64 (e)		9,935
	6,455	Capital Auto Receivables Asset Trust, Series 2015-1, Class A2, 1.420%, 06/20/18		6,461
		CarFinance Capital Auto Trust,
	903	Series 2013-1A, Class B, 2.750%, 11/15/18 (e)		906

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,500	Series 2014-1A, Class C, 3.450%, 04/15/20 (e)		2,499
	3,193	Series 2014-2A, Class B, 2.640%, 11/16/20 (e)		3,190
	2,750	Series 2014-2A, Class C, 3.240%, 11/16/20 (e)		2,677
	4,000	Series 2014-2A, Class D, 4.280%, 11/16/20 (e)		3,900
	5,400	Series 2015-1A, Class C, 4.660%, 06/15/21 (e)		5,292
	3,900	Series 2015-1A, Class D, 3.580%, 06/15/21 (e)		3,810
	1,070	Series 2015-1A, Class E, 5.490%, 01/18/22 (e)		1,024
	4,550	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.522%, 10/15/21 (e)		4,550
		Centex Home Equity Loan Trust,
	151	Series 2001-B, Class A6, 6.360%, 07/25/32		152
	254	Series 2002-C, Class AF4, SUB, 4.980%, 06/25/31		257
	134	Series 2003-B, Class AF4, SUB, 3.735%, 02/25/32		135
	270	Series 2004-D, Class AF4, SUB, 4.680%, 06/25/32		273
	1,372	Citibank Credit Card Issuance Trust, Series 2007-A3, Class A3, 6.150%, 06/15/39		1,872
	263	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003-UP1, Class A, SUB, 3.950%, 04/25/32 (e)		259
	5,000	Conix Mortgage Asset Trust, Series 2013-1, Class M1, VAR, 5.000%, 12/25/47 (e) (d)		75
	2,597	Consumer Credit Origination Loan Trust, Series 2015-1, Class B, 5.210%, 03/15/21 (e)		2,527
	16,886	COOF Securitization Trust Ltd., Series 2014-1, Class A, IO, VAR, 3.011%, 06/25/40 (e)		2,050
		CPS Auto Receivables Trust,
	78	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		78
	1,089	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		1,089
	315	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		311
		CPS Auto Trust,
	387	Series 2012-C, Class B, 2.280%, 12/16/19 (e)		386
	235	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		233

SEE NOTES TO FINANCIAL STATEMENTS.

94 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	78	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		84
		CWABS, Inc. Asset-Backed Certificates Trust,
	297	Series 2004-1, Class 3A, VAR, 0.996%, 04/25/34		266
	355	Series 2004-1, Class M1, VAR, 1.186%, 03/25/34		338
	48	Series 2004-1, Class M2, VAR, 1.261%, 03/25/34		43
	1,264	Series 2004-6, Class M1, VAR, 1.336%, 10/25/34		1,189
		Drive Auto Receivables Trust,
	2,943	Series 2015-AA, Class D, 4.120%, 07/15/22 (e)		2,885
	5,900	Series 2015-DA, Class D, 4.590%, 01/17/23 (e)		5,813
		DT Auto Owner Trust,
	5,727	Series 2015-1A, Class D, 4.260%, 02/15/22 (e)		5,642
	5,000	Series 2016-1A, Class D, 4.660%, 12/15/22 (e)		4,815
	383	Equity One Mortgage Pass-Through Trust, Series 2003-2, Class M1, VAR, 5.050%, 09/25/33		387
		Exeter Automobile Receivables Trust,
	227	Series 2012-2A, Class B, 2.220%, 12/15/17 (e)		227
	214	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		214
	1,125	Series 2014-2A, Class C, 3.260%, 12/16/19 (e)		1,109
	5,555	Series 2014-3A, Class B, 2.770%, 11/15/19 (e)		5,485
	2,150	Series 2015-2A, Class D, 5.790%, 05/16/22 (e)		2,077
	6,884	Series 2015-3A, Class C, 4.830%, 08/16/21 (e)		6,751
	3,000	First Investors Auto Owner Trust, Series 2013-1A, Class C, 2.020%, 01/15/19 (e)		2,983
	7,926	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		7,855
		Flagship Credit Auto Trust,
	3,875	Series 2013-1, Class C, 3.590%, 03/15/19 (e)		3,887
	4,000	Series 2014-1, Class C, 3.340%, 04/15/20 (e)		3,808
	4,460	Series 2014-2, Class B, 2.840%, 11/16/20 (e)		4,369
	4,337	Series 2014-2, Class C, 3.950%, 12/15/20 (e)		4,087

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,581	Ford Credit Auto Owner Trust, Series 2015-A, Class A3, 1.280%, 09/15/19		2,588
	10,941	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		10,893
	661	GE Capital Mortgage Services, Inc. Trust, Series 1999-HE1, Class A6, VAR, 6.700%, 04/25/29		710
		GLC II Trust,
	2,161	Series 2014-A, Class A, 4.000%, 12/18/20 (e)		2,129
	3,064	Series 2014-A, Class B, 6.000%, 12/18/20 (e)		3,018
		GLC Trust,
	3,582	Series 2014-A, Class A, 3.000%, 07/15/21 (e)		3,511
	1,791	Series 2014-A, Class B, 4.000%, 07/15/21 (e)		1,746
		GMAT Trust,
	582	Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		581
	5,000	Series 2013-1A, Class M, VAR, 5.000%, 11/25/43 (e)		4,684
		GO Financial Auto Securitization Trust,
	9,400	Series 2015-1, Class C, 5.760%, 03/15/21 (e)		9,431
	12,610	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		12,531
	10,370	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class DT1, 3.931%, 10/15/46 (e)		10,353
	151	Home Loan Trust, Series 2003-HI2, Class A6, SUB, 5.260%, 07/25/28		151
	5,672	Honda Auto Receivables Owner Trust, Series 2015-1, Class A3, 1.050%, 10/15/18		5,670
	301	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.632%, 11/20/36		300
	2,457	Hyundai Auto Receivables Trust, Series 2015-A, Class A3, 1.050%, 04/15/19		2,455
		KGS-Alpha SBA COOF Trust,
	25,451	Series 2012-2, Class A, IO, VAR, 0.897%, 08/25/38 (e)		732
	27,199	Series 2012-4, Class A, IO, VAR, 1.074%, 09/25/37 (e)		1,062
	17,828	Series 2013-2, Class A, IO, VAR, 1.620%, 03/25/39 (e)		894
		Long Beach Mortgage Loan Trust,
	92	Series 2004-1, Class M3, VAR, 1.486%, 02/25/34		87
	2	Series 2004-5, Class M6, VAR, 2.936%, 09/25/34		2

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 95

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
		LV Tower 52 Issuer LLC,
	9,028	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		8,830
	13,994	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		13,243
		MarketPlace Loan Trust,
	9,843	Series 2015-OD4, Class A, 3.250%, 12/18/17 (e)		9,776
	2,537	Series 2015-OD4, Class B, 5.250%, 12/18/17 (e)		2,509
		Mid-State Capital Corp. Trust,
	173	Series 2005-1, Class A, 5.745%, 01/15/40		186
	4,120	Series 2005-1, Class M1, 6.106%, 01/15/40		4,441
	1,967	Series 2006-1, Class A, 5.787%, 10/15/40 (e)		2,105
	2,386	Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		2,495
	954	Series 2006-1, Class M2, 6.742%, 10/15/40 (e)		1,012
	425	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, VAR, 2.686%, 03/25/33		390
	2,111	Nationstar HECM Loan Trust, Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		2,107
		New Century Home Equity Loan Trust,
	780	Series 2003-5, Class AI6, SUB, 5.184%, 11/25/33		802
	610	Series 2005-1, Class M1, VAR, 1.111%, 03/25/35		560
	10,288	NRPL Trust, Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		10,084
	10,150	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		10,157
		Oak Hill Advisors Residential Loan Trust,
	10,146	Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		10,049
	2,672	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		2,664
	6,569	Series 2015-NPL1, Class A2, SUB, 4.000%, 01/25/55 (e)		6,452
	5,257	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		5,155
		Ocwen Master Advance Receivables Trust,
	1,338	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		1,338
	9,984	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		10,006

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		OnDeck Asset Securitization Trust LLC,
	1,395	Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		1,395
	10,820	Series 2014-1A, Class B, 6.900%, 05/17/18 (e)		10,772
		OneMain Financial Issuance Trust,
	9,000	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		8,985
	4,502	Series 2014-1A, Class B, 3.240%, 06/18/24 (e)		4,395
	455	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		453
	3,944	Series 2014-2A, Class C, 4.330%, 09/18/24 (e)		3,882
	5,267	Series 2014-2A, Class D, 5.310%, 09/18/24 (e)		5,144
	7,020	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		6,898
	3,585	Series 2015-1A, Class C, 5.120%, 03/18/26 (e)		3,559
	6,120	Series 2015-2A, Class C, 4.320%, 07/18/25 (e)		5,950
		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)		1,622
	515	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-WCW1, Class M2, VAR, 1.456%, 09/25/34		512
	334	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		333
	12,444	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		12,284
	2,725	Progreso Receivables Funding II LLC, Series 2014-A, Class B, 6.000%, 07/08/19 (e)		2,739
		Progreso Receivables Funding III LLC,
	5,885	Series 2015-A, Class A, 3.625%, 02/08/20 (e)		5,885
	4,531	Series 2015-A, Class B, 5.500%, 02/08/20 (e)		4,531
		Progress Residential Trust,
	10,852	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		10,601
	5,000	Series 2015-SFR2, Class D, 3.684%, 06/12/32 (e)		4,722
	3,602	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		3,336

SEE NOTES TO FINANCIAL STATEMENTS.

96 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Asset-Backed Securities — continued
	914	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		906
	5,580	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		5,661
		Purchasing Power Funding LLC,
	9,400	Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		9,353
	1,307	Series 2015-A, Class B, 6.000%, 12/15/19 (e)		1,307
	944	Santander Drive Auto Receivables Trust, Series 2012-3, Class C, 3.010%, 04/16/18		946
	261	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.384%, 01/25/36		185
	588	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		582
	1,449	Soundview Home Loan Trust, Series 2007-OPT1, Class 2A1, VAR, 0.516%, 06/25/37		820
		Springleaf Funding Trust,
	6,000	Series 2014-AA, Class C, 4.450%, 12/15/22 (e)		5,931
	5,808	Series 2015-AA, Class C, 5.040%, 11/15/24 (e)		5,703
	5,800	Series 2015-AA, Class D, 6.310%, 11/15/24 (e)		5,761
	11	Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-OSI, Class A2, VAR, 0.526%, 06/25/37		11
	3,709	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		3,689
	4,678	Tidewater Auto Receivables Trust, Series 2014-AA, Class D, 3.570%, 05/15/21 (e)		4,352
	4,195	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class B, VAR, 2.680%, 10/15/21 (e)		4,111
		Truman Capital Mortgage Loan Trust,
	13,395	Series 2014-NPL1, Class A2, SUB, 4.250%, 07/25/53 (e)		13,151
	5,253	Series 2014-NPL3, Class A2, SUB, 4.000%, 04/25/53 (e)		5,184
	5,542	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.721%, 02/27/35 (e)		5,449
	6,950	U.S. Residential Opportunity Fund III Trust, Series 2015-1III, Class A, 3.721%, 01/27/35 (e)		6,895
	571	Unipac IX LLC, 13.000%, 05/15/16		519

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		United Auto Credit Securitization Trust,
	2,660	Series 2014-1, Class D, 2.380%, 10/15/18 (e)		2,639
	4,750	Series 2014-1, Class E, 3.890%, 07/15/20 (e)		4,717
	6,000	Series 2016-1, Class D, 4.680%, 07/15/20 (e)		5,967
	3,750	Series 2016-1, Class E, 7.100%, 05/16/22 (e)		3,727
	8,218	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		8,078
	3,728	VOLT XIX LLC, Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		3,730
	10,467	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		10,453
	4,334	VOLT XXII LLC, Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		4,153
	7,946	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		7,872
	6,833	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		6,724
	10,302	VOLT XXVII LLC, Series 2014-NPL7, Class A2, SUB, 4.750%, 08/27/57 (e)		10,085
	7,111	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		7,006
	3,127	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		3,083
	10,181	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		10,004
	4,553	Westgate Resorts LLC, Series 2015-1A, Class B, 3.500%, 05/20/27 (e)		4,538
		Westlake Automobile Receivables Trust,
	2,321	Series 2014-2A, Class D, 2.860%, 07/15/21 (e)		2,261
	3,260	Series 2016-1A, Class E, 6.520%, 06/15/22 (e)		3,260
		Total Asset-Backed Securities (Cost $617,874)		607,241
	Collateralized Mortgage Obligations — 10.8%
		Agency CMO — 8.5%
		Federal Home Loan Mortgage Corp. - Government National Mortgage Association,
	81	Series 23, Class KZ, 6.500%, 11/25/23		91
	551	Series 24, Class J, 6.250%, 11/25/23		616
	95	Series 31, Class Z, 8.000%, 04/25/24		109
		Federal Home Loan Mortgage Corp. REMIC,
	5	Series 38, Class D, 9.500%, 05/15/20		5
	2	Series 81, Class A, 8.125%, 11/15/20		2
	5	Series 84, Class F, 9.200%, 10/15/20		5

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 97

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	3		Series 109, Class I, 9.100%, 01/15/21		3
	1		Series 198, Class Z, 8.500%, 09/15/22		1
	57		Series 1316, Class Z, 8.000%, 06/15/22		63
	17		Series 1343, Class LB, 7.500%, 08/15/22		19
	1		Series 1351, Class TF, HB, 1,010.000%, 08/15/22		7
	37		Series 1456, Class Z, 7.500%, 01/15/23		41
	245		Series 1543, Class VN, 7.000%, 07/15/23		274
	207		Series 1577, Class PV, 6.500%, 09/15/23		228
	418		Series 1608, Class L, 6.500%, 09/15/23		476
	402		Series 1611, Class Z, 6.500%, 11/15/23		447
	354		Series 1628, Class LZ, 6.500%, 12/15/23		389
	164		Series 1630, Class PK, 6.000%, 11/15/23		180
	474		Series 1671, Class I, 7.000%, 02/15/24		518
	16		Series 1671, Class QC, IF, 10.000%, 02/15/24		24
	34		Series 1695, Class G, HB, IF, 28.489%, 03/15/24		59
	22		Series 1710, Class GB, HB, IF, 42.922%, 04/15/24		41
	84		Series 1911, Class SD, IF, IO, 10.169%, 07/15/23		22
	47		Series 2022, Class PE, 6.500%, 01/15/28		54
	324		Series 2033, Class K, 6.050%, 08/15/23		354
	253		Series 2036, Class PG, 6.500%, 01/15/28		287
	46		Series 2089, Class PJ, IO, 7.000%, 10/15/28		5
	779		Series 2091, Class PG, 6.000%, 11/15/28		859
	180		Series 2116, Class ZA, 6.000%, 01/15/29		205
	51		Series 2148, Class ZA, 6.000%, 04/15/29		59
	145		Series 2201, Class C, 8.000%, 11/15/29		167
	28		Series 2261, Class ZY, 7.500%, 10/15/30		32
	298		Series 2293, Class ZA, 6.000%, 03/15/31		341
	—	(h)	Series 2297, Class NB, 6.000%, 03/15/16		—	(h)
	43		Series 2310, Class Z, 6.000%, 04/15/31		49
	19		Series 2313, Class LA, 6.500%, 05/15/31		22
	144		Series 2325, Class JO, PO, 06/15/31		135
	438		Series 2330, Class PE, 6.500%, 06/15/31		489
	8		Series 2344, Class QG, 6.000%, 08/15/16		8
	2		Series 2368, Class TG, 6.000%, 10/15/16		2
	28		Series 2394, Class MC, 6.000%, 12/15/16		28
	12		Series 2399, Class PG, 6.000%, 01/15/17		12
	300		Series 2410, Class QB, 6.250%, 02/15/32		335
	1,379		Series 2427, Class GE, 6.000%, 03/15/32		1,572
	1,090		Series 2430, Class WF, 6.500%, 03/15/32		1,267
	222		Series 2466, Class DH, 6.500%, 06/15/32		254

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	757	Series 2530, Class SK, IF, IO, 7.673%, 06/15/29		183
	76	Series 2534, Class SI, HB, IF, 19.950%, 02/15/32		112
	597	Series 2543, Class YX, 6.000%, 12/15/32		675
	379	Series 2557, Class HL, 5.300%, 01/15/33		423
	621	Series 2586, Class IO, IO, 6.500%, 03/15/33		70
	188	Series 2594, Class IV, IO, 7.000%, 03/15/32		24
	450	Series 2610, Class UI, IO, 6.500%, 05/15/33		77
	418	Series 2636, Class Z, 4.500%, 06/15/18		432
	41	Series 2643, Class SA, HB, IF, 42.724%, 03/15/32		80
	21	Series 2650, Class PO, PO, 12/15/32		21
	32	Series 2650, Class SO, PO, 12/15/32		31
	219	Series 2656, Class AC, 6.000%, 08/15/33		250
	360	Series 2656, Class PE, 4.500%, 07/15/18		370
	638	Series 2699, Class W, 5.500%, 11/15/33		700
	5	Series 2707, Class KJ, 5.000%, 11/15/18		5
	705	Series 2733, Class SB, IF, 7.626%, 10/15/33		791
	292	Series 2756, Class NA, 5.000%, 02/15/24		312
	82	Series 2764, Class S, IF, 12.683%, 07/15/33		106
	198	Series 2801, Class JN, 5.000%, 06/15/33		200
	630	Series 2845, Class QH, 5.000%, 08/15/34		692
	485	Series 2864, Class NS, IF, IO, 6.673%, 09/15/34		48
	1,502	Series 2912, Class EH, 5.500%, 01/15/35		1,722
	36	Series 2934, Class CI, 5.000%, 01/15/34		37
	63	Series 2980, Class QB, 6.500%, 05/15/35		73
	521	Series 2989, Class TG, 5.000%, 06/15/25		569
	103	Series 2990, Class SL, HB, IF, 22.928%, 06/15/34		146
	998	Series 2994, Class SC, IF, IO, 5.173%, 02/15/33		57
	249	Series 2995, Class FT, VAR, 0.677%, 05/15/29		248
	938	Series 3005, Class ED, 5.000%, 07/15/25		1,019
	43	Series 3005, Class PV, IF, 12.058%, 10/15/33		52
	299	Series 3028, Class ME, 5.000%, 02/15/34		303
	403	Series 3031, Class BN, HB, IF, 20.191%, 08/15/35		688
	508	Series 3059, Class B, 5.000%, 02/15/35		517

SEE NOTES TO FINANCIAL STATEMENTS.

98 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	186	Series 3064, Class OG, 5.500%, 06/15/34		192
	4	Series 3068, Class AO, PO, 01/15/35		4
	276	Series 3117, Class EO, PO, 02/15/36		265
	93	Series 3134, Class PO, PO, 03/15/36		88
	105	Series 3138, Class PO, PO, 04/15/36		100
	496	Series 3152, Class MO, PO, 03/15/36		469
	534	Series 3184, Class YO, PO, 03/15/36		509
	2,556	Series 3187, Class Z, 5.000%, 07/15/36		2,826
	1,063	Series 3201, Class IN, IF, IO, 5.823%, 08/15/36		172
	2,001	Series 3202, Class HI, IF, IO, 6.223%, 08/15/36		377
	249	Series 3219, Class PD, 6.000%, 11/15/35		254
	326	Series 3274, Class B, 6.000%, 02/15/37		359
	174	Series 3292, Class DO, PO, 03/15/37		161
	861	Series 3305, Class IW, IF, IO, 6.023%, 04/15/37		136
	48	Series 3306, Class TB, IF, 3.177%, 04/15/37		51
	42	Series 3306, Class TC, IF, 2.637%, 04/15/37		45
	112	Series 3331, Class PO, PO, 06/15/37		106
	206	Series 3383, Class OP, PO, 11/15/37		196
	4,190	Series 3409, Class DB, 6.000%, 01/15/38		4,686
	324	Series 3531, Class SM, IF, IO, 5.673%, 05/15/39		39
	64	Series 3542, Class TN, IF, 6.000%, 07/15/36		75
	230	Series 3546, Class A, VAR, 2.042%, 02/15/39		236
	428	Series 3572, Class JS, IF, IO, 6.373%, 09/15/39		65
	1,086	Series 3605, Class NC, 5.500%, 06/15/37		1,254
	1,300	Series 3609, Class SA, IF, IO, 5.913%, 12/15/39		313
	455	Series 3610, Class CA, 4.500%, 12/15/39		501
	163	Series 3611, Class PO, PO, 07/15/34		155
	1,570	Series 3648, Class CY, 4.500%, 03/15/30		1,714
	361	Series 3653, Class HJ, 5.000%, 04/15/40		400
	5,924	Series 3677, Class PB, 4.500%, 05/15/40		6,405
	655	Series 3737, Class DG, 5.000%, 10/15/30		715
	756	Series 3747, Class HI, IO, 4.500%, 07/15/37		36
	756	Series 3827, Class BD, 4.000%, 08/15/39		792
	700	Series 3852, Class TP, IF, 5.500%, 05/15/41		792
	514	Series 3855, Class AM, 6.500%, 11/15/36		573
	430	Series 3890, Class ET, 5.500%, 11/15/23		470

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	3,965	Series 4030, Class IL, IO, 3.500%, 04/15/27		391
	4,000	Series 4060, Class TB, 2.500%, 06/15/27		4,015
	8,657	Series 4146, Class KI, IO, 3.000%, 12/15/32		1,270
	9,931	Series 4374, Class NC, SUB, 1.750%, 02/15/46		10,368
		Federal Home Loan Mortgage Corp. STRIPS,
	281	Series 186, Class PO, PO, 08/01/27		236
	7,822	Series 262, Class 35, 3.500%, 07/15/42		8,164
	3,120	Series 279, Class 35, 3.500%, 09/15/42		3,272
	8,813	Series 323, Class 300, 3.000%, 01/15/44		8,997
	7,338	Series 334, Class 300, 3.000%, 08/15/44		7,529
	663	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-76, Class 2A, VAR, 2.929%, 10/25/37		688
		Federal National Mortgage Association - ACES,
	2,270	Series 2011-M2, Class A2, 3.645%, 04/25/21		2,455
	1,680	Series 2011-M4, Class A2, 3.726%, 06/25/21		1,831
	631	Series 2011-M8, Class A2, 2.922%, 08/25/21		660
	3,259	Series 2013-M7, Class A2, 2.280%, 12/27/22		3,270
	14,450	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		15,092
	8,909	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		9,355
	8,935	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		9,624
	12,965	Series 2015-M1, Class A2, 2.532%, 09/25/24		13,068
	8,528	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		9,068
	1,808	Series 2015-M13, Class A2, VAR, 2.710%, 06/25/25		1,856
	20,888	Series 2015-M2, Class A3, VAR, 3.049%, 12/25/24		21,931
	10,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		10,260
	21,372	Series 2015-M5, Class A1, VAR, 2.869%, 03/25/25		22,307
	12,398	Series 2015-M7, Class A2, 2.590%, 12/25/24		12,549
	11,700	Series 2015-M8, Class A2, VAR, 2.900%, 01/25/25		12,068
		Federal National Mortgage Association Grantor Trust,
	27,154	Series 2001-T12, Class IO, IO, VAR, 0.523%, 08/25/41		558

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 99

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	892	Series 2002-T16, Class A2, 7.000%, 07/25/42		1,067
	756	Series 2002-T19, Class A1, 6.500%, 07/25/42		882
	594	Series 2002-T4, Class A2, 7.000%, 12/25/41		689
	1,077	Series 2002-T4, Class A4, 9.500%, 12/25/41		1,272
	53,539	Series 2002-T4, Class IO, IO, VAR, 0.413%, 12/25/41		761
	524	Series 2004-T1, Class 1A1, 6.000%, 01/25/44		607
	368	Series 2004-T2, Class 1A3, 7.000%, 11/25/43		425
	437	Series 2004-T2, Class 1A4, 7.500%, 11/25/43		524
	7,377	Series 2004-T3, Class 1IO4, IO, VAR, 0.582%, 02/25/44		85
		Federal National Mortgage Association REMIC,
	2	Series 1988-13, Class C, 9.300%, 05/25/18		2
	21	Series 1989-72, Class E, 9.350%, 10/25/19		22
	2	Series 1989-98, Class H, 11.500%, 12/25/19		2
	2	Series 1990-1, Class D, 8.800%, 01/25/20		3
	2	Series 1990-110, Class H, 8.750%, 09/25/20		2
	2	Series 1990-117, Class E, 8.950%, 10/25/20		2
	27	Series 1991-141, Class PZ, 8.000%, 10/25/21		30
	13	Series 1992-31, Class M, 7.750%, 03/25/22		14
	14	Series 1992-79, Class Z, 9.000%, 06/25/22		15
	10	Series 1992-101, Class J, 7.500%, 06/25/22		12
	150	Series 1992-200, Class SK, HB, IF, 24.135%, 11/25/22		235
	11	Series 1993-23, Class PZ, 7.500%, 03/25/23		13
	87	Series 1993-56, Class PZ, 7.000%, 05/25/23		97
	47	Series 1993-60, Class Z, 7.000%, 05/25/23		52
	89	Series 1993-79, Class PL, 7.000%, 06/25/23		98
	167	Series 1993-141, Class Z, 7.000%, 08/25/23		184
	78	Series 1993-149, Class M, 7.000%, 08/25/23		88

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	204	Series 1993-160, Class ZA, 6.500%, 09/25/23		222
	29	Series 1993-165, Class SA, IF, 18.757%, 09/25/23		42
	3	Series 1993-205, Class H, PO, 09/25/23		3
	26	Series 1993-247, Class SM, HB, IF, 27.934%, 12/25/23		44
	31	Series 1993-255, Class E, 7.100%, 12/25/23		34
	289	Series 1994-29, Class Z, 6.500%, 02/25/24		325
	42	Series 1994-65, Class PK, PO, 04/25/24		40
	187	Series 1995-4, Class Z, 7.500%, 10/25/22		209
	577	Series 1995-19, Class Z, 6.500%, 11/25/23		662
	50	Series 1997-11, Class E, 7.000%, 03/18/27		58
	204	Series 1997-20, Class D, 7.000%, 03/17/27		236
	21	Series 1997-27, Class J, 7.500%, 04/18/27		23
	525	Series 1997-37, Class SM, IF, IO, 7.564%, 12/25/22		73
	322	Series 1997-42, Class EG, 8.000%, 07/18/27		370
	252	Series 1997-63, Class ZA, 6.500%, 09/18/27		289
	306	Series 1998-66, Class FB, VAR, 0.777%, 12/25/28		308
	483	Series 1999-47, Class JZ, 8.000%, 09/18/29		554
	200	Series 2000-8, Class Z, 7.500%, 02/20/30		240
	179	Series 2001-4, Class PC, 7.000%, 03/25/21		193
	241	Series 2001-14, Class Z, 6.000%, 05/25/31		275
	299	Series 2001-16, Class Z, 6.000%, 05/25/31		343
	251	Series 2001-36, Class ST, IF, IO, 8.074%, 11/25/30		71
	681	Series 2001-72, Class SB, IF, IO, 7.064%, 12/25/31		138
	1,306	Series 2001-81, Class HE, 6.500%, 01/25/32		1,515
	101	Series 2002-19, Class SC, IF, 13.422%, 03/17/32		144
	25	Series 2002-55, Class QE, 5.500%, 09/25/17		25
	1,468	Series 2002-56, Class PE, 6.000%, 09/25/32		1,684
	45	Series 2002-63, Class KC, 5.000%, 10/25/17		46
	19	Series 2002-73, Class AN, 5.000%, 11/25/17		19
	998	Series 2002-86, Class PG, 6.000%, 12/25/32		1,144

SEE NOTES TO FINANCIAL STATEMENTS.

100 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	164	Series 2003-14, Class EH, IF, IO, 7.164%, 03/25/18		9
	619	Series 2003-17, Class EQ, 5.500%, 03/25/23		677
	144	Series 2003-18, Class GT, 5.000%, 03/25/18		148
	700	Series 2003-22, Class Z, 6.000%, 04/25/33		777
	816	Series 2003-47, Class PE, 5.750%, 06/25/33		931
	144	Series 2003-64, Class KS, IF, 9.095%, 07/25/18		155
	60	Series 2003-64, Class SX, IF, 12.685%, 07/25/33		75
	16	Series 2003-91, Class SD, IF, 11.774%, 09/25/33		20
	28	Series 2004-8, Class GD, 4.500%, 10/25/32		28
	265	Series 2004-72, Class F, VAR, 0.936%, 09/25/34		268
	36	Series 2005-42, Class PS, IF, 15.911%, 05/25/35		47
	24	Series 2005-51, Class MO, PO, 06/25/35		23
	1,918	Series 2005-53, Class CS, IF, IO, 6.274%, 06/25/35		467
	181	Series 2005-65, Class KO, PO, 08/25/35		166
	989	Series 2005-72, Class WS, IF, IO, 6.314%, 08/25/35		169
	383	Series 2005-84, Class XM, 5.750%, 10/25/35		418
	149	Series 2005-90, Class ES, IF, 15.786%, 10/25/35		204
	847	Series 2005-97, Class B, 5.500%, 11/25/35		879
	153	Series 2005-106, Class US, HB, IF, 22.969%, 11/25/35		235
	22	Series 2005-116, Class PB, 6.000%, 04/25/34		23
	661	Series 2006-9, Class KZ, 6.000%, 03/25/36		750
	606	Series 2006-20, Class IB, IF, IO, 6.154%, 04/25/36		105
	313	Series 2006-22, Class AO, PO, 04/25/36		275
	1,690	Series 2006-27, Class OB, PO, 04/25/36		1,508
	197	Series 2006-27, Class OH, PO, 04/25/36		184
	130	Series 2006-59, Class QO, PO, 01/25/33		128
	116	Series 2006-61, Class AP, 6.000%, 08/25/35		120
	801	Series 2006-77, Class PC, 6.500%, 08/25/36		923
	345	Series 2006-110, Class PO, PO, 11/25/36		327

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	181	Series 2006-114, Class HD, 5.500%, 10/25/35		184
	267	Series 2006-128, Class PO, PO, 01/25/37		256
	277	Series 2007-10, Class Z, 6.000%, 02/25/37		303
	273	Series 2007-22, Class SC, IF, IO, 5.654%, 03/25/37		47
	9,605	Series 2007-54, Class IB, IF, IO, 5.974%, 06/25/37		1,450
	133	Series 2007-68, Class IA, IO, 6.500%, 06/25/37		18
	326	Series 2007-71, Class GZ, 6.000%, 07/25/47		361
	4,699	Series 2007-109, Class YI, IF, IO, 6.024%, 12/25/37		764
	1,691	Series 2008-62, Class SM, IF, IO, 5.764%, 07/25/38		234
	2,072	Series 2008-91, Class SI, IF, IO, 5.564%, 03/25/38		269
	329	Series 2008-93, Class AM, 5.500%, 06/25/37		350
	126	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		4
	210	Series 2009-17, Class AI, IO, 5.000%, 03/25/24		12
	540	Series 2009-23, Class MI, IO, 4.500%, 04/25/24		29
	789	Series 2009-29, Class LA, VAR, 1.617%, 05/25/39		754
	733	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		104
	2,155	Series 2009-89, Class A1, 5.410%, 05/25/35		2,273
	1,270	Series 2009-112, Class ST, IF, IO, 5.814%, 01/25/40		211
	835	Series 2009-112, Class SW, IF, IO, 5.814%, 01/25/40		139
	1,381	Series 2010-10, Class NT, 5.000%, 02/25/40		1,604
	1,801	Series 2010-35, Class SB, IF, IO, 5.994%, 04/25/40		233
	280	Series 2010-43, Class CI, IO, 4.500%, 02/25/25		13
	566	Series 2010-49, Class SC, IF, 11.788%, 03/25/40		679
	1,961	Series 2010-70, Class SA, IF, IO, 6.000%, 04/25/38		341
	363	Series 2010-111, Class AE, 5.500%, 04/25/38		378

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 101

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	627	Series 2011-19, Class ZY, 6.500%, 07/25/36		723
	816	Series 2011-22, Class MA, 6.500%, 04/25/38		904
	11,439	Series 2011-126, Class KB, 4.000%, 12/25/41		12,813
	5,422	Series 2012-46, Class KI, IO, 3.500%, 05/25/27		580
	10,382	Series 2012-148, Class IE, IO, 3.000%, 01/25/33		1,404
	16,852	Series 2013-13, Class IK, IO, 2.500%, 03/25/28		1,477
	14	Series G-29, Class O, 8.500%, 09/25/21		15
	5	Series G92-30, Class Z, 7.000%, 06/25/22		5
	15	Series G92-62, Class B, PO, 10/25/22		14
		Federal National Mortgage Association REMIC Trust,
	427	Series 2001-W3, Class A, VAR, 6.780%, 09/25/41		487
	5,540	Series 2002-W10, Class IO, IO, VAR, 0.937%, 08/25/42		98
	10,657	Series 2002-W7, Class IO1, IO, VAR, 0.926%, 06/25/29		326
	176	Series 2003-W4, Class 2A, VAR, 6.336%, 10/25/42		207
	22,227	Series 2004-W11, Class 1IO1, IO, VAR, 0.361%, 05/25/44		300
	441	Series 2004-W6, Class 3A4, 6.500%, 07/25/34		452
		Federal National Mortgage Association STRIPS,
	1,424	Series 203, Class 2, IO, 8.000%, 02/25/23		280
	236	Series 266, Class 2, IO, 7.500%, 08/25/24		34
	1,444	Series 313, Class 1, PO, 06/25/31		1,315
	219	Series 348, Class 30, IO, 5.500%, 12/25/18		12
	208	Series 348, Class 31, IO, VAR, 5.500%, 12/25/18		11
	220	Series 356, Class 42, IO, 5.500%, 12/25/19		15
	410	Series 380, Class S36, IF, IO, 7.464%, 07/25/37		95
	250	Series 383, Class 68, IO, 6.500%, 09/25/37		50
	363	Series 383, Class 69, IO, VAR, 6.500%, 10/25/37		73
	128	Series 383, Class 86, IO, VAR, 7.000%, 09/25/37		30
		Federal National Mortgage Association Trust,
	21	Series 2003-W3, Class 2A5, 5.356%, 06/25/42		24

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	281	Series 2003-W6, Class 1A41, 5.398%, 10/25/42		319
	468	Series 2004-W2, Class 1A, 6.000%, 02/25/44		514
	131	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		154
	339	Series 2004-W8, Class 3A, 7.500%, 06/25/44		402
	692	Series 2004-W9, Class 1A3, 6.050%, 02/25/44		816
	524	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		603
		Government National Mortgage Association,
	81	Series 1997-7, Class ZA, 9.000%, 05/16/27		93
	12	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		15
	167	Series 2000-9, Class Z, 8.000%, 06/20/30		200
	1,359	Series 2002-4, Class TD, 7.000%, 01/20/32		1,633
	817	Series 2002-13, Class QA, IF, IO, 7.620%, 02/16/32		199
	24	Series 2002-47, Class HM, 6.000%, 07/16/32		28
	2,415	Series 2002-68, Class SC, IF, IO, 5.270%, 10/16/32		431
	1,163	Series 2002-84, Class PH, 6.000%, 11/16/32		1,328
	1,174	Series 2003-18, Class PG, 5.500%, 03/20/33		1,322
	133	Series 2003-52, Class SB, IF, 10.797%, 06/16/33		172
	333	Series 2003-79, Class PV, 5.500%, 10/20/23		339
	2,144	Series 2003-101, Class SK, IF, IO, 6.130%, 10/17/33		468
	240	Series 2004-2, Class SA, IF, 18.971%, 01/16/34		448
	3,765	Series 2004-19, Class KE, 5.000%, 03/16/34		4,299
	24	Series 2004-73, Class AE, IF, 13.967%, 08/17/34		30
	1,195	Series 2004-86, Class SP, IF, IO, 5.668%, 09/20/34		172
	867	Series 2004-90, Class SI, IF, IO, 5.668%, 10/20/34		142
	1,867	Series 2004-105, Class SN, IF, IO, 5.668%, 12/20/34		287
	144	Series 2005-56, Class IC, IO, 5.500%, 07/20/35		31

SEE NOTES TO FINANCIAL STATEMENTS.

102 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,513	Series 2006-23, Class S, IF, IO, 6.068%, 01/20/36		122
	1,550	Series 2006-26, Class S, IF, IO, 6.068%, 06/20/36		310
	404	Series 2006-33, Class PK, 6.000%, 07/20/36		469
	2,126	Series 2007-7, Class EI, IF, IO, 5.768%, 02/20/37		363
	1,071	Series 2007-9, Class CI, IF, IO, 5.768%, 03/20/37		188
	1,651	Series 2007-16, Class KU, IF, IO, 6.218%, 04/20/37		300
	151	Series 2007-17, Class JO, PO, 04/16/37		144
	1,093	Series 2007-22, Class PK, 5.500%, 04/20/37		1,277
	2,142	Series 2007-24, Class SA, IF, IO, 6.078%, 05/20/37		398
	506	Series 2007-26, Class SC, IF, IO, 5.768%, 05/20/37		94
	424	Series 2007-67, Class SI, IF, IO, 6.078%, 11/20/37		77
	94	Series 2008-29, Class PO, PO, 02/17/33		90
	226	Series 2008-34, Class OC, PO, 06/20/37		189
	797	Series 2008-40, Class PS, IF, IO, 6.069%, 05/16/38		134
	1,513	Series 2008-40, Class SA, IF, IO, 5.970%, 05/16/38		287
	58	Series 2008-43, Class NA, 5.500%, 11/20/37		60
	1,657	Series 2008-49, Class PH, 5.250%, 06/20/38		1,900
	3,312	Series 2008-50, Class SA, IF, IO, 5.798%, 06/20/38		539
	2,282	Series 2008-55, Class PL, 5.500%, 06/20/38		2,564
	1,055	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		192
	2,031	Series 2009-16, Class SJ, IF, IO, 6.368%, 05/20/37		371
	942	Series 2009-72, Class SM, IF, IO, 5.820%, 08/16/39		152
	293	Series 2009-75, Class IY, IO, 5.500%, 06/20/39		73
	1,235	Series 2009-77, Class CS, IF, IO, 6.570%, 06/16/38		135
	363	Series 2009-79, Class OK, PO, 11/16/37		327
	303	Series 2009-81, Class A, 5.750%, 09/20/36		337

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Agency CMO — continued
	954	Series 2009-106, Class XL, IF, IO, 6.318%, 06/20/37		127
	1,176	Series 2010-4, Class SB, IF, IO, 6.069%, 08/16/39		106
	124	Series 2010-14, Class QP, 6.000%, 12/20/39		129
	548	Series 2010-31, Class SK, IF, IO, 5.668%, 11/20/34		89
	3,241	Series 2010-61, Class PC, 4.500%, 02/20/37		3,305
	1,500	Series 2010-107, Class AY, 5.000%, 10/20/36		1,523
	928	Series 2010-157, Class OP, PO, 12/20/40		824
	9,942	Series 2012-H11, Class FA, VAR, 1.130%, 02/20/62		9,916
	2,575	Series 2012-H18, Class FA, VAR, 0.980%, 08/20/62		2,556
	4,897	Series 2013-H04, Class BA, 1.650%, 02/20/63		4,904
	8,220	Series 2013-H20, Class FB, VAR, 1.430%, 08/20/63		8,295
	9,807	Series 2013-H23, Class FA, VAR, 1.730%, 09/20/63		10,016
	9,624	Series 2015-H02, Class HA, 2.500%, 01/20/65		9,659
	12,061	Series 2015-H04, Class FL, VAR, 0.721%, 02/20/65		11,930
	9,280	Series 2015-H23, Class FB, VAR, 0.950%, 09/20/65		9,163
	7,979	Series 2015-H32, Class FH, VAR, 1.090%, 12/20/65		7,927
	162	NCUA Guaranteed Notes Trust, Series 2010-R3, Class 3A, 2.400%, 12/08/20		164
		Vendee Mortgage Trust,
	616	Series 1996-2, Class 1Z, 6.750%, 06/15/26		711
	1,615	Series 1998-1, Class 2E, 7.000%, 03/15/28		1,944
	224	Series 1999-1, Class 2Z, 6.500%, 01/15/29		258
				405,990
		Non-Agency CMO — 2.3%
	142	Adjustable Rate Mortgage Trust, Series 2005-5, Class 6A21, VAR, 0.666%, 09/25/35		135
	1,232	Ajax Mortgage Loan Trust, Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		1,221
		Alternative Loan Trust,
	108	Series 2003-J3, Class 2A1, 6.250%, 12/25/33		110
	1,099	Series 2004-22CB, Class 1A1, 6.000%, 10/25/34		1,102

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 103

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (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
	541		Series 2005-23CB, Class A2, 5.500%, 07/25/35		521
	2,755		Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		2,490
	955		Series 2005-86CB, Class A11, 5.500%, 02/25/36		854
	55		Series 2005-J6, Class 2A1, 5.500%, 07/25/25		54
	255		Series 2006-26CB, Class A9, 6.500%, 09/25/36		218
			American General Mortgage Loan Trust,
	223		Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		230
	191		Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		191
	300		Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		305
			Angel Oak Mortgage Trust LLC,
	8,130		Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		8,121
	800		Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		796
			Banc of America Alternative Loan Trust,
	284		Series 2003-11, Class 2A1, 6.000%, 01/25/34		291
	546		Series 2004-1, Class 1A1, 6.000%, 02/25/34		578
	171		Series 2004-6, Class 4A1, 5.000%, 07/25/19		174
			Banc of America Funding Trust,
	1,500		Series 2005-5, Class 3A5, 5.500%, 08/25/35		1,397
	136		Series 2005-7, Class 30PO, PO, 11/25/35		109
	705		Series 2005-E, Class 4A1, VAR, 2.866%, 03/20/35		694
			Banc of America Mortgage Trust,
	401		Series 2003-3, Class 1A7, 5.500%, 05/25/33		408
	175		Series 2003-4, Class 1B1, 5.500%, 06/25/33		166
	48		Series 2003-7, Class A2, 4.750%, 09/25/18		48
	81		Series 2004-2, Class 2A4, 5.500%, 03/25/34		79
	146		Series 2004-5, Class 3A3, 5.000%, 06/25/19		147
	42		Series 2004-5, Class 4A1, 4.750%, 06/25/19		42
	41		Series 2004-8, Class XPO, PO, 10/25/34		35
	—	(h)	Series 2004-11, Class 15PO, PO, 01/25/20		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	327	Series 2004-F, Class 1A1, VAR, 2.680%, 07/25/34		330
	34	Series 2005-1, Class 15PO, PO, 02/25/20		31
	286	Series 2005-1, Class 1A17, 5.500%, 02/25/35		263
	182	Series 2005-1, Class 2A1, 5.000%, 02/25/20		185
	34	Series 2005-10, Class 15PO, PO, 11/25/20		30
	34	Series 2005-11, Class 15PO, PO, 12/25/20		32
		BCAP LLC Trust,
	94	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		98
	199	Series 2010-RR6, Class 8A6, VAR, 5.500%, 08/26/36 (e)		200
	17	Series 2010-RR8, Class 3A3, VAR, 2.746%, 05/26/35 (e)		17
	1,055	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,061
	3,934	Series 2015-RR4, Class 1A1, VAR, 1.424%, 09/11/38 (e)		3,699
	156	Bear Stearns ARM Trust, Series 2003-7, Class 3A, VAR, 2.543%, 10/25/33		152
	3	Bear Stearns Mortgage Securities, Inc., Series 1997-6, Class 1A, VAR, 6.319%, 03/25/31		3
	2,260	Chase Mortgage Finance Trust, Series 2007-A2, Class 2A1, VAR, 2.716%, 07/25/37		2,184
		CHL Mortgage Pass-Through Trust,
	315	Series 2004-3, Class A25, 5.750%, 04/25/34		318
	175	Series 2004-4, Class A13, 5.250%, 05/25/34		175
	418	Series 2004-5, Class 2A9, 5.250%, 05/25/34		419
	258	Series 2004-8, Class 2A1, 4.500%, 06/25/19		263
	177	Series 2004-J1, Class 2A1, 4.750%, 01/25/19		179
	698	Series 2004-J7, Class 2A2, 4.500%, 08/25/19		706
	723	Series 2005-22, Class 2A1, VAR, 2.716%, 11/25/35		609
	80	Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.000%, 02/25/21		82
		Citigroup Mortgage Loan Trust,
	1,379	Series 2009-3, Class 5A2, 6.000%, 02/25/37 (e)		1,367
	162	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		162

SEE NOTES TO FINANCIAL STATEMENTS.

104 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	170	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		172
		Citigroup Mortgage Loan Trust, Inc.,
	8	Series 2003-UST1, Class PO3, PO, 12/25/18		8
	167	Series 2004-HYB4, Class AA, VAR, 0.766%, 12/25/34		145
	257	Series 2004-UST1, Class A3, VAR, 2.330%, 08/25/34		255
		Credit Suisse First Boston Mortgage Securities Corp.,
	118	Series 2003-29, Class 8A1, 6.000%, 11/25/18		122
	1,077	Series 2004-4, Class 5A4, IF, IO, 7.114%, 08/25/34		135
	387	Series 2005-1, Class 1A16, 5.500%, 02/25/35		392
	65	Series 2005-7, Class 5A1, 4.750%, 08/25/20		65
	301	Series 2005-10, Class 10A4, 6.000%, 11/25/35		193
	530	Series 2005-10, Class 6A13, 5.500%, 11/25/35		443
	150	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		152
		CSMC Trust,
	473	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		473
	2,875	Series 2010-11R, Class A6, VAR, 1.439%, 06/28/47 (e)		2,724
	64	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-3, Class 4APO, PO, 06/25/35		46
	357	DLJ Mortgage Acceptance Corp., Series 1993-19, Class A7, 6.750%, 01/25/24		359
	42	FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		42
	643	First Horizon Alternative Mortgage Securities Trust, Series 2004-AA3, Class A1, VAR, 2.418%, 09/25/34		621
		First Horizon Mortgage Pass-Through Trust,
	532	Series 2004-AR6, Class 2A1, VAR, 2.799%, 12/25/34		529
	209	Series 2004-AR7, Class 2A2, VAR, 2.739%, 02/25/35		208
		GMACM Mortgage Loan Trust,
	215	Series 2003-J10, Class A1, 4.750%, 01/25/19		214

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	168	Series 2004-J5, Class A7, 6.500%, 01/25/35		174
	349	Series 2005-AR3, Class 3A4, VAR, 2.976%, 06/19/35		339
		GSR Mortgage Loan Trust,
	198	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		201
	340	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		349
	339	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		360
	211	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		217
	59	Series 2005-5F, Class 8A1, VAR, 0.936%, 06/25/35		56
	34	Series 2005-5F, Class 8A3, VAR, 0.936%, 06/25/35		33
	310	Series 2007-2F, Class 2A7, 5.750%, 02/25/37		291
	2,579	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		2,527
		Impac CMB Trust,
	817	Series 2004-10, Class 3A1, VAR, 1.136%, 03/25/35		731
	505	Series 2004-10, Class 3A2, VAR, 1.236%, 03/25/35		435
	14	Impac Secured Assets CMN Owner Trust, Series 2003-2, Class A1, 5.500%, 08/25/33		14
		JP Morgan Mortgage Trust,
	691	Series 2004-S1, Class 3A1, 5.500%, 09/25/34		689
	773	Series 2004-S2, Class 4A5, 6.000%, 11/25/34		777
	380	Series 2004-S2, Class 5A1, 5.500%, 12/25/19		380
	637	Series 2006-A2, Class 4A1, VAR, 2.716%, 08/25/34		637
	457	Series 2006-A2, Class 5A3, VAR, 2.682%, 11/25/33		458
	157	Series 2007-A1, Class 5A2, VAR, 2.826%, 07/25/35		158
	41	JP Morgan Resecuritization Trust, Series 2010-4, Class 7A1, VAR, 1.990%, 08/26/35 (e)		40
	147	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.781%, 04/21/34		147

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 105

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (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
		MASTR Alternative Loan Trust,
	121	Series 2003-7, Class 4A3, 8.000%, 11/25/18		125
	114	Series 2003-8, Class 3A1, 5.500%, 12/25/33		119
	151	Series 2003-9, Class 5A1, 4.500%, 12/25/18		151
	708	Series 2004-6, Class 6A1, 6.500%, 07/25/34		723
	672	Series 2004-6, Class 7A1, 6.000%, 07/25/34		673
	86	Series 2004-7, Class 30PO, PO, 08/25/34		66
	56	Series 2004-7, Class 3A1, 6.500%, 08/25/34		58
	210	Series 2004-8, Class 6A1, 5.500%, 09/25/19		214
	308	Series 2004-10, Class 1A1, 4.500%, 09/25/19		309
	88	Series 2004-11, Class 8A3, 5.500%, 10/25/19		88
	16	Series 2005-1, Class 5A1, 5.500%, 01/25/20		17
		MASTR Asset Securitization Trust,
	25	Series 2003-6, Class 8A1, 5.500%, 07/25/33		25
	111	Series 2003-10, Class 3A1, 5.500%, 11/25/33		110
	21	Series 2003-11, Class 10A1, 5.000%, 12/25/18		21
	46	Series 2003-11, Class 3A1, 4.500%, 12/25/18		47
	15	Series 2004-6, Class 15PO, PO, 07/25/19		15
	125	Series 2004-6, Class 3A1, 5.250%, 07/25/19		126
	71	Series 2004-6, Class 4A1, 5.000%, 07/25/19		71
	19	Series 2004-8, Class PO, PO, 08/25/19		18
	40	Series 2004-10, Class 1A1, 4.500%, 10/25/19		40
	393	Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		424
	99	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		78
		Merrill Lynch Mortgage Investors Trust,
	383	Series 2004-C, Class A2, VAR, 1.427%, 07/25/29		362
	488	Series 2004-D, Class A3, VAR, 2.279%, 09/25/29		483

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
		Morgan Stanley Mortgage Loan Trust,
	592	Series 2004-3, Class 4A, VAR, 5.691%, 04/25/34		619
	282	Series 2004-7AR, Class 2A6, VAR, 2.581%, 09/25/34		275
		MortgageIT Trust,
	3,469	Series 2004-2, Class A1, VAR, 1.176%, 12/25/34		3,309
	237	Series 2005-1, Class 1A1, VAR, 1.076%, 02/25/35		224
	204	NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		207
	118	Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class 1A1, VAR, 2.607%, 02/25/35		117
	5,730	Opteum Mortgage Acceptance Corp. Asset- Backed Pass-Through Certificates, Series 2005-2, Class AI3, VAR, 0.756%, 04/25/35		5,553
	583	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		589
	280	Prime Mortgage Trust, Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		293
		RALI Trust,
	154	Series 2003-QS14, Class A1, 5.000%, 07/25/18		155
	1,885	Series 2003-QS19, Class NB2, 5.750%, 10/25/33		1,946
	323	Series 2004-QS3, Class CB, 5.000%, 03/25/19		321
	3,269	Series 2005-QS5, Class A4, 5.750%, 04/25/35		3,033
		Residential Asset Securitization Trust,
	191	Series 2003-A8, Class A1, 3.750%, 10/25/18		191
	203	Series 2006-A6, Class 2A13, 6.000%, 07/25/36		174
		RFMSI Trust,
	97	Series 2004-S4, Class 2A7, 4.500%, 04/25/19		97
	265	Series 2005-SA4, Class 1A1, VAR, 2.842%, 09/25/35		219
	2,038	Series 2006-S1, Class 1A8, 5.750%, 01/25/36		1,864
	53	SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)		53
	971	Sequoia Mortgage Trust, Series 2004-8, Class A2, VAR, 1.610%, 09/20/34		928

SEE NOTES TO FINANCIAL STATEMENTS.

106 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Springleaf Mortgage Loan Trust,
	998	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		994
	4,075	Series 2013-1A, Class B1, VAR, 5.580%, 06/25/58 (e)		4,071
	2,084	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		2,097
	5,050	Series 2013-2A, Class M2, VAR, 4.480%, 12/25/65 (e)		5,082
		Structured Adjustable Rate Mortgage Loan Trust,
	424	Series 2004-14, Class 1A, VAR, 2.596%, 10/25/34		426
	24	Series 2005-5, Class A1, VAR, 0.666%, 05/25/35		24
	11	Series 2005-5, Class A2, VAR, 0.666%, 05/25/35		12
		Structured Asset Securities Corp.,
	1,695	Series 2003-37A, Class 1A, VAR, 2.730%, 12/25/33		1,665
	246	Series 2003-37A, Class 2A, VAR, 4.422%, 12/25/33		245
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	2,900	Series 2003-26A, Class 3A5, VAR, 2.592%, 09/25/33		2,776
	291	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		297
	148	Series 2004-7, Class 2A1, VAR, 5.487%, 05/25/24		151
		WaMu Mortgage Pass-Through Certificates Trust,
	31	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		31
	387	Series 2003-AR8, Class A, VAR, 2.476%, 08/25/33		393
	257	Series 2003-AR9, Class 1A6, VAR, 2.519%, 09/25/33		258
	1	Series 2003-S4, Class 3A, 5.500%, 06/25/33		2
	902	Series 2004-AR11, Class A, VAR, 2.553%, 10/25/34		904
	114	Series 2004-AR3, Class A1, VAR, 2.470%, 06/25/34		114
	1,052	Series 2004-AR3, Class A2, VAR, 2.470%, 06/25/34		1,056
	152	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		155

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Non-Agency CMO — continued
	161	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		167
	949	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		989
	111	Series 2005-AR2, Class 2A21, VAR, 0.766%, 01/25/45		101
	1,050	Washington Mutual Mortgage Pass-Through Certificates WMALT Trust, Series 2005-4, Class CB7, 5.500%, 06/25/35		975
	612	Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2004-RA1, Class 2A, 7.000%, 03/25/34		639
	83	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		82
		Wells Fargo Mortgage-Backed Securities Trust,
	433	Series 2003-D, Class A1, VAR, 2.675%, 02/25/33		426
	196	Series 2003-M, Class A1, VAR, 2.786%, 12/25/33		196
	132	Series 2004-B, Class A1, VAR, 2.720%, 02/25/34		131
	157	Series 2004-DD, Class 2A8, VAR, 2.833%, 01/25/35		147
	163	Series 2004-EE, Class 3A1, VAR, 2.717%, 12/25/34		163
	225	Series 2004-EE, Class 3A2, VAR, 2.717%, 12/25/34		225
	484	Series 2004-K, Class 1A2, VAR, 2.744%, 07/25/34		481
	53	Series 2004-Q, Class 1A3, VAR, 2.740%, 09/25/34		53
	177	Series 2004-Q, Class 2A2, VAR, 2.740%, 09/25/34		174
	741	Series 2004-U, Class A1, VAR, 2.761%, 10/25/34		733
	2,175	Series 2005-9, Class 2A10, 5.250%, 10/25/35		2,181
	716	Series 2005-AR16, Class 2A1, VAR, 2.854%, 02/25/34		718
	3,671	Series 2005-AR3, Class 1A1, VAR, 2.764%, 03/25/35		3,656
				106,912
		Total Collateralized Mortgage Obligations (Cost $500,363)		512,902
	Commercial Mortgage-Backed Securities — 5.8%
		A10 Securitization LLC,
	185	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		185

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 107

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	3,000	Series 2013-1, Class B, 4.120%, 11/15/25 (e)		2,976
	7,664	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		7,650
	3,000	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		2,910
		A10 Term Asset Financing LLC,
	1,000	Series 2013-2, Class D, 6.230%, 11/15/27 (e)		953
	6,021	Series 2014-1, Class A2, 3.020%, 04/15/33 (e)		6,009
	1,171	Series 2014-1, Class C, 4.570%, 04/15/33 (e)		1,117
	3,340	ACRE Commercial Mortgage Trust, (Cayman Islands), Series 2014-FL2, Class D, VAR, 3.830%, 08/15/31 (e)		3,169
	2,985	BAMLL Commercial Mortgage Securities Trust, Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		3,031
		Banc of America Commercial Mortgage Trust,
	2,574	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		2,576
	3,052	Series 2006-5, Class A4, 5.414%, 09/10/47		3,076
	4,000	Series 2007-2, Class AM, VAR, 5.649%, 04/10/49		4,100
		Banc of America Merrill Lynch Commercial Mortgage, Inc.,
	423	Series 2005-1, Class AJ, VAR, 5.338%, 11/10/42		423
	153	Series 2005-3, Class AM, 4.727%, 07/10/43		152
	407	Banc of America Re-REMIC Trust, Series 2009-UB1, Class A4A, VAR, 5.590%, 06/24/50 (e)		416
	9,400	BBCCRE Trust, Series 2015-GTP, Class A, 3.966%, 08/10/33 (e)		9,853
	5,115	BB-UBS Trust, Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		5,093
		Bear Stearns Commercial Mortgage Securities Trust,
	21	Series 2006-PW12, Class A4, VAR, 5.749%, 09/11/38		21
	215	Series 2006-T24, Class A4, 5.537%, 10/12/41		217
	4,000	Series 2007-PW16, Class AM, VAR, 5.721%, 06/11/40		4,129
	5,700	Series 2007-PW17, Class AMFL, VAR, 1.117%, 06/11/50 (e)		5,447
	5,000	BWAY Mortgage Trust, Series 2013-1515, Class F, VAR, 3.927%, 03/10/33 (e)		4,420

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	17,575	Capmark Mortgage Securities, Inc., Series 1998-C2, Class X, IO, VAR, 1.099%, 05/15/35		329
	52,919	CD Commercial Mortgage Trust, Series 2007-CD4, Class XC, IO, VAR, 0.354%, 12/11/49 (e)		173
	5,000	CFCRE Commercial Mortgage Trust, Series 2011-C2, Class D, VAR, 5.574%, 12/15/47 (e)		5,045
	2,650	Citigroup Commercial Mortgage Trust, Series 2014-388G, Class B, VAR, 1.477%, 06/15/33 (e)		2,560
		COBALT CMBS Commercial Mortgage Trust,
	2,752	Series 2006-C1, Class A4, 5.223%, 08/15/48		2,785
	4,471	Series 2006-C1, Class AM, 5.254%, 08/15/48		4,419
		COMM Mortgage Trust,
	1,789	Series 2012-CR2, Class XA, IO, VAR, 1.800%, 08/15/45		152
	7,000	Series 2013-CR9, Class D, VAR, 4.254%, 07/10/45 (e)		5,821
	6,100	Series 2013-WWP, Class A2, 3.424%, 03/10/31 (e)		6,279
	4,850	Series 2014-KYO, Class A, VAR, 1.329%, 06/11/27 (e)		4,730
	8,032	Series 2015-CR24, Class A5, 3.696%, 08/10/55		8,393
	6,856	Series 2015-CR25, Class A4, 3.759%, 08/10/48		7,193
	7,402	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.877%, 07/10/38		7,406
	117,623	Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class AX, IO, VAR, 0.074%, 01/15/49 (e)		123
	1,024	Credit Suisse First Boston Mortgage Securities Corp., Series 1998-C2, Class F, VAR, 6.750%, 11/15/30 (e)		1,032
	12,304	CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4, 3.718%, 08/15/48		12,863
	16,819	DBUBS Mortgage Trust, Series 2011-LC2A, Class XA, IO, VAR, 1.356%, 07/10/44 (e)		593
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	15,000	Series K037, Class A2, 3.490%, 01/25/24		16,255
	3,429	Series K038, Class A2, 3.389%, 03/25/24		3,704
	13,500	Series K048, Class A2, VAR, 3.284%, 06/25/25		14,378
	3,791	Series K052, Class A2, 3.151%, 11/25/25		3,995

SEE NOTES TO FINANCIAL STATEMENTS.

108 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	71,232	Series K708, Class X1, IO, VAR, 1.466%, 01/25/19		2,636
	20,000	GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class XA, IO, VAR, 1.297%, 06/05/31 (e)		782
	5,000	GS Mortgage Securities Trust, Series 2011-GC5, Class D, VAR, 5.313%, 08/10/44 (e)		4,654
	793	GSMS Trust, Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		795
		JP Morgan Chase Commercial Mortgage Securities Trust,
	347	Series 2005-CB11, Class AJ, VAR, 5.411%, 08/12/37		346
	30,947	Series 2005-CB11, Class X1, IO, VAR, 0.045%, 08/12/37 (e)		39
	39,069	Series 2005-LDP5, Class X1, IO, VAR, 0.100%, 12/15/44 (e)		47
	49,820	Series 2006-CB15, Class X1, IO, VAR, 0.271%, 06/12/43		47
	1,037	Series 2006-CB17, Class A4, 5.429%, 12/12/43		1,051
	573	Series 2006-LDP6, Class AM, VAR, 5.525%, 04/15/43		573
	12,993	Series 2006-LDP8, Class X, IO, VAR, 0.505%, 05/15/45		24
	2,000	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		1,982
	8,531	Series 2010-C2, Class XA, IO, VAR, 1.682%, 11/15/43 (e)		431
		LB-UBS Commercial Mortgage Trust,
	554	Series 2006-C4, Class A4, VAR, 5.852%, 06/15/38		555
	547	Series 2006-C6, Class A4, 5.372%, 09/15/39		552
	3,030	Series 2007-C1, Class AM, 5.455%, 02/15/40		3,101
	4,546	Series 2007-C2, Class A3, 5.430%, 02/15/40		4,636
	2,830	Series 2007-C7, Class A3, VAR, 5.866%, 09/15/45		2,982
	128	Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, VAR, 5.757%, 05/12/39		127
		ML-CFC Commercial Mortgage Trust,
	203	Series 2006-4, Class A3, 5.172%, 12/12/49		205
	78,180	Series 2006-4, Class XC, IO, VAR, 0.612%, 12/12/49 (e)		304
	10,703	Series 2007-9, Class A4, 5.700%, 09/12/49		11,123
		Morgan Stanley Capital I Trust,
	3,581	Series 2006-IQ12, Class AM, 5.370%, 12/15/43		3,627

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	2,925	Series 2006-IQ12, Class AMFX, 5.370%, 12/15/43		2,981
	1,575	Series 2006-T23, Class AM, VAR, 5.866%, 08/12/41		1,587
	69,091	Series 2007-HQ11, Class X, IO, VAR, 0.208%, 02/12/44 (e)		114
	699	Series 2011-C3, Class A3, 4.054%, 07/15/49		738
		Morgan Stanley Re-REMIC Trust,
	1,749	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		1,733
	427	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		425
	1,500	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		1,376
	2,798	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.436%, 08/25/29 (e)		2,829
	3,451	PFP Ltd., (Cayman Islands), Series 2015-2, Class D, VAR, 4.429%, 07/14/34 (e)		3,453
		RAIT Trust,
	4,904	Series 2014-FL3, Class B, VAR, 3.077%, 12/15/31 (e)		4,794
	1,885	Series 2015-FL5, Class B, VAR, 4.327%, 01/15/31 (e)		1,880
	833	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		840
		UBS Commercial Mortgage Trust,
	9,459	Series 2012-C1, Class D, VAR, 5.534%, 05/10/45 (e)		9,223
	8,415	Series 2012-C1, Class XA, IO, VAR, 2.178%, 05/10/45 (e)		820
	2,191	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		2,266
		UBS-Barclays Commercial Mortgage Trust,
	1,560	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,648
	16,602	Series 2012-C2, Class XA, IO, VAR, 1.664%, 05/10/63 (e)		1,014
	5,291	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		5,320
		Wachovia Bank Commercial Mortgage Trust,
	101	Series 2004-C11, Class A5, VAR, 5.170%, 01/15/41		101
	1,705	Series 2006-C27, Class A3, VAR, 5.765%, 07/15/45		1,703
	64,798	Series 2007-C30, Class XC, IO, VAR, 0.338%, 12/15/43 (e)		187
	7,598	Wells Fargo Commercial Mortgage Trust, Series 2015-C30, Class A4, 3.664%, 09/15/58		7,903

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 109

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Commercial Mortgage-Backed Securities — continued
	168	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		168
		WFRBS Commercial Mortgage Trust,
	2,500	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		2,720
	6,640	Series 2013-C11, Class D, VAR, 4.179%, 03/15/45 (e)		5,656
		Total Commercial Mortgage-Backed Securities (Cost $284,831)		278,249
	Convertible Bonds — 0.0% (g)
		Consumer Discretionary — 0.0%
		Hotels, Restaurants & Leisure — 0.0%
	104	Real Mex Restaurants, Inc., 1.120%, 03/21/18		—
		Utilities — 0.0% (g)
		Electric Utilities — 0.0% (g)
	266	Upstate New York Power Producers, Inc., HB, 20.000%, (PIK), 06/15/17 (e) (v)		511
		Total Convertible Bonds (Cost $370)		511
	Corporate Bonds — 27.4%
		Consumer Discretionary — 3.6%
		Auto Components — 0.3%
		American Axle & Manufacturing, Inc.,
	300	6.250%, 03/15/21		302
	1,425	6.625%, 10/15/22		1,443
	47	Dana Holding Corp., 6.750%, 02/15/21		48
		Goodyear Tire & Rubber Co. (The),
	570	5.125%, 11/15/23		586
	575	6.500%, 03/01/21		605
	1,175	7.000%, 05/15/22		1,257
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	2,025	4.875%, 03/15/19		1,878
	1,000	5.875%, 02/01/22		873
	2,015	6.000%, 08/01/20		1,874
		Johnson Controls, Inc.,
	323	3.625%, 07/02/24		322
	1,180	4.950%, 07/02/64		1,047
	890	5.700%, 03/01/41		920
	250	MPG Holdco I, Inc., 7.375%, 10/15/22		236
	1,748	Tenneco, Inc., 5.375%, 12/15/24		1,809
		ZF North America Capital, Inc.,
	1,189	4.000%, 04/29/20 (e)		1,197
	576	4.500%, 04/29/22 (e)		568
	841	4.750%, 04/29/25 (e)		803
				15,768

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Automobiles — 0.3%
		Daimler Finance North America LLC,
	1,500	2.875%, 03/10/21 (e)		1,505
	560	8.500%, 01/18/31		838
		Fiat Chrysler Automobiles N.V., (Netherlands),
	1,470	4.500%, 04/15/20		1,448
	708	5.250%, 04/15/23		669
	3,500	Ford Motor Co., 6.625%, 10/01/28		4,008
		General Motors Co.,
	1,425	5.000%, 04/01/35		1,248
	1,425	5.200%, 04/01/45		1,231
	595	6.600%, 04/01/36		616
		Jaguar Land Rover Automotive plc, (United Kingdom),
	992	4.125%, 12/15/18 (e)		1,014
	657	4.250%, 11/15/19 (e)		660
	150	5.625%, 02/01/23 (e)		151
		Motors Liquidation Co.,
	120	5.250%, 03/06/32 (d)		—	(h)
	385	6.250%, 07/15/33 (d)		—	(h)
	21	7.250%, 04/15/41 (d)		—	(h)
	1	7.250%, 07/15/41 (d)		—	(h)
	42	7.250%, 02/15/52 (d)		—	(h)
	55	7.375%, 05/15/48 (d)		—	(h)
	1	7.375%, 10/01/51 (d)		—	(h)
	2,500	7.700%, 04/15/16 (d)		—	(h)
				13,388
		Distributors — 0.0% (g)
	405	AmeriGas Finance LLC/AmeriGas Finance Corp., 7.000%, 05/20/22		416
		Diversified Consumer Services — 0.1%
		Service Corp. International,
	725	5.375%, 05/15/24		771
	963	7.625%, 10/01/18		1,074
	2,300	8.000%, 11/15/21		2,680
				4,525
		Hotels, Restaurants & Leisure — 0.4%
	250	1011778 B.C. ULC/New Red Finance, Inc., (Canada), 4.625%, 01/15/22 (e)		254
	270	CCM Merger, Inc., 9.125%, 05/01/19 (e)		275
	850	Choice Hotels International, Inc., 5.750%, 07/01/22		896
	565	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (d)		342

SEE NOTES TO FINANCIAL STATEMENTS.

110 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — continued
	1,505	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		1,482
	430	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		446
		MGM Resorts International,
	50	5.250%, 03/31/20		51
	1,805	6.000%, 03/15/23		1,850
	2,495	6.625%, 12/15/21		2,651
	280	6.750%, 10/01/20		299
	65	8.625%, 02/01/19		74
	825	11.375%, 03/01/18		949
	202	Real Mex Restaurants, Inc., 7.000%, 03/21/16		166
	565	Royal Caribbean Cruises Ltd., (Liberia), 5.250%, 11/15/22		573
		Sabre GLBL, Inc.,
	190	5.250%, 11/15/23 (e)		193
	408	5.375%, 04/15/23 (e)		411
	1,465	Scientific Games International, Inc., 7.000%, 01/01/22 (e)		1,425
	500	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		498
	875	Six Flags Entertainment Corp., 5.250%, 01/15/21 (e)		895
	895	Speedway Motorsports, Inc., 5.125%, 02/01/23		899
	1,573	Starbucks Corp., 2.700%, 06/15/22		1,620
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	925	5.375%, 03/15/22		923
	1,290	5.500%, 03/01/25 (e)		1,232
				18,404
		Household Durables — 0.3%
	679	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., (Canada), 6.125%, 07/01/22 (e)		567
		CalAtlantic Group, Inc.,
	207	5.875%, 11/15/24		217
	790	8.375%, 01/15/21		900
	166	10.750%, 09/15/16		173
		D.R. Horton, Inc.,
	1,000	4.375%, 09/15/22		997
	600	4.750%, 02/15/23		593
		Lennar Corp.,
	1,618	4.500%, 06/15/19		1,663

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Household Durables — continued
	286	4.500%, 11/15/19		295
	500	4.750%, 11/15/22		494
	1,250	4.750%, 05/30/25		1,209
	270	6.950%, 06/01/18		289
	1,015	Series B, 12.250%, 06/01/17		1,129
	595	M/I Homes, Inc., 6.750%, 01/15/21		576
	565	Meritage Homes Corp., 7.000%, 04/01/22		586
	1,565	PulteGroup, Inc., 5.500%, 03/01/26		1,583
		Toll Brothers Finance Corp.,
	420	4.375%, 04/15/23		405
	521	4.875%, 11/15/25		505
	879	5.875%, 02/15/22		919
	324	WCI Communities, Inc., 6.875%, 08/15/21		326
				13,426
		Internet & Catalog Retail — 0.1%
	1,523	Amazon.com, Inc., 4.800%, 12/05/34		1,645
	299	Netflix, Inc., 5.750%, 03/01/24		314
		QVC, Inc.,
	1,000	4.450%, 02/15/25		935
	170	5.125%, 07/02/22		173
				3,067
		Media — 1.6%
		21st Century Fox America, Inc.,
	600	6.750%, 01/09/38		699
	800	7.750%, 01/20/24		968
	200	7.850%, 03/01/39		259
	147	8.875%, 04/26/23		195
	2,004	Adelphia Communications Corp., 9.375%, 11/15/09 (d)		7
	1,746	Cablevision Systems Corp., 8.000%, 04/15/20		1,641
	1,178	CBS Corp., 3.700%, 08/15/24		1,173
		CCO Safari II LLC,
	2,871	4.464%, 07/23/22 (e)		2,915
	242	4.908%, 07/23/25 (e)		248
	4,510	6.384%, 10/23/35 (e)		4,711
	2,480	CCOH Safari LLC, 5.750%, 02/15/26 (e)		2,487
	216	Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		196
	240	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		336
		Comcast Corp.,
	2,819	4.200%, 08/15/34		2,875
	2,405	4.600%, 08/15/45		2,541
	240	6.300%, 11/15/17		259

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 111

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Media — continued
	435	6.500%, 11/15/35		548
	177	6.550%, 07/01/39		229
	1,516	CSC Holdings LLC, 6.750%, 11/15/21		1,539
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	530	3.800%, 03/15/22		544
	2,202	3.950%, 01/15/25		2,238
	580	6.000%, 08/15/40		602
	946	Discovery Communications LLC, 4.950%, 05/15/42		752
		DISH DBS Corp.,
	290	5.000%, 03/15/23		257
	167	5.875%, 07/15/22		160
	172	5.875%, 11/15/24		154
	9,006	6.750%, 06/01/21		9,175
	2,511	7.875%, 09/01/19		2,720
	1,000	Historic TW, Inc., 9.150%, 02/01/23		1,289
		iHeartCommunications, Inc.,
	890	9.000%, 12/15/19		628
	950	9.000%, 03/01/21		647
	1,250	Lamar Media Corp., 5.000%, 05/01/23		1,262
	470	Liberty Interactive LLC, 8.250%, 02/01/30		463
	810	NBCUniversal Media LLC, 5.950%, 04/01/41		981
		Nielsen Finance LLC/Nielsen Finance Co.,
	655	4.500%, 10/01/20		673
	2,352	5.000%, 04/15/22 (e)		2,381
		Numericable-SFR S.A., (France),
	242	4.875%, 05/15/19 (e)		242
	1,008	6.000%, 05/15/22 (e)		998
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	595	5.250%, 02/15/22		608
	785	5.625%, 02/15/24		817
	265	Quebecor, Inc., (Canada), 9.750%, 01/15/16 (d)		—
		Sirius XM Radio, Inc.,
	1,930	5.250%, 08/15/22 (e)		2,036
	3,290	5.375%, 04/15/25 (e)		3,282
	565	5.875%, 10/01/20 (e)		590
	1,015	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		1,028
		TEGNA, Inc.,
	295	4.875%, 09/15/21 (e)		303
	1,184	5.125%, 07/15/20		1,237
	585	5.500%, 09/15/24 (e)		600
	1,550	6.375%, 10/15/23		1,662

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Media — continued
		Thomson Reuters Corp., (Canada),
	1,960	3.950%, 09/30/21		2,059
	280	4.700%, 10/15/19		302
	200	6.500%, 07/15/18		220
	884	Time Warner Cable, Inc., 7.300%, 07/01/38		933
	660	Time Warner Cos., Inc., 7.570%, 02/01/24		803
	1,860	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		2,206
		Time Warner, Inc.,
	2,640	3.600%, 07/15/25		2,595
	182	5.375%, 10/15/41		170
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany),
	755	5.000%, 01/15/25 (e)		757
	900	5.500%, 01/15/23 (e)		943
		Univision Communications, Inc.,
	200	5.125%, 05/15/23 (e)		199
	500	5.125%, 02/15/25 (e)		489
	700	6.750%, 09/15/22 (e)		743
	70	Viacom, Inc., 4.375%, 03/15/43		48
		Videotron Ltd., (Canada),
	2,622	5.375%, 06/15/24 (e)		2,661
	500	Walt Disney Co. (The), Series B, 5.875%, 12/15/17		541
				77,824
		Multiline Retail — 0.1%
	1,282	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		1,364
	2,000	Kohl’s Corp., 5.550%, 07/17/45		1,763
				3,127
		Specialty Retail — 0.4%
	220	AutoNation, Inc., 5.500%, 02/01/20		238
	2,000	Caleres, Inc., 6.250%, 08/15/23		1,980
	747	Claire’s Stores, Inc., 8.875%, 03/15/19		112
	500	CST Brands, Inc., 5.000%, 05/01/23		495
	410	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		384
		Home Depot, Inc. (The),
	1,000	2.000%, 06/15/19		1,019
	734	2.625%, 06/01/22		746
	751	3.000%, 04/01/26		777
		L Brands, Inc.,
	400	5.625%, 02/15/22		430
	3,500	5.625%, 10/15/23		3,727
	625	6.875%, 11/01/35 (e)		664
	500	8.500%, 06/15/19		586

SEE NOTES TO FINANCIAL STATEMENTS.

112 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Specialty Retail — continued
		Lowe’s Cos., Inc.,
	590	3.125%, 09/15/24		607
	1,262	3.375%, 09/15/25		1,325
	116	5.125%, 11/15/41		132
	951	Series B, 7.110%, 05/15/37		1,272
	660	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		673
	435	Radio Systems Corp., 8.375%, 11/01/19 (e)		446
		Sally Holdings LLC/Sally Capital, Inc.,
	500	5.500%, 11/01/23		523
	817	5.625%, 12/01/25		850
	1,000	5.750%, 06/01/22		1,052
				18,038
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	470	Levi Strauss & Co., 5.000%, 05/01/25		470
	1,329	PVH Corp., 4.500%, 12/15/22		1,336
				1,806
		Total Consumer Discretionary		169,789
		Consumer Staples — 1.5%
		Beverages — 0.5%
		Anheuser-Busch Cos. LLC,
	325	5.500%, 01/15/18		349
	550	5.750%, 04/01/36		632
	280	7.550%, 10/01/30		379
		Anheuser-Busch InBev Finance, Inc.,
	2,551	3.300%, 02/01/23		2,621
	1,225	3.700%, 02/01/24		1,296
	3,990	4.700%, 02/01/36		4,183
	5,415	4.900%, 02/01/46		5,803
		Anheuser-Busch InBev Worldwide, Inc.,
	410	5.375%, 01/15/20		457
	50	7.750%, 01/15/19		58
		Constellation Brands, Inc.,
	608	3.750%, 05/01/21		622
	216	4.250%, 05/01/23		224
	396	4.750%, 11/15/24		415
	932	4.750%, 12/01/25		974
	1,165	6.000%, 05/01/22		1,310
		Diageo Investment Corp.,
	1,000	7.450%, 04/15/35		1,388
	365	8.000%, 09/15/22		469
	575	DS Services of America, Inc., 10.000%, 09/01/21 (e)		646

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Beverages — continued
	677	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		676
		PepsiCo, Inc.,
	572	3.000%, 08/25/21		600
	1,845	3.500%, 07/17/25		1,962
	730	4.450%, 04/14/46		783
	70	7.900%, 11/01/18		81
				25,928
		Food & Staples Retailing — 0.3%
		CVS Health Corp.,
	1,659	3.500%, 07/20/22		1,732
	2,264	4.875%, 07/20/35		2,432
	3,830	5.125%, 07/20/45		4,297
	68	5.750%, 06/01/17		72
	1,780	Ingles Markets, Inc., 5.750%, 06/15/23		1,789
		Kroger Co. (The),
	215	6.400%, 08/15/17		230
	1,162	7.500%, 04/01/31		1,482
	300	Series B, 7.700%, 06/01/29		405
	430	New Albertsons, Inc., 8.700%, 05/01/30		382
	527	Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		531
		Wal-Mart Stores, Inc.,
	300	2.550%, 04/11/23		307
	160	5.250%, 09/01/35		189
	1,000	6.200%, 04/15/38		1,285
	260	7.550%, 02/15/30		374
				15,507
		Food Products — 0.5%
	326	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		331
		Bunge Ltd. Finance Corp.,
	305	3.500%, 11/24/20		307
	655	8.500%, 06/15/19		758
	148	Bunge N.A. Finance LP, 5.900%, 04/01/17		154
		Cargill, Inc.,
	350	1.900%, 03/01/17 (e)		352
	800	3.300%, 03/01/22 (e)		830
	470	4.760%, 11/23/45 (e)		502
	200	6.000%, 11/27/17 (e)		214
	1,000	7.350%, 03/06/19 (e)		1,155
	135	ConAgra Foods, Inc., 3.250%, 09/15/22		134
	2,560	Darling Ingredients, Inc., 5.375%, 01/15/22		2,522
		JBS USA LLC/JBS USA Finance, Inc.,
	793	5.750%, 06/15/25 (e)		682

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 113

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Food Products — continued
	1,868	5.875%, 07/15/24 (e)		1,637
	3,447	7.250%, 06/01/21 (e)		3,318
	1,430	8.250%, 02/01/20 (e)		1,434
		Kraft Foods Group, Inc.,
	429	3.500%, 06/06/22		442
	488	5.000%, 06/04/42		506
	599	6.125%, 08/23/18		656
	575	6.875%, 01/26/39		706
		Kraft Heinz Foods Co.,
	946	5.200%, 07/15/45 (e)		1,018
	153	6.375%, 07/15/28		176
	277	6.750%, 03/15/32		331
	497	Mead Johnson Nutrition Co., Class C, 4.125%, 11/15/25		513
	430	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		418
	475	Post Holdings, Inc., 6.750%, 12/01/21 (e)		504
		Smithfield Foods, Inc.,
	591	5.250%, 08/01/18 (e)		601
	1,511	5.875%, 08/01/21 (e)		1,537
	102	7.750%, 07/01/17		109
	435	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		458
				22,305
		Household Products — 0.1%
	1,582	Energizer Holdings, Inc., 5.500%, 06/15/25 (e)		1,566
		Kimberly-Clark Corp.,
	600	2.400%, 06/01/23		602
	1,000	6.125%, 08/01/17		1,072
	498	Procter & Gamble - ESOP, Series A, 9.360%, 01/01/21		596
	525	Spectrum Brands, Inc., 6.125%, 12/15/24		555
				4,391
		Tobacco — 0.1%
	3,575	Reynolds American, Inc., 5.850%, 08/15/45		4,195
		Total Consumer Staples		72,326
		Energy — 2.9%
		Energy Equipment & Services — 0.3%
	280	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		183
	303	Baker Hughes, Inc., 5.125%, 09/15/40		266
	1,310	Diamond Offshore Drilling, Inc., 4.875%, 11/01/43		779
	825	Ensco plc, (United Kingdom), 5.200%, 03/15/25		421

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Energy Equipment & Services — continued
		Halliburton Co.,
	680	4.850%, 11/15/35		594
	250	7.450%, 09/15/39		288
	275	7.600%, 08/15/96 (e)		305
	700	8.750%, 02/15/21		849
		National Oilwell Varco, Inc.,
	448	1.350%, 12/01/17		435
	100	2.600%, 12/01/22		82
		Noble Holding International Ltd., (Cayman Islands),
	98	3.950%, 03/15/22		50
	1,418	6.950%, 04/01/45		652
	255	Parker Drilling Co., 6.750%, 07/15/22		149
	652	Pioneer Energy Services Corp., 6.125%, 03/15/22		212
		Precision Drilling Corp., (Canada),
	1,113	5.250%, 11/15/24		634
	378	6.500%, 12/15/21		244
		Schlumberger Investment S.A., (Luxembourg),
	640	2.400%, 08/01/22 (e)		605
	219	3.300%, 09/14/21 (e)		222
	1,210	3.650%, 12/01/23		1,223
	1,557	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (e)		697
		Transocean, Inc., (Cayman Islands),
	1,195	6.500%, 11/15/20		705
	5,836	7.125%, 12/15/21		3,210
	630	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		498
	1,415	Unit Corp., 6.625%, 05/15/21		665
				13,968
		Oil, Gas & Consumable Fuels — 2.6%
	175	Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31		118
	278	Anadarko Holding Co., 7.150%, 05/15/28		249
		Anadarko Petroleum Corp.,
	350	6.950%, 06/15/19		352
	100	7.950%, 06/15/39		87
	225	8.700%, 03/15/19		230
	250	ANR Pipeline Co., 9.625%, 11/01/21		317
		Antero Resources Corp.,
	235	5.125%, 12/01/22		200
	930	5.375%, 11/01/21		805
	450	6.000%, 12/01/20		403
	775	Apache Corp., 6.900%, 09/15/18		816

SEE NOTES TO FINANCIAL STATEMENTS.

114 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Baytex Energy Corp., (Canada),
	300	5.125%, 06/01/21 (e)		173
	300	5.625%, 06/01/24 (e)		164
		BP Capital Markets plc, (United Kingdom),
	206	1.375%, 11/06/17		204
	589	1.375%, 05/10/18		576
	1,545	2.750%, 05/10/23		1,462
	385	3.245%, 05/06/22		380
	1,800	3.535%, 11/04/24		1,720
	612	3.814%, 02/10/24		608
	515	4.750%, 03/10/19		543
	600	Buckeye Partners LP, 4.875%, 02/01/21		548
	210	Burlington Resources Finance Co., (Canada), 7.400%, 12/01/31		228
	815	Burlington Resources, Inc., 8.200%, 03/15/25		920
		California Resources Corp.,
	356	6.000%, 11/15/24		47
	769	8.000%, 12/15/22 (e)		192
		Canadian Natural Resources Ltd., (Canada),
	1,035	3.900%, 02/01/25		803
	330	6.250%, 03/15/38		242
		Cenovus Energy, Inc., (Canada),
	123	3.000%, 08/15/22		90
	294	4.450%, 09/15/42		172
	1,035	6.750%, 11/15/39		728
	3,753	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		1,464
	540	Chevron Corp., 2.355%, 12/05/22		518
		Cimarex Energy Co.,
	875	4.375%, 06/01/24		817
	440	5.875%, 05/01/22		425
	402	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		372
	1,243	CNOOC Finance 2015 USA LLC, 3.500%, 05/05/25		1,214
	1,026	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		1,054
	1,875	Comstock Resources, Inc., 10.000%, 03/15/20 (e)		680
		Concho Resources, Inc.,
	450	5.500%, 10/01/22		417
	945	6.500%, 01/15/22		907
	1,460	7.000%, 01/15/21		1,431
	215	Conoco Funding Co., (Canada), 7.250%, 10/15/31		226
		ConocoPhillips,
	275	5.750%, 02/01/19		286

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
	750	6.500%, 02/01/39		734
	410	7.000%, 03/30/29		427
	673	ConocoPhillips Co., 4.300%, 11/15/44		541
	300	ConocoPhillips Holding Co., 6.950%, 04/15/29		321
		CONSOL Energy, Inc.,
	470	5.875%, 04/15/22		307
	790	8.000%, 04/01/23		529
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	396	6.000%, 12/15/20		286
	364	6.125%, 03/01/22		262
	568	6.250%, 04/01/23 (e)		403
	236	Devon Energy Corp., 3.250%, 05/15/22		182
	270	Devon Financing Corp. LLC, 7.875%, 09/30/31		216
		Encana Corp., (Canada),
	150	6.500%, 05/15/19		123
	215	6.625%, 08/15/37		131
		Energy Transfer Equity LP,
	2,250	5.875%, 01/15/24		1,856
	495	7.500%, 10/15/20		453
		Energy Transfer Partners LP,
	1,080	2.500%, 06/15/18		992
	1,196	3.600%, 02/01/23		992
	1,194	4.050%, 03/15/25		989
	1,210	Eni S.p.A., (Italy), Series EX2, 5.700%, 10/01/40 (e)		1,064
		EnLink Midstream Partners LP,
	841	2.700%, 04/01/19		656
	922	4.150%, 06/01/25		637
		Enterprise Products Operating LLC,
	701	3.700%, 02/15/26		656
	582	3.750%, 02/15/25		552
	331	4.900%, 05/15/46		292
	1,252	5.250%, 01/31/20		1,298
	333	5.950%, 02/01/41		315
		EOG Resources, Inc.,
	472	2.625%, 03/15/23		426
	1,700	4.100%, 02/01/21		1,732
	200	6.875%, 10/01/18		217
	2,000	EP Energy LLC/Everest Acquisition Finance, Inc., 7.750%, 09/01/22		540
		Exxon Mobil Corp.,
	3,140	2.397%, 03/06/22		3,147
	1,736	3.043%, 03/01/26		1,736
	1,045	Gulf South Pipeline Co. LP, 4.000%, 06/15/22		917

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 115

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (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
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	725	5.000%, 12/01/24 (e)		493
	1,500	5.750%, 10/01/25 (e)		1,020
	220	7.625%, 04/15/21 (e)		188
	337	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		318
	3,500	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		1,575
		KazMunayGas National Co. JSC, (Kazakhstan),
	200	Reg. S, 4.400%, 04/30/23		171
	205	Reg. S, 7.000%, 05/05/20		211
	200	Reg. S, 9.125%, 07/02/18		215
	150	Kinder Morgan Energy Partners LP, 6.500%, 04/01/20		151
		Kinder Morgan, Inc.,
	1,565	5.000%, 02/15/21 (e)		1,450
	565	5.625%, 11/15/23 (e)		528
	150	7.000%, 06/15/17		155
		Marathon Oil Corp.,
	1,976	2.800%, 11/01/22		1,295
	410	6.000%, 10/01/17		398
		MEG Energy Corp., (Canada),
	186	6.375%, 01/30/23 (e)		88
	195	7.000%, 03/31/24 (e)		90
		MPLX LP,
	732	4.500%, 07/15/23 (e)		609
	986	4.875%, 12/01/24 (e)		806
	1,382	4.875%, 06/01/25 (e)		1,127
	3,000	5.500%, 02/15/23 (e)		2,677
	500	Murphy Oil USA, Inc., 6.000%, 08/15/23		511
		Newfield Exploration Co.,
	475	5.375%, 01/01/26		411
	575	5.625%, 07/01/24		522
	625	5.750%, 01/30/22		586
	281	NGL Energy Partners LP/NGL Energy Finance Corp., 6.875%, 10/15/21		162
		Noble Energy, Inc.,
	583	3.900%, 11/15/24		491
	286	5.050%, 11/15/44		210
	1,500	5.250%, 11/15/43		1,107
	504	Occidental Petroleum Corp., 2.700%, 02/15/23		472
		ONEOK Partners LP,
	2,350	4.900%, 03/15/25		1,923
	875	6.650%, 10/01/36		666

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
	533	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		460
		Penn Virginia Corp.,
	2,000	7.250%, 04/15/19		170
	1,000	8.500%, 05/01/20		85
		Pertamina Persero PT, (Indonesia),
	400	5.250%, 05/23/21 (e)		405
	200	6.000%, 05/03/42 (e)		166
	400	Reg. S, 6.450%, 05/30/44		354
	200	Reg. S, 6.500%, 05/27/41		177
		Petrobras Global Finance B.V., (Netherlands),
	630	5.375%, 01/27/21		470
	398	6.850%, 06/05/151		245
		Petro-Canada, (Canada),
	400	6.800%, 05/15/38		370
	335	7.875%, 06/15/26		384
	710	Petroleos de Venezuela S.A., (Venezuela), Reg. S, 6.000%, 11/15/26		220
		Petroleos Mexicanos, (Mexico),
	10	3.500%, 07/18/18		10
	1,103	4.500%, 01/23/26 (e)		979
	712	5.625%, 01/23/46 (e)		552
	200	6.375%, 01/23/45		173
	120	6.500%, 06/02/41		104
	108	6.625%, 06/15/35		97
	160	6.625%, 06/15/35		145
	47	6.625%, 06/15/35		42
	620	6.875%, 08/04/26 (e)		640
	150	Reg. S, 3.500%, 07/23/20		142
	438	Reg. S, 5.625%, 01/23/46		339
	30	VAR, 2.640%, 07/18/18		29
		Plains All American Pipeline LP/PAA Finance Corp.,
	519	2.600%, 12/15/19		455
	3,740	4.650%, 10/15/25		3,145
		QEP Resources, Inc.,
	286	5.250%, 05/01/23		200
	475	5.375%, 10/01/22		323
	1,315	6.875%, 03/01/21		947
		Range Resources Corp.,
	456	5.000%, 08/15/22		381
	391	5.000%, 03/15/23		326
	200	5.750%, 06/01/21		169
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	167	4.500%, 11/01/23		141

SEE NOTES TO FINANCIAL STATEMENTS.

116 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	1,420	5.000%, 10/01/22		1,181
	2,635	5.500%, 04/15/23		2,213
	348	5.875%, 03/01/22		306
	770	6.500%, 07/15/21		714
	120	Repsol Oil & Gas Canada, Inc., (Canada), 7.750%, 06/01/19		106
	1,250	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		1,169
	932	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		28
	200	Sinopec Group Overseas Development 2012 Ltd., (United Kingdom), 4.875%, 05/17/42 (e)		211
		SM Energy Co.,
	589	5.000%, 01/15/24		234
	752	5.625%, 06/01/25		303
	427	6.500%, 11/15/21		192
	15	6.500%, 01/01/23		6
	340	Southern Star Central Corp., 5.125%, 07/15/22 (e)		289
	145	Spectra Energy Capital LLC, 7.500%, 09/15/38		143
	1,140	Spectra Energy Partners LP, 4.500%, 03/15/45		898
		State Oil Co. of the Azerbaijan Republic, (Azerbaijan),
	400	6.950%, 03/18/30		337
	200	Reg. S, 4.750%, 03/13/23		169
		Statoil ASA, (Norway),
	263	2.450%, 01/17/23		247
	2,179	2.650%, 01/15/24		2,008
	373	2.750%, 11/10/21		369
	417	3.150%, 01/23/22		414
	435	7.150%, 11/15/25		546
	163	Stone Energy Corp., 7.500%, 11/15/22		44
		Suncor Energy, Inc., (Canada),
	2,000	3.600%, 12/01/24		1,805
	815	6.850%, 06/01/39		756
		Sunoco Logistics Partners Operations LP,
	464	4.250%, 04/01/24		388
	1,146	4.400%, 04/01/21		1,055
	2,000	5.350%, 05/15/45		1,484
		Sunoco LP/Sunoco Finance Corp.,
	1,442	5.500%, 08/01/20 (e)		1,377
	920	6.375%, 04/01/23 (e)		874
	80	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		23

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Oil, Gas & Consumable Fuels — continued
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	500	4.250%, 11/15/23		380
	1,250	5.000%, 01/15/18		1,197
	1,840	5.250%, 05/01/23		1,440
	300	6.375%, 08/01/22		258
	400	6.875%, 02/01/21		348
	164	Tesoro Corp., 5.125%, 04/01/24		149
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	294	5.500%, 10/15/19 (e)		275
	1,472	5.875%, 10/01/20		1,384
	1,400	6.125%, 10/15/21		1,288
	282	6.250%, 10/15/22 (e)		259
	640	Tosco Corp., 8.125%, 02/15/30		734
	3,165	Total Capital International S.A., (France), 2.750%, 06/19/21		3,164
		TransCanada PipeLines Ltd., (Canada),
	256	1.875%, 01/12/18		251
	285	2.500%, 08/01/22		264
	340	3.750%, 10/16/23		332
	1,000	6.200%, 10/15/37		1,002
	606	7.250%, 08/15/38		686
	410	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		436
	4,000	Ultra Petroleum Corp., (Canada), 6.125%, 10/01/24 (e)		200
	446	Western Gas Partners LP, 5.375%, 06/01/21		382
	189	Western Refining, Inc., 6.250%, 04/01/21		151
	1,330	Whiting Petroleum Corp., 5.000%, 03/15/19		658
		Williams Partners LP/ACMP Finance Corp.,
	1,579	4.875%, 05/15/23		1,288
	750	4.875%, 03/15/24		599
	3,000	6.125%, 07/15/22		2,641
		WPX Energy, Inc.,
	655	5.250%, 09/15/24		354
	1,965	6.000%, 01/15/22		1,125
				121,722
		Total Energy		135,690
		Financials — 7.7%
		Banks — 3.2%
	501	ABN AMRO Bank N.V., (Netherlands), 4.750%, 07/28/25 (e)		486
	110	Agromercantil Senior Trust, (Cayman Islands), 6.250%, 04/10/19 (e)		111

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 117

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	544	Australia & New Zealand Banking Group Ltd., (Australia), 2.400%, 11/23/16 (e)		549
	200	Banco Nacional de Comercio Exterior SNC, (Mexico), 4.375%, 10/14/25 (e)		197
		Bank of America Corp.,
	143	3.300%, 01/11/23		143
	700	3.625%, 03/17/16		701
	960	4.000%, 04/01/24		990
	5,277	4.000%, 01/22/25		5,126
	2,400	4.200%, 08/26/24		2,402
	473	4.250%, 10/22/26		467
	1,294	4.450%, 03/03/26		1,294
	1,540	5.000%, 05/13/21		1,682
	1,275	5.625%, 07/01/20		1,411
	500	6.400%, 08/28/17		530
	1,825	6.500%, 08/01/16		1,865
	1,710	6.875%, 04/25/18		1,868
	500	7.800%, 09/15/16		516
	1,500	Series F, 6.975%, 03/07/37		1,733
	2,515	Series L, 2.250%, 04/21/20		2,462
	1,326	Series L, 3.950%, 04/21/25		1,278
	695	Series L, 5.650%, 05/01/18		742
	200	Bank of Ceylon, (Sri Lanka), 6.875%, 05/03/17 (e)		203
		Bank of Montreal, (Canada),
	623	1.400%, 09/11/17		625
	655	2.375%, 01/25/19		662
		Bank of Nova Scotia (The), (Canada),
	880	1.450%, 04/25/18		875
	1,725	1.850%, 04/14/20		1,725
		Barclays Bank plc, (United Kingdom),
	200	2.250%, 05/10/17 (e)		202
	980	6.050%, 12/04/17 (e)		1,038
	2,508	7.625%, 11/21/22		2,536
		Barclays plc, (United Kingdom),
	1,405	3.650%, 03/16/25		1,291
	478	5.250%, 08/17/45		457
		BB&T Corp.,
	783	1.600%, 08/15/17		784
	1,500	2.625%, 06/29/20		1,522
	1,250	3.950%, 04/29/16		1,256
	500	5.250%, 11/01/19		546
	150	6.850%, 04/30/19		172
	450	Caixa Economica Federal, (Brazil), Reg. S, 4.500%, 10/03/18		428

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	3,319	Canadian Imperial Bank of Commerce, (Canada), 2.250%, 07/21/20 (e)		3,367
	2,500	Capital One N.A., 1.500%, 03/22/18		2,458
		CIT Group, Inc.,
	1,574	3.875%, 02/19/19		1,566
	1,004	5.000%, 05/15/17		1,028
	2,410	5.000%, 08/15/22		2,419
	125	5.250%, 03/15/18		129
	5,458	5.375%, 05/15/20		5,635
	1,295	5.500%, 02/15/19 (e)		1,340
	1,397	6.625%, 04/01/18 (e)		1,469
		Citigroup, Inc.,
	1,394	1.800%, 02/05/18		1,385
	4,000	3.750%, 06/16/24		4,098
	2,500	4.300%, 11/20/26		2,425
	838	6.625%, 01/15/28		1,047
	645	6.875%, 06/01/25		816
	1,115	7.000%, 12/01/25		1,350
	1,045	Comerica Bank, 5.200%, 08/22/17		1,088
	NOK 16,500	Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands), 3.500%, 04/18/17		1,944
		Cooperatieve Rabobank UA, (Netherlands),
	2,000	2.500%, 01/19/21		2,005
	1,045	3.875%, 02/08/22		1,101
	250	Credit Suisse Group Funding Guernsey Ltd., (United Kingdom), 2.750%, 03/26/20		242
		Fifth Third Bancorp,
	625	2.875%, 07/27/20		630
	500	5.450%, 01/15/17		516
		HSBC Bank plc, (United Kingdom),
	474	1.500%, 05/15/18 (e)		471
	927	4.125%, 08/12/20 (e)		985
	650	4.750%, 01/19/21 (e)		717
	395	HSBC Bank USA N.A., 6.000%, 08/09/17		417
		HSBC Holdings plc, (United Kingdom),
	1,371	4.000%, 03/30/22		1,426
	733	4.250%, 08/18/25		710
	415	4.875%, 01/14/22		453
	1,155	Huntington National Bank (The), 2.875%, 08/20/20		1,161
	200	ICICI Bank Ltd., (India), 3.500%, 03/18/20 (e)		203
	1,621	KeyBank N.A., 3.180%, 05/22/22		1,641
	605	KeyCorp, 2.900%, 09/15/20		606
	1,250	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,351

SEE NOTES TO FINANCIAL STATEMENTS.

118 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Banks — continued
	200	MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.250%, 10/21/20		221
	1,750	Mizuho Bank Ltd., (Japan), 1.700%, 09/25/17 (e)		1,744
		National Australia Bank Ltd., (Australia),
	875	2.000%, 06/20/17 (e)		883
	448	3.375%, 01/14/26		463
	200	National Savings Bank, (Sri Lanka), Reg. S, 8.875%, 09/18/18		205
		Nordea Bank AB, (Sweden),
	1,800	3.125%, 03/20/17 (e)		1,834
	886	4.250%, 09/21/22 (e)		920
	220	Oschadbank Via SSB #1 plc, (United Kingdom), Reg. S, SUB, 9.375%, 03/10/23		182
		PNC Funding Corp.,
	1,057	4.375%, 08/11/20		1,146
	625	5.625%, 02/01/17		646
		Regions Bank,
	390	6.450%, 06/26/37		467
	250	7.500%, 05/15/18		276
		Royal Bank of Canada, (Canada),
	1,419	1.200%, 09/19/17		1,419
	2,960	1.875%, 02/05/20		2,975
	743	2.000%, 10/01/18		752
	620	2.000%, 12/10/18		622
	580	2.300%, 07/20/16		583
		Royal Bank of Scotland Group plc, (United Kingdom),
	4,840	6.100%, 06/10/23		4,900
	7,300	6.125%, 12/15/22		7,660
	200	Russian Agricultural Bank OJSC Via RSHB Capital S.A., (Luxembourg), Reg. S, 7.750%, 05/29/18		211
	897	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		898
	1,545	SpareBank 1 Boligkreditt A.S., (Norway), 1.750%, 11/15/19 (e)		1,536
	2,600	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		2,610
	2,500	SunTrust Banks, Inc., 6.000%, 02/15/26		2,822
		Toronto-Dominion Bank (The), (Canada),
	570	1.500%, 03/13/17 (e)		572
	2,852	1.750%, 07/23/18		2,854
	712	1.950%, 01/22/19		714
	453	2.250%, 11/05/19		457
	2,000	U.S. Bancorp, 7.500%, 06/01/26		2,615
	2,225	U.S. Bank N.A., 1.350%, 01/26/18		2,223

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Banks — continued
	200	Ukreximbank Via Biz Finance plc, (United Kingdom), Reg. S, 9.750%, 01/22/25		162
		Vnesheconombank Via VEB Finance plc, (Ireland),
	200	Reg. S, 4.224%, 11/21/18		193
	200	Reg. S, 5.375%, 02/13/17		200
		Wachovia Corp.,
	1,555	5.750%, 02/01/18		1,672
	515	SUB, 7.574%, 08/01/26		668
		Wells Fargo & Co.,
	1,607	2.550%, 12/07/20		1,618
	613	2.600%, 07/22/20		620
	7,565	3.300%, 09/09/24		7,713
	576	4.300%, 07/22/27		598
	853	5.606%, 01/15/44		942
	1,665	5.625%, 12/11/17		1,780
	750	Wells Fargo Bank N.A., 6.000%, 11/15/17		805
		Westpac Banking Corp., (Australia),
	1,281	2.000%, 03/03/20 (e)		1,285
	942	4.875%, 11/19/19		1,027
				153,767
		Capital Markets — 1.4%
		Bank of New York Mellon Corp. (The),
	523	2.100%, 01/15/19		528
	510	2.200%, 03/04/19		517
	768	2.600%, 08/17/20		778
	530	4.600%, 01/15/20		575
		BlackRock, Inc.,
	381	3.375%, 06/01/22		401
	315	3.500%, 03/18/24		330
	485	4.250%, 05/24/21		532
	493	Series 2, 5.000%, 12/10/19		548
		Blackstone Holdings Finance Co. LLC,
	159	4.450%, 07/15/45 (e)		146
	1,000	5.875%, 03/15/21 (e)		1,139
	750	Charles Schwab Corp. (The), 3.225%, 09/01/22		776
		Credit Suisse AG, (Switzerland),
	889	1.750%, 01/29/18		883
	775	3.000%, 10/29/21		776
	2,121	3.625%, 09/09/24		2,130
		Deutsche Bank AG, (Germany),
	1,560	1.875%, 02/13/18		1,521
	900	2.950%, 08/20/20		872
	1,025	6.000%, 09/01/17		1,073

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 119

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Capital Markets — continued
	1,460	Series 1254, 4.100%, 01/13/26		1,422
		E*TRADE Financial Corp.,
	1,483	4.625%, 09/15/23		1,453
	1,360	5.375%, 11/15/22		1,414
		Goldman Sachs Group, Inc. (The),
	1,997	2.600%, 04/23/20		1,988
	704	2.625%, 01/31/19		710
	1,792	2.750%, 09/15/20		1,788
	666	3.500%, 01/23/25		659
	3,061	3.850%, 07/08/24		3,129
	1,224	4.000%, 03/03/24		1,267
	364	4.250%, 10/21/25		362
	1,191	5.250%, 07/27/21		1,323
	819	5.375%, 03/15/20		898
	2,165	5.750%, 01/24/22		2,460
	2,380	5.950%, 01/18/18		2,538
	102	6.000%, 06/15/20		115
	285	6.150%, 04/01/18		307
	965	6.750%, 10/01/37		1,103
	205	7.500%, 02/15/19		233
	761	ING Bank N.V., (Netherlands), 3.750%, 03/07/17 (e)		778
		Invesco Finance plc, (United Kingdom),
	390	3.750%, 01/15/26		403
	1,162	4.000%, 01/30/24		1,228
		Jefferies Group LLC,
	950	6.250%, 01/15/36		863
	140	6.450%, 06/08/27		138
	880	6.875%, 04/15/21		986
		Lehman Brothers Holdings, Inc.,
	1,000	5.750%, 05/17/49 (d)		78
	235	3.600%, 12/30/16 (d)		19
	295	8.500%, 02/01/16 (d)		23
	995	Macquarie Bank Ltd., (Australia), 5.000%, 02/22/17 (e)		1,026
	639	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		707
		Morgan Stanley,
	1,932	2.650%, 01/27/20		1,929
	3,467	3.700%, 10/23/24		3,512
	1,368	3.875%, 01/27/26		1,405
	660	4.000%, 07/23/25		681
	5,117	4.300%, 01/27/45		4,878
	867	5.000%, 11/24/25		912
	243	5.500%, 07/24/20		269
	2,779	5.500%, 07/28/21		3,117

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Capital Markets — continued
	310	5.625%, 09/23/19		340
	920	5.750%, 01/25/21		1,034
	320	5.950%, 12/28/17		342
	1,250	6.625%, 04/01/18		1,360
	295	Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 5.875%, 03/15/22 (e)		307
	193	Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20		222
	740	Northern Trust Co. (The), 5.850%, 11/09/17		789
		State Street Corp.,
	459	3.100%, 05/15/23		462
	996	3.300%, 12/16/24		1,021
	1,364	3.550%, 08/18/25		1,439
	935	3.700%, 11/20/23		994
	953	TD Ameritrade Holding Corp., 2.950%, 04/01/22		968
				68,924
		Commercial Banks — 0.0% (g)
	200	Vnesheconombank Via VEB Finance plc, (Ireland), Reg. S, 6.025%, 07/05/22		189
		Consumer Finance — 1.2%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	1,504	4.250%, 07/01/20		1,510
	1,918	4.625%, 07/01/22		1,920
	1,880	5.000%, 10/01/21		1,929
		Ally Financial, Inc.,
	839	3.600%, 05/21/18		835
	5,895	4.125%, 03/30/20		5,865
	2,656	4.625%, 05/19/22		2,653
	580	4.750%, 09/10/18		591
	1,500	6.250%, 12/01/17		1,562
	1,820	8.000%, 11/01/31		2,004
	276	American Express Co., 3.625%, 12/05/24		272
		American Express Credit Corp.,
	2,900	2.125%, 03/18/19		2,899
	405	2.375%, 03/24/17		410
		American Honda Finance Corp.,
	1,130	1.500%, 03/13/18		1,128
	453	1.600%, 02/16/18 (e)		453
	200	2.125%, 02/28/17 (e)		202
	835	7.625%, 10/01/18 (e)		953
		Capital One Financial Corp.,
	533	3.500%, 06/15/23		532

SEE NOTES TO FINANCIAL STATEMENTS.

120 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Consumer Finance — continued
	1,356	4.200%, 10/29/25		1,330
		Caterpillar Financial Services Corp.,
	1,242	2.100%, 06/09/19		1,252
	581	2.850%, 06/01/22		588
	850	5.450%, 04/15/18		916
	866	First Cash Financial Services, Inc., 6.750%, 04/01/21		831
		Ford Motor Credit Co. LLC,
	1,592	2.145%, 01/09/18		1,584
	476	2.551%, 10/05/18		474
	687	3.219%, 01/09/22		668
	505	3.984%, 06/15/16		509
	639	4.207%, 04/15/16		641
		General Motors Financial Co., Inc.,
	432	2.750%, 05/15/16		434
	625	3.250%, 05/15/18		623
	640	4.250%, 05/15/23		622
	400	HSBC Finance Corp., 7.350%, 11/27/32		474
		HSBC USA, Inc.,
	2,340	1.625%, 01/16/18		2,328
	2,913	2.750%, 08/07/20		2,894
		John Deere Capital Corp.,
	483	1.350%, 01/16/18		482
	418	1.550%, 12/15/17		420
	630	1.600%, 07/13/18		631
	290	1.700%, 01/15/20		288
	870	2.050%, 03/10/20		870
	610	2.450%, 09/11/20		621
	559	3.350%, 06/12/24		586
	515	5.350%, 04/03/18		555
	5,660	Navient Corp., 8.450%, 06/15/18		6,032
	555	PACCAR Financial Corp., 1.600%, 03/15/17		558
	2,580	Toyota Motor Credit Corp., 1.450%, 01/12/18		2,585
				55,514
		Diversified Financial Services — 0.5%
	4,529	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		1,789
	200	Banque Centrale de Tunisie International Bond, (Tunisia), Reg. S, 5.750%, 01/30/25		173
	950	CME Group, Inc., 3.000%, 09/15/22		981
	1,500	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		600
	525	Countrywide Financial Corp., 6.250%, 05/15/16		531
	200	Export-Import Bank of India, (India), Reg. S, 4.000%, 01/14/23		205

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Financial Services — continued
		GE Capital International Funding Co., (Ireland),
	2,126	2.342%, 11/15/20 (e)		2,147
	561	3.373%, 11/15/25 (e)		587
	4,184	4.418%, 11/15/35 (e)		4,369
	565	Intercontinental Exchange, Inc., 2.500%, 10/15/18		572
	965	MSCI, Inc., 5.250%, 11/15/24 (e)		1,021
	1,000	Murray Street Investment Trust I, SUB, 4.647%, 03/09/17		1,023
	170	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		206
	790	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		819
	125	Petronas Capital Ltd., (Malaysia), Reg. S, 5.250%, 08/12/19		135
		Shell International Finance B.V., (Netherlands),
	425	1.125%, 08/21/17		422
	2,545	2.125%, 05/11/20		2,478
	500	4.300%, 09/22/19		528
		Siemens Financieringsmaatschappij N.V., (Netherlands),
	756	2.900%, 05/27/22 (e)		780
	1,830	5.750%, 10/17/16 (e)		1,884
	300	6.125%, 08/17/26 (e)		381
	140	Sinochem Overseas Capital Co., Ltd., (United Kingdom), Reg. S, 4.500%, 11/12/20		147
				21,778
		Insurance — 0.8%
	1,067	ACE INA Holdings, Inc., 2.875%, 11/03/22		1,086
	651	Allstate Corp. (The), 3.150%, 06/15/23		668
		American International Group, Inc.,
	1,241	3.875%, 01/15/35		1,049
	3,750	4.800%, 07/10/45		3,447
	240	Aon Corp., 6.250%, 09/30/40		266
		Berkshire Hathaway Finance Corp.,
	475	3.000%, 05/15/22		492
	1,000	5.400%, 05/15/18		1,090
	500	5.750%, 01/15/40		595
	315	Chubb Corp. (The), 5.750%, 05/15/18		343
	642	CNA Financial Corp., 3.950%, 05/15/24		629
		CNO Financial Group, Inc.,
	1,156	4.500%, 05/30/20		1,152
	1,255	5.250%, 05/30/25		1,217
	771	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		783

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 121

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Insurance — continued
	996	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		1,066
	1,775	Jackson National Life Global Funding, 1.875%, 10/15/18 (e)		1,772
		Liberty Mutual Group, Inc.,
	375	6.500%, 05/01/42 (e)		435
	920	7.800%, 03/15/37 (e)		1,006
	1,271	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		1,273
	152	Massachusetts Mutual Life Insurance Co., 5.375%, 12/01/41 (e)		167
	2,085	MassMutual Global Funding II, 2.500%, 10/17/22 (e)		2,058
		MetLife, Inc.,
	1,592	3.600%, 11/13/25		1,605
	869	4.050%, 03/01/45		785
	160	6.750%, 06/01/16		163
		Metropolitan Life Global Funding I,
	924	1.500%, 01/10/18 (e)		917
	1,820	3.000%, 01/10/23 (e)		1,804
	400	3.650%, 06/14/18 (e)		416
	649	3.875%, 04/11/22 (e)		683
		Nationwide Mutual Insurance Co.,
	1,465	7.875%, 04/01/33 (e)		1,921
	1,000	9.375%, 08/15/39 (e)		1,445
		New York Life Global Funding,
	968	1.950%, 02/11/20 (e)		964
	2,039	2.150%, 06/18/19 (e)		2,057
	303	New York Life Insurance Co., 6.750%, 11/15/39 (e)		392
	400	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		414
	1,105	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		1,540
	1,489	Pricoa Global Funding I, 1.600%, 05/29/18 (e)		1,480
	175	Principal Financial Group, Inc., 8.875%, 05/15/19		207
	744	Principal Life Global Funding II, 2.250%, 10/15/18 (e)		752
		Prudential Financial, Inc.,
	205	5.375%, 06/21/20		226
	551	VAR, 5.625%, 06/15/43		545
	405	Travelers Cos., Inc. (The), 5.800%, 05/15/18		441
	700	Travelers Property Casualty Corp., 7.750%, 04/15/26		922
				40,273

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Real Estate Investment Trusts (REITs) — 0.5%
		American Tower Trust I,
	723	1.551%, 03/15/18 (e)		713
	200	3.070%, 03/15/23 (e)		202
	1,278	Boston Properties LP, 3.650%, 02/01/26		1,294
	199	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		192
		Crown Castle International Corp.,
	1,188	4.875%, 04/15/22		1,242
	1,793	5.250%, 01/15/23		1,898
	1,100	DuPont Fabros Technology LP, 5.625%, 06/15/23		1,111
		Equinix, Inc.,
	1,000	4.875%, 04/01/20		1,037
	208	5.375%, 01/01/22		216
	2,645	5.750%, 01/01/25		2,738
	266	5.875%, 01/15/26		278
		Equity Commonwealth,
	1,865	5.875%, 09/15/20		2,031
	300	6.650%, 01/15/18		316
		HCP, Inc.,
	564	2.625%, 02/01/20		552
	500	3.875%, 08/15/24		469
	436	Prologis LP, 3.750%, 11/01/25		444
	2,018	Realty Income Corp., 3.875%, 07/15/24		2,027
	345	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		344
		Simon Property Group LP,
	2,328	2.500%, 07/15/21		2,346
	492	4.375%, 03/01/21		536
	415	6.750%, 02/01/40		550
		Ventas Realty LP,
	448	3.500%, 02/01/25		434
	588	3.750%, 05/01/24		588
	304	4.125%, 01/15/26		308
				21,866
		Real Estate Management & Development — 0.0% (g)
	200	China Overseas Finance Cayman VI Ltd., (Cayman Islands), 5.950%, 05/08/24		227
	200	Franshion Development Ltd., (United Kingdom), Reg. S, 6.750%, 04/15/21		220
	420	Kennedy-Wilson, Inc., 5.875%, 04/01/24		402
	619	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		535
				1,384

SEE NOTES TO FINANCIAL STATEMENTS.

122 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Thrifts & Mortgage Finance — 0.1%
	2,145	BPCE S.A., (France), 1.625%, 01/26/18		2,138
	2,468	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		2,308
				4,446
		Total Financials		368,141
		Health Care — 1.7%
		Biotechnology — 0.3%
		Amgen, Inc.,
	1,700	3.625%, 05/22/24		1,750
	640	3.875%, 11/15/21		684
	325	5.150%, 11/15/41		334
	400	5.375%, 05/15/43		427
	289	5.650%, 06/15/42		319
	150	5.700%, 02/01/19		166
	618	5.750%, 03/15/40		675
	300	6.375%, 06/01/37		361
	130	6.900%, 06/01/38		162
		Baxalta, Inc.,
	1,333	3.600%, 06/23/22 (e)		1,322
	840	5.250%, 06/23/45 (e)		804
	1,320	Biogen, Inc., 5.200%, 09/15/45		1,352
		Celgene Corp.,
	1,456	3.625%, 05/15/24		1,464
	931	5.000%, 08/15/45		953
		Gilead Sciences, Inc.,
	981	3.250%, 09/01/22		1,016
	546	3.650%, 03/01/26		572
	2,425	4.750%, 03/01/46		2,557
				14,918
		Health Care Equipment & Supplies — 0.1%
		Becton, Dickinson & Co.,
	352	3.734%, 12/15/24		364
	100	5.000%, 05/15/19		107
	400	6.000%, 05/15/39		471
	64	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		46
	435	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		447
	835	Hologic, Inc., 5.250%, 07/15/22 (e)		875
		Mallinckrodt International Finance S.A., (Luxembourg),
	240	3.500%, 04/15/18		235
	228	4.750%, 04/15/23		201
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	1,039	5.625%, 10/15/23 (e)		1,021

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Health Care Equipment & Supplies — continued
	561	5.750%, 08/01/22 (e)		554
	2,137	Medtronic, Inc., 4.375%, 03/15/35		2,212
	645	Teleflex, Inc., 5.250%, 06/15/24		653
				7,186
		Health Care Providers & Services — 1.0%
	224	Aetna, Inc., 4.500%, 05/15/42		218
	180	Amsurg Corp., 5.625%, 11/30/20		186
		Anthem, Inc.,
	577	3.125%, 05/15/22		568
	1,505	3.300%, 01/15/23		1,481
	815	Cardinal Health, Inc., 2.400%, 11/15/19		819
	1,159	Centene Corp., 4.750%, 05/15/22		1,168
		Centene Escrow Corp.,
	1,420	5.625%, 02/15/21 (e)		1,484
	995	6.125%, 02/15/24 (e)		1,056
		CHS/Community Health Systems, Inc.,
	1,700	5.125%, 08/15/18		1,706
	1,775	5.125%, 08/01/21		1,784
	970	DaVita HealthCare Partners, Inc., 5.000%, 05/01/25		967
		Fresenius Medical Care U.S. Finance II, Inc.,
	660	4.125%, 10/15/20 (e)		673
	690	4.750%, 10/15/24 (e)		705
	346	5.625%, 07/31/19 (e)		376
	1,314	5.875%, 01/31/22 (e)		1,436
	1,250	6.500%, 09/15/18 (e)		1,381
	1,000	6.875%, 07/15/17		1,062
	750	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		810
		HCA, Inc.,
	947	3.750%, 03/15/19		965
	1,050	4.250%, 10/15/19		1,081
	1,176	4.750%, 05/01/23		1,195
	2,050	5.000%, 03/15/24		2,091
	950	5.250%, 04/15/25		979
	857	5.375%, 02/01/25		873
	2,557	5.875%, 03/15/22		2,742
	2,810	6.500%, 02/15/20		3,113
	1,265	Laboratory Corp. of America Holdings, 3.200%, 02/01/22		1,258
		LifePoint Health, Inc.,
	1,216	5.500%, 12/01/21		1,255
	600	6.625%, 10/01/20		622
	785	Memorial Sloan-Kettering Cancer Center, 4.200%, 07/01/55		793

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 123

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (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
		Tenet Healthcare Corp.,
	2,103	4.375%, 10/01/21		2,074
	1,852	4.500%, 04/01/21		1,840
	210	4.750%, 06/01/20		212
	1,962	6.000%, 10/01/20		2,084
	1,050	6.250%, 11/01/18		1,105
	500	VAR, 4.012%, 06/15/20 (e)		493
	1,075	Texas Health Resources, 4.330%, 11/15/55		1,100
		UnitedHealth Group, Inc.,
	125	3.350%, 07/15/22		131
	806	3.375%, 11/15/21		854
	98	4.625%, 07/15/35		105
		Universal Health Services, Inc.,
	172	3.750%, 08/01/19 (e)		175
	482	4.750%, 08/01/22 (e)		482
				45,502
		Life Sciences Tools & Services — 0.0% (g)
	980	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		1,007
	628	Thermo Fisher Scientific, Inc., 1.300%, 02/01/17		626
				1,633
		Pharmaceuticals — 0.3%
		AbbVie, Inc.,
	1,523	1.750%, 11/06/17		1,522
	653	3.200%, 11/06/22		658
	532	4.500%, 05/14/35		530
		Actavis Funding SCS, (Luxembourg),
	542	3.450%, 03/15/22		553
	552	4.550%, 03/15/35		555
	1,100	Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)		1,117
	920	GlaxoSmithKline Capital, Inc., 6.375%, 05/15/38		1,182
		Merck & Co., Inc.,
	1,953	2.350%, 02/10/22		1,960
	562	2.800%, 05/18/23		576
	705	Novartis Capital Corp., 3.400%, 05/06/24		753
		Pfizer, Inc.,
	800	3.000%, 06/15/23		828
	250	6.200%, 03/15/19		283
		Valeant Pharmaceuticals International, Inc., (Canada),
	400	5.375%, 03/15/20 (e)		362
	750	5.875%, 05/15/23 (e)		633
	450	6.125%, 04/15/25 (e)		378

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Pharmaceuticals — continued
	135	6.375%, 10/15/20 (e)		124
	440	6.750%, 08/15/18 (e)		424
				12,438
		Total Health Care		81,677
		Industrials — 2.6%
		Aerospace & Defense — 0.3%
	589	Airbus Group Finance B.V., (Netherlands), 2.700%, 04/17/23 (e)		595
	145	BAE Systems Holdings, Inc., 6.375%, 06/01/19 (e)		163
		Bombardier, Inc., (Canada),
	953	4.750%, 04/15/19 (e)		760
	217	5.500%, 09/15/18 (e)		195
	575	5.750%, 03/15/22 (e)		403
	500	7.750%, 03/15/20 (e)		400
	960	Huntington Ingalls Industries, Inc., 5.000%, 12/15/21 (e)		1,010
		Lockheed Martin Corp.,
	1,066	4.070%, 12/15/42		1,039
	155	4.500%, 05/15/36		163
	997	Orbital ATK, Inc., 5.250%, 10/01/21		1,016
	3,035	Precision Castparts Corp., 3.250%, 06/15/25		3,106
	280	Raytheon Co., 3.150%, 12/15/24		292
	700	Triumph Group, Inc., 4.875%, 04/01/21		560
	2,471	United Technologies Corp., 4.500%, 06/01/42		2,549
				12,251
		Air Freight & Logistics — 0.0% (g)
	669	FedEx Corp., 3.900%, 02/01/35		614
	235	United Parcel Service of America, Inc., SUB, 8.375%, 04/01/30		338
	534	United Parcel Service, Inc., 2.450%, 10/01/22		545
				1,497
		Airlines — 0.1%
	902	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		904
	639	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		664
	348	Continental Airlines 2004-ERJ1 Pass-Through Trust, 9.558%, 09/01/19		371
	220	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		239
	615	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		661
	236	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		249

SEE NOTES TO FINANCIAL STATEMENTS.

124 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Airlines — continued
	235	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		248
	263	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		283
	92	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		101
	936	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		929
		UAL 2007-1 Pass-Through Trust,
	296	6.636%, 07/02/22		311
	420	Series B, 7.336%, 07/02/19		445
				5,405
		Building Products — 0.2%
		Masco Corp.,
	534	4.450%, 04/01/25		531
	2,982	5.950%, 03/15/22		3,265
	95	7.125%, 03/15/20		109
	240	Masonite International Corp., (Canada), 5.625%, 03/15/23 (e)		248
		Standard Industries, Inc.,
	382	5.125%, 02/15/21 (e)		390
	1,041	5.375%, 11/15/24 (e)		1,057
	639	5.500%, 02/15/23 (e)		647
	1,820	6.000%, 10/15/25 (e)		1,850
	643	USG Corp., 5.500%, 03/01/25 (e)		656
				8,753
		Commercial Services & Supplies — 0.3%
		ADT Corp. (The),
	361	3.500%, 07/15/22		302
	425	4.125%, 04/15/19		447
	2,678	4.125%, 06/15/23		2,256
	350	5.250%, 03/15/20		345
	2,743	6.250%, 10/15/21		2,675
	195	Aramark Services, Inc., 5.125%, 01/15/24 (e)		204
		Covanta Holding Corp.,
	750	5.875%, 03/01/24		645
	1,730	6.375%, 10/01/22		1,596
	764	Deluxe Corp., 6.000%, 11/15/20		793
	170	Harland Clarke Holdings Corp., 9.750%, 08/01/18 (e)		164
	4,589	ILFC E-Capital Trust I, VAR, 4.490%, 12/21/65 (e)		3,534
	600	ILFC E-Capital Trust II, VAR, 4.740%, 12/21/65 (e)		463
		Quebecor World Capital Corp., (Canada),
	1,145	6.125%, 01/15/16 (d)		—	(h)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Commercial Services & Supplies — continued
	1,160	6.500%, 08/01/27 (d)		—	(h)
		R.R. Donnelley & Sons Co.,
	212	6.500%, 11/15/23		161
	525	7.625%, 06/15/20		515
	348	Republic Services, Inc., 3.550%, 06/01/22		364
		Waste Management, Inc.,
	601	3.125%, 03/01/25		607
	294	3.900%, 03/01/35		285
				15,356
		Construction & Engineering — 0.2%
		ABB Finance USA, Inc.,
	75	1.625%, 05/08/17		75
	303	2.875%, 05/08/22		306
	326	4.375%, 05/08/42		343
		AECOM,
	1,200	5.750%, 10/15/22		1,212
	1,550	5.875%, 10/15/24		1,542
	360	Fluor Corp., 3.375%, 09/15/21		374
	2,600	MasTec, Inc., 4.875%, 03/15/23		2,191
	2,681	Tutor Perini Corp., 7.625%, 11/01/18		2,627
				8,670
		Electrical Equipment — 0.1%
	550	Eaton Corp., 5.600%, 05/15/18		590
	410	EnerSys, 5.000%, 04/30/23 (e)		390
		Power Sector Assets & Liabilities Management Corp., (Philippines),
	130	7.250%, 05/27/19 (e)		151
	100	7.390%, 12/02/24 (e)		131
		Sensata Technologies B.V., (Netherlands),
	1,000	4.875%, 10/15/23 (e)		988
	554	5.000%, 10/01/25 (e)		544
	170	5.625%, 11/01/24 (e)		175
				2,969
		Industrial Conglomerates — 0.3%
	200	CITIC Ltd., (Hong Kong), Reg. S, 6.800%, 01/17/23		237
		Danaher Corp.,
	2,195	3.350%, 09/15/25		2,313
	459	3.900%, 06/23/21		498
		General Electric Co.,
	436	1.600%, 11/20/17		439
	629	2.200%, 01/09/20		641
	4,671	2.300%, 04/27/17		4,755
	501	2.700%, 10/09/22		518

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 125

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Industrial Conglomerates — continued
	215	3.150%, 09/07/22		226
	85	5.300%, 02/11/21		96
	94	5.500%, 01/08/20		107
	965	5.875%, 01/14/38		1,214
	145	6.875%, 01/10/39		203
	JPY 100,000	Series 15BR, 2.215%, 11/20/20		979
	315	Series A, 6.750%, 03/15/32		420
		Hutchison Whampoa International 12 II Ltd., (Cayman Islands),
	437	2.000%, 11/08/17 (e)		439
	257	3.250%, 11/08/22 (e)		262
	215	Koninklijke Philips N.V., (Netherlands), 7.200%, 06/01/26		269
	2,037	Pentair Finance S.A., (Luxembourg), 2.900%, 09/15/18		2,038
	453	Tyco International Finance S.A., (Luxembourg), 3.900%, 02/14/26		460
				16,114
		Machinery — 0.2%
	1,000	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		380
	1,910	Briggs & Stratton Corp., 6.875%, 12/15/20		2,048
		Caterpillar, Inc.,
	198	2.600%, 06/26/22		199
	680	3.803%, 08/15/42		622
		CNH Industrial Capital LLC,
	850	3.375%, 07/15/19		800
	655	3.625%, 04/15/18		648
	2,104	Illinois Tool Works, Inc., 3.900%, 09/01/42		2,066
	150	Ingersoll-Rand Co., 7.200%, 06/01/25		176
	220	Oshkosh Corp., 5.375%, 03/01/25		217
		Parker-Hannifin Corp.,
	438	3.300%, 11/21/24		457
	440	6.250%, 05/15/38		579
				8,192
		Marine — 0.0% (g)
	1,138	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		216
		Professional Services — 0.1%
	858	CEB, Inc., 5.625%, 06/15/23 (e)		871
	244	FTI Consulting, Inc., 6.000%, 11/15/22		252
	1,110	IHS, Inc., 5.000%, 11/01/22		1,149
				2,272

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Road & Rail — 0.5%
		Ashtead Capital, Inc.,
	525	5.625%, 10/01/24 (e)		520
	1,058	6.500%, 07/15/22 (e)		1,087
	239	Burlington Northern and Santa Fe Railway Co. 2000-2 Pass-Through Trust, Series 00-2, 7.908%, 01/15/20		262
		Burlington Northern Santa Fe LLC,
	162	3.000%, 03/15/23		165
	2,510	4.150%, 04/01/45		2,431
	510	4.375%, 09/01/42		511
	1,630	4.700%, 09/01/45		1,727
	220	5.650%, 05/01/17		231
	1,150	6.700%, 08/01/28		1,468
	927	Canadian National Railway Co., (Canada), 6.375%, 11/15/37		1,233
		Canadian Pacific Railway Co., (Canada),
	1,680	4.500%, 01/15/22		1,792
	1,456	6.125%, 09/15/151		1,522
	165	7.250%, 05/15/19		189
	280	9.450%, 08/01/21		364
		CSX Corp.,
	284	3.950%, 05/01/50		243
	1,075	7.375%, 02/01/19		1,237
		ERAC USA Finance LLC,
	200	3.300%, 10/15/22 (e)		199
	250	6.375%, 10/15/17 (e)		267
	800	6.700%, 06/01/34 (e)		960
	200	Georgian Railway JSC, (Georgia), Reg. S, 7.750%, 07/11/22		207
	400	Kazakhstan Temir Zholy Finance B.V., (Netherlands), Reg. S, 6.950%, 07/10/42		331
		Norfolk Southern Corp.,
	462	2.903%, 02/15/23		454
	1,415	3.250%, 12/01/21		1,424
	506	6.000%, 05/23/114		545
	1,767	Penske Truck Leasing Co. LP/PTL Finance Corp., 3.375%, 02/01/22 (e)		1,719
	576	Ryder System, Inc., 3.600%, 03/01/16		576
		Union Pacific Corp.,
	341	4.163%, 07/15/22		375
	283	4.300%, 06/15/42		288
	3,335	Union Pacific Railroad Co. 2015-1 Pass-Through Trust, 2.695%, 05/12/27		3,363
				25,690

SEE NOTES TO FINANCIAL STATEMENTS.

126 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Trading Companies & Distributors — 0.3%
		Aircastle Ltd., (Bermuda),
	647	5.125%, 03/15/21		649
	213	6.250%, 12/01/19		225
	1,885	7.625%, 04/15/20		2,064
	200	Fly Leasing Ltd., (Bermuda), 6.750%, 12/15/20		192
		International Lease Finance Corp.,
	850	4.625%, 04/15/21		859
	1,675	6.250%, 05/15/19		1,796
	3,595	8.250%, 12/15/20		4,157
	675	8.625%, 01/15/22		800
		United Rentals North America, Inc.,
	2,178	4.625%, 07/15/23		2,178
	1,220	5.750%, 11/15/24		1,189
	1,500	6.125%, 06/15/23		1,538
	791	WW Grainger, Inc., 4.600%, 06/15/45		859
				16,506
		Total Industrials		123,891
		Information Technology — 1.7%
		Communications Equipment — 0.2%
	2,408	Avaya, Inc., 10.500%, 03/01/21 (e)		614
	566	Brocade Communications Systems, Inc., 4.625%, 01/15/23		552
		Cisco Systems, Inc.,
	149	2.900%, 03/04/21		155
	3,751	3.000%, 06/15/22		3,907
	500	5.500%, 01/15/40		598
	375	5.900%, 02/15/39		464
		CommScope, Inc.,
	602	4.375%, 06/15/20 (e)		613
	100	5.500%, 06/15/24 (e)		97
	2,413	Goodman Networks, Inc., 12.125%, 07/01/18		712
		Nokia OYJ, (Finland),
	783	5.375%, 05/15/19		830
	587	6.625%, 05/15/39		599
	930	Plantronics, Inc., 5.500%, 05/31/23 (e)		888
				10,029
		Electronic Equipment, Instruments & Components — 0.1%
	1,380	Anixter, Inc., 5.500%, 03/01/23 (e)		1,325
		Arrow Electronics, Inc.,
	653	4.000%, 04/01/25		650
	250	6.000%, 04/01/20		272
	100	7.500%, 01/15/27		120

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electronic Equipment, Instruments & Components — continued
		CDW LLC/CDW Finance Corp.,
	223	5.000%, 09/01/23		229
	292	6.000%, 08/15/22		310
				2,906
		Internet Software & Services — 0.1%
		eBay, Inc.,
	2,491	2.600%, 07/15/22		2,326
	2,500	3.450%, 08/01/24		2,380
	500	Match Group, Inc., 6.750%, 12/15/22 (e)		506
		VeriSign, Inc.,
	716	4.625%, 05/01/23		705
	166	5.250%, 04/01/25		164
				6,081
		IT Services — 0.2%
	450	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		418
		First Data Corp.,
	660	5.000%, 01/15/24 (e)		670
	605	5.375%, 08/15/23 (e)		629
	2,264	6.750%, 11/01/20 (e)		2,390
		International Business Machines Corp.,
	720	4.000%, 06/20/42		689
	770	5.875%, 11/29/32		938
	650	7.000%, 10/30/25		843
	491	Lender Processing Services, Inc./Black Knight Lending Solutions, Inc., 5.750%, 04/15/23		508
				7,085
		Semiconductors & Semiconductor Equipment — 0.3%
		Intel Corp.,
	565	2.700%, 12/15/22		574
	605	3.100%, 07/29/22		633
	634	3.300%, 10/01/21		672
	326	3.700%, 07/29/25		352
		Micron Technology, Inc.,
	904	5.250%, 08/01/23 (e)		773
	626	5.250%, 01/15/24 (e)		526
	1,334	5.500%, 02/01/25		1,120
	583	5.625%, 01/15/26 (e)		472
	582	5.875%, 02/15/22		535
		NXP B.V./NXP Funding LLC, (Netherlands),
	1,298	4.125%, 06/15/20 (e)		1,313
	1,485	4.625%, 06/15/22 (e)		1,481
	500	5.750%, 02/15/21 (e)		520

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 127

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Semiconductors & Semiconductor Equipment — continued
	500	5.750%, 03/15/23 (e)		518
	1,307	Qorvo, Inc., 6.750%, 12/01/23 (e)		1,330
	2,817	QUALCOMM, Inc., 4.800%, 05/20/45		2,596
	978	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		1,034
	462	Texas Instruments, Inc., 1.650%, 08/03/19		462
				14,911
		Software — 0.6%
		Activision Blizzard, Inc.,
	1,135	5.625%, 09/15/21 (e)		1,193
	2,080	6.125%, 09/15/23 (e)		2,226
		Audatex North America, Inc.,
	1,552	6.000%, 06/15/21 (e)		1,568
	538	6.125%, 11/01/23 (e)		543
	655	Intuit, Inc., 5.750%, 03/15/17		683
		Microsoft Corp.,
	519	2.125%, 11/15/22		517
	25	2.375%, 02/12/22		25
	30	2.375%, 05/01/23		30
	5,265	2.650%, 11/03/22		5,405
	545	3.625%, 12/15/23		594
	5,510	4.450%, 11/03/45		5,871
	595	4.500%, 10/01/40		630
	287	Open Text Corp., (Canada), 5.625%, 01/15/23 (e)		283
		Oracle Corp.,
	1,821	2.500%, 10/15/22		1,826
	785	2.800%, 07/08/21		811
	780	4.300%, 07/08/34		798
	5,215	4.375%, 05/15/55		5,003
	241	5.375%, 07/15/40		276
	1,030	6.500%, 04/15/38		1,322
				29,604
		Technology Hardware, Storage & Peripherals — 0.2%
		Apple, Inc.,
	802	2.150%, 02/09/22		795
	1,648	2.400%, 05/03/23		1,633
	2,580	2.700%, 05/13/22		2,620
	1,270	2.850%, 05/06/21		1,323
	1,123	4.500%, 02/23/36		1,172
	981	Dell, Inc., 3.100%, 04/01/16		981
		HP, Inc.,
	524	4.300%, 06/01/21		529
	290	4.375%, 09/15/21		293
	141	6.000%, 09/15/41		116

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Technology Hardware, Storage & Peripherals — continued
		NCR Corp.,
	343	5.000%, 07/15/22		325
	419	5.875%, 12/15/21		412
	522	6.375%, 12/15/23		511
				10,710
		Total Information Technology		81,326
		Materials — 1.8%
		Chemicals — 0.5%
		Agrium, Inc., (Canada),
	511	4.125%, 03/15/35		402
	1,875	5.250%, 01/15/45		1,675
		Ashland, Inc.,
	558	3.875%, 04/15/18		576
	1,675	4.750%, 08/15/22		1,654
	1,500	Axiall Corp., 4.875%, 05/15/23		1,455
	370	Basell Finance Co., B.V., (Netherlands), 8.100%, 03/15/27 (e)		470
		Blue Cube Spinco, Inc.,
	1,713	9.750%, 10/15/23 (e)		1,906
	1,154	10.000%, 10/15/25 (e)		1,278
	1,520	Celanese U.S. Holdings LLC, 4.625%, 11/15/22		1,505
	242	Dow Chemical Co. (The), 4.125%, 11/15/21		256
		E.I. du Pont de Nemours & Co.,
	851	4.900%, 01/15/41		835
	625	6.500%, 01/15/28		727
		Ecolab, Inc.,
	363	1.450%, 12/08/17		361
	892	2.250%, 01/12/20		895
	1,027	3.250%, 01/14/23		1,044
	179	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		191
	650	Hexion, Inc., 10.000%, 04/15/20		561
		LyondellBasell Industries N.V., (Netherlands),
	580	5.000%, 04/15/19		612
	250	6.000%, 11/15/21		278
		Momentive Performance Materials, Inc.,
	625	3.880%, 10/24/21		425
	625	8.875%, 10/15/20 (d)		—	(h)
	350	Monsanto Co., 4.700%, 07/15/64		280
		Mosaic Co. (The),
	429	3.750%, 11/15/21		427
	354	4.250%, 11/15/23		346
	429	4.875%, 11/15/41		364
	364	5.450%, 11/15/33		352
	100	5.625%, 11/15/43		93

SEE NOTES TO FINANCIAL STATEMENTS.

128 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Chemicals — continued
		NOVA Chemicals Corp., (Canada),
	372	5.000%, 05/01/25 (e)		364
	210	5.250%, 08/01/23 (e)		207
	240	Nufarm Australia Ltd., (Australia), 6.375%, 10/15/19 (e)		232
	200	OCP S.A., (Morocco), Reg. S, 6.875%, 04/25/44		194
	750	PolyOne Corp., 5.250%, 03/15/23		749
	685	Praxair, Inc., 2.650%, 02/05/25		684
		Rain CII Carbon LLC/CII Carbon Corp.,
	600	8.000%, 12/01/18 (e)		488
	550	8.250%, 01/15/21 (e)		401
	494	Tronox Finance LLC, 7.500%, 03/15/22 (e)		305
	1,305	Union Carbide Corp., 7.750%, 10/01/96		1,524
		W.R. Grace & Co.-Conn,
	300	5.125%, 10/01/21 (e)		312
	100	5.625%, 10/01/24 (e)		104
				24,532
		Construction Materials — 0.3%
	1,500	Cemex Espana S.A., (Spain), 9.875%, 04/30/19 (e)		1,574
		Cemex S.A.B. de C.V., (Mexico),
	500	5.700%, 01/11/25 (e)		436
	7,275	7.250%, 01/15/21 (e)		7,274
	1,249	CRH America, Inc., 5.125%, 05/18/45 (e)		1,267
	400	Lafarge S.A., (France), 7.125%, 07/15/36		468
		Vulcan Materials Co.,
	1,156	4.500%, 04/01/25		1,156
	2,496	7.500%, 06/15/21		2,889
				15,064
		Containers & Packaging — 0.2%
		Ball Corp.,
	800	4.000%, 11/15/23		778
	900	4.375%, 12/15/20		941
	1,150	5.000%, 03/15/22		1,197
	1,040	5.250%, 07/01/25		1,084
	360	Cascades, Inc., (Canada), 5.500%, 07/15/22 (e)		339
	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		985
		Graphic Packaging International, Inc.,
	576	4.750%, 04/15/21		584
	645	4.875%, 11/15/22		652

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Containers & Packaging — continued
		Owens-Brockway Glass Container, Inc.,
	535	5.000%, 01/15/22 (e)		530
	202	5.875%, 08/15/23 (e)		208
		Sealed Air Corp.,
	515	4.875%, 12/01/22 (e)		530
	765	5.125%, 12/01/24 (e)		794
	275	6.500%, 12/01/20 (e)		308
	826	Silgan Holdings, Inc., 5.500%, 02/01/22		847
				9,827
		Metals & Mining — 0.7%
	650	AK Steel Corp., 8.750%, 12/01/18		591
		Alcoa, Inc.,
	2,820	5.125%, 10/01/24		2,549
	1,024	5.400%, 04/15/21		1,003
	940	5.720%, 02/23/19		952
	2,159	5.870%, 02/23/22		2,067
	813	5.900%, 02/01/27		740
	544	6.150%, 08/15/20		549
	1,072	6.750%, 01/15/28		973
	1,174	Allegheny Technologies, Inc., 7.625%, 08/15/23		810
		ArcelorMittal, (Luxembourg),
	765	6.125%, 06/01/25		620
	1,840	6.500%, 03/01/21		1,656
	6,445	7.250%, 02/25/22		5,816
	1,000	8.000%, 10/15/39		786
		BHP Billiton Finance USA Ltd., (Australia),
	575	5.400%, 03/29/17		595
	120	6.500%, 04/01/19		132
	307	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, (Australia), 7.125%, 05/01/18 (e)		297
	770	Commercial Metals Co., 4.875%, 05/15/23		662
		Corp. Nacional del Cobre de Chile, (Chile),
	200	Reg. S, 3.000%, 07/17/22		188
	200	Reg. S, 3.875%, 11/03/21		201
	200	Reg. S, 4.500%, 08/13/23		200
	400	Reg. S, 5.625%, 10/18/43		381
	1,010	Freeport-McMoRan, Inc., 2.150%, 03/01/17		959
		Glencore Finance Canada Ltd., (Canada),
	3,000	5.550%, 10/25/42 (e)		2,100
	100	6.900%, 11/15/37 (e)		78
	918	Kaiser Aluminum Corp., 8.250%, 06/01/20		955
	590	Lundin Mining Corp., (Canada), 7.500%, 11/01/20 (e)		522

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 129

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Metals & Mining — continued
	1,025	New Gold, Inc., (Canada), 6.250%, 11/15/22 (e)		730
	1,510	Nucor Corp., 6.400%, 12/01/37		1,593
	660	Placer Dome, Inc., (Canada), 6.450%, 10/15/35		534
		Rio Tinto Finance USA Ltd., (Australia),
	1,121	3.750%, 09/20/21		1,110
	500	9.000%, 05/01/19		580
	150	Southern Copper Corp., 5.875%, 04/23/45		119
		Steel Dynamics, Inc.,
	915	5.125%, 10/01/21		892
	235	5.250%, 04/15/23		220
	870	5.500%, 10/01/24		816
	605	6.125%, 08/15/19		619
	605	6.375%, 08/15/22		605
	1,001	Teck Resources Ltd., (Canada), 3.750%, 02/01/23		611
				34,811
		Paper & Forest Products — 0.1%
		Clearwater Paper Corp.,
	760	4.500%, 02/01/23		715
	750	5.375%, 02/01/25 (e)		716
	250	Louisiana-Pacific Corp., 7.500%, 06/01/20		259
				1,690
		Total Materials		85,924
		Telecommunication Services — 2.2%
		Diversified Telecommunication Services — 1.7%
		AT&T, Inc.,
	1,496	3.000%, 06/30/22		1,483
	520	3.600%, 02/17/23		529
	465	3.875%, 08/15/21		488
	1,543	4.300%, 12/15/42		1,318
	466	4.350%, 06/15/45		397
	407	4.750%, 05/15/46		372
	4,200	4.800%, 06/15/44		3,845
	1,030	5.350%, 09/01/40		1,003
	610	5.500%, 02/01/18		650
	1,500	6.300%, 01/15/38		1,625
	600	Bellsouth Capital Funding Corp., 7.875%, 02/15/30		712
	2,025	BellSouth LLC, 6.875%, 10/15/31		2,352
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	576	5.250%, 03/15/21		599
	6,030	5.375%, 05/01/25 (e)		5,970

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Diversified Telecommunication Services — continued
	167	5.750%, 09/01/23		169
	602	5.875%, 04/01/24 (e)		615
	592	5.875%, 05/01/27 (e)		592
	1,266	6.500%, 04/30/21		1,316
	655	6.625%, 01/31/22		688
	215	7.000%, 01/15/19		219
	313	Cincinnati Bell, Inc., 8.375%, 10/15/20		309
		Deutsche Telekom International Finance B.V., (Netherlands),
	100	6.750%, 08/20/18		112
	1,000	8.750%, 06/15/30		1,410
	6,384	Embarq Corp., 7.995%, 06/01/36		6,065
		Frontier Communications Corp.,
	245	6.250%, 09/15/21		217
	685	7.125%, 03/15/19		688
	205	8.125%, 10/01/18		212
	2,150	8.500%, 04/15/20		2,188
	1,090	9.000%, 08/15/31		888
	4,234	9.250%, 07/01/21		4,234
	844	10.500%, 09/15/22 (e)		853
	2,562	11.000%, 09/15/25 (e)		2,565
	590	GTE Corp., 6.940%, 04/15/28		695
	255	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		77
		Level 3 Financing, Inc.,
	532	5.375%, 01/15/24 (e)		545
	1,959	6.125%, 01/15/21		2,047
	3,241	7.000%, 06/01/20		3,399
	763	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		763
	1,190	Qwest Capital Funding, Inc., 7.750%, 02/15/31		940
	330	Qwest Corp., 7.250%, 09/15/25		366
	400	Sprint Capital Corp., 8.750%, 03/15/32		308
	190	Telecom Italia Capital S.A., (Luxembourg), 7.721%, 06/04/38		183
		Telefonica Emisiones S.A.U., (Spain),
	82	5.134%, 04/27/20		88
	138	5.462%, 02/16/21		151
	1,250	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		1,238
	1,103	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		1,160
		Verizon Communications, Inc.,
	447	3.000%, 11/01/21		454
	590	3.500%, 11/01/24		602
	1,300	3.850%, 11/01/42		1,089

SEE NOTES TO FINANCIAL STATEMENTS.

130 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	2,102	4.150%, 03/15/24		2,238
	482	4.400%, 11/01/34		453
	1,868	4.500%, 09/15/20		2,031
	646	4.522%, 09/15/48		590
	2,071	4.672%, 03/15/55		1,829
	4,611	4.862%, 08/21/46		4,505
	257	5.012%, 08/21/54		239
	705	5.150%, 09/15/23		798
	27	6.400%, 09/15/33		31
	153	6.550%, 09/15/43		187
	1,523	Verizon New England, Inc., 7.875%, 11/15/29		1,895
	2,000	Verizon Pennsylvania LLC, 8.350%, 12/15/30		2,557
	350	Virgin Media Finance plc, (United Kingdom), 5.750%, 01/15/25 (e)		348
	395	Virgin Media Secured Finance plc, (United Kingdom), 5.250%, 01/15/26 (e)		394
	1,287	Wind Acquisition Finance S.A., (Luxembourg), 4.750%, 07/15/20 (e)		1,242
		Windstream Services LLC,
	445	6.375%, 08/01/23		323
	210	7.500%, 06/01/22		163
	470	7.500%, 04/01/23		355
	740	7.750%, 10/01/21		597
				79,563
		Wireless Telecommunication Services — 0.5%
		America Movil S.A.B. de C.V., (Mexico),
	732	2.375%, 09/08/16		735
	1,266	3.125%, 07/16/22		1,261
	300	6.125%, 03/30/40		332
	1,000	Crown Castle Towers LLC, 6.113%, 01/15/20 (e)		1,102
	200	Empresa Nacional de Telecomunicaciones S.A., (Chile), 4.750%, 08/01/26 (e)		178
	240	Rogers Communications, Inc., (Canada), 6.800%, 08/15/18		267
	3,029	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		2,996
		Sprint Communications, Inc.,
	2,050	7.000%, 03/01/20 (e)		2,014
	900	7.000%, 08/15/20		706
	1,669	9.000%, 11/15/18 (e)		1,733
		Sprint Corp.,
	110	7.125%, 06/15/24		78
	88	7.250%, 09/15/21		66
	189	7.875%, 09/15/23		140

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Wireless Telecommunication Services — continued
		T-Mobile USA, Inc.,
	277	5.250%, 09/01/18		283
	806	6.000%, 03/01/23		830
	867	6.125%, 01/15/22		891
	5,676	6.250%, 04/01/21		5,946
	1,460	6.375%, 03/01/25		1,475
	188	6.464%, 04/28/19		193
	146	6.500%, 01/15/24		150
	662	6.500%, 01/15/26		671
	305	6.625%, 11/15/20		317
	1,294	6.625%, 04/01/23		1,352
	265	6.633%, 04/28/21		277
	323	6.731%, 04/28/22		338
	159	6.836%, 04/28/23		165
	1,160	Vodafone Group plc, (United Kingdom), 1.625%, 03/20/17		1,165
				25,661
		Total Telecommunication Services		105,224
		Utilities — 1.7%
		Electric Utilities — 0.8%
		Alabama Power Co.,
	234	3.750%, 03/01/45		223
	891	6.125%, 05/15/38		1,113
	589	Arizona Public Service Co., 2.200%, 01/15/20		591
	1,016	Baltimore Gas & Electric Co., 2.800%, 08/15/22		1,037
	200	Comision Federal de Electricidad, (Mexico), Reg. S, 5.750%, 02/14/42		184
		DTE Electric Co.,
	340	3.900%, 06/01/21		367
	381	3.950%, 06/15/42		393
		Duke Energy Carolinas LLC,
	780	4.300%, 06/15/20		858
	200	5.250%, 01/15/18		214
	1,100	6.050%, 04/15/38		1,410
	115	Duke Energy Florida LLC, 5.650%, 06/15/18		125
	280	Duke Energy Indiana LLC, 3.750%, 07/15/20		299
		Duke Energy Progress LLC,
	607	2.800%, 05/15/22		621
	305	4.100%, 05/15/42		308
	90	5.300%, 01/15/19		99
	500	6.300%, 04/01/38		658
	526	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		526

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 131

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Electric Utilities — continued
	1,200	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		1,305
	200	Eskom Holdings SOC Ltd., (South Africa), 7.125%, 02/11/25 (e)		173
	140	Georgia Power Co., 5.950%, 02/01/39		168
		Hydro-Quebec, (Canada),
	1,028	9.400%, 02/01/21		1,360
	842	Series HY, 8.400%, 01/15/22		1,115
	457	John Sevier Combined Cycle Generation LLC, 4.626%, 01/15/42		509
	988	Massachusetts Electric Co., 5.900%, 11/15/39 (e)		1,219
		MidAmerican Energy Co.,
	1,046	3.500%, 10/15/24		1,117
	860	5.300%, 03/15/18		924
		Nevada Power Co.,
	446	5.375%, 09/15/40		519
	600	7.125%, 03/15/19		682
	398	NextEra Energy Capital Holdings, Inc., 2.400%, 09/15/19		398
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		326
		Northern States Power Co.,
	173	5.350%, 11/01/39		210
	765	6.250%, 06/01/36		1,004
		Pacific Gas & Electric Co.,
	898	3.500%, 06/15/25		938
	214	3.750%, 08/15/42		202
	267	4.500%, 12/15/41		280
	1,010	5.625%, 11/30/17		1,077
		PacifiCorp,
	700	3.850%, 06/15/21		753
	880	5.750%, 04/01/37		1,070
	250	Series F, 7.240%, 08/16/23		309
		PECO Energy Co.,
	880	2.375%, 09/15/22		880
	1,880	5.350%, 03/01/18		2,017
	360	Potomac Electric Power Co., 6.500%, 11/15/37		477
	929	PPL Electric Utilities Corp., 2.500%, 09/01/22		937
		Public Service Co. of Colorado,
	312	2.250%, 09/15/22		311
	198	3.200%, 11/15/20		208
	35	6.500%, 08/01/38		48
	202	Public Service Co. of New Hampshire, 3.500%, 11/01/23		214

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Electric Utilities — continued
		Public Service Co. of Oklahoma,
	88	5.150%, 12/01/19		95
	1,100	Series G, 6.625%, 11/15/37		1,376
		Public Service Electric & Gas Co.,
	416	5.375%, 11/01/39		507
	155	Series I, 1.800%, 06/01/19		155
	104	South Carolina Electric & Gas Co., 4.500%, 06/01/64		104
		Southern California Edison Co.,
	735	1.845%, 02/01/22		724
	450	Series 06-E, 5.550%, 01/15/37		541
	285	Series 08-A, 5.950%, 02/01/38		362
	292	Southern Co. (The), 1.950%, 09/01/16		293
	842	Southwestern Electric Power Co., Series J, 3.900%, 04/01/45		754
	120	Union Electric Co., 8.450%, 03/15/39		190
		Virginia Electric & Power Co.,
	900	2.750%, 03/15/23		904
	490	3.450%, 02/15/24		511
	235	6.350%, 11/30/37		306
	670	8.875%, 11/15/38		1,067
	73	Wisconsin Electric Power Co., 2.950%, 09/15/21		75
	36	Xcel Energy, Inc., 4.800%, 09/15/41		38
				37,778
		Gas Utilities — 0.3%
		AmeriGas Partners LP/AmeriGas Finance Corp.,
	1,315	6.250%, 08/20/19		1,305
	649	6.500%, 05/20/21		647
	369	Boston Gas Co., 4.487%, 02/15/42 (e)		369
	570	CenterPoint Energy Resources Corp., 6.625%, 11/01/37		661
	470	Dominion Gas Holdings LLC, 2.800%, 11/15/20		476
		Sabine Pass Liquefaction LLC,
	2,213	5.625%, 04/15/23		2,041
	578	5.625%, 03/01/25		524
	905	5.625%, 02/01/21		864
	2,500	5.750%, 05/15/24		2,302
	1,071	6.250%, 03/15/22		1,020
	1,575	Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.500%, 06/01/24		1,339
				11,548

SEE NOTES TO FINANCIAL STATEMENTS.

132 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Corporate Bonds — continued
		Independent Power & Renewable Electricity Producers — 0.4%
		AES Corp.,
	240	4.875%, 05/15/23		216
	275	5.500%, 03/15/24		253
	615	5.500%, 04/15/25		553
	4,000	7.375%, 07/01/21		4,170
	1,500	VAR, 3.635%, 06/01/19		1,425
		Calpine Corp.,
	2,066	5.875%, 01/15/24 (e)		2,102
	1,500	6.000%, 01/15/22 (e)		1,538
	960	Exelon Generation Co. LLC, 2.950%, 01/15/20		960
		NRG Energy, Inc.,
	200	6.250%, 07/15/22		169
	425	6.250%, 05/01/24		353
	4,143	6.625%, 03/15/23		3,501
	1,121	PSEG Power LLC, 4.150%, 09/15/21		1,148
	491	Southern Power Co., 1.850%, 12/01/17		491
		Talen Energy Supply LLC,
	1,763	4.625%, 07/15/19 (e)		1,419
	937	6.500%, 06/01/25		647
		TerraForm Power Operating LLC,
	354	5.875%, 02/01/23 (e)		266
	188	6.125%, 06/15/25 (e)		138
				19,349
		Multi-Utilities — 0.2%
	1,037	Berkshire Hathaway Energy Co., 3.500%, 02/01/25		1,055
	300	Consolidated Edison Co. of New York, Inc., Series 09-C, 5.500%, 12/01/39		353
		Consumers Energy Co.,
	491	4.350%, 08/31/64		493
	925	6.700%, 09/15/19		1,073
		Dominion Resources, Inc.,
	400	7.000%, 06/15/38		488
	46	Series C, 4.900%, 08/01/41		45
	785	Series F, 5.250%, 08/01/33		842
	434	DTE Energy Co., 2.400%, 12/01/19		436
	585	NiSource Finance Corp., 6.400%, 03/15/18		635
	555	NRG Yield Operating LLC, 5.375%, 08/15/24		488
		San Diego Gas & Electric Co.,
	249	4.500%, 08/15/40		272
	685	6.000%, 06/01/26		862
	500	6.000%, 06/01/39		645
		Sempra Energy,
	406	3.550%, 06/15/24		406

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Multi-Utilities — continued
	255	6.150%, 06/15/18		274
	75	6.500%, 06/01/16		76
	589	9.800%, 02/15/19		704
				9,147
		Water Utilities — 0.0% (g)
	622	American Water Capital Corp., 3.400%, 03/01/25		652
		Total Utilities		78,474
		Total Corporate Bonds (Cost $1,345,580)		1,302,462
	Foreign Government Securities — 1.2%
	600	Arab Republic of Egypt, (Egypt), Reg. S, 5.875%, 06/11/25 (e)		512
	140	Argentina Bonar Bonds, (Argentina), Series X, 7.000%, 04/17/17 (d)		141
	200	Export Credit Bank of Turkey, (Turkey), Reg. S, 5.375%, 11/04/16		204
		Federative Republic of Brazil, (Brazil),
	750	4.250%, 01/07/25		639
	100	4.875%, 01/22/21		98
	300	7.125%, 01/20/37		279
	200	8.250%, 01/20/34		206
	17	Series A, 8.000%, 01/15/18		18
		Gabonese Republic, (Gabon),
	200	Reg. S, 6.375%, 12/12/24		161
	400	Reg. S, 6.950%, 06/16/25		320
	200	Government of Bermuda, (Bermuda), 4.138%, 01/03/23 (e)		195
		Government of Dominican Republic, (Dominican Republic),
	300	Reg. S, 5.500%, 01/27/25		288
	140	Reg. S, 5.875%, 04/18/24		139
	100	Reg. S, 6.600%, 01/28/24		104
	30	6.850%, 01/27/45 (e)		28
	100	6.850%, 01/27/45 (e)		93
	250	6.875%, 01/29/26 (e)		258
	420	Reg. S, 7.450%, 04/30/44		416
	200	Reg. S, 7.500%, 05/06/21		216
	107	Reg. S, 9.040%, 01/23/18		113
		Government of Jamaica, (Jamaica),
	200	6.750%, 04/28/28		203
	100	8.000%, 03/15/39		105
	100	9.250%, 10/17/25		117
	99	10.625%, 06/20/17		107

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 133

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
	200	Government of Mongolia, (Mongolia), Reg. S, 5.125%, 12/05/22		138
	200	Instituto Costarricense de Electricidad, (Costa Rica), Reg. S, 6.375%, 05/15/43		144
	2,000	Israel Government AID Bond, (Israel), 5.500%, 09/18/33		2,711
	200	Kingdom of Jordan, (Jordan), 6.125%, 01/29/26 (e)		204
	200	Kingdom of Morocco, (Morocco), Reg. S, 4.250%, 12/11/22		205
	655	Province of Nova Scotia, (Canada), 9.250%, 03/01/20		828
		Province of Quebec, (Canada),
	300	Series A, 6.350%, 01/30/26		384
	2,220	Series NN, 7.125%, 02/09/24		2,927
	200	Provincia de Buenos Aires, (Argentina), Reg. S, 9.375%, 09/14/18		206
	AUD 1,400	Queensland Treasury Corp., (Australia), Reg. S, Series 18, 6.000%, 02/21/18		1,076
	600	Republic of Angola, (Angola), Reg. S, 9.500%, 11/12/25 (e)		514
	219	Republic of Angola Via Northern Lights III B.V., (Netherlands), Reg. S, 7.000%, 08/16/19		210
		Republic of Argentina, (Argentina),
	830	2.535%, 12/31/38 (d)		546
	1,100	6.266%, 12/15/35 (d)		127
	527	8.280%, 12/31/33 (d)		621
	112	8.395%, 12/31/33 (d)		132
	100	Republic of Belarus, (Belarus), Reg. S, 8.950%, 01/26/18		103
	126	Republic of Belize, (Belize), Reg. S, SUB, 5.000%, 02/20/38		62
	440	Republic of Cameroon, (Cameroon), Reg. S, 9.500%, 11/19/25 (e)		388
		Republic of Colombia, (Colombia),
	200	2.625%, 03/15/23		178
	599	5.000%, 06/15/45		503
	400	5.625%, 02/26/44		362
	150	6.125%, 01/18/41		143
	100	7.375%, 03/18/19		112
	140	7.375%, 09/18/37		152
	240	8.125%, 05/21/24		289
	370	10.375%, 01/28/33		498
		Republic of Costa Rica, (Costa Rica),
	200	Reg. S, 4.250%, 01/26/23		178
	730	Reg. S, 7.000%, 04/04/44		613
		Republic of Croatia, (Croatia),
	700	Reg. S, 5.500%, 04/04/23		727

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	200	6.375%, 03/24/21 (e)		216
	100	Reg. S, 6.625%, 07/14/20		108
	200	Reg. S, 6.750%, 11/05/19		218
		Republic of Ecuador, (Ecuador),
	200	Reg. S, 7.950%, 06/20/24		145
	600	10.500%, 03/24/20 (e)		472
		Republic of El Salvador, (El Salvador),
	200	Reg. S, 5.875%, 01/30/25		167
	60	Reg. S, 6.375%, 01/18/27		50
	230	Reg. S, 7.750%, 01/24/23		221
	309	Reg. S, 8.250%, 04/10/32		283
	600	Republic of Honduras, (Honduras), Reg. S, 8.750%, 12/16/20		667
		Republic of Hungary, (Hungary),
	348	5.375%, 02/21/23		382
	252	5.375%, 02/21/23		277
	370	5.375%, 03/25/24		410
	30	5.750%, 11/22/23		34
	110	5.750%, 11/22/23		124
	281	6.250%, 01/29/20		313
	308	6.375%, 03/29/21		349
	120	7.625%, 03/29/41		165
		Republic of Indonesia, (Indonesia),
	200	Reg. S, 3.375%, 04/15/23		193
	400	Reg. S, 4.125%, 01/15/25		396
	300	Reg. S, 5.125%, 01/15/45		285
	100	Reg. S, 5.875%, 03/13/20		111
	200	Reg. S, 5.875%, 01/15/24		221
	470	Reg. S, 5.950%, 01/08/46 (e)		489
	200	Reg. S, 6.625%, 02/17/37		218
	200	Reg. S, 6.750%, 01/15/44		222
	100	Reg. S, 11.625%, 03/04/19		126
		Republic of Ivory Coast, (Ivory Coast),
	300	Reg. S, 5.375%, 07/23/24		265
	520	Reg. S, SUB, 5.750%, 12/31/32		458
	400	Reg. S, 6.375%, 03/03/28		358
		Republic of Kazakhstan, (Kazakhstan),
	200	Reg. S, 3.875%, 10/14/24		191
	240	5.125%, 07/21/25 (e)		244
	200	Reg. S, 6.500%, 07/21/45		201
	200	Republic of Kenya, (Kenya), Reg. S, 6.875%, 06/24/24		183
		Republic of Lebanon, (Lebanon),
	400	6.375%, 03/09/20		403
	350	Reg. S, 6.600%, 11/27/26		342
	635	Reg. S, 8.250%, 04/12/21		687

SEE NOTES TO FINANCIAL STATEMENTS.

134 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
	250	9.000%, 03/20/17		260
		Republic of Lithuania, (Lithuania),
	300	Reg. S, 6.125%, 03/09/21		346
	309	Reg. S, 7.375%, 02/11/20		364
	200	Republic of Namibia, (Namibia), Reg. S, 5.500%, 11/03/21		205
		Republic of Pakistan, (Pakistan),
	654	Reg. S, 6.875%, 06/01/17		668
	200	Reg. S, 8.250%, 04/15/24		202
		Republic of Panama, (Panama),
	400	4.000%, 09/22/24		408
	200	4.300%, 04/29/53		178
	180	6.700%, 01/26/36		221
	220	8.875%, 09/30/27		310
	226	9.375%, 04/01/29		331
	400	Republic of Paraguay, (Paraguay), Reg. S, 4.625%, 01/25/23		396
		Republic of Peru, (Peru),
	EUR 190	3.750%, 03/01/30		206
	160	4.125%, 08/25/27		164
	660	5.625%, 11/18/50		708
	100	6.550%, 03/14/37		119
	150	7.350%, 07/21/25		192
	373	8.750%, 11/21/33		535
		Republic of Philippines, (Philippines),
	200	4.200%, 01/21/24		224
	590	7.750%, 01/14/31		875
	100	9.500%, 02/02/30		165
	210	10.625%, 03/16/25		336
		Republic of Poland, (Poland),
	520	3.000%, 03/17/23		521
	220	4.000%, 01/22/24		236
	279	5.000%, 03/23/22		312
	90	5.125%, 04/21/21		101
		Republic of Romania, (Romania),
	EUR 103	3.875%, 10/29/35 (e)		113
	330	Reg. S, 4.375%, 08/22/23		351
	142	Reg. S, 4.875%, 01/22/24		157
	218	Reg. S, 6.125%, 01/22/44		262
	212	Reg. S, 6.750%, 02/07/22		253
	200	Republic of Senegal, (Senegal), Reg. S, 6.250%, 07/30/24		181
		Republic of Serbia, (Serbia),
	300	5.250%, 11/21/17 (e)		311
	49	Reg. S, SUB, 6.750%, 11/01/24		51
	880	Reg. S, 7.250%, 09/28/21		989

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Republic of South Africa, (South Africa),
	200	4.665%, 01/17/24		195
	200	5.500%, 03/09/20		209
	100	5.500%, 03/09/20		104
	450	5.875%, 09/16/25		471
	ZAR 13,700	7.250%, 01/15/20		816
		Republic of Sri Lanka, (Sri Lanka),
	200	Reg. S, 5.875%, 07/25/22		183
	300	Reg. S, 6.250%, 10/04/20		290
	200	Reg. S, 6.250%, 07/27/21		190
	200	6.850%, 11/03/25 (e)		184
		Republic of Turkey, (Turkey),
	200	4.250%, 04/14/26		190
	200	4.875%, 04/16/43		176
	400	5.625%, 03/30/21		425
	760	5.750%, 03/22/24		808
	285	6.000%, 01/14/41		291
	420	7.000%, 03/11/19		461
	200	7.000%, 06/05/20		223
	245	7.375%, 02/05/25		289
		Republic of Ukraine, (Ukraine),
	232	VAR, 0.000%, 05/31/40 (e)		71
	300	7.750%, 09/01/20 (e)		273
	380	7.750%, 09/01/21 (e)		342
	380	7.750%, 09/01/22 (e)		338
		Republic of Uruguay, (Uruguay),
	461	5.100%, 06/18/50		410
	379	7.625%, 03/21/36		471
	65	7.875%, 01/15/33		82
		Republic of Venezuela, (Venezuela),
	571	Reg. S, 7.000%, 03/31/38		197
	740	Reg. S, 7.650%, 04/21/25		263
	120	Reg. S, 7.750%, 10/13/19		43
	520	Reg. S, 9.000%, 05/07/23		191
	170	9.250%, 09/15/27		68
	190	Reg. S, 9.250%, 05/07/28		70
	350	9.375%, 01/13/34		130
	200	Republic of Vietnam, (Vietnam), Reg. S, 4.800%, 11/19/24		195
		Russian Federation, (Russia),
	600	Reg. S, 3.500%, 01/16/19		600
	400	Reg. S, 4.875%, 09/16/23		415
	600	Reg. S, 5.000%, 04/29/20		625
	AUD 1,500	South Australian Government Financing Authority, (Australia), Series 17, 5.750%, 09/20/17		1,131

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 135

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Foreign Government Securities — continued
		United Mexican States, (Mexico),
	EUR 140	3.375%, 02/23/31		151
	1,585	3.600%, 01/30/25		1,575
	300	3.625%, 03/15/22		307
	70	4.750%, 03/08/44		66
	600	5.550%, 01/21/45		627
	MXN 4,000	Series M, 7.750%, 11/13/42		244
		Total Foreign Government Securities (Cost $58,348)		56,076
	Mortgage Pass-Through Securities — 11.8%
		Federal Home Loan Mortgage Corp.,
	66	ARM, 2.236%, 05/01/37		70
	30	ARM, 2.250%, 08/01/36		30
	184	ARM, 2.324%, 10/01/36		194
	449	ARM, 2.559%, 10/01/37		476
	142	ARM, 2.687%, 03/01/36		151
	304	ARM, 3.257%, 03/01/36		319
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	2,227	4.000%, 02/01/26		2,369
	128	4.500%, 10/01/18		132
	11	5.000%, 05/01/18		12
	1,413	5.500%, 01/01/21 - 12/01/24		1,529
	95	6.000%, 11/01/21		101
	3	7.500%, 01/01/17		3
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	6,071	4.000%, 01/01/32		6,554
	1,567	6.000%, 02/01/28		1,774
	219	7.000%, 01/01/27		249
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	15,735	3.000%, 12/01/42 - 02/01/43		16,150
	62	4.000%, 09/01/33		66
	1,344	4.500%, 05/01/41		1,466
	25	6.000%, 02/01/29		28
	369	6.500%, 01/01/24 - 11/01/36		433
	388	7.000%, 09/01/24 - 10/01/36		439
	34	7.500%, 10/01/19 - 02/01/27		36
	64	8.000%, 08/01/27		79
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	1,121	7.500%, 01/01/32 - 12/01/36		1,352
	150	10.000%, 10/01/30		166
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	12,272	3.500%, 09/01/32 - 06/01/42		12,970

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	3,708	4.000%, 06/01/42 - 10/01/42		3,986
		Federal National Mortgage Association,
	112	ARM, 1.898%, 07/01/37		116
	74	ARM, 2.094%, 04/01/37		78
	184	ARM, 2.167%, 07/01/37		194
	157	ARM, 2.345%, 05/01/35		166
	274	ARM, 2.373%, 03/01/37		290
	324	ARM, 2.497%, 04/01/37		341
	140	ARM, 2.547%, 01/01/34		146
	21	ARM, 2.750%, 10/01/33		22
		Federal National Mortgage Association, 15 Year, Single Family,
	108	4.000%, 07/01/18		113
	856	5.000%, 05/01/18 - 07/01/25		906
	24	5.500%, 08/01/17		24
	281	6.000%, 09/01/19 - 08/01/22		299
		Federal National Mortgage Association, 20 Year, Single Family,
	581	3.500%, 12/01/30		612
	140	6.500%, 11/01/18		161
		Federal National Mortgage Association, 30 Year, Single Family,
	15,610	3.000%, 01/01/43 - 02/01/43		16,039
	18,208	4.000%, 06/01/43		19,925
	15,031	4.500%, 12/01/39 - 09/01/40		16,371
	7,678	5.000%, 10/01/39 - 06/01/44		8,553
	581	5.500%, 12/01/28 - 09/01/34		654
	2,770	6.000%, 03/01/34 - 08/01/37		3,192
	397	6.500%, 04/01/28 - 10/01/38		459
	601	7.000%, 03/01/28 - 04/01/37		718
	158	7.500%, 10/01/26 - 11/01/38		181
	2,849	8.000%, 08/01/22 - 12/01/36		3,603
	24	8.500%, 10/01/25 - 12/01/25		26
	2	9.000%, 01/01/19 - 04/01/25		3
		Federal National Mortgage Association, Other,
	3,744	ARM, 0.780%, 01/01/23		3,742
	2,892	1.770%, 02/01/20		2,913
	1,792	2.140%, 04/01/19		1,826
	3,788	2.410%, 01/01/23		3,877
	7,374	2.440%, 02/01/23		7,557
	10,050	2.480%, 02/01/25		10,114
	3,975	2.510%, 01/01/23		4,091
	18,777	2.640%, 06/01/25		19,016
	3,900	2.650%, 03/01/23		4,041
	18,325	2.730%, 04/01/25		18,661
	1,435	2.750%, 03/01/22		1,502

SEE NOTES TO FINANCIAL STATEMENTS.

136 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Mortgage Pass-Through Securities — continued
	4,811	2.764%, 06/01/23		4,988
	18,640	2.810%, 04/01/25		19,149
	11,707	2.880%, 07/01/27		11,899
	15,460	2.900%, 12/01/24		15,980
	10,000	2.920%, 01/01/25		10,342
	31,595	2.965%, 12/01/24		32,789
	11,233	3.050%, 09/01/24		11,734
	29,120	3.070%, 02/01/25		30,457
	9,880	3.074%, 12/01/24		10,437
	1,743	3.370%, 11/01/20		1,873
	1,680	3.380%, 01/01/18		1,733
	5,265	3.450%, 01/01/24		5,703
	90,399	3.500%, 05/01/32 - 06/01/43 (w)		95,518
	15,000	3.510%, 08/01/23		16,261
	1,517	3.590%, 10/01/20		1,633
	4,966	3.640%, 12/01/23		5,410
	1,544	3.660%, 12/01/21		1,679
	1,413	3.743%, 06/01/18		1,471
	5,300	3.760%, 03/01/24		5,827
	1,000	3.770%, 09/01/21		1,093
	13,331	4.000%, 07/01/42 - 07/01/43		14,339
	1,275	4.060%, 07/01/21		1,409
	2,001	4.180%, 12/01/19		2,171
	3,637	4.260%, 12/01/19		3,957
	6,007	4.340%, 06/01/21		6,699
	2,302	4.369%, 02/01/20		2,519
	3,000	4.399%, 02/01/20		3,302
	18,235	4.500%, 01/01/20 - 12/01/43		20,099
	1,880	4.640%, 01/01/21		2,106
	51	5.000%, 12/01/32		56
	95	5.500%, 09/01/17		97
	35	6.500%, 04/01/36 - 07/01/36		37
		Government National Mortgage Association II, 30 Year, Single Family,
	3,508	6.000%, 11/20/32 - 09/20/38		4,036
	840	6.500%, 02/20/29 - 10/20/39		989
	2,429	7.000%, 06/20/32 - 01/20/39		2,815
	249	7.500%, 08/20/25 - 05/20/32		292
	565	8.000%, 08/20/26 - 09/20/31		651
	231	Government National Mortgage Association, 15 Year, Single Family, 6.500%, 10/15/23		250
		Government National Mortgage Association, 30 Year, Single Family,
	7,136	6.000%, 08/15/36		8,251
	186	6.500%, 02/15/28 - 10/15/29		216
	63	7.000%, 02/15/24 - 11/15/27		69

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	64	7.250%, 09/15/21 - 01/15/28		67
	37	7.500%, 10/15/22 - 02/15/27		38
	2	7.750%, 02/15/27		2
	2	8.500%, 11/15/25		2
	29	9.000%, 09/15/16 - 01/15/25		31
	1	10.000%, 11/15/20		1
		Total Mortgage Pass-Through Securities (Cost $549,428)		562,143
	Municipal Bonds — 0.3% (t)
		California — 0.1%
	1,000	Los Angeles City Department of Airports, International Airport, Series C, Rev., 6.582%, 05/15/39		1,331
	774	University of California, Series AD, Rev., 4.858%, 05/15/126		790
				2,121
		District of Columbia — 0.0% (g)
	345	District of Columbia Water & Sewer Authority, Public Utility, Senior Lien, Series A, Rev., 4.814%, 10/01/145		372
		Illinois — 0.0% (g)
	1,960	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		1,825
		New York — 0.1%
		New York State Dormitory Authority, State Personal Income Tax, General Purpose,
	560	Series H, Rev., 5.289%, 03/15/33		670
	1,165	Series H, Rev., 5.389%, 03/15/40		1,452
	1,450	Port Authority of New York & New Jersey, Consolidated, Rev., 5.647%, 11/01/40		1,793
	155	Port Authority of New York & New Jersey, Consolidated 165, Rev., 5.647%, 11/01/40		192
	740	Port Authority of New York & New Jersey, Consolidated 174, Rev., 4.458%, 10/01/62		743
				4,850
		Ohio — 0.1%
	1,040	American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50		1,431
	1,563	Ohio State University, General Receipts, Series A, Rev., 4.800%, 06/01/114		1,658
				3,089
		Total Municipal Bonds (Cost $10,725)		12,257

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 137

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Preferred Securities — 0.4% (x)
		Financials — 0.4%
		Banks — 0.3%
		Bank of America Corp.,
	1,022	Series AA, VAR, 6.100%, 03/17/25		991
	2,000	Series K, VAR, 8.000%, 01/30/18		2,000
	362	BNP Paribas S.A., (France), VAR, 7.375%, 08/19/25 (e)		338
		Citigroup, Inc.,
	3,592	Series O, VAR, 5.875%, 03/27/20		3,345
	1,545	Series Q, VAR, 5.950%, 08/15/20		1,453
	581	VAR, 5.950%, 01/30/23		549
	430	Series P, VAR, 5.950%, 05/15/25		404
	813	Series M, VAR, 6.300%, 05/15/24		760
		Credit Agricole S.A., (France),
	529	VAR, 6.625%, 09/23/19 (e)		466
	621	VAR, 8.125%, 12/23/25 (e)		578
	EUR 1,450	Lloyds Banking Group plc, (United Kingdom), VAR, 6.375%, 06/27/20		1,463
	2,025	Societe Generale S.A., (France), VAR, 8.000%, 09/29/25 (e)		1,853
				14,200
		Capital Markets — 0.1%
		Goldman Sachs Group, Inc. (The),
	2,253	Series M, VAR, 5.375%, 05/10/20		2,146
	1,500	Series L, VAR, 5.700%, 05/10/19		1,436
		Morgan Stanley,
	1,500	Series H, VAR, 5.450%, 07/15/19		1,403
	940	Series J, VAR, 5.550%, 07/15/20		912
				5,897
		Total Preferred Securities (Cost $21,596)		20,097
	Supranational — 0.0% (g)
	1,000	African Development Bank, 8.800%, 09/01/19		1,226
	NZD 1,500	International Finance Corp., 3.500%, 09/05/17		1,001
		Total Supranational (Cost $2,402)		2,227
	U.S. Government Agency Securities — 0.8%
		Federal National Mortgage Association,
	7,360	4.015%, 06/01/17 (n)		7,287
	1,500	5.625%, 07/15/37		2,104
	385	6.250%, 05/15/29		550
	1,000	8.200%, 03/10/16		1,002
	1,275	Federal National Mortgage Association STRIPS, 3.754%, 05/15/30 (n)		837

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Financing Corp. STRIPS,
	3,100	1.389%, 11/30/17 (n)		3,046
	1,000	1.536%, 05/11/18 (n)		979
	1,500	2.729%, 09/26/19 (n)		1,438
	1,285	3.575%, 04/05/19 (n)		1,238
	259	New Valley Generation II, 5.572%, 05/01/20		282
	421	New Valley Generation V, 4.929%, 01/15/21		471
		Residual Funding Corp. STRIPS,
	2,770	1.791%, 10/15/20 (n)		2,576
	12,080	2.307%, 07/15/20 (n)		11,297
		Tennessee Valley Authority,
	902	4.625%, 09/15/60		1,026
	2,103	5.250%, 09/15/39		2,690
	1,610	5.880%, 04/01/36		2,200
	500	Tennessee Valley Authority STRIPS, 6.384%, 11/01/25 (n)		386
		Total U.S. Government Agency Securities (Cost $37,494)		39,409
	U.S. Treasury Obligations — 22.9%
		U.S. Treasury Bonds,
	20,600	2.500%, 02/15/45		20,069
	50,000	2.875%, 08/15/45		52,633
	19,000	3.000%, 05/15/42		20,714
	74,378	3.000%, 11/15/44		80,319
	42,260	3.000%, 05/15/45		45,601
	42,852	3.000%, 11/15/45		46,295
	85	3.500%, 02/15/39		101
	9,250	3.625%, 08/15/43		11,285
	5,000	4.375%, 11/15/39		6,756
	8,400	4.500%, 02/15/36		11,557
	3,890	4.500%, 05/15/38		5,366
	10,044	4.500%, 08/15/39		13,812
	2,500	5.250%, 02/15/29		3,436
	21,000	5.500%, 08/15/28		29,265
	2,625	7.875%, 02/15/21		3,455
	7,920	8.000%, 11/15/21		10,803
	13,600	8.125%, 05/15/21		18,239
	10,000	8.125%, 08/15/21		13,568
	5,000	8.500%, 02/15/20		6,427
	6,000	8.750%, 08/15/20		7,961
	6,905	8.875%, 08/15/17		7,720
		U.S. Treasury Coupon STRIPS,
	15	1.973%, 08/15/23 (n)		13
	6,495	2.204%, 02/15/21 (n)		6,067
	7,390	2.223%, 05/15/22 (n)		6,703
	7,251	2.251%, 05/15/20 (n)		6,865

SEE NOTES TO FINANCIAL STATEMENTS.

138 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT			SECURITY DESCRIPTION	VALUE
	U.S. Treasury Obligations — continued
	15,000		2.302%, 05/15/21 (n)		13,921
	640		2.535%, 02/15/22 (n)		584
	225		2.707%, 02/15/23 (n)		201
	11,239		3.111%, 08/15/17 (n)		11,118
	185		3.195%, 08/15/19 (n)		178
	6,916		3.402%, 02/15/17 (n)		6,868
	14,565		3.495%, 11/15/17 (n)		14,363
	14,610		3.589%, 11/15/21 (n)		13,434
	5,000		3.694%, 08/15/22 (n)		4,509
	5,000		3.823%, 11/15/22 (n)		4,484
	42,000		4.335%, 11/15/33 (n)		27,309
	1,606		4.431%, 08/15/18 (n)		1,573
	4,000		4.442%, 02/15/18 (n)		3,936
	2,615		5.048%, 02/15/28 (n)		2,026
	1,000		U.S. Treasury Inflation Indexed Bonds, 3.625%, 04/15/28		1,980
			U.S. Treasury Notes,
	140		0.500%, 08/31/16 (k)		140
	10,300		0.875%, 07/31/19 (k)		10,252
	149,100		1.000%, 12/15/17		149,648
	64,000		1.000%, 05/31/18		64,240
	129,000		1.250%, 02/29/20		129,559
	2,000		1.375%, 01/31/20		2,019
	126,000		1.375%, 03/31/20		127,098
	2,765		1.500%, 08/31/18		2,811
	4,750		1.500%, 05/31/19		4,829
	22,879		1.625%, 12/31/19		23,323
	100		2.000%, 04/30/16		100
	2,000		2.125%, 08/15/21		2,080
	11,000		2.250%, 11/30/17		11,275
	130		2.625%, 04/30/16		131
	4,115		2.875%, 03/31/18		4,289
	1,000		3.125%, 10/31/16		1,016
	3,954		3.125%, 05/15/19		4,223
	1,250		3.250%, 03/31/17		1,284
	8,000		4.250%, 11/15/17		8,466
			Total U.S. Treasury Obligations (Cost $1,042,355)		1,088,297
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)		33

SHARES			SECURITY DESCRIPTION	VALUE
			Specialty Retail — 0.0% (g)
	40		Nebraska Book Holdings, Inc. (a)		43
			Total Consumer Discretionary		76
			Financials — 0.0% (g)
			Diversified Financial Services — 0.0% (g)
	7		Somerset Cayuga Holding Co., Inc. (a)		165
			Materials — 0.0% (g)
			Chemicals — 0.0% (g)
	—	(h)	LyondellBasell Industries N.V., Class A		—	(h)
			Containers & Packaging — 0.0% (g)
	9		Constar International, Inc., Class A, ADR (a)		—	(h)
			Total Materials		—	(h)
			Telecommunication Services — 0.0% (g)
			Wireless Telecommunication Services — 0.0% (g)
	68		NII Holdings, Inc. (a)		361
			Utilities — 0.0% (g)
			Independent Power & Renewable Electricity Producers — 0.0% (g)
	8		Dynegy, Inc. (a)		76
			Total Common Stocks (Cost $1,620)		678
	Preferred Stocks — 0.1%
			Financials — 0.1%
			Insurance — 0.1%
	11		Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		349
	2		XLIT Ltd., (Cayman Islands), Series D, VAR, 3.742%, 03/29/16 ($1,000 par value) @		1,939
			Total Financials		2,288
			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) (e) @		1,039
			Materials — 0.0%
			Containers & Packaging — 0.0%
	1		Constar International, Inc., Class A (a)		—
			Total Preferred Stocks (Cost $3,490)		3,327

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 139

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands, except number of Futures contracts)

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — 1.0%
		Consumer Discretionary — 0.4%
		Automobiles — 0.0% (g)
	865	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		860
		Hotels, Restaurants & Leisure — 0.3%
	14,979	Lila Mexican Holdings LLC, Tranche B, VAR, 3.427%, 08/11/22		14,379
		Media — 0.0% (g)
	749	iHeartCommunications, Inc., Term Loan D, VAR, 7.189%, 01/30/19		490
	596	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.939%, 07/30/19		387
	512	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		506
	2,993	Vertis, Inc., 1st Lien Term Loan, VAR, 11.750%, 12/20/15 (d)		—	(h)
				1,383
		Specialty Retail — 0.1%
	1,308	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		1,267
	284	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		281
	1,200	Staples, Inc., Escrow Term Loan, VAR, 4.750%, 02/02/22 ^		1,190
				2,738
		Total Consumer Discretionary		19,360
		Consumer Staples — 0.2%
		Food & Staples Retailing — 0.2%
	1,796	Albertson’s LLC, Term Loan B-4, VAR, 5.500%, 08/25/21		1,753
	1,243	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		1,208
	1,181	Rite Aid Corp., 2nd Lien Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		1,176
	1,812	SUPERVALU, Inc., Term Loan B, VAR, 4.500%, 03/21/19		1,705
				5,842
		Food Products — 0.0% (g)
	555	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		538
	400	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		401
				939
		Total Consumer Staples		6,781

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
		Energy — 0.0% (g)
		Oil, Gas & Consumable Fuels — 0.0% (g)
	551	MEG Energy Corp., Incremental Term Loan, (Canada), VAR, 3.750%, 03/31/20		391
		Financials — 0.0% (g)
		Consumer Finance — 0.0% (g)
	1,129	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		1,038
		Health Care — 0.0% (g)
		Health Care Equipment & Supplies — 0.0% (g)
	400	Halyard Health, Inc., Term Loan, VAR, 4.000%, 11/01/21		395
	121	Kinetic Concepts, Inc., Dollar Term E-1 Loan, VAR, 4.500%, 05/04/18		118
				513
		Health Care Providers & Services — 0.0% (g)
	220	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, VAR, 4.500%, 02/16/23 ^		219
	722	inVentiv Health, Inc., Term Loan B-4, VAR, 7.750%, 05/15/18		714
				933
		Pharmaceuticals — 0.0% (g)
	495	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 4.000%, 04/01/22		462
		Total Health Care		1,908
		Industrials — 0.2%
		Commercial Services & Supplies — 0.2%
	10,000	GFC Warehouse I, LLC, Revolving Loan, VAR, 5.750%, 12/05/19		10,000
		Information Technology — 0.1%
		IT Services — 0.0% (g)
	1,135	First Data Corp., Term Loan, VAR, 3.934%, 09/24/18		1,118
		Semiconductors & Semiconductor Equipment — 0.1%
	1,330	Avago Technologies Ltd., Term Loan, (Singapore), VAR, 4.250%, 02/01/23		1,311
	992	Microsemi Corp., Closing Date Term B Loan, VAR, 5.250%, 01/15/23		990
	296	NXP B.V./NXP Funding LLC, Tranche B Loan, (Netherlands), VAR, 3.750%, 12/07/20		295
				2,596
		Total Information Technology		3,714

SEE NOTES TO FINANCIAL STATEMENTS.

140 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT		SECURITY DESCRIPTION	VALUE
	Loan Assignments — continued
		Materials — 0.0% (g)
		Chemicals — 0.0% (g)
	446	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		440
		Telecommunication Services — 0.0% (g)
		Diversified Telecommunication Services — 0.0% (g)
	809	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20		773
	1,000	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		969
		Total Telecommunication Services		1,742
		Utilities — 0.1%
		Electric Utilities — 0.1%
	217	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 12/19/16		215
	364	Texas Competitive Electric Holdings Co. LLC, DIP Term Loan, VAR, 3.750%, 11/07/16 (d)		361
	4,117	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		1,124
	2,117	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		561
		Total Utilities		2,261
		Total Loan Assignments (Cost $54,867)		47,635

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)		—	(h)
		Total Warrants (Cost $— (h))		—	(h)
SHARES
	Short-Term Investment — 4.3%
		Investment Company — 4.3%
	206,704	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $206,704)		206,704
		Total Investments — 99.6% (Cost $4,738,047)		4,740,215
		Other Assets in Excess of Liabilities — 0.4%		20,387
		NET ASSETS — 100.0%	$	4,760,602

Percentages indicated are based on net assets.

Futures Contracts
NUMBER OF CONTRACTS			DESCRIPTION	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL VALUE AT FEBRUARY 29, 2016			NET UNREALIZED APPRECIATION (DEPRECIATION)
			Long Futures Outstanding
	878		2 Year U.S. Treasury Note		06/30/16		USD		191,884			(266	)
	9		5 Year U.S. Treasury Note		06/30/16		USD		1,089			2
			Short Futures Outstanding
	(102	)	10 Year U.S. Treasury Note		06/21/16		USD		(13,313	)		5
	(8	)	U.S. Treasury Long Bond		06/21/16		USD		(1,316	)		—	(h)
	(4	)	5 Year U.S. Treasury Note		06/30/16		USD		(484	)		(1	)
												(260	)

Forward Foreign Currency Exchange Contracts
CONTRACTS TO BUY		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT FEBRUARY 29, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	6,588	EUR	Goldman Sachs International		03/09/16		7,371		7,168		(203	)
	4,574	MXN	Goldman Sachs International		03/31/16		252		252		—	(h)
							7,623		7,420		(203	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 141

JPMorgan Core Plus Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

(Amounts in thousands)

CONTRACTS TO SELL		CURRENCY	COUNTERPARTY	SETTLEMENT DATE		SETTLEMENT VALUE		VALUE AT FEBRUARY 29, 2016		NET UNREALIZED APPRECIATION (DEPRECIATION)
	3,100	AUD	Merrill Lynch International		03/09/16		2,228		2,212		16
	2,285	EUR	Australia and New Zealand Banking Group Limited		03/09/16		2,543		2,487		56
	5,681	EUR	Royal Bank of Scotland		03/09/16		6,195		6,182		13
	139	EUR	Deutsche Bank AG		03/31/16		153		151		2
	289	EUR	Goldman Sachs International		03/31/16		316		315		1
	102	EUR	HSBC Bank, N.A.		03/31/16		111		111		—	(h)
	104,000	JPY	HSBC Bank, N.A.		03/09/16		848		922		(74	)
	4,574	MXN	Deutsche Bank AG		03/31/16		249		252		(3	)
	13,167	ZAR	Standard Chartered Bank		03/09/16		887		828		59
							13,530		13,460		70

Centrally Cleared Credit Default Swaps — Buy Protection ^[1]

Credit Indices:

REFERENCE OBLIGATION	FUND PAYS FIXED RATE (r)	TERMINATION DATE		IMPLIED CREDIT SPREAD AS OF FEBRUARY 29, 2016 [2]			NOTIONAL AMOUNT [3]		VALUE			UPFRONT PREMIUMS (PAID)/ RECEIVED [4]
CDX.EM.24-V2	1.000% quarterly		12/20/20		3.659			100,000		10,849			(10,471	)
CDX.NA.HY.24-V2	5.000% quarterly		06/20/20		4.481	%		45,000		(1,303	)		1,268
										9,546			(9,203	)

^[1]  The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

^[2]  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e., make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^[3]  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^[4] Upfront 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).

Centrally Cleared Interest Rate Swap
	RATE TYPE (r)
	PAYMENTS MADE BY THE FUND		PAYMENTS RECEIVED BY THE FUND		TERMINATION DATE		NOTIONAL AMOUNT		VALUE
		1.795% semi-annually		3 month LIBOR quarterly		08/08/19		5,000		(143	)

SEE NOTES TO FINANCIAL STATEMENTS.

142 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 39.8%
		Agency CMO — 39.8%
		Federal Home Loan Mortgage Corp. REMIC,
	33	Series 1343, Class LA, 8.000%, 08/15/22		38
	229	Series 1367, Class K, 5.500%, 09/15/22		246
	41	Series 1591, Class E, 10.000%, 10/15/23		43
	354	Series 1633, Class Z, 6.500%, 12/15/23		388
	306	Series 1694, Class PK, 6.500%, 03/15/24		339
	2,152	Series 1785, Class A, 6.000%, 10/15/23		2,359
	122	Series 1999, Class PU, 7.000%, 10/15/27		138
	230	Series 2031, Class PG, 7.000%, 02/15/28		269
	651	Series 2035, Class PC, 6.950%, 03/15/28		746
	472	Series 2064, Class PD, 6.500%, 06/15/28		540
	368	Series 2095, Class PE, 6.000%, 11/15/28		420
	173	Series 2152, Class BD, 6.500%, 05/15/29		184
	889	Series 2162, Class TH, 6.000%, 06/15/29		1,021
	6	Series 2345, Class PQ, 6.500%, 08/15/16		6
	493	Series 2367, Class ME, 6.500%, 10/15/31		562
	487	Series 2480, Class EJ, 6.000%, 08/15/32		541
	728	Series 2562, Class PG, 5.000%, 01/15/18		746
	3,778	Series 2611, Class QZ, 5.000%, 05/15/33		4,346
	223	Series 2647, Class A, 3.250%, 04/15/32		235
	390	Series 2651, Class VZ, 4.500%, 07/15/18		404
	1,442	Series 2656, Class BG, 5.000%, 10/15/32		1,483
	685	Series 2688, Class DG, 4.500%, 10/15/23		733
	1,665	Series 2773, Class TB, 4.000%, 04/15/19		1,720
	2,334	Series 2841, Class AT, 4.000%, 08/15/19		2,411
	939	Series 2882, Class QD, 4.500%, 07/15/34		1,009
	5,003	Series 2915, Class MU, 5.000%, 01/15/35		5,495
	1,048	Series 2927, Class GA, 5.500%, 10/15/34		1,137
	2,057	Series 2931, Class QD, 4.500%, 02/15/20		2,141
	666	Series 3085, Class VS, HB, IF, 27.012%, 12/15/35		1,200
	2,178	Series 3181, Class OP, PO, 07/15/36		2,094
	2,236	Series 3188, Class GE, 6.000%, 07/15/26		2,523
	7,174	Series 3325, Class JL, 5.500%, 06/15/37		7,853
	5,292	Series 3341, Class PE, 6.000%, 07/15/37		5,966
	1,766	Series 3413, Class B, 5.500%, 04/15/37		1,968
	4,000	Series 3699, Class QH, 5.500%, 07/15/40		4,493
	5,249	Series 3737, Class DG, 5.000%, 10/15/30		5,724
	7,000	Series 3798, Class AY, 3.500%, 01/15/26		7,275
	5,000	Series 3809, Class BC, 3.500%, 02/15/26		5,262
	6,351	Series 3926, Class MW, 4.500%, 09/15/26		7,186
	3,970	Series 3927, Class PC, 4.500%, 09/15/41		4,746
	21,359	Series 3981, Class PA, 3.000%, 04/15/31		21,906
	14,366	Series 4002, Class MV, 4.000%, 01/15/30		15,308

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	16,416	Series 4039, Class SA, IF, IO, 6.073%, 05/15/42		3,006
	12,000	Series 4047, Class PB, 3.500%, 01/15/41		13,004
	5,000	Series 4050, Class VE, 4.000%, 01/15/29		5,545
	4,651	Series 4066, Class VB, 3.500%, 01/15/29		5,096
	3,241	Series 4181, Class VA, 3.000%, 05/15/26		3,407
	23,524	Series 4186, Class JE, 2.000%, 03/15/33		23,774
	15,005	Series 4188, Class JG, 2.000%, 04/15/33		15,232
	11,330	Series 4206, Class DA, 2.000%, 05/15/33		11,516
	1,450	Series 4314, Class DY, 3.500%, 03/15/29		1,575
	2,624	Series 4336, Class YB, 3.000%, 05/15/29		2,784
	5,786	Series 4365, Class HZ, 3.000%, 01/15/40		5,700
	10,000	Series 4458, Class BW, 3.000%, 04/15/35		10,214
		Federal Home Loan Mortgage Corp. STRIPS,
	34	Series 155, Class IO, IO, 7.000%, 11/01/23		6
	18,849	Series 264, Class 30, 3.000%, 07/15/42		19,262
	11,340	Series 267, Class 30, 3.000%, 08/15/42		11,674
		Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	1,670	Series T-51, Class 1A, VAR, 6.500%, 09/25/43		1,984
	1,872	Series T-54, Class 2A, 6.500%, 02/25/43		2,253
	857	Series T-56, Class APO, PO, 05/25/43		766
		Federal National Mortgage Association - ACES,
	4,464	Series 2015-M13, Class A2, VAR, 2.710%, 06/25/25		4,582
	11,927	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		12,368
	631	Federal National Mortgage Association Grantor Trust, Series 2004-T1, Class 1A2, 6.500%, 01/25/44		722
		Federal National Mortgage Association REMIC,
	14	Series 1988-16, Class B, 9.500%, 06/25/18		14
	3	Series 1990-57, Class J, 7.000%, 05/25/20		3
	109	Series 1993-110, Class H, 6.500%, 05/25/23		123
	85	Series 1993-146, Class E, PO, 05/25/23		81
	1,359	Series 1993-155, Class PJ, 7.000%, 09/25/23		1,535
	16	Series 1993-205, Class H, PO, 09/25/23		15
	23	Series 1993-217, Class H, PO, 08/25/23		22
	18	Series 1993-228, Class G, PO, 09/25/23		17
	484	Series 1994-37, Class L, 6.500%, 03/25/24		555
	1,747	Series 1994-51, Class PV, 6.000%, 03/25/24		1,920
	855	Series 1998-58, Class PC, 6.500%, 10/25/28		962

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 143

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	267	Series 2000-8, Class Z, 7.500%, 02/20/30		319
	449	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		53
	31	Series 2002-2, Class UC, 6.000%, 02/25/17		32
	31	Series 2002-3, Class PG, 5.500%, 02/25/17		31
	459	Series 2002-73, Class OE, 5.000%, 11/25/17		470
	615	Series 2002-92, Class FB, VAR, 1.086%, 04/25/30		626
	4,007	Series 2003-21, Class PZ, 4.500%, 03/25/33		4,321
	164	Series 2003-67, Class SA, HB, IF, 42.667%, 10/25/31		286
	1,743	Series 2003-81, Class MC, 5.000%, 12/25/32		1,777
	2,717	Series 2003-128, Class DY, 4.500%, 01/25/24		2,905
	1,100	Series 2004-46, Class QD, HB, IF, 22.257%, 03/25/34		1,637
	1,605	Series 2004-54, Class FL, VAR, 0.836%, 07/25/34		1,611
	1,851	Series 2004-60, Class PA, 5.500%, 04/25/34		1,942
	7,476	Series 2005-22, Class EH, 5.000%, 04/25/35		8,167
	1,347	Series 2005-58, Class EP, 5.500%, 07/25/35		1,485
	1,716	Series 2005-62, Class DX, 5.000%, 05/25/34		1,773
	1,621	Series 2005-83, Class LA, 5.500%, 10/25/35		1,820
	5,498	Series 2005-116, Class PC, 6.000%, 01/25/36		6,296
	4,763	Series 2006-3, Class SB, IF, IO, 6.264%, 07/25/35		747
	8,119	Series 2006-51, Class FP, VAR, 0.786%, 03/25/36		8,145
	99	Series 2006-81, Class FA, VAR, 0.786%, 09/25/36		99
	1,063	Series 2006-110, Class PO, PO, 11/25/36		1,008
	3,457	Series 2007-76, Class PE, 6.000%, 08/25/37		3,859
	862	Series 2009-89, Class A1, 5.410%, 05/25/35		909
	46	Series 2010-4, Class SL, IF, 10.607%, 02/25/40		63
	1,549	Series 2010-11, Class CB, 4.500%, 02/25/40		1,669

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	6,000	Series 2010-47, Class MB, 5.000%, 09/25/39		6,824
	5,474	Series 2010-68, Class EP, 4.500%, 12/25/39		5,886
	5,000	Series 2010-117, Class DY, 4.500%, 10/25/25		5,632
	4,274	Series 2010-155, Class B, 3.500%, 01/25/26		4,667
	11,500	Series 2011-145, Class PB, 3.500%, 01/25/32		12,485
	14,520	Series 2012-47, Class QE, 4.000%, 05/25/38		15,269
	5,566	Series 2012-50, Class HY, 4.000%, 05/25/42		6,702
	9,152	Series 2012-60, Class EP, 3.000%, 04/25/42		9,372
	19,118	Series 2012-63, Class VA, 4.000%, 08/25/23		20,589
	1,400	Series 2012-141, Class PB, 2.500%, 12/25/42		1,332
	5,300	Series 2013-106, Class PY, 3.000%, 10/25/33		5,407
	3,699	Series 2013-130, Class GY, 3.500%, 01/25/34		4,067
	6,000	Series 2015-11, Class AQ, 3.000%, 03/25/35		6,066
	11,897	Series 2015-48, Class DE, 3.000%, 10/25/44		12,300
	10	Series G92-35, Class EB, 7.500%, 07/25/22		11
	26	Series G92-44, Class ZQ, 8.000%, 07/25/22		27
		Federal National Mortgage Association REMIC Trust,
	168	Series 1999-W4, Class A9, 6.250%, 02/25/29		186
	1,782	Series 2002-W7, Class A4, 6.000%, 06/25/29		1,959
	781	Series 2003-W1, Class 1A1, VAR, 5.711%, 12/25/42		898
	415	Series 2003-W1, Class 2A, VAR, 6.361%, 12/25/42		490
	2,716	Series 2005-W1, Class 1A2, 6.500%, 10/25/44		3,210
	1,826	Series 2009-W1, Class A, 6.000%, 12/25/49		2,106
		Federal National Mortgage Association STRIPS,
	2,022	Series 278, Class 1, VAR, 1.125%, 08/25/25		2,060
	672	Series 278, Class 3, VAR, 1.182%, 11/25/23		678

SEE NOTES TO FINANCIAL STATEMENTS.

144 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	312	Series 343, Class 23, IO, 4.000%, 10/25/18		12
		Government National Mortgage Association,
	342	Series 1998-22, Class PD, 6.500%, 09/20/28		400
	197	Series 1999-17, Class L, 6.000%, 05/20/29		221
	5,321	Series 2001-64, Class PB, 6.500%, 12/20/31		6,096
	3,285	Series 2004-27, Class PD, 5.500%, 04/20/34		3,847
	983	Series 2008-15, Class NB, 4.500%, 02/20/38		1,060
	5,016	Series 2008-40, Class SA, IF, IO, 5.970%, 05/16/38		953
	20,559	Series 2009-42, Class TX, 4.500%, 06/20/39		22,387
	663	Series 2009-52, Class MA, 5.000%, 11/20/36		672
	4,752	Series 2009-69, Class WM, 5.500%, 08/20/39		5,161
	12,834	Series 2011-29, Class Z, 5.000%, 05/20/40		15,481
		Total Collateralized Mortgage Obligations (Cost $498,358)		519,484
	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		6,379
	6,500	Series K048, Class A2, VAR, 3.284%, 06/25/25		6,923
	3,519	Series K049, Class A2, 3.010%, 07/25/25		3,668
	6,716	Series K052, Class A2, 3.151%, 11/25/25		7,077
		Total Commercial Mortgage-Backed Securities (Cost $23,420)		24,047
	Foreign Government Security — 0.6%
	7,527	Israel Government AID Bond, (Israel), Zero Coupon, 09/15/19 (Cost $6,913)		7,154
	Mortgage Pass-Through Securities — 8.4%
		Federal Home Loan Mortgage Corp.,
	6	ARM, 1.894%, 02/01/19		6
	3	ARM, 1.895%, 07/01/30		3
	7	ARM, 2.030%, 03/01/18		7
	31	ARM, 2.070%, 08/01/18		31
	15	ARM, 2.375%, 06/01/18		15
	1,386	ARM, 2.488%, 03/01/37		1,463
	35	ARM, 2.398%, 01/01/21		35
	122	ARM, 2.462%, 01/01/27		128

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	16	ARM, 2.483%, 04/01/30		17
	14	ARM, 2.591%, 11/01/18		14
	1	ARM, 2.945%, 01/01/20		1
	44	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.000%, 12/01/16		45
	275	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 4.500%, 05/01/24		297
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	1,252	4.500%, 10/01/40		1,362
	301	5.500%, 11/01/33		336
	88	6.000%, 02/01/32		102
	393	6.500%, 01/01/24 - 06/01/29		451
	833	7.000%, 08/01/25 - 09/01/29		981
	43	7.500%, 09/01/24 - 08/01/25		48
	24	8.000%, 11/01/24		26
	97	8.500%, 05/01/24 - 07/01/28		114
	1	9.000%, 10/01/17 - 11/01/21		1
		Federal National Mortgage Association,
	154	ARM, 1.875%, 06/01/17 - 08/01/30		158
	80	ARM, 1.894%, 11/01/27 - 11/01/40		84
	28	ARM, 1.902%, 06/01/29		29
	21	ARM, 2.520%, 07/01/17		21
	16	ARM, 2.584%, 08/01/19		16
	26	ARM, 2.750%, 01/01/29		27
	21	ARM, 4.062%, 09/01/27		22
	8	ARM, 5.997%, 04/01/19		8
	4	ARM, 6.000%, 12/01/18		4
		Federal National Mortgage Association, 15 Year, Single Family,
	3,012	4.000%, 04/01/19 - 09/01/25		3,204
	773	4.500%, 03/01/19		803
	222	5.500%, 11/01/16 - 03/01/18		226
	365	Federal National Mortgage Association, 20 Year, Single Family, 5.000%, 11/01/23		404
		Federal National Mortgage Association, 30 Year, Single Family,
	14,518	3.500%, 05/01/42 - 12/01/45		15,303
	16,294	4.000%, 06/01/43 - 11/01/43		17,635
	538	4.500%, 03/01/38		586
	1,703	5.000%, 11/01/33		1,927
	10,731	5.500%, 02/01/29 - 05/01/36		12,244
	1,569	6.000%, 07/01/36		1,828
	371	6.500%, 06/01/26 - 04/01/32		441
	3,344	7.000%, 02/01/24 - 03/01/35		4,122
	96	7.500%, 03/01/30 - 04/01/30		99
	13	10.000%, 10/01/16 - 07/01/20		13

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 145

JPMorgan Government Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
		Federal National Mortgage Association, Other,
	4,886	VAR, 1.220%, 12/01/25		4,874
	6,500	2.810%, 04/01/25		6,678
	6,500	3.100%, 01/01/26		6,846
	7,448	3.117%, 01/01/22		7,946
	9,029	3.259%, 01/01/22		9,681
	3,000	3.300%, 11/01/26		3,164
	4,335	3.765%, 12/01/25		4,736
	67	6.000%, 09/01/28		77
		Government National Mortgage Association II, 30 Year, Single Family,
	180	8.000%, 11/20/26 - 11/20/27		217
		Government National Mortgage Association, 30 Year, Single Family,
	2	6.000%, 10/15/23		2
	437	6.500%, 06/15/23 - 02/15/24		502
	174	7.000%, 12/15/22 - 06/15/28		182
	275	7.500%, 02/15/22 - 02/15/28		302
	106	8.000%, 07/15/22 - 08/15/26		116
	225	9.000%, 07/15/16 - 11/15/24		251
	2	9.500%, 08/15/17 - 09/15/20		2
		Total Mortgage Pass-Through Securities (Cost $105,313)		110,263
	U.S. Government Agency Securities — 20.4%
		Federal Farm Credit Banks,
	10,000	5.750%, 05/11/26		13,043
	12,824	5.750%, 12/07/28		17,196
		Federal National Mortgage Association,
	10,000	6.250%, 05/15/29		14,282
	30,000	9.055%, 10/09/19 (n)		28,327
		Federal National Mortgage Association STRIPS,
	10,000	4.301%, 05/15/30 (n)		6,570
	8,000	6.412%, 05/15/23 (n)		6,984
	9,200	13.075%, 05/29/26 (n)		7,135
	26,153	Financing Corp. STRIPS, 11.185%, 12/06/18 (n)		25,370
		Residual Funding Corp. STRIPS,
	18,300	1.935%, 10/15/20 (n)		17,017
	57,000	2.125%, 07/15/20 (n)		53,306
	5,000	2.267%, 01/15/21 (n)		4,581
	34,520	5.736%, 10/15/19 (n)		32,797
	10,000	6.764%, 01/15/30 (n)		6,868
	5,000	14.171%, 04/15/30 (n)		3,365
	15,000	Resolution Funding Corp. STRIPS, 14.658%, 04/15/28 (n)		10,946

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Tennessee Valley Authority STRIPS,
	14,740	5.073%, 12/15/17 (n)		14,456
	4,500	11.106%, 07/15/16 (n)		4,483
		Total U.S. Government Agency Securities (Cost $233,916)		266,726
	U.S. Treasury Obligations — 25.2%
		U.S. Treasury Bonds,
	20,000	5.250%, 11/15/28		27,402
	2,500	7.125%, 02/15/23		3,430
	13,140	7.250%, 05/15/16		13,326
	3,935	7.250%, 08/15/22		5,340
	3,635	8.000%, 11/15/21		4,958
	3,190	8.875%, 08/15/17		3,566
	1,020	9.000%, 11/15/18		1,241
		U.S. Treasury Coupon STRIPS,
	72,500	2.044%, 05/15/20 (n)		68,636
	1,190	6.988%, 05/15/16 (n)		1,189
	55,000	U.S. Treasury Inflation Indexed Bonds, 1.375%, 02/15/44		60,339
		U.S. Treasury Notes,
	25,000	0.625%, 05/31/17		24,963
	35,000	1.875%, 09/30/17		35,598
	20,000	2.000%, 08/15/25		20,443
	30,000	2.625%, 11/15/20		31,876
	25,000	4.250%, 11/15/17		26,457
	1,020	4.750%, 08/15/17		1,079
		Total U.S. Treasury Obligations (Cost $317,955)		329,843
SHARES
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	47,069	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.180% (b) (l) (Cost $47,069)		47,069
		Total Investments — 99.8% (Cost $1,232,944)		1,304,586
		Other Assets in Excess of Liabilities — 0.2%		2,196
		NET ASSETS — 100.0%	$	1,306,782

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

146 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 0.0% (g)
	3	Long Beach Mortgage Loan Trust, Series 2004-5, Class M6, VAR, 2.936%, 09/25/34		3
	2,664	Unipac IX LLC, 13.000%, 05/15/16		2,421
		Total Asset-Backed Securities (Cost $2,664)		2,424
	Convertible Bonds — 0.2%
		Consumer Discretionary — 0.0% (g)
		Hotels, Restaurants & Leisure — 0.0% (g)
	1,654	Real Mex Restaurants, Inc., 1.120%, 03/21/18		—	(h)
		Utilities — 0.2%
		Electric Utilities — 0.1%
	3,987	Upstate New York Power Producers, Inc., 20.000% (PIK), 06/15/17 (e) (v)		7,656
		Independent Power & Renewable Electricity Producers — 0.1%
	8,500	NRG Yield, Inc., 3.250%, 06/01/20 (e)		6,938
		Total Utilities		14,594
		Total Convertible Bonds (Cost $13,248)		14,594
	Corporate Bonds — 85.1%
		Consumer Discretionary — 18.2%
		Auto Components — 1.7%
		American Axle & Manufacturing, Inc.,
	1,474	6.250%, 03/15/21		1,485
	4,350	6.625%, 10/15/22		4,405
		Goodyear Tire & Rubber Co. (The),
	14,710	5.125%, 11/15/23		15,115
	2,054	6.500%, 03/01/21		2,163
	24,455	7.000%, 05/15/22		26,167
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.,
	3,920	4.875%, 03/15/19		3,636
	15,537	5.875%, 02/01/22		13,556
	4,725	6.000%, 08/01/20		4,394
	3,849	JB Poindexter & Co., Inc., 9.000%, 04/01/22 (e)		3,945
	21,285	MPG Holdco I, Inc., 7.375%, 10/15/22		20,114
	4,029	Tenneco, Inc., 5.375%, 12/15/24		4,170
		ZF North America Capital, Inc.,
	13,519	4.000%, 04/29/20 (e)		13,603
	16,949	4.500%, 04/29/22 (e)		16,716
	17,741	4.750%, 04/29/25 (e)		16,943
				146,412

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — 0.7%
		Fiat Chrysler Automobiles N.V., (Netherlands),
	20,792	4.500%, 04/15/20		20,480
	10,746	5.250%, 04/15/23		10,155
		Jaguar Land Rover Automotive plc, (United Kingdom),
	17,269	4.125%, 12/15/18 (e)		17,658
	11,353	4.250%, 11/15/19 (e)		11,410
	4,150	5.625%, 02/01/23 (e)		4,160
		Motors Liquidation Co.,
	50	0.684%, 06/01/49 (d)		—	(h)
	973	5.250%, 03/06/32 (d)		—	(h)
	953	6.250%, 07/15/33 (d)		—	(h)
	10,255	6.750%, 05/01/28 (d)		—	(h)
	246	7.250%, 04/15/41 (d)		—	(h)
	284	7.250%, 07/15/41 (d)		—	(h)
	548	7.250%, 02/15/52 (d)		—	(h)
	404	7.375%, 05/15/48 (d)		—	(h)
	6,000	7.375%, 05/23/48 (d)		—	(h)
	47	7.375%, 10/01/51 (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)
	34,006	8.375%, 07/15/33 (d)		—	(h)
				63,863
		Distributors — 0.3%
	3,769	American Builders & Contractors Supply Co., Inc., 5.750%, 12/15/23 (e)		3,882
		AmeriGas Finance LLC/AmeriGas Finance Corp.,
	7,000	6.750%, 05/20/20		7,105
	14,985	7.000%, 05/20/22		15,378
	6,000	Global Partners LP/GLP Finance Corp., 7.000%, 06/15/23		3,900
				30,265
		Diversified Consumer Services — 0.2%
		Service Corp. International,
	5,445	5.375%, 05/15/24		5,792
	10,170	8.000%, 11/15/21		11,848
				17,640
		Hotels, Restaurants & Leisure — 3.4%
		1011778 B.C. ULC/New Red Finance, Inc., (Canada),
	2,852	4.625%, 01/15/22 (e)		2,902
	15,965	6.000%, 04/01/22 (e)		16,643

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 147

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Hotels, Restaurants & Leisure — continued
	18,723	Boyd Gaming Corp., 6.875%, 05/15/23		19,238
	4,515	CCM Merger, Inc., 9.125%, 05/01/19 (e)		4,594
	4,232	Choice Hotels International, Inc., 5.750%, 07/01/22		4,459
	20,268	Chukchansi Economic Development Authority, 9.750%, 05/30/20 (e) (d)		12,262
	9,622	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		9,117
	2,910	Eldorado Resorts, Inc., 7.000%, 08/01/23		2,903
	9,560	ESH Hospitality, Inc., 5.250%, 05/01/25 (e)		9,273
	19,605	GLP Capital LP/GLP Financing II, Inc., 5.375%, 11/01/23		19,311
	9,370	Golden Nugget Escrow, Inc., 8.500%, 12/01/21 (e)		8,948
	6,000	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21		6,225
	8,440	Landry’s, Inc., 9.375%, 05/01/20 (e)		8,841
		MGM Resorts International,
	4,325	5.250%, 03/31/20		4,412
	14,315	6.000%, 03/15/23		14,673
	15,080	6.625%, 12/15/21		16,023
	13,635	6.750%, 10/01/20		14,589
	13,115	7.750%, 03/15/22		14,295
	7,345	8.625%, 02/01/19		8,318
	460	NCL Corp., Ltd., (Bermuda), 5.250%, 11/15/19 (e)		460
	3,201	Real Mex Restaurants, Inc., 7.000%, 03/21/16		2,637
	6,508	Sabre GLBL, Inc., 5.375%, 04/15/23 (e)		6,557
		Scientific Games International, Inc.,
	9,180	7.000%, 01/01/22 (e)		8,928
	21,935	10.000%, 12/01/22		17,219
	19,080	Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC, 5.875%, 05/15/21 (e)		18,985
	14,579	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		15,672
	6,000	Speedway Motorsports, Inc., 5.125%, 02/01/23		6,030
	9,231	Station Casinos LLC, 7.500%, 03/01/21		9,635
		Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
	1,965	5.375%, 03/15/22		1,960
	17,545	5.500%, 03/01/25 (e)		16,756
		Yum! Brands, Inc.,
	9,073	3.750%, 11/01/21		8,262
	2,487	3.875%, 11/01/20		2,394
				312,521

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Household Durables — 1.4%
	5,080	Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., (Canada), 6.125%, 07/01/22 (e)		4,242
		CalAtlantic Group, Inc.,
	4,195	5.375%, 10/01/22		4,195
	7,579	5.875%, 11/15/24		7,939
	9,130	8.375%, 01/15/21		10,408
		D.R. Horton, Inc.,
	3,313	4.375%, 09/15/22		3,305
	8,082	4.750%, 02/15/23		7,981
		Lennar Corp.,
	4,182	4.500%, 06/15/19		4,300
	4,242	4.500%, 11/15/19		4,372
	10,886	4.750%, 05/30/25		10,532
	8,473	4.875%, 12/15/23		8,261
	3,360	6.950%, 06/01/18		3,595
	9,000	M/I Homes, Inc., 6.750%, 01/15/21		8,708
		Meritage Homes Corp.,
	7,828	7.000%, 04/01/22		8,121
	990	7.150%, 04/15/20		1,030
	6,523	PulteGroup, Inc., 5.500%, 03/01/26		6,596
	9,559	Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.875%, 04/15/23 (e)		8,794
	9,520	Tempur Sealy International, Inc., 5.625%, 10/15/23 (e)		9,663
	8,968	Toll Brothers Finance Corp., 4.875%, 11/15/25		8,699
	9,940	WCI Communities, Inc., 6.875%, 08/15/21		9,990
				130,731
		Internet & Catalog Retail — 0.3%
		Netflix, Inc.,
	5,309	5.375%, 02/01/21		5,694
	9,800	5.500%, 02/15/22		10,290
	11,575	5.750%, 03/01/24		12,139
				28,123
		Media — 8.6%
		Adelphia Communications Corp.,
	1,075	7.750%, 01/15/09 (d)		4
	1,450	8.125%, 07/15/03 (d)		6
	3,175	9.375%, 11/15/09 (d)		12
	3,500	10.875%, 10/01/10 (d)		13
		Altice Luxembourg S.A., (Luxembourg),
	7,020	7.625%, 02/15/25 (e)		6,423
	17,160	7.750%, 05/15/22 (e)		16,603
	5,860	AMC Entertainment, Inc., 5.875%, 02/15/22		6,065

SEE NOTES TO FINANCIAL STATEMENTS.

148 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
	4,630	AMC Networks, Inc., 4.750%, 12/15/22		4,699
		Cablevision Systems Corp.,
	27,306	8.000%, 04/15/20		25,668
	2,705	8.625%, 09/15/17		2,875
	4,323	CCO Safari II LLC, 4.464%, 07/23/22 (e)		4,389
	35,883	CCOH Safari LLC, 5.750%, 02/15/26 (e)		35,977
	9,225	Cenveo Corp., 8.500%, 09/15/22 (e)		3,413
		Cequel Communications Holdings I LLC/Cequel Capital Corp.,
	4,667	5.125%, 12/15/21 (e)		4,282
	14,020	5.125%, 12/15/21 (e)		12,863
		Cinemark USA, Inc.,
	3,000	4.875%, 06/01/23		3,000
	2,761	5.125%, 12/15/22		2,806
		Clear Channel Worldwide Holdings, Inc.,
	19,765	6.500%, 11/15/22		17,937
	2,650	Series A, 7.625%, 03/15/20		2,156
	15,950	Series B, 6.500%, 11/15/22		15,472
	28,451	Series B, 7.625%, 03/15/20		25,037
	11,558	CSC Holdings LLC, 6.750%, 11/15/21		11,731
		DISH DBS Corp.,
	11,035	5.000%, 03/15/23		9,766
	8,355	5.875%, 11/15/24		7,507
	67,932	6.750%, 06/01/21		69,206
	11,145	7.875%, 09/01/19		12,073
	15,785	Gray Television, Inc., 7.500%, 10/01/20		16,594
		iHeartCommunications, Inc.,
	11,922	9.000%, 12/15/19		8,405
	1,365	9.000%, 03/01/21		930
	2,225	Lamar Media Corp., 5.000%, 05/01/23		2,247
	9,255	Liberty Interactive LLC, 8.250%, 02/01/30		9,116
		LIN Television Corp.,
	16,225	5.875%, 11/15/22		16,327
	150	6.375%, 01/15/21		156
	4,075	Live Nation Entertainment, Inc., 5.375%, 06/15/22 (e)		4,044
	5,895	Nexstar Broadcasting, Inc., 6.125%, 02/15/22 (e)		5,659
	30,700	Nielsen Finance LLC/Nielsen Finance Co., 5.000%, 04/15/22 (e)		31,084
		Numericable-SFR S.A., (France),
	2,935	4.875%, 05/15/19 (e)		2,934
	47,955	6.000%, 05/15/22 (e)		47,475
	11,702	Reg. S, 6.250%, 05/15/24 (e)		11,409

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Outfront Media Capital LLC/Outfront Media Capital Corp.,
	6,056	5.625%, 02/15/24		6,302
	6,019	5.875%, 03/15/25		6,200
	4,740	Quebecor Media, Inc., (Canada), 5.750%, 01/15/23		4,918
	3,825	Quebecor, Inc., (Canada), 9.750%, 01/15/16 (d)		—	(h)
	9,791	RCN Telecom Services LLC/RCN Capital Corp., 8.500%, 08/15/20 (e)		9,448
		Regal Entertainment Group,
	16,800	5.750%, 03/15/22		16,989
	4,975	5.750%, 02/01/25		4,826
		Sinclair Television Group, Inc.,
	14,930	5.375%, 04/01/21		15,136
	10,740	5.625%, 08/01/24 (e)		10,713
	3,500	6.375%, 11/01/21		3,631
		Sirius XM Radio, Inc.,
	15,445	4.625%, 05/15/23 (e)		15,059
	7,025	5.375%, 04/15/25 (e)		7,007
	15,866	5.750%, 08/01/21 (e)		16,461
		TEGNA, Inc.,
	4,661	4.875%, 09/15/21 (e)		4,778
	5,365	5.500%, 09/15/24 (e)		5,499
	16,765	6.375%, 10/15/23		17,980
	13,539	Time Warner Cable, Inc., 7.300%, 07/01/38		14,285
	10,149	Tribune Media Co., 5.875%, 07/15/22 (e)		10,149
	9,803	Unitymedia GmbH, (Germany), 6.125%, 01/15/25 (e)		10,097
		Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, (Germany),
	3,350	5.000%, 01/15/25 (e)		3,360
	11,655	5.500%, 01/15/23 (e)		12,209
		Univision Communications, Inc.,
	26,085	5.125%, 05/15/23 (e)		25,890
	19,190	5.125%, 02/15/25 (e)		18,782
	31,362	6.750%, 09/15/22 (e)		33,281
	13,175	8.500%, 05/15/21 (e)		13,241
	19,866	Videotron Ltd., (Canada), 5.375%, 06/15/24 (e)		20,164
		WMG Acquisition Corp.,
	7,083	5.625%, 04/15/22 (e)		7,030
	22,439	6.750%, 04/15/22 (e)		21,093
	4,575	Ziggo Bond Finance B.V., (Netherlands), 5.875%, 01/15/25 (e)		4,438
				795,329

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 149

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multiline Retail — 0.4%
	25,000	Dollar Tree, Inc., 5.750%, 03/01/23 (e)		26,594
	3,152	J.C. Penney Corp., Inc., 8.125%, 10/01/19		3,191
	12,000	Neiman Marcus Group Ltd. LLC, 8.000%, 10/15/21 (e)		8,459
				38,244
		Specialty Retail — 1.1%
	6,000	Caleres, Inc., 6.250%, 08/15/23		5,940
		Claire’s Stores, Inc.,
	11,275	6.125%, 03/15/20 (e)		5,525
	27,405	8.875%, 03/15/19		4,110
	32,700	9.000%, 03/15/19 (e)		18,721
	5,000	CST Brands, Inc., 5.000%, 05/01/23		4,950
	5,000	Group 1 Automotive, Inc., 5.250%, 12/15/23 (e)		4,687
	7,930	Guitar Center, Inc., 6.500%, 04/15/19 (e)		6,780
	10,500	Jo-Ann Stores LLC, 8.125%, 03/15/19 (e)		8,269
	5,000	L Brands, Inc., 5.625%, 10/15/23		5,325
	2,149	Nebraska Book Holdings, Inc., 15.000%, 06/30/16 (e)		2,192
	12,000	Party City Holdings, Inc., 6.125%, 08/15/23 (e)		11,760
	5,060	Radio Systems Corp., 8.375%, 11/01/19 (e)		5,187
	11,150	Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/01/25		11,596
	3,000	Sally Holdings LLC/Sally Capital, Inc., 5.500%, 11/01/23		3,135
	5,058	Serta Simmons Bedding LLC, 8.125%, 10/01/20 (e)		5,197
				103,374
		Textiles, Apparel & Luxury Goods — 0.1%
	9,635	Levi Strauss & Co., 5.000%, 05/01/25		9,636
		Total Consumer Discretionary		1,676,138
		Consumer Staples — 5.4%
		Beverages — 0.8%
		Constellation Brands, Inc.,
	3,339	3.750%, 05/01/21		3,414
	5,180	4.250%, 05/01/23		5,368
	5,855	4.750%, 11/15/24		6,133
	3,080	4.750%, 12/01/25		3,219
		Cott Beverages, Inc.,
	22,305	5.375%, 07/01/22		22,193
	14,981	6.750%, 01/01/20		15,768
	12,898	DS Services of America, Inc., 10.000%, 09/01/21 (e)		14,494
				70,589

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — 1.4%
	29,675	Albertson’s Holdings LLC/Safeway, Inc., 7.750%, 10/15/22 (e)		30,936
	9,035	Ingles Markets, Inc., 5.750%, 06/15/23		9,080
		New Albertsons, Inc.,
	2,998	6.625%, 06/01/28		2,308
	8,102	7.450%, 08/01/29		6,583
	1,500	7.750%, 06/15/26		1,290
	6,116	8.000%, 05/01/31		5,245
	7,899	8.700%, 05/01/30		7,010
		Rite Aid Corp.,
	21,966	6.125%, 04/01/23 (e)		23,449
	8,000	6.750%, 06/15/21		8,480
	442	Safeway, Inc., 5.000%, 08/15/19		398
	36,276	SUPERVALU, Inc., 7.750%, 11/15/22		28,295
	9,315	Tops Holding LLC/Tops Markets II Corp., 8.000%, 06/15/22 (e)		8,873
				131,947
		Food Products — 2.8%
	5,317	B&G Foods, Inc., 4.625%, 06/01/21		5,377
	13,203	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		13,401
	9,670	Darling Ingredients, Inc., 5.375%, 01/15/22		9,525
	21,079	Dean Foods Co., 6.500%, 03/15/23 (e)		22,179
		JBS USA LLC/JBS USA Finance, Inc.,
	15,522	5.750%, 06/15/25 (e)		13,349
	29,785	5.875%, 07/15/24 (e)		26,094
	47,779	7.250%, 06/01/21 (e)		45,987
	17,849	8.250%, 02/01/20 (e)		17,903
	7,184	Pilgrim’s Pride Corp., 5.750%, 03/15/25 (e)		6,986
	4,305	Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 5.875%, 01/15/24 (e)		4,542
		Post Holdings, Inc.,
	19,889	6.750%, 12/01/21 (e)		21,107
	8,720	7.750%, 03/15/24 (e)		9,549
	2,000	8.000%, 07/15/25 (e)		2,205
		Smithfield Foods, Inc.,
	15,714	5.250%, 08/01/18 (e)		15,989
	17,714	5.875%, 08/01/21 (e)		18,018
	18,959	6.625%, 08/15/22		20,002
	7,800	TreeHouse Foods, Inc., 6.000%, 02/15/24 (e)		8,209
	1,035	Wells Enterprises, Inc., 6.750%, 02/01/20 (e)		1,061
				261,483
		Household Products — 0.3%
	3,095	Central Garden & Pet Co., 6.125%, 11/15/23		3,157

SEE NOTES TO FINANCIAL STATEMENTS.

150 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Household Products — continued
		Spectrum Brands, Inc.,
	9,261	5.750%, 07/15/25		9,759
	255	5.750%, 07/15/25 (e)		269
	4,428	6.125%, 12/15/24		4,682
	5,137	6.625%, 11/15/22		5,529
				23,396
		Personal Products — 0.1%
		Prestige Brands, Inc.,
	7,460	5.375%, 12/15/21 (e)		7,367
	3,825	6.375%, 03/01/24 (e)		3,940
	1,363	Revlon Consumer Products Corp., 5.750%, 02/15/21		1,366
				12,673
		Total Consumer Staples		500,088
		Energy — 7.5%
		Energy Equipment & Services — 0.9%
	7,200	Archrock Partners LP/Archrock Partners Finance Corp., 6.000%, 10/01/22		4,716
	6,358	Basic Energy Services, Inc., 7.750%, 10/15/22		1,192
	8,400	CSI Compressco LP/Compressco Finance, Inc., 7.250%, 08/15/22		4,788
	4,280	Hiland Partners LP/Hiland Partners Finance Corp., 5.500%, 05/15/22 (e)		3,900
	5,022	Parker Drilling Co., 6.750%, 07/15/22		2,925
	1,307	Pioneer Energy Services Corp., 6.125%, 03/15/22		425
		Precision Drilling Corp., (Canada),
	9,422	5.250%, 11/15/24		5,371
	4,845	6.500%, 12/15/21		3,125
	16,769	Sea Trucks Group Ltd., (United Kingdom), Reg. S, 9.000%, 03/26/18 (e)		7,504
	3,000	SESI LLC, 7.125%, 12/15/21		1,841
		Summit Midstream Holdings LLC/Summit Midstream Finance Corp.,
	4,865	5.500%, 08/15/22		3,162
	3,804	7.500%, 07/01/21		2,853
	22,544	Transocean, Inc., (Cayman Islands), 7.125%, 12/15/21		12,399
	11,922	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		9,419
	29,151	Unit Corp., 6.625%, 05/15/21		13,701
	7,225	Western Refining Logistics LP/WNRL Finance Corp., 7.500%, 02/15/23		6,141
				83,462

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — 6.6%
		Antero Resources Corp.,
	6,171	5.125%, 12/01/22		5,261
	5,085	5.375%, 11/01/21		4,399
	12,281	6.000%, 12/01/20		10,991
		Apache Corp.,
	3,468	3.250%, 04/15/22		3,024
	5,590	4.750%, 04/15/43		4,274
		Baytex Energy Corp., (Canada),
	1,254	5.125%, 06/01/21 (e)		724
	4,544	5.625%, 06/01/24 (e)		2,477
	10,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.125%, 11/15/22 (e)		7,500
	11,980	Buckeye Partners LP, 4.875%, 02/01/21		10,941
		California Resources Corp.,
	1,978	5.000%, 01/15/20		257
	2,108	5.500%, 09/15/21		285
	1,094	6.000%, 11/15/24		142
	13,890	8.000%, 12/15/22 (e)		3,472
	25,507	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		9,948
		Cimarex Energy Co.,
	5,442	4.375%, 06/01/24		5,079
	3,728	5.875%, 05/01/22		3,600
	9,830	Citgo Holding, Inc., 10.750%, 02/15/20 (e)		8,945
	12,452	CITGO Petroleum Corp., 6.250%, 08/15/22 (e)		11,518
		Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp.,
	2,217	6.375%, 03/15/24		621
	2,811	8.500%, 12/15/19		1,124
		Comstock Resources, Inc.,
	3,300	7.750%, 04/01/19		330
	5,547	9.500%, 06/15/20		499
	6,750	10.000%, 03/15/20 (e)		2,447
		Concho Resources, Inc.,
	11,811	5.500%, 10/01/22		10,947
	5,239	5.500%, 04/01/23		4,872
	4,585	6.500%, 01/15/22		4,402
	7,596	ConocoPhillips Co., 4.300%, 11/15/44		6,103
		CONSOL Energy, Inc.,
	8,470	5.875%, 04/15/22		5,527
	4,180	Series WI, 8.000%, 04/01/23		2,800
		Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.,
	9,092	6.125%, 03/01/22		6,546
	6,000	6.250%, 04/01/23 (e)		4,260
	7,584	Diamondback Energy, Inc., 7.625%, 10/01/21		7,660

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 151

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
		Energy Transfer Equity LP,
	20,596	5.875%, 01/15/24		16,992
	3,000	7.500%, 10/15/20		2,745
	8,048	EnLink Midstream Partners LP/EnLink Midstream Finance Corp, 7.125%, 06/01/22		6,144
		EP Energy LLC/Everest Acquisition Finance, Inc.,
	6,982	6.375%, 06/15/23		1,885
	10,802	7.750%, 09/01/22		2,917
	9,485	9.375%, 05/01/20		2,774
		Genesis Energy LP/Genesis Energy Finance Corp.,
	8,275	5.625%, 06/15/24		6,206
	5,790	6.000%, 05/15/23		4,459
	4,770	6.750%, 08/01/22		3,983
	12,043	Halcon Resources Corp., 13.000%, 02/15/22 (e)		1,807
		Hilcorp Energy I LP/Hilcorp Finance Co.,
	12,565	5.000%, 12/01/24 (e)		8,544
	15,000	5.750%, 10/01/25 (e)		10,200
	16,008	7.625%, 04/15/21 (e)		13,707
	5,997	Holly Energy Partners LP/Holly Energy Finance Corp., 6.500%, 03/01/20		5,667
	5,892	Jones Energy Holdings LLC/Jones Energy Finance Corp., 6.750%, 04/01/22		2,651
	14,391	Jupiter Resources, Inc., (Canada), 8.500%, 10/01/22 (e)		4,677
	12,000	Martin Midstream Partners LP/Martin Midstream Finance Corp., 7.250%, 02/15/21		9,600
		MEG Energy Corp., (Canada),
	1,059	6.500%, 03/15/21 (e)		511
	13,510	7.000%, 03/31/24 (e)		6,215
		MPLX LP,
	8,414	4.500%, 07/15/23 (e)		6,999
	12,000	4.875%, 12/01/24 (e)		9,804
	24,632	4.875%, 06/01/25 (e)		20,094
	3,005	Navios Maritime Acquisition Corp./Navios Acquisition Finance U.S., Inc., 8.125%, 11/15/21 (e)		2,111
		Newfield Exploration Co.,
	7,500	5.375%, 01/01/26		6,488
	8,655	5.625%, 07/01/24		7,854
	7,000	5.750%, 01/30/22		6,562
		NGL Energy Partners LP/NGL Energy Finance Corp.,
	1,769	5.125%, 07/15/19		1,039
	7,048	6.875%, 10/15/21		4,053

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	8,000	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		7,520
	4,746	Noble Energy, Inc., 5.625%, 05/01/21		4,286
	10,495	Oasis Petroleum, Inc., 6.875%, 03/15/22		6,140
	8,995	PBF Holding Co. LLC/PBF Finance Corp., 7.000%, 11/15/23 (e)		7,758
		Penn Virginia Corp.,
	1,500	7.250%, 04/15/19		127
	14,125	8.500%, 05/01/20		1,201
		Plains All American Pipeline LP/PAA Finance Corp.,
	101	5.150%, 06/01/42		71
	3,114	6.650%, 01/15/37		2,493
		QEP Resources, Inc.,
	10,196	5.250%, 05/01/23		7,137
	16,662	5.375%, 10/01/22		11,330
	14,543	6.875%, 03/01/21		10,471
	10,108	Range Resources Corp., 5.000%, 03/15/23		8,440
		Regency Energy Partners LP/Regency Energy Finance Corp.,
	4,168	4.500%, 11/01/23		3,524
	8,792	5.000%, 10/01/22		7,310
	13,385	5.500%, 04/15/23		11,243
	9,057	Rice Energy, Inc., 7.250%, 05/01/23		7,246
		Rockies Express Pipeline LLC,
	20,000	6.000%, 01/15/19 (e)		18,700
	1,450	6.850%, 07/15/18 (e)		1,403
	3,654	RSP Permian, Inc., 6.625%, 10/01/22		3,270
	3,621	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		109
		SM Energy Co.,
	23,700	5.000%, 01/15/24		9,421
	11,750	5.625%, 06/01/25		4,729
	11,379	6.500%, 11/15/21		5,121
	10,337	6.500%, 01/01/23		4,109
	10,030	Stone Energy Corp., 7.500%, 11/15/22		2,708
		Sunoco LP/Sunoco Finance Corp.,
	7,000	5.500%, 08/01/20 (e)		6,685
	15,760	6.375%, 04/01/23 (e)		14,972
	12,197	Talos Production LLC/Talos Production Finance, Inc., 9.750%, 02/15/18 (e)		3,537
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
	10,000	5.250%, 05/01/23		7,825
	6,000	6.875%, 02/01/21		5,220
	4,288	Tesoro Corp., 5.125%, 04/01/24		3,902
		Tesoro Logistics LP/Tesoro Logistics Finance Corp.,
	9,000	5.875%, 10/01/20		8,460

SEE NOTES TO FINANCIAL STATEMENTS.

152 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	4,500	6.125%, 10/15/21		4,140
	8,000	6.250%, 10/15/22 (e)		7,360
	6,800	Transcontinental Gas Pipe Line Co. LLC, 7.850%, 02/01/26 (e)		7,237
		Ultra Petroleum Corp., (Canada),
	15,555	5.750%, 12/15/18 (e)		778
	21,384	6.125%, 10/01/24 (e)		1,069
	7,920	W&T Offshore, Inc., 8.500%, 06/15/19		911
	4,704	Western Refining, Inc., 6.250%, 04/01/21		3,763
	13,940	Whiting Petroleum Corp., 5.000%, 03/15/19		6,900
		Williams Partners LP/ACMP Finance Corp.,
	22,000	4.875%, 05/15/23		17,953
	12,000	6.125%, 07/15/22		10,564
		WPX Energy, Inc.,
	9,865	5.250%, 09/15/24		5,327
	37,272	6.000%, 01/15/22		21,338
				611,471
		Total Energy		694,933
		Financials — 6.8%
		Banks — 2.5%
	14,635	Barclays Bank plc, (United Kingdom), 7.625%, 11/21/22		14,800
		CIT Group, Inc.,
	7,713	3.875%, 02/19/19		7,674
	20,681	5.000%, 08/15/22		20,759
	40,915	5.250%, 03/15/18		42,091
	13,761	5.375%, 05/15/20		14,208
	3,676	5.500%, 02/15/19 (e)		3,805
	16,345	6.625%, 04/01/18 (e)		17,183
		Royal Bank of Scotland Group plc, (United Kingdom),
	3,035	5.125%, 05/28/24		2,911
	8,761	6.000%, 12/19/23		8,849
	59,525	6.100%, 06/10/23		60,260
	35,319	6.125%, 12/15/22		37,061
				229,601
		Capital Markets — 0.2%
		E*TRADE Financial Corp.,
	12,260	4.625%, 09/15/23		12,015
	5,240	5.375%, 11/15/22		5,446
				17,461
		Consumer Finance — 1.3%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	12,107	4.500%, 05/15/21		12,198

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	5,220	4.625%, 10/30/20		5,305
	3,025	4.625%, 07/01/22		3,029
		Ally Financial, Inc.,
	8,901	3.250%, 02/13/18		8,812
	23,355	3.250%, 11/05/18		22,946
	7,206	3.600%, 05/21/18		7,170
	2,754	4.125%, 02/13/22		2,678
	24,112	4.625%, 05/19/22		24,082
	7,945	4.625%, 03/30/25		7,707
	22,264	8.000%, 11/01/31		24,518
				118,445
		Diversified Financial Services — 0.9%
	23,188	ACE Cash Express, Inc., 11.000%, 02/01/19 (e)		9,159
	16,000	Argos Merger Sub, Inc., 7.125%, 03/15/23 (e)		16,360
	19,226	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		7,691
	8,511	Highland Ranch, 6.700%, 09/01/20		8,426
	8,578	MSCI, Inc., 5.250%, 11/15/24 (e)		9,071
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	7,189	6.500%, 07/01/21		6,335
	3,490	6.500%, 06/01/22		2,966
	7,757	7.875%, 10/01/20		7,311
	6,920	9.625%, 05/01/19		7,128
	6,620	Nielsen Co. Luxembourg SARL (The), (Luxembourg), 5.500%, 10/01/21 (e)		6,860
	3,355	Speedy Cash Intermediate Holdings Corp., 10.750%, 05/15/18 (e)		1,694
				83,001
		Insurance — 0.7%
	17,171	CNO Financial Group, Inc., 5.250%, 05/30/25		16,656
	4,762	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 04/01/21 (e)		4,833
	7,210	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		7,714
	14,342	Liberty Mutual Group, Inc., 7.800%, 03/15/37 (e)		15,687
	10,765	National Financial Partners Corp., 9.000%, 07/15/21 (e)		9,473
	15,073	USI, Inc., 7.750%, 01/15/21 (e)		13,867
				68,230
		Real Estate Investment Trusts (REITs) — 0.9%
	4,836	Communications Sales & Leasing, Inc./CSL Capital LLC, 6.000%, 04/15/23 (e)		4,666

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 153

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — continued
		Crown Castle International Corp.,
	4,500	4.875%, 04/15/22		4,702
	3,555	5.250%, 01/15/23		3,764
	7,780	DuPont Fabros Technology LP, 5.875%, 09/15/21		8,091
		Equinix, Inc.,
	2,065	4.875%, 04/01/20		2,142
	9,508	5.375%, 01/01/22		9,864
	11,133	5.375%, 04/01/23		11,909
	2,707	5.750%, 01/01/25		2,802
	4,481	5.875%, 01/15/26		4,683
		Iron Mountain, Inc.,
	10,454	5.750%, 08/15/24		10,467
	10,396	6.000%, 10/01/20 (e)		11,020
	8,522	RHP Hotel Properties LP/RHP Finance Corp., 5.000%, 04/15/23		8,501
				82,611
		Real Estate Management & Development — 0.1%
	15,620	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		13,511
		Thrifts & Mortgage Finance — 0.2%
	17,374	Quicken Loans, Inc., 5.750%, 05/01/25 (e)		16,245
		Total Financials		629,105
		Health Care — 10.7%
		Health Care Equipment & Supplies — 1.5%
		Alere, Inc.,
	5,366	6.375%, 07/01/23 (e)		5,889
	10,213	6.500%, 06/15/20		10,570
	250	7.250%, 07/01/18		262
	21,947	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		22,496
	13,430	Crimson Merger Sub, Inc., 6.625%, 05/15/22 (e)		9,670
	6,595	Halyard Health, Inc., 6.250%, 10/15/22		6,447
	5,100	Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (e)		5,240
	11,830	Hologic, Inc., 5.250%, 07/15/22 (e)		12,391
		Mallinckrodt International Finance S.A., (Luxembourg),
	1,067	3.500%, 04/15/18		1,045
	2,784	4.750%, 04/15/23		2,457
		Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg),
	10,040	4.875%, 04/15/20 (e)		9,940
	9,330	5.500%, 04/15/25 (e)		8,793
	16,253	5.625%, 10/15/23 (e)		15,969
	18,382	5.750%, 08/01/22 (e)		18,152

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — continued
	4,685	Sterigenics-Nordion Holdings LLC, 6.500%, 05/15/23 (e)		4,404
	2,985	Teleflex, Inc., 5.250%, 06/15/24		3,022
				136,747
		Health Care Providers & Services — 6.3%
		Acadia Healthcare Co., Inc.,
	2,805	5.625%, 02/15/23		2,833
	4,830	6.500%, 03/01/24 (e)		4,987
	4,165	Series WI, 6.125%, 03/15/21		4,269
		Amsurg Corp.,
	8,200	5.625%, 11/30/20		8,456
	7,965	5.625%, 07/15/22		8,204
	7,456	Centene Corp., 4.750%, 05/15/22		7,512
		Centene Escrow Corp.,
	10,589	5.625%, 02/15/21 (e)		11,066
	8,415	6.125%, 02/15/24 (e)		8,930
		CHS/Community Health Systems, Inc.,
	10,266	5.125%, 08/15/18		10,305
	10,260	5.125%, 08/01/21		10,311
	30,965	6.875%, 02/01/22		26,552
	13,932	7.125%, 07/15/20		12,539
	15,250	8.000%, 11/15/19		14,411
		DaVita HealthCare Partners, Inc.,
	15,915	5.000%, 05/01/25		15,875
	11,170	5.125%, 07/15/24		11,366
	8,500	5.750%, 08/15/22		8,946
	8,050	Envision Healthcare Corp., 5.125%, 07/01/22 (e)		8,090
		Fresenius Medical Care U.S. Finance II, Inc.,
	4,205	4.125%, 10/15/20 (e)		4,289
	4,380	4.750%, 10/15/24 (e)		4,477
	4,281	5.625%, 07/31/19 (e)		4,650
	10,626	5.875%, 01/31/22 (e)		11,609
	2,075	6.500%, 09/15/18 (e)		2,293
	2,419	6.875%, 07/15/17		2,570
	10,235	Fresenius Medical Care U.S. Finance, Inc., 5.750%, 02/15/21 (e)		11,054
	11,585	HCA Holdings, Inc., 6.250%, 02/15/21		12,251
		HCA, Inc.,
	11,028	3.750%, 03/15/19		11,234
	9,680	4.250%, 10/15/19		9,970
	11,871	5.000%, 03/15/24		12,108
	12,185	5.250%, 04/15/25		12,551
	19,215	5.375%, 02/01/25		19,575
	10,440	5.875%, 03/15/22		11,197

SEE NOTES TO FINANCIAL STATEMENTS.

154 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	14,990	5.875%, 02/15/26		15,440
	16,418	6.500%, 02/15/20		18,186
	19,448	7.500%, 02/15/22		21,972
	15,055	Series 1, 5.875%, 05/01/23		15,808
	38,116	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		36,210
	1,827	inVentiv Health, Inc., 9.000%, 01/15/18 (e)		1,864
		LifePoint Health, Inc.,
	5,879	5.500%, 12/01/21		6,070
	5,450	6.625%, 10/01/20		5,650
	30,320	MPH Acquisition Holdings LLC, 6.625%, 04/01/22 (e)		30,547
	10,495	Team Health, Inc., 7.250%, 12/15/23 (e)		11,020
		Tenet Healthcare Corp.,
	10,918	4.375%, 10/01/21		10,768
	8,561	4.500%, 04/01/21		8,507
	5,725	4.750%, 06/01/20		5,782
	11,514	5.000%, 03/01/19		10,996
	8,164	5.500%, 03/01/19		7,858
	19,145	6.000%, 10/01/20		20,332
	5,204	6.250%, 11/01/18		5,477
	6,208	6.750%, 02/01/20		5,960
	13,840	6.750%, 06/15/23		12,543
	12,807	8.000%, 08/01/20		12,935
	18,973	8.125%, 04/01/22		18,653
				587,058
		Health Care Technology — 0.3%
		Emdeon, Inc.,
	15,755	6.000%, 02/15/21 (e)		14,652
	9,751	11.000%, 12/31/19		9,995
	4,560	IMS Health, Inc., 6.000%, 11/01/20 (e)		4,716
				29,363
		Life Sciences Tools & Services — 0.1%
	6,295	Quintiles Transnational Corp., 4.875%, 05/15/23 (e)		6,468
		Pharmaceuticals — 2.5%
	5,480	Capsugel S.A., (Luxembourg), 7.000% (cash), 05/15/19 (e) (v)		5,487
	14,025	Celtic Pharma Phinco B.V., (Bermuda), 17.000%, 06/15/12 (d)		1
	29,592	Concordia Healthcare Corp., (Canada), 7.000%, 04/15/23 (e)		25,745
	7,363	Endo Finance LLC, 5.750%, 01/15/22 (e)		7,437

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Pharmaceuticals — continued
		Endo Finance LLC/Endo Finco, Inc.,
	5,000	5.875%, 01/15/23 (e)		4,975
	7,185	7.750%, 01/15/22 (e)		7,454
		Endo Ltd./Endo Finance LLC/Endo Finco, Inc., (Ireland),
	14,105	6.000%, 07/15/23 (e)		14,246
	8,650	6.000%, 02/01/25 (e)		8,607
		Valeant Pharmaceuticals International, Inc., (Canada),
	24,825	5.375%, 03/15/20 (e)		22,467
	6,175	5.500%, 03/01/23 (e)		5,141
	6,075	5.625%, 12/01/21 (e)		5,198
	40,137	5.875%, 05/15/23 (e)		33,865
	30,185	6.125%, 04/15/25 (e)		25,336
	23,288	6.375%, 10/15/20 (e)		21,367
	19,415	6.750%, 08/15/18 (e)		18,735
	3,870	6.750%, 08/15/21 (e)		3,522
	10,270	7.000%, 10/01/20 (e)		9,679
	6,920	7.250%, 07/15/22 (e)		6,332
	11,237	7.500%, 07/15/21 (e)		10,591
				236,185
		Total Health Care		995,821
		Industrials — 9.1%
		Aerospace & Defense — 0.6%
		Bombardier, Inc., (Canada),
	6,425	4.750%, 04/15/19 (e)		5,124
	9,550	5.500%, 09/15/18 (e)		8,595
	8,400	KLX, Inc., 5.875%, 12/01/22 (e)		8,001
		Orbital ATK, Inc.,
	2,785	5.250%, 10/01/21		2,837
	4,080	5.500%, 10/01/23 (e)		4,213
		TransDigm, Inc.,
	6,490	5.500%, 10/15/20		6,344
	10,793	6.000%, 07/15/22		10,523
	14,125	6.500%, 07/15/24		13,772
				59,409
		Airlines — 0.7%
	6,044	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		6,286
	6,563	Continental Airlines 2005-ERJ1 Pass-Through Trust, 9.798%, 04/01/21		7,154
	2,092	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		2,249
	6,892	Continental Airlines 2012-3 Class C Pass-Through Certificates, 6.125%, 04/29/18		7,116

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 155

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Airlines — continued
	3,685	Delta Air Lines 2007-1 Class B Pass-Through Trust, 8.021%, 08/10/22		4,137
	236	Delta Air Lines 2009-1 Series B Pass-Through Trust, 9.750%, 12/17/16		248
	10,164	Delta Air Lines 2012-1 Class B Pass-Through Trust, 6.875%, 05/07/19 (e)		10,926
	11,440	Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19		12,642
	6,971	U.S. Airways 2013-1 Class B Pass-Through Trust, 5.375%, 11/15/21		6,921
	2,222	UAL 2007-1 Pass-Through Trust, 6.636%, 07/02/22		2,333
	963	UAL 2009-2A Pass-Through Trust, 9.750%, 01/15/17		1,016
				61,028
		Building Products — 1.0%
		Masco Corp.,
	16,698	4.450%, 04/01/25		16,583
	1,075	7.125%, 03/15/20		1,236
	8,925	Masonite International Corp., (Canada), 5.625%, 03/15/23 (e)		9,237
	8,574	NCI Building Systems, Inc., 8.250%, 01/15/23 (e)		8,874
		Standard Industries Inc/NJ,
	14,175	5.375%, 11/15/24 (e)		14,397
	6,340	6.000%, 10/15/25 (e)		6,443
		Standard Industries, Inc./NJ,
	3,906	5.125%, 02/15/21 (e)		3,984
	6,545	5.500%, 02/15/23 (e)		6,627
	25,184	Summit Materials LLC/Summit Materials Finance Corp., 6.125%, 07/15/23		22,477
	9,850	Unifrax I LLC/Unifrax Holding Co., 7.500%, 02/15/19 (e)		7,585
				97,443
		Commercial Services & Supplies — 2.1%
		ADT Corp. (The),
	43,785	4.125%, 06/15/23		36,889
	24,231	6.250%, 10/15/21		23,625
	2,985	Aramark Services, Inc., 5.125%, 01/15/24 (e)		3,127
	22,464	Casella Waste Systems, Inc., 7.750%, 02/15/19		22,071
	7,630	Covanta Holding Corp., 5.875%, 03/01/24		6,562
	6,234	Deluxe Corp., 6.000%, 11/15/20		6,468
	20,200	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		14,140

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Services & Supplies — continued
		Harland Clarke Holdings Corp.,
	6,275	9.250%, 03/01/21 (e)		4,110
	980	9.750%, 08/01/18 (e)		946
	32,554	ILFC E-Capital Trust I, VAR, 4.490%, 12/21/65 (e)		25,066
	32,786	ILFC E-Capital Trust II, VAR, 4.740%, 12/21/65 (e)		25,327
	13,300	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.375%, 08/01/23 (e)		13,566
	2,972	Mustang Merger Corp., 8.500%, 08/15/21 (e)		3,024
	8,000	Quad/Graphics, Inc., 7.000%, 05/01/22		5,980
		Quebecor World Capital Corp., (Canada),
	8,325	6.125%, 01/15/16 (d)		—	(h)
	6,815	6.500%, 08/01/27 (d)		—	(h)
	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		1,557
	8,000	West Corp., 5.375%, 07/15/22 (e)		7,160
				199,618
		Construction & Engineering — 0.8%
		AECOM,
	14,635	5.750%, 10/15/22		14,781
	28,450	5.875%, 10/15/24		28,308
	27,077	MasTec, Inc., 4.875%, 03/15/23		22,812
	11,857	Tutor Perini Corp., 7.625%, 11/01/18		11,620
				77,521
		Electrical Equipment — 0.4%
	12,775	EnerSys, 5.000%, 04/30/23 (e)		12,168
	4,533	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		4,488
		Sensata Technologies B.V., (Netherlands),
	6,755	4.875%, 10/15/23 (e)		6,671
	3,520	5.000%, 10/01/25 (e)		3,458
	2,101	5.625%, 11/01/24 (e)		2,164
	5,780	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		4,855
				33,804
		Machinery — 0.8%
	10,479	ATS Automation Tooling Systems, Inc., (Canada), 6.500%, 06/15/23 (e)		10,531
	20,857	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		15,278
		Bluewater Holding B.V., (Netherlands),
	31,500	10.000%, 12/10/19 (e)		11,970
	8,875	Briggs & Stratton Corp., 6.875%, 12/15/20		9,518

SEE NOTES TO FINANCIAL STATEMENTS.

156 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Machinery — continued
	8,485	Gardner Denver, Inc., 6.875%, 08/15/21 (e)		5,642
	15,760	Milacron LLC/Mcron Finance Corp., 7.750%, 02/15/21 (e)		13,081
	5,796	Oshkosh Corp., 5.375%, 03/01/25		5,724
				71,744
		Marine — 0.3%
	20,210	Navios Maritime Holdings, Inc./Navios Maritime Finance II U.S., Inc., 7.375%, 01/15/22 (e)		6,467
	14,507	Navios South American Logistics, Inc./Navios Logistics Finance U.S., Inc., 7.250%, 05/01/22 (e)		7,508
	6,552	Shelf Drilling Holdings Ltd., (Cayman Islands), 8.625%, 11/01/18 (e)		4,226
	26,212	Ultrapetrol Bahamas Ltd., (Bahamas), 8.875%, 06/15/21 (d)		4,980
				23,181
		Professional Services — 0.0% (g)
	3,210	IHS, Inc., 5.000%, 11/01/22		3,322
		Road & Rail — 0.2%
		Ashtead Capital, Inc.,
	8,400	5.625%, 10/01/24 (e)		8,316
	9,410	6.500%, 07/15/22 (e)		9,669
				17,985
		Trading Companies & Distributors — 2.2%
	11,505	Ahern Rentals, Inc., 7.375%, 05/15/23 (e)		6,903
		Aircastle Ltd., (Bermuda),
	1,605	5.125%, 03/15/21		1,609
	3,405	5.500%, 02/15/22		3,401
	2,882	6.250%, 12/01/19		3,051
	10,719	7.625%, 04/15/20		11,737
	4,793	Beacon Roofing Supply, Inc., 6.375%, 10/01/23 (e)		5,057
	18,554	H&E Equipment Services, Inc., 7.000%, 09/01/22		17,673
		HD Supply, Inc.,
	865	5.250%, 12/15/21 (e)		906
	28,550	7.500%, 07/15/20		30,049
		International Lease Finance Corp.,
	5,899	4.625%, 04/15/21		5,958
	4,965	5.875%, 04/01/19		5,245
	24,055	6.250%, 05/15/19		25,799
	19,982	8.250%, 12/15/20		23,104
	6,650	8.625%, 01/15/22		7,880
		United Rentals North America, Inc.,
	7,850	4.625%, 07/15/23		7,850

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Trading Companies & Distributors — continued
	7,595	5.500%, 07/15/25		7,206
	21,575	5.750%, 11/15/24		21,031
	8,488	6.125%, 06/15/23		8,705
	5,200	7.625%, 04/15/22		5,528
	9,000	Univar USA, Inc., 6.750%, 07/15/23 (e)		7,762
				206,454
		Total Industrials		851,509
		Information Technology — 4.3%
		Communications Equipment — 0.8%
	10,147	Alcatel-Lucent USA, Inc., 6.450%, 03/15/29		10,324
		Avaya, Inc.,
	16,439	7.000%, 04/01/19 (e)		10,110
	19,618	10.500%, 03/01/21 (e)		5,003
	5,807	CommScope Technologies Finance LLC, 6.000%, 06/15/25 (e)		5,749
		CommScope, Inc.,
	2,513	4.375%, 06/15/20 (e)		2,557
	8,680	5.000%, 06/15/21 (e)		8,506
	8,031	5.500%, 06/15/24 (e)		7,790
	18,825	Goodman Networks, Inc., 12.125%, 07/01/18		5,553
		Nokia OYJ, (Finland),
	6,517	5.375%, 05/15/19		6,908
	5,600	6.625%, 05/15/39		5,712
	4,475	Plantronics, Inc., 5.500%, 05/31/23 (e)		4,274
				72,486
		Electronic Equipment, Instruments & Components — 0.3%
	9,780	Anixter, Inc., 5.500%, 03/01/23 (e)		9,389
	5,649	Belden, Inc., 5.250%, 07/15/24 (e)		5,140
		CDW LLC/CDW Finance Corp.,
	7,016	5.000%, 09/01/23		7,192
	2,781	5.500%, 12/01/24		2,871
	1,510	6.000%, 08/15/22		1,604
	5,310	Zebra Technologies Corp., 7.250%, 10/15/22		5,536
				31,732
		Internet Software & Services — 0.1%
		VeriSign, Inc.,
	6,008	4.625%, 05/01/23		5,918
	2,933	5.250%, 04/01/25		2,889
				8,807
		IT Services — 0.9%
	6,450	Alliance Data Systems Corp., 5.375%, 08/01/22 (e)		5,999

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 157

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		IT Services — continued
		First Data Corp.,
	9,175	5.000%, 01/15/24 (e)		9,318
	8,260	5.375%, 08/15/23 (e)		8,590
	21,830	5.750%, 01/15/24 (e)		21,967
	5,370	6.750%, 11/01/20 (e)		5,668
	30,153	7.000%, 12/01/23 (e)		30,153
				81,695
		Semiconductors & Semiconductor Equipment — 1.2%
		Advanced Micro Devices, Inc.,
	11,723	6.750%, 03/01/19		8,558
	20,232	7.000%, 07/01/24		12,645
	770	7.500%, 08/15/22		500
	9,140	7.750%, 08/01/20		6,238
	2,499	Entegris, Inc., 6.000%, 04/01/22 (e)		2,530
		Freescale Semiconductor, Inc.,
	1,654	5.000%, 05/15/21 (e)		1,712
	2,315	6.000%, 01/15/22 (e)		2,457
		Micron Technology, Inc.,
	9,590	5.250%, 08/01/23 (e)		8,200
	182	5.250%, 01/15/24 (e)		153
	4,936	5.500%, 02/01/25		4,146
	5,558	5.625%, 01/15/26 (e)		4,502
	8,738	5.875%, 02/15/22		8,027
	6,700	Microsemi Corp., 9.125%, 04/15/23 (e)		7,085
		NXP B.V./NXP Funding LLC, (Netherlands),
	10,909	4.125%, 06/15/20 (e)		11,033
	13,426	4.625%, 06/15/22 (e)		13,392
	2,430	5.750%, 02/15/21 (e)		2,527
	3,963	5.750%, 03/15/23 (e)		4,102
	7,206	Qorvo, Inc., 6.750%, 12/01/23 (e)		7,332
	5,867	Sensata Technologies UK Financing Co. plc, (United Kingdom), 6.250%, 02/15/26 (e)		6,205
				111,344
		Software — 0.9%
	3,170	Activision Blizzard, Inc., 6.125%, 09/15/23 (e)		3,392
		Audatex North America, Inc.,
	17,457	6.000%, 06/15/21 (e)		17,632
	7,111	6.125%, 11/01/23 (e)		7,182
		Infor U.S., Inc.,
	10,295	5.750%, 08/15/20 (e)		10,372
	9,315	6.500%, 05/15/22 (e)		8,081
	9,631	Informatica LLC, 7.125%, 07/15/23 (e)		8,860
	10,227	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		10,457

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Software — continued
	5,685	Open Text Corp., (Canada), 5.625%, 01/15/23 (e)		5,600
	9,645	Solera LLC / Solera Finance, Inc., 10.500%, 03/01/24 (e)		9,163
	3,890	SS&C Technologies Holdings, Inc., 5.875%, 07/15/23 (e)		4,104
				84,843
		Technology Hardware, Storage & Peripherals — 0.1%
		NCR Corp.,
	3,142	5.000%, 07/15/22		2,977
	1,176	5.875%, 12/15/21		1,156
	2,730	6.375%, 12/15/23		2,675
				6,808
		Total Information Technology		397,715
		Materials — 9.2%
		Chemicals — 2.6%
	12,040	Ashland, Inc., 4.750%, 08/15/22		11,890
	5,175	Axiall Corp., 4.875%, 05/15/23		5,020
	9,800	Basell Finance Co., B.V., (Netherlands), 8.100%, 03/15/27 (e)		12,441
		Blue Cube Spinco, Inc.,
	26,675	9.750%, 10/15/23 (e)		29,676
	30,848	10.000%, 10/15/25 (e)		34,164
	14,049	GCP Applied Technologies, Inc., 9.500%, 02/01/23 (e)		15,032
		Hexion, Inc.,
	39,001	6.625%, 04/15/20		30,811
	6,016	10.000%, 04/15/20		5,189
		INEOS Group Holdings S.A., (Luxembourg),
	2,791	5.875%, 02/15/19 (e)		2,735
	2,617	6.125%, 08/15/18 (e)		2,617
	4,250	LyondellBasell Industries N.V., (Netherlands), 6.000%, 11/15/21		4,724
		Momentive Performance Materials, Inc.,
	8,310	3.880%, 10/24/21		5,651
	9,310	8.875%, 10/15/20 (d)		—	(h)
		NOVA Chemicals Corp., (Canada),
	5,295	5.000%, 05/01/25 (e)		5,189
	5,135	5.250%, 08/01/23 (e)		5,058
	6,050	Nufarm Australia Ltd., (Australia), 6.375%, 10/15/19 (e)		5,838
	19,219	PolyOne Corp., 5.250%, 03/15/23		19,183
		Rain CII Carbon LLC/CII Carbon Corp.,
	8,170	8.000%, 12/01/18 (e)		6,638
	7,856	8.250%, 01/15/21 (e)		5,735

SEE NOTES TO FINANCIAL STATEMENTS.

158 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
	12,000	Scotts Miracle-Gro Co. (The), 6.000%, 10/15/23 (e)		12,480
		Tronox Finance LLC,
	2,000	6.375%, 08/15/20		1,255
	18,477	7.500%, 03/15/22 (e)		11,410
	7,299	W.R. Grace & Co.-Conn, 5.125%, 10/01/21 (e)		7,591
				240,327
		Construction Materials — 1.6%
	20,934	Cemex Espana S.A., (Spain), 9.875%, 04/30/19 (e)		21,972
	23,430	Cemex Finance LLC, 9.375%, 10/12/22 (e)		24,484
		Cemex S.A.B. de C.V., (Mexico),
	25,660	5.700%, 01/11/25 (e)		22,388
	25,389	6.125%, 05/05/25 (e)		22,660
	9,800	6.500%, 12/10/19 (e)		9,653
	10,513	7.250%, 01/15/21 (e)		10,512
	6,750	Headwaters, Inc., 7.250%, 01/15/19		6,902
	7,107	U.S. Concrete, Inc., 8.500%, 12/01/18		7,356
		Vulcan Materials Co.,
	15,595	4.500%, 04/01/25		15,595
	9,290	7.500%, 06/15/21		10,753
				152,275
		Containers & Packaging — 1.5%
	446	Ardagh Packaging Finance plc, (Ireland), 9.125%, 10/15/20 (e)		460
	1,694	Ardagh Packaging Finance plc/Ardagh Holdings USA, Inc., (Ireland), 7.000%, 11/15/20 (e)		1,575
		Ball Corp.,
	3,000	4.000%, 11/15/23		2,918
	5,000	5.000%, 03/15/22		5,206
	7,390	5.250%, 07/01/25		7,704
		Berry Plastics Corp.,
	13,850	5.125%, 07/15/23		13,850
	5,000	5.500%, 05/15/22		5,200
		Cascades, Inc., (Canada),
	5,740	5.500%, 07/15/22 (e)		5,410
	5,280	5.750%, 07/15/23 (e)		4,924
	3,085	Constar International, Inc., 11.000%, 12/31/17 (d)		324
	4,845	Graphic Packaging International, Inc., 4.750%, 04/15/21		4,912
		Owens-Brockway Glass Container, Inc.,
	5,355	5.000%, 01/15/22 (e)		5,301
	9,656	5.375%, 01/15/25 (e)		9,415
	5,000	5.875%, 08/15/23 (e)		5,150
	1,802	6.375%, 08/15/25 (e)		1,852

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Containers & Packaging — continued
		Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC,
	12,385	5.750%, 10/15/20		12,726
	12,600	6.875%, 02/15/21		13,041
	3,800	8.250%, 02/15/21		3,733
	9,005	9.875%, 08/15/19		9,275
		Sealed Air Corp.,
	12,245	5.125%, 12/01/24 (e)		12,704
	8,594	5.250%, 04/01/23 (e)		8,959
	2,000	6.500%, 12/01/20 (e)		2,240
				136,879
		Metals & Mining — 3.3%
	11,290	AK Steel Corp., 8.750%, 12/01/18		10,274
		Alcoa, Inc.,
	19,585	5.125%, 10/01/24		17,700
	4,011	5.400%, 04/15/21		3,931
	108	5.870%, 02/23/22		103
	10,781	5.900%, 02/01/27		9,811
	5,000	5.950%, 02/01/37		3,900
	15,659	6.750%, 01/15/28		14,210
		Aleris International, Inc.,
	4,147	7.625%, 02/15/18		3,650
	1,203	7.875%, 11/01/20		944
	7,150	Allegheny Technologies, Inc., 7.625%, 08/15/23		4,933
		ArcelorMittal, (Luxembourg),
	5,170	6.125%, 06/01/25		4,188
	14,005	6.500%, 03/01/21		12,605
	69,210	7.250%, 02/25/22		62,455
	4,270	8.000%, 10/15/39		3,358
	5,300	10.850%, 06/01/19		5,578
	14,887	Coeur Mining, Inc., 7.875%, 02/01/21		10,570
	15,062	Commercial Metals Co., 4.875%, 05/15/23		12,953
		First Quantum Minerals Ltd., (Canada),
	7,276	6.750%, 02/15/20 (e)		3,784
	10,861	7.000%, 02/15/21 (e)		5,593
	11,260	Freeport-McMoRan, Inc., 5.450%, 03/15/43		6,531
	14,756	Hecla Mining Co., 6.875%, 05/01/21		11,288
	10,442	HudBay Minerals, Inc., (Canada), 9.500%, 10/01/20		5,956
	3,850	Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		2,964
		Lundin Mining Corp., (Canada),
	10,080	7.500%, 11/01/20 (e)		8,921
	10,130	7.875%, 11/01/22 (e)		8,306

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 159

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Metals & Mining — continued
		New Gold, Inc., (Canada),
	15,535	6.250%, 11/15/22 (e)		11,069
	4,261	7.000%, 04/15/20 (e)		3,574
	25,825	Novelis, Inc., (Canada), 8.750%, 12/15/20		23,953
	5,490	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		4,406
	8,160	Signode Industrial Group Lux S.A./Signode Industrial Group U.S., Inc., 6.375%, 05/01/22 (e)		6,936
		Steel Dynamics, Inc.,
	5,850	5.125%, 10/01/21		5,704
	5,800	5.250%, 04/15/23		5,437
	7,095	5.500%, 10/01/24		6,652
	7,392	6.375%, 08/15/22		7,392
	5,370	Taseko Mines Ltd., (Canada), 7.750%, 04/15/19		2,685
				312,314
		Paper & Forest Products — 0.2%
		Clearwater Paper Corp.,
	7,395	4.500%, 02/01/23		6,961
	4,819	5.375%, 02/01/25 (e)		4,602
	15,735	Hardwoods Acquisition, Inc., 7.500%, 08/01/21 (e)		7,395
	6,530	NWH Escrow Corp., 7.500%, 08/01/21 (e)		2,906
				21,864
		Total Materials		863,659
		Telecommunication Services — 10.3%
		Diversified Telecommunication Services — 6.5%
		Altice Financing S.A., (Luxembourg),
	10,515	6.500%, 01/15/22 (e)		10,422
	15,317	6.625%, 02/15/23 (e)		15,087
	1,947	7.875%, 12/15/19 (e)		2,035
	4,014	Altice Finco S.A., (Luxembourg), 7.625%, 02/15/25 (e)		3,743
		CCO Holdings LLC/CCO Holdings Capital Corp.,
	1,694	5.125%, 02/15/23		1,682
	5,688	5.375%, 05/01/25 (e)		5,631
	1,347	5.750%, 09/01/23		1,367
	38,022	5.875%, 04/01/24 (e)		38,830
	4,650	6.500%, 04/30/21		4,833
	14,364	6.625%, 01/31/22		15,082
	24,741	Cincinnati Bell, Inc., 8.375%, 10/15/20		24,432
	13,940	Consolidated Communications, Inc., 6.500%, 10/01/22		11,361
	62,554	Embarq Corp., 7.995%, 06/01/36		59,426

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
		Frontier Communications Corp.,
	2,085	6.250%, 09/15/21		1,848
	23,766	8.500%, 04/15/20		24,182
	964	8.750%, 04/15/22		904
	38,466	9.250%, 07/01/21		38,466
	15,971	10.500%, 09/15/22 (e)		16,131
	22,117	11.000%, 09/15/25 (e)		22,144
		Intelsat Jackson Holdings S.A., (Luxembourg),
	22,216	5.500%, 08/01/23		14,441
	19,750	7.250%, 04/01/19		15,306
	22,055	7.250%, 10/15/20		15,218
	12,018	Intelsat Luxembourg S.A., (Luxembourg), 7.750%, 06/01/21		3,606
	14,492	Level 3 Communications, Inc., 5.750%, 12/01/22		14,963
		Level 3 Financing, Inc.,
	6,538	5.125%, 05/01/23		6,669
	5,565	5.375%, 01/15/24 (e)		5,704
	13,627	5.375%, 05/01/25		13,865
	4,460	5.625%, 02/01/23		4,605
	7,686	6.125%, 01/15/21		8,032
	6,968	7.000%, 06/01/20		7,308
		Qwest Capital Funding, Inc.,
	7,892	6.875%, 07/15/28		6,077
	20,177	7.750%, 02/15/31		15,946
	5,575	Qwest Corp., 7.250%, 09/15/25		6,179
	13,205	SBA Communications Corp., 4.875%, 07/15/22		13,436
		Sprint Capital Corp.,
	11,430	6.875%, 11/15/28		8,287
	9,285	6.900%, 05/01/19		7,915
	26,461	8.750%, 03/15/32		20,375
	11,965	UPCB Finance IV Ltd., (Cayman Islands), 5.375%, 01/15/25 (e)		11,845
	4,262	UPCB Finance VI Ltd., (Cayman Islands), 6.875%, 01/15/22 (e)		4,485
		Virgin Media Finance plc, (United Kingdom),
	6,200	5.250%, 02/15/22		5,626
	3,009	5.750%, 01/15/25 (e)		2,994
	3,572	6.375%, 04/15/23 (e)		3,724
		Virgin Media Secured Finance plc, (United Kingdom),
	3,000	5.250%, 01/15/26 (e)		2,992
	12,066	5.375%, 04/15/21 (e)		12,504
		Wind Acquisition Finance S.A., (Luxembourg),
	7,802	4.750%, 07/15/20 (e)		7,529
	10,025	7.375%, 04/23/21 (e)		9,223

SEE NOTES TO FINANCIAL STATEMENTS.

160 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
		Windstream Services LLC,
	6,576	6.375%, 08/01/23		4,767
	14,548	7.500%, 06/01/22		11,275
	23,772	7.500%, 04/01/23		17,960
	11,595	7.750%, 10/01/21		9,356
		Zayo Group LLC/Zayo Capital, Inc.,
	15,215	6.000%, 04/01/23		14,987
	2,126	10.125%, 07/01/20		2,280
				607,085
		Wireless Telecommunication Services — 3.8%
	19,769	SoftBank Group Corp., (Japan), 4.500%, 04/15/20 (e)		19,552
		Sprint Communications, Inc.,
	10,977	6.000%, 12/01/16		10,895
	785	6.000%, 11/15/22		553
	22,242	7.000%, 03/01/20 (e)		21,853
	36,790	7.000%, 08/15/20		28,880
	41,426	9.000%, 11/15/18 (e)		43,004
	4,323	9.125%, 03/01/17		4,387
	5,758	11.500%, 11/15/21		4,880
		Sprint Corp.,
	27,534	7.125%, 06/15/24		19,618
	8,929	7.250%, 09/15/21		6,719
	22,034	7.625%, 02/15/25		15,754
	23,004	7.875%, 09/15/23		17,023
		T-Mobile USA, Inc.,
	2,836	5.250%, 09/01/18		2,903
	7,620	6.000%, 03/01/23		7,849
	14,660	6.125%, 01/15/22		15,063
	12,564	6.250%, 04/01/21		13,161
	16,845	6.375%, 03/01/25		17,013
	4,862	6.500%, 01/15/24		4,996
	11,207	6.500%, 01/15/26		11,357
	13,604	6.625%, 11/15/20		14,148
	13,487	6.625%, 04/01/23		14,094
	15,458	6.633%, 04/28/21		16,154
	28,587	6.731%, 04/28/22		29,905
	10,790	6.836%, 04/28/23		11,221
				350,982
		Total Telecommunication Services		958,067
		Utilities — 3.6%
		Electric Utilities — 0.2%
	15,918	Terraform Global Operating LLC, 9.750%, 08/15/22 (e)		11,421

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Electric Utilities — continued
	15,375		Texas Competitive Electric Holdings Co. LLC, VAR, 3.977%, 10/01/20		4,497
					15,918
			Gas Utilities — 1.0%
	1,495		AmeriGas Partners LP/AmeriGas Finance Corp., 6.500%, 05/20/21		1,491
	14,424		Ferrellgas LP/Ferrellgas Finance Corp., 6.750%, 06/15/23 (e)		10,349
	5,808		PBF Logistics LP/PBF Logistics Finance Corp., 6.875%, 05/15/23		4,719
			Rose Rock Midstream LP/Rose Rock Finance Corp.,
	5,385		5.625%, 07/15/22		3,043
	5,642		5.625%, 11/15/23		3,117
	—	(h)	5.625%, 11/15/23 (e)		—	(h)
			Sabine Pass Liquefaction LLC,
	30,157		5.625%, 04/15/23		27,820
	30,640		5.625%, 03/01/25		27,806
	11,000		5.625%, 02/01/21		10,498
	9,090		5.750%, 05/15/24		8,368
					97,211
			Independent Power & Renewable Electricity Producers — 2.3%
			AES Corp.,
	3,000		4.875%, 05/15/23		2,700
	23,479		5.500%, 03/15/24		21,601
	10,165		5.500%, 04/15/25		9,148
			Calpine Corp.,
	9,837		5.375%, 01/15/23		9,173
	10,700		5.500%, 02/01/24		9,630
	9,821		5.750%, 01/15/25		8,839
	26,374		5.875%, 01/15/24 (e)		26,836
			Dynegy, Inc.,
	29,544		5.875%, 06/01/23		22,601
	10,000		7.375%, 11/01/22		8,350
	7,750		7.625%, 11/01/24		6,413
	30,000		GenOn Energy, Inc., 9.875%, 10/15/20		18,150
			NRG Energy, Inc.,
	14,220		6.250%, 05/01/24		11,803
	20,000		6.625%, 03/15/23		16,900
	8,000		7.875%, 05/15/21		7,550
			Talen Energy Supply LLC,
	7,603		4.625%, 07/15/19 (e)		6,120
	10,579		6.500%, 06/01/25		7,300

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 161

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
			Independent Power & Renewable Electricity Producers — continued
			TerraForm Power Operating LLC,
	15,357		5.875%, 02/01/23 (e)		11,518
	12,640		6.125%, 06/15/25 (e)		9,290
					213,922
			Multi-Utilities — 0.1%
	8,760		NRG Yield Operating LLC, 5.375%, 08/15/24		7,709
			Total Utilities		334,760
			Total Corporate Bonds (Cost $8,779,392)		7,901,795
	Preferred Securities — 1.4% (x)
			Financials — 1.4%
			Banks — 1.4%
	18,248		Bank of America Corp., Series AA, VAR, 6.100%, 03/17/25		17,701
	9,180		Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		8,712
	3,393		BNP Paribas S.A., (France), VAR, 7.375%, 08/19/25 (e)		3,172
			Citigroup, Inc.,
	9,016		VAR, 5.950%, 01/30/23		8,520
	10,310		Series O, VAR, 5.875%, 03/27/20		9,601
	19,345		Series Q, VAR, 5.950%, 08/15/20		18,185
	12,720		Series R, VAR, 6.125%, 11/15/20		12,529
			Credit Agricole S.A., (France),
	4,709		VAR, 6.625%, 09/23/19 (e)		4,149
	9,685		VAR, 8.125%, 12/23/25 (e)		9,009
			Royal Bank of Scotland Group plc, (United Kingdom),
	18,882		VAR, 7.500%, 08/10/20		17,039
	6,561		VAR, 8.000%, 08/10/25		5,987
	20,785		Societe Generale S.A., (France), VAR, 8.000%, 09/29/25 (e)		19,018
			Total Preferred Securities (Cost $143,032)		133,622
SHARES
	Common Stocks — 0.2%
			Consumer Discretionary — 0.0% (g)
			Media — 0.0% (g)
	—	(h)	New Cotai LLC/New Cotai Capital Corp., Class B, ADR (a) (e)		1,231
			Specialty Retail — 0.0% (g)
	116		Nebraska Book Holdings, Inc. (a)		124
			Total Consumer Discretionary		1,355

SHARES		SECURITY DESCRIPTION	VALUE($)
		Financials — 0.1%
		Diversified Financial Services — 0.1%
	9,055	Adelphia Recovery Trust (a)		—	(h)
	106	Somerset Cayuga Holding Co., Inc. (a)		2,465
		Total Financials		2,465
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	58	Constar International, Inc., Class A, ADR (a)		—	(h)
		Telecommunication Services — 0.1%
		Wireless Telecommunication Services — 0.1%
	1,491	NII Holdings, Inc. (a)		7,916
		Utilities — 0.0% (g)
		Independent Power & Renewable Electricity Producers — 0.0% (g)
	200	Dynegy, Inc. (a)		2,016
		Total Common Stocks (Cost $31,839)		13,752
	Preferred Stocks — 0.6%
		Consumer Discretionary — 0.0% (g)
		Media — 0.0% (g)
	1	Spanish Broadcasting System, Inc., Series B, 10.750%, 02/03/16 ($1,000 par value) (v) @		767
		Financials — 0.5%
		Consumer Finance — 0.1%
	260	GMAC Capital Trust I, Series 2, VAR, 6.402%, 02/15/40 ($25 par value)		6,308
		Insurance — 0.4%
	312	Hartford Financial Services Group, Inc. (The), VAR, 7.875%, 04/15/42 ($25 par value)		9,902
	34	XLIT Ltd., (Cayman Islands), Series D, VAR, 3.742%, 03/29/16 ($1,000 par value) @		27,070
				36,972
		Total Financials		43,280
		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) @		13,186
		Materials — 0.0% (g)
		Containers & Packaging — 0.0% (g)
	6	Constar International, Inc., Class A		—	(h)
		Total Preferred Stocks (Cost $55,897)		57,233

SEE NOTES TO FINANCIAL STATEMENTS.

162 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — 6.1%
		Consumer Discretionary — 2.4%
		Automobiles — 0.2%
	7,623	Chrysler Group LLC, Term Loan B, VAR, 3.500%, 05/24/17		7,581
	12,547	Chrysler Group LLC, Tranche B Term Loan, VAR, 3.250%, 12/31/18		12,427
				20,008
		Hotels, Restaurants & Leisure — 0.2%
	9,511	Graton Economic Development Authority, Incremental Term B Loan, VAR, 4.750%, 09/01/22		9,392
	5,941	Scientific Games International, Inc., Initial Term Loan, VAR, 6.000%, 10/18/20		5,456
				14,848
		Leisure Products — 0.3%
	14,900	Delta 2 Sarl, 2nd Lien Facility, (Luxembourg), VAR, 7.750%, 07/29/22		12,801
	6,945	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		6,424
	8,385	FGI Operating Co. LLC, Term B Loan, VAR, 5.500%, 04/19/19		6,443
				25,668
		Media — 1.1%
	27,680	CSC Holdings LLC, Initial Term Loan, VAR, 5.000%, 10/09/22 ^		27,396
	2,814	Entravision Communications Corp., Tranche B Term Loan, VAR, 3.500%, 05/31/20 ^		2,687
	49,485	iHeartCommunications, Inc., Term Loan D, VAR, 7.189%, 01/30/19 ^		32,371
	20,104	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.939%, 07/30/19		13,055
	5,500	Media General, Inc., Term B Loan, VAR, 4.000%, 07/31/20		5,485
	5,985	Tribune Media Co., Term Loan B, VAR, 3.750%, 12/27/20		5,920
	6,553	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		6,360
	11,118	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20 ^		10,796
				104,070
		Multiline Retail — 0.3%
	30,164	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		29,780
		Specialty Retail — 0.3%
	10,738	J. Crew Group, Inc., Initial Loan, VAR, 4.000%, 03/05/21 ^		7,189

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Specialty Retail — continued
	4,433	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		4,293
	9,308	Serta Simmons Holdings LLC, 1st Lien Senior Secured Term Loan, VAR, 4.250%, 10/01/19		9,188
	8,600	Staples, Inc., Escrow Term Loan, VAR, 4.750%, 02/02/22 ^		8,533
				29,203
		Total Consumer Discretionary		223,577
		Consumer Staples — 0.5%
		Food & Staples Retailing — 0.3%
	31,023	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		30,140
		Food Products — 0.2%
	3,835	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		3,727
	3,656	Hearthside Group Holdings LLC, Term Loan, VAR, 4.500%, 06/02/21		3,455
	2,782	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		2,753
	3,825	Pinnacle Foods Finance LLC, 1st Lien Term Loan I, VAR, 3.750%, 01/13/23		3,833
	2,933	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.000%, 04/29/20		2,901
	4,129	Post Holdings, Inc., Series A Incremental Term Loan, VAR, 3.750%, 06/02/21		4,129
				20,798
		Total Consumer Staples		50,938
		Energy — 0.1%
		Energy Equipment & Services — 0.0% (g)
	3,317	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		1,393
		Oil, Gas & Consumable Fuels — 0.1%
	2,738	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		2,717
	9,160	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		1,240
	6,754	MEG Energy Corp., Incremental Term Loan, (Canada), VAR, 3.750%, 03/31/20		4,792
	2,269	Overseas Shipholding Group, Initial Term Loan, VAR, 5.250%, 08/05/19		1,976
	6,397	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20		2,258
	8,733	Sabine Oil & Gas Corp., 2nd Lien Term Loan, VAR, 12.000%, 12/31/18 (d)		175
				13,158
		Total Energy		14,551

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 163

JPMorgan High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Financials — 0.3%
		Consumer Finance — 0.2%
	14,669	Sears Roebuck Acceptance Corp., Term Loan, VAR, 5.500%, 06/30/18		13,486
		Diversified Financial Services — 0.1%
	14,860	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		13,319
		Total Financials		26,805
		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		5,709
		Pharmaceuticals — 0.1%
	10,700	Concordia Healthcare Corp., Initial Dollar Term Loan, (Canada), VAR, 5.250%, 10/21/21		10,272
		Total Health Care		15,981
		Industrials — 0.4%
		Building Products — 0.1%
	12,690	Stardust Finance, Senior Lien Term Loan, VAR, 6.500%, 03/14/22		11,421
		Industrial Conglomerates — 0.0% (g)
	2,159	Autoparts Holdings Ltd., Term Loan, VAR, 7.000%, 07/29/17		1,731
		Machinery — 0.1%
	1,980	Gardner Denver, Inc., Initial Dollar Term Loan, VAR, 4.250%, 07/30/20		1,629
	5,785	Onex Wizard Acquisition Co. II S.C.A., Initial Dollar Term Loan, (Luxembourg), VAR, 4.250%, 03/11/22		5,625
				7,254
		Marine — 0.1%
	9,560	American Commercial Lines, Inc., Term Loan B, VAR, 9.750%, 11/12/20		8,365
	2,603	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		1,023
	1,568	Navios Maritime Partners LP, Term Loan, (Greece), VAR, 5.500%, 06/18/20 ^		1,384
	7,135	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18		3,229
				14,001
		Road & Rail — 0.1%
	7,521	Quality Distribution, Inc., 2nd Lien Term Loan, VAR, 9.500%, 08/18/23		6,017
		Total Industrials		40,424

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Information Technology — 1.0%
		Communications Equipment — 0.2%
	18,607	Avaya, Inc., Term Loan B-7, VAR, 6.250%, 05/29/20		10,898
	7,094	Riverbed Technology, Inc., Term Loan, VAR, 6.000%, 04/25/22		6,939
				17,837
		Internet Software & Services — 0.0% (g)
	1,895	Solar Winds Holdings, Inc., 1st Lien US Term Loan, VAR, 6.500%, 02/03/23		1,813
		IT Services — 0.3%
		First Data Corp., Term Loan,
	21,610	VAR, 3.934%, 03/23/18		21,318
	4,436	VAR, 3.934%, 09/24/18		4,369
				25,687
		Semiconductors & Semiconductor Equipment — 0.5%
	22,600	Avago Technologies Ltd., Term Loan, (Singapore), VAR, 4.250%, 02/01/23		22,272
	16,349	Microsemi Corp., Term Loan B, VAR, 5.250%, 01/15/23		16,321
	5,066	NXP B.V./NXP Funding LLC, Term Loan B, (Netherlands), VAR, 3.750%, 12/07/20		5,052
				43,645
		Total Information Technology		88,982
		Materials — 0.4%
		Construction Materials — 0.0% (g)
	1,797	Quikrete Holdings, Inc., 2nd Lien Initial Loan, VAR, 7.000%, 03/26/21		1,780
		Containers & Packaging — 0.2%
	995	Ardagh Holdings USA, Inc., New Term Loan, VAR, 4.000%, 12/17/19		982
	4,987	Berry Plastics Corp., Term Loan D, VAR, 3.500%, 02/08/20		4,891
	8,173	Berry Plastics Corp., Term Loan F, VAR, 4.000%, 10/03/22		8,121
				13,994
		Metals & Mining — 0.2%
	1,130	Atkore International, Inc., 1st Lien Initial Term Loan, VAR, 4.500%, 04/09/21		1,071
	2,085	Atkore International, Inc., 2nd Lien Initial Term Loan, VAR, 7.750%, 10/09/21		1,871
	10,249	Coeur Mining, Inc., Term Loan, VAR, 9.000%, 06/23/20		9,121
	11,498	FMG Resources Pty, Ltd., Term Loan B, VAR, 4.250%, 06/30/19		8,808
				20,871
		Total Materials		36,645

SEE NOTES TO FINANCIAL STATEMENTS.

164 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Telecommunication Services — 0.3%
		Diversified Telecommunication Services — 0.3%
	10,564	Altice Financing S.A., Term Loan, VAR, 5.500%, 07/02/19		10,442
	9,471	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20		9,053
	3,125	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21 ^		3,028
				22,523
		Wireless Telecommunication Services — 0.0% (g)
	2,551	Syniverse Holdings, Inc., Initial Term Loan, VAR, 4.000%, 04/23/19		1,658
	3,491	Syniverse Holdings, Inc., Tranche B Term Loan, VAR, 4.000%, 04/23/19		2,252
				3,910
		Total Telecommunication Services		26,433
		Utilities — 0.5%
		Electric Utilities — 0.4%
	83,215	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		22,718
	70,354	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		18,644
				41,362
		Independent Power & Renewable Electricity Producers — 0.1%
	5,400	Calpine Corp., Term Loan, VAR, 4.000%, 01/15/23		5,211
		Total Utilities		46,573
		Total Loan Assignments (Cost $735,108)		570,909

NUMBER OF WARRANTS		SECURITY DESCRIPTION	VALUE($)
	Warrants — 0.0% (g)
		Consumer Discretionary — 0.0% (g)
		Specialty Retail — 0.0% (g)
	112	Nebraska Book Co., Inc., expiring 6/29/2019 (Strike Price $1.00) (a)		—	(h)
	52	Nebraska Book Holdings, Inc., expiring 6/29/2019 (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 $1)		—	(h)
SHARES
	Short-Term Investment — 3.6%
		Investment Company — 3.6%
	334,955	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $334,955)		334,955
		Total Investments — 97.2% (Cost $10,096,136)		9,029,284
		Other Assets in Excess of Liabilities — 2.8%		259,387
		NET ASSETS — 100.0%	$	9,288,671

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 165

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 7.3%
		Ally Auto Receivables Trust,
	389	Series 2013-2, Class A3, 0.790%, 01/15/18		389
	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		509
	800	Series 2016-2, Class A3, 1.350%, 05/15/20		800
	150	American Credit Acceptance Receivables Trust, Series 2014-4, Class A, 1.330%, 07/10/18 (e)		150
		American Express Credit Account Master Trust,
	1,847	Series 2014-2, Class A, 1.260%, 01/15/20		1,852
	619	Series 2014-3, Class A, 1.490%, 04/15/20		622
		AmeriCredit Automobile Receivables Trust,
	304	Series 2013-5, Class A3, 0.900%, 09/10/18		304
	206	Series 2015-4, Class A3, 1.700%, 07/08/20		206
	653	B2R Mortgage Trust, Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		647
		BMW Vehicle Lease Trust,
	978	Series 2014-1, Class A3, 0.730%, 02/21/17		978
	1,500	Series 2015-2, Class A3, 1.400%, 02/20/19		1,501
		BMW Vehicle Owner Trust,
	300	Series 2013-A, Class A3, 0.670%, 11/27/17		300
	640	Series 2014-A, Class A3, 0.970%, 11/26/18		639
	463	Cabela’s Credit Card Master Note Trust, Series 2015-2, Class A1, 2.250%, 07/17/23		469
		Capital Auto Receivables Asset Trust,
	1,600	Series 2015-1, Class A3, 1.610%, 06/20/19		1,603
	617	Series 2015-2, Class A3, 1.730%, 09/20/19		617
	465	CarFinance Capital Auto Trust, Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		462
		CarMax Auto Owner Trust,
	13	Series 2012-3, Class A3, 0.520%, 07/17/17		13
	138	Series 2013-1, Class A3, 0.600%, 10/16/17		138
	456	Series 2013-4, Class A3, 0.800%, 07/16/18		455
	2,051	Series 2014-2, Class A3, 0.980%, 01/15/19		2,047
	527	Series 2015-2, Class A3, 1.370%, 03/16/20		527
	337	Series 2016-1, Class A3, 1.610%, 11/16/20		338
	1,126	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		1,123
	3,200	Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.730%, 04/09/20		3,230
		CNH Equipment Trust,
	42	Series 2012-D, Class A3, 0.650%, 04/16/18		42
	108	Series 2013-A, Class A3, 0.690%, 06/15/18		108
	332	Series 2013-C, Class A3, 1.020%, 08/15/18		332
	995	Series 2013-D, Class A3, 0.770%, 10/15/18		993

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,000	Series 2014-A, Class A3, 0.840%, 05/15/19		998
	1,793	Series 2014-B, Class A3, 0.910%, 05/15/19		1,790
	290	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		290
		CPS Auto Receivables Trust,
	214	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		214
	430	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		427
	810	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		804
	989	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		982
	1,542	Series 2015-B, Class A, 1.650%, 11/15/19 (e)		1,530
	1,857	Credit Acceptance Auto Loan Trust, Series 2014-2A, Class A, 1.880%, 03/15/22 (e)		1,854
	49	Credit Suisse First Boston Mortgage Securities Corp., Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)		49
	1,500	Discover Card Execution Note Trust, Series 2015-A3, Class A, 1.450%, 03/15/21		1,505
	945	DT Auto Owner Trust, Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		944
		Exeter Automobile Receivables Trust,
	82	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		83
	63	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		63
	461	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		460
	1,317	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		1,314
		Fifth Third Auto Trust,
	249	Series 2013-1, Class A3, 0.880%, 10/16/17		248
	341	Series 2013-A, Class A3, 0.610%, 09/15/17		341
	318	Series 2015-1, Class A3, 1.420%, 03/16/20		319
	1,311	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		1,299
		Flagship Credit Auto Trust,
	861	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		856
	715	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		706
	1,002	Ford Credit Auto Lease Trust, Series 2014-B, Class A3, 0.890%, 09/15/17		1,002
		Ford Credit Auto Owner Trust,
	96	Series 2013-B, Class A3, 0.570%, 10/15/17		96
	204	Series 2013-C, Class A3, 0.820%, 12/15/17		204

SEE NOTES TO FINANCIAL STATEMENTS.

166 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	453		Series 2013-D, Class A3, 0.670%, 04/15/18		452
	1,269		Series 2014-B, Class A3, 0.900%, 10/15/18		1,267
	1,101		Series 2014-C, Class A3, 1.060%, 05/15/19		1,101
	668		Series 2015-A, Class A3, 1.280%, 09/15/19		670
	658		Series 2015-B, Class A3, 1.160%, 11/15/19		658
	585		Series 2015-C, Class A3, 1.410%, 02/15/20		587
	1,710		GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,702
	788		GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		772
	1,299		GLS Auto Receivables Trust, Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		1,291
			GM Financial Automobile Leasing Trust,
	963		Series 2015-1, Class A3, 1.530%, 09/20/18		965
	974		Series 2015-3, Class A3, 1.690%, 03/20/19		975
	864		GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		862
			Harley-Davidson Motorcycle Trust,
	1,498		Series 2015-1, Class A3, 1.410%, 06/15/20		1,500
	716		Series 2015-2, Class A3, 1.300%, 03/16/20		715
			Honda Auto Receivables Owner Trust,
	91		Series 2013-2, Class A3, 0.530%, 02/16/17		91
	582		Series 2013-4, Class A3, 0.690%, 09/18/17		581
	1,808		Series 2014-1, Class A3, 0.670%, 11/21/17		1,806
	806		Series 2015-1, Class A3, 1.050%, 10/15/18		806
	389		Series 2016-1, Class A3, 1.220%, 12/18/19		388
			Hyundai Auto Receivables Trust,
	—	(h)	Series 2013-A, Class A3, 0.560%, 07/17/17		—	(h)
	149		Series 2013-B, Class A3, 0.710%, 09/15/17		149
	673		Series 2014-A, Class A3, 0.790%, 07/16/18		672
	1,612		Series 2014-B, Class A3, 0.900%, 12/17/18		1,610
	737		Series 2015-A, Class A3, 1.050%, 04/15/19		737
	343		Series 2015-C, Class A3, 1.460%, 02/18/20		344
			John Deere Owner Trust,
	97		Series 2013-A, Class A3, 0.600%, 03/15/17		97
	1,429		Series 2014-B, Class A3, 1.070%, 11/15/18		1,428
	384		Series 2015-B, Class A3, 1.440%, 10/15/19		384
	1,199		Lendmark Funding Trust, Series 2016-A, Class A, 4.820%, 08/21/23 (e)		1,199
	204		Mercedes-Benz Auto Receivables Trust, Series 2013-1, Class A3, 0.780%, 08/15/17		204
			Nissan Auto Lease Trust,
	733		Series 2014-A, Class A3, 0.800%, 02/15/17		733
	1,000		Series 2015-A, Class A3, 1.400%, 06/15/18		1,000
			Nissan Auto Receivables Owner Trust,
	155		Series 2012-A, Class A4, 1.000%, 07/16/18		155
	661		Series 2013-C, Class A3, 0.670%, 08/15/18		660
	910		Series 2014-A, Class A3, 0.720%, 08/15/18		908

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	559	Series 2014-B, Class A3, 1.110%, 05/15/19		559
	823	Series 2015-C, Class A3, 1.370%, 05/15/20		826
	2,000	NRZ Advance Receivables Trust Advance Receivables Backed, Series 2015-T3, Class AT3, 2.540%, 11/15/46 (e)		1,994
		Oak Hill Advisors Residential Loan Trust,
	637	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		632
	571	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		569
	1,082	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		1,075
	861	Ocwen Master Advance Receivables Trust, Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		861
		OneMain Financial Issuance Trust,
	1,162	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		1,160
	1,653	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		1,645
	1,295	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		1,273
	1,750	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		1,710
	345	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.373%, 10/25/34		344
	134	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		133
	1,830	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		1,806
	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)		1,095
	311	RAMP Trust, Series 2006-RZ1, Class A3, VAR, 0.736%, 03/25/36		303
	233	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		236
	2,520	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		2,516
		Toyota Auto Receivables Owner Trust,
	22	Series 2013-A, Class A3, 0.550%, 01/17/17		22
	1,486	Series 2014-A, Class A3, 0.670%, 12/15/17		1,484
	614	Series 2014-C, Class A3, 0.930%, 07/16/18		614
	600	Series 2016-A, Class A3, 1.250%, 03/16/20		600
	877	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.380%, 10/15/21 (e)		864

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 167

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Truman Capital Mortgage Loan Trust,
	262	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		261
	120	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		120
	560	USAA Auto Owner Trust, Series 2014-1, Class A3, 0.580%, 12/15/17		559
	760	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		755
	1,069	Volkswagen Auto Loan Enhanced Trust, Series 2013-2, Class A3, 0.700%, 04/20/18		1,063
	267	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		263
	1,475	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,473
	562	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		557
	1,121	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,111
	1,708	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		1,681
	1,162	VOLT XXVI LLC, Series 2014-NPL6, Class A1, SUB, 3.125%, 09/25/43 (e)		1,145
	1,132	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		1,115
	1,038	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,022
	845	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		833
	1,642	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		1,614
	1,389	VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,374
	248	Westgate Resorts LLC, Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		246
		Westlake Automobile Receivables Trust,
	352	Series 2014-2A, Class A2, 0.970%, 10/16/17 (e)		351
	2,053	Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		2,053
		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		1,289
		World Omni Automobile Lease Securitization Trust,
	802	Series 2014-A, Class A3, 1.160%, 09/15/17		801
	1,093	Series 2015-A, Class A3, 1.540%, 10/15/18		1,095
		Total Asset-Backed Securities (Cost $113,341)		113,035

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 17.1%
		Agency CMO — 16.6%
		Federal Home Loan Mortgage Corp. REMIC,
	34	Series 1578, Class K, 6.900%, 09/15/23		37
	270	Series 2110, Class PG, 6.000%, 01/15/29		309
	3	Series 2355, Class BP, 6.000%, 09/15/16		3
	4	Series 2391, Class QR, 5.500%, 12/15/16		4
	8	Series 2427, Class LW, 6.000%, 03/15/17		8
	43	Series 2436, Class MC, 7.000%, 04/15/32		49
	51	Series 2441, Class GF, 6.500%, 04/15/32		60
	316	Series 2505, Class D, 5.500%, 09/15/32		352
	872	Series 2525, Class AM, 4.500%, 04/15/32		976
	153	Series 2544, Class KE, 5.500%, 12/15/32		172
	374	Series 2557, Class HL, 5.300%, 01/15/33		417
	12	Series 2558, Class BD, 5.000%, 01/15/18		12
	65	Series 2564, Class NK, 5.000%, 02/15/18		66
	124	Series 2575, Class PE, 5.500%, 02/15/33		140
	486	Series 2586, Class WG, 4.000%, 03/15/33		514
	9	Series 2594, Class JB, 4.500%, 04/15/18		9
	23	Series 2595, Class HJ, 5.000%, 03/15/23		24
	416	Series 2596, Class QD, 4.000%, 03/15/33		447
	215	Series 2611, Class KH, 5.000%, 05/15/18		221
	516	Series 2621, Class QH, 5.000%, 05/15/33		572
	626	Series 2624, Class QH, 5.000%, 06/15/33		696
	1,634	Series 2626, Class JC, 5.000%, 06/15/23		1,747
	1,083	Series 2632, Class AB, 4.500%, 06/15/18		1,114
	22	Series 2648, Class BK, 5.000%, 07/15/33		23
	47	Series 2649, Class PJ, 3.500%, 06/15/33		50
	25	Series 2649, Class QH, 4.500%, 07/15/18		26
	227	Series 2649, Class WB, 3.500%, 07/15/23		237
	1,255	Series 2685, Class DT, 5.000%, 10/15/23		1,369
	286	Series 2687, Class JH, 5.000%, 10/15/23		310
	753	Series 2696, Class DG, 5.500%, 10/15/33		844
	139	Series 2699, Class TC, 4.000%, 11/15/18		143
	1,819	Series 2701, Class AC, 5.000%, 11/15/23		1,963
	1	Series 2707, Class KJ, 5.000%, 11/15/18		1
	284	Series 2725, Class TA, 4.500%, 12/15/33		337
	899	Series 2733, Class ME, 5.000%, 01/15/34		1,001
	49	Series 2744, Class TU, 5.500%, 05/15/32		50
	6	Series 2750, Class JB, 4.500%, 02/15/19		6
	317	Series 2752, Class JB, 4.500%, 02/15/19		327
	170	Series 2760, Class KT, 4.500%, 09/15/32		175
	421	Series 2764, Class UE, 5.000%, 10/15/32		435
	300	Series 2768, Class PK, 5.000%, 03/15/34		330
	150	Series 2773, Class OC, 5.000%, 04/15/19		157
	540	Series 2804, Class AM, 5.000%, 03/15/34		550

SEE NOTES TO FINANCIAL STATEMENTS.

168 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	12	Series 2827, Class TE, 5.000%, 04/15/33		12
	131	Series 2828, Class JE, 4.500%, 07/15/19		137
	28	Series 2843, Class BC, 5.000%, 08/15/19		29
	624	Series 2852, Class NY, 5.000%, 09/15/33		626
	270	Series 2864, Class NB, 5.500%, 07/15/33		282
	243	Series 2875, Class HB, 4.000%, 10/15/19		251
	4	Series 2888, Class CG, 5.000%, 08/15/33		4
	684	Series 2899, Class HB, 4.000%, 12/15/19		705
	149	Series 2910, Class BE, 4.500%, 12/15/19		154
	204	Series 2920, Class KT, 4.500%, 01/15/20		211
	185	Series 2929, Class KG, 4.500%, 02/15/20		191
	690	Series 2934, Class KG, 5.000%, 02/15/35		767
	47	Series 2950, Class JA, 4.500%, 03/15/20		48
	1,893	Series 2960, Class JH, 5.500%, 04/15/35		2,129
	103	Series 2968, Class MD, 5.500%, 12/15/33		106
	193	Series 2981, Class BC, 4.500%, 05/15/20		200
	63	Series 2988, Class TY, 5.500%, 06/15/25		69
	1,549	Series 2989, Class TG, 5.000%, 06/15/25		1,695
	24	Series 2993, Class PM, 4.500%, 05/15/35		24
	29	Series 3017, Class MK, 5.000%, 12/15/34		30
	126	Series 3028, Class ME, 5.000%, 02/15/34		127
	84	Series 3036, Class TE, 5.500%, 12/15/34		86
	58	Series 3057, Class PE, 5.500%, 11/15/34		58
	47	Series 3077, Class TO, PO, 04/15/35		44
	131	Series 3082, Class PW, 5.500%, 12/15/35		148
	3,096	Series 3084, Class BH, 5.500%, 12/15/35		3,491
	172	Series 3087, Class KX, 5.500%, 12/15/25		189
	2,853	Series 3098, Class KG, 5.500%, 01/15/36		3,203
	2,521	Series 3102, Class CE, 5.500%, 01/15/26		2,783
	68	Series 3121, Class JD, 5.500%, 03/15/26		75
	235	Series 3123, Class HT, 5.000%, 03/15/26		256
	133	Series 3136, Class CO, PO, 04/15/36		124
	100	Series 3145, Class AJ, 5.500%, 04/15/36		113
	905	Series 3150, Class EQ, 5.000%, 05/15/26		984
	171	Series 3200, Class PO, PO, 08/15/36		160
	236	Series 3219, Class PD, 6.000%, 11/15/35		241
	110	Series 3270, Class AT, 5.500%, 01/15/37		124
	20	Series 3272, Class PA, 6.000%, 02/15/37		23
	39	Series 3289, Class ND, 5.500%, 06/15/35		40
	2,806	Series 3294, Class DB, 4.500%, 03/15/22		2,920
	113	Series 3337, Class MD, 5.500%, 06/15/27		126
	159	Series 3348, Class HT, 6.000%, 07/15/37		182
	575	Series 3349, Class HE, 5.500%, 07/15/36		596
	52	Series 3372, Class BD, 4.500%, 10/15/22		55
	33	Series 3508, Class PK, 4.000%, 02/15/39		34

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	48	Series 3513, Class A, 4.500%, 02/15/39		51
	652	Series 3521, Class B, 4.000%, 04/15/24		707
	145	Series 3544, Class BC, 4.000%, 06/15/24		154
	5,262	Series 3546, Class NB, 4.000%, 06/15/24		5,661
	2,890	Series 3562, Class JC, 4.000%, 08/15/24		3,043
	2,011	Series 3563, Class BD, 4.000%, 08/15/24		2,098
	75	Series 3563, Class LB, 4.000%, 08/15/29		81
	265	Series 3571, Class MY, 4.000%, 09/15/24		290
	2,134	Series 3575, Class EB, 4.000%, 09/15/24		2,260
	3,262	Series 3577, Class B, 4.000%, 09/15/24		3,454
	513	Series 3578, Class KB, 4.000%, 09/15/24		546
	62	Series 3593, Class PC, 5.000%, 05/15/38		62
	458	Series 3605, Class NB, 5.500%, 06/15/37		471
	591	Series 3647, Class GA, 5.000%, 11/15/28		613
	17	Series 3652, Class A, 4.500%, 11/15/24		18
	369	Series 3653, Class B, 4.500%, 04/15/30		401
	2,424	Series 3653, Class HJ, 5.000%, 04/15/40		2,688
	135	Series 3659, Class BD, 5.000%, 01/15/37		142
	530	Series 3659, Class VG, 5.000%, 09/15/34		597
	2,435	Series 3677, Class KB, 4.500%, 05/15/40		2,727
	2,544	Series 3677, Class PB, 4.500%, 05/15/40		2,750
	108	Series 3688, Class GT, VAR, 7.248%, 11/15/46		127
	260	Series 3715, Class PC, 4.500%, 08/15/40		289
	1,088	Series 3740, Class BP, 4.500%, 04/15/38		1,145
	253	Series 3747, Class HI, IO, 4.500%, 07/15/37		12
	880	Series 3747, Class PA, 4.000%, 04/15/38		929
	149	Series 3755, Class ML, 5.500%, 06/15/29		159
	1,750	Series 3787, Class AY, 3.500%, 01/15/26		1,869
	1,275	Series 3794, Class LB, 3.500%, 01/15/26		1,361
	560	Series 3797, Class PA, 4.500%, 08/15/39		582
	1,661	Series 3816, Class HA, 3.500%, 11/15/25		1,793
	1,823	Series 3819, Class ZQ, 6.000%, 04/15/36		2,083
	500	Series 3824, Class EY, 3.500%, 03/15/31		544
	1,847	Series 3827, Class BM, 5.500%, 08/15/39		2,019
	980	Series 3852, Class TP, IF, 5.500%, 05/15/41		1,109
	2,800	Series 3874, Class DW, 3.500%, 06/15/21		2,989
	1,600	Series 3885, Class AC, 4.000%, 06/15/26		1,706
	821	Series 3898, Class KH, 3.500%, 06/15/26		885
	1,370	Series 3904, Class EC, 2.000%, 08/15/40		1,369
	1,600	Series 3911, Class B, 3.500%, 08/15/26		1,759
	597	Series 3955, Class HB, 3.000%, 12/15/40		615
	2,500	Series 3956, Class EB, 3.250%, 11/15/41		2,574

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 169

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	2,500	Series 3959, Class PB, 3.000%, 11/15/26		2,600
	1,650	Series 3963, Class JB, 4.500%, 11/15/41		1,910
	275	Series 4026, Class MQ, 4.000%, 04/15/42		300
	676	Series 4085, Class FB, VAR, 0.827%, 01/15/39		679
	3,524	Series 4219, Class JA, 3.500%, 08/15/39		3,719
	3,650	Series 4238, Class UY, 3.000%, 08/15/33		3,772
	2,671	Series 4337, Class VJ, 3.500%, 06/15/27		2,890
	1,956	Federal Home Loan Mortgage Corp. STRIPS, Series 262, Class 35, 3.500%, 07/15/42		2,041
		Federal National Mortgage Association - ACES,
	1,732	Series 2011-M2, Class A2, 3.645%, 04/25/21		1,873
	2,256	Series 2011-M4, Class A1, 2.548%, 06/25/21		2,319
	1,878	Series 2013-M7, Class A2, 2.280%, 12/27/22		1,885
	3,953	Series 2013-M13, Class A2, VAR, 2.624%, 04/25/23		4,028
	3,500	Series 2014-M1, Class A2, VAR, 3.306%, 07/25/23		3,730
	3,108	Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23		3,353
	3,100	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		3,339
	4,756	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		4,994
	1,800	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		1,880
	1,973	Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24		2,072
	4,631	Series 2015-M1, Class A2, 2.532%, 09/25/24		4,667
	4,500	Series 2015-M3, Class A2, 2.723%, 10/25/24		4,617
	1,400	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		1,489
		Federal National Mortgage Association REMIC,
	370	Series 1997-57, Class PN, 5.000%, 09/18/27		406
	21	Series 1999-51, Class PH, 6.000%, 10/25/29		21
	151	Series 2001-63, Class TC, 6.000%, 12/25/31		169
	383	Series 2001-81, Class HE, 6.500%, 01/25/32		445
	5	Series 2002-24, Class AJ, 6.000%, 04/25/17		5

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	354	Series 2002-75, Class GB, 5.500%, 11/25/32		381
	139	Series 2002-85, Class PE, 5.500%, 12/25/32		154
	146	Series 2003-5, Class EQ, 5.500%, 02/25/23		159
	80	Series 2003-21, Class OU, 5.500%, 03/25/33		90
	108	Series 2003-23, Class CH, 5.000%, 04/25/33		117
	800	Series 2003-26, Class EB, 3.500%, 04/25/33		855
	281	Series 2003-41, Class BK, 5.000%, 05/25/18		289
	174	Series 2003-48, Class TC, 5.000%, 06/25/23		188
	150	Series 2003-55, Class HY, 5.000%, 06/25/23		162
	297	Series 2003-63, Class YB, 5.000%, 07/25/33		328
	489	Series 2003-69, Class N, 5.000%, 07/25/33		538
	342	Series 2003-80, Class QG, 5.000%, 08/25/33		395
	134	Series 2003-84, Class GE, 4.500%, 09/25/18		139
	363	Series 2003-85, Class QD, 5.500%, 09/25/33		407
	32	Series 2003-87, Class TJ, 4.500%, 09/25/18		33
	102	Series 2003-94, Class CE, 5.000%, 10/25/33		111
	862	Series 2003-129, Class ME, 5.000%, 08/25/23		887
	134	Series 2003-134, Class MH, 5.000%, 06/25/33		139
	650	Series 2004-44, Class KT, 6.000%, 06/25/24		718
	216	Series 2004-53, Class NC, 5.500%, 07/25/24		236
	447	Series 2004-70, Class EB, 5.000%, 10/25/24		484
	16	Series 2004-81, Class HA, 4.250%, 10/25/24		16
	568	Series 2005-5, Class CK, 5.000%, 01/25/35		618
	1,362	Series 2005-29, Class WC, 4.750%, 04/25/35		1,504
	280	Series 2005-33, Class QD, 5.000%, 01/25/34		285
	294	Series 2005-48, Class TD, 5.500%, 06/25/35		345

SEE NOTES TO FINANCIAL STATEMENTS.

170 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	936	Series 2005-53, Class MJ, 5.500%, 06/25/35		1,052
	123	Series 2005-58, Class EP, 5.500%, 07/25/35		135
	100	Series 2005-62, Class CP, 4.750%, 07/25/35		107
	250	Series 2005-68, Class BE, 5.250%, 08/25/35		306
	412	Series 2005-68, Class PG, 5.500%, 08/25/35		466
	123	Series 2005-86, Class AX, 5.500%, 10/25/35		125
	51	Series 2005-99, Class AE, 5.500%, 12/25/35		52
	1,197	Series 2005-102, Class PG, 5.000%, 11/25/35		1,329
	764	Series 2005-110, Class GL, 5.500%, 12/25/35		910
	37	Series 2005-110, Class MB, 5.500%, 09/25/35		39
	6	Series 2005-116, Class PB, 6.000%, 04/25/34		6
	503	Series 2006-22, Class CE, 4.500%, 08/25/23		537
	62	Series 2006-41, Class MC, 5.500%, 07/25/35		63
	149	Series 2006-49, Class PA, 6.000%, 06/25/36		174
	128	Series 2006-65, Class TE, 5.500%, 05/25/35		129
	800	Series 2006-114, Class HE, 5.500%, 12/25/36		899
	81	Series 2007-33, Class HE, 5.500%, 04/25/37		91
	30	Series 2007-65, Class KI, IF, IO, 6.184%, 07/25/37		4
	384	Series 2007-71, Class GB, 6.000%, 07/25/37		439
	369	Series 2007-71, Class KP, 5.500%, 07/25/37		409
	35	Series 2007-76, Class PK, 6.000%, 06/25/36		35
	197	Series 2007-113, Class DB, 4.500%, 12/25/22		206
	237	Series 2008-65, Class CD, 4.500%, 08/25/23		250
	1,585	Series 2008-70, Class BY, 4.000%, 08/25/23		1,636

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	55	Series 2008-72, Class BX, 5.500%, 08/25/38		61
	21	Series 2008-74, Class B, 5.500%, 09/25/38		23
	871	Series 2009-19, Class PW, 4.500%, 10/25/36		952
	43	Series 2009-37, Class KI, IF, IO, 5.564%, 06/25/39		6
	255	Series 2009-39, Class LB, 4.500%, 06/25/29		277
	1,099	Series 2009-62, Class HJ, 6.000%, 05/25/39		1,231
	163	Series 2009-71, Class MB, 4.500%, 09/25/24		173
	1,071	Series 2009-71, Class XB, 5.000%, 03/25/38		1,083
	76	Series 2009-78, Class J, 5.000%, 09/25/19		79
	39	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		6
	105	Series 2009-86, Class OT, PO, 10/25/37		95
	2,417	Series 2009-92, Class AD, 6.000%, 11/25/39		2,713
	73	Series 2009-96, Class CB, 4.000%, 11/25/49		76
	380	Series 2009-96, Class DB, 4.000%, 11/25/29		406
	298	Series 2009-112, Class ST, IF, IO, 5.814%, 01/25/40		50
	120	Series 2010-9, Class MD, 5.000%, 02/25/38		132
	3,880	Series 2010-22, Class PE, 5.000%, 03/25/40		4,356
	500	Series 2010-28, Class DE, 5.000%, 04/25/30		568
	156	Series 2010-35, Class SB, IF, IO, 5.984%, 04/25/40		20
	3,533	Series 2010-37, Class CY, 5.000%, 04/25/40		3,895
	700	Series 2010-41, Class DC, 4.500%, 05/25/25		758
	2,465	Series 2010-49, Class KB, 4.000%, 05/25/25		2,598
	136	Series 2010-54, Class EA, 4.500%, 06/25/40		148
	95	Series 2010-56, Class BD, 5.000%, 12/25/38		97
	27	Series 2010-64, Class DM, 5.000%, 06/25/40		30
	7	Series 2010-64, Class EH, 5.000%, 10/25/35		7

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 171

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	455	Series 2010-71, Class HJ, 5.500%, 07/25/40		521
	4,000	Series 2010-103, Class GB, 4.000%, 09/25/20		4,270
	176	Series 2010-111, Class AE, 5.500%, 04/25/38		183
	4,850	Series 2010-123, Class BP, 4.500%, 11/25/40		5,452
	1,350	Series 2010-135, Class HE, 3.000%, 01/25/21		1,375
	570	Series 2011-22, Class MA, 6.500%, 04/25/38		631
	1,507	Series 2011-39, Class ZA, 6.000%, 11/25/32		1,735
	1,006	Series 2011-41, Class KL, 4.000%, 05/25/41		1,105
	500	Series 2011-50, Class LP, 4.000%, 06/25/41		549
	2,347	Series 2011-61, Class V, 4.500%, 08/25/22		2,392
	3,000	Series 2011-75, Class BL, 3.500%, 08/25/21		3,209
	1,000	Series 2012-14, Class DE, 3.500%, 03/25/42		1,050
	588	Series 2012-103, Class DA, 3.500%, 10/25/41		617
	1,452	Series 2012-137, Class CF, VAR, 0.736%, 08/25/41		1,450
	2,121	Series 2013-83, Class CA, 3.500%, 10/25/37		2,226
	2,250	Series 2013-104, Class CY, 5.000%, 10/25/43		2,705
		Federal National Mortgage Association STRIPS,
	58	Series 293, Class 1, PO, 12/25/24		55
	108	Series 314, Class 1, PO, 07/25/31		97
		Government National Mortgage Association,
	69	Series 2002-44, Class JC, 6.000%, 07/20/32		80
	650	Series 2002-79, Class KL, 5.500%, 11/20/32		723
	170	Series 2003-10, Class KJ, 5.500%, 02/20/33		193
	652	Series 2003-29, Class PD, 5.500%, 04/16/33		732
	401	Series 2003-33, Class NE, 5.500%, 04/16/33		447
	31	Series 2003-40, Class TD, 5.000%, 03/20/33		31
	223	Series 2003-65, Class AP, 5.500%, 08/20/33		251

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	898	Series 2003-77, Class TK, 5.000%, 09/16/33		999
	1,665	Series 2004-16, Class GC, 5.500%, 02/20/34		1,921
	53	Series 2004-54, Class BG, 5.500%, 07/20/34		61
	1	Series 2004-75, Class NG, 5.500%, 09/20/33		1
	899	Series 2004-93, Class PD, 5.000%, 11/16/34		1,035
	934	Series 2004-101, Class BE, 5.000%, 11/20/34		1,050
	450	Series 2005-11, Class PL, 5.000%, 02/20/35		502
	2,194	Series 2005-26, Class XY, 5.500%, 03/20/35		2,478
	578	Series 2005-33, Class AY, 5.500%, 04/16/35		659
	197	Series 2005-49, Class B, 5.500%, 06/20/35		222
	482	Series 2005-51, Class DC, 5.000%, 07/20/35		537
	74	Series 2005-56, Class BD, 5.000%, 07/20/35		83
	40	Series 2006-7, Class ND, 5.500%, 08/20/35		46
	538	Series 2007-37, Class LB, 5.500%, 06/16/37		612
	429	Series 2007-79, Class BL, 5.750%, 08/20/37		490
	450	Series 2008-7, Class PQ, 5.000%, 02/20/38		520
	1,007	Series 2008-9, Class PW, 5.250%, 02/20/38		1,143
	312	Series 2008-23, Class YA, 5.250%, 03/20/38		347
	1,157	Series 2008-33, Class PB, 5.500%, 04/20/38		1,305
	293	Series 2008-34, Class PG, 5.250%, 04/20/38		338
	318	Series 2008-35, Class NF, 5.000%, 04/20/38		355
	381	Series 2008-38, Class BE, 5.000%, 07/16/36		397
	1,007	Series 2008-38, Class BG, 5.000%, 05/16/38		1,162
	324	Series 2008-43, Class NB, 5.500%, 05/20/38		368
	925	Series 2008-56, Class PX, 5.500%, 06/20/38		1,050
	1,210	Series 2008-58, Class PD, 5.500%, 08/16/37		1,282

SEE NOTES TO FINANCIAL STATEMENTS.

172 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,247	Series 2008-58, Class PE, 5.500%, 07/16/38		1,485
	7	Series 2008-62, Class SA, IF, IO, 5.718%, 07/20/38		1
	223	Series 2008-76, Class US, IF, IO, 5.468%, 09/20/38		34
	217	Series 2008-95, Class DS, IF, IO, 6.868%, 12/20/38		44
	345	Series 2009-14, Class AG, 4.500%, 03/20/39		374
	60	Series 2009-15, Class NA, 5.000%, 12/20/38		62
	54	Series 2009-61, Class AP, 4.000%, 08/20/39		57
	541	Series 2009-72, Class SM, IF, IO, 5.820%, 08/16/39		87
	365	Series 2009-106, Class ST, IF, IO, 5.568%, 02/20/38		62
	175	Series 2010-7, Class EA, 5.000%, 06/16/38		194
	76	Series 2010-14, Class QP, 6.000%, 12/20/39		79
	411	Series 2010-130, Class BD, 4.000%, 12/20/39		447
	451	Series 2010-157, Class OP, PO, 12/20/40		401
	2,324	Series 2011-97, Class WA, VAR, 6.069%, 11/20/38		2,647
	2,123	Series 2014-H11, Class VA, VAR, 0.930%, 06/20/64		2,095
	3,111	Series 2015-H20, Class FA, VAR, 0.900%, 08/20/65		3,067
	2,054	Series 2015-H26, Class FG, VAR, 0.950%, 10/20/65		2,027
	1,110	Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33		1,283
				258,375
		Non-Agency CMO — 0.5%
	109	Banc of America Mortgage Trust, Series 2003-3, Class 1A7, 5.500%, 05/25/33		111
	713	Bear Stearns ALT-A Trust, Series 2004-6, Class 1A, VAR, 1.076%, 07/25/34		674
	28	CHL Mortgage Pass-Through Trust, Series 2004-8, Class 2A1, 4.500%, 06/25/19		29
	251	Citigroup Mortgage Loan Trust, Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		252
		Citigroup Mortgage Loan Trust, Inc.,
	40	Series 2003-1, Class 3A4, 5.250%, 09/25/33		40
	83	Series 2004-HYB4, Class WA, VAR, 2.852%, 12/25/34		82

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	51	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33		51
	286	GMACM Mortgage Loan Trust, Series 2004-J5, Class A7, 6.500%, 01/25/35		295
	329	GSR Mortgage Loan Trust, Series 2004-6F, Class 2A4, 5.500%, 05/25/34		337
		JP Morgan Mortgage Trust,
	998	Series 2006-A2, Class 5A3, VAR, 2.682%, 11/25/33		999
	173	Series 2007-A1, Class 5A5, VAR, 2.826%, 07/25/35		174
	263	MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, VAR, 2.781%, 04/21/34		263
	17	MASTR Alternative Loan Trust, Series 2004-5, Class 5A1, 4.750%, 06/25/19		17
	217	MASTR Asset Securitization Trust, Series 2003-11, Class 8A1, 5.500%, 12/25/33		220
		Merrill Lynch Mortgage Investors Trust,
	321	Series 2003-F, Class A1, VAR, 1.076%, 10/25/28		313
	393	Series 2004-B, Class A1, VAR, 0.936%, 05/25/29		381
	89	Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.691%, 04/25/34		93
	106	PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38		107
	12	Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19		12
	22	RALI Trust, Series 2004-QS3, Class CB, 5.000%, 03/25/19		22
	827	Sequoia Mortgage Trust, Series 2004-11, Class A1, VAR, 1.032%, 12/20/34		797
	529	Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		529
	311	Structured Asset Mortgage Investments II Trust, Series 2003-AR4, Class A1, VAR, 1.126%, 01/19/34		298
	587	Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 2.229%, 12/25/44		577
		WaMu Mortgage Pass-Through Certificates Trust,
	344	Series 2003-AR11, Class A6, VAR, 2.530%, 10/25/33		345
	7	Series 2003-S6, Class 2A1, 5.000%, 07/25/18		7

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 173

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	112	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		111
	1,080	Wells Fargo Mortgage-Backed Securities Trust, Series 2004-P, Class 2A1, VAR, 2.738%, 09/25/34		1,075
				8,211
		Total Collateralized Mortgage Obligations (Cost $260,462)		266,586
	Commercial Mortgage-Backed Securities — 3.1%
	1,325	A10 Term Asset Financing LLC, Series 2014-1, Class A2, 3.020%, 04/15/33 (e)		1,322
		Banc of America Commercial Mortgage Trust,
	1,617	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		1,619
	976	Series 2006-5, Class A4, 5.414%, 09/10/47		983
	31	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		31
	1,400	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		1,425
	37	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48		38
	2,750	COMM Mortgage Trust, Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		2,765
	608	Commercial Mortgage Trust, Series 2006-GG7, Class A4, VAR, 5.877%, 07/10/38		610
	394	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		394
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,045	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,208
	4,000	Series K037, Class A2, 3.490%, 01/25/24		4,335
	1,000	Series K038, Class A2, 3.389%, 03/25/24		1,080
	2,503	Series K046, Class A2, 3.205%, 03/25/25		2,650
	2,000	Series K048, Class A2, VAR, 3.284%, 06/25/25		2,130
	469	Series K049, Class A2, 3.010%, 07/25/25		489
	1,399	Series KF12, Class A, VAR, 1.130%, 09/25/22		1,401
	327	Series KJ02, Class A2, 2.597%, 09/25/20		337
	1,750	Series KPLB, Class A, 2.770%, 05/25/25		1,784
	5,000	Series KSMC, Class A2, 2.615%, 01/25/23		5,194
	1,344	GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		1,354

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		JP Morgan Chase Commercial Mortgage Securities Trust,
	194	Series 2005-CB11, Class AJ, VAR, 5.411%, 08/12/37		194
	552	Series 2006-CB15, Class A4, VAR, 5.814%, 06/12/43		553
	1,218	LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.430%, 02/15/40		1,242
	23,657	ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.612%, 12/12/49 (e)		92
	2,200	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		2,321
		Morgan Stanley Capital I Trust,
	44,067	Series 2007-HQ11, Class X, IO, VAR, 0.208%, 02/12/44 (e)		73
	577	Series 2011-C3, Class A3, 4.054%, 07/15/49		609
	323	Morgan Stanley Re-REMIC Trust, Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		322
	72	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		72
	1,726	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.879%, 07/14/34 (e)		1,705
	782	RAIT Trust, Series 2015-FL4, Class A, VAR, 1.777%, 12/15/31 (e)		769
	866	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		895
		UBS-Barclays Commercial Mortgage Trust,
	1,040	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,099
	1,486	Series 2013-C6, Class A4, 3.244%, 04/10/46		1,518
	2,750	VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		2,895
	77	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		77
	1,800	WFRBS Commercial Mortgage Trust, Series 2012-C6, Class A4, 3.440%, 04/15/45		1,893
		Total Commercial Mortgage-Backed Securities (Cost $47,963)		48,478
	Corporate Bonds — 29.7%
		Consumer Discretionary — 2.1%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	138	3.625%, 07/02/24		138
	1,135	4.250%, 03/01/21		1,191
	40	5.000%, 03/30/20		43
				1,372

SEE NOTES TO FINANCIAL STATEMENTS.

174 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	2,100	2.250%, 07/31/19 (e)		2,082
	153	2.250%, 03/02/20 (e)		151
	584	2.625%, 09/15/16 (e)		588
				2,821
		Hotels, Restaurants & Leisure — 0.1%
	1,250	McDonald’s Corp., 3.375%, 05/26/25		1,277
	326	Starbucks Corp., 2.700%, 06/15/22		336
				1,613
		Internet & Catalog Retail — 0.1%
	1,217	Amazon.com, Inc., 3.800%, 12/05/24		1,306
		Media — 1.3%
		21st Century Fox America, Inc.,
	30	7.250%, 05/18/18		33
	600	7.430%, 10/01/26		734
	200	7.700%, 10/30/25		255
	1,019	CBS Corp., 3.700%, 08/15/24		1,015
	450	Comcast Cable Communications LLC, 8.875%, 05/01/17		489
	335	Comcast Corp., 6.500%, 01/15/17		351
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	1,232	3.800%, 03/15/22		1,266
	360	4.450%, 04/01/24		378
	422	Discovery Communications LLC, 4.375%, 06/15/21		430
	285	Grupo Televisa SAB, (Mexico), 4.625%, 01/30/26		289
	400	NBCUniversal Enterprise, Inc., 1.974%, 04/15/19 (e)		402
	2,000	NBCUniversal Media LLC, 2.875%, 01/15/23		2,037
		Thomson Reuters Corp., (Canada),
	1,700	3.950%, 09/30/21		1,786
	800	4.300%, 11/23/23		844
		Time Warner Cable, Inc.,
	50	8.250%, 04/01/19		57
	3,425	8.750%, 02/14/19		3,948
	500	Time Warner Entertainment Co. LP, 8.375%, 07/15/33		593
		Time Warner, Inc.,
	400	3.400%, 06/15/22		396
	200	3.550%, 06/01/24		197
	1,715	4.050%, 12/15/23		1,768

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
		Viacom, Inc.,
	700	3.125%, 06/15/22		638
	189	3.250%, 03/15/23		171
	361	3.875%, 12/15/21		359
	300	3.875%, 04/01/24		281
	750	4.250%, 09/01/23		733
	13	6.250%, 04/30/16		13
	806	Walt Disney Co. (The), 1.100%, 12/01/17		807
				20,270
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	200	3.625%, 06/01/24		186
	1,240	7.450%, 07/15/17		1,331
	175	Nordstrom, Inc., 4.000%, 10/15/21		183
	868	Target Corp., 3.500%, 07/01/24		930
				2,630
		Specialty Retail — 0.2%
	262	Bed Bath & Beyond, Inc., 3.749%, 08/01/24		253
		Home Depot, Inc. (The),
	531	2.000%, 06/15/19		541
	450	2.700%, 04/01/23		462
	986	3.750%, 02/15/24		1,078
		Lowe’s Cos., Inc.,
	1,004	3.125%, 09/15/24		1,032
	238	3.375%, 09/15/25		250
				3,616
		Total Consumer Discretionary		33,628
		Consumer Staples — 2.3%
		Beverages — 0.6%
		Anheuser-Busch InBev Finance, Inc.,
	1,384	3.300%, 02/01/23		1,422
	2,000	3.700%, 02/01/24		2,117
		Coca-Cola Co. (The),
	893	1.150%, 04/01/18		895
	1,000	1.800%, 09/01/16		1,005
	1,000	Diageo Investment Corp., 2.875%, 05/11/22		1,023
	1,257	PepsiCo, Inc., 1.250%, 08/13/17		1,261
	1,450	SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)		1,523
				9,246
		Food & Staples Retailing — 0.7%
	1,094	Costco Wholesale Corp., 2.250%, 02/15/22		1,105

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 175

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Food & Staples Retailing — continued
		CVS Health Corp.,
	1,100	2.750%, 12/01/22		1,095
	557	3.500%, 07/20/22		582
	800	4.000%, 12/05/23		864
		Kroger Co. (The),
	92	5.400%, 07/15/40		103
	700	6.150%, 01/15/20		806
	1,000	6.400%, 08/15/17		1,070
	208	Sysco Corp., 3.750%, 10/01/25		215
	469	Walgreen Co., 3.100%, 09/15/22		462
	1,057	Walgreens Boots Alliance, Inc., 3.300%, 11/18/21		1,065
		Wal-Mart Stores, Inc.,
	1,650	2.550%, 04/11/23		1,690
	200	3.300%, 04/22/24		213
	930	3.625%, 07/08/20		1,003
				10,273
		Food Products — 0.8%
		Bunge Ltd. Finance Corp.,
	31	3.500%, 11/24/20		31
	1,192	8.500%, 06/15/19		1,379
		Cargill, Inc.,
	900	3.300%, 03/01/22 (e)		933
	400	6.000%, 11/27/17 (e)		428
	1,000	7.350%, 03/06/19 (e)		1,155
		General Mills, Inc.,
	2,075	3.150%, 12/15/21		2,161
	100	5.650%, 02/15/19		111
		Kellogg Co.,
	513	3.250%, 05/21/18		529
	1,606	4.000%, 12/15/20		1,709
		Kraft Foods Group, Inc.,
	1,419	3.500%, 06/06/22		1,464
	310	5.375%, 02/10/20		343
	425	6.875%, 01/26/39		521
	89	Mead Johnson Nutrition Co., Class C, 4.125%, 11/15/25		92
	1,600	Mondelez International, Inc., 4.000%, 02/01/24		1,669
	171	Tyson Foods, Inc., 2.650%, 08/15/19		173
				12,698
		Household Products — 0.2%
		Kimberly-Clark Corp.,
	200	2.400%, 03/01/22		202
	1,800	2.400%, 06/01/23		1,806

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Household Products — continued
	1,800	Procter & Gamble Co. (The), 1.450%, 08/15/16		1,807
				3,815
		Total Consumer Staples		36,032
		Energy — 2.9%
		Energy Equipment & Services — 0.4%
	199	Cameron International Corp., 4.000%, 12/15/23		197
	150	Diamond Offshore Drilling, Inc., 3.450%, 11/01/23		105
		Halliburton Co.,
	350	3.500%, 08/01/23		327
	550	6.150%, 09/15/19		599
	750	8.750%, 02/15/21		909
	800	Nabors Industries, Inc., 4.625%, 09/15/21		537
	1,500	National Oilwell Varco, Inc., 2.600%, 12/01/22		1,234
		Noble Holding International Ltd., (Cayman Islands),
	719	3.950%, 03/15/22		368
	172	4.000%, 03/16/18		138
		Schlumberger Investment S.A., (Luxembourg),
	233	3.300%, 09/14/21 (e)		236
	737	3.650%, 12/01/23		745
		Transocean, Inc., (Cayman Islands),
	500	4.300%, 10/15/22		245
	578	6.500%, 11/15/20		341
	442	7.125%, 12/15/21		243
	460	7.375%, 04/15/18		356
				6,580
		Oil, Gas & Consumable Fuels — 2.5%
	1,025	Anadarko Petroleum Corp., 8.700%, 03/15/19		1,045
	400	Apache Corp., 6.900%, 09/15/18		421
		BP Capital Markets plc, (United Kingdom),
	1,000	2.241%, 09/26/18		995
	317	2.750%, 05/10/23		300
	712	3.245%, 05/06/22		702
	900	Burlington Resources, Inc., 8.200%, 03/15/25		1,016
		Canadian Natural Resources Ltd., (Canada),
	800	5.700%, 05/15/17		801
	500	5.900%, 02/01/18		488
	1,200	Cenovus Energy, Inc., (Canada), 3.800%, 09/15/23		872
		Chevron Corp.,
	1,000	2.355%, 12/05/22		960
	285	3.191%, 06/24/23		288

SEE NOTES TO FINANCIAL STATEMENTS.

176 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	833	CNOOC Nexen Finance 2014 ULC, (Canada), 4.250%, 04/30/24		856
	375	ConocoPhillips Holding Co., 6.950%, 04/15/29		402
		Devon Energy Corp.,
	725	3.250%, 05/15/22		559
	1,250	6.300%, 01/15/19		1,185
		Ecopetrol S.A., (Colombia),
	467	4.125%, 01/16/25		358
	773	5.375%, 06/26/26		627
		Energy Transfer Partners LP,
	537	3.600%, 02/01/23		446
	182	4.750%, 01/15/26		156
		EnLink Midstream Partners LP,
	281	2.700%, 04/01/19		219
	633	4.150%, 06/01/25		437
		Enterprise Products Operating LLC,
	225	3.350%, 03/15/23		211
	651	3.700%, 02/15/26		609
	150	3.750%, 02/15/25		142
	263	3.900%, 02/15/24		249
		EOG Resources, Inc.,
	240	2.625%, 03/15/23		216
	600	4.150%, 01/15/26		592
	2,200	Exxon Mobil Corp., 2.709%, 03/06/25		2,196
	1,294	Magellan Midstream Partners LP, 4.250%, 02/01/21		1,294
	400	Marathon Oil Corp., 2.800%, 11/01/22		262
	964	Marathon Petroleum Corp., 3.625%, 09/15/24		786
	118	Noble Energy, Inc., 5.625%, 05/01/21		107
		Occidental Petroleum Corp.,
	139	1.750%, 02/15/17		139
	441	2.700%, 02/15/23		413
	727	3.500%, 06/15/25		709
	1,800	ONEOK Partners LP, 4.900%, 03/15/25		1,473
		Petrobras Global Finance B.V., (Netherlands),
	1,000	3.500%, 02/06/17		978
	500	7.875%, 03/15/19		451
		Petroleos Mexicanos, (Mexico),
	731	4.500%, 01/23/26 (e)		649
	270	4.875%, 01/18/24		250
	466	6.375%, 02/04/21 (e)		483
	173	Phillips 66, 4.300%, 04/01/22		176
		Plains All American Pipeline LP/PAA Finance Corp.,
	705	2.600%, 12/15/19		618

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	575	3.650%, 06/01/22		474
	300	3.850%, 10/15/23		243
		Spectra Energy Capital LLC,
	503	3.300%, 03/15/23		418
	50	6.200%, 04/15/18		52
	710	8.000%, 10/01/19		754
		Statoil ASA, (Norway),
	1,179	2.650%, 01/15/24		1,086
	1,200	3.125%, 08/17/17		1,222
		Suncor Energy, Inc., (Canada),
	350	3.600%, 12/01/24		316
	200	6.100%, 06/01/18		206
		Sunoco Logistics Partners Operations LP,
	156	4.250%, 04/01/24		131
	700	5.500%, 02/15/20		676
	1,153	Texas Eastern Transmission LP, 2.800%, 10/15/22 (e)		1,019
	821	Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23		785
		Total Capital International S.A., (France),
	138	1.550%, 06/28/17		138
	200	2.700%, 01/25/23		192
	1,003	3.750%, 04/10/24		1,020
	240	Total Capital S.A., (France), 2.300%, 03/15/16		240
		TransCanada PipeLines Ltd., (Canada),
	455	2.500%, 08/01/22		422
	2,345	3.750%, 10/16/23		2,292
	300	7.125%, 01/15/19		328
				38,150
		Total Energy		44,730
		Financials — 10.2%
		Banks — 4.0%
	1,629	ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)		1,644
		Bank of America Corp.,
	53	3.300%, 01/11/23		53
	360	3.625%, 03/17/16		361
	1,154	4.000%, 01/22/25		1,121
	737	4.100%, 07/24/23		767
	556	4.450%, 03/03/26		556
	780	5.000%, 05/13/21		852
	865	5.625%, 07/01/20		957
	600	6.400%, 08/28/17		637
	427	6.500%, 08/01/16		436

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 177

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
	2,000	6.875%, 04/25/18		2,184
	2,600	7.625%, 06/01/19		2,996
	585	Series L, 5.650%, 05/01/18		625
		Bank of Montreal, (Canada),
	567	1.400%, 09/11/17		569
	1,153	2.375%, 01/25/19		1,166
	100	2.550%, 11/06/22		100
		Bank of Nova Scotia (The), (Canada),
	2,000	1.450%, 04/25/18		1,988
	630	2.800%, 07/21/21		642
	952	Barclays plc, (United Kingdom), 3.650%, 03/16/25		875
		BB&T Corp.,
	166	2.250%, 02/01/19		168
	500	2.625%, 06/29/20		507
	60	3.950%, 04/29/16		61
	3,360	Capital One Bank USA N.A., 3.375%, 02/15/23		3,268
		Citigroup, Inc.,
	1,000	1.550%, 08/14/17		995
	845	1.800%, 02/05/18		839
	2,000	2.050%, 12/07/18		1,988
	484	3.750%, 06/16/24		496
	778	Commonwealth Bank of Australia, (Australia), 4.500%, 12/09/25 (e)		767
	903	Cooperatieve Rabobank UA, (Netherlands), 3.875%, 02/08/22		951
	447	Discover Bank, 4.200%, 08/08/23		454
	470	Fifth Third Bancorp, 2.875%, 07/27/20		474
		Fifth Third Bank,
	250	2.375%, 04/25/19		251
	425	2.875%, 10/01/21		429
		HSBC Bank plc, (United Kingdom),
	523	1.500%, 05/15/18 (e)		520
	1,100	4.750%, 01/19/21 (e)		1,212
		HSBC Holdings plc, (United Kingdom),
	1,100	4.000%, 03/30/22		1,144
	800	4.250%, 03/14/24		787
		KeyCorp,
	42	2.900%, 09/15/20		42
	1,657	5.100%, 03/24/21		1,822
	813	Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18		809
	1,000	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		1,081
	909	Mizuho Bank Ltd., (Japan), 2.650%, 09/25/19 (e)		922

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	1,000	National Australia Bank Ltd., (Australia), 3.000%, 07/27/16 (e)		1,009
	100	National City Corp., 6.875%, 05/15/19		112
	591	Nordea Bank AB, (Sweden), 4.250%, 09/21/22 (e)		613
		PNC Funding Corp.,
	50	5.125%, 02/08/20		55
	50	5.625%, 02/01/17		52
	725	6.700%, 06/10/19		831
		Royal Bank of Canada, (Canada),
	1,302	1.200%, 09/19/17		1,301
	1,193	2.000%, 10/01/18		1,207
	600	2.200%, 07/27/18		607
	250	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		248
	442	Stadshypotek AB, (Sweden), 1.875%, 10/02/19 (e)		444
	1,800	Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)		1,773
		SunTrust Banks, Inc.,
	1,500	2.750%, 05/01/23		1,461
	800	3.500%, 01/20/17		813
	706	Svenska Handelsbanken AB, (Sweden), 3.125%, 07/12/16		711
		Toronto-Dominion Bank (The), (Canada),
	400	1.500%, 03/13/17 (e)		401
	1,041	1.750%, 07/23/18		1,042
		U.S. Bancorp,
	307	1.650%, 05/15/17		309
	500	2.200%, 04/25/19		507
	215	2.950%, 07/15/22		218
	732	4.125%, 05/24/21		798
		Wachovia Corp.,
	1,000	5.750%, 06/15/17		1,053
	3,895	5.750%, 02/01/18		4,188
		Wells Fargo & Co.,
	428	2.550%, 12/07/20		431
	368	3.000%, 02/19/25		368
	1,000	3.500%, 03/08/22		1,049
	1,000	Wells Fargo Bank N.A., 6.000%, 11/15/17		1,073
	506	Westpac Banking Corp., (Australia), 2.000%, 03/03/20 (e)		508
				61,698
		Capital Markets — 2.2%
	2,150	Ameriprise Financial, Inc., 4.000%, 10/15/23		2,277
		Bank of New York Mellon Corp. (The),
	92	2.100%, 01/15/19		93

SEE NOTES TO FINANCIAL STATEMENTS.

178 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	1,440	4.150%, 02/01/21		1,572
	155	4.600%, 01/15/20		168
	200	BlackRock, Inc., 6.250%, 09/15/17		215
	470	Blackstone Holdings Finance Co. LLC, 4.750%, 02/15/23 (e)		511
	500	CDP Financial, Inc., (Canada), 4.400%, 11/25/19 (e)		546
	40	Charles Schwab Corp. (The), 3.225%, 09/01/22		41
		Credit Suisse AG, (Switzerland),
	833	1.750%, 01/29/18		828
	520	3.625%, 09/09/24		522
		Deutsche Bank AG, (Germany),
	610	1.875%, 02/13/18		595
	350	6.000%, 09/01/17		366
		Goldman Sachs Group, Inc. (The),
	500	3.625%, 01/22/23		508
	92	4.250%, 10/21/25		92
	196	5.250%, 07/27/21		218
	900	5.375%, 03/15/20		987
	1,195	6.000%, 06/15/20		1,341
	5,150	7.500%, 02/15/19		5,861
	436	Invesco Finance plc, (United Kingdom), 3.750%, 01/15/26		451
	1,850	Jefferies Group LLC, 6.875%, 04/15/21		2,072
		Macquarie Bank Ltd., (Australia),
	190	2.350%, 01/15/19 (e)		191
	291	2.600%, 06/24/19 (e)		291
	810	5.000%, 02/22/17 (e)		835
	800	Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)		886
		Morgan Stanley,
	600	2.650%, 01/27/20		599
	1,081	3.875%, 01/27/26		1,111
	880	4.350%, 09/08/26		875
	622	5.000%, 11/24/25		654
	331	5.500%, 07/24/20		367
	2,500	5.625%, 09/23/19		2,744
	510	5.750%, 01/25/21		573
	1,000	6.625%, 04/01/18		1,088
	1,700	7.300%, 05/13/19		1,943
		State Street Corp.,
	1,724	3.100%, 05/15/23		1,736
	1,154	3.700%, 11/20/23		1,227
				34,384

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — 1.1%
	400	American Express Centurion Bank, 6.000%, 09/13/17		426
		American Express Co.,
	200	6.150%, 08/28/17		213
	1,820	7.000%, 03/19/18		1,999
		American Honda Finance Corp.,
	250	2.250%, 08/15/19		254
	1,450	7.625%, 10/01/18 (e)		1,655
		Caterpillar Financial Services Corp.,
	176	2.250%, 12/01/19		178
	510	2.750%, 08/20/21		520
	900	2.850%, 06/01/22		911
	675	7.150%, 02/15/19		774
		Ford Motor Credit Co. LLC,
	484	1.500%, 01/17/17		482
	792	2.375%, 03/12/19		779
	627	3.000%, 06/12/17		633
	757	3.984%, 06/15/16		763
	240	4.207%, 04/15/16		241
	522	General Motors Financial Co., Inc., 3.100%, 01/15/19		516
		John Deere Capital Corp.,
	753	1.600%, 07/13/18		754
	65	1.700%, 01/15/20		64
	650	3.150%, 10/15/21		677
	1,166	Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)		1,162
		PACCAR Financial Corp.,
	591	1.600%, 03/15/17		594
	1,400	2.200%, 09/15/19		1,425
		Toyota Motor Credit Corp.,
	429	1.375%, 01/10/18		430
	1,700	2.125%, 07/18/19		1,727
	800	2.625%, 01/10/23		802
				17,979
		Diversified Financial Services — 0.9%
	1,666	CME Group, Inc., 3.000%, 09/15/22		1,721
	400	Countrywide Financial Corp., 6.250%, 05/15/16		404
		GE Capital International Funding Co., (Ireland),
	674	0.964%, 04/15/16 (e)		674
	7,238	2.342%, 11/15/20 (e)		7,311
	1,502	Intercontinental Exchange, Inc., 4.000%, 10/15/23		1,573
	650	National Rural Utilities Cooperative Finance Corp., 10.375%, 11/01/18		788

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 179

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
		Shell International Finance B.V., (Netherlands),
	150	3.400%, 08/12/23		149
	1,555	4.300%, 09/22/19		1,642
	40	4.375%, 03/25/20		42
				14,304
		Insurance — 1.2%
	1,900	ACE INA Holdings, Inc., 2.700%, 03/13/23		1,880
	651	Allstate Corp. (The), 3.150%, 06/15/23		668
	818	American International Group, Inc., 4.125%, 02/15/24		829
	621	Aon Corp., 3.125%, 05/27/16		624
		Berkshire Hathaway Finance Corp.,
	323	1.300%, 05/15/18		324
	2,160	5.400%, 05/15/18		2,354
	61	Chubb Corp. (The), 5.750%, 05/15/18		66
		CNA Financial Corp.,
	860	3.950%, 05/15/24		843
	420	6.500%, 08/15/16		429
		Liberty Mutual Group, Inc.,
	950	4.250%, 06/15/23 (e)		973
	900	5.000%, 06/01/21 (e)		971
		Lincoln National Corp.,
	96	4.200%, 03/15/22		100
	768	4.850%, 06/24/21		820
	824	Marsh & McLennan Cos., Inc., 2.350%, 03/06/20		825
	1,216	MassMutual Global Funding II, 2.100%, 08/02/18 (e)		1,226
		Metropolitan Life Global Funding I,
	710	1.500%, 01/10/18 (e)		705
	1,600	3.000%, 01/10/23 (e)		1,586
	426	3.875%, 04/11/22 (e)		448
		New York Life Global Funding,
	323	1.950%, 02/11/20 (e)		322
	1,024	2.150%, 06/18/19 (e)		1,033
	471	Principal Financial Group, Inc., 3.125%, 05/15/23		463
	650	Prudential Insurance Co. of America (The), 8.300%, 07/01/25 (e)		837
	373	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		378
				18,704
		Real Estate Investment Trusts (REITs) — 0.8%
	360	American Tower Corp., 3.500%, 01/31/23		353
	909	Boston Properties LP, 3.800%, 02/01/24		935

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Real Estate Investment Trusts (REITs) — continued
	672	Duke Realty LP, 4.375%, 06/15/22		708
	600	Equity Commonwealth, 6.650%, 01/15/18		632
	1,047	ERP Operating LP, 4.625%, 12/15/21		1,157
		HCP, Inc.,
	1,052	2.625%, 02/01/20		1,029
	469	3.875%, 08/15/24		441
	577	4.250%, 11/15/23		564
		Prologis LP,
	127	3.750%, 11/01/25		129
	457	4.250%, 08/15/23		486
		Realty Income Corp.,
	600	3.250%, 10/15/22		590
	400	3.875%, 07/15/24		402
	1,200	Simon Property Group LP, 4.375%, 03/01/21		1,308
		Ventas Realty LP,
	90	3.500%, 02/01/25		87
	470	3.750%, 05/01/24		470
	158	4.125%, 01/15/26		160
		Welltower, Inc.,
	600	3.750%, 03/15/23		595
	2,007	4.500%, 01/15/24		2,043
				12,089
		Total Financials		159,158
		Health Care — 1.7%
		Biotechnology — 0.3%
		Amgen, Inc.,
	1,100	3.875%, 11/15/21		1,175
	1,350	4.100%, 06/15/21		1,445
	117	Baxalta, Inc., 3.600%, 06/23/22 (e)		116
	612	Biogen, Inc., 3.625%, 09/15/22		633
		Celgene Corp.,
	1,000	3.250%, 08/15/22		1,001
	700	3.950%, 10/15/20		740
	88	Gilead Sciences, Inc., 3.250%, 09/01/22		91
				5,201
		Health Care Equipment & Supplies — 0.2%
	246	Becton, Dickinson & Co., 2.675%, 12/15/19		251
	2,400	Medtronic, Inc., 3.500%, 03/15/25		2,520
				2,771
		Health Care Providers & Services — 0.4%
	381	Aetna, Inc., 1.750%, 05/15/17		382
	700	Anthem, Inc., 3.300%, 01/15/23		689
	131	Cardinal Health, Inc., 3.750%, 09/15/25		136

SEE NOTES TO FINANCIAL STATEMENTS.

180 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Health Care Providers & Services — continued
	150	McKesson Corp., 2.700%, 12/15/22		146
	1,250	Medco Health Solutions, Inc., 7.125%, 03/15/18		1,366
		UnitedHealth Group, Inc.,
	365	2.750%, 02/15/23		367
	145	2.875%, 12/15/21		149
	1,500	2.875%, 03/15/23		1,521
	187	3.375%, 11/15/21		198
	255	4.700%, 02/15/21		283
	100	WellPoint, Inc., 2.375%, 02/15/17		101
				5,338
		Life Sciences Tools & Services — 0.0% (g)
	441	Thermo Fisher Scientific, Inc., 1.300%, 02/01/17		439
		Pharmaceuticals — 0.8%
	1,304	AbbVie, Inc., 2.900%, 11/06/22		1,294
	316	Actavis Funding SCS, (Luxembourg), 3.450%, 03/15/22		322
	250	Actavis, Inc., 3.250%, 10/01/22		251
	1,210	Bristol-Myers Squibb Co., 2.000%, 08/01/22		1,194
	555	Forest Laboratories LLC, 5.000%, 12/15/21 (e)		609
	1,875	GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23		1,923
		Johnson & Johnson,
	800	2.050%, 03/01/23		801
	857	3.375%, 12/05/23		943
		Merck & Co., Inc.,
	1,400	1.300%, 05/18/18		1,406
	215	2.350%, 02/10/22		216
	1,800	Mylan, Inc., 2.600%, 06/24/18		1,784
	1,153	Novartis Capital Corp., 3.400%, 05/06/24		1,231
	498	Teva Pharmaceutical Finance Co. B.V., (Netherlands), Series 2, 3.650%, 11/10/21		511
	174	Zoetis, Inc., 1.875%, 02/01/18		172
				12,657
		Total Health Care		26,406
		Industrials — 3.3%
		Aerospace & Defense — 0.7%
	864	BAE Systems Holdings, Inc., 3.800%, 10/07/24 (e)		883
		Boeing Co. (The),
	540	4.875%, 02/15/20		601
	750	7.950%, 08/15/24		1,025
	2,000	General Dynamics Corp., 2.250%, 11/15/22		1,974

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
	1,200	Honeywell International, Inc., 4.250%, 03/01/21		1,331
		Lockheed Martin Corp.,
	380	3.350%, 09/15/21		399
	850	4.250%, 11/15/19		917
	325	Northrop Grumman Corp., 5.050%, 08/01/19		354
		Precision Castparts Corp.,
	1,500	2.500%, 01/15/23		1,473
	800	3.250%, 06/15/25		819
	476	Raytheon Co., 3.150%, 12/15/24		496
				10,272
		Air Freight & Logistics — 0.3%
	796	FedEx Corp., 3.200%, 02/01/25		788
		United Parcel Service, Inc.,
	1,457	2.450%, 10/01/22		1,487
	1,600	3.125%, 01/15/21		1,696
	425	5.125%, 04/01/19		470
				4,441
		Airlines — 0.2%
	399	Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)		400
	69	American Airlines 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		74
	867	American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23		914
	316	Continental Airlines 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		348
	266	Continental Airlines 2012-2 Class A Pass-Through Trust, 4.000%, 10/29/24		274
	35	Delta Air Lines 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		37
	62	Delta Air Lines 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		66
	418	Delta Air Lines 2012-1 Class A Pass-Through Trust, 4.750%, 05/07/20		443
				2,556
		Commercial Services & Supplies — 0.2%
		Republic Services, Inc.,
	417	3.550%, 06/01/22		437
	1,200	5.500%, 09/15/19		1,321
		Waste Management, Inc.,
	862	2.900%, 09/15/22		862
	242	4.600%, 03/01/21		261
	150	4.750%, 06/30/20		165
				3,046

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 181

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction & Engineering — 0.0% (g)
	350	ABB Finance USA, Inc., 2.875%, 05/08/22		354
	526	Fluor Corp., 3.375%, 09/15/21		546
				900
		Electrical Equipment — 0.0% (g)
	272	Eaton Corp., 1.500%, 11/02/17		271
		Industrial Conglomerates — 0.5%
		Danaher Corp.,
	784	3.900%, 06/23/21		851
	500	5.400%, 03/01/19		553
		General Electric Co.,
	636	1.600%, 11/20/17		640
	200	2.100%, 12/11/19		204
	125	4.375%, 09/16/20		138
	1,919	4.625%, 01/07/21		2,144
	95	5.300%, 02/11/21		108
	529	5.500%, 01/08/20		602
	80	5.625%, 09/15/17		85
	70	5.875%, 01/14/38		88
	490	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 3.250%, 11/08/22 (e)		500
		Koninklijke Philips N.V., (Netherlands),
	1,200	3.750%, 03/15/22		1,240
	480	5.750%, 03/11/18		513
	208	Roper Technologies, Inc., 3.000%, 12/15/20		210
				7,876
		Machinery — 0.2%
	30	Caterpillar, Inc., 7.900%, 12/15/18		35
		Deere & Co.,
	298	2.600%, 06/08/22		299
	700	4.375%, 10/16/19		764
	1,400	Illinois Tool Works, Inc., 3.500%, 03/01/24		1,485
	228	Parker-Hannifin Corp., 3.300%, 11/21/24		238
				2,821
		Road & Rail — 1.2%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		133
	2,000	4.100%, 06/01/21		2,152
		Canadian Pacific Railway Co., (Canada),
	1,146	4.500%, 01/15/22		1,222
	600	7.250%, 05/15/19		688
		CSX Corp.,
	3,000	6.250%, 03/15/18		3,276
	230	7.375%, 02/01/19		265

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — continued
		ERAC USA Finance LLC,
	120	2.800%, 11/01/18 (e)		121
	1,500	3.300%, 10/15/22 (e)		1,495
	650	3.850%, 11/15/24 (e)		658
	315	4.500%, 08/16/21 (e)		338
		Norfolk Southern Corp.,
	812	2.903%, 02/15/23		798
	250	3.000%, 04/01/22		250
	829	3.250%, 12/01/21		834
	750	3.850%, 01/15/24		781
	300	5.750%, 04/01/18		324
	263	Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 06/15/19 (e)		259
		Ryder System, Inc.,
	555	2.450%, 09/03/19		550
	290	2.500%, 03/01/17		292
	535	3.500%, 06/01/17		543
	100	3.600%, 03/01/16		100
		Union Pacific Corp.,
	850	3.250%, 01/15/25		880
	1,200	3.750%, 03/15/24		1,282
	1,931	4.163%, 07/15/22		2,121
				19,362
		Total Industrials		51,545
		Information Technology — 1.4%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	90	2.450%, 06/15/20		92
	181	2.900%, 03/04/21		188
	90	4.450%, 01/15/20		99
	975	4.950%, 02/15/19		1,071
				1,450
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	155	6.000%, 04/01/20		168
	1,350	7.500%, 01/15/27		1,627
				1,795
		Internet Software & Services — 0.1%
	2,673	eBay, Inc., 2.600%, 07/15/22		2,496
		IT Services — 0.2%
		International Business Machines Corp.,
	252	1.250%, 02/08/18		252
	1,150	1.625%, 05/15/20		1,142

SEE NOTES TO FINANCIAL STATEMENTS.

182 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		IT Services — continued
	629	1.950%, 07/22/16		632
	40	8.375%, 11/01/19		50
	864	Xerox Corp., 5.625%, 12/15/19		883
				2,959
		Semiconductors & Semiconductor Equipment — 0.3%
		Intel Corp.,
	987	2.700%, 12/15/22		1,003
	728	3.100%, 07/29/22		762
	773	3.300%, 10/01/21		818
		Texas Instruments, Inc.,
	837	2.375%, 05/16/16		840
	790	2.750%, 03/12/21		813
				4,236
		Software — 0.4%
	942	Intuit, Inc., 5.750%, 03/15/17		982
		Microsoft Corp.,
	486	2.375%, 05/01/23		489
	1,500	4.200%, 06/01/19		1,637
		Oracle Corp.,
	1,285	2.500%, 10/15/22		1,288
	539	2.800%, 07/08/21		557
	720	5.750%, 04/15/18		787
	50	6.500%, 04/15/38		64
				5,804
		Technology Hardware, Storage & Peripherals — 0.2%
		Apple, Inc.,
	818	2.150%, 02/09/22		810
	1,006	2.850%, 05/06/21		1,048
	1,154	3.200%, 05/13/25		1,193
	567	HP, Inc., 4.375%, 09/15/21		572
				3,623
		Total Information Technology		22,363
		Materials — 0.9%
		Chemicals — 0.6%
	168	Agrium, Inc., (Canada), 3.375%, 03/15/25		154
		Dow Chemical Co. (The),
	542	3.000%, 11/15/22		536
	800	3.500%, 10/01/24		804
	104	4.125%, 11/15/21		110
	17	8.550%, 05/15/19		20
		Ecolab, Inc.,
	279	1.450%, 12/08/17		278
	167	2.250%, 01/12/20		167
	330	3.250%, 01/14/23		336

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Chemicals — continued
		Mosaic Co. (The),
	1,535	3.750%, 11/15/21		1,528
	708	4.250%, 11/15/23		692
		Potash Corp. of Saskatchewan, Inc., (Canada),
	100	3.625%, 03/15/24		98
	1,050	6.500%, 05/15/19		1,178
		PPG Industries, Inc.,
	550	3.600%, 11/15/20		573
	230	6.650%, 03/15/18		251
	1,250	Praxair, Inc., 2.200%, 08/15/22		1,228
	315	Rohm & Haas Co., 7.850%, 07/15/29		407
	400	Union Carbide Corp., 7.500%, 06/01/25		490
				8,850
		Construction Materials — 0.0% (g)
	250	CRH America, Inc., 3.875%, 05/18/25 (e)		253
		Metals & Mining — 0.3%
	382	BHP Billiton Finance USA Ltd., (Australia), 2.050%, 09/30/18		376
		Freeport-McMoRan, Inc.,
	352	2.150%, 03/01/17		334
	400	3.550%, 03/01/22		266
	2,267	3.875%, 03/15/23		1,491
		Nucor Corp.,
	305	4.000%, 08/01/23		307
	172	5.850%, 06/01/18		184
		Rio Tinto Finance USA Ltd., (Australia),
	38	3.500%, 11/02/20		38
	800	4.125%, 05/20/21		805
	650	6.500%, 07/15/18		694
				4,495
		Paper & Forest Products — 0.0% (g)
	350	International Paper Co., 3.800%, 01/15/26		340
		Total Materials		13,938
		Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 0.9%
		AT&T, Inc.,
	1,600	3.875%, 08/15/21		1,679
	750	4.450%, 05/15/21		802
	2,800	5.500%, 02/01/18		2,984
		British Telecommunications plc, (United Kingdom),
	1,500	1.250%, 02/14/17		1,498
	461	1.625%, 06/28/16		462
	350	2.350%, 02/14/19		353

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 183

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Telecommunication Services — continued
	900	Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18		1,003
	267	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		267
		Orange S.A., (France),
	525	2.750%, 09/14/16		529
	50	9.000%, 03/01/31		70
		Telefonica Emisiones S.A.U., (Spain),
	420	3.192%, 04/27/18		427
	409	5.134%, 04/27/20		438
	114	5.462%, 02/16/21		125
		Verizon Communications, Inc.,
	822	2.625%, 02/21/20		833
	886	4.150%, 03/15/24		944
	1,057	4.500%, 09/15/20		1,149
	1,000	5.150%, 09/15/23		1,132
				14,695
		Wireless Telecommunication Services — 0.2%
	379	America Movil S.A.B. de C.V., (Mexico), 3.125%, 07/16/22		378
	608	Rogers Communications, Inc., (Canada), 3.625%, 12/15/25		615
		Vodafone Group plc, (United Kingdom),
	700	2.500%, 09/26/22		667
	700	2.950%, 02/19/23		671
	500	5.625%, 02/27/17		521
				2,852
		Total Telecommunication Services		17,547
		Utilities — 3.8%
		Electric Utilities — 2.8%
	800	Appalachian Power Co., 4.600%, 03/30/21		865
	372	Arizona Public Service Co., 3.350%, 06/15/24		390
	1,595	Baltimore Gas & Electric Co., 2.800%, 08/15/22		1,627
	237	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		243
		DTE Electric Co.,
	197	2.650%, 06/15/22		201
	1,000	3.375%, 03/01/25		1,049
	1,500	3.650%, 03/15/24		1,610
	200	3.900%, 06/01/21		216
		Duke Energy Carolinas LLC,
	1,250	3.900%, 06/15/21		1,354
	50	6.450%, 10/15/32		64

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — continued
	233	Duke Energy Corp., 3.550%, 09/15/21		242
	160	Duke Energy Indiana LLC, 3.750%, 07/15/20		171
	461	Duke Energy Progress LLC, 2.800%, 05/15/22		472
	720	Electricite de France S.A., (France), 2.150%, 01/22/19 (e)		720
	400	Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)		435
	765	Entergy Arkansas, Inc., 3.050%, 06/01/23		771
	3,700	Georgia Power Co., 4.250%, 12/01/19		3,989
	1,663	Great Plains Energy, Inc., 4.850%, 06/01/21		1,796
	1,000	Hydro-Quebec, (Canada), Series HY, 8.400%, 01/15/22		1,325
		Indiana Michigan Power Co.,
	25	7.000%, 03/15/19		28
	100	Series J, 3.200%, 03/15/23		101
	200	Kentucky Utilities Co., 3.300%, 10/01/25		209
	94	Louisville Gas & Electric Co., Series 25, 3.300%, 10/01/25		98
		Nevada Power Co.,
	1,000	6.500%, 08/01/18		1,107
	1,000	7.125%, 03/15/19		1,136
		NextEra Energy Capital Holdings, Inc.,
	518	2.400%, 09/15/19		518
	1,539	2.700%, 09/15/19		1,545
	200	6.000%, 03/01/19		218
	938	Niagara Mohawk Power Corp., 3.508%, 10/01/24 (e)		972
	300	NSTAR Electric Co., 2.375%, 10/15/22		298
	1,200	Ohio Power Co., Series M, 5.375%, 10/01/21		1,357
	300	Oncor Electric Delivery Co. LLC, 7.000%, 09/01/22		366
		Pacific Gas & Electric Co.,
	794	2.450%, 08/15/22		786
	424	3.250%, 09/15/21		441
	1,500	3.250%, 06/15/23		1,551
	400	3.400%, 08/15/24		416
	350	3.850%, 11/15/23		376
	50	6.050%, 03/01/34		61
	200	PacifiCorp, 5.650%, 07/15/18		218
	1,500	Pennsylvania Electric Co., 6.050%, 09/01/17		1,594
	752	PPL Capital Funding, Inc., 4.200%, 06/15/22		802
	224	PPL Electric Utilities Corp., 2.500%, 09/01/22		226
	560	Progress Energy, Inc., 4.400%, 01/15/21		597
	74	Public Service Co. of Colorado, 3.200%, 11/15/20		78

SEE NOTES TO FINANCIAL STATEMENTS.

184 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	283	Public Service Co. of New Hampshire, 3.500%, 11/01/23		300
	220	Public Service Co. of Oklahoma, 4.400%, 02/01/21		236
	1,100	Public Service Electric & Gas Co., 2.000%, 08/15/19		1,108
		Southern California Edison Co.,
	958	3.875%, 06/01/21		1,034
	650	5.500%, 08/15/18		713
	1,860	Southwestern Electric Power Co., 6.450%, 01/15/19		2,071
	1,500	Southwestern Public Service Co., Series G, 8.750%, 12/01/18		1,754
		Virginia Electric & Power Co.,
	1,600	2.750%, 03/15/23		1,607
	1,099	2.950%, 01/15/22		1,129
		Wisconsin Electric Power Co.,
	1,000	1.700%, 06/15/18		1,003
	545	2.950%, 09/15/21		563
				44,157
		Gas Utilities — 0.2%
	1,365	Atmos Energy Corp., 8.500%, 03/15/19		1,601
	843	CenterPoint Energy Resources Corp., 4.500%, 01/15/21		887
				2,488
		Independent Power & Renewable Electricity Producers — 0.1%
	180	Exelon Generation Co. LLC, 4.000%, 10/01/20		186
		PSEG Power LLC,
	1,290	4.150%, 09/15/21		1,322
	221	4.300%, 11/15/23		221
				1,729
		Multi-Utilities — 0.6%
		AGL Capital Corp.,
	939	3.500%, 09/15/21		961
	550	5.250%, 08/15/19		598
	500	CenterPoint Energy, Inc., 6.500%, 05/01/18		541
		Consumers Energy Co.,
	137	2.850%, 05/15/22		140
	1,060	5.650%, 04/15/20		1,214
	350	Dominion Resources, Inc., 4.450%, 03/15/21		376
	784	DTE Energy Co., Series F, 3.850%, 12/01/23		825
		NiSource Finance Corp.,
	300	3.850%, 02/15/23		313

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Multi-Utilities — continued
	500	5.450%, 09/15/20		553
	940	6.125%, 03/01/22		1,090
	100	6.800%, 01/15/19		112
	6	San Diego Gas & Electric Co., 5.350%, 05/15/40		7
		Sempra Energy,
	192	4.050%, 12/01/23		201
	1,400	9.800%, 02/15/19		1,674
				8,605
		Water Utilities — 0.1%
		American Water Capital Corp.,
	364	3.400%, 03/01/25		381
	1,400	3.850%, 03/01/24		1,519
				1,900
		Total Utilities		58,879
		Total Corporate Bonds (Cost $460,469)		464,226
	Foreign Government Securities — 0.3%
	514	Federative Republic of Brazil, (Brazil), 4.250%, 01/07/25		438
		Republic of Panama, (Panama),
	460	3.750%, 03/16/25		461
	347	4.000%, 09/22/24		354
	467	Republic of Poland, (Poland), 4.000%, 01/22/24		501
	431	Republic of Turkey, (Turkey), 5.750%, 03/22/24		458
		United Mexican States, (Mexico),
	568	3.500%, 01/21/21		585
	1,076	3.600%, 01/30/25		1,069
	694	4.000%, 10/02/23		714
	332	4.125%, 01/21/26		341
		Total Foreign Government Securities (Cost $4,878)		4,921
	Mortgage Pass-Through Securities — 7.9%
	39	Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24		43
	176	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 5.500%, 05/01/27		195
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	2,112	4.500%, 05/01/41		2,304
	306	5.000%, 10/01/33		340
	4	6.000%, 12/01/36		4

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 185

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	1,945	Federal Home Loan Mortgage Corp. Gold Pools, Other, 3.500%, 06/01/42		2,043
		Federal National Mortgage Association, 15 Year, Single Family,
	48	6.000%, 10/01/19 - 01/01/24		51
	1,693	Federal National Mortgage Association, 20 Year, Single Family, 3.500%, 08/01/32		1,791
		Federal National Mortgage Association, 30 Year, Single Family,
	1,419	5.000%, 08/01/40		1,588
	831	6.000%, 12/01/32 - 04/01/35		958
	1,254	6.500%, 10/01/36 - 10/01/38		1,444
	751	7.000%, 04/01/37 - 11/01/38		930
		Federal National Mortgage Association, Other,
	1,367	VAR, 0.800%, 05/01/24		1,370
	2,527	ARM, 0.780%, 01/01/23		2,526
	3,000	1.400%, 07/01/17		3,011
	2,400	1.735%, 05/01/20		2,416
	1,944	1.940%, 07/01/19		1,970
	4,800	2.010%, 06/01/20		4,880
	1,445	2.140%, 04/01/19		1,473
	939	2.190%, 12/01/22		953
	2,562	2.340%, 12/01/22		2,623
	2,414	2.350%, 05/01/23		2,464
	1,571	2.395%, 01/01/22		1,622
	4,854	2.400%, 12/01/22 - 07/01/23		4,959
	3,788	2.410%, 01/01/23		3,877
	1,254	2.490%, 10/01/17		1,274
	3,000	2.520%, 05/01/23		3,064
	2,087	2.530%, 03/01/23		2,150
	1,000	2.590%, 11/01/21		1,040
	1,310	2.630%, 09/01/21		1,366
	2,000	2.650%, 08/01/22		2,073
	2,000	2.670%, 07/01/22		2,075
	2,075	2.680%, 05/01/25		2,122
	2,625	2.703%, 04/01/23		2,733
	2,200	2.810%, 04/01/25		2,260
	1,119	2.900%, 06/01/22		1,175
	1,485	3.020%, 06/01/25		1,547
	3,697	3.030%, 12/01/21 - 04/01/27		3,843
	1,934	3.050%, 10/01/20		2,045
	2,500	3.100%, 09/01/25		2,617
	1,358	3.110%, 10/01/21		1,443
	1,494	3.370%, 11/01/20		1,606
	5,000	3.380%, 01/01/18 - 12/01/23		5,225
	1,277	3.450%, 11/01/23		1,381

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	998	3.480%, 12/01/20		1,071
	6,240	3.500%, 05/01/43 - 06/01/43		6,557
	1,686	3.590%, 10/01/20		1,814
	1,150	3.690%, 11/01/23		1,259
	4,664	3.743%, 06/01/18		4,853
	3,400	3.770%, 09/01/21		3,717
	2,295	3.804%, 05/01/22		2,490
	1,208	3.860%, 07/01/21		1,325
	3,690	4.000%, 07/01/42		3,969
	1,000	4.040%, 10/01/20		1,096
	1,000	4.260%, 07/01/21		1,115
	3,277	4.295%, 06/01/21		3,634
	1,870	4.330%, 04/01/21		2,071
	737	4.369%, 02/01/20		806
	940	4.640%, 01/01/21		1,053
	354	Government National Mortgage Association II, 30 Year, Single Family, 6.000%, 09/20/38		402
		Total Mortgage Pass-Through Securities (Cost $120,785)		124,106
	U.S. Government Agency Securities — 17.9%
	20,000	Federal Home Loan Bank, 0.750%, 08/28/17		19,993
		Federal Home Loan Mortgage Corp.,
	5,000	0.750%, 01/12/18		4,991
	25,000	1.250%, 10/02/19		25,054
	62,000	2.375%, 01/13/22		64,898
		Federal National Mortgage Association,
	51,450	1.750%, 06/20/19		52,525
	105,000	2.625%, 09/06/24		110,795
	735	Tennessee Valley Authority, 1.750%, 10/15/18		749
		Total U.S. Government Agency Securities (Cost $269,214)		279,005
	U.S. Treasury Obligations — 15.6%
		U.S. Treasury Inflation Indexed Notes,
	10,000	0.125%, 04/15/16		10,719
	121,705	0.125%, 04/15/17		127,532
	33,300	0.125%, 01/15/22		34,854
	10,000	0.125%, 07/15/22		10,323
	2,000	0.250%, 01/15/25		1,983
	9,100	1.375%, 01/15/20		10,546
	40,000	1.625%, 01/15/18		46,955
		Total U.S. Treasury Obligations (Cost $242,987)		242,912

SEE NOTES TO FINANCIAL STATEMENTS.

186 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investments — 6.1%
		Investment Companies — 6.1%
	86,910	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (†)		86,910
	7,760	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.180% (b) (l) (†)		7,760
		Total Short-Term Investments (Cost $94,670)		94,670
		Total Investments — 105.0% (Cost $1,614,769)		1,637,939
		Liabilities in Excess of Other Assets — (5.0)%		(78,109	)
		NET ASSETS — 100.0%	$	1,559,830

Percentages indicated are based on net assets.

Inflation-Linked Swaps
	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	12/31/2019	$	3,000	$	(324	)
Barclays Bank plc	2.439% at termination	CPI-U at termination	05/15/2024		5,000		(563	)
Barclays Bank plc	2.705% at termination	CPI-U at termination	09/02/2044		9,000		(2,936	)
Barclays Bank plc	2.700% at termination	CPI-U at termination	09/03/2044		4,000		(1,297	)
BNP Paribas	1.755% at termination	CPI-U at termination	04/10/2016		11,000		(258	)
BNP Paribas	2.530% at termination	CPI-U at termination	02/22/2018		53,000		(3,980	)
BNP Paribas	2.100% at termination	CPI-U at termination	08/26/2018		22,000		(1,140	)
BNP Paribas	2.105% at termination	CPI-U at termination	08/26/2018		11,000		(573	)
BNP Paribas	2.098% at termination	CPI-U at termination	09/09/2018		10,000		(520	)
BNP Paribas	2.248% at termination	CPI-U at termination	01/15/2019		20,000		(1,347	)
BNP Paribas	2.190% at termination	CPI-U at termination	09/03/2019		11,000		(681	)
BNP Paribas	2.693% at termination	CPI-U at termination	09/03/2044		1,000		(321	)
BNP Paribas	2.695% at termination	CPI-U at termination	09/03/2044		1,000		(322	)
Citibank, N.A.	2.438% at termination	CPI-U at termination	03/02/2016		20,000		(979	)
Citibank, N.A.	1.478% at termination	CPI-U at termination	04/02/2017		4,000		(12	)
Citibank, N.A.	2.190% at termination	CPI-U at termination	09/02/2019		20,000		(1,239	)
Citibank, N.A.	2.458% at termination	CPI-U at termination	05/21/2024		13,000		(1,494	)
Citibank, N.A.	2.492% at termination	CPI-U at termination	08/27/2024		40,000		(4,799	)
Citibank, N.A.	2.477% at termination	CPI-U at termination	09/02/2024		3,000		(355	)
Citibank, N.A.	2.357% at termination	CPI-U at termination	09/23/2024		20,000		(2,075	)
Citibank, N.A.	2.623% at termination	CPI-U at termination	10/07/2024		10,000		(421	)
Credit Suisse International	2.085% at termination	CPI-U at termination	06/01/2017		25,000		(1,372	)
Credit Suisse International	2.178% at termination	CPI-U at termination	05/28/2018		34,000		(2,021	)
Credit Suisse International	2.315% at termination	CPI-U at termination	07/15/2020		50,000		(3,998	)
Deutsche Bank AG, New York	2.380% at termination	CPI-U at termination	06/02/2016		45,000		(2,665	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	02/25/2018		23,000		(1,690	)
Deutsche Bank AG, New York	2.500% at termination	CPI-U at termination	03/06/2018		49,000		(3,586	)
Deutsche Bank AG, New York	2.140% at termination	CPI-U at termination	09/10/2019		41,000		(2,421	)
Deutsche Bank AG, New York	1.565% at termination	CPI-U at termination	01/30/2020		35,000		(669	)

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 187

JPMorgan Inflation Managed Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

Inflation-Linked Swaps
	RATE TYPE (r)
SWAP COUNTERPARTY	PAYMENTS MADE BY THE FUND	PAYMENTS RECEIVED BY THE FUND	TERMINATION DATE	NOTIONAL AMOUNT		VALUE
Deutsche Bank AG, New York	1.748% at termination	CPI-U at termination	04/02/2020	$	32,000	$	(515	)
Deutsche Bank AG, New York	1.525% at termination	CPI-U at termination	10/13/2020		18,000		(186	)
Deutsche Bank AG, New York	2.505% at termination	CPI-U at termination	01/28/2024		12,000		(1,420	)
Deutsche Bank AG, New York	2.477% at termination	CPI-U at termination	02/21/2024		10,000		(1,156	)
Deutsche Bank AG, New York	2.423% at termination	CPI-U at termination	09/12/2024		20,000		(2,233	)
Deutsche Bank AG, New York	2.415% at termination	CPI-U at termination	12/15/2024		42,000		(1,282	)
Deutsche Bank AG, New York	1.978% at termination	CPI-U at termination	04/02/2025		37,000		(1,343	)
Deutsche Bank AG, New York	2.498% at termination	CPI-U at termination	10/10/2044		11,000		(2,696	)
Deutsche Bank AG, New York	2.000% at termination	CPI-U at termination	10/13/2045		3,000		(167	)
Goldman Sachs International	2.211% at termination	CPI-U at termination	08/29/2019		27,000		(1,704	)
Goldman Sachs International	2.185% at termination	CPI-U at termination	09/02/2019		26,000		(1,603	)
Goldman Sachs International	2.194% at termination	CPI-U at termination	09/02/2019		29,000		(1,802	)
Goldman Sachs International	2.100% at termination	CPI-U at termination	09/12/2019		41,000		(2,332	)
Morgan Stanley Capital Services	2.610% at termination	CPI-U at termination	04/28/2016		104,000		(6,816	)
Morgan Stanley Capital Services	1.970% at termination	CPI-U at termination	08/30/2016		25,000		(1,025	)
Morgan Stanley Capital Services	2.195% at termination	CPI-U at termination	04/22/2018		28,000		(1,688	)
Morgan Stanley Capital Services	2.145% at termination	CPI-U at termination	11/22/2018		24,000		(1,317	)
Morgan Stanley Capital Services	1.442% at termination	CPI-U at termination	09/17/2020		93,000		(676	)
Morgan Stanley Capital Services	2.500% at termination	CPI-U at termination	02/04/2024		15,000		(1,766	)
Morgan Stanley Capital Services	2.673% at termination	CPI-U at termination	09/12/2044		2,000		(626	)
Royal Bank of Scotland	2.328% at termination	CPI-U at termination	01/31/2021		43,000		(3,369	)
Royal Bank of Scotland	2.475% at termination	CPI-U at termination	03/17/2024		2,000		(232	)
Royal Bank of Scotland	2.733% at termination	CPI-U at termination	02/10/2044		5,000		(1,678	)
						$	(81,690	)

SEE NOTES TO FINANCIAL STATEMENTS.

188 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 21.0%
	1,602	Accredited Mortgage Loan Trust, Series 2003-3, Class A1, SUB, 5.210%, 01/25/34		1,551
		Ally Auto Receivables Trust,
	1,152	Series 2014-SN1, Class A3, 0.750%, 02/21/17		1,152
	1,831	Series 2015-SN1, Class A3, 1.210%, 12/20/17		1,830
	2,564	American Express Credit Account Master Trust, Series 2014-2, Class A, 1.260%, 01/15/20		2,571
	367	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2003-7, Class M1, VAR, 1.711%, 08/25/33		349
		Amortizing Residential Collateral Trust,
	91	Series 2002-BC4, Class A, VAR, 1.016%, 07/25/32		83
	670	Series 2002-BC6, Class M1, VAR, 1.561%, 08/25/32		608
	2,708	Series 2002-BC9, Class M1, VAR, 2.086%, 12/25/32		2,454
		AMRESCO Residential Securities Corp. Mortgage Loan Trust,
	26	Series 1997-2, Class M1A, VAR, 0.991%, 06/25/27		25
	533	Series 1998-1, Class M1A, VAR, 1.072%, 01/25/28		510
	723	Series 1998-3, Class M1A, VAR, 1.066%, 09/25/28		673
	3,649	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		3,551
	359	Asset-Backed Securities Corp. Home Equity Loan Trust, Series 2003-HE7, Class M2, VAR, 3.056%, 12/15/33		351
	120	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		120
	2,266	AXIS Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		2,261
		B2R Mortgage Trust,
	1,143	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,132
	2,511	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		2,558
	7,000	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		7,017
	3,855	BCC Funding Corp. X, Series 2015-1, Class A2, 2.224%, 10/20/20 (e)		3,847

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,594	Bear Stearns Asset-Backed Securities I Trust, Series 2005-HE1, Class M2, VAR, 1.681%, 01/25/35		2,306
	1,025	Bear Stearns Asset-Backed Securities Trust, Series 2003-SD1, Class A, VAR, 1.336%, 12/25/33		948
	3,125	BMW Vehicle Lease Trust, Series 2015-1, Class A3, 1.240%, 12/20/17		3,126
	343	BNC Mortgage Loan Trust, Series 2007-2, Class A2, VAR, 0.536%, 05/25/37		332
		California Republic Auto Receivables Trust,
	940	Series 2013-1, Class A2, 1.410%, 09/17/18 (e)		939
	6,685	Series 2015-2, Class A3, 1.310%, 08/15/19		6,660
	5,000	Series 2015-3, Class A3, 1.620%, 11/15/19		4,989
	2,715	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.375%, 07/15/64 (e)		2,711
		Capital Auto Receivables Asset Trust,
	860	Series 2014-2, Class A2, 0.910%, 04/20/17		859
	3,276	Series 2015-1, Class A2, 1.420%, 06/20/18		3,279
	215	CarFinance Capital Auto Trust, Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		214
	3,467	Carlyle Global Market Strategies Commodities Funding Ltd., (Cayman Islands), Series 2014-1A, Class A, VAR, 2.522%, 10/15/21 (e)		3,467
		CarMax Auto Owner Trust,
	3,512	Series 2015-2, Class A3, 1.370%, 03/16/20		3,510
	5,000	Series 2015-4, Class A3, 1.560%, 11/16/20		5,018
	355	Centex Home Equity Loan Trust, Series 2002-A, Class MV1, VAR, 1.286%, 01/25/32		267
	2,815	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		2,807
	527	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		527
		Countrywide Asset-Backed Certificates,
	86	Series 2002-1, Class A, VAR, 0.996%, 08/25/32		72
	133	Series 2002-BC1, Class A, VAR, 1.096%, 04/25/32		83
	113	Series 2003-BC2, Class 2A1, VAR, 1.036%, 06/25/33		95
	942	Series 2003-BC5, Class M1, VAR, 1.486%, 09/25/33		828
	414	Series 2004-2, Class M4, VAR, 1.936%, 03/25/34		350
	165	Series 2004-S1, Class M2, SUB, 5.584%, 02/25/35		165

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 189

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	344	Countrywide Home Equity Loan Trust, Series 2004-A, Class A, VAR, 0.651%, 04/15/30		331
		CPS Auto Receivables Trust,
	522	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		522
	444	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		443
	2,198	Series 2014-D, Class A, 1.490%, 04/15/19 (e)		2,182
	2,131	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		2,115
		CWHEQ Revolving Home Equity Loan Trust,
	411	Series 2005-E, Class 2A, VAR, 0.651%, 11/15/35		349
	1,913	Series 2005-M, Class A1, VAR, 0.671%, 02/15/36		1,599
	10,280	Discover Card Execution Note Trust, Series 2014-A1, Class A1, VAR, 0.867%, 07/15/21		10,263
	2,546	Drive Auto Receivables Trust, Series 2015-BA, Class A3, 1.300%, 06/15/18 (e)		2,542
	803	DT Auto Owner Trust, Series 2014-3A, Class A, 0.980%, 04/16/18 (e)		802
		Exeter Automobile Receivables Trust,
	242	Series 2014-1A, Class A, 1.290%, 05/15/18 (e)		242
	204	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		203
	2,077	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		2,069
	4,114	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		4,107
		First Franklin Mortgage Loan Trust,
	98	Series 2002-FF1, Class M1, VAR, 1.486%, 04/25/32		76
	859	Series 2002-FF4, Class M1, VAR, 2.011%, 02/25/33		446
	352	Series 2003-FFH1, Class M2, VAR, 3.061%, 09/25/33		264
	703	Series 2004-FF8, Class M4, VAR, 2.042%, 10/25/34		241
		First Investors Auto Owner Trust,
	1,827	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		1,823
	2,491	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		2,485
	904	First NLC Trust, Series 2005-2, Class M1, VAR, 0.916%, 09/25/35		884
	2,292	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		2,272
	636	Flagship Credit Auto Trust, Series 2013-2, Class A, 1.940%, 01/15/19 (e)		636

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Ford Credit Auto Owner Trust,
	3,172	Series 2014-B, Class A3, 0.900%, 10/15/18		3,169
	2,632	Series 2015-B, Class A3, 1.160%, 11/15/19		2,631
	3,580	Fremont Home Loan Trust, Series 2005-C, Class M2, VAR, 0.926%, 07/25/35		3,101
	1,433	GLC Trust, Series 2014-A, Class A, 3.000%, 07/15/21 (e)		1,404
	6,244	GM Financial Automobile Leasing Trust, Series 2015-2, Class A3, 1.680%, 12/20/18		6,263
	158	GreenPoint Mortgage Funding Trust, Series 2005-HE3, Class A, VAR, 0.611%, 09/15/30		135
		Harley-Davidson Motorcycle Trust,
	482	Series 2013-1, Class A3, 0.650%, 07/16/18		482
	3,582	Series 2015-2, Class A3, 1.300%, 03/16/20		3,577
	1,305	Honda Auto Receivables Owner Trust, Series 2015-1, Class A2, 0.700%, 06/15/17		1,304
	2,457	Hyundai Auto Receivables Trust, Series 2015-A, Class A3, 1.050%, 04/15/19		2,455
	5,000	Invitation Homes Trust, Series 2014-SFR1, Class A, VAR, 1.429%, 06/17/31 (e)		4,863
	136	Irwin Home Equity Loan Trust, Series 2004-1, Class 1A1, VAR, 1.076%, 12/25/24		121
	5,500	Leaf Receivables Funding 10 LLC, Series 2015-1, Class A3, 1.490%, 03/15/18 (e)		5,500
	18	Lehman Home Equity Loan Trust, Series 1998-1, Class A1, 7.000%, 05/25/28		4
	206	Long Beach Mortgage Loan Trust, Series 2004-1, Class M3, VAR, 1.486%, 02/25/34		196
	5,000	Mercedes Benz Auto Lease Trust, Series 2015-A, Class A3, 1.100%, 08/15/17		5,001
		Morgan Stanley ABS Capital I, Inc. Trust,
	1,372	Series 2003-NC6, Class M1, VAR, 1.636%, 06/25/33		1,315
	7,500	Series 2005-WMC4, Class M5, VAR, 1.411%, 04/25/35		6,923
	558	Nationstar HECM Loan Trust, Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		558
	292	New Century Home Equity Loan Trust, Series 2003-5, Class AII, VAR, 1.236%, 11/25/33		218
	3,334	Nissan Auto Lease Trust, Series 2015-B, Class A3, 1.540%, 04/16/18		3,343
	6,300	NRZ Advance Receivables Trust Advance Receivables Backed Notes, Series 2015-T3, Class AT3, 2.540%, 11/15/46 (e)		6,282

SEE NOTES TO FINANCIAL STATEMENTS.

190 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Oak Hill Advisors Residential Loan Trust,
	1,274	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		1,263
	1,268	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		1,264
		OneMain Financial Issuance Trust,
	5,000	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		4,992
	2,877	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		2,827
	3,500	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		3,420
	706	Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2002-4, Class M1, VAR, 1.336%, 07/25/32		649
		Park Place Securities, Inc., Asset-Backed Pass-Through Certificates,
	1,054	Series 2004-WHQ2, Class M2, VAR, 1.381%, 02/25/35		1,050
	1,505	Series 2005-WHQ3, Class M2, VAR, 1.111%, 06/25/35		1,502
	334	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		333
	2,765	Porsche Innovative Lease Owner Trust, Series 2014-1, Class A3, 1.030%, 11/20/17 (e)		2,763
		Progress Residential Trust,
	4,790	Series 2014-SFR1, Class A, VAR, 1.529%, 10/17/31 (e)		4,630
	3,292	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		3,215
	5,519	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		5,586
	247	RAMP Trust, Series 2003-RS2, Class AII, VAR, 1.116%, 03/25/33		217
	523	RASC Trust, Series 2003-KS4, Class MI2, SUB, 5.510%, 06/25/33		385
		Residential Funding Mortgage Securities II Home Loan Trust,
	35	Series 2001-HI2, Class AI7, SUB, 7.440%, 04/25/26		35
	119	Series 2001-HI4, Class A7, SUB, 7.240%, 10/25/26		117
	37	Series 2003-HS1, Class AII, VAR, 0.726%, 12/25/32		34
	55	SNAAC Auto Receivables Trust, Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		55
		SoFi Professional Loan Program LLC,
	705	Series 2014-B, Class A1, VAR, 1.686%, 08/25/32 (e)		689

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,657	Series 2015-A, Class A1, VAR, 1.636%, 03/25/33 (e)		1,618
	3,005	Series 2015-B, Class A1, VAR, 1.486%, 04/25/35 (e)		2,912
	2,167	Series 2015-C, Class A1, VAR, 1.486%, 08/27/35 (e)		2,103
	2,776	SpringCastle America Funding LLC, Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		2,764
	3,733	Springleaf Funding Trust, Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		3,727
	129	Stanwich Mortgage Loan Co. LLC, Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		128
	135	Structured Asset Investment Loan Trust, Series 2003-BC2, Class A3, VAR, 1.136%, 04/25/33		130
		TCF Auto Receivables Owner Trust,
	7,200	Series 2015-1A, Class A3, 1.490%, 12/16/19 (e)		7,179
	3,421	Series 2015-2A, Class A2, 1.640%, 01/15/19 (e)		3,421
	1,436	Tricon American Homes Trust, Series 2015-SFR1, Class A, VAR, 1.679%, 05/17/32 (e)		1,373
	486	Truman Capital Mortgage Loan Trust, Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		484
	534	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		527
	1,350	VOLT XIX LLC, Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		1,351
	3,597	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		3,592
	2,109	VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		2,091
	2,563	VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		2,539
	5,979	VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,884
	3,680	VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		3,614
	2,588	VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		2,549
	2,305	VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		2,272
	1,564	VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,542
	4,105	VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		4,034
		Total Asset-Backed Securities (Cost $267,421)		262,796

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 191

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — 54.1%
		Agency CMO — 47.9%
	219	Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 1, Class S, IF, IO, 8.525%, 10/25/22		28
		Federal Home Loan Mortgage Corp. REMIC,
	3	Series 1071, Class F, VAR, 1.377%, 04/15/21		3
	12	Series 1343, Class LA, 8.000%, 08/15/22		14
	10	Series 1370, Class JA, VAR, 1.577%, 09/15/22		10
	9	Series 1379, Class W, VAR, 1.570%, 10/15/22		9
	3	Series 1508, Class KA, VAR, 1.255%, 05/15/23		3
	162	Series 1689, Class M, PO, 03/15/24		148
	76	Series 1771, Class PK, 8.000%, 02/15/25		87
	133	Series 1974, Class ZA, 7.000%, 07/15/27		149
	23	Series 1981, Class Z, 6.000%, 05/15/27		26
	86	Series 2033, Class PR, PO, 03/15/24		82
	11	Series 2261, Class ZY, 7.500%, 10/15/30		13
	1	Series 2289, Class NA, VAR, 9.964%, 05/15/20		1
	45	Series 2338, Class FN, VAR, 0.927%, 08/15/28		45
	93	Series 2416, Class SA, IF, 14.771%, 02/15/32		137
	76	Series 2416, Class SH, IF, 15.139%, 02/17/32		107
	16	Series 2477, Class FZ, VAR, 0.977%, 06/15/31		16
	456	Series 3085, Class VS, HB, IF, 27.012%, 12/15/35		822
	611	Series 3300, Class FA, VAR, 0.727%, 08/15/35		611
	1,750	Series 3737, Class DG, 5.000%, 10/15/30		1,908
	3,033	Series 3832, Class PL, 5.000%, 08/15/39		3,222
	2,028	Series 3841, Class JF, VAR, 0.827%, 10/15/38		2,037
	7,447	Series 3860, Class FP, VAR, 0.827%, 06/15/40		7,472
	2,483	Series 3952, Class MA, 3.000%, 11/15/21		2,566
	10,136	Series 4074, Class FE, VAR, 0.827%, 07/15/42		10,181
	10,564	Series 4111, Class FA, VAR, 0.777%, 08/15/39		10,565
	5,520	Series 4120, Class KI, IO, 3.000%, 10/15/32		573
	15,985	Series 4150, Class F, VAR, 0.797%, 01/15/43		15,919
	18,894	Series 4150, Class GE, 2.000%, 01/15/33		19,072

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	11,240		Series 4161, Class YF, VAR, 0.797%, 02/15/43		11,199
	6,043		Series 4206, Class DA, 2.000%, 05/15/33		6,142
	12,478		Series 4281, Class FB, VAR, 0.977%, 12/15/43		12,475
	20,651		Series 4350, Class AF, VAR, 0.778%, 12/15/37		20,481
	15,572		Series 4350, Class FK, VAR, 0.778%, 06/15/38		15,538
	2,397		Series 4350, Class KF, VAR, 0.778%, 01/15/39		2,377
	17,186		Series 4363, Class FA, VAR, 0.798%, 09/15/41		17,071
	8,086		Series 4413, Class WF, VAR, 0.778%, 10/15/41		8,076
	16,716		Series 4448, Class TF, VAR, 0.748%, 05/15/40		16,669
	45,624		Series 4457, Class KF, VAR, 0.778%, 10/15/40		45,595
	19,455		Series 4480, Class FM, VAR, 0.778%, 06/15/40		19,500
	12,183		Series 4515, Class FA, VAR, 0.798%, 08/15/38		12,103
	26,165		Federal Home Loan Mortgage Corp. STRIPS, Series 328, Class S4, IO, VAR, 1.839%, 02/15/38		1,982
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	74		Series T-51, Class 1APO, PO, 09/25/42		64
	3,043		Series T-54, Class 4A, VAR, 3.124%, 02/25/43		3,230
	192		Federal National Mortgage Association - ACES, Series 2014-M5, Class FA, VAR, 0.777%, 01/25/17		192
			Federal National Mortgage Association Grantor Trust,
	430		Series 2001-T8, Class A1, 7.500%, 07/25/41		503
	1,329		Series 2002-T6, Class A4, VAR, 3.438%, 03/25/41		1,387
			Federal National Mortgage Association REMIC,
	6		Series 1988-15, Class B, VAR, 0.986%, 06/25/18		6
	2		Series 1989-77, Class J, 8.750%, 11/25/19		2
	—	(h)	Series 1989-89, Class H, 9.000%, 11/25/19		—	(h)
	24		Series 1990-64, Class Z, 10.000%, 06/25/20		27
	57		Series 1990-145, Class A, VAR, 1.257%, 12/25/20		58

SEE NOTES TO FINANCIAL STATEMENTS.

192 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	53		Series 1991-142, Class PL, 8.000%, 10/25/21		58
	56		Series 1991-156, Class F, VAR, 1.736%, 11/25/21		58
	—	(h)	Series 1992-91, Class SQ, HB, IF, 9,074.200%, 05/25/22		14
	99		Series 1992-112, Class GB, 7.000%, 07/25/22		110
	3		Series 1992-154, Class SA, IF, IO, 5.400%, 08/25/22		—	(h)
	41		Series 1992-200, Class FK, VAR, 1.955%, 11/25/22		42
	47		Series 1993-27, Class S, IF, 9.098%, 02/25/23		56
	94		Series 1993-110, Class H, 6.500%, 05/25/23		105
	10		Series 1993-119, Class H, 6.500%, 07/25/23		11
	92		Series 1993-146, Class E, PO, 05/25/23		88
	41		Series 1993-165, Class FH, VAR, 1.586%, 09/25/23		42
	208		Series 1993-179, Class FM, VAR, 1.905%, 10/25/23		213
	37		Series 1997-74, Class E, 7.500%, 10/20/27		43
	416		Series 2001-9, Class F, VAR, 0.681%, 02/17/31		418
	96		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		11
	152		Series 2002-77, Class FY, VAR, 0.836%, 12/25/17		153
	313		Series 2003-17, Class FN, VAR, 0.736%, 03/25/18		313
	36		Series 2003-21, Class FK, VAR, 0.836%, 03/25/33		36
	867		Series 2004-17, Class BF, VAR, 0.786%, 01/25/34		867
	1,361		Series 2006-3, Class SB, IF, IO, 6.264%, 07/25/35		213
	1,478		Series 2006-16, Class HZ, 5.500%, 03/25/36		1,605
	2,883		Series 2006-124, Class FC, VAR, 0.786%, 01/25/37		2,893
	1,317		Series 2010-42, Class PD, 4.500%, 07/25/39		1,337
	3,981		Series 2012-38, Class PA, 2.000%, 09/25/41		4,019
	6,772		Series 2012-93, Class ME, 2.500%, 01/25/42		6,981
	4,248		Series 2012-114, Class VE, 3.500%, 10/25/25		4,527

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	15,708	Series 2012-119, Class FB, VAR, 0.777%, 11/25/42		15,635
	3,137	Series 2013-6, Class FL, VAR, 0.836%, 02/25/43		3,127
	5,748	Series 2013-15, Class DC, 2.000%, 03/25/33		5,808
	5,872	Series 2013-23, Class KJ, 2.250%, 05/25/42		5,944
	4,646	Series 2013-26, Class AV, 3.500%, 04/25/26		4,958
	3,716	Series 2013-43, Class YH, 2.500%, 05/25/33		3,767
	13,801	Series 2013-54, Class HF, VAR, 0.636%, 10/25/41		13,747
	837	Series 2014-49, Class AF, VAR, 0.748%, 08/25/44		826
	10,529	Series 2014-66, Class WF, VAR, 0.778%, 10/25/54		10,520
	21,331	Series 2015-42, Class BF, VAR, 0.738%, 06/25/45		21,304
	18,881	Series 2015-91, Class AF, VAR, 0.798%, 12/25/45		18,802
	8	Series G92-44, Class ZQ, 8.000%, 07/25/22		8
	570	Series G94-9, Class PJ, 6.500%, 08/17/24		651
		Federal National Mortgage Association REMIC Trust,
	297	Series 2003-W1, Class 2A, VAR, 6.361%, 12/25/42		351
	1,251	Series 2003-W4, Class 5A, VAR, 3.073%, 10/25/42		1,352
	1,827	Series 2003-W15, Class 3A, VAR, 4.022%, 12/25/42		1,954
	956	Series 2009-W1, Class A, 6.000%, 12/25/49		1,103
		Federal National Mortgage Association STRIPS,
	307	Series 343, Class 23, IO, 4.000%, 10/25/18		11
	447	Series 343, Class 27, IO, 4.500%, 01/25/19		19
	583	Federal National Mortgage Association Trust, Series 2004-W2, Class 4A, VAR, 2.903%, 02/25/44		623
		Government National Mortgage Association,
	439	Series 1999-27, Class ZA, 7.500%, 04/17/29		494
	12	Series 2000-35, Class F, VAR, 0.981%, 12/16/25		12
	263	Series 2002-31, Class FC, VAR, 0.684%, 09/26/21		263
	4,867	Series 2010-166, Class GP, 3.000%, 04/20/39		5,070

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 193

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	6,651	Series 2012-61, Class FM, VAR, 0.831%, 05/16/42		6,706
	3,424	Series 2012-H21, Class FA, VAR, 0.930%, 07/20/62		3,396
	18,126	Series 2013-H16, Class FA, VAR, 0.970%, 07/20/63		17,978
	19,831	Series 2014-H07, Class FC, VAR, 1.030%, 05/20/64		19,649
	6,402	Series 2014-H11, Class JA, VAR, 0.930%, 06/20/64		6,327
	16,810	Series 2014-H17, Class FM, VAR, 0.910%, 08/20/64		16,625
	9,310	Series 2015-H03, Class FD, VAR, 1.070%, 01/20/65		9,248
	18,254	Series 2015-H04, Class FL, VAR, 0.721%, 02/20/65		18,056
	9,589	Series 2015-H12, Class FA, VAR, 0.910%, 05/20/65		9,579
	21,036	Series 2015-H12, Class FJ, VAR, 0.860%, 05/20/65		20,803
	23,756	Series 2015-H14, Class FB, VAR, 0.860%, 05/20/65		23,484
	17,433	Series 2015-H19, Class FN, VAR, 0.870%, 07/20/65		17,154
	20,156	Series 2015-H23, Class TA, VAR, 0.900%, 09/20/65		19,860
				599,930
		Non-Agency CMO — 6.2%
		Alternative Loan Trust,
	802	Series 2004-33, Class 3A3, VAR, 2.678%, 12/25/34		689
	33	Series 2004-J4, Class 1A6, SUB, 5.400%, 06/25/34		34
	490	Banc of America Alternative Loan Trust, Series 2004-8, Class 3A1, 5.500%, 09/25/19		478
		Banc of America Funding Trust,
	377	Series 2005-E, Class 5A1, VAR, 2.667%, 05/20/35		371
	644	Series 2006-1, Class 2A1, 5.500%, 01/25/36		626
		Banc of America Mortgage Trust,
	4	Series 2003-5, Class 2A8, VAR, 0.886%, 07/25/18		3
	819	Series 2004-D, Class 2A2, VAR, 2.723%, 05/25/34		807
	625	Series 2005-A, Class 3A1, VAR, 3.101%, 02/25/35		607

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	504	Bear Stearns Asset-Backed Securities I Trust, Series 2004-AC6, Class M1, VAR, 1.441%, 11/25/34		172
		CHL Mortgage Pass-Through Trust,
	334	Series 2003-21, Class A1, VAR, 2.781%, 05/25/33		334
	332	Series 2004-HYB8, Class 1A1, VAR, 1.132%, 01/20/35		299
	44	Series 2005-1, Class 1A2, VAR, 0.786%, 03/25/35		23
	7	Collateralized Mortgage Obligation Trust, Series 50, Class B, PO, 10/01/18		7
		Credit Suisse First Boston Mortgage Securities Corp.,
	1,214	Series 2003-AR24, Class 2A4, VAR, 2.704%, 10/25/33		1,189
	1,007	Series 2004-5, Class 4A1, 6.000%, 09/25/34		1,024
	174	Series 2005-5, Class 1A1, 5.000%, 07/25/20		173
	485	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 5.841%, 02/25/20		491
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes,
	5,875	Series 2013-DN1, Class M1, VAR, 3.827%, 07/25/23		6,014
	2,063	Series 2015-DNA3, Class M2, VAR, 3.286%, 04/25/28		2,057
		Federal National Mortgage Association, Connecticut Avenue Securities,
	2,845	Series 2013-C01, Class M1, VAR, 2.436%, 10/25/23		2,860
	2,515	Series 2014-C01, Class M1, VAR, 2.036%, 01/25/24		2,513
	7,408	Series 2014-C02, Class 1M1, VAR, 1.386%, 05/25/24		7,316
	2,849	Series 2014-C03, Class 1M1, VAR, 1.636%, 07/25/24		2,837
	436	First Horizon Alternative Mortgage Securities Trust, Series 2005-FA10, Class 2A1, 5.250%, 12/25/20		442
	888	First Horizon Mortgage Pass-Through Trust, Series 2004-AR6, Class 2A1, VAR, 2.799%, 12/25/34		884
	74	First Republic Bank Mortgage Pass-Through Certificates Trust, Series 2000-FRB1, Class B1, VAR, 0.936%, 06/25/30		59

SEE NOTES TO FINANCIAL STATEMENTS.

194 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	385	First Republic Mortgage Loan Trust, Series 2000-FRB2, Class A1, VAR, 0.931%, 11/15/30		340
	1,159	GSAA Trust, Series 2004-CW1, Class 1A1, 5.500%, 04/01/34		1,194
	544	GSR Mortgage Loan Trust, Series 2004-10F, Class 7A1, 5.500%, 09/25/34		562
		Impac CMB Trust,
	316	Series 2004-3, Class 3A, VAR, 1.076%, 03/25/34		298
	321	Series 2004-6, Class 1A2, VAR, 1.216%, 10/25/34		292
	1,475	Series 2005-5, Class A1, VAR, 1.076%, 08/25/35		1,283
	1,156	Indymac INDA Mortgage Loan Trust, Series 2007-AR1, Class 1A1, VAR, 3.038%, 03/25/37		1,061
	169	JP Morgan Mortgage Trust, Series 2003-A1, Class 1A1, VAR, 2.206%, 10/25/33		160
		MASTR Adjustable Rate Mortgages Trust,
	514	Series 2003-5, Class 5A1, VAR, 2.375%, 10/25/33		507
	472	Series 2004-13, Class 2A1, VAR, 2.781%, 04/21/34		471
	1,520	Series 2004-13, Class 3A7B, VAR, 2.470%, 11/21/34		1,534
	167	MASTR Seasoned Securitization Trust, Series 2003-1, Class 3A2, VAR, 0.836%, 02/25/33		151
		Mellon Residential Funding Corp. Mortgage Pass-Through Certificates,
	459	Series 2001-TBC1, Class B1, VAR, 1.307%, 11/15/31		400
	101	Series 2002-TBC1, Class B1, VAR, 1.427%, 09/15/30		85
	51	Series 2002-TBC1, Class B2, VAR, 1.827%, 09/15/30		42
	224	Series 2002-TBC2, Class B1, VAR, 1.277%, 08/15/32		183
		Merrill Lynch Mortgage Investors Trust,
	481	Series 2004-1, Class 2A3, VAR, 2.321%, 12/25/34		442
	664	Series 2004-D, Class A1, VAR, 1.096%, 09/25/29		656
	21	ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		22
		Morgan Stanley Dean Witter Capital I, Inc. Trust,
	320	Series 2003-HYB1, Class A4, VAR, 1.855%, 03/25/33		291

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — continued
	276		Series 2003-HYB1, Class B1, VAR, 1.855%, 03/25/33		197
			Morgan Stanley Mortgage Loan Trust,
	2,958		Series 2004-3, Class 4A, VAR, 5.691%, 04/25/34		3,095
	382		Series 2004-5AR, Class 3A3, VAR, 2.471%, 07/25/34		348
	2,154		Series 2004-5AR, Class 3A5, VAR, 2.471%, 07/25/34		2,128
	1,011		Series 2004-11AR, Class 1A2A, VAR, 0.746%, 01/25/35		941
	1,408		NAAC Reperforming Loan REMIC Trust Certificates, Series 2004-R3, Class AF, VAR, 0.886%, 02/25/35 (e)		1,157
			Nomura Asset Acceptance Corp. Alternative Loan Trust,
	168		Series 2003-A3, Class A1, SUB, 5.500%, 08/25/33		173
	31		Series 2004-AR1, Class 5A1, VAR, 1.196%, 08/25/34		29
	818		Prime Mortgage Trust, Series 2005-2, Class 2A1, VAR, 6.602%, 10/25/32		854
	220		RALI Trust, Series 2003-QS16, Class A1, 5.000%, 08/25/18		220
			RFMSI Trust,
	3,828		Series 2005-SA2, Class 2A2, VAR, 3.132%, 06/25/35		3,564
	889		Series 2006-SA4, Class 2A1, VAR, 3.668%, 11/25/36		767
	—	(h)	Securitized Asset Sales, Inc., Series 1993-7, Class TA3, 6.250%, 12/25/23		—	(h)
			Sequoia Mortgage Trust,
	74		Series 11, Class A, VAR, 1.326%, 12/20/32		71
	177		Series 2003-3, Class A2, VAR, 1.495%, 07/20/33		165
	1,968		Series 2004-11, Class A2, VAR, 1.246%, 12/20/34		1,869
	2,174		Springleaf Mortgage Loan Trust, Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		2,176
	147		Structured Asset Mortgage Investments II Trust, Series 2004-AR1, Class 1A1, VAR, 1.130%, 03/19/34		141
	1,180		Structured Asset Mortgage Investments, Inc., Series 2002-AR2, Class A3, VAR, 1.180%, 07/19/32		846
			Structured Asset Securities Corp., Mortgage Pass-Through Certificates,
	2,938		Series 2003-24A, Class 2A, VAR, 2.745%, 07/25/33		2,754

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 195

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	1,908	Series 2003-29, Class 3A1, VAR, 4.933%, 09/25/33		1,897
	3,301	Series 2003-32, Class 5A1, VAR, 5.846%, 11/25/33		3,397
	898	Series 2003-40A, Class 4A, VAR, 2.561%, 01/25/34		859
	4,110	Thornburg Mortgage Securities Trust, Series 2004-4, Class 5A, VAR, 2.574%, 12/25/44		3,872
		WaMu Mortgage Pass-Through Certificates Trust,
	1,632	Series 2004-AR3, Class A1, VAR, 2.470%, 06/25/34		1,638
	832	Series 2004-AR11, Class A, VAR, 2.553%, 10/25/34		833
		Wells Fargo Mortgage-Backed Securities Trust,
	414	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		415
	556	Series 2005-AR16, Class 3A2, VAR, 2.798%, 03/25/35		556
	148	Series 2006-17, Class A1, 5.500%, 11/25/21		148
	171	Series 2007-3, Class 3A1, 5.500%, 04/25/22		173
				77,566
		Total Collateralized Mortgage Obligations (Cost $679,086)		677,496
	Commercial Mortgage-Backed Securities — 4.2%
		A10 Securitization LLC,
	2,505	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		2,493
	2,371	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		2,367
	4,301	A10 Term Asset Financing LLC, Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		4,245
	2,900	BAMLL Commercial Mortgage Securities Trust, Series 2013-DSNY, Class A, VAR, 1.477%, 09/15/26 (e)		2,895
		Bayview Commercial Asset Trust,
	395	Series 2004-3, Class A2, VAR, 0.856%, 01/25/35 (e)		358
	1,392	Series 2005-2A, Class A2, VAR, 0.786%, 08/25/35 (e)		1,182
	278	Series 2005-2A, Class M1, VAR, 0.866%, 08/25/35 (e)		224
	1,339	Series 2007-3, Class A2, VAR, 0.726%, 07/25/37 (e)		1,039
	2,915	BBCMS Trust, Series 2015-VFM, Class A1, 2.466%, 03/10/36 (e)		2,900

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	6,000	BHMS Mortgage Trust, Series 2014-ATLS, Class BFL, VAR, 2.379%, 07/05/33 (e)		5,850
	4,847	Citigroup Commercial Mortgage Trust, Series 2014-388G, Class A, VAR, 1.177%, 06/15/33 (e)		4,765
		COMM Mortgage Trust,
	3,402	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		3,421
	2,667	Series 2014-BBG, Class A, VAR, 1.227%, 03/15/29 (e)		2,587
	3,526	Series 2014-KYO, Class A, VAR, 1.329%, 06/11/27 (e)		3,439
	1,319	Series 2014-PAT, Class A, VAR, 1.227%, 08/13/27 (e)		1,279
	3,774	Series 2014-TWC, Class A, VAR, 1.274%, 02/13/32 (e)		3,660
	2,702	GS Mortgage Securities Trust, Series 2013-GC16, Class A1, 1.264%, 11/10/46		2,694
	3,087	Morgan Stanley Capital I Trust, Series 2006-IQ12, Class A4, 5.332%, 12/15/43		3,123
	1,907	NorthStar, (Cayman Islands), Series 2013-1A, Class A, VAR, 2.286%, 08/25/29 (e)		1,906
	59	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		58
	1,622	RAIT Trust, Series 2014-FL3, Class A, VAR, 1.677%, 12/15/31 (e)		1,591
	1,155	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		1,194
		Total Commercial Mortgage-Backed Securities (Cost $54,758)		53,270
	Corporate Bonds — 9.8%
		Consumer Discretionary — 0.5%
		Automobiles — 0.2%
	3,000	Daimler Finance North America LLC, VAR, 1.296%, 08/01/16 (e)		3,000
		Media — 0.3%
	4,000	Walt Disney Co. (The), VAR, 0.946%, 05/30/19		3,982
		Total Consumer Discretionary		6,982
		Consumer Staples — 0.0% (g)
		Food & Staples Retailing — 0.0% (g)
	607	Walgreens Boots Alliance, Inc., 1.750%, 11/17/17		606
		Energy — 1.9%
		Oil, Gas & Consumable Fuels — 1.9%
	3,000	BP Capital Markets plc, (United Kingdom), VAR, 1.233%, 09/26/18		2,912

SEE NOTES TO FINANCIAL STATEMENTS.

196 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy — continued
	1,810	Buckeye Partners LP, 4.875%, 02/01/21		1,653
	2,882	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		2,834
	4,963	ConocoPhillips Co., 1.500%, 05/15/18		4,754
	1,525	ONEOK Partners LP, 3.200%, 09/15/18		1,384
		Petrobras Global Finance B.V., (Netherlands),
	1,500	VAR, 2.238%, 05/20/16		1,491
	3,000	VAR, 2.886%, 03/17/17		2,865
	1,628	Plains All American Pipeline LP/PAA Finance Corp., 2.600%, 12/15/19		1,427
	684	Spectra Energy Partners LP, 2.950%, 09/25/18		673
	3,000	Statoil ASA, (Norway), VAR, 1.080%, 11/08/18		2,931
	822	TransCanada PipeLines Ltd., (Canada), 1.875%, 01/12/18		806
		Total Energy		23,730
		Financials — 5.2%
		Banks — 1.4%
	3,000	ABN AMRO Bank N.V., (Netherlands), VAR, 1.421%, 10/28/16 (e)		3,004
		Bank of America Corp.,
	1,346	1.700%, 08/25/17		1,340
	2,000	Series L, 2.600%, 01/15/19		2,010
	3,169	Barclays plc, (United Kingdom), 2.875%, 06/08/20		3,037
	3,000	BB&T Corp., VAR, 1.276%, 02/01/19		2,957
	923	BNP Paribas S.A., (France), 2.700%, 08/20/18		937
	2,750	Citigroup, Inc., VAR, 1.298%, 11/15/16		2,747
	964	Discover Bank, 2.600%, 11/13/18		963
	967	SunTrust Banks, Inc., 2.350%, 11/01/18		969
				17,964
		Capital Markets — 0.5%
	3,000	Goldman Sachs Group, Inc. (The), VAR, 1.718%, 11/15/18		2,983
	1,868	Macquarie Bank Ltd., (Australia), 2.000%, 08/15/16 (e)		1,875
	1,482	Morgan Stanley, 2.500%, 01/24/19		1,492
				6,350
		Consumer Finance — 2.0%
		American Express Credit Corp.,
	3,000	VAR, 1.083%, 03/18/19		2,961
	3,000	VAR, 1.128%, 07/29/16		3,001
	3,000	American Honda Finance Corp., VAR, 1.117%, 10/07/16		3,006

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	4,000	Ford Motor Credit Co. LLC, Series 1, VAR, 1.332%, 03/12/19		3,870
	4,000	HSBC USA, Inc., VAR, 1.474%, 09/24/18		3,972
	2,824	Nissan Motor Acceptance Corp., VAR, 1.182%, 03/03/17 (e)		2,822
	5,000	Toyota Motor Credit Corp., VAR, 0.818%, 05/16/17		4,990
				24,622
		Diversified Financial Services — 0.5%
	3,034	GE Capital International Funding Co., (Ireland), 0.964%, 04/15/16 (e)		3,035
	4,000	Shell International Finance B.V., (Netherlands), VAR, 1.071%, 05/11/20		3,802
				6,837
		Insurance — 0.7%
	880	ACE INA Holdings, Inc., 2.300%, 11/03/20		885
	2,917	Berkshire Hathaway Finance Corp., 0.950%, 08/15/16		2,918
	1,982	Jackson National Life Global Funding, 1.875%, 10/15/18 (e)		1,979
	2,485	New York Life Global Funding, 1.125%, 03/01/17 (e)		2,489
				8,271
		Real Estate Investment Trusts (REITs) — 0.1%
	849	Ventas Realty LP, 1.550%, 09/26/16		850
		Total Financials		64,894
		Health Care — 0.4%
		Health Care Equipment & Supplies — 0.1%
	857	Medtronic, Inc., 1.500%, 03/15/18		859
		Life Sciences Tools & Services — 0.0% (g)
	662	Thermo Fisher Scientific, Inc., 1.300%, 02/01/17		659
		Pharmaceuticals — 0.3%
	3,300	Actavis Funding SCS, (Luxembourg), VAR, 1.510%, 09/01/16		3,304
		Total Health Care		4,822
		Industrials — 0.2%
		Road & Rail — 0.2%
	2,210	Ryder System, Inc., 2.500%, 05/11/20		2,160
		Information Technology — 0.6%
		Semiconductors & Semiconductor Equipment — 0.2%
	2,753	Texas Instruments, Inc., 1.750%, 05/01/20		2,751

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 197

JPMorgan Limited Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Software — 0.2%
	3,000	Oracle Corp., VAR, 1.202%, 01/15/19		2,998
		Technology Hardware, Storage & Peripherals — 0.2%
	1,793	Apple, Inc., VAR, 0.869%, 05/03/18		1,787
		Total Information Technology		7,536
		Materials — 0.2%
		Metals & Mining — 0.2%
	1,770	Freeport-McMoRan, Inc., 2.375%, 03/15/18		1,527
	2,000	Teck Resources Ltd., (Canada), 2.500%, 02/01/18		1,714
		Total Materials		3,241
		Telecommunication Services — 0.4%
		Diversified Telecommunication Services — 0.1%
	1,314	AT&T, Inc., 2.450%, 06/30/20		1,306
	385	Verizon Communications, Inc., 2.500%, 09/15/16		388
				1,694
		Wireless Telecommunication Services — 0.3%
	3,000	America Movil S.A.B. de C.V., (Mexico), VAR, 1.502%, 09/12/16		2,996
		Total Telecommunication Services		4,690
		Utilities — 0.4%
		Electric Utilities — 0.1%
	1,081	Duke Energy Corp., VAR, 0.992%, 04/03/17		1,073
	828	Southern California Edison Co., Series 14-B, 1.125%, 05/01/17		828
				1,901
		Gas Utilities — 0.2%
	2,100	Korea Gas Corp., (South Korea), 2.250%, 07/25/17 (e)		2,116
		Independent Power & Renewable Electricity Producers — 0.1%
	870	Exelon Generation Co. LLC, 2.950%, 01/15/20		870
		Total Utilities		4,887
		Total Corporate Bonds (Cost $125,651)		123,548
	Mortgage Pass-Through Securities — 4.3%
		Federal Home Loan Mortgage Corp.,
	11	ARM, 1.720%, 12/01/21		11
	25	ARM, 2.262%, 07/01/19		25
	257	ARM, 2.367%, 01/01/23		272
	9	ARM, 2.438%, 06/01/22		9
	52	ARM, 2.462%, 01/01/27		55

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	34	ARM, 2.483%, 04/01/30		36
	238	ARM, 2.489%, 07/01/30		250
	21	ARM, 2.497%, 10/01/29		22
	11	ARM, 2.500%, 06/01/26		11
	123	ARM, 2.501%, 12/01/27		129
	28	ARM, 2.520%, 01/01/30		30
	5	ARM, 2.521%, 05/01/18		5
	52	ARM, 2.524%, 07/01/28		54
	431	ARM, 2.528%, 04/01/32		448
	22	ARM, 2.530%, 11/01/27		22
	167	ARM, 2.569%, 08/01/27		173
	36	ARM, 2.570%, 12/01/26		38
	11	ARM, 2.574%, 12/01/29		12
	42	ARM, 2.585%, 02/01/23		44
	196	ARM, 2.589%, 12/01/26		203
	110	ARM, 2.704%, 01/01/23		114
	10	ARM, 2.736%, 06/01/25		10
	26	ARM, 2.765%, 04/01/24		26
	6,960	Federal Home Loan Mortgage Corp. Gold Pools, 3.000%, 08/01/28		7,259
	5	Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 8.000%, 06/01/17		5
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	9	7.500%, 05/01/28		10
	20	8.500%, 07/01/28		25
	11	9.000%, 02/01/25		12
		Federal National Mortgage Association,
	5,596	ARM, 1.220%, 12/01/25		5,582
	3	ARM, 1.750%, 03/01/17		3
	3	ARM, 1.937%, 06/01/18		3
	16	ARM, 1.950%, 04/01/24		16
	12	ARM, 1.984%, 04/01/21		12
	18	ARM, 2.045%, 12/01/20		18
	60	ARM, 2.072%, 11/01/18		61
	31	ARM, 2.150%, 05/01/30		32
	10	ARM, 2.203%, 05/01/18		10
	15	ARM, 2.221%, 07/01/20		16
	476	ARM, 2.288%, 05/01/33		504
	5	ARM, 2.370%, 11/01/21		5
	26	ARM, 2.397%, 01/01/31		27
	7	ARM, 2.418%, 05/01/29		8
	23	ARM, 2.432%, 06/01/26		24
	41	ARM, 2.466%, 11/01/23		41
	175	ARM, 2.522%, 09/01/33		186
	14	ARM, 2.523%, 03/01/38		15

SEE NOTES TO FINANCIAL STATEMENTS.

198 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	22		ARM, 2.540%, 09/01/19		22
	9		ARM, 2.540%, 07/01/25		9
	79		ARM, 2.560%, 12/01/28		82
	92		ARM, 2.640%, 08/01/26		96
	155		ARM, 2.650%, 02/01/34		163
	374		ARM, 2.663%, 01/01/25		395
	33		ARM, 2.665%, 03/01/29		34
	43		ARM, 3.083%, 11/01/30		43
	22		ARM, 3.276%, 07/01/27		23
	20		ARM, 6.000%, 01/01/20		19
			Federal National Mortgage Association, 15 Year, Single Family,
	3,372		4.000%, 02/01/25		3,602
	—	(h)	7.000%, 03/01/16		—	(h)
			Federal National Mortgage Association, 20 Year, Single Family,
	10,534		3.000%, 02/01/33 - 07/01/33		10,999
	2,771		5.000%, 10/01/23		3,067
			Federal National Mortgage Association, 30 Year, FHA/VA,
	19		7.000%, 03/01/27		19
	13		8.000%, 11/01/27		14
	17		8.500%, 10/01/24		18
			Federal National Mortgage Association, 30 Year, Single Family,
	9,940		4.000%, 02/01/45		10,755
	2,978		5.000%, 12/01/39		3,386
	1,517		5.500%, 08/01/40		1,703
	819		6.000%, 04/01/39		942
	19		7.250%, 09/01/22		19
	128		7.500%, 06/01/23 - 10/01/30		143
	1		8.500%, 08/01/17		1
	56		Federal National Mortgage Association, Other, 12.000%, 11/01/30		62

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Government National Mortgage Association II, 30 Year, Single Family,
	20	7.250%, 08/20/22		20
	34	7.400%, 02/20/22 - 03/20/22		35
	9	7.500%, 10/20/23		10
	15	7.850%, 12/20/21		15
	44	8.000%, 07/20/25 - 08/20/26		53
	2,103	Government National Mortgage Association, 15 Year, Single Family, 4.500%, 10/15/24		2,259
		Government National Mortgage Association, 30 Year, Single Family,
	28	7.000%, 06/15/24		30
	16	8.000%, 10/15/27		19
	9	9.000%, 11/15/24		10
	60	9.500%, 07/15/25		68
		Total Mortgage Pass-Through Securities (Cost $52,671)		54,008
	Municipal Bond — 0.1% (t)
		California — 0.1%
	870	University of California, Series Y-1, Rev., VAR, 0.926%, 07/01/17 (Cost $870)		870
SHARES
	Short-Term Investment — 6.4%
		Investment Company — 6.4%
	80,081	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $80,081)		80,081
		Total Investments — 99.9% (Cost $1,260,538)		1,252,069
		Other Assets in Excess of Liabilities — 0.1%		1,177
		NET ASSETS — 100.0%	$	1,253,246

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 199

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 6.6%
		ABFC Trust,
	1,074	Series 2005-AQ1, Class A4, SUB, 4.919%, 06/25/35		1,099
	719	Series 2005-WF1, Class A2C, VAR, 1.056%, 12/25/34		716
	247	Accredited Mortgage Loan Trust, Series 2006-1, Class A3, VAR, 0.616%, 04/25/36		246
		American Homes 4 Rent Trust,
	3,360	Series 2014-SFR2, Class A, 3.786%, 10/17/36 (e)		3,503
	1,500	Series 2014-SFR2, Class E, 6.231%, 10/17/36 (e)		1,492
	2,616	Series 2014-SFR3, Class A, 3.678%, 12/17/36 (e)		2,669
	1,570	Series 2014-SFR3, Class C, 4.596%, 12/17/36 (e)		1,551
	3,172	Series 2014-SFR3, Class E, 6.418%, 12/17/36 (e)		3,223
	1,970	Series 2015-SFR1, Class A, 3.467%, 04/17/52 (e)		1,979
	2,700	Series 2015-SFR1, Class E, 5.639%, 04/17/52 (e)		2,554
	1,989	Series 2015-SFR2, Class A, 3.732%, 10/17/45 (e)		2,059
	2,281	ARLP Securitization Trust, Series 2015-1, Class A1, SUB, 3.967%, 05/25/55 (e)		2,220
		B2R Mortgage Trust,
	1,632	Series 2015-1, Class A1, 2.524%, 05/15/48 (e)		1,617
	3,766	Series 2015-2, Class A, 3.336%, 11/15/48 (e)		3,837
	4,039	Banc of America Funding Corp., Series 2012-R6, Class 1A1, 3.000%, 10/26/39 (e)		3,965
	145	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.806%, 04/25/36		138
	1,123	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		1,120
	1,357	CAM Mortgage LLC, Series 2015-1, Class A, SUB, 3.375%, 07/15/64 (e)		1,355
		Chase Funding Trust,
	1,819	Series 2002-3, Class 1A5, SUB, 5.907%, 06/25/32		1,772
	819	Series 2003-4, Class 1A5, SUB, 5.416%, 05/25/33		844
	664	Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		677
	75	Citigroup Global Markets Mortgage Securities VII, Inc., Series 2003- UP1, Class A, SUB, 3.950%, 04/25/32 (e)		74

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Citigroup Mortgage Loan Trust, Inc.,
	104	Series 2003-HE3, Class A, VAR, 0.816%, 12/25/33		100
	568	Series 2004-HE1, Class A, VAR, 0.757%, 09/25/33 (e)		550
	1,618	Conix Mortgage Asset Trust, Series 2013-1, Class A, VAR, 12/25/47 (d)		469
	173	Federal National Mortgage Association REMIC Trust, Series 2001-W4, Class AF6, SUB, 5.610%, 01/25/32		191
		FirstKey Lending Trust,
	3,275	Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		3,246
	1,442	Series 2015-SFR1, Class B, 3.417%, 03/09/47 (e)		1,409
	201	Freedom Trust, Series 2011-2, Class A11, VAR, 5.000%, 08/01/46 (e)		202
	1,710	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		1,702
	4,460	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class CT1, 3.438%, 10/15/46 (e)		4,467
	172	Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-A, Class A3, VAR, 0.636%, 03/25/36		153
		HSBC Home Equity Loan Trust USA,
	168	Series 2007-1, Class AS, VAR, 0.632%, 03/20/36		168
	527	Series 2007-3, Class APT, VAR, 1.632%, 11/20/36		525
		KGS-Alpha SBA COOF Trust,
	6,313	Series 2012-3, Class A, IO, VAR, 1.272%, 09/25/26 (e)		116
	27,199	Series 2012-4, Class A, IO, VAR, 1.074%, 09/25/37 (e)		1,063
	17,064	Series 2012-6, Class A, IO, VAR, 0.644%, 05/25/39 (e)		341
	3,968	Series 2015-2, Class A, IO, VAR, 2.744%, 07/25/41 (e)		559
		Long Beach Mortgage Loan Trust,
	1,770	Series 2004-1, Class M1, VAR, 1.186%, 02/25/34		1,658
	235	Series 2006-WL2, Class 2A3, VAR, 0.636%, 01/25/36		226
		LV Tower 52 Issuer LLC,
	2,483	Series 2013-1, Class A, 5.500%, 07/15/19 (e)		2,428
	1,129	Series 2013-1, Class M, 7.500%, 07/15/19 (e)		1,068

SEE NOTES TO FINANCIAL STATEMENTS.

200 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	113,025	Madison Avenue Manufactured Housing Contract, Series 2002-A, Class IO, IO, 0.300%, 03/25/32		1,293
	2,384	Mid-State Capital Corp. Trust, Series 2006-1, Class M1, 6.083%, 10/15/40 (e)		2,492
		Mid-State Capital Trust,
	1,173	Series 2010-1, Class A, 3.500%, 12/15/45 (e)		1,203
	1,809	Series 2010-1, Class M, 5.250%, 12/15/45 (e)		1,887
		Nationstar HECM Loan Trust,
	1,395	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		1,393
	1,503	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		1,503
	1,964	Series 2015-2A, Class M1, 4.115%, 11/25/25 (e)		1,959
	841	Series 2016-1A, Class M1, 4.360%, 02/25/26 (e)		841
	546	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.184%, 11/25/33		561
		NRPL Trust,
	1,730	Series 2015-1A, Class A1, SUB, 3.875%, 11/01/54 (e)		1,726
	1,000	Series 2015-1A, Class A2, SUB, 3.875%, 11/01/54 (e)		999
	3,470	Series 2015-2A, Class A1, SUB, 3.750%, 10/25/57 (e)		3,401
		NRZ Advance Receivables Trust Advance Receivables Backed,
	3,500	Series 2015-T3, Class CT3, 3.774%, 11/15/46 (e)		3,496
	4,000	Series 2015-T3, Class DT3, 4.266%, 11/15/46 (e)		3,996
	5,000	Series 2015-T4, Class AT4, 3.196%, 11/15/47 (e)		5,002
	2,600	Series 2015-T4, Class DT4, 4.671%, 11/15/47 (e)		2,602
		Oak Hill Advisors Residential Loan Trust,
	1,083	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		1,075
	1,028	Series 2014-NPL2, Class A2, SUB, 4.000%, 04/25/54 (e)		1,018
	951	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		948
	1,753	Series 2015-NPL1, Class A2, SUB, 4.000%, 01/25/55 (e)		1,722
	1,082	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		1,075

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	513	Series 2015-NPL2, Class A2, SUB, 4.000%, 07/25/55 (e)		503
		Ocwen Master Advance Receivables Trust,
	4,000	Series 2015-T2, Class CT2, 3.766%, 11/15/46 (e)		3,995
	3,668	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		3,672
	609	Series 2015-T3, Class CT3, 4.196%, 11/15/47 (e)		609
	1,250	Series 2015-T3, Class DT3, 4.687%, 11/15/47 (e)		1,253
	296	Park Place Securities, Inc., Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.373%, 10/25/34		295
		Pretium Mortgage Credit Partners I LLC,
	1,372	Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		1,355
	1,000	Series 2015-NPL2, Class A2, SUB, 4.250%, 07/27/30 (e)		983
		Progress Residential Trust,
	5,201	Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		5,080
	1,761	Series 2015-SFR2, Class B, 3.138%, 06/12/32 (e)		1,707
	2,566	Series 2015-SFR2, Class C, 3.436%, 06/12/32 (e)		2,474
	3,000	Series 2015-SFR2, Class D, 3.684%, 06/12/32 (e)		2,833
	1,070	Series 2015-SFR2, Class E, 4.427%, 06/12/32 (e)		991
	4,380	Series 2015-SFR3, Class A, 3.067%, 11/12/32 (e)		4,433
	1,593	Series 2015-SFR3, Class D, 4.673%, 11/12/32 (e)		1,580
	1,350	Series 2015-SFR3, Class E, 5.660%, 11/12/32 (e)		1,370
		RAMP Trust,
	19	Series 2004-RS8, Class AI6, SUB, 4.980%, 08/25/34		19
	806	Series 2004-RS11, Class M1, VAR, 1.366%, 11/25/34		798
	1,380	Series 2006-RZ1, Class A3, VAR, 0.736%, 03/25/36		1,348
	488	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		217
	1,205	RMAT LLC, Series 2015-NPL1, Class A1, SUB, 3.750%, 05/25/55 (e)		1,197
	350	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		353

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 201

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	104	Securitized Asset-Backed Receivables LLC Trust, Series 2006-CB1, Class AF2, SUB, 3.384%, 01/25/36		74
	559	Selene Non-Performing Loans LLC, Series 2014-1A, Class A, SUB, 2.981%, 05/25/54 (e)		554
		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)		2,133
	103	Stanwich Mortgage Loan Co. LLC, Series 2013-NPL2, Class A, 3.228%, 04/16/59 (e)		102
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	383	Series 2002-AL1, Class A2, 3.450%, 02/25/32		382
	982	Series 2002-AL1, Class A3, 3.450%, 02/25/32		969
	1,664	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		1,655
		Truman Capital Mortgage Loan Trust,
	389	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		387
	839	Series 2014-NPL2, Class A2, SUB, 4.000%, 06/25/54 (e)		830
	161	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		160
	1,001	U.S. Residential Opportunity Fund II Trust, Series 2015-1II, Class A, 3.721%, 02/27/35 (e)		984
	1,582	U.S. Residential Opportunity Fund III Trust, Series 2015-1III, Class A, 3.721%, 01/27/35 (e)		1,570
	1,827	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		1,796
	348	VML LLC, Series 2014-NPL1, Class A1, VAR, 3.875%, 04/27/54 (e)		346
	360	VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		356
		VOLT XIX LLC,
	1,350	Series 2014-NP11, Class A1, SUB, 3.875%, 04/25/55 (e)		1,351
	400	Series 2014-NP11, Class A2, SUB, 5.000%, 04/25/55 (e)		392
	1,842	VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		1,839

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			VOLT XXII LLC,
	1,054		Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		1,045
	583		Series 2015-NPL4, Class A2, SUB, 4.250%, 02/25/55 (e)		559
	1,922		VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		1,905
	5,979		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		5,884
	921		VOLT XXVI LLC, Series 2014-NPL6, Class A2, SUB, 4.250%, 09/25/43 (e)		904
	1,941		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		1,912
	1,921		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		1,893
	1,564		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		1,542
	2,217		VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)		2,178
	3,116		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		3,100
	1,737		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		1,718
			Westgate Resorts LLC,
	472		Series 2012-3A, Class A, 2.500%, 03/20/25 (e)		472
	283		Series 2015-1A, Class A, 2.750%, 05/20/27 (e)		281
			Total Asset-Backed Securities (Cost $179,214)		178,081
	Collateralized Mortgage Obligations — 39.7%
			Agency CMO — 30.6%
			Federal Home Loan Mortgage Corp. REMIC,
	3		Series 22, Class C, 9.500%, 04/15/20		4
	6		Series 23, Class F, 9.600%, 04/15/20		6
	3		Series 30, Class D, 9.500%, 02/15/20		3
	2		Series 47, Class F, 10.000%, 06/15/20		2
	10		Series 77, Class H, 8.500%, 09/15/20		11
	1		Series 81, Class A, 8.125%, 11/15/20		1
	2		Series 84, Class F, 9.200%, 10/15/20		2
	2		Series 99, Class Z, 9.500%, 01/15/21		2
	—	(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)

SEE NOTES TO FINANCIAL STATEMENTS.

202 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	—	(h)	Series 204, Class E, HB, IF, 1,803.548%, 05/15/23		2
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)
	2		Series 1065, Class J, 9.000%, 04/15/21		2
	2		Series 1079, Class S, HB, IF, 32.548%, 05/15/21		4
	—	(h)	Series 1082, Class D, HB, 1,007.780%, 05/15/21		—	(h)
	1		Series 1084, Class F, VAR, 1.377%, 05/15/21		1
	1		Series 1084, Class S, HB, IF, 43.304%, 05/15/21		1
	3		Series 1133, Class H, 7.000%, 09/15/21		3
	8		Series 1144, Class KB, 8.500%, 09/15/21		9
	—	(h)	Series 1172, Class L, HB, VAR, 1,167.776%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,147.060%, 01/15/22		1
	17		Series 1343, Class LA, 8.000%, 08/15/22		20
	9		Series 1343, Class LB, 7.500%, 08/15/22		10
	26		Series 1374, Class Z, 7.000%, 10/15/22		29
	8		Series 1395, Class G, 6.000%, 10/15/22		9
	70		Series 1401, Class J, 7.000%, 10/15/22		75
	103		Series 1466, Class PZ, 7.500%, 02/15/23		114
	3		Series 1470, Class F, VAR, 1.655%, 02/15/23		3
	3		Series 1505, Class QB, IF, 19.770%, 05/15/23		5
	30		Series 1518, Class G, IF, 8.579%, 05/15/23		36
	21		Series 1526, Class L, 6.500%, 06/15/23		23
	31		Series 1541, Class O, VAR, 1.190%, 07/15/23		32
	300		Series 1552, Class IA, IF, 17.442%, 08/15/23		436
	8		Series 1570, Class F, VAR, 2.155%, 08/15/23		9
	21		Series 1570, Class SA, HB, IF, 24.103%, 08/15/23		34
	87		Series 1578, Class K, 6.900%, 09/15/23		96
	10		Series 1578, Class V, IO, 7.000%, 09/15/23		2
	174		Series 1591, Class PV, 6.250%, 10/15/23		193
	15		Series 1602, Class SA, HB, IF, 21.362%, 10/15/23		24
	223		Series 1628, Class LZ, 6.500%, 12/15/23		245
	217		Series 1638, Class H, 6.500%, 12/15/23		247
	171		Series 1644, Class K, 6.750%, 12/15/23		189

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	276	Series 1658, Class GZ, 7.000%, 01/15/24		310
	6	Series 1671, Class QC, IF, 10.000%, 02/15/24		9
	128	Series 1677, Class Z, 7.500%, 07/15/23		143
	6	Series 1686, Class SH, IF, 18.277%, 02/15/24		9
	109	Series 1695, Class EB, 7.000%, 03/15/24		122
	14	Series 1699, Class FC, VAR, 1.027%, 03/15/24		15
	23	Series 1745, Class D, 7.500%, 08/15/24		26
	396	Series 1760, Class ZD, VAR, 1.600%, 02/15/24		399
	44	Series 1798, Class F, 5.000%, 05/15/23		48
	2	Series 1807, Class G, 9.000%, 10/15/20		3
	359	Series 1813, Class I, PO, 11/15/23		334
	1,388	Series 1813, Class J, IF, IO, 5.500%, 11/15/23		176
	76	Series 1829, Class ZB, 6.500%, 03/15/26		83
	135	Series 1863, Class Z, 6.500%, 07/15/26		153
	6	Series 1865, Class D, PO, 02/15/24		6
	55	Series 1899, Class ZE, 8.000%, 09/15/26		63
	46	Series 1963, Class Z, 7.500%, 01/15/27		53
	16	Series 1985, Class PR, IO, 8.000%, 07/15/27		2
	21	Series 1987, Class PE, 7.500%, 09/15/27		23
	172	Series 2033, Class J, 5.600%, 06/15/23		183
	9	Series 2033, Class SN, HB, IF, 28.489%, 03/15/24		5
	12	Series 2038, Class PN, IO, 7.000%, 03/15/28		3
	116	Series 2040, Class PE, 7.500%, 03/15/28		133
	12	Series 2042, Class T, 7.000%, 03/15/28		13
	42	Series 2060, Class Z, 6.500%, 05/15/28		48
	94	Series 2061, Class DC, IO, 6.500%, 06/15/28		11
	9,069	Series 2065, Class PX, IO, 0.750%, 08/17/27		209
	261	Series 2075, Class PH, 6.500%, 08/15/28		292
	42	Series 2086, Class GB, 6.000%, 09/15/28		48
	20	Series 2089, Class PJ, IO, 7.000%, 10/15/28		2
	173	Series 2110, Class PG, 6.000%, 01/15/29		197
	232	Series 2111, Class SB, IF, IO, 7.073%, 01/15/29		43
	61	Series 2125, Class JZ, 6.000%, 02/15/29		68
	144	Series 2130, Class QS, 6.000%, 03/15/29		163

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 203

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	27	Series 2132, Class SB, HB, IF, 28.703%, 03/15/29		51
	41	Series 2132, Class ZL, 6.500%, 03/15/29		46
	6	Series 2141, Class IO, IO, 7.000%, 04/15/29		1
	19	Series 2163, Class PC, IO, 7.500%, 06/15/29		2
	37	Series 2178, Class PB, 7.000%, 08/15/29		43
	60	Series 2201, Class C, 8.000%, 11/15/29		69
	229	Series 2209, Class TC, 8.000%, 01/15/30		277
	114	Series 2210, Class Z, 8.000%, 01/15/30		132
	30	Series 2224, Class CB, 8.000%, 03/15/30		37
	23	Series 2247, Class Z, 7.500%, 08/15/30		27
	197	Series 2254, Class Z, 9.000%, 09/15/30		236
	116	Series 2256, Class MC, 7.250%, 09/15/30		135
	146	Series 2259, Class ZM, 7.000%, 10/15/30		169
	198	Series 2271, Class PC, 7.250%, 12/15/30		228
	80	Series 2283, Class K, 6.500%, 12/15/23		89
	48	Series 2296, Class PD, 7.000%, 03/15/31		57
	762	Series 2303, Class ZD, 7.000%, 04/15/31		906
	366	Series 2303, Class ZN, 8.500%, 04/15/29		432
	21	Series 2306, Class K, PO, 05/15/24		20
	53	Series 2306, Class SE, IF, IO, 8.500%, 05/15/24		7
	336	Series 2344, Class ZD, 6.500%, 08/15/31		395
	34	Series 2344, Class ZJ, 6.500%, 08/15/31		39
	25	Series 2345, Class NE, 6.500%, 08/15/31		29
	41	Series 2347, Class VP, 6.500%, 03/15/20		44
	7	Series 2353, Class TD, 6.000%, 09/15/16		7
	5	Series 2355, Class BP, 6.000%, 09/15/16		5
	4	Series 2358, Class PD, 6.000%, 09/15/16		4
	11	Series 2359, Class PM, 6.000%, 09/15/16		11
	126	Series 2359, Class ZB, 8.500%, 06/15/31		149
	11	Series 2360, Class PG, 6.000%, 09/15/16		11
	6	Series 2366, Class MD, 6.000%, 10/15/16		6
	555	Series 2367, Class ZK, 6.000%, 10/15/31		640
	10	Series 2368, Class AS, IF, 19.820%, 10/15/31		15
	1	Series 2368, Class TG, 6.000%, 10/15/16		1
	27	Series 2372, Class F, VAR, 0.927%, 10/15/31		28
	28	Series 2383, Class FD, VAR, 0.927%, 11/15/31		29
	43	Series 2388, Class UZ, 8.500%, 06/15/31		50
	16	Series 2391, Class QR, 5.500%, 12/15/16		16
	4	Series 2394, Class MC, 6.000%, 12/15/16		4

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	426	Series 2399, Class TH, 6.500%, 01/15/32		479
	89	Series 2410, Class OE, 6.375%, 02/15/32		96
	91	Series 2410, Class QS, IF, 18.390%, 02/15/32		147
	67	Series 2410, Class QX, IF, IO, 8.223%, 02/15/32		22
	104	Series 2423, Class MC, 7.000%, 03/15/32		121
	125	Series 2423, Class MT, 7.000%, 03/15/32		145
	16	Series 2425, Class OB, 6.000%, 03/15/17		17
	1,362	Series 2431, Class F, VAR, 0.927%, 03/15/32		1,379
	196	Series 2433, Class SA, IF, 19.820%, 02/15/32		307
	139	Series 2434, Class TC, 7.000%, 04/15/32		163
	224	Series 2436, Class MC, 7.000%, 04/15/32		253
	80	Series 2444, Class ES, IF, IO, 7.523%, 03/15/32		22
	89	Series 2450, Class GZ, 7.000%, 05/15/32		102
	91	Series 2450, Class SW, IF, IO, 7.573%, 03/15/32		26
	6	Series 2458, Class QE, 5.500%, 06/15/17		6
	175	Series 2462, Class NB, 6.500%, 06/15/22		195
	314	Series 2464, Class FE, VAR, 1.427%, 03/15/32		323
	25	Series 2470, Class SL, IF, 9.000%, 01/15/27		28
	1	Series 2474, Class SJ, IF, IO, 7.223%, 07/15/17		—	(h)
	966	Series 2494, Class SX, IF, IO, 6.573%, 02/15/32		188
	294	Series 2513, Class ZC, 5.500%, 10/15/32		331
	172	Series 2517, Class Z, 5.500%, 10/15/32		187
	85	Series 2535, Class BK, 5.500%, 12/15/22		92
	49	Series 2549, Class ZG, 5.000%, 01/15/18		50
	1,709	Series 2552, Class FP, VAR, 1.427%, 01/15/33		1,747
	1,080	Series 2557, Class HL, 5.300%, 01/15/33		1,206
	54	Series 2571, Class SK, HB, IF, 32.659%, 09/15/23		97
	316	Series 2586, Class WI, IO, 6.500%, 03/15/33		59
	59	Series 2611, Class SQ, IF, 12.146%, 05/15/33		73
	102	Series 2611, Class UH, 4.500%, 05/15/18		105
	131	Series 2626, Class NS, IF, IO, 6.123%, 06/15/23		7
	52	Series 2631, Class SA, IF, 14.067%, 06/15/33		72

SEE NOTES TO FINANCIAL STATEMENTS.

204 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	142	Series 2637, Class SA, IF, IO, 5.673%, 06/15/18		7
	331	Series 2641, Class WI, IO, 5.000%, 01/15/33		12
	137	Series 2650, Class PO, PO, 12/15/32		135
	345	Series 2650, Class SO, PO, 12/15/32		338
	98	Series 2671, Class S, IF, 13.976%, 09/15/33		133
	347	Series 2684, Class PO, PO, 01/15/33		346
	150	Series 2692, Class SC, IF, 12.433%, 07/15/33		175
	60	Series 2694, Class BA, 4.000%, 06/15/31		62
	398	Series 2720, Class PC, 5.000%, 12/15/23		430
	2,219	Series 2722, Class PF, VAR, 1.027%, 12/15/33		2,235
	329	Series 2725, Class SC, IF, 8.436%, 11/15/33		363
	203	Series 2744, Class TU, 5.500%, 05/15/32		207
	114	Series 2756, Class NA, 5.000%, 02/15/24		121
	20	Series 2780, Class JG, 4.500%, 04/15/19		20
	247	Series 2802, Class ZY, 6.000%, 05/15/34		276
	118	Series 2835, Class QO, PO, 12/15/32		109
	47	Series 2877, Class KO, PO, 03/15/19		47
	616	Series 2934, Class EC, PO, 02/15/20		599
	641	Series 2934, Class HI, IO, 5.000%, 02/15/20		44
	384	Series 2934, Class KI, IO, 5.000%, 02/15/20		23
	112	Series 2945, Class SA, IF, 11.525%, 03/15/20		124
	10,515	Series 2949, Class YZ, 5.500%, 03/15/35		11,658
	172	Series 2967, Class JI, IO, 5.000%, 04/15/20		14
	80	Series 2967, Class S, HB, IF, 31.477%, 04/15/25		130
	19	Series 2989, Class PO, PO, 06/15/23		19
	171	Series 2990, Class SL, HB, IF, 22.928%, 06/15/34		244
	24	Series 2990, Class WP, IF, 15.926%, 06/15/35		29
	499	Series 2994, Class FC, VAR, 0.827%, 02/15/33		499
	8	Series 2996, Class FD, VAR, 0.677%, 06/15/35		8
	150	Series 3022, Class SX, IF, 15.808%, 08/15/25		197
	1,586	Series 3035, Class Z, 5.850%, 09/15/35		1,732
	316	Series 3068, Class QB, 4.500%, 06/15/20		324

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	393	Series 3077, Class TO, PO, 04/15/35		367
	283	Series 3117, Class EO, PO, 02/15/36		272
	389	Series 3117, Class OG, PO, 02/15/36		363
	285	Series 3117, Class OK, PO, 02/15/36		273
	80	Series 3122, Class OH, PO, 03/15/36		74
	20	Series 3122, Class ZB, 6.000%, 03/15/36		31
	46	Series 3134, Class PO, PO, 03/15/36		44
	1,724	Series 3137, Class XP, 6.000%, 04/15/36		1,982
	191	Series 3138, Class PO, PO, 04/15/36		183
	566	Series 3143, Class BC, 5.500%, 02/15/36		636
	61	Series 3149, Class SO, PO, 05/15/36		55
	396	Series 3151, Class PO, PO, 05/15/36		380
	496	Series 3152, Class MO, PO, 03/15/36		469
	260	Series 3153, Class EO, PO, 05/15/36		235
	324	Series 3171, Class MO, PO, 06/15/36		307
	202	Series 3179, Class OA, PO, 07/15/36		188
	122	Series 3194, Class SA, IF, IO, 6.673%, 07/15/36		19
	341	Series 3200, Class PO, PO, 08/15/36		319
	508	Series 3210, Class PO, PO, 05/15/36		492
	291	Series 3219, Class DI, IO, 6.000%, 04/15/36		55
	307	Series 3232, Class ST, IF, IO, 6.273%, 10/15/36		53
	568	Series 3237, Class AO, PO, 11/15/36		519
	192	Series 3253, Class PO, PO, 12/15/21		189
	246	Series 3260, Class CS, IF, IO, 5.713%, 01/15/37		37
	127	Series 3262, Class SG, IF, IO, 5.973%, 01/15/37		16
	129	Series 3274, Class JO, PO, 02/15/37		120
	178	Series 3274, Class MO, PO, 02/15/37		168
	91	Series 3275, Class FL, VAR, 0.867%, 02/15/37		91
	2,816	Series 3282, Class YD, 5.500%, 02/15/22		3,046
	62	Series 3288, Class GS, IF, 1.600%, 03/15/37		61
	581	Series 3290, Class SB, IF, IO, 6.023%, 03/15/37		90
	161	Series 3305, Class MB, IF, 2.907%, 07/15/34		172
	128	Series 3316, Class JO, PO, 05/15/37		122
	115	Series 3371, Class FA, VAR, 1.027%, 09/15/37		116
	322	Series 3373, Class TO, PO, 04/15/37		306
	450	Series 3385, Class SN, IF, IO, 5.573%, 11/15/37		61

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 205

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	500	Series 3387, Class SA, IF, IO, 5.993%, 11/15/37		82
	315	Series 3393, Class JO, PO, 09/15/32		290
	675	Series 3404, Class SC, IF, IO, 5.573%, 01/15/38		102
	2,669	Series 3422, Class AI, IO, SUB, 0.250%, 01/15/38		29
	197	Series 3422, Class LI, IO, 5.000%, 02/15/23		10
	254	Series 3451, Class SA, IF, IO, 5.623%, 05/15/38		36
	447	Series 3461, Class LZ, 6.000%, 06/15/38		512
	967	Series 3481, Class SJ, IF, IO, 5.423%, 08/15/38		137
	266	Series 3511, Class IO, IO, 5.000%, 12/15/21		16
	246	Series 3511, Class SA, IF, IO, 5.573%, 02/15/39		46
	758	Series 3531, Class SA, IF, IO, 5.873%, 05/15/39		110
	1,235	Series 3537, Class MI, IO, 5.000%, 06/15/38		169
	153	Series 3546, Class A, VAR, 2.042%, 02/15/39		157
	270	Series 3549, Class FA, VAR, 1.627%, 07/15/39		275
	1,114	Series 3572, Class JS, IF, IO, 6.373%, 09/15/39		170
	406	Series 3604, Class PO, PO, 05/15/36		385
	430	Series 3607, Class AO, PO, 04/15/36		407
	430	Series 3607, Class BO, PO, 04/15/36		407
	913	Series 3607, Class PO, PO, 05/15/37		875
	503	Series 3611, Class PO, PO, 07/15/34		477
	1,700	Series 3614, Class QB, 4.000%, 12/15/24		1,892
	480	Series 3621, Class BO, PO, 01/15/40		428
	644	Series 3621, Class PO, PO, 01/15/40		614
	643	Series 3623, Class LO, PO, 01/15/40		615
	1,343	Series 3632, Class BS, IF, 16.077%, 02/15/40		1,987
	5,900	Series 3659, Class VG, 5.000%, 09/15/34		6,650
	437	Series 3688, Class CU, VAR, 6.685%, 11/15/21		459
	2,384	Series 3688, Class NI, IO, 5.000%, 04/15/32		156
	2,574	Series 3704, Class DT, 7.500%, 11/15/36		3,083
	1,943	Series 3704, Class ET, 7.500%, 12/15/36		2,385
	3,452	Series 3714, Class IP, IO, 5.000%, 08/15/40		486

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	1,583		Series 3739, Class LI, IO, 4.000%, 03/15/34		38
	2,076		Series 3740, Class SC, IF, IO, 5.573%, 10/15/40		338
	2,373		Series 3747, Class CY, 4.500%, 10/15/40		2,789
	1,500		Series 3747, Class PY, 4.000%, 10/15/40		1,654
	2,233		Series 3759, Class HI, IO, 4.000%, 08/15/37		126
	1,291		Series 3760, Class GI, IO, 4.000%, 10/15/37		54
	1,500		Series 3770, Class PY, 5.000%, 12/15/40		1,823
	368		Series 3789, Class EZ, 4.000%, 11/15/40		380
	2,175		Series 3795, Class EI, IO, 5.000%, 10/15/39		211
	336		Series 3852, Class QN, IF, 5.500%, 05/15/41		365
	576		Series 3852, Class TP, IF, 5.500%, 05/15/41		652
	2,535		Series 3860, Class PZ, 5.000%, 05/15/41		3,171
	596		Series 3895, Class WA, VAR, 5.679%, 10/15/38		670
	2,632		Series 3966, Class BF, VAR, 0.927%, 10/15/40		2,646
	4,007		Series 3966, Class NA, 4.000%, 12/15/41		4,363
	2,507		Series 3998, Class GF, VAR, 0.877%, 05/15/36		2,517
	1,000		Series 4015, Class MY, 3.500%, 03/15/42		1,092
	4,135		Series 4048, Class FJ, VAR, 0.828%, 07/15/37		4,132
	1,000		Series 4177, Class MQ, 2.500%, 03/15/43		967
			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)
	4		Series 134, Class B, IO, 9.000%, 04/01/22		1
	1,145		Series 191, Class IO, IO, 8.000%, 01/01/28		247
	491		Series 197, Class PO, PO, 04/01/28		442
	629		Series 233, Class 11, IO, 5.000%, 09/15/35		99
	362		Series 233, Class 12, IO, 5.000%, 09/15/35		58
	848		Series 233, Class 13, IO, 5.000%, 09/15/35		136
	1,251		Series 239, Class S30, IF, IO, 7.273%, 08/15/36		230
	236		Series 243, Class 16, IO, 4.500%, 11/15/20		12
	408		Series 243, Class 17, IO, 4.500%, 12/15/20		23
	26,987		Series 262, Class 35, 3.500%, 07/15/42		28,165
	1,605		Series 299, Class 300, 3.000%, 01/15/43		1,641
	3,147		Series 310, Class PO, PO, 09/15/43		2,578
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	292		Series T-41, Class 3A, VAR, 5.990%, 07/25/32		340

SEE NOTES TO FINANCIAL STATEMENTS.

206 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	1,069	Series T-42, Class A5, 7.500%, 02/25/42		1,282
	65	Series T-51, Class 1A, VAR, 6.500%, 09/25/43		77
	74	Series T-51, Class 2A, VAR, 7.500%, 08/25/42		91
	1,727	Series T-54, Class 2A, 6.500%, 02/25/43		2,079
	854	Series T-54, Class 3A, 7.000%, 02/25/43		1,024
	1,560	Series T-56, Class A5, 5.231%, 05/25/43		1,746
	144	Series T-58, Class APO, PO, 09/25/43		125
	136	Series T-59, Class 1AP, PO, 10/25/43		113
	2,022	Series T-62, Class 1A1, VAR, 1.485%, 10/25/44		2,016
	4,043	Series T-76, Class 2A, VAR, 2.929%, 10/25/37		4,194
		Federal National Mortgage Association - ACES,
	3,686	Series 2010-M1, Class A2, 4.450%, 09/25/19		4,011
	4,849	Series 2010-M3, Class A3, VAR, 4.332%, 03/25/20		5,266
	1,700	Series 2011-M1, Class A3, 3.763%, 06/25/21		1,855
	9,480	Series 2011-M2, Class A3, 3.764%, 04/25/21		10,409
	5,000	Series 2011-M4, Class A2, 3.726%, 06/25/21		5,448
	2,504	Series 2013-M7, Class A2, 2.280%, 12/27/22		2,513
	4,000	Series 2013-M9, Class A2, VAR, 2.389%, 01/25/23		4,049
	2,500	Series 2014-M3, Class A2, VAR, 3.475%, 01/25/24		2,693
	1,640	Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24		1,722
	2,000	Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21		2,089
	2,429	Series 2015-M2, Class A3, VAR, 3.049%, 12/25/24		2,550
	3,000	Series 2015-M3, Class A2, 2.723%, 10/25/24		3,078
	1,230	Series 2015-M7, Class A2, 2.590%, 12/25/24		1,245
	7,777	Series 2015-M10, Class A2, VAR, 3.092%, 04/25/27		8,269
	3,091	Series 2015-M13, Class A2, VAR, 2.710%, 06/25/25		3,172
	5,917	Series 2016-M1, Class A2, VAR, 2.939%, 01/25/26		6,136
	5,000	Series 2016-M2, Class AV2, 2.152%, 01/25/23		5,026

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
			Federal National Mortgage Association Grantor Trust,
	668		Series 2001-T7, Class A1, 7.500%, 02/25/41		789
	26		Series 2001-T10, Class PO, PO, 12/25/41		24
	506		Series 2001-T12, Class A2, 7.500%, 08/25/41		624
	267		Series 2002-T4, Class A2, 7.000%, 12/25/41		310
	671		Series 2002-T4, Class A3, 7.500%, 12/25/41		788
	219		Series 2002-T16, Class A2, 7.000%, 07/25/42		262
	419		Series 2002-T19, Class A2, 7.000%, 07/25/42		500
	547		Series 2004-T1, Class 1A1, 6.000%, 01/25/44		633
	412		Series 2004-T3, Class PT1, VAR, 8.996%, 01/25/44		370
			Federal National Mortgage Association REMIC,
	13		Series 1988-7, Class Z, 9.250%, 04/25/18		14
	1		Series 1988-11, Class D, PO, 05/25/18		1
	57		Series 1988-21, Class G, 9.500%, 08/25/18		60
	—	(h)	Series 1988-29, Class B, 9.500%, 12/25/18		—	(h)
	1		Series 1989-21, Class G, 10.450%, 04/25/19		1
	4		Series 1989-27, Class Y, 6.900%, 06/25/19		4
	4		Series 1989-70, Class G, 8.000%, 10/25/19		5
	2		Series 1989-78, Class H, 9.400%, 11/25/19		3
	2		Series 1989-89, Class H, 9.000%, 11/25/19		2
	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		1
	15		Series 1990-102, Class J, 6.500%, 08/25/20		16
	1		Series 1990-134, Class SC, HB, IF, 20.946%, 11/25/20		2
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	54		Series 1991-44, Class G, 8.500%, 05/25/21		59
	—	(h)	Series 1991-60, Class PM, HB, 1,009.000%, 06/25/21		—	(h)
	4		Series 1992-101, Class J, 7.500%, 06/25/22		4
	85		Series 1993-25, Class J, 7.500%, 03/25/23		94
	44		Series 1993-27, Class S, IF, 9.098%, 02/25/23		53

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 207

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	15	Series 1993-31, Class K, 7.500%, 03/25/23		17
	186	Series 1993-54, Class Z, 7.000%, 04/25/23		205
	10	Series 1993-62, Class SA, IF, 19.005%, 04/25/23		14
	10	Series 1993-97, Class FA, VAR, 1.686%, 05/25/23		10
	1	Series 1993-108, Class D, PO, 02/25/23		1
	23	Series 1993-162, Class F, VAR, 1.386%, 08/25/23		24
	4	Series 1993-165, Class SD, IF, 13.467%, 09/25/23		5
	38	Series 1993-179, Class SB, HB, IF, 26.884%, 10/25/23		63
	7	Series 1993-228, Class G, PO, 09/25/23		7
	6	Series 1993-230, Class FA, VAR, 1.036%, 12/25/23		6
	516	Series 1994-26, Class J, PO, 01/25/24		470
	56	Series 1994-37, Class L, 6.500%, 03/25/24		64
	18	Series 1995-2, Class Z, 8.500%, 01/25/25		20
	121	Series 1996-14, Class SE, IF, IO, 8.710%, 08/25/23		28
	5	Series 1996-59, Class J, 6.500%, 08/25/22		5
	34	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		1
	13	Series 1997-24, Class Z, 8.000%, 04/18/27		15
	11	Series 1997-27, Class J, 7.500%, 04/18/27		12
	269	Series 1997-46, Class Z, 7.500%, 06/17/27		307
	9	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		1
	648	Series 1998-30, Class ZA, 6.500%, 05/20/28		728
	105	Series 1998-36, Class ZB, 6.000%, 07/18/28		120
	74	Series 1998-43, Class SA, IF, IO, 18.123%, 04/25/23		16
	48	Series 1999-57, Class Z, 7.500%, 12/25/19		51
	71	Series 1999-62, Class PB, 7.500%, 12/18/29		83
	230	Series 2000-18, Class EC, PO, 10/25/23		220
	11	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		2
	544	Series 2001-4, Class ZA, 6.500%, 03/25/31		635
	52	Series 2001-7, Class PF, 7.000%, 03/25/31		59
	70	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		8
	100	Series 2001-36, Class DE, 7.000%, 08/25/31		117

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	255	Series 2001-38, Class FB, VAR, 0.936%, 08/25/31		258
	45	Series 2001-44, Class PD, 7.000%, 09/25/31		51
	100	Series 2001-44, Class PU, 7.000%, 09/25/31		116
	137	Series 2001-49, Class LZ, 8.500%, 07/25/31		161
	467	Series 2001-53, Class FX, VAR, 0.786%, 10/25/31		471
	271	Series 2001-61, Class Z, 7.000%, 11/25/31		308
	32	Series 2001-72, Class SX, IF, 16.451%, 12/25/31		45
	6	Series 2001-74, Class MB, 6.000%, 12/25/16		7
	35	Series 2002-1, Class SA, HB, IF, 23.771%, 02/25/32		59
	53	Series 2002-1, Class UD, HB, IF, 22.975%, 12/25/23		84
	198	Series 2002-7, Class FD, VAR, 1.127%, 04/25/29		201
	8	Series 2002-9, Class ST, IF, 18.274%, 03/25/17		8
	374	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		21
	21	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		28
	8	Series 2002-19, Class PE, 6.000%, 04/25/17		8
	517	Series 2002-30, Class Z, 6.000%, 05/25/32		592
	30	Series 2002-37, Class Z, 6.500%, 06/25/32		34
	1,067	Series 2002-50, Class ZA, 6.000%, 05/25/31		1,170
	649	Series 2002-60, Class FA, VAR, 1.186%, 02/25/31		661
	649	Series 2002-60, Class FB, VAR, 1.186%, 02/25/31		661
	81	Series 2002-62, Class ZE, 5.500%, 11/25/17		83
	36	Series 2002-63, Class KC, 5.000%, 10/25/17		37
	36	Series 2002-63, Class LB, 5.500%, 10/25/17		37
	77	Series 2002-77, Class S, IF, 13.684%, 12/25/32		106
	1,290	Series 2003-2, Class F, VAR, 1.186%, 02/25/33		1,314
	367	Series 2003-7, Class A1, 6.500%, 12/25/42		426

SEE NOTES TO FINANCIAL STATEMENTS.

208 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	825	Series 2003-14, Class TI, IO, 5.000%, 03/25/33		131
	908	Series 2003-22, Class UD, 4.000%, 04/25/33		962
	315	Series 2003-26, Class XS, IF, IO, 6.614%, 03/25/23		22
	1,088	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		209
	48	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		11
	1,337	Series 2003-44, Class IU, IO, 7.000%, 06/25/33		319
	30	Series 2003-52, Class SX, HB, IF, 21.643%, 10/25/31		45
	525	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		92
	33	Series 2003-74, Class SH, IF, 9.386%, 08/25/33		40
	70	Series 2003-76, Class SH, IF, 13.328%, 09/25/31		72
	187	Series 2003-80, Class SY, IF, IO, 7.214%, 06/25/23		8
	509	Series 2003-86, Class ZA, 5.500%, 09/25/33		571
	82	Series 2003-91, Class SD, IF, 11.774%, 09/25/33		102
	2,949	Series 2003-105, Class AZ, 5.500%, 10/25/33		3,372
	16	Series 2003-106, Class PO, PO, 08/25/17		16
	582	Series 2003-116, Class SB, IF, IO, 7.164%, 11/25/33		129
	3,040	Series 2003-122, Class ZJ, 6.000%, 12/25/33		3,547
	65	Series 2003-130, Class SX, IF, 10.866%, 01/25/34		80
	85	Series 2003-131, Class SK, IF, 15.328%, 01/25/34		110
	77	Series 2003-132, Class OA, PO, 08/25/33		74
	170	Series 2003-132, Class PI, IO, 5.500%, 08/25/33		19
	524	Series 2004-4, Class QI, IF, IO, 6.664%, 06/25/33		57
	131	Series 2004-4, Class QM, IF, 13.328%, 06/25/33		164
	236	Series 2004-10, Class SC, HB, IF, 26.857%, 02/25/34		301
	708	Series 2004-17, Class H, 5.500%, 04/25/34		791
	306	Series 2004-25, Class SA, IF, 18.327%, 04/25/34		461

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1,027	Series 2004-28, Class PF, VAR, 0.836%, 03/25/34		1,033
	363	Series 2004-36, Class SA, IF, 18.327%, 05/25/34		521
	77	Series 2004-36, Class SN, IF, 13.328%, 07/25/33		88
	411	Series 2004-46, Class EP, PO, 03/25/34		386
	183	Series 2004-46, Class QB, HB, IF, 22.257%, 05/25/34		276
	127	Series 2004-46, Class SK, IF, 15.302%, 05/25/34		170
	4,251	Series 2004-50, Class VZ, 5.500%, 07/25/34		4,831
	50	Series 2004-51, Class SY, IF, 13.368%, 07/25/34		69
	335	Series 2004-53, Class NC, 5.500%, 07/25/24		366
	163	Series 2004-59, Class BG, PO, 12/25/32		154
	2,688	Series 2004-61, Class FH, VAR, 1.236%, 11/25/32		2,750
	107	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		130
	451	Series 2004-87, Class F, VAR, 1.186%, 01/25/34		460
	1,114	Series 2005-7, Class LO, PO, 02/25/35		951
	212	Series 2005-13, Class FL, VAR, 0.836%, 03/25/35		213
	142	Series 2005-15, Class MO, PO, 03/25/35		138
	36	Series 2005-52, Class PA, 6.500%, 06/25/35		37
	713	Series 2005-56, Class S, IF, IO, 6.274%, 07/25/35		148
	229	Series 2005-66, Class SG, IF, 16.285%, 07/25/35		345
	1,028	Series 2005-66, Class SV, IF, IO, 6.314%, 07/25/35		166
	485	Series 2005-67, Class HG, 5.500%, 01/25/35		515
	777	Series 2005-68, Class PG, 5.500%, 08/25/35		879
	191	Series 2005-73, Class PS, IF, 15.611%, 08/25/35		274
	667	Series 2005-74, Class SK, IF, 18.932%, 05/25/35		967
	524	Series 2005-84, Class XM, 5.750%, 10/25/35		572
	174	Series 2005-90, Class AO, PO, 10/25/35		167
	763	Series 2005-90, Class ES, IF, 15.786%, 10/25/35		1,045

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 209

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	461	Series 2005-90, Class PO, PO, 09/25/35		442
	484	Series 2005-103, Class SC, IF, 10.459%, 07/25/35		565
	509	Series 2005-106, Class US, HB, IF, 22.969%, 11/25/35		782
	46	Series 2005-116, Class PB, 6.000%, 04/25/34		46
	3,615	Series 2006-8, Class WN, IF, IO, 6.264%, 03/25/36		769
	986	Series 2006-8, Class WQ, PO, 03/25/36		856
	78	Series 2006-15, Class OT, PO, 01/25/36		76
	739	Series 2006-16, Class HZ, 5.500%, 03/25/36		802
	224	Series 2006-23, Class KO, PO, 04/25/36		207
	572	Series 2006-27, Class OH, PO, 04/25/36		533
	452	Series 2006-44, Class GO, PO, 06/25/36		425
	1,075	Series 2006-44, Class P, PO, 12/25/33		1,016
	256	Series 2006-50, Class JO, PO, 06/25/36		243
	374	Series 2006-50, Class PS, PO, 06/25/36		353
	700	Series 2006-53, Class US, IF, IO, 6.144%, 06/25/36		115
	1,064	Series 2006-56, Class FT, VAR, 1.186%, 07/25/36		1,178
	167	Series 2006-58, Class AP, PO, 07/25/36		159
	470	Series 2006-58, Class PO, PO, 07/25/36		446
	269	Series 2006-59, Class QO, PO, 01/25/33		264
	226	Series 2006-60, Class DO, PO, 04/25/35		216
	640	Series 2006-63, Class ZH, 6.500%, 07/25/36		758
	183	Series 2006-65, Class QO, PO, 07/25/36		172
	322	Series 2006-72, Class GO, PO, 08/25/36		303
	173	Series 2006-72, Class HO, PO, 08/25/26		167
	225	Series 2006-72, Class TO, PO, 08/25/36		216
	2,194	Series 2006-77, Class PC, 6.500%, 08/25/36		2,527
	477	Series 2006-78, Class BZ, 6.500%, 08/25/36		546
	296	Series 2006-79, Class DO, PO, 08/25/36		277
	352	Series 2006-86, Class OB, PO, 09/25/36		335
	376	Series 2006-90, Class AO, PO, 09/25/36		354
	1,942	Series 2006-94, Class GI, IF, IO, 6.214%, 10/25/26		291
	81	Series 2006-94, Class GK, HB, IF, 31.071%, 10/25/26		142
	2,059	Series 2006-105, Class ME, 5.500%, 11/25/36		2,345
	244	Series 2006-110, Class PO, PO, 11/25/36		231

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	125	Series 2006-111, Class EO, PO, 11/25/36		119
	294	Series 2006-113, Class PO, PO, 07/25/36		287
	436	Series 2006-115, Class OK, PO, 12/25/36		419
	489	Series 2006-117, Class GS, IF, IO, 6.214%, 12/25/36		76
	314	Series 2006-118, Class A2, VAR, 0.498%, 12/25/36		313
	134	Series 2006-119, Class PO, PO, 12/25/36		126
	768	Series 2006-120, Class IO, IO, 6.500%, 12/25/36		163
	569	Series 2006-120, Class PF, VAR, 0.686%, 12/25/36		570
	759	Series 2006-126, Class AO, PO, 01/25/37		723
	765	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		134
	33	Series 2007-1, Class SD, HB, IF, 36.385%, 02/25/37		85
	254	Series 2007-7, Class SG, IF, IO, 6.064%, 08/25/36		67
	1,230	Series 2007-14, Class ES, IF, IO, 6.004%, 03/25/37		192
	265	Series 2007-14, Class OP, PO, 03/25/37		251
	130	Series 2007-15, Class NO, PO, 03/25/22		124
	270	Series 2007-16, Class FC, VAR, 1.186%, 03/25/37		287
	1,658	Series 2007-18, Class MZ, 6.000%, 03/25/37		1,833
	227	Series 2007-22, Class SC, IF, IO, 5.654%, 03/25/37		39
	93	Series 2007-39, Class EF, VAR, 0.686%, 05/25/37		93
	437	Series 2007-54, Class FA, VAR, 0.836%, 06/25/37		440
	1,328	Series 2007-54, Class WI, IF, IO, 5.664%, 06/25/37		235
	779	Series 2007-60, Class AX, IF, IO, 6.714%, 07/25/37		169
	417	Series 2007-64, Class FB, VAR, 0.806%, 07/25/37		417
	857	Series 2007-65, Class KI, IF, IO, 6.184%, 07/25/37		124
	2,443	Series 2007-72, Class EK, IF, IO, 5.964%, 07/25/37		434
	1,725	Series 2007-76, Class ZG, 6.000%, 08/25/37		1,931
	348	Series 2007-78, Class CB, 6.000%, 08/25/37		393
	81	Series 2007-79, Class SB, HB, IF, 22.419%, 08/25/37		122

SEE NOTES TO FINANCIAL STATEMENTS.

210 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	358	Series 2007-88, Class VI, IF, IO, 6.104%, 09/25/37		76
	1,127	Series 2007-91, Class ES, IF, IO, 6.024%, 10/25/37		178
	1,049	Series 2007-100, Class SM, IF, IO, 6.014%, 10/25/37		178
	1,308	Series 2007-101, Class A2, VAR, 0.521%, 06/27/36		1,306
	221	Series 2007-106, Class A7, VAR, 6.119%, 10/25/37		246
	2,069	Series 2007-112, Class SA, IF, IO, 6.014%, 12/25/37		417
	4,863	Series 2007-114, Class A6, VAR, 0.636%, 10/27/37		4,839
	2,611	Series 2007-116, Class HI, IO, VAR, 1.611%, 01/25/38		152
	1	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		—	(h)
	901	Series 2008-1, Class BI, IF, IO, 5.474%, 02/25/38		140
	327	Series 2008-10, Class XI, IF, IO, 5.804%, 03/25/38		49
	501	Series 2008-16, Class IS, IF, IO, 5.774%, 03/25/38		86
	300	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		13
	654	Series 2008-20, Class SA, IF, IO, 6.554%, 03/25/38		123
	233	Series 2008-27, Class SN, IF, IO, 6.464%, 04/25/38		41
	190	Series 2008-32, Class SA, IF, IO, 6.424%, 04/25/38		30
	646	Series 2008-35, Class IM, IO, VAR, 0.642%, 10/25/16		3
	53	Series 2008-44, Class PO, PO, 05/25/38		50
	537	Series 2008-47, Class SI, IF, IO, 6.064%, 06/25/23		53
	338	Series 2008-53, Class CI, IF, IO, 6.764%, 07/25/38		72
	260	Series 2008-76, Class GF, VAR, 1.086%, 09/25/23		262
	92	Series 2008-80, Class GP, 6.250%, 09/25/38		104
	709	Series 2008-80, Class SA, IF, IO, 5.414%, 09/25/38		104
	362	Series 2008-81, Class SB, IF, IO, 5.414%, 09/25/38		54
	147	Series 2009-4, Class BD, 4.500%, 02/25/39		159

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	323	Series 2009-6, Class GS, IF, IO, 6.124%, 02/25/39		71
	633	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		46
	377	Series 2009-12, Class IO, IO, 4.500%, 03/25/24		18
	769	Series 2009-17, Class QS, IF, IO, 6.214%, 03/25/39		118
	2,179	Series 2009-19, Class IP, IO, 5.500%, 10/25/36		365
	147	Series 2009-47, Class MT, 7.000%, 07/25/39		165
	856	Series 2009-52, Class PI, IO, 5.000%, 07/25/39		122
	550	Series 2009-62, Class HJ, 6.000%, 05/25/39		616
	95	Series 2009-63, Class P, 5.000%, 03/25/37		104
	291	Series 2009-69, Class PO, PO, 09/25/39		277
	89	Series 2009-79, Class UA, 7.000%, 03/25/38		100
	482	Series 2009-84, Class WS, IF, IO, 5.464%, 10/25/39		61
	571	Series 2009-86, Class IP, IO, 5.500%, 10/25/39		89
	1,215	Series 2009-86, Class OT, PO, 10/25/37		1,102
	604	Series 2009-92, Class AD, 6.000%, 11/25/39		678
	382	Series 2009-99, Class SC, IF, IO, 5.744%, 12/25/39		54
	843	Series 2009-99, Class WA, VAR, 6.293%, 12/25/39		974
	3,126	Series 2009-103, Class MB, VAR, 2.498%, 12/25/39		3,311
	744	Series 2009-112, Class ST, IF, IO, 5.814%, 01/25/40		124
	659	Series 2009-113, Class FB, VAR, 0.986%, 01/25/40		669
	98	Series 2009-113, Class LB, HB, VAR, 94.510%, 01/25/40		233
	2,341	Series 2010-1, Class WA, VAR, 6.212%, 02/25/40		2,704
	1,585	Series 2010-16, Class WA, VAR, 6.446%, 03/25/40		1,849
	3,143	Series 2010-16, Class WB, VAR, 6.245%, 03/25/40		3,636
	640	Series 2010-23, Class KS, IF, IO, 6.664%, 02/25/40		93
	812	Series 2010-35, Class SB, IF, IO, 5.994%, 04/25/40		105

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 211

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	372	Series 2010-39, Class OT, PO, 10/25/35		349
	786	Series 2010-40, Class FJ, VAR, 1.036%, 04/25/40		792
	358	Series 2010-42, Class S, IF, IO, 5.964%, 05/25/40		66
	1,102	Series 2010-43, Class FD, VAR, 1.027%, 05/25/40		1,116
	1,000	Series 2010-49, Class SC, IF, 11.788%, 03/25/40		1,200
	754	Series 2010-61, Class WA, VAR, 5.960%, 06/25/40		870
	3,304	Series 2010-68, Class SA, IF, IO, 4.564%, 07/25/40		397
	1,085	Series 2010-103, Class ME, 4.000%, 09/25/40		1,176
	1,931	Series 2010-103, Class SB, IF, IO, 5.674%, 11/25/49		287
	2,000	Series 2010-111, Class AM, 5.500%, 10/25/40		2,383
	321	Series 2010-123, Class FL, VAR, 0.866%, 11/25/40		320
	3,210	Series 2010-125, Class SA, IF, IO, 4.014%, 11/25/40		324
	2,721	Series 2010-130, Class CY, 4.500%, 11/25/40		3,168
	4,871	Series 2010-147, Class SA, IF, IO, 6.094%, 01/25/41		1,139
	665	Series 2010-148, Class MA, 4.000%, 02/25/39		688
	489	Series 2011-2, Class WA, VAR, 5.812%, 02/25/51		541
	1,674	Series 2011-20, Class MW, 5.000%, 03/25/41		2,007
	7,854	Series 2011-21, Class CV, 4.500%, 09/25/26		7,967
	2,925	Series 2011-30, Class LS, IO, VAR, 1.592%, 04/25/41		188
	3,013	Series 2011-39, Class ZA, 6.000%, 11/25/32		3,470
	698	Series 2011-43, Class WA, VAR, 5.813%, 05/25/51		773
	2,147	Series 2011-47, Class ZA, 5.500%, 07/25/38		2,318
	2,523	Series 2011-56, Class VA, 5.000%, 09/25/40		2,583
	1,369	Series 2011-58, Class WA, VAR, 5.450%, 07/25/51		1,536
	456	Series 2011-75, Class FA, VAR, 0.977%, 08/25/41		461

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	2,508		Series 2011-118, Class LB, 7.000%, 11/25/41		2,989
	4,623		Series 2011-118, Class MT, 7.000%, 11/25/41		5,510
	4,569		Series 2011-118, Class NT, 7.000%, 11/25/41		5,453
	2,007		Series 2012-21, Class WA, VAR, 5.589%, 03/25/52		2,257
	2,502		Series 2012-58, Class FA, VAR, 0.936%, 03/25/39		2,510
	2,563		Series 2012-99, Class BY, 2.500%, 09/25/42		2,286
	1,098		Series 2013-2, Class LZ, 3.000%, 02/25/43		1,095
	6,286		Series 2013-4, Class AJ, 3.500%, 02/25/43		6,628
	3,431		Series 2013-92, Class PO, PO, 09/25/43		2,856
	3,459		Series 2013-101, Class DO, PO, 10/25/43		2,853
	928		Series 2014-44, Class B, 2.500%, 08/25/34		908
	32		Series G92-7, Class JQ, 8.500%, 01/25/22		35
	4		Series G92-12, Class B, 7.700%, 02/25/22		4
	6		Series G92-14, Class Z, 7.000%, 02/25/22		6
	—	(h)	Series G92-27, Class SQ, HB, IF, 11,513.883%, 05/25/22		2
	8		Series G92-42, Class Z, 7.000%, 07/25/22		9
	57		Series G92-44, Class ZQ, 8.000%, 07/25/22		59
	34		Series G92-54, Class ZQ, 7.500%, 09/25/22		37
	77		Series G92-61, Class Z, 7.000%, 10/25/22		85
	8		Series G92-62, Class B, PO, 10/25/22		7
	52		Series G93-1, Class KA, 7.900%, 01/25/23		59
	35		Series G93-17, Class SI, IF, 6.000%, 04/25/23		40
	289		Series G94-7, Class PJ, 7.500%, 05/17/24		330
	56		Series G97-2, Class ZA, 8.500%, 02/17/27		69
			Federal National Mortgage Association REMIC Trust,
	901		Series 2001-W3, Class A, VAR, 6.780%, 09/25/41		1,027
	3,904		Series 2002-W10, Class IO, IO, VAR, 0.937%, 08/25/42		69
	340		Series 2003-W1, Class 1A1, VAR, 5.711%, 12/25/42		391
	215		Series 2003-W1, Class 2A, VAR, 6.361%, 12/25/42		254
	52		Series 2003-W4, Class 2A, VAR, 6.336%, 10/25/42		61
	1,345		Series 2004-W4, Class A7, 5.500%, 06/25/34		1,516
	777		Series 2004-W11, Class 1A1, 6.000%, 05/25/44		923

SEE NOTES TO FINANCIAL STATEMENTS.

212 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	346	Series 2006-W3, Class 1AF1, VAR, 0.676%, 10/25/46		346
	404	Series 2006-W3, Class 2A, 6.000%, 09/25/46		453
	741	Series 2007-W2, Class 1A1, VAR, 0.756%, 03/25/37		742
	350	Series 2007-W3, Class 1A3, 6.750%, 04/25/37		393
	57	Series 2007-W7, Class 1A4, HB, IF, 36.565%, 07/25/37		91
	2,608	Series 2009-W1, Class A, 6.000%, 12/25/49		3,008
		Federal National Mortgage Association STRIPS,
	1	Series 23, Class 2, IO, 10.000%, 09/25/17		—	(h)
	1	Series 59, Class 2, IO, 9.500%, 07/25/17		—	(h)
	196	Series 213, Class 2, IO, 8.000%, 03/25/23		42
	272	Series 218, Class 2, IO, 7.500%, 04/25/23		53
	7	Series 265, Class 2, 9.000%, 03/25/24		8
	14	Series 285, Class 1, PO, 02/25/27		13
	506	Series 293, Class 1, PO, 12/25/24		478
	275	Series 300, Class 1, PO, 09/25/24		258
	315	Series 331, Class 13, IO, 7.000%, 11/25/32		71
	254	Series 339, Class 18, IO, 4.500%, 07/25/18		10
	248	Series 339, Class 21, IO, 4.500%, 08/25/18		7
	223	Series 339, Class 28, IO, 5.500%, 08/25/18		9
	160	Series 345, Class 6, IO, VAR, 5.000%, 12/25/33		30
	507	Series 345, Class 24, IO, VAR, 5.000%, 08/25/22		23
	369	Series 351, Class 7, IO, VAR, 5.000%, 04/25/34		73
	466	Series 356, Class 3, IO, 5.000%, 01/25/35		80
	657	Series 356, Class 39, IO, 5.000%, 01/25/20		42
	634	Series 365, Class 8, IO, 5.500%, 05/25/36		126
	82	Series 368, Class 3, IO, 4.500%, 11/25/20		4
	229	Series 374, Class 5, IO, 5.500%, 08/25/36		47
	555	Series 383, Class 32, IO, 6.000%, 01/25/38		108
	103	Series 393, Class 6, IO, 5.500%, 04/25/37		19
	2,726	Series 412, Class F2, VAR, 0.936%, 08/25/42		2,633
		Federal National Mortgage Association Trust,
	354	Series 2003-W2, Class 1A1, 6.500%, 07/25/42		415
	324	Series 2003-W8, Class 2A, 7.000%, 10/25/42		386
	327	Series 2003-W8, Class 3F1, VAR, 0.836%, 05/25/42		327

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	503	Series 2004-W1, Class 2A2, 7.000%, 12/25/33		599
	470	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		552
	955	Series 2005-W3, Class 2AF, VAR, 0.656%, 03/25/45		929
	365	Series 2005-W4, Class 1A1, 6.000%, 08/25/45		420
	2,201	Series 2005-W4, Class 3A, VAR, 2.448%, 06/25/45		2,348
	509	Series 2006-W2, Class 1AF1, VAR, 0.656%, 02/25/46		509
		Government National Mortgage Association,
	555	Series 1994-7, Class PQ, 6.500%, 10/16/24		630
	185	Series 1999-4, Class ZB, 6.000%, 02/20/29		208
	5	Series 1999-43, Class TA, IF, 9.350%, 11/16/29		6
	93	Series 2000-9, Class Z, 8.000%, 06/20/30		111
	449	Series 2000-9, Class ZJ, 8.500%, 02/16/30		531
	325	Series 2000-10, Class ZP, 7.500%, 02/16/30		373
	188	Series 2000-12, Class ST, HB, IF, 37.369%, 02/16/30		300
	405	Series 2000-21, Class Z, 9.000%, 03/16/30		494
	28	Series 2000-36, Class HC, 7.330%, 11/20/30		34
	10	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		1
	650	Series 2001-21, Class PE, 6.500%, 05/16/31		743
	117	Series 2001-31, Class SJ, HB, IF, 26.488%, 02/20/31		220
	88	Series 2001-35, Class SA, IF, IO, 7.819%, 08/16/31		31
	94	Series 2001-36, Class S, IF, IO, 7.620%, 08/16/31		33
	27	Series 2001-55, Class SF, HB, IF, 24.824%, 11/20/31		54
	382	Series 2002-4, Class TD, 7.000%, 01/20/32		459
	344	Series 2002-24, Class AG, IF, IO, 7.520%, 04/16/32		78
	91	Series 2002-24, Class SB, IF, 11.279%, 04/16/32		115
	281	Series 2002-24, Class Z, 8.500%, 04/16/32		323
	595	Series 2002-31, Class SE, IF, IO, 7.070%, 04/16/30		119
	22	Series 2002-33, Class SY, IF, 9.000%, 02/26/23		28

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 213

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	201	Series 2002-40, Class UK, 6.500%, 06/20/32		238
	64	Series 2002-41, Class LS, IF, 9.000%, 06/16/32		85
	117	Series 2002-45, Class QE, 6.500%, 06/20/32		139
	141	Series 2002-47, Class PG, 6.500%, 07/16/32		166
	50	Series 2002-70, Class PS, IF, IO, 7.268%, 08/20/32		2
	674	Series 2003-11, Class SK, IF, IO, 7.270%, 02/16/33		121
	16	Series 2003-24, Class PO, PO, 03/16/33		15
	570	Series 2003-41, Class ID, IO, 5.500%, 05/20/33		108
	236	Series 2003-46, Class IH, IO, 5.500%, 12/20/32		6
	43	Series 2003-90, Class PO, PO, 10/20/33		40
	609	Series 2003-112, Class SA, IF, IO, 6.120%, 12/16/33		138
	526	Series 2003-112, Class TS, IF, IO, 6.518%, 10/20/32		11
	146	Series 2004-28, Class S, IF, 18.479%, 04/16/34		223
	218	Series 2004-46, Class AO, PO, 06/20/34		206
	59	Series 2004-71, Class ST, IF, 7.000%, 09/20/34		66
	115	Series 2004-73, Class AE, IF, 13.967%, 08/17/34		144
	1,996	Series 2004-73, Class JL, IF, IO, 6.120%, 09/16/34		398
	33	Series 2004-85, Class PO, PO, 01/17/33		33
	708	Series 2004-90, Class SI, IF, IO, 5.668%, 10/20/34		116
	173	Series 2005-24, Class ST, IF, 7.500%, 01/17/34		186
	499	Series 2005-26, Class VI, IO, 5.500%, 01/20/35		28
	120	Series 2005-35, Class FL, VAR, 0.782%, 03/20/32		121
	2,323	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		406
	288	Series 2005-68, Class DP, IF, 15.396%, 06/17/35		414
	1,413	Series 2005-68, Class KI, IF, IO, 5.868%, 09/20/35		265
	1,759	Series 2005-72, Class AZ, 5.500%, 09/20/35		1,975

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	569	Series 2005-85, Class IO, IO, 5.500%, 11/16/35		118
	251	Series 2006-16, Class OP, PO, 03/20/36		239
	168	Series 2006-22, Class AO, PO, 05/20/36		159
	152	Series 2006-34, Class PO, PO, 07/20/36		143
	543	Series 2006-38, Class SW, IF, IO, 6.068%, 06/20/36		67
	206	Series 2006-59, Class SD, IF, IO, 6.268%, 10/20/36		38
	1,377	Series 2007-17, Class JI, IF, IO, 6.380%, 04/16/37		291
	189	Series 2007-17, Class JO, PO, 04/16/37		180
	119	Series 2007-25, Class FN, VAR, 0.731%, 05/16/37		120
	710	Series 2007-26, Class SC, IF, IO, 5.768%, 05/20/37		132
	73	Series 2007-27, Class MI, IO, 5.500%, 09/20/36		2
	35	Series 2007-28, Class BO, PO, 05/20/37		32
	615	Series 2007-31, Class AO, PO, 05/16/37		592
	40	Series 2007-36, Class HO, PO, 06/16/37		38
	808	Series 2007-36, Class SE, IF, IO, 6.040%, 06/16/37		159
	1,036	Series 2007-36, Class SG, IF, IO, 6.038%, 06/20/37		200
	711	Series 2007-40, Class SD, IF, IO, 6.318%, 07/20/37		133
	709	Series 2007-42, Class SB, IF, IO, 6.318%, 07/20/37		135
	287	Series 2007-45, Class QA, IF, IO, 6.208%, 07/20/37		58
	499	Series 2007-50, Class AI, IF, IO, 6.343%, 08/20/37		77
	100	Series 2007-53, Class SW, IF, 18.909%, 09/20/37		144
	778	Series 2007-57, Class PO, PO, 03/20/37		762
	416	Series 2007-71, Class SB, IF, IO, 6.268%, 07/20/36		23
	1,630	Series 2007-74, Class SL, IF, IO, 6.109%, 11/16/37		288
	554	Series 2007-76, Class SA, IF, IO, 6.098%, 11/20/37		103
	830	Series 2007-79, Class SY, IF, IO, 6.118%, 12/20/37		155
	108	Series 2008-1, Class PO, PO, 01/20/38		99
	438	Series 2008-2, Class MS, IF, IO, 6.730%, 01/16/38		95

SEE NOTES TO FINANCIAL STATEMENTS.

214 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	310	Series 2008-10, Class S, IF, IO, 5.398%, 02/20/38		50
	1,305	Series 2008-13, Class PI, IO, 5.500%, 02/16/38		259
	215	Series 2008-20, Class PO, PO, 09/20/37		211
	205	Series 2008-29, Class PO, PO, 02/17/33		196
	673	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		72
	274	Series 2008-33, Class XS, IF, IO, 7.270%, 04/16/38		61
	1,500	Series 2008-36, Class AY, 5.000%, 04/16/23		1,585
	697	Series 2008-36, Class SH, IF, IO, 5.868%, 04/20/38		119
	2,408	Series 2008-40, Class SA, IF, IO, 5.969%, 05/16/38		457
	366	Series 2008-55, Class SA, IF, IO, 5.768%, 06/20/38		60
	173	Series 2008-60, Class PO, PO, 01/20/38		171
	2,087	Series 2008-62, Class SA, IF, IO, 5.718%, 07/20/38		381
	146	Series 2008-71, Class SC, IF, IO, 5.568%, 08/20/38		21
	555	Series 2008-93, Class AS, IF, IO, 5.268%, 12/20/38		85
	1,450	Series 2008-95, Class DS, IF, IO, 6.868%, 12/20/38		293
	408	Series 2008-96, Class SL, IF, IO, 5.568%, 12/20/38		64
	475	Series 2009-6, Class SA, IF, IO, 5.670%, 02/16/39		73
	857	Series 2009-10, Class SA, IF, IO, 5.518%, 02/20/39		123
	556	Series 2009-10, Class SL, IF, IO, 6.069%, 03/16/34		28
	2,664	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		486
	504	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		106
	574	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		127
	373	Series 2009-24, Class DS, IF, IO, 5.868%, 03/20/39		28
	353	Series 2009-25, Class SE, IF, IO, 7.168%, 09/20/38		72
	207	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		34
	465	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		87

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1,070	Series 2009-42, Class SC, IF, IO, 5.648%, 06/20/39		165
	543	Series 2009-43, Class SA, IF, IO, 5.518%, 06/20/39		85
	3,278	Series 2009-54, Class JZ, 5.500%, 07/20/39		3,676
	1,008	Series 2009-64, Class SN, IF, IO, 5.670%, 07/16/39		118
	221	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		27
	816	Series 2009-67, Class SA, IF, IO, 5.620%, 08/16/39		130
	1,425	Series 2009-72, Class SM, IF, IO, 5.820%, 08/16/39		230
	484	Series 2009-79, Class OK, PO, 11/16/37		436
	1,619	Series 2009-102, Class SM, IF, IO, 5.969%, 06/16/39		146
	1,075	Series 2009-104, Class AB, 7.000%, 08/16/39		1,214
	1,633	Series 2009-106, Class AS, IF, IO, 5.969%, 11/16/39		291
	1,826	Series 2009-106, Class ST, IF, IO, 5.568%, 02/20/38		308
	1,582	Series 2009-121, Class VA, 5.500%, 11/20/20		1,663
	179	Series 2010-14, Class AO, PO, 12/20/32		175
	257	Series 2010-14, Class BO, PO, 11/20/35		227
	1,767	Series 2010-14, Class CO, PO, 08/20/35		1,656
	763	Series 2010-14, Class QP, 6.000%, 12/20/39		793
	1,968	Series 2010-41, Class WA, VAR, 5.822%, 10/20/33		2,247
	993	Series 2010-103, Class WA, VAR, 5.733%, 08/20/34		1,126
	1,116	Series 2010-129, Class AW, VAR, 6.117%, 04/20/37		1,258
	989	Series 2010-130, Class CP, 7.000%, 10/16/40		1,171
	3,102	Series 2010-157, Class OP, PO, 12/20/40		2,755
	33,333	Series 2010-H17, Class XQ, VAR, 5.237%, 07/20/60		36,113
	2,638	Series 2011-22, Class WA, VAR, 5.947%, 02/20/37		2,962
	3,254	Series 2011-97, Class WA, VAR, 6.069%, 11/20/38		3,707
	4,323	Series 2011-137, Class WA, VAR, 5.534%, 07/20/40		4,932
	3,104	Series 2011-163, Class WA, VAR, 5.850%, 12/20/38		3,556

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 215

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	5,620	Series 2012-24, Class WA, VAR, 5.587%, 07/20/41		6,456
	6,430	Series 2012-52, Class WA, VAR, 6.143%, 04/20/38		7,490
	1,529	Series 2012-59, Class WA, VAR, 5.564%, 08/20/38		1,757
	8,760	Series 2012-138, Class PT, VAR, 3.946%, 11/16/42		9,099
	8,613	Series 2012-141, Class WA, VAR, 4.541%, 11/16/41		9,510
	8,478	Series 2012-141, Class WB, VAR, 3.984%, 09/16/42		8,947
	5,337	Series 2012-141, Class WC, VAR, 3.730%, 01/20/42		5,662
	20,134	Series 2012-H10, Class FA, VAR, 0.980%, 12/20/61		19,990
	4,560	Series 2012-H15, Class FA, VAR, 0.701%, 05/20/62		4,560
	5,061	Series 2012-H20, Class KA, 2.000%, 06/20/62		5,109
	16,368	Series 2012-H21, Class CF, VAR, 1.130%, 05/20/61		16,366
	17,183	Series 2012-H21, Class DF, VAR, 1.079%, 05/20/61		17,167
	7,841	Series 2012-H22, Class FD, VAR, 0.900%, 01/20/61		7,798
	6,634	Series 2012-H24, Class FA, VAR, 0.880%, 03/20/60		6,636
	8,230	Series 2012-H24, Class FD, VAR, 1.020%, 09/20/62		8,234
	4,385	Series 2012-H24, Class FG, VAR, 0.681%, 04/20/60		4,365
	7,096	Series 2012-H26, Class JA, VAR, 0.980%, 10/20/61		7,095
	12,764	Series 2012-H26, Class MA, VAR, 0.980%, 07/20/62		12,720
	6,387	Series 2012-H27, Class FB, VAR, 0.930%, 10/20/62		6,370
	9,114	Series 2012-H28, Class FA, VAR, 1.010%, 09/20/62		9,081
	2,273	Series 2012-H30, Class JA, VAR, 0.910%, 01/20/60		2,274
	2,557	Series 2012-H30, Class PA, VAR, 0.880%, 11/20/59		2,558
	8,729	Series 2012-H31, Class FD, VAR, 0.770%, 12/20/62		8,612
	3,191	Series 2013-26, Class AK, VAR, 4.662%, 09/20/41		3,484

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	3,941	Series 2013-54, Class WA, VAR, 4.712%, 11/20/42		4,312
	1,288	Series 2013-75, Class WA, VAR, 5.228%, 06/20/40		1,445
	11,059	Series 2013-H01, Class FA, 1.650%, 01/20/63		11,075
	4,809	Series 2013-H01, Class JA, VAR, 0.750%, 01/20/63		4,734
	5,426	Series 2013-H01, Class TA, VAR, 0.930%, 01/20/63		5,421
	578	Series 2013-H02, Class HF, VAR, 0.730%, 11/20/62		578
	3,059	Series 2013-H03, Class FA, VAR, 0.730%, 08/20/60		3,058
	14,955	Series 2013-H04, Class BA, 1.650%, 02/20/63		14,977
	3,516	Series 2013-H04, Class SA, VAR, 0.850%, 02/20/63		3,469
	1,646	Series 2013-H05, Class FB, VAR, 0.830%, 02/20/62		1,642
	2,390	Series 2013-H07, Class GA, VAR, 0.900%, 03/20/63		2,369
	6,504	Series 2013-H07, Class HA, VAR, 0.840%, 03/20/63		6,426
	12,725	Series 2013-H07, Class JA, 1.750%, 03/20/63		12,858
	4,253	Series 2013-H07, Class MA, VAR, 0.980%, 04/20/62		4,251
	2,229	Series 2013-H08, Class BF, VAR, 0.830%, 03/20/63		2,201
	4,683	Series 2013-H08, Class FC, VAR, 0.880%, 02/20/63		4,637
	5,558	Series 2013-H09, Class HA, 1.650%, 04/20/63		5,564
	3,222	Series 2014-188, Class W, VAR, 4.686%, 10/20/41		3,510
	1,188	Series 2014-H17, Class FC, VAR, 0.930%, 07/20/64		1,172
	2,207	Series 2015-91, Class W, VAR, 5.242%, 05/20/40		2,470
	888	Series 2015-137, Class WA, VAR, 5.483%, 01/20/38		1,005
	6,910	Series 2015-H23, Class FB, VAR, 0.950%, 09/20/65		6,823
	6,160	Series 2015-H26, Class FG, VAR, 0.950%, 10/20/65		6,079
	5,969	Series 2015-H29, Class FL, VAR, 1.030%, 11/20/65		5,909

SEE NOTES TO FINANCIAL STATEMENTS.

216 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	4,842	Series 2015-H32, Class FH, VAR, 1.090%, 12/20/65		4,810
	5,430	Series 2016-H07, Class FA, VAR, 1.19%, 03/20/66 (w)		5,410
		Vendee Mortgage Trust,
	2,863	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		3,241
	428	Series 1996-1, Class 1Z, 6.750%, 02/15/26		497
	234	Series 1996-2, Class 1Z, 6.750%, 06/15/26		270
	469	Series 1997-1, Class 2Z, 7.500%, 02/15/27		553
	348	Series 1998-1, Class 2E, 7.000%, 03/15/28		419
				823,172
		Non-Agency CMO — 9.1%
		Ajax Mortgage Loan Trust,
	3,695	Series 2013-A, Class A, VAR, 3.500%, 02/25/51 (e)		3,663
	1,617	Series 2013-B, Class A, VAR, 3.500%, 02/25/51 (e)		1,606
	1,204	Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		1,213
	1,007	Series 2015-B, Class A, SUB, 3.875%, 07/25/60 (e)		1,010
		Alternative Loan Trust,
	460	Series 2002-11, Class M, 6.500%, 10/25/32		449
	163	Series 2003-6T2, Class A6, 5.500%, 06/25/33		162
	1,613	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,601
	26	Series 2004-J3, Class 4A1, 4.750%, 04/25/19		27
	913	Series 2005-1CB, Class 1A6, IF, IO, 6.664%, 03/25/35		208
	4,605	Series 2005-20CB, Class 3A8, IF, IO, 4.314%, 07/25/35		673
	3,288	Series 2005-22T1, Class A2, IF, IO, 4.634%, 06/25/35		598
	140	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		111
	6,092	Series 2005-37T1, Class A2, IF, IO, 4.614%, 09/25/35		1,182
	1,029	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		930
	6,129	Series 2005-54CB, Class 1A2, IF, IO, 4.414%, 11/25/35		830
	30	Series 2005-54CB, Class 1A7, 5.500%, 11/25/35		30
	682	Series 2005-57CB, Class 3A2, IF, IO, 4.664%, 12/25/35		109

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	492	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		464
	595	Series 2005-86CB, Class A11, 5.500%, 02/25/36		532
	1,384	Series 2005-J1, Class 1A4, IF, IO, 4.664%, 02/25/35		103
	16,941	Series 2006-7CB, Class 1A2, IF, IO, 4.864%, 05/25/36		4,280
	660	Series 2006-26CB, Class A9, 6.500%, 09/25/36		564
		American General Mortgage Loan Trust,
	223	Series 2006-1, Class A5, VAR, 5.750%, 12/25/35 (e)		230
	477	Series 2010-1A, Class A3, VAR, 5.650%, 03/25/58 (e)		478
	900	Series 2010-1A, Class A4, VAR, 5.650%, 03/25/58 (e)		916
		Angel Oak Mortgage Trust LLC,
	1,677	Series 2015-1, Class A, SUB, 4.500%, 11/25/45 (e)		1,675
	1,333	Series 2015-1, Class M, SUB, 5.500%, 11/25/45 (e)		1,327
		ASG Resecuritization Trust,
	228	Series 2009-1, Class A60, VAR, 5.629%, 06/26/37 (e)		226
	1,143	Series 2009-3, Class A65, VAR, 2.348%, 03/26/37 (e)		1,132
	55	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		55
	55	Series 2010-1, Class A85, VAR, 0.831%, 02/27/36 (e)		54
	1,904	Series 2010-2, Class A60, VAR, 1.974%, 01/28/37 (e)		1,870
	599	Series 2011-1, Class 2A35, 6.000%, 09/28/36 (e)		528
	1,278	Series 2011-1, Class 3A50, VAR, 2.736%, 11/28/35 (e)		1,251
		Banc of America Alternative Loan Trust,
	128	Series 2003-3, Class APO, PO, 05/25/33		104
	619	Series 2003-7, Class 1CB1, 5.500%, 09/25/33		624
	342	Series 2003-7, Class 2A4, 5.000%, 09/25/18		343
	351	Series 2003-11, Class 2A1, 6.000%, 01/25/34		360
	191	Series 2003-11, Class PO, PO, 01/25/34		164
	427	Series 2004-1, Class 1A1, 6.000%, 02/25/34		452

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 217

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	63	Series 2004-1, Class 5A1, 5.500%, 02/25/19		63
	1,952	Series 2005-1, Class CBIO, IO, 5.500%, 02/25/35		424
	1,628	Series 2005-12, Class CBIO, IO, 5.750%, 01/25/36		355
		Banc of America Funding Trust,
	132	Series 2004-1, Class PO, PO, 03/25/34		107
	511	Series 2004-3, Class 1A1, 5.500%, 10/25/34		528
	402	Series 2004-C, Class 1A1, VAR, 3.085%, 12/20/34		393
	460	Series 2005-1, Class 30IO, IO, 5.500%, 02/25/35		78
	132	Series 2005-4, Class 30PO, PO, 08/25/35		106
	364	Series 2005-6, Class 2A7, 5.500%, 10/25/35		353
	45	Series 2005-7, Class 30PO, PO, 11/25/35		36
	198	Series 2005-8, Class 30PO, PO, 01/25/36		137
	1,113	Series 2005-E, Class 4A1, VAR, 2.866%, 03/20/35		1,095
	632	Series 2010-R11A, Class 1A6, VAR, 5.149%, 08/26/35 (e)		635
		Banc of America Mortgage Trust,
	395	Series 2003-3, Class 1A7, 5.500%, 05/25/33		402
	73	Series 2003-3, Class 2A1, VAR, 0.986%, 05/25/18		70
	104	Series 2003-6, Class 2A1, VAR, 0.886%, 08/25/18		102
	106	Series 2003-8, Class 2A5, 5.000%, 11/25/18		106
	75	Series 2003-8, Class APO, PO, 11/25/33		62
	73	Series 2003-9, Class 1A2, PO, 12/25/33		66
	526	Series 2003-A, Class 4A1, VAR, 2.899%, 02/25/33		516
	161	Series 2003-C, Class 3A1, VAR, 2.621%, 04/25/33		162
	811	Series 2003-E, Class 2A2, VAR, 2.794%, 06/25/33		803
	611	Series 2003-J, Class 3A2, VAR, 2.780%, 11/25/33		605
	335	Series 2004-3, Class 15IO, IO, VAR, 0.243%, 04/25/19		1
	340	Series 2004-3, Class 1A26, 5.500%, 04/25/34		343
	69	Series 2004-4, Class APO, PO, 05/25/34		60

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	3,787	Series 2004-5, Class 15IO, IO, VAR, 0.236%, 06/25/19		3
	788	Series 2004-6, Class 1A3, 5.500%, 05/25/34		795
	61	Series 2004-6, Class APO, PO, 07/25/34		54
	30	Series 2004-9, Class 3A1, 6.500%, 09/25/32		32
	499	Series 2004-C, Class 2A2, VAR, 2.698%, 04/25/34		495
	436	Series 2004-J, Class 3A1, VAR, 3.148%, 11/25/34		426
		BCAP LLC Trust,
	432	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		450
	297	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		298
	2,000	Series 2009-RR14, Class 3A2, VAR, 2.521%, 08/26/35 (e)		1,998
	902	Series 2010-RR5, Class 2A5, VAR, 5.402%, 04/26/37 (e)		909
	297	Series 2010-RR7, Class 1A5, VAR, 2.812%, 04/26/35 (e)		293
	3,519	Series 2010-RR7, Class 2A1, VAR, 2.223%, 07/26/45 (e)		3,492
	17	Series 2010-RR8, Class 3A3, VAR, 2.746%, 05/26/35 (e)		17
	1,500	Series 2010-RR8, Class 3A4, VAR, 2.746%, 05/26/35 (e)		1,451
	229	Series 2010-RR12, Class 2A5, VAR, 2.681%, 01/26/36 (e)		226
	369	Series 2010-RR12, Class 4A5, VAR, 2.736%, 10/26/36 (e)		363
	137	Series 2011-R11, Class 24A5, VAR, 3.000%, 08/26/22 (e)		137
	287	Series 2011-R11, Class 25A5, VAR, 4.000%, 08/26/21 (e)		289
	1,266	Series 2011-RR4, Class 6A3, VAR, 5.000%, 08/26/37 (e)		1,273
	567	Series 2011-RR5, Class 11A3, VAR, 0.577%, 05/28/36 (e)		562
	1,584	Series 2011-RR10, Class 2A1, VAR, 1.288%, 09/26/37 (e)		1,526
	1,110	Series 2012-RR1, Class 5A1, VAR, 3.221%, 07/26/37 (e)		1,167
	547	Series 2012-RR2, Class 1A1, VAR, 0.597%, 08/26/36 (e)		542
	1,472	Series 2012-RR3, Class 2A5, VAR, 2.069%, 05/26/37 (e)		1,466

SEE NOTES TO FINANCIAL STATEMENTS.

218 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	948	Series 2012-RR4, Class 8A3, VAR, 0.656%, 06/26/47 (e)		912
	2,858	Series 2012-RR10, Class 1A1, VAR, 0.657%, 02/26/37 (e)		2,749
	2,116	Series 2012-RR10, Class 3A1, VAR, 0.617%, 05/26/36 (e)		2,059
	787	Series 2015-RR4, Class 1A1, VAR, 1.424%, 09/11/38 (e)		740
	406	Bear Stearns ALT-A Trust, Series 2005-2, Class 1A1, VAR, 0.936%, 03/25/35		394
		Bear Stearns ARM Trust,
	328	Series 2003-4, Class 3A1, VAR, 2.501%, 07/25/33		327
	178	Series 2003-7, Class 3A, VAR, 2.543%, 10/25/33		174
	485	Series 2004-1, Class 12A1, VAR, 2.900%, 04/25/34		478
	219	Series 2004-2, Class 14A, VAR, 3.129%, 05/25/34		217
	927	Series 2005-5, Class A1, VAR, 2.320%, 08/25/35		928
	1,510	Series 2006-1, Class A1, VAR, 2.580%, 02/25/36		1,468
	646	Bear Stearns Asset-Backed Securities Trust, Series 2003-AC5, Class A1, SUB, 5.750%, 10/25/33		664
	68	Cendant Mortgage Capital CDMC Mortgage Pass-Through Certificates, Series 2003-9, Class 1P, PO, 11/25/33		61
		Chase Mortgage Finance Trust,
	235	Series 2004-S3, Class 2A5, 5.500%, 03/25/34		236
	2,818	Series 2007-A1, Class 1A3, VAR, 2.736%, 02/25/37		2,769
	268	Series 2007-A1, Class 2A1, VAR, 2.653%, 02/25/37		266
	311	Series 2007-A1, Class 7A1, VAR, 2.605%, 02/25/37		310
	739	Series 2007-A1, Class 9A1, VAR, 2.738%, 02/25/37		728
	664	Series 2007-A2, Class 2A1, VAR, 2.716%, 07/25/37		642
		CHL Mortgage Pass-Through Trust,
	346	Series 2002-36, Class A22, 6.000%, 01/25/33		351
	325	Series 2004-3, Class A26, 5.500%, 04/25/34		339
	62	Series 2004-3, Class PO, PO, 04/25/34		55

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	945	Series 2004-5, Class 1A4, 5.500%, 06/25/34		975
	127	Series 2004-7, Class 2A1, VAR, 2.520%, 06/25/34		123
	554	Series 2004-13, Class 1A4, 5.500%, 08/25/34		569
	182	Series 2004-HYB1, Class 2A, VAR, 2.702%, 05/20/34		172
	760	Series 2004-HYB3, Class 2A, VAR, 2.331%, 06/20/34		718
	536	Series 2004-HYB6, Class A3, VAR, 2.646%, 11/20/34		506
	90	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		91
	265	Series 2005-16, Class A23, 5.500%, 09/25/35		257
	1,446	Series 2005-22, Class 2A1, VAR, 2.716%, 11/25/35		1,217
	3,605	Series 2007-4, Class 1A52, IF, IO, 4.964%, 05/25/37		648
	87	Citicorp Mortgage Securities REMIC Pass-Through Certificates Trust, Series 2005-6, Class APO, PO, 09/25/35		74
		Citigroup Global Markets Mortgage Securities VII, Inc.,
	531	Series 2003-HYB1, Class A, VAR, 2.740%, 09/25/33		524
	7	Series 2003-UP2, Class PO1, PO, 12/25/18		6
		Citigroup Mortgage Loan Trust,
	1,239	Series 2008-AR4, Class 1A1A, VAR, 2.948%, 11/25/38 (e)		1,227
	913	Series 2009-8, Class 4A1, 6.000%, 11/25/36 (e)		939
	808	Series 2009-10, Class 1A1, VAR, 2.519%, 09/25/33 (e)		812
	655	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		673
	674	Series 2009-11, Class 3A1, VAR, 5.750%, 05/25/37 (e)		683
	160	Series 2010-7, Class 10A1, VAR, 2.762%, 02/25/35 (e)		158
	1,721	Series 2010-8, Class 5A6, 4.000%, 11/25/36 (e)		1,731
	1,953	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		1,973
	738	Series 2015-A, Class B2, VAR, 4.500%, 06/25/58 (e)		749
		Citigroup Mortgage Loan Trust, Inc.,
	178	Series 2003-1, Class 2A5, 5.250%, 10/25/33		180

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 219

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	86	Series 2003-1, Class PO3, PO, 09/25/33		76
	19	Series 2003-1, Class WA2, 6.500%, 06/25/31		19
	22	Series 2003-1, Class WPO2, PO, 06/25/31		19
	20	Series 2003-UP3, Class A3, 7.000%, 09/25/33		20
	46	Series 2003-UST1, Class A1, 5.500%, 12/25/18		46
	8	Series 2003-UST1, Class PO1, PO, 12/25/18		8
	4	Series 2003-UST1, Class PO3, PO, 12/25/18		4
	288	Series 2004-UST1, Class A3, VAR, 2.330%, 08/25/34		286
	202	Series 2004-UST1, Class A6, VAR, 2.349%, 08/25/34		193
	231	Series 2005-1, Class 2A1A, VAR, 2.592%, 04/25/35		182
	587	Series 2005-2, Class 2A11, 5.500%, 05/25/35		601
	736	Series 2005-5, Class 1A2, VAR, 3.559%, 08/25/35		526
		Credit Suisse First Boston Mortgage Securities Corp.,
	853	Series 2003-1, Class DB1, VAR, 6.728%, 02/25/33		862
	302	Series 2003-21, Class 1A4, 5.250%, 09/25/33		310
	1,062	Series 2003-27, Class 5A3, 5.250%, 11/25/33		1,075
	506	Series 2003-27, Class 5A4, 5.250%, 11/25/33		513
	529	Series 2003-29, Class 1A1, 6.500%, 12/25/33		541
	338	Series 2003-29, Class 5A1, 7.000%, 12/25/33		357
	669	Series 2003-AR15, Class 3A1, VAR, 2.926%, 06/25/33		660
	517	Series 2004-4, Class 2A4, 5.500%, 09/25/34		540
	292	Series 2004-5, Class 3A1, 5.250%, 08/25/19		296
	556	Series 2004-8, Class 1A4, 5.500%, 12/25/34		579
	1,379	Series 2004-AR2, Class 2A1, VAR, 2.756%, 03/25/34		1,365
	1,602	Series 2005-4, Class 2X, IO, VAR, 5.500%, 06/25/35		347
	1,209	Series 2005-9, Class DX, IO, 5.500%, 10/25/35		113

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	598	Credit Suisse Mortgage Capital Certificates, Series 2009-3R, Class 19A3, 6.000%, 01/27/38 (e)		609
		CSMC,
	10,456	Series 2010-11R, Class A6, VAR, 1.439%, 06/28/47 (e)		9,904
	449	Series 2011-6R, Class 3A1, VAR, 2.897%, 07/28/36 (e)		451
	957	Series 2011-16R, Class 7A3, VAR, 3.500%, 12/27/36 (e)		957
	1,227	Series 2012-3R, Class 1A1, VAR, 2.389%, 07/27/37 (e)		1,204
		CSMC Trust,
	362	Series 2010-16, Class A3, VAR, 4.250%, 06/25/50 (e)		362
	929	Series 2012-2R, Class 2A1, VAR, 2.498%, 03/27/47 (e)		915
	291	Deutsche Alt-A Securities, Inc., Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 5.841%, 02/25/20		295
		First Horizon Alternative Mortgage Securities Trust,
	887	Series 2004-AA4, Class A1, VAR, 2.365%, 10/25/34		866
	22	Series 2005-AA5, Class 1A2, VAR, 2.402%, 07/25/35		—	(h)
	464	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		399
	6,502	Series 2007-FA4, Class 1A2, IF, IO, 5.214%, 08/25/37		1,594
		First Horizon Mortgage Pass-Through Trust,
	205	Series 2004-AR2, Class 2A1, VAR, 2.747%, 05/25/34		202
	359	Series 2004-AR7, Class 2A2, VAR, 2.739%, 02/25/35		356
	646	Series 2005-AR1, Class 2A2, VAR, 2.794%, 04/25/35		632
		GMACM Mortgage Loan Trust,
	341	Series 2003-AR1, Class A4, VAR, 3.145%, 10/19/33		335
	1,368	Series 2003-AR2, Class 2A4, VAR, 3.100%, 12/19/33		1,335
	51	Series 2003-J8, Class A, 5.250%, 12/25/33		53
	511	Series 2004-J1, Class A20, 5.500%, 04/25/34		517
	1,002	Series 2004-J5, Class A7, 6.500%, 01/25/35		1,034
	225	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		230

SEE NOTES TO FINANCIAL STATEMENTS.

220 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	2,273	Series 2005-AR3, Class 3A4, VAR, 2.976%, 06/19/35		2,213
		GSMPS Mortgage Loan Trust,
	451	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		459
	213	Series 2004-4, Class 1AF, VAR, 0.836%, 06/25/34 (e)		176
	424	Series 2005-RP2, Class 1AF, VAR, 0.786%, 03/25/35 (e)		358
	2,534	Series 2005-RP3, Class 1AF, VAR, 0.786%, 09/25/35 (e)		2,046
	1,152	Series 2005-RP3, Class 1AS, IO, VAR, 4.359%, 09/25/35 (e)		170
	2,443	Series 2006-RP2, Class 1AS2, IF, IO, 5.676%, 04/25/36 (e)		345
		GSR Mortgage Loan Trust,
	127	Series 2003-13, Class 1A1, VAR, 2.667%, 10/25/33		128
	49	Series 2003-6F, Class A2, VAR, 0.836%, 09/25/32		46
	526	Series 2003-7F, Class 1A4, 5.250%, 06/25/33		534
	412	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		423
	53	Series 2004-3F, Class 3A8, 13.500%, 02/25/34		62
	896	Series 2004-6F, Class 2A4, 5.500%, 05/25/34		920
	1,146	Series 2004-8F, Class 2A3, 6.000%, 09/25/34		1,177
	143	Series 2005-5F, Class 8A3, VAR, 0.936%, 06/25/35		135
	1,536	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		1,590
	228	Series 2006-1F, Class 1AP, PO, 02/25/36		171
	4,175	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,678
	1,168	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		1,135
	3,094	Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		3,032
	161	Impac CMB Trust, Series 2005-2, Class 2M1, VAR, 1.216%, 04/25/35		141
	729	Impac Secured Assets CMN Owner Trust, Series 2001-8, Class A6, 6.440%, 01/25/32		731
	799	Impac Secured Assets Trust, Series 2006-2, Class 2A1, VAR, 0.786%, 08/25/36		776

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	218	IndyMac INDX Mortgage Loan Trust, Series 2006-AR3, Class 2A1A, VAR, 2.764%, 03/25/36		166
		JP Morgan Mortgage Trust,
	357	Series 2004-A3, Class 4A1, VAR, 2.714%, 07/25/34		365
	225	Series 2004-A4, Class 1A1, VAR, 2.811%, 09/25/34		229
	77	Series 2004-S1, Class 1A7, 5.000%, 09/25/34		79
	625	Series 2005-A1, Class 3A4, VAR, 2.759%, 02/25/35		634
	1,078	Series 2006-A2, Class 4A1, VAR, 2.716%, 08/25/34		1,080
	840	Series 2006-A2, Class 5A2, VAR, 2.682%, 11/25/33		836
	1,519	Series 2006-A2, Class 5A3, VAR, 2.682%, 11/25/33		1,520
	346	Series 2006-A3, Class 6A1, VAR, 2.748%, 08/25/34		345
	392	Series 2007-A1, Class 5A2, VAR, 2.826%, 07/25/35		396
	532	Series 2014-1, Class 1A11, VAR, 4.000%, 01/25/44 (e)		558
	52	JP Morgan Resecuritization Trust, Series 2010-4, Class 7A1, VAR, 1.990%, 08/26/35 (e)		52
	7	Kidder Peabody Mortgage Assets Trust, Series B, Class A1, PO, 04/22/18		7
		Lehman Mortgage Trust,
	474	Series 2006-2, Class 1A1, VAR, 5.943%, 04/25/36		420
	343	Series 2007-6, Class 1A8, 6.000%, 07/25/37		306
	752	Series 2008-2, Class 1A6, 6.000%, 03/25/38		578
		MASTR Adjustable Rate Mortgages Trust,
	154	Series 2004-3, Class 4A2, VAR, 2.452%, 04/25/34		144
	40	Series 2004-4, Class 2A1, VAR, 2.079%, 05/25/34		35
	284	Series 2004-13, Class 2A1, VAR, 2.781%, 04/21/34		283
	1,416	Series 2004-13, Class 3A7, VAR, 2.777%, 11/21/34		1,437
	254	Series 2004-15, Class 3A1, VAR, 3.403%, 12/25/34		249
		MASTR Alternative Loan Trust,
	270	Series 2003-4, Class 2A1, 6.250%, 06/25/33		281

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 221

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	177	Series 2003-8, Class 3A1, 5.500%, 12/25/33		185
	172	Series 2003-8, Class 5A1, 5.000%, 11/25/18		176
	92	Series 2003-9, Class 8A1, 6.000%, 01/25/34		92
	87	Series 2004-1, Class 30PO, PO, 02/25/34		72
	371	Series 2004-3, Class 2A1, 6.250%, 04/25/34		386
	191	Series 2004-3, Class 30PO, PO, 04/25/34		147
	166	Series 2004-3, Class 30X1, IO, 6.000%, 04/25/34		38
	249	Series 2004-5, Class 30PO, PO, 06/25/34		213
	104	Series 2004-5, Class 30X1, IO, 6.000%, 06/25/34		19
	116	Series 2004-6, Class 30X1, IO, 5.500%, 07/25/34		22
	1,151	Series 2004-6, Class 7A1, 6.000%, 07/25/34		1,152
	89	Series 2004-7, Class 30PO, PO, 08/25/34		68
	358	Series 2004-7, Class AX1, IO, 5.500%, 08/25/34		76
	142	Series 2004-10, Class 1A1, 4.500%, 09/25/19		143
	1,952	Series 2005-3, Class AX2, IO, 6.000%, 04/25/35		496
		MASTR Asset Securitization Trust,
	48	Series 2003-2, Class 1A1, 5.000%, 03/25/18		48
	20	Series 2003-2, Class 2A1, 4.500%, 03/25/18		20
	243	Series 2003-3, Class 3A18, 5.500%, 04/25/33		243
	17	Series 2003-4, Class 3A2, 5.000%, 05/25/18		17
	89	Series 2003-4, Class 5A1, 5.500%, 05/25/33		91
	58	Series 2003-8, Class 1A1, 5.500%, 09/25/33		57
	52	Series 2003-9, Class 15PO, PO, 10/25/18		52
	5	Series 2003-10, Class 15PO, PO, 11/25/18		5
	6	Series 2003-11, Class 15PO, PO, 12/25/18		5
	152	Series 2003-12, Class 6A1, 5.000%, 12/25/33		153
	37	Series 2004-1, Class 30PO, PO, 02/25/34		32
	36	Series 2004-3, Class PO, PO, 03/25/34		33
	30	Series 2004-4, Class 3A1, 4.500%, 04/25/19		30

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — continued
	32		Series 2004-8, Class 1A1, 4.750%, 08/25/19		32
	30		Series 2004-8, Class PO, PO, 08/25/19		28
	34		Series 2004-9, Class 5A1, 5.250%, 09/25/19		35
	471		Series 2004-P7, Class A6, 5.500%, 12/27/33 (e)		508
	2,239		MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.786%, 05/25/35 (e)		1,769
	444		MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		349
			Merrill Lynch Mortgage Investors Trust,
	370		Series 2003-A, Class 2A2, VAR, 1.701%, 03/25/28		343
	153		Series 2003-A4, Class 2A, VAR, 2.725%, 07/25/33		139
	482		Series 2003-A5, Class 2A6, VAR, 2.496%, 08/25/33		483
	1,173		Series 2003-E, Class A1, VAR, 1.056%, 10/25/28		1,112
	1,786		Series 2003-F, Class A1, VAR, 1.076%, 10/25/28		1,739
	610		Series 2004-1, Class 2A1, VAR, 2.321%, 12/25/34		608
	649		Series 2004-A4, Class A2, VAR, 2.561%, 08/25/34		659
	704		Series 2004-D, Class A2, VAR, 1.601%, 09/25/29		673
	382		Series 2004-E, Class A2A, VAR, 1.227%, 11/25/29		365
	55		Series 2005-A1, Class 3A, VAR, 2.766%, 12/25/34		55
	6		ML Trust XLVII, Series 47, Class Z, 8.985%, 10/20/20		6
	740		Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 4A, VAR, 5.691%, 04/25/34		774
	—	(h)	Morgan Stanley Mortgage Trust, Series 35, Class 2, HB, IF, 14,925.500%, 04/20/21		—	(h)
			MortgageIT Trust,
	442		Series 2005-1, Class 1A1, VAR, 1.076%, 02/25/35		418
	200		Series 2005-5, Class A1, VAR, 0.696%, 12/25/35		178
	459		NACC Reperforming Loan REMIC Trust, Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		464

SEE NOTES TO FINANCIAL STATEMENTS.

222 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	88	Series 2003-A1, Class A1, 5.500%, 05/25/33		89
	41	Series 2003-A1, Class A2, 6.000%, 05/25/33		41
	32	Series 2003-A1, Class A5, 7.000%, 04/25/33		33
	6	Series 2003-A1, Class A7, 5.000%, 04/25/18		6
	734	Nomura Resecuritization Trust, Series 2010-6RA, Class 1A5, VAR, 2.963%, 03/26/36 (e)		717
		Prime Mortgage Trust,
	35	Series 2004-1, Class 2A3, 5.250%, 08/25/34		35
	617	Series 2004-CL1, Class 1A1, 6.000%, 02/25/34		644
	280	Series 2005-4, Class 2PO, PO, 10/25/35		100
	414	Provident Funding Mortgage Loan Trust, Series 2005-1, Class 2A1, VAR, 2.641%, 05/25/35		421
		RALI Trust,
	16	Series 2001-QS19, Class A2, 6.000%, 12/25/16		16
	10	Series 2002-QS16, Class A3, IF, 15.712%, 10/25/17		11
	715	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		743
	96	Series 2003-QR24, Class A5, 4.000%, 07/25/33		95
	40	Series 2003-QS3, Class A2, IF, 15.541%, 02/25/18		42
	96	Series 2003-QS9, Class A3, IF, IO, 7.114%, 05/25/18		5
	137	Series 2003-QS12, Class A2A, IF, IO, 7.164%, 06/25/18		8
	60	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		2
	3,306	Series 2003-QS13, Class A2, 4.000%, 07/25/33		3,111
	558	Series 2003-QS13, Class A5, VAR, 1.086%, 07/25/33		508
	3,312	Series 2003-QS13, Class A6, IF, IO, 0.600%, 07/25/33		69
	230	Series 2003-QS14, Class A1, 5.000%, 07/25/18		232
	165	Series 2003-QS18, Class A1, 5.000%, 09/25/18		166

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	435	Series 2003-QS19, Class A1, 5.750%, 10/25/33		453
	699	Series 2004-QA4, Class NB3, VAR, 4.014%, 09/25/34		691
	199	Series 2004-QA6, Class NB2, VAR, 3.248%, 12/26/34		165
	1,200	Series 2004-QS7, Class A4, 5.500%, 05/25/34		1,218
	1,791	Series 2005-QA6, Class A32, VAR, 3.473%, 05/25/35		1,502
	204	Series 2005-QA10, Class A31, VAR, 3.684%, 09/25/35		166
	367	Series 2007-QS1, Class 1A1, 6.000%, 01/25/37		303
		RBSSP Resecuritization Trust,
	768	Series 2009-1, Class 1A1, 6.500%, 02/26/36 (e)		814
	207	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		216
	255	Series 2009-9, Class 7A4, VAR, 6.000%, 07/26/37 (e)		256
	588	Series 2009-12, Class 1A1, VAR, 5.799%, 11/25/33 (e)		607
	489	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		481
	4,653	Series 2012-6, Class 2A1, VAR, 0.587%, 10/26/36 (e)		4,539
		Residential Asset Securitization Trust,
	6	Series 2002-A13, Class A4, 5.250%, 12/25/17		6
	255	Series 2003-A5, Class A1, 5.500%, 06/25/33		257
	132	Series 2003-A13, Class A3, 5.500%, 01/25/34		134
	21	Series 2003-A14, Class A1, 4.750%, 02/25/19		21
	582	Series 2004-IP2, Class 1A1, VAR, 2.724%, 12/25/34		579
	3,920	Series 2005-A2, Class A4, IF, IO, 4.614%, 03/25/35		622
	1,765	Series 2005-A16, Class AX, IO, 5.750%, 02/25/36		416
	614	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		556
	407	Series 2006-A6, Class 2A13, 6.000%, 07/25/36		348
		RFMSI Trust,
	422	Series 2003-S4, Class A4, 5.750%, 03/25/33		431

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 223

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	32	Series 2003-S14, Class A4, PO, 07/25/18		31
	87	Series 2003-S16, Class A3, 5.000%, 09/25/18		88
	105	Series 2003-S20, Class 2A1, 4.750%, 12/25/18		105
	176	Series 2004-S6, Class 2A6, PO, 06/25/34		150
	454	Series 2005-SA4, Class 1A1, VAR, 2.842%, 09/25/35		374
	1	RFSC Trust, Series 2002-RM1, Class API, PO, 12/25/17		1
		Sequoia Mortgage Trust,
	781	Series 2003-1, Class 1A, VAR, 1.192%, 04/20/33		731
	1,131	Series 2004-8, Class A1, VAR, 1.132%, 09/20/34		1,069
	1,142	Series 2004-8, Class A2, VAR, 1.610%, 09/20/34		1,092
	2,941	Series 2004-9, Class A1, VAR, 1.112%, 10/20/34		2,786
	936	Series 2004-10, Class A1A, VAR, 1.052%, 11/20/34		889
		Springleaf Mortgage Loan Trust,
	2,610	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		2,601
	2,644	Series 2013-1A, Class M1, VAR, 2.310%, 06/25/58 (e)		2,643
	1,800	Series 2013-1A, Class M2, VAR, 3.140%, 06/25/58 (e)		1,799
	1,268	Series 2013-1A, Class M3, VAR, 3.790%, 06/25/58 (e)		1,268
	1,739	Series 2013-2A, Class A, VAR, 1.780%, 12/25/65 (e)		1,741
	1,493	Series 2013-2A, Class M1, VAR, 3.520%, 12/25/65 (e)		1,502
	406	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 2.454%, 06/25/34		404
		Structured Asset Mortgage Investments II Trust,
	1,278	Series 2004-AR5, Class 1A1, VAR, 1.090%, 10/19/34		1,212
	2,103	Series 2005-AR5, Class A3, VAR, 0.680%, 07/19/35		1,990
	1,829	Structured Asset Securities Corp., Series 2003-37A, Class 2A, VAR, 4.422%, 12/25/33		1,822
		Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
	167	Series 2003-32, Class 1A1, VAR, 5.254%, 11/25/33		167

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	506	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		517
	210	Series 2003-33H, Class 1APO, PO, 10/25/33		195
	535	Series 2003-34A, Class 3A3, VAR, 2.639%, 11/25/33		523
	1,283	Series 2004-5H, Class A4, 5.540%, 12/25/33		1,318
	178	Structured Asset Securities Corp. Trust, Series 2005-6, Class 4A1, 5.000%, 05/25/35		180
		Thornburg Mortgage Securities Trust,
	102	Series 2003-4, Class A1, VAR, 1.076%, 09/25/43		98
	105	Series 2004-1, Class II2A, VAR, 1.769%, 03/25/44		102
		WaMu Mortgage Pass-Through Certificates Trust,
	13	Series 2002-S8, Class 2A7, 5.250%, 01/25/18		13
	629	Series 2003-AR7, Class A7, VAR, 2.412%, 08/25/33		627
	490	Series 2003-AR8, Class A, VAR, 2.476%, 08/25/33		497
	1,723	Series 2003-AR9, Class 1A6, VAR, 2.519%, 09/25/33		1,729
	410	Series 2003-AR9, Class 2A, VAR, 2.562%, 09/25/33		402
	1,260	Series 2003-AR11, Class A6, VAR, 2.530%, 10/25/33		1,266
	533	Series 2003-S1, Class A5, 5.500%, 04/25/33		548
	144	Series 2003-S3, Class 1A4, 5.500%, 06/25/33		149
	28	Series 2003-S7, Class A1, 4.500%, 08/25/18		28
	106	Series 2003-S8, Class A6, 4.500%, 09/25/18		107
	1,260	Series 2003-S9, Class A8, 5.250%, 10/25/33		1,287
	35	Series 2003-S9, Class P, PO, 10/25/33		29
	114	Series 2004-AR3, Class A1, VAR, 2.470%, 06/25/34		114
	772	Series 2004-AR3, Class A2, VAR, 2.470%, 06/25/34		775
	363	Series 2004-CB2, Class 5A, 5.000%, 07/25/19		367
	105	Series 2004-CB2, Class 7A, 5.500%, 08/25/19		107

SEE NOTES TO FINANCIAL STATEMENTS.

224 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	191	Series 2004-CB3, Class 4A, 6.000%, 10/25/19		199
	1,860	Series 2004-S2, Class 2A4, 5.500%, 06/25/34		1,938
	167	Series 2006-AR10, Class 2P, VAR, 2.451%, 09/25/36		145
		Washington Mutual Mortgage Pass-Through Certificates WMALT Trust,
	161	Series 2005-1, Class 1A1, 5.500%, 03/25/35		160
	6,365	Series 2005-2, Class 1A4, IF, IO, 4.614%, 04/25/35		1,088
	823	Series 2005-4, Class CB7, 5.500%, 06/25/35		764
	101	Series 2005-4, Class DP, PO, 06/25/20		91
	706	Series 2005-6, Class 2A4, 5.500%, 08/25/35		641
	8,538	Series 2005-11, Class A4, IF, IO, 4.514%, 01/25/36		1,603
		Washington Mutual MSC Mortgage Pass-Through Certificates,
	430	Series 2004-RA2, Class 2A, 7.000%, 07/25/33		463
	28	Series 2004-RA4, Class 1P, PO, 04/25/19		27
	233	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		230
		Wells Fargo Mortgage-Backed Securities Trust,
	1,073	Series 2003-G, Class A1, VAR, 2.615%, 06/25/33		1,073
	213	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		213
	58	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		59
	118	Series 2004-B, Class A1, VAR, 2.720%, 02/25/34		117
	728	Series 2004-EE, Class 2A1, VAR, 2.742%, 12/25/34		731
	91	Series 2004-EE, Class 2A2, VAR, 2.742%, 12/25/34		93
	433	Series 2004-EE, Class 3A1, VAR, 2.717%, 12/25/34		434
	1,149	Series 2004-I, Class 1A1, VAR, 2.787%, 07/25/34		1,158
	2,298	Series 2004-P, Class 2A1, VAR, 2.738%, 09/25/34		2,288
	76	Series 2004-Q, Class 1A3, VAR, 2.740%, 09/25/34		75

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — continued
	2,194	Series 2004-S, Class A1, VAR, 2.753%, 09/25/34		2,225
	1,718	Series 2004-U, Class A1, VAR, 2.761%, 10/25/34		1,701
	529	Series 2004-V, Class 1A1, VAR, 2.754%, 10/25/34		529
	103	Series 2005-9, Class 1APO, PO, 10/25/35		92
	508	Series 2005-AR8, Class 2A1, VAR, 2.788%, 06/25/35		514
	325	Series 2005-AR16, Class 2A1, VAR, 2.854%, 02/25/34		326
	806	Series 2007-7, Class A7, 6.000%, 06/25/37		769
	545	Series 2007-11, Class A14, 6.000%, 08/25/37		537
				244,521
		Total Collateralized Mortgage Obligations (Cost $1,029,031)		1,067,693
	Commercial Mortgage-Backed Securities — 4.8%
		A10 Securitization LLC,
	341	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		341
	1,302	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		1,296
	431	Series 2015-1, Class A2, 3.130%, 04/15/34 (e)		430
	375	Series 2015-1, Class B, 4.120%, 04/15/34 (e)		364
	523	A10 Term Asset Financing LLC, Series 2013-2, Class A, 2.620%, 11/15/27 (e)		511
		ACRE Commercial Mortgage Trust, (Cayman Islands),
	473	Series 2014-FL2, Class B, VAR, 2.480%, 08/15/31 (e)		467
	673	Series 2014-FL2, Class C, VAR, 2.930%, 08/15/31 (e)		664
	350	Series 2014-FL2, Class D, VAR, 3.830%, 08/15/31 (e)		332
		BAMLL Commercial Mortgage Securities Trust,
	1,120	Series 2012-PARK, Class A, 2.959%, 12/10/30 (e)		1,137
	1,000	Series 2014-520M, Class A, VAR, 4.185%, 08/15/46 (e)		1,073
	2,500	Series 2014-520M, Class C, VAR, 4.214%, 08/15/46 (e)		2,253
	122	Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class AM, 4.727%, 07/10/43		122

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 225

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		BB-UBS Trust,
	4,100	Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)		4,174
	5,000	Series 2012-TFT, Class A, 2.892%, 06/05/30 (e)		4,978
	2,110	Bear Stearns Commercial Mortgage Securities Trust, Series 2007-PW17, Class AMFL, VAR, 1.117%, 06/11/50 (e)		2,016
	1,793	Citigroup Commercial Mortgage Trust, Series 2013-SMP, Class A, 2.110%, 01/12/30 (e)		1,799
	3,000	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class AM, 5.254%, 08/15/48		2,965
		COMM Mortgage Trust,
	5,368	Series 2012-CR2, Class XA, IO, VAR, 1.800%, 08/15/45		457
	1,500	Series 2013-300P, Class A1, 4.353%, 08/10/30 (e)		1,639
	140,365	Series 2013-CR9, Class XB, IO, VAR, 0.218%, 07/10/45 (e)		2,054
	1,247	Series 2013-SFS, Class A2, VAR, 2.987%, 04/12/35 (e)		1,268
	1,500	Series 2014-CR19, Class A5, 3.796%, 08/10/47		1,587
	2,500	Series 2014-TWC, Class A, VAR, 1.274%, 02/13/32 (e)		2,425
	1,542	Series 2015-CR24, Class A5, 3.696%, 08/10/55		1,611
	1,562	Series 2015-CR25, Class A4, 3.759%, 08/10/48		1,639
	700	Commercial Mortgage Trust, Series 2006-GG7, Class AM, VAR, 5.877%, 07/10/38		700
	1,900	DBWF Mortgage Trust, Series 2015-LCM, Class A1, 2.998%, 06/10/34 (e)		1,959
		Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,
	2,557	Series K029, Class A2, VAR, 3.320%, 02/25/23		2,761
	4,000	Series K037, Class A2, 3.490%, 01/25/24		4,335
	857	Series K038, Class A2, 3.389%, 03/25/24		926
	2,174	Series K052, Class A2, 3.151%, 11/25/25		2,291
	5,090	Series KF12, Class A, VAR, 1.130%, 09/25/22		5,096
	545	Series KJ02, Class A2, 2.597%, 09/25/20		562
	5,000	Series KPLB, Class A, 2.770%, 05/25/25		5,096
	2,000	Series KS01, Class A2, 2.522%, 01/25/23		2,060
		Government National Mortgage Association,
	1,910	Series 2014-168, Class VA, VAR, 3.400%, 01/16/37		2,060

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	1,910	Series 2014-168, Class VB, VAR, 3.494%, 06/16/47		2,070
	2,741	GS Mortgage Securities Corp. II, Series 2013-KING, Class A, 2.706%, 12/10/27 (e)		2,776
		GS Mortgage Securities Corp. Trust,
	20,000	Series 2012-SHOP, Class XA, IO, VAR, 1.297%, 06/05/31 (e)		782
	2,444	Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)		2,462
	18,595	GS Mortgage Securities Trust, Series 2006-GG8, Class X, IO, VAR, 0.575%, 11/10/39 (e)		28
		JP Morgan Chase Commercial Mortgage Securities Trust,
	57,292	Series 2006-CB15, Class X1, IO, VAR, 0.271%, 06/12/43		54
	600	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		595
	942	Series 2007-C1, Class A4, 5.716%, 02/15/51		984
	2,686	Ladder Capital Commercial Mortgage Trust, Series 2013-GCP, Class A2, 3.985%, 02/15/36 (e)		2,819
		LB-UBS Commercial Mortgage Trust,
	10,299	Series 2006-C1, Class XCL, IO, VAR, 0.267%, 02/15/41 (e)		2
	1,925	Series 2007-C1, Class AM, 5.455%, 02/15/40		1,970
	812	Series 2007-C2, Class A3, 5.430%, 02/15/40		828
	890	ML-CFC Commercial Mortgage Trust, Series 2007-9, Class A4, 5.700%, 09/12/49		925
	1,000	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47		1,055
		Morgan Stanley Capital I Trust,
	244	Series 2007-T27, Class A4, VAR, 5.645%, 06/11/42		254
	1,213	Series 2011-C3, Class A3, 4.054%, 07/15/49		1,281
	1,500	Series 2012-C4, Class A3, 2.991%, 03/15/45		1,539
		Morgan Stanley Re-REMIC Trust,
	3,377	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		3,345
	3,555	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		3,546
	2,200	Series 2012-XA, Class B, 0.250%, 07/27/49 (e)		2,018
	2,091	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		2,093

SEE NOTES TO FINANCIAL STATEMENTS.

226 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
	504	NorthStar, (Cayman Islands), Series 2013-1A, Class B, VAR, 5.436%, 08/25/29 (e)		510
		PFP Ltd., (Cayman Islands),
	345	Series 2015-2, Class A, VAR, 1.879%, 07/14/34 (e)		341
	704	Series 2015-2, Class C, VAR, 3.679%, 07/14/34 (e)		705
	487	Series 2015-2, Class D, VAR, 4.429%, 07/14/34 (e)		487
		RAIT Trust,
	811	Series 2014-FL3, Class A, VAR, 1.677%, 12/15/31 (e)		795
	2,475	Series 2015-FL5, Class B, VAR, 4.327%, 01/15/31 (e)		2,469
	2,123	RBS Commercial Funding, Inc. Trust, Series 2013-SMV, Class A, 3.260%, 03/11/31 (e)		2,184
	1,055	RCMC LLC, Series 2012-CRE1, Class A, 5.623%, 11/15/44 (e)		1,064
	981	Resource Capital Corp., Ltd., (Cayman Islands), Series 2015-CRE4, Class B, VAR, 3.427%, 08/15/32 (e)		967
	961	RREF LLC, Series 2015-LT7, Class A, 3.000%, 12/25/32 (e)		961
	7,185	UBS Commercial Mortgage Trust, Series 2012-C1, Class XA, IO, VAR, 2.178%, 05/10/45 (e)		700
	3,015	UBS-BAMLL Trust, Series 2012-WRM, Class A, 3.663%, 06/10/30 (e)		3,118
		UBS-Barclays Commercial Mortgage Trust,
	1,300	Series 2012-C2, Class A4, 3.525%, 05/10/63		1,373
	14,433	Series 2012-C2, Class XA, IO, VAR, 1.664%, 05/10/63 (e)		882
	857	Series 2013-C6, Class A4, 3.244%, 04/10/46		876
		VNDO Mortgage Trust,
	2,991	Series 2012-6AVE, Class A, 2.996%, 11/15/30 (e)		3,008
	2,500	Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)		2,632
		Wachovia Bank Commercial Mortgage Trust,
	121	Series 2004-C11, Class A5, VAR, 5.170%, 01/15/41		121
	12,713	Series 2006-C24, Class XC, IO, VAR, 0.036%, 03/15/45 (e)		–	(h)
		Wells Fargo Commercial Mortgage Trust,
	3,000	Series 2013-120B, Class A, VAR, 2.710%, 03/18/28 (e)		3,053
	1,458	Series 2015-C30, Class A4, 3.664%, 09/15/58		1,516

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	668	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		668
		WFRBS Commercial Mortgage Trust,
	1,250	Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)		1,360
	1,200	Series 2012-C6, Class A4, 3.440%, 04/15/45		1,262
	750	Series 2013-C11, Class D, VAR, 4.179%, 03/15/45 (e)		639
		Total Commercial Mortgage-Backed Securities (Cost $127,154)		128,565
	Mortgage Pass-Through Securities — 37.7%
		Federal Home Loan Mortgage Corp.,
	163	ARM, 2.064%, 05/01/37		169
	181	ARM, 2.230%, 10/01/36		189
	95	ARM, 2.252%, 03/01/35		100
	190	ARM, 2.255%, 08/01/36		200
	326	ARM, 2.272%, 10/01/36		342
	175	ARM, 2.391%, 04/01/34		185
	676	ARM, 2.462%, 03/01/37		712
	47	ARM, 2.486%, 02/01/37		50
	181	ARM, 2.495%, 05/01/36		191
	193	ARM, 2.497%, 11/01/36		204
	270	ARM, 2.515%, 11/01/36		283
	209	ARM, 2.519%, 09/01/36		220
	438	ARM, 2.520%, 01/01/30 - 11/01/36		462
	165	ARM, 2.536%, 11/01/36		174
	114	ARM, 2.548%, 09/01/37		121
	171	ARM, 2.572%, 05/01/38		181
	222	ARM, 2.605%, 12/01/33 - 10/01/37		234
	407	ARM, 2.606%, 06/01/36		429
	237	ARM, 2.632%, 12/01/35		252
	201	ARM, 2.636%, 03/01/36		213
	207	ARM, 2.641%, 01/01/35		217
	102	ARM, 2.657%, 07/01/37		108
	165	ARM, 2.713%, 02/01/37		174
	248	ARM, 2.793%, 04/01/38		264
	100	ARM, 2.823%, 02/01/37		107
	109	ARM, 2.885%, 12/01/36		116
	91	ARM, 2.890%, 02/01/37		97
	754	ARM, 2.966%, 10/01/36		803
	271	ARM, 3.257%, 03/01/36		285
	27	ARM, 6.335%, 10/01/36		29
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	34	4.500%, 10/01/18		35

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 227

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	47	5.000%, 12/01/18		49
	411	5.500%, 06/01/17 - 12/01/22		445
	286	6.000%, 06/01/17 - 03/01/22		295
	124	6.500%, 02/01/17 - 03/01/22		130
	24	7.000%, 03/01/17 - 07/01/17		25
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	1,588	4.000%, 02/01/32		1,711
	1,047	5.500%, 05/01/27 - 03/01/28		1,181
	313	6.000%, 12/01/22 - 02/01/24		354
	410	6.500%, 01/01/28		467
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	155	4.000%, 10/01/33		166
	12,847	4.500%, 05/01/41 - 10/01/41		14,010
	11,488	5.000%, 08/01/40 - 06/01/44		12,683
	2,442	5.500%, 01/01/33 - 03/01/40		2,752
	436	6.000%, 11/01/28 - 12/01/33		500
	2,209	6.500%, 05/01/24 - 03/01/38		2,621
	765	7.000%, 07/01/29 - 10/01/36		913
	50	7.500%, 09/01/38		62
	18	8.500%, 08/01/30		18
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	758	7.500%, 01/01/32 - 12/01/36		915
	302	10.000%, 10/01/30		333
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	26,146	3.500%, 10/01/32 - 06/01/43		27,595
	12,276	4.000%, 09/01/32 - 10/01/42		13,159
	460	5.500%, 02/01/18 - 12/01/35		474
	1,700	6.000%, 02/01/33 - 04/01/36		1,909
	2,926	6.500%, 11/01/36 - 10/17/38		3,323
	23	10.500%, 07/20/21		24
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	2	7.500%, 03/01/17 - 05/01/17		2
		Federal National Mortgage Association,
	7,329	ARM, 1.220%, 12/01/25		7,311
	429	ARM, 1.803%, 08/01/34		446
	174	ARM, 1.922%, 01/01/33		180
	244	ARM, 1.935%, 07/01/33		251
	357	ARM, 2.014%, 02/01/35		370
	1,909	ARM, 2.020%, 01/01/35		1,992
	488	ARM, 2.050%, 05/01/35		512
	137	ARM, 2.056%, 04/01/34		144

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	164	ARM, 2.074%, 10/01/34		171
	3	ARM, 2.091%, 03/01/19		3
	173	ARM, 2.094%, 02/01/35		180
	387	ARM, 2.100%, 09/01/36		406
	139	ARM, 2.258%, 01/01/36		146
	233	ARM, 2.270%, 11/01/37		244
	178	ARM, 2.324%, 09/01/34		187
	239	ARM, 2.331%, 10/01/34		253
	130	ARM, 2.335%, 06/01/35		137
	91	ARM, 2.345%, 05/01/35		97
	65	ARM, 2.350%, 05/01/35		69
	154	ARM, 2.363%, 06/01/34		163
	289	ARM, 2.379%, 10/01/34		304
	524	ARM, 2.384%, 11/01/33 - 10/01/34		552
	50	ARM, 2.387%, 04/01/34		51
	128	ARM, 2.403%, 09/01/35		136
	200	ARM, 2.422%, 08/01/34		210
	326	ARM, 2.443%, 07/01/33		345
	229	ARM, 2.460%, 05/01/34		244
	142	ARM, 2.483%, 02/01/34		151
	505	ARM, 2.492%, 07/01/37		535
	265	ARM, 2.494%, 08/01/36		282
	588	ARM, 2.509%, 04/01/35		619
	593	ARM, 2.514%, 04/01/35 - 10/01/36		626
	270	ARM, 2.520%, 07/01/36		286
	68	ARM, 2.527%, 11/01/33		72
	96	ARM, 2.547%, 01/01/34		100
	11	ARM, 2.554%, 09/01/27		12
	434	ARM, 2.569%, 12/01/37		459
	472	ARM, 2.582%, 06/01/36 - 07/01/37		501
	347	ARM, 2.634%, 10/01/34		367
	190	ARM, 2.685%, 09/01/33		202
	237	ARM, 2.709%, 12/01/36		250
	177	ARM, 2.748%, 11/01/36		186
	57	ARM, 2.753%, 01/01/38		61
	200	ARM, 2.810%, 12/01/36		213
	183	ARM, 2.839%, 10/01/36		195
	3,403	ARM, 3.029%, 03/01/36		3,608
	26	ARM, 3.748%, 03/01/29		28
		Federal National Mortgage Association, 15 Year, Single Family,
	99	4.500%, 03/01/19		103
	670	5.000%, 06/01/18 - 08/01/24		709
	861	5.500%, 11/01/18 - 11/01/23		905
	481	6.000%, 06/01/16 - 08/01/21		499
	522	6.500%, 08/01/16 - 02/01/24		567

SEE NOTES TO FINANCIAL STATEMENTS.

228 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	136		7.000%, 05/01/17 - 08/01/21		142
	5		7.500%, 03/01/17 - 10/01/17		5
			Federal National Mortgage Association, 20 Year, Single Family,
	7,313		3.500%, 12/01/30 - 08/01/32		7,730
	3,636		4.000%, 01/01/35		3,931
	272		6.000%, 09/01/29		310
	736		6.500%, 05/01/22 - 12/01/27		844
	21		7.500%, 09/01/21		22
			Federal National Mortgage Association, 30 Year, FHA/VA,
	47		6.000%, 09/01/33		52
	2,664		6.500%, 02/01/29 - 08/01/39		3,076
	105		7.000%, 10/01/28 - 02/01/33		119
	39		8.000%, 06/01/28		45
	9		8.500%, 03/01/30 - 06/01/30		10
	98		9.000%, 05/01/18 - 06/01/31		111
	4		10.000%, 07/01/19		4
	4		10.500%, 11/01/18		4
	6		11.000%, 04/01/19		6
			Federal National Mortgage Association, 30 Year, Single Family,
	6,650		3.000%, 07/01/43		6,855
	16,287		3.500%, 03/01/43 - 06/01/43		17,101
	8,117		4.000%, 08/01/33 - 06/01/42		8,813
	824		4.500%, 05/01/29 - 09/01/34		898
	935		5.000%, 06/01/33 - 09/01/35		1,051
	2,874		5.500%, 11/01/32 - 05/01/40		3,303
	3,086		6.000%, 12/01/28 - 11/01/38		3,566
	2,609		6.500%, 11/01/29 - 09/01/38		3,068
	6,869		7.000%, 04/01/20 - 02/01/39		8,184
	2,189		7.500%, 08/01/36 - 04/01/39		2,789
	553		8.000%, 03/01/27 - 10/01/36		668
	79		8.500%, 12/01/27 - 02/01/30		88
	—	(h)	9.000%, 04/01/26		—	(h)
	5		9.500%, 07/01/28		6
	3		10.000%, 02/01/24		3
			Federal National Mortgage Association, Other,
	1,960		VAR, 0.810%, 03/01/25		1,964
	1,962		VAR, 0.900%, 08/01/22		1,963
	3,687		VAR, 1.230%, 03/01/22		3,674
	112		VAR, 2.500%, 08/01/34		119
	2,363		VAR, 6.070%, 11/01/18		2,466
	2,000		1.690%, 12/01/19		2,011
	1,903		1.750%, 06/01/20		1,917
	2,830		2.000%, 12/01/20		2,887

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	20,000	2.010%, 06/01/20		20,333
	4,093	2.150%, 01/01/23		4,141
	1,654	2.240%, 12/01/22		1,682
	8,056	2.340%, 12/01/22 - 01/01/23		8,236
	12,054	2.370%, 11/01/22 - 12/01/22		12,328
	1,891	2.380%, 11/01/22		1,935
	710	2.395%, 01/01/22		733
	6,000	2.400%, 12/01/22 - 02/01/23		6,132
	5,658	2.410%, 11/01/22		5,792
	3,294	2.420%, 12/01/22		3,373
	5,873	2.460%, 02/01/23		6,031
	2,904	2.470%, 09/01/22 - 11/01/22		2,982
	5,500	2.500%, 04/01/23		5,708
	4,914	2.510%, 10/01/22 - 06/01/23		5,061
	13,655	2.520%, 10/01/22 - 05/01/23		14,014
	11,387	2.530%, 10/01/22 - 12/01/22		11,735
	2,500	2.590%, 11/01/21		2,600
	5,090	2.600%, 06/01/22		5,266
	2,600	2.630%, 09/01/21 - 11/01/21		2,710
	1,918	2.640%, 04/01/23		1,986
	10,320	2.650%, 08/01/22 - 03/01/23		10,694
	2,000	2.660%, 12/01/22		2,132
	8,593	2.670%, 07/01/22		8,918
	5,739	2.690%, 07/01/22		5,964
	5,000	2.700%, 04/01/25		5,117
	6,498	2.750%, 03/01/22 - 07/01/22		6,793
	7,000	2.760%, 06/01/22		7,307
	11,624	2.790%, 06/01/22 - 06/01/27		12,121
	1,730	2.810%, 05/01/27		1,753
	9,250	2.830%, 07/01/22 - 05/01/27		9,548
	7,975	2.860%, 05/01/22 - 08/01/22		8,361
	1,300	2.870%, 09/01/27		1,324
	1,510	2.890%, 01/01/25		1,557
	9,622	2.900%, 05/01/22 - 12/01/24		10,090
	3,000	2.920%, 05/01/30		3,189
	3,742	2.940%, 05/01/22		3,938
	6,500	2.950%, 12/01/24 - 11/01/25		6,726
	2,045	2.960%, 06/01/30		2,077
	3,000	2.970%, 06/01/30		3,025
	4,954	2.980%, 03/01/22 - 06/01/22		5,235
	4,843	2.990%, 02/01/22 - 01/01/25		5,077
	8,949	3.000%, 05/01/22 - 08/01/43		9,285
	6,194	3.020%, 05/01/22 - 06/01/25		6,524
	16,133	3.030%, 12/01/21 - 04/01/30		16,891
	2,000	3.040%, 12/01/24		2,087
	4,841	3.080%, 05/01/22 - 06/01/27		5,075

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 229

JPMorgan Mortgage-Backed Securities Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	7,395	3.090%, 01/01/22		7,851
	4,358	3.100%, 05/01/22 - 09/01/25		4,591
	4,000	3.110%, 12/01/24		4,196
	11,563	3.120%, 01/01/22 - 06/01/35		12,141
	8,858	3.130%, 01/01/22 - 06/01/30		9,220
	11,253	3.140%, 02/01/22 - 12/01/26		11,938
	5,246	3.200%, 02/01/22 - 06/01/30		5,551
	2,505	3.230%, 11/01/20		2,663
	2,153	3.235%, 10/01/26		2,262
	4,904	3.240%, 01/01/22		5,249
	1,924	3.270%, 11/01/20		2,052
	10,034	3.280%, 10/01/20 - 11/01/30		10,545
	6,923	3.290%, 10/01/20 - 08/01/26		7,320
	1,005	3.300%, 07/01/30		1,045
	2,487	3.320%, 08/01/30		2,684
	3,925	3.350%, 11/01/20		4,189
	3,674	3.360%, 10/01/20		3,934
	5,077	3.370%, 11/01/20 - 09/01/30		5,413
	871	3.377%, 10/01/20		932
	1,500	3.380%, 12/01/23		1,615
	4,183	3.390%, 12/01/29 - 09/01/30		4,377
	7,923	3.430%, 09/01/20 - 11/01/21		8,477
	2,332	3.460%, 04/01/27		2,512
	2,494	3.480%, 12/01/20		2,677
	6,464	3.490%, 09/01/23		7,003
	22,484	3.500%, 02/01/33 - 06/01/43		23,692
	2,500	3.540%, 10/01/20		2,689
	4,160	3.543%, 12/01/20		4,491
	2,000	3.550%, 02/01/30		2,118
	1,557	3.570%, 11/01/34		1,634
	3,731	3.590%, 12/01/20 - 08/01/23		4,061
	2,763	3.600%, 09/01/20		2,968
	2,452	3.610%, 11/01/34		2,576
	12,607	3.620%, 09/01/20		13,551
	1,970	3.630%, 10/01/29		2,103
	6,100	3.670%, 07/01/23		6,663
	7,043	3.740%, 07/01/20 - 07/01/23		7,661
	5,000	3.765%, 12/01/25		5,463
	26,718	3.770%, 01/01/21 - 09/01/21		29,199
	6,200	3.830%, 12/01/21		6,823
	1,822	3.840%, 09/01/20		1,962
	2,324	3.860%, 07/01/21		2,547
	2,997	3.870%, 01/01/21		3,271
	5,000	3.890%, 09/01/21		5,490
	3,461	3.930%, 07/01/20 - 01/01/21		3,782
	4,000	3.940%, 07/01/21		4,405

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	20,087	3.950%, 07/01/20 - 07/01/21		22,080
	2,851	3.960%, 08/01/20		3,098
	5,632	3.970%, 06/01/21 - 07/01/21		6,203
	2,219	3.990%, 07/01/21		2,445
	23,094	4.000%, 11/01/33 - 07/01/42		24,776
	3,000	4.020%, 06/01/21		3,315
	1,600	4.040%, 10/01/20		1,754
	3,226	4.050%, 08/01/21		3,563
	8,000	4.060%, 07/01/21		8,843
	7,573	4.066%, 07/01/20		8,292
	2,223	4.070%, 10/01/21		2,463
	10,703	4.080%, 11/01/26		12,079
	1,845	4.120%, 04/01/20		2,017
	8,240	4.160%, 03/01/21 - 07/01/21		9,120
	4,340	4.240%, 06/01/21		4,824
	2,000	4.250%, 04/01/21		2,227
	22,507	4.281%, 01/01/20		24,297
	763	4.283%, 01/01/21		844
	3,967	4.290%, 06/01/20		4,361
	1,446	4.295%, 06/01/21		1,603
	1,443	4.300%, 04/01/21		1,604
	7,460	4.310%, 06/01/21		8,311
	2,350	4.320%, 06/01/21		2,620
	2,645	4.330%, 02/01/21 - 07/01/21		2,946
	9,000	4.340%, 06/01/21		10,096
	5,746	4.350%, 04/01/20 - 02/01/21		6,334
	1,551	4.380%, 04/01/21		1,728
	2,700	4.381%, 04/01/20		2,976
	6,624	4.399%, 02/01/20		7,290
	5,800	4.400%, 02/01/20		6,379
	5,870	4.480%, 02/01/21 - 06/01/21		6,596
	140	4.500%, 08/01/33		151
	3,304	4.552%, 08/01/26		3,824
	4,699	4.640%, 01/01/21		5,264
	2,812	4.762%, 08/01/26		3,329
	3,728	4.970%, 02/01/31		4,442
	1,243	5.000%, 04/01/22 - 01/01/36		1,392
	1,360	5.500%, 03/01/17 - 04/01/38		1,489
	1,484	6.000%, 02/01/36 - 11/01/39		1,681
	273	6.500%, 10/01/35 - 06/01/36		313
	1,410	7.000%, 12/01/36 - 10/01/46		1,598
	2	10.312%, 06/15/21		2
	2	11.000%, 08/20/20		2
	12	Government National Mortgage Association II, 15 Year, Single Family, 6.000%, 04/20/17		12

SEE NOTES TO FINANCIAL STATEMENTS.

230 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
			Government National Mortgage Association II, 30 Year, Single Family,
	2,920		4.250%, 12/20/44		3,189
	492		5.500%, 09/20/39		547
	2,539		6.000%, 08/20/39		2,922
	1,901		6.500%, 10/20/33 - 01/20/39		2,225
	12		7.500%, 02/20/28 - 09/20/28		14
	21		8.000%, 06/20/26 - 10/20/27		25
	13		8.500%, 03/20/25 - 05/20/25		16
			Government National Mortgage Association II, Other,
	2,920		4.433%, 05/20/63		3,165
	2,024		4.462%, 05/20/63		2,192
	3,055		4.479%, 04/20/63		3,313
	133		6.000%, 11/20/38		144
			Government National Mortgage Association, 15 Year, Single Family,
	69		6.000%, 06/15/18		70
	5		7.000%, 10/15/16		5
	5		7.500%, 11/15/17		5
	35		Government National Mortgage Association, 20 Year, Single Family, 6.500%, 03/15/23		41
			Government National Mortgage Association, 30 Year, Single Family,
	72		6.375%, 08/15/26		82
	1,571		6.500%, 10/15/27 - 04/15/33		1,839
	1,473		7.000%, 09/15/31 - 03/15/37		1,742
	53		7.500%, 11/15/22 - 01/15/33		56
	1		8.000%, 09/15/22		1
	6		9.000%, 01/15/31		6
	213		9.500%, 10/15/24		233
	—	(h)	11.000%, 01/15/21		—	(h)
			Government National Mortgage Association, Other, 20 Year, Single Family,
	298		6.500%, 08/15/22 - 11/15/23		342
	37		7.000%, 08/15/23		40
			Total Mortgage Pass-Through Securities (Cost $971,882)		1,011,676
	U.S. Treasury Obligations — 1.0%
			U.S. Treasury Bonds,
	200		4.375%, 02/15/38		271
	200		4.500%, 05/15/38		276
			U.S. Treasury Coupon STRIPS,
	2,300		1.845%, 05/15/20 (n)		2,177
	140		1.960%, 08/15/23 (n)		123

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	2,350	2.265%, 02/15/24 (n)		2,049
	6,000	2.332%, 05/15/21 (n)		5,568
	1,500	2.338%, 05/15/22 (n)		1,361
	500	2.579%, 05/15/23 (n)		443
	1,000	2.582%, 11/15/22 (n)		897
	2,360	2.652%, 02/15/23 (n)		2,105
	750	3.027%, 02/15/33 (n)		500
	500	3.288%, 08/15/30 (n)		359
	800	3.313%, 02/15/30 (n)		583
	800	3.376%, 08/15/31 (n)		559
	650	5.808%, 11/15/30 (n)		464
	500	6.023%, 02/15/29 (n)		375
	200	6.208%, 08/15/28 (n)		152
		U.S. Treasury Notes,
	700	1.750%, 10/31/20		716
	4,300	1.750%, 05/15/23		4,364
	2,500	2.000%, 10/31/21		2,583
	1,000	2.125%, 12/31/21		1,040
		Total U.S. Treasury Obligations (Cost $25,420)		26,965
	Loan Assignments — 0.2%
		Consumer Discretionary — 0.1%
		Hotels, Restaurants & Leisure — 0.1%
	3,495	Lila Mexican Holdings LLC, Tranche B Term Loan, VAR, 3.427%, 08/11/22		3,355
		Financials — 0.1%
		Real Estate Management & Development — 0.1%
	707	Tricon Capital Group Inc., Revolving Loan, (Canada), VAR, 3.426%, 06/12/17		704
		Total Loan Assignments (Cost $4,057)		4,059
SHARES
	Short-Term Investment — 9.9%
		Investment Company — 9.9%
	266,162	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $266,162)		266,162
		Total Investments — 99.9% (Cost $2,602,920)		2,683,201
		Other Assets in Excess of Liabilities — 0.1%		3,088
		NET ASSETS — 100.0%	$	2,686,289

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 231

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 9.6%
	4,844	Academic Loan Funding Trust, Series 2012-1A, Class A1, VAR, 1.236%, 12/27/22 (e)		4,810
	2,027	Accredited Mortgage Loan Trust, Series 2006-1, Class A3, VAR, 0.616%, 04/25/36		2,015
		Ally Auto Receivables Trust,
	1,095	Series 2012-4, Class A4, 0.800%, 10/16/17		1,094
	713	Series 2014-SN1, Class A3, 0.750%, 02/21/17		713
	3,006	Series 2016-1, Class A2A, 1.200%, 08/15/18		3,007
		American Credit Acceptance Receivables Trust,
	2,446	Series 2015-1, Class A, 1.430%, 08/12/19 (e)		2,438
	2,150	Series 2015-2, Class A, 1.570%, 06/12/19 (e)		2,147
	5,364	Series 2015-3, Class A, 1.950%, 09/12/19 (e)		5,352
	7,500	Series 2016-1A, Class A, 2.370%, 05/12/20 (e)		7,502
		American Express Credit Account Master Trust,
	4,411	Series 2014-2, Class A, 1.260%, 01/15/20		4,422
	3,502	Series 2014-3, Class A, 1.490%, 04/15/20		3,521
		AmeriCredit Automobile Receivables Trust,
	814	Series 2013-5, Class A3, 0.900%, 09/10/18		813
	424	Series 2014-1, Class A3, 0.900%, 02/08/19		423
	4,507	Series 2014-2, Class A3, 0.940%, 02/08/19		4,499
	8,289	Series 2015-1, Class A3, 1.260%, 11/08/19		8,258
	6,827	Series 2015-2, Class A3, 1.270%, 01/08/20		6,788
	3,405	Series 2015-4, Class A3, 1.700%, 07/08/20		3,407
	1,917	Series 2016-1, Class A3, 1.810%, 10/08/20		1,923
	47	Amortizing Residential Collateral Trust, Series 2002-BC6, Class M1, VAR, 1.561%, 08/25/32		42
	171	AXIS Equipment Finance Receivables II LLC, Series 2013-1A, Class A, 1.750%, 03/20/17 (e)		171
	8,610	Axis Equipment Finance Receivables III LLC, Series 2015-1A, Class A2, 1.900%, 03/20/20 (e)		8,591
	9,235	BA Credit Card Trust, Series 2015-A2, Class A, 1.360%, 09/15/20		9,257

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Bear Stearns Asset-Backed Securities Trust,
	364	Series 2003-SD2, Class 2A, VAR, 3.002%, 06/25/43		340
	356	Series 2006-SD1, Class A, VAR, 0.806%, 04/25/36		339
		BMW Vehicle Lease Trust,
	4,453	Series 2014-1, Class A3, 0.730%, 02/21/17		4,451
	7,447	Series 2016-1, Class A3, 1.340%, 01/22/19		7,435
	1,545	BMW Vehicle Owner Trust, Series 2013-A, Class A4, 1.120%, 04/27/20		1,546
	1,404	BXG Receivables Note Trust, Series 2012-A, Class A, 2.660%, 12/02/27 (e)		1,400
	7,000	Cabela’s Credit Card Master Note Trust, Series 2012-1A, Class A1, 1.630%, 02/18/20 (e)		7,021
		Capital Auto Receivables Asset Trust,
	3,994	Series 2013-3, Class A3, 1.310%, 12/20/17		3,995
	4,888	Series 2013-4, Class A3, 1.090%, 03/20/18		4,885
	52	Series 2014-1, Class A2, 0.960%, 04/20/17		52
	10,340	Series 2014-1, Class A3, 1.320%, 06/20/18		10,341
	1,030	Series 2014-2, Class A3, 1.260%, 05/21/18		1,030
	2,068	Series 2014-3, Class A3, 1.480%, 11/20/18		2,072
	5,128	Series 2015-4, Class A2, 1.620%, 03/20/19		5,132
	3,440	Capital One Multi-Asset Execution Trust, Series 2013-A3, Class A3, 0.960%, 09/16/19		3,442
		CarFinance Capital Auto Trust,
	2,091	Series 2014-1A, Class A, 1.460%, 12/17/18 (e)		2,088
	1,550	Series 2014-1A, Class B, 2.720%, 04/15/20 (e)		1,552
	9,037	Series 2014-2A, Class A, 1.440%, 11/16/20 (e)		8,977
	4,445	Series 2015-1A, Class A, 1.750%, 06/15/21 (e)		4,412
		CarMax Auto Owner Trust,
	129	Series 2012-3, Class A3, 0.520%, 07/17/17		129
	785	Series 2013-1, Class A3, 0.600%, 10/16/17		784
	1,028	Series 2013-4, Class A3, 0.800%, 07/16/18		1,026
	1,080	Series 2014-3, Class A3, 1.160%, 06/17/19		1,080
	2,925	Series 2014-4, Class A3, 1.250%, 11/15/19		2,923
	7,075	Series 2015-1, Class A3, 1.380%, 11/15/19		7,086
	2,509	Series 2015-2, Class A3, 1.370%, 03/16/20		2,508
	13,250	Series 2015-4, Class A3, 1.560%, 11/16/20		13,296
	2,293	Series 2016-1, Class A3, 1.610%, 11/16/20		2,301
	6,019	Carnow Auto Receivables Trust, Series 2015-1A, Class A, 1.690%, 01/15/20 (e)		6,001
	2,744	Centex Home Equity Loan Trust, Series 2002-C, Class AF4, SUB, 4.980%, 06/25/31		2,779

SEE NOTES TO FINANCIAL STATEMENTS.

232 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	4,750	Chrysler Capital Auto Receivables Trust, Series 2015-BA, Class A3, 1.910%, 03/16/20 (e)		4,768
	1,387	CIT Equipment Collateral, Series 2014-VT1, Class A3, 1.500%, 10/21/19 (e)		1,382
	4,504	Citi Held For Asset Issuance, Series 2015-PM1, Class A, 1.850%, 12/15/21 (e)		4,492
	4,750	Citibank Credit Card Issuance Trust, Series 2014-A8, Class A8, 1.730%, 04/09/20		4,794
		CNH Equipment Trust,
	1,746	Series 2013-C, Class A3, 1.020%, 08/15/18		1,745
	2,584	Series 2014-A, Class A3, 0.840%, 05/15/19		2,578
	5,330	Series 2014-A, Class A4, 1.500%, 05/15/20		5,335
	2,189	Consumer Credit Origination Loan Trust, Series 2015-1, Class A, 2.820%, 03/15/21 (e)		2,189
		CPS Auto Receivables Trust,
	544	Series 2012-A, Class A, 2.780%, 06/17/19 (e)		545
	2,585	Series 2012-B, Class A, 2.520%, 09/16/19 (e)		2,587
	645	Series 2013-A, Class A, 1.310%, 06/15/20 (e)		638
	477	Series 2013-C, Class A, 1.640%, 04/16/18 (e)		477
	1,053	Series 2013-D, Class A, 1.540%, 07/16/18 (e)		1,051
	911	Series 2014-A, Class A, 1.210%, 08/15/18 (e)		907
	2,299	Series 2014-B, Class A, 1.110%, 11/15/18 (e)		2,285
	5,801	Series 2014-C, Class A, 1.310%, 02/15/19 (e)		5,763
	4,045	Series 2015-A, Class A, 1.530%, 07/15/19 (e)		4,014
	4,120	Series 2015-C, Class A, 1.770%, 06/17/19 (e)		4,111
	13,382	Series 2016-A, Class A, 2.250%, 10/15/19 (e)		13,381
		CPS Auto Trust,
	1,013	Series 2012-C, Class A, 1.820%, 12/16/19 (e)		1,010
	1,465	Series 2012-D, Class A, 1.480%, 03/16/20 (e)		1,457
		Credit Acceptance Auto Loan Trust,
	5,790	Series 2013-2A, Class A, 1.500%, 04/15/21 (e)		5,785
	11,969	Series 2014-2A, Class A, 1.880%, 03/15/22 (e)		11,947

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	20,249	Series 2015-1A, Class A, 2.000%, 07/15/22 (e)		20,204
	6,890	Series 2015-2A, Class A, 2.400%, 02/15/23 (e)		6,880
	86	Credit Suisse First Boston Mortgage Securities Corp., Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32		93
	27	CSMC Trust, Series 2006-CF1, Class A1, VAR, 0.746%, 11/25/35 (e)		27
	738	CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-6, Class M1, VAR, 1.336%, 10/25/34		694
	9,435	Discover Card Execution Note Trust, Series 2014-A4, Class A4, 2.120%, 12/15/21		9,627
		Drive Auto Receivables Trust,
	269	Series 2015-AA, Class A2, 1.010%, 11/15/17 (e)		269
	2,400	Series 2015-AA, Class A3, 1.430%, 07/16/18 (e)		2,399
	15,000	Series 2015-DA, Class B, 2.590%, 12/16/19 (e)		14,952
		DT Auto Owner Trust,
	5,333	Series 2015-2A, Class A, 1.240%, 09/17/18 (e)		5,326
	3,387	Series 2015-3A, Class A, 1.660%, 03/15/19 (e)		3,379
	16,754	Series 2016-1A, Class A, 2.000%, 09/16/19 (e)		16,755
		Exeter Automobile Receivables Trust,
	407	Series 2014-2A, Class A, 1.060%, 08/15/18 (e)		406
	1,874	Series 2014-3A, Class A, 1.320%, 01/15/19 (e)		1,868
	15,579	Series 2015-1A, Class A, 1.600%, 06/17/19 (e)		15,545
	6,813	Series 2015-2A, Class A, 1.540%, 11/15/19 (e)		6,784
	24,850	Series 2015-3A, Class A, 2.000%, 03/16/20 (e)		24,806
	8,285	Series 2016-1A, Class A, 2.350%, 07/15/20 (e)		8,280
	8	Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-20, Class A6, SUB, 7.990%, 09/25/29		8
		Fifth Third Auto Trust,
	1,461	Series 2013-1, Class A3, 0.880%, 10/16/17		1,460
	4,978	Series 2015-1, Class A3, 1.420%, 03/16/20		4,991
		First Investors Auto Owner Trust,
	2,009	Series 2014-3A, Class A2, 1.060%, 11/15/18 (e)		2,005

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 233

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	7,149	Series 2015-1A, Class A2, 1.210%, 04/15/19 (e)		7,130
	4,983	Series 2015-2A, Class A1, 1.590%, 12/16/19 (e)		4,970
	15,965	Series 2016-1A, Class A1, 1.920%, 05/15/20 (e)		15,958
	5,895	FirstKey Lending Trust, Series 2015-SFR1, Class A, 2.553%, 03/09/47 (e)		5,843
		Flagship Credit Auto Trust,
	174	Series 2013-1, Class A, 1.320%, 04/16/18 (e)		174
	1,785	Series 2013-2, Class A, 1.940%, 01/15/19 (e)		1,784
	1,410	Series 2014-1, Class A, 1.210%, 04/15/19 (e)		1,403
	5,352	Series 2014-2, Class A, 1.430%, 12/16/19 (e)		5,328
	7,422	Series 2015-1, Class A, 1.630%, 06/15/20 (e)		7,328
	8,777	Series 2015-3, Class A, 2.380%, 10/15/20 (e)		8,755
		Ford Credit Auto Lease Trust,
	16,044	Series 2014-B, Class A3, 0.890%, 09/15/17		16,039
	14,125	Series 2015-A, Class A3, 1.130%, 06/15/18		14,112
		Ford Credit Auto Owner Trust,
	108	Series 2013-A, Class A3, 0.550%, 07/15/17		108
	2,134	Series 2013-C, Class A3, 0.820%, 12/15/17		2,134
	3,130	Series 2014-B, Class A3, 0.900%, 10/15/18		3,127
	1,669	Series 2015-A, Class A3, 1.280%, 09/15/19		1,673
	6,799	Series 2015-B, Class A3, 1.160%, 11/15/19		6,795
	2,511	Series 2015-C, Class A3, 1.410%, 02/15/20		2,520
	7,864	GCAT, Series 2015-2, Class A1, SUB, 3.750%, 07/25/20 (e)		7,830
	1,747	GE Equipment Small Ticket LLC, Series 2014-1A, Class A3, 0.950%, 09/25/17 (e)		1,744
	6,495	GLS Auto Receivables Trust, Series 2015-1A, Class A, 2.250%, 12/15/20 (e)		6,457
		GM Financial Automobile Leasing Trust,
	5,280	Series 2014-1A, Class A3, 1.010%, 05/22/17 (e)		5,279
	4,337	Series 2015-1, Class A3, 1.530%, 09/20/18		4,346
	1,980	GMAT Trust, Series 2013-1A, Class A, SUB, 3.967%, 11/25/43 (e)		1,977
		GO Financial Auto Securitization Trust,
	3,923	Series 2015-1, Class A, 1.810%, 03/15/18 (e)		3,919

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	8,269	Series 2015-2, Class A, 3.270%, 11/15/18 (e)		8,217
	14,689	Green Tree Agency Advance Funding Trust I, Series 2015-T1, Class AT1, 2.302%, 10/15/46 (e)		14,666
		Honda Auto Receivables Owner Trust,
	1,515	Series 2013-4, Class A3, 0.690%, 09/18/17		1,514
	2,213	Series 2014-2, Class A3, 0.770%, 03/19/18		2,209
	7,829	Series 2015-1, Class A3, 1.050%, 10/15/18		7,826
	5,278	Series 2016-1, Class A3, 1.220%, 12/18/19		5,268
	2,507	HSBC Home Equity Loan Trust USA, Series 2007-3, Class APT, VAR, 1.632%, 11/20/36		2,499
		Hyundai Auto Receivables Trust,
	885	Series 2012-B, Class A4, 0.810%, 03/15/18		884
	1	Series 2013-A, Class A3, 0.560%, 07/17/17		1
	547	Series 2014-A, Class A3, 0.790%, 07/16/18		546
	2,779	Series 2014-B, Class A3, 0.900%, 12/17/18		2,776
	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		3,423
	1,494	Series 2015-C, Class A3, 1.460%, 02/18/20		1,499
		John Deere Owner Trust,
	2,326	Series 2014-B, Class A3, 1.070%, 11/15/18		2,324
	1,919	Series 2015-B, Class A3, 1.440%, 10/15/19		1,920
	22,569	LV Tower 52 Issuer LLC, Series 2013-1, Class A, 5.500%, 07/15/19 (e)		22,075
		Mercedes-Benz Auto Lease Trust,
	1,155	Series 2014-A, Class A3, 0.680%, 12/15/16		1,154
	7,836	Series 2015-B, Class A3, 1.340%, 07/16/18		7,842
		Mercedes-Benz Auto Receivables Trust,
	1,049	Series 2013-1, Class A3, 0.780%, 08/15/17		1,049
	5,105	Series 2015-1, Class A4, 1.750%, 12/15/21		5,150
	688	Mid-State Trust VI, Series 6, Class A1, 7.340%, 07/01/35		733
	419	Morgan Stanley ABS Capital I, Inc. Trust, Series 2003-SD1, Class M1, VAR, 2.686%, 03/25/33		385
	378	MSCC Heloc Trust, Series 2007-1, Class A, VAR, 0.536%, 12/25/31		367
		Nationstar HECM Loan Trust,
	2,636	Series 2015-1A, Class A, 3.844%, 05/25/18 (e)		2,632
	2,643	Series 2015-2A, Class A, 2.883%, 11/25/25 (e)		2,642
	258	Navitas Equipment Receivables LLC, Series 2013-1, Class A, 1.950%, 11/15/16 (e)		258
	5,093	NCUA Guaranteed Notes Trust, Series 2010-A1, Class A, VAR, 0.779%, 12/07/20		5,079

SEE NOTES TO FINANCIAL STATEMENTS.

234 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
		Nissan Auto Lease Trust,
	1,066	Series 2014-A, Class A3, 0.800%, 02/15/17		1,066
	6,387	Series 2015-B, Class A3, 1.540%, 04/16/18		6,405
		Nissan Auto Receivables Owner Trust,
	683	Series 2012-A, Class A4, 1.000%, 07/16/18		683
	4,538	Series 2016-A, Class A3, 1.340%, 10/15/20		4,539
		NRZ Advance Receivables Trust Advance Receivables Backed Notes,
	7,820	Series 2015-T1, Class AT1, 2.315%, 08/15/46 (e)		7,792
	11,490	Series 2015-T3, Class AT3, 2.540%, 11/15/46 (e)		11,457
		Oak Hill Advisors Residential Loan Trust,
	5,732	Series 2014-NPL2, Class A1, SUB, 3.352%, 04/25/54 (e)		5,685
	4,753	Series 2015-NPL1, Class A1, SUB, 3.475%, 01/25/55 (e)		4,738
	4,866	Series 2015-NPL2, Class A1, SUB, 3.721%, 07/25/55 (e)		4,837
		Ocwen Master Advance Receivables Trust,
	4,921	Series 2015-T1, Class AT1, 2.537%, 09/17/46 (e)		4,921
	5,501	Series 2015-T3, Class AT3, 3.211%, 11/15/47 (e)		5,507
	5,204	OnDeck Asset Securitization Trust LLC, Series 2014-1A, Class A, 3.150%, 05/17/18 (e)		5,203
		OneMain Financial Issuance Trust,
	5,262	Series 2014-1A, Class A, 2.430%, 06/18/24 (e)		5,253
	11,384	Series 2014-2A, Class A, 2.470%, 09/18/24 (e)		11,332
	8,832	Series 2015-1A, Class A, 3.190%, 03/18/26 (e)		8,679
	14,251	Series 2015-2A, Class A, 2.570%, 07/18/25 (e)		13,925
	19,336	Oportun Funding II LLC, Series 2016-A, Class A, 4.700%, 03/08/21 (e)		19,336
	1,338	PFS Tax Lien Trust, Series 2014-1, Class NOTE, 1.440%, 05/15/29 (e)		1,333
	8,510	Pretium Mortgage Credit Partners I LLC, Series 2015-NPL2, Class A1, SUB, 3.750%, 07/27/30 (e)		8,401
	11,173	Progreso Receivables Funding III LLC, Series 2015-A, Class A, 3.625%, 02/08/20 (e)		11,172

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	10,667	Progress Residential Trust, Series 2015-SFR2, Class A, 2.740%, 06/12/32 (e)		10,421
	8,000	Purchasing Power Funding LLC, Series 2015-A, Class A2, 4.750%, 12/15/19 (e)		7,960
	12	RASC Trust, Series 2001-KS1, Class AI6, 6.349%, 03/25/32		12
	3,063	RBSHD Trust, Series 2013-1A, Class A, SUB, 4.685%, 10/25/47 (e)		3,064
		Santander Drive Auto Receivables Trust,
	3,710	Series 2014-4, Class A3, 1.080%, 09/17/18		3,707
	5,877	Series 2016-1, Class A2A, 1.410%, 07/15/19		5,874
	4,021	Skopos Auto Receivables Trust, Series 2015-2A, Class A, 3.550%, 02/15/20 (e)		4,016
	139	SNAAC Auto Receivables Trust, Series 2014-1A, Class A, 1.030%, 09/17/18 (e)		139
	14,075	SpringCastle America Funding LLC, Series 2014-AA, Class A, 2.700%, 05/25/23 (e)		14,015
		Springleaf Funding Trust,
	16,415	Series 2014-AA, Class A, 2.410%, 12/15/22 (e)		16,388
	15,120	Series 2015-AA, Class A, 3.160%, 11/15/24 (e)		14,899
	4,993	Sunset Mortgage Loan Co. LLC, Series 2014-NPL2, Class A, SUB, 3.721%, 11/16/44 (e)		4,966
	4,800	Synchrony Credit Card Master Note Trust, Series 2015-2, Class A, 1.600%, 04/15/21		4,812
	5,462	Trafigura Securitisation Finance plc, (Ireland), Series 2014-1A, Class A, VAR, 1.381%, 10/15/21 (e)		5,380
		Truman Capital Mortgage Loan Trust,
	1,837	Series 2014-NPL1, Class A1, SUB, 3.228%, 07/25/53 (e)		1,827
	696	Series 2014-NPL3, Class A1, SUB, 3.125%, 04/25/53 (e)		694
	9,913	U.S. Residential Opportunity Fund III Trust, Series 2015-1III, Class A, 3.721%, 01/27/35 (e)		9,835
	9,945	United Auto Credit Securitization Trust, Series 2016-1, Class A, 2.000%, 10/15/17 (e)		9,935
	13,738	Vericrest Opportunity Loan Trust, Series 2015-NPL3, Class A1, SUB, 3.375%, 10/25/58 (e)		13,506
	6,899	Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17		6,854

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 235

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — continued
	1,334		VOLT NPL X LLC, Series 2014-NPL8, Class A1, SUB, 3.375%, 10/26/54 (e)		1,318
	6,835		VOLT XL LLC, Series 2015-NP14, Class A1, SUB, 4.375%, 11/27/45 (e)		6,825
	6,571		VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)		6,515
	12,816		VOLT XXIV LLC, Series 2015-NPL6, Class A1, SUB, 3.500%, 02/25/55 (e)		12,697
	11,959		VOLT XXV LLC, Series 2015-NPL8, Class A1, SUB, 3.500%, 06/26/45 (e)		11,767
	11,646		VOLT XXVII LLC, Series 2014-NPL7, Class A1, SUB, 3.375%, 08/27/57 (e)		11,470
	6,918		VOLT XXX LLC, Series 2015-NPL1, Class A1, SUB, 3.625%, 10/25/57 (e)		6,816
	5,784		VOLT XXXI LLC, Series 2015-NPL2, Class A1, SUB, 3.375%, 02/25/55 (e)		5,703
	13,271		VOLT XXXIV LLC, Series 2015-NPL7, Class A1, 3.250%, 02/25/55 (e)		13,020
	6,233		VOLT XXXIX LLC, Series 2015-NP13, Class A1, SUB, 4.125%, 10/25/45 (e)		6,202
	6,946		VOLT XXXV LLC, Series 2015-NPL9, Class A1, SUB, 3.500%, 06/26/45 (e)		6,868
	9,333		Westlake Automobile Receivables Trust, Series 2016-1A, Class A2A, 1.820%, 01/15/19 (e)		9,332
	2,826		World Omni Auto Receivables Trust, Series 2012-A, Class A4, 0.850%, 08/15/18		2,825
			Total Asset-Backed Securities (Cost $1,049,756)		1,046,769
	Collateralized Mortgage Obligations — 4.9%
			Agency CMO — 4.3%
			Federal Home Loan Mortgage Corp. — Government National Mortgage Association,
	516		Series 31, Class Z, 8.000%, 04/25/24		593
	92		Series 56, Class Z, 7.500%, 09/20/26		106
			Federal Home Loan Mortgage Corp. REMIC,
	1		Series 2, Class Z, 9.300%, 03/15/19		1
	1		Series 12, Class A, 9.250%, 11/15/19		1
	3		Series 16, Class D, 10.000%, 10/15/19		3
	7		Series 17, Class I, 9.900%, 10/15/19		8
	13		Series 23, Class F, 9.600%, 04/15/20		14
	6		Series 26, Class F, 9.500%, 02/15/20		6
	1		Series 81, Class A, 8.125%, 11/15/20		1
	7		Series 85, Class C, 8.600%, 01/15/21		8
	5		Series 99, Class Z, 9.500%, 01/15/21		5
	1		Series 159, Class H, 4.500%, 09/15/21		1
	2		Series 189, Class D, 6.500%, 10/15/21		3
	—	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		—	(h)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	1	Series 1053, Class G, 7.000%, 03/15/21		1
	4	Series 1056, Class KZ, 6.500%, 03/15/21		4
	2	Series 1074, Class H, 8.500%, 05/15/21		2
	6	Series 1082, Class C, 9.000%, 05/15/21		7
	3	Series 1087, Class I, 8.500%, 06/15/21		3
	11	Series 1125, Class Z, 8.250%, 08/15/21		13
	10	Series 1142, Class IA, 7.000%, 10/15/21		11
	1	Series 1169, Class G, 7.000%, 11/15/21		1
	17	Series 1343, Class LA, 8.000%, 08/15/22		19
	3	Series 1424, Class F, VAR, 1.205%, 11/15/22		3
	84	Series 1480, Class LZ, 7.500%, 03/15/23		93
	209	Series 1560, Class Z, 7.000%, 08/15/23		229
	68	Series 1754, Class Z, 8.500%, 09/15/24		78
	161	Series 1779, Class Z, 8.500%, 04/15/25		186
	2	Series 1807, Class G, 9.000%, 10/15/20		2
	306	Series 1888, Class Z, 7.000%, 08/15/26		340
	33	Series 2358, Class PD, 6.000%, 09/15/16		33
	27	Series 2363, Class PF, 6.000%, 09/15/16		27
	13	Series 2390, Class CH, 5.500%, 12/15/16		14
	400	Series 2418, Class MF, 6.000%, 02/15/22		440
	20	Series 2425, Class JH, 6.000%, 03/15/17		21
	101	Series 2453, Class BD, 6.000%, 05/15/17		104
	57	Series 2458, Class OE, 6.000%, 06/15/17		58
	43	Series 2496, Class BK, 5.500%, 09/15/17		44
	42	Series 2503, Class TG, 5.500%, 09/15/17		43
	51	Series 2508, Class AQ, 5.500%, 10/15/17		52
	187	Series 2513, Class DB, 5.000%, 10/15/17		191
	592	Series 2542, Class ES, 5.000%, 12/15/17		605
	592	Series 2546, Class C, 5.000%, 12/15/17		605
	1,505	Series 2638, Class JG, 5.000%, 02/15/33		1,586
	4,331	Series 2682, Class JG, 4.500%, 10/15/23		4,636
	1,800	Series 2707, Class PE, 5.000%, 11/15/18		1,857
	8,254	Series 2750, Class DE, 4.500%, 02/15/19		8,548
	1,001	Series 2761, Class CB, 4.000%, 03/15/19		1,034
	96	Series 2773, Class OB, 5.000%, 02/15/19		96
	4,767	Series 2843, Class BC, 5.000%, 08/15/19		4,946
	1,712	Series 2864, Class NB, 5.500%, 07/15/33		1,789
	1,153	Series 2976, Class HZ, 4.500%, 05/15/35		1,234
	3,028	Series 2988, Class TY, 5.500%, 06/15/25		3,348
	4,722	Series 2989, Class MU, IF, IO, 6.573%, 07/15/34		1,071
	6,198	Series 2989, Class TG, 5.000%, 06/15/25		6,778
	510	Series 2995, Class FT, VAR, 0.677%, 05/15/29		510

SEE NOTES TO FINANCIAL STATEMENTS.

236 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	988	Series 3002, Class BN, 5.000%, 07/15/35		1,094
	3,460	Series 3005, Class ED, 5.000%, 07/15/25		3,757
	83	Series 3005, Class PV, IF, 12.058%, 10/15/33		100
	1,435	Series 3305, Class IW, IF, IO, 6.023%, 04/15/37		226
	22,664	Series 3420, Class EI, IO, SUB, 1.120%, 08/15/37		1,247
	2,206	Series 3429, Class S, IF, IO, 6.393%, 03/15/38		383
	2,188	Series 3546, Class A, VAR, 2.042%, 02/15/39		2,246
	484	Series 3564, Class JA, 4.000%, 01/15/18		495
	2,562	Series 3572, Class JS, IF, IO, 6.373%, 09/15/39		390
	7,479	Series 3609, Class SA, IF, IO, 5.913%, 12/15/39		1,798
	14,418	Series 3747, Class HI, IO, 4.500%, 07/15/37		688
	3,599	Series 3784, Class S, IF, IO, 6.173%, 07/15/23		395
	8,636	Series 3855, Class AM, 6.500%, 11/15/36		9,633
	6,816	Series 3977, Class AB, 3.000%, 09/15/29		7,016
	5,417	Series 4088, Class LE, 4.000%, 10/15/40		5,670
	16,566	Series 4141, Class BI, IO, 2.500%, 12/15/27		1,461
	25,141	Series 4229, Class MA, 3.500%, 05/15/41		26,860
	15,483	Series 4305, Class A, 3.500%, 06/15/48		16,221
	13,060	Series 4305, Class KA, 3.000%, 03/15/38		13,417
	26,402	Series 4374, Class NC, SUB, 1.750%, 02/15/46		27,563
		Federal National Mortgage Association — ACES,
	4,443	Series 2011-M2, Class A1, 2.019%, 04/25/21		4,474
	566	Series 2014-M5, Class FA, VAR, 0.777%, 01/25/17		565
		Federal National Mortgage Association REMIC,
	3	Series 1988-7, Class Z, 9.250%, 04/25/18		3
	2	Series 1988-13, Class C, 9.300%, 05/25/18		2
	2	Series 1988-15, Class A, 9.000%, 06/25/18		2
	2	Series 1988-16, Class B, 9.500%, 06/25/18		2
	3	Series 1989-2, Class D, 8.800%, 01/25/19		3
	8	Series 1989-27, Class Y, 6.900%, 06/25/19		8
	2	Series 1989-54, Class E, 8.400%, 08/25/19		2

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — continued
	2		Series 1989-66, Class J, 7.000%, 09/25/19		2
	2		Series 1989-70, Class G, 8.000%, 10/25/19		2
	21		Series 1989-72, Class E, 9.350%, 10/25/19		22
	4		Series 1989-89, Class H, 9.000%, 11/25/19		4
	1		Series 1989-96, Class H, 9.000%, 12/25/19		2
	3		Series 1990-7, Class B, 8.500%, 01/25/20		3
	3		Series 1990-12, Class G, 4.500%, 02/25/20		3
	12		Series 1990-19, Class G, 9.750%, 02/25/20		12
	9		Series 1990-58, Class J, 7.000%, 05/25/20		10
	11		Series 1990-61, Class H, 7.000%, 06/25/20		12
	6		Series 1990-106, Class J, 8.500%, 09/25/20		6
	3		Series 1990-109, Class J, 7.000%, 09/25/20		3
	5		Series 1990-111, Class Z, 8.750%, 09/25/20		6
	3		Series 1990-117, Class E, 8.950%, 10/25/20		3
	3		Series 1990-123, Class G, 7.000%, 10/25/20		4
	4		Series 1990-132, Class Z, 7.000%, 11/25/20		4
	79		Series 1990-137, Class X, 9.000%, 12/25/20		87
	1		Series 1991-53, Class J, 7.000%, 05/25/21		1
	4		Series 1991-130, Class C, 9.000%, 09/25/21		4
	—	(h)	Series 1992-96, Class B, PO, 05/25/22		—	(h)
	762		Series 1992-131, Class KB, 8.000%, 08/25/22		855
	645		Series 1992-185, Class L, 8.000%, 10/25/22		730
	2		Series 1993-165, Class SN, IF, 11.471%, 09/25/23		3
	18		Series 1993-235, Class G, PO, 09/25/23		18
	1,315		Series 1994-15, Class ZK, 5.500%, 02/25/24		1,408
	1,738		Series 1994-43, Class PK, 6.350%, 02/25/24		1,844

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 237

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	—	(h)	Series 1995-W3, Class A, 9.000%, 04/25/25		1
	1,209		Series 1999-6, Class PB, 6.000%, 03/25/19		1,292
	7,775		Series 2001-81, Class HE, 6.500%, 01/25/32		9,021
	76		Series 2002-2, Class MG, 6.000%, 02/25/17		77
	18		Series 2002-3, Class OG, 6.000%, 02/25/17		18
	44		Series 2002-28, Class LD, 6.000%, 05/25/17		45
	43		Series 2002-58, Class HC, 5.500%, 09/25/17		43
	102		Series 2002-59, Class UC, 5.500%, 09/25/17		104
	45		Series 2002-63, Class KC, 5.000%, 10/25/17		46
	6,878		Series 2002-64, Class PG, 5.500%, 10/25/32		7,784
	249		Series 2003-16, Class LJ, 5.000%, 03/25/18		256
	2,379		Series 2003-24, Class PD, 5.000%, 04/25/18		2,445
	629		Series 2003-42, Class CI, IO, 6.500%, 05/25/33		69
	893		Series 2003-49, Class IO, IO, 6.500%, 06/25/33		97
	646		Series 2003-57, Class IB, IO, 5.000%, 06/25/18		28
	247		Series 2003-89, Class DC, 5.000%, 12/25/32		248
	540		Series 2003-92, Class HP, 4.500%, 09/25/18		558
	555		Series 2003-129, Class ME, 5.000%, 08/25/23		571
	281		Series 2004-53, Class P, 5.500%, 07/25/33		282
	1,586		Series 2004-60, Class PA, 5.500%, 04/25/34		1,664
	529		Series 2004-72, Class F, VAR, 0.936%, 09/25/34		536
	83		Series 2004-101, Class AR, 5.500%, 01/25/35		93
	3,893		Series 2005-19, Class PA, 5.500%, 07/25/34		4,169
	1,512		Series 2005-38, Class FK, VAR, 0.736%, 05/25/35		1,522

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	113	Series 2005-84, Class MB, 5.750%, 10/25/35		126
	4,792	Series 2006-4, Class PB, 6.000%, 09/25/35		5,300
	355	Series 2006-58, Class ST, IF, IO, 6.714%, 07/25/36		68
	166	Series 2007-16, Class FC, VAR, 1.186%, 03/25/37		177
	295	Series 2007-22, Class SC, IF, IO, 5.654%, 03/25/37		51
	4,591	Series 2007-33, Class MS, IF, IO, 6.154%, 04/25/37		708
	729	Series 2007-54, Class FA, VAR, 0.836%, 06/25/37		733
	3,302	Series 2007-85, Class SH, IF, IO, 6.064%, 09/25/37		507
	924	Series 2007-106, Class A7, VAR, 6.119%, 10/25/37		1,032
	577	Series 2008-18, Class SE, IF, IO, 5.834%, 03/25/38		92
	337	Series 2008-72, Class IO, IO, 5.000%, 08/25/28		36
	1,463	Series 2008-93, Class AM, 5.500%, 06/25/37		1,556
	2,462	Series 2008-95, Class AI, IO, 5.000%, 12/25/23		76
	3,531	Series 2009-15, Class AC, 5.500%, 03/25/29		3,966
	3,477	Series 2009-29, Class LA, VAR, 1.617%, 05/25/39		3,323
	1,962	Series 2009-62, Class HJ, 6.000%, 05/25/39		2,198
	6,046	Series 2009-70, Class IN, IO, 4.500%, 08/25/19		242
	11,369	Series 2009-112, Class SW, IF, IO, 5.814%, 01/25/40		1,893
	1,422	Series 2010-58, Class MA, 5.500%, 12/25/38		1,499
	2,710	Series 2010-60, Class IO, IO, 4.000%, 06/25/20		142
	5,384	Series 2010-64, Class DM, 5.000%, 06/25/40		5,969
	255	Series 2010-64, Class EH, 5.000%, 10/25/35		256
	5,144	Series 2010-111, Class AE, 5.500%, 04/25/38		5,357
	15,310	Series 2010-126, Class LI, IO, 4.000%, 11/25/40		991
	2,019	Series 2011-36, Class PA, 4.000%, 02/25/39		2,071

SEE NOTES TO FINANCIAL STATEMENTS.

238 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
			Agency CMO — continued
	7,551		Series 2011-42, Class DE, 3.250%, 11/25/28		7,669
	34,699		Series 2012-46, Class KI, IO, 3.500%, 05/25/27		3,712
	7,230		Series 2013-1, Class BA, 3.000%, 02/25/40		7,529
	12,455		Series 2013-9, Class CB, 5.500%, 04/25/42		14,061
	4,264		Series 2013-55, Class BA, 3.000%, 06/25/37		4,417
	19,656		Series 2013-83, Class CA, 3.500%, 10/25/37		20,627
	12,578		Series 2013-90, Class DK, 3.500%, 12/25/31		13,294
	14,713		Series 2013-92, Class A, 3.500%, 12/25/38		15,398
	4,252		Series 2013-96, Class CA, 4.000%, 04/25/41		4,537
	12,530		Series 2013-96, Class YA, 3.500%, 09/25/38		13,240
	19,827		Series 2014-23, Class PA, 3.500%, 08/25/36		20,730
	4		Series G-11, Class Z, 8.500%, 05/25/21		5
	—	(h)	Series G-22, Class ZT, 8.000%, 12/25/16		—	(h)
	207		Series G92-19, Class M, 8.500%, 04/25/22		233
	11		Series G92-35, Class E, 7.500%, 07/25/22		13
	357		Series G92-35, Class EA, 8.000%, 07/25/22		388
	5		Series G92-40, Class ZC, 7.000%, 07/25/22		5
	11		Series G92-44, Class ZQ, 8.000%, 07/25/22		11
	10		Series G92-54, Class ZQ, 7.500%, 09/25/22		11
	1,877		Series G92-64, Class J, 8.000%, 11/25/22		2,124
	815		Series G92-66, Class K, 8.000%, 12/25/22		906
	687		Series G94-6, Class PJ, 8.000%, 05/17/24		785
			Federal National Mortgage Association STRIPS,
	1		Series 268, Class 2, IO, 9.000%, 02/25/23		—	(h)
	1,182		Series 334, Class 9, IO, 6.000%, 03/25/33		265
	498		Series 334, Class 13, IO, VAR, 6.000%, 03/25/33		96
	540		Series 334, Class 17, IO, VAR, 6.500%, 02/25/33		104
	220		Series 334, Class 24, IO, VAR, 5.000%, 02/25/18		8
	1,500		Series 343, Class 21, IO, 4.000%, 09/25/18		54

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — continued
	521	Series 345, Class 22, IO, VAR, 4.500%, 05/25/20		21
	392	Series 351, Class 28, IO, VAR, 5.000%, 04/25/19		21
	413	Series 356, Class 16, IO, VAR, 5.500%, 06/25/35		79
	376	Series 359, Class 16, IO, VAR, 5.500%, 10/25/35		65
	528	Series 369, Class 19, IO, VAR, 6.000%, 10/25/36		83
	303	Series 369, Class 26, IO, VAR, 6.500%, 10/25/36		64
	777	Series 386, Class 20, IO, VAR, 6.500%, 08/25/38		156
	1,406	Series 394, Class C3, IO, 6.500%, 09/25/38		263
	5,250	Federal National Mortgage Association Whole Loan, Series 2007-W1, Class 1AF1, VAR, 0.696%, 11/25/46		5,261
		Government National Mortgage Association,
	704	Series 2004-39, Class IN, IO, 5.500%, 06/20/33		100
	6,316	Series 2006-23, Class S, IF, IO, 6.068%, 01/20/36		511
	14,737	Series 2006-26, Class S, IF, IO, 6.068%, 06/20/36		2,950
	9,199	Series 2007-16, Class KU, IF, IO, 6.218%, 04/20/37		1,672
	2,812	Series 2008-75, Class SP, IF, IO, 7.038%, 08/20/38		579
	3,772	Series 2009-14, Class KS, IF, IO, 5.868%, 03/20/39		615
	1,091	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		240
	9,099	Series 2009-14, Class SA, IF, IO, 5.648%, 03/20/39		1,418
	3,942	Series 2009-61, Class PD, 5.000%, 03/16/38		4,036
	9,926	Series 2009-106, Class XL, IF, IO, 6.318%, 06/20/37		1,321
	561	Series 2010-14, Class QP, 6.000%, 12/20/39		583
	5,595	Series 2011-48, Class QA, 5.000%, 08/16/39		5,981
	8,311	Series 2012-84, Class AB, 5.000%, 07/16/33		8,657
	11,668	Series 2012-96, Class WP, 6.500%, 08/16/42		13,619

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 239

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Agency CMO — continued
	3,230	Series 2013-88, Class WA, VAR, 5.002%, 06/20/30		3,508
	24,689	Series 2013-H05, Class FB, VAR, 0.830%, 02/20/62		24,628
		NCUA Guaranteed Notes Trust,
	11,595	Series 2010-R3, Class 1A, VAR, 0.999%, 12/08/20		11,612
	3,984	Series 2010-R3, Class 3A, 2.400%, 12/08/20		4,035
	4	Vendee Mortgage Trust, Series 1994-3C, Class 3, 9.784%, 03/15/21		4
				463,823
		Non-Agency CMO — 0.6%
	16,459	Ajax Mortgage Loan Trust, Series 2014-A, Class A, SUB, 3.750%, 10/25/57 (e)		16,575
	63	Alternative Loan Trust, Series 2003-J3, Class 2A1, 6.250%, 12/25/33		64
		Banc of America Mortgage Trust,
	454	Series 2004-4, Class 4A1, 4.750%, 05/25/19		463
	800	Series 2004-5, Class 4A1, 4.750%, 06/25/19		799
	1,636	Series 2005-1, Class 2A1, 5.000%, 02/25/20		1,662
		BCAP LLC Trust,
	1,019	Series 2009-RR13, Class 5A1, VAR, 5.750%, 01/26/36 (e)		1,025
	767	Series 2010-RR6, Class 8A6, VAR, 5.500%, 08/26/36 (e)		771
	5,539	Series 2013-RR4, Class A4A2, 2.000%, 02/13/51 (e)		5,502
	156	Bear Stearns ARM Trust, Series 2003-7, Class 3A, VAR, 2.543%, 10/25/33		153
		CHL Mortgage Pass-Through Trust,
	342	Series 2003-J15, Class 3A1, 5.000%, 01/25/19		346
	156	Series 2004-8, Class 2A1, 4.500%, 06/25/19		159
	311	Citicorp Mortgage Securities Trust, Series 2006-1, Class 2A1, 5.000%, 02/25/21		319
		Citigroup Mortgage Loan Trust,
	2,833	Series 2008-AR4, Class 1A1A, VAR, 2.948%, 11/25/38 (e)		2,804
	2,557	Series 2010-8, Class 6A6, 4.500%, 12/25/36 (e)		2,583
		Citigroup Mortgage Loan Trust, Inc.,
	144	Series 2003-UP3, Class A1, 7.000%, 09/25/33		143

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Non-Agency CMO — continued
	1,392		Series 2004-UST1, Class A6, VAR, 2.349%, 08/25/34		1,327
			Credit Suisse First Boston Mortgage Securities Corp.,
	136		Series 2003-17, Class 2A6, 3.500%, 07/25/18		136
	426		Series 2003-23, Class 8A1, 5.000%, 09/25/18		430
	679		Series 2004-8, Class 6A1, 4.500%, 12/25/19		685
	693		CSMC Mortgage-Backed Trust, Series 2007-5, Class 5A5, VAR, 5.367%, 12/25/14		578
	114		FDIC Trust, Series 2013-N1, Class A, 4.500%, 10/25/18 (e)		114
	689		First Horizon Mortgage Pass-Through Trust, Series 2004-7, Class 2A1, 4.750%, 12/25/19		688
	2,386		GMACM Mortgage Loan Trust, Series 2003-AR1, Class A4, VAR, 3.145%, 10/19/33		2,343
	5,157		Homeowner Assistance Program Reverse Mortgage Loan Trust, Series 2013-RM1, Class A, 4.000%, 05/26/53 (e)		5,054
	1,173		Impac Secured Assets CMN Owner Trust, Series 2004-4, Class 2A2, VAR, 1.156%, 02/25/35		1,154
			JP Morgan Mortgage Trust,
	2,239		Series 2004-S2, Class 5A1, 5.500%, 12/25/19		2,236
	3,276		Series 2006-A2, Class 4A1, VAR, 2.716%, 08/25/34		3,280
	1		Kidder Peabody Mortgage Assets Trust, Series A, Class A1, 6.500%, 02/22/17		1
			MASTR Alternative Loan Trust,
	70		Series 2004-8, Class 6A1, 5.500%, 09/25/19		71
	1,090		Series 2004-8, Class 7A1, 5.000%, 09/25/19		1,106
			MASTR Asset Securitization Trust,
	116		Series 2002-7, Class 1A1, 5.500%, 11/25/17		117
	290		Series 2003-2, Class 1A1, 5.000%, 03/25/18		291
	213		Series 2003-11, Class 10A1, 5.000%, 12/25/18		212
	601		Series 2004-6, Class 6A1, 4.500%, 07/25/19		600
	—	(h)	ML Trust XLIV, Series 44, Class G, 9.000%, 08/20/20		—	(h)

SEE NOTES TO FINANCIAL STATEMENTS.

240 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — continued
		Non-Agency CMO — continued
	58	Morgan Stanley Mortgage Loan Trust, Series 2004-1, Class 1A3, 5.000%, 11/25/18		59
		Nomura Asset Acceptance Corp. Alternative Loan Trust,
	158	Series 2005-AR1, Class 1A1, VAR, 2.607%, 02/25/35		157
	28	Series 2005-AR2, Class 3A1, VAR, 0.686%, 05/25/35		27
	1,929	Series 2005-AR6, Class 4A1, VAR, 0.696%, 12/25/35		808
	965	Prime Mortgage Trust, Series 2005-2, Class 1A1, 4.750%, 07/25/20		961
	3	RAMP Trust, Series 2004-SL1, Class A5, 6.000%, 11/25/31		3
		Springleaf Mortgage Loan Trust,
	1,231	Series 2013-1A, Class A, VAR, 1.270%, 06/25/58 (e)		1,227
	2,581	Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)		2,581
	1,138	WaMu Mortgage Pass-Through Certificates Trust, Series 2003-S10, Class A4, 4.500%, 10/25/18		1,141
	884	Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)		875
		Wells Fargo Mortgage-Backed Securities Trust,
	1,008	Series 2003-K, Class 1A1, VAR, 2.615%, 11/25/33		1,005
	16	Series 2003-K, Class 1A2, VAR, 2.615%, 11/25/33		16
	2,586	Series 2003-M, Class A1, VAR, 2.786%, 12/25/33		2,581
	888	Series 2004-EE, Class 2A2, VAR, 2.742%, 12/25/34		902
	1,321	Series 2004-EE, Class 3A2, VAR, 2.717%, 12/25/34		1,323
	1,138	Series 2004-O, Class A1, VAR, 2.743%, 08/25/34		1,126
				68,583
		Total Collateralized Mortgage Obligations (Cost $524,161)		532,406
	Commercial Mortgage-Backed Securities — 2.4%
		A10 Securitization LLC,
	384	Series 2013-1, Class A, 2.400%, 11/15/25 (e)		385
	16,266	Series 2015-1, Class A1, 2.100%, 04/15/34 (e)		16,187

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		A10 Term Asset Financing LLC,
	5,373	Series 2013-2, Class A, 2.620%, 11/15/27 (e)		5,252
	2,574	Series 2014-1, Class A1, 1.720%, 04/15/33 (e)		2,540
		Banc of America Commercial Mortgage Trust,
	12,885	Series 2006-3, Class A4, VAR, 5.889%, 07/10/44		12,897
	10,555	Series 2006-4, Class AM, 5.675%, 07/10/46		10,683
	10,842	Series 2006-5, Class A4, 5.414%, 09/10/47		10,924
	17,328	Banc of America Large Loan Trust, Series 2009-FDG, Class A, VAR, 5.204%, 01/25/42 (e)		17,522
	9,427	COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48		9,542
		COMM Mortgage Trust,
	4,225	Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)		4,248
	12,345	Series 2014-TWC, Class A, VAR, 1.274%, 02/13/32 (e)		11,973
	4,919	Commercial Mortgage Trust, Series 2006-GG7, Class A4, VAR, 5.877%, 07/10/38		4,931
	3,064	DBRR Trust, Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)		3,059
	14,770	GS Mortgage Securities Trust, Series 2006-GG8, Class AM, 5.591%, 11/10/39		14,963
		JP Morgan Chase Commercial Mortgage Securities Trust,
	4,840	Series 2005-LDP5, Class B, VAR, 5.548%, 12/15/44		4,831
	6,018	Series 2006-CB17, Class A4, 5.429%, 12/12/43		6,095
	6,890	Series 2006-LDP9, Class AM, 5.372%, 05/15/47		6,923
	3,000	Series 2006-LDP9, Class AMS, 5.337%, 05/15/47		2,973
	365	Series 2010-C1, Class A1, 3.853%, 06/15/43 (e)		364
		LB-UBS Commercial Mortgage Trust,
	2,650	Series 2006-C3, Class AM, VAR, 5.712%, 03/15/39		2,651
	11,445	Series 2007-C2, Class A3, 5.430%, 02/15/40		11,673
	3,678	Series 2007-C7, Class A3, VAR, 5.866%, 09/15/45		3,874
	4,900	Merrill Lynch Mortgage Trust, Series 2006-C1, Class AM, VAR, 5.757%, 05/12/39		4,904

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 241

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Commercial Mortgage-Backed Securities — continued
		ML-CFC Commercial Mortgage Trust,
	19,050	Series 2006-3, Class AM, VAR, 5.456%, 07/12/46		19,281
	14,347	Series 2007-9, Class AMA, VAR, 5.853%, 09/12/49		15,250
		Morgan Stanley Capital I Trust,
	10,000	Series 2006-IQ12, Class AM, 5.370%, 12/15/43		10,129
	8,887	Series 2006-IQ12, Class AMFX, 5.370%, 12/15/43		9,057
		Morgan Stanley Re-REMIC Trust,
	8,315	Series 2012-IO, Class AXA, 1.000%, 03/27/51 (e)		8,236
	4,582	Series 2012-XA, Class A, 2.000%, 07/27/49 (e)		4,570
	581	NCUA Guaranteed Notes Trust, Series 2010-C1, Class APT, 2.650%, 10/29/20		581
	1,974	NorthStar, (Cayman Islands), Series 2013-1A, Class A, VAR, 2.286%, 08/25/29 (e)		1,974
	285	ORES NPL LLC, Series 2013-LV2, Class A, 3.081%, 09/25/25 (e)		284
	10,778	PFP Ltd., (Cayman Islands), Series 2015-2, Class A, VAR, 1.879%, 07/14/34 (e)		10,648
	10,971	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class AJ, VAR, 5.518%, 08/15/39		11,009
	911	Wachovia Bank Commercial Mortgage Trust, Series 2004-C11, Class A5, VAR, 5.170%, 01/15/41		910
	1,311	Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.750%, 08/20/21 (e)		1,311
		Total Commercial Mortgage-Backed Securities (Cost $279,624)		262,634
	Corporate Bonds — 20.5%
		Consumer Discretionary — 1.1%
		Auto Components — 0.1%
		Johnson Controls, Inc.,
	1,010	1.400%, 11/02/17		1,005
	4,050	2.600%, 12/01/16		4,090
	1,015	5.000%, 03/30/20		1,096
				6,191
		Automobiles — 0.2%
		Daimler Finance North America LLC,
	2,210	1.375%, 08/01/17 (e)		2,196
	2,050	1.650%, 03/02/18 (e)		2,030
	4,597	1.875%, 01/11/18 (e)		4,586
	2,175	2.000%, 08/03/18 (e)		2,162
	1,750	2.250%, 09/03/19 (e)		1,741

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Automobiles — continued
	5,000	2.250%, 03/02/20 (e)		4,926
	4,250	2.400%, 04/10/17 (e)		4,282
	2,335	Hyundai Capital America, 2.400%, 10/30/18 (e)		2,335
	2,050	Volkswagen Group of America Finance LLC, 1.250%, 05/23/17 (e)		2,014
				26,272
		Hotels, Restaurants & Leisure — 0.0% (g)
	830	McDonald’s Corp., 3.500%, 07/15/20		875
		Internet & Catalog Retail — 0.0% (g)
	5,009	Amazon.com, Inc., 2.600%, 12/05/19		5,138
		Media — 0.6%
		21st Century Fox America, Inc.,
	3,080	7.250%, 05/18/18		3,431
	315	8.000%, 10/17/16		327
		CBS Corp.,
	3,500	2.300%, 08/15/19		3,516
	1,865	5.750%, 04/15/20		2,080
		Comcast Corp.,
	675	4.950%, 06/15/16		683
	1,950	5.875%, 02/15/18		2,114
	416	6.500%, 01/15/17		436
		Cox Communications, Inc.,
	1,190	5.875%, 12/01/16 (e)		1,223
	690	6.250%, 06/01/18 (e)		739
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	8,095	1.750%, 01/15/18		8,072
	4,030	2.400%, 03/15/17		4,070
	5,157	Grupo Televisa S.A.B., (Mexico), 6.000%, 05/15/18		5,546
	10,625	NBCUniversal Media LLC, 2.875%, 04/01/16		10,644
	556	Sky plc, (United Kingdom), 2.625%, 09/16/19 (e)		558
		Thomson Reuters Corp., (Canada),
	6,010	0.875%, 05/23/16		6,004
	1,550	1.300%, 02/23/17		1,545
	885	1.650%, 09/29/17		881
	3,886	Time Warner Cable, Inc., 5.850%, 05/01/17		4,035
	2,540	Time Warner, Inc., 4.875%, 03/15/20		2,739
		Viacom, Inc.,
	1,133	2.200%, 04/01/19		1,112
	4,700	2.500%, 12/15/16		4,720
	653	2.500%, 09/01/18		649
	666	6.250%, 04/30/16		671

SEE NOTES TO FINANCIAL STATEMENTS.

242 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Media — continued
		Walt Disney Co. (The),
	1,696	0.875%, 05/30/17		1,695
	304	1.100%, 12/01/17		304
				67,794
		Multiline Retail — 0.1%
		Macy’s Retail Holdings, Inc.,
	1,576	3.450%, 01/15/21		1,579
	6,930	7.450%, 07/15/17		7,437
	645	Target Corp., 2.300%, 06/26/19		662
				9,678
		Specialty Retail — 0.1%
	2,155	Home Depot, Inc. (The), 2.000%, 06/15/19		2,197
		Lowe’s Cos., Inc.,
	1,453	1.625%, 04/15/17		1,466
	1,415	6.100%, 09/15/17		1,521
				5,184
		Textiles, Apparel & Luxury Goods — 0.0% (g)
	955	VF Corp., 5.950%, 11/01/17		1,022
		Total Consumer Discretionary		122,154
		Consumer Staples — 0.9%
		Beverages — 0.3%
	4,816	Anheuser-Busch Cos. LLC, 5.000%, 03/01/19		5,243
	6,085	Anheuser-Busch InBev Finance, Inc., 1.250%, 01/17/18		6,069
		Anheuser-Busch InBev Worldwide, Inc.,
	4,750	5.375%, 01/15/20		5,287
	1,550	7.750%, 01/15/19		1,801
	3,400	Beam Suntory, Inc., 1.875%, 05/15/17		3,410
		Diageo Capital plc, (United Kingdom),
	461	1.500%, 05/11/17		462
	400	5.750%, 10/23/17		427
	3,745	Heineken N.V., (Netherlands), 1.400%, 10/01/17 (e)		3,740
	927	PepsiCo, Inc., 1.500%, 02/22/19		929
		SABMiller Holdings, Inc.,
	2,300	2.200%, 08/01/18 (e)		2,313
	2,330	2.450%, 01/15/17 (e)		2,348
	615	SABMiller plc, (United Kingdom), 6.500%, 07/15/18 (e)		676
				32,705
		Food & Staples Retailing — 0.3%
	3,675	Costco Wholesale Corp., 1.750%, 02/15/20		3,701

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Food & Staples Retailing — continued
		CVS Health Corp.,
	3,425	2.250%, 12/05/18		3,460
	4,207	2.250%, 08/12/19		4,244
		Kroger Co. (The),
	2,835	2.200%, 01/15/17		2,857
	4,765	2.300%, 01/15/19		4,848
	800	6.400%, 08/15/17		856
		Sysco Corp.,
	1,383	2.600%, 10/01/20		1,382
	2,350	5.250%, 02/12/18		2,483
	124	Walgreen Co., 5.250%, 01/15/19		134
	5,282	Walgreens Boots Alliance, Inc., 2.700%, 11/18/19		5,311
				29,276
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	1,180	3.200%, 06/15/17		1,189
	774	3.500%, 11/24/20		779
	2,495	4.100%, 03/15/16		2,498
		Cargill, Inc.,
	3,345	1.900%, 03/01/17 (e)		3,364
	275	6.000%, 11/27/17 (e)		294
		Kellogg Co.,
	729	1.750%, 05/17/17		730
	1,200	3.250%, 05/21/18		1,239
	5,324	4.450%, 05/30/16		5,369
		Kraft Foods Group, Inc.,
	1,793	2.250%, 06/05/17		1,808
	1,340	6.125%, 08/23/18		1,467
		Mead Johnson Nutrition Co.,
	847	3.000%, 11/15/20		856
	2,515	4.900%, 11/01/19		2,729
	7,265	Mondelez International, Inc., 2.250%, 02/01/19		7,293
		Tyson Foods, Inc.,
	1,714	2.650%, 08/15/19		1,737
	2,130	6.600%, 04/01/16		2,139
				33,491
		Total Consumer Staples		95,472

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 243

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Energy — 2.2%
		Energy Equipment & Services — 0.3%
		Halliburton Co.,
	8,168	1.000%, 08/01/16		8,160
	1,954	2.000%, 08/01/18		1,931
	6,445	Nabors Industries, Inc., 6.150%, 02/15/18		6,095
	3,667	National Oilwell Varco, Inc., 1.350%, 12/01/17		3,555
		Noble Holding International Ltd., (Cayman Islands),
	8,008	2.500%, 03/15/17		7,660
	389	4.000%, 03/16/18		311
	2,700	Pride International, Inc., 8.500%, 06/15/19		1,910
	2,655	Schlumberger Holdings Corp., 2.350%, 12/21/18 (e)		2,624
	1,901	Schlumberger Investment S.A., (Luxembourg), 1.250%, 08/01/17 (e)		1,869
		Transocean, Inc., (Cayman Islands),
	4,980	3.000%, 10/15/17		4,482
	1,300	6.000%, 03/15/18		1,046
	370	7.375%, 04/15/18		287
				39,930
		Oil, Gas & Consumable Fuels — 1.9%
		Anadarko Petroleum Corp.,
	3,460	6.375%, 09/15/17		3,512
	1,195	6.950%, 06/15/19		1,201
	1,600	8.700%, 03/15/19		1,631
	1,795	BG Energy Capital plc, (United Kingdom), 2.875%, 10/15/16 (e)		1,804
		Boardwalk Pipelines LP,
	9,050	5.200%, 06/01/18		9,030
	2,160	5.500%, 02/01/17		2,134
		BP Capital Markets plc, (United Kingdom),
	8,002	1.375%, 11/06/17		7,921
	2,935	1.846%, 05/05/17		2,936
		Buckeye Partners LP,
	4,350	2.650%, 11/15/18		4,017
	3,420	6.050%, 01/15/18		3,507
		Canadian Natural Resources Ltd., (Canada),
	768	1.750%, 01/15/18		702
	3,510	5.700%, 05/15/17		3,514
	1,620	5.900%, 02/01/18		1,581
	4,790	Cenovus Energy, Inc., (Canada), 5.700%, 10/15/19		4,180
		Chevron Corp.,
	1,855	1.365%, 03/02/18		1,843
	800	1.718%, 06/24/18		799

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Oil, Gas & Consumable Fuels — continued
	1,376	CNOOC Finance 2015 Australia Pty Ltd., (Australia), 2.625%, 05/05/20		1,353
	6,264	CNOOC Nexen Finance 2014 ULC, (Canada), 1.625%, 04/30/17		6,249
		ConocoPhillips,
	1,400	5.750%, 02/01/19		1,456
	1,065	6.650%, 07/15/18		1,126
		ConocoPhillips Co.,
	800	1.050%, 12/15/17		772
	1,067	2.200%, 05/15/20		987
		Devon Energy Corp.,
	4,004	2.250%, 12/15/18		3,496
	3,121	6.300%, 01/15/19		2,959
	4,830	Energy Transfer Partners LP, 6.700%, 07/01/18		4,820
	7,375	EnLink Midstream Partners LP, 2.700%, 04/01/19		5,756
		Enterprise Products Operating LLC,
	2,135	5.250%, 01/31/20		2,214
	698	Series L, 6.300%, 09/15/17		733
	9,632	Series N, 6.500%, 01/31/19		10,334
	3,450	EOG Resources, Inc., 5.625%, 06/01/19		3,638
	1,000	Harvest Operations Corp., (Canada), 2.125%, 05/14/18 (e)		1,002
	2,660	Husky Energy, Inc., (Canada), 7.250%, 12/15/19		2,655
	1,000	Korea National Oil Corp., (South Korea), 3.125%, 04/03/17 (e)		1,016
	1,775	Magellan Midstream Partners LP, 6.550%, 07/15/19		1,939
	7,358	Marathon Oil Corp., 2.700%, 06/01/20		5,245
	1,115	Marathon Petroleum Corp., 3.500%, 03/01/16		1,115
	5,705	Noble Energy, Inc., 8.250%, 03/01/19		5,843
		Occidental Petroleum Corp.,
	1,800	1.500%, 02/15/18		1,770
	1,075	1.750%, 02/15/17		1,072
		ONEOK Partners LP,
	6,769	3.200%, 09/15/18		6,143
	1,897	3.800%, 03/15/20		1,719
	446	8.625%, 03/01/19		459
		Petrobras Global Finance B.V., (Netherlands),
	5,450	3.250%, 03/17/17		5,242
	8,292	3.500%, 02/06/17		8,106
	4,300	6.125%, 10/06/16		4,315
	2,672	7.875%, 03/15/19		2,411

SEE NOTES TO FINANCIAL STATEMENTS.

244 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	2,560	Petroleos Mexicanos, (Mexico), 3.125%, 01/23/19		2,470
	2,091	Phillips 66, 2.950%, 05/01/17		2,117
	1,480	Pioneer Natural Resources Co., 6.875%, 05/01/18		1,533
		Plains All American Pipeline LP/PAA Finance Corp.,
	1,096	2.600%, 12/15/19		961
	6,917	6.125%, 01/15/17		6,950
	5,605	6.500%, 05/01/18		5,570
	2,180	8.750%, 05/01/19		2,239
	2,617	Spectra Energy Capital LLC, 6.200%, 04/15/18		2,731
	2,819	Spectra Energy Partners LP, 2.950%, 09/25/18		2,775
		Statoil ASA, (Norway),
	2,575	1.250%, 11/09/17		2,555
	235	1.800%, 11/23/16		236
	1,393	1.950%, 11/08/18		1,380
	2,480	2.250%, 11/08/19		2,462
	460	5.250%, 04/15/19		497
	1,165	Suncor Energy, Inc., (Canada), 6.100%, 06/01/18		1,202
	3,350	Sunoco Logistics Partners Operations LP, 5.500%, 02/15/20		3,236
	3,990	Texas Eastern Transmission LP, 6.000%, 09/15/17 (e)		4,190
		Total Capital International S.A., (France),
	508	1.000%, 08/12/16		508
	1,774	1.500%, 02/17/17		1,776
	716	1.550%, 06/28/17		716
		TransCanada PipeLines Ltd., (Canada),
	351	1.875%, 01/12/18		344
	4,454	3.125%, 01/15/19		4,469
	1,040	6.500%, 08/15/18		1,123
	249	7.690%, 06/30/16		254
	2,695	Valero Energy Corp., 9.375%, 03/15/19		3,130
	4,850	Western Gas Partners LP, 2.600%, 08/15/18		4,233
				205,914
		Total Energy		245,844
		Financials — 10.8%
		Banks — 5.1%
		ABN AMRO Bank N.V., (Netherlands),
	2,060	2.450%, 06/04/20 (e)		2,054
	6,346	2.500%, 10/30/18 (e)		6,404

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	1,200	American Express Bank FSB, 6.000%, 09/13/17		1,278
	2,865	ANZ New Zealand International Ltd., (New Zealand), 1.750%, 03/29/18 (e)		2,853
		Australia & New Zealand Banking Group Ltd., (Australia),
	3,078	1.450%, 05/15/18		3,058
	550	1.500%, 01/16/18		550
	2,800	Reg. S, 3.250%, 03/01/16		2,800
		Bank of America Corp.,
	23,865	2.000%, 01/11/18		23,781
	5,150	2.625%, 10/19/20		5,105
	3,715	3.625%, 03/17/16		3,720
	4,455	5.625%, 10/14/16		4,569
	3,000	5.625%, 07/01/20		3,320
	2,875	5.650%, 05/01/18		3,069
	1,453	5.750%, 08/15/16		1,481
	4,203	5.750%, 12/01/17		4,457
	12,990	6.000%, 09/01/17		13,713
	6,870	6.400%, 08/28/17		7,288
	13,151	6.875%, 04/25/18		14,364
	10,590	7.625%, 06/01/19		12,203
	1,792	Series L, 1.950%, 05/12/18		1,785
	7,100	Series L, 2.250%, 04/21/20		6,951
	18,515	Series L, 2.600%, 01/15/19		18,607
	12,135	Series L, 2.650%, 04/01/19		12,196
	5,250	Bank of America N.A., 2.050%, 12/07/18		5,252
		Bank of Montreal, (Canada),
	3,325	1.400%, 04/10/18		3,308
	100	1.450%, 04/09/18		99
	669	2.375%, 01/25/19		677
	6,188	Bank of Nova Scotia (The), (Canada), 2.050%, 06/05/19		6,182
		Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan),
	1,589	1.450%, 09/08/17 (e)		1,583
	5,840	1.700%, 03/05/18 (e)		5,807
	1,800	2.300%, 03/10/19 (e)		1,803
	1,000	2.700%, 09/09/18 (e)		1,015
	2,935	Banque Federative du Credit Mutuel S.A., (France), 1.700%, 01/20/17 (e)		2,938
	1,250	Barclays Bank plc, (United Kingdom), 5.000%, 09/22/16		1,276
	5,670	Barclays plc, (United Kingdom), 2.750%, 11/08/19		5,568

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 245

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		BB&T Corp.,
	8,143	1.450%, 01/12/18		8,096
	4,000	1.600%, 08/15/17		4,004
	950	2.050%, 06/19/18		954
	2,230	2.150%, 03/22/17		2,248
	1,890	2.450%, 01/15/20		1,905
	2,500	2.625%, 06/29/20		2,536
	312	3.950%, 04/29/16		314
	1,878	5.250%, 11/01/19		2,052
	1,684	BNZ International Funding Ltd., (New Zealand), 2.350%, 03/04/19 (e)		1,681
		Branch Banking & Trust Co.,
	675	1.050%, 12/01/16		675
	3,000	1.350%, 10/01/17		2,991
		Capital One Bank USA N.A.,
	3,000	2.150%, 11/21/18		2,954
	2,000	2.250%, 02/13/19		1,987
		Capital One N.A.,
	3,750	1.500%, 09/05/17		3,721
	4,135	1.500%, 03/22/18		4,066
	7,462	1.650%, 02/05/18		7,366
	4,472	2.350%, 08/17/18		4,451
	2,500	2.400%, 09/05/19		2,467
		Citigroup, Inc.,
	15,745	1.700%, 04/27/18		15,577
	11,873	1.750%, 05/01/18		11,762
	7,862	1.800%, 02/05/18		7,810
	3,510	2.050%, 12/07/18		3,489
	16,290	2.400%, 02/18/20		16,144
	7,490	2.500%, 09/26/18		7,538
	4,910	2.550%, 04/08/19		4,924
	2,279	Comerica Bank, 2.500%, 06/02/20		2,262
	3,187	Comerica, Inc., 2.125%, 05/23/19		3,134
		Commonwealth Bank of Australia, (Australia),
	1,450	2.250%, 03/13/19		1,460
	2,050	2.300%, 03/12/20		2,052
	730	Cooperatieve Rabobank UA, (Netherlands), 2.250%, 01/14/19		735
	774	Credit Suisse Group Funding Guernsey Ltd., (United Kingdom), 2.750%, 03/26/20		748
		Discover Bank,
	1,500	2.600%, 11/13/18		1,499
	2,300	3.100%, 06/04/20		2,287
	7,788	Fifth Third Bancorp, 2.875%, 07/27/20		7,849
	5,890	Fifth Third Bank, 2.375%, 04/25/19		5,916

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Banks — continued
	5,524	HSBC Bank plc, (United Kingdom), 1.500%, 05/15/18 (e)		5,490
	4,520	HSBC Bank USA N.A., 6.000%, 08/09/17		4,768
	2,090	Huntington Bancshares, Inc., 2.600%, 08/02/18		2,107
		Huntington National Bank (The),
	2,250	1.700%, 02/26/18		2,228
	756	2.000%, 06/30/18		752
	1,174	2.200%, 11/06/18		1,169
	2,175	2.200%, 04/01/19		2,156
	3,218	Industrial & Commercial Bank of China Ltd., (China), 2.351%, 11/13/17		3,240
	1,560	KeyBank N.A., 1.650%, 02/01/18		1,555
		KeyCorp,
	1,570	2.300%, 12/13/18		1,571
	11,369	2.900%, 09/15/20		11,386
		Lloyds Bank plc, (United Kingdom),
	2,568	1.750%, 03/16/18		2,556
	2,063	2.050%, 01/22/19		2,059
		Manufacturers & Traders Trust Co.,
	345	1.400%, 07/25/17		344
	2,850	1.450%, 03/07/18		2,827
	1,000	2.250%, 07/25/19		1,004
	1,100	2.300%, 01/30/19		1,106
	2,066	6.625%, 12/04/17		2,233
		Mizuho Bank Ltd., (Japan),
	1,631	1.800%, 03/26/18 (e)		1,623
	1,000	2.450%, 04/16/19 (e)		1,007
	1,189	2.650%, 09/25/19 (e)		1,205
	687	MUFG Americas Holdings Corp., 1.625%, 02/09/18		682
		National Australia Bank Ltd., (Australia),
	1,900	2.250%, 07/01/19 (e)		1,914
	900	2.750%, 03/09/17		913
	3,107	3.000%, 07/27/16 (e)		3,134
	1,850	National City Bank, 5.800%, 06/07/17		1,932
	4,425	National City Corp., 6.875%, 05/15/19		4,955
		PNC Bank N.A.,
	1,000	1.500%, 10/18/17		999
	2,000	2.300%, 06/01/20		2,001
	4,300	2.400%, 10/18/19		4,360
	1,000	2.600%, 07/21/20		1,016
		PNC Funding Corp.,
	8,928	2.700%, 09/19/16		9,000
	7,278	5.125%, 02/08/20		8,055

SEE NOTES TO FINANCIAL STATEMENTS.

246 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Banks — continued
		Royal Bank of Canada, (Canada),
	1,555	1.500%, 01/16/18		1,553
	3,250	1.875%, 02/05/20		3,267
	1,605	2.000%, 12/10/18		1,611
	15,850	2.200%, 07/27/18		16,025
	1,469	Santander UK Group Holdings plc, (United Kingdom), 3.125%, 01/08/21		1,459
	884	Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)		885
	8,531	SunTrust Banks, Inc., 2.350%, 11/01/18		8,552
	550	Toronto-Dominion Bank (The), (Canada), 2.250%, 11/05/19		555
		U.S. Bancorp,
	3,495	1.650%, 05/15/17		3,516
	2,978	1.950%, 11/15/18		3,007
		U.S. Bank N.A.,
	3,630	1.350%, 01/26/18		3,626
	2,000	2.125%, 10/28/19		2,023
		Wachovia Corp.,
	12,435	5.625%, 10/15/16		12,772
	5,165	5.750%, 06/15/17		5,440
	10,367	5.750%, 02/01/18		11,145
		Wells Fargo & Co.,
	6,969	2.125%, 04/22/19		7,023
	1,040	2.550%, 12/07/20		1,048
	943	2.600%, 07/22/20		954
	23,723	Series N, 2.150%, 01/30/20		23,658
		Wells Fargo Bank N.A.,
	5,050	1.650%, 01/22/18		5,071
	1,750	6.000%, 11/15/17		1,878
		Westpac Banking Corp., (Australia),
	1,017	1.550%, 05/25/18		1,013
	1,202	2.250%, 01/17/19		1,212
	4,000	2.600%, 11/23/20		4,038
	3,106	4.875%, 11/19/19		3,386
				556,832
		Capital Markets — 2.3%
	1,200	Ameritech Capital Funding Corp., 6.450%, 01/15/18		1,291
		Bank of New York Mellon Corp. (The),
	6,452	2.200%, 03/04/19		6,541
	1,100	4.600%, 01/15/20		1,194
	4,194	Series G, 2.150%, 02/24/20		4,194
	4,305	BlackRock, Inc., Series 2, 5.000%, 12/10/19		4,786

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — continued
		Credit Suisse AG, (Switzerland),
	3,650	1.700%, 04/27/18		3,611
	2,383	1.750%, 01/29/18		2,368
	1,250	2.300%, 05/28/19		1,240
		Deutsche Bank AG, (Germany),
	1,232	1.350%, 05/30/17		1,214
	20,239	1.875%, 02/13/18		19,741
	1,430	2.950%, 08/20/20		1,385
	2,075	3.125%, 01/13/21		2,024
		Goldman Sachs Group, Inc. (The),
	2,000	2.550%, 10/23/19		2,003
	3,815	2.600%, 04/23/20		3,798
	6,812	2.625%, 01/31/19		6,872
	2,025	2.750%, 09/15/20		2,020
	4,070	5.375%, 03/15/20		4,462
	10,493	5.950%, 01/18/18		11,189
	17,015	6.150%, 04/01/18		18,339
	3,000	6.250%, 09/01/17		3,182
	14,134	7.500%, 02/15/19		16,086
		ING Bank N.V., (Netherlands),
	3,000	1.375%, 03/07/16 (e)		3,000
	1,500	1.800%, 03/16/18 (e)		1,498
	3,772	2.450%, 03/16/20 (e)		3,768
	4,640	3.750%, 03/07/17 (e)		4,746
	2,210	Jefferies Group LLC, 5.125%, 04/13/18		2,282
		Macquarie Bank Ltd., (Australia),
	4,610	2.350%, 01/15/19 (e)		4,621
	2,047	2.600%, 06/24/19 (e)		2,050
	6,476	5.000%, 02/22/17 (e)		6,679
		Macquarie Group Ltd., (Australia),
	3,080	3.000%, 12/03/18 (e)		3,088
	3,675	4.875%, 08/10/17 (e)		3,813
		Morgan Stanley,
	883	1.875%, 01/05/18		881
	1,071	2.375%, 07/23/19		1,068
	21,919	2.650%, 01/27/20		21,884
	9,821	2.800%, 06/16/20		9,870
	7,110	4.750%, 03/22/17		7,343
	5,000	5.500%, 01/26/20		5,494
	4,230	5.500%, 07/24/20		4,683
	1,645	5.550%, 04/27/17		1,716
	10,210	5.950%, 12/28/17		10,902
	1,090	6.250%, 08/28/17		1,158
	5,026	6.625%, 04/01/18		5,469
	4,161	7.300%, 05/13/19		4,756

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 247

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Capital Markets — continued
	3,300	Raymond James Financial, Inc., 4.250%, 04/15/16		3,311
		State Street Corp.,
	920	1.350%, 05/15/18		914
	1,991	2.550%, 08/18/20		2,033
	2,015	5.375%, 04/30/17		2,100
	500	TD Ameritrade Holding Corp., 5.600%, 12/01/19		564
		UBS AG, (Switzerland),
	2,000	1.375%, 06/01/17		1,995
	1,400	1.375%, 08/14/17		1,395
	5,500	1.800%, 03/26/18		5,505
	1,500	2.350%, 03/26/20		1,500
	9,145	2.375%, 08/14/19		9,183
				256,809
		Consumer Finance — 1.7%
		American Express Centurion Bank,
	1,633	5.950%, 06/12/17		1,715
	1,945	6.000%, 09/13/17		2,071
		American Express Co.,
	9,610	6.150%, 08/28/17		10,218
	2,315	7.000%, 03/19/18		2,543
	1,395	8.125%, 05/20/19		1,650
		American Express Credit Corp.,
	5,574	1.125%, 06/05/17		5,551
	3,635	1.550%, 09/22/17		3,635
	1,257	1.800%, 07/31/18		1,252
	1,127	1.875%, 11/05/18		1,129
	3,995	2.125%, 03/18/19		3,994
	8,545	2.250%, 08/15/19		8,564
	879	Series F, 2.600%, 09/14/20		883
		American Honda Finance Corp.,
	1,409	1.550%, 12/11/17		1,412
	4,150	1.600%, 02/16/18 (e)		4,149
	2,950	1.600%, 07/13/18		2,946
	1,419	2.450%, 09/24/20		1,448
	2,700	Series A, 2.150%, 03/13/20		2,724
	613	Capital One Financial Corp., 2.450%, 04/24/19		613
		Caterpillar Financial Services Corp.,
	1,840	1.700%, 06/16/18		1,843
	2,115	2.100%, 06/09/19		2,132
	2,130	2.250%, 12/01/19		2,150
	275	2.650%, 04/01/16		275
	2,055	7.050%, 10/01/18		2,327

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Consumer Finance — continued
	760	7.150%, 02/15/19		872
		Ford Motor Credit Co. LLC,
	1,573	1.684%, 09/08/17		1,550
	9,336	2.375%, 01/16/18		9,287
	6,146	2.375%, 03/12/19		6,044
	1,322	2.551%, 10/05/18		1,316
	2,575	2.875%, 10/01/18		2,576
	6,233	3.000%, 06/12/17		6,292
	10,786	3.984%, 06/15/16		10,869
	10,200	4.250%, 02/03/17		10,403
	650	8.000%, 12/15/16		681
		General Motors Financial Co., Inc.,
	2,294	3.100%, 01/15/19		2,269
	3,504	3.200%, 07/13/20		3,387
		HSBC USA, Inc.,
	5,440	1.625%, 01/16/18		5,412
	2,845	1.700%, 03/05/18		2,824
	4,525	2.350%, 03/05/20		4,433
	5,990	2.375%, 11/13/19		5,926
		John Deere Capital Corp.,
	1,107	1.350%, 01/16/18		1,105
	1,351	1.550%, 12/15/17		1,358
	1,120	1.700%, 01/15/20		1,111
	790	1.850%, 09/15/16		794
	2,600	1.950%, 03/04/19		2,633
		Nissan Motor Acceptance Corp.,
	5,743	1.000%, 03/15/16 (e)		5,744
	3,883	1.800%, 03/15/18 (e)		3,870
	5,280	2.350%, 03/04/19 (e)		5,322
		Toyota Motor Credit Corp.,
	10,971	1.375%, 01/10/18		10,993
	8,645	2.100%, 01/17/19		8,768
	6,700	2.125%, 07/18/19		6,806
	2,363	Volkswagen International Finance N.V., (Netherlands), 2.375%, 03/22/17 (e)		2,362
				190,231
		Diversified Financial Services — 0.4%
	1,000	Bank of America N.A., 6.100%, 06/15/17		1,050
	5,957	Berkshire Hathaway, Inc., 1.550%, 02/09/18		6,000
		Boeing Capital Corp.,
	500	2.125%, 08/15/16		503
	629	4.700%, 10/27/19		693
	4,838	Caisse Centrale Desjardins, (Canada), 2.550%, 03/24/16 (e)		4,844

SEE NOTES TO FINANCIAL STATEMENTS.

248 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Diversified Financial Services — continued
	13,419	GE Capital International Funding Co., (Ireland), 2.342%, 11/15/20 (e)		13,554
	2,486	Intercontinental Exchange, Inc., 2.500%, 10/15/18		2,518
		Shell International Finance B.V., (Netherlands),
	533	1.125%, 08/21/17		529
	3,315	1.625%, 11/10/18		3,266
	1,682	2.125%, 05/11/20		1,638
	1,200	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		1,235
	1,547	Total Capital Canada Ltd., (Canada), 1.450%, 01/15/18		1,530
	1,800	UBS Group Funding Jersey Ltd., (Jersey), 2.950%, 09/24/20 (e)		1,799
				39,159
		Insurance — 0.9%
		ACE INA Holdings, Inc.,
	533	2.300%, 11/03/20		536
	1,375	5.800%, 03/15/18		1,489
	5,078	American International Group, Inc., Series NOTE, 2.300%, 07/16/19		5,036
	896	Aon Corp., 3.125%, 05/27/16		900
	2,294	Berkshire Hathaway Finance Corp., 1.300%, 05/15/18		2,298
	4,670	Chubb Corp. (The), 5.750%, 05/15/18		5,084
		CNA Financial Corp.,
	2,000	5.875%, 08/15/20		2,190
	1,437	6.500%, 08/15/16		1,469
	1,255	6.950%, 01/15/18		1,355
	1,790	7.350%, 11/15/19		2,054
	4,500	Jackson National Life Global Funding, 2.300%, 04/16/19 (e)		4,529
	1,835	Liberty Mutual Group, Inc., 6.700%, 08/15/16 (e)		1,877
		Lincoln National Corp.,
	470	6.250%, 02/15/20		525
	1,325	8.750%, 07/01/19		1,583
	6,571	Marsh & McLennan Cos., Inc., 2.350%, 09/10/19		6,618
	7,085	MassMutual Global Funding II, 2.000%, 04/05/17 (e)		7,151
		Metropolitan Life Global Funding I,
	5,150	1.500%, 01/10/18 (e)		5,114
	6,781	2.300%, 04/10/19 (e)		6,806
		New York Life Global Funding,
	4,540	1.550%, 11/02/18 (e)		4,522

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — continued
	920	2.100%, 01/02/19 (e)		929
	7,291	2.150%, 06/18/19 (e)		7,354
		Pricoa Global Funding I,
	2,200	1.350%, 08/18/17 (e)		2,189
	4,120	1.600%, 05/29/18 (e)		4,096
	2,450	2.200%, 05/16/19 (e)		2,450
	1,967	2.550%, 11/24/20 (e)		1,976
	3,298	Principal Financial Group, Inc., 1.850%, 11/15/17		3,303
		Principal Life Global Funding II,
	2,141	1.125%, 02/24/17 (e)		2,140
	1,000	1.200%, 05/19/17 (e)		999
	2,969	2.250%, 10/15/18 (e)		3,001
	1,388	Reliance Standard Life Global Funding II, 3.050%, 01/20/21 (e)		1,405
		Travelers Cos., Inc. (The),
	1,000	5.750%, 12/15/17		1,076
	2,561	6.250%, 06/20/16		2,602
				94,656
		Real Estate Investment Trusts (REITs) — 0.3%
		Boston Properties LP,
	3,831	3.700%, 11/15/18		3,969
	1,237	5.625%, 11/15/20		1,379
	91	Duke Realty LP, 5.950%, 02/15/17		94
		ERP Operating LP,
	3,118	2.375%, 07/01/19		3,133
	767	5.750%, 06/15/17		804
		HCP, Inc.,
	2,050	2.625%, 02/01/20		2,006
	400	5.375%, 02/01/21		429
	3,360	6.700%, 01/30/18		3,617
		Realty Income Corp.,
	2,250	2.000%, 01/31/18		2,250
	2,080	5.375%, 09/15/17		2,187
		Simon Property Group LP,
	855	1.500%, 02/01/18 (e)		850
	1,511	2.150%, 09/15/17		1,526
	3,739	2.200%, 02/01/19		3,780
	2,725	Ventas Realty LP, 1.550%, 09/26/16		2,726
	1,569	Ventas Realty LP/Ventas Capital Corp., 2.000%, 02/15/18		1,561
		Welltower, Inc.,
	235	2.250%, 03/15/18		235
	285	3.625%, 03/15/16		285
	1,870	6.125%, 04/15/20		2,103

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 249

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Real Estate Investment Trusts (REITs) — continued
	295	6.200%, 06/01/16		299
				33,233
		Thrifts & Mortgage Finance — 0.1%
	500	Abbey National Treasury Services plc, (United Kingdom), 4.000%, 04/27/16		502
	6,030	BPCE S.A., (France), 1.625%, 01/26/18		6,011
				6,513
		Total Financials		1,177,433
		Health Care — 1.4%
		Biotechnology — 0.3%
		Amgen, Inc.,
	2,205	1.250%, 05/22/17		2,200
	6,330	2.125%, 05/15/17		6,384
	4,615	2.200%, 05/22/19		4,674
	1,403	2.300%, 06/15/16		1,408
	100	5.850%, 06/01/17		106
	2,333	6.150%, 06/01/18		2,540
	870	Baxalta, Inc., 2.875%, 06/23/20 (e)		852
		Biogen, Inc.,
	850	2.900%, 09/15/20		859
	3,140	6.875%, 03/01/18		3,436
		Celgene Corp.,
	1,501	2.300%, 08/15/18		1,507
	4,170	2.875%, 08/15/20		4,219
		Gilead Sciences, Inc.,
	2,073	2.050%, 04/01/19		2,093
	1,490	2.550%, 09/01/20		1,514
				31,792
		Health Care Equipment & Supplies — 0.1%
	225	Baxter International, Inc., 1.850%, 01/15/17		226
		Becton, Dickinson & Co.,
	1,640	1.450%, 05/15/17		1,639
	580	1.800%, 12/15/17		581
	1,130	2.675%, 12/15/19		1,154
	835	6.375%, 08/01/19		943
		Covidien International Finance S.A., (Luxembourg),
	520	4.200%, 06/15/20		565
	1,480	6.000%, 10/15/17		1,584
	2,215	Medtronic, Inc., 2.500%, 03/15/20		2,272
				8,964

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Providers & Services — 0.5%
		Aetna, Inc.,
	1,128	1.750%, 05/15/17		1,131
	2,640	2.200%, 03/15/19		2,658
	1,865	Anthem, Inc., 2.300%, 07/15/18		1,875
		Cardinal Health, Inc.,
	1,850	1.900%, 06/15/17		1,856
	808	1.950%, 06/15/18		808
	4,779	2.400%, 11/15/19		4,802
		Express Scripts Holding Co.,
	3,280	1.250%, 06/02/17		3,263
	2,140	7.250%, 06/15/19		2,451
		Laboratory Corp. of America Holdings,
	3,782	2.200%, 08/23/17		3,791
	2,618	2.500%, 11/01/18		2,623
	3,250	2.625%, 02/01/20		3,247
		McKesson Corp.,
	2,158	2.284%, 03/15/19		2,166
	1,425	5.700%, 03/01/17		1,485
		Medco Health Solutions, Inc.,
	3,014	4.125%, 09/15/20		3,156
	2,405	7.125%, 03/15/18		2,629
	1,107	Quest Diagnostics, Inc., 3.200%, 04/01/16		1,108
		UnitedHealth Group, Inc.,
	1,582	1.400%, 10/15/17		1,584
	1,587	1.625%, 03/15/19		1,588
	250	1.875%, 11/15/16		251
	509	1.900%, 07/16/18		514
	380	5.375%, 03/15/16		380
	935	6.000%, 06/15/17		990
	440	6.000%, 11/15/17		471
	250	6.000%, 02/15/18		271
		WellPoint, Inc.,
	2,670	2.250%, 08/15/19		2,654
	3,118	5.875%, 06/15/17		3,274
				51,026
		Life Sciences Tools & Services — 0.0% (g)
		Thermo Fisher Scientific, Inc.,
	2,703	1.300%, 02/01/17		2,694
	1,525	1.850%, 01/15/18		1,521
	2,250	2.400%, 02/01/19		2,258
				6,473

SEE NOTES TO FINANCIAL STATEMENTS.

250 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — 0.5%
		AbbVie, Inc.,
	5,220	1.750%, 11/06/17		5,216
	8,075	2.000%, 11/06/18		8,062
	5,990	2.500%, 05/14/20		5,997
		Actavis Funding SCS, (Luxembourg),
	2,098	2.350%, 03/12/18		2,111
	680	2.450%, 06/15/19		682
	3,482	3.000%, 03/12/20		3,539
		Actavis, Inc.,
	3,135	1.875%, 10/01/17		3,138
	1,650	6.125%, 08/15/19		1,843
	1,530	Allergan, Inc., 1.350%, 03/15/18		1,515
		Bayer U.S. Finance LLC,
	1,000	1.500%, 10/06/17 (e)		1,002
	1,200	2.375%, 10/08/19 (e)		1,219
	3,805	Forest Laboratories LLC, 4.375%, 02/01/19 (e)		4,003
	1,470	GlaxoSmithKline Capital plc, (United Kingdom), 1.500%, 05/08/17		1,478
	1,320	Merck & Co., Inc., 1.850%, 02/10/20		1,334
	2,400	Mylan, Inc., 1.350%, 11/29/16		2,383
	369	Perrigo Co. plc, (Ireland), 1.300%, 11/08/16		367
	1,165	Pfizer, Inc., 6.050%, 03/30/17		1,227
	1,815	Sanofi, (France), 1.250%, 04/10/18		1,817
	5,020	Teva Pharmaceutical Finance Co. B.V., (Netherlands), 2.400%, 11/10/16		5,027
		Zoetis, Inc.,
	2,055	1.875%, 02/01/18		2,033
	531	3.450%, 11/13/20		541
				54,534
		Total Health Care		152,789
		Industrials — 1.3%
		Aerospace & Defense — 0.2%
	1,253	General Dynamics Corp., 1.000%, 11/15/17		1,252
	1,905	Lockheed Martin Corp., 1.850%, 11/23/18		1,917
	2,035	Northrop Grumman Corp., 1.750%, 06/01/18		2,032
	990	Northrop Grumman Systems Corp., 7.750%, 03/01/16		990
	5,665	Precision Castparts Corp., 2.250%, 06/15/20		5,712
	520	Raytheon Co., 4.400%, 02/15/20		577
	655	Textron, Inc., 5.600%, 12/01/17		690

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Aerospace & Defense — continued
		United Technologies Corp.,
	595	1.800%, 06/01/17		600
	2,670	6.125%, 02/01/19		2,992
	156	SUB, 1.778%, 05/04/18		155
				16,917
		Air Freight & Logistics — 0.0% (g)
	1,570	FedEx Corp., 2.300%, 02/01/20		1,582
		Commercial Services & Supplies — 0.1%
	10,434	ADT Corp. (The), 2.250%, 07/15/17		10,486
	1,615	Republic Services, Inc., 3.800%, 05/15/18		1,683
	1,220	Waste Management, Inc., 2.600%, 09/01/16		1,228
				13,397
		Construction & Engineering — 0.0% (g)
	1,990	ABB Finance USA, Inc., 1.625%, 05/08/17		1,997
		Electrical Equipment — 0.1%
	6,389	Eaton Corp., 1.500%, 11/02/17		6,361
	700	Emerson Electric Co., 4.875%, 10/15/19		770
				7,131
		Industrial Conglomerates — 0.5%
		Danaher Corp.,
	992	1.650%, 09/15/18		998
	1,450	5.400%, 03/01/19		1,603
		General Electric Co.,
	5,897	1.600%, 11/20/17		5,936
	5,476	2.300%, 04/27/17		5,574
	2,716	5.500%, 01/08/20		3,092
	15,878	5.625%, 09/15/17		16,929
	12,575	5.625%, 05/01/18		13,715
	1,053	6.000%, 08/07/19		1,212
	544	Hutchison Whampoa International 12 II Ltd., (Cayman Islands), 2.000%, 11/08/17 (e)		546
	644	Koninklijke Philips N.V., (Netherlands), 5.750%, 03/11/18		689
	830	Roper Technologies, Inc., 3.000%, 12/15/20		839
				51,133
		Machinery — 0.0% (g)
		Illinois Tool Works, Inc.,
	937	0.900%, 02/25/17		938
	2,449	1.950%, 03/01/19		2,482
				3,420

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 251

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Road & Rail — 0.4%
		Burlington Northern Santa Fe LLC,
	3,268	5.650%, 05/01/17		3,424
	1,750	5.750%, 03/15/18		1,890
	465	8.125%, 04/15/20		562
		Canadian Pacific Railway Co., (Canada),
	2,900	6.500%, 05/15/18		3,155
	1,720	7.250%, 05/15/19		1,972
		CSX Corp.,
	1,045	5.600%, 05/01/17		1,092
	1,168	6.250%, 03/15/18		1,276
	1,456	7.900%, 05/01/17		1,561
		ERAC USA Finance LLC,
	1,950	1.400%, 04/15/16 (e)		1,951
	1,012	2.750%, 03/15/17 (e)		1,023
	1,841	6.200%, 11/01/16 (e)		1,897
	1,985	6.375%, 10/15/17 (e)		2,120
	1,500	Norfolk Southern Corp., 5.900%, 06/15/19		1,669
		Penske Truck Leasing Co. LP/PTL Finance Corp.,
	4,812	2.500%, 03/15/16 (e)		4,814
	927	2.500%, 06/15/19 (e)		914
	3,594	3.375%, 03/15/18 (e)		3,647
		Ryder System, Inc.,
	1,865	2.450%, 09/03/19		1,847
	4,609	2.500%, 03/01/17		4,640
	1,320	2.500%, 05/11/20		1,290
	885	2.550%, 06/01/19		882
		Union Pacific Corp.,
	696	1.800%, 02/01/20		694
	1,075	5.650%, 05/01/17		1,129
	4,448	5.750%, 11/15/17		4,772
				48,221
		Total Industrials		143,798
		Information Technology — 0.5%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	3,042	1.650%, 06/15/18		3,064
	2,230	2.125%, 03/01/19		2,274
				5,338
		Electronic Equipment, Instruments & Components — 0.1%
	4,835	ABB Treasury Center USA, Inc., 2.500%, 06/15/16 (e)		4,850

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Electronic Equipment, Instruments & Components — continued
		Arrow Electronics, Inc.,
	1,382	3.000%, 03/01/18		1,388
	464	6.875%, 06/01/18		504
				6,742
		Internet Software & Services — 0.0% (g)
	2,379	eBay, Inc., 2.200%, 08/01/19		2,361
		IT Services — 0.0% (g)
	2,930	International Business Machines Corp., 1.250%, 02/08/18		2,931
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	1,318	Intel Corp., 2.450%, 07/29/20		1,348
	1,988	National Semiconductor Corp., 6.600%, 06/15/17		2,123
	1,781	Texas Instruments, Inc., 1.750%, 05/01/20		1,780
				5,251
		Software — 0.2%
	8,282	Intuit, Inc., 5.750%, 03/15/17		8,634
		Microsoft Corp.,
	349	0.875%, 11/15/17		349
	3,455	1.850%, 02/12/20		3,503
		Oracle Corp.,
	3,250	2.250%, 10/08/19		3,331
	1,985	2.375%, 01/15/19		2,039
	735	5.000%, 07/08/19		816
				18,672
		Technology Hardware, Storage & Peripherals — 0.1%
		Apple, Inc.,
	3,572	1.700%, 02/22/19		3,603
	5,915	2.100%, 05/06/19		6,037
				9,640
		Total Information Technology		50,935
		Materials — 0.4%
		Chemicals — 0.2%
	1,540	Agrium, Inc., (Canada), 6.750%, 01/15/19		1,702
	4,340	CF Industries, Inc., 6.875%, 05/01/18		4,681
		Ecolab, Inc.,
	2,254	1.450%, 12/08/17		2,242
	3,765	3.000%, 12/08/16		3,811
	4,866	Potash Corp. of Saskatchewan, Inc., (Canada), 3.250%, 12/01/17		4,962

SEE NOTES TO FINANCIAL STATEMENTS.

252 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Chemicals — continued
		PPG Industries, Inc.,
	5,482	2.300%, 11/15/19		5,508
	1,470	3.600%, 11/15/20		1,533
	146	6.650%, 03/15/18		159
	740	Praxair, Inc., 4.500%, 08/15/19		804
	502	Rohm & Haas Co., 6.000%, 09/15/17		532
				25,934
		Metals & Mining — 0.2%
	5,035	BHP Billiton Finance USA Ltd., (Australia), 1.625%, 02/24/17		5,018
	2,745	Freeport-McMoRan, Inc., 2.375%, 03/15/18		2,368
		Nucor Corp.,
	1,500	5.750%, 12/01/17		1,571
	1,260	5.850%, 06/01/18		1,347
		Teck Resources Ltd., (Canada),
	5,520	2.500%, 02/01/18		4,730
	4,915	3.150%, 01/15/17		4,743
				19,777
		Total Materials		45,711
		Telecommunication Services — 0.9%
		Diversified Telecommunication Services — 0.7%
		AT&T, Inc.,
	3,260	1.700%, 06/01/17		3,271
	9,505	2.450%, 06/30/20		9,445
	3,010	2.800%, 02/17/21		3,042
	200	2.950%, 05/15/16		201
	10,984	5.500%, 02/01/18		11,707
	1,134	5.600%, 05/15/18		1,223
	1,992	British Telecommunications plc, (United Kingdom), 2.350%, 02/14/19		2,010
		Deutsche Telekom International Finance B.V., (Netherlands),
	2,865	2.250%, 03/06/17 (e)		2,883
	4,860	5.750%, 03/23/16		4,874
	1,533	Nippon Telegraph & Telephone Corp., (Japan), 1.400%, 07/18/17		1,532
	1,391	Orange S.A., (France), 2.750%, 02/06/19		1,421
		Telefonica Emisiones S.A.U., (Spain),
	3,516	3.192%, 04/27/18		3,571
	849	6.221%, 07/03/17		897
	500	6.421%, 06/20/16		507
		Verizon Communications, Inc.,
	9,634	2.625%, 02/21/20		9,764

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — continued
	8,848	3.650%, 09/14/18		9,275
	6,440	6.100%, 04/15/18		6,997
				72,620
		Wireless Telecommunication Services — 0.2%
		America Movil S.A.B. de C.V., (Mexico),
	6,565	5.000%, 03/30/20		7,177
	2,031	5.625%, 11/15/17		2,150
	5,520	Rogers Communications, Inc., (Canada), 6.800%, 08/15/18		6,139
		Vodafone Group plc, (United Kingdom),
	1,555	1.250%, 09/26/17		1,550
	625	1.500%, 02/19/18		619
	4,340	1.625%, 03/20/17		4,357
	1,396	5.625%, 02/27/17		1,454
				23,446
		Total Telecommunication Services		96,066
		Utilities — 1.0%
		Electric Utilities — 0.6%
	4,123	American Electric Power Co., Inc., 1.650%, 12/15/17		4,094
		Arizona Public Service Co.,
	350	2.200%, 01/15/20		351
	4,295	6.250%, 08/01/16		4,379
	400	8.750%, 03/01/19		475
	500	Atlantic City Electric Co., 7.750%, 11/15/18		577
	760	Cleveland Electric Illuminating Co. (The), 8.875%, 11/15/18		892
		Commonwealth Edison Co.,
	2,965	1.950%, 09/01/16		2,974
	1,000	5.800%, 03/15/18		1,083
	1,000	6.150%, 09/15/17		1,068
	525	Series 104, 5.950%, 08/15/16		536
		Duke Energy Carolinas LLC,
	460	1.750%, 12/15/16		462
	1,480	5.250%, 01/15/18		1,584
		Duke Energy Corp.,
	1,105	2.100%, 06/15/18		1,107
	505	2.150%, 11/15/16		509
	1,240	Duke Energy Florida LLC, 5.650%, 06/15/18		1,352
	4,140	Electricite de France S.A., (France), 1.150%, 01/20/17 (e)		4,131
	225	Entergy Gulf States Louisiana LLC, 6.000%, 05/01/18		243

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 253

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Electric Utilities — continued
	565	Kansas City Power & Light Co., 5.850%, 06/15/17		594
	445	Kentucky Power Co., 6.000%, 09/15/17 (e)		471
	500	Kentucky Utilities Co., 3.250%, 11/01/20		528
	1,905	MidAmerican Energy Co., 2.400%, 03/15/19		1,946
		NextEra Energy Capital Holdings, Inc.,
	224	2.700%, 09/15/19		225
	250	6.000%, 03/01/19		273
	631	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		686
	1,390	Northern States Power Co., 2.200%, 08/15/20		1,410
	530	Ohio Power Co., Series K, 6.000%, 06/01/16		536
	2,675	Pacific Gas & Electric Co., 5.625%, 11/30/17		2,854
	250	PacifiCorp, 5.650%, 07/15/18		273
	1,567	PECO Energy Co., 1.200%, 10/15/16		1,568
	875	Pennsylvania Electric Co., 6.050%, 09/01/17		930
	455	PPL Capital Funding, Inc., 1.900%, 06/01/18		454
	3,974	Progress Energy, Inc., 4.875%, 12/01/19		4,318
	535	Public Service Co. of Colorado, 5.800%, 08/01/18		585
	1,246	Public Service Co. of New Mexico, 7.950%, 05/15/18		1,399
	1,300	Public Service Co. of Oklahoma, 6.150%, 08/01/16		1,323
	2,050	Public Service Electric & Gas Co., 2.000%, 08/15/19		2,065
	3,545	Sierra Pacific Power Co., Series M, 6.000%, 05/15/16		3,581
		Southern California Edison Co.,
	1,425	1.845%, 02/01/22		1,402
	1,005	5.500%, 08/15/18		1,102
	5,610	Southern Co. (The), 1.300%, 08/15/17		5,571
	765	Southwestern Electric Power Co., 6.450%, 01/15/19		852
	577	State Grid Overseas Investment 2013 Ltd., (United Kingdom), 1.750%, 05/22/18 (e)		575
		Virginia Electric & Power Co.,
	1,387	1.200%, 01/15/18		1,374
	1,268	5.000%, 06/30/19		1,392
	1,215	5.400%, 04/30/18		1,309
	3,000	Xcel Energy, Inc., 0.750%, 05/09/16		2,998
				68,411

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Gas Utilities — 0.1%
		Atmos Energy Corp.,
	400	6.350%, 06/15/17		424
	314	8.500%, 03/15/19		368
		CenterPoint Energy Resources Corp.,
	1,492	6.125%, 11/01/17		1,582
	679	6.150%, 05/01/16		685
		Dominion Gas Holdings LLC,
	210	2.500%, 12/15/19		210
	5,023	2.800%, 11/15/20		5,087
				8,356
		Independent Power & Renewable Electricity Producers — 0.1%
		Exelon Generation Co. LLC,
	798	2.950%, 01/15/20		798
	260	5.200%, 10/01/19		281
		PSEG Power LLC,
	4,923	2.450%, 11/15/18		4,935
	1,000	5.320%, 09/15/16		1,022
	1,254	Southern Power Co., 1.850%, 12/01/17		1,254
				8,290
		Multi-Utilities — 0.2%
	1,320	AGL Capital Corp., 6.375%, 07/15/16		1,344
	2,385	Berkshire Hathaway Energy Co., 1.100%, 05/15/17		2,378
	1,207	CenterPoint Energy, Inc., Series B, 5.950%, 02/01/17		1,249
		CMS Energy Corp.,
	2,455	5.050%, 02/15/18		2,598
	330	8.750%, 06/15/19		398
	2,725	Consolidated Edison Co. of New York, Inc., Series 08-A, 5.850%, 04/01/18		2,945
		Consumers Energy Co.,
	455	6.125%, 03/15/19		512
	648	Series P, 5.500%, 08/15/16		661
		Dominion Resources, Inc.,
	748	1.250%, 03/15/17		745
	1,100	6.400%, 06/15/18		1,202
	1,778	Series A, 1.400%, 09/15/17		1,766
	824	DTE Energy Co., 2.400%, 12/01/19		827
		NiSource Finance Corp.,
	1,057	6.400%, 03/15/18		1,146
	2,350	6.800%, 01/15/19		2,621
		Sempra Energy,
	1,645	2.300%, 04/01/17		1,656

SEE NOTES TO FINANCIAL STATEMENTS.

254 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Multi-Utilities — continued
	820	6.150%, 06/15/18		883
	1,880	6.500%, 06/01/16		1,902
	1,300	9.800%, 02/15/19		1,554
		TECO Finance, Inc.,
	475	5.150%, 03/15/20		517
	1,660	6.572%, 11/01/17		1,780
				28,684
		Total Utilities		113,741
		Total Corporate Bonds (Cost $2,266,281)		2,243,943
	Mortgage Pass-Through Securities — 3.0%
		Federal Home Loan Mortgage Corp.,
	343	ARM, 1.585%, 08/01/37		363
	2,036	ARM, 2.064%, 05/01/37		2,117
	1,787	ARM, 2.115%, 03/01/37		1,864
	1,014	ARM, 2.175%, 04/01/37		1,066
	1,490	ARM, 2.187%, 12/01/36		1,568
	731	ARM, 2.233%, 03/01/37		768
	162	ARM, 2.252%, 03/01/35		169
	415	ARM, 2.263%, 06/01/36		436
	2,577	ARM, 2.324%, 10/01/36		2,713
	1,277	ARM, 2.422%, 08/01/36		1,343
	49	ARM, 2.462%, 01/01/27		51
	165	ARM, 2.486%, 02/01/37		174
	65	ARM, 2.501%, 12/01/27		68
	823	ARM, 2.515%, 11/01/36		862
	165	ARM, 2.518%, 07/01/36		175
	558	ARM, 2.552%, 11/01/37		589
	761	ARM, 2.559%, 10/01/37		808
	339	ARM, 2.565%, 12/01/36		356
	1,905	ARM, 2.602%, 01/01/37		2,005
	1,448	ARM, 2.605%, 08/01/36		1,535
	855	ARM, 2.615%, 12/01/36		901
	1,226	ARM, 2.645%, 08/01/37		1,303
	1,722	ARM, 2.687%, 03/01/36 - 04/01/37		1,825
	5,340	ARM, 2.727%, 06/01/37		5,664
	2,783	ARM, 2.730%, 06/01/37		2,945
	1	ARM, 2.768%, 12/01/17		1
	2,106	ARM, 2.793%, 04/01/38		2,236
	1,744	ARM, 2.809%, 01/01/38		1,856
	988	ARM, 2.872%, 03/01/37		1,055
	799	ARM, 2.890%, 02/01/37		856
	2,349	ARM, 3.024%, 10/01/35		2,489
	269	ARM, 3.035%, 08/01/37		280

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	3,765	ARM, 3.041%, 03/01/35		3,999
	3,164	ARM, 3.257%, 03/01/36		3,326
	2	ARM, 5.751%, 01/01/27		2
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	21,478	4.000%, 07/01/18 - 06/01/26		22,834
	212	4.500%, 04/01/16 - 10/01/18		219
	4,676	5.000%, 03/01/18 - 01/01/21		4,886
	12,846	5.500%, 08/01/19 - 01/01/24		13,991
	3,016	6.000%, 08/01/16 - 12/01/23		3,152
	1,505	6.500%, 07/01/16 - 08/01/21		1,535
	274	7.000%, 03/01/17		278
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	693	6.000%, 01/01/19 - 10/01/24		783
	20	6.500%, 08/01/18 - 05/01/21		23
	20	7.500%, 10/01/16 - 07/01/18		21
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	19,840	5.500%, 03/01/34 - 07/01/37		22,410
	238	6.000%, 07/01/32		271
	389	7.000%, 08/01/38		453
		Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA,
	8,486	7.500%, 12/01/36		10,225
	1,790	10.000%, 10/01/30		1,977
	23	Federal Home Loan Mortgage Corp. Gold Pools, Other, 6.000%, 09/01/17		23
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	5	8.000%, 04/01/17 - 05/01/19		5
	3	8.250%, 08/01/17		3
		Federal National Mortgage Association,
	47	ARM, 1.499%, 08/01/37		48
	2,133	ARM, 1.632%, 08/01/37		2,225
	963	ARM, 1.646%, 04/01/37		999
	8	ARM, 1.875%, 01/01/19		9
	2,103	ARM, 1.898%, 07/01/37		2,190
	2,126	ARM, 1.975%, 01/01/37		2,209
	1,275	ARM, 2.011%, 02/01/37		1,322
	161	ARM, 2.020%, 01/01/35		169
	10	ARM, 2.084%, 07/01/27		10
	8	ARM, 2.091%, 03/01/19		8
	38	ARM, 2.150%, 07/01/37		41
	308	ARM, 2.167%, 07/01/37		324
	447	ARM, 2.204%, 05/01/36		469

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 255

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
	466		ARM, 2.325%, 07/01/36		494
	61		ARM, 2.337%, 04/01/36		63
	2,357		ARM, 2.339%, 03/01/37		2,507
	17		ARM, 2.365%, 06/01/27		18
	915		ARM, 2.367%, 08/01/36		967
	825		ARM, 2.372%, 09/01/34		868
	1,792		ARM, 2.376%, 11/01/37		1,895
	1,537		ARM, 2.391%, 11/01/37		1,616
	726		ARM, 2.405%, 10/01/36		768
	688		ARM, 2.408%, 12/01/35		726
	266		ARM, 2.436%, 01/01/37		279
	10		ARM, 2.450%, 05/01/25		10
	420		ARM, 2.455%, 10/01/36		444
	2,807		ARM, 2.455%, 12/01/36 - 03/01/47		2,939
	—	(h)	ARM, 2.470%, 10/01/27		—	(h)
	1		ARM, 2.480%, 08/01/17		1
	230		ARM, 2.484%, 08/01/36		243
	98		ARM, 2.493%, 12/01/36		103
	1,204		ARM, 2.494%, 08/01/36		1,280
	549		ARM, 2.497%, 04/01/37		579
	26		ARM, 2.500%, 06/01/36		28
	5		ARM, 2.522%, 08/01/36		5
	1,543		ARM, 2.575%, 11/01/37		1,636
	1,032		ARM, 2.610%, 12/01/37		1,087
	201		ARM, 2.623%, 12/01/36		212
	1		ARM, 2.625%, 08/01/19		1
	1,325		ARM, 2.634%, 08/01/36		1,401
	465		ARM, 2.915%, 12/01/36		496
	2,982		ARM, 2.918%, 03/01/36		3,169
	7		ARM, 2.972%, 10/01/25		7
	2		ARM, 3.000%, 11/01/16		2
	3,700		ARM, 3.094%, 03/01/36		3,934
	3,105		ARM, 3.129%, 03/01/36		3,307
	2,732		ARM, 3.157%, 10/01/35		2,901
	492		ARM, 3.270%, 04/01/38		498
			Federal National Mortgage Association, 15 Year, Single Family,
	460		4.000%, 08/01/18 - 01/01/19		479
	1,379		4.500%, 05/01/18 - 05/01/19		1,431
	1,977		5.000%, 12/01/17 - 07/01/20		2,060
	24,312		5.500%, 01/01/18 - 07/01/25		26,358
	9,378		6.000%, 11/01/17 - 07/01/24		10,123
	3,655		6.500%, 03/01/17 - 03/01/23		3,827
	154		7.000%, 02/01/17 - 01/01/18		156
	3		8.000%, 10/01/16		3

PRINCIPAL AMOUNT($)			SECURITY DESCRIPTION	VALUE($)
			Federal National Mortgage Association, 20 Year, Single Family,
	730		5.500%, 05/01/27		819
	19		6.000%, 03/01/18 - 07/01/19		22
	1,945		6.500%, 03/01/17 - 03/01/25		2,230
	512		7.000%, 08/01/20 - 08/01/21		543
	—	(h)	7.500%, 06/01/16		—	(h)
			Federal National Mortgage Association, 30 Year, FHA/VA,
	138		5.500%, 08/01/34		155
	12		8.500%, 03/01/27		12
			Federal National Mortgage Association, 30 Year, Single Family,
	19,065		5.000%, 10/01/39		21,429
	25,738		5.500%, 12/01/32 - 04/01/37		29,267
	16,281		6.000%, 04/01/35 - 01/01/38		18,725
	10,388		6.500%, 03/01/26 - 10/01/38		12,031
	4,253		7.000%, 04/01/37 - 08/01/37		4,917
	70		8.000%, 12/01/30		78
	4		8.500%, 09/01/21		4
	24		9.000%, 02/01/31		24
	17		9.500%, 07/01/28		19
	4		10.000%, 02/01/24		4
			Federal National Mortgage Association, Other,
	44		4.000%, 07/01/17		45
	98		4.500%, 12/01/19		102
	179		5.500%, 06/01/16 - 09/01/17		183
	106		6.000%, 09/01/17		108
			Government National Mortgage Association II,
	32		ARM, 1.750%, 01/20/26 - 01/20/28		33
	26		ARM, 1.875%, 07/20/21		26
	106		ARM, 2.000%, 08/20/16 - 11/20/25		109
	6		ARM, 2.500%, 12/20/17 - 05/20/21		6
	8		ARM, 3.000%, 04/20/18 - 05/20/20		9
	2		ARM, 3.500%, 10/20/17 - 12/20/17		2
	3		ARM, 4.000%, 03/20/16 - 08/20/18		3
			Government National Mortgage Association II, 30 Year, Single Family,
	3,651		6.000%, 09/20/38		4,144
	8,680		7.000%, 08/20/38 - 09/20/38		10,659
	11		7.500%, 09/20/28		13
	26		8.000%, 09/20/26 - 12/20/27		32
	32		8.500%, 03/20/25 - 04/20/25		36
	1,246		Government National Mortgage Association, 15 Year, Single Family, 6.500%, 10/15/23		1,345

SEE NOTES TO FINANCIAL STATEMENTS.

256 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — continued
		Government National Mortgage Association, 30 Year, Single Family,
	4,098	6.500%, 09/15/38		4,734
	9	8.500%, 04/15/25		11
	8	9.000%, 09/15/24 - 10/15/26		9
	153	9.500%, 07/15/20 - 12/15/25		171
		Total Mortgage Pass-Through Securities (Cost $322,749)		331,860
	U.S. Government Agency Securities — 4.1%
	8,500	Federal Farm Credit Banks, 1.000%, 09/25/17		8,522
		Federal Home Loan Banks,
	34,970	0.500%, 09/28/16		34,943
	39,150	4.750%, 12/16/16		40,375
	20,000	5.000%, 11/17/17		21,401
		Federal Home Loan Mortgage Corp.,
	21,880	0.750%, 07/14/17		21,868
	32,050	1.000%, 03/08/17		32,133
	20,000	2.500%, 05/27/16		20,099
	20,000	4.875%, 06/13/18		21,780
		Federal National Mortgage Association,
	25,650	0.875%, 05/21/18		25,628
	48,185	1.125%, 04/27/17		48,418
	35,680	1.125%, 07/20/18		35,846
	20,000	1.250%, 09/28/16		20,073
	20,000	1.630%, 01/10/20		19,971
	5,000	5.000%, 02/13/17		5,202
	14,550	5.250%, 09/15/16		14,911
	21,155	5.375%, 06/12/17		22,387
	11,200	Federal National Mortgage Association STRIPS, 1.176%, 07/15/16 (n)		11,188
	50,000	Residual Funding Corp. STRIPS, 1.434%, 10/15/19 (n)		47,505
		Total U.S. Government Agency Securities (Cost $451,470)		452,250
	U.S. Treasury Obligations — 55.3%
		U.S. Treasury Notes,
	280,000	0.500%, 07/31/17		278,961
	190,000	0.625%, 05/31/17		189,718
	75,000	0.625%, 06/30/17		74,877
	10,000	0.625%, 07/31/17		9,982
	320,000	0.625%, 08/31/17		319,300
	245,000	0.625%, 09/30/17		244,407
	200,000	0.625%, 11/30/17		199,414
	280,000	0.625%, 04/30/18		278,841

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	95,000	0.750%, 06/30/17		95,007
	270,000	0.750%, 10/31/17		269,831
	331,000	0.750%, 12/31/17		330,703
	20,000	0.750%, 02/28/18		19,983
	55,000	0.750%, 03/31/18		54,940
	135,000	0.875%, 11/30/16		135,237
	148,365	0.875%, 12/31/16		148,620
	185,000	0.875%, 01/31/17		185,304
	95,000	0.875%, 02/28/17		95,152
	220,000	0.875%, 04/30/17		220,378
	30,000	0.875%, 07/15/17		30,046
	185,000	0.875%, 01/31/18		185,282
	80,000	0.875%, 07/15/18		80,081
	35,070	0.875%, 07/31/19		34,906
	155,000	1.000%, 10/31/16		155,406
	105,000	1.000%, 03/31/17		105,312
	85,000	1.000%, 05/31/18		85,319
	25,000	1.000%, 08/15/18		25,095
	40	1.000%, 09/15/18		40
	9,930	1.000%, 06/30/19		9,934
	50,000	1.000%, 08/31/19		49,939
	30,000	1.000%, 11/30/19		29,899
	50,000	1.125%, 06/15/18		50,340
	25,000	1.125%, 12/31/19		25,016
	200,000	1.250%, 10/31/18		201,984
	60,000	1.250%, 11/30/18		60,607
	175,000	1.250%, 01/31/19		176,770
	25,000	1.375%, 07/31/18		25,330
	90,000	1.375%, 09/30/18		91,223
	10,000	1.375%, 12/31/18		10,135
	145,000	1.375%, 02/28/19		146,892
	25,000	1.375%, 04/30/20		25,211
	30,000	1.500%, 08/31/18		30,493
	95,000	1.500%, 12/31/18		96,596
	80,000	1.500%, 01/31/19		81,341
	15,000	1.500%, 02/28/19		15,252
	275,000	1.500%, 05/31/19		279,555
	50,000	1.625%, 03/31/19		51,027
	80,000	1.625%, 04/30/19		81,644
	30,000	1.625%, 06/30/19		30,620
	80,000	1.875%, 09/30/17		81,366
	15,000	2.250%, 11/30/17		15,375
	50,000	2.250%, 07/31/18		51,709
	40,000	2.375%, 07/31/17		40,912
	20,000	2.375%, 05/31/18		20,695
	40,000	2.625%, 01/31/18		41,384

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 257

JPMorgan Short Duration Bond Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Treasury Obligations — continued
	105,000	2.750%, 11/30/16		106,637
	40,000	2.750%, 02/28/18		41,537
	15,000	2.875%, 03/31/18		15,633
	51,835	3.125%, 01/31/17		52,983
	37,000	3.125%, 04/30/17		38,023
	125,000	3.250%, 12/31/16		127,651
		Total U.S. Treasury Obligations (Cost $6,033,538)		6,055,855
	Loan Assignment — 0.0% (g)
		Financials — 0.0% (g)
		Real Estate Management & Development — 0.0% (g)
	2,651	Tricon Capital Group Inc., Revolving Loan, (Canada), VAR, 3.426%, 06/12/17 (Cost $2,651)		2,638
SHARES
	Short-Term Investment — 0.3%
		Investment Company — 0.3%
	33,996	JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.180% (b) (l) (Cost $33,996)		33,996
		Total Investments — 100.1% (Cost $10,964,226)		10,962,351
		Liabilities in Excess of Other Assets — (0.1)%		(6,449	)
		NET ASSETS — 100.0%	$	10,955,902

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

258 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — 73.6%
		Consumer Discretionary — 14.7%
		Auto Components — 0.7%
	515	Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.875%, 03/15/19		478
	604	ZF North America Capital, Inc., 4.000%, 04/29/20 (e)		607
				1,085
		Automobiles — 1.5%
	593	Fiat Chrysler Automobiles N.V., (Netherlands), 4.500%, 04/15/20		584
	1,767	Jaguar Land Rover Automotive plc, (United Kingdom), 4.125%, 12/15/18 (e)		1,807
				2,391
		Hotels, Restaurants & Leisure — 3.9%
	425	CCM Merger, Inc., 9.125%, 05/01/19 (e)		432
	300	Downstream Development Authority of the Quapaw Tribe of Oklahoma, 10.500%, 07/01/19 (e)		284
	465	GLP Capital LP/GLP Financing II, Inc., 4.375%, 11/01/18		468
		MGM Resorts International,
	1,540	5.250%, 03/31/20		1,571
	1,375	8.625%, 02/01/19		1,557
	240	NCL Corp., Ltd., (Bermuda), 5.250%, 11/15/19 (e)		240
	205	Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp., 9.500%, 06/15/19 (e)		210
	675	Royal Caribbean Cruises Ltd., (Liberia), 7.250%, 03/15/18		721
	156	Ruby Tuesday, Inc., 7.625%, 05/15/20		152
	429	Shingle Springs Tribal Gaming Authority, 9.750%, 09/01/21 (e)		461
				6,096
		Household Durables — 1.9%
	415	CalAtlantic Group Inc., 8.375%, 05/15/18		455
	400	Jarden Corp., 7.500%, 05/01/17		410
		Lennar Corp.,
	1,400	4.500%, 06/15/19		1,439
	167	4.500%, 11/15/19		172
	435	Toll Brothers Finance Corp., 6.750%, 11/01/19		481
				2,957
		Media — 6.6%
		Cablevision Systems Corp.,
	800	7.750%, 04/15/18		822
	519	8.000%, 04/15/20		488
	165	8.625%, 09/15/17		175

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	265	CCO Safari II LLC, 3.579%, 07/23/20 (e)		266
	300	Clear Channel Worldwide Holdings, Inc., Series B, 7.625%, 03/15/20		264
		DISH DBS Corp.,
	650	4.250%, 04/01/18		655
	650	4.625%, 07/15/17		665
	1,624	7.875%, 09/01/19		1,759
	1,250	Gray Television, Inc., 7.500%, 10/01/20		1,314
	1,121	NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.000%, 08/01/18 (e)		1,132
	2,107	Numericable-SFR S.A., (France), 4.875%, 05/15/19 (e)		2,106
	200	Starz LLC/Starz Finance Corp., 5.000%, 09/15/19		203
	500	TEGNA, Inc., 5.125%, 10/15/19		530
				10,379
		Multiline Retail — 0.0% (g)
	74	J.C. Penney Corp., Inc., 8.125%, 10/01/19		75
		Specialty Retail — 0.1%
	430	Claire’s Stores, Inc., 6.125%, 03/15/20 (e)		211
		Total Consumer Discretionary		23,194
		Consumer Staples — 3.0%
		Beverages — 0.3%
	450	Cott Beverages, Inc., 6.750%, 01/01/20		474
		Food & Staples Retailing — 1.0%
	1,775	Safeway, Inc., 5.000%, 08/15/19		1,598
		Food Products — 1.7%
	1,947	Bumble Bee Holdings, Inc., 9.000%, 12/15/17 (e)		1,975
	616	Smithfield Foods, Inc., 5.250%, 08/01/18 (e)		627
				2,602
		Total Consumer Staples		4,674
		Energy — 3.8%
		Energy Equipment & Services — 0.3%
	600	Trinidad Drilling Ltd., (Canada), 7.875%, 01/15/19 (e)		474
		Oil, Gas & Consumable Fuels — 3.5%
	175	Buckeye Partners LP, 6.050%, 01/15/18		179
		California Resources Corp.,
	100	5.000%, 01/15/20		13
	266	8.000%, 12/15/22 (e)		67

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 259

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Oil, Gas & Consumable Fuels — continued
	360	Chesapeake Energy Corp., 8.000%, 12/15/22 (e)		140
	290	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp., 8.500%, 12/15/19		116
	250	Comstock Resources, Inc., 7.750%, 04/01/19		25
	450	Hilcorp Energy I LP/Hilcorp Finance Co., 7.625%, 04/15/21 (e)		385
	270	NGL Energy Partners LP/NGL Energy Finance Corp., 5.125%, 07/15/19		159
	400	NGPL PipeCo LLC, 9.625%, 06/01/19 (e)		376
	185	ONEOK Partners LP, 3.200%, 09/15/18		168
	170	Plains All American Pipeline LP/PAA Finance Corp., 6.500%, 05/01/18		169
	800	Rockies Express Pipeline LLC, 6.000%, 01/15/19 (e)		748
	227	Sabine Oil & Gas Corp., 9.750%, 02/15/17 (d)		7
	2,120	Sunoco LP/Sunoco Finance Corp., 5.500%, 08/01/20 (e)		2,024
	650	Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.125%, 11/15/19		574
	400	Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.500%, 10/15/19 (e)		374
	666	Ultra Petroleum Corp., (Canada), 5.750%, 12/15/18 (e)		33
				5,557
		Total Energy		6,031
		Financials — 6.8%
		Banks — 2.2%
	3,401	CIT Group, Inc., 3.875%, 02/19/19		3,384
		Consumer Finance — 2.7%
		AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, (Ireland),
	1,246	4.250%, 07/01/20		1,250
	480	4.625%, 10/30/20		488
		Ally Financial, Inc.,
	556	3.250%, 11/05/18		546
	458	3.600%, 05/21/18		456
	1,700	4.750%, 09/10/18		1,733
				4,473
		Diversified Financial Services — 0.7%
	300	CNG Holdings, Inc., 9.375%, 05/15/20 (e)		120
		Nationstar Mortgage LLC/Nationstar Capital Corp.,
	505	6.500%, 08/01/18		494
	485	9.625%, 05/01/19		499
				1,113

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Insurance — 0.6%
	850	Hartford Financial Services Group, Inc. (The), VAR, 8.125%, 06/15/38		909
		Real Estate Investment Trusts (REITs) — 0.4%
	543	Iron Mountain, Inc., 6.000%, 10/01/20 (e)		576
		Real Estate Management & Development — 0.2%
	287	Mattamy Group Corp., (Canada), 6.500%, 11/15/20 (e)		248
		Total Financials		10,703
		Health Care — 10.7%
		Health Care Equipment & Supplies — 2.0%
	450	Alere, Inc., 7.250%, 07/01/18		471
	1,700	ConvaTec Healthcare E S.A., (Luxembourg), 10.500%, 12/15/18 (e)		1,743
	700	Mallinckrodt International Finance S.A., (Luxembourg), 3.500%, 04/15/18		686
	270	Mallinckrodt International Finance S.A./Mallinckrodt CB LLC, (Luxembourg), 4.875%, 04/15/20 (e)		267
				3,167
		Health Care Providers & Services — 5.7%
	450	Centene Escrow Corp., 5.625%, 02/15/21 (e)		470
		CHS/Community Health Systems, Inc.,
	950	5.125%, 08/15/18		953
	500	8.000%, 11/15/19		473
		HCA, Inc.,
	721	3.750%, 03/15/19		734
	620	4.250%, 10/15/19		639
	325	8.000%, 10/01/18		365
	2,700	IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 05/15/19		2,565
		Tenet Healthcare Corp.,
	830	5.000%, 03/01/19		793
	1,000	5.500%, 03/01/19		963
	350	6.250%, 11/01/18		368
	500	VAR, 4.012%, 06/15/20 (e)		493
	133	Universal Health Services, Inc., 3.750%, 08/01/19 (e)		135
				8,951
		Health Care Technology — 1.0%
	1,545	Emdeon, Inc., 11.000%, 12/31/19		1,584
		Pharmaceuticals — 2.0%
		Valeant Pharmaceuticals International, Inc., (Canada),
	1,575	5.375%, 03/15/20 (e)		1,425

SEE NOTES TO FINANCIAL STATEMENTS.

260 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Pharmaceuticals — continued
	1,150	6.375%, 10/15/20 (e)		1,055
	326	6.750%, 08/15/18 (e)		315
	300	7.000%, 10/01/20 (e)		283
				3,078
		Total Health Care		16,780
		Industrials — 8.0%
		Aerospace & Defense — 0.3%
	539	Bombardier, Inc., (Canada), 5.500%, 09/15/18 (e)		485
		Airlines — 0.5%
	702	Continental Airlines 2003-ERJ1 Pass-Through Trust, 7.875%, 07/02/18		730
	8	Continental Airlines 2006-ERJ1 Pass-Through Trust, 9.318%, 11/01/19 (e)		9
				739
		Building Products — 0.3%
	455	Standard Industries, Inc./NJ, 5.125%, 02/15/21 (e)		464
		Commercial Services & Supplies — 3.2%
		ADT Corp. (The),
	710	2.250%, 07/15/17		714
	800	4.125%, 04/15/19		841
	1,045	Casella Waste Systems, Inc., 7.750%, 02/15/19		1,027
	835	Garda World Security Corp., (Canada), 7.250%, 11/15/21 (e)		585
	1,770	ILFC E-Capital Trust I, VAR, 4.490%, 12/21/65 (e)		1,362
	500	R.R. Donnelley & Sons Co., 7.250%, 05/15/18		523
				5,052
		Construction & Engineering — 0.6%
	1,033	Tutor Perini Corp., 7.625%, 11/01/18		1,012
		Electrical Equipment — 0.6%
	530	International Wire Group Holdings, Inc., 8.500%, 10/15/17 (e)		525
	550	Wise Metals Group LLC/Wise Alloys Finance Corp., 8.750%, 12/15/18 (e)		462
				987
		Machinery — 0.6%
	945	BlueLine Rental Finance Corp., 7.000%, 02/01/19 (e)		692
	700	Bluewater Holding B.V., (Netherlands), Reg. S, 10.000%, 12/10/19 (e)		266
				958

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — 0.4%
	600	Hertz Corp. (The), 7.500%, 10/15/18		608
		Trading Companies & Distributors — 1.5%
	445	Aircastle Ltd., (Bermuda), 6.250%, 12/01/19		471
	1,460	HD Supply, Inc., 7.500%, 07/15/20		1,536
	300	International Lease Finance Corp., 3.875%, 04/15/18		301
				2,308
		Total Industrials		12,613
		Information Technology — 3.8%
		Communications Equipment — 0.4%
	1,040	Avaya, Inc., 7.000%, 04/01/19 (e)		640
		Internet Software & Services — 0.5%
	835	IAC/InterActiveCorp., 4.875%, 11/30/18		845
		Semiconductors & Semiconductor Equipment — 1.6%
	1,950	Advanced Micro Devices, Inc., 6.750%, 03/01/19		1,424
	1,000	NXP B.V./NXP Funding LLC, (Netherlands), 4.125%, 06/15/20 (e)		1,011
				2,435
		Software — 1.3%
	1,250	Infor U.S., Inc., 5.750%, 08/15/20 (e)		1,259
	825	Nuance Communications, Inc., 5.375%, 08/15/20 (e)		844
				2,103
		Total Information Technology		6,023
		Materials — 9.9%
		Chemicals — 1.8%
	925	Ashland, Inc., 3.875%, 04/15/18		955
		Hexion, Inc.,
	615	6.625%, 04/15/20		486
	293	10.000%, 04/15/20		253
	525	INEOS Group Holdings S.A., (Luxembourg), 6.125%, 08/15/18 (e)		525
	660	Rain CII Carbon LLC/CII Carbon Corp., 8.000%, 12/01/18 (e)		536
				2,755
		Construction Materials — 2.2%
	400	CEMEX Espana S.A., (Spain), 9.875%, 04/30/19 (e)		420
		Cemex S.A.B. de C.V., (Mexico),
	945	5.875%, 03/25/19 (e)		919
	910	9.500%, 06/15/18 (e)		964

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 261

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Corporate Bonds — continued
		Construction Materials — continued
	1,000	Headwaters, Inc., 7.250%, 01/15/19		1,023
	160	U.S. Concrete, Inc., 8.500%, 12/01/18		166
				3,492
		Containers & Packaging — 1.2%
	550	Owens-Illinois, Inc., 7.800%, 05/15/18		602
	1,264	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC, 7.125%, 04/15/19		1,286
				1,888
		Metals & Mining — 4.7%
	430	AK Steel Corp., 8.750%, 12/01/18		391
	1,300	Alcoa, Inc., 5.720%, 02/23/19		1,316
	728	Aleris International, Inc., 7.625%, 02/15/18		641
		ArcelorMittal, (Luxembourg),
	270	6.500%, 03/01/21		243
	2,070	10.850%, 06/01/19		2,179
	250	BlueScope Steel Finance Ltd./BlueScope Steel Finance USA LLC, (Australia), 7.125%, 05/01/18 (e)		242
	460	First Quantum Minerals Ltd., (Canada), 7.250%, 10/15/19 (e)		253
	200	Joseph T Ryerson & Son, Inc., 9.000%, 10/15/17		154
	550	New Gold, Inc., (Canada), 7.000%, 04/15/20 (e)		461
	600	Novelis, Inc., (Canada), 8.375%, 12/15/17		597
	400	Prince Mineral Holding Corp., 11.500%, 12/15/19 (e)		321
	550	Steel Dynamics, Inc., 6.125%, 08/15/19		562
				7,360
		Total Materials		15,495
		Telecommunication Services — 8.8%
		Diversified Telecommunication Services — 4.1%
	575	CCO Holdings LLC/CCO Holdings Capital Corp., 6.625%, 01/31/22		604
	1,250	CenturyLink, Inc., Series R, 5.150%, 06/15/17		1,281
	365	Cincinnati Bell, Inc., 8.375%, 10/15/20		360
		Frontier Communications Corp.,
	900	7.125%, 03/15/19		905
	880	8.125%, 10/01/18		911
	923	Intelsat Jackson Holdings S.A., (Luxembourg), 7.250%, 04/01/19		715
	165	Level 3 Financing, Inc., VAR, 4.101%, 01/15/18		166
	1,670	Sprint Capital Corp., 6.900%, 05/01/19		1,424
	50	Windstream Services LLC, 7.875%, 11/01/17		52
				6,418

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Wireless Telecommunication Services — 4.7%
		Sprint Communications, Inc.,
	2,000	8.375%, 08/15/17		1,945
	1,200	9.000%, 11/15/18 (e)		1,246
		T-Mobile USA, Inc.,
	1,800	6.464%, 04/28/19		1,850
	2,275	6.542%, 04/28/20		2,354
				7,395
		Total Telecommunication Services		13,813
		Utilities — 4.1%
		Gas Utilities — 0.4%
	600	AmeriGas Partners LP/AmeriGas Finance Corp., 6.250%, 08/20/19		596
		Independent Power & Renewable Electricity Producers — 3.7%
	2,000	AES Corp., VAR, 3.635%, 06/01/19		1,900
	2,500	Calpine Corp., 6.000%, 01/15/22 (e)		2,562
	1,000	GenOn Energy, Inc., 9.875%, 10/15/20		605
	1,033	Talen Energy Supply LLC, 4.625%, 07/15/19 (e)		832
				5,899
		Total Utilities		6,495
		Total Corporate Bonds (Cost $124,540)		115,821
	Preferred Securities — 0.8% (x)
		Financials — 0.8%
		Banks — 0.7%
	545	Barclays plc, (United Kingdom), VAR, 8.250%, 12/15/18		517
	575	Citigroup, Inc., Series Q, VAR, 5.950%, 08/15/20		541
				1,058
		Capital Markets — 0.1%
	204	Goldman Sachs Group, Inc. (The), Series L, VAR, 5.700%, 05/10/19		195
		Total Preferred Securities (Cost $1,357)		1,253
SHARES
	Preferred Stocks — 0.9%
		Financials — 0.9%
		Consumer Finance — 0.4%
	23	GMAC Capital Trust I, Series 2, VAR, 6.402%, 02/15/40 ($25 par value)		568

SEE NOTES TO FINANCIAL STATEMENTS.

262 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

SHARES		SECURITY DESCRIPTION	VALUE($)
	Preferred Stocks — continued
		Insurance — 0.5%
	1	XLIT Ltd., (Cayman Islands), Series D, VAR, 3.742%, 03/29/16 ($1,000 par value) @		816
		Total Preferred Stocks (Cost $1,493)		1,384
PRINCIPAL AMOUNT($)
	Loan Assignments — 20.9%
		Consumer Discretionary — 8.1%
		Auto Components — 1.1%
	1,374	CS Intermediate Holdco 2 LLC, Term Loan, VAR, 4.000%, 04/04/21		1,331
	420	Key Safety Systems, Inc., Initial Term Loan, VAR, 4.750%, 08/29/21		412
				1,743
		Hotels, Restaurants & Leisure — 1.8%
	750	CBAC Borrower LLC, Term Loan B, VAR, 8.250%, 07/02/20		705
	793	Golden Nugget, Inc., Closing Date Facility Term Loan, VAR, 5.500%, 11/21/19		780
	340	Golden Nugget, Inc., Delayed Draw Term Loan, VAR, 5.500%, 11/21/19		334
	622	Intrawest Operations Group LLC, Initial Term Loan, VAR, 4.750%, 12/09/20		603
	335	Station Casinos LLC, Term Loan, VAR, 4.250%, 03/02/20		330
				2,752
		Household Durables — 0.0% (g)
	9	Tempur Sealy International, Inc., Term B Loan, VAR, 3.500%, 03/18/20		9
		Internet & Catalog Retail — 0.6%
	1,290	Lands’ End, Inc., Initial Term B Loan, VAR, 4.250%, 04/04/21		924
		Leisure Products — 0.4%
	760	Delta 2 Sarl, USD Facility B-3, VAR, 4.750%, 07/30/21		703
		Media — 3.3%
	306	Charter Communications Operating LLC, Term Loan I, VAR, 3.500%, 01/24/23		304
	720	iHeartCommunications, Inc., Term Loan D, VAR, 7.189%, 01/30/19		471
	142	iHeartCommunications, Inc., Tranche E Term Loan, VAR, 7.939%, 07/30/19		92
	490	Mission Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		488
	556	Nexstar Broadcasting, Inc., Term B-2 Loan, VAR, 3.750%, 10/01/20		553

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Media — continued
	1,846	Univision Communications, Inc., 2013 Incremental Term Loan, VAR, 4.000%, 03/01/20		1,792
	1,409	Univision Communications, Inc., Replacement 1st Lien Term Loan, VAR, 4.000%, 03/01/20		1,369
				5,069
		Multiline Retail — 0.6%
	977	J.C. Penney Corp., Inc., Term Loan, VAR, 6.000%, 05/22/18		964
		Specialty Retail — 0.3%
	510	Petsmart, Inc., Term Loan B, VAR, 4.250%, 03/11/22		494
		Total Consumer Discretionary		12,658
		Consumer Staples — 3.3%
		Food & Staples Retailing — 0.8%
	419	Albertson’s LLC, Term Loan B-4, VAR, 5.500%, 08/25/21		409
	275	Albertson’s LLC, Term Loan B-5, VAR, 5.500%, 12/21/22		267
	644	Rite Aid Corp., 2nd Lien Tranche 2 Term Loan, VAR, 4.875%, 06/21/21		642
				1,318
		Food Products — 2.5%
	2,780	Dole Food Co., Inc., Tranche B Term Loan, VAR, 4.500%, 11/01/18		2,701
	359	Hearthside Food Solutions LLC, Term Loan, VAR, 4.500%, 06/02/21		340
	206	Pinnacle Foods Finance LLC, 1st Lien Term Loan G, VAR, 3.000%, 04/29/20		204
	537	Pinnacle Foods Finance LLC, Tranche H Term Loan, VAR, 3.000%, 04/29/20		531
				3,776
		Total Consumer Staples		5,094
		Energy — 2.0%
		Energy Equipment & Services — 0.4%
	98	Drillships Ocean Ventures, Inc., Tranche B-1 Term Loan, VAR, 6.000%, 03/31/21		28
	294	Floatel International Ltd., Initial Term Loan, (Bermuda), VAR, 6.000%, 06/27/20		123
	367	Pacific Drilling S.A., Term Loan, VAR, 4.500%, 06/03/18		70
	1,079	Seadrill Partners LP, Initial Term Loan, VAR, 4.000%, 02/21/21		445
				666

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 263

JPMorgan Short Duration High Yield Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016 (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Oil, Gas & Consumable Fuels — 1.6%
	97	Alon USA Partners LP, MLP Term Loans, VAR, 9.250%, 11/26/18		96
	134	Citgo Holding, Inc., Term Loan, VAR, 9.500%, 05/12/18		132
	407	CITGO Petroleum Corp., Term B Loan, VAR, 4.500%, 07/29/21		382
	875	Energy Transfer Equity LP, Term Loan, VAR, 3.250%, 12/02/19		705
	715	Fieldwood Energy LLC, 2nd Lien Closing Date Loan, VAR, 8.375%, 09/30/20		97
	716	Overseas Shipholding Group, Initial Term Loan, VAR, 5.250%, 08/05/19		624
	799	Peabody Energy Corp., Term Loan, VAR, 4.250%, 09/24/20		282
	310	Sabine Oil & Gas Corp., 2nd Lien Term Loan, VAR, 12.000%, 12/31/18 (d)		6
	601	Southcross Holdings LP, Term Loan, VAR, 6.000%, 08/04/21		90
				2,414
		Total Energy		3,080
		Financials — 0.5%
		Diversified Financial Services — 0.5%
	957	ROC Finance LLC, Funded Term B Loan, VAR, 5.000%, 06/20/19		857
		Health Care — 1.3%
		Biotechnology — 0.2%
	251	Sage Products Holdings III LLC, Term Loan, VAR, 4.250%, 12/13/19		250
		Health Care Providers & Services — 0.5%
	140	Acadia Healthcare Co., Inc., Tranche B-2 Term Loan, 4.500%, 02/16/23 ^		140
	108	CHG Healthcare Services, Inc., Term Loan, VAR, 4.250%, 11/19/19		106
	511	National Mentor Holdings, Inc., Tranche B Term Loan, VAR, 4.250%, 01/31/21		495
				741
		Pharmaceuticals — 0.6%
	472	Grifols Worldwide Operations Ltd., U.S. Tranche B Term Loan, VAR, 3.439%, 02/27/21		470
	217	Phibro Animal Health Corp., Term B Loan, VAR, 4.000%, 04/16/21		211
	347	Valeant Pharmaceuticals International, Inc., Series F-1 Tranche B Term Loan, (Canada), VAR, 4.000%, 04/01/22		324
				1,005
		Total Health Care		1,996

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
		Industrials — 1.3%
		Airlines — 0.2%
	388	Delta Air Lines, Inc., Term Loan B-1, VAR, 3.250%, 10/18/18		387
		Building Products — 0.3%
	496	Stardust Finance, Senior Lien Term Loan, VAR, 6.500%, 03/14/22		447
		Construction & Engineering — 0.1%
	108	Stonewall Gas Gathering LLC, Term Loan, VAR, 8.750%, 01/28/22		106
		Industrial Conglomerates — 0.1%
	286	Hudson Products Holdings, Inc., Term Loan, VAR, 5.000%, 03/15/19		194
		Machinery — 0.4%
	618	Intelligrated, Inc., 1st Lien Term Loan, VAR, 4.504%, 07/30/18		589
		Marine — 0.2%
	416	Drillships Ocean Ventures, Inc., Term Loan, VAR, 5.500%, 07/25/21		164
	460	Shelf Drilling Holdings Ltd., Term Loan, (Cayman Islands), VAR, 10.000%, 10/08/18		208
				372
		Total Industrials		2,095
		Information Technology — 0.2%
		Electronic Equipment, Instruments & Components — 0.2%
	385	Natel Engineering Co., Inc., Initial Term Loan, VAR, 6.750%, 04/10/20		362
		Materials — 1.9%
		Chemicals — 1.2%
	1,001	Axalta Coating Systems U.S. Holdings, Inc., Term Loan, VAR, 3.750%, 02/01/20		986
	502	Gemini HDPE LLC, Advance, VAR, 4.750%, 08/06/21		487
	449	OCI Beaumont LLC, Term Loan B-3, VAR, 6.500%, 08/20/19		446
				1,919
		Construction Materials — 0.0% (g)
	44	Quikrete Holdings, Inc., 2nd Lien Initial Loan, VAR, 7.000%, 03/26/21		44
		Metals & Mining — 0.7%
	234	Coeur Mining, Inc., Term Loan, VAR, 9.000%, 06/23/20		208
	1,100	FMG Resources Pty, Ltd., Term Loan B, (Australia), VAR, 4.250%, 06/30/19		843
				1,051
		Total Materials		3,014

SEE NOTES TO FINANCIAL STATEMENTS.

264 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	Loan Assignments — continued
		Telecommunication Services — 1.4%
		Diversified Telecommunication Services — 1.4%
	241	Cincinnati Bell, Inc., Tranche B Term Loan, VAR, 4.000%, 09/10/20		230
	1,045	Level 3 Financing, Inc., Term Loan B-3, VAR, 4.000%, 08/01/19		1,044
	435	UPC Financing Partnership, Facility AH, VAR, 3.344%, 06/30/21		421
	379	Virgin Media Investments Holdings Ltd., F Facility, (United Kingdom), VAR, 3.500%, 06/30/23		367
	141	XO Communications LLC, Initial Term Loan, VAR, 4.250%, 03/20/21		140
		Total Telecommunication Services		2,202
		Utilities — 0.9%
		Electric Utilities — 0.9%
	195	Calpine Construction Finance Co., Term B-1 Loan, VAR, 3.000%, 05/03/20		183
	512	Energy Future Intermediate Holding Co. LLC, Term Loan, VAR, 4.250%, 12/19/16		509
	1,750	Texas Competitive Electric Holdings Co. LLC, Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		478
	1,175	Texas Competitive Electric Holdings Co. LLC, Non-Extended Term Loan, VAR, 4.906%, 10/10/17 (d)		311
		Total Utilities		1,481
		Total Loan Assignments (Cost $40,024)		32,839

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.5%
		Investment Company — 0.5%
	810	JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $810)		810
		Total Investments — 96.7% (Cost $168,224)		152,107
		Other Assets in Excess of Liabilities — 3.3%		5,192
		NET ASSETS — 100.0%	$	157,299

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 265

JPMorgan Treasury & Agency Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 2016

(Amounts in thousands)

PRINCIPAL AMOUNT($)		SECURITY DESCRIPTION	VALUE($)
	U.S. Government Agency Securities — 14.2%
	4,000	Financing Corp. STRIPS, 1.389%, 11/30/17 (n)		3,930
	7,469	New Valley Generation I, 7.299%, 03/15/19		8,128
	2,740	New Valley Generation II, 5.572%, 05/01/20		2,980
		Total U.S. Government Agency Securities (Cost $14,915)		15,038
	U.S. Treasury Obligations — 84.6%
		U.S. Treasury Notes,
	8,500	0.625%, 04/30/18		8,465
	10,000	0.750%, 10/31/17		9,994
	4,095	0.875%, 12/31/16		4,102
	10,000	0.875%, 04/30/17		10,017
	675	0.875%, 07/31/19		672
	1,325	1.000%, 06/30/19		1,326
	2,000	1.000%, 08/31/19		1,998
	3,000	1.125%, 03/31/20		2,997
	6,000	1.250%, 10/31/18		6,059
	4,000	1.250%, 02/29/20		4,017
	8,000	1.500%, 10/31/19		8,123
	8,000	1.750%, 10/31/18		8,190
	3,500	2.125%, 08/31/20		3,638
	6,000	2.625%, 04/30/16		6,022
	5,000	2.875%, 03/31/18		5,211
	4,405	3.125%, 01/31/17		4,502
	4,000	3.250%, 12/31/16		4,085
		Total U.S. Treasury Obligations (Cost $88,883)		89,418

SHARES		SECURITY DESCRIPTION	VALUE($)
	Short-Term Investment — 0.8%
		Investment Company — 0.8%
	868	JPMorgan Federal Money Market Fund, Institutional Class Shares, 0.170%, (b) (l) (Cost $868)		868
		Total Investments — 99.6% (Cost $104,666)		105,324
		Other Assets in Excess of Liabilities — 0.4%		387
		NET ASSETS — 100.0%	$	105,711

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

266 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

J.P. Morgan Income Funds

NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 29, 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 February 29, 2016.
AUD	—  Australian Dollar
CMBS	—  Commercial Mortgage-Backed Security
CMO	—  Collateralized Mortgage Obligation
CSMC	—  Credit Suisse Mortgage Trust
DIP	—  Debtor-In-Possession
ESOP	—  Employee Stock Ownership Program
EUR	—  Euro
FHA	—  Federal Housing Administration
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 February 29, 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
MXN	—  Mexican Peso
NOK	—  Norwegian Krone
NZD	—  New Zealand Dollar
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 February 29, 2016.
USD	—  United States Dollar
VA	—  Veterans Administration
VAR	—  Variable Rate Security. The interest rate shown is the rate in effect as of February 29, 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 0.1%.
(h)	—  Amount rounds to less than one thousand (shares or dollars).
(k)	—  All or a portion of this security is deposited with the broker as initial margin for future contracts or centrally cleared swaps.
(l)	—  The rate shown is the current yield as of February 29, 2016.
(n)	—  The rate shown is the effective yield at the date of purchase.
(r)	—  Rates are per annum and payments are as described.
(t)	—  The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(v)	—  Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(w)	—  All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(x)	—  Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 29, 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 February 29, 2016.
^	—  All or a portion of the security is unsettled as of February 29, 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	$	86,120

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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 267

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016

(Amounts in thousands, except per share amounts)

	Core Bond Fund		Core Plus Bond Fund		Government Bond Fund
ASSETS:
Investments in non-affiliates, at value	$	27,661,719	$	4,533,511	$	1,257,517
Investments in affiliates, at value		2,123,872		206,704		47,069
Total investment securities, at value		29,785,591		4,740,215		1,304,586
Cash		472		458		—
Foreign currency, at value		—		18		—
Deposits at broker for futures contracts		—		15		—
Receivables:
Investment securities sold		8,274		3,428		10
Fund shares sold		79,309		10,683		4,679
Interest and dividends from non-affiliates		105,719		29,300		4,155
Dividends from affiliates		493		46		10
Tax reclaims		—		43		—
Variation margin on futures contracts		—		11		—
Unrealized appreciation on forward foreign currency exchange contracts		—		147		—
Total Assets		29,979,858		4,784,364		1,313,440
LIABILITIES:
Payables:
Due to custodian		—		—		1
Investment securities purchased		131,784		9,036		—
Investment securities purchased — delayed delivery securities		295,774		9,044		—
Fund shares redeemed		23,283		2,800		5,431
Unrealized depreciation on forward foreign currency exchange contracts		—		280		—
Unrealized depreciation on unfunded commitments		7		—		—
Variation margin on centrally cleared swaps		—		297		—
Accrued liabilities:
Investment advisory fees		5,619		911		217
Administration fees		1,201		295		79
Distribution fees		1,225		331		186
Shareholder servicing fees		1,714		65		14
Custodian and accounting fees		368		66		21
Collateral management fees		—		27		—
Trustees’ and Chief Compliance Officer’s fees		31		7		—
Audit fees		66		75		41
Sub-transfer agent fees		2,813		363		527
Other		1,419		165		141
Total Liabilities		465,304		23,762		6,658
Net Assets	$	29,514,554	$	4,760,602	$	1,306,782

SEE NOTES TO FINANCIAL STATEMENTS.

268 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
NET ASSETS:
Paid-in-Capital	$	28,629,011		$	4,776,608		$	1,234,496
Accumulated undistributed (distributions in excess of) net investment income		7,707			1,529			258
Accumulated net realized gains (losses)		14,304			(19,509	)		386
Net unrealized appreciation (depreciation)		863,532			1,974			71,642
Total Net Assets	$	29,514,554		$	4,760,602		$	1,306,782
Net Assets:
Class A	$	3,071,916		$	836,190		$	574,262
Class C		978,417			263,986			73,435
Class R2		113,488			34,621			61,217
Class R5		446,658			—			—
Class R6		13,142,391			2,388,798			—
Institutional Class		—			804,375			—
Select Class		11,761,684			432,632			597,868
Total	$	29,514,554		$	4,760,602		$	1,306,782
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		261,508			102,615			52,874
Class C		82,807			32,227			6,783
Class R2		9,674			4,251			5,642
Class R5		38,100			—			—
Class R6		1,118,364			293,080			—
Institutional Class		—			98,634			—
Select Class		1,002,070			53,119			55,070
Net Asset Value (a):
Class A — Redemption price per share	$	11.75		$	8.15		$	10.86
Class C — Offering price per share (b)		11.82			8.19			10.83
Class R2 — Offering and redemption price per share		11.73			8.14			10.85
Class R5 — Offering and redemption price per share		11.72			—			—
Class R6 — Offering and redemption price per share		11.75			8.15			—
Institutional Class — Offering and redemption price per share		—			8.16			—
Select Class — Offering and redemption price per share		11.74			8.14			10.86
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)]	$	12.21		$	8.47		$	11.28
Cost of investments in non-affiliates	$	26,798,180		$	4,531,343		$	1,185,875
Cost of investments in affiliates		2,123,872			206,704			47,069
Cost of foreign currency		—			19			—
Premiums paid on swaps		—			10,471			—
Premiums received on swaps		—			1,268			—

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

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 269

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016 (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	$	8,694,329	$	1,543,269	$	1,171,988
Investments in affiliates, at value		334,955		8,550		80,081
Investments in affiliates — restricted, at value		—		86,120		—
Total investment securities, at value		9,029,284		1,637,939		1,252,069
Cash		1,302		272		—	(a)
Receivables:
Investment securities sold		51,411		10,528		35
Fund shares sold		166,045		414		990
Interest and dividends from non-affiliates		162,614		8,230		1,603
Dividends from affiliates		76		1		22
Tax reclaims		693		—		—
Total Assets		9,411,425		1,657,384		1,254,719
LIABILITIES:
Payables:
Investment securities purchased		92,025		3,953		—
Fund shares redeemed		23,428		10,612		967
Outstanding swap contracts, at value		—		81,690		—
Accrued liabilities:
Investment advisory fees		4,103		427		158
Administration fees		455		104		29
Distribution fees		273		12		71
Shareholder servicing fees		27		63		54
Custodian and accounting fees		110		20		18
Collateral management fees		—		36		—
Trustees’ and Chief Compliance Officer’s fees		13		3		2
Audit fees		60		55		43
Sub-transfer agent fees		1,309		58		57
Other		951		521		74
Total Liabilities		122,754		97,554		1,473
Net Assets	$	9,288,671	$	1,559,830	$	1,253,246

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

270 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
NET ASSETS:
Paid-in-Capital	$	10,619,286		$	1,628,131		$	1,333,067
Accumulated undistributed (distributions in excess of) net investment income		5,287			(229	)		(245	)
Accumulated net realized gains (losses)		(269,050	)		(9,552	)		(71,107	)
Net unrealized appreciation (depreciation)		(1,066,852	)		(58,520	)		(8,469	)
Total Net Assets	$	9,288,671		$	1,559,830		$	1,253,246
Net Assets:
Class A	$	859,215		$	51,090		$	198,338
Class C		197,406			3,534			50,910
Class R2		8,533			363			—
Class R5		57,112			11,844			—
Class R6		3,685,406			798,786			680,614
Select Class		4,480,999			694,213			323,384
Total	$	9,288,671		$	1,559,830		$	1,253,246
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		129,224			5,040			19,900
Class C		29,645			350			5,164
Class R2		1,284			36			—
Class R5		8,536			1,164			—
Class R6		551,608			78,700			68,193
Select Class		670,409			68,490			32,455
Net Asset Value (a):
Class A — Redemption price per share	$	6.65		$	10.14		$	9.97
Class C — Offering price per share (b)		6.66			10.09			9.86
Class R2 — Offering and redemption price per share		6.64			10.14			—
Class R5 — Offering and redemption price per share		6.69			10.18			—
Class R6 — Offering and redemption price per share		6.68			10.15			9.98
Select Class — Offering and redemption price per share		6.68			10.14			9.96
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)]	$	6.91		$	10.54		$	10.20
Cost of investments in non-affiliates	$	9,761,181		$	1,520,099		$	1,180,457
Cost of investments in affiliates		334,955			8,550			80,081
Cost of investments in affiliates — restricted		—			86,120			—

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

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 271

STATEMENTS OF ASSETS AND LIABILITIES

AS OF FEBRUARY 29, 2016 (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	$	2,417,039		$	10,928,355	$	151,297	$	104,456
Investments in affiliates, at value		266,162			33,996		810		868
Total investment securities, at value		2,683,201			10,962,351		152,107		105,324
Cash		20			—		120		—
Due from custodian		—			—		366		—
Receivables:
Investment securities sold		681			24,971		3,139		—
Fund shares sold		8,792			10,525		—		19
Interest and dividends from non-affiliates		6,446			40,632		2,276		656
Dividends from affiliates		71			11		1		—	(a)
Tax reclaims		—			—		16		—
Other assets		—			—		11		—
Total Assets		2,699,211			11,038,490		158,036		105,999
LIABILITIES:
Payables:
Due to custodian		—			194		—		—
Investment securities purchased		841			25,096		546		—
Investment securities purchased — delayed delivery securities		5,410			—		—		—
Fund shares redeemed		5,705			51,699		40		181
Unrealized depreciation on unfunded commitments		—	(a)		2		—		—
Accrued liabilities:
Investment advisory fees		440			1,946		49		3
Administration fees		—			557		1		—
Distribution fees		51			170		1		7
Shareholder servicing fees		122			1,226		13		19
Custodian and accounting fees		90			117		12		9
Trustees’ and Chief Compliance Officer’s fees		4			14		1		—	(a)
Audit fees		46			42		68		43
Sub-transfer agent fees		101			904		1		6
Other		112			621		5		20
Total Liabilities		12,922			82,588		737		288
Net Assets	$	2,686,289		$	10,955,902	$	157,299	$	105,711

(a) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

272 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Mortgage-Backed Securities Fund			Short Duration Bond Fund			Short Duration High Yield Fund			Treasury & Agency Fund
NET ASSETS:
Paid-in-Capital	$	2,605,105		$	10,955,898		$	183,391		$	105,050
Accumulated undistributed (distributions in excess of) net investment income		838			1,645			101			2
Accumulated net realized gains (losses)		65			236			(10,076	)		1
Net unrealized appreciation (depreciation)		80,281			(1,877	)		(16,117	)		658
Total Net Assets	$	2,686,289		$	10,955,902		$	157,299		$	105,711
Net Assets:
Class A	$	209,213		$	528,045		$	2,570		$	34,618
Class C		19,275			110,872			264			—
Class R6		1,384,768			3,171,892			45,491			—
Select Class		1,073,033			7,145,093			108,974			71,093
Total	$	2,686,289		$	10,955,902		$	157,299		$	105,711
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		17,950			48,760			290			3,673
Class C		1,697			10,174			30			—
Class R6		121,675			292,558			5,132			—
Select Class		94,266			658,852			12,297			7,549
Net Asset Value (a):
Class A — Redemption price per share	$	11.66		$	10.83		$	8.87		$	9.42
Class C — Offering price per share (b)		11.36			10.90			8.85			—
Class R6 — Offering and redemption price per share		11.38			10.84			8.86			—
Select Class — Offering and redemption price per share		11.38			10.84			8.86			9.42
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)]	$	12.11		$	11.08		$	9.07		$	9.64
Cost of investments in non-affiliates	$	2,336,758		$	10,930,230		$	167,414		$	103,798
Cost of investments in affiliates		266,162			33,996			810			868

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

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 273

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2016

(Amounts in thousands)

	Core Bond Fund			Core Plus Bond Fund			Government Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	826,033		$	156,204		$	37,286
Interest income from affiliates		—			—	(a)		—
Dividend income from non-affiliates		—			267			—
Dividend income from affiliates		2,233			227			30
Total investment income		828,266			156,698			37,316
EXPENSES:
Investment advisory fees		87,114			12,992			3,893
Administration fees		23,797			3,549			1,064
Distribution fees:
Class A		9,227			1,770			1,475
Class B (b)		42			3			7
Class C		7,407			1,924			555
Class R2		562			136			272
Shareholder servicing fees:
Class A		9,227			1,770			1,475
Class B (b)		14			1			2
Class C		2,469			642			185
Class R2		281			68			136
Class R5		192			—			—
Institutional Class		—			690			—
Select Class		31,833			2,993			1,446
Custodian and accounting fees		902			309			46
Interest expense to affiliates		—			—	(a)		—
Professional fees		911			321			77
Collateral management fees		—			41			—
Interest expense to non-affiliates		—			2			—
Trustees’ and Chief Compliance Officer’s fees		264			40			11
Printing and mailing costs		3,291			341			112
Registration and filing fees		749			334			81
Transfer agent fees (See Note 2.I.)		546			118			305
Sub-transfer agent fees (See Note 2.I.)		9,860			1,483			2,023
Other		272			44			21
Total expenses		188,960			29,571			13,186
Less fees waived		(34,566	)		(3,454	)		(3,455	)
Less earnings credits		(1	)		—	(a)		—
Less expense reimbursements		(134	)		(226	)		(878	)
Net expenses		154,259			25,891			8,853
Net investment income (loss)		674,007			130,807			28,463
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		65,200			(19,762	)		618
Futures		—			1,327			—
Foreign currency transactions		—			1,035			—
Options written		—			(109	)		—
Swaps		—			(418	)		—
Net realized gain (loss)		65,200			(17,927	)		618
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(230,881	)		(96,876	)		1,041
Futures		—			266			—
Foreign currency translations		—			(577	)		—
Swaps		—			256			—
Unfunded commitments		345			22			—
Change in net unrealized appreciation/depreciation		(230,536	)		(96,909	)		1,041
Net realized/unrealized gains (losses)		(165,336	)		(114,836	)		1,659
Change in net assets resulting from operations	$	508,671		$	15,971		$	30,122

(a) Amount rounds to less than $1,000.

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

SEE NOTES TO FINANCIAL STATEMENTS.

274 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	High Yield Fund			Inflation Managed Bond Fund			Limited Duration Bond Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	632,847		$	35,009		$	16,813
Interest income from affiliates		—			42			—
Dividend income from non-affiliates		4,571			—			—
Dividend income from affiliates		394			23			161
Total investment income		637,812			35,074			16,974
EXPENSES:
Investment advisory fees		63,867			5,929			3,084
Administration fees		8,052			1,388			1,011
Distribution fees:
Class A		2,024			134			526
Class B (a)		9			—			—	(b)
Class C		1,820			29			381
Class R2		51			1			—
Shareholder servicing fees:
Class A		2,024			134			526
Class B (a)		3			—			—	(b)
Class C		607			10			127
Class R2		25			—	(b)		—
Class R5		33			6			—
Select Class		15,079			2,468			1,650
Custodian and accounting fees		189			159			97
Professional fees		755			103			81
Collateral management fees		—			53			—
Trustees’ and Chief Compliance Officer’s fees		100			16			12
Printing and mailing costs		1,433			2			73
Registration and filing fees		323			92			117
Transfer agent fees (See Note 2.I.)		1,104			28			57
Sub-transfer agent fees (See Note 2.I.)		6,152			174			240
Other		114			19			17
Total expenses		103,764			10,745			7,999
Less fees waived		(23,364	)		(1,345	)		(2,433	)
Less earnings credits		(1	)		—			—
Less expense reimbursements		(1,017	)		(81	)		—	(b)
Net expenses		79,382			9,319			5,566
Net investment income (loss)		558,430			25,755			11,408
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(218,886	)		(241	)		(165	)
Swaps		—			(6,047	)		—
Net realized gain (loss)		(218,886	)		(6,288	)		(165	)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(1,242,298	)		(4,350	)		(6,628	)
Swaps		—			(28,601	)		—
Change in net unrealized appreciation/depreciation		(1,242,298	)		(32,951	)		(6,628	)
Net realized/unrealized gains (losses)		(1,461,184	)		(39,239	)		(6,793	)
Change in net assets resulting from operations	$	(902,754	)	$	(13,484	)	$	4,615

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 275

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED FEBRUARY 29, 2016 (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	$	82,459		$	154,456		$	10,733		$	1,276
Interest income from affiliates		—			—			—	(a)		—
Dividend income from non-affiliates		—			—			81			—
Dividend income from affiliates		243			24			6			1
Total investment income		82,702			154,480			10,820			1,277
EXPENSES:
Investment advisory fees		9,019			26,942			1,047			344
Administration fees		2,112			8,832			172			94
Distribution fees:
Class A		405			972			9			66
Class B (b)		—			1			—			—	(a)
Class C		75			860			2			—
Shareholder servicing fees:
Class A		405			972			9			66
Class B (b)		—			—	(a)		—			—	(a)
Class C		25			287			1			—
Select Class		2,612			18,409			361			221
Custodian and accounting fees		234			249			44			14
Interest expense to affiliates		—			—			—	(a)		—
Professional fees		136			297			110			67
Trustees’ and Chief Compliance Officer’s fees		26			98			2			1
Printing and mailing costs		58			1,208			13			1
Registration and filing fees		103			297			45			42
Transfer agent fees (See Note 2.I.)		44			109			4			6
Sub-transfer agent fees (See Note 2.I.)		160			4,108			2			24
Other		35			106			9			7
Total expenses		15,449			63,747			1,830			953
Less fees waived		(6,948	)		(9,789	)		(561	)		(371	)
Less earnings credits		—			—	(a)		—	(a)		—
Less expense reimbursements		—			—	(a)		—	(a)		—	(a)
Net expenses		8,501			53,958			1,269			582
Net investment income (loss)		74,201			100,522			9,551			695
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,786			6,262			(6,903	)		93
Foreign currency transactions		—			—			8			—
Net realized gain (loss)		1,786			6,262			(6,895	)		93
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,374			(41,867	)		(12,081	)		259
Foreign currency translations		—			—			—	(a)		—
Unfunded commitments		28			88			—			—
Change in net unrealized appreciation/depreciation		2,402			(41,779	)		(12,081	)		259
Net realized/unrealized gains (losses)		4,188			(35,517	)		(18,976	)		352
Change in net assets resulting from operations	$	78,389		$	65,005		$	(9,425	)	$	1,047

(a) Amount rounds to less than $1,000.

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

SEE NOTES TO FINANCIAL STATEMENTS.

276 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	674,007		$	609,428		$	130,807		$	94,220
Net realized gain (loss)		65,200			28,085			(17,927	)		28,422
Change in net unrealized appreciation/depreciation		(230,536	)		437,884			(96,909	)		26,174
Change in net assets resulting from operations		508,671			1,075,397			15,971			148,816
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(77,176	)		(117,638	)		(20,653	)		(13,728	)
From net realized gains		(5,773	)		(5,971	)		(1,670	)		(3,621	)
Class B (a)
From net investment income		(58	)		(385	)		(6	)		(42	)
From net realized gains		—			(26	)		—			(10	)
Class C
From net investment income		(14,251	)		(18,211	)		(5,609	)		(6,015	)
From net realized gains		(1,845	)		(1,320	)		(548	)		(1,704	)
Class R2
From net investment income		(2,105	)		(2,424	)		(678	)		(446	)
From net realized gains		(213	)		(141	)		(66	)		(129	)
Class R5
From net investment income		(9,514	)		(9,271	)		—			—
From net realized gains		(735	)		(465	)		—			—
Class R6
From net investment income		(283,647	)		(205,056	)		(47,065	)		(16,657	)
From net realized gains		(24,825	)		(9,992	)		(5,085	)		(3,278	)
Institutional Class
From net investment income		—			—			(21,960	)		(12,717	)
From net realized gains		—			—			(1,564	)		(3,486	)
Select Class
From net investment income		(295,000	)		(274,739	)		(36,145	)		(44,527	)
From net realized gains		(21,607	)		(14,890	)		(758	)		(9,745	)
Total distributions to shareholders		(736,749	)		(660,529	)		(141,807	)		(116,105	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,376,925			4,873,014			1,022,920			1,365,683
NET ASSETS:
Change in net assets		1,148,847			5,287,882			897,084			1,398,394
Beginning of period		28,365,707			23,077,825			3,863,518			2,465,124
End of period	$	29,514,554		$	28,365,707		$	4,760,602		$	3,863,518
Accumulated undistributed (distributions in excess of) net investment income	$	7,707		$	15,306		$	1,529		$	2,275

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 277

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Government Bond Fund						High Yield Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	28,463		$	34,184		$	558,430		$	555,666
Net realized gain (loss)		618			47,654			(218,886	)		105,485
Change in net unrealized appreciation/depreciation		1,041			(25,923	)		(1,242,298	)		(358,507	)
Change in net assets resulting from operations		30,122			55,915			(902,754	)		302,644
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(13,051	)		(15,985	)		(45,574	)		(50,070	)
From net realized gains		(8,104	)		(12,215	)		(492	)		(18,104	)
Class B (a)
From net investment income		(13	)		(62	)		(41	)		(252	)
From net realized gains		—			(66	)		—			(101	)
Class C
From net investment income		(1,092	)		(1,302	)		(11,837	)		(14,294	)
From net realized gains		(968	)		(1,424	)		(126	)		(6,230	)
Class R2
From net investment income		(1,080	)		(1,069	)		(525	)		(542	)
From net realized gains		(757	)		(944	)		(6	)		(231	)
Class R5
From net investment income		—			—			(3,813	)		(4,898	)
From net realized gains		—			—			(36	)		(1,782	)
Class R6
From net investment income		—			—			(161,050	)		(122,551	)
From net realized gains		—			—			(2,073	)		(52,127	)
Select Class
From net investment income		(14,519	)		(14,374	)		(337,926	)		(375,155	)
From net realized gains		(8,055	)		(10,012	)		(3,062	)		(133,548	)
Total distributions to shareholders		(47,639	)		(57,453	)		(566,561	)		(779,885	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		49,839			(232,430	)		483,159			(282,924	)
NET ASSETS:
Change in net assets		32,322			(233,968	)		(986,156	)		(760,165	)
Beginning of period		1,274,460			1,508,428			10,274,827			11,034,992
End of period	$	1,306,782		$	1,274,460		$	9,288,671		$	10,274,827
Accumulated undistributed (distributions in excess of) net investment income	$	258		$	1,550		$	5,287		$	7,734

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

SEE NOTES TO FINANCIAL STATEMENTS.

278 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	25,755		$	21,091		$	11,408		$	7,905
Net realized gain (loss)		(6,288	)		3,932			(165	)		202
Change in net unrealized appreciation/depreciation		(32,951	)		(26,225	)		(6,628	)		3,701
Change in net assets resulting from operations		(13,484	)		(1,202	)		4,615			11,808
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(751	)		(755	)		(1,452	)		(1,314	)
Class B (a)
From net investment income		—			—			—			(1	)
Class C
From net investment income		(30	)		(29	)		(97	)		(116	)
Class R2
From net investment income		(2	)		(1	)		—			—
Class R5
From net investment income		(196	)		(173	)		—			—
Class R6
From net investment income		(10,023	)		(5,444	)		(3,706	)		(250	)
Select Class
From net investment income		(15,877	)		(15,400	)		(6,303	)		(5,774	)
Total distributions to shareholders		(26,879	)		(21,802	)		(11,558	)		(7,455	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(183,626	)		293,513			322,424			123,361
NET ASSETS:
Change in net assets		(223,989	)		270,509			315,481			127,714
Beginning of period		1,783,819			1,513,310			937,765			810,051
End of period	$	1,559,830		$	1,783,819		$	1,253,246		$	937,765
Accumulated undistributed (distributions in excess of) net investment income	$	(229	)	$	(449	)	$	(245	)	$	(208	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 279

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	74,201		$	82,514		$	100,522		$	102,465
Net realized gain (loss)		1,786			3,617			6,262			6,240
Change in net unrealized appreciation/depreciation		2,402			17,451			(41,779	)		(27,475	)
Change in net assets resulting from operations		78,389			103,582			65,005			81,230
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(4,236	)		(4,165	)		(2,421	)		(1,380	)
From net realized gains		(150	)		(144	)		(425	)		(134	)
Class B (a)
From net investment income		—			—			—	(b)		(1	)
From net realized gains		—			—			—			—	(b)
Class C
From net investment income		(225	)		(170	)		(147	)		(157	)
From net realized gains		(9	)		(8	)		(87	)		(76	)
Class R6
From net investment income		(41,985	)		(47,882	)		(33,410	)		(32,280	)
From net realized gains		(1,179	)		(1,456	)		(2,444	)		(1,707	)
Select Class
From net investment income		(30,537	)		(33,581	)		(64,725	)		(65,566	)
From net realized gains		(880	)		(1,080	)		(5,599	)		(4,604	)
Total distributions to shareholders		(79,201	)		(88,486	)		(109,258	)		(105,905	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		101,972			(234,337	)		(101,531	)		111,157
NET ASSETS:
Change in net assets		101,160			(219,241	)		(145,784	)		86,482
Beginning of period		2,585,129			2,804,370			11,101,686			11,015,204
End of period	$	2,686,289		$	2,585,129		$	10,955,902		$	11,101,686
Accumulated undistributed (distributions in excess of) net investment income	$	838		$	3,620		$	1,645		$	1,826

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

280 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Short Duration High Yield Fund						Treasury & Agency Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,551		$	12,012		$	695		$	1,219
Net realized gain (loss)		(6,895	)		(3,225	)		93			411
Change in net unrealized appreciation/depreciation		(12,081	)		(5,301	)		259			(1,151	)
Change in net assets resulting from operations		(9,425	)		3,486			1,047			479
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
From net investment income		(134	)		(75	)		(134	)		(220	)
From net realized gains		—			(1	)		(26	)		(102	)
Class B (a)
From net investment income		—			—			—			—	(b)
From net realized gains		—			—			—			—	(b)
Class C
From net investment income		(11	)		(8	)		—			—
From net realized gains		—			—	(b)		—			—
Class R6
From net investment income		(2,816	)		(3,142	)		—			—
From net realized gains		—			(34	)		—			—
Select Class
From net investment income		(6,607	)		(8,779	)		(586	)		(1,010	)
From net realized gains		—			(123	)		(84	)		(360	)
Total distributions to shareholders		(9,568	)		(12,162	)		(830	)		(1,692	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(79,606	)		20,173			(24,709	)		(45,738	)
NET ASSETS:
Change in net assets		(98,599	)		11,497			(24,492	)		(46,951	)
Beginning of period		255,898			244,401			130,203			177,154
End of period	$	157,299		$	255,898		$	105,711		$	130,203
Accumulated undistributed (distributions in excess of) net investment income	$	101		$	195		$	2		$	27

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

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 281

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,289,184		$	1,455,300		$	461,853		$	375,247
Distributions reinvested		77,471			116,962			21,470			16,543
Cost of shares redeemed		(3,307,992	)		(1,858,712	)		(224,501	)		(134,001	)
Conversion from Class B Shares		16,134			242			1,021			12
Change in net assets resulting from Class A capital transactions	$	(1,925,203	)	$	(286,208	)	$	259,843		$	257,801
Class B (a)
Proceeds from shares issued	$	35		$	67		$	12		$	153
Distributions reinvested		57			400			6			49
Cost of shares redeemed		(3,500	)		(7,770	)		(322	)		(860	)
Conversion to Class A Shares		(16,134	)		(242	)		(1,021	)		(12	)
Change in net assets resulting from Class B capital transactions	$	(19,542	)	$	(7,545	)	$	(1,325	)	$	(670	)
Class C
Proceeds from shares issued	$	153,635		$	108,054		$	82,689		$	61,325
Distributions reinvested		14,985			18,255			5,774			7,498
Cost of shares redeemed		(230,260	)		(312,962	)		(71,859	)		(71,395	)
Change in net assets resulting from Class C capital transactions	$	(61,640	)	$	(186,653	)	$	16,604		$	(2,572	)
Class R2
Proceeds from shares issued	$	34,628		$	41,084		$	27,876		$	11,265
Distributions reinvested		2,138			2,284			471			431
Cost of shares redeemed		(40,726	)		(36,991	)		(12,096	)		(4,802	)
Change in net assets resulting from Class R2 capital transactions	$	(3,960	)	$	6,377		$	16,251		$	6,894
Class R5
Proceeds from shares issued	$	206,211		$	154,586		$	—		$	—
Distributions reinvested		7,651			7,389			—			—
Cost of shares redeemed		(126,009	)		(132,106	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	87,853		$	29,869		$	—		$	—
Class R6
Proceeds from shares issued	$	6,249,156		$	3,823,211		$	1,783,621		$	581,967
Distributions reinvested		296,498			206,740			48,212			13,357
Cost of shares redeemed		(2,896,201	)		(1,235,227	)		(236,828	)		(98,169	)
Change in net assets resulting from Class R6 capital transactions	$	3,649,453		$	2,794,724		$	1,595,005		$	497,155
Institutional Class
Proceeds from shares issued	$	—		$	—		$	343,641		$	407,091
Distributions reinvested		—			—			22,760			15,136
Cost of shares redeemed		—			—			(161,023	)		(67,343	)
Change in net assets resulting from Institutional Class capital transactions	$	—		$	—		$	205,378		$	354,884
Select Class
Proceeds from shares issued	$	5,814,466		$	5,113,990		$	308,123		$	267,052
Distributions reinvested		267,721			251,415			35,211			52,906
Cost of shares redeemed		(6,432,223	)		(2,842,955	)		(1,412,170	)		(67,767	)
Change in net assets resulting from Select Class capital transactions	$	(350,036	)	$	2,522,450		$	(1,068,836	)	$	252,191
Total change in net assets resulting from capital transactions	$	1,376,925		$	4,873,014		$	1,022,920		$	1,365,683

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

282 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Core Bond Fund						Core Plus Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		110,021			123,819			56,139			44,837
Reinvested		6,617			9,965			2,618			1,980
Redeemed		(281,776	)		(158,234	)		(27,302	)		(16,031	)
Conversion from Class B Shares		1,378			21			123			1
Change in Class A Shares		(163,760	)		(24,429	)		31,578			30,787
Class B (a)
Issued		3			7			1			19
Reinvested		5			34			1			6
Redeemed		(298	)		(662	)		(39	)		(103	)
Conversion to Class A Shares		(1,378	)		(21	)		(122	)		(1	)
Change in Class B Shares		(1,668	)		(642	)		(159	)		(79	)
Class C
Issued		13,038			9,196			10,016			7,289
Reinvested		1,274			1,547			700			894
Redeemed		(19,545	)		(26,560	)		(8,692	)		(8,506	)
Change in Class C Shares		(5,233	)		(15,817	)		2,024			(323	)
Class R2
Issued		2,961			3,507			3,383			1,347
Reinvested		183			195			57			51
Redeemed		(3,480	)		(3,156	)		(1,466	)		(574	)
Change in Class R2 Shares		(336	)		546			1,974			824
Class R5
Issued		17,692			13,196			—			—
Reinvested		655			630			—			—
Redeemed		(10,781	)		(11,259	)		—			—
Change in Class R5 Shares		7,566			2,567			—			—
Class R6
Issued		533,969			324,582			217,064			69,757
Reinvested		25,344			17,592			5,900			1,598
Redeemed		(247,410	)		(105,096	)		(28,834	)		(11,693	)
Change in Class R6 Shares		311,903			237,078			194,130			59,662
Institutional Class
Issued		—			—			41,799			48,549
Reinvested		—			—			2,772			1,809
Redeemed		—			—			(19,545	)		(8,038	)
Change in Institutional Class Shares		—			—			25,026			42,320
Select Class
Issued		495,668			436,016			37,482			31,956
Reinvested		22,898			21,425			4,271			6,336
Redeemed		(550,438	)		(242,023	)		(172,400	)		(8,081	)
Change in Select Class Shares		(31,872	)		215,418			(130,647	)		30,211

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 283

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Government Bond Fund						High Yield Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	275,090		$	231,623		$	672,055		$	458,894
Distributions reinvested		12,237			17,205			42,259			59,910
Cost of shares redeemed		(291,606	)		(346,353	)		(567,419	)		(711,595	)
Conversion from Class B Shares		2,720			115			3,096			90
Change in net assets resulting from Class A capital transactions	$	(1,559	)	$	(97,410	)	$	149,991		$	(192,701	)
Class B (a)
Proceeds from shares issued	$	30		$	34		$	43		$	168
Distributions reinvested		11			106			38			320
Cost of shares redeemed		(671	)		(1,310	)		(1,333	)		(2,058	)
Conversion to Class A Shares		(2,720	)		(115	)		(3,096	)		(90	)
Change in net assets resulting from Class B capital transactions	$	(3,350	)	$	(1,285	)	$	(4,348	)	$	(1,660	)
Class C
Proceeds from shares issued	$	19,726		$	13,435		$	26,897		$	46,625
Distributions reinvested		1,634			2,149			10,999			18,761
Cost of shares redeemed		(24,327	)		(24,219	)		(84,351	)		(87,665	)
Change in net assets resulting from Class C capital transactions	$	(2,967	)	$	(8,635	)	$	(46,455	)	$	(22,279	)
Class R2
Proceeds from shares issued	$	28,842		$	27,546		$	3,650		$	3,931
Distributions reinvested		1,175			1,252			431			619
Cost of shares redeemed		(21,862	)		(25,127	)		(4,621	)		(4,518	)
Change in net assets resulting from Class R2 capital transactions	$	8,155		$	3,671		$	(540	)	$	32
Class R5
Proceeds from shares issued	$	—		$	—		$	19,127		$	27,913
Distributions reinvested		—			—			3,552			6,295
Cost of shares redeemed		—			—			(32,841	)		(56,818	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(10,162	)	$	(22,610	)
Class R6
Proceeds from shares issued	$	—		$	—		$	2,263,337		$	813,918
Distributions reinvested		—			—			149,887			150,119
Cost of shares redeemed		—			—			(276,392	)		(1,070,798	)
Change in net assets resulting from Class R6 capital transactions	$	—		$	—		$	2,136,832		$	(106,761	)
Select Class
Proceeds from shares issued	$	207,849		$	192,177		$	2,078,892		$	2,850,553
Distributions reinvested		17,840			18,625			228,026			328,352
Cost of shares redeemed		(176,129	)		(339,573	)		(4,049,077	)		(3,115,850	)
Change in net assets resulting from Select Class capital transactions	$	49,560		$	(128,771	)	$	(1,742,159	)	$	63,055
Total change in net assets resulting from capital transactions	$	49,839		$	(232,430	)	$	483,159		$	(282,924	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

284 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Government Bond Fund						High Yield Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		25,337			20,945			94,167			58,200
Reinvested		1,132			1,561			5,918			7,700
Redeemed		(26,828	)		(31,326	)		(79,106	)		(90,144	)
Conversion from Class B Shares		249			10			407			11
Change in Class A Shares		(110	)		(8,810	)		21,386			(24,233	)
Class B (a)
Issued		3			3			6			21
Reinvested		1			9			5			41
Redeemed		(62	)		(119	)		(174	)		(260	)
Conversion to Class A Shares		(249	)		(10	)		(406	)		(11	)
Change in Class B Shares		(307	)		(117	)		(569	)		(209	)
Class C
Issued		1,820			1,221			3,719			5,843
Reinvested		152			196			1,526			2,413
Redeemed		(2,245	)		(2,201	)		(11,691	)		(11,129	)
Change in Class C Shares		(273	)		(784	)		(6,446	)		(2,873	)
Class R2
Issued		2,662			2,490			506			499
Reinvested		109			114			60			80
Redeemed		(2,015	)		(2,275	)		(652	)		(575	)
Change in Class R2 Shares		756			329			(86	)		4
Class R5
Issued		—			—			2,616			3,496
Reinvested		—			—			490			803
Redeemed		—			—			(4,483	)		(7,115	)
Change in Class R5 Shares		—			—			(1,377	)		(2,816	)
Class R6
Issued		—			—			313,320			102,265
Reinvested		—			—			21,110			19,262
Redeemed		—			—			(39,034	)		(136,937	)
Change in Class R6 Shares		—			—			295,396			(15,410	)
Select Class
Issued		19,141			17,407			288,780			361,698
Reinvested		1,650			1,691			31,426			41,959
Redeemed		(16,199	)		(30,800	)		(564,957	)		(391,756	)
Change in Select Class Shares		4,592			(11,702	)		(244,751	)		11,901

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 285

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	15,190		$	13,756		$	92,942		$	97,098
Distributions reinvested		751			754			1,391			1,248
Cost of shares redeemed		(22,673	)		(22,149	)		(99,104	)		(80,844	)
Conversion from Class B Shares		—			—			122			3
Change in net assets resulting from Class A capital transactions	$	(6,732	)	$	(7,639	)	$	(4,649	)	$	17,505
Class B (a)
Proceeds from shares issued	$	—		$	—		$	4		$	7
Distributions reinvested		—			—			—			1
Cost of shares redeemed		—			—			(86	)		(61	)
Conversion to Class A Shares		—			—			(122	)		(3	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(204	)	$	(56	)
Class C
Proceeds from shares issued	$	622		$	800		$	14,826		$	13,443
Distributions reinvested		30			29			92			113
Cost of shares redeemed		(1,485	)		(1,569	)		(17,520	)		(17,701	)
Change in net assets resulting from Class C capital transactions	$	(833	)	$	(740	)	$	(2,602	)	$	(4,145	)
Class R2
Proceeds from shares issued	$	358		$	9		$	—		$	—
Distributions reinvested		2			1			—			—
Cost of shares redeemed		(80	)		(53	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	280		$	(43	)	$	—		$	—
Class R5
Proceeds from shares issued	$	1,524		$	1,230		$	—		$	—
Distributions reinvested		196			173			—			—
Cost of shares redeemed		(2,211	)		(1,392	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	(491	)	$	11		$	—		$	—
Class R6
Proceeds from shares issued	$	424,960		$	190,068		$	734,862		$	31,791
Distributions reinvested		9,688			5,439			3,224			242
Cost of shares redeemed		(128,254	)		(22,369	)		(97,953	)		(8,084	)
Change in net assets resulting from Class R6 capital transactions	$	306,394		$	173,138		$	640,133		$	23,949
Select Class
Proceeds from shares issued	$	156,573		$	383,233		$	411,901		$	231,729
Distributions reinvested		9,612			10,068			5,449			5,329
Cost of shares redeemed		(648,429	)		(264,515	)		(727,604	)		(150,950	)
Change in net assets resulting from Select Class capital transactions	$	(482,244	)	$	128,786		$	(310,254	)	$	86,108
Total change in net assets resulting from capital transactions	$	(183,626	)	$	293,513		$	322,424		$	123,361

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

286 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Inflation Managed Bond Fund						Limited Duration Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,480			1,317			9,289			9,715
Reinvested		74			72			139			125
Redeemed		(2,217	)		(2,123	)		(9,915	)		(8,088	)
Conversion from Class B Shares		—			—			12			—	(a)
Change in Class A Shares		(663	)		(734	)		(475	)		1,752
Class B (b)
Issued		—			—			—			2
Reinvested		—			—			—			—	(a)
Redeemed		—			—			(9	)		(7	)
Conversion to Class A Shares		—			—			(12	)		—	(a)
Change in Class B Shares		—			—			(21	)		(5	)
Class C
Issued		61			77			1,499			1,358
Reinvested		3			3			9			12
Redeemed		(145	)		(150	)		(1,771	)		(1,790	)
Change in Class C Shares		(81	)		(70	)		(263	)		(420	)
Class R2
Issued		36			—	(a)		—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(8	)		(5	)		—			—
Change in Class R2 Shares		28			(5	)		—			—
Class R5
Issued		149			119			—			—
Reinvested		19			16			—			—
Redeemed		(217	)		(133	)		—			—
Change in Class R5 Shares		(49	)		2			—			—
Class R6
Issued		41,783			18,212			73,445			3,171
Reinvested		950			517			323			24
Redeemed		(12,685	)		(2,143	)		(9,797	)		(807	)
Change in Class R6 Shares		30,048			16,586			63,971			2,388
Select Class
Issued		15,343			36,630			41,154			23,173
Reinvested		941			958			545			533
Redeemed		(63,764	)		(25,396	)		(72,883	)		(15,088	)
Change in Select Class Shares		(47,480	)		12,192			(31,184	)		8,618

(a) Amount rounds to less than 1,000 shares.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	122,386		$	50,428		$	473,231		$	114,930
Distributions reinvested		4,295			4,209			2,760			1,429
Cost of shares redeemed		(56,848	)		(66,432	)		(172,446	)		(130,192	)
Conversion from Class B Shares		—			—			363			30
Change in net assets resulting from Class A capital transactions	$	69,833		$	(11,795	)	$	303,908		$	(13,803	)
Class B (a)
Proceeds from shares issued	$	—		$	—		$	35		$	63
Distributions reinvested		—			—			—	(b)		1
Cost of shares redeemed		—			—			(151	)		(363	)
Conversion to Class A Shares		—			—			(363	)		(30	)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(479	)	$	(329	)
Class C
Proceeds from shares issued	$	14,586		$	3,545		$	23,148		$	24,472
Distributions reinvested		217			178			226			227
Cost of shares redeemed		(3,258	)		(2,374	)		(36,175	)		(54,883	)
Change in net assets resulting from Class C capital transactions	$	11,545		$	1,349		$	(12,801	)	$	(30,184	)
Class R6
Proceeds from shares issued	$	177,261		$	187,238		$	2,124,251		$	2,103,943
Distributions reinvested		40,071			45,595			21,544			18,634
Cost of shares redeemed		(229,992	)		(447,902	)		(1,929,940	)		(1,965,924	)
Change in net assets resulting from Class R6 capital transactions	$	(12,660	)	$	(215,069	)	$	215,855		$	156,653
Select Class
Proceeds from shares issued	$	412,165		$	279,405		$	2,488,315		$	2,410,303
Distributions reinvested		21,595			22,770			44,385			39,200
Cost of shares redeemed		(400,506	)		(310,997	)		(3,140,714	)		(2,450,683	)
Change in net assets resulting from Select Class capital transactions	$	33,254		$	(8,822	)	$	(608,014	)	$	(1,180	)
Total change in net assets resulting from capital transactions	$	101,972		$	(234,337	)	$	(101,531	)	$	111,157

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than $1,000.

SEE NOTES TO FINANCIAL STATEMENTS.

288 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Mortgage-Backed Securities Fund						Short Duration Bond Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		10,533			4,336			43,602			10,554
Reinvested		370			362			254			132
Redeemed		(4,892	)		(5,711	)		(15,900	)		(11,955	)
Conversion from Class B Shares		—			—			33			3
Change in Class A Shares		6,011			(1,013	)		27,989			(1,266	)
Class B (a)
Issued		—			—			4			5
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(14	)		(33	)
Conversion to Class A Shares		—			—			(33	)		(3	)
Change in Class B Shares		—			—			(43	)		(31	)
Class C
Issued		1,288			312			2,122			2,234
Reinvested		19			16			21			21
Redeemed		(288	)		(209	)		(3,312	)		(5,011	)
Change in Class C Shares		1,019			119			(1,169	)		(2,756	)
Class R6
Issued		15,585			16,445			195,339			192,974
Reinvested		3,535			4,015			1,983			1,710
Redeemed		(20,216	)		(39,388	)		(177,528	)		(180,305	)
Change in Class R6 Shares		(1,096	)		(18,928	)		19,794			14,379
Select Class
Issued		36,302			24,577			228,970			221,070
Reinvested		1,905			2,005			4,084			3,598
Redeemed		(35,316	)		(27,357	)		(288,919	)		(224,755	)
Change in Select Class Shares		2,891			(775	)		(55,865	)		(87	)

(a) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

(b) Amount rounds to less than 1,000 shares.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 289

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	Short Duration High Yield Fund						Treasury & Agency Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	12,531		$	1,301		$	21,299		$	4,098
Distributions reinvested		134			76			155			304
Cost of shares redeemed		(11,651	)		(770	)		(13,558	)		(21,843	)
Conversion from Class B Shares		—			—			—	(a)		—	(a)
Change in net assets resulting from Class A capital transactions	$	1,014		$	607		$	7,896		$	(17,441	)
Class B (b)
Distributions reinvested	$	—		$	—		$	—		$	—	(a)
Cost of shares redeemed		—			—			(36	)		(144	)
Conversion to Class A Shares		—			—			—	(a)		—	(a)
Change in net assets resulting from Class B capital transactions	$	—		$	—		$	(36	)	$	(144	)
Class C
Proceeds from shares issued	$	260		$	268		$	—		$	—
Distributions reinvested		11			8			—			—
Cost of shares redeemed		(303	)		(1	)		—			—
Change in net assets resulting from Class C capital transactions	$	(32	)	$	275		$	—		$	—
Class R6
Proceeds from shares issued	$	1,999		$	73,530		$	—		$	—
Distributions reinvested		1			3			—			—
Cost of shares redeemed		(31,670	)		(32,687	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(29,670	)	$	40,846		$	—		$	—
Select Class
Proceeds from shares issued	$	37,758		$	152,218		$	13,981		$	15,423
Distributions reinvested		1,247			1,274			413			964
Cost of shares redeemed		(89,923	)		(175,047	)		(46,963	)		(44,540	)
Change in net assets resulting from Select Class capital transactions	$	(50,918	)	$	(21,555	)	$	(32,569	)	$	(28,153	)
Total change in net assets resulting from capital transactions	$	(79,606	)	$	20,173		$	(24,709	)	$	(45,738	)

(a) Amount rounds to less than $1,000.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

290 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Short Duration High Yield Fund						Treasury & Agency Fund
	Year Ended February 29, 2016			Year Ended February 28, 2015			Year Ended February 29, 2016			Year Ended February 28, 2015
SHARE TRANSACTIONS:
Class A
Issued		1,294			130			2,265			434
Reinvested		15			8			16			32
Redeemed		(1,220	)		(78	)		(1,439	)		(2,311	)
Conversion from Class B Shares		—			—			—	(a)		—	(a)
Change in Class A Shares		89			60			842			(1,845	)
Class B (b)
Reinvested		—			—			—			—	(a)
Redeemed		—			—			(4	)		(15	)
Conversion to Class A Shares		—			—			—	(a)		—	(a)
Change in Class B Shares		—			—			(4	)		(15	)
Class C
Issued		28			27			—			—
Reinvested		1			1			—			—
Redeemed		(32	)		—	(a)		—			—
Change in Class C Shares		(3	)		28			—			—
Class R6
Issued		215			7,390			—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		(3,298	)		(3,323	)		—			—
Change in Class R6 Shares		(3,083	)		4,067			—			—
Select Class
Issued		3,987			15,280			1,485			1,633
Reinvested		133			129			44			102
Redeemed		(9,581	)		(17,673	)		(4,987	)		(4,717	)
Change in Select Class Shares		(5,461	)		(2,264	)		(3,458	)		(2,982	)

(a) Amount rounds to less than 1,000 shares.

(b) All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation.

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 291

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
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
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
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
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
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
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	)		—	(e)		(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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

292 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	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
	11.73		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
	11.72		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
	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
	11.74		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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 293

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
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	)		—	(e)		(0.30	)
Year Ended February 29, 2012		8.19		0.38		0.19			0.57			(0.38	)		—	(e)		(0.38	)
Class C
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	)		—	(e)		(0.25	)
Year Ended February 29, 2012		8.23		0.33		0.19			0.52			(0.33	)		—	(e)		(0.33	)
Class R2
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	)		—	(e)		(0.27	)
Year Ended February 29, 2012		8.20		0.35		0.18			0.53			(0.35	)		—	(e)		(0.35	)
Class R6
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	)		—	(e)		(0.33	)
Year Ended February 29, 2012		8.19		0.41		0.19			0.60			(0.41	)		—	(e)		(0.41	)
Institutional Class
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	)		—	(e)		(0.33	)
Year Ended February 29, 2012		8.20		0.40		0.20			0.60			(0.41	)		—	(e)		(0.41	)
Select Class
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	)		—	(e)		(0.31	)
Year Ended February 29, 2012		8.19		0.39		0.19			0.58			(0.39	)		—	(e)		(0.39	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

294 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	8.19		(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
	8.14		(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
	8.15		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
	8.16		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
	8.14		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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 295

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
Year Ended February 29, 2016	$	11.02	$	0.23	(d)	$	—	(e)	$	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
Year Ended February 29, 2016		10.98		0.15	(d)		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			—	(e)		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
Year Ended February 29, 2016		11.01		0.20	(d)		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			—	(e)		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	)
Select Class
Year Ended February 29, 2016		11.02		0.26	(d)		—	(e)		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) 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.

(b) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(c) 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.

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

296 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (a)			Net assets, end of period (000’s)		Net expenses (b)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	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
	10.83		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
	10.85		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
	10.86		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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 297

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		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
Year Ended February 29, 2016	$	7.71	$	0.40	$	(1.06	)	$	(0.66	)	$	(0.40	)	$	—	(e)	$	(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	)		—	(e)
Class C
Year Ended February 29, 2016		7.72		0.36		(1.06	)		(0.70	)		(0.36	)		—	(e)		(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	)		—	(e)
Class R2
Year Ended February 29, 2016		7.70		0.38		(1.06	)		(0.68	)		(0.38	)		—	(e)		(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	)		—	(e)
Class R5
Year Ended February 29, 2016		7.75		0.42		(1.06	)		(0.64	)		(0.42	)		—	(e)		(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	)		—	(e)
Class R6
Year Ended February 29, 2016		7.74		0.42		(1.06	)		(0.64	)		(0.42	)		—	(e)		(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	)		—	(e)
Select Class
Year Ended February 29, 2016		7.75		0.42		(1.07	)		(0.65	)		(0.42	)		—	(e)		(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	)		—	(e)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

298 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	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
	6.64		(9.06	)		8,533		1.30			5.19			1.82			52
	7.70		2.62			10,544		1.33			4.80			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
	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
	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
	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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 299

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			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
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	(e)		(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
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	(e)		(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
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	(e)		(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
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	(e)		(0.14	)		—	(f)		(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
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	(e)		(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
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	(e)		(0.13	)		—	(f)		(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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) 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.

(f) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

300 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	10.14		(0.85	)%	$	51,090		0.75	%		1.32	%		1.15	%		27	%
	10.37		(0.18	)		59,129		0.75			1.15	(e)		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
	10.09		(1.53	)		3,534		1.40			0.67			1.53			27
	10.33		(0.82	)		4,453		1.40			0.51	(e)		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
	10.14		(1.08	)		363		1.00			0.87			1.67			27
	10.37		(0.41	)		86		1.00			0.94	(e)		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
	10.18		(0.64	)		11,844		0.55			1.54			0.58			27
	10.41		0.02			12,619		0.54			1.34	(e)		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
	10.15		(0.56	)		798,786		0.46			1.55			0.46			27
	10.38		0.07			505,064		0.48			1.32	(e)		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
	10.14		(0.70	)		694,213		0.60			1.52			0.72			27
	10.37		(0.04	)		1,202,468		0.60			1.26	(e)		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.

FEBRUARY 29, 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) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
Limited Duration Bond Fund
Class A
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
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
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
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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

302 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	9.86		(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
	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
	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.

FEBRUARY 29, 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
Mortgage-Backed Securities Fund
Class A
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
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
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
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 0.01% 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.

304 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 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)
$	11.66		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
	11.36		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
	11.38		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
	11.38		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.

FEBRUARY 29, 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) (a)		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
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		—	(e)		0.11			(0.11	)		—	(e)		(0.11	)
Year Ended February 29, 2012		10.95		0.15		0.04			0.19			(0.15	)		(0.02	)		(0.17	)
Class C
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		—	(e)		0.05			(0.05	)		—	(e)		(0.05	)
Year Ended February 29, 2012		11.02		0.09		0.04			0.13			(0.09	)		(0.02	)		(0.11	)
Class R6
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	)		—	(e)		(0.16	)
Year Ended February 29, 2012		10.97		0.20		0.05			0.25			(0.21	)		(0.02	)		(0.23	)
Select Class
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	)		—	(e)		(0.13	)
Year Ended February 29, 2012		10.96		0.18		0.05			0.23			(0.18	)		(0.02	)		(0.20	)

(a) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

306 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	10.90		(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
	10.84		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
	10.84		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.

FEBRUARY 29, 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
Short Duration High Yield Fund
Class A
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	)(h)		0.39			(0.34	)		—			(0.34	)
Class C
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	)(h)		0.34			(0.29	)		—			(0.29	)
Class R6
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	)(h)		0.44			(0.38	)		—			(0.38	)
Select Class
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	)(h)		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 0.01% 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) Commencement of operations.

(h) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended February 28, 2014.

SEE NOTES TO FINANCIAL STATEMENTS.

308 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 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)
$	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	(i)		4.13	(i)		1.45	(i)		66
	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	(i)		3.62	(i)		2.15	(i)		66
	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	(i)		4.49	(i)		0.78	(i)		66
	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	(i)		4.36	(i)		1.15	(i)		66

SEE NOTES TO FINANCIAL STATEMENTS.

FEBRUARY 29, 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) (a)		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
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
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	)		—	(e)		(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) Calculated based upon average shares outstanding.

(b) 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.

(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.

(d) 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.

(e) Amount rounds to less than $0.01.

SEE NOTES TO FINANCIAL STATEMENTS.

310 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (d)
$	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
	9.42		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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 311

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016

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 R5, Class R6 and Select Class	JPM II	Diversified
Core Plus Bond Fund	Class A, Class C, Class R2, Class R6, Institutional Class and Select Class	JPM II	Diversified
Government Bond Fund	Class A, Class C, Class R2 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

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. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.

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

312 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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.

JPMorgan Funds Management, Inc. (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 February 29, 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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 313

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (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	$	—		$	3,015,955	$	291,801		$	3,307,756
Collateralized Mortgage Obligations
Agency CMO		—			3,950,044		—			3,950,044
Non-Agency CMO		—			808,856		67,974			876,830
Total Collateralized Mortgage Obligations		—			4,758,900		67,974			4,826,874
Commercial Mortgage-Backed Securities		—			861,362		106,750			968,112
Corporate Bonds
Consumer Discretionary		—			398,014		—			398,014
Consumer Staples		—			283,979		—			283,979
Energy		—			541,905		—			541,905
Financials		—			2,263,478		—			2,263,478
Health Care		—			275,694		—			275,694
Industrials		—			423,545		—			423,545
Information Technology		—			337,792		—			337,792
Materials		—			158,763		—			158,763
Telecommunication Services		—			352,506		—			352,506
Utilities		—			427,840		—			427,840
Total Corporate Bonds		—			5,463,516		—			5,463,516
Foreign Government Securities		—			300,711		—			300,711
Mortgage Pass-Through Securities		—			4,415,851		—			4,415,851
Municipal Bonds		—			78,497		—			78,497
Supranational		—			28,988		—			28,988
U.S. Government Agency Securities		—			675,156		—			675,156
U.S. Treasury Obligations		—			7,550,757		—			7,550,757
Loan Assignments
Consumer Discretionary		—			25,212		—			25,212
Financials		—			—		10,289			10,289
Industrials		—			10,000		—			10,000
Total Loan Assignments		—			35,212		10,289			45,501
Short-Term Investment
Investment Company		2,123,872			—		—			2,123,872
Total Investments in Securities	$	2,123,872		$	27,184,905	$	476,814		$	29,785,591
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	$	—		$	—	$	76		$	76
Financials		—			—		165			165
Materials		—	(a)		—		—	(a)		—	(a)
Telecommunication Services		361			—		—			361
Utilities		76			—		—			76
Total Common Stocks		437			—		241			678
Preferred Stocks
Financials		349			1,939		—			2,288
Industrials		—			1,039		—			1,039
Materials		—			—		—	(b)		—	(b)
Total Preferred Stocks		349			2,978		—	(b)		3,327

314 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

Core Plus Bond Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Debt Securities
Asset-Backed Securities	$	—	$	501,029	$	106,212		$	607,241
Collateralized Mortgage Obligations
Agency CMO		—		405,990		—			405,990
Non-Agency CMO		—		94,248		12,664			106,912
Total Collateralized Mortgage Obligations		—		500,238		12,664			512,902
Commercial Mortgage-Backed Securities		—		211,317		66,932			278,249
Convertible Bonds
Consumer Discretionary		—		—		—	(b)		—	(b)
Utilities		—		—		511			511
Total Convertible Bonds		—		—		511			511
Corporate Bonds
Consumer Discretionary		—		168,624		1,165			169,789
Consumer Staples		—		72,326		—			72,326
Energy		—		135,690		—			135,690
Financials		—		368,141		—			368,141
Health Care		—		81,677		—			81,677
Industrials		—		123,295		596			123,891
Information Technology		—		81,326		—			81,326
Materials		—		85,386		538			85,924
Telecommunication Services		—		105,224		—			105,224
Utilities		—		78,474		—			78,474
Total Corporate Bonds		—		1,300,163		2,299			1,302,462
Foreign Government Securities		—		56,076		—			56,076
Mortgage Pass-Through Securities		—		562,143		—			562,143
Municipal Bonds		—		12,257		—			12,257
Preferred Securities
Financials		—		20,097		—			20,097
Supranational		—		2,227		—			2,227
U.S. Government Agency Securities		—		39,409		—			39,409
U.S. Treasury Obligations		—		1,088,297		—			1,088,297
Loan Assignments
Consumer Discretionary		—		19,360		—	(a)		19,360
Consumer Staples		—		6,781		—			6,781
Energy		—		391		—			391
Financials		—		1,038		—			1,038
Health Care		—		1,908		—			1,908
Industrials		—		10,000		—			10,000
Information Technology		—		3,714		—			3,714
Materials		—		440		—			440
Telecommunication Services		—		1,742		—			1,742
Utilities		—		2,261		—			2,261
Total Loan Assignments		—		47,635		—	(a)		47,635
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Energy		—		—		—	(a)		—	(a)
Total Warrants		—		—		—	(a)		—	(a)
Short-Term Investment
Investment Company		206,704		—		—			206,704
Total Investments in Securities	$	207,490	$	4,343,866	$	188,859		$	4,740,215

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 315

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

Core Plus Bond Fund (continued)
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	147		$	—		$	147
Futures Contracts		7			—			—			7
Swaps		—			378			—			378
Total Appreciation in Other Financial Instruments	$	7		$	525		$	—		$	532
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(280	)	$	—		$	(280	)
Futures Contracts		(267	)		—			—			(267	)
Swaps		—			(178	)		—			(178	)
Total Depreciation in Other Financial Instruments	$	(267	)	$	(458	)	$	—		$	(725	)
Government Bond Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Total Investments in Securities (c)	$	47,069		$	1,257,517		$	—		$	1,304,586
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	$	—		$	—		$	1,355		$	1,355
Financials		—			—			2,465			2,465
Materials		—			—			—	(a)		—	(a)
Telecommunication Services		7,916			—			—			7,916
Utilities		2,016			—			—			2,016
Total Common Stocks		9,932			—			3,820			13,752
Preferred Stocks
Consumer Discretionary		767			—			—			767
Financials		16,210			27,070			—			43,280
Industrials		—			13,186			—			13,186
Materials		—			—			—	(a)		—	(a)
Total Preferred Stocks		16,977			40,256			—	(a)		57,233
Debt Securities
Asset-Backed Securities		—			—			2,424			2,424
Convertible Bonds
Consumer Discretionary		—			—			—	(a)		—	(a)
Utilities		—			6,938			7,656			14,594
Total Convertible Bonds		—			6,938			7,656			14,594

316 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 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	$	—	$	1,661,319	$	14,819		$	1,676,138
Consumer Staples		—		500,088		—			500,088
Energy		—		685,333		9,600			694,933
Financials		—		620,679		8,426			629,105
Health Care		—		995,820		1			995,821
Industrials		—		825,944		25,565			851,509
Information Technology		—		397,715		—			397,715
Materials		—		856,697		6,962			863,659
Telecommunication Services		—		952,441		5,626			958,067
Utilities		—		334,760		—			334,760
Total Corporate Bonds		—		7,830,796		70,999			7,901,795
Preferred Securities
Financials		—		133,622		—			133,622
Loan Assignments
Consumer Discretionary		—		223,577		—			223,577
Consumer Staples		—		50,938		—			50,938
Energy		—		14,551		—			14,551
Financials		—		26,805		—			26,805
Health Care		—		15,981		—			15,981
Industrials		—		39,040		1,384			40,424
Information Technology		—		88,982		—			88,982
Materials		—		27,524		9,121			36,645
Telecommunication Services		—		26,433		—			26,433
Utilities		—		46,573		—			46,573
Total Loan Assignments		—		560,404		10,505			570,909
Warrants
Consumer Discretionary		—		—		—	(a)		—	(a)
Energy		—		—		—	(a)		—	(a)
Total Warrants		—		—		—	(a)		—	(a)
Short-Term Investment
Investment Company		334,955		—		—			334,955
Total Investments in Securities	$	361,864	$	8,572,016	$	95,404		$	9,029,284
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	$	—	$	109,633	$	3,402		$	113,035
Collateralized Mortgage Obligations
Agency CMO		—		258,375		—			258,375
Non-Agency CMO		—		8,129		82			8,211
Total Collateralized Mortgage Obligations		—		266,504		82			266,586

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 317

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (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	$	—	$	47,919		$	559	$	48,478
Corporate Bonds
Consumer Discretionary		—		33,628			—		33,628
Consumer Staples		—		36,032			—		36,032
Energy		—		44,730			—		44,730
Financials		—		159,158			—		159,158
Health Care		—		26,406			—		26,406
Industrials		—		51,545			—		51,545
Information Technology		—		22,363			—		22,363
Materials		—		13,938			—		13,938
Telecommunication Services		—		17,547			—		17,547
Utilities		—		58,879			—		58,879
Total Corporate Bonds		—		464,226			—		464,226
Foreign Government Securities		—		4,921			—		4,921
Mortgage Pass-Through Securities		—		124,106			—		124,106
U.S. Government Agency Securities		—		279,005			—		279,005
U.S. Treasury Obligations		—		242,912			—		242,912
Short-Term Investments
Investment Companies		94,670		—			—		94,670
Total Investments in Securities	$	94,670	$	1,539,226		$	4,043	$	1,637,939
Depreciation in Other Financial Instruments
Swaps	$	—	$	(81,690	)	$	—	$	(81,690	)
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	$	—	$	221,371		$	41,425	$	262,796
Collateralized Mortgage Obligations
Agency CMO		—		599,930			—		599,930
Non-Agency CMO		—		60,232			17,334		77,566
Total Collateralized Mortgage Obligations		—		660,162			17,334		677,496
Commercial Mortgage-Backed Securities		—		47,196			6,074		53,270
Corporate Bonds
Consumer Discretionary		—		6,982			—		6,982
Consumer Staples		—		606			—		606
Energy		—		23,730			—		23,730
Financials		—		64,894			—		64,894
Health Care		—		4,822			—		4,822
Industrials		—		2,160			—		2,160
Information Technology		—		7,536			—		7,536
Materials		—		3,241			—		3,241
Telecommunication Services		—		4,690			—		4,690
Utilities		—		4,887			—		4,887
Total Corporate Bonds		—		123,548			—		123,548
Mortgage Pass-Through Securities		—		54,008			—		54,008
Municipal Bonds		—		870			—		870
Short-Term Investment
Investment Company		80,081		—			—		80,081
Total Investments in Securities	$	80,081	$	1,107,155		$	64,833	$	1,252,069

318 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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	$	—	$	135,535	$	42,546		$	178,081
Collateralized Mortgage Obligations
Agency CMO		—		823,172		—			823,172
Non-Agency CMO		—		210,743		33,778			244,521
Total Collateralized Mortgage Obligations		—		1,033,915		33,778			1,067,693
Commercial Mortgage-Backed Securities		—		112,095		16,470			128,565
Mortgage Pass-Through Securities		—		1,011,676		—			1,011,676
U.S. Treasury Obligations		—		26,965		—			26,965
Loan Assignments
Consumer Discretionary		—		3,355		—			3,355
Financials		—		—		704			704
Total Loan Assignments		—		3,355		704			4,059
Short-Term Investment
Investment Company		266,162		—		—			266,162
Total Investments in Securities	$	266,162	$	2,323,541	$	93,498		$	2,683,201
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	$	—	$	1,021,261	$	25,508		$	1,046,769
Collateralized Mortgage Obligations
Agency CMO		—		463,823		—			463,823
Non-Agency CMO		—		68,583		—	(a)		68,583
Total Collateralized Mortgage Obligations		—		532,406		—			532,406
Commercial Mortgage-Backed Securities		—		254,744		7,890			262,634
Corporate Bonds
Consumer Discretionary		—		122,154		—			122,154
Consumer Staples		—		95,472		—			95,472
Energy		—		245,844		—			245,844
Financials		—		1,177,433		—			1,177,433
Health Care		—		152,789		—			152,789
Industrials		—		143,798		—			143,798
Information Technology		—		50,935		—			50,935
Materials		—		45,711		—			45,711
Telecommunication Services		—		96,066		—			96,066
Utilities		—		113,741		—			113,741
Total Corporate Bonds		—		2,243,943		—			2,243,943
Mortgage Pass-Through Securities		—		331,860		—			331,860
U.S. Government Agency Securities		—		452,250		—			452,250
U.S. Treasury Obligations		—		6,055,855		—			6,055,855
Loan Assignment
Financials		—		—		2,638			2,638
Short-Term Investment
Investment Company		33,996		—		—			33,996
Total Investments in Securities	$	33,996	$	10,892,319	$	36,036		$	10,962,351

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 319

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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	$	—	$	23,194	$	—		$	23,194
Consumer Staples		—		4,674		—			4,674
Energy		—		6,031		—			6,031
Financials		—		10,703		—			10,703
Health Care		—		16,780		—			16,780
Industrials		—		12,088		525			12,613
Information Technology		—		6,023		—			6,023
Materials		—		14,959		536			15,495
Telecommunication Services		—		13,813		—			13,813
Utilities		—		6,495		—			6,495
Total Corporate Bonds		—		114,760		1,061			115,821
Preferred Securities
Financials		—		1,253		—			1,253
Preferred Stocks
Financials		568		816		—			1,384
Loan Assignments
Consumer Discretionary		—		12,658		—			12,658
Consumer Staples		—		5,094		—			5,094
Energy		—		3,080		—			3,080
Financials		—		857		—			857
Health Care		—		1,996		—			1,996
Industrials		—		1,901		194			2,095
Information Technology		—		362		—			362
Materials		—		2,806		208			3,014
Telecommunication Services		—		2,202		—			2,202
Utilities		—		1,481		—			1,481
Total Loan Assignments		—		32,437		402			32,839
Short-Term Investment
Investment Company		810		—		—			810
Total Investments in Securities	$	1,378	$	149,266	$	1,463	*	$	152,107

* Level 3 securities are valued by brokers and pricing services. At February 29, 2016, the value of these securities was approximately $1,463,000. The inputs for these securities are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. The appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker and vendor due diligence, unchanged price review and consideration of macro or security specific events.

Treasury & Agency Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (c)	$	868	$	104,456	$	—	$	105,324

(a) Amounts rounds to less than $1,000.

(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.

320 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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 year ended February 29, 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 28, 2015			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	1,090,431		$	259		$	(6,795	)	$	2,505		$	151,102	$	(321,495	)	$	3,084	$	(627,290	)	$	291,801
Collateralized Mortgage Obligations — Non-Agency CMO		235,727			1,864			(1,262	)		(4,315	)		7,970		(106,164	)		—		(65,846	)		67,974
Commercial Mortgage-Backed Securities		155,024			—			(2,335	)		(17,303	)		29,617		(5,772	)		—		(52,481	)		106,750
Corporate Bonds — Industrials		22,776			—			—			—			—		—			—		(22,776	)		—
Corporate Bonds — Telecommunication Services		9,605			—			(162	)		—			—		(9,443	)		—		—			—
Loan Assignments — Financials		84,822			—			375			—	(a)		33,278		(108,186	)		—		—			10,289
Total	$	1,598,385		$	2,123		$	(10,179	)	$	(19,113	)	$	221,967	$	(551,060	)	$	3,084	$	(768,393	)	$	476,814
Core Plus Bond Fund	Balance as of February 28, 2015			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	252,489		$	119		$	(1,143	)	$	(1,384	)	$	43,362	$	(53,610	)	$	—	$	(133,621	)	$	106,212
Collateralized Mortgage Obligations — Non-Agency CMO		39,263			(281	)		(442	)		(4	)		901		(18,631	)		—		(8,142	)		12,664
Commercial Mortgage-Backed Securities		73,948			—			(4,319	)		(3,743	)		13,468		(8,466	)		—		(3,956	)		66,932
Common Stocks — Consumer Discretionary		172			—			(96	)		—			—		—			—		—			76
Common Stocks — Financials		191			—			(26	)		—			—		—			—		—			165
Common Stocks — Industrials		4			—			7			—			—		(11	)		—		—			—
Common Stocks — Materials		—	(a)		—			—			—			—		—			—		—			—	(a)
Convertible Bonds — Consumer Discretionary		—	(b)		—			(1	)		—			1		—			—		—			—	(b)
Convertible Bonds — Utilities		800			33			(253	)		—			63		(132	)		—		—			511
Corporate Bonds — Consumer Discretionary		213			—			(56	)		9			1		(13	)		1,011		—			1,165
Corporate Bonds — Industrials		7,450			(190	)		(1,383	)		3			188		(270	)		2,020		(7,222	)		596
Corporate Bonds — Materials		906			—			(76	)		(3	)		—		(868	)		579		—			538
Corporate Bonds — Telecommunication Services		2,243			—			(38	)		—			—		(2,205	)		—		—			—
Corporate Bonds — Utilities		—	(a)		(18	)		18			—			—		—	(a)		—		—			—
Loan Assignments — Consumer Discretionary		2			—			(2	)		—			—		—			—		—			—	(a)
Loan Assignments — Financials		2,073			—			10			—	(a)		1,228		(3,311	)		—		—			—
Preferred Stock — Materials		—	(b)		—			—			—			—		—			—		—			—	(b)

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 321

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

Core Plus Bond Fund	Balance as of February 28, 2015			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Warrants — Consumer Discretionary	$	—	(b)	$	—		$	—	(a)	$	—		$	—	$	—		$	—	$	—		$	—	(a)
Warrants — Energy		—	(b)		—			—	(a)		—			—		—			—		—			—	(a)
Total	$	379,754		$	(337	)	$	(7,800	)	$	(5,122	)	$	59,212	$	(87,517	)	$	3,610	$	(152,941	)	$	188,859
High Yield Fund	Balance as of February 28, 2015			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	5,743		$	—		$	231		$	22		$	—	$	(3,572	)	$	—	$	—		$	2,424
Common Stocks — Consumer Discretionary		1,336			—			19			—			—		—			—		—			1,355
Common Stocks — Financials		2,883			—			(418	)		—			—		—			—		—			2,465
Common Stocks — Industrials		116			—			181			—			—		(297	)		—		—			—
Common Stocks — Materials		—	(a)		—			—			—			—		—			—		—			—	(a)
Convertible Bonds — Consumer Discretionary		—	(a)		—			(19	)		—			19		—			—		—			—	(a)
Convertible Bonds — Utilities		11,989			492			(3,797	)		—			950		(1,978	)		—		—			7,656
Corporate Bonds — Consumer Discretionary		3,368			—			(791	)		39			297		(185	)		12,091		—			14,819
Corporate Bonds — Energy		—			(290	)		(1,777	)		(14	)		—		(1,759	)		13,440		—			9,600
Corporate Bonds — Financials		9,109			—			(20	)		18			—		(681	)		—		—			8,426
Corporate Bonds — Health Care		1			—			—			—	(a)		—		—			—		—			1
Corporate Bonds — Industrials		76,751			81			(31,160	)		(8	)		—		(5,168	)		61,782		(76,713	)		25,565
Corporate Bonds — Materials		7,656			(407	)		(838	)		(37	)		285		(10,162	)		10,465		—			6,962
Corporate Bonds — Telecommunication Services		—			—			(335	)		42			1,214		—			4,705		—			5,626
Corporate Bonds — Utilities		16			(240	)		228			—			—		(4	)		—		—			—
Loan Assignments — Industrials		—			(281	)		(174	)		3			4,060		(2,224	)		—		—			1,384
Loan Assignments — Materials		—			—			(926	)		4			10,094		(51	)		—		—			9,121
Preferred Stocks — Consumer Discretionary		994			—			(1	)		—			—		—			—		(993	)		—
Preferred Stocks — Materials		—	(a)		—			—			—			—		—			—		—			—	(a)
Warrants — Consumer Discretionary		—	(b)		—			—	(a)		—			—		—			—		—			—	(a)
Warrants — Energy		—	(b)		—			—	(a)		—			—		—			—		—			—	(a)
Total	$	119,962		$	(645	)	$	(39,597	)	$	69		$	16,919	$	(26,081	)	$	102,483	$	(77,706	)	$	95,404
Inflation Managed Bond Fund	Balance as of February 28, 2015			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	25,073		$	—		$	(83	)	$	4		$	1,516	$	(6,655	)	$	—	$	(16,453	)	$	3,402
Collateralized Mortgage Obligations — Non-Agency CMO		599			—			(1	)		—	(a)		—		(29	)		—		(487	)		82

322 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

Inflation Managed Bond Fund	Balance as of February 28, 2015		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Commercial Mortgage-Backed Securities	$	2,262	$	—	$	27		$	(341	)	$	—	$	(500	)	$	—	$	(889	)	$	559
Corporate Bonds — Industrials		2,747		—		—			—			—		—			—		(2,747	)		—
Corporate Bonds — Telecommunication Services		1,079		—		(18	)		—			—		(1,061	)		—		—			—
Total	$	31,760	$	—	$	(75	)	$	(337	)	$	1,516	$	(8,245	)	$	—	$	(20,576	)	$	4,043
Limited Duration Bond Fund	Balance as of February 28, 2015		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	85,154	$	—	$	156		$	31		$	8,696	$	(18,374	)	$	—	$	(34,238	)	$	41,425
Collateralized Mortgage Obligations — Non-Agency CMO		20,343		35		(164	)		(9	)		8,403		(7,903	)		—		(3,371	)		17,334
Commercial Mortgage-Backed Securities		6,629		—		(38	)		—			—		(52	)		—		(465	)		6,074
Total	$	112,126	$	35	$	(46	)	$	22		$	17,099	$	(26,329	)	$	—	$	(38,074	)	$	64,833
Mortgage-Backed Securities Fund	Balance as of February 28, 2015		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	88,739	$	15	$	(423	)	$	(791	)	$	22,085	$	(29,295	)	$	3,690	$	(41,474	)	$	42,546
Collateralized Mortgage Obligations — Non-Agency CMO		72,237		333		265			37			1,326		(25,108	)		—		(15,312	)		33,778
Commercial Mortgage-Backed Securities		27,456		—		(669	)		(1,339	)		4,647		(618	)		—		(13,007	)		16,470
Loan Assignments — Financials		6,059		—		27			—	(a)		1,776		(7,158	)		—		—			704
Total	$	194,491	$	348	$	(800	)	$	(2,093	)	$	29,834	$	(62,179	)	$	3,690	$	(69,793	)	$	93,498
Short Duration Bond Fund	Balance as of February 28, 2015		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Asset-Backed Securities	$	277,737	$	—	$	(799	)	$	54		$	7,023	$	(106,115	)	$	—	$	(152,392	)	$	25,508
Collateralized Mortgage Obligations — Non-Agency CMO		10,646		—		—	(a)		—			—					—		(10,646	)		—	(a)
Commercial Mortgage-Backed Securities		74,839		—		318			(3	)		—		(39,522	)		—		(27,742	)		7,890
Loan Assignments — Financials		20,120		—		88			—	(a)		9,730		(27,300	)		—		—			2,638
Total	$	383,342	$	—	$	(393	)	$	51		$	16,753	$	(172,937	)	$	—	$	(190,780	)	$	36,036

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 323

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

Short Duration High Yield Fund	Balance as of February 28, 2015		Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of February 29, 2016
Investments in Securities
Corporate Bonds — Industrials	$	1,571	$	—	(a)	$	(30	)	$	(8	)	$	—	$	(494	)	$	711	$	(1,225	)	$	525
Corporate Bonds — Materials		—		—			(94	)		(7	)		—		—			637		—			536
Loan Assignments — Industrials		—		—			(78	)		—	(a)		—		(15	)		287		—			194
Loan Assignments — Materials		—		—			(21	)		—	(a)		230		(1	)		—		—			208
Total	$	1,571	$	—	(a)	$	(223	)	$	(15	)	$	230	$	(510	)	$	1,635	$	(1,225	)	$	1,463

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 $1,000.

(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), respectively, which resulted in a lack or increase in available market inputs to determine the price for the year ended February 29, 2016.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 29, 2016, which were valued using significant unobservable inputs (level 3), were as follows (amounts in thousands):

Core Bond Fund	$	(7,936	)
Core Plus Bond Fund		(7,464	)
High Yield Fund		(39,980	)
Inflation Managed Bond Fund		(52	)
Limited Duration Bond Fund		(37	)
Mortgage-Backed Securities Fund		(446	)
Short Duration Bond Fund		(900	)
Short Duration High Yield Fund		(215	)

These amounts are included in Change in net unrealized appreciation/depreciation of investments in non-affiliates on the Statements of Operations.

Core Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 29, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	245,913	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 16.38% (2.60%)
				Constant Default Rate		0.00% - 50.00% (13.67%)
				Yield (Discount Rate of Cash Flows)		1.22% - 7.48% (4.45%)
				Projected Principal Writedown		0.00% - 76.31% (7.43%)
Asset-Backed Securities		245,913
		67,160	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 37.14% (8.50%)
				Constant Default Rate		0.00% - 8.82% (2.80%)
				PSA Prepayment Model		395.00% (395.00%)
				Yield (Discount Rate of Cash Flows)		0.74% - 59.37% (4.70%)
Collateralized Mortgage Obligations		67,160
		78,775	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (33.04%)
				Yield (Discount Rate of Cash Flows)		(9.54%) - 7.82% (3.99%)
Commercial Mortgage-Backed Securities		78,775
Total	$	391,848

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 29, 2016, the value of these investments was approximately $84,966,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A.

324 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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 February 29, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Common Stock	$	165		Pending Sale Amount	Discount for potential outcome (a)		10.00% - 100.00% (10.00%)
Preferred Stock		—	(b)	Pending Sale Amount	Discount for potential outcome (a)		100.00% (100.00%)
		166		Market Comparable Companies	EBITDA Multiple (c)		6.0x (6.0x)
		561		Pending Sale Amount	Discount for potential outcome (a)		15.00% - 50.00% (13.94%)
Corporate Bond		727
		92,237		Discounted Cash Flow	Liquidity Discount Implied Spread to Index		4.50% (4.50%) 2.00% (2.00%)
					Projected Principal Writedown		0.00% - 99.99% (1.79%)
					Constant Prepayment Rate		0.00% - 15.00% (1.46%)
					Constant Default Rate		0.00% - 50.00% (24.46%)
					Yield (Discount Rate of Cash Flows)		1.53% - 7.03% (5.26%)
Asset-Backed Securities		92,237
		12,585		Discounted Cash Flow	Constant Prepayment Rate		4.00% - 30.57% (6.83%)
					Constant Default Rate		0.00% - 7.99% (1.52%)
					Yield (Discount Rate of Cash Flows)		2.18% - 18.15% (3.79%)
Collateralized Mortgage Obligations		12,585
		60,848		Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (11.09%)
					Yield (Discount Rate of Cash Flows)		1.21% - 15.36% (5.64%)
Commercial Mortgage-Backed Securities		60,848
Warrant		—	(d)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	166,562

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 29, 2016, the value of these investments was approximately $22,297,000. 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) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(b) Value is zero.

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

(d) Amount rounds to less than $1,000.

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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 325

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

High Yield Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 29, 2016			Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Common Stocks	$	2,465		Pending Sale Amount	Discount for potential outcome (a)		10.00% - 100.00% (10.00%)
Preferred Stock		—	(b)(c)	Pending Sale Amount	Discount for potential outcome (a)		100.00% (100.00%)
		2,638		Market Comparable Companies	EBITDA Multiple (d)		6.00x (6.00x)
		7,981		Pending Sale Amount	Discount for potential outcome (a)		15.00% - 99.99% (14.54%)
Corporate Bonds		10,619
		2,424		Discounted Cash Flow	Liquidity Discount Implied Spread to Index		4.50% (4.50%) 2.00% (2.00%)
					Constant Prepayment Rate		8.00% (8.00%)
					Constant Default Rate		5.00% (5.00%)
					Yield (Discount Rate of Cash Flows)		5.43% (5.43%)
Asset-Backed Securities		2,424
Warrant		—	(b)	Intrinsic Value	Issue Price vs. Stock Price		(N/A)
Total	$	15,508

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 29, 2016, the value of these investments was approximately $79,896,000. 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) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments.

(b) Amount rounds to less than $1,000.

(c) Securities senior to the preferred securities in issuing entity capital structure result in preferred stock being valued at zero.

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

Limited Duration Bond Fund

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at February 29, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	37,958	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 18.00% (3.96%)
				Constant Default Rate		0.00% - 50.00% (11.46%)
				Yield (Discount Rate of Cash Flows)		1.37% - 22.20% (4.46%)
Asset-Backed Securities		37,958
		17,334	Discounted Cash Flow	Constant Prepayment Rate		0.50% - 20.00% (9.82%)
				Constant Default Rate		0.00% - 7.30% (0.09%)
				PSA Prepayment Model		395.00% (395.00%)
				Yield (Discount Rate of Cash Flows)		1.63% - 7.34% (2.43%)
Collateralized Mortgage Obligations		17,334

326 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Fair Value at February 29, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	6,074	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)		3.53% - 6.18% (3.63%)
Commercial Mortgage-Backed Securities		6,074
Total	$	61,366

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 29, 2016, the value of these investments was approximately $3,467,000. 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 February 29, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	39,734	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 13.00% (2.25%)
				Constant Default Rate		0.00% - 50.00% (8.10%)
				Yield (Discount Rate of Cash Flows)		1.22% - 7.48% (4.31%)
				Projected Principal Writedown		76.31% (76.31%)
Asset-Backed Securities		39,734
		33,091	Discounted Cash Flow	Constant Prepayment Rate		0.18% - 37.14% (7.73%)
				Constant Default Rate		0.00% - 9.74% (5.02%)
				PSA Prepayment Model		395.00% (395.00%)
				Yield (Discount Rate of Cash Flows)		(7.09%) - 59.37% (5.66%)
Collateralized Mortgage Obligations		33,091
		9,418	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (30.84%)
				Yield (Discount Rate of Cash Flows)		0.99% - 7.08% (4.27%)
Commercial Mortgage-Backed Securities		9,418
Total	$	82,243

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At February 29, 2016, the value of these investments was approximately $11,255,000. 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.

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 February 29, 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.

C. When Issued, Delayed Delivery Securities and Forward Commitments — Core Bond Fund, Core Plus 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

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 327

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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 and Mortgage-Backed Securities Fund had delayed delivery securities outstanding as of February 29, 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 February 29, 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 J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

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

At February 29, 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		6.7	%

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 February 29, 2016, the following Funds had the following loan commitments in which all or a portion of the commitment was unfunded which could be extended at the option of the borrower (amounts in thousands):

Core Bond Fund

	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Unfunded Commitment				Funded Commitment				Total Commitment
Security Description										Par Amount		Value		Par Amount		Value		Par Amount		Value
Tricon Capital Group Inc.	Revolving Loan		06/12/17		0.500	%		3.439	%	$	1,359	$	1,352	$	10,341	$	10,289	$	11,700	$	11,641

328 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

Mortgage-Backed Securities Fund

	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Unfunded Commitment				Funded Commitment				Total Commitment
Security Description										Par Amount		Value		Par Amount		Value		Par Amount		Value
Tricon Capital Group Inc.	Revolving Loan		06/12/17		0.500	%		3.439	%	$	93	$	93	$	707	$	704	$	800	$	797

Short Duration Bond Fund

	Term	Maturity Date		Commitment Fee Rate			Rate if Funded			Unfunded Commitment				Funded Commitment				Total Commitment
Security Description										Par Amount		Value		Par Amount		Value		Par Amount		Value
Tricon Capital Group Inc.	Revolving Loan		06/12/17		0.500	%		3.439	%	$	349	$	347	$	2,651	$	2,638	$	3,000	$	2,985

F. Derivatives — Core Plus Bond Fund, High Yield Fund, Inflation Managed Bond Fund and Short Duration High Yield Fund used instruments including futures, forward foreign currency exchange contracts, swaps and other derivatives, 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 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(4) below describe the various derivatives used by the Funds.

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

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

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

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

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 329

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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

Transactions in options written during the year ended February 29, 2016 were as follows (amounts in thousands, except number of contracts):

	Options
	Number of Contracts			Premiums Received
Core Plus Bond Fund
Options outstanding at February 28, 2015		—		$	—
Options written		2			278
Options expired		—			—
Options closed		(2	)		(278	)
Options outstanding at February 29, 2016		—		$	—

The Fund’s exchange traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). 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).

(3). Forward Foreign Currency Exchange Contracts — Core Plus Bond Fund and Short Duration High Yield 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 February 29, 2016, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(4). 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 by the Funds are recognized as a realized gain or loss when the contract matures or is terminated. 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

330 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the 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 February 29, 2016 are as follows (amounts in thousands):

Fund		Counterparty	Value of swap contracts			Collateral amount
Inflation Managed Bond Fund	Collateral Posted	Barclays Bank plc	$	(5,120	)	$	5,370
		BNP Paribas		(9,142	)		9,860
		Citibank, N.A.		(11,374	)		11,980
		Credit Suisse International		(7,391	)		7,630
		Deutsche Bank AG, New York		(22,029	)		23,560
		Goldman Sachs International		(7,441	)		7,760
		Morgan Stanley Capital Services		(13,914	)		14,420
		Royal Bank of Scotland		(5,279	)		5,540

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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 331

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

(5). Summary of Derivatives Information

The following table presents the value of derivatives held as of February 29, 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	$	7		$	—		$	—		$	7
Foreign exchange contracts	Receivables		—			147			—			147
Credit contracts	Receivables		—			—			10,849			10,849
Total		$	7		$	147		$	10,849		$	11,003
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(267	)	$	—		$	(143	)	$	(410	)
Foreign exchange contracts	Payables		—			(280	)		—			(280	)
Credit contracts	Payables		—			—			(1,303	)		(1,303	)
Total		$	(267	)	$	(280	)	$	(1,446	)	$	(1,993	)

(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 February 29, 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	Statement of Assets and Liabilities Location
Gross Liability:		OTC Swaps
Interest rate contracts	Payables	$	(81,690	)

The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of February 29, 2016 (amounts in thousands):

Inflation Managed Bond Fund

Counterparty	Gross Amount of Derivative Liabilities Presented in the Statements  of Assets and Liabilities (a)		Derivatives Available for Offset		Collateral Posted (b)			Net Amount Due To Counterparty (Not less than zero)
Barclays Bank plc	$	5,120	$	—	$	(5,120	)	$	—
BNP Paribas		9,142		—		(9,142	)		—
Citibank, N.A.		11,374		—		(11,374	)		—
Credit Suisse International		7,391		—		(7,391	)		—
Deutsche Bank AG, New York		22,029		—		(22,029	)		—
Goldman Sachs International		7,441		—		(7,441	)		—
Morgan Stanley Capital Services		13,914		—		(13,914	)		—
Royal Bank of Scotland		5,279		—		(5,279	)		—
	$	81,690	$	—	$	(81,690	)	$	—

(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.(4). for actual swap collateral received or posted.

332 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

The following tables present the effect of derivatives on the Statements of Operations for the year ended February 29, 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	Options		Futures Contracts		Forward Foreign Currency Exchange Contracts		Swaps			Total
Interest rate contracts	$	366	$	1,327	$	—	$	(74	)	$	1,619
Foreign exchange contracts		—		—		1,060		—			1,060
Credit contracts		—		—		—		(344	)		(344	)
Total	$	366	$	1,327	$	1,060	$	(418	)	$	2,335

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	$	266	$	—		$	(87	)	$	179
Foreign exchange contracts		—		(603	)		—			(603	)
Credit contracts		—		—			343			343
Total	$	266	$	(603	)	$	256		$	(81	)

Inflation Managed Bond Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivatives Contracts	Swaps
Interest rate contracts	$	(6,047	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivatives Contracts	Swaps
Interest rate contracts	$	(28,601	)

Short Duration High Yield Fund

Amount of Realized Gain (Loss) on Derivatives Recognized on  the Statements of Operations
Derivatives Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	8
Amount of Change in Unrealized Appreciation (Depreciation) on  Derivatives Recognized in the Statements of Operations
Derivatives Contracts	Forward Foreign Currency Exchange Contracts
Foreign exchange contracts	$	—	(a)

(a) Amount rounds to less than $1,000.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 333

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

Derivatives Volume

The tables below disclose the volume of the Funds’ futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended February 29, 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			Inflation Managed Bond Fund		Short Duration High Yield Fund
Futures Contracts:
Average Notional Balance Long	$	282,364		$	—	$	—
Average Notional Balance Short		124,427			—		—
Ending Notional Balance Long		192,973			—		—
Ending Notional Balance Short		15,113			—		—
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased		1,198			—		26
Average Settlement Value Sold		12,585			—		207	(a)
Ending Settlement Value Purchased		7,623			—		—
Ending Settlement Value Sold		13,530			—		—
Exchange-Traded Options:
Average Number of Contracts Purchased		1,500	(b)		—		—
Average Number of Contracts Written		1,500	(b)		—		—
Credit Default Swaps:
Average Notional Balance — Buy Protection		86,000	(c)		—		—
Average Notional Balance — Sell Protection		60,000	(d)		—		—
Ending Notional Balance — Buy Protection		145,000			—		—
Ending Notional Balance — Sell Protection		—			—		—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance — Buy Fixed Rate		5,000			1,264,077		—
Ending Notional Balance — Buy Fixed Rate		5,000			1,242,000		—

(a) For the period from March 1, 2015 to April 30, 2015.

(b) For the period from November 1, 2015 to November 30, 2015.

(c) For the period from October 1, 2015 to February 29, 2016.

(d) For the period from July 1, 2015 to July 30, 2015.

The Funds’ derivatives contracts held at February 29, 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 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.

334 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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 agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the year ended February 29, 2016 are as follows (amounts in thousands):

	Class A		Class B		Class C		Class R2		Class R5		Class R6		Institutional Class		Select Class		Total
Core Bond Fund
Transfer agent fees	$	166	$	1	$	40	$	11	$	6	$	103		n/a	$	219	$	546
Sub-transfer agent fees		2,537		3		389		190		257		—		n/a		6,484		9,860
Core Plus Bond Fund
Transfer agent fees		59		—		11		4		n/a		16	$	8		20		118
Sub-transfer agent fees		696		—		165		60		n/a		—		237		325		1,483
Government Bond Fund
Transfer agent fees		269		—		6		16		n/a		n/a		n/a		14		305
Sub-transfer agent fees		1,003		1		71		119		n/a		n/a		n/a		829		2,023
High Yield Fund
Transfer agent fees		80		—		17		9		4		22		n/a		972		1,104
Sub-transfer agent fees		763		1		184		22		40		—		n/a		5,142		6,152
Inflation Managed Bond Fund
Transfer agent fees		10		n/a		1		1		—		5		n/a		11		28
Sub-transfer agent fees		91		n/a		2		—		9		—		n/a		72		174
Limited Duration Bond Fund
Transfer agent fees		25		—		5		n/a		n/a		18		n/a		9		57
Sub-transfer agent fees		152		—		30		n/a		n/a		—		n/a		58		240
Mortgage-Backed Securities Fund
Transfer agent fees		20		n/a		1		n/a		n/a		11		n/a		12		44
Sub-transfer agent fees		32		n/a		4		n/a		n/a		—		n/a		124		160
Short Duration Bond Fund
Transfer agent fees		17		—		7		n/a		n/a		23		n/a		62		109
Sub-transfer agent fees		220		—		59		n/a		n/a		—		n/a		3,829		4,108
Short Duration High Yield Fund
Transfer agent fees		1		n/a		—		n/a		n/a		1		n/a		2		4
Sub-transfer agent fees		1		n/a		—		n/a		n/a		—		n/a		1		2
Treasury & Agency Fund
Transfer agent fees		4		—		n/a		n/a		n/a		n/a		n/a		2		6
Sub-transfer agent fees		3		—		n/a		n/a		n/a		n/a		n/a		21		24

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 February 29, 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.

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

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 335

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

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.

	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Core Bond Fund	$	—	(a)	$	145		$	(145	)
Core Plus Bond Fund		(3,905	)		563			3,342
Government Bond Fund		—			—	(a)		—	(a)
High Yield Fund		—	(a)		(111	)		111
Inflation Managed Bond Fund		—			1,344			(1,344	)
Limited Duration Bond Fund		(4,374	)		113			4,261
Short Duration High Yield Fund		—			(77	)		77
Treasury & Agency Fund		—			—	(a)		—	(a)

(a) Amount rounds to less than $1,000.

The reclassifications for the Funds relate primarily to amendment fees, expiration of capital loss carryforwards, foreign currency gains and losses, redesignation of distributions and treasury inflation protected securities.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to the 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

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, 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 year ended February 29, 2016, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

Effective April 1, 2016, the Administrator merged into JPMIM, and JPMIM became the Funds’ administrator under the Administration Agreement.

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

336 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

Distribution Plan (the “Distribution Plan”) for Class A, Class B, 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 B			Class C			Class R2
0.25%		0.75	%		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 B and 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 certain Class A Shares for which front-end sales charges have been waived. For the year ended February 29, 2016, the Distributor retained the following amounts (in thousands):

	Front-End Sales Charge		CDSC
Core Bond Fund	$	643	$	4
Core Plus Bond Fund		546		—	(a)
Government Bond Fund		34		1
High Yield Fund		135		—	(a)
Inflation Managed Bond Fund		1		—	(a)
Limited Duration Bond Fund		16		—	(a)
Mortgage-Backed Securities Fund		39		—
Short Duration Bond Fund		69		—	(a)
Short Duration High Yield Fund		1		—
Treasury & Agency Fund		2		—

(a) Amount rounds to less than $1,000.

D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreements. 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 B			Class C			Class R2			Class R5			Institutional Class			Select Class
Core Bond Fund		0.25	%		0.25	%		0.25	%		0.25	%		0.05	%		n/a			0.25	%
Core Plus Bond Fund		0.25			0.25			0.25			0.25			n/a			0.10	%		0.25
Government Bond Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.25
High Yield Fund		0.25			0.25			0.25			0.25			0.05			n/a			0.25
Inflation Managed Bond Fund		0.25			n/a			0.25			0.25			0.05			n/a			0.25
Limited Duration Bond Fund		0.25			0.25			0.25			n/a			n/a			n/a			0.25
Mortgage-Backed Securities Fund		0.25			n/a			0.25			n/a			n/a			n/a			0.25
Short Duration Bond Fund		0.25			0.25			0.25			n/a			n/a			n/a			0.25
Short Duration High Yield Fund		0.25			n/a			0.25			n/a			n/a			n/a			0.25
Treasury & Agency Fund		0.25			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 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

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 337

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

short sales (if applicable, except Core Bond Fund and High Yield Fund which will begin excluding interest expenses related to short sales on December 1, 2015 and November 1, 2015, respectively), 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 B			Class C			Class R2			Class R5			Class R6			Institutional Class			Select Class
Core Bond Fund		0.75	%		1.40	%		1.40	%		1.00	%		0.45	%		0.35	%		n/a			0.58	%
Core Plus Bond Fund		0.75			1.40			1.40			1.15			n/a			0.40			0.49	%		0.46	^
Government Bond Fund		0.75			1.48			1.48			1.00			n/a			n/a			n/a			0.48
High Yield Fund		1.00			1.55			1.55			1.30			0.75			0.70			n/a			0.80
Inflation Managed Bond Fund		0.75			n/a			1.40			1.00			0.55			0.50			n/a			0.60
Limited Duration Bond Fund		0.70			1.20			1.20			n/a			n/a			0.25			n/a			0.45
Mortgage-Backed Securities Fund		0.65			n/a			1.15			n/a			n/a			0.25			n/a			0.40
Short Duration Bond Fund		0.80			1.30			1.30			n/a			n/a			0.30			n/a			0.55
Short Duration High Yield Fund		0.90			n/a			1.40			n/a			n/a			0.50			n/a			0.65
Treasury & Agency Fund		0.70			1.20			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.

Except as noted above, the expense limitation agreements were in effect for the year ended February 29, 2016 and are in place until at least June 30, 2016, except for Class B Shares which are no longer operating.

For the year ended February 29, 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	$	9,095	$	6,031	$	16,006	$	31,132	$	134
Core Plus Bond Fund		313		207		2,575		3,095		226
Government Bond Fund		239		158		3,058		3,455		878
High Yield Fund		3,354		2,232		17,201		22,787		1,017
Inflation Managed Bond Fund		—		—		1,290		1,290		81
Limited Duration Bond Fund		893		594		679		2,166		—	(a)
Mortgage-Backed Securities Fund		3,165		2,100		1,399		6,664		—
Short Duration Bond Fund		3,399		2,258		4,131		9,788		—	(a)
Short Duration High Yield Fund		240		158		151		549		—	(a)
Treasury & Agency Fund		273		94		4		371		—	(a)

(a) Amount rounds to less than $1,000.

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

The amounts of waivers resulting from investments in these money market funds for the year ended February 29, 2016 were as follows (amounts in thousands):

Core Bond Fund	$	3,434
Core Plus Bond Fund		359
Government Bond Fund		—	(a)
High Yield Fund		577
Inflation Managed Bond Fund		55
Limited Duration Bond Fund		267
Mortgage-Backed Securities Fund		284
Short Duration Bond Fund		1
Short Duration High Yield Fund		12

(a) Amount rounds to less than $1,000.

338 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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 year ended February 29, 2016, Core Bond Fund, Core Plus Bond Fund, Government 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 year ended February 29, 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 year ended February 29, 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	$	6,107,933	$	4,679,254	$	1,694,197	$	1,269,522
Core Plus Bond Fund		1,704,774		1,238,425		1,157,934		617,435
Government Bond Fund		131,992		96,726		67,026		89,340
High Yield Fund		5,317,811		4,862,719		—		—
Inflation Managed Bond Fund		254,776		363,688		194,604		283,667
Limited Duration Bond Fund		577,812		221,841		—		25,000
Mortgage-Backed Securities Fund		371,879		404,683		13,994		121
Short Duration Bond Fund		2,184,091		2,623,981		2,576,761		2,163,840
Short Duration High Yield Fund		84,115		156,807		—		—
Treasury & Agency Fund		—		2,656		27,487		48,488

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at February 29, 2016 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	28,922,277	$	1,078,760	$	215,446	$	863,314
Core Plus Bond Fund		4,737,626		120,692		118,103		2,589
Government Bond Fund		1,233,060		74,237		2,711		71,526
High Yield Fund		10,104,285		139,357		1,214,358		(1,075,001	)
Inflation Managed Bond Fund		1,616,080		32,612		10,753		21,859
Limited Duration Bond Fund		1,260,926		5,966		14,823		(8,857	)
Mortgage-Backed Securities Fund		2,602,962		95,933		15,694		80,239
Short Duration Bond Fund		10,964,399		52,499		54,547		(2,048	)
Short Duration High Yield Fund		168,246		688		16,827		(16,139	)
Treasury & Agency Fund		104,666		764		106		658

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to defaulted bonds, debt modifications, treasury inflation protected securities and wash sale loss deferrals.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 339

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

The tax character of distributions paid during the year ended February 29, 2016 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distributions Paid
Core Bond Fund	$	684,915	$	51,834	$	736,749
Core Plus Bond Fund		138,839		2,968		141,807
Government Bond Fund		29,770		17,869		47,639
High Yield Fund		560,773		5,788		566,561
Inflation Managed Bond Fund		26,879		—		26,879
Limited Duration Bond Fund		11,558		—		11,558
Mortgage-Backed Securities Fund		77,010		2,191		79,201
Short Duration Bond Fund		100,901		8,357		109,258
Short Duration High Yield Fund		9,568		—		9,568
Treasury & Agency Fund		720		110		830

The tax character of distributions paid during the year ended February 28, 2015 was as follows (amounts in thousands):

	Ordinary Income		Net Long-Term Capital Gains		Total Distribution Paid
Core Bond Fund	$	630,225	$	30,304	$	660,529
Core Plus Bond Fund		94,871		21,234		116,105
Government Bond Fund		32,974		24,479		57,453
High Yield Fund		587,354		192,531		779,885
Inflation Managed Bond Fund		21,802		—		21,802
Limited Duration Bond Fund		7,455		—		7,455
Mortgage-Backed Securities Fund		85,798		2,688		88,486
Short Duration Bond Fund		99,576		6,329		105,905
Short Duration High Yield Fund		12,162		—		12,162
Treasury & Agency Fund		1,230		462		1,692

As of February 29, 2016, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain		Tax Basis Capital Loss Carryover			Unrealized Appreciation (Depreciation)
Core Bond Fund	$	8,250	$	19,328	$	—		$	863,307
Core Plus Bond Fund		1,676		—		(1,406	)		1,011
Government Bond Fund		307		504		—			71,526
High Yield Fund		8,585		—		(84,688	)		(1,075,001	)
Inflation Managed Bond Fund		1,103		—		(9,073	)		(59,832	)
Limited Duration Bond Fund		185		—		(71,078	)		(8,857	)
Mortgage-Backed Securities Fund		900		110		—			80,239
Short Duration Bond Fund		2,703		—		—			(2,050	)
Short Duration High Yield Fund		99		—		(5,070	)		(16,139	)
Treasury & Agency Fund		9		3		—			658

For the Funds, the cumulative timing differences primarily consist of capital loss carryover, debt modifications, post-October capital loss deferrals, treasury inflation protected securities, trustees’ deferred compensation and wash sale loss deferrals.

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.

340 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

As of 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.

As of 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 $1,000.

During the year ended February 29, 2016, the following Funds had expired capital loss carryforwards as follows (amounts in thousands):

Core Plus Bond Fund	$	3,905
Limited Duration Bond Fund		4,374

Specified ordinary losses and net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 29, 2016 the Funds deferred to March 1, 2016 the following specified ordinary losses and net capital losses of (amounts in thousands):

			Net Capital Losses
	Specified Ordinary Losses		Short-Term			Long-Term
Core Bond Fund	$	—	$	4,869		$	—
Core Plus Bond Fund		60		8,939			8,206
High Yield Fund		—		66,554			112,791
Inflation Managed Bond Fund		—		554			(74	)
Limited Duration Bond Fund		—		(2	)		33
Short Duration Bond Fund		—		409			65
Short Duration High Yield Fund		—		841			4,139

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).

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

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at February 29, 2016 or at anytime during the year then ended.

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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 341

NOTES TO FINANCIAL STATEMENTS

AS OF FEBRUARY 29, 2016 (continued)

As of February 29, 2016, one or more affiliates of the Adviser had investment discretion with respect to their clients’ holdings in the Funds, which collectively represent the following percentage of each applicable Fund’s net assets:

	Number of Shareholders		% of the Fund
Core Plus Bond Fund		1		13.6	%
High Yield Fund		2		22.8
Inflation Managed Bond Fund		1		23.1
Short Duration Bond Fund		2		62.0
Short Duration High Yield Fund		1		83.2
Treasury & Agency Fund		2		54.6

As of February 29, 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		—	%		22.5	%
Core Plus Bond Fund		26.5			—
High Yield Fund		—			24.8
Inflation Managed Bond Fund		15.0			22.6
Limited Duration Bond Fund		40.8			—

As of February 29, 2016, Government Bond Fund, High Yield Fund, Inflation Managed Bond Fund, Short Duration Bond Fund and Short Duration High Yield Fund each had one shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that collectively owned shares representing the following percentage of each applicable Fund’s net assets:

	% of the Fund
Government Bond Fund		18.9	%
High Yield Fund		10.7
Inflation Managed Bond Fund		12.1
Short Duration Bond Fund		12.1
Short Duration High Yield Fund		10.7

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 Bond Fund, Core Plus Bond Fund, High Yield Fund, Limited Duration Bond Fund, Mortgage-Backed Securities Fund, Short Duration Bond 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.

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.

342 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

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.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 343

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of 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 and JPMorgan Treasury & Agency Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Short Duration Bond Fund and JPMorgan Treasury & Agency Fund (each a separate fund of JPMorgan Trust II) and JPMorgan Inflation Managed Bond Fund and JPMorgan Short Duration High Yield Fund (each a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at February 29, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2016 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

April 27, 2016

344 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present).	148	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003.	Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999).	148	Trustee, Museum of Jewish Heritage (2011-present).
Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002.	Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001).	148	None
Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	148	Trustee, The Victory Portfolios (2000-2008) (Investment companies).
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	148	None
Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	148	None
Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	148	Trustee, Carleton College (2003-present).
Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005).	148	Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010).
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	148	Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present).

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 345

Trustees

(Unaudited) (continued)

Name (Year of Birth); Positions With the Funds (1)	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee (2)	Other Directorships Held Outside Fund Complex During Past 5 Years
Independent Trustees (continued)
Marian U. Pardo** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	148	Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994.	Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999).	148	Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present).
James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001.	Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998).	148	None

⁽¹⁾  The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

⁽²⁾  A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes twelve registered investment companies (148 funds).

   * Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds.

  ** In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.

346 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

OFFICERS

(Unaudited)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Robert L. Young (1963), President and Principal Executive Officer (2013)*	Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997.
Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014)	Managing Director, JPMorgan Funds Management, Inc. since 2014; Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP.
Frank J. Nasta (1964), Secretary (2008)	Managing Director and Associate General Counsel, JPMorgan Chase since 2008.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.
Jessica K. Ditullio (1962), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990.
John T. Fitzgerald (1975), Assistant Secretary (2008)	Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2011.
Carmine Lekstutis (1980), Assistant Secretary (2011)	Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011.
Gregory S. Samuels (1980), Assistant Secretary (2010)	Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010.
Pamela L. Woodley (1971), Assistant Secretary (2012)**	Vice President and Assistant General Counsel, JPMorgan Chase since November 2004.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, JPMorgan Funds Management, Inc. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006.
Lauren A. Paino (1973), Assistant Treasurer (2014)	Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013.
Joseph Parascondola (1963), Assistant Treasurer (2011)	Vice President, JPMorgan Funds Management, Inc. since August 2006.
Matthew J. Plastina (1970), Assistant Treasurer (2011)	Executive Director, JPMorgan Funds Management, Inc. since February 2016; Vice President, JPMorgan Funds Management, Inc. from 2010 to January 2016.
Julie A. Roach (1971), Assistant Treasurer (2012)*	Vice President, JPMorgan Funds Management, Inc. since August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001.
Gillian I. Sands (1969), Assistant Treasurer (2012)	Vice President, JPMorgan Funds Management, Inc. since September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009).

The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.

    * The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.

  ** The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004.

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 347

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, September 1, 2015, and continued to hold your shares at the end of the reporting period, February 29, 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 September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Core Bond Fund
Class A
Actual	$	1,000.00	$	1,019.80	$	3.77		0.75	%
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,016.30		6.97		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R2
Actual		1,000.00		1,017.80		5.02		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class R5
Actual		1,000.00		1,020.60		2.21		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		1,021.10		1.76		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Select Class
Actual		1,000.00		1,020.00		2.91		0.58
Hypothetical		1,000.00		1,021.98		2.92		0.58
Core Plus Bond Fund
Class A
Actual		1,000.00		1,010.60		3.75		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,007.10		6.99		1.40
Hypothetical		1,000.00		1,017.90		7.02		1.40
Class R2
Actual		1,000.00		1,007.10		5.74		1.15
Hypothetical		1,000.00		1,019.14		5.77		1.15

348 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Core Plus Bond Fund (continued)
Class R6
Actual	$	1,000.00	$	1,012.30	$	2.00		0.40	%
Hypothetical		1,000.00		1,022.87		2.01		0.40
Institutional Class
Actual		1,000.00		1,012.00		2.45		0.49
Hypothetical		1,000.00		1,022.43		2.46		0.49
Select Class
Actual		1,000.00		1,010.00		3.10		0.62
Hypothetical		1,000.00		1,021.78		3.12		0.62
Government Bond Fund
Class A
Actual		1,000.00		1,022.20		3.77		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,019.20		7.43		1.48
Hypothetical		1,000.00		1,017.50		7.42		1.48
Class R2
Actual		1,000.00		1,020.90		5.02		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Select Class
Actual		1,000.00		1,024.50		2.42		0.48
Hypothetical		1,000.00		1,022.48		2.41		0.48
High Yield Fund
Class A
Actual		1,000.00		941.30		4.87		1.01
Hypothetical		1,000.00		1,019.84		5.07		1.01
Class C
Actual		1,000.00		938.70		7.52		1.56
Hypothetical		1,000.00		1,017.11		7.82		1.56
Class R2
Actual		1,000.00		939.60		6.32		1.31
Hypothetical		1,000.00		1,018.35		6.57		1.31
Class R5
Actual		1,000.00		941.50		3.67		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R6
Actual		1,000.00		941.60		3.43		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Select Class
Actual		1,000.00		941.30		3.91		0.81
Hypothetical		1,000.00		1,020.84		4.07		0.81
Inflation Managed Bond Fund
Class A
Actual		1,000.00		1,004.70		3.74		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class C
Actual		1,000.00		1,000.70		6.96		1.40
Hypothetical		1,000.00		1,017.90		7.02		1.40
Class R2
Actual		1,000.00		1,002.40		4.98		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 349

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Inflation Managed Bond Fund (continued)
Class R5
Actual	$	1,000.00	$	1,004.70	$	2.69		0.54	%
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		1,005.20		2.29		0.46
Hypothetical		1,000.00		1,022.58		2.31		0.46
Select Class
Actual		1,000.00		1,004.50		2.99		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Limited Duration Bond Fund
Class A
Actual		1,000.00		1,000.60		3.38		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class C
Actual		1,000.00		997.20		5.86		1.18
Hypothetical		1,000.00		1,019.00		5.92		1.18
Class R6
Actual		1,000.00		1,002.00		1.14		0.23
Hypothetical		1,000.00		1,023.72		1.16		0.23
Select Class
Actual		1,000.00		1,000.90		2.14		0.43
Hypothetical		1,000.00		1,022.73		2.16		0.43
Mortgage-Backed Securities Fund
Class A
Actual		1,000.00		1,018.20		3.21		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64
Class C
Actual		1,000.00		1,015.40		5.71		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R6
Actual		1,000.00		1,019.90		1.21		0.24
Hypothetical		1,000.00		1,023.67		1.21		0.24
Select Class
Actual		1,000.00		1,019.00		1.96		0.39
Hypothetical		1,000.00		1,022.92		1.96		0.39
Short Duration Bond Fund
Class A
Actual		1,000.00		1,001.90		3.98		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class C
Actual		1,000.00		999.40		6.46		1.30
Hypothetical		1,000.00		1,018.40		6.52		1.30
Class R6
Actual		1,000.00		1,003.60		1.49		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Select Class
Actual		1,000.00		1,002.30		2.74		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55

350 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

	Beginning Account Value September 1, 2015		Ending Account Value February 29, 2016		Expenses Paid During the Period*		Annualized Expense Ratio
Short Duration High Yield Fund
Class A
Actual	$	1,000.00	$	958.20	$	4.38		0.90	%
Hypothetical		1,000.00		1,020.39		4.52		0.90
Class C
Actual		1,000.00		954.80		6.80		1.40
Hypothetical		1,000.00		1,017.90		7.02		1.40
Class R6
Actual		1,000.00		959.20		2.44		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50
Select Class
Actual		1,000.00		958.50		3.17		0.65
Hypothetical		1,000.00		1,021.63		3.27		0.65
Treasury & Agency Fund
Class A
Actual		1,000.00		1,004.70		3.49		0.70
Hypothetical		1,000.00		1,021.38		3.52		0.70
Select Class
Actual		1,000.00		1,007.00		2.25		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

FEBRUARY 29, 2016 J.P. MORGAN INCOME FUNDS 351

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
Core Bond Fund	$	51,834
Core Plus Bond Fund		2,968
Government Bond Fund		17,869
High Yield Fund		5,788
Mortgage-Backed Securities Fund		2,191
Short Duration Bond Fund		8,357
Treasury & Agency Fund		110

Qualified Dividend Income (QDI)

Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended February 29, 2016 (amounts in thousands):

	Qualified Dividend Income
High Yield Bond	$	4,624

Qualified Interest Income (QII) and Short-Term Capital Gain

Each Fund listed below paid the following amount, or the maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 29, 2016 (amounts in thousands):

	Qualified Interest Income		Short-Term Capital Gain
Core Bond Fund	$	644,259	$	3,160
Core Plus Bond Fund		118,758		6,717
Government Bond Fund		28,837		14
High Yield Fund		474,317		—
Limited Duration Bond Fund		11,317		—
Short Duration Bond Fund		94,718		198
Treasury & Agency Fund		713		—	(a)

(a) Amount rounds to less than $1,000.

Treasury Income

Each Fund listed below had the following percentage, or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 29, 2016:

	Income from U.S. Treasury Obligations
Core Bond Fund		8.88	%
Core Plus Bond Fund		10.54
Government Bond Fund		29.72
Limited Duration Bond Fund		0.21
Mortgage-Backed Securities Fund		0.54
Short Duration Bond Fund		34.20
Treasury & Agency Fund		66.63

352 J.P. MORGAN INCOME FUNDS FEBRUARY 29, 2016

Rev. January 2011

FACTS WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?

Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:   ¡   Social Security number and account balances   ¡   transaction history and account transactions   ¡   checking account information and wire transfer instructions   When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does  J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com

Page 2

Who we are
Who is providing this notice?	J.P. Morgan Funds

What we do
How does J.P. Morgan Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?	We collect your personal information, for example, when you: ¡   open an account or provide contact information ¡   give us your account information or pay us by check ¡   make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ¡   sharing for affiliates’ everyday business purposes – information about your creditworthiness ¡   affiliates from using your information to market to you ¡   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ¡   J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ¡   J.P. Morgan Funds doesn’t jointly market.

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

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. 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 business 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. February 29, 2016. AN-INC2-216

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.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the 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.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(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)).

The audit committee financial expert is Mitchell Merin. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(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.

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.

AUDIT FEES

2016 – $851,666

2015 – $844,871

(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.

AUDIT-RELATED FEES

2016 – $99,250

2015 – $144,520

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(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.

TAX FEES

2016 – $160,538

2015 – $161,096

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 29, 2016 and February 28, 2015, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of

Regulation S-X.

(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.

ALL OTHER FEES

2016 – Not applicable

2015 – Not applicable

(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.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have

been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(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.

2016 – 0.0%

2015 – 0.0%

(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 - Less than 50%.

(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.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2015 - $30.9 million

2014 - $30.9 million

(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.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

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.

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.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Office
	May 5, 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/ Robert L. Young
	Robert L. Young
	President and Principal Executive Officer
	May 5, 2016

By:	/s/ Laura M. Del Prato
	Laura M. Del Prato
	Treasurer and Principal Financial Officer
	May 5, 2016